证券代码：688778 证券简称：厦钨新能 公告编号：2025-061 厦门厦钨新能源材料股份有限公司 关于自愿披露与中伟新材料股份有限公司签署 《战略合作框架协议》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、准确性和完整性承担个别及连带责任。 重要内容提示： 1．厦门厦钨新能源材料股份有限公司（以下简称"公司"）与中伟新材料股 份有限公司（以下简称"中伟股份"）于 2025 年 9 月 29 日签署《战略合作框架 协议》（以下简称"本协议"），双方在产品供销、矿产资源开发、产品研发、信 息合作等层面建立战略合作伙伴关系。 2．本次签署的协议属于公司与中伟股份战略合作的框架协议，本协议所涉 及的具体合作事项需另行签订相关正式合作协议，敬请广大投资者注意投资风险。 3．根据协议，自协议签署之日至 2028 年 9 月 30 日，双方预计四氧化三钴 产品的供需量约为 40,000 吨/年；三元前驱体产品的供需量约为 50,000 吨/年； 碳酸锂/磷酸锂的供需量约为 15,000 吨/年；回收料的供需量约为 10,000 吨/年， 以上数量为双方根 ...

Core Viewpoint - The company, Xiamen Tungsten Co., Ltd. (688778.SH), has signed a strategic cooperation framework agreement with Zhongwei New Materials Co., Ltd. to establish a partnership in various areas including product supply, mineral resource development, product research and development, and information cooperation [1] Group 1: Strategic Cooperation Agreement - The agreement was signed on September 29, 2025, and is set to last until September 30, 2028 [1] - The expected annual supply and demand for various products are as follows: - Cobalt Tetraoxide: approximately 40,000 tons - Nickel Cobalt Manganese (NCM) precursor: approximately 50,000 tons - Lithium Carbonate/Lithium Phosphate: approximately 15,000 tons - Recycled materials: approximately 10,000 tons [1] - The quantities mentioned are based on current market conditions and may be adjusted according to future industry policies and market supply-demand situations [1]

Core Viewpoint - The company has established a strategic partnership with Zhongwei Co., focusing on product supply, resource development, R&D, and information sharing, which is expected to enhance supply chain stability [1] Group 1: Strategic Cooperation Agreement - The strategic cooperation framework agreement was signed on September 29, 2025, and will be effective until September 30, 2028 [1] - The estimated annual supply and demand for various products are as follows: 40,000 tons for cobalt tetroxide, 50,000 tons for ternary precursors, 15,000 tons for lithium carbonate/lithium phosphate, and 10,000 tons for recycled materials [1] - These estimates are based on current market conditions and may be adjusted according to actual circumstances [1] Group 2: Impact on Company Performance - The agreement is expected to have a minor impact on the company's performance in 2025 [1]

Group 1: Solid-State Battery Developments - A research team led by Professor Zhang Qiang from Tsinghua University has made significant progress in polymer electrolytes for lithium batteries, developing a new fluorinated polyether electrolyte that enhances physical contact and ionic conductivity at solid-state interfaces, potentially aiding the development of mature solid-state battery products [2] - The Ministry of Industry and Information Technology and eight other departments have issued an action plan emphasizing solid-state batteries as a key focus area, aiming to support the transition of lithium and sodium batteries to solid-state technology and to establish 3 to 5 global leading enterprises by 2027 [4] - As of September 25, 21 solid-state battery concept stocks have seen net purchases exceeding 100 million yuan since September, with companies like CATL, Xian Dao Intelligent, Guoxuan High-Tech, and Ganfeng Lithium leading in net purchase amounts [4] Group 2: Market Reactions and Trends - The solid-state battery sector has experienced a surge in stock prices, with several companies reaching their daily limit up due to positive market sentiment [3] - Brokerages have seen a rise in stock prices, with Guosheng Financial hitting the daily limit, and other firms like Xinda Securities, GF Securities, Huatai Securities, and CITIC Securities also experiencing gains [4] - The central bank has emphasized the need for a moderately loose monetary policy to encourage financial institutions to increase credit supply, which may positively impact the financial sector [7] Group 3: AI Infrastructure Investments - Alibaba has announced a three-year investment plan of 380 billion yuan for AI infrastructure, indicating a strong commitment to enhancing computational capabilities [11] - The demand for computational power is rapidly increasing due to the AI technology revolution, with estimates suggesting that the training requirements for large models double every 3 to 4 months [12] - Investment in computational infrastructure is expected to drive economic growth, with projections indicating that every yuan invested in the computational industry could generate 3 to 4 yuan in GDP growth [12]

