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].

广东新能源产业 产值规模已达 1.1万亿元_南方 +_南方plus 绿色低碳产业既 是碳达峰碳中和 战略目标的重要 支撑，也是推动 广东省高质量发 展的新动能，在 全球共同应对气 候变化的大背景 下，战略意义重 大，市场前景广 阔。7月28日-29 日，广东省十四 届人大常委会第 二十次会议在广 州召开。会议审 议了省人民政府 关于发展绿色低 碳产业情况的报 告（下称"报 告"）。报告指 出，广东省政府 及有关部门在省 人大常委会的支 持和指导下，不 断完善绿色低碳 政策体系，强化 低碳领域科技创 新，深化制造业 绿色升级，以重 点领域绿色转型 牵引产业发展， 充分发挥支撑保 障体系作用，推 动新型能源与新 能源产业协同发 展，取得显著成 效。 累计创建国家级 绿色工厂400家 报告显示，在传 统产业绿色转型 方面，广东省累 计创建国家级绿 色工厂400家， 建成国内首套百 万吨级氢基竖炉 项目。 在绿色基建方 面，大力发展智 能建造、绿色建 造和装配式建 筑，全省绿色建 筑总面积已超10 亿平方米，绿色 建筑面积占新建 建筑面积比例超 95%。在绿色能 源方面，形成包 括研发制造、工 程设计、施工安 装、运 ...

（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 ...

Group 1 - The core transaction involved Tian Ci Materials, with a total of 752,500 shares traded on July 29, resulting in a transaction amount of 15.0049 million yuan, which accounted for 2.6% of the total trading volume for that day [1][2] - The transaction price was 19.94 yuan per share, representing a premium of 0.61% over the market closing price of 19.82 yuan [1][2] - The buyer was identified as an institutional investor, while the seller was from Guotai Junan Securities Co., Ltd., specifically from the Guangzhou Keyun Road Securities Business Department [2]

Investment Rating - The report indicates a positive investment outlook for the electric vehicle export industry, highlighting growth potential and strategic opportunities in emerging markets [4]. Core Insights - The report emphasizes that in 2024, China's electric vehicle exports reached 1.284 million units, marking a year-on-year increase of 6.7%, driven by technological innovation, industry chain integration, and government support [4][17]. - Key players like BYD and NIO have made significant technological breakthroughs, enhancing their competitiveness in the global market [4]. - The report outlines a shift from "product export" to "standard export," indicating a maturation of the industry as Chinese companies expand their global footprint [5]. Summary by Sections Industry Definition - The electric vehicle export industry involves the sale of vehicles produced in China to overseas markets, encompassing complete vehicles, components, and related services [5]. - The industry is driven by global green transportation goals and domestic overcapacity, with a focus on internationalization strategies by leading manufacturers [5]. Industry Characteristics - The industry features diverse business models, including complete vehicle exports, component exports, and local production through investments and acquisitions [6][7]. - The concentration of the market is increasing due to technological and cost advantages held by leading companies [8]. Development History - The industry has evolved through several stages: initial exploration (2010-2015), formation (2016-2020), rapid growth (2021-2023), and current adjustments (2024-present) [10][11]. - The rapid growth phase saw exports surge, with 2023 witnessing a 345% increase in exports compared to 2021 [15]. Current Market Dynamics - In 2024, the export volume reached 1.284 million units, with a focus on diversifying markets beyond Europe and North America to regions like Southeast Asia and Latin America [9][44]. - The report notes that over 40% of China's electric vehicle exports are directed towards the Asian market, reflecting a strategic pivot in response to changing global policies [9]. Supply Chain Analysis - The supply chain is characterized by upstream material suppliers, midstream vehicle manufacturers, and downstream sales channels, with a focus on optimizing each segment for better market penetration [19][30]. - The report highlights the importance of local production and service networks to enhance competitiveness and reduce trade barriers [21]. Market Size and Growth Forecast - The electric vehicle export market is projected to grow significantly, with exports expected to reach 1.4 million units in 2025, reflecting a nearly 10% annual growth rate [39]. - The market size is anticipated to exceed $40 billion by 2029, driven by continued demand and technological advancements [39][43]. Competitive Landscape - The competitive landscape is increasingly concentrated, with leading companies like BYD and SAIC dominating the market, accounting for over 50% of total exports [50]. - The report identifies a tiered structure in the industry, with top-tier companies leveraging technology and brand recognition to maintain their market positions [50][53].

