格隆汇交易学苑 . 以下文章来源于格隆汇交易学苑 ，作者格隆汇小编 作者 | 格隆汇小编 数据支持 | 勾股 大数 据（www.gogudata.com） 在地缘冲突与油价飙升的双重催化下，能源安全再度成为全球核心议题。新能源—— 尤其是电动车与储能—— 正从"可选赛道"变成各国追求能源自主可控的必选项。 锂电材料作为新能源产业链的基石，近期在二级市场表现强势，背后不仅是短期的景气度修复，更有中长期需求 韧性与价格弹性的双重支撑。 可谓是 "攻守兼备"的 方向。 01 地缘动荡催化 "油改电"，锂电材料受益底层逻辑强化 过去一周的市场波动中，锂电材料板块展现出抗跌与反弹的双重特性。背后原因并不复杂： 首先， 能源安全叙事回归 。 美伊冲突等地缘事件推高油价，让 "油改电"趋势再度升温。海外电动车订单已出 现回暖迹象，比亚迪、吉利等车企股价率先反应。 其次， 储能经济性提升 。 无论大储还是户储，在天然气、原油价格上涨推高电价背景下，储能的投资回报率显 著改善，尤其在工业与居民用电成本敏感地区。 以基本面为基础，专注于趋势交易 最后是 长期驱动力稳固 。 即便抛开地缘因素，电动车与储能本身在全球的渗透率提升路径 ...

锂电材料板块的"防守性"主要基于其明确的业绩表现和持续的高景气度。 从 业绩层面看，预计从 2025 年年报到 2026 年一季报，锂电材料各环节公司都 将出现明显修复。部分价格变动敏感的品种，如六氟磷酸锂，在 2025 年第四 季度已通过价格提升呈现出修复趋势。这一趋势在 2026 年第一季度将进一步 加强。 以磷酸铁锂环节为例，一方面受益于 2025 年 11 月以来的产品提价带 来的利润改善；另一方面，头部企业还将受益于碳酸锂的库存收益。碳酸锂价 格从 2025 年第四季度初的约 9-10 万元/吨上涨至年底及 2026 年初的 15 万元 为什么说锂电材料是攻守兼备的优异品种？20260324 摘要 锂电材料板块 2026Q1 业绩修复明确，磷酸铁锂受益于提价及碳酸锂库 存收益（9-10 万涨至 15 万/吨），Q1 同比及环比预计显著增长。 下游电池厂排产强劲，1 月磷酸铁锂行业性提价 1,000-2000 元/吨顺利 落地，4 月行业排产环比预计实现双位数增长。 六氟磷酸锂（LiPF6）去库加速，预计 3 月底至 4 月初库存因素消除后， 将迎来新一轮提价行情。 磷酸铁锂二季度提价概率大，主因一季 ...

证券研究报告 新宙邦 (300037 CH) 看好 6F 及添加剂贡献利润弹性 2026 年 3 月 23 日│中国内地 电力设备与新能源 25Q4 电解液盈利受益于原材料 6F 及添加剂涨价 25Q4 收入 30.23 亿元，同/环比+38.7%/+27.6%，归母净利 3.49 亿元，同/ 环比+45.2%/+32.2%，扣非净利 3.74 亿元，同/环比+53.4%/+50.2%。电解 液方面，我们推测 Q4 电解液盈利约 1 亿，出货量超 9 万吨，单吨净利超 1000 元，6F 及添加剂等涨价贡献超额盈利。氟化工方面，我们推测 Q4 氟 化工盈利超 2 亿，环比较为平稳。电容器化学品方面，我们推测公司 Q4 盈 利 0.5 亿，主要系 MLCC 化学品国产替代加速。公司 Q4 非经-0.26 亿，我 们推测主要系资产减值影响。 看好公司自产 6F 及添加剂贡献利润弹性 根据 Wind，截至 3 月 23 日，6F 价格为 11.1 万元/吨，较 12 月均价 18.0 万元/吨出现回落，主要系淡季效应下库存有所增加，而根据百川盈孚，截 至 3 月 23 日，六氟磷酸锂库存达 7290 吨，较 3 月 ...

