Market Performance - The North Exchange 50 Index increased by 5.82% compared to the previous week, while the Shanghai and Shenzhen 300 Index rose by 2.79% and the ChiNext Index by 3.89%[30] - The average market capitalization of North Exchange A-shares reached 3.197 billion yuan, with a daily average trading volume of approximately 26.13 billion yuan, up 34.57% from the previous week[5] Investment Recommendations - Focus on sectors with high industry prosperity and scarcity, particularly commercial aerospace, robotics, low-altitude economy, energy storage, solid-state batteries, and liquid cooling[40] - The PE ratios for North Exchange A-shares, ChiNext, Shanghai Main Board, Shenzhen Main Board, and Sci-Tech Innovation Board are 48.40, 45.54, 12.69, 24.07, and 78.26 respectively as of January 9, 2026[40] Economic Indicators - The Consumer Price Index (CPI) rose by 0.8% year-on-year in December 2025, marking the highest increase since March 2023[22] - The Producer Price Index (PPI) increased by 0.2% month-on-month in December 2025, but decreased by 1.9% year-on-year[22] Regulatory Developments - The People's Bank of China is expected to implement a prudent monetary policy, emphasizing the need for financial support for economic stability and growth in 2026[11] - The China Securities Regulatory Commission is intensifying efforts to combat financial fraud in the capital market, with 159 cases of financial fraud handled in 2024[18] Industry News - China applied for frequency resources for over 200,000 satellites in December 2025, indicating a significant expansion in the commercial aerospace sector[29] - The United Nations projects global economic growth at 2.7% for 2026, slightly lower than the 2.8% estimated for 2025, amid ongoing macroeconomic uncertainties[26]

贝特瑞新材料集团股份有限公司 关于调整第二期股权激励计划行权价格的公告 证券代码：920185 证券简称：贝特瑞 公告编号：2026-002 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、会议审议及表决情况 贝特瑞新材料集团股份有限公司（以下简称"公司"）于 2026 年 1 月 8 日召 开第六届董事会第三十二次会议审议通过《关于调整第二期股权激励计划行权价 格的议案》。议案表决结果：同意 6 票，反对 0 票，弃权 0 票。董事贺雪琴、黄 友元和任建国 3 人系激励对象，涉及关联关系，回避表决。 二、第二期股权激励计划调整情况说明 （一）第二期股权激励计划概况 公司于 2021 年 4 月 6 日召开第五届董事会第三十一次会议审议通过《关于 制订<贝特瑞新材料集团股份有限公司第二期股权激励计划（草案）>的议案》， 并于 4 月 7 日披露了《贝特瑞新材料集团股份有限公司第二期股权激励计划（草 案）（更正后）》（公告编号：2021-052，以下简称"《激励计划》"），公司拟向激 励对象授予 2, ...

证券代码：920185 证券简称：贝特瑞 公告编号：2026-004 关于注销第二期股权激励计划部分股票期权的公告 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。 2026 年 1 月 8 日,贝特瑞新材料集团股份有限公司（以下简称"公司"）召开 第六届董事会第三十二次会议审议通过了《关于注销第二期股权激励计划部分股 票期权的议案》，根据《上市公司股权激励管理办法》《北京证券交易所上市公司 持续监管指引第 3 号—股权激励和员工持股计划》等法律法规、规范性文件和 《贝特瑞新材料集团股份有限公司第二期股权激励计划（草案）》（以下简称"《激 励计划》"）相关规定，公司拟注销本次股权激励计划部分激励对象已获授但尚 未行权或已过行权期的股票期权共 2,435,626 份。现将有关事项说明如下： 一、股权激励计划已履行的相关审批程序 1、2021 年 4 月 6 日，公司召开第五届董事会第三十一次会议，审议通过《关 于制订<贝特瑞新材料集团股份有限公司第二期股权激励计划（草案）>的议案》 《关于认定公司核心员工的 ...

证券代码：920185 证券简称：贝特瑞 公告编号：2026-003 贝特瑞新材料集团股份有限公司 关于第二期股权激励计划第四个行权期行权条件成就的公告 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。 贝特瑞新材料集团股份有限公司（以下简称"公司"）于 2021 年实施了《贝 特瑞新材料集团股份有限公司第二期股权激励计划（草案）》（以下简称"《激励 计划》"），目前《激励计划》规定的首次授予股票期权第四个行权期及预留股票 期权第四个行权期等待期已满，行权条件已经达成，公司于 2026 年 1 月 8 日召 开第六届董事会第三十二次会议审议通过了《关于第二期股权激励计划第四个行 权期行权条件成就的议案》，现将有关事项说明如下： 一、股权激励计划批准及实施情况 （一）股权激励计划已履行的相关审批程序 1、2021 年 4 月 6 日，公司召开第五届董事会第三十一次会议，审议通过《关 于制订<贝特瑞新材料集团股份有限公司第二期股权激励计划（草案）>的议案》 《关于认定公司核心员工的议案》《关于提名股权激励对象 ...

