证券代码：920252 证券简称：天宏锂电 公告编号：2025-112 浙江天宏锂电股份有限公司 关于控股子公司对外投资设立参股公司的公告 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、对外投资概述 （一）基本情况 浙江天宏锂电股份有限公司（以下简称"公司"）基于储能业务战略布局及 业务拓展的需要，公司控股子公司浙江云基慧储能科技有限公司（以下简称"云 基慧"）与浙江炽能新能源科技有限公司、孙建之、杜平之、章敏敏共同出资设 立海南天好赋力投资合伙企业（有限合伙），云基慧担任执行事务合伙人，注册 地址为海南，注册资本为 3,400 万元人民币，云基慧以自有资金出资 500 万元， 持股 14.71%。 海南天好赋力投资合伙企业（有限合伙）的资金将全部用于投资新型储能电 池制造企业，本次投资与公司主营业务密切相关，不涉及新业务，不涉及开展私 募投资活动或其他资本性投资。 （二）是否构成重大资产重组 本次交易不构成重大资产重组。 《上市公司重大资产重组管理办法》第十二条规定："上市公司及其控股或 者控制 ...

证券代码：920252 证券简称：天宏锂电 公告编号：2025-111 由于岳腾飞先生工作变动，无法继续从事对公司的持续督导工作，申万宏源 承销保荐现委派保荐代表人沈承曦先生（简历见附件）接替岳腾飞先生继续履行 持续督导工作。此次变更后，公司向不特定合格投资者公开发行股票并在北京证 券交易所上市项目的持续督导保荐代表人为王佳伟先生和沈承曦先生。持续督导 期至北京证券交易所规定的持续督导义务结束为止。 关于变更持续督导保荐代表人的公告 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。 浙江天宏锂电股份有限公司（以下简称"公司"）于 2025 年 11 月 27 日收到 保荐机构申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"） 《申万宏源证券承销保荐有限责任公司关于更换浙江天宏锂电股份有限公司向 不特定合格投资者公开发行并在北交所上市项目持续督导保荐代表人的函》。 申万宏源承销保荐作为公司向不特定合格投资者公开发行股票并在北京证 券交易所上市的保荐机构，原指定保荐代表人岳腾飞先生和王佳伟先生负 ...

Market Overview - The A-share market experienced an overall pullback in the third week of November 2025, with the average daily trading amount on the Beijing Stock Exchange (BSE) falling to 214 billion yuan, a decrease of 5.86% from the previous week[1] - The BSE 50 Index declined by 0.56%, which is less than the declines seen in other major indices, indicating relative stability[1] Trading Activity - The average daily trading volume on the BSE was 213.92 billion yuan, with a turnover rate of 22.52%[1][8] - The BSE's trading volume accounted for 1.05% of the total market, reflecting a further decrease in trading activity compared to the previous week[11] Sector Performance - Among the 24 sectors on the BSE, 13 sectors had a positive median return, with the utilities sector leading at a median increase of 4.54%[18] - The automotive sector had the largest median decline at -2.22%[18] Valuation Insights - The computer sector had the highest trailing twelve months (TTM) price-to-earnings (P/E) ratio at 141.58 times, followed by the communication sector at 129.85 times, while the construction and decoration sector had a relatively low P/E ratio of 28.08 times[18] New Listings and IPOs - During the week, there was one IPO on the BSE, with no new stocks listed[36] Risks - There is a noted risk of further pullback in BSE stock performance, particularly following the historical high of the BSE 50 Index on September 8, 2025[38]

Investment Rating - The report indicates a cautious outlook on the industry, suggesting a focus on structural opportunities despite recent adjustments in the new energy sector [4]. Core Insights - The market is experiencing a significant structural divergence, with new stocks and specialized sectors showing resilience, while traditional sectors like new energy are under pressure [4]. - The North Exchange is positioned as a key platform for innovative small and medium enterprises, benefiting from ongoing policy support and regional industrial advantages [4]. - Short-term index adjustments are primarily driven by heavyweight sectors, but long-term prospects remain positive for niche leaders with technological barriers [4]. Summary by Sections Market Review - On November 18, the North Exchange A-share trading volume reached 201.0 billion, an increase of 4.2 billion from the previous trading day, with the North 50 Index closing at 1481.82, down 2.92% [2][9]. - Among 283 companies listed, 31 saw gains, 4 remained flat, and 248 experienced declines, with the top gainers being Beikang Detection (295.5%), Meideng Technology (22.8%), and others [2][18]. - The top decliners included Lingge Technology (-9.8%), Luqiao Information (-9.5%), and others [2][19]. Important News - Arm and NVIDIA are collaborating to promote NVLink, aiming to establish industry standards for AI chip interconnectivity [3][20]. - Huawei is set to unveil the Mate 80 series and the new Kirin 9030 chip on November 25 [3][21]. Key Company Announcements - Hanxin Technology received a patent for a digital twin-based optimization method [3][22]. - Ruihua Technology also announced a patent for a dehydration reaction method in BDO refining [3][24].

