Industry Overview - The ternary cathode materials are a type of lithium-ion battery cathode material, primarily composed of nickel (Ni), cobalt (Co), manganese (Mn), or aluminum (Al), with performance optimized by adjusting the elemental ratios [2][5] - The global demand for ternary cathode materials is projected to grow significantly, with application demand increasing from 293,000 tons in 2019 to 971,000 tons in 2024, while supply is expected to rise from 321,000 tons to 1,808,000 tons in the same period [1][8] Market Dynamics - The ternary lithium battery is experiencing unprecedented growth due to the dual drivers of energy transition and environmental protection, with a projected demand of 488 GWh for ternary lithium batteries by 2024 [5] - The market for ternary cathode materials is facing challenges such as oversupply and declining utilization rates, which have dropped from 91% in 2019 to 52% in 2024 [8][19] Competitive Landscape - In the current market, some mid-nickel high-voltage manufacturers are gaining market share, with Nantong Ruixiang achieving a 25% market share in early 2025, surpassing leading high-nickel manufacturers [11] - Major companies in the sector include BTR New Material Group, Rongbai Technology, and Huayou Cobalt, with significant revenue declines reported in 2024 [13][15] Development Trends - The industry is moving towards high-nickel and ultra-high-nickel materials, with NCM 811 and above becoming mainstream, enhancing battery energy density and extending lifespan [17] - Solid-state battery technology is creating new growth opportunities for ternary cathode materials, with high-nickel materials being crucial for achieving energy densities above 300 Wh/kg [18] - Companies are accelerating global expansion to mitigate domestic overcapacity pressures, with leading firms establishing production bases in countries like South Korea and Poland [19]

Summary of Key Points Core Viewpoint - As of July 4, the total margin financing and securities lending balance on the Beijing Stock Exchange (BSE) is 5.865 billion yuan, showing a decrease of 55.25 million yuan from the previous trading day, indicating a slight contraction in market activity [1]. Financing and Margin Data - The financing balance on the BSE is 5.864 billion yuan, down by 55.27 million yuan from the previous day, while the securities lending balance is 89.18 thousand yuan, which increased by 1.67 thousand yuan [1]. - The stocks with the highest financing balances include Jinbo Biological (366.95 million yuan), Airong Software (169 million yuan), and Better Energy (158 million yuan) [1]. - The average financing balance as a percentage of market capitalization for these stocks is 1.15%, with Tian Gang Co., Shengye Electric, and Juneng Co. having the highest ratios at 5.64%, 4.18%, and 3.46% respectively [1]. Sector Performance - Among the stocks with net financing purchases exceeding 1 million yuan, the electronics, power equipment, and machinery sectors are the most represented, with 6, 5, and 5 stocks respectively [2]. - On July 4, stocks with net financing purchases over 1 million yuan experienced an average decline of 3.15%, with Tonghui Information and Xinghao Pharmaceutical showing gains of 8.42% and 0.04% respectively [2]. - The stocks with the highest net financing purchases include Jinbo Biological (11.18 million yuan), Wuhan Land Electric (4.08 million yuan), and Deyuan Pharmaceutical (3.99 million yuan) [1][2]. Trading Activity - The weighted average turnover rate for stocks with net financing purchases over 1 million yuan on July 4 is 5.38%, with Tonghui Information, Guangxin Technology, and Ningxin New Materials having turnover rates of 40.33%, 26.68%, and 18.10% respectively [2]. - The average daily turnover rate for BSE stocks on the same day is 4.76% [2].

