六氟磷酸锂需求向好，产业链配套优势明显

六氟磷酸锂需求向好，产业链配套优势明显 Demand for lithium hexafluorophosphate improving&Advantages of supporting the industrial chain 最新动态 ➢需求端支撑向好，六氟磷酸锂价格大幅上涨。根据百川盈孚，2025年11月六氟磷酸锂市场价格大幅上涨。市场主流价格强势上涨，现货市场持续上探带动整体价格拉升，市场成交价格快速上涨。截止11月25日，六氟磷酸锂市场主流价格为170000元/吨，较上月末价格上涨83.78%。需求方面：储能市场需求爆发，叠加动力市场年前“抢装潮”，需求端持续火热，对市场形成有力支撑。公司六氟磷酸锂同时有固态和液态两种产品，液态六氟磷酸锂可进一步降低电解液生产成本。 动向解读 ➢全球储能装机量快速增长，带动储能电池出货量高速攀升。据ICC鑫椤储能数据库统计，2025年上半年全球储能电池出货量达258GWh，同比增长106%。其中国内厂家出货252GWh，同比增长109%，中国储能电池出货量已占据全球市场主导地位。得益于国家以旧换新等刺激消费政策，下游新能源电动汽车渗透率的提升以及储能等应用市场的发展，全球锂电池需求仍将持续增长，相应的，锂离子电池电解液需求也将保持增长态势，带动电解液需求增长。公司目前主要产品有六氟磷酸锂、碳酸酯溶剂系列产品、锂电池电解液等产品，主要应用于新能源行业中，包括储能电池、动力电池等锂电池的需求快速增长对公司的业绩有正向促进作用。 ➢电解液原材料供应稳定，产业链配套优势明显。公司自身具备五大碳酸酯溶剂及部分添加剂的生产能力，可实现95%以上基础原材料自供，具有极高的产业链配套优势，使公司在保证原材料供应稳定的基础上，大幅降低原材料采购成本，同时避免由于外采原料品质差异造成的电解液产品质量波动。公司在产与规划新建DMC项目同时拥有C1、C2、C3三种工艺技术路线，完全掌握三种工艺路线的优劣势，取优补缺。 风险提示 ➢产品价格大幅波动的风险、储能需求不及预期的风险、项目达产不及预期的风险。 分析师介绍 分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位，主要覆盖能源化工和有色材料行业。 该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司，覆盖能源化工和有色材料行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过600篇，主要覆盖标的包括： 1）化工&化肥：东岳集团、环球新材国际、中国联塑、阜丰集团、中国三江化工、浦林成山、中海石油化学、中国旭阳集团、彩客新能源、天德化工、中国心连心化肥、中化化肥、米高集团、大成生化科技； 2）能源&公用事业：新奥能源、长江基建集团、中集安瑞科，宏华集团、中海油田服务、安东油田服务、惠生工程、绿色动力环保、首钢资源； 3）有色&材料：中国宏桥、紫金黄金国际、万国黄金集团、潼关黄金、中国罕王、中广核矿业、信义光能、华新水泥。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852)97487114; (86) 188 01353 3537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report. (4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months. (5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal ProsperityFinancial Company Limitedand/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limitedgroup of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups ofGlobal Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report,Global ProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This ResearchReportmay contain some forward-lookingestimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understandand comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen orresident of or locatedin any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which wouldsubjectGlobal Prosperity Financial Company Limitedand its group companies to any registration or licensing requirement within suchjurisdiction.