Core Viewpoint - Globalization is no longer a choice for companies but a consensus for industrial development and the ultimate direction, especially in the current highly competitive environment [2]. Group 1: Globalization Progress in China's Lithium Battery Industry - The 24潮产业研究院 (TTIR) analyzed 13 leading companies in China's lithium battery industry, showing that their total overseas revenue increased from 39.156 billion yuan in 2020 to 228.740 billion yuan in 2024, a growth of 484.18% [3][5]. - However, in 2024, the overseas revenue of these companies decreased by 7.14% year-on-year, and the proportion of overseas revenue to total revenue only increased by 6.48 percentage points over five years [5]. Group 2: Company-Specific Performance - Companies like 阳光电源, 中伟股份, 恩捷股份, and 科达利 have shown strong growth in overseas revenue from 2020 to 2024, with 中伟股份 maintaining over 30% growth for four consecutive years [5]. - Conversely, companies such as 天齐锂业, 贝特瑞, 格林美, 宁德时代, and 华友钴业 experienced negative growth in 2024, with 天齐锂业 facing the most significant decline of 81.13% [5][7]. Group 3: Investment and Capacity Planning - As of now, major companies like 宁德时代, 华友钴业, and others have planned or established significant overseas operations, with total investment budgets nearing 370 billion yuan [9]. - 宁德时代 is leading in overseas investment, planning to build five factories with a total investment budget of approximately 178.948 billion yuan [9]. Group 4: Challenges in Globalization - The globalization process is facing challenges, including project delays and terminations due to changing market conditions and legal disputes, as seen with 国轩高科 and other companies [10][12]. - The global lithium battery industry is experiencing a downturn, affecting the globalization efforts of Chinese companies, with many projects being postponed or canceled [12][13]. Group 5: Future Outlook - The future of globalization in the lithium battery sector is uncertain, with potential for more projects to be delayed or terminated due to ongoing global economic and policy fluctuations [14][15]. - Companies must balance their investment strategies with the need for financial health to survive in a competitive landscape [15].

Group 1: Patent Application - A patent titled "A Method, Device, Electronic Equipment, and Storage Medium for Retired Battery Pack Combination" has been applied for by multiple companies including Wuhan Power Battery Recycling Technology Co., Ltd., Wuxi Power Battery Recycling Technology Co., Ltd., Tianjin Power Battery Recycling Technology Co., Ltd., and GreenMe (Shenzhen) Circular Technology Co., Ltd. The patent was published under CN120497485A with an application date of April 2025 [1] - The patent involves a method for combining multiple retired battery packs to form target battery clusters, ensuring that the current total capacity range of the candidate battery clusters is within a specified threshold [1] Group 2: Company Profiles - Wuhan Power Battery Recycling Technology Co., Ltd. was established in 2020, located in Wuhan, with a registered capital of 1,022 million RMB. The company has invested in 7 enterprises and participated in 17 bidding projects, holding 456 patents and 13 trademark registrations [2] - Wuxi Power Battery Recycling Technology Co., Ltd. was also founded in 2020, based in Wuxi, with a registered capital of 100 million RMB. The company has participated in 9 bidding projects and holds 172 patents along with 14 administrative licenses [2] - Tianjin Power Battery Recycling Technology Co., Ltd. was established in 2020, located in Tianjin, with a registered capital of 10 million RMB. The company has engaged in 6 bidding projects and possesses 149 patents and 4 administrative licenses [2] - GreenMe (Shenzhen) Circular Technology Co., Ltd. was founded in 2017, situated in Shenzhen, with a registered capital of 30 million RMB. The company has participated in 39 bidding projects and holds 22 patents along with 27 administrative licenses [3]

Core Points - The China Securities New Energy Vehicle Industry Index rose by 2.22% to 2233.36 points, with a trading volume of 56.581 billion yuan [1] - The index has increased by 6.73% over the past month, 6.70% over the past three months, and 12.35% year-to-date [1] - The index includes 50 listed companies involved in various aspects of the new energy vehicle industry, reflecting the overall performance of leading companies in this sector [1] Index Composition - The top ten weighted companies in the index are: CATL (10.04%), Huichuan Technology (9.23%), BYD (8.03%), Changan Automobile (4.73%), Sanhua Intelligent Control (4.71%), Huayou Cobalt (4.44%), EVE Energy (4.23%), Tianqi Lithium (3.34%), Ganfeng Lithium (3.23%), and Gree Environmental (2.53%) [1] - The index is primarily composed of companies listed on the Shenzhen Stock Exchange (83.86%) and the Shanghai Stock Exchange (16.14%) [1] Industry Breakdown - The industry composition of the index shows that 58.17% is in the industrial sector, 22.85% in consumer discretionary, 17.81% in materials, and 1.17% in information technology [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Public funds tracking the new energy vehicle sector include several ETFs from Ping An and Huatai-PineBridge [2]

