1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The "Automobile Industry Steady Growth Work Plan (2025 - 2026)" aims for about 32.3 million vehicle sales in 2025, a 3% YoY increase, with around 15.5 million new energy vehicle sales, a 20% YoY increase, and a 6% YoY growth in automobile manufacturing added - value. In 2026, the industry is expected to maintain a stable and positive development trend [1][105][116]. - From January to August, China's automobile sales reached 21.128 million, a 12.6% YoY increase, and new energy vehicle sales were 9.62 million, a 36.7% YoY increase, achieving 65.4% and 61.9% of the annual targets respectively [1][106][118]. - In the 36th week (September 1 - 7), new energy passenger vehicle retail sales were 220,000, a 0.5% YoY decrease, and the annual cumulative retail sales were 7.645 million, a 23.4% YoY increase. The single - week penetration rate reached 60.6%, and the annual cumulative penetration rate was 51.9%, showing a slow upward trend [2][109][118]. - In July, global new energy vehicle sales reached 1.392 million, an 18.5% YoY increase, and from January to July, sales were 9.233 million, a 25.9% YoY increase. Except for China, Europe and other regions had significant growth, with 29.5% and 53.4% growth respectively from January to July [2][118]. - In August, the US new energy vehicle sales were 177,000, an 18.4% YoY increase, much higher than the overall vehicle growth rate of 2%. From January to August, the cumulative sales were 1.01 million, a 2.4% YoY increase [2][112][119]. 3. Summary by Related Catalogs 3.1 Financial Market Tracking - The weekly price changes of relevant sectors and listed companies are presented. For example, BYD's closing price on September 12 was 105.91 yuan, with a - 1.26% weekly change; CATL's closing price was 325 yuan, with a - 0.03% weekly change [13][15][16]. 3.2产业链数据跟踪 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports**: In August, new energy vehicle production and sales were 1.391 million and 1.395 million respectively, with YoY growth of 27.4% and 26.8%. From January to August, production and sales were 9.625 million and 9.62 million respectively, with YoY growth of 37.3% and 36.7%. In August, new energy vehicle exports were 224,000, a 100% YoY increase. From January to August, exports were 1.532 million, an 87.3% YoY increase [106][107][108]. - **Inventory Changes**: Data on monthly new additions to new energy passenger vehicle channel inventory and manufacturer inventory are provided [25][26]. - **Delivery Volumes of Chinese New Energy Vehicle Manufacturers**: Monthly delivery volumes of manufacturers such as Leapmotor, Li Auto, XPeng, NIO, Zeekr, Aion, Voyah, and Deepal are presented [28][29][33]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: In July, global new energy vehicle sales reached 1.392 million, an 18.5% YoY increase, and from January to July, sales were 9.233 million, a 25.9% YoY increase [2][118]. - **European Market**: Relevant data on new energy vehicle sales and penetration rates in Europe, including the UK, Germany, and France, are provided [44][45][49]. - **North American Market**: In August, US new energy vehicle sales were 177,000, an 18.4% YoY increase. From January to August, the cumulative sales were 1.01 million, a 2.4% YoY increase. Data on North American new energy vehicle sales and penetration rates are also presented [2][112][119]. - **Other Regions**: Data on new energy vehicle sales and penetration rates in other regions, such as Japan, South Korea, and Thailand, are provided [60][61][65]. 3.2.3 Power Battery Industry Chain - Data on power battery installation volume (by material), export volume (by material), weekly average price of power battery cells, and material costs are presented. Information on the operating rates and prices of ternary materials, precursors, lithium iron phosphate, negative electrode materials, electrolytes, and other related materials is also provided [76][78][82]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of rubber, glass, steel, and aluminum are provided [97][98][100]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - The eight - department joint issuance of the "Automobile Industry Steady Growth Work Plan (2025 - 2026)" aims to achieve specific sales and growth targets for 2025 and 2026 [1][105][116]. - The six - department joint launch of a three - month special rectification action for online chaos in the automobile industry aims to improve the handling efficiency of online chaos and regulate marketing and publicity behaviors [105]. - The two - department release of the "Implementation Opinions on Promoting High - Quality Development of 'Artificial Intelligence +' Energy" promotes the application of artificial intelligence in energy - related fields [106]. 3.3.2 China: Industry Dynamics - In August, new energy vehicle production and sales data are as stated above. From January to August, the production and sales of new energy vehicles also showed significant growth [106][107][108]. - From September 1 - 7, new energy retail sales decreased by 3% YoY, and the cumulative retail sales increased by 25% [109]. - In August, China's power battery installation volume was 62.5GWh, a 32.4% YoY increase. From January to August, the cumulative installation volume was 417.9GWh, a 43.1% YoY increase [110][111]. - The China Association of Automobile Manufacturers is preparing to establish a new energy vehicle battery branch [111]. 3.3.3 Overseas: Policy Dynamics - Mexico plans to raise import tariffs on products from Asian countries such as China, South Korea, and India to 50%, which requires congressional approval [112]. - The US has exempted a variety of products, including gold, graphite, and nickel, from tariffs [112]. 3.3.4 Overseas: Industry Dynamics - In August, US new energy vehicle sales were 177,000, an 18.4% YoY increase [112][113][119]. 3.3.5 Overseas: Enterprise Dynamics - Construction of South Korean battery factories in the US has been interrupted due to immigration enforcement. LG Energy Solution has taken corresponding measures [113][114]. - VinFast delivered 72,167 vehicles globally in the first half of 2025, with significant growth in vehicle and motorcycle sales. In the second quarter, revenue increased by 91.6% YoY, and the net loss was approximately 812 million US dollars [115]. - InoBat, a Slovakian electric vehicle battery manufacturer, received 54 million euros in subsidies and 456,000 euros in loans from the Spanish government to support the construction of a battery super - factory [116][117]. 3.4 Industry Views The "Automobile Industry Steady Growth Work Plan (2025 - 2026)" sets clear goals for 2025 and 2026, and current market data shows the development status of the new energy vehicle industry [1][116][118]. 3.5 Investment Suggestions - China's new energy vehicle market penetration rate has reached a relatively high level. In 2025, high - competitiveness new models are continuously launched, and price wars are gradually ending. - Due to severe trade protectionism in Europe and the US, there are risks in exports. Attention should be paid to new growth points such as Belt and Road countries and the Middle East. - In the competitive landscape, domestic brands' market shares continue to expand. Attention should be paid to enterprises with strong product capabilities, smooth overseas expansion, and stable supply [3][120][121].

