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].

Core Viewpoint - The lithium battery industry is experiencing significant price increases and supply chain adjustments due to rising raw material costs and strong demand, particularly in the energy storage and electric vehicle sectors [3][4][5]. Industry Trends - Dejia Energy announced a 15% price increase for its battery products starting December 16 due to rising production costs from upstream raw materials [3]. - Contemporary Amperex Technology Co., Ltd. (CATL) and other leading companies are securing long-term agreements to lock in upstream capacity and supply chains, emphasizing the importance of capacity acquisition for future growth [3][4]. - The lithium battery supply chain is currently characterized by a "full production and sales" state, with companies like Penghui Energy and Tianji Co. reporting strong demand and rising prices for their products [4]. Market Demand - Global power battery installation reached 811.7 GWh in the first three quarters of this year, a 34.7% increase from the previous year, while the energy storage market saw a 90.7% year-on-year growth [5]. - The rapid growth in renewable energy installations and the expansion of AI data centers are driving increased demand for energy storage solutions [5]. Long-term Contracts - The industry is witnessing a surge in long-term contracts, with significant agreements such as a 10-year strategic partnership between Haibosi and CATL for a minimum of 200 GWh of procurement [6]. - Other notable contracts include a collaboration between Hicharge Energy and CRRC Zhuzhou Electric Locomotive Research Institute for at least 120 GWh of energy storage products [6]. Price Dynamics - The price of battery-grade lithium carbonate has surged to 92,750 RMB per ton, a 23% increase from the previous month, while the price of lithium hexafluorophosphate has exceeded 180,000 RMB per ton [4]. - The tight supply and high demand have led to longer delivery times, with some companies reporting that delivery schedules extend into the first half of next year [4]. Technological Advancements - The industry is undergoing a "quality upgrade" driven by technological advancements, with companies like CATL launching fifth-generation lithium iron phosphate batteries that improve energy density and cycle life [9][10]. - High-density lithium iron phosphate products are becoming a focus, with expectations that their market share will increase significantly by 2026 [9]. Capacity Expansion - Companies are accelerating capacity expansion to meet growing demand, with Fulin Precision Engineering planning to invest 4 billion RMB to build a new production line for lithium iron phosphate [8]. - Dragon Power Technology is also raising funds to expand production capacity in response to customer needs [8]. Globalization Efforts - Leading companies are pursuing global expansion strategies, with firms like Hunan YN planning production capacity in Spain and Dragon Power Technology nearing full production at its Indonesian facility [10]. - The industry is shifting from scale competition to value competition, aiming for high-quality development as new products are launched and recycling systems are improved [10].

Core Viewpoint - The international copper prices have reached historical highs due to increasing concerns over global supply shortages, although a recent pullback was observed on December 9 [1][2]. Supply and Demand Dynamics - The core factor driving the rise in copper prices is the sustained tightness in supply, with several mining companies lowering their mid-term production forecasts and a significant number of cancellation requests for LME warehouse receipts [3]. - Demand for copper is steadily increasing in sectors such as electric vehicles, power grid construction, and AI data centers, contributing to a robust demand outlook [3]. Market Performance - Following a surge in copper prices since November 28, related A-share concept stocks have shown strong performance, with companies like Shengton Mining and Jiangxi Copper seeing cumulative increases of 17.36% and 13.96%, respectively [2]. - On December 9, copper futures on the LME fell over 1%, with the main contract on the Shanghai Futures Exchange dropping 1.46%, reflecting a broader market reaction [2]. Long-term Outlook - Institutions maintain an optimistic long-term outlook for copper prices, with expectations of new highs by 2026 driven by factors such as the ongoing U.S. interest rate cycle and geopolitical stability [4]. - The International Copper Study Group (ICSG) anticipates a supply gap of 150,000 tons by 2026 due to limited new copper mining capacity, further supporting price increases [4]. Structural Supply Concerns - While short-term supply is expected to meet demand, there are concerns about potential structural shortages in the long term, driven by economic recovery and growth in emerging industries [5]. - The overall market sentiment is cautious, with indications of profit-taking among investors, suggesting a need for careful position management [5].

