Group 1 - The energy storage industry is experiencing a surge in orders, with multiple companies announcing capacity expansions this month [2][8] - Haibosi Technology signed an agreement with CATL to procure a total of no less than 200GWh of products from 2026 to 2035 [2] - Chuangneng New Energy secured a 300MW/1200MWh energy storage project worth 337 million yuan [2] - Pylon Technologies launched a 2GWh energy storage battery project in Hefei, with a total investment of 1 billion yuan [2] - LEAG Clean Power and Fluence are constructing a 1GW/4GWh battery storage project in Germany, marking the first publicly announced GW-level project in the country [2] Group 2 - Battery manufacturers are increasingly placing long-term orders with upstream material suppliers, with Tinci Materials signing contracts to supply 725,000 tons of electrolyte to Zhongchuang and 870,000 tons to Guoxuan [3] - Jiayuan Technology signed a supply agreement with CATL for 626,000 tons of anode current collector materials over the next three years [4] - The increase in orders for upstream materials is leading to rising material prices, with lithium hexafluorophosphate and lithium carbonate prices significantly increasing [4] Group 3 - In October, several significant projects were launched, including a 70GWh lithium battery project by Chuangneng New Energy and a storage factory by Envision in Yichang [5] - Greenme and Xiamen Tungsten signed agreements for the supply of battery raw materials totaling 450,000 tons over the next three years [5] Group 4 - The rapid iteration of battery cell models and increased orders for materials are benefiting equipment manufacturers, with predictions of a return to a prosperous period for equipment suppliers [6] Group 5 - The domestic energy storage market is entering a new cycle due to favorable policies, with large-scale energy storage projects emerging to enhance capacity and consumption [8] - The supply of 100Ah and 314Ah battery cells is currently tight, with production schedules delayed into next year [9] Group 6 - The data center energy storage sector is gaining traction, driven by the rapid growth of AI technology and the increasing energy consumption of data centers [11] - The high energy consumption characteristics of data centers necessitate the installation of large-scale energy storage systems to ensure stable power supply [12]

E s s e n t i a l s | 14 Nov 2025 05:04:32 ET │ 46 pages China Battery Materials Returning to a Bull Narrative; Initiate on Tinci Materials and Do- Fluoride at Buy CITI'S TAKE After a four-year downturn, we see electrolyte/LiPF6 dynamic shifts back to a tight rebalance till 2H26E, on industry supply discipline in the past few quarters and extended resilient battery demand (especially on ESS). We initiate coverage of the electrolyte/LiPF6 sector ahead of reframing bull narratives, echoing our Super-Sector gl ...

Group 1 - The price of lithium iron phosphate (LFP) has rebounded, increasing by approximately 10% since October, driven by strong demand from automakers and battery manufacturers, as well as a surge in global energy storage needs [1] - Major companies have their LFP orders booked until the first half of next year, with production lines operating at full capacity [1] - The rapid development of new technologies, such as high-voltage LFP, is prompting midstream material companies to upgrade their technologies and adjust their production capacity structures [1] Group 2 - As of October 31, 2025, the CSI New Energy Vehicle Industry Index (930997) includes 50 listed companies involved in various sectors of the new energy vehicle industry, reflecting the overall performance of leading companies in this sector [2] - The top ten weighted stocks in the index account for 53.56% of the total index, with companies like CATL, BYD, and Ganfeng Lithium among the leaders [2][4] Group 3 - The CSI New Energy Vehicle Industry Index has shown a strong performance, with a 1.23% increase, and individual stocks like Rongbai Technology and Tianhua New Energy seeing significant gains of 20% and 13.13% respectively [1][2] - The New Energy Vehicle ETF (515700) has also benefited from the recovery in lithium battery market sentiment, rising by 1.05% [1]