Company Overview - Duofuduo New Materials Co., Ltd. is located in Jiaozuo City, Henan Province, established on December 21, 1999, and listed on May 18, 2010 [1] - The company specializes in lithium hexafluorophosphate and electronic chemicals, lithium-ion batteries, new energy vehicles, and inorganic fluorides [1] Business Composition - The revenue composition of Duofuduo is as follows: - New energy materials: 34.97% - Fluorine-based new materials: 30.39% - New energy batteries: 25.30% - Electronic information materials: 5.55% - Others: 3.80% [1] Stock Performance - On September 12, the stock price of Duofuduo fell by 5.09%, closing at 16.77 CNY per share, with a trading volume of 1.785 billion CNY and a turnover rate of 9.65%, resulting in a total market capitalization of 19.964 billion CNY [1] Shareholder Information - Among the top ten circulating shareholders, a fund under Huatai-PineBridge Investment holds a significant position, specifically the Huatai-PineBridge CSI New Energy Vehicle Industry Index (LOF) A (501057), which increased its holdings by 761,300 shares in Q2, totaling 7.5903 million shares, representing 0.7% of circulating shares [2] - The fund has a current scale of 4.57 billion CNY and has achieved a year-to-date return of 36.45%, ranking 1016 out of 4222 in its category [2] Fund Manager Profile - The fund manager of Huatai-PineBridge CSI New Energy Vehicle Industry Index (LOF) A is Guo Beibei, who has been in the position for 10 years and 44 days, managing assets totaling 44.242 billion CNY [3] - During her tenure, the best fund return was 137.77%, while the worst was -57.8% [3]

李世江在表态发言中表示，当前国际科技竞争日趋激烈，知识产权已成为打破技术霸权、保障国家科技 自立自强的"核心武器"。对焦作市而言，加强知识产权保护是吸引创新资源、提升产业竞争力、实现高 质量转型的关键一招；对企业来说，知识产权保护更是生存发展的生命线。多氟多正是凭借自主研发的 1000余项专利、严密的知识产权保护体系成功打破六氟磷酸锂、电子级氢氟酸等产品的国外垄断，实现 从"跟跑"到"领跑"的跨越。 中化新网讯 9月10日，焦作市知识产权保护商会换届暨第二届会员大会召开。此次大会选举产生了新一 届理事会和班子成员，多氟多新材料股份有限公司董事长李世江凭借在知识产权领域的深厚积淀与行业 影响力连任会长。 围绕商会的未来发展，李世江提出"三个聚焦"的工作方向：一是聚焦"护创新"，组建专业服务团队，为 会员企业提供专利申请、维权援助、侵权应对等全链条服务，守护企业创新成果不被侵犯；二是聚 焦"连政企"，建立定期沟通机制，一方面向企业精准传递政府知识产权扶持政策，另一方面向政府反馈 企业发展诉求，打通政策落地"最后一公里"；三是聚焦"强产业"，搭建行业交流平台，组织开展知识产 权沙龙、技术对接会等活动，推动企业间专利 ...

