Core Viewpoint - The chemical industry is currently experiencing a dual bottom in valuation and profitability, with signs of recovery in profit margins and a potential upward trend in the economic cycle driven by demand recovery and resource supply contraction [1][2]. Group 1: Industry Performance - As of December 3, 2025, the chemical sector index rose by 0.87%, with notable gains from stocks such as Hangzhou Oxygen Plant (up 4.48%) and Yara International (up 4.42%) [1]. - The basic chemical sector's net profit increased by 7.45% year-on-year for the first three quarters of 2025, indicating a recovery trend despite mixed performance across sub-sectors [1]. - The overall chemical industry remains at a low level of prosperity, but a gradual improvement in profit margins is becoming evident [1]. Group 2: Market Dynamics - The industry is expected to benefit from reduced supply-side pressures and a global monetary easing environment, particularly with the anticipated interest rate cuts by the Federal Reserve, which could stimulate downstream demand [1]. - The focus on "anti-involution" policies is crucial as multiple sub-industries face competitive pressures, and the industry is likely to accelerate the release of high-performance new materials driven by AI demand [1][2]. Group 3: Investment Opportunities - Investors can track the chemical sector through the Jia Shi Chemical ETF (159129), which closely follows the China Securities Index for the chemical industry [2]. - There are also opportunities for off-market investors to engage with the chemical sector via the Chemical ETF Connect Fund (013527) [3].

Investment Rating - The industry rating is "Overweight" (maintained) [5] Core Insights - The sodium-ion battery industry is transitioning from "industrialization year" to "scale application year" in 2025, with significant growth expected in various applications such as energy storage, start-stop systems, two-wheeled vehicles, and mid-low range electric vehicles [5][37] - The average price of sodium battery cells in 2025 is projected to be 0.52 yuan/Wh, expected to drop to 0.25 yuan/Wh by 2030 [5][37] - The global sodium battery market is anticipated to reach a scale of 1,051 GWh by 2030, with substantial contributions from energy storage and automotive sectors [5][39][40] Summary by Sections 1. Sodium-Ion Battery Material Segments - Key materials for sodium-ion batteries include layered oxides, polyanions, and Prussian blue, with polyanions expected to dominate the market by 2030 [5][16][51] - The production process for sodium-ion batteries is similar to that of lithium-ion batteries, with specific adjustments in material handling and processing [5][33][34] 2. Market Application Potential - The energy storage sector shows immense potential for sodium batteries, particularly in large-scale storage systems due to their long cycle life and safety features [5][37] - In the automotive sector, sodium batteries are expected to dominate the A00/A0 class microcars and economical family cars, with a projected market size of 410 GWh by 2030 [5][40][41] 3. Material Shipment Forecasts - For 2025, the total shipment of sodium battery positive materials is expected to reach 15,000 tons, with polyanion materials surpassing layered oxides in shipment volume [5][51] - The shipment of sodium battery negative materials is projected to be 141.9 million tons by 2030, with hard carbon remaining the mainstream choice [5][54] - The sodium battery electrolyte market is expected to see a shipment of 157.7 million tons by 2030, with prices decreasing from 28,000 yuan/ton in 2025 to 15,000 yuan/ton by 2030 [5][58] 4. Key Company Developments - CATL launched its sodium battery products in 2025, achieving energy densities of 175 Wh/kg and over 10,000 cycles, marking a significant advancement in battery technology [5][61] - BYD reported a sodium battery cell capacity of 200 Ah and a cycle life exceeding 10,000 cycles, showcasing superior performance compared to existing lithium batteries [5][64] - Transart Technology is expanding its sodium battery production capacity, targeting applications in electric two-wheelers and other sectors [5][66] - Weike Technology is focusing on the development and production of sodium battery products, emphasizing their application in energy storage and start-stop systems [5][67]

