Core Viewpoint - The AI Fund Huashang New Energy Vehicle Mixed A (013886) reported a profit of 28.387 million yuan for Q4 2025, with a weighted average profit per fund share of 0.0407 yuan. The fund's net value growth rate was 6.86%, and its total size reached 448 million yuan by the end of Q4 2025 [2][15]. Fund Performance - As of January 22, the unit net value of the fund was 0.659 yuan. The fund manager, Chen Xiaoqiong, oversees three funds, all of which have shown positive returns over the past year. The highest growth rate among these funds was 105.95% for Huashang High-end Equipment Manufacturing Stock A, while the lowest was 56.95% for Huashang New Energy Vehicle Mixed A [2][3]. Market Overview - In Q4 2025, the A-share market experienced fluctuations, with the Shanghai Composite Index oscillating between 3,800 and 4,030 points, briefly surpassing the 4,000-point mark in October. The Shanghai Composite Index, CSI 300, ChiNext Index, and STAR Market Index saw respective changes of 2.22%, -0.23%, -1.08%, and 10.1% [3]. Investment Strategy - The fund's investment strategy focuses on two main themes: growth and quality. Growth investments are centered around sectors such as lithium batteries, energy storage, solid-state batteries, and AIDC power equipment, with an emphasis on tracking industry developments and selective stock picking. The quality investments are directed towards assets with strong competitive advantages and sustainable profitability [3]. Fund Rankings - As of January 22, the fund's performance over various time frames ranked as follows among comparable funds: 20.14% growth over the last three months (40/621), 51.01% over the last six months (54/621), 56.95% over the last year (141/613), and -24.00% over the last three years (524/535) [3]. Risk Metrics - The fund's Sharpe ratio over the last three years was 0.0231, ranking 495 out of 526 comparable funds. The maximum drawdown during this period was 60.46%, with the largest single-quarter drawdown occurring in Q1 2024 at 32.7% [9][11]. Portfolio Composition - The average stock position of the fund over the last three years was 87.3%, slightly above the comparable average of 85.83%. The fund reached its highest stock position of 92.85% at the end of Q3 2025 and its lowest of 74.26% at the end of H1 2024 [14]. Top Holdings - As of the end of Q4 2025, the fund's top ten holdings included Ningde Times, Sunshine Power, Tianci Materials, Duofluor, Huasheng Lithium, Huayou Cobalt, Guocheng Mining, Xian Dao Intelligent, Penghui Energy, and Nord Shares [18].

Core Viewpoint - The article highlights the transformation of Panzhihua, a city in Sichuan, from a historically industrial town to a leading economic area, driven by its rich vanadium-titanium resources and strategic investments in industrial development [6][7][9]. Group 1: Panzhihua's Economic Transformation - Panzhihua has become the city with the highest per capita GDP in Sichuan, challenging previous stereotypes of being remote and underdeveloped [6]. - The city is recognized as the only city-level common prosperity pilot zone in the country, addressing common challenges faced by resource-based industrial cities [9]. - A significant investment of 5 billion RMB was made to establish a vanadium-titanium industry development fund, marking a strategic move to promote industrial growth [8]. Group 2: New Fund Establishments - A new venture capital partnership was established in Shanghai with a total investment of 2.75 billion RMB, involving major players like Jianxin Investment and SAIC [12]. - The establishment of the "Beijing Shouchang Future Intelligent Manufacturing Industry Fund" with a capital of 200 million RMB aims to support private equity investment and venture capital management [14]. - The "Dehua County Industry Guidance Mother Fund" has been approved with a total scale of 2 billion RMB, focusing on various sub-funds to enhance local industrial development [17]. Group 3: Sector-Specific Funds - The "Guangxi Yuchai Doubling Phase I Industry Development Fund" has been established with a total scale of 1 billion RMB, focusing on the core diesel engine industry chain [25]. - The "Hubei Hongtai New Industry Investment Fund" has been set up with a total scale of 1 billion RMB, targeting strategic emerging industries in Hubei [23]. - The "Anhui Pet Industry Fund" has launched with an initial scale of 200 million RMB, focusing on various segments of the pet industry, aiming for a market scale of over 5 billion RMB by 2027 [18].

（编辑 任世碧） 证券日报网讯 1月15日，诺德股份发布公告称，公司于2025年7月3日召开第十届董事会第四十三次会 议，审议通过了《关于出售全资子公司部分股权暨签订股权转让协议的议案》，公司将出售全资子公司 江苏联鑫电子工业有限公司（简称"江苏联鑫"）70%的股权给江苏吉岛新材料科技有限公司（简称"江 苏吉岛"），交易对价为人民币7，000万元。截至本公告日，公司已收到江苏吉岛按《股权转让协议》 约定支付的股权转让价款共人民币7，000万元，《股权转让协议》约定的交割先决条件已满足，本次交 易已完成交割。近日，江苏联鑫已完成上述股权转让的工商变更登记手续。变更完成后，公司持有江苏 联鑫30%的股权，江苏联鑫不再纳入公司合并报表范围。 ...

