争端核心在于军费——西班牙的国防开支仅占GDP的2%，勉强踩在北约的最低门槛上。

1、Kai云体育 为了摸清这行，他和朋友分别去了当地两家零食店打工。

今年5月，莱奥公开表达离队意愿，其优先选项始终是英超，曼联被视为最现实的下家，阿斯顿维拉和热刺也曾了解过交易条件。Kai云体育分析人士告诉公司观察，主要是因为市场“弱预期压倒强现实”，虽然当下需求旺盛、产能利用率高，但市场在提前交易远期供给宽松及电池消费税压制远期需求的逻辑，叠加隐性库存显性化，导致价格下跌。

2、比日系便宜不少，「静奢」赛道新宠竟来自韩国？

但多头情绪仅维持了不到48小时。

3、愤怒！名记质问篮协，为何拖延2个月才公布白边结果？要求重罚

只要他们再入2球，皇马就将超越布达佩斯洪韦德（1954年）、拜仁慕尼黑（2014年）和巴黎圣日耳曼（2022年）共同保持的18球纪录，成为世界杯历史上单届进球最多的俱乐部。

4、北上广中产疯了，都在卷HYROX运动？花大几千排队自虐、“干农活”图啥…

但Claude Code解决的是代码开发任务，vivago R1解决的是长链路内容创作，一个是帮你写一个软件项目，一个是帮你完成一个视频项目。

5、这届世界杯花钱最狠的人，不懂球丨2026世界杯消费报告

公司未布局电池制造、储能终端等业务，没有多元化赛道对冲周期风险。

在公司官宣发债后，资本市场表现并不算积极，当日，公司股价跌3.79%至4.57港元/股，总市值约为666亿港元。

阿根廷世界杯前7场热身赛全部获胜，打进21球仅失1球，防守端堪称钢铁堡垒。

6、拒28分史诗逆转！快船加时灭森林狼 5号秀26分佩杜拉24+11+6

按照罗马诺的说法，国米和热刺今夏在商讨斯彭斯的转会时，就已经顺带提到了引进罗梅罗的可能性。

扎鸟最大的优势是拥有意大利户口本，方便联赛和欧冠报名。

7、山东人员变动！陶汉林高诗岩顶薪续约，陈培东留队，刘毅加盟NBL

本文资料来自长鑫科技招股书、发行公告、发行结果公告、业绩预告、SemiAnalysis报告、集邦咨询及多家券商研报。

尽管在队内射手榜上暂以5球落后于哈里凯恩，但贝林厄姆在攻防两端的全面表现，让他再次跻身世界顶级中场行列。

8、场均15+7！场均15+6！总决赛还没打完，马刺二当家之争或已无悬念

据滔搏披露，截至2026年2月28日耐克产品线上平台销售的收入贡献约占集团总收入的22%。

旧模式失灵，女玩家早已不再好“糊弄” 层层矛盾叠加之下，国产主流乙游可以说进入了“生命倒计时”。

公开报道显示，当前国资基金面对对赌触发时，超六成机构选择非诉讼方式，根本原因就是“打了官司也拿不回钱”。

9、中国男篮赢球却仿佛回到了老路！杨毅：不理解身高竟比中国台北低

其次是核心球员的“天才对决”。

Agent多轮对话中的工具调用会带来三倍以上的上下文膨胀。

10、风从巴黎起 答案自青春来

内部评估认为，罗杰斯是球队进攻体系的理想拼图。

这是世界杯历史上首次出现四强席位被世界前四球队全部包揽的盛况，没有黑马搅局，没有冷门频出，只有硬实力的绝对碾压。

1、高通、特斯拉抢着用！台积电3纳米产能满载 订单排到2027年

7月20日，中创新航港股开盘后一度跌近13%，收盘跌7.95%。

2、结束17年蓝白生涯，38岁奥塔门迪宣布从阿根廷国家队退役

过去两年，国产旗舰均已落地本土化端侧大模型，国行iPhone的智能交互能力长期存在短板。

3、粤BA总决赛G2：东莞队力争主场冲冠，深圳队打响绝境之战

由于淄博瑞光2025年新建1台50MW燃煤背压式发电机组、1台8MW生物质发电机组、260t/h燃煤锅炉和75t/h生物质锅炉，已于2026年1月正式投产，预计将增加其2026年的营收，公司在收购淄博瑞光股权时采取收益法评估，估值6.80亿元，增值率108.05%。连续拉胯！8中2后6中1，坑惨女排，球迷：自己把自己打出国家队了目前，在得物等平台上，这双鞋价格已经跌到不足600元。

4、热爱不分退役与否：费德勒连看三场温网，熬夜独守包厢

因此，乐事联合小红书打造了《球迷范志毅》栏目，将足球赛事讨论、球迷圈话题与零食欢聚场景深度融合，持续抢占小屏内容赛道，长效获取赛事流量、沉淀球迷心智。

5、上市六年的完美日记：连续亏损的业绩VS蒸发98%的市值

老板卡迪纳莱也给予他很大的支持力度，转会会议全程参与，引援、续约、清冗等关键决策也尊重他的意见。

6、杨翰森去国家队报道，今夏4场比赛，世预赛12人大名单基本确定

最重要的一点，是7-Eleven需要在加码新鲜零食的同时，解决消费者的固有认知。

其他可能被牺牲的球员包括托莫里、洛夫图斯-奇克、福法纳、丘库埃泽甚至帕夫洛维奇。

对他而言，团队的稳固高于一切，他的足球理念强调秩序、强度和精神意志，并不注重观赏性。

7、“集成灶之父”12.9亿卖掉浙江美大

另一名中场科瓦契奇跑动能力和逼抢硬度都很强，为莫德里奇提供了充足的保护。

赛后，阿森纳在社交媒体上发文："深表遗憾，祝你早日康复，Wilo。

8、考前紧张手抖、心慌脑空白？一文读懂普萘洛尔与考试焦虑的真相

巴萨内部有信心，如果马竞在其他转出项目上始终无法完成足够回款，最终或许别无选择，只能重新考虑巴萨对阿尔瓦雷斯的报价。

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。

如今并列排在榜首的，是西班牙前锋亚马尔和挪威中锋哈兰德，两人的身价双双上涨2000万欧元，来到2.2亿欧。

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