Core Viewpoint - The solid-state battery concept stocks in the A-share market have experienced a significant surge, driven by recent advancements in solid-state battery technology and the upcoming 2025 Solid-State Battery Manufacturing and Industry Chain Innovation Forum [1] Group 1: Market Performance - Penghui Energy reached a 20% limit up, while Tianhua New Energy and Haike New Source both increased by over 13% [1] - Other notable performers include XWANDA with an 11.53% rise, and Shida Shenghua, Jiangte Motor, and Pulutong hitting a 10% limit up [1] - The overall market sentiment is positive, with many stocks in the solid-state battery sector showing strong year-to-date performance, such as Haike New Source with a 139.83% increase [2] Group 2: Technological Advancements - Recent breakthroughs in solid-state battery technology include overcoming key challenges in all-solid-state lithium batteries, potentially doubling the range from 500 kilometers to over 1000 kilometers [1] - Research led by Tsinghua University has made significant progress in polymer electrolytes for lithium batteries, indicating a shift towards more efficient battery solutions [1] Group 3: Future Outlook - According to Open Source Securities, solid-state batteries are transitioning from laboratory stages to mass production validation, with small-scale vehicle testing expected by the end of 2025 and widespread testing anticipated in 2026-2027 [1] - Emerging applications in low-altitude flying, robotics, and AI are expected to expand the market for solid-state batteries, accelerating industrialization [1]

Core Viewpoint - The solid-state battery concept stocks experienced a significant surge on October 30, with multiple companies reaching their daily price limits and others showing substantial gains [1]. Group 1: Stock Performance - Penghui Energy (300438) saw a price increase of 20.00%, reaching 48.59, with a net buying volume of 1.73 million [2]. - Haike New Energy (301292) rose by 14.00%, with a current price of 31.59 and a net buying volume of 3.94 million [2]. - XWANDA (300207) increased by 9.90%, priced at 36.52, with a net buying volume of 0.17 million [2]. - Tianji Co., Ltd. (002759) experienced a 10.00% rise, reaching 28.04, with a net buying volume of 2.87 million [2]. - Shida Shenghua (603026) also increased by 10.00%, with a current price of 63.59 and a net buying volume of 0.74 million [2]. - Other notable performers include Keheng Co., Ltd. (300340) up by 8.67%, Huasheng Lithium Battery (688353) up by 7.97%, and Changhong Energy (920239) up by 7.72% [2].

Market Overview - The battery sector increased by 0.29% compared to the previous trading day, with Fangyuan Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Top Gainers in the Battery Sector - Fangyuan Co., Ltd. (688148) closed at 8.01, up 12.50% with a trading volume of 641,600 shares and a transaction value of 506 million [1] - Xinde New Materials (301349) closed at 45.00, up 11.94% with a trading volume of 112,600 shares and a transaction value of 501 million [1] - Hunan YN (301358) closed at 61.58, up 8.99% with a trading volume of 319,400 shares and a transaction value of 1.986 billion [1] - Other notable gainers include Jinyinhe (300619), Wanrun New Energy (688275), and Guoxuan High-Tech (002074) with respective increases of 7.20%, 6.57%, and 6.00% [1] Top Losers in the Battery Sector - Yinghe Technology (300457) closed at 29.49, down 7.96% with a trading volume of 507,100 shares and a transaction value of 1.52 billion [2] - Camel Group (601311) closed at 10.14, down 6.02% with a trading volume of 834,600 shares and a transaction value of 850 million [2] - Other significant decliners include Jia Yuan Technology (688388) and Huaneng Technology (688353) with decreases of 4.44% and 4.34% respectively [2] Capital Flow Analysis - The battery sector experienced a net outflow of 1.738 billion from institutional investors, while retail investors saw a net inflow of 864 million [2][3] - Notable stocks with significant net inflows from retail investors include Guoxuan High-Tech (002074) with a net inflow of 155 million [3] - The capital flow data indicates a mixed sentiment among different investor types within the battery sector [3]

