Market News - The National Bureau of Statistics will release the March PMI data on March 31, 2026, with the February manufacturing PMI at 49.0%, a decrease of 0.3 percentage points month-on-month, and the non-manufacturing business activity index at 49.5%, an increase of 0.1 percentage points from the previous month [3] - The export tax rebate for photovoltaic and some products will be officially canceled starting April 1, 2026, aimed at guiding industrial transformation and upgrading, and addressing changes in the international trade environment [4] - China will implement a preferential tariff rate on certain imported goods originating from the Republic of Congo starting April 1, 2026, to deepen economic and trade cooperation with Africa [5] - Geopolitical fluctuations are increasing volatility in global risk assets, with international oil prices showing an upward trend since late February, significantly impacting global liquidity and inflation expectations [6] - The central bank will continue to implement a moderately loose monetary policy in 2026, planning to lower the interest rates of various structural monetary policy tools by 0.25 percentage points to support the start of the "14th Five-Year Plan" [7] Sector Matters - The semiconductor storage sector is gaining attention as the domestic SSD leader, Dapu Micro, plans to open subscriptions this week, with expectations of explosive growth in the enterprise SSD market due to increasing demand from AI models [9] - The photovoltaic sector is experiencing price fluctuations due to the upcoming cancellation of export tax rebates, which is expected to increase export costs by approximately 13% [10] - Domestic airlines, including Spring Airlines, will raise fuel surcharges for domestic flights starting April 5, 2026, in response to rising international oil prices [11] - The application fields for metal composite materials are expanding, driven by demand from high-end equipment manufacturing [13] - The energy sector is showing strong resilience, with rising oil prices boosting the valuation of oil and gas extraction companies [14] Individual Company News - China Petroleum reported a 4.5% year-on-year decline in net profit for 2025, with a proposed cash dividend of 0.25 yuan per share [16] - Mingde Biology plans to acquire 100% of Wuhan Bikaier's equity in cash, which will become a wholly-owned subsidiary [17] - Tianshan Aluminum expects a 107.92% year-on-year increase in net profit for the first quarter of 2026 [18] - Sanor Bio plans to repurchase shares worth between 150 million and 300 million yuan [19] - Nanjing Panda reported a net profit of 11 million yuan for 2025, marking a turnaround from losses [20] Lock-up Expiration - A total of 29 companies will have lock-up shares released this week, amounting to 1.334 billion shares with a total market value of approximately 37.488 billion yuan [22] - The peak lock-up expiration date is March 30, with 16 companies releasing shares worth a total of 31.962 billion yuan, accounting for 85.26% of the week's total [22] New Stock Calendar - Three new stocks will be issued this week, including Youyan Composite on March 30, Saiying Electronics on March 30, and Dapu Micro on April 3 [26] Institutional Outlook - CITIC Securities suggests maintaining a focus on China's advantageous manufacturing sectors while awaiting April's decisive policies [29] - Guosen Securities remains optimistic about the market despite recent adjustments, viewing them as normal technical corrections in the early stages of a bull market [30] - Dongwu Securities highlights geopolitical risks as a core pricing factor, recommending a balanced investment approach [32]

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [1] Core Insights - The lithium battery industry is entering a peak season, with the overall supply chain in a phase of quantity leading and price following. Despite a short-term decline in domestic new energy vehicle sales, export data for new energy vehicles is strong, and the electrification rates of commercial vehicles and heavy trucks are continuously increasing, leading to good performance in battery sales [3][10] - In the natural gas sector, Sinopec's pricing scheme for 2026-2027 has been released, with a 2.9% year-on-year increase in natural gas production in January-February 2026, while imports decreased by 1.1%. The pricing scheme aims to enhance the stability of costs against international price fluctuations [5][18] Summary by Sections Lithium Batteries - The lithium battery industry is experiencing a recovery, with demand shifting from solely relying on power batteries to a dual drive of power and energy storage. In February 2026, global lithium battery production reached 202.6 GWh, a year-on-year increase of 42.2%, with energy storage battery production at 70 GWh, up 150% [10] - Domestic sales of new energy vehicles in January-February 2026 were 1.126 million units, a decrease of 27.5% year-on-year, while exports reached 583,000 units, an increase of 110% [10] - The demand for lithium batteries is driving production in the supply chain, with a month-on-month increase in production of materials. However, rising costs on the supply side are leading to price increases in the battery industry [12][14] Natural Gas - Sinopec's pricing scheme for 2026-2027 has increased the proportion of controllable resources, reducing the unpredictability of costs due to international gas price fluctuations. The basic volume proportion has increased from 35% to 50% [18][19] - In January-February 2026, China's natural gas production increased by 2.9% year-on-year, while imports decreased by 1.1%. The production growth rate has slowed, and the decline in imports may be influenced by weak downstream demand [5][24] - The report suggests focusing on natural gas upstream coalbed methane extraction companies, such as Xinnatural Gas and Shouhua Gas, as well as low-valuation high-dividend city gas companies with gas source advantages [6][24]