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [2][3]. Core Insights - The report highlights that geopolitical conflicts have led to a significant increase in oil prices, with Brent crude reaching $93 per barrel as of March 6, 2026. If the Strait remains blocked for 4-6 weeks, prices may rise above $120, impacting the chemical sector positively in the short term [2][3]. - The report indicates that the chemical sector is experiencing upward price trends for MDI, TDI, and methionine due to increased costs and supply constraints, suggesting a potential price surge in the pesticide sector as well [2][3]. - The report emphasizes the importance of focusing on key materials for growth, particularly in semiconductor materials and packaging materials, as well as the impact of "anti-involution" policies accelerating the exit of outdated capacities [2][3]. Summary by Sections Macro Economic Analysis - Oil prices have surged due to geopolitical tensions, with Brent crude at $93 per barrel. If the situation persists, prices could exceed $120, which would have significant implications for the chemical industry [3][4]. - Coal prices are stabilizing, and natural gas prices are expected to decline as the U.S. accelerates its export facilities [3]. Chemical Sector Dynamics - The report notes that MDI and TDI prices are rising due to sustained cost pressures and supply constraints, with domestic companies controlling shipment volumes [2][3]. - The methionine market is expected to recover, with prices increasing to 22.5 yuan/kg, driven by geopolitical disruptions affecting supply [2][3]. Investment Recommendations - The report suggests focusing on various chains, including textile, agricultural chemicals, and export-related sectors, with specific companies highlighted for potential investment [2][3]. - Key companies to watch include Wanhua Chemical, Cangzhou Dahua, and others in the agricultural sector like Yangnong Chemical and Runfeng Co., which are expected to benefit from rising prices [2][3]. Company Valuation Insights - The report provides a valuation table for key companies, indicating their market capitalization and projected earnings, with specific recommendations for buy, hold, or sell based on their performance [14][15].

Core Viewpoint - Feirongda is a well-established company in the thermal management field, focusing on a wide range of cooling products and solutions for various industries, including smartphones, laptops, and data centers [1] Group 1: Product Offerings - The company offers a diverse range of thermal management products, including TIM materials, various types of heat sinks, fans, VC, 3DVC heat sinks, cold plates, single-phase and two-phase liquid cooling modules, flow control instruments, and CDU [1] - Products are widely used in sectors such as smart devices, telecommunications, new energy, and data centers, meeting different customer needs for cooling performance and application scenarios [1] Group 2: Market Position and Clientele - Feirongda has established strong design, manufacturing, and testing capabilities in the liquid cooling sector, having entered this market early [1] - The company has received recognition from major clients, including H Company, ZTE, Cisco, Inspur, and Lenovo, among others, and is actively engaging with other significant industry players [1] Group 3: Strategic Focus and Future Growth - The company is aligning its liquid cooling business with the growing demand driven by AI computing power, positioning it as a key development direction [1] - Feirongda is also monitoring trends in emerging fields such as AI, new energy, embodied intelligence, and healthcare, leveraging its R&D strength and comprehensive industry system to provide high-value products and services [1]

Core Viewpoint - The company is actively involved in the AI sector, providing advanced thermal management and electromagnetic shielding solutions to meet the increasing demands of AI-related applications [1] Group 1: Product Applications - The company has numerous products already applied in AI-related fields, indicating a strong alignment with the growing AI market [1] - There is a shift from passive to active cooling solutions in terminal devices, which enhances the demand for the company's thermal management products [1] Group 2: Product Offerings - The company offers a range of thermal products for AIPC and AI mobile devices, including graphite sheets, graphene, heat pipes, vapor chambers, phase change materials, micro fans, and micro-pump liquid cooling systems [1] - The value per unit of these products has significantly increased, reflecting the enhanced performance requirements in the AI sector [1] Group 3: R&D and Innovation - The company has been actively collaborating with clients to develop and innovate products that meet specific needs, ensuring a continuous update and improvement of their offerings [1] - Recent developments include micro-pump liquid cooling, micro fans, micro cooling modules, and piezoelectric fans, which are tailored to provide better quality and compatibility for customers [1]

Investment Chain - The prices of non-ferrous metals have risen significantly since February 2026, with copper, aluminum, zinc, lead, tin, nickel, gold, and silver all experiencing price increases. However, fixed asset investment growth has declined, with real estate development investment down by 17.20% year-on-year and manufacturing fixed asset investment growth at only 0.60% [10][11] - In February 2026, the average price of ordinary cement decreased, while the prices of steel and light soda ash also fell. The sales growth of large and light buses declined, but the sales growth of medium-sized buses increased [10][11] Consumption Chain - In January 2026, the year-on-year growth rate of automobile sales showed a slight recovery, increasing to -3.18%. However, the consumer confidence index fell to 89.50 in December 2025, and retail sales growth for home appliances decreased by 14.25% [11][12] - The total retail sales of consumer goods in December 2025 saw a nominal year-on-year growth rate drop to 0.90%, with a cumulative decline of 3.70% [11][12] - Tourism revenue in Beijing increased by 11.40% year-on-year in December 2024, while tourism revenue in Hainan decreased by 20.03% in March 2024 [11][12] Export Chain - In December 2025, exports to Japan and ASEAN countries increased, while exports to the US and EU saw a decline. The export growth rate for electronic products rose to 37.25%, while textile exports fell by 4.23% [12][13] - The cumulative year-on-year growth rate for exports of refined oil, coke, steel, and aluminum increased, while the export amounts for agricultural products, toys, furniture, and other categories decreased [12][13] - The OECD leading indicator for the US rose to 100.50 in January 2026, indicating potential economic improvement [12][13] Price Chain - In February 2026, pork prices decreased to 12.75 yuan per kilogram, while oil prices increased, with WTI rising to 65.63 USD per barrel [13][14] - The price of PVC rose to 4770 yuan per ton, while the price of MDI fell to 13950 yuan per ton [13][14] - The price of cotton increased, and the price of white sugar decreased during the same period [13][14]