Core Points - The Shanghai Composite Index closed at 3991.35 points, above the five-day moving average, with an increase of 1.04% [1] - The total trading volume of A-shares reached 1,576.01 billion yuan [1] - A total of 722 A-shares have prices that surpassed the five-day moving average, indicating a positive market trend [1] Summary by Category Stock Performance - Notable stocks with significant deviations from the five-day moving average include Longzhu Technology (15.40%), Yongfu Co., Ltd. (14.16%), and Pioneer New Materials (13.24%) [1] - Longzhu Technology saw a daily increase of 20.22%, with a turnover rate of 12.58% [1] - Yongfu Co., Ltd. increased by 19.98%, with a turnover rate of 9.37% [1] - Pioneer New Materials rose by 18.01%, with a turnover rate of 27.91% [1] Market Trends - Stocks with smaller deviations from the five-day moving average include Aibulu, Xinhua Medical, and Yunnan Baiyao, which have just crossed the five-day moving average [1] - The overall market sentiment appears to be bullish, as indicated by the number of stocks surpassing their five-day moving averages [1] Trading Data - The trading data for stocks that broke the five-day moving average includes various metrics such as daily price changes, turnover rates, and the latest prices compared to the five-day moving average [1][2] - The table provided lists multiple stocks with their respective performance metrics, highlighting the active trading environment [2]

Core Viewpoint - The lithium mining sector experienced significant gains on the 27th, with notable increases in stock prices for several companies, driven by strong demand for energy storage and power batteries in China [1] Industry Summary - From January to September 2025, China's production of power and energy storage batteries reached 1121.9 GWh, marking a year-on-year increase of 62.7%, significantly higher than the growth rate in 2024 [1] - Energy storage battery sales during the same period saw a year-on-year growth of 75.5%, with tender capacity increasing by 178% [1] - According to CITIC Securities, the demand for energy storage batteries is expected to exceed expectations due to policy support, with improvements in battery capacity and trade-in policies boosting demand for power batteries [1] Supply and Demand Outlook - The peak investment period in the lithium industry has passed, with future growth primarily coming from increased production or ramp-up of existing projects, leading to a gradual decline in the growth rate of lithium resource supply [1] - As of September, the inventory-to-sales ratio for lithium salt refineries dropped to 28%, reaching levels seen in 2022, indicating that lithium salt inventory levels are at their limit [1] - Forecasts suggest global lithium supply surplus from 2025 to 2028 will be 101,000 tons, 78,000 tons, 29,000 tons, and 11,000 tons respectively, indicating a gradual shift towards a balanced supply-demand scenario [1] - Lithium prices are expected to stabilize at a range of 80,000 to 100,000 yuan per ton by 2026, with potential for price recovery as the market adjusts [1] Investment Recommendations - Companies with low-cost operations and high-quality mining assets are recommended for attention as they may benefit from the rebound in lithium prices [1]

