Group 1 - Shenzhen New Star increased by 5.06% on December 23, reaching a stock price of 27.00 CNY per share, with a trading volume of 199 million CNY and a turnover rate of 3.58%, resulting in a total market capitalization of 5.7 billion CNY [1] - Shenzhen New Star Light Alloy Materials Co., Ltd. specializes in the research, production, and sales of aluminum grain refiners, with its main business revenue composition being: aluminum foil raw materials 53.96%, aluminum grain refiners 33.53%, other products 7.92%, lithium hexafluorophosphate 4.19%, and others 0.40% [1] Group 2 - The top circulating shareholder of Shenzhen New Star includes the Oriental Alpha Fund, which entered the top ten shareholders in the third quarter, holding 1.6514 million shares, accounting for 0.78% of circulating shares, with an estimated floating profit of approximately 2.1468 million CNY [2] - The Oriental Alpha Industry Pioneer Mixed A Fund (011704) was established on July 21, 2021, with a latest scale of 800 million CNY, achieving a year-to-date return of 36.41% and a one-year return of 35.06% [2]

证券代码：603978 证券简称：深圳新星 公告编号：2025-111 深圳市新星轻合金材料股份有限公司 时根据相关规定管理员工持股计划资产，并维护员工持股计划持有人的合法权 益。 4、2025年9月12日，公司召开第五届董事会第三十二次会议，审议通过了 《关于2024年员工持股计划锁定期届满暨解锁条件成就的议案》，本员工持股 计划锁定期已届满，解锁条件已成就。本议案已经董事会薪酬与考核委员会审 议通过。根据公司2024年第二次临时股东大会的授权，相关事项无需再提交股 东大会审议。 5、截至2025年12月10日，公司2024年员工持股计划所持有的公司股票 1,883,926股已全部解锁并出售完毕。 二、本员工持股计划清算暨终止情况 关于2024年员工持股计划清算完毕暨终止的公告 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、准确性和完整性依法承担法律责任。 深圳市新星轻合金材料股份有限公司（以下简称"公司"）2024年员工持 股计划相关资产已全部清算完毕，根据中国证监会《关于上市公司实施员工持 股计划试点的指导意见》《上海证券交易所上市公司自律监管指引 ...

格隆汇12月16日丨深圳新星(603978.SH)公布，根据公司《2024年员工持股计划管理办法》的规定，若 员工持股计划所持有的公司股票全部出售，且本员工持股计划资产按相关规定清算和分配完毕的，经持 有人会议审议通过，本员工持股计划即可终止。公司于2025年12月16日召开2024年员工持股计划第二次 持有人会议，审议通过了《关于公司2024年员工持股计划提前终止的议案》。鉴于本员工持股计划所持 有的公司股票188.39万股已全部出售，并完成相关资产的清算、分配等工作，本员工持股计划实施完毕 并终止。 ...

格隆汇12月16日丨深圳新星(603978.SH)公布，根据公司《2024年员工持股计划管理办法》的规定，若 员工持股计划所持有的公司股票全部出售，且本员工持股计划资产按相关规定清算和分配完毕的，经持 有人会议审议通过，本员工持股计划即可终止。公司于2025年12月16日召开2024年员工持股计划第二次 持有人会议，审议通过了《关于公司2024年员工持股计划提前终止的议案》。鉴于本员工持股计划所持 有的公司股票188.39万股已全部出售，并完成相关资产的清算、分配等工作，本员工持股计划实施完毕 并终止。 ...

