Core Viewpoint - The "A+H" listing trend is gaining momentum, with nearly 20 A-share companies announcing plans to list in Hong Kong since August, indicating a strategic move towards internationalization and capital market access [1][2]. Group 1: A+H Listing Trend - Companies like Grinmei, Huqin Technology, and Kexing Pharmaceutical are among those pursuing Hong Kong listings, highlighting the effectiveness of the "A+H" dual-track model for international expansion [1]. - The new IPO regulations effective from August 4 have provided a significant boost to this trend, allowing for more flexible allocation mechanisms and reducing compliance costs for A-share companies [1][2]. Group 2: Characteristics of A+H Companies - Enterprises with large asset scales, high capital expenditures, and mature international operations are leading the "A+H" model, utilizing the Hong Kong market for financing to support cross-border mergers and overseas expansions [2]. - Growth-oriented technology companies are also showing high interest in the "A+H" model, which offers broader capital allocation opportunities [2]. Group 3: Impact on Valuation and Liquidity - The "A+H" model is reshaping the valuation system and liquidity structure of Chinese listed companies, with significant foreign capital inflow observed in the Hong Kong market [2][3]. - For instance, by mid-2025, net inflows through the Hong Kong Stock Connect exceeded 730 billion HKD, surpassing 90% of last year's total [2]. Group 4: Future Outlook - The ongoing policy support and institutional optimization are expected to elevate the "A+H" model into a new phase of high-quality development, with more competitive Chinese companies likely to adopt this path for global capital and strategic positioning [3]. - The maturation of the "A+H" model reflects the deepening of China's capital market opening and the strategic choice of Chinese enterprises to enhance their international competitiveness [3].

Group 1 - Indonesia's sovereign wealth fund will collaborate with China's Greeenmei, South Korea's Ecopro, and nickel miners Vale and Mindo Nickel to invest in nickel processing projects [1]

处于动力电池回收第一梯队的格林美，同样面临不小的业绩挑战。 此前，其在A股的股价始终不 及投资者预期，2020年—2024年营收从124.7亿元飙升至332亿元，但净利润波动大，数年出现负 增长。在这种情况下，开辟新的融资渠道对于格林美来说至关重要，或将为其获得新的发展资金， 助力其突破发展瓶颈。 除格林美外，国内锂电产业链企业正掀起一波赴港上市热潮。 作者：周菊 封图：图虫创意 在内地企业赴港上市的热潮下，动力电池回收企业格林美也计划开启"A+H"双融资模式。8月24日 晚，格林美（002340.SZ）发布公告称，公司已先后召开董事会、监事会，审议并通过了赴港发行 H股并在香港联交所主板上市的相关议案，这标志着其H股上市筹划工作正式启动。 格林美成立于2001年，总部位于深圳，其核心业务聚焦于"电池材料"与"电池回收"两大板块。 近 年来，随着动力电池退役潮来临，格林美的电池回收业务快速增长 。 数据显示，格林美年废旧电 池年处理能力达数十万吨，回收处理退役动力电池占中国总量的10%以上，年回收的镍资源占中国 原镍开采量的20%以上，是目前全球最大的动力电池回收企业。 早在2010年，格林美在深交所挂牌上市 ...

Core Viewpoint - Greeenme plans to initiate an "A+H" dual financing model to support its global expansion and enhance its international brand image and competitiveness through the issuance of H-shares in Hong Kong [2][3]. Company Overview - Greenme, established in 2001 and headquartered in Shenzhen, focuses on "battery materials" and "battery recycling" [2]. - The company is currently the largest battery recycling enterprise globally, processing over 10% of retired power batteries in China and recovering more than 20% of the country's nickel resources [2]. Financial Performance - Greenme's revenue for 2024 is projected to be 33.2 billion yuan, reflecting an 8.75% year-on-year increase, with a net profit of 1.02 billion yuan, up 9.19% [3]. - The revenue from ternary materials reached 25.76 billion yuan, a 10.24% increase, accounting for 77.6% of total revenue, while battery recycling generated 7.44 billion yuan, a 3.87% increase, making up 22.4% of total revenue [3]. Market Trends - The battery recycling industry is expected to see a peak in battery retirements between 2027 and 2030, with Greenme aiming to recycle over 500,000 tons of batteries and achieve sales exceeding 10 billion yuan by 2030 [4]. - The actual recovery volume of used lithium-ion batteries in China is estimated at 654,000 tons in 2024, with projections of 4.246 million tons by 2030 [4]. Strategic Partnerships - Greenme has established strategic partnerships with several major battery manufacturers and automotive companies, including CATL, GAC Group, and others, to enhance its battery recycling capabilities [5]. Industry Challenges - Despite being a leading player, Greenme faces challenges such as intense competition for battery sources and the need to improve recycling and reuse technologies while ensuring safety [5][6]. Regulatory Environment - The regulatory framework for battery recycling is evolving, with new guidelines being implemented to strengthen the recycling system and enhance compliance [6]. - The recent wave of companies from the lithium battery supply chain, including Greenme, seeking to list in Hong Kong reflects a strategic response to global energy transformation and capital market opportunities [6].

