Core Viewpoint - The report from Changjiang Securities indicates that Tianqi Materials is expected to maintain high growth in electrolyte shipments in Q3 2025, benefiting from a tight supply environment and gaining market share [1] Group 1: Market Performance - The price of 6F has accelerated significantly since October, which is expected to impact electrolyte prices positively [1] - The company's profitability is projected to improve significantly in Q4 2025, with further elasticity in 6F prices anticipated during the tight supply cycle in 2026 [1] Group 2: Business Segments - The company aims to strategically increase the penetration rate of LIFSI, which is expected to enhance its market share in electrolytes and LIFSI [1] - The phosphate iron business is anticipated to reach a supply-demand inflection point in 2026, potentially contributing to profitability recovery and growth [1] Group 3: Future Prospects - The solid-state battery business is progressing positively, with lithium sulfide samples expected to be sent out, aiming for customer breakthroughs and capacity reserves in 2026 [1] - The UV insulation adhesive has significant value potential, likely to further enhance profitability, with the solid-state battery business to be valued separately based on long-term potential [1] Group 4: Financial Projections - The company's projected net profit attributable to shareholders for 2025 and 2026 is expected to be 1.2 billion and 5.1 billion respectively, with corresponding PE ratios of 67X and 16X [1]

Core Insights - The lithium battery industry is entering a major upward trend, with the battery index significantly outperforming the market by 64.5% as of November 14, 2025, driven by surging demand for energy storage, advancements in solid-state batteries, and tariff disruptions [1] - The industry is expected to return to an upward cycle, with energy storage becoming a core growth driver, leading to new capital expenditures in battery cells and improved profitability due to price increases [1] Industry Outlook - The growth in energy storage is anticipated to be a key driver for the lithium battery sector, with a stable growth expectation for 2026 [1] - Solid-state batteries are gaining momentum, with ongoing developments in capacity bidding, vehicle validation, and material breakthroughs [1] Market Dynamics - Leading battery cell manufacturers are experiencing full order books and steadily increasing capacity utilization, which enhances their pricing power and positions them to lead the industry recovery [2] - Material segment strategies include prioritizing electrolyte solutions due to limited future supply and significant price increase potential, followed by copper foil, lithium iron phosphate, and negative electrode materials [2] Technological Advancements - Solid-state battery technology is advancing, with policy support and emerging industries driving its adoption, leading to potential changes in industry dynamics [2] - Key challenges in solid-state battery production include material interfaces and mass production engineering, with a focus on dry processing and composite materials [3] Investment Recommendations - Companies such as CATL and Tianci Materials are recommended for investment, along with a watchlist of other firms like EVE Energy, Huasheng Lithium, and others in the lithium battery supply chain [3]

Market Overview - A-shares experienced a strong upward movement during the day but retreated in the afternoon, with the Shanghai Composite Index closing up 0.29%, while the Shenzhen Component Index and ChiNext Index fell by 0.25% and 0.44% respectively [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.72 trillion yuan, a decrease of 740 billion yuan compared to the previous trading day [1] - Over 2,700 stocks rose across the market, indicating a rapid rotation of market hotspots [1] Sector Performance - The lithium battery electrolyte concept saw a rebound, with stocks like Shida Shenghua hitting the daily limit [1][6] - The computing power chip sector was active, with Saiwei Electronics rising over 15% [1] - The consumer electronics sector remained strong throughout the day, with Yunzuka Technology hitting the daily limit [1] - The paper sector showed significant gains, with an overall increase of over 2%, driven by price hikes in various paper products [4] - Other sectors such as forestry, daily chemicals, chemical products, and chemical fibers also performed well [5] Specific Company Developments - Xi'an Catering's stock surged, reaching the daily limit after the announcement of 16 measures by the Shaanxi provincial government to deepen capital market reforms [2] - The company focuses on a dual-driven strategy of "catering main business + food industry," emphasizing regional specialty cuisine and food production [3] - Major paper companies have announced price increases for various paper types, benefiting from improved demand and supply-side adjustments [4][6] - Leading electrolyte companies are experiencing a surge in orders, with some contracts extending to 2028, indicating strong future demand [7]

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：2025-135 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。 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。投资者持有的"天赐转债"存在被质押或冻结情形的，建议在停止转股日前解除质 押或冻结，以免出现因无法转股而被强制赎回的情形。 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"暨即将停止转股的重要提示性公告 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） 2025年11月27日是"天赐转债 ...

