Investment Rating - The report maintains a positive outlook on the electric new energy sector, particularly highlighting the potential for strong performance in 2026 [5][10]. Core Insights - The electric new energy sector is experiencing significant catalysts, including the rapid IPO progress of companies like Blue Arrow Aerospace and price increases in solar components by Trina Solar, indicating a recovery in profitability [1][5]. - The report emphasizes the importance of space photovoltaics and commercial aerospace as key investment themes, alongside the rising prices in energy storage and lithium batteries [5][10]. - The report suggests that the photovoltaic industry is on track for a recovery, driven by price increases and improved profitability across the supply chain [9][10]. Summary by Relevant Sections Photovoltaics & Energy Storage - The report highlights the acceleration of IPOs in the commercial aerospace sector, particularly for space photovoltaics, with significant growth potential [6][8]. - Trina Solar has set a new price range for distributed solar components at 0.82-1.06 CNY/W, which is significantly higher than recent market prices, indicating the start of a price recovery [8][9]. - The report notes ongoing efforts to strengthen intellectual property protections in the photovoltaic industry, which supports the trend of profitability recovery [6][9]. Wind Power - In December, new wind turbine tenders in China reached approximately 10.6 GW, marking a year-on-year increase of 37% and a quarter-on-quarter increase of 36% [2][11]. - The report anticipates continued growth in domestic demand for wind power in 2026, with significant overseas orders expected to materialize [12][15]. - The average bidding price for land-based wind turbines has remained high, with all power segments achieving over 10% price increases year-on-year [15][16]. Lithium Batteries - January production data indicates a slight decrease in domestic battery production, with a total of 142.54 GWh, down 4.23% month-on-month [22][23]. - Tianqi Lithium has forecasted a substantial increase in net profit for 2025, driven by strong demand in the electric vehicle and energy storage markets [22][23]. - The report highlights the ongoing price recovery in lithium battery materials, with significant growth in sales volumes contributing to improved profitability [22][23]. AIDC (Artificial Intelligence Data Center) - The report notes a sustained high market interest in the liquid cooling sector, driven by industry trends and the penetration of leading domestic companies [30][31]. - Investment opportunities are identified in companies that provide comprehensive liquid cooling solutions, particularly as demand for data center infrastructure grows [30][31]. Power Grid - The report mentions the approval of significant high-voltage projects, indicating a rapid acceleration in approvals and tenders for high-voltage equipment [32][33]. - The total tendering amount for the State Grid in 2025 is projected to reach 454.4 billion CNY, reflecting a 4% year-on-year increase [32][39]. - The report emphasizes the importance of transformer technology and the expected supply-demand imbalance in the North American market, presenting opportunities for companies with strong delivery capabilities [34][35].

Core Viewpoint - The article discusses the significant reduction of a supply contract between South Korean battery materials supplier L&F and Tesla, highlighting the challenges in the electric vehicle market and the implications for battery material supply [2][6]. Group 1: Contract Reduction - L&F announced a drastic cut in its supply contract with Tesla from 3.83 trillion KRW to 973 million KRW, a reduction of 99%, due to changes in supply volume [2]. - The contract originally involved high-nickel cathode materials intended for the Cybertruck battery, with a supply period from January 2024 to December 2025 [2]. Group 2: Market Dynamics - The reduction is attributed to a shift in the global electric vehicle market and battery supply conditions, necessitating adjustments in production plans [4]. - Despite the contract reduction, L&F's shipments of high-nickel products to major Korean battery manufacturers, including LG Energy, remain unaffected [2][4]. Group 3: L&F's Strategic Shift - L&F has begun to diversify its product offerings by entering the lithium iron phosphate (LFP) market, with plans to achieve mass production by around 2026 [4]. - The company aims to establish a new legal entity to focus on LFP cathode materials, targeting a production capacity of 60,000 tons [4]. Group 4: Tesla's Challenges - Tesla's order reduction for high-nickel materials is linked to weak market demand and delays in the Cybertruck model, which has faced multiple recalls and disappointing sales figures [8][9]. - The Cybertruck's sales in Q3 2025 were only 5,385 units, a 63% decrease compared to the same period in 2024, with an expected annual delivery of around 20,000 units, far below initial targets [8]. Group 5: Battery Production Issues - Tesla's challenges also include difficulties in the production of the 4680 battery, which was expected to significantly reduce costs but has not yet resolved production and yield issues [9]. - The company may increasingly rely on external suppliers for battery needs, as it has multiple partnerships with companies like CATL, LG Energy, and Panasonic [9].

