update pay ui

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2025-12-05 13:29:18 +08:00
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<!DOCTYPE html>
<html lang="zh-CN">
<html lang="zh-CN" data-theme="night">
<head>
<meta charset="UTF-8">
<meta name="viewport" content="width=device-width, initial-scale=1.0">
<title>磷化工六氟磷酸锂 - 深度投资分析</title>
<title>深度研报: 磷化工六氟磷酸锂</title>
<script src="https://cdn.tailwindcss.com"></script>
<script src="https://unpkg.com/scrollreveal@4.0.0/dist/scrollreveal.min.js"></script>
<script src="https://cdn.jsdelivr.net/npm/chart.js"></script>
<link rel="stylesheet" href="https://cdnjs.cloudflare.com/ajax/libs/font-awesome/6.4.0/css/all.min.css">
<link href="https://cdn.jsdelivr.net/npm/daisyui@4.10.2/dist/full.min.css" rel="stylesheet" type="text/css" />
<script defer src="https://cdn.jsdelivr.net/npm/alpinejs@3.x.x/dist/cdn.min.js"></script>
<script src="https://cdn.jsdelivr.net/npm/echarts@5.5.0/dist/echarts.min.js"></script>
<style>
@import url('https://fonts.googleapis.com/css2?family=Inter:wght@300;400;500;600;700;800&display=swap');
@import url('https://fonts.googleapis.com/css2?family=Noto+Sans+SC:wght@300;400;500;700&display=swap');
* {
font-family: 'Inter', sans-serif;
body {
font-family: 'Noto Sans SC', sans-serif;
background-color: #020617;
background-image:
radial-gradient(circle at 15% 15%, rgba(167, 139, 250, 0.15) 0%, transparent 40%),
radial-gradient(circle at 85% 75%, rgba(56, 189, 248, 0.15) 0%, transparent 40%);
background-attachment: fixed;
overflow-y: scroll;
}
.gradient-bg {
background: linear-gradient(135deg, #667eea 0%, #764ba2 100%);
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backdrop-filter: blur(10px);
border: 1px solid rgba(255, 255, 255, 0.2);
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background: rgba(15, 23, 42, 0.6);
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border: 1px solid rgba(255, 255, 255, 0.1);
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.card-hover:hover {
transform: translateY(-5px);
box-shadow: 0 20px 40px rgba(0,0,0,0.1);
.glass-card:hover {
border-color: rgba(56, 189, 248, 0.5);
transform: translateY(-4px);
box-shadow: 0 8px 30px rgba(0, 0, 0, 0.2);
}
.price-chart {
background: linear-gradient(180deg, rgba(99, 102, 241, 0.1) 0%, rgba(99, 102, 241, 0.05) 100%);
.bento-grid {
display: grid;
gap: 1rem;
}
@keyframes float {
0% { transform: translateY(0px); }
50% { transform: translateY(-20px); }
100% { transform: translateY(0px); }
}
.float-animation {
animation: float 6s ease-in-out infinite;
}
.glow {
box-shadow: 0 0 20px rgba(99, 102, 241, 0.5);
}
.timeline-dot {
position: relative;
}
.timeline-dot::before {
content: '';
position: absolute;
width: 100%;
height: 100%;
background: inherit;
border-radius: 50%;
animation: pulse 2s infinite;
}
@keyframes pulse {
0% {
transform: scale(1);
opacity: 1;
}
100% {
transform: scale(2);
opacity: 0;
/* Responsive Bento Grid Layout */
@media (min-width: 1024px) {
.bento-grid {
grid-template-columns: repeat(6, 1fr);
grid-template-rows: repeat(4, auto);
}
.bento-item-1 { grid-column: span 4; grid-row: span 2; }
.bento-item-2 { grid-column: span 2; grid-row: span 1; }
.bento-item-3 { grid-column: span 2; grid-row: span 1; }
.bento-item-4 { grid-column: span 3; grid-row: span 2; }
.bento-item-5 { grid-column: span 3; grid-row: span 2; }
}
.title-gradient {
background: -webkit-linear-gradient(45deg, #a78bfa, #38bdf8);
-webkit-background-clip: text;
-webkit-text-fill-color: transparent;
}
.table thead th {
background-color: rgba(30, 41, 59, 0.8);
color: #94a3b8;
}
.table tbody tr:hover {
background-color: rgba(56, 189, 248, 0.1);
}
</style>
</head>
<body class="bg-gray-50">
<!-- Navigation -->
<nav class="fixed top-0 w-full z-50 glass-effect text-white">
<div class="container mx-auto px-4 py-3">
<div class="flex justify-between items-center">
