Group 1 - The company Puxin announced that CITIC Securities is the sponsor for its 2022 non-public issuance of A-shares and is continuing the supervision of the funds raised from its 2020 non-public issuance, which have not yet been fully utilized [2] - The supervision period for CITIC Securities will last until December 31, 2024, covering the remaining time of the current year and one complete accounting year thereafter [2] - Due to recent work changes, the representative for ongoing supervision, Li Libo, will be replaced by Zhao Yi to fulfill the remaining supervisory responsibilities [2]

Core Viewpoint - The lithium battery energy storage sector is experiencing a significant surge driven by policy support, market demand, and rising prices, indicating the onset of a new super cycle in the industry [1][5][24]. Policy Support - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote renewable energy consumption, aiming for an average of 200GW by 2030, which enhances the profitability of energy storage projects [3]. - Energy storage projects can now earn stable income by providing peak shaving services to the grid, increasing internal rates of return (IRR) from 5%-6% to 8%-10%, with some regions even reaching 12% [3][4]. - The cancellation of mandatory energy storage requirements has led to a 212% year-on-year increase in domestic energy storage bidding volumes [4]. Demand Explosion - The domestic market has seen a doubling of registered energy storage projects to 1125GWh in the first three quarters of 2025, indicating a shift from being an accessory to renewable energy to a primary focus [6]. - Overseas orders for Chinese energy storage companies surged by 246% year-on-year, with significant demand from the U.S. and Europe due to AI data centers and carbon neutrality goals [6][7]. Price Increases in Materials - The price of lithium hexafluorophosphate (6F) has increased by 50% from its bottom price of 45,000 yuan/ton, driven by rising demand and limited production capacity [16]. - Prices for battery-grade lithium carbonate and other additives have also seen significant increases, with VC prices rising by 50% since September [12][17]. - The supply-demand dynamics in the materials sector are expected to continue driving price increases, with structural shortages in key components like cathodes and separators [19][23]. Key Companies and Investment Opportunities - Companies involved in energy storage systems and power conversion systems (PCS) are positioned to benefit from the surge in global orders, with notable players including Sungrow Power and Huaneng Renewables [21]. - Leading battery cell manufacturers like CATL and EVE Energy are expected to see stable demand growth, with their production capacities fully utilized [22]. - Material producers such as Tianji and Huasheng Lithium are highlighted for their strong profit potential due to rising prices and demand [23]. Summary - The lithium battery energy storage sector is at the beginning of a super cycle, driven by favorable policies, robust demand, and rising material prices, with significant opportunities across the entire supply chain [24][25].

证券代码：603659 证券简称：璞泰来 公告编号：2025-084 上海璞泰来新能源科技集团股份有限公司 关于变更保荐代表人的公告 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。 中信建投证券股份有限公司（以下简称"中信建投证券"）作为上海璞泰来新 能源科技集团股份有限公司（以下简称"公司"）2022年度非公开发行A股股票的保 荐人，并因公司2020年非公开发行股票募集资金尚未使用完毕，承接了2020年非 公开发行股票的相关持续督导工作。中信建投证券指派张帅先生、李立波先生担 任公司持续督导期内的保荐代表人。根据中国证监会《证券发行上市保荐业务管 理办法》等相关规定，持续督导的期间为证券上市当年剩余时间及其后1个完整会 计年度，即持续督导期至2024年12月31日止。鉴于公司2020年非公开发行股票和 2022年非公开发行股票募集资金尚未使用完毕，中信建投证券对公司尚未使用完 毕的募集资金仍履行持续督导职责。 公司近日收到中信建投证券出具的《关于更换保荐代表人的函》，李立波先 生因近期工作变动，不再继续履行对公司的持续督导职 ...

Core Viewpoint - Puxin Technology's stock has experienced significant fluctuations, with a year-to-date increase of 85.20%, but recent trading shows a net outflow of funds, indicating potential investor caution [1][2]. Group 1: Company Overview - Puxin Technology, established on November 6, 2012, and listed on November 3, 2017, is located in Shanghai and specializes in the production and sales of negative materials for new energy batteries, graphite processing, and related automation equipment [2]. - The company's revenue composition includes 77.26% from new energy battery materials and services, 26.08% from new energy automation equipment and services, and 7.85% from industrial investment and trade management [2]. - As of September 30, 2025, Puxin Technology had 124,500 shareholders, an increase of 80.40% from the previous period, with an average of 17,159 circulating shares per person, a decrease of 44.57% [2]. Group 2: Financial Performance - For the period from January to September 2025, Puxin Technology reported a revenue of 10.83 billion yuan, reflecting a year-on-year growth of 10.06%, and a net profit attributable to shareholders of 1.70 billion yuan, up 37.25% year-on-year [2]. - The company has distributed a total of 2.196 billion yuan in dividends since its A-share listing, with 1.129 billion yuan distributed over the past three years [3]. Group 3: Stock Performance and Trading Activity - On November 11, Puxin Technology's stock price fell by 2.02% to 29.15 yuan per share, with a trading volume of 823 million yuan and a turnover rate of 1.30%, resulting in a total market capitalization of 62.276 billion yuan [1]. - The stock has appeared on the daily trading leaderboard twice this year, with the most recent instance on October 10, where it recorded a net buy of -235 million yuan [1].

