证券代码：002340 证券简称：格林美 公告编号：2025-126 格林美股份有限公司 关于收购河南循环科技产业集团有限公司 16.38%股权的公告 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。 一、交易概述 向新而行，向绿而生。为更好地实施格林美股份有限公司（以下简称"公司"） 循环产业战略布局，促进循环产业的发展，公司决定与具备循环产业发展优势的 国有企业实施股权合作。2025年12月12日，公司与河南投资集团有限公司（以下 简称"河南投资集团"）共同签署《产权交易合同》（以下简称"本合同"），公司 将收购河南投资集团全资子公司河南循环科技产业集团有限公司（以下简称"河 南循环集团"）16.38%的股权，交易金额为人民币40,000万元。本次交易完成后， 河南循环集团将成为公司的参股公司，不纳入公司合并报表范围。 根据《深圳证券交易所股票上市规则》《公司章程》等相关规定，公司本次 签署的《产权交易合同》不需要提交董事会和股东会审议批准。本次签署《产权 交易合同》不构成关联交易，也不构成《上市公司重大资产重组管理办法》规定 的重大资产重组，无须经有关部门 ...

Core Viewpoint - The lithium battery industry is experiencing significant price increases and supply chain adjustments due to rising raw material costs and strong demand, particularly in the energy storage and electric vehicle sectors [3][4][5]. Industry Trends - Dejia Energy announced a 15% price increase for its battery products starting December 16 due to rising production costs from upstream raw materials [3]. - Contemporary Amperex Technology Co., Ltd. (CATL) and other leading companies are securing long-term agreements to lock in upstream capacity and supply chains, emphasizing the importance of capacity acquisition for future growth [3][4]. - The lithium battery supply chain is currently characterized by a "full production and sales" state, with companies like Penghui Energy and Tianji Co. reporting strong demand and rising prices for their products [4]. Market Demand - Global power battery installation reached 811.7 GWh in the first three quarters of this year, a 34.7% increase from the previous year, while the energy storage market saw a 90.7% year-on-year growth [5]. - The rapid growth in renewable energy installations and the expansion of AI data centers are driving increased demand for energy storage solutions [5]. Long-term Contracts - The industry is witnessing a surge in long-term contracts, with significant agreements such as a 10-year strategic partnership between Haibosi and CATL for a minimum of 200 GWh of procurement [6]. - Other notable contracts include a collaboration between Hicharge Energy and CRRC Zhuzhou Electric Locomotive Research Institute for at least 120 GWh of energy storage products [6]. Price Dynamics - The price of battery-grade lithium carbonate has surged to 92,750 RMB per ton, a 23% increase from the previous month, while the price of lithium hexafluorophosphate has exceeded 180,000 RMB per ton [4]. - The tight supply and high demand have led to longer delivery times, with some companies reporting that delivery schedules extend into the first half of next year [4]. Technological Advancements - The industry is undergoing a "quality upgrade" driven by technological advancements, with companies like CATL launching fifth-generation lithium iron phosphate batteries that improve energy density and cycle life [9][10]. - High-density lithium iron phosphate products are becoming a focus, with expectations that their market share will increase significantly by 2026 [9]. Capacity Expansion - Companies are accelerating capacity expansion to meet growing demand, with Fulin Precision Engineering planning to invest 4 billion RMB to build a new production line for lithium iron phosphate [8]. - Dragon Power Technology is also raising funds to expand production capacity in response to customer needs [8]. Globalization Efforts - Leading companies are pursuing global expansion strategies, with firms like Hunan YN planning production capacity in Spain and Dragon Power Technology nearing full production at its Indonesian facility [10]. - The industry is shifting from scale competition to value competition, aiming for high-quality development as new products are launched and recycling systems are improved [10].

