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12月3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11月30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 | | | 1,485,293,739 | RMB | | 1 | RMB | | 1,485,293,739 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 1,485,293,739 | RMB | | 1 | RMB | | 1,485,293,739 ...

Group 1 - Lithium stocks showed a rebound, with Ganfeng Lithium rising 4.44% to HKD 61.1, Tianqi Lithium up 4.34% to HKD 55.34, and Longpan Technology increasing by 3.88% to HKD 15 [1][1][1] - The 15th High-Performance Lithium Battery Conference opened in Shenzhen on November 18, where the chairman of Gaogong Lithium Battery, Zhang Xiaofei, projected that China's lithium battery shipments will see over a threefold increase from 2025 to 2035 [1][1][1] - According to Gaogong Industry Research (GGII), the period from 2027 (or 2028) to 2030 will be crucial for the large-scale construction of GWh-level capacity in the all-solid-state lithium battery industry [1][1][1] Group 2 - CITIC Securities indicated that the sustained growth in energy storage demand will lead to a price increase across the entire lithium battery supply chain, significantly improving the supply-demand fundamentals of lithium carbonate [1][1][1] - Static forecasts suggest that global lithium resource supply will reach 2.089 million tons and consumption will be 2.004 million tons in 2026, resulting in a surplus of only 85,000 tons, which is a reduction compared to 2025 [1][1][1] - Considering the inventory buildup in the industry chain, a structural shortage of lithium is expected in 2026, with lithium prices shifting from being supply-driven to demand-driven [1][1][1]

Core Viewpoint - Lithium battery stocks are experiencing a rebound, with significant price increases observed in several companies, driven by optimistic industry forecasts and demand growth [1] Group 1: Stock Performance - Ganfeng Lithium (01772) increased by 4.44%, reaching HKD 61.1 - Tianqi Lithium (09696) rose by 4.34%, reaching HKD 55.34 - Longpan Technology (02465) saw a 3.88% increase, reaching HKD 15 - Zhengli New Energy (03677) increased by 2.73%, reaching HKD 9.41 - CATL (03750) rose by 1.69%, reaching HKD 512.5 [1] Group 2: Industry Outlook - The 15th High-Performance Lithium Battery Conference is taking place in Shenzhen, with expectations of over threefold growth in China's lithium battery shipments from 2025 to 2035 [1] - GGII's latest analysis indicates that the period from 2027 (or 2028) to 2030 will be crucial for the large-scale construction of GWh-level solid-state lithium battery capacity [1] Group 3: Market Dynamics - CITIC Securities highlights that the ongoing strength in energy storage demand will lead to a price increase across the entire lithium battery supply chain, significantly improving the supply-demand fundamentals for lithium carbonate [1] - Static forecasts predict global lithium resource supply will reach 2.089 million tons and consumption will be 2.004 million tons in 2026, resulting in a surplus of only 85,000 tons, which is a reduction compared to 2025 [1] - Considering inventory adjustments, a structural shortage of lithium is expected in 2026, shifting the price driver from supply pressure to demand-driven increases [1]

Group 1: Solar and Energy Stocks - Solar stocks showed recovery with New Special Energy (01799) up 4.99%, Flat Glass (06865) up 3.25%, Xinyi Solar (00968) up 3.75%, and GCL-Poly Energy (03800) up 2.27%. The China Photovoltaic Industry Association stated that rumors about a polysilicon storage platform were false, aiming to malign the industry [1][2] - Energy storage concept stocks rose against the trend, with Longpan Technology (02465) up 17.09%, Ruipu Lanjun (00666) up 15.2%, and Zhongxin Innovation (03931) up 9.22%. Lithium hexafluorophosphate prices have surged, with some market quotes reaching 150,000 yuan/ton, doubling since mid-October [1] Group 2: Oil and Gas Stocks - Oil stocks collectively declined, with CNOOC (00883) down 3.14%, CNOOC Services (02883) down 2.98%, PetroChina (00857) down 2.09%, and Sinopec (00386) down 1.79%. OPEC's monthly report indicated a slight oversupply in the oil market by 2026, contrasting previous predictions of sustained demand [2] Group 3: Steel and Mining Stocks - Steel stocks saw a midday surge, with Maanshan Iron & Steel (00323) up 7.09%, Ansteel (00347) up 2.26%, and Chongqing Iron & Steel (01053) up 2.13%. The Simandou project in Guinea, which has the potential to become the fifth-largest mine globally, has commenced production [2] Group 4: Airline and Transportation Stocks - Southern Airlines (01055) rose over 3.9% after reporting a 2.2% year-on-year increase in revenue for the first three quarters of 2025 [2] Group 5: Biotechnology and Pharmaceuticals - Gilead Sciences (01672) increased over 5.7% as it announced the clinical development of new drugs ASC36 and ASC35 [3] - Zai Lab (02509) rose over 8.4% after announcing plans for continued related transactions for the commercialization of QX001S from 2026 to 2028 [4] Group 6: Gold Stocks - Gold stocks collectively rose, with China Gold International (02099) up 5.99%, Jihai Resources (02489) up 7.3%, and Lingbao Gold (03330) up 4.47%. Gold prices have surpassed $4,100 and are testing the $4,200 resistance level [4] Group 7: US Market Movements - Major tech stocks in the US fell, with Meta Platforms (META.US) down over 2.8%, Tesla (TSLA.US) down over 2%, and Amazon (AMZN.US) down over 1.9% [5] - Eli Lilly (LLY.US) rose 2.95%, reaching a historical high, after announcing a deal to lower GLP-1 drug prices to $245 per month, potentially opening a new market of 30 million people [5] - The US airline service sector saw gains, with United Airlines (UAL.US) up 5.29% and American Airlines (AAL.US) up 3.62%, as the government is expected to reopen soon [5] Group 8: Nuclear Energy Stocks - US nuclear energy stocks rose, with Oklo (OKLO.US) up 6.67% as the government plans to finance new nuclear power plants to meet the energy demands of AI development [6] Group 9: Company-Specific Developments - On Holding (ONON.US) surged over 17.9% after reporting Q3 net sales of 794.4 million Swiss francs, exceeding market expectations [7] - AMD (AMD.US) rose 9% as it projected a 35% annual growth rate in revenue over the next three to five years, driven by AI chip demand [7]

Core Viewpoint - The Hong Kong stock market is witnessing a rise in energy storage concept stocks, indicating positive investor sentiment in this sector [1] Company Performance - Longpan Technology (02465.HK) increased by 12.88%, reaching HKD 14.99 [1] - Ruipulan Jun (00666.HK) rose by 7.47%, trading at HKD 16.26 [1] - Zhongchuang Xinhang (03931.HK) saw a gain of 5.14%, priced at HKD 33.98 [1] - Zhengli New Energy (03677.HK) experienced a 2.92% increase, with a share price of HKD 9.86 [1]

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]