12月17日，A股市场震荡回调，碳酸锂期货提振下，电新板块逆势冲高。截至13:56，同类规模领先、费率最低档的电池50ETF（159796）大涨2.75%，资金 此前已连续2日涌入电池板块，电池50ETF（159796）近2日合计吸金超1.4亿元！ 电池50ETF（159796）标的指数成分股多数冲高，电解液板块领涨，天赐材料涨超7%，多氟多涨超6%，阳光电源、欣旺达、亿纬锂能涨超3%，宁德时代等 翻红。 【电池50ETF（159796）标的指数前十大成分股】 | 序号 | 代码 | 名称 | 申万―级行业 | 涨跌幅 | 估算权重 ▼ | | --- | --- | --- | --- | --- | --- | | 1 | 300274 | 阳光电源 | 电力设备 | 3.32% | 9.28% | | 2 | 300750 | 宁德时代 | 电力设备 | 0.45% | 8.57% | | 3 | 002050 | 一花智控 | 家用电器 | 1.89% | 7.28% | | 4 | 300014 | 亿纬锂能 | 申力设备 | 3.01% | 6.14% | | 5 | 002709 | 天赐材料 ...

为分析未来供需走势，该行自下而上测算了全球VC添加剂的需求情况，在一定的背景&假设下该行得 出如下判断：1）动力稳增长，2026年全球动力电池总出货量有望达到1447GWh，增速稳定在20%左 右。2）国内外需求共振，储能需求有望持续超预期。该行预计2026年全球储能电池出货量将同比增长 62%至822GWh。3）整体看2026年锂电池市场（动力+储能+消费）规模将扩大31%，全市场扩容将直接 带动电解液添加剂市场规模扩大，此为"需求增长一击"。4）结构上由于储能增速更快，同时海外动力 磷酸铁锂占比不断提升，叠加技术升级带来添加比例提升，最终2026年VC需求有望实现超64%需求增 速，这即是结构带来的"需求增长双击"。FEC则主要受益于未来快充技术和硅基负极技术的进一步推 广，除了3C锂电池带来的成长外，半固态电池/固态电池的趋势同样利好FEC需求增长，该行预计 FEC2026年需求增速将达到29.5%。 供给侧：扩产有限，高负荷生产制约瓶颈 自2022年初至今添加剂行业已经历三年+的下行，非理性扩产使行业发生"内卷式"竞争价格快速下滑， 2024年上市公司相关业务均进入亏现金状态，目前看龙头企业现金储备均 ...

风险提示：需求不及预期、新技术发展过快导致产品失去市场、原材料价格上涨等的风险。 VC(碳酸亚乙烯酯)于11月中旬接力六氟磷酸锂迎来快速上涨，截至2025年11月28日平均价格23.5万元/ 吨，较底部已上涨408%，最高27万元/吨;同时FEC平均价来到5.4万元/吨，较底部已上涨30%。本次VC 等添加剂上涨主要系短期下游排产超预期快速上行,库存被动消耗,供不应求。该行测算了添加剂折算到 电芯全成本占比不到1%，价格敏感性极低，结合历史价格走势(VC最高47.5万元/吨)，考虑六氟磷酸锂 等原料受碳酸锂波动，以VC为代表的添加剂实际弹性空间更大。 自2022年初至今添加剂行业已经历三年+的下行，非理性扩产使行业发生"内卷式"竞争价格快速下 滑,2024年上市公司相关业务均进入亏现金状态，目前看龙头企业现金储备均已下滑至历史低点。在目 前盈利状态以及资本基础上，企业难再有扩产意愿，行业更趋于理性，同时低价格带加速行业落后产能 出清。叠加事件扰动加剧价格波动，该行认为下游电解液企业的备货供应需求或形成更强的抢购补库存 需求，因此价格弹性空间有望更大。统计行业供需后该行认为2026年行业VC产能缺口将达到-1. ...