<div class="flex items-center space-x-2">
<i class="fas fa-bolt text-2xl text-yellow-400"></i>
<span class="text-xl font-bold">LiPF₆ 深度分析</span>
</div>
<div class="hidden md:flex space-x-6">
<a href="#overview" class="hover:text-yellow-400 transition">概念概览</a>
<a href="#timeline" class="hover:text-yellow-400 transition">时间轴</a>
<a href="#companies" class="hover:text-yellow-400 transition">核心公司</a>
<a href="#risks" class="hover:text-yellow-400 transition">风险分析</a>
</div>
</div>
</div>
</nav>
<body class="text-slate-300 min-h-screen">
<!-- Hero Section -->
<section class="gradient-bg min-h-screen flex items-center justify-center text-white relative overflow-hidden">
<div class="absolute inset-0 opacity-20">
<div class="absolute top-10 left-10 w-72 h-72 bg-yellow-400 rounded-full filter blur-3xl float-animation"></div>
<div class="absolute bottom-10 right-10 w-96 h-96 bg-purple-400 rounded-full filter blur-3xl float-animation" style="animation-delay: 3s;"></div>
</div>
<div class="container mx-auto p-4 md:p-8 max-w-7xl">
<div class="container mx-auto px-4 relative z-10">
<div class="text-center">
<h1 class="text-5xl md:text-7xl font-bold mb-6">
磷化工六氟磷酸锂
</h1>
<p class="text-xl md:text-2xl mb-8 opacity-90">
供需逆转引爆价格暴涨 | 周期底部迎来强劲反转
</p>
<div class="flex justify-center space-x-8 mb-12">
<div class="text-center">
<div class="text-4xl font-bold text-yellow-400">76.23%</div>
<div class="text-sm opacity-80">价格涨幅</div>
</div>
<div class="text-center">
<div class="text-4xl font-bold text-green-400">10.75万</div>
<div class="text-sm opacity-80">当前价格(元/吨)</div>
</div>
<div class="text-center">
<div class="text-4xl font-bold text-blue-400">70%+</div>
<div class="text-sm opacity-80">龙头市场份额</div>
</div>
</div>
<div class="flex justify-center space-x-4">
<button onclick="document.getElementById('overview').scrollIntoView()" class="bg-white text-purple-700 px-8 py-3 rounded-full font-semibold hover:bg-opacity-90 transition">
深入了解
</button>
<button onclick="document.getElementById('companies').scrollIntoView()" class="border-2 border-white px-8 py-3 rounded-full font-semibold hover:bg-white hover:text-purple-700 transition">
查看标的
</button>
</div>
</div>
</div>
<div class="absolute bottom-10 left-1/2 transform -translate-x-1/2 animate-bounce">
<i class="fas fa-chevron-down text-3xl"></i>
</div>
</section>
<!-- Header and Disclaimer -->
<header class="text-center mb-12">
<h1 class="text-4xl md:text-6xl font-bold title-gradient mb-4 tracking-wider">
磷化工六氟磷酸锂 · 深度研报
</h1>
<p class="text-slate-500 text-sm">
北京价值前沿科技有限公司 AI投研agent“价小前投研” 呈现 | 本报告为AI合成数据投资需谨慎。
</p>
</header>
<!-- Overview Section -->
<section id="overview" class="py-20">
<div class="container mx-auto px-4">
<div class="text-center mb-12">
<h2 class="text-4xl font-bold text-gray-800 mb-4">核心逻辑分析</h2>
<p class="text-xl text-gray-600">供需双击下的超级周期</p>
<!-- Insight Section -->
<section id="insight" class="mb-16">
<h2 class="text-3xl font-bold text-sky-400 border-l-4 border-sky-400 pl-4 mb-8">概念洞察 (Insight)</h2>
<div class="glass-card rounded-3xl p-6 mb-8 prose prose-invert max-w-none prose-h3:text-sky-300 prose-strong:text-violet-300">
<h3>0. 核心观点摘要</h3>
<p>`磷化工六氟磷酸锂`概念正处在一轮由“预期反转”到“现实引爆”的强劲周期性上涨阶段。其核心驱动力是<strong>储能市场需求超预期爆发</strong><strong>行业过往两年深度出清导致的有效供给严重不足</strong>之间形成的剧烈供需错配。未来潜力取决于储能需求的持续性与行业扩产的理性程度,短期内价格弹性巨大,已进入基本面驱动的盈利兑现期。</p>
</div>
<div class="grid md:grid-cols-2 gap-8 mb-12">
<div class="bg-white rounded-2xl p-8 card-hover shadow-lg">
<div class="flex items-center mb-4">
<div class="w-12 h-12 bg-green-100 rounded-lg flex items-center justify-center mr-4">
<i class="fas fa-arrow-trend-up text-green-600 text-xl"></i>
</div>
<h3 class="text-2xl font-bold text-gray-800">需求端超预期</h3>
</div>
<ul class="space-y-3 text-gray-600">
<li class="flex items-start">
<i class="fas fa-check-circle text-green-500 mt-1 mr-3"></i>