Summary of Key Points Core Viewpoint - As of June 27, the total margin financing and securities lending balance on the Beijing Stock Exchange reached 5.774 billion yuan, marking an increase of 7.5182 million yuan from the previous trading day, with the financing balance increasing for five consecutive trading days [1]. Financing and Margin Trading - The financing balance was 5.773 billion yuan, up by 7.3308 million yuan, while the securities lending balance was 923,700 yuan, increasing by 187,500 yuan [1]. - The stocks with the highest financing balances included Jinbo Biological (293 million yuan), Airong Software (173 million yuan), and Better Energy (154 million yuan) [1]. - The average financing balance as a percentage of market capitalization for these stocks was 1.11%, with the highest ratios seen in Shengye Electric (3.67%), Tiangang Co. (3.66%), and Hechang Polymer (2.74%) [1]. Sector Performance - In terms of industry statistics, the computer, machinery equipment, and power equipment sectors had the most stocks with net financing purchases exceeding 1 million yuan, with 9, 6, and 5 stocks respectively [2]. - On June 27, stocks with net financing purchases over 1 million yuan had an average increase of 0.06%, with notable gainers including Tianma New Materials (up 11.84%), Yabo Xuan (up 10.21%), and Jinbo Biological (up 8.67%) [2]. Trading Activity - The weighted average turnover rate for stocks with net financing purchases over 1 million yuan was 6.70%, with the highest turnover rates seen in Youji Co. (37.19%), Patel (34.20%), and Weimao Electronics (31.10%) [2]. - The average daily turnover rate for stocks on the Beijing Stock Exchange was 5.98% [2]. Notable Stocks - The stocks with the largest increases in financing balance on June 27 included Jinbo Biological (up 2,059.22 million yuan), Shuguang Digital Creation (up 948.79 million yuan), and Weimao Electronics (up 910.57 million yuan) [2][3]. - Stocks with significant net selling included Liandi Information (net sell of 11.5531 million yuan), Changhong Energy (net sell of 10.012 million yuan), and Shengye Electric (net sell of 7.5067 million yuan) [1]. Additional Insights - The report highlights the active trading environment on the Beijing Stock Exchange, with a focus on stocks that are attracting significant financing interest, indicating potential investment opportunities in these sectors [2][3].

Group 1 - Xiaomi's first SUV, the YU7, was officially launched on June 26, with over 200,000 orders within 3 minutes and 289,000 orders within 1 hour, indicating strong consumer recognition of domestic brands and marking a significant milestone for mid-to-high-end domestic vehicles [3][11]. - In the first five months of 2025, China's automobile production reached 12.826 million units, and sales reached 12.748 million units, representing year-on-year growth of 12.7% and 10.9% respectively. Passenger car production and sales were 11.08 million and 10.996 million units, with growth rates of 14.1% and 12.6% [11][12]. - The report highlights several companies in the chemical new materials sector on the Beijing Stock Exchange that are involved in the automotive supply chain, including battery graphite anode materials, ternary cathode materials, and automotive interior and exterior modified plastics [14][15]. Group 2 - The chemical new materials sector on the Beijing Stock Exchange saw a weekly increase of 5.33%, with all five major sectors experiencing growth [19][24]. - Notable individual stock performances in the chemical new materials sector included Paiter (+31.25%), Xinweiling (+15.08%), and Kelon New Materials (+11.14%) [24][25]. - The report indicates that the prices of various chemical products have shown mixed trends, with Brent crude oil prices dropping by 12.0% and TDI prices increasing by 1.7% [30][33].

Group 1 - The event organized by Japanese companies in Shenzhen aimed to enhance cooperation between the Shenzen Guangming District and Japanese enterprises through investment environment assessments and industry-specific matchmaking [1][3] - Participating Japanese companies included Toshiba (China) Co., Ltd., Mizuho Bank (China) Co., Ltd., and others, covering sectors such as semiconductors, high-end manufacturing, smart home appliances, urban design, finance, and consulting [3] - The delegation visited leading companies in Guangming District, including Betterray New Materials Group, a top global supplier of lithium-ion battery anode materials, and Nuoan Intelligent Co., Ltd., a specialized manufacturer of gas sensors and detection instruments [3] Group 2 - Guangming District has previously hosted a delegation from the UK-China Trade Association, which included representatives from notable institutions and foreign enterprises, indicating a growing interest in the district's innovative technologies and strong industrial foundation [4] - In the first half of the year, Guangming District actively sought connections with foreign companies, including Panasonic and Victoria's Secret, to strengthen its international presence and attract foreign investment [5] - The district has engaged in various promotional activities, resulting in over 70 foreign enterprises visiting and establishing strategic partnerships, including with Alstom and the Australian Doner Group [5]

