Group 1 - The STAR Market indices showed positive performance, with the STAR 50 Index rising by 1.2%, STAR 100 Index and STAR Composite Index both increasing by 0.9%, and the STAR Growth Index up by 0.8% [1] - The photovoltaic sector experienced a significant surge, with notable stocks such as Aters reaching the daily limit, and Trina Solar, Goodwe, and Airo Energy rising over 10%. Jinko Solar, Daqo Energy, and YN Energy also saw increases of over 7% [1] - The solid-state battery sector also performed well, with Xiamen Tungsten New Energy rising over 9%, Hangke Technology up over 8%, and Jiayuan Technology and Liyuanheng increasing by over 4% [1] Group 2 - Small innovative enterprises in the electronic and pharmaceutical sectors accounted for over 80% of the market, indicating a high concentration in these industries [5] - The STAR Composite Index ETF by E Fund tracks the STAR Composite Index, which encompasses all market securities on the STAR Market, focusing on core industries such as artificial intelligence, semiconductors, new energy, and innovative pharmaceuticals [7] - The STAR Growth 50 ETF tracks the STAR Growth Index, which consists of 50 stocks with high growth rates in revenue and net profit, highlighting a strong growth style with a significant representation from the electronic and pharmaceutical sectors [7]

证券代码：688778 证券简称：厦钨新能 公告编号：2025-065 近日，厦门厦钨新能源材料股份有限公司（以下简称"公司"）董事会收到 公司董事侯孝亮先生递交的辞任报告，侯孝亮先生因工作需要申请辞去所任公司 非独立董事、战略与可持续发展委员会委员的职务。辞任后，侯孝亮先生不再担 任公司任何职务。 侯孝亮先生确认与公司董事会、管理层均未出现任何意见分歧，亦不存在任 何有关辞任的其他事宜须提请公司股东和债权人注意。 厦门厦钨新能源材料股份有限公司 厦门厦钨新能源材料股份有限公司 关于非独立董事辞任的公告 董 事 会 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。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所 科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号 ——规范运作》《公司章程》等相关规定，侯孝亮先生的辞任不会导致公司董事 会人数低于法定最低人数，不会影响公司董事会正常运行，其辞任报告自送达公 司董事会之日起生效。 公司董事会对侯孝亮先生在担任公司非独立董事期间对公司发展 ...

Core Insights - The Fujian sector in the A-share market continues to perform well, with several stocks hitting their daily limit up, indicating strong investor interest and market momentum [1] Group 1: Stock Performance - Pingtan Development (000592) achieved a 10.02% increase, with a total market capitalization of 11.7 billion and a year-to-date increase of 110.45% [2] - Gibit (603444) rose by 10.00%, with a market cap of 36.3 billion and a year-to-date increase of 136.50% [2] - Ruilite (002790) saw a 9.96% increase, with a market cap of 4.154 billion and a year-to-date increase of 40.08% [2] - Fulongma (603686) increased by 7.92%, with a market cap of 10.9 billion and a year-to-date increase of 154.38% [2] - Xiamen Tungsten (600549) rose by 4.92%, with a market cap of 58.6 billion and a year-to-date increase of 96.47% [2] - Wanlishi (002785) increased by 4.53%, with a market cap of 8.312 billion and a year-to-date increase of 12.00% [2] - Kaiying Network (002517) rose by 4.49%, with a market cap of 53.2 billion and a year-to-date increase of 84.18% [2] - Xiamen Tungsten New Energy (688778) increased by 4.45%, with a market cap of 41.9 billion and a year-to-date increase of 120.43% [2] - Fujian Cement (600802) rose by 3.66%, with a market cap of 3.373 billion and a year-to-date increase of 94.20% [2]

