Market Overview - The Shanghai Composite Index fell by 0.42% on December 2, with seven industries experiencing gains, led by the petroleum and petrochemical sector, which rose by 0.71%, and light industry manufacturing, which increased by 0.55% [1] - The media and non-ferrous metals sectors saw the largest declines, with drops of 1.75% and 1.36%, respectively [1] - The power equipment industry declined by 1.18% [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 46.499 billion yuan, with seven industries seeing net inflows [1] - The light industry manufacturing sector had the highest net inflow of 679 million yuan, while the agriculture, forestry, animal husbandry, and fishery sector experienced a net inflow of 585 million yuan despite a decline of 0.34% [1] - A total of 24 industries experienced net capital outflows, with the electronics sector leading with an outflow of 8.048 billion yuan, followed by the power equipment sector with an outflow of 5.957 billion yuan [1] Power Equipment Sector Details - The power equipment sector had 364 stocks, with 62 stocks rising and one hitting the daily limit, while 296 stocks fell [2] - Among the stocks with net inflows, nine had inflows exceeding 100 million yuan, with Longpan Technology leading at 229 million yuan, followed by Aerospace Machinery and CATL with inflows of 214 million yuan and 205 million yuan, respectively [2] - The stocks with the highest net outflows included Sunshine Power, Tianqi Materials, and Wolong Electric Drive, with outflows of 503 million yuan, 390 million yuan, and 331 million yuan, respectively [2][4] Top Gainers in Power Equipment Sector - Longpan Technology: +6.29%, 15.55% turnover, 229.33 million yuan inflow [2] - Aerospace Machinery: +5.56%, 12.71% turnover, 214.39 million yuan inflow [2] - CATL: -0.75%, 0.38% turnover, 204.73 million yuan inflow [2] Top Losers in Power Equipment Sector - Sunshine Power: -0.48%, 2.10% turnover, -503.15 million yuan outflow [4] - Tianqi Materials: -3.23%, 5.05% turnover, -390.03 million yuan outflow [4] - Wolong Electric Drive: -3.04%, 4.26% turnover, -331.27 million yuan outflow [4]

Investment Rating - The industry is rated as "Outperform" compared to the market [2]. Core Insights - The lithium battery industry has seen production exceed expectations, with domestic battery production reaching 170.6 GWh in October 2025, a year-on-year increase of 50.84% and a month-on-month increase of 12.83% [2]. - The prices of lithium battery materials are fluctuating, with industrial-grade lithium carbonate priced at 91,400 CNY/ton, down 1.08% week-on-week, while lithium iron phosphate (power type) increased by 2.62% to 39,100 CNY/ton [2]. - Domestic demand for lithium batteries is strong, with lithium iron phosphate battery shipments reaching 67.5 GWh in October 2025, a year-on-year increase of 43.62% [2]. - The export volume of Chinese power batteries in October 2025 was 19.4 GWh, a year-on-year increase of 79.63% [2]. Summary by Sections Production - In the first ten months of 2025, domestic battery and lithium iron phosphate cathode material production significantly exceeded the same period in 2024 [2][3]. - The production capacity utilization rate for lithium iron phosphate cathode materials was 63.54%, higher than the same period in 2024 [2]. Prices - The prices of key raw materials for lithium batteries are mixed, with lithium carbonate prices decreasing while lithium iron phosphate prices are increasing [2]. - The average price of square lithium iron phosphate energy storage cells has shown a rising trend, with prices increasing by 0.01 CNY/Wh [2]. Domestic Demand - The monthly shipment of lithium iron phosphate batteries reached a record high in October 2025, with a total of 67.5 GWh shipped [2]. - New energy storage project bidding capacity in October 2025 was 12.7 GW/38.7 GWh, showing an 85% year-on-year increase [2]. Overseas Demand - The global sales of new energy vehicles reached 2.1078 million units in September 2025, a year-on-year increase of 23.53% [2].