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。 天赐材料（002709） 重要内容提示： | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2025-135 | | --- | --- | --- | | 转债代码：127073 | 转债简称：天赐转债 | | 1、最后交易日：2025年11月27日（已停止交易） 广州天赐高新材料股份有限公司关于提前 赎回"天赐转债"暨即将停止转股的重要提示性公告 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。 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 ...

Core Viewpoint - The chemical sector has shown significant strength in the market, outperforming major indices like the Shanghai Composite and CSI 300, driven by a "de-involution" trend and favorable supply-demand dynamics [1][2][7]. Group 1: Market Performance - The Shanghai Composite Index weakened towards the end of the trading day, while the ChiNext Index turned negative, with the chemical sector leading the gains [1]. - The Chemical ETF (516020) experienced a daily increase of 1.30%, with a trading volume of 1.13 billion yuan [1]. - The cumulative increase of the Chemical ETF's underlying index reached 26.07% year-to-date, significantly outperforming the Shanghai Composite Index (15.62%) and the CSI 300 Index (14.75%) [2][3]. Group 2: Stock Performance - Notable stocks in the chemical sector included Xin Fengming, which rose by 5.75%, and several others like Lu Xi Chemical and Wan Hua Chemical, which saw increases of over 3% [2][4]. - The trading volume and transaction amounts for leading stocks indicate strong investor interest, with Wan Hua Chemical achieving a transaction amount of 2.464 billion yuan [2]. Group 3: Industry Trends - The solid-state battery concept remains active, with a significant increase in lithium battery material demand, as evidenced by the rise in electrolyte prices from approximately 19,400 yuan/ton at the beginning of the year to 54,250 yuan/ton recently [5]. - The current price-to-book ratio of the chemical sector stands at 2.27, indicating a relatively low valuation compared to historical levels, suggesting potential for long-term investment [5]. Group 4: Future Outlook - The chemical industry is expected to experience a dual uplift in performance and valuation due to the "de-involution" trend, with leading companies likely to gain market share through improved management and energy efficiency [7]. - Analysts predict that the chemical sector may see a cyclical upturn starting in 2026, driven by supply-side reforms and increased demand, particularly as the U.S. enters a rate-cutting cycle [7]. Group 5: Investment Strategy - Investors are encouraged to consider the Chemical ETF (516020) for efficient exposure to the sector, as it tracks the CSI Sub-Industry Chemical Index and includes a diversified portfolio of leading stocks [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 3.814 billion yuan for Q3 2025, representing a year-on-year increase of 11.75% and a quarter-on-quarter increase of 7.73%. The net profit attributable to the parent company was 153 million yuan, up 51.53% year-on-year and 29.11% quarter-on-quarter. The non-recurring net profit was 139 million yuan, reflecting a year-on-year growth of 37.76% and a quarter-on-quarter growth of 38.07% [2][4]. Financial Performance - In Q3 2025, the company's electrolyte shipments are expected to maintain high growth, benefiting from a tight supply in the industry, leading to an increase in market share. The profitability of the electrolyte segment remained stable, with net profit per ton unchanged quarter-on-quarter. The price of 6F has accelerated its increase since October, which is expected to positively impact profitability in Q4 2025. The daily chemical business showed a growth trend, while resource recycling faced some losses due to resource price declines. The iron phosphate segment is anticipated to incur losses [12][12]. Future Outlook - The price of 6F is expected to continue rising, and the electrolyte segment is likely to benefit from this trend, leading to significant profit improvements in Q4 2025. For 2026, the company is expected to see further elasticity in 6F prices during a tight supply cycle, with significant increases in market share for electrolytes and LIFSI. The iron phosphate business is also projected to reach a supply-demand inflection point in 2026, potentially contributing to profit recovery. The solid-state battery business is progressing positively, with lithium sulfide samples expected to be sent out, and the company aims to enhance customer penetration and capacity reserves [12][12]. Earnings Forecast - The company is projected to achieve net profits attributable to the parent company of 1.2 billion yuan in 2025 and 5.1 billion yuan in 2026, corresponding to price-to-earnings ratios of 67 and 16 times, respectively [12].

