1. Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. 2. Core Viewpoints of the Report - The automotive market is showing a seasonal recovery. The recovery of the fuel - vehicle market is hindered by reduced terminal discounts and oil - price fluctuations, while the new - energy vehicle penetration rate has recovered to over 50%. The vehicle market may not recover growth until the second half of the year. Domestic sales will decline year - on - year, exports will increase year - on - year, and the annual wholesale sales of the vehicle market will remain flat year - on - year [1][114]. - High oil prices stimulate the demand for alternative energy, which is beneficial to the recovery of the domestic market and the increase in overseas exports of Chinese new - energy vehicles. Emerging fields such as low - altitude economy are brewing new opportunities, and the energy - using scenarios are undergoing a systematic reconstruction [1][114]. - The penetration rate of the Chinese new - energy vehicle market has rapidly increased in the past few years, reaching over 50% in 2025. Since the second half of 2025, exports have gradually become a new growth point. The trade environment in Europe and the United States is challenging, while countries along the Belt and Road and the Middle East have good development prospects. Non - American regions' new - energy vehicle markets have good development potential, and self - owned brands' market share continues to expand [2][115]. 3. Summaries According to Relevant Catalogs 3.1 Financial Market Tracking - The report presents the weekly price - change percentages of relevant sectors and listed companies. For example, BYD's weekly price - change percentage is 2.20%, and Seres' is - 4.35% [10][14]. 3.2产业链数据跟踪 3.2.1 China New - Energy Vehicle Market Tracking - **Sales**: In the first 22 days of March, the retail sales of new - energy passenger vehicles were 495,000, a year - on - year decrease of 17%. Since the beginning of the year, the cumulative retail sales of new - energy passenger vehicles were 1.556 million, a year - on - year decrease of 23%. The report also shows data on China's new - energy vehicle sales, including internal sales, exports, and sales of EVs and PHVs [109][15]. - **Inventory Changes**: The report provides data on the monthly new additions to the channel inventory and manufacturer inventory of new - energy passenger vehicles [25][26]. - **Delivery Volumes of Chinese New - Energy Vehicle Manufacturers**: It shows the monthly delivery volumes of manufacturers such as Leapmotor, Li Auto, XPeng, NIO, Zeekr, Aion, Voyah, and Deepal [28][29]. 3.2.2 Global and Overseas New - Energy Vehicle Market Tracking - **Global Market**: The report shows data on global new - energy vehicle sales, penetration rate, and sales of EVs and PHVs [37][38]. - **European Market**: It presents data on European new - energy vehicle sales, penetration rate, and sales of EVs and PHVs in countries like the UK, Germany, and France [44][45]. - **North American Market**: Data on North American new - energy vehicle sales, penetration rate, and sales of EVs and PHVs are provided [58][59]. - **Other Regions**: The report shows new - energy vehicle sales, penetration rate, and sales of EVs and PHVs in regions such as Japan, South Korea, and Thailand. In January, the new - energy vehicle sales in Europe, North America, and other regions were 290,000 (year - on - year + 20%), 85,000 (year - on - year - 32%), and 130,000 (year - on - year + 130%) respectively. The sales in the Thai market in January were 44,000, a year - on - year increase of 229% and a month - on - month increase of 187% [62][63]. 3.2.3 Power - Battery Industry Chain - The report provides data on power - battery loading volume (by material), export volume (by material), weekly average price of power - battery cells, cell material cost, and the operating rates and prices of various battery materials such as ternary materials, phosphoric acid iron lithium, and negative electrode materials [78][80]. 3.2.4 Other Upstream Raw Materials - It shows the daily prices of rubber, glass, steel, and aluminum [102][103]. 3.3 Hot News Summaries 3.3.1 Industry Dynamics: China - In the first 22 days of March, the retail sales of the national passenger - vehicle market were 920,000, a year - on - year decrease of 16% and a month - on - month increase of 19%. The wholesale sales of national passenger - vehicle manufacturers were 1.084 million, a year - on - year decrease of 14% and a month - on - month increase of 62%. The retail sales of the national new - energy passenger - vehicle market were 495,000, a year - on - year decrease of 17% and a month - on - month increase of 66%. The wholesale sales of national new - energy passenger - vehicle manufacturers were 543,000, a year - on - year decrease of 15% and a month - on - month increase of 71% [109]. 3.3.2 Enterprise Dynamics - On March 25, the core power system of XPeng HT Aero's X3 - F (Land Aircraft Carrier) flying car was officially mass - produced at the CALB Chengdu factory. - On March 26, Leapmotor launched its new global model A10, which will be sold in nearly 40 countries and regions. - On March 27, BYD released its 2025 annual report. Its revenue in 2025 was about 803.964 billion yuan, a year - on - year increase of 3.46%. The overseas turnover was 310.7 billion yuan, accounting for about 38.6% of the total revenue [111][112][113]. 3.4 Industry Views - As reported by the Passenger Car Association, from March 1 - 22, the national passenger - vehicle retail sales decreased by 16% year - on - year, and the national new - energy passenger - vehicle retail sales decreased by 17% year - on - year. Since the beginning of the year, they have decreased by 18% and 23% respectively. The structural growth factors include high oil prices stimulating the demand for alternative energy and emerging fields like low - altitude economy bringing new opportunities [114]. 3.5 Summary and Outlook - The penetration rate of the Chinese new - energy vehicle market has rapidly increased in the past few years, reaching over 50% in 2025. Since the second half of 2025, exports have become a new growth point. The trade environment in Europe and the United States is challenging, while countries along the Belt and Road and the Middle East have good development prospects. Self - owned brands' market share continues to expand, and companies with strong product strength, smooth overseas expansion, and high supply stability will be the core beneficiaries [2][115].