Core Viewpoint - The lithium battery electrolyte index experienced a decline of 2% on December 2, indicating a downward trend in the sector [1] Company Performance - Shida Shenghua saw a drop of 4.80% in its stock price [1] - Duofuduo's stock decreased by 4.32% [1] - Tianci Materials experienced a decline of 2.71% [1] - Tianji Co. reported a decrease of 2.46% [1] - Aoke Co. saw a reduction of 2.43% in its stock price [1]

Core Viewpoint - The company, Guangzhou Tinci Materials Technology Co., Ltd., has announced the early redemption of its convertible bonds, "Tinci Convertible Bonds," with specific dates and conditions for trading and conversion [2][4][5]. Group 1: Redemption Details - The last trading day for "Tinci Convertible Bonds" is November 27, 2025, after which trading will cease [2][4]. - The last conversion day is December 2, 2025, where bondholders can still convert their bonds before the market closes [2][4]. - The redemption price is set at 100.29 CNY per bond, which includes interest and tax [4][16]. Group 2: Redemption Schedule - The redemption conditions were met on November 11, 2025, allowing the company to exercise its right for early redemption [5][14]. - The redemption registration date is December 2, 2025, and the actual redemption will occur on December 3, 2025 [4][22]. - The funds from the redemption will be credited to the company's account by December 8, 2025, and to bondholders' accounts by December 10, 2025 [4][22]. Group 3: Bond Issuance and Trading - The company issued 34,105,000 convertible bonds on September 23, 2022, with a total amount of 3.41 billion CNY [6][7]. - The bonds were listed for trading on the Shenzhen Stock Exchange starting October 27, 2022 [7]. - The conversion period for the bonds began on March 29, 2023, and will end on September 22, 2027 [8]. Group 4: Conversion Price Adjustments - The conversion price has been adjusted multiple times, with the latest adjustment setting it at 28.88 CNY per share effective November 15, 2023 [11]. - The conversion price will be further adjusted based on future corporate actions, such as equity distributions [10][12].

Group 1 - The chemical sector continues to rise, with the chemical ETF (516020) experiencing a maximum intraday increase of 1.89% and closing up 1.01%, marking three consecutive days of gains [1][2] - Key stocks in the sector include HEBANG Biological, which hit the daily limit, and others like Tongcheng New Materials, Sankeshu, and Cangge Mining, all showing significant gains [1][3] - The basic chemical sector has seen a net inflow of 19.525 billion yuan in the last five trading days, ranking fourth among 30 sectors, and a total net inflow of 194.6 billion yuan over the past 60 days, ranking second [1][3] Group 2 - The chemical ETF (516020) has outperformed major indices, with a year-to-date increase of 28.99%, compared to 16.77% for the Shanghai Composite Index and 16.3% for the CSI 300 Index [3][4] - The current valuation of the chemical sector is relatively low, with a price-to-book ratio of 2.32, indicating potential for long-term investment [5][6] - The chemical industry is expected to experience a turning point due to a combination of factors, including a potential recovery in demand and a decrease in supply, driven by policies aimed at reducing competition [6][7] Group 3 - The recent establishment of a large-capacity all-solid-state battery production line in China is expected to significantly boost upstream demand in the chemical sector [5][6] - The chemical ETF (516020) provides a diversified investment opportunity across various sub-sectors, with nearly 50% of its holdings in large-cap stocks and the other half in leading stocks from various chemical segments [7]

| 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2025-137 | | --- | --- | --- | | 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 天赐材料（002709） 赎回"天赐转债"暨最后一个转股日的重要提示性公告 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） 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。 截至2025年12月1日收市后，距离"天赐转债"停止转股并赎回仅剩1个交易 日。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 ...

证券之星消息，12月1日电池板块较上一交易日上涨1.32%，德赛电池领涨。当日上证指数报收于 3914.01，上涨0.65%。深证成指报收于13146.72，上涨1.25%。电池板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000049 | 德赛电池 | 29.58 | 10.00% | 41.84万 | 12.22 乙 | | 001283 | 豪鹏科技 | 74.70 | 7.40% | 7.95万 | 5.80亿 | | 300390 | 天华新能 | 55.06 | 6.01% | 83.88万 | 47.69亿 | | 301121 | 紫建电子 | 45.36 | 3.82% | 4.81万 | 2.16亿 | | 301511 | 德福科技 | 33.21 | 3.75% | 31.19万 | 10.41亿 | | 600110 | 诺德股份 | 7.78 | 3.46% | 135.45万 | 10.51亿 | | 920237 | 力佳科技 | 24.7 ...

