天赐材料（002709.SZ）9月16日在投资者互动平台表示，在固态电池材料方面，目前公司主要布局硫化 物和氧化物体系的相关材料，公司硫化物路线的固态电解质处于中试阶段，现阶段主要配合下游电池客 户做材料技术验证，技术验证进展涉及与客户的保密约定，后续如符合信息披露要求，公司将按相关规 定以公告或定期报告形式披露，敬请留意，并请您注意投资风险。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司硫化锂纯度能做到多少？贵公司有生产哪 些硫化物固体电解质？ ...

Group 1 - The core viewpoint of the article is that Tianqi Materials is focusing on the development of solid-state battery materials, particularly sulfide and oxide systems, while currently maintaining its competitive advantage in lithium battery electrolyte formulation and customer service capabilities [1] - The company is in the pilot testing stage for sulfide solid electrolytes and is collaborating with downstream battery customers for material technology validation, which is subject to confidentiality agreements [1] - Future disclosures regarding the progress of technology validation will be made in accordance with information disclosure requirements, through announcements or periodic reports [1]

Group 1 - The "Second Golden Unicorn Best Investment Advisor Selection" event is currently ongoing, with over 3,000 professional investment advisors participating in simulated portfolio competitions [1] - The event aims to provide a platform for investment advisors to showcase their capabilities, expand services, and enhance skills, thereby promoting the healthy development of China's wealth management industry [1] Group 2 - The top ten stocks by buy volume on September 16 include: Huasheng Tiancheng, Xiechuang Data, and Green Harmony, among others [2] - The top ten stocks by buy amount on September 16 include: Shenghong Technology, Shuanghuan Transmission, and Hanyu Group, among others [3] - The data for the top buy stocks/ETFs is based on the frequency of purchases by all participating advisors, while the buy amount data reflects the top ten stocks/ETFs by total investment amount [4]

9月16日，天赐材料跌5.03%，截至发稿，报29.29元/股，成交37.49亿元，换手率9.03%，总市值560.71 亿元。 泉果旭源三年持有期混合A（016709）基金经理为赵诣。 截至发稿，赵诣累计任职时间8年182天，现任基金资产总规模130.81亿元，任职期间最佳基金回报 329.41%， 任职期间最差基金回报-3%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，广州天赐高新材料股份有限公司位于广东省广州市黄埔区云埔工业区东诚片康达路8号，成 立日期2000年6月6日，上市日期2014年1月23日，公司主营业务涉及精细化工新材料的研发、生产和销 售。主营业务收入构成为：锂离子电池材料89.66%，日化材料及特种化学品8.73%，其他1.61%。 从天赐材料十大流通股东角度 数据显示，泉果基金旗下1只基金位居天赐材料十大流通股东。泉果旭源三年持有期混合A（016709） 二季度增持107.78万股，持有股数2530.29万股，占 ...

////// . 44 16 r 201 LTM II TF 用 二 天赐材料9月15日发布公告称，全资子公司九江天赐高新材料有限公司（以下简称"九江天赐"）当日收到江西省九江市中级人民法院出具的终审《刑事判决 书》。这标志着该公司涉及的商业秘密侵权案件的刑事部分已尘埃落定。 案件始于2024年7月19日，江西省九江市湖口县人民检察院向江西省九江市濂溪区人民法院提起公诉，指控李胜、郑飞龙犯侵犯商业秘密罪。九江天赐作为 被害单位，其商业秘密被侵犯，给公司造成了损失。一审判决后，李胜、郑飞龙不服判决，向江西省九江市中级人民法院提出上诉。经过审理，终审判决于 2025年9月15日送达天赐材料。 江西省九江市中级人民法院在终审判决中，维持了原审对李胜、郑飞龙犯侵犯商业秘密罪的定罪部分，并对量刑进行了调整。具体判决如下： 此外，法院还禁止李胜自刑罚执行完毕之日或者假释之日起三年内从事主要工作内容涉及案涉化工产品生产的相关工作。 天赐材料在公告中表示，本次判决为终审判决，公司作为被害单位，上述判决对公司本期利润和期后利润不存在重大不利影响。公司正在根据判决结果追究 相应方的民事责任，并将积极维护公司和全体股东的合法权益。 ...