Summary of Xiamen Tungsten's Conference Call Industry and Company Overview - The conference call focuses on Xiamen Tungsten's subsidiary, Xiamen Tungsten New Energy, particularly its lithium cobalt oxide and ternary material businesses, as well as developments in solid-state batteries and lithium iron phosphate [2][3][4] Key Points and Arguments Lithium Cobalt Oxide Business - Xiamen Tungsten New Energy is a leading player in the global lithium cobalt oxide market with a market share exceeding 40% [3] - Expected shipment volume for 2025 is over 60,000 tons, representing a year-on-year growth of over 30%, with a profit contribution of approximately 10,000 yuan per ton [2][3] - The overall demand for lithium cobalt oxide is projected to grow alongside consumer electronics, with a production increase of 28% year-on-year in the first half of 2025 [6] Ternary Material Business - The company focuses on high-voltage nickel products, with an expected shipment volume of around 50,000 tons in 2025, maintaining the same level as the previous year [2][3] - The ternary cathode material market is expected to grow from 1.05 million tons in 2025 to 1.52 million tons by 2030, with a compound annual growth rate of nearly 10% [12] Solid-State Battery Development - Xiamen Tungsten New Energy has a competitive edge in lithium sulfide for solid-state batteries, with production capacity reaching 10 tons in the second half of 2024 [5] - The purity of lithium sulfide produced via CVD method is as high as 99.9995%, with a market potential estimated at over 20 billion yuan [5] - The company aims to expand production capacity significantly, targeting a market value increase to between 50 billion and 70 billion yuan [5][16] New Cathode Material NL - The new cathode material NL, developed in collaboration with ATL, improves energy density by 15% and rate performance by 75% compared to traditional lithium cobalt oxide [8] - This material is expected to strengthen the company's position in the high-end electronics market and drive future performance growth [8] Support from Xiamen Tungsten - Xiamen Tungsten, as the controlling shareholder, provides comprehensive support in metal material processing and smelting, enhancing R&D capabilities and supply chain stability [9] Other Business Segments - In lithium iron phosphate, the first phase of 20,000 tons is fully operational, with a second phase expected to reach full production by the end of the year [14] - The company has developed lithium supplement products for major clients, with expected shipments reaching several thousand tons by 2026 [14] Future Expansion Plans - The company plans to upgrade existing equipment for lithium sulfide production, aiming for a capacity expansion to 100 tons next year and the ability to scale to 1,000 tons rapidly [16] - Profit forecasts for 2025-2027 are projected at 800 million, 1 billion, and 1.2 billion yuan, respectively, with a potential market value exceeding 60 billion yuan [17] Additional Important Insights - The overall lithium cobalt oxide and ternary material businesses are expected to maintain steady growth, driven by technological advancements and market demand [4] - The company has established strong partnerships with major clients, including ATL, BYD, and others, enhancing its market position [7][13]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including CATL, Keda, and others, indicating a positive outlook for the industry [5]. Core Insights - The electric equipment and new energy sector saw a weekly increase of 3.86%, outperforming the Shanghai Composite Index, which rose by 0.21% [1]. - In August, the total electricity consumption in China exceeded 1 trillion kWh, marking a year-on-year growth of 5.0% [4]. - The report highlights the launch of new electric vehicles, including the AITO Wenjie M7 and H5, which offer various configurations and competitive pricing [2][10]. - Solar power generation capacity increased by 230.61 GW year-on-year, although August saw a month-on-month decline in new installations [3][37]. Summary by Sections New Energy Vehicles - The AITO Wenjie M7 was launched on September 23, 2025, with 12 configurations and a price range of 279,800 to 379,800 CNY, featuring both range-extended and pure electric versions [2][10]. - The H5 model was also launched, priced between 159,800 and 199,800 CNY, offering similar powertrain options [2][12]. New Energy Generation - As of August 2025, the solar power generation capacity added 230.61 GW, a 64.73% increase year-on-year, but the monthly addition in August was 7.36 GW, down 55.29% year-on-year [3][37]. - The report notes a slight increase in inverter exports, with a total of 434.02 billion CNY from January to August 2025, reflecting a 7.85% year-on-year growth [30][31]. Electric Equipment and Industrial Control - Total electricity consumption in August reached 1,015.4 billion kWh, with a cumulative total of 6,878.8 billion kWh from January to August, representing a 4.6% year-on-year increase [4]. - The report emphasizes the importance of key companies such as CATL, Keda, and others in driving growth within the sector [4][5]. Weekly Market Performance - The electric equipment and new energy sector outperformed the broader market, with significant trading volumes reported [1][4]. - Key companies to watch include CATL, Keda, and others, which are expected to benefit from ongoing industry trends [4][5].