Group 1 - The 2025 "Shangzheng Eagle·Golden Quality" award ceremony was held during the high-quality development conference for listed companies in Chao Lake, Anhui, organized by Shanghai Securities News and China Securities Network [1] - Liao Pingyuan, the chairman of Jia Yuan Technology, received the 2025 "Shangzheng Eagle·Golden Quality" Outstanding Entrepreneur Award [1] - The "Shangzheng Eagle·Golden Quality" award is one of the most authoritative and influential awards in the domestic listed company sector, focusing on recognizing market entities that excel in high-quality development [6] Group 2 - Jia Yuan Technology emphasizes the importance of the real economy and manufacturing, actively promoting its business development [6] - The company operates six copper foil production bases with a production capacity of 130,000 tons [6] - In the first three quarters of 2025, Jia Yuan Technology reported revenue of 6.54 billion yuan, representing a year-on-year growth of 50.71% [6]

Core Viewpoint - The recent block trade of Jia Yuan Technology on December 8 indicates significant trading activity, with a notable discount compared to the closing price, suggesting potential investor interest and market dynamics [2] Trading Activity - A block trade occurred on December 8, involving 130,000 shares and a transaction amount of 3.90 million yuan, with a transaction price of 30.00 yuan, reflecting a discount of 22.82% relative to the closing price of the day [2] - Over the past three months, Jia Yuan Technology has recorded a total of four block trades, amounting to 11.10 million yuan [2] Stock Performance - On the same day, Jia Yuan Technology's closing price was 38.87 yuan, showing an increase of 5.40%, with a turnover rate of 4.70% and a total trading volume of 770 million yuan [2] - The net inflow of main funds for the day was 48.68 million yuan, and the stock has risen by 11.12% over the past five days, with a total net inflow of 130 million yuan during that period [2] Margin Trading Data - The latest margin financing balance for Jia Yuan Technology stands at 945 million yuan, with a decrease of 29.60 million yuan over the past five days, representing a decline of 3.04% [2]

Group 1 - On December 8, Jia Yuan Technology executed a block trade of 130,000 shares, with a transaction amount of 3.9 million yuan, accounting for 0.5% of the total trading volume for the day [1] - The transaction price was 30 yuan, representing a discount of 22.82% compared to the market closing price of 38.87 yuan [1]

| 证券代码：688388 | 证券简称：嘉元科技 | 公告编号：2025-104 | | --- | --- | --- | | 转债代码：118000 | 转债简称：嘉元转债 | | 广东嘉元科技股份有限公司 关于公司非独立董事离任暨选举职工代表董事 及聘任副总裁的公告 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。 一、董事离任情况 （一）提前离任的基本情况 广东嘉元科技股份有限公司（以下简称"公司"）第五届董事会于近日收到 公司非独立董事叶敬敏先生提交的书面辞职报告，因公司治理结构调整需要，叶 敬敏先生申请辞去公司非独立董事职务，辞去上述职务后将继续在公司担任副总 裁职务，其辞职报告自送达公司董事会之日生效。具体情况如下： | | 离任职 | | | 原定任期 | | | 是否继续在上 | 具体职 | 是否存在未 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 务 | 离任时间 | | 到期日 | | 离任原因 | 市公司 ...

