Core Viewpoint - The lithium battery industry is experiencing significant growth in production and demand, with notable increases in both battery and phosphoric iron lithium cathode material output in November 2025 compared to the same period in 2024 [1][2]. Production - In November 2025, domestic battery production reached 176.3 GWh, marking a year-on-year increase of 49.66% and a month-on-month increase of 3.34% [1][2]. - The production of phosphoric iron lithium cathode materials in November 2025 was 26.89 million tons, reflecting a year-on-year growth of 29.43% and a month-on-month growth of 0.75%, with a capacity utilization rate of 62.53% [1][2]. Pricing - The price of industrial-grade lithium carbonate rose to 101,000 yuan per ton as of December 19, 2025, with a weekly increase of 7.44% [3]. - The price of phosphoric iron lithium (power type) remained stable at 39,100 yuan per ton as of December 19, 2025 [3]. - The average price of square phosphoric iron lithium energy storage cells remained stable, with prices reported at 0.385, 0.310, and 0.310 yuan/Wh for different capacities [3]. Demand - In November 2025, the monthly shipment of phosphoric iron lithium batteries reached 75.3 GWh, a year-on-year increase of 43.62% and a month-on-month increase of 11.56%, setting a new high for the year [4]. - The monthly shipment of ternary power batteries was 18.2 GWh, showing a year-on-year increase of 33.82% and a month-on-month increase of 10.30% [4]. - The export volume of Chinese power batteries in November 2025 was 21.2 GWh, a year-on-year increase of 69.60% and a month-on-month increase of 9.28% [4]. Investment Recommendations - The company suggests focusing on core enterprises in the battery sector that are leading in both domestic and overseas markets, particularly those with a collaborative layout in power batteries and energy storage [5]. - Companies to watch include CATL (300750.SZ), Yiwei Lithium Energy (300014.SZ), and others involved in lithium battery materials [5].

Core Viewpoint - The lithium battery sector has rebounded strongly after a two-month correction, with significant inflows of capital and a notable increase in stock prices, indicating a potential new upward trend for the industry [1][5]. Market Performance - As of December 23, the lithium battery concept index rose by 2.07%, with a net inflow of 5 billion in main capital, leading all sectors [1]. - The price of lithium carbonate futures surged by 5.96%, reaching 120,000 yuan/ton, marking a return to the high point seen in March 2024 [3]. Supply and Demand Dynamics - The recent price increase in lithium is attributed to a tight supply-demand balance, with domestic lithium carbonate production decreasing to a three-year low [7]. - In November 2025, domestic production of battery-grade lithium carbonate was approximately 66,000 tons, down 0.2% month-on-month, while imports of lithium carbonate fell by 7.6% [7]. - The demand for lithium remains robust, driven by the growth in the electric vehicle market, with November 2025 seeing production and sales of 1.88 million and 1.823 million units respectively, both up by over 20% year-on-year [7][8]. Price Trends and Industry Recovery - The price of battery-grade lithium carbonate has risen from 81,000 yuan/ton at the beginning of November to 92,000 yuan/ton by the end of the month, reflecting a monthly increase of 13.58% [5]. - The overall profitability of the lithium battery industry is recovering, with the net profit of 118 lithium battery concept stocks in the A-share market reaching 117.196 billion yuan in the first three quarters, a year-on-year increase of 26.97% [14]. Key Players and Financial Performance - Leading companies like Ganfeng Lithium reported a significant revenue increase of 44.1% year-on-year, with net profit soaring by 364.02% in the third quarter [15]. - Other companies such as Tianqi Lithium and Guoxuan High-Tech also reported substantial profit increases, indicating a positive trend across the sector [16]. Future Outlook - The global energy storage market is expected to see explosive growth, with predictions of lithium battery shipments reaching 580 GWh in 2025, a year-on-year increase of 65% [9]. - Major institutions are optimistic about the lithium battery sector, with forecasts suggesting a new upward cycle starting in 2026, driven by strong demand and favorable policies [18][19].

Investment Rating - The industry is rated as "Strongly Outperforming the Market" due to robust demand for power batteries and energy storage batteries, along with a rebound in lithium battery material prices [3]. Core Insights - The production of positive electrode materials has significantly increased, with domestic battery production reaching 176.3 GWh in November 2025, a year-on-year increase of 49.66% [3]. - Lithium carbonate prices have risen sharply, reaching 101,000 CNY per ton as of December 19, 2025, with a weekly increase of 7.44% [3]. - The demand for lithium iron phosphate batteries has surged, with a monthly loading volume of 75.3 GWh in November 2025, marking a year-on-year increase of 43.62% [3]. Summary by Sections Production - In November 2025, domestic battery production and lithium iron phosphate positive electrode material production were significantly higher than in the same period of 2024, with production utilization rates at 62.53% [3][4]. Prices - The price of industrial-grade lithium carbonate has increased to 101,000 CNY per ton, while lithium iron phosphate prices remained stable at 39,100 CNY per ton [3][4]. Domestic Demand - The monthly loading volume for lithium iron phosphate batteries reached a record high in November 2025, with a notable increase in new energy storage project bidding capacity compared to 2024 [3][4]. Overseas Demand - In November 2025, China's power battery exports reached 21.2 GWh, a year-on-year increase of 69.60%, indicating strong international demand [3][4].