证券代码：688275 证券简称：万润新能 公告编号：2026-012 湖北万润新能源科技股份有限公司 首次公开发行部分限售股上市流通公告 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： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 41,521,688股； 本次股票上市流通总数为41,521,688股； 本次股票上市流通日期为2026 年 3 月 30 日。 根据《湖北万润新能源科技股份有限公司首次公开发行股票并在科创板上市 招股说明书》《湖北万润新能源科技股份有限公司首次公开发行股票科创板上市公 告书》及相关文件，与本次申请解除股份限售有关的股东对其所持首发前股份的 限售安排、自愿锁定股份、延长锁定期限等承诺如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2022 年 7 月 26 日出具的《关于同意湖北万 润新能源科技股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕 1635 号），湖北万润新能源科技股份有限公司（以下简称"公司"）首次向社会 公开发 ...

一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2022 年 7 月 26 日出具的《关于同意湖北万 润新能源科技股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕 1635 号），湖北万润新能源科技股份有限公司首次向社会公开发行人民币普通 股（A 股）21,303,795 股，并于 2022 年 9 月 29 日在上海证券交易所科创板挂牌 上市。公司首次公开发行 A 股前总股本为 63,911,383 股，首次公开发行 A 股后 总股本为 85,215,178 股，其中有限售条件流通股 66,241,771 股，无限售条件流通 股 18,973,407 股。2023 年 3 月 29 日，公司首次公开发行网下配售限售股 880,176 股上市流通；2023年5月，公司权益分派实施完成，公司总股本变更为126,118,463 股；2023 年 10 月 9 日，公司首次公开发行部分限售股及部分战略配售限售股 42,731,644 股上市流通。2024 年 3 月 29 日，公司首次公开发行部分限售股 178,966 股上市流通，解禁后，相关承诺主体继续履行公司上市发行前股东所持股份的限 ...

证券代码：688275 证券简称：万润新能 湖北万润新能源科技股份有限公司 2026 年员工持股计划 声 明 本公司及董事会全体成员保证本次员工持股计划及其摘要不存在虚假记载、 误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律 责任。本次员工持股计划主要条款与公司于 2026 年 2 月 28 日披露的《湖北万润 新能源科技股份有限公司 2026 年员工持股计划（草案）》及其摘要内容一致。 1 湖北万润新能源科技股份有限公司 2026 年员工持股计划 湖北万润新能源科技股份有限公司 2026 年员工持股计划 湖北万润新能源科技股份有限公司 2026 年 3 月 三、本次员工持股计划的参与对象为对公司经营业绩和未来发展具有重要 作用和影响的公司（含分公司、全资子公司及控股子公司）的员工，参与本次员 工持股计划的总人数在初始设立时不超过 301 人（不含预留份额），其中董事（不 含独立董事）、高级管理人员 6 人、其他员工不超过 295 人，最终参加本次员工 持股计划的员工人数以实际执行情况为准。 风险提示 一、公司 2026 年员工持股计划须经公司股东会审议通过后方可实施，本次 员工持股计 ...

北京市中伦律师事务所 关于湖北万润新能源科技股份有限公司 2026 年第二次临时股东会的 法律意见书 二〇二六年三月 北京市中伦律师事务所 关于湖北万润新能源科技股份有限公司 2026 年第二次临时股东会的 法律意见书 致：湖北万润新能源科技股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受湖北万润新能源科技股份 有限公司（以下简称"公司"）的委托，指派本所律师对公司 2026 年第二次临时 股东会（以下简称"本次股东会"）的合法性进行见证并出具法律意见。 本所及本所律师依据《中华人民共和国证券法》（以下简称"《证券法》"）、 《律师事务所从事证券法律业务管理办法》和《律师事务所证券法律业务执业规 则（试行）》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格 履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保 证本法律意见书所认定的事实真实、准确、完整，所发表的结论性意见合法、准 确，不存在虚假记载、误导性陈述或者重大遗漏，并承担相应法律责任。 本法律意见书根据《中华人民共和国公司法》（以下简称"《公司法》"）、《证 券法》、中国证券监督管理委员会《上市公司股东会规则》（ ...

