Group 1 - The liquidity of the battery ETF managed by Jiashi has a turnover rate of 4.03% with a transaction volume of 49.47 million yuan, and the average daily transaction volume over the past month is 91.82 million yuan [3] - The latest scale of the battery ETF managed by Jiashi has reached 1.18 billion yuan, with a total inflow of 112 million yuan over the last 10 trading days [3] - As of September 22, 2025, the net value of the battery ETF managed by Jiashi has increased by 94.99% over the past year, ranking 543 out of 3021 in the index stock fund category, placing it in the top 17.97% [3] Group 2 - Dongwu Securities indicates that the demand for energy storage batteries continues to exceed expectations, with profitability showing improvement elasticity [4] - The global demand for energy storage batteries is revised upward by 25% to 500-550 GWh for 2025, representing a year-on-year increase of 60%, with a forecasted growth of over 35% for 2026 [4] - The top ten weighted stocks in the China Securities Battery Theme Index include companies such as Sunshine Power, CATL, and EVE Energy, accounting for a total of 53.03% of the index [4]

Core Viewpoint - The end of the cobalt export ban in the Democratic Republic of Congo (DRC) on October 15, 2023, and the introduction of a quota system will significantly impact the global cobalt supply-demand balance, with expectations of tight supply in the coming years [1][2]. Cobalt Export Ban and Quota System - The DRC, the world's largest cobalt producer, will replace the export ban with a quota system starting October 16, 2023, allowing for over 18,000 tons of cobalt exports by the end of the year [2][8]. - In 2024, the DRC is projected to have cobalt reserves of 6 million tons, accounting for 55% of global reserves, and is expected to produce 220,000 tons, representing 76% of global output [2]. Market Reactions and Price Trends - Following the announcement, cobalt-related stocks in China's A-share market rose, indicating positive market sentiment despite anticipated supply constraints [1]. - The current market shows a price increase for cobalt products, with electrolytic cobalt prices rising by 1% to 1,750 yuan/ton [3]. Supply Chain Dynamics - The DRC's export ban led to a significant reduction in cobalt availability, with industry insiders noting that if the ban had continued, market inventories would have been insufficient for normal operations [7]. - Major mining companies, such as Luoyang Molybdenum, reported a 13% increase in cobalt production but a 35.09% increase in inventory, indicating a mismatch between production and market demand [7]. Future Supply Challenges - The new quota system is expected to be insufficient to meet the growing demand, with estimates suggesting that China alone requires around 100,000 tons of cobalt annually [9]. - The DRC's planned export quotas for 2026 and 2027 are set at 96,600 tons per year, which may not align with the projected consumption needs [9]. Diversification of Supply Sources - Chinese companies are actively seeking alternative cobalt supply channels, including projects in Indonesia, which have shown significant production increases [10]. - The recycling of cobalt from used batteries is becoming increasingly important, with companies like Grinm Metal achieving over 10,000 tons of cobalt recovery in the previous year [10][11].

Focus Events - GreeMe has submitted listing materials to the Hong Kong Stock Exchange, focusing on key metal resource recycling, power lithium battery recycling, and new energy battery materials, with a net asset of 20.128 billion yuan and a market value of 38.23 billion yuan in A-shares [1] Company News - Nvidia plans to invest up to $100 billion in OpenAI and provide data center chips, with deliveries expected to start by the end of 2026 [3] - Meikailong announced the release of the detention measures against its former general manager, Che Jianxing, who had been under investigation since May [10] - Yunnan Tourism stated it currently lacks the capability for robot design or production, and the strategic cooperation with Zhejiang Humanoid Robot Innovation Center is not expected to significantly impact its financials [10] - Demingli reported that its controlling shareholders have completed their stock reduction plan, decreasing their combined shareholding from 36.91% to 35% [11] - Hangdian shares indicated that its optical communication business is currently in a loss state, while its copper foil business is still in the early stages [11] - Dayang Electric has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [12] - JD Industrials has received approval from the China Securities Regulatory Commission for its overseas listing, planning to issue up to 253.31 million shares [13] - Baiwei Storage intends to issue H-shares to enhance its global strategy and brand image [13] - Shengxin Lithium Energy plans to acquire a 21% stake in Qicheng Mining for 1.456 billion yuan, increasing its ownership to 70% [13] - Zhongjing Electronics plans to raise up to 700 million yuan through a private placement for projects in Thailand and Huizhou [13] - Jinzi Ham announced plans to invest up to 300 million yuan to acquire a 20% stake in Zhongsheng Microelectronics, focusing on AI and optical communication [14] - Longi Green Energy reported that its HPBC 2.0 battery production line has a stable yield of over 97% [14] Industry Dynamics - The Ministry of Industry and Information Technology and the National Development and Reform Commission emphasized the development of renewable energy infrastructure, including rooftop photovoltaics and charging stations, as part of the high-quality development guidelines for industrial parks [7] - The National Sports Administration released guidelines to promote a health service system through sports by 2030, aiming for widespread implementation across provinces [7] Macro News - The Chairman of the China Securities Regulatory Commission, Wu Qing, reported that 207 companies have been smoothly delisted during the 14th Five-Year Plan period, with a focus on eliminating "bad apples" and "zombie companies" [4]

格林美已向港交所提交上市申请，联席保荐人为摩根大通、中信证券及中信建投国际。 格林美是关键金属资源回收及锂离子电池回收行业的引领者，同时也是全球新能源材料制造行业的领先 企业。公司业务涵盖关键金属资源（镍、钴、钨、锂等）、锂离子电池及报废汽车回收，以及新能源材 料领域。在关键金属资源回收方面，格林美在镍、钴、钨资源回收量方面位居中国第一，并且是全球镍 钴锰（MHP）生产的行业先驱，其MHP年产能达15万吨，权益产量在全球排名前三。 在锂离子电池及报废汽车回收领域，公司从第三方采购退役锂离子电池并处理报废电动汽车电池，生产 电池制造所需的金属中间产品，同时回收处理报废汽车。其在国内第三方退役锂离子电池回收领域排名 第一。 在新能源材料领域，格林美生产用于锂离子电池的三元前驱体、正极材料，以及用于3C电池的四氧化 三钴，在全球三元前驱体及四氧化三钴供应量方面排名第二，并与全球前十大锂离子电池企业中的九家 建立了长期合作关系。格林美具有实现新能源材料生产所需部分关键原材料自给自足的能力。 ...