Investment Rating - The report maintains an "Outperform" rating for the lithium battery industry [1][6]. Core Insights - The lithium battery index has outperformed the CSI 300 index, with a year-to-date increase of 73.20%, surpassing the CSI 300 by 54.39 percentage points as of November 7, 2025 [3][10]. - The industry is experiencing continuous performance improvement, with a revenue of 1.78 trillion yuan in the first three quarters of 2025, representing a year-on-year growth of 12.81% [6][17]. - The demand for energy storage is exceeding expectations, with a significant increase in shipments of lithium batteries for energy storage, which grew by 99.07% year-on-year in the first three quarters of 2025 [6][24]. - The report suggests focusing on four main investment lines based on the industry's development trends and price movements in the lithium supply chain [6][32]. Summary by Sections Industry Performance - The lithium battery sector's revenue for 2024 was 2.25 trillion yuan, a slight increase of 0.14% year-on-year, while net profit was 111.39 billion yuan, down 21.68% [6][16]. - In the first three quarters of 2025, the sector's revenue reached 1.78 trillion yuan, with a net profit of 679.5 billion yuan, marking a year-on-year increase of 28.07% [6][24]. Market Dynamics - The sales of new energy vehicles in China reached 11.196 million units in the first nine months of 2025, a year-on-year increase of 34.55% [6][24]. - The production of power and other batteries totaled 1,121.90 GWh, reflecting a year-on-year growth of 51.40% [6][24]. Price Trends - The prices of key materials in the lithium supply chain have shown a general upward trend, with lithium hexafluorophosphate prices increasing by 90.40% to 119,000 yuan per ton since the beginning of 2025 [6][24]. - The price of electrolytes has also risen by 44.33% since the start of the year [6][24]. Investment Strategy - The report emphasizes maintaining an "Outperform" rating based on the industry's growth prospects and valuation levels, suggesting continued investment in four main lines [6][32].

Core Viewpoint - The electrolyte market has seen a significant price increase due to tight supply of key additives like lithium hexafluorophosphate, VC, and FEC, driven by sustained growth in downstream demand [2][3] Demand - The energy storage sector is expected to drive a new lithium battery cycle, with Q1 2026 anticipated to remain strong despite seasonal trends. Historical large-scale lithium cycles have been primarily demand-driven, with the upcoming period from 2025 to 2027 expected to be driven by global energy transition [2][3] - According to CESA's database, China's new overseas orders/cooperation in energy storage reached 214.7 GWh from January to September 2025, marking a year-on-year increase of 131.75%. As these orders materialize, Q1 2026 is expected to be robust [2][3] Supply Elasticity - The supply elasticity in the electrolyte segment is the lowest, while structural demand and supply resonance exist in copper foil, separators, and high-end lithium iron phosphate. The negative electrode supply faces high energy consumption constraints [3] - New capacity for lithium hexafluorophosphate and lithium iron phosphate is slow to build due to environmental regulations and construction timelines of approximately 1 to 1.5 years for hexafluorophosphate and about 1 year for lithium iron phosphate. The demand for fourth-generation lithium iron phosphate products is strong [3] - The graphite anode segment has high energy consumption characteristics, with an expansion period of about 1 year. Other segments like copper foil also face significant environmental pressures. The wet separator market is expected to gain market share due to energy storage demand, remaining tight [3] Investment Recommendations - The company is optimistic about the lithium battery upcycle driven by energy storage demand and suggests focusing on companies such as CATL, EVE Energy, Tiankang Materials, Dafa, Putailai, Shanta Technology, Fulin Precision, Wanrun New Energy, Sungrow Power, Haibo Sichuang, Huasheng Lithium Battery, Shida Shenghua, and Enjie [3]

