Core Viewpoint - Xiamen Tungsten New Energy experienced a decline of 2.70% on November 12, with a trading volume of 514 million yuan, indicating a potential shift in investor sentiment and market dynamics [1] Financing Summary - On November 12, Xiamen Tungsten New Energy had a financing buy-in amount of 48.13 million yuan, while the financing repayment was 62.37 million yuan, resulting in a net financing outflow of 14.24 million yuan [1] - The total financing and securities lending balance reached 602 million yuan, with the financing balance at 593 million yuan, accounting for 1.60% of the circulating market value, which is above the 80th percentile of the past year [1] - The company repaid 8,376 shares in securities lending and sold 25,500 shares, with a selling amount of 1.88 million yuan, while the securities lending balance was 9.45 million yuan, also above the 80th percentile of the past year [1] Business Performance - As of September 30, the number of shareholders for Xiamen Tungsten New Energy increased by 67.30% to 24,600, while the average circulating shares per person decreased by 28.31% to 20,493 shares [2] - For the period from January to September 2025, the company achieved an operating income of 13.06 billion yuan, representing a year-on-year growth of 32.15%, and a net profit attributable to shareholders of 552 million yuan, up 50.26% year-on-year [2] Dividend and Shareholding Structure - Since its A-share listing, Xiamen Tungsten New Energy has distributed a total of 839 million yuan in dividends, with 713 million yuan distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with both increasing their holdings compared to the previous period [3]

Market Overview - The battery sector experienced a decline of 1.98% on the previous trading day, with Jia Yuan Technology leading the drop [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - Notable gainers in the battery sector included: - Fangyuan Co., Ltd. (688148) with a closing price of 10.79, up 20.02% [1] - Baosheng Lithium Battery (688353) at 93.00, up 20.00% [1] - ST Hezhong (300477) at 2.71, up 16.31% [1] - Major decliners included: - Jia Yuan Technology (688388) at 37.60, down 8.40% [2] - Xinwanda (300207) at 33.97, down 7.01% [2] - Xiamen Tungsten New Energy (688778) at 78.01, down 6.91% [2] Capital Flow - The battery sector saw a net outflow of 4.716 billion yuan from institutional investors, while retail investors contributed a net inflow of 3.094 billion yuan [2][3] - Specific stock capital flows included: - Tianqi Materials (002709) with a net inflow of 319 million yuan from institutional investors [3] - Tianji Co., Ltd. (002759) with a net inflow of 262 million yuan from institutional investors [3] - Nord Co., Ltd. (600110) with a net inflow of 103 million yuan from institutional investors [3]

Core Insights - The Chinese energy storage industry is expected to experience a surge in orders in the first half of 2025, with cumulative orders exceeding 250 GWh, representing a significant increase compared to the same period last year [1] - The shipment volume of energy storage systems reached 167 GWh in the first half of the year, marking an 86% year-on-year growth [1] - The lithium battery industry is witnessing an improvement in supply-demand dynamics, with signs of price increases across multiple segments, indicating a potential sustained price increase cycle starting next year [1] Market Review - Since October 2025, most segments of the lithium battery sector have rebounded, with the lithium mining sector leading the gains at 7%, while the smart driving sector saw the largest decline at -7.6% [2] - Monthly transaction volumes in the lithium battery sector have generally decreased, except for a slight increase in the new energy vehicle segment [2] New Energy Vehicles - In September, sales of new energy vehicles in China, Europe, and the U.S. reached 137,000, 33,000, and 17,000 units respectively, with year-on-year growth rates of 22%, 36%, and 37% [3] - The increase in sales in China is attributed to policy support and a surge in new vehicle launches during the "Golden September and Silver October" period [3] - European markets saw significant growth due to post-holiday boosts and electric vehicle subsidy policies in countries like the UK and Spain [3] - In the U.S., sales rebounded in August as consumers rushed to purchase before subsidy cancellations, aided by dealer promotions [3] Energy Storage - In September, domestic energy storage installations in China were 4.0 GWh, showing a year-on-year increase of 69% but a month-on-month decline of 68% [4] - Cumulative installations from January to September reached 68.1 GWh, up 45% year-on-year [4] - In the U.S., energy storage installations in September were 2.3 GWh, down 21% year-on-year and 33% month-on-month, with cumulative installations for the year at 27.4 GWh, a 36% increase [4] - The overall market for energy storage remains robust, with significant sales figures reported [4] Lithium Battery Production - In October, production of lithium batteries is expected to increase by 3% to 9% month-on-month, with year-on-year growth rates between 21% and 50% [5] - Cumulative pre-production estimates for lithium carbonate, batteries, and other components show significant year-on-year increases, driven by rising demand [5] Lithium Battery Prices - Prices for lithium battery materials are rising, with lithium hexafluorophosphate seeing a monthly increase of 66% [6] - Prices for key materials such as positive and negative electrodes and electrolytes are generally increasing due to demand, while graphite prices are declining due to upstream cost reductions [6] New Technologies - The second half of 2025 marks a critical period for the engineering and industrialization of solid-state batteries and composite current collectors [7] - Significant increases in orders for pilot lines and equipment for vehicle-grade solid-state batteries are expected, with mass production anticipated to begin in late 2025 [7] Investment Recommendations - The lithium battery sector is poised for a new round of expansion driven by technological breakthroughs in solid-state batteries, leading to increased capital expenditures across the industry [8] - Key recommendations include leading companies in niche markets and those involved in solid-state technology, such as CATL, EVE Energy, and Keda Technology [8]