Group 1: Company Achievements - Tongyu Heavy Industry successfully delivered the world's largest diameter ring mill core component, the main roller shaft, showcasing its leading manufacturing capabilities in heavy equipment [1] - The main roller shaft, weighing over 160 tons, was produced from a 313-ton steel ingot through rigorous quality control processes, highlighting the company's strong industrial chain collaboration [1] - In the first half of the year, Tongyu Heavy Industry achieved a net profit of 61 million yuan, representing a year-on-year increase of 49.7% [1] Group 2: Solid-State Battery Developments - Research led by Tsinghua University has made significant progress in polymer electrolytes for solid-state batteries, providing new strategies for developing high safety and high energy density solid-state lithium batteries [4] - The new fluorinated polyether electrolyte developed by the research team enhances physical contact and ionic conductivity at solid-state interfaces, significantly improving battery performance [4] - A polymer soft-pack battery constructed with this electrolyte achieved an energy density of 604 Wh/kg under 1 MPa external pressure, surpassing current commercial batteries [4] Group 3: Market Trends and Projections - The solid-state battery industry is entering a "sprint phase," with global shipments expected to reach 614.1 GWh by 2030, corresponding to a market size in the billion yuan range [5] - Solid-state batteries are anticipated to replace existing liquid lithium batteries in various applications, including electric vehicles and energy storage, while also opening new markets in drones, robotics, and data centers [5] - Several A-share listed companies are making advancements in the solid-state battery sector, with notable developments from companies like MGL and MannsTech [5][6] Group 4: Financing and Stock Performance - Solid-state battery concept stocks have seen an average increase of 50.83% this year, with seven stocks doubling in value [7] - As of September 25, 21 solid-state battery concept stocks recorded net purchases exceeding 100 million yuan, with CATL, XianDao Intelligent, and Guoxuan High-Tech leading in net buying amounts [10] - CATL received the most "positive" ratings from institutions, indicating strong confidence in its innovative product offerings and global market integration [10][11]

Market Overview - The battery sector experienced a decline of 2.31% on the previous trading day, with Naconor leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers in the battery sector included: - Fangyuan Co., Ltd. (688148) with a closing price of 6.71, up 20.04% [1] - Huazi Technology (300490) at 12.56, up 15.44% [1] - Tianji Co., Ltd. (002759) at 16.30, up 9.99% [1] - Conversely, Naconor (832522) saw a significant decline of 7.66%, closing at 65.71 [2] - Other notable decliners included Honggong Technology (301662) down 7.47% and Kuoguli (301487) down 6.91% [2] Trading Volume and Capital Flow - The battery sector saw a net outflow of 4.296 billion yuan from institutional investors, while retail investors contributed a net inflow of 3.169 billion yuan [2][3] - The trading volume for Fangyuan Co., Ltd. reached 326,400 shares, with a transaction value of 214 million yuan [1] - Huazi Technology had a trading volume of 1,035,900 shares, with a transaction value of 1.273 billion yuan [1] Capital Inflow Analysis - Tianji Co., Ltd. (002759) had a net inflow of 478 million yuan from institutional investors, representing 30.17% of its total trading [3] - Shanshan Co., Ltd. (600884) saw a net inflow of 256 million yuan, accounting for 12.87% [3] - Conversely, Naconor experienced a net outflow of 740 million yuan from institutional investors [3]

