Investment Rating - The report maintains a "Buy" rating for key companies in the electric and new energy sectors, including Ningde Times, Keda Li, and others, indicating strong growth potential and favorable market conditions [7][8]. Core Insights - The overall performance of the electric and new energy sector is under pressure, but there was a sequential improvement in profitability in Q2 2025. The sector achieved a total revenue of 16,755.54 billion yuan in H1 2025, a year-on-year increase of 3.49%, with a net profit of 861.47 billion yuan, up 16.04% year-on-year [3][12]. - The new energy vehicle sector shows a positive trend, with H1 2025 revenue reaching 6,747.57 billion yuan, a 10.67% increase year-on-year, although net profit decreased by 41.93% [4][16]. - The renewable energy generation sector faced challenges, with H1 2025 revenue of 9,646.02 billion yuan, down 1.96% year-on-year, and a net profit of 360.66 billion yuan, down 4.60% [66]. Summary by Sections Electric and New Energy Sector Overview - The sector's overall revenue in H1 2025 was 16,755.54 billion yuan, with a net profit of 861.47 billion yuan, reflecting a year-on-year increase of 3.49% and 16.04% respectively. Q2 2025 saw a revenue of 9,206.13 billion yuan, a 5.22% increase year-on-year and a 21.95% increase quarter-on-quarter [3][12][14]. New Energy Vehicle Sector - The new energy vehicle sector reported a revenue of 6,747.57 billion yuan in H1 2025, a 10.67% increase year-on-year, with a net profit of 580.45 billion yuan, down 41.93%. In Q2 2025, revenue was 3,578.87 billion yuan, up 10.20% year-on-year, and net profit was 313.93 billion yuan, up 31.44% [4][16][23]. Renewable Energy Generation Sector - The renewable energy generation sector's revenue in H1 2025 was 9,646.02 billion yuan, a decrease of 1.96% year-on-year, with a net profit of 360.66 billion yuan, down 4.60%. The average gross margin for the sector was 14.74% [66][69]. Key Companies and Financial Projections - Key companies such as Ningde Times and Keda Li are projected to have strong earnings growth, with EPS estimates for 2025E at 14.96 yuan and 6.77 yuan respectively, indicating a favorable PE ratio [7][8].

Group 1 - The solid-state battery concept stocks mostly opened lower on September 10, with significant declines observed in several companies [1] - Xiamen Tungsten New Energy fell over 7%, while Tianqi Lithium and Ganfeng Lithium both dropped more than 5% [1] - Other companies such as Shengxin Lithium Energy, Shanghai Washba, and Tianji Co. also experienced lower openings [1]

Core Viewpoint - The stock of Xiamen Tungsten New Energy experienced an abnormal fluctuation, with a cumulative closing price increase of over 30% during three consecutive trading days from September 4 to September 8, 2025 [1] Company Summary - Xiamen Tungsten New Energy announced that its stock price had deviated significantly, indicating unusual trading activity [1] - The company conducted a self-examination and confirmed that there were no undisclosed significant information as of the date of the announcement [1]

Core Viewpoint - The announcement reveals that shareholder Ningbo Haicheng has reduced its stake in Xiamen Tungsten New Energy by selling 4.5424 million shares, which represents 0.90% of the company's total share capital [1] Summary by Relevant Sections - **Shareholder Reduction Plan** - Xiamen Tungsten New Energy disclosed a shareholder reduction plan on June 28, 2025 [1] - Ningbo Haicheng executed the reduction through centralized bidding transactions [1] - **Impact on Company Ownership** - The reduction of 4.5424 million shares indicates a significant change in ownership structure, as some directors and senior management hold shares indirectly through Ningbo Haicheng [1]

证券代码：688778 证券简称：厦钨新能 公告编号：2025-058 厦门厦钨新能源材料股份有限公司 股票交易异常波动公告 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。 重要内容提示： 经公司自查，公司目前生产经营活动一切正常，市场环境、行业政策没有发 生重大调整、生产成本和销售等情况没有出现大幅波动、内部生产经营秩序正常。 （二）重大事项情况 经公司自查，并向公司控股股东厦门钨业股份有限公司、间接控股股东福建 省稀有稀土（集团）有限公司、福建省冶金（控股）有限责任公司和福建省工业 控股集团有限公司书面发函查证：截至本公告披露日，公司及公司控股股东、间 接控股股东不存在影响公司股票交易价格异常波动的重大事宜；不存在其他涉及 公司应披露而未披露的重大信息，包括且不限于与公司相关的重大资产重组、股 份发行、债务重组、业务重组、重大资产剥离和重大资产注入等重大事项。 （三）媒体报道、市场传闻情况 经公司自查，公司未发现存在对公司股票交易价格可能产生重大影响的媒体 报道及市场传闻。 一、股票交易异常波动的具体情况 公司股票交易 ...