Core Viewpoint - The battery sector experienced a rise of 0.61% on the previous trading day, with Huazi Technology leading the gains, while the Shanghai Composite Index closed at 3875.26, up 0.29%, and the Shenzhen Component Index closed at 12875.19, down 0.25% [1]. Group 1: Stock Performance - Huazi Technology (300490) closed at 13.02, with a significant increase of 20.00% and a trading volume of 656,600 shares, amounting to a transaction value of 797 million yuan [1]. - Yishitong (688733) also saw a 20.00% increase, closing at 33.18 with a trading volume of 206,500 shares, resulting in a transaction value of 664 million yuan [1]. - Chuzhi Xinyuan (301292) closed at 75.13, up 20.00%, with a trading volume of 339,300 shares and a transaction value of 2.352 billion yuan [1]. - Baosheng Lithium Battery (688353) increased by 15.54%, closing at 115.86 with a transaction value of 2.540 billion yuan [1]. - Penghui Energy (300438) rose by 14.64%, closing at 55.20 with a transaction value of 3.362 billion yuan [1]. Group 2: Capital Flow - The battery sector saw a net inflow of 1.064 billion yuan from main funds, while retail investors experienced a net outflow of 888 million yuan [2][3]. - The main funds showed a net inflow of 253 million yuan into Tianci Materials (002709), while retail investors had a net outflow of 1.06 billion yuan [3]. - Penghui Energy (300438) had a net inflow of 185 million yuan from main funds, but retail investors faced a net outflow of 270 million yuan [3].

Core Insights - The solid-state battery concept sector saw a rise of 1.68%, ranking fifth among concept sectors, with 188 stocks increasing in value, including notable gainers like Mingguan New Materials and Lian De Equipment, which hit the 20% limit up [1][2][3] Sector Performance - The solid-state battery sector had a net inflow of 453 million yuan from major funds, with 122 stocks receiving net inflows, and 13 stocks exceeding 100 million yuan in net inflow [2][3] - Leading the net inflow was Kosen Technology with 287 million yuan, followed by Tian Ci Materials and Lian De Equipment with 264 million yuan and 228 million yuan respectively [2][3] Stock Highlights - Stocks with the highest net inflow ratios included Daoming Optics at 57.86%, Lian De Equipment at 29.92%, and Saiwu Technology at 28.94% [3] - Notable stock performances included: - Kosen Technology: +9.97% with a turnover rate of 17.65% - Tian Ci Materials: +2.70% with a turnover rate of 7.37% - Lian De Equipment: +20.01% with a turnover rate of 19.65% [3][4]

Core Viewpoint - The lithium battery electrolyte sector has experienced a significant surge, with stocks such as Furi Shares, Shida Shenghua, and Wansheng Shares hitting the daily limit, driven by rising prices of key electrolyte components [1] Price Movements - On November 26, prices for lithium battery electrolyte components increased, with the price of vinyl carbonate (VC) rising by 3000 yuan/ton to an average of 168,000 yuan/ton [1] - The battery-grade ethylene carbonate (EC) saw an average price of 6550 yuan/ton, reflecting a year-on-year increase of 2.34% [1] - Lithium hexafluorophosphate (domestic) also rose by 2500 yuan/ton, reaching 163,000 yuan/ton after previously surpassing 160,000 yuan/ton [1] Market Outlook - CITIC Construction Investment Securities suggests that excess profits in the energy storage downstream investment operation segment will be transferred to materials, batteries, and integration sectors through price increases in the upstream due to a sharp rise in demand [1] - The lithium battery industry chain is considered to have significant elasticity, with a positive outlook on materials, particularly lithium hexafluorophosphate, iron lithium, anodes, membranes, and battery segments [1]