此外，随着边路猛将尼科·威廉姆斯的满血复出，亚马尔也是渐入佳境，西班牙的“魔幻双翼”将直接考验法国队转身偏慢的边路防线。
摘要：“大量购入但尚未投入使用的GPU和数据中心设备，都被记录在资产负债表的「在建工程」里，折旧计提尚未开始。
中国公司，不管是大模型公司，还是大厂，亦或是传统产业公司，对AI的觉醒程度都显著高于东南亚、日韩等市场，差距非常明显。
1、人人体育 英格兰与阿根廷在亚特兰大争夺一张决赛门票。
7月22日，江苏7-Eleven在官方平台上发布消息，正式上线“7鲜零食”，切入新鲜零食赛道，配合万张尝鲜券，率先在江苏启动市场预热。人人体育”这番话语，没有华丽的辞藻，却重若千钧，道尽了一位老将倾尽所有的赤子之心。
2、马龙夺冠却“高兴不起来”？更希望后辈发力，中国乒乓需有人接班
加州和部分州的ZEV积分框架依然存在，但仅靠区域市场，再难重现单季七八亿美元的进账。
3、比亚迪秦L停产，秦MAX官宣，网约车新选择
面对阿根廷如潮的反扑，图赫尔选择了最保守的策略——全线退守，甚至在比赛后半段换上多名后卫，企图在禁区前摆起“大巴”死守比分。
4、中国足协回绝佛得角热身纯属假新闻，背后是商业炒作闹剧
一旦行业供过于求，价格战将不可避免。
5、法国跨过摩洛哥不足喜，德尚剑指西班牙需一场“米内罗式”宣言！
选择变多了，确定性却没有同步增加。
这个伤情可能需要手术治疗，一旦阿森纳选择手术方案，萨利巴预计将缺阵四到五个月。
阿根廷vs瑞士，比赛看点如下： 第一：两队情况！阿根廷世界排名第三，球队总身价 8.08亿欧元，平均年龄28.7岁，来自五大联赛的球员共有19人；瑞士世界排名第十四，球队总身价3.33亿欧元，平均年龄27.8岁，来自五大联赛的球员共有23人。
6、韦世豪怒骂对手引发热议：成都蓉城足协杯出局输球又输人
阿方索·戴维斯的左路突破是球队最锋利的武器，虽然小组赛初期因伤缺席，但复出后状态逐渐回升。
赛后庆祝变“政治秀”，FIFA启动标准评估程序 事件的起因发生在阿根廷队淘汰英格兰后的庆祝环节。
7、婚后的申敏儿，爱上了穿牛仔_网易订阅
阿尔及利亚想要取胜，很大程度上需要依赖马赫雷斯的个人发挥，以及反击和定位球机会。
在他们眼中，肥胖不过是个人意志力的失败，而非一个年产值超千亿美元的成熟市场。
8、知柏地黄丸，从头补到脚，阴虚火旺、肾阴不足，都能使用
储能的买家不再只是电网公司或新能源电站，还有云服务商和算力公司。
“他们踢得更好，这是事实。
NBA的成功经验不能简单照搬到足球领域，需要结合足球运动的特点进行本土化改造。
9、哈尔滨伊春漠河亚布力入选《旅游强国建设“十五五”规划》
东道主之一的墨西哥（第十，升4位）自2022年3月以来首次重返前十，而被巴拉圭淘汰出局的德国队（第十二，降2位）则被挤出了这一行列。
周日，她在社交媒体上说明了情况：由于机组人员飞行时限超时，航班最终被取消。
10、王建球主持市委理论学习中心组（扩大）2026年第七次集体学习
尤文方面，卡尔内瓦利和马萨拉正在打造一支更具意大利本土色彩的阵容，里奇是他们熟悉的目标，今年1月就曾传出过用加蒂交换的方案。
这笔转会原定于7月13日完成，但因美职联展开内部调查而推迟——洛杉矶银河指控迈阿密国际在与球员接洽时存在违规行为。
1、连吃两天确诊胃石症，这种浆果不能多吃！
财报显示，特斯拉Q2 营业利润为 3.98 亿美元，同比下降 57%。
2、东道主全部止步16强赛！墨西哥憾负加拿大输球，美国引发巨大争议
球队会在对方半场疯狂压迫，切断对手出球线路，利用中场的人数优势和硬度夺回球权后迅速发动进攻。
3、新一代奥迪Q7内饰曝光，竞争宝马X5、奔驰GLE
对于这名即将年满32岁的球员，马竞可能会满足于一份低于1000万欧元的报价，不过对于米兰来说薪资是最大的问题，希门尼斯的税后年薪高达600万欧元，需要接受大幅降薪。越减越胖的人 ，被“0糖0脂”做局了埃斯图皮尼安的转会是目前进展最快的一笔交易。
4、曝骑勇无意换来浓眉！詹姆斯更可能加盟热火：字母哥阿德巴约不停游说
三次越位，绝望指数直线攀升。
5、世界杯种族歧视激增！8.9万条辱骂帖，姆巴佩成头号靶子！
里奇对于阿莫林来说是可卖也可留的球员，他的经纪人已开始接触亚特兰大，而马德里竞技也向其抛去了橄榄枝。
6、到大理旅游，除了饵块、乳扇、耙耙，过桥米线也是必须吃上一吃的
虽然转会窗至今还没有正式报价，但热刺等英超球队已经传出接触意向，一旦报价符合米兰6000万欧元以上的心理价位，俱乐部不会强行留人。
姆巴佩被拉波尔特和库巴尔西重点盯防，登贝莱和巴尔科拉也几乎消失，全场比赛法国队仅有寥寥数次射正，进攻端陷入了前所未有的瘫痪。
文本生成 3D、图片转 3D 模型会降低设计门槛，但真实打印还要解决结构强度、支撑设计、尺寸误差、材料匹配、装配关系和版权归属。
7、AI能力愈发恐怖，怕它失控？还不如担心我们变傻！
当阿根廷球员在贝林厄姆面前庆祝胜利时，这位皇马中场未能控制住情绪，抬手拍打了巴科的后脑勺。
苹果的诉状描述是这样的：为了挖走苹果的人，OpenAI到了疯狂的地步。
8、伊姐周六热推：电视剧《喀什恋歌》；电视剧《低智商犯罪》......
数据显示，滔博年末总卖场面积同比下降9.7%，但单店面积反而上升了3.9%。
为此，他不惜牺牲短期的盈利能力，甚至放任核心汽车业务的利润率下滑，只为All in未来。
为了符合54号文“不得约定固定回报、不得要求强制回购”的红线，GP们连夜召集律师，把正准备签署的合伙协议翻了个底朝天，把所有带有“回购”“对赌”“承诺收益”的字眼全部删净。
从财务角度看，米兰只要卖出570万欧元以上即可避免账面亏损，这给了俱乐部相当大的谈判弹性。
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- 1 Nexfin News — China’s lithium battery industry is undergoing a rite of passage, transitioning from wild expansion to disciplined competition. In the first half of the year, a rare divergence between surging corporate earnings and falling stock prices brought a permanent shift in the sector’s underlying dynamics into sharp focus. By mid-July, A-share lithium battery stocks pulled back despite dramatic midyear earnings forecasts. Tianqi Lithium projected net profit growth of up to 4,935% year-over-year, EVE Energy forecast a 95% to 110% increase, and both Sunwoda and REPT BATTERO turned profitable again. Across the supply chain—from upstream lithium salts to downstream battery makers—most companies reported substantial operational gains. Yet robust earnings failed to stop equity valuations from sliding. On July 8, Chengxin Lithium hit its daily downside limit, Yahua Group dropped over 15%, and Tinci Materials saw more than 30 billion yuan in market value evaporate within a week. Ganfeng Lithium has fallen roughly 38% from its peak, while market leader CATL is down about 20%. The immediate trigger for the selloff was the resumption of operations at CATL’s Jianxiawo lithium mine. On June 29, the mine secured its safety production permit, which was officially posted on the Credit China website on July 7. The site—the world’s largest single lepidolite mine—had been idle for over ten months. With an annual capacity of roughly 100,000 metric tons of lithium carbonate, it previously accounted for 8% to 10% of China’s total output. Its return brings over 45,000 tons of additional supply in the second half of the year, hitting elevated lithium prices