Core Viewpoint - The report indicates that all eight lithium mining companies in Yichun have submitted their mineral change reserve verification reports, with the expectation that operations will continue for most, except for the Ningde Times mine, which is currently suspended due to specific circumstances [1][3][4]. Group 1: Company Actions - Yichun Mining Co. has confirmed that all eight lithium mining companies have submitted the necessary reports for mineral change verification [1]. - Guoxuan High-Tech confirmed that their report was approved by the Ministry of Natural Resources on September 28, including the mining design and ecological restoration plan [1]. - Other companies, including Yongxing Materials, are currently working on their reports but have not disclosed specific progress [3]. Group 2: Regulatory Context - The Yichun Natural Resources Bureau issued a notice in July requiring mining companies to compile and submit their mineral change reserve verification reports by September 30 [4]. - The National Audit Office's report highlighted issues with the approval processes for the eight lithium mining rights, prompting the need for these reports [3]. Group 3: Production Status - As of September 28, all mines except for the Ningde Times mine are operating normally [4]. - Local expectations are optimistic regarding the resumption of operations at the Ningde Times mine, with predictions of a restart in October and preparations already underway [4][5].

Core Viewpoint - All eight lithium mining companies in Yichun City have submitted their mineral change reserve verification reports, with the approval of the report by Guoxuan High-Tech on September 28, indicating progress in regulatory compliance and operational readiness in the lithium sector [2][4]. Group 1: Regulatory Developments - The Yichun Natural Resources Bureau required mining companies to compile mineral change reserve verification reports by September 30, following feedback from the National Audit Office regarding irregularities in mining rights management [5]. - Guoxuan High-Tech confirmed that their report has passed the approval of the Ministry of Natural Resources, along with related mining design and ecological restoration plans [2][4]. Group 2: Operational Status - Except for the Ningde Times Jiangxiawo lithium mine, which is currently suspended, other seven lithium mining companies are operating normally [5]. - Local expectations are optimistic regarding the resumption of operations at the Ningde Times lithium mine, with indications that it may restart in October, and preparations are already underway [5][4]. Group 3: Industry Insights - A board chairman from an asset management company noted that the mineral change reserve verification report is relatively straightforward to produce, as companies already have existing reserve reports from previous mining license applications [4]. - The suspension of the Ningde Times lithium mine is attributed to specific circumstances, including the expiration of its mining license and an ongoing audit process [4].

Core Viewpoint - The report on the mineral type change and resource verification for eight lithium mines in Yichun has been submitted, with the expectation that production will continue for most mines despite the recent suspension of one mine operated by CATL due to specific circumstances [1][3][4]. Group 1: Company Actions - All eight lithium mining companies in Yichun have submitted their mineral type change resource verification reports [1]. - Guoxuan High-Tech confirmed that their report was approved by the Ministry of Natural Resources on September 28, along with related mining design and ecological restoration plans [1]. - The Yichun Natural Resources Bureau mandated that mining companies complete necessary procedures, including obtaining mining licenses and managing dynamic resource data [1][4]. Group 2: Production Status - Currently, all mines are operating normally except for the CATL's Jiangxiawo lithium mine, which is suspended [4]. - Local expectations are optimistic regarding the resumption of operations at the CATL mine, with indications that it may restart in October [4][5]. - The suspension of the CATL mine is attributed to the expiration of its mining license and an ongoing audit process [3]. Group 3: Industry Insights - The process of preparing the mineral type change resource verification report is considered straightforward, as companies already had resource reports when applying for mining licenses [3]. - There is a low likelihood of other mines halting production during the completion of subsequent procedures [3].