Summary of Fangyuan Co., Ltd. Conference Call Company Overview - **Company**: Fangyuan Co., Ltd. - **Industry**: Battery materials, specifically focusing on precursor materials and cobalt sulfate production Key Points and Arguments Financial Performance - **Q3 2025 Performance**: Fangyuan Co., Ltd. reported significant growth in Q3 2025, driven by increased production and sales volumes, as well as improved capacity utilization, particularly from the wood project which is currently operating at about 50% capacity, covering basic costs [2][4][3] - **Revenue from Japanese Project**: The Japanese technology output project confirmed revenue of 500 million JPY, contributing approximately 20 million JPY to profits, with expectations of an additional 200 million JPY in Q4 [5][4] - **Gross Margin Improvement**: Gross margins improved from approximately 10% in Q1 2025 to 30% in Q3 2025, attributed to inventory gains and price increases, with price increases accounting for about half of the margin improvement [8][4] Product Performance - **Cobalt Sulfate**: Cobalt sulfate, produced entirely from recycled materials, has seen a significant increase in sales volume, contributing to improved gross margins due to lower procurement costs and rising cobalt prices [2][3][4] - **Precursor Materials**: High nickel binary and NCM precursor materials have also seen substantial sales growth, with margins around 15%-16% for NCA and NCM products [6][4] - **Carbonate Lithium**: Currently facing losses due to low utilization rates (20%), with plans to increase external raw material procurement to boost production to over 1,000 tons [6][4] Production Capacity and Future Outlook - **Production Goals**: Fangyuan aims for total production and sales of approximately 12,000 tons in 2025, with a target of 16,000 to 18,000 tons in 2026 [11][11] - **Market Demand**: The demand for high nickel binary precursors in the robotics sector is expected to continue growing, with Fangyuan supplying about 200 tons per month, representing less than one-third of total supply [11][11] Market Dynamics - **Cobalt and Lithium Pricing**: Cobalt sulfate is currently experiencing a premium due to its production from recycled materials, while lithium carbonate does not have a premium due to oversupply and common extraction technologies [18][18] - **Battery Recycling Market**: The battery recycling market is currently oversaturated, with Fangyuan focusing on purchasing dismantled materials rather than large-scale recycling operations [17][17] Challenges and Strategies - **Nickel Sulfate**: The nickel sulfate business is facing challenges with negative margins due to rising raw material costs, leading to a strategic focus on producing higher-margin precursor materials instead [29][29] - **Capacity Utilization**: Current monthly processing capacity is around 1,500 tons, expected to reach 2,000 tons by year-end, with a long-term goal of 3,000-4,000 tons per month by 2026 [11][11] Technological and Competitive Landscape - **Technical Advantages**: Fangyuan possesses significant technical advantages in complex processing technologies, which are difficult to replicate, ensuring a competitive edge in the market [19][20] - **Market Position**: Fangyuan holds a leading position in the high nickel binary precursor market, with ongoing collaborations for product development with major clients [25][24] Additional Important Information - **Financial Strategy**: The company plans to operate convertible bonds in the first half of next year to improve its balance sheet, with a focus on reducing financial costs [27][27] - **Production Capacity**: Current annual production capacity is approximately 34,000 tons for precursors and 24,500 tons for lithium carbonate, with additional capacities from other sources [26][26]

股票代码：688148 股票简称：芳源股份 债券代码：118020 债券简称：芳源转债 广东芳源新材料集团股份有限公司 向不特定对象发行可转换公司债券 第五次临时受托管理事务报告 （2025 年度） 债券受托管理人 二〇二五年十月 重要声明 本报告依据《公司债券发行与交易管理办法》《关于广东芳源新材料集团股 份有限公司向不特定对象发行可转换公司债券之债券受托管理协议》（以下简称 "《受托管理协议》"）《广东芳源新材料集团股份有限公司向不特定对象发行可 转换公司债券募集说明书》（以下简称"《募集说明书》"）等相关规定，由本次 债券受托管理人中国国际金融股份有限公司编制。中金公司编制本报告的内容及 信息均来源于广东芳源新材料集团股份有限公司提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为中金公司所作的承诺 或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，中金公 司不承担任何责任。 1 中国国际金融股份有限公司（以下简称"中金公司"）作为广东芳源新材料集 团股份有限公司（以下简称"芳源股份"、"发行人"或"公 ...

