一切迹象与数据似乎都在佐证，中国动储产业还处于洗牌与博弈深水区。 为了让读者朋友对锂电产业趋势与变化有一个更为清晰、直观的了解，24潮产业研究院 (TTIR) 根据108家动储上市/IPO公司2024年财报中营收、预收款、归母净利润、对外投资、经营与筹资 现金流、总负债、资金净值、应收账款于存货等核心数据制作了十大排行榜。 24潮产业研究院 (TTIR) 统计数据显示，当前动储产业形势确实不容乐观：2024年108家动储公司 整体营业收入同比下降11.87%，增速较2023年同期下降了11个百分点；归母净利润整体同比下降 67.27%，已经连续2年巨幅下降 （2023年降幅为47.69%） ；客户预收款规模已经连续两年下 降；产业造血力 （经营净现金流） 也同比下降18.38%，增速较去年同期下降了61.01个百分点； 净筹资规模更是同比下降了81.91%，资金净值也下降了20.32%，等等。 | 核心指标 | 2024年合计 | 同比上一年增长 | 2023年同期增速 | | --- | --- | --- | --- | | 总资产 | 29,092.41 | 6.17% | 12.65% | | 总负债 ...

Core Points - The Shanghai G60 Strategic Emerging Industries Index (G60 Index) closed up 0.08% at 936.54 points, with a trading volume of 16.692 billion yuan [1] - Over the past month, the G60 Index has increased by 4.04%, decreased by 5.62% over the last three months, and has risen by 1.72% year-to-date [1] - The G60 Index includes up to 50 of the largest strategic emerging industry companies listed in the Shanghai market from the Yangtze River Delta G60 nine cities, reflecting the overall performance of these companies [1] Index Composition - The top ten weighted stocks in the G60 Index are: Jianghuai Automobile (9.66%), Huayou Cobalt (7.25%), Hengsheng Electronics (6.21%), Hengtong Optic-Electric (4.81%), Zhongkong Technology (4.74%), China Jushi (4.51%), Silan Microelectronics (4.48%), Jingfang Technology (2.9%), Naxin Micro (2.73%), and Zejing Pharmaceutical (2.65%) [1] - The G60 Index is fully composed of stocks listed on the Shanghai Stock Exchange [1] Industry Breakdown - The industry composition of the G60 Index includes: Industrial sector (36.78%), Information Technology (30.00%), Materials (14.21%), Communication Services (9.57%), and Healthcare (9.44%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] Fund Tracking - Public funds tracking the G60 Index include the Shenwan Hongyuan G60 Strategic Emerging Industries ETF [3]

Investment Rating - Investment rating for the power equipment industry is "Positive" (maintained) [2] Core Insights - The European electric vehicle market shows a significant recovery trend in 2025, with April sales reaching 211,000 units, a year-on-year increase of 30.7% [7][16] - The penetration rate of new energy vehicles in Europe reached 26.3%, up by 6.4 percentage points year-on-year [16] - The German electric vehicle market is recovering significantly, with BEV sales in April 2025 increasing by 53.5% year-on-year [17] - The EU Parliament has passed a carbon emission assessment amendment, delaying the tightening of carbon emission targets but maintaining the overall trend [47] Summary by Sections 1. European New Energy Vehicle Sales - In April 2025, sales of new energy vehicles in nine European countries reached 211,000 units, a year-on-year increase of 30.7% [7][16] - Germany's BEV sales reached 46,000 units in April, up 53.5% year-on-year, while PHEV sales increased by 60.7% [17] - The UK saw BEV sales of 25,000 units in April, a year-on-year increase of 8.1%, despite an overall decline in traditional vehicle sales [24] - France's BEV sales were 26,000 units in April, up 2.3% year-on-year, with expectations for stronger sales post-September due to the return of the social leasing plan [29] - Norway's BEV penetration rate reached 97% in April, moving closer to the 100% target [37] - Italy's BEV sales increased by 105.2% year-on-year in April, attributed to a low base effect [39] - Spain's BEV sales rose by 77.9% year-on-year in April, supported by extended subsidies and tax reductions [43] 2. EU Carbon Emission Assessment Amendment - The EU Parliament voted to change the carbon emission assessment from a 2025 target to an average over 2025-2027, delaying the timeline but not altering the overall trend [47] 3. Investment Recommendations - Recommended investments in lithium batteries include Ningde Times, Yiwei Lithium Energy, and Xinneng Technology [48] - For lithium materials, recommended companies include Hunan Youneng and Zhongwei Co., with beneficiaries like Fulin Precision and Wanrun New Energy [48] - Beneficiaries in lithium battery structural components include Keda Li and Minglida [48] - Recommended companies for power/electric drive systems are Weimaisi and Fute Technology [48] - Beneficiaries in automotive safety components include Zhongrong Electric and Zhejiang Rongtai [48]