Core Viewpoint - The China Securities New Energy Vehicle Index (CS New Energy Vehicle, 399976) has shown a positive performance, with a recent increase of 2.16% and significant gains over the past month, three months, and year-to-date [1][2]. Group 1: Index Performance - The CS New Energy Vehicle Index has increased by 6.20% over the past month, 5.90% over the past three months, and 11.68% year-to-date [2]. - The index closed at 3278.87 points with a trading volume of 55.015 billion yuan [1]. Group 2: Index Composition - The top ten weighted companies in the CS New Energy Vehicle Index are: CATL (10.3%), Huichuan Technology (9.36%), BYD (8.29%), Changan Automobile (4.77%), Sanhua Intelligent Control (4.54%), Huayou Cobalt (4.42%), Yiwei Lithium Energy (4.16%), Tianqi Lithium (3.32%), Ganfeng Lithium (3.19%), and Gree Environmental (2.52%) [2]. - The index's holdings are primarily listed on the Shenzhen Stock Exchange (83.85%), followed by the Shanghai Stock Exchange (15.60%) and the Beijing Stock Exchange (0.55%) [2]. Group 3: Industry Breakdown - The industry composition of the index holdings includes: Industrial sector (58.51%), Consumer Discretionary (22.72%), Materials (17.64%), and Information Technology (1.14%) [2]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3].

Group 1 - Multiple regions in China have recently suspended the acceptance of automobile replacement subsidy applications, while scrapping and updating subsidies continue to be processed [1] - The personal consumption loan interest subsidy policy, which will soon be launched, includes the automotive consumption sector [1] - In July 2025, China's new energy vehicle (NEV) production and sales reached 1.243 million and 1.262 million units, respectively, representing year-on-year growth of 26.3% and 27.4% [1] - From January to July 2025, NEV production and sales totaled 8.232 million and 8.22 million units, with year-on-year growth of 39.2% and 38.5% [1] - The penetration rate of NEVs continues to rise, with July's new NEV sales accounting for 48.7% of total new vehicle sales, a significant increase from the previous year [1] - NEV exports showed strong growth, with July exports reaching 225,000 units, a year-on-year increase of 120%, and cumulative exports from January to July totaling 1.308 million units, up 84.6% year-on-year [1] - The NEV market is expected to maintain high prosperity due to the ongoing effects of the trade-in policy and the launch of new models [1] Group 2 - As of August 15, 2025, the CSI New Energy Vehicle Industry Index (930997) rose by 2.05%, with constituent stocks such as Defu Technology (301511) up 9.46% and Keda Li (002850) up 6.33% [2] - The New Energy Vehicle ETF (515700) increased by 2.12%, with a latest price of 1.83 yuan [2] - The New Energy Vehicle ETF saw a turnover of 2.48% during the trading session, with a transaction volume of 56.7886 million yuan [2] - Over the past year, the New Energy Vehicle ETF has achieved an average daily transaction volume of 66.1291 million yuan [2] - The New Energy Vehicle ETF's scale increased by 10.1297 million yuan in the past week, ranking in the top half among comparable funds [2] - Leveraged funds continue to invest, with the latest financing purchase amounting to 2.8749 million yuan and a financing balance of 45.518 million yuan [2] - The New Energy Vehicle ETF's net value increased by 50.01% over the past year [4] - The ETF has recorded a maximum monthly return of 31.51% since its inception, with the longest consecutive monthly gains being five months and a total increase of 74.13% [4] Group 3 - As of July 31, 2025, the top ten weighted stocks in the CSI New Energy Vehicle Industry Index accounted for 55.33% of the index [5] - The top weighted stocks include CATL (300750), Huichuan Technology (300124), BYD (002594), and others [5][6]

