投资者关系活动记录表 证券代码：002254 证券简称：泰和新材 泰和新材集团股份有限公司 投资者关系活动记录表 投资者关系活动记录表 提高到国内比较高的位置，成本做到比较低的水平，销售那 边想通过不论是走到终端还是提升服务，争取卖出溢价，把 现有的产能发挥好。芳纶业务这两年形势也不是特别好。 投资者：主要是因为新进入的多？ 答：是一方面，原有公司扩产的也不少，包括我们也扩了， 给大家的心理预期不是特别好。再一个是国际龙头这两年的 供给出现了一些波折，对市场的影响比较大。这两年需求不 是很好，特别是光缆市场的需求比较差，光缆市场是中国最 大的，在全球占比也不小。 投资者：为什么光缆会减少？ 答：前两年推广 5G、欧洲通信基建需求有增长，这波增长 过去之后，这类需求减少了，需求不好大家就卷价格。芳纶 我们是分间位、对位，间位我们竞争优势相对比较明显一些， 产品跟国外的差距不大，跟国内的差距拉得比较大；对位压 力大一些，产品跟国外比稳定性还是有一些差距，跟国内比 是他们的好，但是差距没有拉得足够大，所以有时候不得不 用价格手段。另外，间位营销做的相对比较好，有一些领域 跑到终端，有一些终端客户不那么在意价格，对品 ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源： #鑫椤锂电 行业热点新闻 从11月锂电排产看碳酸锂走势 10月29日早盘，碳酸锂期货突然跳水，多少是受到点排产"减量"的影响，但实际上并非如此。根据鑫椤资讯统计，11 月铁锂电池和三元电池均环比继续小幅增长，虽然正极材料和负极材料主要厂家排产环比略有下降，但这并非是需求减 弱所致， 反而是由于下游需求太旺，导致主导厂家超负荷生产，无法继续加单。 从四大材料中对需求敏感度最强的电 解液来看，11月环比增幅仍达到两位数，说明下游需求继续拉满。 对于碳酸锂而言，在市场价格突破8万元之后，又逼近此前实体企业的集中套保区域，市场必然会遇到一定阻力。近几 日期货持仓量也是持续增长， 预计后期多空博弈将加剧，市场以宽幅震荡走势为主。 湖南裕能第三季度净利润同环比均大幅增长 本周国内三元材料市场价格继续上涨。 本周钴、锂价格齐涨，带动了三元材料价格进一步上涨。 10-11月份三元材料 并未出现 减产的信号，依旧将维持较好水平运行。 10月24日，当升科技发布2025年三季报，多元材料在国内外头部 客户快速放量，为公司盈利的 ...

Group 1 - The Chinese government will suspend the implementation of export control measures announced on October 9 for one year, indicating the competitive strength of China's lithium battery industry chain [1] - The previous export control measures included restrictions on high-performance battery cells, lithium battery equipment, and advanced materials, aimed at limiting competitive technology exports [1] - The demand for batteries is expected to grow significantly due to the surge in data center needs driven by global AI development, benefiting the entire industry chain [1] Group 2 - The lithium battery industry has experienced prolonged losses in 2023, but recent price increases have created significant profit elasticity [2] - The core product, 6F, has seen a price increase of over 50% since September, reaching above 87,000 [2] - The demand for energy storage is accelerating, with monthly demand exceeding 120,000 tons, indicating a strong market recovery [2] Group 3 - Relevant Hong Kong stocks in the lithium battery industry include CATL, BYD, Longpan Technology, Zhongchuang Innovation, Ruipu Lanjun, and Shuangdeng [3] - Lithium mining companies mentioned are Ganfeng Lithium and Tianqi Lithium [3]

全球AI建设带来的数据中心需求已经进入爆发时点，车+储+AI三重驱动电池高增长，管制放开后企业 出海更为顺畅，利好全产业链。往26年看需求增速远快于材料供给增速，6F持续涨价数周，铁锂和隔 膜，近期也开始挺价报涨。 23年以来锂电产业链亏损时间长，涨价后有较大利润弹性。 根据商务部："中方将暂停实施10月9日公布的相关出口管制等措施一年，并将研究细化具体方案。" 此前58号文件管控内容包括： ①300Wh/kg以上性能的电芯、中后道锂电设备； ②三代以上铁锂正极、三元前驱体、富锂锰基、以及设备工艺； ③负极以及快充负极技术、硅碳CVD等。 文件核心在于限制有竞争力的锂电池产业链技术出口，此次限制后又暂停更能说明我国锂电池产业链全 球领先的竞争力。 机构认为，当前锂电尤其是储能的需求持续超预期，核心产品6F从9月以来涨幅超50%（已涨至8.7w以 上）。 锂价的底部区间已经看到，无论从大的供需上，亦或是短期催化角度，并且储能的经济性有望加速释放 需求（单月需求已经到了12w吨以上），不应过分悲观仅着眼于动力电池的渗透率瓶颈，更重要的是， 去库是实打实需求验证，产业链正反馈已至。 锂电产业链相关港股： 电池电芯及 ...