储能发展迅速，持续催化化工板块，机构指出，2026年动力+储能电池需求增速预计达30%，其中储能 电池增速达40%-50%。动力电池，国内商用车达到平价拐点，后续看干线放量，国内乘用车渗透率仍有 空间，带电量提升可期。储能电池新增渗透率离光储平价上限较远，预计2025、2026年装机达 170+GWh、220+GWh。 正极材料 磷矿石：磷酸铁锂、六氟磷酸锂新能源材料需求拉动，叠加供给实际落地低于预期，磷矿石价格有望长 周期景气运行。 工业级磷酸一铵：行业供应处于平衡偏紧状态。下游需求较快增长，供给端存在明确政策约束，工铵盈 利中枢有望上移。 磷酸铁/磷酸铁锂：磷酸铁/磷酸铁锂行业开工率快速抬升，在储能需求的持续拉动下，行业有望走出拐 点，迎来价格反转。 PVDF（聚偏二氟乙烯）：当下PVDF的价格在5万元/吨上下，随着锂电相关需求持续增长，供需有望逐 步改善。 流动性方面，化工ETF盘中换手2.18%，成交3.50亿元。拉长时间看，截至12月3日，化工ETF近1月日均 成交8.66亿元。 化工ETF紧密跟踪中证细分化工产业主题指数，中证细分产业主题指数系列由细分有色、细分机械等7 条指数组成，分别从相关细分 ...

贵公司和旗下子公司或者关联企业有生产VC（碳酸亚乙烯酯）吗？ 鲁西化工 [000830] ：公司主要产品有多元醇、己内酰胺、尼龙6、有机硅、甲酸、甲烷氯化物、甲胺、DMF、聚碳酸酯等，未涉及VC（碳酸亚乙烯 酯）。 近期有机硅概念纷纷走强，多只个股表现强于大市。据了解，其核心原因是鲁西化工等行业龙头联合减产30%，现货价格几天内跳涨约2000元/吨，市场 预期有机硅产品销售价格明年有望逐步走出底部区间，强烈的涨价信号直接点燃市场情绪。 此外，政策层面持续释放"反内卷"、去产能暖风，部委将召开行业座谈会，市场预期类似"供给侧改革"的限产、环保、补贴措施有望落地；而在需求端， 光伏、新能源、医疗等多条赛道维持高增，叠加"十五五"把有机硅列为重点新材料，板块估值被进一步看好。 A股市场上，有机硅相关上市公司近期被多方关注，全景为您精选来自上市公司最真实的声音。（以下内容均摘自深交所互动易、上证e互动、上市公司 公告等） 公司的产品在航天和军工方面的应用如何？ 硅宝科技 [300019] ：有机硅材料具有卓越的耐高低温性能、耐老化性能等优异性能，广泛应用于航空航天、军工等多个领域。目前，公司航天及军工产 品实现少量销 ...

Core Viewpoint - The company primarily produces a range of chemical products including polyols, caprolactam, nylon 6, organosilicon, formic acid, methylene chloride, methylamine, DMF, and polycarbonate, but does not engage in the production of VC (vinyl carbonate) [1] Product Overview - The main products of the company include: - Polyols - Caprolactam - Nylon 6 - Organosilicon - Formic acid - Methylene chloride - Methylamine - DMF - Polycarbonate - The company explicitly states that it does not involve VC (vinyl carbonate) in its product offerings [1]

Core Viewpoint - The company, Lu Xi Chemical (000830.SZ), confirmed that it does not produce Vinyl Carbonate (VC) and focuses on other chemical products [1] Product Offering - The main products of the company include polyols, caprolactam, nylon 6, organosilicon, formic acid, methylene chloride, methylamine, DMF, and polycarbonate [1]

Core Viewpoint - The article discusses the environmental impact assessment for Inner Mongolia Yongtai Chemical Co., Ltd.'s project to produce 5,000 tons of lithium battery additives, highlighting the company's investment in expanding production capacity in response to the growing demand in the lithium battery additive industry [1][3]. Group 1: Project Overview - The project involves the construction of a facility to produce 5,000 tons of lithium battery additives, specifically vinylene carbonate (VC), which is known for its excellent performance in lithium-ion batteries [3]. - The total investment for the project is 120 million yuan, and it will also have the capacity to produce 15,200 tons of calcium chloride solution as a byproduct [4]. Group 2: Industry Context - The lithium battery additive industry is experiencing strong growth, prompting Inner Mongolia Yongtai Chemical Co., Ltd. to invest in expanding its production capabilities within the existing facility located in the Ulaanbaatar High-tech Industrial Development Zone [3].