一、签字注册会计师变更情况 天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2025-138 | | --- | --- | --- | | 转债代码：127073 | 转债简称：天赐转债 | | 致同所为公司 2025 年度审计机构，原委派赵雷励先生、张林岩女士作为签 字注册会计师为公司提供审计服务，因赵雷励先生、张林岩女士工作变动原因， 现委派陈晶晶女士、刘霞女士为签字注册会计师，继续完成公司 2025 年度财务 报告审计的相关工作。本次变更后，公司 2025 年度审计签字注册会计师为陈晶 晶女士、刘霞女士。 二、新任签字注册会计师信息 广州天赐高新材料股份有限公司 关于变更签字注册会计师的公告 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。 广州天赐高新材料股份有限公司（以下简称"公司"）于 2025 年 4 月 11 日召 开第六届董事会第三十一次会议，于 2025 年 5 月 8 日召开 2024 年度股东大会， 审议通过了《关于续聘公司 2025 年度审计机构的议案》，同意续聘致同会计师 事务所（特殊普通 ...

沪指12月2日下跌0.42%，申万所属行业中，今日上涨的有7个，涨幅居前的行业为石油石化、轻工制 造，涨幅分别为0.71%、0.55%。跌幅居前的行业为传媒、有色金属，跌幅分别为1.75%、1.36%。电力 设备行业今日下跌1.18%。 资金面上看，两市主力资金全天净流出464.99亿元，今日有7个行业主力资金净流入，轻工制造行业主 力资金净流入规模居首，该行业今日上涨0.55%，全天净流入资金6.79亿元，其次是农林牧渔行业，日 跌幅为0.34%，净流入资金为5.85亿元。 主力资金净流出的行业有24个，电子行业主力资金净流出规模居首，全天净流出资金80.48亿元，其次 是电力设备行业，净流出资金为59.57亿元，净流出资金较多的还有通信、计算机、有色金属等行业。 电力设备行业今日下跌1.18%，全天主力资金净流出59.57亿元，该行业所属的个股共364只，今日上涨 的有62只，涨停的有1只；下跌的有296只。以资金流向数据进行统计，该行业资金净流入的个股有93 只，其中，净流入资金超亿元的有9只，净流入资金居首的是龙蟠科技，今日净流入资金2.29亿元，紧 随其后的是航天机电、宁德时代，净流入资金分别为2. ...

证券研究报告 行业研究 / 行业点评 2025 年 12 月 02 日 陆嘉怡 S0820124120008 021-32229888-25521 lujiayi@ajzq.com 电力设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《数据中心能耗和功率提升推动供电架构革新， SST 市场空间广阔》2025-11-26 《储能锂电需求向好，锂电材料价格温和抬升》 2025-11-25 《10 月光伏出口环比下滑，储能需求旺盛》 2025-11-25 《动力和储能电池需求强劲，原材料和电芯价 格明显回升》2025-11-19 《电新行业 2025Q3 公募基金持仓分析》 2025-11-19 朱攀 S0820525070001 021-32229888-25527 zhupan@ajzq.com 联系人 行业及产业 动力和储能锂电需求向好，锂电材料价 格涨跌互现 ——锂电行业跟踪 强于大市 投资要点： 排产：10 月份锂电行业排产超预期。2025 年 1-10 月，国内电池和磷酸铁锂正极材料产量 明显高于 2024 年同期。2025 年 10 月，国内电池产量 ...

（文章来源：每日经济新闻） 每经AI快讯，12月2日，锂电电解液指数盘中跌2%，石大胜华跌4.80%，多氟多跌4.32%，天赐材料跌 2.71%，天际股份跌2.46%，奥克股份跌2.43%。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002709 证券简称：天赐材料公告编号：2025-137 重要内容提示： 1、最后交易日：2025年11月27日（已停止交易） 2025年11月27日是"天赐转债"最后一个交易日，当日"天赐转债"简称为"Z赐转债"；2025年11月27日收 市后"天赐转债"已停止交易。 2、最后转股日：2025年12月2日 2025年12月2日是"天赐转债"最后一个转股日，当日收市前，持有"天赐转债"的投资者仍可进行转股； 2025年12月2日收市后，未转股的"天赐转债"将停止转股。 截至2025年12月1日收市后，距离"天赐转债"停止转股并赎回仅剩1个交易日。本公司特别提醒"天赐转 债"持有人务必认真阅读本公告，充分了解相关风险，注意最后转股时间，审慎作出投资决策。 3、风险提示： 转债代码：127073 转债简称：天赐转债 广州天赐高新材料股份有限公司关于提前赎回"天赐转债"暨最后一个转股日的重要提示性公告 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。 根据安排，截至2025年12月2日收市后仍未转股的"天赐 ...

