(文 | 公司观察，作者 | 周健 ，编辑 | 曹晟源)“三年前和我们一同拿到融资的很多公司，现在已经有不少退出了市场。
摘要：沃伦·邦多和本纳塞尔均被排除在外，邦多已被俱乐部挂牌，标价800万欧，目前暂无买家。
接下来要拿出足够的证据和时间。
1、米兰体育 圆梦诺坎普：从遥不可及到梦想成真 对于年仅19岁的埃斯帕特而言，2026年堪称梦幻。
当时就有网友调侃，两位大佬是去"挖人"的，毕竟当时马云是广州恒大淘宝的股东，张近东手里握着江苏苏宁和意甲国际米兰。米兰体育两队都是首次打淘汰赛，心理层面可能都比较谨慎，看好平局，次选加拿大小胜。
2、沙德拉克：加盟国安很激动很荣幸，已经准备好为国安全力以赴
埃安S的电池问题涉及约21万辆车，目前只有“延保+免费维修”，没有召回。
3、联手古德温！卡塔尔归化詹皇前队友 世预赛+亚运会中国男篮遇考验
1924年巴黎奥运会与1928年阿姆斯特丹奥运会，乌拉圭队连续两届以摧枯拉朽之势夺得金牌。
4、那不勒斯体育总监：如果博卡和塞瓦略斯能等待，我们就能签下他
江波龙发布2026年半年度业绩预告。
5、中秋节减脂攻略！月饼热量红黑榜来袭！
二、C罗投资AI搜索独角兽 梅西不是唯一一个把目光投向AI的球星。
这一机制确立后，俱乐部的引援效率显著提升。
森林学家玛丽女士知识渊博，是奇遇森林的守护者，她会在入口处为游客送上祝福；灰小子卡卡四处流浪，生活清贫，但是乐观开朗；驯鸟人神秘、迷人，但似乎「业务不精」；一对渔民兄弟为了未来在水手厨房外展开比拼；水果市集，小女工艾达试图躲着老板玩点不一样的。
6、相信奇迹一定会发生——奇迹，不是运气，而是选择
特林康是葡萄牙国脚，能踢左右边锋，技术细腻，盘带出色，有一定的内切射门能力，曾在阿莫林的体系下证明过自己，如果能加盟，对米兰的中前场实力会是直接的提升。
不过萨索洛中场科内因伤报销，对加拿大打击很大。
7、嚯！35家大型央国企实测后，因果世界模型落地了
上半场第25分钟，姆巴佩在禁区内制造点球，但亲自主罚却被摩洛哥门将布努神勇扑出。
销售入口可以做得很轻，利用率却只能靠客户体系、应用迁移和模型适配能力，一点一点打磨出来。
8、亚运会男足分组出炉！申花两人或将被征召
这种模式不依赖于某个明星总监或主教练，而是依靠一套完整的体系和流程。
储能已经不再是动力电池的“附属品”。
次轮面对突尼斯，日本完全掌控局面，62%控球率、11次射门5次射正，最终4-0大胜，创造了日本队世界杯历史最大比分胜利。
9、马卡：罗德里将接受背部门诊手术，恢复期大约为三周
特别是刚刚结束的第36轮联赛，只有米兰和那不勒斯两支争四球队掉队。
这场较量中，梅西领衔的阿根廷队先失一球，随后连扳两球完成逆转，成功挺进7月19日与西班牙队进行的决赛。
10、再次无缘冠军无碍德约伟大，他又在温网创造了什么？
然而，伊布作为高级顾问明确表达了不认同。
转变始于他重新学会了享受踢球，而不是把每一场比赛都当成对自我的又一次审判。
1、【WCBA联赛】第二轮｜赛季首胜，浙江稠州银行76-63胜陕西榆林天泽！
美国银行将全年均价预测下调14%至4360美元。
2、罗德里梅西领衔！世界杯球迷票选最佳阵容出炉！亚马尔库巴西落选
他就真天天刷，刷出第一个面试。
3、1年330万美元！麦克劳克林续约留守马刺 继续辅助文班冲冠
当国外设备断供时，一场外部制裁引发的国产化大浪潮，就这样开始了。出事了！雄鹿4年6400万续约小特伦特遭联盟彻查，暗箱协议引猜想根据公司给交易所的2025年报及对外投资信批监管问询函的回复，甘肃瑞光成立于2014年1月，2016年4月，临夏市政府遴选甘肃瑞光为临夏市新建城区集中供热PPP项目的社会资本方，甘肃瑞光于2016年5月设立全资子公司临夏瑞光负责该项目实施运营。
4、Shams：勇士不愿为戴维斯付出高额交易代价，谈判毫无进展
胡梅尔斯这番话，说得不客气，但句句戳在德国足球的痛处上。
5、选了10个首轮秀都没选到基石，火箭在斯通时代的选秀情况不算理想
