璞泰来1月9日公告，公司正在筹划境外发行股份（H股）并申请在香港联合交易所有限公司主板挂牌上 市。截至目前，公司正在与相关中介机构就本次发行H股并上市的相关工作进行商讨，相关细节尚未确 定。本次发行H股并上市不会导致公司控股股东和实际控制人发生变化。 ...

Core Viewpoint - The company is planning to issue H-shares and apply for listing on the main board of the Hong Kong Stock Exchange to enhance its global strategy and capital strength [1] Group 1: Strategic Goals - The company aims to leverage international capital market advantages to create a diversified capital platform [1] - The initiative is intended to strengthen the company's overseas financing capabilities and improve overall capital strength and competitiveness [1] Group 2: Business Development - The move is expected to accelerate the development of the company's overseas business and solidify its industry position [1] - Discussions with relevant intermediaries regarding the H-share issuance and listing are currently underway, although specific details have yet to be finalized [1]

根据《中华人民共和国公司法》《中华人民共和国证券法》《境内企业境外 发行证券和上市管理试行办法》《上海证券交易所股票上市规则》《香港联合交 易所有限公司证券上市规则》等相关法律、法规及规范性文件的要求，待确定具 体方案后，本次发行H股并上市尚需提交公司董事会及股东会审议，并需取得中 国证券监督管理委员会、香港联交所和香港证券及期货事务监察委员会等相关政 府机构、监督机构备案、批准和/或核准。 本次发行H股并上市能否通过审议、备案和审核程序并最终实施具有一定不 确定性。公司将依据相关法律、法规及规范性文件的规定，根据本次发行H股并 上市的后续进展情况及时履行信息披露义务，切实保障公司及全体股东的合法权 益。敬请广大投资者关注后续公告，注意投资风险。 特此公告。 上海璞泰来新能源科技集团股份有限公司 董 事 会 证券代码：603659 证券简称：璞泰来 公告编号：2026-001 上海璞泰来新能源科技集团股份有限公司 关于筹划发行H股股票并在香港联合交易所有限公司 上市的提示性公告 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。 ...

人民财讯1月9日电，璞泰来（603659）1月9日公告，公司正在筹划境外发行股份(H股)并申请在香港联 合交易所有限公司(简称"香港联交所")主板挂牌上市。截至目前，公司正在与相关中介机构就本次发行 H股并上市的相关工作进行商讨，相关细节尚未确定。本次发行H股并上市不会导致公司控股股东和实 际控制人发生变化。 ...

Core Viewpoint - The company is planning to issue shares overseas (H-shares) and apply for listing on the main board of the Hong Kong Stock Exchange to advance its global strategy and enhance its overseas financing capabilities and overall competitiveness [1] Group 1 - The company is currently in discussions with relevant intermediaries regarding the details of the issuance [1] - The ongoing work related to the issuance has not yet been completed [1] - This issuance will not result in any changes to the company's controlling shareholder or actual controller [1]

Core Viewpoint - The report highlights a significant outflow of main capital from various stocks in the Shanghai and Shenzhen markets, with 387 stocks experiencing net outflows for five consecutive days or more, indicating potential investment risks in these companies [1][2][3][4]. Group 1: Main Capital Outflow Statistics - The stock with the longest continuous net outflow is Dameng Data, with 23 days of outflows [1]. - Daqin Railway follows with 20 days of net outflows, totaling 2.711 billion yuan [1]. - The total net outflow for Daqin Railway over 20 days is the highest at 2.711 billion yuan, while Xiechuang Data has a net outflow of 1.914 billion yuan over five days [1][2]. Group 2: Stocks with Significant Outflows - The top stocks by net outflow duration include: - Daqin Railway: 20 days, 2.711 billion yuan, 18.68% of trading volume, -6.22% cumulative change [1]. - Dameng Data: 23 days, 0.503 billion yuan, 7.58% of trading volume, 14.15% cumulative change [2]. - Haima Automobile: 12 days, 1.626 billion yuan, 8.26% of trading volume, -18.59% cumulative change [1]. Group 3: Other Notable Stocks - Other stocks with notable outflows include: - Wuzhou Xinchun: 5 days, 1.574 billion yuan, 5.24% of trading volume, 11.62% cumulative change [1]. - Dongshan Precision: 6 days, 1.512 billion yuan, 6.91% of trading volume, -6.80% cumulative change [1]. - Shengtai Electronics: 10 days, 1.377 billion yuan, 8.47% of trading volume, -8.71% cumulative change [1].