Core Insights - The Fujian sector in the A-share market continues to perform well, with several stocks hitting their daily limit up, indicating strong investor interest and positive market sentiment [1] Group 1: Stock Performance - Pingtan Development (000592) achieved a 10.02% increase, with a total market capitalization of 11.7 billion and a year-to-date increase of 110.45% [2] - Jibite (603444) also saw a 10.00% rise, bringing its market cap to 36.3 billion and a year-to-date increase of 136.50% [2] - Ruilite (002790) recorded a 9.96% increase, with a market cap of 4.154 billion and a year-to-date increase of 40.08% [2] - Fulongma (603686) rose by 7.92%, with a market cap of 10.9 billion and a year-to-date increase of 154.38% [2] - Xiamen Tungsten (600549) increased by 4.92%, with a market cap of 58.6 billion and a year-to-date increase of 96.47% [2] - Wanlishi (002785) saw a 4.53% increase, with a market cap of 8.312 billion and a year-to-date increase of 12.00% [2] - Kaiying Network (002517) rose by 4.49%, with a market cap of 53.2 billion and a year-to-date increase of 84.18% [2] - Xiamen Tungsten New Energy (688778) increased by 4.45%, with a market cap of 41.9 billion and a year-to-date increase of 120.43% [2] - Fujian Cement (600802) rose by 3.66%, with a market cap of 3.373 billion and a year-to-date increase of 94.20% [2] Group 2: Market Trends - The formation of a MACD golden cross signal indicates a positive trend in the stock prices of these companies, suggesting potential for further gains [1]

Core Insights - The Chinese automotive industry is undergoing significant transformation, with traditional automakers like GAC Group and SAIC Group actively shifting towards self-owned brands to navigate the challenges posed by the industry's evolution towards electrification and intelligence [1][2]. Traditional Automakers: Steady Growth in Self-Owned Brands - GAC Group reported a revenue of 66.272 billion yuan for the first three quarters of 2025, a year-on-year decline of 10.49%, with a net loss of 4.312 billion yuan, marking a staggering year-on-year decline of 3691.33% [2]. - In Q3 2025, GAC Group's revenue was 24.106 billion yuan, down 14.63% year-on-year, with a net loss of 1.774 billion yuan, an increase in loss of 27.02% year-on-year [2]. - Despite these challenges, GAC Group's Q3 performance showed signs of recovery, with a quarter-on-quarter sales increase of 11.49% and revenue growth of 7% [2]. - SAIC Group has also seen a turnaround, achieving a cumulative vehicle sales of 3.193 million units in the first three quarters of 2025, a year-on-year increase of 20.5% [3]. New Energy Vehicle Industry: Performance Growth - The new energy vehicle sector has experienced robust growth, positively impacting upstream companies. CATL reported a revenue of 283.072 billion yuan for the first three quarters of 2025, a year-on-year increase of 9.28%, with a net profit of 49.034 billion yuan, up 36.2% [4]. - CATL's battery installation volume reached 210.67 GWh in the first three quarters, capturing a 42.75% market share in China [4]. - Guoxuan High-Tech achieved a revenue of 10.114 billion yuan in Q3, a year-on-year increase of 20.68%, with a battery installation volume of 26.27 GWh, reflecting an 84.7% year-on-year growth [4][5]. - Xiamen Tungsten's revenue for Q3 was 5.477 billion yuan, a year-on-year increase of 50.45%, with a net profit of 217 million yuan, up 61.82% [5][6].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's profitability in cathode materials remains robust, with solid-state battery material layouts accelerating [1] - The demand for lithium cobalt oxide is increasing due to the inclusion of electronic consumer products in the recycling program, leading to a significant recovery in consumer battery demand [1] - The company is enhancing its supply chain stability through strategic partnerships for raw materials and is advancing its global layout [2][3] Financial Performance - In Q3 2025, the company achieved a net profit of 245 million yuan, a year-on-year increase of 64%, with total revenue of 5.526 billion yuan, up 30% year-on-year [1] - The company’s lithium cobalt oxide sales reached 18,100 tons in Q3 2025, with a market share that remains the largest globally [1] - The projected net profits for 2025-2027 are 803 million, 1.020 billion, and 1.216 billion yuan, respectively, reflecting year-on-year growth rates of 63%, 27%, and 19% [3] Product Development - The company is focusing on technological innovation, with solid-state battery materials and new structural materials being industrialized [3] - The company has made significant progress in the production of high-voltage lithium cobalt oxide, with large-scale production of 4.53V products and trials for 4.55V products [1][3] - The company is developing differentiated products for various electric vehicle segments, including hybrid and high-end electric vehicles [2] Market Position - The company maintains a leading position in the lithium cobalt oxide market, with a strong focus on high-voltage and high-power ternary materials [2] - The company has signed long-term procurement agreements for key raw materials, enhancing its competitive edge and supply chain resilience [2]

