Core Insights - The European electric vehicle (EV) market is experiencing significant growth, with sales in August 2025 reaching 176,000 units, a year-on-year increase of 41.2% and a penetration rate of 31.4%, up by 8.3 percentage points [1][2] - The European Parliament has approved amendments to carbon emission assessments, delaying the tightening of emission targets originally planned for 2025, but the overall trend towards stricter regulations remains unchanged [1] Group 1: Market Performance - In August 2025, battery electric vehicle (BEV) sales reached 114,000 units, a year-on-year increase of 32.3%, while plug-in hybrid electric vehicle (PHEV) sales were 62,000 units, up by 61.5% [2] - Germany saw accelerated growth in electric vehicle sales, with BEV sales of 39,000 units, up 45.7%, and PHEV sales of 24,000 units, up 76.7% [3] - The UK has reintroduced BEV subsidies, with approximately 25% of BEV models qualifying for subsidies as of August, leading to BEV sales of 22,000 units, a 14.9% increase, and PHEV sales of 9,800 units, up 69.4% [4] - France's BEV sales were 17,000 units, a 29.6% increase, despite a general decline in the automotive market, with a penetration rate of 19.4% in August, the highest of the year [5] Group 2: Market Drivers - Spain is promoting electric vehicle adoption through new model launches, promotional activities, and the MOVES III subsidy program, alongside a 15% personal income tax reduction for electric vehicle purchases [6] Group 3: Investment Recommendations - Recommended investments in lithium battery companies include CATL, EVE Energy, and Xinwangda, with beneficiaries such as Innovation Navigation and Guoxuan High-Tech [7] - For lithium materials, recommended companies include Hunan Yueneng, with beneficiaries like Fulian Precision and Wanrun New Energy [7] - Recommendations for electric drive systems include Weimaisi and Fute Technology, with beneficiaries such as Xinrui Technology and Huangshan Gujie [7]

Group 1 - The core viewpoint of the news is that Xiamen XTC New Energy Materials Co., Ltd. has seen a significant increase in its stock price, rising by 5.18% to 88.27 CNY per share, with a total market capitalization of 44.549 billion CNY [1] - The company specializes in the research, production, and sales of lithium-ion battery cathode materials, with its main revenue sources being lithium cobalt oxide (50.32%), ternary materials (45.89%), hydrogen energy materials (3.07%), and others (0.72%) [1] - The company was established on December 20, 2016, and went public on August 5, 2021, indicating a relatively recent entry into the market [1] Group 2 - From the perspective of fund holdings, one fund under Jiashi Fund has a significant position in Xiamen XTC New Energy, with Jiashi CSI Battery Theme ETF holding 1,000 shares, accounting for 0.03% of the fund's net value [2] - The Jiashi CSI Battery Theme ETF has shown strong performance this year, with a return of 48.19% and a ranking of 556 out of 4,220 in its category [2] - The fund manager, Tian Guangyuan, has been in charge for over four years, achieving a best return of 137.06% during his tenure [3]

减持计划的实施结果情况 证券代码：688778 证券简称：厦钨新能 公告编号：2025-060 厦门厦钨新能源材料股份有限公司 关于持股 5%以上股东减持计划完成暨 减持股份结果公告 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： 股东持股的基本情况 本次减持计划实施前，厦门厦钨新能源材料股份有限公司（以下简称"厦钨 新能"或"公司"）股东宁波海诚领尊创业投资合伙企业（有限合伙）（以下简称 "宁波海诚"）持有公司股份 33,504,761 股，占公司总股本的 6.64%，其中：股 份减持计划披露前，宁波海诚持有公司股份 27,920,634 股，股份减持计划披露 后，公司因资本公积金转增股本，向全体股东每 10 股转增 2 股，宁波海诚持有 公司股份由 27,920,634 股增加至 33,504,761 股。 2025 年 6 月 28 日，公司披露了《厦门厦钨新能源材料股份有限公司关于持 股 5%以上股东股份减持计划公告》（公告编号：2025-039）。因自身资金需求， 股东宁波海诚拟通过集 ...

