Core Viewpoint - The sodium-ion battery concept has seen a significant increase in stock prices, with a 3.08% rise, ranking fifth among concept sectors, indicating growing investor interest and potential in this technology [1][2]. Group 1: Market Performance - As of September 29, the sodium-ion battery sector had 116 stocks rising, with notable performers including Wanrun New Energy, which hit a 20% limit up, and Tianqi Materials, Fengshan Group, and Xiangtan Electric, all reaching their daily limit up [1]. - The top gainers in the sector included Tianqi Technology (up 14.36%), Haike New Source (up 12.96%), and Huasheng Lithium (up 12.41%) [1][9]. - Conversely, leading decliners included Xian Dao Intelligent (down 3.59%), Zongshen Power (down 2.00%), and Yunnan Energy Investment (down 1.43%) [1]. Group 2: Capital Inflow - The sodium-ion battery sector attracted a net inflow of 1.289 billion yuan, with 64 stocks receiving net inflows, and 10 stocks exceeding 100 million yuan in net inflow [2]. - Tianqi Materials led the net inflow with 983.3 million yuan, followed by Duofluor and Ningde Times with net inflows of 497 million yuan and 464 million yuan, respectively [2][3]. - The highest net inflow ratios were observed in Fengshan Group (52.26%), Duofluor (46.70%), and Tianji Shares (42.84%) [3]. Group 3: Stock Performance Metrics - Key stocks in the sodium-ion battery sector showed significant daily performance, with Tianqi Materials rising by 10.01% and Duofluor by 9.98% [3]. - The turnover rates for these stocks varied, with Tianqi Materials at 15.72% and Duofluor at 5.11%, indicating active trading [3]. - Other notable performers included Yiwai Lithium Energy (up 8.30%) and Guoxuan High-Tech (up 4.04%) [3].

Core Insights - The battery sector experienced a significant increase of 4.46% on the trading day, with Wanrun New Energy leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Battery Sector Performance - Wanrun New Energy (688275) saw a closing price of 65.64, with a remarkable increase of 20.00% and a trading volume of 79,100 shares, amounting to a transaction value of 502 million [1] - Hunan Yuno (301358) closed at 53.94, up 18.29%, with a trading volume of 483,700 shares and a transaction value of 2.526 billion [1] - Tianai Technology (688116) closed at 68.27, up 14.36%, with a trading volume of 295,100 shares and a transaction value of 1.947 billion [1] - Other notable performers include Haike Xindu (301292) with a 12.96% increase, and Zhongyi Technology (301150) with a 10.27% increase [1] Capital Flow Analysis - The battery sector saw a net inflow of 1.094 billion from main funds, while retail investors experienced a net outflow of 193 million [2][3] - Major stocks like Tianzi Materials (002709) had a main fund net inflow of 931 million, while retail investors saw a net outflow of 408 million [3] - Ningde Times (300750) recorded a main fund net inflow of 440 million, with retail investors experiencing a net outflow of 621 million [3]

Group 1 - The financial sector experienced a strong rally, with the Shanghai Composite Index rising over 1%, the Shenzhen Component Index increasing over 2.1%, and the ChiNext Index gaining over 3% [1] - Over 3600 stocks saw an increase, with notable stocks such as GF Securities, Hunan Yucai, Huatai Securities, and Guosheng Financial hitting the daily limit [1] - The central bank emphasized the need for a moderately loose monetary policy to encourage financial institutions to increase credit supply and utilize stock repurchase and loan facilities effectively [1] Group 2 - The new energy sector, particularly the lithium battery segment, showed significant gains, with stocks like Wanrun New Energy, Hunan Yuyuan, Tiannai Technology, and Xiangtan Chemical hitting the daily limit or rising over 10% [2] - The photovoltaic industry is expected to see improvements in supply-side dynamics due to top-level support, market-driven eliminations, and technological iterations, with a focus on low-cost silicon materials, photovoltaic glass, and efficient battery/components [2] - Recent market attention has shifted towards domestic policies and structural prosperity, with signs of a temporary improvement in China-US relations since September, which may influence market pricing in the fourth quarter [2]

9月29日，新能源板块表现强势，电池相关概念集体拉升，相关ETF涨幅居前，截至10:49，新能源车 ETF（515030）涨幅4.24%，持仓股湖南裕能涨超15%，天奈科技涨超12%，亿纬锂能涨超10%，天赐材 料、多氟多涨停。 新能源车 ETF（515030）是目前市场上规模最大的新能源车主题ETF，与其联接基金 （013013/013014）跟踪中证新能源汽车指数（399976），选取涉及锂电池、充电桩、新能源整车等业 务的上市公司股票作为成份股，wind热门概念中，锂电池权重占比高达67%。 （文章来源：每日经济新闻） 财通证券认为，2025年以来，固态电池技术持续获得突破，多家车企计划于2027年左右开始搭载全固态 电池，行业产业化进程加快。随着中试线的陆续落地以及锂电扩产周期的重启，设备企业基本面有望持 续改善，继续看好产业周期与技术进步共振。 消息面上，据商务部网站，为促进新能源汽车贸易健康发展，依据《中华人民共和国对外贸易法》有关 规定，商务部等四部门决定自2026年1月1日起对纯电动乘用车实施出口许可证管理。 ...