Core Viewpoint - The article discusses the strategic cooperation agreement signed between Xiamen Tungsten New Energy and Greeenme, aimed at enhancing their partnership in the supply chain of battery materials to meet the growing global demand for high-energy-density battery materials [1][4]. Group 1: Strategic Cooperation Agreement - On October 25, Xiamen Tungsten New Energy announced the signing of a strategic cooperation framework agreement with Greeenme [1]. - The agreement focuses on leveraging both companies' strengths in key metal resource recycling, raw material supply, technology research and development, and market expansion [1]. - The goal is to address global market challenges and enhance corporate efficiency through long-term stable cooperation [1]. Group 2: Product Supply Collaboration - Both companies agreed to establish a long-term partnership for the supply chain of battery materials used in various sectors, including consumer electronics, power, low-altitude aircraft, eVTOL, AI, and robotics [1]. - The materials involved include ternary materials for lithium batteries, lithium cobalt oxide, solid-state lithium battery materials, semi-solid lithium battery materials, and lithium-rich manganese-based products [1]. Group 3: Supply Volume and Forecast - From 2026 to 2028, Greeenme is expected to supply Xiamen Tungsten New Energy with 150,000 tons of various battery raw materials and products annually [4]. - This includes approximately 36,000 tons/year of cobalt chloride, 36,000 tons/year of nickel sulfate, 18,000 tons/year of cobalt oxide, 36,000 tons/year of ternary precursors, and 24,000 tons/year of lithium carbonate/lithium phosphate, all including recycled materials [4]. - The total supply over three years is projected to be 450,000 tons [4].

Core Viewpoint - Greeenmei has signed a strategic cooperation framework agreement with Xiamen Tungsten New Energy Materials Co., Ltd. to jointly address the global demand for ultra-high energy density battery materials and to create a collaborative industry consortium for these materials [1] Group 1: Strategic Partnership - The agreement outlines that from 2026 to 2028, Greenmei expects to supply 150,000 tons of various battery raw materials and products annually to Xiamen Tungsten, totaling 450,000 tons over three years [1] - Both parties have agreed to establish a long-term partnership for the supply chain of raw materials for lithium batteries, focusing on areas such as consumer electronics, power, low-altitude aircraft, eVTOL, AI, and robotics [1] Group 2: Product Focus - The collaboration will involve the supply of ternary materials, lithium cobalt oxide, solid-state lithium battery materials, semi-solid lithium battery materials, and lithium-rich manganese-based products [1]

Group 1 - The core viewpoint of the news is that Xiamen Tungsten New Energy has seen a significant stock price increase of 5.26%, reaching 81.00 CNY per share, with a trading volume of 565 million CNY and a market capitalization of 40.88 billion CNY [1] - Xiamen Tungsten New Energy, established on December 20, 2016, and listed on August 5, 2021, specializes in the research, production, and sales of lithium-ion battery cathode materials [1] - The company's main revenue composition 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 fund holdings, one fund under China Ocean Fund has a significant position in Xiamen Tungsten New Energy, with the China Ocean Energy Strategy Mixed Fund (398021) holding 437,100 shares, accounting for 3.16% of the fund's net value, making it the third-largest holding [2] - The China Ocean Energy Strategy Mixed Fund (398021) has a total scale of 777 million CNY and has achieved a year-to-date return of 30.41%, ranking 3180 out of 8155 in its category [2] - The fund manager, Yao Chenxi, has been in position for 10 years and 198 days, with the fund's best return during this period being 89.22% and the worst return being -35.91% [3]

Group 1 - The core viewpoint of the news is that Xiamen Tungsten New Energy has seen a significant increase in stock price, rising by 5.26% to 81.00 CNY per share, with a trading volume of 565 million CNY and a market capitalization of 40.88 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 revenue composition of the company 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 - Tianzhi Fund has one fund heavily invested in Xiamen Tungsten New Energy, specifically the Tianzhi Research Driven Mixed A Fund (350009), which holds 6,500 shares, accounting for 2.3% of the fund's net value, making it the largest holding [2] - The Tianzhi Research Driven Mixed A Fund was established on December 28, 2011, with a latest scale of 21.15 million CNY. Year-to-date returns are 7.02%, ranking 6458 out of 8155 in its category, while the one-year return is 4.48%, ranking 7040 out of 8029 [2] - The fund manager, Liang Li, has been in position for 4 years and 198 days, with total assets under management of 64.31 million CNY. The best fund return during her tenure is 20.32%, while the worst is -63.67% [2]