head-on. Futures markets reacted instantly: on June 18, as restart speculation grew, the main lithium carbonate contract fell 6.58% in a single session, beginning a steady slide from its May high of 205,000 yuan per ton. This stark contrast between thriving industrial output and falling stock prices coincided on the surface with lithium carbonate pulling back rapidly from its May peak of 200,000 yuan per ton to 151,000 yuan. But a more critical question remains: is this the sign of a cyclical peak, or is the industry undergoing a profound revaluation? Answering that requires stepping back to examine the paradigm shift that unfolded across the lithium battery sector between 2025 and 2026. The essence of this shift is not the fluctuation of any single price signal, but a permanent realignment of the industry's competitive playbook—moving from "who expands the fastest" to "who possesses technology, steady profits, and global compliance capabilities." From 60,000 to 200,000 In late June 2025, battery-grade lithium carbonate dropped below 60,000 yuan per ton, touching a three-year low of 59,900 yuan. Lithium salt producers across the sector incurred heavy losses, forcing widespread shutdowns among small and medium-sized manufacturers. From Australian hard-rock mines and small African projects to domestic lepidolite producers, virtually all marginal capacity went offline that summer. A two-and-a-half-year price slump accomplished its single necessary function: clearing out excess supply. By the fourth quarter of 2025, supply and demand dynamics reversed faster than the market had anticipated. The initial spark came from energy storage demand. Data from research firms including InfoLink show that global energy storage cell shipments reached roughly 610 GWh in 2025, up over 90% year-over-year, with fourth-quarter volumes alone topping 200 GWh. Production schedules showed energy storage cells clearing lithium carbonate inventories at an accelerating quarter-over-quarter pace. As growth in electric vehicle batteries moderated, energy storage stepped in not just to absorb excess capacity, but as the industry's primary growth engine. Surging demand was only half the story; supply contracted just as sharply. Small African mines and high-cost domestic lepidolite operations exited the market. Meanwhile, Zimbabwe announced a temporary suspension of lithium concentrate exports in February—a country that accounted for 15.5% of China’s lithium concentrate imports in 2025. Although Australia remained the primary pillar of China's upstream raw material supply at over 50%, the policy further tightened market expectations surrounding upstream supply. Zimbabwe's Ministry of Mines later confirmed that a formal export ban would take effect in January 2027. The tension between supply and demand peaked with the onset of a structural global deficit. Morgan Stanley estimated in early 2026 that the global market would face a shortfall of roughly 100,000 metric tons of lithium carbonate equivalent (LCE) for the year. Soochow Securities calculated total annual lithium mine supply at approximately 2.14 million tons, representing 440,000 tons of new capacity—most of which was not slated to come online until after the third quarter. That timing gap fueled the price rally during the first half of the year. Driven by these converging forces and inventory restocking across midstream channels, lithium carbonate surged from 70,000 yuan per ton in October 2025 to 200,000 yuan by May 2026. Unlike the speculative frenzy that drove prices to 600,000 yuan in 2022, this recovery occurred after capacity had been fully built out, anchored firmly by real end-user demand. Gaogong Industry Research Institute (GGII) summarized the shift: "This is not a bubble, but a return to fundamental value. The structural surge in energy storage demand, combined with supply-side consolidation, has redefined a rational price band for lithium." Prices doubled quickly due to market sentiment and downstream stockpiling. July’s price correction reflected two main factors: the gradual release of new supply and