从指数持仓来看，中证回购价值策略指数十大权重分别为：菲利华（5.55%）、阳光电源（5.35%）、 宁德时代（4.76%）、南山铝业（4.73%）、金发科技（4.61%）、三花智控（4.57%）、汇川技术 （4.45%）、美的集团（4.36%）、天赐材料（4.35%）、国金证券（4.14%）。 金融界8月5日消息，上证指数高开高走，中证回购价值策略指数 (回购价值策略，931830)报2358.37 点。 数据统计显示，中证回购价值策略指数近一个月上涨8.48%，近三个月上涨13.55%，年至今上涨 21.48%。 据了解，中证回购价值策略指数从发生过股票回购事件的上市公司中选取估值水平较低、业绩预期较好 的50只上市公司证券作为指数样本，以反映该类上市公司证券的整体表现。该指数以2018年12月28日为 基日，以1000.0点为基点。 从中证回购价值策略指数持仓的市场板块来看，深圳证券交易所占比67.34%、上海证券交易所占比 32.66%。 从中证回购价值策略指数持仓样本的行业来看，工业占比34.24%、原材料占比21.18%、医药卫生占比 10.72%、可选消费占比10.35%、信息技术占比10.17% ...

Core Insights - The core viewpoint of the article highlights the significant growth in China's lithium battery electrolyte shipments, projected to reach 920,000 tons in the first half of 2025, representing a 57% year-on-year increase driven primarily by the rising demand for power and energy storage batteries [2]. Group 1: Market Overview - In the first half of 2025, the top 10 companies in China's lithium battery electrolyte shipments include Tianqi Materials, BYD (self-supply), Xinzhoubang, Zhuhai Sawei, Kunlun New Materials, Shida Shenghua, Yongtai Technology, Sinochem Blue Sky, Ruitai New Materials, and Weihai Caijin [2][3]. Group 2: Industry Trends - The growth in shipments is attributed to the increasing output of both power batteries and energy storage batteries, indicating a robust demand in the lithium battery sector [2].

| 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2025-085 | | --- | --- | --- | | 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 关于变更持续督导保荐代表人的公告 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"）于近日收到保荐机构中 国国际金融股份有限公司（以下简称"中金公司"）出具的《关于变更广州天赐 高新材料股份有限公司 2022 年公开发行可转换公司债券项目持续督导保荐代表 人的函》。中金公司为公司 2022 年公开发行可转换公司债券项目的持续督导保荐 机构，原指定罗唯女士、谷珂女士为持续督导的保荐代表人。由于罗唯女士因个 人原因离开中金公司，中金公司指定陈贻亮先生接替公司 2022 年公开发行可转 换公司债券的持续督导工作，继续履行相关职责。（陈贻亮先生的简历见附件）。 天赐材料（002709） 公司董事会对罗唯女士在公司 2022 年公开发行可转换公司债券项目持续督 导期间所做的工作表示衷心感谢！ 特此公告。 广州天 ...

Core Viewpoint - The Hong Kong stock market is becoming a strategic "springboard" for lithium battery companies to accelerate overseas expansion amid global energy transition, with a surge in IPOs expected in 2024 [1][18]. Group 1: Companies Going Public - XINWANDA has submitted an application for H-share listing on the Hong Kong Stock Exchange, with Goldman Sachs and CITIC Securities as joint sponsors [1]. - As of now, around 15 companies from the battery sector, including NINGDE TIMES, YIWAI LITHIUM ENERGY, and others, are aiming for IPOs in Hong Kong, indicating a trend of "A+H" dual listings [2]. - NINGDE TIMES successfully listed in Hong Kong on May 20, 2024, raising significant capital for overseas projects [4]. Group 2: Funding and Expansion Plans - ZHENGLI NEW ENERGY raised approximately HKD 10.05 billion in its IPO, with plans to expand production capacity and invest in R&D [5]. - YIWAI LITHIUM ENERGY is focusing its Hong Kong listing on financing overseas production bases in Hungary and Malaysia, with a planned capacity of 30 GWh in Hungary [6]. - HAI CHEN ENERGY aims to become the third-largest global supplier of lithium-ion storage batteries, with a market share of 11% and significant overseas revenue growth [7]. Group 3: Globalization Strategies - XINWANDA has established production bases in multiple countries, with overseas revenue expected to reach 41.83% in 2024 [9]. - ZHONGWEI CO., LTD. has seen its overseas revenue grow from CNY 202 million to CNY 17.88 billion from 2017 to 2024, indicating a strong international presence [11]. - STAR SOURCE MATERIALS plans to enhance its global footprint through a new factory in Malaysia, aiming for a production capacity of 2 billion square meters of battery separators [12]. Group 4: Market Dynamics - The increasing competition in the domestic market and the need for capital have driven companies to seek listings in Hong Kong, which offers a more favorable financing environment [18]. - The trend of lithium battery companies pursuing IPOs in Hong Kong reflects the necessity for local operations to navigate trade barriers in overseas markets [18]. - The upcoming IPO wave is expected to reshape the competitive landscape of the lithium battery industry, with capital internationalization becoming a new avenue for leading companies [18].