Group 1: Legal Proceedings - The company received a criminal judgment from the Jiangxi Provincial Intermediate People's Court regarding a case involving the infringement of trade secrets [1][2] - The original defendants, Li Sheng and Zheng Feilong, were found guilty of infringing on trade secrets, with the court maintaining the conviction from the first instance [3][4] - The final judgment imposed a prison sentence of three years and three months for Li Sheng and two years and three months for Zheng Feilong, along with fines of 4.5 million RMB and 1.5 million RMB respectively [5] Group 2: Company Impact - The company, as the victim in this case, does not anticipate any significant adverse impact on its current or future profits due to the judgment [7] - The company is actively pursuing civil liability against the responsible parties in accordance with the judgment [7] - The company will continue to fulfill its information disclosure obligations based on the progress of the case [7] Group 3: Bond Information - The company announced the payment of interest for its convertible bonds, "Tinci Convertible Bonds," with a total issuance of 34.105 billion RMB [10][12] - The interest for the third year is set at 8.00 RMB for every 10 bonds, with a record date of September 22, 2025 [10][17] - The bond has a tiered interest rate structure, with rates increasing from 0.3% in the first year to 1.8% in the fifth year [10][12]

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the lithium battery industry and its related sectors, including energy storage and electric vehicles [1][2][3]. Key Points and Arguments 1. **Domestic Energy Storage Demand**: The impact of Document 136 on domestic energy storage demand was less than expected, with independent energy storage demand being driven by local policies and project rush installations. The forecast for domestic energy storage demand growth has been revised upward to 10-20% for next year [1][5]. 2. **Global Electric Vehicle Market Growth**: The global electric vehicle market is expected to grow by approximately 20% year-on-year next year, with specific growth rates of 10-20% for China's passenger car retail, 25-30% in Europe, and over 30% for commercial vehicles [1][6]. 3. **Battery Installation Demand**: By 2026, the demand for power batteries is projected to reach around 1.5 TWh, representing a year-on-year growth of over 25% [1][6]. 4. **Global Energy Storage Battery Shipment**: The global shipment of energy storage batteries is expected to be revised upward to 500-550 GWh this year, with projections for 2026 at 600-650 GWh, indicating a nearly 30% year-on-year growth [1][7]. 5. **C Company Production Guidance**: C Company has provided a production guidance for 2026 that exceeds expectations, reaching TWh levels with a year-on-year growth of approximately 40% [1][8]. 6. **Market Dynamics**: The effective production capacity of major battery manufacturers is expected to grow by 25-30% year-on-year, aligning with demand growth. The industry concentration is anticipated to increase, with limited material release leading to potential price volatility [1][9]. 7. **Profitability Projections**: - Ningde Times is expected to achieve a profit of over 90 billion yuan in 2026, with a market value target of 1.8-2 trillion yuan, indicating a potential upside of 20-30% [3][10]. - Yiwei Lithium Energy is projected to have a total profit of over 9 billion yuan in 2026, with a market value target of 200 billion yuan, also showing close to 30% upside potential [3][11]. 8. **Electrolyte Industry Trends**: The processing fees for lithium hexafluorophosphate are expected to rise, with Tianqi Materials forecasting an optimistic total profit of 2.5-3 billion yuan [3][12]. 9. **Separator Industry Developments**: The separator industry is experiencing price increases due to the full production status of leading companies, which is expected to enhance profitability [3][13]. 10. **Iron Lithium Battery Market**: The iron lithium battery market shows a favorable supply-demand structure with ongoing price increase expectations [3][17]. 11. **Yuneng Company Outlook**: Yuneng is expected to grow by 30% next year, with a target profit of over 2 billion yuan [3][18]. 12. **Overseas Business Performance**: Companies like Longpan and Wanrun are expected to achieve significant profits from their overseas operations, with Longpan projecting a net profit of 500 million yuan [3][19]. 13. **Negative Material Market**: The negative material market is currently stable, but there are risks of price declines due to structural issues [3][20]. 14. **Future Profit Projections**: A company is expected to achieve a profit of 1.3 billion yuan in 2026, with a valuation of around 15-16 times [3][21]. 15. **Purtai's Incentive Goals**: Purtai has set a profit target of 3 billion yuan for 2026, with potential for exceeding expectations based on negative material performance [3][22]. 16. **Lithium Battery Sector Outlook**: The lithium battery sector is expected to have a favorable future with high cost-effectiveness and safety margins, making it a worthwhile area for investor attention [3][23]. Other Important but Overlooked Content - The call highlighted the importance of local policies and market dynamics in shaping the future of the lithium battery industry, emphasizing the need for continuous monitoring of these factors [1][4][5]. - The potential for new product launches and expansions in production capacity, particularly in emerging markets, was noted as a significant driver for future growth [3][22][23].