Core Insights - The battery theme index in China has seen a strong increase of 3.41%, with key stocks such as Keda (科士达) hitting the daily limit up, and other companies like Yalong (阳光电源) and Silver Wheel (银轮股份) also experiencing significant gains [1] - The battery ETF managed by Harvest (嘉实) has shown a 37.75% increase in net value over the past year, with a maximum monthly return of 31.11% since its inception [2] - The solid-state battery sector is gaining attention due to its high energy density and safety, with the industry entering a critical phase of industrialization supported by policy, technological advancements, and growing demand [2] Market Performance - As of August 15, 2025, the battery ETF has a turnover rate of 3.16% and a transaction volume of 9.8276 million yuan [2] - The top ten weighted stocks in the battery theme index account for 51.66% of the index, with Yalong (阳光电源) and CATL (宁德时代) being the top two [3][5] Stock Performance - Key stock performances include: - Yalong (阳光电源) up by 6.88% with a weight of 10.28% - CATL (宁德时代) up by 0.55% with a weight of 9.64% - Sanhua Intelligent Control (三花智控) up by 4.53% with a weight of 6.31% [5] Investment Opportunities - Investors without stock accounts can access the battery industry investment opportunities through the battery ETF Harvest linked fund [7]

Core Insights - The China Rare Earth Industry Index has seen a strong increase of 2.74%, with key stocks such as Placo New Materials, Jintian Co., and Huahong Technology hitting the 10% daily limit up [1] - The rare earth ETF, Jiashi (516150), rose by 2.61% [1] Market Performance - The Jiashi rare earth ETF recorded a turnover of 5.17% and a transaction volume of 250 million yuan [4] - Over the past month, the average daily transaction volume for the Jiashi rare earth ETF was 340 million yuan, ranking first among comparable funds [4] - In the last two weeks, the Jiashi rare earth ETF's scale increased by 582 million yuan, marking significant growth and leading among comparable funds [4] - The Jiashi rare earth ETF's shares grew by 22.8 million shares in the last two weeks, also ranking first among comparable funds [4] Fund Flows and Returns - In the last ten trading days, there were net inflows on six days, totaling 310 million yuan for the Jiashi rare earth ETF [5] - As of August 14, 2025, the Jiashi rare earth ETF's net value increased by 80.39% over the past year, ranking 121 out of 2961 index stock funds, placing it in the top 4.09% [5] - The highest monthly return since inception for the Jiashi rare earth ETF was 41.25%, with the longest consecutive monthly gains being four months and a maximum increase of 83.89% [5] Industry Dynamics - The Ministry of Industry and Information Technology and six other departments issued a plan to stabilize growth in the non-ferrous metals industry, emphasizing the strategic importance of rare earths [5] - The rare earth industry is entering a traditional consumption peak season in August, with increased demand from downstream sectors leading to higher procurement [6] - The magnetic materials industry has seen some major manufacturers scheduling orders through mid-September, with both domestic and export orders strengthening [6] - The import volume of domestic rare earth products significantly decreased in the first half of the year due to tariffs and political factors in Myanmar [6] Key Stocks - The top ten weighted stocks in the China Rare Earth Industry Index account for 59.32% of the index, with notable companies including Northern Rare Earth, Baotou Steel, and China Rare Earth [5][8] - The performance of key stocks includes Northern Rare Earth up by 1.69%, China Rare Earth up by 1.50%, and China Aluminum up by 2.48% [8]

Group 1 - The report from CITIC Securities expresses a strong positive outlook on the investment value of core battery assets in China, driven by improving supply and demand dynamics [1] - In the short term, by Q2 2025, battery prices are expected to stabilize due to continuous improvement in supply and demand, along with a decrease in upstream raw material costs and increased operating rates, leading to additional profit elasticity [1] - In the medium to long term, the trend of supply and demand improvement remains clear, with electric commercial vehicles, AI data centers, and overseas markets likely to bring excess growth to leading companies [1] - Valuation-wise, China's core battery assets still hold significant advantages over Japanese and Korean companies, with the potential for further valuation uplift as more battery companies list H-shares [1] Group 2 - The New Energy Vehicle ETF closely tracks the CSI New Energy Vehicle Industry Index, with the battery sector accounting for nearly half of its weight [1] - As of July 31, 2025, the top ten weighted stocks in the CSI New Energy Vehicle Industry Index include CATL, Huichuan Technology, BYD, Changan Automobile, Huayou Cobalt, Sanhua Intelligent Control, EVE Energy, Ganfeng Lithium, Tianqi Lithium, and Gree Environmental, collectively accounting for 55.33% of the index [2] - The New Energy Vehicle ETF has several off-market connection options, including Ping An CSI New Energy Vehicle ETF Connect A, C, and E [2]

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]