招商证券：溶剂供需与盈利情况不断向好 EC溶剂潜力更大_老虎社区_美港股上老虎

招商证券：溶剂供需与盈利情况不断向好 EC溶剂潜力更大

智通财经2025-11-28

智通财经APP获悉，招商证券发布研报称，伴随需求的持续增长，锂电溶剂细分行业过去几年供需态势得到有效修复，目前头部几家溶剂公司开工率已经比较高。近几周，溶剂三方价格也开始小幅度普涨。由于主流企业扩产克制，预计明年锂电溶剂盈利情况有望显著改善。其中，EC溶剂不仅是主流的溶剂品种，还是VC、FEC添加剂的主要原材料，估算明年添加剂拉动的EC需求可能超30万吨。预计明年EC溶剂的价格与盈利弹性可能更突出...

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