Core Viewpoint - The announcement by Yongtai Technology regarding the trial production of a 5,000-ton lithium battery additive project marks a significant step in enhancing its production capacity and solidifying its position in the lithium battery materials sector [2][4]. Company Summary - Yongtai Technology's wholly-owned subsidiary, Inner Mongolia Yongtai Chemical Co., Ltd., has passed expert review for its trial production plan, officially starting trial production on November 17 [2]. - The new production line will double the company's core lithium battery additive product, VC (Vinylene Carbonate), capacity from 5,000 tons to 10,000 tons per year, enhancing its competitive advantage in the lithium battery materials market [2][3]. - The project is part of Yongtai Technology's strategic layout initiated in 2021, which aimed to establish a production capacity of 25,000 tons of VC and 5,000 tons of FEC (Fluorinated Ethylene Carbonate) [2]. Industry Summary - The continuous expansion of the new energy vehicle and energy storage industries is driving steady growth in the demand for lithium battery electrolytes, thereby increasing the market space for VC as a key additive [3]. - Yongtai Technology's capacity expansion will better meet downstream customer needs and enhance its market share, while large-scale production will effectively reduce unit production costs and improve product profitability [3][4]. - The project is a crucial initiative for the company to strengthen its business development in the lithium materials sector and consolidate its industry position and market share [4].

Summary of Fuxiang Pharmaceutical Conference Call Company Overview - Fuxiang Pharmaceutical is the largest supplier of sulbactam and the second-largest supplier of tazobactam globally, focusing on the production of antibiotic intermediates and active pharmaceutical ingredients since 2002 [2][5][22]. Industry Insights - The demand for energy storage and power batteries has significantly increased, leading to a rise in prices for VC (Vinyl Carbonate) and FEC (Fluoroethylene Carbonate) products, supported by government policies [2][3]. - The VC additive market has seen a collective shutdown for maintenance by key players, impacting supply by approximately 20,000 tons [8][10]. Key Points Production Capacity and Expansion Plans - Fuxiang plans to expand VC production capacity to 10,000 tons and FEC to 5,000 tons by Q2 2026, with environmental facilities already prepared for rapid expansion [2][4]. - Current VC production capacity is 8,000 tons, with a cost control below 50,000 yuan per ton, while market prices have surged to around 140,000 yuan [3][14]. Financial Performance and Cost Management - The price of LPA (a key raw material) has decreased from 280,000-300,000 yuan per ton to 160,000-170,000 yuan, significantly improving the gross margins for sulbactam and tazobactam [5][22]. - The company has implemented new processes to reduce costs by approximately 15% and has proprietary technology that is significantly cheaper than external sourcing [24][25]. Market Demand and Product Development - Fuxiang maintains an optimistic outlook on the downstream demand for sulbactam and tazobactam, with annual growth projected in the single digits [22]. - The introduction of new drugs has driven growth in the raw material intermediates market [22]. Microbial Protein and Agricultural Projects - Fuxiang is the first company in China to achieve industrialization of filamentous fungal protein at a scale of over 1,000 tons, with plans to expand to 20,000 tons by 2026 [6][27]. - The company is also developing a water-soluble fertilizer project, expected to yield significant benefits upon completion [28][29]. Competitive Landscape - The competitive landscape in the VC additive market is intense, with Fuxiang's main customers including Tianqi Materials and New Zobang, although specific sales proportions were not disclosed [13]. - The company is well-positioned to respond to market fluctuations due to its existing infrastructure and rapid approval processes for expansion [16][17]. Future Outlook - The company anticipates a new price equilibrium in the market, with strategies in place to maintain competitiveness regardless of price fluctuations [18]. - Fuxiang is closely monitoring developments in solid-state battery materials but currently has no active projects in that area [30]. Additional Insights - The microbial protein market is expected to grow due to its nutritional advantages over plant proteins, including zero cholesterol and low sugar content [30]. - The company has made significant investments in patent protection and certifications to support its strategic direction in microbial protein and other innovative products [7].