<span>国内"以旧换新"政策刺激年末抢装</span>
</li>
<li class="flex items-start">
<i class="fas fa-check-circle text-green-500 mt-1 mr-3"></i>
<span>海外储能需求持续旺盛,成为新增量</span>
</li>
<li class="flex items-start">
<i class="fas fa-check-circle text-green-500 mt-1 mr-3"></i>
<span>2024年10月电池产量创历史新高113.1GWh</span>
</li>
<li class="flex items-start">
<i class="fas fa-check-circle text-green-500 mt-1 mr-3"></i>
<span>2025年预计需求21-23万吨增速20%+</span>
</li>
<!-- Bento Grid Layout for Key Insights -->
<div class="bento-grid mb-8">
<div class="glass-card rounded-3xl p-6 bento-item-1 flex flex-col">
<h3 class="font-bold text-xl mb-4 text-sky-300">价格引爆点 (2025 Q3-Q4)</h3>
<div id="priceChart" class="flex-grow w-full h-64 md:h-full"></div>
</div>
<div class="glass-card rounded-3xl p-6 bento-item-2">
<h3 class="font-bold text-xl mb-4 text-sky-300">核心驱动力</h3>
<ul class="list-disc list-inside space-y-2 text-slate-400">
<li><strong>需求端结构性突变:</strong> 新能源汽车稳增 + 储能爆发式增长。</li>
<li><strong>供给端刚性约束:</strong> 历史出清导致有效产能严重不足,头部控盘,扩产周期长。</li>
</ul>
</div>
<div class="bg-white rounded-2xl p-8 card-hover shadow-lg">
<div class="flex items-center mb-4">
<div class="w-12 h-12 bg-red-100 rounded-lg flex items-center justify-center mr-4">
<i class="fas fa-warehouse text-red-600 text-xl"></i>
</div>
<h3 class="text-2xl font-bold text-gray-800">供给端刚性约束</h3>
</div>
<ul class="space-y-3 text-gray-600">
<li class="flex items-start">
<i class="fas fa-times-circle text-red-500 mt-1 mr-3"></i>
<span>高成本产能已实质性关停,行业深度洗牌</span>
</li>
<li class="flex items-start">
<i class="fas fa-times-circle text-red-500 mt-1 mr-3"></i>
<span>头部企业扩产谨慎,需长期订单支撑</span>
</li>
<li class="flex items-start">
<i class="fas fa-times-circle text-red-500 mt-1 mr-3"></i>
<span>呆滞产能5万吨重启门槛高需10万+价格)</span>
</li>
<li class="flex items-start">
<i class="fas fa-times-circle text-red-500 mt-1 mr-3"></i>
<span>CR3超70%龙头产能利用率80%+</span>
</li>
<div class="glass-card rounded-3xl p-6 bento-item-3">
<h3 class="font-bold text-xl mb-4 text-sky-300">市场预期差</h3>
<ul class="list-disc list-inside space-y-2 text-slate-400">
<li>从“供过于求”到“严重短缺”的切换速度远超预期。</li>
<li>市场混淆“名义产能”与“有效产能”的现实。</li>
</ul>
</div>
<div class="glass-card rounded-3xl p-6 bento-item-4">
<h3 class="font-bold text-xl mb-4 text-sky-300">关键催化剂 (未来3-6个月)</h3>
<ul class="list-disc list-inside space-y-2 text-slate-400">
<li><strong>价格持续上涨:</strong> 市场价格能否突破15万元/吨。</li>
<li><strong>盈利兑现:</strong> 相关上市公司Q4及明年Q1财报的利润释放。</li>
<li><strong>下游排产数据:</strong> 头部电池厂2026年排产计划。</li>
<li><strong>长协订单签订:</strong> 新一轮长协价锁定盈利预期。</li>
</ul>
</div>
<div class="glass-card rounded-3xl p-6 bento-item-5">
<h3 class="font-bold text-xl mb-4 text-sky-300">最具投资价值环节</h3>
<ul class="list-disc list-inside space-y-2 text-slate-400">
<li><strong>核心环节:</strong> 中游六氟磷酸锂制造商 (天赐材料, 多氟多, 天际股份),逻辑最纯粹,业绩弹性最大。</li>
<li><strong>潜力环节:</strong> 具备“资源+新材料”一体化布局的上游磷化工龙头 (云天化, 兴发集团),享受资源价值重估与第二增长曲线。</li>
</ul>
</div>
</div>
<!-- Price Chart -->
<div class="bg-white rounded-2xl p-8 shadow-lg">
<h3 class="text-2xl font-bold text-gray-800 mb-6">价格走势图</h3>
<div class="price-chart rounded-lg p-4">
<canvas id="priceChart" height="100"></canvas>
</div>
</div>
</div>
</section>
<div class="glass-card rounded-3xl p-6 prose prose-invert max-w-none prose-h3:text-sky-300 prose-h4:text-violet-400 prose-strong:text-violet-300">
<h3>1. 概念事件与时间轴</h3>
<h4>背景</h4>
<p>六氟磷酸锂LiPF₆是锂离子电池电解液中最重要的溶质锂盐其成本约占电解液总成本的<strong>43%-53.2%</strong>。行业具有显著周期性,上游与氟化工和磷化工紧密相连,下游直面新能源汽车和储能两大高景气赛道。</p>
<h4>催化事件时间轴</h4>
<ul>
<li><strong>周期底部 (2022 - 2024年中):</strong> 价格大幅下跌行业深度调整大量产能闲置为后续供给收缩埋下伏笔。至2024年Q1市场均价跌至6.67万元/吨。</li>
<li><strong>底部确认与预期酝酿 (2024年底 - 2025年中):</strong> 市场开始出现触底信号券商预判“供需反转拐点将至”但市场价格仍在5.0万元/吨低位徘徊。</li>
<li><strong>价格引爆点 (2025年9月 - 11月):</strong> 价格快速拉升从9月初的5.7万元/吨到10月底的10.75万元/吨再到11月14日主流价<strong>13.5万元/吨</strong>部分报价高达15万元/吨,彻底引爆市场。</li>