Core Viewpoint - The A-share market experienced a pullback on December 9, with the battery sector declining, but there is a notable trend of capital inflow into the Battery 50 ETF (159796) as investors look to capitalize on dips [1][6]. Group 1: Market Performance - The Battery 50 ETF (159796) fell over 1% after three consecutive days of gains, with a trading volume exceeding 225 million yuan and a net subscription of 10 million shares during the dip [1][3]. - Major component stocks of the Battery 50 ETF mostly retreated, with Sungrow Power (阳光电源) rising over 1%, while CATL (宁德时代), Sanhua Intelligent Control (三花智控), and EVE Energy (亿纬锂能) all dropped more than 1% [3][4]. Group 2: Industry Demand and Supply - The demand for power and energy storage is robust, driving improvements in the supply-demand relationship within the industry. By 2026, global lithium battery shipments are projected to reach 2,921.8 GWh, a year-on-year increase of 35%, with domestic shipments expected to grow by 37% [6][7]. - The domestic commercial vehicle electrification is accelerating, with November's retail sales of new energy vehicles expected to reach 1.35 million units, a 6.3% year-on-year increase [6][7]. Group 3: Investment Opportunities - The Battery 50 ETF (159796) is positioned to benefit significantly from the energy storage sector, which has a high content of 27% in the index, and from solid-state battery technology, which comprises 42% of the index [8][10]. - The ETF's management fee is only 0.15% per year, making it the lowest in its category, which aims to provide a favorable investment experience for investors [10][12].

交易所数据显示，12月5日，格林美收盘7.5元，上涨1.90%，滚动市盈率PE（当前股价与前四季度每股 收益总和的比值）达到31.31倍，总市值383.67亿元。 最新一期业绩显示，2025年三季报，公司实现营业收入274.98亿元，同比增加10.55%；净利润11.09亿 元，同比增加22.66%，销售毛利率12.67%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)4格林美31.3137.601.86383.67亿行业平均 40.1041.042.79449.65亿行业中值31.3147.072.58383.67亿1盛屯矿业21.4621.472.55430.52亿2华友钴业 22.4928.962.521203.26亿3腾远钴业22.7827.231.99186.56亿5寒锐钴业50.0167.662.45136.42亿6融捷股份 71.6558.743.66126.43亿7中矿资源108.0259.283.74448.77亿 来源：市场资讯 从行业市盈率排名来看，公司所处的能源金属行业市盈率平均40.10倍，行业中值31.31倍，格林美排名 第10位。 股东方面，截至2025年11月20日， ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 天眼查资料显示，荆门市格林美新材料有限公司，成立于2003年，位于荆门市，是一家以从事有色金属 冶炼和压延加工业为主的企业。企业注册资本843963.754883万人民币。通过天眼查大数据分析，荆门 市格林美新材料有限公司共对外投资了26家企业，参与招投标项目199次，专利信息1488条，此外企业 还拥有行政许可447个。 格林美股份有限公司，成立于2001年，位于深圳市，是一家以从事计算机、通信和其他电子设备制造业 为主的企业。企业注册资本512429.9057万人民币。通过天眼查大数据分析，格林美股份有限公司共对 外投资了26家企业，参与招投标项目27次，财产线索方面有商标信息237条，专利信息1392条，此外企 业还拥有行政许可22个。 国家知识产权局信息显示，荆门市格林美新材料有限公司、格林美股份有限公司取得一项名为"一种 PVD改性的正极材料及其制备方法和应用"的专利，授权公告号CN120089675B，申请日期为2025年3 月。 ...