Market Overview - The Shanghai Composite Index closed at 3860.50 points, down 0.26%, with a trading volume of 986.2 billion yuan [1] - The Shenzhen Component Index closed at 13005.77 points, up 0.63%, with a trading volume of 1291.248 billion yuan [1] - The ChiNext Index closed at 3066.18 points, up 1.52%, with a trading volume of 620.841 billion yuan [1] - The STAR 50 Index closed at 1340.40 points, up 0.18%, with a trading volume of 97.6 billion yuan [1] - Total trading volume for both markets was 2277.448 billion yuan, a decrease of 243.47 billion yuan from the previous trading day [1] Sector Performance - Sectors with notable gains included electric power equipment, media, agriculture, automotive, coal, and construction decoration [3] - Active concepts included pork, online gaming, nano-silver, genetically modified organisms, laser radar, and prepared dishes [3] - Sectors with significant declines included telecommunications, defense, banking, non-ferrous metals, textiles, insurance, steel, and chemicals [3] Stock Performance - A total of 1787 stocks rose, while 3231 stocks fell, with 130 stocks remaining flat and 6 stocks suspended [3] - 82 stocks hit the daily limit up, while 13 stocks hit the daily limit down [3] Fund Flow - The net outflow of main funds from the Shanghai and Shenzhen markets was 34.054 billion yuan, with the ChiNext experiencing a net outflow of 16.36 billion yuan [6] - The computer sector saw the largest net outflow of 5.924 billion yuan, followed by electronics and telecommunications [7] Individual Stock Highlights - BYD saw the highest net inflow of main funds at 811 million yuan, with a price increase of 2.63% [11][12] - The stock with the largest net outflow was Zhongji Xuchuang, with a net outflow of 1.387 billion yuan, down 3.33% [15][16] Institutional Activity - Institutions had a net selling of approximately 599 million yuan, with Cambridge Technology being the top net buyer at 338.43 million yuan [19][20] - The most sold stock by institutions was Weichai Power, with a net outflow of 2849.606 million yuan [19][20]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 7.029 billion yuan for the first half of 2025, representing a year-on-year increase of 28.97%. The net profit attributable to shareholders was 268 million yuan, up 12.79% year-on-year, while the net profit excluding non-recurring items was 235 million yuan, an increase of 26.01% year-on-year [2][4]. - In the second quarter of 2025, the company achieved a revenue of 3.540 billion yuan, which is an 18.52% increase year-on-year and a 1.47% increase quarter-on-quarter. However, the net profit attributable to shareholders decreased by 3.94% year-on-year and 20.94% quarter-on-quarter, amounting to 118 million yuan. The net profit excluding non-recurring items was 100 million yuan, reflecting a year-on-year increase of 17.37% but a quarter-on-quarter decrease of 25.23% [2][4]. Summary by Sections Revenue and Profit Analysis - For the first half of 2025, lithium battery materials revenue reached 6.302 billion yuan, a year-on-year increase of 33.2%, driven by increased sales linked to the expansion of demand in the new energy vehicle and energy storage sectors. The gross margin was 17.05%, a slight decrease of 0.06 percentage points year-on-year [9]. - The revenue from daily chemicals and specialty chemicals was 614 million yuan, up 12.93% year-on-year, with a gross margin of 30.27%, down 0.51 percentage points year-on-year [9]. Market Outlook - The company anticipates continued growth in electrolyte shipments in Q2 2025, expected to slightly exceed industry growth rates, with stable net profit per ton. The industry price stability and the company's relatively stable profitability are noted [9]. - The company is expected to be among the first in the lithium battery supply chain to alleviate supply-demand imbalances, with potential price increases anticipated in the industry as it enters a peak season [9]. Financial Projections - The total revenue for 2025 is projected to be 16.649 billion yuan, with a gross profit of 3.144 billion yuan, maintaining a gross margin of 19% [13]. - The net profit attributable to shareholders is forecasted to reach 795 million yuan in 2025, with earnings per share (EPS) expected to be 0.42 yuan [13].

Core Viewpoint - The news highlights the positive impact of multiple policies on the new energy sector, particularly in the electric vehicle (EV) market, leading to significant stock price increases for key players in the industry [1][3]. Industry Overview - The electric vehicle ETF (516380) saw a price increase of over 4.6% during the day, closing up 2.93%, reaching its highest point since August 2022 [1]. - Key stocks in the battery sector, such as Tianci Materials and Hunan Youneng, experienced substantial gains, with Hunan Youneng rising by 10.77% and Tianci Materials by 9.99% [3]. - The automotive sector is witnessing a shift towards smart technology, with major companies like Junsen Electronics and Top Group also seeing significant stock price increases [3]. Policy and Market Drivers - The Ministry of Industry and Information Technology, along with seven other departments, recently issued a plan aiming for approximately 32.3 million vehicle sales in 2025, including 15.5 million new energy vehicles [3]. - The upcoming World Energy Storage Conference in Ningde, Fujian, from September 16-18, is expected to further promote advancements in energy storage technologies [4]. - The solid-state battery industry is accelerating its development, with major companies like CATL and Guoxuan High-Tech announcing mass production plans, aiming for GWh-level capacity by 2026 [4]. Investment Opportunities - The automotive parts sector is expected to benefit from the integration of smart technologies, with projections for significant valuation increases across the automotive industry [5]. - The smart electric vehicle ETF (516380) focuses on leading companies in both electrification and smart technology, presenting long-term investment opportunities for those interested in the electric vehicle sector [7].