<li><strong>核心催化剂:</strong> 本轮暴涨是“<strong>储能需求爆发 + 供给收缩 + 低库存 + 成本支撑</strong>”四重因素共振的结果,其中储能锂电池出货量同比增幅超<strong>99%</strong>成为最大变量。</li>
</ul>
<!-- Timeline Section -->
<section id="timeline" class="py-20 bg-gray-100">
<div class="container mx-auto px-4">
<div class="text-center mb-12">
<h2 class="text-4xl font-bold text-gray-800 mb-4">关键时间轴</h2>
<p class="text-xl text-gray-600">从低谷到狂热的演变历程</p>
<h3>2. 产业链与核心公司深度剖析</h3>
<h4>产业链图谱</h4>
<ul>
<li><strong>上游 (原材料):</strong>
<ul>
<li><strong>磷资源:</strong> 磷矿石 → 黄磷 → 三氯化磷 → 五氯化磷。</li>
<li><strong>氟资源:</strong> 萤石 → 氟化氢。</li>
<li><strong>锂资源:</strong> 碳酸锂。</li>
</ul>
</li>
<li><strong>中游 (六氟磷酸锂制造):</strong>
<ul>
<li><strong>第一梯队 (CR3 > 80%):</strong> 天赐材料 (11万吨), 多氟多 (6.5万吨), 天际股份 (3.7万吨)。</li>
<li><strong>第二梯队:</strong> 永太科技、联化科技等。</li>
<li><strong>磷化工背景玩家:</strong> 云天化 (参股5000吨)。</li>
</ul>
</li>
<li><strong>下游 (应用):</strong> 电解液 → 动力电池/储能电池 → 新能源汽车/储能系统。</li>
</ul>
<h4>核心玩家对比</h4>
<ul>
<li><strong>领导者 & 逻辑最纯粹者:</strong> <strong>天赐材料、多氟多、天际股份</strong>。作为绝对龙头,直接受益于价格上涨,业绩弹性最高。</li>
<li><strong>资源整合者:</strong> <strong>云天化、兴发集团</strong>。磷化工巨头,核心优势在上游磷矿资源,通过布局新材料实现转型,具备显著的原料成本优势和长期发展潜力。</li>
</ul>
<h3>3. 潜在风险与挑战</h3>
<ul>
<li><strong>技术风险:</strong> 长期存在被LiFSI等更高性能新型锂盐部分替代的风险。</li>
<li><strong>周期性风险:</strong> <strong>这是最大的风险</strong>。当前价格暴涨必然刺激新一轮资本开支若扩产失序18-24个月后可能重演新一轮的产能过剩。</li>
<li><strong>竞争风险:</strong> 高利润会吸引新玩家进入,或刺激二三线厂商复产,打破当前头部主导的供给格局。</li>
<li><strong>信息交叉验证风险:</strong> 部分公司产能数据在不同来源中存在差异(如石大胜华),需审慎核实。</li>
</ul>
</div>
<div class="relative">
<div class="absolute left-1/2 transform -translate-x-1/2 h-full w-1 bg-gradient-to-b from-purple-500 to-yellow-500"></div>
<!-- Timeline Events -->
<div class="space-y-12">
<div class="flex items-center justify-end md:w-1/2 pr-8 relative">
<div class="bg-white rounded-xl p-6 shadow-lg card-hover">
<div class="text-sm text-purple-600 font-semibold mb-2">2024年11月</div>
<div class="text-lg font-bold text-gray-800 mb-2">价格触底反弹</div>
<div class="text-gray-600">价格从底部上涨3.7%至5.65万元/吨,行业毛利润由亏转盈</div>
</div>
<div class="absolute right-0 w-4 h-4 bg-purple-500 rounded-full timeline-dot transform translate-x-1/2"></div>
</section>
<!-- Supporting Data Section -->
<section id="supporting-data" class="mb-16">
<h2 class="text-3xl font-bold text-sky-400 border-l-4 border-sky-400 pl-4 mb-8">核心数据支撑</h2>
<div class="space-y-4">
<!-- News Data -->
<div class="collapse collapse-plus glass-card rounded-2xl">
<input type="radio" name="data-accordion" checked="checked" />
<div class="collapse-title text-xl font-medium text-violet-300">新闻数据摘要</div>
<div class="collapse-content prose prose-invert max-w-none text-slate-400 prose-strong:text-slate-300">
<h4>核心观点</h4>
<p>六氟磷酸锂市场在2025年下半年因“储能需求爆发+供给收缩+低库存+成本支撑共振”导致价格快速攀升。业内普遍认为核心是供需错配,短期将维持供需紧平衡,价格易涨难跌。</p>
<h4>价格动态</h4>
<ul>
<li>2025-08月初: <strong>5.0万元/吨</strong></li>
<li>2025-09-30: <strong>6.10万元/吨</strong></li>
<li>2025-10-31: <strong>10.75万元/吨</strong> (月涨幅76.23%)</li>
<li>2025-11-07: <strong>12.15万元/吨</strong></li>
<li>2025-11-14: 主流价格涨至<strong>13.5万元/吨</strong>,部分报价高达<strong>15万元/吨</strong></li>
</ul>
<h4>需求端</h4>
<p>核心驱动是<strong>储能与动力电池市场爆发式增长</strong>。2025年前三季度储能锂电池出货量同比增幅超99%。下游头部电池企业订单饱满排期至2026年。</p>
<h4>供给端</h4>
<p>行业经历2022-2024年下跌大量二三线装置长期停车短期无法重启。头部企业检修减产库存降至历史低位。新产能建设周期长达12-18个月<strong>2026年上半年前难以大规模释放</strong></p>
</div>
<div class="flex items-center justify-start md:w-1/2 md:ml-auto pl-8 relative">
<div class="bg-white rounded-xl p-6 shadow-lg card-hover">
<div class="text-sm text-blue-600 font-semibold mb-2">2025年9月</div>
<div class="text-lg font-bold text-gray-800 mb-2">预期发酵</div>
<div class="text-gray-600">中金报告指出最先触底涨价价格从5.0涨至5.7万元/吨</div>
</div>
<div class="absolute left-0 w-4 h-4 bg-blue-500 rounded-full timeline-dot transform -translate-x-1/2"></div>
</div>
<!-- Roadshow Data -->
<div class="collapse collapse-plus glass-card rounded-2xl">
<input type="radio" name="data-accordion" />