Core Viewpoint - The launch of the Chang'an Qiyuan A06 electric sedan, equipped with Guoxuan High-Tech's G-Cell battery, marks a significant advancement in electric vehicle technology, emphasizing ultra-fast charging, long lifespan, and high safety standards [1][5]. Group 1: G-Cell Battery Technology - The G-Cell battery features 6C ultra-fast charging technology, allowing for a charging time of just 9 minutes to achieve a range of 300 kilometers, significantly enhancing user convenience and alleviating range anxiety [3]. - The battery system has a rated capacity of 121.5Ah and a nominal energy of 63kWh, weighing only 475kg, with an IP68 protection level, showcasing excellent lightweight and waterproof performance [3]. Group 2: Safety Features - The G-Cell battery incorporates dual collision safety designs and has passed rigorous safety tests, including side pillar and bottom scraping tests, ensuring it can withstand impacts and prevent fire or explosion even at high temperatures [4]. - The battery maintains a discharge capacity retention rate of 97.32% at -20°C, effectively addressing winter range reduction issues, and operates within a wide temperature range of -30°C to 60°C [4]. Group 3: User Experience and Design - The battery pack's ultra-thin lightweight design reduces the number of components by 30% and achieves a grouping volume efficiency of 75%, optimizing space utilization and enhancing the vehicle's EMC performance [4]. - Advanced vibration and noise reduction technologies ensure that noise levels are below 65dB at a distance of 0.5 meters, providing a quiet and comfortable driving experience in the Chang'an Qiyuan A06 [4]. Group 4: Market Implications - The launch of the Chang'an Qiyuan A06 represents a significant step for Chang'an Automobile in the new energy sector and serves as a model for the market application of Guoxuan High-Tech's G-Cell battery technology, promoting high-quality development in the electric vehicle industry [5].

Group 1 - The company has entered the supplier system of Guoxuan High-Tech for energy storage battery thermal management business and has reached the mass production stage [2]

Group 1 - Lithium stocks continue to rise, with Ganfeng Lithium up 6.7% at HKD 42.36, Tianqi Lithium up 5.49% at HKD 44.94, CATL up 3.38% at HKD 565.5, and Zhongxin Innovation up 3.4% at HKD 34.7 [1] - National Natural Resources Department approved the mineral resource change report submitted by Guoxuan High-Tech, along with the associated mining design and ecological restoration plan [1] - Guoxuan High-Tech confirmed the report's approval, while CATL did not provide a direct response [1] Group 2 - Strong demand for domestic energy storage cells, with leading battery companies operating at full capacity and some orders extending into early next year [2] - By 2027, China's new energy storage installation capacity is expected to exceed 180 million kilowatts, driving an additional investment of approximately CNY 250 billion [2] - CITIC Securities remains optimistic about the energy storage and lithium battery sectors' growth potential [2]

Group 1 - Lithium stocks continue to rise, with Ganfeng Lithium up 6.7% at HKD 42.36, Tianqi Lithium up 5.49% at HKD 44.94, CATL up 3.38% at HKD 565.5, and Zhongxin Innovation up 3.4% at HKD 34.7 [1] - The National Natural Resources Department approved the mineral resource change report submitted by Guoxuan High-Tech, which includes the verification of reserves, beneficiation tests, industrial validation, mining design, and ecological restoration plans [1] - Other companies, including CATL, also submitted reports that were approved, although CATL did not provide a direct response to the news [1] Group 2 - There is strong demand for domestic energy storage cells, with leading battery companies operating at full capacity and some orders extending into early next year [2] - According to the "Special Action Plan," by 2027, China's new energy storage installation capacity is expected to exceed 180 million kilowatts, driving an additional investment of approximately CNY 250 billion [2] - CITIC Securities continues to be optimistic about the energy storage and lithium battery sectors, anticipating an increase in industry prosperity [2]

Group 1 - The core point of the announcement is that Guoxuan High-Tech Co., Ltd. has received a notification from its controlling shareholder, Nanjing Guoxuan Holding Group Co., Ltd., regarding the pledge and release of shares [1] - The announcement details the basic situation of the share pledge and release, including the total share capital of the company as of September 26, 2025, which is 1,813,685,299 shares [1] - The controlling shareholder and its concerted actors have a good credit status and repayment ability, with no current risk of forced liquidation of pledged shares [2] Group 2 - The company will continue to monitor the situation regarding the pledged shares and any associated risks, committing to timely information disclosure in case of significant changes [2] - A document from the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, detailing the securities pledge and judicial freeze is available for review [3]

