Core Viewpoint - Energy storage concept stocks are rising against the market trend, driven by the significant increase in lithium hexafluorophosphate prices and supportive government policies for renewable energy consumption [1] Group 1: Stock Performance - Longpan Technology (603906) increased by 12.88%, trading at 14.99 HKD - Ruipu Lanjun (00666) rose by 7.47%, trading at 16.26 HKD - Zhongchuang Xinhang (03931) gained 5.14%, trading at 33.98 HKD - Zhengli New Energy (03677) saw a 2.92% increase, trading at 9.86 HKD [1] Group 2: Price Trends - Lithium hexafluorophosphate is experiencing a "daily pricing" trend, with some market quotes reaching 150,000 CNY per ton, and mainstream transaction prices have doubled since mid-October [1] - The price increase is spreading throughout the lithium battery supply chain, affecting electrolyte additives such as VC (Vinylene Carbonate) and FEC (Fluoroethylene Carbonate) [1] Group 3: Government Policies - On November 10, the National Development and Reform Commission and the National Energy Administration released guidelines to promote renewable energy consumption and regulation [1] - Guotai Junan's research report indicates that the future nationwide promotion of capacity pricing mechanisms may enhance the economic viability of energy storage in more provinces, leading to significant growth in the sector [1] - The introduction of discharge compensation for energy storage in Inner Mongolia is expected to greatly stimulate energy storage demand by 2026 [1]

Core Viewpoint - The energy storage sector is experiencing a significant rise in stock prices, driven by soaring lithium hexafluorophosphate prices and supportive government policies [1] Group 1: Stock Performance - Dragon Power Technology (02465) increased by 12.88%, reaching HKD 14.99 [1] - Ruipu Lanjun (00666) rose by 7.47%, reaching HKD 16.26 [1] - Zhongchuang Innovation (03931) gained 5.14%, reaching HKD 33.98 [1] - Zhengli New Energy (03677) increased by 2.92%, reaching HKD 9.86 [1] Group 2: Lithium Price Surge - Lithium hexafluorophosphate prices are fluctuating daily, with some market quotes reaching CNY 150,000 per ton, and mainstream transaction prices have doubled since mid-October [1] - The price increase is impacting the entire lithium battery supply chain, with significant attention on the rising costs of electrolyte additives VC (Vinylene Carbonate) and FEC (Fluoroethylene Carbonate) [1] Group 3: Government Policies and Future Demand - On November 10, the National Development and Reform Commission and the National Energy Administration released guidelines to promote renewable energy consumption and regulation [1] - According to Guotai Junan's research report, the nationwide promotion of capacity pricing mechanisms is expected to enhance the economic viability of energy storage in more provinces, leading to high growth in the sector [1] - The introduction of discharge compensation for energy storage in Inner Mongolia is anticipated to significantly stimulate energy storage demand by 2026 [1]

Group 1 - The stock of Zhengli New Energy (03677.HK) rose nearly 5% in the afternoon trading session, with a current increase of 3.08%, priced at 10.04 HKD per share [1] - The trading volume reached 44.65 million HKD [1]

Core Viewpoint - Zhengli New Energy (03677) is experiencing a stock price increase, attributed to upcoming industry events and advancements in solid-state battery technology [1] Group 1: Company Developments - Zhengli New Energy's stock rose nearly 5%, currently trading at 10.04 HKD with a trading volume of 44.65 million HKD [1] - The company is set to launch its 100 MWh solid-state battery pilot line in the first half of 2026, marking a significant step towards industrialization of solid-state batteries [1] - The company is developing a diverse product portfolio driven by market demand and technology, including lithium iron phosphate and ternary materials for various applications such as electric vehicles, electric aircraft, and electric ships [1] Group 2: Market Position and Projections - In 2024, Zhengli New Energy is projected to capture a 2.0% market share in domestic installations of lithium iron phosphate batteries and 1.8% in PHEV batteries [1] - The company is expected to dominate the domestic market for HEV battery packs, with a market share exceeding 70% in collaboration with New Zhongyuan Toyota [1] - The company is noted for its strong customer resources, intelligent manufacturing capabilities, and cost control advantages, indicating a turning point in its fundamentals [1]

Core Viewpoint - Zhengli New Energy (03677) is experiencing a stock price increase, attributed to upcoming industry events and advancements in solid-state battery technology [1] Group 1: Company Developments - Zhengli New Energy's stock rose nearly 5%, currently trading at 10.04 HKD with a transaction volume of 44.65 million HKD [1] - The company is set to launch its 100MWh solid-state battery pilot line in the first half of 2026, marking a significant step towards industrialization of solid-state batteries [1] Group 2: Industry Insights - The 12th China (Suzhou) International Summit on Battery New Energy Industry will take place from November 11-13, indicating a busy week for the solid-state battery sector [1] - CITIC Securities predicts that the solid-state battery industry will see a surge in new technologies due to the upcoming conferences [1] Group 3: Market Position and Projections - According to CICC, Zhengli New Energy is developing a diverse product portfolio driven by market demand and technology, covering various battery types and applications [1] - The company is projected to achieve a 2.0% market share in domestic installations of lithium iron phosphate batteries and 1.8% in PHEV batteries by 2024 [1] - New Zhongyuan Toyota's HEV battery pack is expected to capture over 70% of the domestic market share [1] - The company is noted for its strong customer base, smart manufacturing, and cost control advantages, indicating a turning point in its fundamentals [1]