Group 1 - The lithium battery sector is experiencing a strong upward trend, with electrolyte and lithium mining sectors leading the gains, as evidenced by multiple stocks reaching their daily limit [1] - The lithium industry chain's prosperity has been continuously rising since December, driven by demand from energy storage, with price increases observed across various segments including electrolyte, positive materials, separators, and negative materials [1] - The price of battery-grade lithium carbonate has significantly increased, rising from 81,000 yuan/ton to 92,000 yuan/ton, a 13.58% increase, while futures prices also saw a substantial rise of 17.19% [2] Group 2 - The market is optimistic about future lithium prices, with a recovery in the performance of lithium companies reported in their Q3 earnings, and a gradual depletion of market inventory [2] - The lithium battery industry is showing signs of structural recovery, with profitability concentrating among leading companies, while smaller firms face pressure due to rising costs of key raw materials [3][4] - Major companies are implementing price increases for their products in response to supply-demand imbalances and rising raw material costs, indicating a proactive approach to maintaining profitability [3]

新华财经北京12月22日电广期所发布关于调整碳酸锂期货指定交割库的公告，其中提到增加碳酸锂期货 交割厂库存放点标准仓单最大量。同意将江西九岭锂业股份有限公司位于江西省宜春市奉新县高新技术 产业园区长青大道888号存放点的标准仓单最大量由1500吨增加至2000吨、位于江西省宜春市宜丰县工 业园区凯扬路存放点的标准仓单最大量由1500吨增加至2000吨；同意将融捷投资控股集团有限公司位于 四川省成都市邛崃市天府新区新邛产业园区羊纵7路18号存放点的标准仓单最大量由600吨增加至900 吨；同意将宜春银锂新能源有限责任公司位于江西省宜春市袁州区彬江镇迎宾路9号存放点的标准仓单 最大量由300吨增加至900吨；同意将江西永兴特钢新能源科技有限公司位于江西省宜春市宜丰县工业园 长新东路存放点的标准仓单最大量由300吨增加至900吨；同意将四川雅化实业集团股份有限公司位于四 川省雅安市雨城区经济开发区永兴大道南段99号存放点的标准仓单最大量由450吨增加至900吨。 根据《广州期货交易所指定交割合库管理办法》等有关规定，经研究决定: 一、新增碳酸锂期货指定交割厂库 新增广西华友锂业有限公司为碳酸锂朝货交割厂库，存放地点 ...

证券日报网讯12月19日晚间，湖南裕能（301358）发布公告称，公司已完成注册资本及章程修订等工商 变更登记，取得湘潭市市场监督管理局换发的《营业执照》，注册资本变更为人民币76，080.2721万 元。 ...

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [47]. Core Insights - The lithium battery market is experiencing high demand due to the year-end surge in sales and favorable tax policies, with November sales reaching new highs. The overall demand for lithium batteries remains strong, supported by robust energy storage needs. The industry is expected to see a slight increase in production in December, maintaining a positive outlook for the sector [42][40]. - The report highlights the ongoing development of solid-state batteries, which is anticipated to drive demand for materials and equipment upgrades within the industry. Key areas of focus include advancements in solid-state electrolytes and new materials for anode and cathode components [43][42]. Summary by Sections Market Review - As of December 18, 2025, the lithium battery index has decreased by 2.86% over the past two weeks, underperforming the CSI 300 index by 3.00 percentage points. Year-to-date, the lithium battery index has increased by 46.16%, outperforming the CSI 300 index by 30.46 percentage points [12][4]. Price Changes in the Lithium Battery Supply Chain - As of December 18, 2025, the average price of battery-grade lithium carbonate is 98,800 CNY/ton, reflecting a 4.99% increase over the past two weeks. The price of lithium hydroxide remains stable at 72,200 CNY/ton. Other materials such as lithium iron phosphate and various NCM materials have also seen price increases ranging from 0.60% to 1.37% [25][28][23]. Industry News - The report notes that the domestic electric vehicle market is entering a phase of high sales but low growth, with expectations for 2026 to see a slight increase in new car sales. The demand for new energy vehicles is projected to continue growing rapidly, with sales potentially reaching 20 million units [40]. - In November, the domestic power battery installation volume reached 93.5 GWh, marking a 39.2% year-on-year increase. The report emphasizes the strong performance of lithium iron phosphate batteries, which accounted for 80.5% of total installations [40]. Company Announcements - The report includes several significant company announcements, such as the acquisition plans by Enjie Co. and Rongbai Technology, which aim to enhance their production capabilities in the lithium battery supply chain [41]. Recommendations - The report suggests focusing on companies that are likely to benefit from the ongoing improvements in the supply-demand dynamics of the lithium battery industry, particularly those involved in solid-state battery technology and innovative material development [44].