换届大会现场，各项议程紧凑有序、务实高效。会员逐项审议并通过商会工作报告、财务报告及新修订 的商会章程，清晰梳理过往工作成效，明确未来五年发展目标。在选举环节，通过无记名投票、差额选 举等规范程序，新一届理事会成员顺利产生。 河南日报客户端记者 姚广强 9月10日上午，焦作市知识产权保护商会换届暨第二届会员大会上，多氟多董事长李世江连任会长。 围绕商会未来发展，李世江表示，要进一步强化"护根基、搭桥梁"的核心职能。聚焦"护创新"，组建专 业服务团队，为会员企业提供专利申请、维权援助、侵权应对等全链条服务，守护企业创新成果不被侵 犯；聚焦"连政企"，建立定期沟通机制，一方面向企业精准传递政府知识产权扶持政策，另一方面向政 府反馈企业发展诉求，打通政策落地"最后一公里"；聚焦 "强产业"，搭建行业交流平台，组织开展知 识产权沙龙、技术对接会等活动，推动企业间专利共享、技术协作，助力焦作新材料、新能源等优势产 业形成创新合力。 中国专利保护协会副会长马维野表示，将与商会共建"专利服务联盟"，共享专利数据库、专家资源，为 企业提供专利检索分析、布局规划等专业服务，助力企业把 "创新想法"转化为"专利成果"，再把"专利 ...

Group 1 - The chemical sector experienced fluctuations on September 11, with the chemical ETF (516020) showing a slight decline of 0.14% as of the report time [1] - Certain stocks within the chemical sector, such as lithium battery and synthetic resin companies, saw significant gains, with Lianhong Xinke hitting the daily limit and Enjie shares rising nearly 6% [1] - Conversely, stocks in the phosphate fertilizer, petrochemical, and nitrogen fertilizer sectors underperformed, with Hongda shares dropping over 2% [1] Group 2 - The chemical ETF (516020) has attracted substantial investment, with a total inflow of 560 million yuan over the past five trading days and over 1 billion yuan in the last ten trading days [1] - The pesticide industry is experiencing a reduction in inventory, with the total inventory-to-asset ratio for the pesticide sector at 13.94% as of June 30, 2025, down 0.12 percentage points from March 31 [3] - The chemical ETF's underlying index has a price-to-book ratio of 2.26, indicating a relatively low valuation compared to the past decade, suggesting a favorable long-term investment opportunity [3] Group 3 - Future policies are expected to address industry challenges, potentially leading to a recovery in the currently struggling chemical sector [4] - Domestic policies frequently mention supply-side requirements, while international factors such as rising raw material costs and capacity reductions in Europe and the U.S. add uncertainty to chemical supply [5] - The chemical ETF (516020) provides a diversified investment approach, covering various sub-sectors within the chemical industry, with nearly 50% of its holdings in large-cap stocks [5]

Summary of Key Points Core Viewpoint - In the past five trading days, a total of 294 companies were investigated by institutions, with significant interest in companies like Yihua, Xiamen Tungsten, and Dofluorid. The majority of these investigations were conducted by securities firms, indicating a strong institutional interest in these companies [1][2]. Group 1: Institutional Research Activity - A total of 294 companies were investigated by institutions from September 4 to September 10, with 87.76% of these investigations involving securities firms [1]. - Among the companies, 75 received attention from more than 20 institutions, with Yihua being the most investigated at 236 institutions [1][2]. - Xiamen Tungsten and Dofluorid followed with 186 and 167 institutions, respectively [1]. Group 2: Fund Flow and Market Performance - In the past five days, 25 stocks that were heavily investigated saw net inflows, with Nandu Power receiving the highest net inflow of 714 million yuan [2]. - Other notable net inflows included Water Holdings and Dofluorid, with inflows of 124 million yuan and 103 million yuan, respectively [2]. - Among the stocks investigated, 44 experienced price increases, with Dofluorid leading with a rise of 28.46% [2]. Group 3: Detailed Company Insights - Yihua: Investigated by 236 institutions, latest closing price at 28.27 yuan, with a price increase of 3.93% [2]. - Xiamen Tungsten: Investigated by 186 institutions, latest closing price at 30.75 yuan, with a price increase of 0.49% [2]. - Dofluorid: Investigated by 167 institutions, latest closing price at 16.97 yuan, with a price increase of 28.46% [2].

