Investment Rating - The industry rating is "Outperform the Market" [6][54]. Core Insights - The low-altitude economy sector is currently experiencing a period of stagnation, with expectations for a rebound driven by industry catalysts and supportive policies [4][29]. - The focus for the low-altitude industry this year is on infrastructure development and the implementation of drone applications, which are seen as essential for the sector's growth [5][30]. - The market is awaiting significant policy support and advancements in the industry, with local governments actively working on practical measures such as airspace planning and low-altitude flight management [4][29]. Summary by Sections Market Review - The Wind Low Altitude Economy Index decreased by 0.55% this week, ranking 164 out of 338, underperforming the market as the Shanghai Composite Index rose by 0.21% [3][13]. - The top five gainers in the A-share and Hong Kong stock markets included: Kaizhong Co. (up 15.44%), Xingwang Yuda (up 11.84%), Shencheng Transportation (up 10.13%), Aerospace Nanhua (up 5.99%), and Zongheng Co. (up 5.78%) [3][16]. Industry Dynamics - Recent developments include strategic partnerships and policy announcements aimed at fostering the low-altitude economy, such as the signing of a cooperation agreement between Hefei City and a helicopter company, and the release of support policies for low-altitude economic development in Shanghai [33][36]. - The Guangdong low-altitude economy has reached a scale of over 100 billion, with more than 15,000 related enterprises, accounting for over 30% of the national low-altitude economy industry chain [37]. Investment Strategy - The report suggests focusing on infrastructure companies such as Les Information and Suzhou Planning, as well as drone-related companies like Jifeng Technology and Henghe Precision [6][32]. - The low-altitude industry is seen as having the potential for a rebound, with the right conditions and catalysts expected to drive growth in the coming months [4][29].

股票简称：凯众股份 股票代码：603037 债券简称：凯众转债 债券代码：113698 国泰海通证券股份有限公司 关于上海凯众材料科技股份有限公司 向不特定对象发行可转换公司债券 第二次临时受托管理事务报告 （2025 年度） 受托管理人 （住所：中国（上海）自由贸易试验区商城路 618 号） 二〇二五年九月 重要声明 本报告依据《可转换公司债券管理办法》《公司债券发行与交易管理办 法》《公司债券受托管理人执业行为准则》《上海凯众材料科技股份有限公司 （发行人）与国泰海通证券股份有限公司（受托管理人）之上海凯众材料科技 股份有限公司向不特定对象发行可转换公司债券受托管理协议》（以下简称 《受托管理协议》）等相关规定、公开信息披露文件以及上海凯众材料科技股 份有限公司（以下简称"公司"、"凯众股份"或"发行人"）出具的相关说 明文件以及提供的相关资料等，由受托管理人国泰海通证券股份有限公司（以 下简称"受托管理人"、"国泰海通"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜做出独立判断，而不应将本报告中的任何内容据以作为国泰海通所作的 承诺或声明。请投资者独立征询专业机构意见 ...

Group 1 - The core viewpoint of the news is that Kaizhong Co., Ltd. has shown a significant increase in stock price and trading activity, indicating investor interest and market performance [1][2]. - As of September 26, Kaizhong's stock price rose by 2.03% to 13.60 CNY per share, with a total market capitalization of 3.646 billion CNY [1]. - Year-to-date, Kaizhong's stock price has increased by 40.73%, with a recent 5-day increase of 11.66% [2]. Group 2 - Kaizhong Co., Ltd. specializes in the research, production, and sales of special damping components for chassis suspension systems and lightweight pedal assemblies, with main business revenue composition being 67.82% from damping components and 26.26% from pedal assemblies [2]. - As of June 30, the number of shareholders increased by 49.92% to 36,300, while the average circulating shares per person decreased by 6.62% to 7,342 shares [2]. - For the first half of 2025, Kaizhong reported operating revenue of 349 million CNY, a year-on-year increase of 0.89%, while net profit attributable to the parent company was 37.79 million CNY, a decrease of 15.20% year-on-year [2]. Group 3 - Kaizhong has distributed a total of 590 million CNY in dividends since its A-share listing, with 198 million CNY distributed over the past three years [3].

本期节目以"前沿产业的价值跨越"为主题，邀请云天励飞董事长兼 CEO 陈宁，凯众股份董事长杨 建刚，开普云副总裁、首席技术官杨春宇共同探讨前沿产业如何向场景化应用迈进，实现商业化提速 与价值跃升。同时邀请中证指数有限公司研究开发部副总监金迪，为投资者提供多视角的指数分析框 架。 此次活动实况记录将于 2025 年 9 月 26 日 15:00 在第一财经官网 /APP 同步上线，敬请期待。 为更好服务于中国资本市场深化改革，强化"投融两端同频共振"，上海证券交易所联合第一财经发 起《价值与投资》，践行理性投资、价值投资、长期投资理念，强化央国企、科创板企业等上市公司 的示范效应，深化买方机构与指数公司的专业赋能，为上市公司搭建精准传递投资价值的专业平台， 更为投资者提供"听得懂、信得过"的投资逻辑。 直播链接 ： https://yicai.smgbb.cn/live/102842131.html 在全球化竞争格局深度调整、创新范式加速迭代的当下，以硬科技为内核的" 高壁垒、原创性、引领 性" 前沿产业，正成为驱动新一轮科技革命与产业跃迁的战略支点。从推理芯片到存储芯片、从 AI 算法到大模型、从新材料到新能 ...