风险提示：股市有风险，投资需谨慎。 天赐材料主营业务为锂离子电池材料、有机硅材料等精细化工产品的研发、生产和销售。公司产品广泛 应用于新能源汽车、消费电子、电力储能等领域。 7月31日，天赐材料发生一笔大宗交易，成交74.8万股，金额1459.35万元，成交价19.51元，较当日收盘 价溢价3.28%。买方为机构专用席位，卖方为广发证券广州科韵路营业部。 天赐材料股价报18.89元，较前一交易日下跌0.62元，跌幅为3.18%。开盘价为19.36元，最高触及19.51 元，最低下探至18.79元，成交量为381409手，成交额7.29亿元。 ...

两融数据显示，该股最新融资余额为13.77亿元，近5日减少3208.34万元，降幅为2.28%。（数据宝） 7月31日天赐材料大宗交易一览 天赐材料7月31日大宗交易平台出现一笔成交，成交量74.80万股，成交金额1459.35万元，大宗交易成交 价为19.51元，相对今日收盘价溢价3.28%。该笔交易的买方营业部为机构专用，卖方营业部为广发证券 股份有限公司广州科韵路证券营业部。 进一步统计，近3个月内该股累计发生11笔大宗交易，合计成交金额为1.27亿元。 证券时报·数据宝统计显示，天赐材料今日收盘价为18.89元，下跌3.18%，日换手率为2.75%，成交额为 7.29亿元，全天主力资金净流出9270.75万元，近5日该股累计下跌5.08%，近5日资金合计净流出2.75亿 元。 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 价（%） | 业部 | | | 74.80 | 1459.35 | 19.51 | 3.28 | 机构专 | 广发证 ...

Investment Rating - The industry investment rating is "Overweight" [9][30]. Core Views - The report highlights strong demand for commercial vehicles and favorable conditions for large-scale energy storage in China, leading to a month-on-month increase in lithium battery production in August [1]. - The report anticipates limited price reduction space in the battery and materials segments due to sustained demand growth and improved capacity utilization rates, particularly in Q3 [1]. - The report recommends several companies, including CATL, Yiwei Lithium Energy, and Xinwangda, as well as companies in the 6F and positive electrode materials sectors [1][5]. Summary by Sections Lithium Battery Production - In August, lithium battery production reached 110.3 GWh, a month-on-month increase of 1.5%, with positive and negative electrode production increasing by 2.6% and 2.3%, respectively [1]. - The demand for electric commercial vehicles and large-scale energy storage is driving this growth, indicating a continued upward trend in the lithium battery industry [1]. New Energy Vehicles - In July 2025, domestic retail sales of new energy vehicles reached 1.01 million units, a year-on-year increase of 15%, with a cumulative sales increase of 29.1% for the first seven months [2]. - The penetration rate of new energy heavy trucks in China reached 14.69%, with sales increasing by 186% year-on-year [2]. Energy Storage - The report notes that the profitability model for large-scale energy storage in China is gradually improving, with a significant increase in bidding scale [4]. - In the first half of 2025, the bidding scale for energy storage reached 176.59 GWh, a year-on-year increase of 180.57% [4]. Recommendations - The report recommends the following companies for investment: - CATL (300750 CH) with a target price of 341.24 and a "Buy" rating [7]. - Yiwei Lithium Energy (300014 CH) with a target price of 49.20 and a "Buy" rating [11]. - Xinwangda (300207 CH) with a target price of 23.18 and a "Buy" rating [12]. - Tianci Materials (002709 CH) with a target price of 22.80 and a "Buy" rating [12]. - Fulian Precision (300432 CH) with a target price of 26.77 and a "Buy" rating [14].