<div class="collapse-title text-xl font-medium text-violet-300">路演纪要精选</div>
<div class="collapse-content prose prose-invert max-w-none text-slate-400 prose-strong:text-slate-300">
<h4>天风电新 (2024-11-24)</h4>
<p>预测2025年供需紧平衡六氟环节CR3市占率达80%价格控盘能力强。价格上涨1万元/吨天赐材料吨净利可达2000元净利润预计19亿元。重点关注<strong>天赐材料、多氟多、天际股份</strong></p>
<h4>六氟磷酸锂行业展望 (2025-08-17)</h4>
<p>全球有效产能小于30万吨单月有效供给约2.6万吨与旺季需求基本平衡。呆滞产能需价格持续高于8-10万元才考虑重启。行业有望迎来“彻底反转”。</p>
<h4>多氟多业绩交流会 (2024-10-31)</h4>
<p>当时披露六氟价格中枢约5.5万元/吨产能利用率70%-80%全球供过于求1.8倍。此观点与一年后的市场剧变形成强烈对比,凸显了<strong>储能需求爆发的超预期性</strong></p>
<h4>国联电新 (2025-01-03)</h4>
<p>预测2025年六氟价格或回升至8-10万元/吨判断2025年为行业拐点。</p>
</div>
<div class="flex items-center justify-end md:w-1/2 pr-8 relative">
<div class="bg-white rounded-xl p-6 shadow-lg card-hover">
<div class="text-sm text-green-600 font-semibold mb-2">2025年10月</div>
<div class="text-lg font-bold text-gray-800 mb-2">价格暴涨</div>
<div class="text-gray-600">单月上涨44%十天跳涨33%,市场情绪被点燃</div>
</div>
<div class="absolute right-0 w-4 h-4 bg-green-500 rounded-full timeline-dot transform translate-x-1/2"></div>
</div>
<div class="flex items-center justify-start md:w-1/2 md:ml-auto pl-8 relative">
<div class="bg-white rounded-xl p-6 shadow-lg card-hover">
<div class="text-sm text-yellow-600 font-semibold mb-2">2025年11月</div>
<div class="text-lg font-bold text-gray-800 mb-2">价格登顶</div>
<div class="text-gray-600">突破10.75万元/吨较9月底暴涨76.23%"要签长协得先给钱"</div>
</div>
<div class="absolute left-0 w-4 h-4 bg-yellow-500 rounded-full timeline-dot transform -translate-x-1/2"></div>
</div>
<!-- Research Report Data -->
<div class="collapse collapse-plus glass-card rounded-2xl">
<input type="radio" name="data-accordion" />
<div class="collapse-title text-xl font-medium text-violet-300">研报观点汇总</div>
<div class="collapse-content prose prose-invert max-w-none text-slate-400 prose-strong:text-slate-300">
<h4>价格与盈利</h4>
<p>六氟磷酸锂价格下降是2023年至2024Q1企业利润承压的核心原因。2024Q1毛利率创历史新低判断业绩处于底部区间。当前价格下二三线厂商基本亏损。价格在2025年11月已明确上涨并落地。</p>
<h4>产能与格局</h4>
<p>头部企业放缓新增产能投放节奏。龙头公司凭借规模、工艺和成本优势有望提升市占率,行业集中度或进一步提升。头部厂商开工率已达较高水平,落后产能较难启动,供需结构有望改善。</p>
<h4>技术与地位</h4>
<p>龙头公司通过自研工艺在纯度、品质、成本上达行业领先水平。客户涵盖国内主流电解液厂商并出口海外。同时,积极布局<strong>双氟磺酰亚胺锂(LiFSI)</strong>等新型锂盐,为技术迭代做准备。</p>
</div>
</div>
</div>
</div>
</section>
</section>
<!-- Companies Section -->
<section id="companies" class="py-20">
<div class="container mx-auto px-4">
<div class="text-center mb-12">
<h2 class="text-4xl font-bold text-gray-800 mb-4">核心公司对比</h2>
<p class="text-xl text-gray-600">行业龙头价值深度剖析</p>
</div>
<div class="bg-white rounded-2xl shadow-xl overflow-hidden">
<div class="overflow-x-auto">
<table class="w-full">
<thead class="gradient-bg text-white">
<tr>
<th class="px-6 py-4 text-left">公司</th>
<th class="px-6 py-4 text-left">核心优势</th>
<th class="px-6 py-4 text-center">产能(万吨)</th>
<th class="px-6 py-4 text-center">25年出货预期</th>
<th class="px-6 py-4 text-center">产能利用率</th>
<th class="px-6 py-4 text-center">投资评级</th>
</tr>
</thead>
<tbody>
<tr class="border-b hover:bg-gray-50 transition">
<td class="px-6 py-4">
<div class="flex items-center">
<div class="w-10 h-10 bg-purple-100 rounded-lg flex items-center justify-center mr-3">
<span class="font-bold text-purple-600">天赐</span>
</div>
<div>
<div class="font-semibold">天赐材料</div>
<div class="text-sm text-gray-500">002709.SZ</div>
</div>
</div>
</td>
<td class="px-6 py-4">
<span class="inline-flex items-center px-3 py-1 rounded-full text-xs font-medium bg-purple-100 text-purple-800">
绝对领导者
</span>
<div class="text-sm text-gray-600 mt-1">规模最大、深度绑定宁德</div>
</td>
<td class="px-6 py-4 text-center font-semibold">11</td>
<td class="px-6 py-4 text-center">9万吨</td>
<td class="px-6 py-4 text-center">
<span class="text-green-600 font-semibold">80%+</span>
</td>
<td class="px-6 py-4 text-center">
<span class="text-yellow-500">★★★★★</span>
</td>
</tr>
<tr class="border-b hover:bg-gray-50 transition">
<td class="px-6 py-4">