Investment Chain - Non-ferrous metal prices have risen since February 2026, with fixed asset investment growth in December 2025 declining to -3.80%[1] - Real estate development investment in December 2025 saw a year-on-year decline of 17.20%[1] - Manufacturing fixed asset investment growth in December 2025 decreased to 0.60%[1] - Infrastructure investment growth in December 2025 fell to -1.48%[1] Consumption Chain - In December 2025, the nominal year-on-year growth rate of social consumption fell to 0.90%, with a cumulative decline of 3.70%[2] - The consumer confidence index in December 2025 dropped to 89.50[2] - In January 2026, automobile sales saw a year-on-year growth rate increase to -3.18%[2] - Home appliance retail sales in December 2025 experienced a year-on-year decline of 14.25%[2] Export Chain - In December 2025, exports to Japan and ASEAN saw a year-on-year growth increase, while exports to the US and EU declined[3] - The export growth rate for electronic products in December 2025 rose to 37.25%[3] - Textile export value in December 2025 decreased by 4.23% year-on-year[3] - Mechanical export value in December 2025 increased by 6.60% year-on-year[3] Price Chain - As of February 2026, the price of pork decreased to 12.75 yuan/kg[4] - WTI crude oil price increased to $65.63 per barrel on February 24, 2026[4] - PVC spot price rose to 4770 yuan/ton on February 24, 2026[4] - The average price of coal in Qinhuangdao increased in February 2026[4]

Core Viewpoint - The chemical materials industry is entering a new transformation cycle driven by energy transition, AI integration, and green low-carbon initiatives, with a focus on domestic substitution and self-control opportunities in the context of geopolitical tensions [2][3][55]. Group 1: Market Overview - Domestic and international demand is experiencing a mild recovery, supported by favorable policies in real estate and consumption, while overseas demand is bolstered by fiscal and monetary easing in the US and Europe [2][28]. - The chemical industry has seen a decline in fixed asset investment, with a cumulative year-on-year decrease of 8.2% by November 2025, indicating the end of the expansion phase that began in 2021 [2][47]. Group 2: Investment Recommendations - The chemical materials industry is expected to undergo significant changes, focusing on three main areas: accelerated energy transition, the penetration of AI and synthetic biology, and the establishment of core competitiveness through green low-carbon initiatives [3][55]. - Investment opportunities are highlighted in domestic substitution and self-control sectors, particularly in semiconductor materials, new energy materials, and coatings [4][57]. Group 3: Semiconductor Materials - The global semiconductor materials market is projected to reach $75.98 billion by 2025, with an 8.4% year-on-year growth, driven by the expansion of global wafer fabs and the recovery of demand for mature process products [5][64]. - The domestic localization rate for key materials such as CMP polishing materials and photoresists is below 30%, indicating significant potential for import substitution [6][64]. Group 4: New Energy Materials - The wind power sector is expected to maintain a high growth trajectory, with China's cumulative installed capacity projected to reach 1.3 billion kilowatts by 2030, supported by favorable policies and market dynamics [7][69]. - The energy storage industry is experiencing explosive demand driven by policy support, AI applications, and export growth, with key materials like lithium hexafluorophosphate seeing significant price increases [7][72]. Group 5: Coatings - The coatings industry is shifting towards value competition, with high-end industrial coatings and military special coatings emerging as new growth engines despite overall market contraction [8][79]. - The global shipbuilding coatings market is expected to reach $6.28 billion by 2025, with domestic manufacturers gaining ground against foreign competitors [10][89].

Group 1 - The core viewpoint of the article highlights that Jingyan Technology is the first listed company in the MIM industry in China and one of the global leaders in MIM, with strong technical accumulation in precision MIM component manufacturing [2] - The company's power business segment focuses on the R&D, design, manufacturing, and mass production of precision rotating and transmission structure components, primarily for foldable smartphone hinges in the consumer electronics sector [2] - Jingyan Technology's thermal management segment has mass production capabilities and experience in VC, heat pipes, air-cooled modules, and liquid-cooled modules [2] Group 2 - The company plans to closely monitor market dynamics of downstream customers and trends in industry technology and processes, while continuously increasing investment in technological R&D to enhance product competitiveness and profitability [2] - Welding technology is one of the processes for cold plate manufacturing, and the company’s cold plate products can utilize various welding techniques, with the choice depending on process difficulty, performance, and cost [2] - There is currently no collaboration between the company and Xinhui Technology, and the company adheres to legal disclosure obligations, advising investors to analyze and invest rationally based on publicly disclosed information [2]