Company Overview - Xiamen Xiangtan New Energy Materials Co., Ltd. is located in the Xiamen area of the China (Fujian) Pilot Free Trade Zone, established on December 20, 2016, and listed on August 5, 2021. The company specializes in the research, production, and sales of lithium-ion battery cathode materials [1] Business Composition - The main business revenue composition includes: - Lithium Cobalt Oxide: 50.32% - Ternary Materials (including Lithium Iron Phosphate and others): 45.89% - Hydrogen Energy Materials: 3.07% - Others (supplementary): 0.72% [1] Stock Performance - On September 26, the stock price of Xiamen Xiangtan New Energy fell by 5%, reaching 80.17 CNY per share, with a trading volume of 606 million CNY and a turnover rate of 1.47%. The total market capitalization is 40.461 billion CNY [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Galaxy Fund holds shares in Xiamen Xiangtan New Energy. The Galaxy New Materials Stock Initiation A Fund (020276) held 8,899 shares in the second quarter, accounting for 4.24% of the fund's net value, ranking as the eighth largest holding. The estimated floating loss today is approximately 37,600 CNY [2] Fund Performance - The Galaxy New Materials Stock Initiation A Fund (020276) was established on December 27, 2023, with a latest scale of 11.2819 million CNY. Year-to-date returns are 35.96%, ranking 1461 out of 4220 in its category; the one-year return is 60.39%, ranking 1399 out of 3824; and since inception, the return is 40.81% [2] Fund Manager - The fund manager of Galaxy New Materials Stock Initiation A Fund is Jin Ye. As of the report date, Jin Ye has a cumulative tenure of 3 years and 267 days, with total fund assets of 54.3398 million CNY. The best fund return during the tenure is 39.17%, while the worst return is -1.51% [3]

Group 1 - The core viewpoint of the news is that Xiamen Tungsten New Energy experienced a 5% drop in stock price, reaching 80.17 CNY per share, with a trading volume of 606 million CNY and a turnover rate of 1.47%, resulting in a total market capitalization of 40.461 billion CNY [1] - Xiamen Tungsten New Energy Materials Co., Ltd. was established on December 20, 2016, and listed on August 5, 2021. The company specializes in the research, production, and sales of lithium-ion battery cathode materials [1] - The main business revenue composition of Xiamen Tungsten New Energy includes lithium cobalt oxide at 50.32%, ternary materials (including lithium iron phosphate and others) at 45.89%, hydrogen energy materials at 3.07%, and other supplementary materials at 0.72% [1] Group 2 - From the perspective of the top ten holdings of funds, Guojin Fund has one fund heavily invested in Xiamen Tungsten New Energy. The Guojin Xinyue Economic New Momentum A (010375) held 32,700 shares in the second quarter, accounting for 3.02% of the fund's net value, ranking as the tenth largest holding [2] - The Guojin Xinyue Economic New Momentum A (010375) was established on November 18, 2020, with a latest scale of 31.2297 million CNY. Year-to-date returns are 17.29%, ranking 4941 out of 8171 in its category; the one-year return is 38.85%, ranking 3982 out of 8004; and since inception, it has a loss of 1.18% [2] Group 3 - The fund manager of Guojin Xinyue Economic New Momentum A (010375) is Wang Xiaogang, who has been in the position for 2 years and 274 days. The total asset scale of the fund is 234 million CNY, with the best fund return during his tenure being 27.79% and the worst being 11.76% [3]