Investment Rating - The report maintains an "Accumulate" rating for the electric power equipment industry [1] Core Views - The lithium battery prices are rapidly linked, and there is significant long-term potential in space photovoltaic technology [1] - The energy storage sector is expected to see substantial growth, with a projected increase of over 60% in 2026 due to rising demand and supply constraints [3][7] - The electric vehicle market is anticipated to grow by 15% in 2026, supported by continued subsidies and a strong export contribution [26] Industry Trends - The electric power equipment sector experienced a decline of 2.18%, underperforming the market, with specific segments like wind power and new energy vehicles showing slight increases [3] - The report highlights the release of independent energy storage capacity compensation in Hubei Province at 165 RMB/kW·year, indicating government support for energy storage development [3] - The report notes that the global energy storage market is expected to grow significantly, with the U.S. projected to see a 60% increase in energy storage installations in 2025 [7] Market Prices and Changes - Lithium carbonate prices are reported at 112,500 RMB/ton, showing a slight decrease of 0.9% [3] - The average price of polysilicon is reported at 53.00 RMB/kg, with no change, while N-type silicon wafers have seen a price increase of 20% [3] - The report indicates that the average bidding price for onshore wind power is 1,800 RMB/kW, reflecting a competitive market environment [3] Company Performance - Companies like Ningde Times and BYD are highlighted for their strong performance, with Ningde Times expected to see a net profit of 11-16 billion RMB in 2025, representing a year-on-year increase of 127%-230% [3] - Tianqi Lithium and Ganfeng Lithium are noted for their strategic partnerships and production capacity expansions, positioning them well in the lithium supply chain [3] - The report emphasizes the strong growth potential for companies involved in energy storage and lithium battery production, recommending investments in leading firms such as Ningde Times and Yiwei Lithium Energy [3][6]

Group 1 - The core viewpoint of the article highlights the competitive landscape and market dynamics of the graphite anode materials industry in China, emphasizing the leading companies and their market shares [1][5][15] - The leading companies in the graphite anode materials sector include Bettery, Sanyuan, and Puxin, with registered capital exceeding 1.5 billion yuan, indicating a strong competitive position [1][5] - The industry is characterized by a high concentration, with the top two companies accounting for nearly 40% of the shipment volume, and the top five companies exceeding 70% [10][15] Group 2 - In the first half of 2025, the shipment volume of artificial graphite anodes reached 1.17 million tons, representing 91.7% of total graphite anode shipments [5][7] - Sanyuan holds the highest market share in artificial graphite anode shipments at 21%, followed closely by Bettery [7][10] - The revenue scale for 2024 indicates that Bettery and Sanyuan both exceed 7 billion yuan, with Bettery's revenue at 10.69 billion yuan and Sanyuan's at 8.2 billion yuan [11][13] Group 3 - The geographical distribution of graphite anode manufacturers is primarily concentrated in Guangdong, Shanghai, and Zhejiang, with Guangdong hosting several key players [3][11] - The product layout shows that most companies focus on artificial graphite, while natural graphite is primarily produced by Bettery and Sanyuan [11][14] - The competitive state of the industry reveals that while there are many competitors, the majority of market share is controlled by leading companies, resulting in lower competition intensity among top firms compared to smaller ones [15][16]

Investment Rating - The report maintains an "Overweight" rating for the silicon-based anode industry, highlighting the breakthrough in CVD technology and the increasing mainstream adoption of silicon-carbon anodes [1]. Core Insights - Silicon-based anodes are identified as the next-generation anode material for lithium batteries, addressing the performance limitations of traditional graphite anodes, which are nearing their performance limits [4][19]. - The demand for silicon-based anodes is expected to accelerate with the promotion of new battery technologies, particularly in the electric vehicle sector, where consumer expectations for range and fast charging are rising [4][30]. - The industrialization of silicon-based anodes is approaching a critical turning point, driven by advancements in CVD technology, which enhances performance metrics such as capacity and cycle life [4][44]. Summary by Sections 1. Silicon-based Anodes as a New Direction - Lithium battery anode materials are categorized into carbon-based and non-carbon-based materials, with silicon-based anodes emerging as a key focus due to their high theoretical capacity and fast charging capabilities [18][21]. - The theoretical capacity of silicon-based materials is significantly higher than that of traditional graphite, reaching up to 4200 mAh/g, which is over ten times that of graphite [22][25]. 2. New Battery Promotion Accelerating Demand - The application of silicon-based anodes is expanding into the power battery sector, with major automotive manufacturers like Tesla and BYD integrating these materials into new models [29][30]. - The compatibility of silicon-based anodes with solid-state batteries is highlighted, as they are expected to meet the high energy density requirements of next-generation batteries [32][33]. 3. Approaching Industrialization Turning Point - CVD technology is recognized as a breakthrough in the production of silicon-carbon anodes, effectively addressing issues such as volume expansion and enhancing overall stability [44][45]. - Over 30 companies are competing in the silicon-based anode market, with leading firms like BETTERRY and PULITECH making significant advancements in CVD technology [46][47]. 4. Beneficiaries in the Silicon-based Anode Supply Chain - The report outlines the key players in the silicon-based anode supply chain, emphasizing the importance of companies that can leverage CVD technology and lead in production capabilities [48].

Core Viewpoint - The company is experiencing a supply-demand imbalance in the base film industry, with increasing downstream demand and limited capacity expansion due to past poor profitability [2] Industry Summary - The base film industry has faced challenging profitability over the past few years, leading to a lack of motivation and funding for capacity expansion [2] - Current downstream demand is growing rapidly, but capacity construction and ramp-up require a certain period, resulting in an overall tight supply situation [2] Company Summary - The company's base film products are currently in a state of supply shortage, prompting accelerated capacity expansion efforts [2] - The next generation of high-end base film products requires thinner specifications (e.g., 5μm), higher strength, porosity, and better consistency, necessitating systematic improvements in technology, mass production stability, and quality control [2] - Although the industry has a large capacity for base films, the ability to stably produce next-generation products (like 5μm) is limited, with few suppliers meeting the downstream customers' demands [2] - The company is one of the few suppliers capable of fulfilling the next-generation product requirements and is also developing ultra-thin base film products below 5μm to strengthen its core competitiveness in this area [2]