<div class="flex items-center">
<div class="w-10 h-10 bg-blue-100 rounded-lg flex items-center justify-center mr-3">
<span class="font-bold text-blue-600">多氟</span>
</div>
<div>
<div class="font-semibold">多氟多</div>
<div class="text-sm text-gray-500">002407.SZ</div>
</div>
</div>
</td>
<td class="px-6 py-4">
<span class="inline-flex items-center px-3 py-1 rounded-full text-xs font-medium bg-blue-100 text-blue-800">
成本领先
</span>
<div class="text-sm text-gray-600 mt-1">氟化工背景深厚</div>
</td>
<td class="px-6 py-4 text-center font-semibold">5.5</td>
<td class="px-6 py-4 text-center">5万吨</td>
<td class="px-6 py-4 text-center">
<span class="text-green-600 font-semibold">80%+</span>
</td>
<td class="px-6 py-4 text-center">
<span class="text-yellow-500">★★★★☆</span>
</td>
</tr>
<tr class="border-b hover:bg-gray-50 transition">
<td class="px-6 py-4">
<div class="flex items-center">
<div class="w-10 h-10 bg-green-100 rounded-lg flex items-center justify-center mr-3">
<span class="font-bold text-green-600">天际</span>
</div>
<div>
<div class="font-semibold">天际股份</div>
<div class="text-sm text-gray-500">002759.SZ</div>
</div>
</div>
</td>
<td class="px-6 py-4">
<span class="inline-flex items-center px-3 py-1 rounded-full text-xs font-medium bg-green-100 text-green-800">
高弹性
</span>
<div class="text-sm text-gray-600 mt-1">经营杠杆高</div>
</td>
<td class="px-6 py-4 text-center font-semibold">3.7</td>
<td class="px-6 py-4 text-center">3.6万吨</td>
<td class="px-6 py-4 text-center">
<span class="text-green-600 font-semibold">100%</span>
</td>
<td class="px-6 py-4 text-center">
<span class="text-yellow-500">★★★☆☆</span>
</td>
</tr>
<tr class="hover:bg-gray-50 transition">
<td class="px-6 py-4">
<div class="flex items-center">
<div class="w-10 h-10 bg-yellow-100 rounded-lg flex items-center justify-center mr-3">
<span class="font-bold text-yellow-600">云天</span>
</div>
<div>
<div class="font-semibold">云天化</div>
<div class="text-sm text-gray-500">600096.SH</div>
</div>
</div>
</td>
<td class="px-6 py-4">
<span class="inline-flex items-center px-3 py-1 rounded-full text-xs font-medium bg-yellow-100 text-yellow-800">
一体化
</span>
<div class="text-sm text-gray-600 mt-1">磷化工整合逻辑</div>
</td>
<td class="px-6 py-4 text-center font-semibold">0.5</td>
<td class="px-6 py-4 text-center">-</td>
<td class="px-6 py-4 text-center">
<span class="text-gray-600">-</span>
</td>
<td class="px-6 py-4 text-center">
<span class="text-yellow-500">★★☆☆☆</span>
</td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
</section>
<!-- Stock List Section -->
<section id="stock-list">
<h2 class="text-3xl font-bold text-sky-400 border-l-4 border-sky-400 pl-4 mb-8">相关概念股梳理</h2>
<!-- Risks Section -->
<section id="risks" class="py-20 bg-gray-100">
<div class="container mx-auto px-4">
<div class="text-center mb-12">
<h2 class="text-4xl font-bold text-gray-800 mb-4">风险提示</h2>
<p class="text-xl text-gray-600">投资需警惕的潜在风险</p>
</div>
<div class="grid md:grid-cols-2 lg:grid-cols-4 gap-6">
<div class="bg-white rounded-xl p-6 shadow-lg card-hover">
<div class="w-12 h-12 bg-red-100 rounded-lg flex items-center justify-center mb-4">
<i class="fas fa-microchip text-red-600 text-xl"></i>
<div class="space-y-12">
<!-- Rise Analysis -->
<div>
<h3 class="text-2xl font-semibold mb-4 text-violet-300">涨幅异动分析</h3>
<div class="overflow-x-auto glass-card rounded-2xl">
<table class="table table-zebra">
<thead>
<tr>
<th>股票名称</th>
<th>代码</th>
<th>异动日期</th>
<th>涨幅</th>
<th>核心逻辑与驱动概念</th>
</tr>
</thead>
<tbody>
<tr>
<td>盛新锂能</td>
<td><a href="https://valuefrontier.cn/company?scode=002240" target="_blank" class="link link-hover text-sky-400">002240</a></td>
<td>2025-11-13</td>
<td><span class="text-error font-bold">10.0%</span></td>
<td>六氟磷酸锂价格突破现金成本线,叠加碳酸锂期货涨停,形成“锂盐+六氟”双击预期,资金抢筹。</td>
</tr>
<tr>
<td>海科新源</td>