特斯拉(TSLA.US)跳空低开跌超2%。消息上，因Cybertruck项目延期及特斯拉生产策略调整，其供应商 韩国L&F公司签订的3.83万亿韩元高镍正极材料合同被削减至仅973万韩元，缩水约99%。该材料原计 划用于Cybertruck电池，但车型推迟及消费者偏好转移导致实际需求锐减。此外，《通胀削减法案》等 政策变动也影响了特斯拉的采购计划。 ...

周一，新能源车股多数走低，截至发稿，特斯拉(TSLA.US)跌超2%，小鹏汽车(XPEV.US)跌超3%，理 想汽车(LI.US)跌超2.3%，Rivian Automotive(RIVN.US)跌1.6%；蔚来(NIO.US)涨1.3%。消息面上，有媒 体援引一位知情人士透露，特斯拉的一家供应商最终仅交付了该汽车制造商近三年前订购的电池材料中 极小的一部分，部分原因在于Cybertruck项目存在问题。韩国L&F公司周一披露，其与特斯拉于2023年2 月首次宣布的3.83万亿韩元(约合26.7亿美元)的供应合同已被削减至973万韩元。L&F在提交的文件中 称，合同金额减少99%的原因在于供货数量发生变更。知情人士表示，L&F公司受托供应的高镍正极材 料原定于2024年1月至本月期间交付，本应用于Cybertruck电池生产。但由于这款车的研发一再推迟，消 费者选择了其他车型，因此实际交付的材料数量寥寥无几。 ...

智通财经APP获悉，周一，新能源车股多数走低，截至发稿，特斯拉(TSLA.US)跌超2%，小鹏汽车 (XPEV.US)跌超3%，理想汽车(LI.US)跌超2.3%，Rivian Automotive(RIVN.US)跌1.6%；蔚来(NIO.US)涨 1.3%。消息面上，有媒体援引一位知情人士透露，特斯拉的一家供应商最终仅交付了该汽车制造商近 三年前订购的电池材料中极小的一部分，部分原因在于Cybertruck项目存在问题。韩国L&F公司周一披 露，其与特斯拉于2023年2月首次宣布的3.83万亿韩元（约合26.7亿美元）的供应合同已被削减至973万 韩元。L&F在提交的文件中称，合同金额减少99%的原因在于供货数量发生变更。知情人士表示，L&F 公司受托供应的高镍正极材料原定于2024年1月至本月期间交付，本应用于Cybertruck电池生产。但由于 这款车的研发一再推迟，消费者选择了其他车型，因此实际交付的材料数量寥寥无几。 ...

特斯拉Cybertruck项目的持续延期，已对其供应链造成冲击。韩国电池材料供应商L&F公司周一披露，其与特斯拉在2023年2月签订的3.83万亿韩 元供货合同已大幅削减至973万韩元，合同金额减少99%，其原因是供货量发生变化。 12月29日，据彭博援引知情人士，这批高镍正极材料原计划用于Cybertruck电池，供货期从2024年1月至本月。但由于该车型研发一再延期，加之 消费者转向Model 3轿车和Model Y SUV等其他车型，L&F公司实际供货量非常有限。 该公司原计划在近两年内向特斯拉供应高镍正极材料，这类材料是提升电池能量密度的关键组件。L&F在一份声明中表示，由于全球电动汽车市 场和电池供应状况的变化，生产计划需要进行调整，因此此次合同修订不可避免。 该公司强调，其旗舰高镍产品的出货量和客户供应没有发生变化，向包括LG Energy Solution在内的主要韩国电池制造商的出货进展顺利。知情人 士进一步表示，此次合同调整不仅受产品研发进度影响，更广泛的政策与宏观经济因素也起到了关键作用，包括《通胀削减法案》补贴政策的变 动。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资 ...

