过去两年，锂电池行业激烈的“内卷式”竞争，产能过剩、“价格战”等问题让 整个行业陷入低迷，行业景气度也跌至历史低点。进入 2025 年，锂电池产业供需矛盾有所缓解，产业链各环节价格出现拐点迹象，部分锂电材料价格开始反弹，进入涨价周期。自 9 月中旬以来，六氟磷酸锂价格便开启快速上行通道；Mysteel 数据显示，自 9 月 16 日起，六氟磷酸锂一改此前的横盘态势，价格开始上涨，从当日的 56800 元/吨一路攀升至 10 月 13 日的 68800 元/吨，增幅达 21.13%。多氟多表示此次涨价主要由下游新能源与储能产业需求扩大、供给端产能集中且扩产谨慎的供需矛盾及原材料价格波动共同推动；短期内，市场供应紧平衡状态可能持续至 2026 年，价格仍有上行空间。我们认为六氟磷酸锂价格的快速上行有可能意味着部分锂电材料的供需矛盾已经得到缓解，并有望迎来涨价周期。

25 年初以来地产等需求呈现企稳态势，家电产量、汽车销量等数据保持增长。我们认为，伴随 2025 年以来行业资本开支增速显著下降，叠加“反内卷”有望助力供给端协同及落后产能出清，而内需有望进一步复苏及出口亚 非拉等支撑需求，大宗化工品有望逐步复苏。油价长期存在成本底部支撑， 具备增产降本能力及天然气增量的高分红企业具有配置机遇，推荐中国石油（A/H）；大宗化工方面，关注制冷剂、异氰酸酯等格局率先优化品种，以及有机硅/农药/PVA 等供需面有望改善并带来涨价弹性的品种，推荐巨化股 份/鲁西化工/华鲁恒升/皖维高新；下游制品/精细品方面，食饲药添加剂行业 Q4 需求旺季到来，以及原料成本改善助力盈利修复，推荐梅花生物/新和成； 出口方面，国内化工品具备成本优势和性价比，国内轮胎依托性价比优势仍有望持续提升全球份额，推荐森麒麟/赛轮轮胎；高股息资产方面，伴随资本开支下降等，主动分红意愿和能力或提升，磷资源有望维持至少 3 年高景气，推荐云天化/中海石油化学。

The global plasticizers market refers to the market for chemicals that are used to increase the flexibility, durability, and performance of plastic and polymer materials. Plasticizers are added to these materials to enhance their elasticity, reduce their brittleness, and improve their workability. Plasticizers are widely used in various industries, including automotive, construction, consumer goods, and packaging. These enable the production of flexible and durable products such as PVC pipes, cables, films, and coatings. Plasticizers can also enhance the properties of materials used in medical devices, electronic components, and textiles.

Calcium hypochlorite is a powerful oxidizing and bleaching chemical that is used in a variety of industries. It is most used in water and wastewater treatment systems for disinfection, where it kills bacteria, viruses and other harmful organisms effectively.

Propylene oxide is a vital chemical compound that is primarily used as an intermediate in the production of various materials. It is a versatile organic compound with the chemical formula C3H6O and is highly reactive due to its three-carbon, cyclic ether structure.

A pool salt chlorinator is an advanced water sanitation system designed for swimming pools; it uses electrolysis technology to convert the dissolved salt (sodium chloride) in pool water into chlorine gas. This chlorine gas dissolves instantly in the water to form hypochlorous acid, and the active agent acts as a disinfectant for pool by eliminating bacteria, algae, and other harmful microorganisms. This eliminates the traditional chlorine sanitation methods that require the manual addition of chlorine chemicals (such as tablets, granules, or liquid) as salt chlorinators automate the process, providing a self-regenerating system where salt is continuously recycled through the electrolysis process. This results in a more consistent and balanced level of sanitation, improved user convenience, and enhanced water quality.

Calcium carbonate (CaCO ₃) is a widely available inorganic compound derived from natural mineral sources such as limestone, chalk, and marble . It is also produced synthetically through precipitation processes . Owing to its chemical stability, non-toxicity, and versatility, calcium carbonate is used across diverse industries as a raw material, filler, pigment, additive, and functional agent .

Capric acid, also known as decanoic acid, is a saturated fatty acid with the chemical formula C10H20O2. It is categorized as a medium-chain fatty acid due to its ten-carbon chain length. Capric acid occurs naturally in coconut oil, palm kernel oil, and other dairy products. It is commonly used in the production of esters for artificial flavorings and perfumes, as well as in the manufacture of various detergents and cosmetics. In the food industry, capric acid is utilized as a food additive and flavoring agent. Its antimicrobial properties also make it valuable in skincare products. Additionally, capric acid has potential applications in pharmaceuticals and as a precursor in the synthesis of various chemicals.

The global AI in cologne market encompasses the integration and application of artificial intelligence technologies throughout the entire lifecycle of fragrance products for men

Breast fillers are a non-surgical cosmetic procedure used to enhance the shape, size, and contour of the breasts. Unlike traditional breast augmentation methods that involve surgical implantation of silicone or saline implants, breast fillers typically involve the injection of substances such as hyaluronic acid, polylactic acid and others. This approach is often referred to as minimally invasive breast augmentation.

Caproic acid, derived from hexane, is a colorless, oily liquid with a cheese-like odor and can appear as either a white solid or a yellowish oily liquid. Caproic acid can be extracted from various oils and animal fats. It is used in making artificial flavorings, resins, driers, and drugs.

材料工业是现代化工业体系的基石，每一轮技术革命和产业变革都与新材料的发现、发明和推广密不可分。投资新材料，投资的是未来新兴产业，投资的是产业结构转型升级。新材料多处于开发期或导入期，判断新材料所处产业 生命周期，本质上就是判断产业化的确定性和周期长短。其中，判断新材料所处生命周期，主要是关系到投资本源：1）投资新材料是主题投资，还是产业投资？2）退出新材料投资，应该跟踪什么样的指标？

接轨国际碳边境调整机制的数位碳管理策略建议

工业行业：10月水泥玻璃价格环比改善－行业月报

1）全球基建和建筑装备：数据中心：随着新云需求增长，欧洲人工智能数据中心容量增长两倍；美国能源市场动态：美国能源信息署（EIA）数据显示，居民用电价格持续上涨，9 月同比上涨 7.4%；PJM 互联市场监测机构敦促 FERC 裁定，大型数据中心只有在电网运营商仍能满足可靠性指标的情况下才能上线；NYISO 面临“严重的电力可靠性不足”；NIPSCO 将向位于印第安纳州北部的亚马逊数据中心供应 3GW 电力；FERC 被敦促否决西北科尔斯特里普 370 兆瓦购电协议；美国能源部大负荷互联提案引发联邦与州管辖权之争。

化妆品行业：竞争加剧，头部强化－2025年美护板块三季报总结

基础化工行业：行业自律，化工“反内卷_的新范式

有机硅行业：有机硅单体厂计划协调减产，价格有望走入上升通道－点评报告