Core Viewpoint - The traditional lithium battery industry is undergoing a reevaluation as solid-state batteries emerge as the next technological wave, with key players redefining their roles in the supply chain [2][3]. Industry Developments - Separator companies are proactively redefining their roles by developing "base film" products that can serve as solid-state electrolyte carriers, paving a clear path toward industrialization [2]. - Leading electrolyte companies are beginning to disclose their deep involvement in solid and semi-solid battery materials, marking a shift from their previous silence [2][3]. Key Material Innovations - Tinci Materials has chosen a liquid-phase method for lithium sulfide preparation, focusing on precise impurity control rather than merely achieving high purity levels [3]. - Tinci's lithium sulfide is currently in the laboratory stage, with a goal to produce kilogram-level samples by the end of 2025, aiming for significant cost advantages through in-house synthesis of solid-state electrolytes [3]. - Huasen Lithium has also adopted a liquid-phase method, achieving an ionic conductivity of 5.57 mS/cm for Li₆PS₅Cl solid-state electrolyte [4]. Production Capacity and Goals - New Zobon, a major electrolyte player, has formed a joint venture with separator company Xingyuan Materials, achieving over 100 kg production of sulfide electrolytes and plans to establish a 10-ton/year production line by the end of 2025 [5]. Transition to Semi-Solid Solutions - Semi-solid gel electrolytes are viewed as the closest solution to commercialization, requiring minimal changes to existing cell production processes for rapid large-scale application [5]. - Tinci is working on an in-situ solidifying gel electrolyte to address safety concerns and reduce leakage risks, although challenges remain in achieving uniformity during scaling [5][6]. Strategic Material Development - Tinci is also developing high-voltage electrolyte solutions while engaging in the development of 5V nickel manganese lithium high-voltage cathode materials, which can increase energy density by over 20% compared to lithium iron phosphate [6]. - The compatibility of nickel manganese lithium with electrolytes poses commercialization challenges, prompting Tinci to innovate in solvent and additive development [6]. Alternative Material Paths - Shida Shenghua is focusing on silicon-based anodes as a key alternative path, leveraging its chemical industry advantages to establish a thousand-ton production line for silicon-based anodes [7][8]. - Companies like Kunlun New Materials are diversifying their technological coverage, offering products across sulfide, oxide powders, and slurries tailored to customer specifications [8]. Conclusion - Chinese electrolyte companies have moved past the observation phase, leveraging their core competencies in chemical synthesis, purification, and industrialization to engage in a competitive race for next-generation battery materials [8].

Core Viewpoint - The development of the green low-carbon industry in Guangdong is crucial for achieving carbon peak and carbon neutrality goals, and it serves as a new driving force for high-quality development in the province, with significant strategic importance and market potential [2][3][4]. Group 1: Industry Scale and Achievements - The total output value of the new energy industry in Guangdong is projected to reach 1.1 trillion yuan in 2024 [14]. - Guangdong has created 400 national-level green factories and established the country's first 1 million-ton hydrogen-based vertical furnace project [10][9]. - The total area of green buildings in the province has exceeded 1 billion square meters, with over 95% of new buildings being green [11]. Group 2: Renewable Energy Development - Guangdong has developed a complete industrial chain for offshore wind power, with an installed capacity exceeding 12 million kilowatts, ranking first in the country [13]. - The province's nuclear power installed capacity is also the highest in the nation [13]. - The new energy sector includes offshore wind power, new energy storage, photovoltaics, and hydrogen energy [14]. Group 3: Electric Vehicle and Battery Industry - The automotive industry in Guangdong is expected to achieve revenue exceeding 1.28 trillion yuan in 2024 [16]. - The province is nurturing globally competitive companies in electric and intelligent vehicles, including BYD, GAC Group, and Xpeng Motors, as well as battery manufacturers like Yiwei Lithium Energy and Xinwanda [17][19]. Group 4: Energy Storage and Recycling - The revenue of the new energy storage industry in Guangdong is projected to be around 400 billion yuan in 2024, with an installed capacity of 3.5 million kilowatts, a year-on-year increase of 114% [21]. - The province's energy-saving and recycling technology and service industry accounts for about 10% of the national scale, with several companies recognized in the top 50 environmental enterprises in China [22][24]. Group 5: Future Development Strategies - Guangdong aims to leverage the opportunity to build a world-class green low-carbon industrial cluster in the Greater Bay Area, enhancing its development capabilities and promoting a comprehensive green transformation of the economy and society [29][31]. - The province plans to improve the policy framework for green low-carbon industry development and focus on high-growth and strategic industries [32][34]. - There will be an emphasis on technological innovation and demonstration applications in the green low-carbon sector [35][36].

（原标题：天赐材料大宗交易成交1500.49万元，买方为机构专用席位） 天赐材料7月29日大宗交易平台出现一笔成交，成交量75.25万股，成交金额1500.49万元，大宗交易成交 价为19.94元，相对今日收盘价溢价0.61%。该笔交易的买方营业部为机构专用，卖方营业部为广发证券 股份有限公司广州科韵路证券营业部。 证券时报•数据宝统计显示，天赐材料今日收盘价为19.82元，下跌0.60%，日换手率为2.05%，成交额为 5.62亿元，全天主力资金净流出5860.62万元，近5日该股累计上涨2.59%，近5日资金合计净流出572.00 万元。 两融数据显示，该股最新融资余额为13.84亿元，近5日减少456.80万元，降幅为0.33%。（数据宝） 7月29日天赐材料大宗交易一览 | 成交量 （万股） | 成交金额 （万元） | 成交价格 （元） | 相对当日 收盘折溢价 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | | | （%） | | | | 75.25 | 1500.49 | 19.94 | 0.61 | 机构专用 | 广发证券股 ...