Core Viewpoint - The company Xiamen Tungsten New Energy (688778.SH) has completed a share reduction plan executed by its shareholder Ningbo Haicheng, resulting in a decrease of 5,035,204 shares, which represents 1.00% of the total share capital as of the announcement date [1] Summary by Relevant Categories Shareholder Actions - Ningbo Haicheng has reduced its holdings in Xiamen Tungsten New Energy by 5,035,204 shares from July 21, 2025, to September 22, 2025 [1] - The share reduction plan has been fully implemented as of the announcement date [1]

Core Viewpoint - Ningbo Haicheng, a shareholder of Xiamen Tungsten New Energy, announced a plan to reduce its stake by up to 1% of the total share capital, which was adjusted to a maximum of 5,040,000 shares after the company's equity distribution on July 3 [1] Group 1 - From July 21 to September 22, Ningbo Haicheng reduced its holdings by 5,035,204 shares, representing 1% of the total share capital [1] - The reduction was executed at a price range of 48.00 to 90.96 yuan per share, totaling approximately 289,892,187.50 yuan [1] - Following the reduction, Ningbo Haicheng's shareholding percentage decreased to 5.64% [1] Group 2 - The reduction plan did not trigger a mandatory bid and did not affect the company's control or operations [1] - The reduction plan has been fully implemented [1]

Core Viewpoint - Ningbo Haicheng has completed its share reduction plan for Xiamen Tungsten New Energy, reducing its stake from 6.64% to 5.64% through the sale of 503.52 million shares, totaling 290 million yuan [1] Group 1 - Ningbo Haicheng held 33.5048 million shares before the reduction, representing 6.64% of the total share capital [1] - The share reduction was executed through centralized bidding, with a maximum of 5.04 million shares planned for sale, equating to 1% of the total share capital [1] - The actual reduction period spanned from July 21, 2025, to September 22, 2025 [1] Group 2 - After the reduction, Ningbo Haicheng now holds 28.4696 million shares, which is 5.64% of the total share capital [1] - The total amount raised from the share reduction was 290 million yuan [1]

Core Insights - The solid-state battery industry is entering a "sprint phase" towards commercialization, with significant advancements in sodium-based solid-state batteries [1][2] - A new sodium-based solid-state battery developed by the University of Chicago and Singapore's Agency for Science, Technology and Research can operate stably in sub-zero temperatures, enhancing its competitiveness [1] - The global solid-state battery shipment is expected to reach 614.1 GWh by 2030, with a market size projected to exceed 100 billion yuan [2] Industry Developments - The solid-state battery industry is experiencing accelerated progress driven by both policy and technology, with a key conference scheduled for September 2025 to discuss future trends and challenges [2] - The demand for solid-state battery materials is expected to grow significantly, with investments in equipment projected to reach hundreds of billions [2] - Several A-share listed companies are making strides in solid-state battery technology, with Li Yuan Heng successfully developing manufacturing processes for solid-state battery equipment [2][3] Market Activity - Recent data shows that financing clients have significantly increased their positions in 26 solid-state battery concept stocks, with notable net purchases exceeding 1 billion yuan [4] - Leading companies in this sector include Xian Dao Intelligent, CATL, and others, with some stocks projected to have a net profit growth rate exceeding 20% in the coming years [4][5] - As of September 22, 2023, several stocks in this sector have rolling price-to-earnings ratios below 40, indicating potential investment opportunities [4][5]