Core Viewpoint - The article highlights the strategic moves of Tianqi Materials in the lithium battery industry, focusing on large supply agreements, an upcoming IPO in Hong Kong, and advancements in solid-state technology as a comprehensive strategy to secure market position and future growth [3][8][12]. Group 1: Supply Agreements - Tianqi Materials has signed an 800,000-ton electrolyte supply agreement with Ruipu Lanjun, effective until 2030, ensuring a monthly supply capacity of up to 20,000 tons, reflecting a new industry logic of deep partnerships among leading companies [3][6]. - In July, Tianqi Materials also reached a 550,000-ton supply agreement with Chuangneng New Energy, and last year, a 58,600-ton agreement with CATL, indicating a growing order matrix from top battery manufacturers [5][6]. - GGII data shows that the top five companies in the electrolyte industry held over 70% market share in the first half of 2025, with one leading company exceeding 36% [6]. Group 2: Financial Performance - Tianqi Materials reported a revenue of 7.03 billion yuan in the first half of 2025, a year-on-year increase of 29.0%, and a net profit of 268 million yuan, up 12.79%, despite a decline in lithium hexafluorophosphate prices [7]. Group 3: IPO and Global Strategy - On the same day as the supply agreement with Ruipu Lanjun, Tianqi Materials submitted an IPO application to the Hong Kong Stock Exchange, marking a strategic shift from its previous GDR plan to better support its global operations [8][10]. - The IPO aims to raise funds for overseas business, with 80% of the proceeds allocated to international projects, including a 150,000-ton electrolyte project in Morocco, which is strategically located to facilitate trade with Europe [8][10]. Group 4: Technological Advancements - Tianqi Materials is also investing in next-generation technology, specifically in sulfide solid electrolytes, which are seen as essential for future competitiveness in the industry [11][12]. - The company has achieved kilogram-level production of lithium sulfide, with plans to reach hundred-kilogram sample production by the end of the year, indicating significant progress in solid-state technology [12][14]. Group 5: Strategic Framework - The three-pronged strategy of securing large orders, pursuing a global IPO, and investing in solid-state technology forms a complete strategic loop for Tianqi Materials, as articulated by its chairman [14][15]. - This approach is seen as a model for leading companies in the lithium battery materials sector, emphasizing the need to balance current orders, global expansion, and future technological innovations to thrive in a restructuring industry [15].

Core Points - The company, Kaizhong Co., Ltd. (stock code: 603037), announced the election of Mr. Zhang Zhongqiu as the employee representative director of the fifth board of directors during a recent employee representative meeting [1] Summary by Category - **Company Announcement** - Kaizhong Co., Ltd. held an employee representative meeting to elect a new employee representative director [1] - Mr. Zhang Zhongqiu has been elected to serve on the fifth board of directors [1]

Core Viewpoint - The company Kaizhong Co., Ltd. (stock code: 603037) announced the election of Yang Jiangang as the chairman of the board [1] Company Summary - Kaizhong Co., Ltd. has made a significant leadership change by electing Yang Jiangang as the new chairman [1]

Group 1 - The actual controllers of the company have changed from four individuals to two individuals following the board re-election on September 22, 2025 [1] - Yang Jiangang and Hou Zhenkun will continue to serve as the chairman and general manager of the company, respectively [1] - A new "Joint Action Agreement" has been signed by Yang Jiangang and Hou Zhenkun, indicating their continued collaboration [1]

智通财经APP讯，凯众股份(603037.SH)发布公告，公司原实际控制人为杨建刚、侯振坤、杨颖韬、侯 瑞宏四人。2025年9月22日，公司董事会换届完成，第五届董事会已产生，杨建刚、侯振坤二人分别继 续担任公司董事长、总经理，杨颖韬、侯瑞宏不再担任公司董事。同日，杨建刚、侯振坤二人签署新的 《一致行动协议》(简称"新一致行动协议")并向公司发出《关于签署一致行动协议的告知函》。本次权 益变动后，公司实际控制人将由杨建刚、侯振坤、杨颖韬、侯瑞宏四人变更为杨建刚、侯振坤二人。 ...

| 证券代码：603037 | 证券简称：凯众股份 公告编号：2025-065 | | --- | --- | | 转债代码：113698 | 转债简称：凯众转债 | 上海凯众材料科技股份有限公司 本次权益变动后，公司实际控制人将由杨建刚、侯振坤、杨颖韬、侯瑞 宏四人变更为杨建刚、侯振坤二人。 杨颖韬、侯瑞宏二人已出具关于股份减持的承诺，自法定转让限制解除 后，若拟减持所持公司股份，在杨建刚、侯振坤担任公司实际控制人期间，将严 格参照届时有效的《上海证券交易所股票上市规则》《上市公司股东减持股份管 理暂行办法》《上海证券交易所上市公司自律监管指引 15 号——股东及董事、 高级管理人员减持股份》等法律、法规、规范性文件对于公司实际控制人、实际 控制人的一致行动人减持的相关规定及要求，即持续共用大股东集中竞价交易任 意连续 90 个自然日内减持不超过 1%、大宗交易任意连续 90 个自然日内减持不 超过 2%的减持额度，并分别履行大股东集中竞价减持的预披露义务等。 杨颖韬、侯瑞宏、李建星、刘仁山、黄月姣、王亚萌、高丽七名自然人 股东（合计持股 21.20%）已出具不谋求控制权的承诺，其认同杨建刚、侯振坤 二人的 ...