Core Insights - The lithium battery industry is expected to experience a significant growth wave in 2026, characterized by strong demand recovery, accelerated global expansion, and disruptive technological iterations, leading to a "spiral rise" in both volume and price [3]. Group 1: Market Predictions - Global lithium battery production is projected to reach 2250 GWh by 2025, with a growth rate of 30% in 2026. The energy storage sector is anticipated to grow even faster at 48.3%, driven by both domestic and international demand [5]. - There is a notable supply gap in the production of battery cells and key materials, highlighting the importance of ensuring a stable and efficient supply chain to capitalize on this growth opportunity [5]. Group 2: Conference Details - The 2026 Lithium Battery Key Materials and Applications Market Summit will be held on March 19-20, 2026, in Changzhou, Jiangsu, organized by Xinluo Information [4]. - The summit will focus on three core topics: in-depth discussions on cutting-edge technologies and market supply-demand dynamics, the release of the authoritative 2025 lithium battery brand rankings, and B2B procurement matchmaking [5][6][7]. Group 3: Key Topics of Discussion - The conference will feature discussions on lithium carbonate fundamentals and supply-demand outlook, advancements in key electrolyte materials for batteries, and the development of high-performance polymer electrolytes [9][10]. - Topics will also include the industrialization of high-nickel materials in solid-state batteries and the development of sodium-ion battery materials [9][10]. Group 4: Participation and Costs - The participation fee for the conference is set at 2800 yuan per person, with a limited-time free attendance option available for the first 200 registrants [16].

Group 1 - The chemical sector continues to rise, with the Chemical ETF (516020) showing a maximum intraday increase of 1.89% and closing up 0.76% as of the report [1][2] - Key stocks in the sector include phosphorous chemicals, rubber additives, lithium batteries, and coatings, with notable gains from companies like Hebang Biological, Tongcheng New Materials, and Tinci Materials [1][2] - The Chemical ETF has outperformed major indices this year, with a year-to-date increase of 27.76%, compared to the Shanghai Composite Index's 16.02% and the CSI 300 Index's 15.04% [1][3] Group 2 - The lithium battery sector is expected to see a threefold increase in shipments from 2025 to 2035, leading to price increases for lithium hexafluorophosphate, projected to exceed 250,000 yuan per ton by 2026 [4] - The current price-to-book ratio of the Chemical ETF is 2.32, indicating a relatively low valuation compared to the past decade, suggesting a favorable long-term investment opportunity [4] - The Chemical ETF (516020) tracks the CSI Sub-Industry Chemical Theme Index, with nearly 50% of its holdings in large-cap stocks, providing exposure to leading companies in various chemical sub-sectors [5] Group 3 - The chemical industry is currently at a valuation and profit bottom, with net profits of 116 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 7.45% [9] - Demand is expected to improve due to the Federal Reserve's potential interest rate cuts and stabilization of global political conditions, while cost pressures from oil and coal prices are anticipated to weaken [9] - The chemical sector is poised for a turning point driven by anti-involution policies, with a significant decrease in construction projects expected in the first half of 2025 [9]

Group 1 - The chemical sector continues to rise, with the chemical ETF (516020) showing a maximum intraday increase of 1.89% and a current increase of 0.76% [1] - Key stocks in the sector include phosphate chemicals, rubber additives, lithium batteries, and coatings, with notable gains from Hebang Bio, Tongcheng New Materials, and Sankeshu [1][2] - The chemical ETF has shown a year-to-date increase of 27.76%, outperforming major indices like the Shanghai Composite Index (16.02%) and the CSI 300 Index (15.04%) [1][3] Group 2 - The lithium battery market is expected to see a threefold increase in shipments from 2025 to 2035, with rising prices anticipated due to supply shortages [4] - The current price-to-book ratio of the chemical ETF is 2.32, indicating a relatively low valuation compared to the past decade, suggesting good long-term investment potential [4] - The chemical sector is currently at a valuation and profit bottom, with a net profit of 116 billion yuan expected in the first three quarters of 2025, reflecting a year-on-year increase of 7.45% [4] Group 3 - The chemical ETF (516020) tracks the CSI segmented chemical industry index, covering various sub-sectors and focusing on large-cap leading stocks [5] - Nearly 50% of the ETF's holdings are concentrated in large-cap stocks like Wanhua Chemical and Salt Lake Industry, while the remaining 50% includes leaders in phosphate, fluorine, and nitrogen fertilizers [5]