证券代码：688275 证券简称：万润新能 公告编号：2026-011 湖北万润新能源科技股份有限公司 2026年第二次临时股东会决议公告 本公司董事会及全体董事保证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： （四） 表决方式是否符合《公司法》及公司章程的规定，股东会主持情况等。 本次会议的表决方式是现场投票和网络投票相结合的方式，会议的召集、召 开符合《中华人民共和国公司法》《上市公司股东会规则》《上海证券交易所科创 板股票上市规则》等有关法律、行政法规、部门规章、规范性文件和《湖北万润 新能源科技股份有限公司章程》的有关规定。 （五） 公司董事和董事会秘书的列席情况 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2026 年 3 月 16 日 （二） 股东会召开的地点：湖北省十堰市郧阳区茶店镇邦经路 55 号（郧阳区纵 一路与横二路交叉口西北 140 米）一楼会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理 ...

Group 1: 康农种业 - 康农种业 has achieved a breakthrough in the Huang-Huai-Hai market with its representative variety 康农玉 8009, which is expected to continue growing in this region and is making progress in exporting corn seeds [2][3][4] - The company is projected to have EPS of 0.78, 1.15, and 1.5 yuan for the years 2025, 2026, and 2027 respectively, with a target price of 40.25 yuan based on a 35x valuation for 2026 [3][4] - The corn seed supply-demand inflection point is emerging, with national seed corn area and production reaching a ten-year high in 2023, and a supply-demand ratio of 167%, indicating a favorable environment for quality seed sales [3][4] Group 2: 万润新能 - 万润新能 is positioned at a critical point of performance confirmation and product technology upgrade, with expectations of simultaneous growth in volume and profit due to surging demand for energy storage and power batteries [2][6][9] - The company is projected to have a net profit of -446 million yuan, 963 million yuan, and 1.37 billion yuan for 2025, 2026, and 2027 respectively, with an EPS of -3.54 yuan, 7.63 yuan, and 10.87 yuan [6][9] - The company is a leading supplier of lithium iron phosphate cathode materials for lithium batteries, with a projected sales growth of approximately 64.33% in 2025, ranking second in domestic shipments [8][9] Group 3: 爱柯迪 - 爱柯迪 is recognized as a lightweight champion in the automotive sector, actively expanding into the fields of intelligent robotics and magnesium alloy products, with a projected net profit of 1.14 billion, 1.41 billion, and 1.74 billion yuan for 2025, 2026, and 2027 respectively [2][11][12] - The company is expected to benefit from the growing trend of automotive lightweighting and aims to become a primary supplier in the field of embodied intelligence [11][12] - The acquisition of 卓尔博 is anticipated to enhance 爱柯迪's revenue by over 1 billion yuan in 2026, as it enters the micro and special motor sector [12][11] Group 4: 华新建材 - 华新建材 is focusing on strong profitability and pricing in African markets, with adjusted net profit projections of 2.8 billion, 3.61 billion, and 4.19 billion yuan for 2025, 2026, and 2027 respectively [26][27] - The company has reported strong performance from its Nigerian subsidiary, with a net profit of approximately 1.28 billion yuan in 2025, exceeding expectations [27] - The pricing for cement in key African countries has shown significant increases, indicating a robust market environment for 华新建材 [27][26] Group 5: 新城控股 - 新城控股 is optimizing its debt structure through multiple financing channels, with a projected EPS of 0.37, 0.51, and 0.61 yuan for 2025, 2026, and 2027 respectively [29][30] - The company has successfully applied for a public REITs project, expected to raise 1.625 billion yuan, which will enhance its cash flow stability [29][30] - The company is actively working on diversifying its financing methods, including issuing REITs and optimizing its debt structure [30][31] Group 6: 行动教育 - 行动教育 is expected to achieve net profits of 303 million, 366 million, and 427 million yuan for 2025, 2026, and 2027 respectively, with a target price of 67.54 yuan [32][33] - The company is advancing its "百校计划" to expand its presence and enhance its service capabilities, while also integrating AI strategies to improve operational efficiency [32][33] - The company has reported a high net profit margin of 37.97% in Q3 2025, indicating strong profitability [32][33]

