Industry Overview - China is the largest producer and consumer of cobalt oxide globally, with a production of 9,500 tons in the first half of 2025, representing a year-on-year growth of 40.69% [1][10] - The global demand for cobalt oxide is driven by the expected sales of over 18 million electric vehicles in 2025, with significant demand for high-purity cobalt oxide in the power battery sector, particularly for lithium cobalt oxide cathode materials [1][10] - The energy storage market is accelerating due to carbon neutrality goals, further increasing the demand for cobalt oxide [1][10] - Emerging consumer electronics, such as foldable smartphones and AR/VR devices, have increased the cobalt content per device by 40% compared to traditional models, creating additional demand [1][10] - Government policies, including the State Council's action plan for large-scale equipment updates and local support for new energy materials, provide long-term benefits for cobalt oxide applications in power batteries [1][10] Industry Chain - The upstream of the cobalt oxide industry chain includes cobalt mines, recycled materials, ammonium carbonate solution, and sulfuric acid, along with various production equipment [6] - The midstream involves the production and manufacturing of cobalt oxide, while the downstream applications include battery materials, pigments, ceramics, magnetic materials, catalysts, and consumer electronics [6] Market Dynamics - The global cobalt reserves are estimated at 11 million tons, with the Democratic Republic of Congo (DRC) holding 6 million tons, accounting for 55% of the total [8] - In 2024, global cobalt production is projected to reach approximately 291,300 tons, a year-on-year increase of 22.39%, with the DRC contributing 75.86% of the total production [8] - The DRC's export ban on cobalt has been extended, potentially leading to a supply shortage and increased cobalt prices, although Chinese companies are expected to maintain normal operations in the short term [8][12] Key Companies - Huayou Cobalt is a leading player in the industry, achieving a 40% self-sufficiency rate in raw materials through its control of six cobalt mines in the DRC [14] - Jinchuan Group holds a significant position in the cobalt oxide market due to its rich mineral resources and stable production capacity [14] - Greeenme has established a closed-loop business model for resource recovery, achieving over 99% cobalt recovery rates [14] Price Trends - Cobalt oxide prices in China have remained low due to declining cobalt prices and increasing production, but a rebound in cobalt prices following the DRC's export ban has led to a doubling of cobalt oxide prices [12] - As of June 2025, the price of cobalt oxide in China was 190,000 yuan per ton, reflecting a year-on-year increase of 51.39% [12] Industry Development Trends 1. Resource security and global layout are crucial for building a diversified supply system, with Chinese companies enhancing supply stability through overseas investments [19] 2. Technological breakthroughs are necessary to capture high-end markets, with innovations in cobalt oxide production processes and product purity requirements [20] 3. The industry is moving towards a low-carbon economy, emphasizing environmentally friendly production processes and recycling systems, particularly in response to stricter regulations [21]

Group 1 - The core point of the article is that Greenme (Wuxi) Energy Materials Co., Ltd. has obtained a patent for a single crystal nickel-cobalt-manganese ternary cathode material and its preparation method, with the patent announcement number CN116812990B and application date of May 2023 [1] - Greenme (Wuxi) Energy Materials Co., Ltd. was established in 2011 and is located in Wuxi City, primarily engaged in the metal products industry [1] - The company has a registered capital of 720 million RMB and has made investments in three enterprises, participated in 35 bidding projects, and holds 357 patent records along with 77 administrative licenses [1]

Group 1: Liquidity and Performance of Rare Earth ETF - The liquidity of the Rare Earth ETF managed by Jiashi has a turnover rate of 2.2% with a transaction volume of 106 million yuan [2] - Over the past week, the average daily transaction volume reached 371 million yuan, ranking first among comparable funds [2] - The fund's scale increased by 290 million yuan in the past week, also ranking first among comparable funds [2] - The latest share count for the Rare Earth ETF reached 3.351 billion shares, marking a one-year high and ranking first among comparable funds [2] - The latest net inflow of funds into the Rare Earth ETF was 58.08 million yuan, with a total of 344 million yuan net inflow over the last five trading days [2] - As of August 12, the net value of the Rare Earth ETF has increased by 76.79% over the past year, ranking 124th out of 2954 index equity funds, placing it in the top 4.20% [2] - The fund has recorded a maximum monthly return of 41.25% since its inception, with the longest consecutive monthly gains being four months and a maximum cumulative increase of 83.89% [2] Group 2: Market Outlook and Recommendations - Xiangcai Securities suggests focusing on upstream rare earth resource companies due to improved supply-demand dynamics, driven by expectations of supply contraction and increased demand from relaxed export controls [3] - Everbright Securities anticipates that the domestic market will continue to perform strongly due to the accumulation of favorable internal and external factors [3] - Huazhong Securities recommends investors to focus on high-growth technology sectors and performance-supported industries, including AI, robotics, military industry, rare earth permanent magnets, precious metals, construction machinery, motorcycles, and agricultural chemicals [3] Group 3: Top Holdings in Rare Earth Industry - The top ten weighted stocks in the Zhongzheng Rare Earth Industry Index include Northern Rare Earth, China Rare Earth, China Aluminum, Shenghe Resources, Wolong Electric Drive, China Aluminum, Lingyi Technology, Greeley, Xiamen Tungsten, and Goldwind Technology, collectively accounting for 59.32% of the index [2]