广东信达律师事务所 关于 贝特瑞新材料集团股份有限公司 第二期股权激励计划调整行权价格、第四个 行权期行权条件成就及注销部分期权的 法律意见书 中国·深圳 深圳市福田区益田路 6001 号太平金融大厦 11 楼、12 楼 广东信达律师事务所 法律意见书 中国 深圳 福田区 益田路6001号太平金融大厦11、12楼 11F/12F., Taiping Finance Tower, 6001 Titania Road, Futian District, Shenzhen, P.R. China 电话：（0755） 8826 5288 邮政编码：518038 网址：https://www.sundiallawfirm.com 广东信达律师事务所 关于贝特瑞新材料集团股份有限公司第二期股权激励计划 调整行权价格、第四个行权期行权条件成就及注销部分期权 的法律意见书 信达励字(2026)第 002 号 致：贝特瑞新材料集团股份有限公司 广东信达律师事务所（以下简称"信达"）接受贝特瑞新材料集团股份有限 公司（以下简称"公司"）的委托，担任公司第二期股权激励计划（以下简称"本 次激励计划"）行权价格调整（以下简称"本次调 ...

证券代码：920185 证券简称：贝特瑞 公告编号：2026-005 贝特瑞新材料集团股份有限公司 高级管理人员变动公告 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、高级管理人员任命的基本情况 根据《公司法》及《公司章程》等有关规定，贝特瑞新材料集团股份有限公司（以 下简称"公司"）于 2026 年 1 月 8 日召开第六届董事会第三十二次会议，审议通过了《关 于聘任公司董事会秘书的议案》，上述议案表决结果：同意 9 票，反对 0 票，弃权 0 票。 聘任黄舒欣女士为公司董事会秘书，任职期限至第六届董事会任期届满之日止，自 2026 年 1 月 8 日起生效。该人员持有公司股份 0 股，占公司股本的 0%，不是失信联合 惩戒对象。 本次高级管理人员变动符合法律法规、部门规章、业务规则和《公司章程》等规定。 本次变动未导致董事会中兼任高级管理人员的董事和由职工代表担任的董事人数超过 公司董事总数的二分之一。 （二）人员变动对公司的影响 本次高级管理人员变动符合《公司法》《公司章程》等相关规定，不会对 ...

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、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2026 年 1 月 8 日 2.会议召开地点：公司会议室 3.会议召开方式：现场与通讯方式相结合 证券代码：920185 证券简称：贝特瑞 公告编号：2026-001 贝特瑞新材料集团股份有限公司 第六届董事会第三十二次会议决议公告 会议应出席董事 9 人，出席和授权出席董事 9 人。 1.议案内容： 董事王道海、王轶超、彭明权、朱滔、于洪宇、陈建军因工作原因以通讯方 式参与表决。 二、议案审议情况 4.发出董事会会议通知的时间和方式：2025 年 12 月 31 日以以书面、邮件方 式发出 （一）审议通过《关于调整第二期股权激励计划行权价格的议案》 5.会议主持人：董事长贺雪琴先生 6.会议列席人员：部分高级管理人员 7.召开情况合法合规的说明： 本次会议的召集、召开、议案审议程序等方面符合《公司法》和《公司章程》 的规定。 （二）会议出席情况 关联董事贺雪琴、黄友元、任建国回避表决。 4. ...