Core Insights - The lithium carbonate price reached 75,500 CNY/ton, up 3% from last month, while lithium hydroxide price increased by 0.4% to 72,000 CNY/ton [1][2] - In September, domestic wholesale sales of new energy passenger vehicles reached 1.37 million units, representing a year-on-year increase of 22% and a month-on-month increase of 16% [2][4] - The lithium battery sector has seen a recovery since October 2025, with the lithium mining sector leading with a 7% increase, while the smart driving sector experienced a decline of 7.6% [2][3] Industry Changes - The storage industry in China experienced a surge in orders, with cumulative orders exceeding 250 GWh, marking a significant increase compared to the previous year [3] - The shipment volume of storage systems reached 167 GWh in the first half of the year, reflecting an 86% year-on-year growth [3] - The lithium battery industry is expected to enter a sustained price increase cycle due to improving supply-demand dynamics and limited supply expansion [3] Market Performance - In September, the sales of new energy vehicles in China, Europe, and the US were 1.37 million, 330,000, and 170,000 units respectively, with year-on-year growth rates of 22%, 36%, and 37% [4] - The penetration rates for new energy vehicles were 54% in China, 32% in Europe, and 14% in the US [4] - The domestic storage installation in September was 4.0 GWh, showing a year-on-year increase of 69% but a month-on-month decrease of 68% [5] Price Trends - Lithium battery material prices are on the rise, with lithium hexafluorophosphate seeing a monthly increase of 66% [6] - Prices for major materials such as resource products, positive and negative electrodes, and electrolytes have generally increased due to demand, while graphite materials have decreased due to upstream price declines [6] Investment Recommendations - The industry is expected to accelerate capital expenditure driven by a new round of lithium battery expansion and breakthroughs in solid-state technology [7] - Key recommendations include leading companies in niche segments and those involved in solid-state technology, such as CATL, EVE Energy, and Keda Technology [7]

兴业证券股份有限公司 关于厦门厦钨新能源材料股份有限公司收购报告书之 2025 年第三季度持续督导意见 兴业证券股份有限公司（以下简称"兴业证券""本财务顾问"）接受福建省 工业控股集团有限公司（以下简称"省工控集团""收购人"）的委托，担任其收 购厦门厦钨新能源材料股份有限公司（以下简称"厦钨新能""上市公司""公司"） 的财务顾问。 2025 年 7 月 1 日，厦钨新能公告了《收购报告书》，福建省人民政府国有资 产监督管理委员会（以下简称"福建省国资委"）将持有的福建省冶金（控股） 有限责任公司（以下简称"福建冶金"）80%股权无偿划转至省工控集团，前述 重组完成后，省工控集团成为厦钨新能的间接控股股东。 2025 年 7 月 4 日，上述股权变更的工商变更手续办理完毕。 根据《上市公司收购管理办法》（以下简称"《收购管理办法》"）第七十一条， "自收购人公告上市公司收购报告书至收购完成后 12 个月内，财务顾问应当通 过日常沟通、定期回访等方式，关注上市公司的经营情况，结合被收购公司定期 报告和临时公告的披露事宜，对收购人及被收购公司履行持续督导职责"，本财 务顾问持续督导期为 2025 年 7 月 ...

Market Overview - The battery sector increased by 1.39% on the previous trading day, with Huasheng Lithium leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Top Gainers in the Battery Sector - Notable gainers included: - Company with code 688353, closing at 65.04, up 20.00% with a trading volume of 187,500 shares and a transaction value of 1.152 billion [1] - Haike Xina (301292) closed at 38.45, up 16.23% with a trading volume of 417,200 shares and a transaction value of 1.531 billion [1] - Yishitong (688733) closed at 34.00, up 10.57% with a trading volume of 261,300 shares and a transaction value of 880 million [1] Top Losers in the Battery Sector - Key losers included: - Kun Technology (920152) closed at 26.21, down 7.06% with a trading volume of 48,500 shares and a transaction value of 132 million [2] - Lijia Technology (920237) closed at 28.28, down 4.91% with a trading volume of 42,200 shares and a transaction value of 122 million [2] - Yema Battery (605378) closed at 25.48, down 4.07% with a trading volume of 127,800 shares and a transaction value of 328 million [2] Capital Flow Analysis - The battery sector experienced a net outflow of 1.111 billion from institutional investors, while retail investors saw a net inflow of 1.113 billion [2][3] - Notable capital flows included: - Ningde Times (300750) had a net inflow of 624 million from institutional investors, but a net outflow of 199 million from retail investors [3] - Tongguan Copper Foil (301217) saw a net inflow of 209 million from institutional investors, with a net outflow of 241 million from retail investors [3]