Investment Rating - The report maintains a positive investment outlook for the clean energy sector, particularly focusing on storage, wind, and solar energy [1][5][19]. Core Insights - The global electricity shortage narrative continues to evolve, driven by AI computing power demands and carbon reduction goals, which will collectively drive a significant cycle in clean energy and new grid construction over the next 3-5 years [1][5]. - Storage solutions are identified as critical for adapting to changes in power source structures and load characteristics, while green hydrogen and ammonia are seen as key pathways for carbon reduction in non-electric sectors [1][5]. - The report emphasizes the importance of top-level design documents in China, reinforcing the strategic direction for energy transition and carbon neutrality [6][7]. Summary by Relevant Sections Energy Storage - North America continues to experience electricity shortages, with a resonance between the Chinese and U.S. markets; the white paper on carbon peak and carbon neutrality in China further establishes the key role of storage [6][7]. - Tesla is expected to procure 30GWh of storage batteries from Samsung SDI, indicating a strong demand for storage solutions [8][9]. Lithium Battery - The price of lithium hexafluorophosphate (6F) continues to rise, with a notable increase of 4.19% in the average price of lithium iron phosphate batteries; the overall lithium battery supply chain remains optimistic [12][16]. - Tianqi Lithium announced significant orders totaling nearly 400 billion yuan for electrolyte products, indicating robust demand in the lithium battery sector [13]. Wind Energy - Wind turbine prices and volumes are exceeding expectations, with a focus on the profitability recovery of the turbine manufacturing segment; the report recommends key companies in this area [17][19]. - The government of Yancheng has released a green electricity direct connection plan, with a wind power capacity of 35.8GW planned, predominantly from offshore sources [20][21]. Solar Energy - The solar industry is experiencing a seasonal slowdown in production, but the decline is less than previously predicted; the report suggests bottom-fishing strategies in the solar sector, particularly in glass and low-cost silicon materials [23][24]. - The report highlights the potential for demand recovery in the solar market due to ongoing electricity shortages and domestic carbon reduction targets [23][26]. Hydrogen and Fuel Cells - The solid oxide fuel cell (SOFC) sector is experiencing unexpected growth, with new supply chain opportunities emerging; the report emphasizes the importance of green hydrogen and ammonia in future energy strategies [26][28]. - The report identifies a significant opportunity for green methanol production, driven by upcoming projects and the demand for green shipping fuel [27][28]. AIDC (Advanced Industrial Computing) - Major electrical giants are expanding their liquid cooling business through acquisitions, indicating a growing market for thermal management solutions in data centers [29][30].

Group 1 - Kelu Electronics has established a new energy storage company with a registered capital of 10 million yuan, holding 99% of the shares [3] - Kelu Electronics, as a veteran in the energy storage industry, offers comprehensive self-manufacturing capabilities for key components and systems, providing one-stop services for customers [4] - PowerCo, a subsidiary of Volkswagen, has begun construction of a 90 GWh battery factory in Canada with an estimated total investment of 7 billion CAD (approximately 5 billion USD) [5] Group 2 - China Science Electric announced a transfer of 5.001% of its shares to a state-owned investment fund for approximately 800 million yuan, marking a significant upgrade in its supply chain collaboration [6] - Nandu Power's project in Zhejiang is progressing well, with an investment exceeding 1 billion yuan and an expected annual production capacity of 5.6 GWh of lithium batteries [7] - Samsung SDI has reached an agreement with Tesla to supply approximately 30 GWh of energy storage system batteries over the next three years, valued at around 150 billion yuan [8] Group 3 - LG Energy Solution reported a Q3 revenue of approximately 5.7 trillion KRW, with a 22.2% increase in operating profit, benefiting from policy subsidies [9] - Times Qi Ji New Energy Technology has been established with a registered capital of 5 million yuan, focusing on emerging energy technology research and battery sales [10][11] - Wuliangye has announced a tender for a 10 MW/20 MWh energy storage system project, indicating its entry into the energy storage sector [12] Group 4 - Pylon Technologies has opened a subsidiary in Australia, marking its expansion into the Australian market [13] - EVE Energy has secured a strategic partnership with EVO Power to supply 2.2 GWh of energy storage batteries over the next five years [14] - Samsung C&T is entering the Japanese energy storage market through a joint venture with Irex, focusing on large-scale energy storage systems [15] Group 5 - Hichain Energy has signed a strategic cooperation agreement with El-Mor for a 1.5 GWh long-duration energy storage project in Israel [16] - A report indicates that the revenue growth of lithium battery copper foil companies is improving, with significant increases in revenue for companies like Defu Technology and Jiayuan Technology [18] - A lithium battery water-based anode binder project has been signed in Hubei, with an investment of 105 million yuan expected to enhance the local supply chain [19] Group 6 - Peking University and OneD Battery Sciences have signed a joint development agreement to advance silicon-based anode materials for lithium-ion batteries [20][21] - New Energy Company has reported a significant increase in the export volume of lithium hexafluorophosphate, indicating strong overseas demand [22][23] - Yifei Laser has secured a 1.9 billion yuan order for lithium battery equipment assembly lines, which is expected to positively impact future financial performance [25] Group 7 - Hymson has established a strategic partnership with Swiss semiconductor testing company Attolight AG, marking its entry into high-end material testing [26] - The Mannester intelligent equipment production base project has commenced in Huai'an, indicating growth in the intelligent manufacturing sector [27] - Gree's latest performance report shows a significant increase in the recycling and dismantling of power batteries, with a total of 36,643 tons recycled in the first three quarters [29] Group 8 - Zhongxin Innovation has established a new company focused on battery manufacturing and recycling, with a registered capital of 1 billion yuan [30][31] - A lithium battery recycling project in Hubei has entered trial production, with a capacity to process 20,000 tons of retired batteries annually [32] - Anhui Jinxiangzi New Energy Technology is planning a 100,000-ton battery recycling project, with a phased approach to increase capacity [33] Group 9 - Zhongxin Innovation has launched a new 5C supercharging battery pack for the Xiaopeng X9, emphasizing high energy capacity and fast charging [35] - BYD has reaffirmed its commitment to lithium iron phosphate battery technology, highlighting its safety and reliability in electric buses [36] - WM Motor has relaunched its app, restoring key functionalities for vehicle control and information synchronization [37] Group 10 - Chuangneng New Energy has officially entered the automotive manufacturing sector, utilizing the former WM Motor factory [38] - CATL is facing increased demand from multiple automakers as they rush to secure battery supplies ahead of upcoming policy changes [39]