创业板新能源ETF国泰（159387）跟踪的是创新能源指数（399266），单日涨跌幅达20%，该指数从市 场中选取涉及清洁能源、节能环保及新能源汽车等领域的上市公司证券作为指数样本，重点关注具有高 成长性和创新能力的公司，以反映新能源行业整体发展水平和技术进步趋势。 （文章来源：每日经济新闻） 东吴证券指出，电力设备与新能源行业中，锂电材料供需格局显著改善。材料端六氟磷酸锂和铁锂正极 涨价预期最强，2025Q4六氟行业供需已偏紧，预计2026年产能利用率达90%，前五家公司满产满销， 散单价格调涨至10万/吨；铁锂正极龙头开始全面议价，部分客户已接受1000~2000/吨涨幅。隔膜和负 极价格也具备调整空间，负极对小客户涨价10%已落地。 ...

欧洲动力+全球储能需求超预期、26年高增可期 国内强制配储取消后，独立储能爆发，全年维持30-40%增长;美国OBBB执行前项目抢装，预计40%增 长;欧洲与新兴市场爆发，维持1-2倍增长，预计全年储能电池需求550gwh，同比增70%，同时26年欧洲 与新兴市场持续性可期，预计全球储能需求40%增长至770gwh。欧洲动力25年预计30%+增长，26年叠 加新车型+政策催化，预计维持30%增长。总体锂电需求25年上修至40%增长，26年预计25%+增长，供 需格局大幅好转。 材料龙头已满产、主流环节供给紧平衡价格拐点将至 材料端，6F和铁锂正极涨价预期最强，其中六氟行业25Q4行业供需已偏紧，该行预计26年产能利用率 90%左右，前五家公司满产满销供不应求，6F散单价格已调涨4.5万/吨至10万，涨价幅度大超预期，26 年长协价格有望跟进，预计全年均价达到8万左右;铁锂正极龙头已开始全面议价，涨价幅度1-2千/吨， 已有部分客户落地;此外，隔膜和负极价格也具备调整可能，其中负极对小客户涨价10%已基本落地， 大客户价格预计温和恢复，有望26年涨价落地。 东吴证券发布研报称，锂电动储产销两旺，26年龙头指引大 ...

Key Points - The article highlights the current performance of domestic and overseas battery sample enterprises, indicating a total capacity of 144.14 GWh for domestic companies, which represents a month-on-month increase of 1.76% [1] - Overseas battery sample enterprises maintained a capacity of 24.4 GWh, showing no change compared to the previous month [1] - The production of positive electrodes reached 176,600 tons, reflecting a month-on-month increase of 7.35% [1] - The production of negative electrodes was 155,000 tons, which indicates a month-on-month decrease of 1.89% [1] - The production of separators was 1.89 billion square meters, with a month-on-month increase of 3.56% [1] - The production of electrolyte reached 107,000 tons, showing a month-on-month increase of 8% [1]

证券研究报告·公司点评报告·电池 星源材质（300568） 2025 年三季报点评：隔膜价格拐点在即，布 局固态电解质膜打造第二成长曲线 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,013 | 3,541 | 4,059 | 5,378 | 6,390 | | 同比（%） | 4.62 | 17.52 | 14.63 | 32.50 | 18.81 | | 归母净利润（百万元） | 576.33 | 363.83 | 148.87 | 501.24 | 665.20 | | 同比（%） | (19.87) | (36.87) | (59.08) | 236.68 | 32.71 | | EPS-最新摊薄（元/股） | 0.43 | 0.27 | 0.11 | 0.37 | 0.49 | | P/E（现价&最新摊薄） | 29.80 | 47.21 | 115.37 | 34.27 | 25.82 | [T ...