- Model Name: 250-Day New High Distance Model; Model Construction Idea: The model tracks the distance of the latest closing price from the highest closing price in the past 250 trading days to identify stocks that are hitting new highs; Model Construction Process: The formula used is $ 250 \text{ Day New High Distance} = 1 - \frac{Closet}{ts\_max(Close, 250)} $ where Closet is the latest closing price and ts_max(Close, 250) is the maximum closing price in the past 250 trading days. If the latest closing price hits a new high, the distance is 0; if it falls back, the distance is positive, indicating the extent of the fallback[11][12][13]; Model Evaluation: This model is effective in identifying stocks that are leading the market and can be used to track market trends and hotspots[11][19] - Factor Name: Stable New High Stocks; Factor Construction Idea: The factor focuses on stocks that have not only hit new highs but also exhibit stable price paths and strong momentum; Factor Construction Process: The selection criteria include analyst attention (at least 5 buy or hold ratings in the past 3 months), relative stock strength (top 20% in market performance over the past 250 days), price stability (using metrics like the sum of absolute daily returns over the past 120 days), and trend continuation (average 250-day new high distance over the past 120 days and past 5 days). The top 50% of stocks based on these criteria are selected[26][29][30]; Factor Evaluation: This factor is designed to capture stocks with strong and stable momentum, which are less likely to experience sudden drops and more likely to continue their upward trend[26][29] Model Backtest Results - 250-Day New High Distance Model, Shanghai Composite Index: 6.43%, Shenzhen Component Index: 5.13%, CSI 300: 6.01%, CSI 500: 10.64%, CSI 1000: 9.51%, CSI 2000: 9.52%, ChiNext Index: 2.73%, STAR 50 Index: 16.40%[12][34] Factor Backtest Results - Stable New High Stocks, Number of Stocks: 14, including companies like Asia Integration, Biwin Storage, Salt Lake Shares, etc.; Sector Distribution: Most stocks are from cyclical and technology sectors, with 6 stocks each. In the cyclical sector, the most new highs are in the basic chemical industry; in the technology sector, the most new highs are in the electronics industry[30][33]

