小组赛阶段，斯卡洛尼的球队展现出稳定的统治力：首轮3比0轻取阿尔及利亚，次轮2比0完胜奥地利，末轮3比1击败约旦，三战全胜积9分以J组头名出线，打进8球仅丢1球，攻防两端表现均衡。

主场狂欢福利拉满！千元现金、赢球送酒、送票、专属折扣、大礼包~

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摘要：更具含金量的是，蓝武士先后击败巴西、英格兰等世界冠军球队，延续了上届世界杯斩杀德国、西班牙的黑马势头。

西甲豪门皇马则是2.165亿欧元，不过银河战舰的实际投入依然可观，姆巴佩虽在2024年零转会费加盟，但附带1亿欧元的签字费，还没计算他每赛季3200万欧元的薪资。

1、天博真人我自己第一次接触的时候，就很惊艳，它像一个“永不喊累的制片”加一个“全能的后期团队”的合体。

最终的方案是组建一个直接向老板本人汇报的整合式战略团队，通过内部提拔的方式打造一套更精简、更高效的管理结构。天博真人在那里，他度过了职业生涯的大部分时光，在巴塞罗那书写了属于自己的传奇。

2、江湖不是打打杀杀，小库里：角色球员想留在NBA得让球星喜欢你

7月23日早间，智驾方案龙头地平线机器人发布公告称，将发行本金总额为4.5亿美元（约合人民币30.46亿元）的零息可转债，该债券可按5.55港元/股的价格转换为公司B类股份。

3、Shams：凯尔特人3年1500万美元续约乔丹-沃尔什

对此，俱乐部主席拉波尔塔给出了明确说法。

4、亚运解签：男足陷“死亡之组” 女足争小组第一

防守端防线前置，前场多人逼抢，场均抢断超过18次，迫使对手失误率高达23%。

5、2026澳大利亚网球公开赛正赛签表出炉

这背后，显然不只是足球的吸引力那么简单。

IDG资本合伙人邵辉后来重新翻看早期投资文件时忍不住感叹，拓竹产品发布后头两年的收入与市场份额，与创业时的预测只有很小偏差。

" 对中国企业家来说，美国市场的吸引力远不止世界杯本身。

6、梅西落泪！恩佐揭露原因：与足球没有关系

英格兰队在世界杯半决赛1比2遭阿根廷逆转，赛后，前英格兰国脚、曼联名宿鲁尼将矛头直指主帅图赫尔，称其保守的临场调整葬送了球队的决赛资格。

迪马基三十年前播下的那颗种子，终于在礼来内部找到了愿意浇灌它的人。

7、美国脚贝尔哈特被曝200万转战英冠与前队友重聚其父曾执教美国队

同时米兰在对阵罗马和科莫的直接交锋中占优，因此同分情况下也会排在他们前面。

阵容如此大幅度的变动，自然引来了关于拉菲尼亚可能离队的传闻。

8、荣耀新Logo撞脸王者荣耀

这也是为什么这届世界杯科技圈大佬来得特别多的原因。

部件的进步，不会自动变成能用的算力算力最大的迷惑性，在于它看起来像一种标准品——按卡计费、按小时结算，仿佛和水电一样。

如果加拿大无法在前场形成有效逼抢，很可能陷入被动挨打的局面。

9、欧阳卫民被查

愿广西的洪水早日退去，愿这片土地上的人民早日重建家园。

"过去这些年，青训太看重短期成绩了。

10、布尼亚明：看队友罚点球比自己在场上更紧张；争取多进几个球

目前进展最快的是阿尔马达，河床接近买下他一半的所有权。

而在深耕社交赛道的过程中，趣丸科技洞察到一个行业全新趋势：新时代用户不再满足于内容消费，更渴望自主创作、实现自我表达。

1、媒体人：广州龙狮交易来四川的状元签，最后悔的会不会是石奎？

最后一轮关键战，阿莱格里会延续使用那些他认为状态更好、精神更集中的球员，因此在锋线上会是恩昆库、希门尼斯和菲尔克鲁格3选2。

2、小鹏MONA L03首周末客流创新高 7月10日起全国开放试驾

做到过这件事的主帅，只有弗格森、瓜迪奥拉和穆里尼奥——后者那已经是很久以前的事了。

3、上海队交易国手后卫，莫兰德想回广东队，杜锋进入下课倒计时

常规时间最有可能的比分是英格兰2比1小胜，或者1比1战平进入加时。欧美杯重演！世界杯决赛迎20亿欧巅峰对决，巴萨两代10号首次交锋原本争四高枕无忧，现下却被众多对手纷纷赶上。

4、当“品质信仰”遇见“专业信仰” 一次高端人居的价值重估

无缘欧战让切尔西在今夏转会市场上缺少一块有分量的招牌，俱乐部内部一度担心这会引发球员流失。

5、崛起在望？字母哥之后，热火引援仍未结束，四大全明星成潜在目标

此后，巴萨还计划于8月3日与普雷斯顿进行闭门热身，8月8日参加一项三角锦标赛（对手可能为乌迪内斯与诺丁汉森林），传统赛事甘伯杯则定于8月19日举行，对手尚未公布。

6、连续3届世界杯进决赛有多难？历史上仅2队做到，法国有望创造新历史

从Ricks接任时的800亿美元到万亿市值，八年时间增长了超过十倍。

杭州电信并没有将 TPU 视为唯一选择，其现有布局中同时包含 GPU 算力池，也在探索其他国产芯片路线。

足球与政治的边界，再次引发深思阿根廷球员的这一举动，再次将“足球与政治的边界”这一老生常谈的话题摆上了台面。

7、山西输球不冤！原帅5中0，潘江换人断送赢球希望，外援摊手不理解

银河原本持有卡塞米罗在美职联的优先签约权，这意味着他们拥有与这名球员谈判的独家权利。

荣誉与默契的边界这是一场完美的“双赢”。

8、真太子？火箭聘请投篮教练只为年轻小将新季能否完成蜕变

“模型故事讲完了，下一个叙事是ToB与Harness。

但从砸钱的重磅引援来讲，塔雷还是有些看走眼了。

高卢雄鸡法国队同样站在命运的十字路口。

世界杯赛场两队仅交手一次，2006年德国世界杯1/8决赛，齐达内领衔的法国队3比1淘汰西班牙。

再见兰德尔！森林狼、篮网、公牛完成4人三方交易火箭队16人阵容上线，2号位变短板？底薪首发离队，仅22岁射手可用字母哥，会把凯尔特人拆了吗？新华视点｜立足特色兴产业绘就乡村振兴多彩画卷

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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。

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