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [4] Core Insights - The global resonance in energy storage demand is expected to lead to explosive growth in storage needs by 2025, driven by domestic pricing reforms and international policies [2][15] - The supply chain for energy storage is heavily concentrated in China, which is projected to benefit significantly from the accelerating global storage cycle [2][28] - The current lithium battery materials cycle is characterized by structural shortages, leading to a new round of price increases [3][52] Summary by Sections 1. Energy Storage: Global Resonance and Demand Surge - Energy storage is a crucial tool for energy regulation, enhancing the predictability and controllability of renewable energy sources [8] - Strong policy support is anticipated to drive an 80% year-over-year increase in global energy storage demand by 2025 [15] - China is expected to dominate the global energy storage market, with over 93% market share in battery cells and 76% in storage systems by 2025 [28][31] 2. AIDC Energy Storage: NVIDIA's Leadership and Future Demand - NVIDIA's white paper emphasizes the necessity of integrating energy storage into power architectures, projecting a significant increase in demand for energy storage in data centers by 2030 [2][32] - The global demand for AIDC energy storage is expected to rise from 16.5 GWh in 2024 to 209.4 GWh by 2030, indicating explosive growth [47][50] 3. Energy Storage Materials: Structural Shortages and Price Increases - The current lithium battery cycle is driven by upstream demand, particularly for energy storage, leading to saturation in orders and accelerated production at battery manufacturers [3][52] - Lithium hexafluorophosphate is experiencing a new price surge, with prices rising significantly from previous lows, indicating strong price elasticity [52][53] - Phosphate iron lithium is facing structural shortages due to high demand, with production increasing by 70.2% year-over-year [3][52]

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, expecting the industry index to outperform the market index by over 10% in the next six months [51]. Core Insights - The lithium battery index has shown strong performance, with a 5.82% increase over the past two weeks, outperforming the CSI 300 index by 3.93 percentage points. Year-to-date, the lithium battery index has risen by 57.70%, surpassing the CSI 300 index by 38.42 percentage points [5][14]. - The report highlights a significant surge in demand for energy storage, leading to tight supply of storage cells domestically. Major battery manufacturers are operating at full capacity, with a notable increase in production and sales in the new energy vehicle sector [46]. - The report emphasizes the rising prices of key materials in the lithium battery supply chain, particularly lithium hexafluorophosphate (6F), which has seen a price increase of over 140% since its lowest point in July [46]. - The ongoing development of solid-state batteries is expected to create additional demand for materials and equipment in the industry, with several companies leading in technology and cost advantages [46]. Summary by Sections Market Review - As of November 6, 2025, the lithium battery index has increased by 5.82% in the last two weeks and 57.70% year-to-date, outperforming the CSI 300 index significantly [5][14]. Price Changes in the Lithium Battery Supply Chain - Key materials have experienced price increases: - Battery-grade lithium carbonate averaged 79,800 CNY/ton, up 6.68% in two weeks [27]. - Lithium hexafluorophosphate rose to 119,000 CNY/ton, up 36.78% [34]. - Phosphate lithium increased to 34,800 CNY/ton, up 4.04% [30]. - Prices for other materials like NCM523, NCM622, and NCM811 also saw increases ranging from 1.54% to 2.45% [30]. Industry News - The report notes that major companies are expanding their production capabilities in response to rising demand, with significant contracts signed for the supply of electrolyte products [43][46]. - The solid-state battery market is projected to grow significantly, with global demand expected to exceed 206 GWh by 2030 [44]. Company Announcements - Key companies such as CATL and Yiwei Lithium Energy are highlighted for their strong financial performance and strategic positioning in the market, with substantial year-on-year profit growth reported [47].