<td><a href="https://valuefrontier.cn/company?scode=301292" target="_blank" class="link link-hover text-sky-400">301292</a></td>
<td>2025-11-13</td>
<td><span class="text-error font-bold">20.01%</span></td>
<td>六氟涨价传导至添加剂公司作为A股最大VC添加剂产能商叠加储能电解液需求成为资金首选。</td>
</tr>
</tbody>
</table>
</div>
<h3 class="text-lg font-bold text-gray-800 mb-2">技术风险</h3>
<p class="text-gray-600 text-sm">固态电池长期可能颠覆液态电解液格局但2030年前威胁有限</p>
</div>
<div class="bg-white rounded-xl p-6 shadow-lg card-hover">
<div class="w-12 h-12 bg-orange-100 rounded-lg flex items-center justify-center mb-4">
<i class="fas fa-chart-line text-orange-600 text-xl"></i>
</div>
<h3 class="text-lg font-bold text-gray-800 mb-2">价格风险</h3>
<p class="text-gray-600 text-sm">10万+高价可持续性存疑,或刺激替代品研发</p>
</div>
<div class="bg-white rounded-xl p-6 shadow-lg card-hover">
<div class="w-12 h-12 bg-yellow-100 rounded-lg flex items-center justify-center mb-4">
<i class="fas fa-industry text-yellow-600 text-xl"></i>
</div>
<h3 class="text-lg font-bold text-gray-800 mb-2">产能风险</h3>
<p class="text-gray-600 text-sm">5万吨呆滞产能若重启将打破供需平衡</p>
</div>
<div class="bg-white rounded-xl p-6 shadow-lg card-hover">
<div class="w-12 h-12 bg-blue-100 rounded-lg flex items-center justify-center mb-4">
<i class="fas fa-gavel text-blue-600 text-xl"></i>
</div>
<h3 class="text-lg font-bold text-gray-800 mb-2">政策风险</h3>
<p class="text-gray-600 text-sm">新能源汽车补贴退坡可能影响下游需求</p>
</div>
</div>
</div>
</section>
<!-- Future Outlook -->
<section class="py-20">
<div class="container mx-auto px-4">
<div class="gradient-bg rounded-3xl p-12 text-white relative overflow-hidden">
<div class="absolute top-0 right-0 w-96 h-96 bg-white opacity-5 rounded-full -mr-48 -mt-48"></div>
<div class="relative z-10">
<h2 class="text-4xl font-bold mb-6">未来展望</h2>
<div class="grid md:grid-cols-3 gap-8">
<div>
<h3 class="text-xl font-semibold mb-3 text-yellow-400">短期3-6个月</h3>
<ul class="space-y-2 text-white/90">
<li>• Q1财报验证利润兑现</li>
<li>• 长协价格落地执行</li>
<li>• 呆滞产能动态监控</li>
</ul>
</div>
<div>
<h3 class="text-xl font-semibold mb-3 text-green-400">中期1-2年</h3>
<ul class="space-y-2 text-white/90">
<li>• 维持紧平衡格局</li>
<li>• 龙头份额持续提升</li>
<li>• 磷化工一体化深化</li>
</ul>
</div>
<div>
<h3 class="text-xl font-semibold mb-3 text-blue-400">长期3-5年</h3>
<ul class="space-y-2 text-white/90">
<li>• 固态电池技术迭代</li>
<li>• 海外产能全球化布局</li>
<li>• 产业链护城河构建</li>
</ul>
</div>
<!-- Industry Chain Tables -->
<div>
<h3 class="text-2xl font-semibold mb-4 text-violet-300">产业链图谱</h3>
<div class="overflow-x-auto glass-card rounded-2xl">
<table class="table table-zebra">
<thead>
<tr>
<th>产业链环节</th>
<th>股票名称</th>
<th>代码</th>
<th>产能与业务概况</th>
</tr>
</thead>
<tbody>
<!-- 六氟磷酸锂 -->
<tr class="bg-slate-900/50"><td colspan="4" class="font-bold text-center text-sky-400">中游:六氟磷酸锂 (电解液核心溶质)</td></tr>
<tr><td>六氟磷酸锂</td><td>天赐材料</td><td><a href="https://valuefrontier.cn/company?scode=002709" target="_blank" class="link link-hover text-sky-400">002709</a></td><td>现有产能折固约11万吨/年</td></tr>
<tr><td>六氟磷酸锂</td><td>多氟多</td><td><a href="https://valuefrontier.cn/company?scode=002407" target="_blank" class="link link-hover text-sky-400">002407</a></td><td>现有产能6.5万吨/年</td></tr>
<tr><td>六氟磷酸锂</td><td>天际股份</td><td><a href="https://valuefrontier.cn/company?scode=002759" target="_blank" class="link link-hover text-sky-400">002759</a></td><td>现有产能3.7万吨/年</td></tr>
<tr><td>六氟磷酸锂</td><td>联化科技</td><td><a href="https://valuefrontier.cn/company?scode=002250" target="_blank" class="link link-hover text-sky-400">002250</a></td><td>现有产能2万吨/年项目,商业化生产装置建设及试生产</td></tr>
<tr><td>六氟磷酸锂</td><td>永太科技</td><td><a href="https://valuefrontier.cn/company?scode=002326" target="_blank" class="link link-hover text-sky-400">002326</a></td><td>现有产能1.79万吨/年</td></tr>
<tr><td>六氟磷酸锂</td><td>宏源药业</td><td><a href="https://valuefrontier.cn/company?scode=301246" target="_blank" class="link link-hover text-sky-400">301246</a></td><td>现有产能0.8万吨/年2024年出货1万吨左右</td></tr>