Battery Production - In September 2025, global battery production reached 216.7 GWh, marking a year-on-year increase of 50.8%. For the first nine months of 2025, the total production was 1590.24 GWh, up by 49.13% [1] Energy Storage - Global energy storage battery production in September 2025 was 60.6 GWh, reflecting a year-on-year growth of 69.3%. The cumulative production for January to September 2025 was 406.28 GWh, an increase of 79.78% [1] Lithium Iron Phosphate (LFP) - In September 2025, global lithium iron phosphate production was 357,100 tons, showing a year-on-year increase of 50.5%. The cumulative production from January to September 2025 reached 2,661,600 tons, up by 63.47% [1] Phosphate Production - Global phosphate production in September 2025 was 295,500 tons, with a year-on-year growth of 49.62%. The total production for the first nine months of 2025 was 2,210,100 tons, increasing by 68.36% [1] NCM Materials - In September 2025, global NCM (Nickel Cobalt Manganese) material production was 97,100 tons, reflecting a year-on-year increase of 20.9%. The cumulative production for January to September 2025 was 734,800 tons, up by 2.13% [1] Precursor Production - Global NCM precursor production in September 2025 was 96,700 tons, with a year-on-year growth of 22.5%. The cumulative production for the first nine months of 2025 was 738,600 tons, increasing by 2.65% [2] Lithium Manganese Oxide - In September 2025, China's lithium manganese oxide production was 13,000 tons, marking a year-on-year increase of 27.7%. The cumulative production from January to September 2025 was 103,600 tons, up by 9.97% [2] Lithium Cobalt Oxide - China's lithium cobalt oxide production reached 11,000 tons in September 2025, reflecting a year-on-year growth of 22.9%. The total production for the first nine months of 2025 was 82,400 tons, increasing by 20.12% [2] Anode Materials - Global anode material production in September 2025 was 274,300 tons, with a year-on-year increase of 41.1%. The cumulative production for January to September 2025 was 2,084,000 tons, up by 36.59% [2] Electrolyte Production - In September 2025, global electrolyte production was 223,400 tons, reflecting a year-on-year growth of 40.6%. The cumulative production for the first nine months of 2025 was 1,625,600 tons, increasing by 43.67% [2] Separator Production - Global separator production in September 2025 was 3.046 billion square meters, with a year-on-year increase of 40.6%. The cumulative production for January to September 2025 was 22.78 billion square meters, up by 37.15% [3] Copper Foil Production - Domestic copper foil production in September 2025 was 92,200 tons, marking a year-on-year increase of 31.4%. The cumulative production for the first nine months of 2025 was 739,500 tons, up by 32.31% [3] Aluminum Foil Production - Domestic aluminum foil production in September 2025 was 51,300 tons, reflecting a year-on-year growth of 47%. The total production for January to September 2025 was 368,400 tons, increasing by 37.61% [4] Lithium Carbonate Production - Domestic lithium carbonate production in September 2025 was 84,400 tons, with a year-on-year increase of 47.1%. The cumulative production for the first nine months of 2025 was 646,900 tons, up by 39.14% [4] Lithium Hydroxide Production - Domestic lithium hydroxide production in September 2025 was 28,400 tons, showing a year-on-year decline of 5.2%. The total production for January to September 2025 was 253,400 tons, down by 6.59% [4] Recycled Lithium Carbonate - Domestic recycled lithium carbonate production in September 2025 was 6,350 tons, reflecting a year-on-year increase of 14.62%. The cumulative production for the first nine months of 2025 was 49,900 tons, down by 11.05% [4]

Core Viewpoint - The article highlights significant developments in the lithium battery industry, including export growth, major contracts, and price trends for various lithium materials, indicating a robust market environment and increasing demand for electric vehicle components. Industry News - The "Energy-saving and New Energy Vehicle Technology Roadmap 3.0" was released, aiming for over 80% penetration of new energy vehicles in China's market by 2040, positioning the country among the world's automotive powerhouses [1] - China's lithium-ion battery exports reached $55.38 billion from January to September 2025, a year-on-year increase of 26.75%, with a total of 3.399 billion units exported, marking a 19.14% growth [2] - Germany has become the largest export market for China's lithium-ion batteries, with exports amounting to $10.265 billion, a 29.87% increase year-on-year [2] Company Performance - CATL reported a net profit of 18.549 billion yuan for Q3, a 41% increase year-on-year, with revenues of 104.19 billion yuan, up 12.9% [4] - Fengyuan Lithium Energy signed a framework agreement to supply 100,000 tons of lithium iron phosphate materials to Chunan New Energy over the next three years, establishing a stable partnership [5][6] - Sichuan Shanshan Technology is experiencing a supply-demand imbalance, with orders exceeding production capacity, leading to plans for expansion [7] Material Prices - Domestic lithium carbonate prices are fluctuating upwards, supported by strong downstream demand, with current prices ranging from 78,000 to 80,000 yuan per ton [8] - The latest prices for battery-grade lithium carbonate are between 75,500 and 77,500 yuan per ton, while industrial-grade is priced at 74,000 to 75,000 yuan per ton [9] - The price of lithium iron phosphate is currently between 32,600 and 34,200 yuan per ton for power-type and 31,600 to 32,600 yuan per ton for energy storage-type [12] Market Trends - The domestic market for three-element materials continues to rise, with prices for high-nickel materials reaching 160,000 yuan per ton [10] - The overall market for lithium batteries remains stable, with expectations of high production levels in Q4 due to demand and raw material stocking [17] - The sales of new energy heavy trucks reached 138,714 units from January to September 2025, reflecting a year-on-year growth of 183.30% [17] Storage and Energy - CATL's total battery shipments for Q3 reached approximately 180 GWh, with energy storage batteries accounting for about 20% [19] - Tesla reported a record global energy storage installation of 12.5 GWh in Q3 2025, a 30% increase from the previous quarter [19] - Foxconn's energy storage brand launched a new high-density storage product, achieving significant energy density improvements [19]