智通财经APP获悉，招商证券发布研报称，六氟供需已处于紧平衡状态，若明年行业继续增长，明年可 能出现供需缺口。该行认为当前六氟磷酸锂价格有望继续上涨。考虑头部储能厂商的今明年在手订单较 为充足，目前储能排产的强势有望延续。从表面的供需态势看，接下来几个月六氟供需会处于紧平衡的 状态，考虑到明年需求仍有增长，明年六氟供需可能出现缺口。综上该行预计六氟价格上行有较好的持 续性。 招商证券主要观点如下： 下游需求强劲，锂电排产数据持续超预期 产业反馈，2025Q3锂电池排产环比仍有15%以上增长。部分格局相对有序的环节，在过去2年多下跌 后，开始迎来价格的向上拐点，其中，六氟磷酸锂环节的价格走势可能比较领先，该环节前三家企业市 占率近70%，集中度高，且当前六氟价格下仅天赐等个别企业盈利，二三线厂商普遍亏损，小厂关停较 长时间。近期，六氟公开市场报价已上涨至5.8万元/吨，TOP三的企业目前均处于满产状态，考虑接下 来几个月份排产继续向上，六氟供需已处于紧平衡状态，若明年行业继续增长，明年可能出现供需缺 口。该行认为当前六氟磷酸锂价格有望继续上涨。 风险提示：下游需求不及预期、新产能过快投放或爬坡 近期，六氟磷酸锂 ...

Core Viewpoint - The company, Duofuduo, has achieved a record high shipment of its core product, the fluorine core cylindrical battery, with 8.8 million units shipped in July, representing a 45% year-on-year increase, and expects to exceed 9.5 million units in August, maintaining its leadership in the domestic cylindrical battery market [1]. Group 1: Product and Technology - The fluorine core cylindrical battery is the company's third-generation product, integrating multiple industry-leading technologies, including extreme safety features, cost optimization, and superior performance [3]. - The battery employs a dual-direction pressure relief valve design to quickly adjust internal pressure during abnormal conditions, significantly enhancing safety [3]. - The unique electrolyte additive formulation improves battery stability in extreme environments, with a 15% increase in energy density compared to the previous generation and a cycle life exceeding 2000 times [3]. Group 2: Market Demand and Capacity - The company's production capacity aligns well with market demand, catering to mainstream markets such as electric two- and three-wheelers, electric motorcycle battery swapping, and commercial energy storage, while also supporting high-end overseas customer orders [4]. - The global new energy industry is experiencing explosive growth, with China's lithium battery shipments expected to reach 314 GWh in Q1 2025, a 55% year-on-year increase, and energy storage battery shipments surging by 120% [4]. - Duofuduo has become a core supplier for leading automotive companies and is deeply involved in several large-scale domestic energy storage projects [4]. Group 3: Strategic Focus and Innovation - The company emphasizes a strategic focus on its core business and technological breakthroughs, aiming to achieve excellence through innovation and management optimization [5]. - Continuous investment in material research is translating into market competitiveness, with new lithium salts like FSI and sodium hexafluorophosphate entering mass production, laying the groundwork for next-generation technologies [5]. - The company is also enhancing its competitive edge through lithium battery recycling technology, ensuring comprehensive lifecycle management [5]. Group 4: Future Outlook - The company plans to increase R&D investment and drive upgrades in cylindrical batteries through technological innovation, aiming to become a global leader and standard setter in the new energy battery sector by 2030 [6]. - The company will leverage its production bases in Jiaozuo and Nanning to accelerate the construction of a "materials-battery-recycling" ecological closed loop [6].