证券代码：600110 证券简称：诺德股份 公告编号：临 2026-004 诺德新材料股份有限公司 关于出售全资子公司部分股权进展暨完成工商变更 登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 一、交易概述 特此公告。 诺德新材料股份有限公司董事会 2026 年 1 月 16 日 诺德新材料股份有限公司（以下简称"公司"）于 2025 年 7 月 3 日召开第 十届董事会第四十三次会议，审议通过了《关于出售全资子公司部分股权暨签订 股权转让协议的议案》，公司将出售全资子公司江苏联鑫电子工业有限公司（以 下简称"江苏联鑫"）70%的股权给江苏吉岛新材料科技有限公司（以下简称"江 苏吉岛"），交易对价为人民币 7,000 万元，具体内容详见公司于 2025 年 7 月 4 日在上海证券交易所网站（www.sse.com.cn）发布的《诺德新材料股份有限公 司关于出售全资子公司部分股权暨签订股权转让协议的公告》（公告编号：临 2025-049）。 二、进展情况 截至本公告日，公司已收到江苏吉岛按《股权转让协议》约定支付的 ...

Group 1 - The core viewpoint of the article highlights the strategic partnership between Guoxuan High-Tech and Nord Holdings, marked by a procurement framework contract worth approximately 1.8 billion yuan for the year 2026 [1][3] - The collaboration between Nord Holdings and Guoxuan High-Tech began in 2010, evolving into a significant relationship where Nord Holdings has become a core supplier of ultra-thin copper foil products [3] - Nord Holdings has also begun supplying nickel-plated alloy foil samples to Guoxuan High-Tech and is collaborating on solid-state battery technology development, indicating a deepening of their partnership [3] Group 2 - Nord Holdings received the "2025 Annual Excellence Supplier Award" from Guoxuan High-Tech, recognizing its outstanding supply performance [1] - The procurement agreement signifies a transition from exploratory collaboration to a deeper mutual trust between the two companies [3]

Group 1 - The core viewpoint of the report is that global lithium battery demand is expected to grow at a rate of 26% year-on-year by 2026, driven by both power storage and electric vehicle sectors [1][4] - In the electric vehicle sector, the registration of global electric vehicles reached 17.1 million units from January to October 2025, representing a year-on-year increase of 25.5%, primarily due to the resumption of subsidies in Europe and vehicle replacement policies in China [1][4] - The global energy storage battery shipments reached 428 GWh from January to September 2025, showing a significant year-on-year increase of 90.7%, supported by the scaling of independent storage projects in China and market demand in the U.S. [1][4] Group 2 - The lithium battery materials supply side is undergoing optimization due to previous overcapacity leading to low-price competition, resulting in many companies facing continuous losses and high debt levels [2][3] - Companies are focusing on improving existing production efficiency and cost optimization rather than blind expansion, leading to a significant weakening of expansion capabilities and intentions among lithium battery material companies [2][3] - The tightening of environmental policies and energy consumption controls is raising industry entry barriers, causing smaller companies to exit the market, thus enhancing the rigidity of supply constraints [2][3] Group 3 - Technological upgrades are driving supply-side optimization, with advancements in high-pressure lithium iron phosphate and high-strength separators, which require higher production precision and R&D investment [3][4] - Leading companies are leveraging continuous R&D investment to scale up high-end product capacity, while smaller firms struggle to upgrade their products and processes, leading to market elimination [3][4] - The supply structure is evolving towards a "few but excellent" model, with resources concentrating on leading enterprises, which is expected to restore market share and profitability for these companies [3][4] Group 4 - The report indicates a strong certainty of profit recovery in lithium battery materials, driven by supply-side constraints, high demand growth, and industry restructuring [4] - The consensus among companies to scientifically release capacity has led to a continued limitation of supply over the next 1-2 years, while demand is experiencing rapid growth from both power storage and electric vehicle sectors [4] - Core material prices, such as lithium hexafluorophosphate, have started to rebound, and the overall capacity utilization rate in the industry is expected to continue its upward trend in 2026 [4] Group 5 - Investment recommendations suggest prioritizing attention on lithium hexafluorophosphate and lithium iron phosphate sectors, with specific companies like Tianqi Materials and Hunan Youneng being highlighted [5] - Other companies to watch include Duofu Technology, Fulian Precision, Longpan Technology, Defang Nano, Tianji Co., Shida Shenghua, and Wanrun New Energy, particularly in the context of price recovery [5] - For long-cycle, heavy-asset sectors like copper foil and separators, companies such as Enjie, Xingyuan Materials, Fusheng Technology, Defu Technology, Jiayuan Technology, and Nord are recommended for attention [5]