Core Viewpoint - The strategic partnerships formed by Greeenme and other companies in the battery recycling sector highlight the growing economic value and market potential of battery recycling, driven by the increasing number of electric vehicles and rising raw material prices [1][2]. Market Outlook - The rapid development of the electric vehicle industry has led to heightened attention on the battery recycling sector, with significant material recovery rates reported, such as 99.3% for nickel-cobalt-manganese and over 90% for lithium [2]. - The supply of lithium resources is expected to remain tight, making battery recycling a crucial supplement to lithium supply, with projections indicating that by 2050, half of the materials used in batteries could come from recycled sources [2]. - The demand for power batteries has surged since 2015, leading to increased prices for cobalt, nickel, and lithium due to supply-demand imbalances, with lithium carbonate prices reaching a historical high of 503,000 yuan per ton in April 2023, up nearly 70% from the beginning of the year [2]. - The global battery recycling market is projected to exceed 150 billion yuan by 2027, as the retirement of electric vehicle batteries is anticipated to peak soon [2]. Industry Developments - The battery recycling industry has seen a significant influx of capital, with over 10,700 new registered companies in 2021, accounting for 80% of the total number of enterprises in the sector [4]. - Major players like CATL and Tianqi Lithium have accelerated their entry into the battery recycling business, with strategic partnerships being formed to enhance resource recovery and recycling capabilities [4][5]. - Companies such as Greeenme are increasing investments in battery recycling, with plans to establish a closed-loop industry chain for lithium-ion batteries and enhance recycling services for engineering machinery batteries [4][5]. Current Challenges - The battery recycling industry is still in its early stages, with a need for a more robust recycling system and regulatory framework to address issues such as informal recycling practices and inadequate pricing mechanisms [6][7]. - Recent government initiatives aim to improve the recycling system and promote collaboration across the industry, with over 10,000 recycling service points already established [7].

