Market Performance - The Sci-Tech Innovation Board (STAR Market) index fell by 0.57%, closing at 1407.56 points, with a total trading volume of 4.379 billion shares and a turnover of 203.38 billion yuan [1] - Among the tradable stocks on the STAR Market, 332 stocks closed higher, with 8 stocks hitting the daily limit up, while 252 stocks closed lower, including 1 stock with a decline exceeding 10% [1] Trading Activity - The highest turnover rates were observed in He Yuan Biological, which closed down by 1.54% with a turnover rate of 23.03%, and Wanrun New Energy, which closed down by 0.81% with a turnover rate of 21.13% [1][3] - A total of 36 stocks with high turnover rates experienced net inflows of main funds, with the highest net inflows recorded for Purun Co., Shen Gong Co., and Shijia Photon, amounting to 214 million yuan, 171 million yuan, and 132 million yuan respectively [2] Sector Analysis - In terms of industry distribution, the electronics sector had the most stocks with a turnover rate exceeding 5%, totaling 23 stocks, followed by the power equipment and computer sectors with 15 and 9 stocks respectively [2] - The stocks with the highest turnover rates also showed significant variations in net fund flows, with some experiencing substantial net outflows, such as Guo Dun Quantum and Hua Hong Company, with net outflows of 543 million yuan and 342 million yuan respectively [2] Notable Stocks - Key stocks with notable performance included: - He Yuan Biological (688765): Closed at 93.50 yuan, down 1.54%, with a turnover rate of 23.03% and a net outflow of 67.69 million yuan [3] - Wanrun New Energy (688275): Closed at 90.77 yuan, down 0.81%, with a turnover rate of 21.13% and a net outflow of 40.22 million yuan [3] - Yingfang Software (688435): Closed at 54.89 yuan, up 14.28%, with a turnover rate of 19.78% and a net inflow of 36.17 million yuan [3]

Group 1 - The lithium battery sector is experiencing a strong rally, with electrolyte and lithium iron phosphate leading the gains. Notable stocks include Fangyuan Co., which hit the daily limit up of 20%, and Haike Xinyuan, which rose over 18% [1] - The domestic lithium carbonate futures contracts surged, with the main contract increasing by over 6% to exceed 86,000 yuan per ton. Since the beginning of the fourth quarter, the main contract has accumulated a nearly 20% increase [2] - Citigroup's report indicates a strong potential demand for batteries in the coming years, predicting a 31% year-on-year growth in battery demand by 2026. It is expected that lithium inventory will decrease by approximately 15,000 tons by November 2025 due to the ongoing destocking trend [3] Group 2 - Several stocks in the lithium battery sector have shown significant year-to-date gains, with Fangyuan Co. up 117.98%, Haike Xinyuan up 283.33%, and Yongtai Technology up 159.28% [2] - The market is seeing a broad increase in stock prices, with multiple companies hitting their daily limit up, indicating strong investor interest and confidence in the sector [1][2] - The overall market sentiment is positive, driven by the anticipated increase in battery demand and the tightening supply of lithium, which is expected to support higher prices in the future [3]

Group 1 - The lithium battery sector is experiencing a strong rally, with electrolyte and lithium iron phosphate leading the gains. Stocks such as Fangyuan Co. and Huasheng Lithium have hit the daily limit up, while Haike Xinyuan surged over 18% [1] - Domestic lithium carbonate futures contracts have seen a significant increase, with the main contract rising over 6% to exceed 86,000 yuan/ton. Since the beginning of Q4 this year, the main contract has accumulated a nearly 20% increase [1] - Citigroup's report indicates a strong potential demand for batteries in the coming years, predicting a 31% year-on-year growth in battery demand by 2026. The resumption of mining at Jiangxiawo is unlikely to change the destocking trend, with an expected reduction of approximately 15,000 tons of lithium inventory by November 2025 [1] Group 2 - Notable stock performances include Fangyuan Co. with a 20.02% increase, Huasheng Lithium at 20.00%, and Haike Xinyuan at 18.20%. Other companies like Yicheng New Energy and Qingshuiyuan also showed significant gains [1] - Year-to-date performance highlights include Huasheng Lithium with a 297.78% increase, Fangyuan Co. at 117.98%, and Haike Xinyuan at 283.33%, indicating strong market interest and investor confidence in these stocks [1]

Core Viewpoint - Fangyuan Co., Ltd. experienced a significant stock price increase of 20.02%, reaching 10.79 CNY per share, with a market capitalization of 5.505 billion CNY following the release of its research report [1] Production Capacity - The company has achieved an overall production capacity of 34,000 tons of precursor, 24,000 tons of lithium carbonate, 45,600 tons of nickel-cobalt salt intermediates, and 1,800 tons of ball nickel after technical upgrades [1] - The main equipment in the hydrometallurgical production line consists of general equipment such as extraction tanks and reaction kettles, allowing for flexible adjustments in production capacity based on actual conditions [1] Strategic Partnerships - In September, the company signed a cooperation agreement with a Japanese enterprise, planning to develop and produce a specific precursor in Japan through technology transfer and equity participation [1] - The company will provide technology and processes to the target company and will receive a total service fee of 4.8 billion JPY in batches according to the project implementation stages [1]