Investment Rating - The report maintains an "Overweight" rating for the industry [2] Core Insights - Precious metals and industrial metals have shown strong performance, while energy metals are under pressure [1] - The overall performance of the non-ferrous metal sector in 2024 saw a 32% increase, lagging behind the CSI 300 index by 115 percentage points [14] - In Q1 2025, the non-ferrous metal sector rose by 120%, outperforming the CSI 300 index by 132 percentage points, with precious metals increasing by 255% and industrial metals by 133% [14] Summary by Sections Market Overview - The total market capitalization of the industry is approximately 2,976.948 billion yuan, with a circulating market value of about 2,794.166 billion yuan [2] Precious Metals - In 2024, the average price of gold was 5,594 yuan per gram, a year-on-year increase of 242%, leading to a total revenue of 2,820 billion yuan and a net profit of 1,497.2 billion yuan, reflecting a 52% increase [18] - In Q1 2025, the average gold price reached 6,722 yuan per gram, up 37% year-on-year, with revenue of 818 billion yuan and a net profit of 473.1 billion yuan, marking a 47% increase [30] Copper - The average copper price in 2024 was 75,000 yuan per ton, a 103% increase year-on-year, with total revenue of 14,452 billion yuan and a net profit of 754.81 billion yuan, a 40% increase [34] - In Q1 2025, the copper price was 77,000 yuan per ton, up 11.4% year-on-year, with revenue of 3,357 billion yuan and a net profit of 233 billion yuan, a 50% increase [48] Aluminum - In 2024, the aluminum sector saw an average price of 20,000 yuan per ton, a 7.2% increase year-on-year, with total revenue of 4,207 billion yuan and a net profit of 410.28 billion yuan, a 27% increase [57] - In Q1 2025, the average aluminum price was 21,000 yuan per ton, with revenue of 1,032 billion yuan and a net profit of 109.75 billion yuan, a 29% increase [72] Lithium - The lithium sector faced significant challenges in 2024, with the average price of battery-grade lithium carbonate dropping by 65.1% year-on-year, leading to a revenue decline of 48% [77] - In Q1 2025, the lithium sector showed signs of recovery, with revenue of 126 billion yuan and a net profit of 464 million yuan, reflecting a year-on-year increase of 159% [91] Rare Earth Permanent Magnets - In 2024, the rare earth sector experienced a decline, with total revenue of 600 billion yuan and a net profit of 121.1 billion yuan, a 67% decrease [101] - In Q1 2025, the sector showed recovery with revenue of 145 billion yuan and a net profit of 867 million yuan, a 221% increase year-on-year [130] Institutional Holdings - In Q1 2025, the allocation ratio for the non-ferrous metal sector was 434%, with significant increases in allocations for precious and industrial metals [141]