Investment Highlights - Company is covered for the first time by CICC with an "outperform" rating and a target price of HKD 11.40, based on a PE valuation method corresponding to a multiple of 26.0x for 2026. The company is recognized as a leading manufacturer of power and energy storage batteries in China [1] - The penetration rate of new energy vehicles continues to rise, with emerging application scenarios opening up growth opportunities. According to Frost & Sullivan, it is expected that China's power battery installation will reach 1,961.4 GWh by 2029, with a CAGR of 29.0% from 2024 to 2029. Additionally, the demand for energy storage, electric ships, and electric aircraft is rapidly growing, creating long-term growth potential for lithium batteries [1] - The company offers a comprehensive product portfolio to meet diverse customer needs, developing multi-path product combinations driven by market demand and technology. The company covers various material types such as lithium iron phosphate and ternary materials, as well as multiple power types like BEV and PHEV, across applications including electric vehicles, electric aircraft, and electric ships. In 2024, the company's domestic installation share for lithium iron phosphate power batteries is projected to be 2.0%, while the share for PHEV batteries is 1.8%, and the market share for the HEV battery pack of New Zhongyuan Toyota exceeds 70% [1] Company Fundamentals - The company is experiencing a turning point in its fundamentals, leveraging flexible manufacturing to achieve high utilization rates and cost control advantages. Despite smaller revenue and shipment scale compared to second and third-tier battery manufacturers, the company is leading the way in fundamental improvements. Looking ahead, the company is expected to continue expanding its customer base and further release scale effects, driving sustained profit improvement [2] - The company has crossed the threshold of scalable profitability, with profitability expected to steadily increase [2] - Potential catalysts for growth include the continuous acquisition of new orders and better-than-expected profit improvements [2] Earnings Forecast and Valuation - The company’s EPS is projected to be RMB 0.20 and RMB 0.40 for 2025 and 2026, respectively, with a CAGR of 236% from 2024 to 2026. The current stock price corresponds to a 21.2x P/E for 2026, while the company is given a 26.0x P/E for 2026, leading to a target price of HKD 11.40, indicating a potential upside of 20.6% [2]

中金发表报告，首次覆盖正力新能，给予"跑赢行业"评级，目标价11.4港元，基于市盈率估值法，对应 估值倍数26.0倍2026年市盈率。该行指，正力新能凭借丰富客户资源、智能制造及成本控制优势，公司 基本面迎拐点；往后看，看好依托汽车零部件基因和渠道优势，持续拓展客户，进一步释放规模效应， 带动盈利持续改善。 ...

Core Viewpoint - CICC initiates coverage on Zhengli New Energy (03677) with an "outperform" rating and a target price of HKD 11.40, indicating a potential upside of 20.6% based on a PE valuation method with a multiple of 26.0x for 2026 [1] Group 1: Company Performance and Projections - The company is a leading manufacturer of power and energy storage batteries in China, with projected EPS of CNY 0.20 and CNY 0.40 for 2025 and 2026 respectively, reflecting a CAGR of 236% from 2024 to 2026 [1] - The company has crossed the inflection point of scalable profitability, with expectations for steady improvement in profitability [1] Group 2: Industry Growth and Market Opportunities - The penetration rate of new energy vehicles is continuously increasing, with the Chinese power battery installation expected to grow to 1,961.4 GWh by 2029, corresponding to a CAGR of 29.0% from 2024 to 2029 [2] - Emerging application scenarios such as energy storage, electric ships, and electric aircraft are rapidly growing, opening long-term growth opportunities for lithium batteries [2] - The company is well-positioned to benefit from the growth of second and third-tier battery manufacturers leveraging multi-technology and multi-market strategies [2] Group 3: Product Diversification and Customer Demand - The company develops a multi-path product portfolio driven by market demand and technology, covering various materials and power types, including BEV and PHEV, as well as applications in electric vehicles, electric aircraft, and electric ships [3] - The domestic market share for the company's lithium iron phosphate power batteries is projected to be 2.0% in 2024, with PHEV battery market share at 1.8%, and over 70% market share for the HEV battery pack in collaboration with New Zhongyuan Toyota [3] Group 4: Competitive Advantages and Future Outlook - The company benefits from flexible manufacturing leading to high utilization rates and cost control advantages, positioning it favorably among second and third-tier battery manufacturers despite smaller revenue and shipment scales [4] - The company is expected to continue expanding its customer base and releasing scale effects, driving sustained profitability improvements [4]

消息面上，进入11月份，六氟磷酸锂价格涨势依旧。Wind资讯数据显示，11月7日，六氟磷酸锂报价为 12.15万元/吨，相较于10月31日的10.75万元/吨，涨幅达13.02%。相较于9月30日的6.10万元/吨，涨幅高 达99.18%。中关村物联网产业联盟副秘书长袁帅表示："储能电池与动力电池市场需求呈爆发式增长， 带动电解液采购量显著攀升，而六氟磷酸锂恰是锂离子电池电解液的核心材料。这是推动六氟磷酸锂价 格走出低谷、迎来新一轮景气周期的关键因素。" 开源证券此前指出，自9月中旬以来，六氟磷酸锂价格便开启快速上行通道。短期内，市场供应紧平衡 状态可能持续至2026年，价格仍有上行空间。该行认为六氟磷酸锂价格的快速上行有可能意味着部分锂 电材料的供需矛盾已经得到缓解，并有望迎来涨价周期。 智通财经APP获悉，锂业股早盘走高，截至发稿，赣锋锂业(01772)涨6.64%，报56.2港元；天齐锂业 (09696)涨4.57%，报54.95港元；正力新能(03677)涨4.02%，报9.83港元。 ...

致：香港交易及結算所有限公司 公司名稱: 江蘇正力新能電池技術股份有限公司 呈交日期: 2025年11月5日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03677 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,439,372,739 | RMB | | 1 RMB | | 1,439,372,739 | | 增加 / 減少 (-) | | | 45,921,000 | | | RMB | | 45,921,000 | | 本月底結存 | | | 1,485,293,739 | RMB | | 1 RMB | | 1,485,293,739 ...