downstream resistance to inflated raw material costs. Analysts generally expect lithium carbonate to trade within a median range of 120,000 to 160,000 yuan per ton for the full year—a price level that keeps most producers profitable without triggering another round of reckless expansion. Energy Storage as the New Engine In the first half of 2026, China's energy storage battery shipments reached roughly 485 GWh, a year-over-year increase of over 80%. Over the same period, power battery shipments totaled roughly 630 GWh, up over 30%. The gap between the two segments is narrowing rapidly. Structural figures are even more telling. In the first quarter of 2026, Chinese energy storage battery shipments totaled about 209 GWh, up 115% year-over-year and accounting for roughly 40% of total lithium battery shipments. By June, energy storage cells made up nearly 41% of monthly production schedules—up from around 30% a year earlier. According to InfoLink, full-year energy storage cell shipments in 2025 reached roughly 610 GWh, approaching 70% of power battery shipments over the same timeframe. Energy storage is no longer a side business for battery makers; it has emerged as an independent market reshaping demand across the industry. Behind this market realignment lies a fundamental shift in purchasing drivers. Before 2024, domestic energy storage growth was driven primarily by mandatory integration policies, which required wind and solar projects to install storage capacity. That regulatory setup created low-quality demand, leading to poor utilization, weak financial returns, and inconsistent cell quality. Between 2025 and 2026, market dynamics pivoted from regulatory compliance to commercial economics. The shift first materialized in the domestic market. In early 2026, the National Development and Reform Commission and the National Energy Administration jointly issued new capacity pricing regulations (NDRC Pricing [2026] No. 114), establishing a national capacity tariff mechanism for standalone energy storage facilities. Local standards were set between 165 and 330 yuan per kilowatt-year, depending on the province. Surveys by Soochow Securities indicated that internal rates of return (IRR) for storage stations in several provinces crossed the 6% threshold required for commercial viability, especially where peak-to-valley price spreads exceeded 0.3 yuan per kWh. IRRs for top-tier projects reached as high as 10%, fundamentally improving overall demand quality. This domestic turning point coincided with an explosion in international demand. Major solar-plus-storage projects launched across the Middle East, particularly in Saudi Arabia and the United Arab Emirates, with individual project capacities regularly reaching several gigawatt-hours. In emerging markets across Australia, Southeast Asia, and Africa, weak power grids and rising renewable energy penetration transformed energy storage from an optional luxury into a necessity. Soochow Securities calculated that utility-scale storage installations in emerging markets grew 233% year-over-year in 2025, with an additional 69% increase projected for 2026. In Europe, energy security concerns and green energy quotas kept commercial, industrial, and residential demand robust. GGII projects that global energy storage battery shipments in 2026 will reach 800 to 1,100 GWh, representing year-over-year growth of 30% to 70%. Even at the mid-point estimate of 900 GWh, energy storage output is positioned to approach or match power battery production this year. As the industry's primary growth engine shifts, its core operational requirements are evolving as well. Power battery demand is dominated by automakers, whose priority is cost efficiency. The customer base for energy storage, however, is far more diverse: utility operators prioritize long cycle life and safety, data center owners require high discharge rates and extreme reliability, and overseas projects demand lifecycle compliance and supply-chain traceability. Winning in these markets requires technological adaptation, solid project execution, and international