Group 1 - The battery ETF (561910) has seen a rise of 1.14% as of November 6, with significant gains from constituent stocks such as Keda, Funeng Technology, and others [1] - The ETF has attracted over 60 million in net inflows over the past two days, indicating strong investor interest [1] - China's new energy storage capacity is projected to exceed 100 million kilowatts by September 2025, reflecting rapid growth and technological advancements in the sector [1] Group 2 - The European large-scale energy storage market is experiencing accelerated growth, with project returns increasing to 10%-15% due to frequent negative electricity prices [2] - By 2030, Europe is expected to add 165 GWh of new storage capacity, with a compound annual growth rate of 40% from 2024 to 2030, representing a market opportunity of 170 billion [2] - The U.S. energy storage capacity is forecasted to reach 76 GWh by 2026, with a year-on-year increase of nearly 44%, driven by data center contributions [2] Group 3 - Companies like Sungrow and Keda are actively expanding their presence in the AI Data Center (AIDC) industry chain [3] - The battery ETF (561910) tracks the CSI Battery Index, covering the entire industry chain from materials to equipment recycling, with top constituents including Ningde Times and Yiwei Lithium Energy [4] Group 4 - Keda has announced that the rapid development of AI technology has increased the demand for computing power, leading to growth in its data center segment [5] - Sungrow has established a dedicated AIDC division to enhance its strategic positioning, aiming to transition from a "device supplier" to an "energy system service provider" [5]

Core Insights - The battery theme index in China has shown a slight increase of 0.14% as of November 6, 2025, with notable gains from companies like Keda and Aters, indicating a positive trend in the battery sector [1][4] - The battery ETF managed by Jiashi has a current scale of 1.409 billion yuan, reflecting a robust trading volume and a net value increase of 3.80% over the past three years [4] - The solid-state battery technology is emerging as a significant development direction, with advancements in technology and commercial orders expected to drive growth in various applications [4] Market Performance - The top ten weighted stocks in the battery theme index account for 56.8% of the index, with major players including Sunshine Power and CATL [4] - The performance of individual stocks varies, with CATL showing a 1.11% increase, while others like EVE Energy and Tianqi Lithium experienced declines [6] - The Jiashi battery ETF has recorded a maximum monthly return of 39.76% since its inception, highlighting its potential for high returns [4] Industry Outlook - The energy transition and domestic energy storage policies are expected to drive a new cycle of lithium battery demand from 2025 to 2027, with a projected 50% growth in energy storage demand by 2026 [4] - The industry is witnessing continuous progress in solid-state battery technology, which is anticipated to play a crucial role in future applications such as humanoid robots and eVTOLs [4]

Core Viewpoint - The article discusses the recent trends in China's tungsten export market, highlighting a decline in export volume while showing an increase in export value, indicating potential shifts in market dynamics and pricing strategies [1]. Group 1: Export Data - In September 2025, China's tungsten export volume was 0.11 million tons, representing a year-on-year decrease of 16.9% [1]. - The export value for the same period was 0.58 million USD, which reflects a year-on-year increase of 4.3% [1]. Group 2: Companies Mentioned - The article lists several companies involved in the tungsten industry, including Zhongtung High-tech (000657), Zhangyuan Tungsten Industry (002378), Xianglu Tungsten Industry (002842), Xiamen Tungsten Industry (600549), and Xiamen Tungsten New Energy (688778) [1]. Group 3: Industry Research - The article references a report by Zhiyan Consulting titled "2025-2031 China Tungsten Mining Industry Market Panorama Research and Industry Demand Assessment Report," which provides insights into the tungsten market and its future trends [1].

Group 1 - The core viewpoint of the articles highlights the strong performance of the energy storage sector, particularly in the battery ETF market, which has seen significant gains this year [1][2] - The battery ETF (561910) opened with a nearly 4% increase, reaching a new annual high of 0.909, with major stocks like Enjie and Hunan Youneng experiencing substantial gains [1] - The performance of leading companies in the battery sector is impressive, with CATL reporting a net profit of 49 billion yuan for the first three quarters, and Gotion High-Tech showing a staggering 514% year-on-year growth in net profit [1] Group 2 - According to CITIC Securities, the domestic energy storage market is experiencing a significant economic turning point, with robust investment and increasing demand driven by data centers [2] - Lithium battery demand is expected to grow over 30% next year, creating investment opportunities across materials, batteries, and integration sectors [2] - Dongwu Securities notes that leading lithium material companies are at full capacity, indicating a price turning point is approaching, with expectations for price increases in lithium hexafluorophosphate and iron lithium [2]