中国汽车动力电池产业创新联盟11日发布的7月动力电池月度信息显示，产量方面，7月，我国动力和其 他电池合计产量为133.8GWh，环比增长3.6%，同比增长44.3%。销量方面，7月，我国动力和其他电池 销量为127.2GWh，环比下降3.2%，同比增长47.8%。电池销量同比增速仍维持在高位。 新能车ETF紧密跟踪中证新能源汽车产业指数，中证新能源汽车产业指数选取50只业务涉及新能源整 车、电机电控、锂电设备、电芯电池、电池材料等新能源汽车产业的上市公司证券作为指数样本，反映 新能源汽车产业龙头上市公司证券的整体表现。 数据显示，截至2025年7月31日，中证新能源汽车产业指数(930997)前十大权重股分别为宁德时代 (300750)、汇川技术(300124)、比亚迪(002594)、长安汽车(000625)、华友钴业(603799)、三花智控 (002050)、亿纬锂能(300014)、赣锋锂业(002460)、天齐锂业(002466)、格林美(002340)，前十大权重股 合计占比55.33%。 新能车ETF(515700)，场外联接(平安中证新能车ETF联接A：012698；平安中证新能车ETF联接 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - Macro factors such as the Fed's interest - rate cut expectations and US tariff agreements impact metal prices. After the nickel price followed the anti - involution sentiment and declined, the industry chain's continuous losses still provide strong cost support. The fundamentals have changed little, with pure nickel remaining in an oversupply situation. In August, the production schedules of domestic electrowinning nickel and Indonesian secondary nickel continued to rise. During the traditional off - season, downstream demand was sluggish. Although there was an expectation of increased stainless - steel production in August, there were many disturbances from production cuts and maintenance due to policies, and the spot market transactions were weak. The improvement in the ternary industry chain was limited, with the growth rate of electric vehicle retail sales slowing down in July and the market share of ternary batteries being continuously squeezed by lithium iron phosphate. As the rainy season was coming to an end, nickel ore port inventories continued to accumulate, and there was an expectation of a decline in ore prices [10]. Summary According to Relevant Catalogs 01 Viewpoint and Strategy - **Main Viewpoints**: Macro factors and cost support affect nickel price; fundamentals show oversupply, and downstream demand is weak during the off - season [10]. - **Industry News**: In July 2025, GEM's Indonesian nickel project produced over 10,000 tons of nickel in a single month. Some steel mills actively controlled production in response to the national "anti - involution" policy, and northern steel mills planned maintenance from late August to early September [10]. - **Important Data**: This week, LME nickel inventory increased by 3150 tons, domestic inventory increased by 745 tons, and global visible nickel inventory increased by 1.57% to 253,000 tons. Indonesia's August (Phase I) domestic trade benchmark price rose by $0.2 - 0.3, with a premium of +24 as the mainstream. In July, China's refined nickel production was 36,151 tons, a month - on - month increase of 4.74%, and the estimated production in August was 37,760 tons, a month - on - month increase of 4.45%. In August, domestic stainless - steel production was scheduled to be 3.3041 million tons, a month - on - month increase of 2.29% and a year - on - year decrease of 1.64% [10]. - **Strategy Viewpoints**: For nickel, due to the increasing production capacity of Indonesian secondary nickel and domestic electrowinning nickel and the slowdown in off - season demand growth, the oversupply situation is expected to continue. In the long - term, the oversupply of nickel is difficult to reverse. In the short - term, affected by macro sentiment and cost support, it is expected that SHFE nickel will fluctuate in the range of [117,000, 125,000] yuan/ton, and a sell - on - rally strategy is recommended. For stainless steel, the current anti - involution production cuts still support the stainless - steel market. However, in the long - term, the oversupply will suppress price increases. It is expected that SHFE stainless steel will fluctuate in the range of [12,300, 13,200] yuan/ton, and short - selling is recommended when the price rebounds to the upper end of the range [10]. 02盘面回顾 - Nickel prices continued to fluctuate, and relevant data on domestic liquidity positions, spot premiums, and price differences between the two markets were presented [12][13]. 03 Fundamental Analysis - **Nickel Ore**: Nickel ore ports saw inventory accumulation, and ore prices remained stable. The mainstream transaction price of 1.3% nickel ore from the Philippines was mostly CIF42, and that from the Philippines to Indonesia was mostly CIF41. Indonesia's August (Phase I) domestic trade benchmark price rose by $0.2 - 0.3 [16][17]. - **Nickel Iron**: In July, the total production of nickel pig iron in China and Indonesia was 178,900 tons, a month - on - month increase of 2.35% and a year - on - year increase of 20.61%. The market quotation for nickel iron was firm, with the mainstream price ranging from 930 - 940 yuan/nickel [21]. - **Intermediate Products**: In July, nickel intermediate products increased by 7.5% month - on - month to 54,400 tons. The price followed the increase in nickel prices, the production cost of nickel sulfate increased, and the loss situation worsened [25]. - **Imports**: In June, nickel iron imports increased significantly, while intermediate product imports decreased [28]. - **Inventory**: This week, LME inventory increased by 3150 tons to 212,200 tons, and domestic social inventory increased by 745 tons to 39,300 tons. Spot transactions were generally cold [32]. - **Electrowinning Nickel**: In July, China's refined nickel production was 36,151 tons, a month - on - month increase of 4.74% and a year - on - year increase of 24.57%. The estimated production in August was 37,760 tons, a month - on - month increase of 4.45%. There were also detailed plans for domestic and Indonesian electrowinning nickel projects [36][38]. - **Stainless Steel**: Some steel mills planned production cuts and maintenance. The loss of integrated production narrowed, and the economic efficiency of scrap stainless steel became more prominent. Stainless - steel inventory continued to decline, but the social inventory was still high. Demand was weak due to the real - estate downturn and the traditional off - season [40][44][51]. - **Ternary Industry Chain**: In August, the production of lithium batteries increased, and the production of the ternary industry chain also increased, but the improvement in demand was limited [56]. - **Electric Vehicles**: In the first half of the year, domestic electric vehicle production and sales increased by 41.4% and 40.3% year - on - year respectively, with a sales penetration rate of 44.3%. The share of ternary batteries was squeezed by lithium iron phosphate [60]. 04 Supply - Demand Balance Sheet - The global nickel supply surplus is expected to expand year - on - year. In 2025E, the total supply is estimated to be 389.3 million tons, while the total demand is 354.5 million tons, resulting in a surplus of 34.8 million tons. In China, the supply surplus is also expected to be 16.2 million tons in 2025 [70].

