Group 1 - Xiamen Tungsten New Energy Materials Co., Ltd. is located in the Xiamen Free Trade Zone, established on December 20, 2016, and listed on August 5, 2021, focusing on the R&D, production, and sales of lithium-ion battery cathode materials [1] - The company's main business 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 others at 0.72% [1] Group 2 - Zhonghang Fund has one fund heavily invested in Xiamen Tungsten New Energy, specifically the Zhonghang New Start Flexible Allocation Mixed A Fund (005537), which increased its holdings by 1.61 million shares in the third quarter, totaling 2.3645 million shares, representing 9.56% of the fund's net value [2] - The fund has achieved a year-to-date return of 66.67%, ranking 512 out of 8087 in its category, and a one-year return of 63.87%, ranking 486 out of 8085 [2] Group 3 - The fund manager of Zhonghang New Start Flexible Allocation Mixed A is Han Hao, who has been in the position for 8 years and 19 days, with a total asset scale of 15.589 billion yuan [3] - During Han Hao's tenure, the best fund return was 271.85%, while the worst was -20.84% [3]

Core Insights - The report highlights a sustained high growth in electric vehicle (EV) sales across nine European countries in November 2025, with a total of 281,000 new energy vehicles sold, representing a year-on-year increase of 38.6% and a penetration rate of 34.3%, up by 9.0 percentage points [1][2]. Group 1: Sales Performance - In November 2025, battery electric vehicle (BEV) sales reached 190,000 units, marking a year-on-year increase of 40.5%, while plug-in hybrid electric vehicle (PHEV) sales totaled 91,000 units, up by 35.0% [1][2]. - Germany's BEV sales were 56,000 units, a significant year-on-year increase of 58.5%, and PHEV sales were 32,000 units, up by 57.4% [2][3]. - France's BEV sales reached 34,000 units, reflecting a year-on-year growth of 47.5%, with a penetration rate of 25.8%, an increase of 8.4 percentage points [3]. Group 2: Market Drivers - The implementation of subsidies in France and Italy has led to a rapid increase in BEV sales, with Italy experiencing a remarkable year-on-year growth of 131.4% in BEV sales, totaling 15,000 units [3]. - The UK has restarted EV subsidies and is under pressure from zero-emission vehicle (ZEV) targets, which is expected to sustain growth in EV sales in the coming months [2][3]. - Norway is anticipated to see a surge in electric vehicle purchases as the year-end approaches, driven by consumer demand [1][2]. Group 3: Future Outlook - The European Commission's proposal to adjust the 2035 emission reduction targets is not expected to hinder the long-term trend of electrification in Europe; instead, it may promote sales of small electric vehicles [4]. - New generations of pure electric models are set to be launched by various automakers from late 2025 to the first half of 2026, which is likely to boost the European EV market [4]. Group 4: Investment Recommendations - Investment recommendations include companies involved in lithium batteries, lithium materials, battery structural components, power/electric drive systems, automotive safety components, and charging infrastructure [4]. - Specific companies recommended for investment in lithium batteries include CATL, EVE Energy, and Xinwangda, while lithium material companies include Hunan Youneng and Tianci Materials [4].

人民财讯12月25日电，企查查APP显示，近日，成都厦钨新能源技术有限公司成立，法定代表人为曾雷 英，注册资本为1500万元，经营范围包含：新兴能源技术研发；电子专用材料制造；电子专用材料研 发；电子专用材料销售；储能技术服务等。企查查股权穿透显示，该公司由厦钨新能全资持股。 ...

中金公司研报指出，厦钨新能为正极材料龙头，新型正极和固态材料放量可期。伴随政策端拉动国内消 费电子需求，技术端AI 手机放量等驱动更新换代以及带电量提升，该行预计消费电池需求稳步增长、 同时高电压需求提升。公司为钴酸锂全球龙头、市场份额超过50%。公司积极布局前沿技术，新型正极 和固态材料放量可期。首次覆盖厦钨新能，给予"跑赢大市"评级，目标价85.00元、对应18%上行空间。 ...