compliance capabilities rather than sheer scale. Oversupply or Industry Maturity? Evaluating battery utilization rates requires a closer look at the underlying numbers. In May 2026, the single-month installation rate for Chinese power batteries dropped to roughly 38%. Over the first five months of the year, cumulative power battery installations totaled 259 GWh against 863 GWh produced—yielding an overall utilization rate of about 30%. Factory output continues to outpace vehicle installations, leaving a substantial share of manufacturing lines underutilized. The five-year trajectory of Chinese power battery installation rates tells a clear story: 70% in 2021, 54% in 2022, roughly 52% in 2023, 50% in 2024, 44% in 2025, and 38% by May 2026. This steady decline in installation rates offers clear evidence of an industry transitioning from rapid early growth into maturity. Yet labeling the sector simply as oversupplied misses crucial nuances. The market is not experiencing a uniform glut; rather, it is undergoing sharp structural polarization. High-end shortages coexist alongside low-end surpluses. Demand for premium batteries with energy densities above 160 Wh/kg—primarily ternary chemistries—rebounded sharply, rising from a 6% market share in 2025 to 11%. Meanwhile, low-end products under 125 Wh/kg have effectively been phased out. Demand has also diverged sharply between commercial and passenger vehicles. Driven by subsidy policies, battery demand for electric heavy trucks and delivery vans surged, with battery consumption for electric cargo vans rising 169% year-over-year. By contrast, electric buses—once the industry's primary market—fell to fifth place. While market leadership remains dynamic, the nature of competitive moats is shifting. CATL and BYD together retain a 68% market share, but second-tier players like Gotion High-tech, EVE Energy, Svolt Energy, and Hithium are making gains. Competition is shifting from pure capacity expansion to technological differentiation and operating margins. From another perspective, declining installation rates are a natural hallmark of industry maturity. As annual growth moderates, a drop in capacity utilization from 70% to 40% is to be expected. While systemic capacity pressures continue to weigh on industry-wide profitability, and smaller players face ongoing price competition, market leaders retain the balance sheet strength to navigate the transition. As top-line growth slows, manufacturers lacking proprietary technology, accumulated capital, or global compliance infrastructure risk being squeezed out. This shift explains recent strategic course corrections by major capital allocators. Anode producer Sinomatech canceled a 10.3 billion yuan expansion, cathode supplier Dynanonic abandoned a 10 billion yuan project, and separator manufacturer Semcorp terminated a roughly 2 billion yuan facility in Malaysia. Top-tier players reining in massive investments is a classic sign of an industry transitioning from early expansion to financial discipline. This reallocation of capital does not mean expansion has halted entirely. In the first half of 2026, manufacturers announced over 65 new planned projects representing more than 1,500 GWh of capacity and over 220 billion yuan in total investment. Hunan Yuneng disclosed a 24 billion yuan expansion, while Yahua Group announced additional capacity in Zimbabwe. Expansion continues, but the prerequisites have changed: only enterprises with strong technical barriers, cash reserves, and global compliance infrastructure are positioned to invest while competitors scale back. Technology Race 2.0: Three Fronts If the period between 2022 and 2024 was defined by a race for manufacturing scale, 2025 and 2026 have marked a pivot toward technological differentiation across three distinct fronts. Front One: Structural Shortages in 314Ah Cells The central operational focus for the energy storage supply chain in 2026 has been a structural shortage of 314Ah cells rather than short-term price swings in raw lithium. By March, average spot prices for 314Ah cells from tier-one