Core Viewpoint - The establishment of the Kaibo Nord Advanced Energy Storage Private Equity Investment Fund marks a significant investment initiative in the energy storage sector, with a focus on independent storage and commercial energy storage projects [2][3]. Group 1: Fund Details - The fund has successfully completed registration with the China Fund Industry Association, with an initial scale of 400 million yuan [2]. - The fund is jointly initiated by Kaibo Capital, Zhongchuang Innovation, Nord Shares, and Huizhou Nord Shengshi New Energy Co., Ltd. [2]. Group 2: Investment Focus - The fund will primarily invest in independent energy storage, commercial energy storage, solar-storage charging zero-carbon park projects, and high-quality energy storage equity projects [3]. - Previous investments by Kaibo Capital include strategic investments in Nord Shares' subsidiary, with a 15% stake acquired in Nord Smart Energy Management Co., Ltd. [3]. Group 3: Strategic Partnerships - The new fund represents a continuation and deepening of the long-term strategic partnership between Zhongchuang Innovation and Nord Shares [3]. - A supply framework agreement was signed between Zhongchuang Innovation and a subsidiary of Nord Shares, committing to supply 373,000 tons of lithium battery copper foil from 2026 to 2028, with an estimated value of nearly 40 billion yuan [3]. Group 4: Company Background - Kaibo Capital was established in 2021 and was previously known as Kaibo (Hainan) Private Fund Management Co., Ltd. Its business scope includes private equity fund management and venture capital fund management services [3].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600110 证券简称：诺德股份 公告编号：临2026-003 诺德新材料股份有限公司 一、合作投资基本概述 2025年12月1日，诺德新材料股份有限公司（以下简称"公司"）孙公司惠州诺德晟世新能源有限公司 （以下简称"惠州诺德晟世"）、深圳诺德智慧鑫创能源有限公司（以下简称"诺德智慧鑫创能源"）与中 创新航智慧能源科技有限公司（以下简称"中创新航智慧能源"）、凯博（湖北）私募基金管理有限公司 （以下简称"凯博资本"）签订《凯博诺德先进储能（湖北）私募股权投资基金合伙企业（有限合伙）合 伙协议》，共同投资设立凯博诺德先进储能（湖北）私募股权投资基金合伙企业（有限合伙）（以下简 称"产业基金"）；其中惠州诺德晟世拟出资人民币100万元，占比0.25%，担任普通合伙人，诺德智慧鑫 创能源拟出资1.99亿元，占比49.75%，担任有限合伙人，凯博资本拟出资人民币100万元，占比0.25%， 担任普通合伙人，中创新航智慧能源拟出资1.99亿元，占比49.75%，担任有限合伙人。具体内容详见公 司于2025年12月2日在上海证券交易所网站（www.sse.co ...

Market Size and Forecast - The global lithium battery copper foil sales are expected to reach 1.487 million tons by 2025, driven by the growth in demand for downstream power batteries and energy storage batteries, representing a year-on-year increase of 49.1%. By 2030, the global lithium battery copper foil market size is projected to reach 4.184 million tons [2]. Price Trends and Forecast - From 2021 to 2035, the global lithium battery copper foil prices are generally expected to decline, with significant volatility. In 2025, the average price is projected to rebound to approximately 96,000 yuan per ton. The price trend from 2026 to 2027 is anticipated to show an "initial increase followed by high-level fluctuations," before entering a downward cycle. The growth factors include: 1) Increased demand from power and energy storage batteries leading to a surge in copper foil usage; 2) Rising costs of raw materials like copper and processing fees; 3) Long expansion cycles in the copper foil industry resulting in insufficient new supply [4]. 2025 Top 10 Lithium Battery Copper Foil Suppliers in China - The top 10 companies in terms of lithium battery copper foil shipments in China for 2025 are: 1. Defu Technology 2. Longdian Huaxin 3. Jiayuan Technology 4. Nord Shares 5. Huachuang New Materials 6. Zhongyi Technology 7. Tongguan Copper Foil 8. Jiangxi Copper Technology 9. Jiangxi Copper Industry 10. Far East Shares [7][8].

证券代码：600110 证券简称：诺德股份 公告编号：临 2026-003 诺德新材料股份有限公司 关于孙公司参与投资设立的产业基金完成备案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 一、合作投资基本概述 2025 年 12 月 1 日，诺德新材料股份有限公司（以下简称"公司"）孙公司惠州 诺德晟世新能源有限公司（以下简称"惠州诺德晟世"）、深圳诺德智慧鑫创能源有 限公司（以下简称"诺德智慧鑫创能源"）与中创新航智慧能源科技有限公司（以下 简称"中创新航智慧能源"）、凯博（湖北）私募基金管理有限公司（以下简称"凯 博资本"）签订《凯博诺德先进储能（湖北）私募股权投资基金合伙企业（有限合伙） 合伙协议》，共同投资设立凯博诺德先进储能（湖北）私募股权投资基金合伙企业 （有限合伙）（以下简称"产业基金"）；其中惠州诺德晟世拟出资人民币 100 万元， 占比 0.25%，担任普通合伙人，诺德智慧鑫创能源拟出资 1.99 亿元，占比 49.75%，担 任有限合伙人，凯博资本拟出资人民币 100 万元，占比 0.25%，担任普 ...