Core Viewpoint - Tianhong Lithium Battery (920252) experienced a 4.74% increase in stock price with a trading volume of 528 million yuan and a turnover rate of 21.36% on the day of reporting [2] Trading Data Summary - The stock was listed on the龙虎榜 due to its turnover rate reaching 21.36%, with institutional net selling amounting to 6.8257 million yuan [2] - The top five trading departments had a combined transaction volume of 115 million yuan, with buying amounting to 46.812 million yuan and selling amounting to 67.8157 million yuan, resulting in a net selling of 21.0037 million yuan [2] - Among the trading departments, one institutional specialized seat was present, with a buying amount of 10.3658 million yuan and a selling amount of 17.1915 million yuan, leading to a net selling of 6.8257 million yuan [2] Historical Performance - Over the past six months, the stock has appeared on the龙虎榜 11 times, with an average price increase of 0.47% the day after being listed and an average decline of 0.65% in the following five days [2]

Core Insights - Tianhong Lithium Battery (920252) experienced significant trading activity on November 17, 2025, with a turnover rate of 21.36% and a trading volume of 14.57 million shares, amounting to a transaction value of 528 million yuan [1][2]. Trading Activity - The stock was listed on the Longhu List due to its high turnover rate [1]. - The top buying seat was an institutional account, purchasing approximately 10.37 million yuan worth of shares [2]. - The top selling seat was also an institutional account, selling approximately 17.19 million yuan worth of shares [2]. Detailed Trading Data - The trading data shows various brokerage firms involved in both buying and selling activities, with significant amounts transacted by institutional accounts [2]. - Specific buying and selling amounts from different brokerage firms were detailed, indicating a mix of institutional and retail trading [2].

Investment Rating - The report indicates a positive investment sentiment towards the North Exchange market, particularly in the new energy sector, suggesting a potential for growth and investment opportunities [4][27]. Core Insights - The North Exchange A-share trading volume reached 23.87 billion yuan on November 13, 2025, an increase of 3.952 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1529.62, up 2.62% [8][4]. - A total of 282 companies were listed on the North Exchange, with 229 stocks rising, 9 remaining flat, and 44 declining. The top five gainers included Tianhong Lithium Battery (30.0%), Meideng Technology (13.6%), and Derui Lithium Battery (12.1%) [18][4]. - The report highlights that the new energy industry chain performed strongly, with significant contributions from lithium battery chemicals and diversified chemical sectors, indicating a robust market interest [4][21]. Summary by Sections Market Review - On November 13, 2025, the North Exchange A-share trading volume was 23.87 billion yuan, marking a 39.52 billion yuan increase from the previous day. The North Exchange 50 Index closed at 1529.62, reflecting a 2.62% increase, with a PE_TTM of 72.59 [8][4]. - The North Exchange specialized index closed at 2531.88, up 1.86% [8]. Stock Performance - Among the 282 companies, 229 saw an increase in stock prices, while 44 experienced declines. The top five gainers were Tianhong Lithium Battery (30.0%), Meideng Technology (13.6%), and Derui Lithium Battery (12.1%) [18][4]. - Conversely, the top five decliners included Ruixing Co. (-4.7%) and Chicheng Co. (-3.5%) [18][4]. Investment Recommendations - The report suggests that the North Exchange market is experiencing heightened activity, driven by increased investor interest in the new energy sector. The report emphasizes the long-term investment value of companies in specialized and innovative sectors [4][27]. - The report notes that the global monetary easing cycle continues, favoring small-cap stocks, which aligns with the characteristics of companies listed on the North Exchange [4].

Core Viewpoint - Tianhong Lithium Battery (920252) experienced a significant decline of 9.23% in its stock price, with a trading volume turnover rate of 26.29% and a total transaction value of 639 million yuan on the day of reporting [2] Trading Activity Summary - The stock was listed on the "Dragon and Tiger List" due to its turnover rate reaching 26.29%, with institutional investors net buying 5.1972 million yuan [2] - The top five trading departments accounted for a total transaction value of 155 million yuan, with a net buying amount of 8.4697 million yuan after a buying transaction of 81.5053 million yuan and selling transaction of 73.0355 million yuan [2] - Among the trading departments, one institutional specialized seat was noted, with a buying amount of 17.0221 million yuan and a selling amount of 11.8249 million yuan, resulting in a net buying of 5.1972 million yuan [2] Historical Performance - Over the past six months, the stock has appeared on the "Dragon and Tiger List" 10 times, with an average price drop of 0.01% the day after being listed and an average decline of 1.73% over the following five days [2]

Core Insights - Tianhong Lithium Battery (920252) experienced significant trading activity on November 14, 2025, with a turnover rate of 26.29% and a trading volume of 17.94 million shares, amounting to a total transaction value of 639 million yuan [1][2]. Trading Activity - The top buying entity was Guosen Securities Co., Ltd. Shenzhen Hongling Middle Road Securities Business Department, purchasing shares worth approximately 19.78 million yuan [1][2]. - The leading selling entity was Guojin Securities Co., Ltd. Shenzhen Branch, selling shares valued at around 18.80 million yuan [1][2]. - Other notable trading activities included institutional investors and various securities firms participating in both buying and selling, indicating a diverse trading environment [2].

Market Overview - The battery sector experienced a decline of 2.11% on the previous trading day, with Tianhong Lithium leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Notable gainers in the battery sector included: - Zhongyi Technology (301150) with a closing price of 52.28, up 19.99% [1] - Baosheng Lithium Battery (688353) at 139.20, up 16.00% [1] - Honggong Technology (301662) at 137.07, up 12.74% [1] - Conversely, significant decliners included: - Tianhong Lithium (920252) at 34.80, down 9.23% [2] - Xiongtao Co. (002733) at 22.71, down 7.04% [2] - Shangtai Technology (001301) at 101.00, down 7.00% [2] Capital Flow - The battery sector saw a net outflow of 4.019 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.968 billion yuan [2] - The top stocks by net inflow from institutional investors included: - Xian Dao Intelligent (300450) with a net inflow of 9.31 million yuan [3] - Zhongyi Technology (301150) with a net inflow of 2.26 million yuan [3] - Fengyuan Co. (002805) with a net inflow of 1.35 million yuan [3]