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The US labor market is further weakening, with the unexpected decrease in ADP employment in November, which intensifies economic downward pressure, weakens the US dollar, and boosts market risk - appetite [1][13][16]. - Gold prices are oscillating and closing higher around $4200, affected by the weakening US labor market and the expectation of future Fed's loose policy [2][13]. - The sugar market is influenced by the production situation in various regions. Brazil's lower - than - expected sugar production and faster - than - expected harvest progress in November support the outer - market prices, while the situation in China's Guangxi region and India also has an impact on the market [3][30][32]. - Copper prices reach new highs due to the resonance of macro and fundamental positive factors, such as the increased market expectation of Fed rate cuts and the significant increase in LME提货订单 [4][56]. 3. Summary by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - The US November ISM non - manufacturing PMI is 52.6, reaching a new high since February 2025. The ADP employment in November decreased by 32,000, indicating a weakening labor market [12][13]. - Gold prices are oscillating and closing higher around $4200. The market expects the Fed to implement loose policies in the future, boosting commodities. Short - term gold and silver prices are expected to oscillate [13]. 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Trump's allies are discussing the personnel arrangement after Kevin Hassett takes over the Fed. US Treasury Secretary Bessent plans to reform the Fed [14][15]. - The US November ADP employment decreased by 32,000, indicating a weakening labor market, which weakens the US dollar. The US dollar is expected to continue weakening in the short term [16][17]. 3.1.3 Macro Strategy (US Stock Index Futures) - The US November ISM services PMI reaches a nine - month high. The ADP employment in November decreased by 32,000, increasing the market's expectation of a December rate cut to nearly 90% [18][20]. - The market is expected to be more volatile in the short term but should be treated with a bullish mindset overall [21]. 3.1.4 Macro Strategy (Stock Index Futures) - Premier Li Qiang emphasizes combining urban renewal with safety hazard elimination and stabilizing the real estate market. China's service trade deficit from January to October 2025 decreased by 269.39 billion yuan year - on - year [22][23]. - A - share market is dull. It is recommended to allocate long positions in each stock index evenly [23][24]. 3.1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted 79.3 billion yuan of 7 - day reverse repurchase operations on December 3, with a net withdrawal of 134 billion yuan [25]. - The market sentiment of treasury bond futures is weak, but the TL contract is expected to have limited room for further decline [26][27]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Meal) - Argentina's soybean production forecast for the 25/26 season is 46.9 million tons, unchanged from the previous forecast, but the sowing is delayed [28]. - China's soybean procurement situation and South American weather need to be continuously monitored. Soybean meal futures prices are expected to oscillate [28]. 3.2.2 Agricultural Products (Sugar) - As of the end of November 2025/26 season, Guangxi produced 133,900 tons of mixed sugar. Thailand's 2025/26 season sugarcane benchmark purchase price is 890 Thai baht/ton [29][31]. - India's sugar production as of the end of November is 4.135 million tons, and it is expected to produce 31.5 million tons of net sugar this season. Brazil's sugar production and sugar - making ratio in November are lower than expected, supporting the outer - market prices [32][34]. - It is not advisable to short the Zhengzhou sugar January contract, as the downside space is limited [34][35]. 3.2.3 Black Metals (Rebar/Hot - Rolled Coil) - 232 steel enterprises have completed the publicity of ultra - low emission transformation. From January to November, China's home appliance trade - in exceeded 128.44 million units [36][37]. - Steel prices are expected to oscillate with a slight rebound before the December important meeting, but the overall space is limited [37][38]. 3.2.4 Black Metals (Coking Coal/Coke) - The price of coking coal in Changzhi market has decreased. The first round of coke price reduction has been implemented [38]. - The coke market is expected to oscillate in the short term, with slow supply recovery and weakening demand [38][39]. 3.2.5 Agricultural Products (Corn Starch) - The national corn starch industry's operating rate increased slightly this week, and the inventory continued to decline [40]. - It is recommended to operate around the current North China processing fee in the rice - flour price difference strategy [41]. 3.2.6 Agricultural Products (Pigs) - Wenshi plans to reduce costs and optimize production capacity through technological upgrading [42]. - The pig market shows a pattern of "stable futures and pressured spot". Near - end contracts are expected to oscillate under pressure, while far - end contracts can be considered for low - buying operations [42]. 3.2.7 Black Metals (Steam Coal) - The price of steam coal in the northern port market was weak on December 3, and the inventory continued to accumulate [44]. - After the end of replenishment, the steam coal price is expected to oscillate at a high level and decline seasonally from December to January [44]. 