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Views - The Central Economic Work Conference emphasizes the application of green electricity and promotes the development of hydrogen, ammonia, methanol, and energy storage, indicating a positive outlook for investment opportunities in green energy sectors in 2026 [3]. - Domestic energy storage saw significant growth in November, with newly installed capacity reaching 4.51GW/13.03GWh, reflecting a month-on-month increase of 57.14% in power and 74.66% in capacity [3][7]. - The report highlights the importance of hydrogen and green fuels as new growth points, with expectations for increased investment in these areas due to supportive policies and market conditions [4]. Summary by Sections Energy Storage - Domestic energy storage is experiencing a boom, with November's new installations showing a 45.95% year-on-year increase in power and a 49.6% increase in capacity [3][7]. - The report anticipates that independent energy storage tenders will maintain a good level in 2026, supported by a complete revenue model through energy markets and auxiliary services [3]. Hydrogen and Green Fuels - The report suggests that hydrogen and methanol will play a crucial role in the non-electric applications of green electricity, with significant investment expected in these areas [4]. - The development of zero-carbon parks and factories is also highlighted as a key initiative for 2026 [3]. Wind Power - The report notes that in 2024, onshore wind power installations are expected to reach 75.8GW, a year-on-year increase of 9.68%, while offshore wind installations are projected to be 4.0GW, a decrease of 40.85% [8]. - The bidding capacity for wind power equipment in 2024 is expected to be 164.1GW, a 90% increase year-on-year [13]. Lithium Battery - The report indicates that the demand for lithium batteries remains strong, with December's retail sales of new energy vehicles expected to show a bright performance despite a year-on-year decline of 17% [19]. - The supply chain for lithium batteries is expected to stabilize, with ongoing negotiations for long-term contracts and price adjustments [22][23].

Group 1 - The PVDF concept sector rose by 1.39%, ranking third among concept sectors, with seven stocks increasing, including Zhongchuang Environmental Protection, which hit a 20% limit up [1] - Notable gainers in the sector included Dongyangguang, Juhua Co., Shenzhen New Star, and Sanmei Co., with increases of 9.99%, 2.66%, 1.38%, and 1.15% respectively [1] - The sector experienced a net inflow of 378 million yuan from main funds, with Dongyangguang leading the inflow at 485 million yuan [1] Group 2 - In terms of fund inflow ratios, Zhongchuang Environmental Protection, Dongyangguang, and Shenzhen New Star had the highest net inflow rates of 35.69%, 21.32%, and 4.68% respectively [2] - The top stocks by main fund flow included Dongyangguang with a trading volume of 484.67 million yuan and a turnover rate of 3.24% [2] - Other stocks with significant fund inflows included Zhongchuang Environmental Protection and Zhejiang Zhongcheng, with net inflows of 138.64 million yuan and 496.59 million yuan respectively [2] Group 3 - The stocks with the largest declines included Qizhou Dongfeng, Jinming Precision Machinery, and ST Lianchuang, with decreases of 2.42%, 2.10%, and 2.01% respectively [3] - Juhua Co. and Sanmei Co. also saw declines, with decreases of 2.66% and 1.15% respectively, despite the overall sector's positive performance [3] - The overall market sentiment reflected mixed performance, with some sectors like CPO and Hainan Free Trade Zone experiencing gains while others like Metal Lead and Metal Zinc faced declines [1]

格隆汇12月9日丨深圳新星(603978.SH)公布，截至本公告披露日，公司2024年员工持股计划所持有的公 司股票188.39万股已全部出售完毕。根据公司《2024年员工持股计划管理办法》的规定，若员工持股计 划所持有的公司股票全部出售，且本员工持股计划资产按相关规定清算和分配完毕的，经持有人会议审 议通过，本员工持股计划即可终止。后续将进行相关资产清算和分配工作，并终止本次员工持股计划。 ...

深圳市新星轻合金材料股份有限公司 关于2024年员工持股计划出售完毕的公告 证券代码：603978 证券简称：深圳新星 公告编号：2025-110 2、2024年9月12日，公司收到中国证券登记结算有限责任公司出具的《证 券过户登记确认书》，公司回购专用证券账户中所持有的1,883,926股公司股票 已于2024年9月11日非交易过户至"深圳市新星轻合金材料股份有限公司－2024 年员工持股计划"证券账户（证券账户号码：B886718870），过户价格为 8.62 元/股。 3、2024年9月18日，公司召开2024年员工持股计划第一次持有人会议，审 议通过《关于设立2024年员工持股计划管理委员会的议案》《关于选举2024年 员工持股计划管理委员会委员的议案》《关于授权2024年员工持股计划管理委 员会办理本次员工持股计划相关事宜的议案》，由管理委员会负责本员工持股 计划的日常管理与监督，对员工持股计划负责，代表持有人行使股东权利，同 时根据相关规定管理员工持股计划资产，并维护员工持股计划持有人的合法权 益。 4、2025年9月12日，公司召开第五届董事会第三十二次会议，审议通过了 《关于2024年员工持股 ...