Group 1 - The chemical sector experienced a pullback on September 10, with the Chemical ETF (516020) dropping by 1.34% at closing, after a decline of 2.67% during the day [1][2] - Key stocks in the sector, such as Junzheng Group and Jinfat Technology, saw declines exceeding 4%, while Tianqi Materials and Luxi Chemical fell over 3% [1][2] - Despite the pullback, the chemical sector has shown strong performance recently, benefiting from the "anti-involution" trend, with the Chemical ETF index rising by 23.48% since July, outperforming major indices like the Shanghai Composite Index and CSI 300 [3][4] Group 2 - The Producer Price Index (PPI) data released by the National Bureau of Statistics indicated a halt in the decline, with a month-on-month change of 0% and a year-on-year decrease of 2.9%, marking the first narrowing of the decline since March [4] - Analysts suggest that the "anti-involution" policy may reshape the Chinese chemical industry, potentially leading to a significant slowdown in global chemical capacity expansion [5][6] - The valuation of the Chemical ETF remains low, with a price-to-book ratio of 2.3, indicating a favorable long-term investment opportunity [7] Group 3 - Future policies are expected to address industry pain points, which could help the chemical sector recover from its current downturn [8] - The Chinese chemical industry is positioned to fill gaps in the international supply chain due to its competitive advantages in cost and technology [8] - The Chemical ETF (516020) provides a diversified investment opportunity across various segments of the chemical industry, with significant holdings in large-cap stocks [8]

9月10日，多氟多大宗交易成交11.85万股，成交额201.09万元，占当日总成交额的0.05%，成交价16.97 元，较市场收盘价16.97元持平。 | 权益类证券大宗交易(协议交易) | | | | | | | 国下载 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | | 2025-09-10 | 002407 | 多氟多 | 16.97 | 11.85 | 201.09 | 中信证券股份有限 | 中信证券华南股份 | | | | | | | | | 公司上海分公司 | 有限公司佛山分公 | | | | | | | | | | | 司 | ...

根据披露的机构调研信息2025年9月7日，泉果基金对上市公司多氟多进行了调研。 基金市场数据显示，泉果基金成立于2022年2月8日。截至目前，其管理资产规模为163.96亿元，管理基 金数6个，旗下基金经理共5位。旗下最近一年表现最佳的基金产品为泉果旭源三年持有期混合A （016709），近一年收益录得50.56%。 截至2025年9月5日，泉果基金近1年回报前8非货币基金业绩表现如下所示： 基金代码基金简称近一年收益成立时间基金经理016709泉果旭源三年持有期混合A50.562022年10月18日 赵诣 016710泉果旭源三年持有期混合C49.942022年10月18日赵诣 018329泉果思源三年持有期混合 A43.622023年6月2日刚登峰 018330泉果思源三年持有期混合C43.072023年6月2日刚登峰 019624泉果嘉 源三年持有期混合A27.802023年12月5日钱思佳 019625泉果嘉源三年持有期混合C27.292023年12月5日 钱思佳 020855泉果泰然30天持有期债券A1.752024年4月16日钱思佳 徐缘 020856泉果泰然30天持有期债 券C1.342024年 ...

今年以来，在市场经济深度调整的背景下，多氟多新材料股份有限公司一分厂硅法冰晶石联产优质白炭 黑项目的成功复工复产，成为该公司逆势突围的亮眼注脚。 从30多年前氟硅酸钠法制冰晶石联产优质白炭黑项目摘得国家高新技术产业化示范工程桂冠，到如今以 氟化盐为核心的产业板块稳居行业龙头，多氟多始终锚定"氟资源高效利用"这一核心路径，在传承创新 精神中筑牢发展根基，为传统氟化工产业转型升级提供了可借鉴的"多氟多方案"。 循环赋能 激活资源价值最大化 在多氟多一分厂，资源循环利用的理念渗透于生产的每一个环节。101车间班组长李卓洲带领的团队， 将102车间的废水、单冰生产废料与制酸车间的废酸进行精准配比，不仅解决了高纯冰晶石生产中的分 子比调控难题，其过滤产生的母液还能反哺102车间补充洗涤水，形成"废水—生产—再利用"的闭环链 条，将"三废合一"的协同效应发挥到极致。 在104车间，主任张园园团队的节能降耗创新同样可圈可点。针对传统生产中蒸汽能耗高、氨利用率低 的痛点，他们巧用82℃的冰晶石母液预加热氟溶液，使吨冰晶石蒸汽能耗从1.3吨骤降至0.85吨，并通过 酸性废水回收氨解尾气，彻底解决了困扰行业多年的氨超耗问题。 特 ...