Core Insights - The European electric vehicle (EV) market is experiencing significant growth, with sales in August 2025 reaching 176,000 units, a year-on-year increase of 41.2% and a penetration rate of 31.4%, up by 8.3 percentage points [1][2] - The European Parliament has approved amendments to carbon emission assessments, delaying the tightening of emission targets originally planned for 2025, but the overall trend towards stricter regulations remains unchanged [1] Group 1: Market Performance - In August 2025, battery electric vehicle (BEV) sales reached 114,000 units, a year-on-year increase of 32.3%, while plug-in hybrid electric vehicle (PHEV) sales were 62,000 units, up by 61.5% [2] - Germany saw accelerated growth in electric vehicle sales, with BEV sales of 39,000 units, up 45.7%, and PHEV sales of 24,000 units, up 76.7% [3] - The UK has reintroduced BEV subsidies, with approximately 25% of BEV models qualifying for subsidies as of August, leading to BEV sales of 22,000 units, a 14.9% increase, and PHEV sales of 9,800 units, up 69.4% [4] - France's BEV sales were 17,000 units, a 29.6% increase, despite a general decline in the automotive market, with a penetration rate of 19.4% in August, the highest of the year [5] Group 2: Market Drivers - Spain is promoting electric vehicle adoption through new model launches, promotional activities, and the MOVES III subsidy program, alongside a 15% personal income tax reduction for electric vehicle purchases [6] Group 3: Investment Recommendations - Recommended investments in lithium battery companies include CATL, EVE Energy, and Xinwangda, with beneficiaries such as Innovation Navigation and Guoxuan High-Tech [7] - For lithium materials, recommended companies include Hunan Yueneng, with beneficiaries like Fulian Precision and Wanrun New Energy [7] - Recommendations for electric drive systems include Weimaisi and Fute Technology, with beneficiaries such as Xinrui Technology and Huangshan Gujie [7]

| 证券代码：688116 | 证券简称：天奈科技 | 公告编号：2025-074 | | --- | --- | --- | | 转债代码：118005 | 转债简称：天奈转债 | | 江苏天奈科技股份有限公司 关于商标争议事项进展的公告 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。 重要内容提示： 一、诉讼基本情况 2022 年 11 月 21 日，天奈科技就山东大展商标侵权及不正当竞争纠纷向山东 省滨州市中级人民法院提起诉讼。 案件所处的诉讼阶段：发回重审后的一审判决 公司所处的当事人地位：原告 涉案的金额：截至本公告披露日的最新判决结果为被告山东大展纳米材 料有限公司（以下简称"山东大展"）赔偿原告江苏天奈科技股份有限 公司（以下简称"天奈科技"或"公司"）经济损失及合理开支共计 150,000 元。 是否会对公司损益产生负面影响：本诉讼案件为公司就被告侵害商标权 及不正当竞争纠纷事项提起的诉讼，是公司为维护自身合法权益采取的 正当举措，本案截至本公告披露日的最新判决结果不会影响公司正常生 产经营，不会对公司损益 ...

Core Viewpoint - Tianai Technology is launching a new carbon nanotube cathode material project, aiming for an annual production capacity of 100,000 tons, with the first phase of 20,000 tons under construction. This project addresses the increasing demand for high-performance cathode materials in electric vehicles [2][3]. Group 1: Project Overview - The new project combines advanced carbon nanotube preparation technology with cathode material composite processes, targeting a phased capacity of 100,000 tons per year, with the initial phase of 20,000 tons currently being built [2]. - The application of carbon nanotubes in cathode materials has been limited due to challenges in uniformity, cost, and scalability, but the rising demand for fast charging and long cycle life in electric vehicles is driving interest in this area [2][3]. Group 2: Market Dynamics - The demand for cathode composite materials is critical for enhancing battery performance, particularly in fast charging and energy density, making carbon nanotubes a potential solution for high-nickel ternary and high-voltage cathodes [3][4]. - The competitive landscape for conductive agents is intensifying, prompting leading companies like Tianai Technology to seek new growth areas, such as cathode composite materials, to maintain their market position [3]. Group 3: Industry Trends - Other domestic companies, such as BetterRay and Shanshan, are also exploring the application potential of carbon nanotubes in cathodes, indicating a broader industry trend towards the commercialization of carbon nanotube applications in battery technology [5]. - The collaboration between carbon nanotube producers and cathode manufacturers is essential for optimizing processes and costs, suggesting a "triangular cooperation" model may be key to the industrialization of carbon nanotube cathode materials [5][6]. Group 4: Challenges and Considerations - Cost control remains a significant challenge, as carbon nanotubes are still more expensive than traditional conductive materials, which could limit their adoption in large-scale applications [6]. - The need for process compatibility and the potential issues with dispersion and agglomeration of carbon nanotubes must be addressed to ensure uniformity in battery production [6].