manufacturers approached 0.40 yuan per Wh, with small-lot orders reaching 0.45 yuan per Wh—a surge of over 25% within six months compared to the 0.30 to 0.34 yuan per Wh seen in August 2025. The immediate driver was rising raw lithium costs—at 180,000 yuan per ton of lithium carbonate, theoretical cell production costs sit between 0.35 and 0.38 yuan per Wh. However, the root cause was a supply gap during the industry's transition to larger formats. As manufacturers shift from 280Ah and 314Ah form factors toward 500Ah+ designs, investment in legacy 314Ah production lines has largely ceased. Because next-generation 500Ah+ cell capacity will not scale up until late 2026, production ramps and customer testing created a temporary bottleneck. During this supply gap, the deficit widened significantly, pushing delivery timelines for select orders into 2027. This dynamic reflects a clear shift in industry economics: market returns are no longer guaranteed simply by bringing capacity online, but by executing format transitions ahead of competitors. CATL has already deployed its 587Ah cell in a 2.4 GWh standalone storage project in Inner Mongolia, while EVE Energy has accelerated mass production of its 628Ah format. With the shift toward larger cell formats underway, manufacturing execution is everything. While 314Ah supply constraints present an immediate operational challenge, solid-state technology represents the long-term competitive battlefield. Front Two: A Return to Realism in Solid-State Batteries Although 2026 has been touted as the inaugural year for commercial solid-state battery deployment, that label requires qualification: current production consists almost entirely of semi-solid (hybrid liquid-solid) chemistries. Models including the NIO ET9, MG4, GAC Hyper, and Chery vehicles have entered the market equipped with semi-solid packs featuring energy densities between 350 and 400 Wh/kg. Because these designs remain compatible with over 90% of existing liquid battery production lines, retooling costs remain manageable and rollout schedules are accelerating. However, the commercial reality of all-solid-state technology remains far more complex than vehicle showroom specifications suggest. In March 2026, Ouyang Minggao, an academician at the Chinese Academy of Sciences, offered a candid assessment: "To be prudent, it is best not to commercialize all-solid-state battery vehicles over the next two years." He cited three major technical hurdles: solid-solid interface stability, where microscopic gaps between solid electrolytes and electrodes cause internal resistance to spike; lithium dendrite formation and safety risks; and the environmental volatility of sulfide electrolytes, which decompose upon exposure to moisture and demand strict manufacturing conditions. Industry leaders report steady if measured progress. CATL’s sulfide-based solid-state cell has surpassed an energy density of 500 Wh/kg, with small-scale production anticipated in 2027. BYD’s 20 GWh facility in Chongqing is scheduled to begin semi-solid production in the third quarter of 2026, targeting pilot runs for all-solid-state cells in 2027. Gotion High-tech plans to initiate operations on a 2 GWh solid-state line by late 2026, while EVE Energy has produced sample 60Ah solid-state cells. A clear timeline has taken shape: 2026 is focused on pilot line verification, 2027 on vehicle testing, and 2030 on potential large-scale commercialization. The implementation of recommended national standard GB/T 43568-2026 (Solid-State Batteries for Electric Vehicles) on July 1, 2026, established an initial regulatory framework for long-term development. Ultimately, 2026 marks less the mass adoption of solid-state technology than a recalibration of market expectations. Meanwhile, an underappreciated demand driver is quietly gathering momentum. Front Three: AIDC Storage as AI Infrastructure In the first five months of 2026, global energy storage shipments for AI data centers (AIDC) reached 10 GWh, surpassing total volume for all of 2025. Industry research firms project that global AIDC