Core Viewpoint - As of November 14, the total market financing balance is 2.47 trillion yuan, a decrease of 134.56 billion yuan from the previous trading day, indicating a trend of reduced market leverage [1] Group 1: Market Financing Overview - The financing balance in the Shanghai market is 1.25 trillion yuan, down by 54.28 billion yuan, while the Shenzhen market's financing balance is 1.21 trillion yuan, decreasing by 79.72 billion yuan [1] - The financing balance for the Beijing Stock Exchange is 7.84 billion yuan, a reduction of 56.59 million yuan [1] Group 2: Individual Stock Performance - On November 14, 1,484 stocks received net financing purchases, with 377 stocks having net purchases exceeding 10 million yuan, and 13 stocks exceeding 100 million yuan [1] - WuXi AppTec leads with a net purchase of 207 million yuan, followed by XianDao Intelligent and SMIC with net purchases of 202 million yuan and 186 million yuan, respectively [1] Group 3: Industry and Sector Analysis - The industries with the highest concentration of stocks receiving net financing purchases over 100 million yuan include electronics, power equipment, and non-ferrous metals, each with three stocks listed [1] - Among the major net purchase stocks, 9 are from the main board, 3 from the ChiNext board, and 1 from the Sci-Tech Innovation board [1] Group 4: Financing Balance and Market Capitalization - The average ratio of financing balance to circulating market value is 4.47%, with Heertai having the highest ratio at 8.67% [2] - Other stocks with significant financing balance ratios include Xingye Silver Tin at 6.06%, SMIC at 5.93%, and XianDao Intelligent at 5.62% [2]

Core Viewpoint - The company has decided to exercise its right to redeem the "Tinci Convertible Bonds" early due to market conditions and company circumstances, with a redemption price set at 100.29 yuan per bond, effective from December 3, 2025 [2][11][18]. Summary by Sections Convertible Bond Issuance and Redemption - The company issued 34,105,000 convertible bonds on September 23, 2022, with a total issuance amount of 3,410,500,000 yuan [3]. - The redemption price is set at 100.29 yuan per bond, including interest and tax, with the redemption registration date on December 2, 2025, and the redemption date on December 3, 2025 [2][11][12]. Conversion and Adjustment of Bond Terms - The conversion period for the bonds started on March 29, 2023, and will end on September 22, 2027 [3]. - The conversion price has been adjusted multiple times, with the latest adjustment reducing it from 48.25 yuan to 28.88 yuan per share, effective November 15, 2023 [6][10]. Conditions for Early Redemption - The early redemption clause was triggered as the company's stock price exceeded 130% of the conversion price for at least 15 trading days [10]. - The company’s board approved the early redemption on November 11, 2025, authorizing management to handle all related matters [2][10]. Redemption Process and Timeline - The bonds will stop trading on November 28, 2025, and the conversion will cease on December 3, 2025 [16]. - The funds from the redemption will be credited to bondholders' accounts by December 10, 2025 [16]. Additional Information for Bondholders - Bondholders must process conversion requests through their respective securities firms, with a minimum conversion unit of one bond [17]. - The company will publish daily announcements regarding the redemption until the redemption date [16].

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：2025-121 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"的第三次提示性公告 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。 特别提示： ● 赎回价格：100.29元/张（含息、税） 强制赎回，特提醒"天赐转债"持有人注意在限期内转股。本次赎回完成后，"天赐转债"将在深圳证券交 易所摘牌。"天赐转债"持有人持有的"天赐转债"存在被质押或被冻结的，建议在停止交易日前解除质押 或冻结，以免出现因无法转股而被强制赎回的情形。 ● 风险提示：根据赎回安排，截至2025年12月2日收市后尚未实施转股的 "天赐转债"将按照100.29元/张的价格强制赎回，因目前二级市场价格与赎回价格差异较大，投资者如未 及时转股，可能面临损失，敬请投资者注意风险。 ● 特提醒"天赐转债"持有人注意在期限内转股或卖出。 广州天赐高新材料股份有限公司（以下简称"公司"）于2025年11月11日召开第六届董事会第三十七次会 议，审议通过了 ...

证券日报网讯 11月16日晚间，天赐材料发布公告称，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，特提醒"天赐转债"持有人注意在限期内转股。本次赎回完成后，"天赐转债"将在深 圳证券交易所摘牌。"天赐转债"持有人持有的"天赐转债"存在被质押或被冻结的，建议在停止交易日前 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。截至2025年12月2日收市后尚未实施转股 的"天赐转债"将按照100.29元/张的价格强制赎回，因目前二级市场价格与赎回价格差异较大，投资者如 未及时转股，可能面临损失，敬请投资者注意风险。 （文章来源：证券日报） ...