Core Insights - The penetration rate of L2 and above advanced driver assistance systems (ADAS) in new energy passenger vehicles reached 82.6% in the first half of 2025, indicating significant growth in the adoption of intelligent driving features [1] - The New Energy Vehicle (NEV) ETF closely tracks the CSI New Energy Vehicle Industry Index, which reflects the overall performance of leading listed companies in the NEV sector [1] - The top ten weighted stocks in the CSI New Energy Vehicle Industry Index account for 55.33% of the index, highlighting the concentration of market influence among these companies [1] Industry Summary - The report from the Passenger Car Association indicates that the installation rate of intelligent driving features is increasing due to advancements in technology and decreasing hardware and software costs [1] - The CSI New Energy Vehicle Industry Index includes 50 listed companies involved in various aspects of the NEV industry, such as electric vehicles, electric motors, battery equipment, and materials [1] - As of July 31, 2025, the top ten companies in the index include CATL, Huichuan Technology, BYD, Changan Automobile, and others, showcasing the key players in the NEV market [1]

Group 1 - The company plans to list H-shares on the Hong Kong Stock Exchange to open overseas financing channels and support future international business development [2] - The H-share listing is not expected to significantly impact the A-share market [2] - The company is actively discussing with intermediaries regarding the details of the H-share issuance and listing [2] Group 2 - In 2024, the company achieved a revenue of 33.2 billion yuan, a year-on-year increase of 8.75%, and a net profit of 1.02 billion yuan, up 9.19% [3] - The net cash flow from operating activities for 2024 was 3.055 billion yuan, reflecting a significant year-on-year growth of 41.14% [3] - In Q1 2025, the company reported a revenue of approximately 9.496 billion yuan, a 13.67% increase year-on-year, and a net profit of about 511 million yuan, up 12.1% [3] Group 3 - The company sees a balanced future market for ternary batteries and lithium iron phosphate (LFP&LMFP) batteries, each thriving in their respective advantageous markets [4] - Ternary batteries are recognized for their high capacity, long range, and superior circular economy performance, with a growing trend in global mid-to-high-end vehicle configurations [4] - The company remains optimistic about the value of rare metals like nickel, cobalt, and lithium in the recycling of ternary battery materials and their unique advantages in low-altitude economy and solid-state battery applications [4]

Group 1 - Company plans to list H-shares on the Hong Kong Stock Exchange to enhance overseas financing channels and support international business development [1] - The H-share listing is expected to have minimal impact on the A-share market [1] - The company is in discussions with intermediaries regarding the specifics of the H-share issuance and listing [1] Group 2 - In 2024, the company achieved revenue of 33.2 billion, a year-on-year increase of 8.75%, and a net profit of 1.02 billion, up 9.19% [2] - The net cash flow from operating activities for 2024 was 3.055 billion, reflecting a significant increase of 41.14% [2] - In Q1 2025, the company reported revenue of approximately 9.496 billion, a 13.67% increase year-on-year, and a net profit of about 511 million, up 12.1% [2] Group 3 - The company anticipates a balanced market for ternary batteries and lithium iron phosphate (LFP&LMFP) batteries, each thriving in their respective market segments [3] - Ternary batteries are expected to dominate in high-capacity and long-range applications, particularly in the global automotive power battery market [3] - The company remains optimistic about the growth of ternary batteries globally and their increasing prevalence in mid-to-high-end vehicles [3]