Core Viewpoint - The Mesocarbon Microbeads (MCMB) industry in China is transitioning from rapid growth to high-quality development, with a projected market size of approximately 7.559 billion yuan in 2024, reflecting a year-on-year growth of 4.46% [1][6]. Industry Overview - MCMB is a key carbon material produced from heavy aromatic compounds like asphalt and coal tar through thermal treatment, characterized by its unique anisotropic liquid crystal structure [2]. - MCMB exhibits excellent electrical conductivity, thermal conductivity, chemical stability, thermal stability, and ease of graphitization, making it essential for applications in lithium-ion batteries, sodium-ion batteries, catalyst carriers, and composite materials [2]. Production Process - The production methods for MCMB are categorized into direct polymerization and indirect methods, with the latter further divided into suspension and emulsion methods. Direct polymerization is cost-effective but has inherent defects like low yield and high impurity content, while indirect methods yield higher quality products but are more complex and costly [4]. - The industry employs a gradient complementary structure of cost and performance, requiring companies to balance production methods based on market demands for yield, purity, and particle size precision [4]. Industry Chain - The upstream of the MCMB industry chain includes raw materials such as coal tar, petroleum pitch, and carbon black, while the midstream focuses on the production of MCMB. The downstream applications include lithium-ion batteries, high-strength composite materials, and chromatography column fillers [5]. - The "dual carbon" strategy and policies promoting new energy vehicles are driving the demand for power batteries, with a significant increase in lithium battery shipments, which reached 776 GWh in the first half of 2025, a year-on-year increase of 68% [5]. Market Size - The MCMB industry is at a critical turning point, with a market size projected at 7.559 billion yuan in 2024, growing by 4.46% year-on-year. Continuous optimization of production processes has improved particle size uniformity and enhanced performance in fast charging and low-temperature applications [6][7]. Key Companies' Performance - The MCMB industry is characterized by a concentration of leading companies like BETTERRY and Shanshan, which leverage technological advancements and scale advantages. BETTERRY leads in high-capacity products, while Shanshan dominates the mid-to-low-end market through cost control [8]. - BETTERRY has a production capacity of 16,500 tons of MCMB annually and holds over 70 national and international patents, achieving a particle size control precision of ±0.8 μm [8]. - Baotailong, another key player, has developed a unique business model integrating coal chemical processes with new materials, achieving over 90% self-sufficiency in raw materials [8]. Industry Development Trends 1. **Technological Innovation and Performance Breakthroughs**: The industry is advancing through continuous technological innovations, with traditional methods being optimized and new techniques like low-temperature plasma and microwave radiation showing promise [9]. 2. **Diversified Market Demand**: The demand for MCMB is growing due to the increasing sales of new energy vehicles and the explosive growth of the energy storage market, driven by policies and technological advancements [10]. 3. **Green Upgrading and Circular Economy**: The "dual carbon" goals are pushing the industry towards greener practices, with companies adopting closed-loop solvent recovery systems and focusing on waste reduction and recycling [10].

Group 1 - The core viewpoint of the article highlights the competitive landscape and market dynamics of the graphite anode materials industry in China, emphasizing the leading companies and their market shares [1][5][15] - The leading companies in the graphite anode materials sector include Bettery, Sanyuan, and Puxin, with registered capital exceeding 1.5 billion yuan, indicating a strong competitive position [1][5] - The industry is characterized by a high concentration, with the top two companies accounting for nearly 40% of the shipment volume, and the top five companies exceeding 70% [10][15] Group 2 - In the first half of 2025, the shipment volume of artificial graphite anodes reached 1.17 million tons, representing 91.7% of total graphite anode shipments [5][7] - Sanyuan holds the highest market share in artificial graphite anode shipments at 21%, followed closely by Bettery [7][10] - The revenue scale for 2024 indicates that Bettery and Sanyuan both exceed 7 billion yuan, with Bettery's revenue at 10.69 billion yuan and Sanyuan's at 8.2 billion yuan [11][13] Group 3 - The geographical distribution of graphite anode manufacturers is primarily concentrated in Guangdong, Shanghai, and Zhejiang, with Guangdong hosting several key players [3][11] - The product layout shows that most companies focus on artificial graphite, while natural graphite is primarily produced by Bettery and Sanyuan [11][14] - The competitive state of the industry reveals that while there are many competitors, the majority of market share is controlled by leading companies, resulting in lower competition intensity among top firms compared to smaller ones [15][16]

证券代码：920185 证券简称：贝特瑞 公告编号：2025-098 贝特瑞新材料集团股份有限公司 2025 年第二次临时股东会决议公告 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、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 12 月 30 日 2.会议召开地点：广东省深圳市光明区凤凰街道光源四路贝特瑞新能源科技 大厦会议室 3.会议召开方式：现场投票和网络投票相结合 （二）会议出席情况 出席和授权出席本次股东会的股东共 14 人，持有表决权的股份总数 764,896,047 股，占公司有表决权股份总数的 68.4128%。 其中通过网络投票参与本次股东会的股东共 5 人，持有表决权的股份总数 1,656,204 股，占公司有表决权股份总数的 0.1481%。通过现场投票参与本次股东 会的股东共 9 人，持有表决权的股份总数 763,239,843 股，占公司有表决权股份 总数的 68.2647%。 参加本次股东会现场和网络投票的中小股东（除公司董事、高级管理人员及 ...