3.2.8 Black Metals (Iron Ore) - Vale expects to reach the upper limit of its 2025 iron ore production target and increase production in 2026 [45]. - The iron ore price is expected to continue oscillating, as the supply - demand contradiction is not prominent [45][46]. 3.2.9 Agricultural Products (Corn) - The seasonal inventory accumulation in the northern port is still slow, and the inventory in the southern port continues to decline at a low level [47]. - It is not recommended to short corn unilaterally. For far - month contracts, the medium - long - term strategy is to buy on dips [48]. 3.2.10 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Malaysia's palm oil inventory may reach a six - and - a - half - year high in November due to high production and low exports [49][50]. - The palm oil price is expected to oscillate, and attention should be paid to the difference between the MPOB report and market expectations [50][51]. 3.2.11 Non - Ferrous Metals (Copper) - Glencore lowers its 2026 copper production forecast but aims to reach 1.6 million tons by 2035 [52]. - The LME copper提货订单 increased significantly, and the market's expectation of Fed rate cuts intensified. Copper prices reached new highs, and it is recommended to buy on dips [54][56]. 3.2.12 Non - Ferrous Metals (Polysilicon) - The 400,000 - volt substation of the Oman United Solar Polysilicon Project was successfully connected to the grid, and it is expected to be officially put into production in the first quarter of 2026 [57]. - The polysilicon market is under pressure, with weak downstream demand and high inventory. It is recommended to operate with caution [58][60]. 3.2.13 Non - Ferrous Metals (Industrial Silicon) - The utilization rate of new energy in October 2025 shows different trends. The production in the southwest may decrease, and the inventory is difficult to reduce [61]. - The industrial silicon price is expected to oscillate between 8800 - 9500 yuan/ton, and attention should be paid to interval operation opportunities [62]. 3.2.14 Non - Ferrous Metals (Lead) - The LME lead inventory decreased, and the 0 - 3 cash spread oscillated. The SHFE lead inventory decreased, and the delivery risk increased [63][64]. - The lead price is expected to be strong, and it is recommended to buy on dips [64]. 3.2.15 Non - Ferrous Metals (Zinc) - The LME zinc inventory increased slightly, and the 0 - 3 cash spread was high. The domestic social inventory decreased, and the supply decreased [65]. - The zinc price is expected to be easy to rise and difficult to fall. It is recommended to buy on dips and hold positive - spread positions [65]. 3.2.16 Non - Ferrous Metals (Nickel) - Chinese scientists set a new record for the superconducting transition temperature of nickel - based superconductors [66]. - The supply - demand surplus of refined nickel has been marginally repaired, but there is still a surplus. It is recommended to consider low - buying opportunities with a light position [66][67]. 3.2.17 Non - Ferrous Metals (Lithium Carbonate) - Vulcan Energy obtained nearly $2.5 billion in financing for the European largest lithium project [68]. - The lithium carbonate market is expected to be weak in the short term, and it is recommended to short on rallies and buy on dips in the medium term [68][69]. 3.2.18 Non - Ferrous Metals (Tin) - The SHFE tin warehouse receipts decreased slightly, and the LME tin inventory increased. The tin ore supply is tight, and the production growth is limited [73]. - The tin price is expected to oscillate at a high level, and it is recommended to buy on dips [73]. 3.2.19 Energy Chemicals (Crude Oil) - The US EIA commercial crude oil inventory increased slightly in the week ending November 28 [74]. - The crude oil price is expected to oscillate in the short term, and attention should be paid to geopolitical events [74][75]. 3.2.20 Energy Chemicals (Asphalt) - The capacity utilization rate of heavy - traffic asphalt increased slightly this week [76]. - The asphalt market is weak, and it is recommended to wait and see [77][78]. 3.2.21 Energy Chemicals (LLDPE) - China's polyethylene production enterprises are expected to produce 2.9798 million tons in December 2025, with a year - on - year increase of 18.39% [79]. - The PE supply - demand situation is bearish, but attention should be paid to macro - economic impacts [79]. 3.2.22 Energy Chemicals (Methanol) - The methanol port inventory decreased slightly this week, slightly exceeding expectations [80]. - The methanol market's fundamental contradiction is not significant, and it is recommended to conduct positive - spread operations [80][81]. 3.2.23 Energy Chemicals (Pulp) - The price of imported wood pulp in the spot market continued to rise today [82][83]. - Although the market sentiment is optimistic, the pulp supply is still in surplus, and the upward space of the futures price is limited [84]. 3.2.24 Energy Chemicals (Styrene) - The inventory of styrene in the East China main port decreased slightly this week [85]. - The styrene market is oscillating. Attention should be paid to the implementation of maintenance expectations and the behavior of port core cargo - right holders [86][88]. 3.2.25 Shipping Index (Container Freight Rate) - The full - scale promotion of methanol as a marine fuel still faces challenges [89]. - The container freight rate market is expected to be strong in the short term, and it is recommended to consider low - buying operations with a light position [90].