Core Viewpoint - Greenmei Co., Ltd. has announced the approval of its H-share stock issuance and listing on the Hong Kong Stock Exchange, aiming to enhance its global development strategy and international brand image [1][5] Group 1: Company Strategy - The issuance and listing are intended to support the company's globalization efforts and improve its comprehensive competitiveness [1] - The company will consider the interests of existing shareholders and market conditions when determining the timing and window for the issuance [1] Group 2: Business Model and Operations - Greenmei operates under the dual business model of "urban mining + new energy materials manufacturing," focusing on recycling key mineral resources and electronic waste [5][6] - The company has established a comprehensive urban mining system, recovering over 10% of retired power batteries and 6% of scrapped vehicles in China [6] Group 3: Financial Performance - In 2024, Greenmei achieved a revenue of 33.2 billion yuan, an increase of 8.75% year-on-year, and a net profit of 1.02 billion yuan, up 9.19% [7][11] - The revenue from new energy battery materials and raw materials accounted for 77.59% of total revenue, while waste resource utilization contributed 22.41% [11] Group 4: Technological Innovations - The company has made significant advancements in battery recycling technology, achieving over 92% disassembly yield and 100% glue removal rate for CTP battery packs [8] - Greenmei has developed a closed-loop regeneration technology for lithium iron phosphate batteries, achieving over 95% recovery rates for lithium and over 90% for iron and phosphorus [8] Group 5: Market Position and Partnerships - Greenmei is recognized as a leader in urban mining and waste recycling, with partnerships including major global companies such as SAMSUNG SDI and CATL [6][12] - The company aims to leverage its innovations to strengthen its position in the global green development landscape [12]

Investment Rating - The report maintains a positive outlook on the building materials sector, highlighting potential opportunities in both "grouping" and "switching" strategies within the industry [2][11]. Core Insights - The building materials market is experiencing a shift in focus, with technology stocks gaining momentum while the building materials sector presents viable options for investment [2]. - The report emphasizes the importance of monitoring production capacity and quality improvements in key segments such as electronic fabrics and Q fabrics, which are expected to see increased demand due to advancements in AI and PCB technologies [3][4]. - The report identifies a growing confidence in infrastructure projects in regions like Xinjiang and Tibet, driven by government investments and the necessity of transportation infrastructure [11][12]. - The consumer building materials segment is showing signs of recovery, with expectations of improved revenue performance as the market stabilizes [24][25]. Summary by Sections Grouping in Building Materials - The electronic fabric sector is expected to maintain its performance, with leading companies like Zhongcai Technology reporting strong sales and production growth [3]. - The AI industry's production expectations are advancing, with key suppliers anticipating increased output of Q fabrics by the end of the year [4]. - The report highlights the importance of monitoring the production capacity and quality of Q fabrics, which will determine the actual supply capabilities of companies [4]. Switching in Building Materials - Infrastructure projects in Xinjiang and Tibet are gaining traction, with significant government backing and a strong demand for cement due to the region's unique geographical advantages [11][12]. - The consumer building materials sector is entering a recovery phase, with sales and construction data indicating a bottoming out of the market [13][14]. - The report notes that the cement industry is poised for potential growth, driven by policy improvements and governance enhancements [15][29]. Cement Industry - The cement sector is entering a peak season, but market performance remains subdued due to high comparative bases from the previous year [29][30]. - The report emphasizes the importance of policy measures to limit overproduction in the cement industry, which could enhance profitability [30][33]. - Companies like Conch Cement and Huaxin Cement are highlighted for their strong cash flow and potential for shareholder returns [34][38]. Glass Industry - The float glass market is experiencing price stabilization, with environmental regulations expected to impact production costs [40][41]. - The report indicates that the glass industry is facing cash flow challenges, with many companies operating at a loss [42]. - Companies like Xinyi Glass are expected to maintain competitive positions despite market pressures, with a focus on improving operational efficiency [43]. Photovoltaic Glass - The photovoltaic glass segment is seeing a decline in inventory levels, with prices remaining stable amid increased demand from downstream component manufacturers [48]. - The report notes that while domestic prices are under pressure, overseas markets are performing better, which could benefit leading companies in the sector [49]. Fiberglass - The fiberglass market is characterized by a divergence in production and sales, with electronic fabrics maintaining a favorable outlook [50].

Group 1 - The core objective of the company's H-share listing is to open up overseas financing channels to support the development of its international business [1] - The company plans to establish overseas marketing centers and innovation platforms, with potential future investments in key component manufacturing [1]