Market Overview - The battery sector experienced a decline of 1.32% on the previous trading day, with Fangyuan Co., Ltd. leading the losses [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Notable gainers in the battery sector included: - Defu Technology (301511) with a closing price of 32.80, up 3.76% [1] - Naconor (920522) at 59.50, up 2.73% [1] - Anfu Technology (603031) at 38.43, up 1.32% [1] - Significant decliners included: - Fangyuan Co., Ltd. (688148) at 7.11, down 8.61% [2] - Boliview (688345) at 36.31, down 6.71% [2] - Zhongke Electric (300035) at 23.21, down 6.18% [2] Capital Flow - The battery sector saw a net outflow of 3.468 billion yuan from institutional investors, while retail investors contributed a net inflow of 3.103 billion yuan [2][3] - The main capital inflow and outflow for specific stocks included: - Defu Technology (301511) with a net inflow of 1.69 billion yuan from main investors [3] - Fangyuan Co., Ltd. (688148) with a net outflow of 813.62 million yuan from retail investors [3]

Core Points - Fangyuan Co., Ltd. (688148) closed at 7.78 yuan on October 21, reaching the daily limit with a trading volume of 4.65 billion yuan and a turnover rate of 12.08% [2] - The stock was listed on the daily trading leaderboard due to a price increase of 15% [2] Trading Activity - The top five trading departments accounted for a total transaction amount of 124 million yuan, with a net buying amount of 19.59 million yuan [2] - The largest buying department was Kaiyuan Securities Co., Ltd. with a purchase amount of 20.70 million yuan, followed by CITIC Securities Co., Ltd. with 14.98 million yuan [2] - The selling departments included a specialized institutional seat that sold 10.62 million yuan, with total selling amount reaching 41.75 million yuan [2] Fund Flow - The stock experienced a net inflow of main funds amounting to 67.73 million yuan throughout the day [2]