证券代码：002074 证券简称：国轩高科 公告编号：2025-070 国轩高科股份有限公司 关于控股股东部分股份质押及解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 | 国轩 控股 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 是 440,000 | | 9 | | | | | | 0.23% 0.02% | 26 | | | 26 日 | | | | | 2024 月 | | | | | | | | | 年 日 | | | | | | | | | 2025 月 | | | | | | | | | 年 | | | | | | | | | 9 | 财通证券 | 3、上述股东及其一致行动人累计质押情况 注：截至 2025 年 9 月 26 日，公司总股本为 1,813,685,299 股。 二、其他说明 1、控股股东资信状况良好，具备资金偿还能力，其所持有的股份目前不存 在平仓风险。后续如出现平仓风险，控股股东将采取包括但不限于补充质押、提 前还款等措施应对风险。 国轩高 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - By 2035, new energy vehicles will become the mainstream of newly sold vehicles in China, with the net greenhouse gas emissions in the entire economic scope decreasing by 7%-10% from the peak, non-fossil energy consumption accounting for over 30% of the total energy consumption, and other goals to be achieved [1][109][118]. - The penetration rate of the Chinese new energy vehicle market exceeded 30% in 2023 and 50% in 2024. In 2025, high - competitiveness new car products are continuously launched, and price wars are gradually stopped. Overseas markets face trade protectionism in Europe and the United States, so attention should be paid to new growth points such as countries along the Belt and Road and the Middle East. The market share of independent brands continues to expand [3][120]. 3. Summary According to Relevant Catalogs 3.1 Financial Market Tracking - The one - week price changes of related sectors and listed companies are presented in charts. For example, BYD's one - week price decline was 1.65%, while Seres' was 9.48% [12][15]. 3.2产业链数据跟踪 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports**: Data on China's new energy vehicle sales, penetration rate, domestic sales, exports, and sales of EV and PHV are presented in charts [16][21][23]. - **Inventory Changes**: Charts show the monthly new additions to new energy passenger vehicle channel inventory and manufacturer inventory [24][25]. - **Delivery Volumes of Chinese New Energy Vehicle Enterprises**: Monthly delivery volumes of enterprises such as Leapmotor, Li Auto, XPeng, NIO, etc., are presented in charts [27][28][32]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: From January to July, global new energy vehicle sales reached 9.233 million, a year - on - year increase of 25.9%. Except for China, Europe and other regions also had significant growth, with year - on - year increases of 29.5% and 53.4% respectively [2]. - **European Market**: Data on European new energy vehicle sales, penetration rate, and sales of EV and PHV in countries like the UK, Germany, and France are presented in charts [44][50][55]. - **North American Market**: In August, US new energy vehicle sales and penetration rate reached record highs. Due to the expiration of the federal electric vehicle tax credit on September 30, high market enthusiasm is expected to continue in September, followed by a sharp decline. Data on North American new energy vehicle sales, penetration rate, and sales of EV and PHV are presented in charts [2][119]. - **Other Regions**: Data on new energy vehicle sales, penetration rate, and sales of EV and PHV in regions such as Japan, South Korea, and Thailand are presented in charts [62][70][72]. 3.2.3 Power Battery Industry Chain - Data on power battery installation volume, export volume, weekly average price of battery cells, material costs, and the operating rates and prices of various battery materials are presented in charts [79][81][85]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of rubber, glass, steel, and aluminum are presented in charts [102][103][104]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - By 2035, new energy vehicles will become the mainstream of newly sold vehicles in China. From 2026, export license management will be implemented for pure - electric passenger vehicles [109]. 3.3.2 China: Industry Dynamics - From September 1 - 21, new energy vehicle retail sales increased by 10% year - on - year, and cumulative retail sales since the beginning of the year increased by 24%. In the 38th week (September 15 - 21), new energy passenger vehicle retail sales were 299,000, a year - on - year increase of 5.9%, and cumulative retail sales since the beginning of the year were 8.214 million, a year - on - year increase of 23.0% [111][112][113]. 3.3.3 China: Enterprise Dynamics - Chery Automobile was listed on the Hong Kong Stock Exchange, raising HK$9.14 billion. Li Auto and Sunwoda Power jointly established a battery company [114]. 3.3.4 Overseas: Policy Dynamics - Australia announced a 2035 emission reduction target, aiming to reduce emissions by 62 - 70% compared to 2005. The US lowered the import tariff on EU cars to 15%, and Turkey imposed new tariffs on imported passenger cars [114][116][119]. 3.3.5 Overseas: Enterprise Dynamics - BYD's Brazilian factory obtained an international green certificate. Porsche adjusted its product strategy, slowing down electrification and lowering its 2025 performance expectations [117][118]. 3.4 Investment Advice - Pay attention to new growth points such as countries along the Belt and Road and the Middle East. Focus on enterprises with strong product capabilities, smooth overseas expansion, and stable supply [3][120].