Core Points - The Shanghai G60 Strategic Emerging Industries Index (G60 Index) rose by 1.23% to 935.77 points, with a trading volume of 15.724 billion yuan [1] - Over the past month, the G60 Index has increased by 7.95%, while it has decreased by 4.89% over the last three months and has seen a year-to-date increase of 0.49% [1] - The G60 Index includes up to 50 of the largest strategic emerging industry companies listed in the Shanghai Stock Exchange from the Yangtze River Delta G60 nine cities, reflecting the overall performance of these companies [1] Index Composition - The top ten weighted companies in the G60 Index are: Jianghuai Automobile (9.64%), Huayou Cobalt (7.32%), Hengsheng Electronics (6.32%), Hengtong Optic-Electric (4.84%), Zhongkong Technology (4.77%), Silan Microelectronics (4.53%), China Jushi (4.47%), Jingfang Technology (2.95%), Naxin Micro (2.73%), and Zejing Pharmaceutical (2.61%) [1] - The G60 Index is fully composed of companies listed on the Shanghai Stock Exchange, with a 100% market share [1] Industry Breakdown - The industry composition of the G60 Index includes: Industrial sector (36.53%), Information Technology (30.24%), Materials (14.25%), Communication Services (9.67%), and Healthcare (9.31%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] Fund Tracking - Public funds tracking the G60 Index include the Shenwan Hongyuan G60 Strategic Emerging Industries ETF [3]

关于对外担保的进展公告 | 股票代码：603799 | 股票简称：华友钴业 | 公告编号：2025-055 | | --- | --- | --- | | 转债代码：113641 | 转债简称：华友转债 | | 浙江华友钴业股份有限公司 关于对外担保的进展公告 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。 重要内容提示： 被担保人名称及是否为上市公司关联人：被担保人包括 5 家子公司，不存在 关联担保； 本次担保金额及累计担保余额：2025 年 4 月担保金额合计 161,500.00 万元； 截至 2025 年 4 月 30 日，公司对外提供担保余额为 8,126,421.86 万元，主要为对控 股子公司及其下属企业的担保； 对外担保逾期的累计数量：无； 特别风险提示：公司及控股子公司对外担保总额超过最近一期经审计净资产 100%；2025 年 4 月为资产负债率超过 70%的子公司提供的担保金额为 71,500.00 万 元，敬请投资者注意相关风险。 一、担保情况概述 （一）2025 年 4 月，因申请融资，公司为资产负 ...

国浩律师（杭州）事务所 关于 浙江华友钴业股份有限公司 2024 年年度股东大会 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二零二五年五月 华友钴业 2024 年年度股东大会法律意见书 国浩律师（杭州）事务所 国浩律师（杭州）事务所 关 于 浙江华友钴业股份有限公司 2024 年年度股东大会 法律意见书 致：浙江华友钴业股份有限公司 本法律意见书仅用于为公司本次股东大会见证之目的，不得用于其他任何目 的或用途。本所同意，公司将本法律意见书作为公司本次股东大会的公告材料， 随其他需公告的信 ...

证券代码：603799 证券简称：华友钴业 公告编号：2025-054 浙江华友钴业股份有限公司 2024年年度股东大会决议公告 本次会议是否有否决议案：无 一、 会议召开和出席情况 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。 重要内容提示： (一)股东大会召开的时间：2025 年 5 月 9 日 (二)股东大会召开的地点：浙江省桐乡市经济开发区梧振东路 79 号浙江华友钴 业股份有限公司研发大楼一楼一号会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 2,705 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 597,709,729 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 35.6024 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，董事陈红良先生主持了会议。对于涉及关联股 东回避表决的议案，议案 5、 ...

Core Viewpoint - The performance of the China Securities New Energy Vehicle Index has shown fluctuations, with a recent decline in the index value despite a notable increase over the past month [2]. Group 1: Index Performance - The China Securities New Energy Vehicle Index has decreased by 0.27%, closing at 2952.77 points with a trading volume of 27.231 billion yuan [1]. - Over the past month, the index has increased by 11.17%, while it has decreased by 3.61% over the last three months and has risen by 3.04% year-to-date [2]. Group 2: Index Composition - The index includes companies involved in lithium batteries, charging stations, and new energy vehicles, reflecting the overall performance of related listed companies [2]. - The top ten weighted companies in the index are BYD (13.47%), Huichuan Technology (11.56%), CATL (9.64%), Sanhua Intelligent Control (4.86%), Yiwei Lithium Energy (4.34%), Huayou Cobalt (3.87%), Ganfeng Lithium (2.83%), Greenmeadows (2.6%), Tianqi Lithium (2.46%), and Hongfa Technology (2.23%) [2]. Group 3: Market and Sector Distribution - The index's holdings are primarily listed on the Shenzhen Stock Exchange (82.93%), followed by the Shanghai Stock Exchange (16.47%) and the Beijing Stock Exchange (0.60%) [2]. - In terms of industry distribution, the index comprises 56.65% in industrials, 24.48% in consumer discretionary, 17.70% in materials, and 1.18% in information technology [2]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3].