Core Viewpoint - Shenzhen Xinxing's stock price has shown significant volatility, with a year-to-date increase of 96.24% but a recent decline of 6.29% over the past five trading days [2] Group 1: Stock Performance - As of December 3, Shenzhen Xinxing's stock price was 30.24 CNY per share, with a market capitalization of 6.383 billion CNY [1] - The stock has experienced a 96.24% increase year-to-date, with a 6.29% decline in the last five trading days [2] - The stock has been on the "龙虎榜" three times this year, with the latest instance on November 10, where it saw a net buy of 121 million CNY [2] Group 2: Financial Performance - For the period from January to September 2025, Shenzhen Xinxing reported revenue of 2.324 billion CNY, representing a year-on-year growth of 25.54% [3] - The net profit attributable to shareholders was -61.83 million CNY, showing a year-on-year increase of 37.02% [3] Group 3: Shareholder and Institutional Holdings - As of September 30, 2025, the number of shareholders increased by 3.62% to 16,500, with an average of 12,830 circulating shares per person, a decrease of 3.49% [3] - The company has distributed a total of 42 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [4] - Among the top ten circulating shareholders, 东方阿尔法产业先锋混合A holds 1.6514 million shares, marking it as a new shareholder [4]

Core Insights - The report highlights strong growth in China's new energy vehicle (NEV) production and sales, with October figures showing a year-on-year increase of 21.1% in production and 20% in sales. Cumulatively, from January to October, production and sales reached 13.015 million and 12.943 million units, reflecting growth of 33.1% and 32.7% respectively [1][2]. Industry Overview - The supply side is characterized by continuous new product launches from battery and main engine manufacturers, while demand feedback remains positive. Government policies are also increasingly supportive [2]. - The industry has experienced significant price declines, but the supply-demand balance is improving, with companies actively optimizing capacity and supply to stabilize prices and protect profitability [2]. - Overall, the industry is at a price bottom, with signs of stabilization and recovery. Certain segments, such as lithium carbonate and lithium hexafluorophosphate, are seeing strong demand and tight supply, leading to price increases [2]. Investment Strategy - The report maintains a "recommended" rating for the NEV industry, emphasizing the continued support from policies and marginal improvements in supply-demand structure. It anticipates a price recovery in the industry chain by 2025 [2]. - The focus is on selecting high-quality companies that are expected to deliver excess returns, particularly in areas such as robotics, solid-state batteries, battery materials, and liquid cooling technologies [2]. Key Companies and Directions - Key materials include companies like CATL, Shangtai Technology, and Hunan Youneng [3]. - New directions for investment include robotics (Zhejiang Rongtai), liquid cooling (Qiangrui Technology, Shenling Environment, Feirongda, Jieban Technology), solid-state batteries (Shenzhen Xinxing, Haopeng Technology, Nakanor, Liyuanheng), and autonomous driving (Ruiming Technology) [3]. Market Performance - The NEV index, lithium battery index, fuel cell index, charging pile index, and energy storage index saw weekly changes of +3.31%, +5.18%, +4.41%, +4.80%, and +4.79% respectively [4]. - Notable company performances include Haike New Energy, Penghui Energy, and Jinyinhai, which saw increases of 48.6%, 23.0%, and 22.1% respectively. Conversely, companies like Shen Zhonghua A and Haimeixing experienced declines of 16.5% and 6.5% [4]. Price Dynamics - Lithium prices have shown upward trends, with lithium carbonate priced at 93,800 CNY/ton (up 1.5%), lithium hydroxide at 82,100 CNY/ton (up 1.0%), and LME nickel at $14,700/ton (up 2.7%) [5]. - Other materials such as lithium iron phosphate and various battery components have also seen price increases, indicating a tightening supply situation [5]. Industry Developments - A significant development includes GAC's establishment of China's first large-capacity all-solid-state battery production line, marking a milestone in the industry [6].