Core Insights - The 2025 High-Performance Lithium Battery Annual Conference will take place from November 18 to 20 in Shenzhen, focusing on the trends and future opportunities in the lithium battery industry [1][2]. Industry Trends - The conference will feature 12 specialized sessions covering key topics across the entire industry chain, with over 1,500 executives from more than 1,000 mainstream companies discussing the industry's past 15 years and future challenges [2]. - The industry is shifting from low-level competition to higher standards, emphasizing long-life technology and innovative solutions to user pain points [8]. Keynote Speakers - Notable speakers include Zeng Yuqun, Chairman of CATL, and Wang Mingwang, Founder of Sunwoda, who will address the conference [3][9]. Innovation and Technology - CATL emphasizes the need for a new powder electrochemistry theory to solidify its leading position in the industry, moving beyond existing electrochemical theories [5]. - The industry faces challenges from blind capacity expansion and the need for original technological innovation to create core competitive advantages [13]. Market Dynamics - The competition in the energy storage and electric vehicle sectors is increasingly driven by consumer demand rather than just price competition [16]. - The lithium battery industry is experiencing a wave of globalization, with companies needing to adapt to local markets and regulations for sustainable growth [31]. Future Outlook - The recycling economy is expected to grow significantly by 2030, with millions of vehicles needing processing, marking a pivotal moment for circular economy practices [36]. - Solid-state battery technology is progressing, with advancements in semi-solid and quasi-solid batteries showing potential for various applications [39]. Strategic Recommendations - Companies are advised to adopt a three-step strategy for internationalization, focusing on product exports, localized production, and global optimization of resources [25]. - The integration of artificial intelligence in equipment manufacturing is seen as essential for improving efficiency and achieving breakthroughs in production [47].

| 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2025-121 | | --- | --- | --- | | 转债代码：127073 | 转债简称：天赐转债 | | 天赐材料（002709） 广州天赐高新材料股份有限公司 关于提前赎回"天赐转债"的第三次提示性公告 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。 特别提示： 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，特提醒"天赐转债"持有人注意在限期内转股。本次赎回完成后，"天 赐转债"将在深圳证券交易所摘牌。"天赐转债"持有人持有的"天赐转债"存 在被质押或被冻结的，建议在停止交易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。 风险提示：根据赎回安排，截至 2025 年 12 月 2 日收市后尚未实施转股的 "天赐转债"将按照 100.29 元/张的价格强制赎回，因目前二级市场价格与赎回价 格差异较大，投资者如未及时转股，可能面临损失，敬请投资者注意风险。 特提醒"天赐转债"持有人注意在期限内转股或卖出。 赎回价格：100.2 ...

| 股票代码：002709 | 股票简称：天赐材料 | | --- | --- | | 债券代码：127073 | 债券简称：天赐转债 | 国投证券股份有限公司 关于广州天赐高新材料股份有限公司 提前赎回"天赐转债"的临时受托管理事 务报告（2025 年度第三次） 二〇二五年十一月 1 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、 《广州天赐高新材料股份有限公司（作为发行人）与安信证券股份有限公司 （作为受托管理人）之广州天赐高新材料股份有限公司公开发行可转换公司债 券受托管理协议》（以下简称"《受托管理协议》"）、《广州天赐高新材料股 份有限公司公开发行可转换公司债券募集说明书》（以下简称"《募集说明 书》"）等相关公开信息披露文件，由债券受托管理人国投证券股份有限公司 （原名安信证券股份有限公司，以下简称"国投证券"）编制。 本报告仅对本次债券受托管理的有关事项进行说明，不构成针对本次债券 的任何投资建议。投资者应对相关事宜做出独立判断，而不应将本报告中任何 内容据以作为受托管理人所作的承诺或声明。在任何情况下，投资者依据本报 告所进行的任何作为或不作为，国投证券不承担任何 ...