Core Viewpoint - Greeenmei (002340.SZ) has submitted an application for the issuance of overseas listed shares (H-shares) and for listing on the main board of the Hong Kong Stock Exchange on September 22, 2025 [1] Group 1 - The company has filed its application with the Hong Kong Stock Exchange [1] - The application materials for this issuance and listing have been published on the Hong Kong Stock Exchange's website on the same day [1]

格林美公告，公司已于2025年9月22日向香港联合交易所有限公司递交了发行境外上市股份（H股）并 在香港联交所主板挂牌上市的申请，并于同日在香港联交所网站上刊登本次发行上市的申请资料。该申 请资料为公司按照香港证券及期货事务监察委员会及香港联交所的要求编制和刊发，为草拟版本，其所 载资料可能会适时作出更新和修订。 ...

Core Viewpoint - The company, Greeenmei (002340.SZ), has submitted an application for issuing overseas listed shares (H shares) and listing on the main board of the Hong Kong Stock Exchange on September 22, 2025 [1] Group 1 - The application for H shares listing has been officially filed with the Hong Kong Stock Exchange [1] - The application materials for this issuance and listing have been published on the Hong Kong Stock Exchange's website on the same day [1]

关于向香港联交所递交境外上市股份（H 股）发行上 市申请并刊发申请资料的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 格林美股份有限公司（以下简称"公司"）已于 2025 年 9 月 22 日向香港联 合交易所有限公司（以下简称"香港联交所"）递交了发行境外上市股份（H 股） 并在香港联交所主板挂牌上市（以下简称"本次发行上市"）的申请，并于同日 在香港联交所网站上刊登本次发行上市的申请资料。该申请资料为公司按照香港 证券及期货事务监察委员会（以下简称"香港证监会"）及香港联交所的要求编 制和刊发，为草拟版本，其所载资料可能会适时作出更新和修订。 鉴于本次发行上市的认购对象仅限于符合相关条件的境外投资者及依据中 国相关法律法规有权进行境外证券投资的境内合格投资者，公司将不会在境内证 券交易所的网站和符合境内监管机构规定条件的媒体上刊登该申请资料，但为使 境内投资者及时了解该等申请资料披露的本次发行以及公司的其他相关信息，现 提供该申请资料在香港联交所网站的查询链接供查阅： 中文： https://www1.hkexnews.hk/app/sehk/20 ...

Core Insights - The solid-state battery industry is entering a "sprint phase" towards commercialization, with significant advancements in sodium-based solid-state batteries [1][2] - A new sodium-based solid-state battery developed by the University of Chicago and Singapore's Agency for Science, Technology and Research can operate stably in sub-zero temperatures, enhancing its competitiveness [1] - The global solid-state battery shipment is expected to reach 614.1 GWh by 2030, with a market size projected to exceed 100 billion yuan [2] Industry Developments - The solid-state battery industry is experiencing accelerated progress driven by both policy and technology, with a key conference scheduled for September 2025 to discuss future trends and challenges [2] - The demand for solid-state battery materials is expected to grow significantly, with investments in equipment projected to reach hundreds of billions [2] - Several A-share listed companies are making strides in solid-state battery technology, with Li Yuan Heng successfully developing manufacturing processes for solid-state battery equipment [2][3] Market Activity - Recent data shows that financing clients have significantly increased their positions in 26 solid-state battery concept stocks, with notable net purchases exceeding 1 billion yuan [4] - Leading companies in this sector include Xian Dao Intelligent, CATL, and others, with some stocks projected to have a net profit growth rate exceeding 20% in the coming years [4][5] - As of September 22, 2023, several stocks in this sector have rolling price-to-earnings ratios below 40, indicating potential investment opportunities [4][5]

9月21日，刚果（金）战略矿产市场监管控制局宣布，该国自10月15日起结束自今年2月以来实施的钴出 口禁令，并于10月16日改为实行出口配额制度，直至另行通知。 该机构在声明中说，今年余下时间内，在刚果（金）的矿企将被允许出口逾1.8万吨钴，2026年和2027 年每年最高出口量为9.66万吨。配额将根据企业历史出口量比例分配，并"将通知各公司"。 对此，一位业内人士告诉《每日经济新闻》记者："（供需）将进入紧平衡，印尼的粗制氢氧化镍钴逐 步放量，将补足一部分量。" 9月22日，力勤资源一度放量上涨达17%，截至收盘上涨6.60%。该公司湿法镍产能位于印尼，其钴产品 供应不受刚果（金）出口配额制度的影响。刚果（金）钴出口禁令将改为出口配额制度 锂电池按照正极材料，可分为三元材料（镍钴锰）电池和磷酸铁锂电池这两大主要品类，钴金属正是三 元材料重要的组成部分。 其中，刚果（金）主要是铜钴矿，印尼主要是镍钴矿。可以看出，在刚果（金）实施出口配额制度之 下，镍钴矿或将弥补供给短缺。 刚果（金）战略矿产市场监管控制局宣布，10月16日改为实行出口配额制度，2025年10月至12月配额 1.8万吨，2026年和2027年 ...