Investment Rating - The report gives an "Accumulate" rating for the company with a target price of 129.71 CNY [6][21]. Core Insights - The company is at a critical point of confirming performance turnaround and technological upgrades, with expectations for simultaneous growth in volume and profit due to the explosive demand for energy storage and power batteries, as well as deep cooperation with high-quality downstream customers [3][17]. - The company is a leading supplier of lithium iron phosphate (LFP) cathode materials in China, with significant partnerships with major battery manufacturers such as CATL and BYD, which provide a reliable support for business growth [18][29]. - The report anticipates a substantial recovery in profitability, with projected net profits for 2025-2027 showing significant growth, indicating a positive outlook for the company's financial performance [17][21]. Financial Summary - The company’s total revenue is projected to be 12,174 million CNY in 2023, with a forecasted increase to 33,550 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of 49.1% [5]. - The net profit attributable to the parent company is expected to improve from -1,504 million CNY in 2023 to 1,370 million CNY in 2027, with a notable turnaround in profitability starting in 2025 [5][17]. - Earnings per share (EPS) is projected to rise from -11.92 CNY in 2023 to 10.87 CNY in 2027, indicating a strong recovery trajectory [5][17]. Business Overview - The company focuses on the research, production, and sales of lithium battery cathode materials, primarily LFP, and has established a comprehensive product matrix to meet diverse market demands [17][29]. - The company has a stable ownership structure, with the actual controllers holding a significant portion of shares, ensuring consistent management and strategic direction [31][32]. - The company has seen a significant increase in LFP shipments, positioning itself as the second-largest supplier in the domestic market, with a projected growth rate of approximately 64.33% in LFP sales by 2025 [17][18]. Industry Outlook - The demand for energy storage and power batteries is expected to continue growing, driven by the increasing adoption of electric vehicles and advancements in storage technology [39][45]. - The LFP industry is anticipated to experience a shift towards high-density products, which will enhance energy density and reduce costs, thereby improving profitability for leading companies in the sector [56][57]. - The report highlights that the LFP market is becoming increasingly concentrated among leading firms, which will enhance their competitive advantages and market share [53][56].

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 129.71 CNY [6][21]. Core Insights - The company is at a critical point of confirming performance inflection and technological upgrades, with expectations for simultaneous growth in volume and profit due to the explosive demand for energy storage and power batteries, as well as deep cooperation with high-quality downstream customers [3][17]. - The company is a leading supplier of lithium iron phosphate (LFP) cathode materials in China, with significant partnerships with major battery manufacturers such as CATL and BYD, which provide a reliable support for business growth [18][29]. - The company is expected to benefit from a recovery in the LFP industry, with projected revenues and profits showing substantial growth from 2025 to 2027 [17][21]. Financial Summary - The company’s total revenue is projected to be 12,174 million CNY in 2023, with a forecasted increase to 33,550 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of 49.1% [5]. - The net profit attributable to the parent company is expected to improve from a loss of 1,504 million CNY in 2023 to a profit of 1,370 million CNY by 2027, indicating a significant turnaround in profitability [5][17]. - Earnings per share (EPS) is projected to rise from -11.92 CNY in 2023 to 10.87 CNY in 2027 [5][17]. Business Overview - The company focuses on the research, production, and sales of lithium battery cathode materials, primarily LFP, and has established a comprehensive product matrix to meet diverse market demands [17][29]. - The company has a stable ownership structure, with the actual controllers holding a significant portion of shares, ensuring consistent management and strategic direction [31][32]. - The company has seen a recovery in revenue growth after navigating through an industry downturn, with LFP sales volume expected to increase significantly in the coming years [18][39]. Industry Trends - The demand for energy storage and power batteries is expected to continue growing, driven by the increasing sales of electric vehicles and the expansion of the energy storage market [39][45]. - The LFP industry is anticipated to experience a shift towards high-density products, which will enhance energy density and reduce costs, positioning the company favorably in the evolving market landscape [56][57]. - The market share of LFP is gradually concentrating among leading enterprises, which will further enhance the competitive advantages of top players like the company [53][56].