证券代码：301358 证券简称：湖南裕能 公告编号：2025-069 湖南裕能新能源电池材料股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日召开第二届董事会第十五次会议，审议通过了《关于变更公司注册资本、 修订<公司章程>并办理工商变更登记的议案》。具体内容详见公司在巨潮资讯 网披露的《关于变更公司注册资本、修订<公司章程>并办理工商变更登记的公 告》（公告编号：2025-044）。 公司于 2025 年 11 月 26 日召开第二届董事会第十七次会议，审议通过了《关 于修订<公司章程>及其附件并办理工商变更登记的议案》《关于高级管理人员 任职调整的议案》，其中《关于修订<公司章程>及其附件并办理工商变更登记 的议案》已于 2025 年 12 月 12 日经公司 2025 年第二次临时股东大会审议通过。 具体内容详见公司在巨潮资讯网披露的《关于修订<公司章程>及其附件并办理 工商变更登记、修订及制定部分公司治理制度的公告》（公告编号：2025-055）、 《关于高级管理人员任职调整的公告》（公告编号：2025-056）。 近日，公司已完成上述事项的工商变更登记、备案手续，取得了湘潭市市场 ...

资料显示，湖南裕能新能源电池材料股份有限公司位于湖南省湘潭市雨湖区鹤岭镇日丽路18号，成立日 期2016年6月23日，上市日期2023年2月9日，公司主营业务涉及公司是国内主要的锂离子电池正极材料 供应商,专注于锂离子电池正极材料研发、生产和销售。公司的主要产品包括磷酸铁锂、三元材料等锂 离子电池正极材料,目前以磷酸铁锂为主,主要应用于动力电池、储能电池等锂离子电池的制造,最终应用 于新能源汽车、储能领域等。主营业务收入构成为：磷酸盐正极材料98.04%，其他(补充)1.96%。 湖南裕能所属申万行业为：电力设备-电池-电池化学品。所属概念板块包括：固态电池、磷酸铁锂、储 能、三元锂电、磷化工等。 截至9月30日，湖南裕能股东户数3.24万，较上期减少11.76%；人均流通股11902股，较上期增加 14.13%。2025年1月-9月，湖南裕能实现营业收入232.26亿元，同比增长46.27%；归母净利润6.45亿元， 同比增长31.51%。 12月19日，湖南裕能盘中下跌2.00%，截至09:52，报61.69元/股，成交1.90亿元，换手率0.79%，总市值 469.34亿元。 资金流向方面，主力资金净流 ...

Core Viewpoint - The price of electrolytic manganese has risen continuously for 13 days since December, reaching a new high of 17,820 yuan/ton, with a cumulative increase of over 2,300 yuan/ton, marking a nearly 15% rise since the beginning of the month [1][3]. Price Drivers - The recent price increase of electrolytic manganese is driven by multiple factors including supply contraction, cost support, and improved demand [3]. - Environmental regulations in major production areas like Guangxi and Guizhou have led to reduced production from smaller facilities, contributing to supply tightness [3]. - Rising water and electricity costs due to the dry season have increased production costs, prompting some small smelting enterprises to cut back on output [3]. - The ongoing construction of a 600,000-ton electrolytic manganese project by Ningxia Tianyuan Manganese Industry is expected to further tighten supply until its completion in the second half of 2026 [3]. Demand Analysis - The steel industry shows stable demand, with many steel mills maintaining production rates and year-end inventory replenishment needs becoming apparent [4]. - Specific downstream sectors, such as the 200 series stainless steel, exhibit strong demand resilience for electrolytic manganese [4]. - Recent bidding prices for spherical electrolytic manganese have surged to 16,600 yuan/ton, reflecting a significant increase of 2,102 to 2,420 yuan/ton from the previous round, boosting market sentiment [4]. Growth in New Energy Sector - The manganese industry is transitioning from being primarily associated with steel to becoming a critical component in the new energy sector, particularly in battery production [5]. - The commercial application of new battery technologies, such as lithium iron phosphate manganese, is driving explosive growth in demand for high-purity electrolytic manganese [5]. - Projects like Yunnan Youneng's second phase, expected to be fully operational by the end of 2025, will add significant production capacity for lithium iron phosphate manganese [5]. Manganese Industry Stocks - Key manganese industry stocks include Sanxia Water, Hongxing Development, Xiangtan Electric, Western Gold, and Zhonggang Tianyuan, among others [6]. - Hongxing Development holds manganese mining assets with a total capacity of approximately 250,000 tons/year [6]. - Xiangtan Electric has a total capacity of 122,000 tons for electrolytic manganese dioxide and plans to expand its lithium manganese oxide capacity [7]. - Zhonggang Tianyuan is the largest producer of battery-grade manganese tetroxide, with a production capacity of 85,000 tons [7]. - Western Gold's subsidiary, Kebang Manganese, is the only electrolytic manganese producer in Xinjiang, benefiting from a complete industry chain [8].