storage demand will reach 300 to 400 GWh by 2030—more than twenty times its 2025 level. Capital deployment in the segment is ramping up. CATL invested roughly 4.1 billion yuan to acquire a strategic stake in Senter Power to secure positioning in high-voltage DC power distribution for data centers, while winning a bid for a 2 GW / 4 GWh storage project at a computing center in Guizhou. Fluence signed agreements covering a 12 GW pipeline of potential projects with two major U.S. cloud providers, LG secured eight data center storage contracts totaling 6 GWh—including projects for Oracle—and Panasonic announced 350 billion yen in battery investment aimed at tripling its data center storage revenue. The expansion of AIDC storage is driven by a widening gap between AI computing power demands and utility grid capacity. Power consumption per rack in modern AI facilities has jumped from 5–8 kW in traditional data centers to 40–100 kW, while grid connection approvals and capacity upgrades often take three to five years. Onsite battery systems serve both as backup power and as a bridge to accelerate facility commissioning. Energy storage is moving from an auxiliary fallback to an integrated structural component of data centers. Following NVIDIA’s October 2025 announcement of an 800V DC power architecture—designed to phase out diesel generators and legacy uninterruptible power supplies (UPS)—storage systems are being wired directly into primary distribution networks. This shift expands the market beyond traditional buyers like power utilities and renewable energy developers to encompass cloud providers and infrastructure operators, establishing a distinct category of demand. Globalization 2.0 While domestic market consolidation marks the industry’s initial transition to maturity, international expansion presents a secondary test. Tariff structures, raw material access, and regulatory standards are tightening concurrently across major export markets. Trade barriers represent the most immediate hurdle. The European Union’s countervailing duties on Chinese battery electric vehicles have been in effect for five years and are expanding to include plug-in hybrids. In the United States, the Inflation Reduction Act continues to raise domestic content requirements for power and energy storage batteries. Concurrently, China has reduced its export tax rebates for batteries from 9% to 6% as of April 2026, with complete elimination scheduled for January 2027. Rising trade costs are accelerating a shift from direct product exports to localized overseas manufacturing. At the same time, competition over raw materials is intensifying. The U.S.-led Minerals Security Partnership continues work to build key mineral supply chains outside China, while changing rules in jurisdictions like Zimbabwe highlight shifting export policies. Strategic positioning across raw material supply chains remains an ongoing operational priority. Regulatory compliance presents a quieter but more complex technical hurdle. The European Union’s Battery Passport regulations will become mandatory on February 18, 2027, requiring detailed disclosure of lifecycle carbon footprints, material origins, and recycled content percentages. The impact of these rules depends heavily on how accounting frameworks are defined; systematic discrepancies in baseline emissions databases regarding Chinese energy mixes or manufacturing processes could affect market access. In response, leading Chinese manufacturers are moving from passive compliance to active engagement with international standards. CATL has partnered with BMW and Germany’s Catena-X network to help establish over 90 baseline carbon accounting metrics. BYD invested over 100 million yuan to develop its "i-Carbon Chain" platform for digital carbon tracking across its supply chain. Similarly, REPT BATTERO collaborated with TÜV Rheinland and Circulor on a battery passport initiative, securing third-party verification for 98 independent datasets from an EU Notified Body. Overseas manufacturing footprints are expanding in tandem: CATL’s production complex in