一、截止本函回复日,本公司不存在影响你公司股票交 易异常波动的重大事项;不存在与你公司有关的应披露而未 披露的重大信息,包括且不限于与你公司相关的重大资产重 组、股份发行、债务重组、业务重组、重大资产剥离和重大 资产注入等重大事项。 福建省工业控股集团有限公司 关于厦门厦钨新能源材料股份有限公司 股价异常波动问询函的回复函 厦门厦钨新能源材料股份有限公司: 你公司《关于股价异常波动的问询函》已收悉,作为你 司的间接控股股东,本公司经核查后确认: 描识别于中于 二、本次股票交易异常波动期间,本公司不存在买卖你 公司股票的情况。 特此回函。 福建省 ...

一、截止本函回复日,本公司不存在影响你公司股票交易异常波动的重大事 项;不存在与你公司有关的应披露而未披露的重大信息,包括且不限于与你公司 相关的重大资产重组、股份发行、债务重组、业务重组、重大资产剥离和重大资 产注入等重大事项。 二、本次股票交易异常波动期间,本公司不存在买卖你公司股票的情况。 特此回函。 关于厦门厦钨新能源材料股份有限公司 股价异常波动问询函的回复函 厦门厦钨新能源材料股份有限公司: 你公司《关于股价异常波动的问询函》已收悉,作为你司的间接控股股东, 本公司经核查后确认: 福复 限公司 ...

一、截止本函回复日,本公司不存在影响你公司股票交易异常波动的重大事 项;不存在与你公司有关的应披露而未披露的重大信息,包括且不限于与你公司 相关的重大资产重组、股份发行、债务重组、业务重组、重大资产剥离和重大资 产注入等重大事项。 二、本次股票交易异常波动期间，本公司不存在买卖你公司股票的情况。 特此回函。 关于厦门厦钨新能源材料股份有限公司 股价异常波动问询函的回复函 厦门厦钨新能源材料股份有限公司: 你公司《关于股价异常波动的问询函》已收悉,作为你司的间接控股股东, 本公司经核查后确认: 责任公司 ...

厦门钨业股份有限公司文件 厦钨政〔2025〕200 号 一、截止本函回复日,本公司不存在影响你公司股票交易 异常波动的重大事项:不存在与你公司有关的应披露而未披露 的重大信息,包括且不限于与你公司相关的重大资产重组、股 份发行、债务重组、业务重组、重大资产剥离和重大资产注入 等重大事项。 二、本次股票交易异常波动期间,本公司不存在买卖你公 司股票的情况。 特此回函。 A 厦门钨业股份有限公司办公室 2025 年 9 月 8 日印 发 - Til - -2 = 1/2 厦门钨业股份有限公司 关于厦门厦钨新能源材料股份有限公司 股价异常波动间询函的回复函 厦门厦钨新能源材料股份有限公司: 你公司《关于股价异常波动的问询函》已收悉,作为你司 的控股股东,本公司经核查后确认: ...

Core Viewpoint - Xiamen Xatong New Energy Materials Co., Ltd. (stock code: 688778) announced abnormal stock trading fluctuations and disclosed a share reduction plan by a major shareholder, Ningbo Haicheng Lingzun Venture Capital Partnership (Limited Partnership) [1] Summary by Relevant Sections - Share Reduction Details - As of the announcement date, Ningbo Haicheng reduced its holdings by 4.5424 million shares, accounting for 0.9% of the company's total share capital [1] - Management and Shareholder Actions - No other trading activities were reported by the controlling shareholders, their concerted actors, actual controllers, or company directors, supervisors, and senior management during the period of abnormal stock trading fluctuations [1]