Core Viewpoint - 嘉元科技 has shown significant stock performance with a year-to-date increase of 142.36%, indicating strong market interest and potential growth in the electric equipment and battery sector [1][2]. Financial Performance - For the period from January to September 2025, 嘉元科技 achieved a revenue of 6.54 billion yuan, representing a year-on-year growth of 50.71% [2]. - The net profit attributable to shareholders for the same period was 40.88 million yuan, reflecting a substantial increase of 128.39% compared to the previous year [2]. Stock Market Activity - As of December 2, 嘉元科技's stock price was 35.70 yuan per share, with a market capitalization of 15.217 billion yuan [1]. - The stock has experienced a recent trading volume of 69.86 million yuan, with a turnover rate of 0.47% [1]. - The company has appeared on the龙虎榜 once this year, with a net buy of 173 million yuan on September 10 [1]. Shareholder Information - As of September 30, 2025, 嘉元科技 had 22,000 shareholders, an increase of 22.90% from the previous period [2]. - The average number of circulating shares per shareholder was 19,383, which decreased by 18.63% [2]. - The company has distributed a total of 496 million yuan in dividends since its A-share listing, with 174 million yuan in the last three years [3]. Ownership Structure - The ninth largest circulating shareholder, Hong Kong Central Clearing Limited, held 3.4173 million shares as of September 30, 2025, a decrease of 6.5918 million shares from the previous period [3].

Core Viewpoint - The report highlights the challenges faced by the lithium battery industry due to intense competition leading to price declines that have surpassed cash costs for many companies [1][2]. Industry Overview - The lithium battery supply chain has seen significant expansion, with market shares for domestic anode, cathode, electrolyte, and separator materials projected to reach 90%, 97%, 85%, and 83% respectively by the end of 2024 [1][2]. - Financially, the net profit margins for various materials in Q4 2024 are concerning, with cathode materials at -2.2%, anode materials at 1.9%, separators at -22%, electrolytes at 0.6%, and copper foil at -4.2%, indicating widespread losses across the industry [2]. Government and Industry Response - The Ministry of Industry and Information Technology (MIIT) has organized discussions to address irrational competition in the battery sector, emphasizing the need for policy measures to regulate capacity and enhance product quality [1][3]. - Industry associations have held multiple meetings to combat internal competition, fostering a consensus among companies to improve the situation [3]. Market Outlook - There is optimism for price increases and performance recovery, as processing fees for key materials have risen significantly, with increases of 215% for lithium hexafluorophosphate and 245% for vinyl carbonate since the second half of the year [3]. - The production of battery cells and materials has shown a positive trend, with a 7% month-on-month increase in November for cell production and a 2-3% increase for material production, driven by demand recovery [3]. Investment Recommendations - The report suggests a positive outlook for the industry, recommending investments in segments with strong certainty and potential for growth, particularly in electrolytes, additives, copper foil, and lithium iron phosphate [4]. - Specific companies to watch include Huasheng Lithium Battery, Jiayuan Technology, Putailai, and others, indicating a focus on firms positioned to benefit from the anticipated recovery [4].

Group 1 - The solid-state battery industry is gaining significant investor interest, with companies in the supply chain from battery manufacturing to upstream materials and equipment suppliers actively engaging with investors during Q3 earnings calls [1] - Semi-solid batteries are already in market application, while all-solid-state batteries are expected to enter a critical pilot testing phase between 2026 and 2027 [2][4] - Companies like Guoxuan High-Tech and Zhuhai Guanyu have reported advancements in semi-solid battery production, with Guoxuan's G-Yuan semi-solid battery nearing mass production and Zhuhai Guanyu starting to ship semi-solid batteries [2][3] Group 2 - The foundation for solid-state battery commercialization lies in innovations in battery materials, with companies currently in the sample submission phase and some achieving small batch shipments [4] - Key materials such as high-nickel and lithium-rich manganese-based cathodes are becoming mainstream to meet the higher energy density requirements of solid-state batteries [4] - Companies like Better Ray and New Zobang have reported small batch applications of solid electrolytes in semi-solid batteries, while companies like Greeenmei have achieved ton-level shipments of solid-state battery materials [4] Group 3 - Equipment manufacturers are seizing opportunities in the solid-state battery sector, with significant differences in production processes compared to traditional liquid batteries [7] - Companies like Lianying Laser and Delong Laser are already producing equipment for semi-solid and all-solid-state batteries, with expectations of increased orders in the coming year [7][8] - Overall, the solid-state battery industry is transitioning into a phase where semi-solid batteries are being applied, and all-solid-state batteries are moving towards pilot testing, with material and equipment companies accelerating their engagement with downstream partners [8]