Core Insights - Tianwei Technology's stock price increased by 2.01% on September 22, reaching 57.46 CNY per share, with a total market capitalization of 21.054 billion CNY [1] - The company has seen a year-to-date stock price increase of 48.61%, with a 2.52% rise over the last five trading days and a 16.29% increase over the last 20 days [1] Financial Performance - For the first half of 2025, Tianwei Technology reported revenue of 654 million CNY, a year-on-year growth of 1.08%, and a net profit attributable to shareholders of 117 million CNY, also reflecting a 1.07% increase [2] - Cumulative cash dividends since the company's A-share listing amount to 244 million CNY, with 179 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 23,800, up by 1.28%, while the average number of circulating shares per person decreased by 1.26% to 14,455 shares [2] - Among the top ten circulating shareholders, a new entrant is the Jiashi New Energy Materials Stock A, holding 3.1641 million shares, while Hong Kong Central Clearing Limited has exited the top ten list [3] Business Overview - Tianwei Technology, established on January 6, 2011, specializes in the research, production, and sales of nano-scale carbon materials, with a primary revenue source from carbon nanotube conductive pastes, accounting for 98.04% of its business [1] - The company operates within the power equipment industry, specifically in battery and battery chemical sectors, and is associated with concepts such as graphene, lithium batteries, and solid-state batteries [1]

Investment Rating - The industry investment rating is "Overweight" [1][48]. Core Viewpoints - The newly released "New Energy Storage Scale Construction Special Action Plan (2025-2027)" aims for a national new energy storage installed capacity of over 180GW by 2027, driving direct investment of approximately 250 billion yuan, with lithium battery storage as the main technology route [3][44]. - The lithium battery index has shown significant growth, outperforming the CSI 300 index by 14.92 percentage points over the past two weeks, with a year-to-date increase of 46.60% [2][11]. - The overall demand for lithium batteries is rapidly increasing, with a notable recovery in net profits for the lithium battery industry chain, which grew by 30% year-on-year in the first half of 2025, marking a turning point after two years of decline [3][44]. Summary by Sections Market Review - As of September 18, 2025, the lithium battery index has increased by 17.97% in the last two weeks, outperforming the CSI 300 index by 14.92 percentage points [2][11]. - The lithium battery index has risen by 19.54% this month and 46.60% year-to-date [2][11]. Price Changes in the Lithium Battery Industry Chain - As of September 18, 2025, the average price of battery-grade lithium carbonate is 73,100 yuan/ton, down 2.14% over the past two weeks [3][24]. - The price of lithium hydroxide (LiOH 56.5%) is 71,600 yuan/ton, down 0.42% [3][24]. - The price of lithium iron phosphate remains stable at 34,300 yuan/ton, while NCM523, NCM622, and NCM811 have seen slight declines [3][26]. Industry News - The demand for new energy vehicles is expected to peak in September, with retail sales projected at around 1.25 million units, leading to a penetration rate of 58.1%, a historical high [3][39]. - Global battery production in August 2025 reached 198.42 GWh, a year-on-year increase of 50.31% [3][39]. - The solid-state battery industry is progressing towards commercialization, with companies like Panasonic and SK On making significant advancements in solid-state battery technology [3][40][42]. Company Announcements - Key companies to watch include CATL, which reported a revenue of 178.886 billion yuan in the first half of 2025, a year-on-year increase of 7.27% [3][45]. - Other notable companies include Yiwei Lithium Energy, which has launched a solid-state battery production base, and Enjie, which is focusing on solid-state battery materials [3][45].

Core Viewpoint - The solid-state battery industry is accelerating, leading to a significant increase in demand for single-walled carbon nanotubes (SWCNTs) as conductive agents, with companies like Tianan Technology achieving substantial output and capacity expansion in this sector [2][11]. Group 1: Market Dynamics - In 2025, Tianan Technology has already achieved a shipment of 1,500 tons of carbon nanotube slurry, with single-walled products accounting for 70% of this volume [3]. - The company expects to increase its single-walled slurry shipments to between 1,500 and 2,000 tons in Q3 2023, with a projected output capacity of 10,000 tons by 2026 [3][11]. - The market for single-walled carbon nanotubes is anticipated to reach a potential scale of $10 billion within five years, driven by their higher profitability compared to traditional products [9]. Group 2: Company Developments - Tianan Technology has established stable partnerships with domestic solid-state battery companies and has also entered international markets, collaborating with QuantumScape in the U.S. [4]. - The company is expanding its production capacity, planning to build a project with an annual output of 450 tons of single-walled carbon nanotubes, with phases set to be completed by the end of 2026 [5]. - Other companies, such as Dao Technology, are also ramping up their production capabilities, with plans to invest in new projects to produce single-walled carbon nanotubes [5][6]. Group 3: Product Innovation - Single-walled carbon nanotubes are expected to see increased usage in solid-state batteries, with their addition rates significantly higher than those of traditional multi-walled carbon nanotubes [7]. - The application of single-walled carbon nanotubes is expanding into emerging fields such as robotics and electronic devices, indicating a broader market potential [8]. - Tianan Technology is also developing a fourth-generation product that combines single-walled and multi-walled slurries, aiming for a lower price point and a target shipment of 10,000 tons by 2025 [10].