Hungary, BYD’s plant in Brazil, Gotion High-tech’s joint venture in the United States, and Envision AESC’s gigafactory in Spain. Chinese battery makers are transitioning from a model of centralized domestic production for export toward localized manufacturing aligned with international standards. This next phase of international expansion hinges on regulatory transparency, supply chain control, and deep local integration. Beyond Maturity In July 2026, as equity valuations diverged from corporate earnings across the lithium sector, market participants wrestled with where the industry stands in its broader evolution. The most visible change is the shift in growth drivers. With energy storage shipments reaching 485 GWh in the first half of the year to account for over 40% of total output, the gap between storage and mobility applications is closing rapidly. This demand-side pivot coincides with capacity rebalancing on the supply side, where power battery installation rates have adjusted from 70% down to the 30%–40% range, signaling an end to early, unbridled expansion while overall margins remain under pressure. These structural shifts are redefining entry barriers across the market. With 314Ah cell prices rising over 25% in six months and AIDC storage demand expanding rapidly, technical capabilities are increasingly determining market positioning. As national standards for solid-state technology take effect and EU Battery Passport deadlines approach, regulatory compliance has become a baseline operational requirement. The trajectory of lithium carbonate—falling to 60,000 yuan, rebounding to 200,000, and settling near 150,000—reflects a market seeking equilibrium. This broader transition was highlighted by a joint policy announcement on July 18, when three Chinese government ministries introduced a new consumption tax structure for batteries. Effective September 1, lithium-ion batteries are subject to a 2% consumption tax, rising to 4% in September 2027, while sodium-ion and solid-state batteries remain exempt through the end of 2028. The policy ends a tax exemption for lithium batteries that spanned more than a decade. Phasing in taxation uses fiscal policy to encourage capacity optimization and technological upgrading by taxing established chemistries while incentivizing next-generation alternatives. For second-tier cell makers operating on narrow margins, the 2% tax burden—equivalent to roughly 0.007 to 0.008 yuan per Wh—will further compress operating margins, reinforcing market consolidation around capitalized leaders. For China's lithium battery industry, 2026 represents a clear inflection point. Enterprises equipped with proprietary technology, international compliance frameworks, and established brand equity face a broader global landscape as the sector matures. Conversely, manufacturers reliant on single customers, lacking technical moats, or unable to meet evolving compliance standards face mounting pressure. The early expansion phase of the lithium battery industry has drawn to a close. Its mature chapter is just beginning. (This article was first published on the TMTPost App. Author | AGI-Signal, Editor | Zhao Hongyu)梅西走下世界杯赛场，变身硅谷投资人。
- 2 更为关键的是，布雷默合同中存在一条5800万欧元的解约条款，有效期至8月10日。
- 3 招股书披露的终端客户覆盖了阿里云、字节跳动、腾讯、联想、小米。
- 4 实习不是为了那点钱，是为了用最低成本，试错出你到底适合什么。
- 5 23/24赛季，米兰经历了深度重组，管理层在转会市场上的策略是“雨露均沾”，人均花费2000万欧元。
- 6 双后腰莱尔马和普埃尔塔防守硬朗，很好地保护了中卫身前的区域。
- 7 这些领域对设备精度要求相对低，客户愿意试试国产替代。
- 8 如果未能取胜，就必须指望罗马、尤文、科莫出现闪失。
- 9 过去一周，米兰管理层的操作节奏看似快得惊人，实则毫无成效。
- 10 对于正处在争四关键阶段的米兰来说，这无疑是重大打击，阿莱格里不得不选出魔笛的接替人选，亚沙里被认为是一号顺位继任者。
- 11 知名空头、Chanos & Co.创始人Jim Chanos在播客里吐槽，没人能算得清数据中心的账。
- 12 01 九次赚钱可能输给九次亏钱 几天后，周远把自己的困惑讲给一位做量化交易的朋友，朋友在纸上给周远写了两种游戏。
- 13 当纸面阵容的优势无法转化为场上的控制力，当单兵作战的天才们被对手的整体战术网困住，高卢雄鸡只有利爪没有翅膀的折戟便成了必然。
- 14 由于世界杯激战正酣，绝大多数在转会市场炙手可热的球员都无暇考虑自己的未来，俱乐部还有时间来确定管理层人选，夏窗开启前的这两周至关重要。
- 15 他们是不同的球员，来自不同时代的球队，背负着不同的故事。
- 16 如果埃及能守住上半场，那么他们的信心会越来越足，比赛就会越来越难踢。
- 17 那么，所谓的“利物浦模式”究竟是什么？它能给米兰带来什么？在意甲的环境下又能否复制成功？ 距离米兰官方宣布解雇富拉尼、塔雷、阿莱格里和蒙卡达已经过去了大约一个月时间。
- 18 但对这位少年而言，个人纪录远不如团队荣誉重要。
- 19 7月20日，中创新航港股开盘后一度跌近13%，收盘跌7.95%。
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