Group 1 - The stock of Fangyuan Co., Ltd. reached the daily limit increase on November 10, with a price of 10.79 yuan and a trading volume of 351 million yuan, resulting in a turnover rate of 6.67% and a fluctuation of 15.80% [2] - Among the stocks listed on the Sci-Tech Innovation Board, 343 stocks were up, with 5 stocks rising more than 10%. Notable gainers included Fangyuan Co., Ltd. with a rise of 20.02%, Shenkong Co., Ltd. with 20.00%, and Huasheng Lithium Battery with 15.99%. Conversely, 233 stocks were down, with Tianyi New Materials, Tiancheng Technology, and Kaili New Materials experiencing declines of 14.04%, 7.04%, and 5.40% respectively [2] Group 2 - Fangyuan Co., Ltd. saw a net inflow of main funds amounting to 24.39 million yuan on the previous trading day, with a net inflow of 28.21 million yuan over the past five days [3] - As of November 7, the margin trading balance for Fangyuan Co., Ltd. was 172 million yuan, with a financing balance of 171 million yuan, which increased by 8.56 million yuan, a growth rate of 5.25%. The securities lending balance was 62,000 yuan, decreasing by 3,700 yuan, a decline of 5.60% [3] - The company's third-quarter report released on October 21 indicated that it achieved an operating income of 1.49 billion yuan in the first three quarters, a year-on-year increase of 5.29%, while the net profit was -121 million yuan, a year-on-year decrease of 1.76% [3]

Core Viewpoint - Fangyuan Co., Ltd. announced that neither the company nor its controlling subsidiaries have overdue guarantees or are involved in litigation guarantees [2] Group 1 - The company released an announcement on the evening of November 5 [2] - The announcement clarifies the absence of overdue guarantees [2] - The company also stated that it is not involved in any litigation guarantees [2]

| 证券代码：688148 | 证券简称：芳源股份 | 公告编号：2025-059 | | --- | --- | --- | | 转债代码：118020 | 转债简称：芳源转债 | | 广东芳源新材料集团股份有限公司 关于为全资子公司提供担保的进展公告 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： 担保对象及基本情况 | | 被担保人名称 本次担保金额 | 10,000 | 江门市芳源循环科技有限公司 万元 | | | --- | --- | --- | --- | --- | | 担保对象 | 实际为其提供的担保余额（含本次担保） | 134,000 | 万元 | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） 0 | | | --- | --- | | 截至本公告日上市公司及其控股子公 | 134,000 | | 司对外担保 ...

Core Viewpoint - The company, Guangdong Fangyuan New Materials Group Co., Ltd., has initiated a share repurchase plan to maintain company value and protect shareholder interests, with a total of 3,320,000 shares repurchased, representing 0.65% of the total share capital [2] Share Repurchase Overview - The company repurchased 3,320,000 shares from February 23, 2024, to May 22, 2024, which will be sold through centralized bidding within twelve months after the announcement of the repurchase results [2] - If the shares are not sold within the specified period, the company will reduce its registered capital and cancel the unsold shares [2] Progress of Share Reduction Plan - As of October 31, 2025, the company has sold 1,440,000 shares, which is 0.28% of the total share capital [3] - The company holds 22,336,790 shares in its repurchase account, accounting for 4.38% of the total share capital [3] Implementation of Reduction Plan - The company disclosed the share reduction plan on August 5, 2025, intending to sell up to 3,320,000 shares within three months after the announcement [3] - The number of shares to be sold may be adjusted based on any corporate actions such as dividends or stock splits during the reduction period [3] Financial Impact - The funds recovered from the share reduction will be added to the company's capital reserve and will not significantly impact the company's operations, finances, or future development [6]

2025 年 8 月 5 日，公司在上海证券交易所网站（www.sse.com.cn）披露了《关 于回购股份集中竞价减持股份计划公告》（公告编号：2025-042）。公司计划自 前述公告披露之日起 15 个交易日后的 3 个月内，按照市场价格，通过集中竞价 交易方式减持回购股份合计不超过 3,320,000 股，不超过公司总股本的 0.65%。 若减持期间公司发生派发红利、送红股、转增股本、增发新股、配股等导致股份 变动事项，减持股份数量将进行相应调整。 | 证券代码：688148 | 证券简称：芳源股份 | 公告编号：2025-058 | | --- | --- | --- | | 转债代码：118020 | 债券简称：芳源转债 | | 广东芳源新材料集团股份有限公司 关于回购股份集中竞价减持股份进展公告 本公司董事会、全体董事及相关股东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： 回购股份的基本情况 广东芳源新材料集团股份有限公司（以下简称"公司"）于 2024 年 2 月 23 日至 2024 年 5 月 22 日期间 ...

Core Points - Fangyuan Co., Ltd. (688148.SH) announced that as of October 31, 2025, it has cumulatively sold back 1.44 million shares, accounting for 0.28% of the company's total share capital [1] - Due to the conversion of convertible bonds during the period of October 2025, the number of shares held in the company's repurchase special securities account has decreased accordingly, with 22.3368 million shares remaining, representing 4.38% of the total share capital as of the date of this announcement [1]