一、事件：全球动力电池回收产业峰会 中商产业研究院指出，动力电池作为新能源汽车的核心部件，其内部富含锂、钴、镍等战略性金属材料，即便在退役后仍具备显著的资源循环利用价值。当 前，伴随新能源汽车产业的高速发展及早期装机电池陆续达到使用年限，我国动力电池正加速迈入规模化退役的新阶段，行业前景广阔。 特斯拉也有最新表态 8月11日，特斯拉公司全球副总裁陶琳在微博发文称，特斯拉认真对待每一块回收的电池，将它们全部再利用，其中90%的废料会被提取出来投入到新电池 的生产中。2024年，特斯拉成功回收了足以制造约21000辆Model Y后轮驱动版车型电池的材料。 上证报报道指出，退役动力电池回收主要分为梯次利用及拆解回收两种方式。在电池容量衰减至80%以下时，会采用梯次回收的方式对电池进行拆解、检测 筛选，并在两轮车、环卫车等低功率电动车或储能领域使用。 而对于容量过低的电池，则会通过回收设备进行拆解回收处理，在破碎和分选中获得铜粉、铝粉、黑粉等。其中，在黑粉中可进一步提取锂、钴、镍等稀有 金属资源，实现经济效益最大化。 2025全球动力电池回收产业峰会暨第十三届退役动力电池回收利用高峰论坛将于8月29日至31日在深圳 ...

Group 1 - The core index of the China Securities Battery Theme Index (CS Battery, 931719) rose by 0.59% to 2633.73 points, with a trading volume of 34.447 billion yuan on August 8 [1] - The CS Battery Index has increased by 4.76% over the past month, 9.09% over the past three months, and 3.79% year-to-date [1] - The index includes companies involved in power batteries, energy storage batteries, consumer electronics batteries, and related upstream and downstream industries [1] Group 2 - The top ten weighted companies in the CS Battery Index are: Sunshine Power (12.06%), CATL (9.81%), Sanhua Intelligent Control (6.26%), Yiwei Lithium Energy (5.61%), Greeenme (3.49%), Guoxuan High-Tech (3.27%), Xinwanda (3.25%), Lead Intelligent (2.94%), Tianci Materials (2.65%), and Yinlun (2.59%) [1] - The market segments of the CS Battery Index holdings show that 80.19% are from the Shenzhen Stock Exchange, 19.04% from the Shanghai Stock Exchange, and 0.77% from the Beijing Stock Exchange [1] Group 3 - The industry composition of the CS Battery Index holdings indicates that 85.29% is in the industrial sector, 12.14% in consumer discretionary, 1.54% in materials, and 1.02% in utilities [2] - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [2] - Public funds tracking the CS Battery Index include: Southern CSI Battery Theme Index C, Fortune CSI Battery Theme Connection C, Great Wall CSI Battery Theme C, and several ETFs [2]

Group 1 - The core viewpoint of the news is that Greenme (002340) has shown a positive performance in its latest financial results, with significant year-on-year growth in revenue and net profit [1] - As of August 8, 2025, Greenme's stock closed at 6.54 yuan, with a slight increase of 0.15% and a trading volume of 600,900 shares, amounting to a total transaction value of 393 million yuan [1] - The company's latest quarterly report indicates total operating revenue of 9.496 billion yuan, a year-on-year increase of 13.67%, and a net profit attributable to shareholders of 511 million yuan, up 12.10% year-on-year [1] Group 2 - Greenme has a current liquidity ratio of 0.883 and a quick ratio of 0.599, indicating its short-term financial health [1] - The company's debt-to-asset ratio stands at 65.18%, reflecting its leverage position [1] - Greenme has made investments in 26 companies and participated in 25 bidding projects, showcasing its active engagement in the market [2]

行业内，天赐材料2024年营收同比下降18.74%，归母净利润同比下降74.40%，均连续2年下滑，公司CFO顾斌仍以216.5万元年薪，位居业内第四，其大专学 历也明显低于同行。 | 简称 | 行业(申万二级) | CFO | 薪酬(万) | 薪酬变化 | 归母浄利(亿) | 增速 | 学历 | | --- | --- | --- | --- | --- | --- | --- | --- | | 宁德时代 | 电池 | 郑舒 | 285.10 | -2.2% | 507.45 | 15.0% | 双本科 | | 贝特瑞 | 电池 | 刘志文 | 274.83 | -45.7% | 9.30 | -43.8% | 大专 | | 格林美 | 电池 | 穆猛刚 | 234.95 | 53.8% | 10.20 | 9.2% | 硕士 | | 天赐材料 | 电池 | 顾斌 | 216.50 | 0.0% | 4.84 | -74.4% | 大专 | | 德瑞锂电 | 电池 | 王卫生 | 207.84 | 61.1% | 1.51 | 182.5% | 大专 | | 中伟股份 | 电池 | 朱宗元 | 205.7 ...