Core Viewpoint - The establishment of Dalian Times Carbon Valley New Energy Co., Ltd. marks a strategic move in the new energy sector, with a focus on emerging energy technologies and materials, supported by major stakeholders including CATL and Bettery [1] Group 1: Company Developments - Dalian Times Carbon Valley New Energy Co., Ltd. was founded on June 9, with a registered capital of 10 million yuan, focusing on new energy technology research and battery sales [1] - The company is jointly owned by CATL's subsidiary Times Green Energy (80%), Dalian Oriental Carbon Valley New Materials Group (15.1%), and Bettery (4.9%) [1] Group 2: Strategic Collaborations - The collaboration between CATL and Bettery has evolved from a simple supply-demand relationship to a deep synergy involving technology, supply chain, and market [2] - Bettery supplies key materials such as silicon-based anodes and high-nickel cathodes, ensuring CATL's material needs across various applications including power batteries and eVTOLs [2] - Bettery's sixth-generation silicon-based anode material has achieved a capacity of over 2000 mAh/g and has been successfully industrialized, enhancing the performance of CATL's eVTOL batteries by over 30% in terms of range and fast-charging capabilities [2] Group 3: Investment Activities - In 2021, Longpan Technology established a subsidiary, Changzhou Lithium Source, and acquired two nanomaterial companies from Bettery, entering the lithium iron phosphate cathode material sector [3] - CATL holds a combined stake of 12.46% in Changzhou Lithium Source through its subsidiaries, while Bettery retains a 4.05% stake, creating a strategic equity link among Longpan Technology, CATL, and Bettery [3]

Group 1 - The establishment of Dalian Times Carbon Valley New Energy Co., Ltd. marks a strategic move by CATL to expand its footprint in the negative electrode materials sector, with a registered capital of 10 million yuan [2] - The company is jointly owned by Times Green Energy Co., Ltd. (80%), Dalian Oriental Carbon Valley New Materials Group Co., Ltd. (15.1%), and Bettery New Materials Group Co., Ltd. (4.9%), with Times Green Energy being a wholly-owned subsidiary of CATL [2][5] - CATL has been actively expanding its operations in Liaoning province, including the Jinzhou Times new negative electrode material integration project, which is crucial for securing upstream resources [3] Group 2 - In June 2024, CATL's chairman met with Liaoning provincial leaders to explore deeper cooperation in various sectors, including zero-carbon industries [3] - A strategic partnership was formed between CATL and Fangda Group in February 2025, focusing on zero-carbon energy development and applications, electric transportation, and sustainable development [3] - In addition to Times Carbon Valley, CATL established Shenyang Times Electric Service Co., Ltd. in March 2023, focusing on electric vehicle sales and related infrastructure [4] Group 3 - Bettery, a leading global negative electrode materials company, has maintained a long-term partnership with CATL, achieving a domestic shipment volume of 345,000 tons in 2024, holding over 20% market share [6] - Bettery is focusing on breakthroughs in silicon-based anodes and fast-charging materials, with plans to achieve mass production of new silicon-carbon products by 2025 [6]