凤凰网科技讯 北京时间12月29日，据彭博社报道，韩国电池材料公司L&F Co在近三年前获得了特斯拉 的一份可观订单，但最终却只向特斯拉提供了极少量的电池材料。知情人士称，部分原因与Cybertruck 问题有关。 L&F与特斯拉签订的供货合同在2023年2月首次公布。L&F在周一披露，这份合同金额已从最初的3.83 万亿韩元(约合26.7亿美元)大幅削减至现在的只有973万韩元(约合6779美元)，缩水幅度高达99%。L&F 在一份文件中表示，供货数量发生变化是订单大幅缩水的原因。 据知情人士透露，L&F原定于2024年1月至本月期间为特斯拉供应高镍正极材料，用于Cybertruck电池的 制造。由于Cybertruck的研发进程多次延期，加之消费者更倾向于选择特斯拉Model 3轿车及Model Y运 动型多用途车等其他车型，导致L&F的实际供货量微乎其微。 知情人士称，这份供货合同还受到了宏观政策和经济问题的影响，包括美国《通胀削减法案》补贴政策 的取消。 截至发稿，特斯拉尚未就此置评。(作者/箫雨) ...

Major Companies - L&F, a South Korean battery materials manufacturer, announced a significant reduction in its supply agreement with Tesla for 2023, from an initial estimate of $2.9 billion to $7,386 [1] - NIO delivered its 40,000th unit of the new ES8 model, achieving this milestone in just 100 days since deliveries began on September 21, setting a record for vehicles priced above 400,000 yuan in China [2] - Coupang, a major e-commerce company in South Korea, is under investigation by a special prosecutor's team regarding allegations of unpaid severance for some employees and potential interference by senior prosecutors [2] New Products - Tencent Yuanbao announced the launch of a "task" feature, allowing users to set reminders for their schedules and self-discipline habits [4] Investment and Financing - Kunlun Yuan AI completed a 30 million yuan angel round financing, with a post-investment valuation of 530 million yuan, aimed at developing its TransformerX architecture and expanding into international markets along the Belt and Road [5] - Borui Biological announced over 100 million yuan in Series A financing, led by Qianji Capital, to enhance its global presence and expand its biosafety testing platform [5] Other Noteworthy News - The Korea Ministry of Trade, Industry and Energy reported that South Korea's export value has surpassed $700 billion for the first time this year [8] - The Chicago Mercantile Exchange announced an increase in margin requirements for various metal futures, including gold and silver, due to recent price volatility [8]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views - Solid-state batteries drive the demand for upstream materials related to silicon-carbon anodes and high-nickel cathodes. They represent the ultimate direction of "0-1" new technology progress in lithium batteries, and the market trend is often catalyzed by industrial technology advancement events. The market is expected to reach a scale of over RMB 100 billion by 2030, with the solid-state battery industry scale potentially reaching RMB 180 billion [4][11]. - As of Thursday (July 10, 2025), the total inventory of the glass industry was 57.34 million weight boxes, a month-on-month decrease of 1.66%; the inventory days were about 28.76 days, a month-on-month decrease of 0.65 days. The production was 12.78 million weight boxes, and the production and sales rate was 107.6%. The inventory has been decreasing for three consecutive weeks, exceeding expectations. It is predicted that glass prices are expected to rise seasonally when the peak season arrives in mid-to-late September, and the stock prices of glass leaders are also expected to rise [4]. - Current investment suggestions include focusing on Honglu Steel Structure, Sinoma Science & Technology, Punan Co., Ltd., Hainan Huatie, Beixin Building Materials, China National Chemical Engineering Co., Ltd., China State Construction Engineering Corporation, Shanghai Harbor, and Keda Industrial Group [4]. 3. Summary by Directory 3.1. Weekly Special Topic: The Prosperous Development of Solid-state Batteries, and Related Targets of Silicon-carbon Anodes and High-nickel Cathode Materials May Benefit - **Solid-state battery industry chain**: Solid-state batteries are the ultimate direction of new technology progress in lithium batteries. From 2026 - 2028 is the critical stage for the mass production of all-solid-state batteries with different technical routes, among which the sulfide route is expected to be mass-produced first in 2026. After 2029, the lithium battery industry will enter the structural adjustment stage of maturity. It is predicted that the market space of all-solid-state batteries will reach over RMB 100 billion in 2030, and the industrial scale of solid-state batteries is expected to reach RMB 180 billion [4][11]. - **Silicon-carbon anode**: Silicon-carbon composites are breaking through the physical limit of traditional graphite anodes. To solve the problems of silicon anode materials such as capacity attenuation and volume expansion during charge and discharge, researchers use the silicon-carbon composite method. Beijing Lier invested in Lianchuang Lithium Energy to layout the silicon-carbon anode field. Lianchuang Lithium Energy is expected to start production by the end of this year and achieve significant revenue and profit scale in 2026 [12][20]. - **High-nickel cathode**: With the development of the solid-state battery industry, the application of high-nickel and ultra-high-nickel materials is being accelerated, and the demand for high-nickel ternary materials will continue to grow. Many domestic material enterprises are actively deploying high-nickel materials, and some leading manufacturers have achieved shipments of high-nickel ternary products to solid-state battery enterprises. Some material manufacturers are also increasing nickel production capacity and targeting Indonesia [21]. - **Punan Co., Ltd.**: The company's efficient precipitant products have been recognized by many wet metallurgy customers and achieved batch supply. The increasing demand for high-nickel ternary cathode materials in solid-state batteries is expected to drive the demand for active magnesium oxide, a precipitant used in upstream wet nickel extraction, and the company's related business may benefit [23]. 3.2. Earnings Forecast and Valuation of Main Covered Companies No specific content provided in the text, only the table title is mentioned. 3.3. Weekly Market Review - **Building and building materials industry**: The text provides the weekly and year-to-date rise and fall rankings of the building and building materials industries, as well as the weekly market review of infrastructure public REITs, including closing prices, 52 - week highs and lows, and various rise and fall data [37][38][39]. 3.4. Aggregate Data Tracking - **Real estate data**: It includes cumulative year-on-year data of real estate new construction, construction, completion, and sales areas, land transaction data, real estate transaction data, social financing data, infrastructure investment growth rate, and new contract signing situations of eight major construction central enterprises [42][51][60]. - **Special bond issuance**: It shows the monthly and cumulative issuance amounts of new special bonds and replacement special bonds [89]. 3.5. High-frequency Data Tracking - **Cement data**: It includes the national PO42.5 cement average price, East China regional cement price trend, cement coal price difference index, cement capacity utilization rate, and cement production monthly year-on-year growth rate [100][104][107]. - **Float glass data**: It includes glass spot price, glass futures price, glass inventory, and glass daily melting volume [106][109][114]. - **Photovoltaic glass data**: It includes 2mm photovoltaic glass price, photovoltaic glass inventory, and soda ash price [113][115][118]. - **Glass fiber data**: It includes the prices of various types of glass fiber yarns and glass fiber inventory [120][122][133]. - **Carbon fiber data**: It includes carbon fiber average price, carbon fiber raw silk price, carbon fiber inventory, carbon fiber production, carbon fiber start - up rate, and carbon fiber gross profit margin [128][130][142]. - **Magnesia and alumina prices**: It includes the ex - factory tax - included price of large crystalline fused magnesia and alumina price [144][145][147]. - **Upstream raw material prices**: It includes the prices of asphalt, waste paper, PVC, and HDPE [150][152][154]. - **Physical work volume data**: It includes high - machine rental rate, excavator working hours, and asphalt average start - up rate [156][157][163].