<tr><td>六氟磷酸锂</td><td>昊华科技</td><td><a href="https://valuefrontier.cn/company?scode=600378" target="_blank" class="link link-hover text-sky-400">600378</a></td><td>现有产能0.8万吨/年</td></tr>
<tr><td>六氟磷酸锂</td><td>深圳新星</td><td><a href="https://valuefrontier.cn/company?scode=603978" target="_blank" class="link link-hover text-sky-400">603978</a></td><td>现有产能0.58万吨/年(已投产)</td></tr>
<tr><td>六氟磷酸锂</td><td>云天化</td><td><a href="https://valuefrontier.cn/company?scode=600096" target="_blank" class="link link-hover text-sky-400">600096</a></td><td>现有产能0.5万吨/年(参股公司)</td></tr>
<tr><td>六氟磷酸锂</td><td>杉杉股份</td><td><a href="https://valuefrontier.cn/company?scode=600884" target="_blank" class="link link-hover text-sky-400">600884</a></td><td>现有产能0.2万吨/年</td></tr>
<tr><td>六氟磷酸锂</td><td>石大胜华</td><td><a href="https://valuefrontier.cn/company?scode=603026" target="_blank" class="link link-hover text-sky-400">603026</a></td><td>现有产能0.2万吨/年</td></tr>
<!-- 磷化工原料 -->
<tr class="bg-slate-900/50"><td colspan="4" class="font-bold text-center text-sky-400">上游:磷化工核心原料</td></tr>
<tr><td>五氯化磷</td><td>万盛股份</td><td><a href="https://valuefrontier.cn/company?scode=603010" target="_blank" class="link link-hover text-sky-400">603010</a></td><td>设计产能6万吨/年(子公司山东汉峰)</td></tr>
<tr><td>三氯化磷</td><td>泰和科技</td><td><a href="https://valuefrontier.cn/company?scode=300801" target="_blank" class="link link-hover text-sky-400">300801</a></td><td>现有产能24万吨/年</td></tr>
<tr><td>三氯化磷</td><td>清水源</td><td><a href="https://valuefrontier.cn/company?scode=300437" target="_blank" class="link link-hover text-sky-400">300437</a></td><td>现有产能16万吨/年</td></tr>
<tr><td>黄磷</td><td>澄星股份</td><td><a href="https://valuefrontier.cn/company?scode=600078" target="_blank" class="link link-hover text-sky-400">600078</a></td><td>现有产能18万吨/年</td></tr>
<tr><td>黄磷</td><td>兴发集团</td><td><a href="https://valuefrontier.cn/company?scode=600141" target="_blank" class="link link-hover text-sky-400">600141</a></td><td>现有产能约17万吨/年</td></tr>
<!-- 磷矿 -->
<tr class="bg-slate-900/50"><td colspan="4" class="font-bold text-center text-sky-400">上游:磷矿资源</td></tr>
<tr><td>磷矿</td><td>云天化</td><td><a href="https://valuefrontier.cn/company?scode=600096" target="_blank" class="link link-hover text-sky-400">600096</a></td><td>现有产能1450万吨/年计划新增200万吨/年</td></tr>
<tr><td>磷矿</td><td>兴发集团</td><td><a href="https://valuefrontier.cn/company?scode=600141" target="_blank" class="link link-hover text-sky-400">600141</a></td><td>现有产能585万吨/年计划新增920万吨/年</td></tr>
<tr><td>磷矿</td><td>湖北宜化</td><td><a href="https://valuefrontier.cn/company?scode=000422" target="_blank" class="link link-hover text-sky-400">000422</a></td><td>现有产能510万吨/年计划新增290万吨/年</td></tr>
<tr><td>磷矿</td><td>川发龙蟒</td><td><a href="https://valuefrontier.cn/company?scode=002312" target="_blank" class="link link-hover text-sky-400">002312</a></td><td>现有产能350万吨/年计划新增610万吨/年</td></tr>
<!-- 磷酸铁锂 -->
<tr class="bg-slate-900/50"><td colspan="4" class="font-bold text-center text-sky-400">下游关联:磷酸铁/磷酸铁锂 (共同拉动磷化工需求)</td></tr>
<tr><td>磷酸铁锂</td><td>湖南裕能</td><td><a href="https://valuefrontier.cn/company?scode=301358" target="_blank" class="link link-hover text-sky-400">301358</a></td><td>2023年末有效产能约56万吨</td></tr>
<tr><td>磷酸铁锂</td><td>富临精工</td><td><a href="https://valuefrontier.cn/company?scode=300432" target="_blank" class="link link-hover text-sky-400">300432</a></td><td>子公司江西升华现有高实密磷酸铁锂年产能30万吨</td></tr>
<tr><td>磷酸铁锂</td><td>德方纳米</td><td><a href="https://valuefrontier.cn/company?scode=300769" target="_blank" class="link link-hover text-sky-400">300769</a></td><td>已建成的磷酸铁锂产能为26.5万吨/年</td></tr>
<tr><td>磷酸铁锂</td><td>兴发集团</td><td><a href="https://valuefrontier.cn/company?scode=600141" target="_blank" class="link link-hover text-sky-400">600141</a></td><td>磷酸铁锂8万吨/年磷酸铁10万吨/年、在建10万吨/年</td></tr>
</tbody>
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