- The report discusses a "Momentum Sentiment Indicator" model, which is used for market timing based on the proportion of stocks with positive returns in the CSI 300 Index over a specific period. The model calculates the proportion of stocks with positive returns over N days and applies smoothing with two moving averages (N1 and N2). When the short-term moving average exceeds the long-term moving average, it signals a bullish market sentiment[26][27][29] - The "Moving Average Sentiment Indicator" is another model that evaluates the CSI 300 Index's sentiment by comparing the closing price with eight moving averages (parameters: 8, 13, 21, 34, 55, 89, 144, 233). If the closing price exceeds more than five of these moving averages, the model signals a bullish sentiment[33][34] - The report evaluates the "Cross-Sectional Volatility" factor, which measures the dispersion of stock returns within an index. A higher cross-sectional volatility indicates a favorable alpha environment. Recent data shows a decline in cross-sectional volatility for the CSI 300, CSI 500, and CSI 1000 indices, suggesting a short-term deterioration in the alpha environment[39][41] - The "Time-Series Volatility" factor is also analyzed, which measures the historical volatility of index returns. The report notes a recent decline in time-series volatility for the CSI 300, CSI 500, and CSI 1000 indices, indicating a less favorable alpha environment in the short term[40][44] - The "Fund Concentration Divergence" indicator is introduced to monitor the degree of fund clustering. It calculates the standard deviation of cross-sectional returns within a fund portfolio. A lower standard deviation indicates higher clustering, while a higher standard deviation suggests fund divergence. The report notes a slight decrease in divergence in the most recent week[80][83] - The "Momentum Sentiment Indicator" model's backtest results show that the fast line is currently above the slow line, indicating a bullish sentiment for the CSI 300 Index[27][29] - The "Moving Average Sentiment Indicator" model's backtest results indicate that the CSI 300 Index is currently in a positive sentiment zone, as the closing price exceeds more than five of the eight moving averages[34][36] - The "Cross-Sectional Volatility" factor's recent values are as follows: CSI 300 (1.98%), CSI 500 (2.12%), and CSI 1000 (2.37%) for the past quarter, with respective percentile rankings of 69.77%, 69.84%, and 65.34% over the past two years[41] - The "Time-Series Volatility" factor's recent values are as follows: CSI 300 (0.62%), CSI 500 (0.44%), and CSI 1000 (0.24%) for the past quarter, with respective percentile rankings of 58.18%, 74.60%, and 57.37% over the past two years[44] - The "Fund Concentration Divergence" indicator shows a slight decrease in divergence, with fund and stock excess returns improving week-over-week[80][83]

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 58.733 billion yuan, with the Sci-Tech Innovation Board seeing a net outflow of 8.018 billion yuan [1] - A total of 203 stocks saw net inflows, while 385 stocks experienced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 187 stocks rose, with one stock, Fuxin Technology, hitting the daily limit, while 394 stocks declined [1] - The top three stocks with the highest net inflows were Shijia Photon (net inflow of 251 million yuan), Xiamen Tungsten New Energy (net inflow of 140 million yuan), and Baiwei Storage (net inflow of 133 million yuan) [1][2] Continuous Fund Flow Analysis - There are 48 stocks that have seen continuous net inflows for more than three trading days, with Hanwujing leading at 23 consecutive days of inflow [2] - Conversely, 161 stocks have experienced continuous net outflows, with Naike Equipment leading at 16 consecutive days of outflow [2] Top Fund Inflows - The top stocks by net inflow include: - Shijia Photon: 250.85 million yuan, 8.28% inflow rate, 3.17% increase [2] - Xiamen Tungsten New Energy: 140.05 million yuan, 7.10% inflow rate, 7.45% increase [2] - Baiwei Storage: 133.20 million yuan, 4.49% inflow rate, 2.74% increase [2] Top Fund Outflows - The stocks with the highest net outflows include: - Haiguang Information: 1.230 billion yuan outflow, 3.22% decline [1] - Lanqi Technology: 565 million yuan outflow [1] - Huafeng Technology: 348 million yuan outflow [1]

Market Overview - The battery sector experienced a slight decline of 0.07% on the previous trading day, with Tianji Co. leading the drop [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Notable gainers in the battery sector included: - Xatu Tungsten New Energy (688778) with a closing price of 86.70, up 7.45% and a trading volume of 227,500 shares, totaling 1.973 billion yuan [1] - Zhongyi Technology (301150) closed at 42.00, up 5.53% with a trading volume of 219,100 shares [1] - Yema Battery (605378) closed at 29.29, up 4.98% with a trading volume of 191,800 shares, totaling 556 million yuan [1] - Major decliners included: - Tianji Co. (002759) closed at 15.76, down 9.99% with a trading volume of 1,147,300 shares, totaling 1.862 billion yuan [2] - Shanshan Co. (600884) closed at 14.13, down 7.10% with a trading volume of 1,587,500 shares, totaling 2.292 billion yuan [2] - Yihua Road (688339) closed at 25.95, down 6.05% with a trading volume of 168,800 shares [2] Capital Flow - The battery sector saw a net outflow of 2.157 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.057 billion yuan [2][3] - Key stocks with significant capital flow included: - Ningde Times (300750) with a net inflow of 396 million yuan from institutional investors [3] - Xatu Tungsten New Energy (688778) with a net inflow of 15.2 million yuan from institutional investors [3] - Tianhua New Energy (300390) with a net inflow of 93.886 million yuan from institutional investors [3]