Core Viewpoint - Zhongjin Company's research report indicates that Xiamen Tungsten New Energy is a leader in cathode materials, with expected growth in new cathode and solid-state materials [1] Group 1: Industry Insights - Domestic consumption of electronic products is expected to increase due to policy support, driving steady growth in demand for consumer batteries [1] - The demand for high voltage is anticipated to rise alongside advancements in technology, such as AI and smartphone upgrades [1] Group 2: Company Performance - Xiamen Tungsten New Energy holds over 50% market share in lithium cobalt oxide globally, establishing itself as a market leader [1] - The company is actively investing in cutting-edge technologies, with new cathode and solid-state materials expected to see significant production increases [1] Group 3: Investment Rating - The company has been initiated with a "Outperform Industry" rating, with a target price set at 85.00 yuan, indicating an 18% upside potential [1]

Core Viewpoint - Xiamen Tungsten New Energy has shown significant stock performance with a year-to-date increase of 106.42%, reflecting strong market interest and potential growth in the lithium-ion battery sector [1] Group 1: Stock Performance - As of December 24, Xiamen Tungsten New Energy's stock price reached 77.45 CNY per share, with a trading volume of 314 million CNY and a market capitalization of 39.088 billion CNY [1] - The stock has experienced a 5.66% increase over the last five trading days and a 9.25% increase over the last 20 days, while it has decreased by 7.71% over the past 60 days [1] - The company has appeared on the stock market's "龙虎榜" (top trading list) twice this year, with the most recent occurrence on September 8 [1] Group 2: Financial Performance - For the period from January to September 2025, Xiamen Tungsten New Energy reported a revenue of 13.059 billion CNY, marking a year-on-year growth of 32.15% [2] - The net profit attributable to shareholders for the same period was 552 million CNY, reflecting a year-on-year increase of 50.26% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Xiamen Tungsten New Energy increased to 24,600, a rise of 67.30% compared to the previous period [2] - The average number of circulating shares per shareholder decreased by 28.31% to 20,493 shares [2] - The company has distributed a total of 839 million CNY in dividends since its A-share listing, with 713 million CNY distributed over the last three years [3]

南方财经12月24日电，厦钨新能（688778.SH）公告，公司预计2026年度日常关联交易总额为58,637.68 万元。其中，向关联方采购原材料、接受劳务19,359.97万元，销售商品、提供劳务31,102.10万元，房屋 租赁860.79万元，其他（代付电费等）7,314.82万元。 ...

证券日报网讯12月23日，厦钨新能发布公告称，公司将于2026年1月12日召开2026年第一次临时股东 会，审议《关于公司2026年度日常关联交易预计额度的议案》。 ...

厦门厦钨新能源材料股份有限公司 银行间债券市场债务融资工具信息披露管理制度 1 目的 为规范厦门厦钨新能源材料股份有限公司（以下简称"公司"）在银行间债 券市场发行债务融资工具的信息披露行为，保护投资者的合法权益，根据中国人 民银行《银行间债券市场非金融企业债务融资工具管理办法》、中国银行间市场 交易商协会（以下简称"交易商协会"）《银行间债券市场非金融企业债务融资 工具信息披露规则》及《公司章程》《公司信息披露事务管理制度》等有关规定， 并结合公司实际情况，制定本制度。 2 适用范围 本规定适用于厦门厦钨新能源材料股份有限公司及其全资、控股或拥有控制 权的子公司、分公司（以下统简称"公司"）。 3 定义 本制度所称"信息"是指公司作为中国银行间市场交易商协会的注册会员， 在债务融资工具发行及存续期内，对发行债务融资工具的非金融企业偿债能力或 投资者权益可能有重大影响的信息以及债务融资工具监管部门要求披露的信息； 所称"披露"是指在规定的时间内、在中国银行间市场交易商协会认可的网站上、 以规定的披露方式公开发布信息。公司应当真实、准确、完整、及时地披露信息， 不得有虚假记载、误导性陈述或者重大遗漏。 4 信息 ...

证券代码：688778 证券简称：厦钨新能 公告编号：2025-074 2025 年 12 月 23 日，公司召开了第二届董事会第十九次会议，在关联董事 谢小彤、钟可祥、钟炳贤回避表决的情况下，以 6 票赞成，0 票反对，0 票弃权 的表决结果审议通过了《关于公司 2026 年度日常关联交易预计额度的议案》。 公司 2026 年日常关联交易预计金额合计为 58,637.68 万元人民币，其中向关联方 采购原材料、接受劳务的关联交易金额为 19,359.97 万元人民币，向关联方销售 商品、提供劳务的关联交易金额为 31,102.10 万元人民币，房屋租赁关联交易金 额为 860.79 万元人民币，其他（代付电费等）关联交易金额为 7,314.82 万元人 民币。 2025 年 12 月 23 日，公司第二届董事会独立董事专门会议召开了第十一次 厦门厦钨新能源材料股份有限公司 关于公司2026年度日常关联交易预计额度的公告 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： 是否需要提交股东会审议：是。 日常关联 ...