Summary of Huayou Cobalt Co., Ltd. Conference Call Company Overview - **Company**: Huayou Cobalt Co., Ltd. - **Industry**: Cobalt, Nickel, Lithium, and New Energy Materials Key Points and Arguments Current Valuation and Profit Forecast - Huayou Cobalt's current valuation is low, with a projected profit of over 4 billion yuan in 2024, corresponding to a valuation of 14 times earnings; expected profit for 2025 is 5 billion yuan, leading to an estimated valuation of about 11 times earnings [2][4] - The prices of cobalt, nickel, and lithium have fallen to historical lows, providing a basis for potential price increases, which could significantly boost the company's performance [2][6] Market Dynamics for Cobalt - Cobalt resources are at a long-term historical bottom, with upward potential driven by increasing demand, supply contraction, and global liquidity easing [2][7] - The Democratic Republic of the Congo (DRC) will ban cobalt mining starting February 2025, leading to a supply contraction, while solid-state batteries are expected to gain traction, potentially increasing cobalt prices significantly [2][7][13] Nickel Market Insights - Indonesia accounts for 60% of global nickel supply, but mining policies have led to rising costs. Nickel prices have dropped to around the 75th percentile of global nickel mining costs, causing high-cost mines to reduce production [2][8] - Although there is a slight oversupply, the gap is narrowing, and rising costs are solidifying the price floor for nickel, indicating potential for future price increases [2][8] Lithium Market Overview - Lithium resources are experiencing a supply-demand mismatch similar to cobalt, currently at historical lows. The expected price midpoint for lithium in 2025 is around 70,000 to 80,000 yuan [2][9] - The current capacity clearing has been ongoing for 2 years and 4 months, and as this progresses and demand improves, lithium prices are anticipated to rise significantly [2][9][21] Company Strategy and Industry Position - Huayou Cobalt has transformed from a cobalt processing company to a comprehensive enterprise in the new energy upstream sector, now involved in nickel and lithium, aiming to sell products rather than just resources [3][10] - The company maintains a 3D integrated development strategy focusing on upstream resources, midstream capabilities, and downstream market engagement, with a global presence in Africa and Indonesia [2][10] Financial Performance and Resilience - From 2021 to 2023, Huayou Cobalt's revenue has shown stable growth, although the growth rate has slowed due to falling prices of cobalt, nickel, and lithium. The company has demonstrated strong profit resilience, maintaining profitability despite declining gross margins [2][11] Future Profitability and Valuation - Future net profits for Huayou Cobalt are projected to be 5 billion yuan, 6.2 billion yuan, and 6.5 billion yuan for 2025, 2026, and 2027, respectively, with corresponding valuations of 11 times, 9 times, and 8 times earnings [2][22] - The company's profitability and elasticity are high, and if cobalt, lithium, and nickel prices rise simultaneously, the company's performance will exhibit significant elasticity, making it a recommended investment target [2][22] Additional Insights - The development of solid-state batteries is expected to significantly impact future markets, as they can overcome limitations of current lithium-ion batteries, potentially increasing demand for cobalt [2][14] - The current supply situation in the cobalt market indicates a strong basis for price increases due to supply constraints and demand recovery [2][15] This summary encapsulates the critical insights from the conference call regarding Huayou Cobalt's market position, financial outlook, and industry dynamics.