天赐材料（002709） 证券代码：002709 证券简称：天赐材料 公告编号：2026-049 广州天赐高新材料股份有限公司 关于申请发行境外上市股份（H股）并上市的进展公告 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"）正在进行申请境外发行 股份（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"）主板挂 牌上市（以下简称"本次发行上市"）的相关工作。公司已于 2025 年 9 月 22 日 向香港联交所递交了本次发行的申请，并于同日在香港联交所网站刊登了本次发 行的申请材料。 根据本次发行上市的时间安排及香港联交所的相关规定，公司已于 2026 年 3 月 27 日向香港联交所更新递交了本次发行上市的申请，并于同日在香港联交所网 站刊登了本次发行上市的更新申请资料。该相关申请资料为公司按照香港证券及 期货事务监察委员会（以下简称"香港证监会"）和香港联交所的要求编制和刊 发，为草拟版本，其所载资料可能会适时作出更新及修订。 本次发行如果最终实施，发行对象将仅限于符合相关条件的境外投资者及依 据中国 ...

Core Viewpoint - The article discusses the shifting dynamics in the energy market, particularly the rising importance of lithium amid geopolitical tensions and increasing oil prices, positioning lithium as a critical resource for the future of energy and electric vehicles [2][10][63]. Group 1: Energy Market Dynamics - The current geopolitical situation, especially in the Middle East, has led to rising oil prices, which in turn has revived interest in lithium, previously considered a less attractive investment [4][12]. - As oil prices exceed $110 per barrel, the economic viability of fuel vehicles diminishes, making electric vehicles more appealing [13][28]. - The energy market is transitioning from a reliance on oil to a focus on lithium and renewable energy sources, emphasizing energy independence and sustainability [15][18]. Group 2: Lithium's Characteristics and Demand - Lithium is referred to as "white oil" due to its essential role in battery technology, characterized by its lightweight, high energy density, and long lifespan [20][22][25]. - The demand for lithium is expected to surge due to the acceleration of electric vehicle adoption and the growing need for energy storage solutions, particularly in Europe [28][29]. Group 3: Investment Opportunities in Lithium - Companies with lithium mining capabilities, such as Tianqi Lithium and Ganfeng Lithium, are positioned to benefit significantly from rising lithium prices, especially as prices stabilize above 150,000 yuan per ton [37]. - The article highlights various companies in the lithium supply chain, including those involved in lithium extraction, battery production, and related materials, indicating a diverse range of investment opportunities [40][56]. Group 4: Market Segmentation - The midstream sector is divided into aggressive and defensive categories, with companies like Tianqi Lithium and Ganfeng Lithium leading in resource extraction, while others focus on battery materials and components [43][49]. - The downstream sector emphasizes the importance of companies like CATL and EVE Energy, which are pivotal in the battery manufacturing space, particularly as the market shifts towards solid-state batteries and energy storage solutions [57][61]. Group 5: Future Outlook - The lithium market is expected to evolve from speculative trading to performance-based evaluations, with a focus on actual production and sales figures [62]. - The article concludes that as oil prices remain high, lithium will become increasingly essential, representing a key opportunity for investment in the energy transition [63].

Group 1 - The New Energy Vehicle ETF Huatai (516390) opened down 1.10% at 0.992 yuan on March 27 [1][2] - Major holdings in the ETF include BYD, which opened up 0.82%, and CATL, which rose 0.90%. Other stocks like Huichuan Technology, Sanhua Intelligent Control, and Huaneng Lithium Industry saw declines [1] - The ETF's performance benchmark is the CSI New Energy Vehicle Industry Index return, managed by Huatai Fund Management Co., Ltd. The fund manager is Guo Beibei, and since its establishment on June 3, 2021, it has returned 0.10%, with a recent one-month return of -2.54% [2] Group 2 - A MACD golden cross signal has formed, indicating potential upward momentum for certain stocks [3]