Group 1 - The chemical sector continues to rise, with the chemical ETF (516020) experiencing a maximum intraday increase of 1.89% and closing up 1.01%, marking three consecutive days of gains [1][2] - Key stocks in the sector include HEBANG Biological, which hit the daily limit, and others like Tongcheng New Materials, Sankeshu, and Cangge Mining, all showing significant gains [1][3] - The basic chemical sector has seen a net inflow of 19.525 billion yuan in the last five trading days, ranking fourth among 30 sectors, and a total net inflow of 194.6 billion yuan over the past 60 days, ranking second [1][3] Group 2 - The chemical ETF (516020) has outperformed major indices, with a year-to-date increase of 28.99%, compared to 16.77% for the Shanghai Composite Index and 16.3% for the CSI 300 Index [3][4] - The current valuation of the chemical sector is relatively low, with a price-to-book ratio of 2.32, indicating potential for long-term investment [5][6] - The chemical industry is expected to experience a turning point due to a combination of factors, including a potential recovery in demand and a decrease in supply, driven by policies aimed at reducing competition [6][7] Group 3 - The recent establishment of a large-capacity all-solid-state battery production line in China is expected to significantly boost upstream demand in the chemical sector [5][6] - The chemical ETF (516020) provides a diversified investment opportunity across various sub-sectors, with nearly 50% of its holdings in large-cap stocks and the other half in leading stocks from various chemical segments [7]

| 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2025-137 | | --- | --- | --- | | 转债代码：127073 | 转债简称：天赐转债 | | 广州天赐高新材料股份有限公司关于提前 天赐材料（002709） 赎回"天赐转债"暨最后一个转股日的重要提示性公告 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。 重要内容提示： 1、最后交易日：2025年11月27日（已停止交易） 2、最后转股日：2025年12月2日 2025年12月2日是"天赐转债"最后一个转股日，当日收市前，持有"天赐转 债"的投资者仍可进行转股；2025年12月2日收市后，未转股的"天赐转债"将停 止转股。 截至2025年12月1日收市后，距离"天赐转债"停止转股并赎回仅剩1个交易 日。本公司特别提醒"天赐转债"持有人务必认真阅读本公告，充分了解相关风 险，注意最后转股时间，审慎作出投资决策。 3、风险提示： 根据安排，截至 2025 年 12 月 2 日收市后仍未转股的"天赐转债"将被强制 赎回。本次赎回完成后，"天赐转债"将在深交所摘牌。投资者持有 ...

证券之星消息，12月1日电池板块较上一交易日上涨1.32%，德赛电池领涨。当日上证指数报收于 3914.01，上涨0.65%。深证成指报收于13146.72，上涨1.25%。电池板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000049 | 德赛电池 | 29.58 | 10.00% | 41.84万 | 12.22 乙 | | 001283 | 豪鹏科技 | 74.70 | 7.40% | 7.95万 | 5.80亿 | | 300390 | 天华新能 | 55.06 | 6.01% | 83.88万 | 47.69亿 | | 301121 | 紫建电子 | 45.36 | 3.82% | 4.81万 | 2.16亿 | | 301511 | 德福科技 | 33.21 | 3.75% | 31.19万 | 10.41亿 | | 600110 | 诺德股份 | 7.78 | 3.46% | 135.45万 | 10.51亿 | | 920237 | 力佳科技 | 24.7 ...