证券日报网讯11月14日晚间，厦钨新能发布公告称，同意选举余炳先生担任公司第二届董事会职工董 事。 ...

证券代码：688778 证券简称：厦钨新能 公告编号：2025-066 厦门厦钨新能源材料股份有限公司 为保证公司董事会正常运作，根据《中华人民共和国公司法》《公司章程》 等有关规定，公司于 2025 年 11 月 14 日召开了第三届三次职工代表大会，经与 会职工代表审议，同意选举余炳先生（简历详见附件）担任公司第二届董事会职 工董事，任期自本次职工代表大会选举通过之日起至第二届董事会任期届满之日 止。 余炳先生任职资格符合相关法律、法规、规范性文件和《公司章程》的有关 规定。余炳先生当选公司职工董事后，公司第二届董事会中兼任高级管理人员职 务的董事以及由职工代表担任的董事人数未超过公司董事总数的二分之一，符合 相关法律法规的要求。 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 公司非独立董事曾新平先生递交的辞任报告。因工作需要，曾新平先生申请辞去 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，曾新平先 生不再担任公司任何职务。根据《中华人民共和国公司法》《公司章程》等有关 规定，曾新平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 ...

Core Viewpoint - The lithium battery supply chain is experiencing a shift from a focus on capacity expansion to ensuring supply chain security, with long-term cooperation agreements becoming a consensus for collaborative development in the industry [1][4]. Group 1: Market Dynamics - The lithium battery industry is witnessing a "rush for orders" as demand for new energy vehicles and energy storage continues to rise, leading to a significant increase in orders for upstream materials [2][4]. - Xiamen Tungsten New Energy Materials Co., Ltd. reported a 36.29% year-on-year increase in sales of its battery cathode materials, reaching 53,000 tons in the first three quarters of 2025 [2]. Group 2: Strategic Partnerships - Recent strategic cooperation agreements include a three-year framework between Xiamen Tungsten and Greeenmei, which involves the supply of various battery raw materials totaling 450,000 tons [2]. - CATL signed a ten-year comprehensive strategic cooperation agreement with Guangzhou Automobile Group, and a similar agreement with Haibo Sichuang for the procurement of no less than 200 GWh of energy storage cells over the next three years [4]. Group 3: Price Trends - The price of battery-grade lithium carbonate has shown an upward trend, with a reported increase of 5.61% from 80,200 CNY/ton to 84,700 CNY/ton in early November [2]. Group 4: Industry Collaboration - The industry is moving towards a long-term cooperation model that locks in supply-demand relationships and shares resource networks, which helps stabilize capacity utilization rates for upstream companies [4]. - The shift in the industry is characterized by long-term agreements that reflect the collaborative division of labor and cooperation between upstream and downstream enterprises [4].

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]