Group 1 - The chemical sector continues to rise, with the Chemical ETF (516020) showing a maximum intraday increase of 1.83% and closing up 1.53% [1] - Notable stocks in the sector include lithium battery, soda ash, and fluorine chemical companies, with significant gains from Hebang Biological (up 4.76%) and Tianci Materials (up 4.03%) [1] - The chemical sector has attracted significant capital, with a net inflow of 26.418 billion yuan over the past five days, ranking second among 30 sectors [1][3] Group 2 - The "anti-involution" policy is benefiting the lithium battery sector, as it leads to project delays and a healthier supply-demand balance [3] - The chemical industry is currently at the bottom of the cycle, facing challenges from increased competition, but supply-side reforms are expected to optimize the industry structure [4] - The current valuation of the Chemical ETF (516020) is at a low point, suggesting a good opportunity for long-term investment [4] Group 3 - The chemical sector is expected to undergo a re-pricing based on cost factors, focusing on green and low-carbon initiatives [5] - Domestic policies frequently emphasize supply-side requirements, while international uncertainties in chemical supply are increasing [5] - The Chemical ETF (516020) provides a diversified investment opportunity across various sub-sectors, with a significant portion allocated to large-cap leading stocks [6]

Group 1 - The chemical sector experienced a sudden surge, with the chemical ETF (516020) rising over 1% during trading, closing up 0.76% [1] - Key stocks in the sector, including lithium batteries, potash fertilizers, and resins, saw significant gains, with Tianqi Lithium rising over 4% and several others increasing by more than 3% [1] - The domestic chemical industry is trapped in a cycle of "expansion-price reduction-loss," leading to deteriorating profitability, prompting a need for capacity constraints to break this cycle [2][3] Group 2 - Leading companies in the chemical industry are expected to benefit significantly due to their lack of obsolete capacity, cost advantages, and high market share, which positions them for potential historical profit levels [3] - Current valuation metrics indicate that the chemical sector may present a favorable investment opportunity, with the chemical ETF's price-to-book ratio at 2.07, placing it in the lower 24.85% of the past decade [3] - The industry is anticipated to undergo a new round of supply-side reforms, improving domestic supply conditions and potentially leading to a long-term favorable cycle for the chemical sector [5] Group 3 - The chemical ETF (516020) tracks the CSI segmented chemical industry index, covering various sub-sectors, with nearly 50% of its holdings in large-cap leading stocks, allowing investors to capitalize on strong performers [5] - The focus should be on basic chemical products with cyclical attributes and leading companies with cost advantages, as the industry shifts towards green and low-carbon initiatives [4]

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于广州天赐高新材料股份有限公司 2025 年第二次临时股东大会的 法律意见书 国枫律股字[2025]A0367 号 致：广州天赐高新材料股份有限公司（贵公司） 北京国枫律师事务所（以下称"本所"）接受贵公司的委托，指派律师出席并见证贵 公司 2025 年第二次临时股东大会（以下称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下称"《公司法》"）、《中华人民 共和国证券法》（以下称"《证券法》"）、《上市公司股东会规则》（以下称"《股东 会规则》"）、《律师事务所从事证券法律业务管理办法》（以下称"《证券法律业务管理办 法》"）、《律师事务所证券法律业务执业规则（试行）》（以下称"《证券法律业务执业规 则》"）等相关法律、行政法规、规章、规范性文件及《广州天赐高新材料股份有限公司 章程》（以下称"《公司章程》"）的规定，就本次会议的召集与召开程序、召集人资格、 出席会议人员资格、会议表决程序及表决结果等事宜，出具本法律 ...

天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2025-084 | | --- | --- | --- | | 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 2025 年第二次临时股东大会决议公告 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。 特别提示： 1、本次股东大会无否决议案的情形。 2、本次股东大会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025 年 7 月 23 日（星期三）下午 14:30 （2）网络投票时间为： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 7 月 23 日上午 9:15—9:25,9:30—11:30 和下午 13:00—15:00； 通过深圳证券交易所互联网投票系统进行网络投票的具体时间为 2025 年 7 月 23 日上午 9:15 至 2025 年 7 月 23 日下午 15:00 的任意时间。 2、现场会议召开地点：广州市黄埔区云埔 ...