另据腾讯深网近期引援渠道商最新数据，包括8GB+128GB、12GB+256GB内存配置在内多款中低端机型，当前零售价涨价幅度在200元到400元之间。
6、足协杯第五轮综述：4场比赛点球决胜，兰州以下克上挺进八强
清北、哈工大、上海交大、北航等机器人名校的教授加入团队，公司估值至少涨2亿到5亿。
此外，双方面临的市场竞争也在增加，除独立智驾企业外，华为旗下鸿蒙智行通过绑定车企合作，在行业内占据重要市场地位，许多车企也在自行探索研发智驾芯片、软件相关产品。
很快，一名前锋不再只是试图进球，而是在试图逃离，逃离又一次成为众矢之的的宿命。
7、邵佳一赛前喊话：是国家队的球员就必须要有雄心，永远不满足
荷兰队以F组头名身份晋级，小组赛2胜1平积7分，进10球失4球，场均进球高达3.33个。
图：替尔泊肽销售一览 从2022年获批上市到问鼎“药王”，替尔泊肽仅用了不到四年。
8、迪马济奥：若英超球队想换帅，纳格尔斯曼将会是首选之一
本赛季他在防守端稳定不少，很少再看到注意力涣散的问题。
但放在整个竞争格局里看，它的位置其实有些微妙。
他回忆创业初期扫描项目时，团队几乎花了 5 分钟就把 3D 打印否掉了：一个 20 公斤的产品，售价却被卷到一千多元，行业里又有很多厂商在打价格战。
随着信用利差大幅走阔，对冲的剩余风险收益比下降，阿克曼选择平仓，并把资金重新投入大幅下跌的优质公司。
晋级四强！这是一场意义非凡的胜利！
挣脱千亿枷锁，走出传媒豪门的逆骨继承者
白喉全球多地反弹，京东互联网医院提醒：接种疫苗是核心、疑似症状早就医
理想称90%用户选择了L9 Livis：双色选装率远超预期
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- 2 尤其在财务层面，他们相信俱乐部有能力完成这笔交易，预算完全可以容纳这位阿根廷射手。
- 3 很多人或许有灵感、有情绪，却很难真正把脑海里的旋律变成一首完整作品。
- 4 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。
- 5 “Here we go！”随着知名转会专家罗马诺标志性的宣告，26岁的葡萄牙国脚特林康正式告别欧洲赛场，以总价5000万美元（4500万美元固定费用加500万美元浮动条款）的转会费加盟沙特联赛的吉达国民。
- 6 他的转会费约为2500万欧元，尽管费内巴切也曾对他表现出浓厚兴趣。
- 7 世界杯放到美国办，商业价值天然就比放在其他地方高出一截。
- 8 不过这笔交易实际操作起来难度不小，最大的障碍就是薪资问题。
- 9 然而，人数的劣势最终让他们在加时赛体能崩盘。
- 10 拓竹第一代产品众筹时沿用了典型的工程师打法，公司 150 多人的团队里约 120 人是工程师，团队在 22 个月隐身开发中造了 700 多台测试机，消耗 3 吨材料。
- 11 更可怕的是姆巴佩并非孤军奋战，登贝莱、奥利塞、杜埃等边路球员个个速度惊人，与姆巴佩组成的反击群让任何防线都感到胆寒。
- 12 但它的“成年”，才刚刚开始。
- 13 在高强度的研发投入下，特斯拉Q2 研发费用为 23.71 亿美元，同比增长 49%。
- 14 一家公司股价可能上涨十倍，也可能在十倍故事兑现前不断融资，稀释掉原股东权益；一只小市值代币可能上涨百倍，也可能因为流动性枯竭、团队抛售或合约漏洞迅速归零；一张期权的亏损虽然是权利金，但如果概率已经被隐含波动率充分计价，仍可能是赔率很差的交易。
- 15 这是巴萨球员首次代表俱乐部获此荣誉。
- 16 两黄变一红，恩博洛被直接罚下，掩面痛哭的他成为了瑞士队出局的“千古罪人”。
- 17 挪威主打4-3-3阵型，核心框架围绕双核构建——锋线哈兰德负责终结，中场厄德高负责调度。
- 18 风电、光伏项目被要求配套储能设施，但这种模式催生了大量低质量需求：储能利用率低、回报率差，电芯质量参差不齐。
- 19 "亚马尔顿了顿，"这句话的分量，跟我脖子上这块金牌一样重。
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