Battery - CATL and CRRC Zhuzhou Institute signed a framework cooperation agreement for 2025, focusing on promoting high-quality development in the energy storage industry [2][3] - Guoxuan High-Tech received orders exceeding 3GWh for its 20MWh energy storage battery system during the 18th International Solar Photovoltaic and Smart Energy Conference [3] Company Formation - Dalian Times Carbon Valley New Energy Co., Ltd. was established with a registered capital of 10 million RMB, focusing on emerging energy technology R&D, battery sales, and solar power technology services [6] - Qingdao Ganfeng Yunque New Energy Technology Co., Ltd. was inaugurated, aiming to create a comprehensive platform for recycling, testing, and reusing new energy resources [8] Materials - Inner Mongolia Fengshengtai New Materials Co., Ltd. launched its first phase of a meta-aramid project with an annual production capacity of 6,000 tons, expecting annual sales of 1 billion RMB and tax revenue of 350 million RMB [10] Equipment - Guan Hong Intelligent signed an agreement for a 200MWh all-solid-state battery production line project, promoting the industrial application of dry electrode technology [14] Overseas Developments - Rock Tech Lithium received a €800,000 grant from the EU for optimizing lithium conversion processes and innovations at its German facility [16] - Surge Battery Metals released an evaluation report for its North Nevada Lithium Project, planning a two-phase construction of a lithium processing plant with a total mining volume of 205 million tons and an average lithium grade of 4016ppm [18]

Core Insights - The battery new materials industry is experiencing rapid growth driven by demand from electric vehicles, energy storage, and consumer electronics, alongside global carbon neutrality goals [1][4][22] - The market size for battery new materials in China is projected to reach 584.94 billion yuan in 2024, with a year-on-year growth rate of 20.5%, and is expected to grow to 672.68 billion yuan in 2025, with a year-on-year growth rate of approximately 15% [4][22] Industry Definition and Classification - Battery new materials refer to innovative materials used to improve or replace key components of traditional batteries, such as lithium-ion and lead-acid batteries, aimed at enhancing energy density, safety, cycle life, and fast charging performance [2][4] - These materials can be categorized into positive electrode materials, negative electrode materials, electrolyte materials, separator materials, and other key materials [2] Current Industry Status - The lithium-ion battery has become the mainstream battery in the market, with significant demand and rapid growth [4] - In 2024, China's lithium-ion battery positive electrode material output is expected to reach 3.292 million tons, a year-on-year increase of 32.96%, with phosphate iron lithium accounting for 73.72% of the market share [6] - The output of negative electrode materials is projected to reach 2.115 million tons, with a global market share of 95.9% [6] Industry Chain - The battery new materials industry chain consists of upstream raw materials and equipment, midstream material manufacturing and battery production, and downstream applications and recycling [8] - The upstream includes lithium, nickel/cobalt resources, and graphite, while the downstream focuses on applications in electric vehicles, energy storage systems, and consumer electronics [8][9] Competitive Landscape - Major companies in the positive electrode material sector include Hunan Youneng, Defang Nano, and Wanrun New Energy, while leading negative electrode material companies include BTR and Shanghai Shanshan [15][18] - The competition is particularly intense in the positive electrode material sector, especially between phosphate iron lithium and ternary materials [15] Industry Development Trends - The battery new materials industry is set to grow rapidly due to increasing demand from electric vehicles and energy storage, as well as ongoing technological innovations [22][23] - Future developments will focus on higher performance, lower costs, and more environmentally sustainable materials, with emerging technologies like solid-state batteries and sodium-ion batteries presenting both challenges and opportunities [23]

证券代码：835185 证券简称：贝特瑞 公告编号：2025-040 贝特瑞新材料集团股份有限公司 关于为下属子公司提供担保的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、担保情况概述 （一）担保基本情况 公司为支持子公司业务发展及资金需求，拟为下属子公司申请银行授信提供 担保，具体明细如下： | 被担保人 | 贷款银行 | 融资金额 | | 担保金额 | | 授信期限 | 担保方式 | | --- | --- | --- | --- | --- | --- | --- | --- | | 山东瑞阳 | 汇丰银行 | 20,000 | 万元 | 20,000 | 万元 | 1 年 | 连带责任担保 | | 印尼贝特瑞 | 大华银行 | 5,000 | 万美元 | 3,000 | 万美元 | 年 1 | 连带责任担保 | 目前担保协议尚未签署，具体内容以最终签署的合同为准。 （二）是否构成关联交易 本次交易不构成关联交易。 （三）决策与审议程序 二、被担保人基本情况 （一）法人及其他经济组织适 ...