Group 1 - The Battery ETF Guangfa (159755) opened down 1.00% at 1.085 yuan on March 27 [1][2] - Major holdings in the ETF include BYD, which opened up 0.82%, and CATL, which opened up 0.90% [1][2] - Other notable stocks in the ETF include Sanhua Intelligent Control down 1.98%, Huayou Cobalt down 1.60%, and Xiamen Tungsten down 2.97% [1][2] Group 2 - The performance benchmark for the Battery ETF Guangfa is the National Certificate New Energy Vehicle Battery Index return rate [1][2] - The fund is managed by Guangfa Fund Management Co., with manager Luo Guoqing [1][2] - Since its establishment on June 15, 2021, the fund has returned 9.24%, while the return over the past month is -0.33% [1][2]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 Guangzhou Tinci Materials Technology Co., Ltd. 廣州天賜高新材料股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向本公司、其聯席保薦人、整體協調人、顧問或包銷團成員表示同意： 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前，不 會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依 據於香港公司註冊處處長註冊的本公司招股章程作出投資決定。該文件的文本將於發售期內向公眾人士刊 發。 (a ...

天赐材料（002709） 证券代码：002709 证券简称：天赐材料 公告编号：2026-047 广州天赐高新材料股份有限公司 2024年股票期权激励计划首次授予部分第一个行权期 集中行权结果暨股份上市的公告 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。 特别提示： 1、股票来源：公司向激励对象定向发行的A股普通股 2、股票期权简称：天赐JLC4 3、股票期权代码：037483 4、本次符合可行权条件的激励对象人数：800人 5、行权股票期权数量：4,670,157份 6、行权价格：16.59元/份 7、行权方式：集中行权 8、本次行权股票上市流通时间为：2026 年 3 月 30 日。 9、本次行权完成后，公司总股本新增 4,670,157 股，股本总额由 2,033,891,587 股增加到 2,038,561,744 股。 广州天赐高新材料股份有限公司（以下简称"公司"）于 2026 年 3 月 6 日召 开的第六届董事会第四十二次会议审议通过了《关于公司 2024 年股票期权激励计 划首次授予部分第一个行权期行权条件成就的议案》。 目前公司已办理完成 ...

天赐材料（002709） 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易 所股票上市规则》《深圳证券交易所上市公司自律监管指引第1号——主板上市 公司规范运作》等法律、行政法规、部门规章、规范性文件及《公司章程》的有 关规定。 4、会议时间： 证券代码：002709 证券简称：天赐材料 公告编号：2026-048 广州天赐高新材料股份有限公司 关于召开 2025 年度股东会的提示性公告 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。 广州天赐高新材料股份有限公司（以下简称"公司"）2026年3月6日召开的 第六届董事会第四十二次会议审议通过了《关于召开2025年度股东会的议案》， 决定于2026年3月31日（星期二）召开2025年度股东会，具体内容详见公司于2026 年3月10日在巨潮资讯网披露的《关于召开2025年度股东会通知的公告》（公告 编号：2026-042），现将召开本次股东会的有关安排公告如下： 一、召开会议的基本情况 1、股东会届次：2025年度股东会 （1）现场会议时间：2026年03月31日14 ...

天赐材料（002709） 证券代码：002709 证券简称：天赐材料 公告编号：2026-046 广州天赐高新材料股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 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 2026 年 1 月 7 日召 开第六届董事会第四十一次会议审议通过了《关于使用部分闲置募集资金进行现 金管理的议案》，同意公司在确保不影响募集资金投资计划正常进行的情况下， 使用部分闲置募集资金购买安全性高、流动性好、满足保本要求的理财产品或存 款类产品。闲置募集资金的使用额度不超过人民币 6 亿元，在上述额度范围内， 资金可以滚动使用，期限不超过 12 个月，公司将视募集资金闲置情况合理开展现 金 管 理 。 具 体 内 容 详 见 公 司 于 2026 年 1 月 9 日 在 巨 潮 资 讯 网 （http://www.cninfo.com.cn）披露的《关于使用部分闲置募集资金进行现金管理的 公告》（公告编号：2026-010）。 2026 年 1 月 19 日，公司全资子公司浙江 ...