Group 1 - Pinggao Electric reported a 6.98% increase in revenue to 8.436 billion yuan and a 14.62% increase in net profit to 982 million yuan for the first three quarters of 2025 [1] - Wanchen Group achieved a 77.37% increase in revenue to 36.562 billion yuan and a staggering 917.04% increase in net profit to 855 million yuan for the first three quarters of 2025 [2] - Xintian's revenue decreased by 10.42% to 481 million yuan, with a net profit decline of 35.19% to 91.9 million yuan for the first three quarters of 2025 [3] Group 2 - Chuangye Heima reported a revenue drop of 35.68% to 102 million yuan and a net loss of 24.93 million yuan for the first three quarters of 2025 [4] - Huaxin New Materials saw a 16.11% increase in revenue to 265 million yuan and an 18.56% increase in net profit to 40.81 million yuan for the first three quarters of 2025 [5] - Meihua Medical's revenue increased by 3.28% to 1.194 billion yuan, but net profit fell by 19.25% to 208 million yuan for the first three quarters of 2025 [6] Group 3 - Silica Technology reported a 24.30% increase in revenue to 2.651 billion yuan and a 44.63% increase in net profit to 229 million yuan for the first three quarters of 2025 [7] - Anada experienced a revenue decline of 6.03% to 1.31 billion yuan and a net loss of 46.37 million yuan for the first three quarters of 2025 [8] - StarNet Ruijie achieved a 19.20% increase in revenue to 14.168 billion yuan and a 31.06% increase in net profit to 344 million yuan for the first three quarters of 2025 [9] Group 4 - New Link Electronics reported a revenue decrease of 0.37% to 550 million yuan but a significant net profit increase of 421.43% to 535 million yuan for the first three quarters of 2025 [10] - Tianyin Electromechanical's revenue fell by 22.75% to 581 million yuan, with a net profit decline of 56.10% to 24.27 million yuan for the first three quarters of 2025 [11] - Hengtong Co. reported a revenue decrease of 39.29% to 1.05 billion yuan, but a net profit increase of 78.33% to 176 million yuan for the first three quarters of 2025 [12] Group 5 - Xigao Institute achieved a 15.05% revenue increase to 651 million yuan and a 21.28% net profit increase to 198 million yuan for the first three quarters of 2025 [13] - Good Housewife reported a revenue decrease of 0.91% to 1.059 billion yuan and a net profit decline of 24.79% to 143 million yuan for the first three quarters of 2025 [14] - China Pharmaceutical's subsidiary received approval for Vitamin B6 injection, indicating a positive development in its product pipeline [20] Group 6 - Xi Zhong Technology received approval for the issuance of convertible bonds, indicating potential for future capital raising [22] - Chengda Bio signed a strategic cooperation agreement with the Chinese Academy of Microbiology, focusing on infectious disease prevention [25] - Fuyuan Pharmaceutical received a drug registration certificate for Dydrogesterone tablets, enhancing its product offerings [26] Group 7 - Zhehai Deman received 8.1202 million yuan in land acquisition compensation, indicating a successful resolution of land-related issues [27] - Zhongjin Irradiation announced the resignation of its deputy general manager, indicating potential changes in management [29] - Hendi Pharmaceutical received a drug registration certificate for Febuxostat tablets, expanding its product portfolio [30] Group 8 - David Medical's subsidiary received a medical device registration certificate for a surgical stapler, enhancing its product offerings [32] - Liaoning Energy announced plans for a share reduction by a major shareholder, indicating potential changes in ownership structure [34] - Fengyuan Co. signed a framework agreement for the supply of lithium iron phosphate, indicating growth in its supply chain [35] Group 9 - Shengda Resources announced the resumption of construction at a mining site, indicating recovery from previous operational disruptions [37] - Shiyuan Co. reported a revenue increase of 5.45% to 18.087 billion yuan, but a net profit decline of 6.81% to 867 million yuan for the first three quarters of 2025 [39] - Feilida reported a revenue decrease of 6.81% to 4.659 billion yuan, but a net profit increase of 49.1% to 33.19 million yuan for the first three quarters of 2025 [40] Group 10 - Changyuan Donggu reported a revenue increase of 29.75% to 1.648 billion yuan and a net profit increase of 76.71% to 274 million yuan for the first three quarters of 2025 [41] - Liyuanheng reported a net profit of 47.49 million yuan for the first three quarters of 2025, indicating stable performance [42] - Fangyuan Co. reported a net loss of 121 million yuan for the first three quarters of 2025, indicating challenges in its operations [43] Group 11 - China Mobile reported a revenue increase of 0.4% to 794.7 billion yuan and a net profit increase of 4% to 115.4 billion yuan for the first three quarters of 2025 [44] - Huangshanghuang reported a revenue decrease of 5.08% to 1.379 billion yuan but a net profit increase of 28.59% to 101 million yuan for the first three quarters of 2025 [46] - Youcai Resources announced plans to invest approximately 150 million yuan in a new materials production base project [47] Group 12 - Huawei Technology announced plans to invest up to 20 million euros in two German subsidiaries [49] - China Shipbuilding projected a net profit increase of 144.42% to 170.85% for the first three quarters of 2025, indicating strong performance [51] - Aeston's subsidiary plans to transfer a 48% stake in a company for 245 million yuan, indicating strategic divestment [52] Group 13 - Jinxinno plans to raise up to 292 million yuan through a private placement, indicating potential for expansion [53] - China Power Construction reported a 5.04% increase in new contract amounts to 904.527 billion yuan for the first three quarters of 2025 [54] - Helitai reported a net profit increase of 101.45% to 17.81 million yuan for the first three quarters of 2025 [55] Group 14 - Xuefeng Technology reported a revenue decrease of 8.28% to 4.183 billion yuan and a net profit decline of 34.6% to 394 million yuan for the first three quarters of 2025 [57] - Juzhi Technology reported a revenue increase of 21.40% to 615 million yuan and a net profit increase of 33.78% to 82.47 million yuan for the first three quarters of 2025 [59] - Jinxi Axle reported a revenue decrease of 0.11% to 872 million yuan but a net profit increase of 268.03% to 22.11 million yuan for the first three quarters of 2025 [60] Group 15 - Longsheng Technology reported a revenue increase of 10.13% to 1.810 billion yuan and a net profit increase of 36.89% to 210 million yuan for the first three quarters of 2025 [62] - Shannon Chip Creation announced plans for a share reduction by a major shareholder, indicating potential changes in ownership structure [63]