Core Viewpoint - The establishment of Dalian Times Carbon Valley New Energy Co., Ltd. marks a strategic move in the new energy sector, with a focus on emerging energy technologies and materials, supported by major stakeholders including CATL and Bettery [1] Group 1: Company Developments - Dalian Times Carbon Valley New Energy Co., Ltd. was founded on June 9, with a registered capital of 10 million yuan, focusing on new energy technology research and battery sales [1] - The company is jointly owned by CATL's subsidiary Times Green Energy (80%), Dalian Oriental Carbon Valley New Materials Group (15.1%), and Bettery (4.9%) [1] Group 2: Strategic Collaborations - The collaboration between CATL and Bettery has evolved from a simple supply-demand relationship to a deep synergy involving technology, supply chain, and market [2] - Bettery supplies key materials such as silicon-based anodes and high-nickel cathodes, ensuring CATL's material needs across various applications including power batteries and eVTOLs [2] - Bettery's sixth-generation silicon-based anode material has achieved a capacity of over 2000 mAh/g and has been successfully industrialized, enhancing the performance of CATL's eVTOL batteries by over 30% in terms of range and fast-charging capabilities [2] Group 3: Investment Activities - In 2021, Longpan Technology established a subsidiary, Changzhou Lithium Source, and acquired two nanomaterial companies from Bettery, entering the lithium iron phosphate cathode material sector [3] - CATL holds a combined stake of 12.46% in Changzhou Lithium Source through its subsidiaries, while Bettery retains a 4.05% stake, creating a strategic equity link among Longpan Technology, CATL, and Bettery [3]