Core Viewpoint - The company has announced a share repurchase plan to enhance shareholder value and confidence in its future development, with a total repurchase amount between 100 million and 200 million RMB, and a maximum price of 9.86 RMB per share after adjustments [2][3]. Group 1: Share Repurchase Plan - The company will use its own funds and special loan funds for the repurchase, with at least 50% of the repurchased shares intended for capital reduction and no more than 50% for employee stock ownership plans [2]. - The repurchase period is set for 12 months from the date of the shareholders' meeting approval [2]. - As of November 30, 2025, the company has repurchased 20,358,500 shares, accounting for 0.40% of the total share capital, with a total transaction amount of 136,743,597 RMB [3]. Group 2: Compliance and Regulations - The company has adhered to the relevant regulations regarding share repurchase, including the timing and pricing of the repurchase [4]. - The repurchase transactions are conducted in compliance with the rules set by the Shenzhen Stock Exchange and the China Securities Regulatory Commission [6]. - The company will continue to implement the repurchase plan actively and fulfill its information disclosure obligations during the repurchase period [7].

债券代码：148517.SZ 债券简称：23 格林 G1 国联民生证券承销保荐有限公司 关于格林美股份有限公司审计机构变更 的临时受托管理事务报告 债券受托管理人 国联民生证券承销保荐有限公司 （住所：中国(上海)自由贸易试验区浦明路 8 号） 二〇二五年十一月 2 一、发行人及债券基本情况 （一）发行人基本情况 | 公司名称 | 格林美股份有限公司 | | | --- | --- | --- | | 企业性质 | 股份有限公司（上市公司） | | | 注册地址 | 广东省深圳市宝安区新安街道海旺社区宝兴路88号 | | | | 星通大厦 4301 | | | 注册资本（万元人民币） | 512,429.91 | | | 法定代表人 | 许开华 | | | 公司成立时间 | 2001 年 月 28 日 | 12 | | 实际控制人 | 许开华、王敏夫妇 | | | | 二次资源循环利用技术的研究、开发;生态环境材料、 | | | | 新能源材料、超细粉体材料、光机电精密分析仪器、 | | | | 循环技术的研究、开发及高新技术咨询与服务;投资 | | | | 兴办实业(具体项目另行申报):国内贸易(不含专营、 ...

格林美公告称，公司于2025年2月13日股东大会通过回购股份方案，资金总额1-2亿元，回购价不超9.93 元/股，后因权益分派调整为不超9.86元/股。截至2025年某月末，公司累计回购股份20,358,500股，占总 股本0.40%，最高成交价7.01元/股，最低成交价5.85元/股，成交总金额1.37亿元，资金源于自有资金和 专项贷款。后续将继续实施回购计划并依规披露。 ...

证券代码：002340 证券简称：格林美 公告编号：2025-125 1、公司未在下列期间内回购股份： 格林美股份有限公司 关于回购公司股份的进展公告 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"）基于对公司未来发展前景的信心 以及对公司价值的高度认可，分别于2025年1月19日召开第六届董事会第三十三 次会议、2025年2月13日召开2025年第二次临时股东大会，审议通过了《关于回 购公司股份方案的议案》，同意公司使用自有资金和股票回购专项贷款资金通过 二级市场以集中竞价交易的方式回购公司部分股份，本次回购股份用于实施股权 激励或员工持股计划和依法注销减少注册资本，其中，用于依法注销减少注册资 本的股份数量不低于实际回购总量的50%，用于实施股权激励或员工持股计划的 股份数量不高于实际回购总量的50%。本次回购的资金总额不低于10,000万元人 民币（含）且不超过20,000万元人民币（含），本次回购股份的价格为不超过人 民币9.93元/股（含）。具体回购数量以回购期限届满时实际回购的股份数量为准。 本次回购股份的实施 ...