Core Viewpoint - The battery sector is experiencing fluctuations, with the Battery 50 ETF (159796) showing a slight decline but significant investment interest, indicating strong market engagement and potential growth opportunities in the sector [1][2]. Group 1: Market Performance - As of September 19, the Battery 50 ETF (159796) saw a minor drop of 0.11%, but it gained 86 million shares during the day, pushing its total scale beyond 6 billion yuan, leading its peers significantly [1]. - The China Securities Battery Theme Index (931719) increased by 0.1%, with notable gains from companies like Xian Dao Intelligent (over 4%) and Yiwei Lithium Energy (over 3%), while companies like Sanhua Intelligent Control experienced a significant drop of over 8% [2][3]. Group 2: Key Stocks and Components - The top ten components of the Battery 50 ETF include: - Sungrow Power (14.38%, -1.87%) - CATL (8.22%, +0.66%) - Sanhua Intelligent Control (7.15%, -8.30%) - Yiwei Lithium Energy (6.32%, +3.33%) - Xian Dao Intelligent (4.45%, +4.20%) [4]. - The ETF's index has a high storage content of 24%, significantly benefiting from the storage sub-sector's growth, while solid-state battery content stands at 37%, indicating strong potential for future growth [7]. Group 3: Industry Developments - The 2025 Suining International Lithium Battery Industry Conference emphasized the need for innovation in lithium battery technology, focusing on solid-state batteries, sodium-ion batteries, and fast-charging batteries [4]. - Xian Dao Intelligent announced advancements in solid-state battery production, having achieved multiple technological breakthroughs and successfully delivered equipment to various battery manufacturers [5]. - The solid-state battery industry is projected to see significant growth, with a potential market space of 2.5 billion yuan by 2027, growing at a CAGR of 122% to reach 27.3 billion yuan by 2030 [6].

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Chemical Sector, specifically focusing on fluorochemicals and refrigerants - **Key Trends**: Significant price increases in refrigerants, driven by supply constraints and robust demand from the air conditioning (AC) industry and emerging liquid cooling technologies for data centers Core Insights - **Refrigerant Price Increases**: - Average Selling Prices (ASPs) for refrigerants R32 and R134a have increased by 43% and 22% respectively year-to-date as of September 12, 2025, with R32 reaching Rmb61.5k/t and R134a at Rmb52.0k/t [2][8] - ASPs for R22 have also risen, reflecting a 5% increase [8] - **Market Dynamics**: - Strong supplier pricing power due to quota constraints and a favorable competitive landscape [3][8] - Anticipated continued demand growth for R32, particularly as it is used in most new household ACs, replacing R410a [3][17] - **Liquid Cooling Demand**: - AI-driven demand for liquid cooling solutions in data centers is expected to create new growth opportunities for fluorochemical companies [4][25] - Two-phase cold plate liquid cooling and immersion cooling are highlighted as key technologies, with R134a being a suitable coolant for these applications [4][26] Company-Specific Insights - **Price Target Adjustments**: - Price targets for Dongyue, Sanmei, Capchem, and Tinci have been raised due to improved earnings forecasts and favorable pricing outlooks for refrigerants [5][42] - Sanmei's price target increased from Rmb62.60 to Rmb85.60, reflecting a 37% change [5][50] - Dongyue's price target raised from HKD12.00 to HKD18.00, indicating a 50% increase [5][51] - **Earnings Forecasts**: - 2025-27E earnings for companies in the sector have been lifted, with specific increases for Dongyue (3-19%) and Sanmei (1-20%) [5][50][51] - **Valuation Metrics**: - Dongyue and Sanmei are trading at lower PE ratios compared to peers, suggesting potential for valuation upside as refrigerant prices continue to rise [39][68] Potential Risks - **Regulatory Changes**: Possible changes to the refrigerant quota policy in 2026 could impact supply dynamics [53] - **Market Competition**: The introduction of fourth-generation refrigerants may disrupt the pricing of third-generation refrigerants [53] - **Demand Fluctuations**: A potential decline in AC production in 2026 could negatively affect refrigerant demand [53] Additional Insights - **Long-term Outlook**: The refrigerant industry is expected to maintain elevated prices due to stable supply conditions and strong demand, particularly for R32 and R134a [54][66] - **Investment Opportunities**: Companies like Capchem are positioned to benefit from the exit of 3M from PFAS production, potentially capturing market share in fluorinated liquids [29][30] This summary encapsulates the key points discussed in the conference call, highlighting the dynamics of the chemical sector, particularly in the refrigerant market, and the implications for specific companies within the industry.

每经AI快讯，"A股绿色报告"项目监控到的数据显示，天赐材料（SZ002709）间接控股子公司九江天赐新动力材料科技有限公司年 产2000吨二氟草酸硼酸锂扩建项目环评审批获原则同意。该项目总投资额达1193.8万元。该审批信息于2025年9月1日被相关监管机 构披露。 "A股绿色报告"项目由每日经济新闻联合环保领域知名NGO公众环境研究中心（IPE）共同推出，旨在让上市公司环境信息更加阳光 透明。本项目基于31个省（区、市）、337个地级市政府发布的权威环境监管数据，筛选监控上市公司及其旗下公司（包括分公司、 参股公司和控股公司）的环境表现，加以专业数据分析及深入解读，每日智能写作及时发布上市公司AI绿报，每周推出A股绿色周 报，定期动态更新上市公司环境风险榜。 上期（总第214期）A股绿色周报显示，共有4家上市公司在近期暴露了环境风险。 2025年半年报显示，天赐材料的主营业务为精细化工行业，占营收比例为：100.0%。 | 市值(亿元) | 时间 | 2023Y | 2024Y | 2025H1 | | --- | --- | --- | --- | --- | | 568.75 | | | | | | ...

Group 1 - The "Second Golden Kylin Best Investment Advisor Selection" event is currently ongoing, with over 3,000 professional investment advisors participating in simulated trading competitions [1][4] - The event aims to provide a platform for investment advisors to showcase their capabilities and enhance communication with the public, thereby promoting the healthy development of China's wealth management industry [1] Group 2 - The top 10 stocks by purchase frequency on September 17 include 华胜天成 (Huasheng Tiancai), 协创数据 (Xiechuang Data), and 绿的谐波 (Green Harmonics) [1] - The top 10 stocks by purchase amount on September 17 include 胜宏科技 (Shenghong Technology), 双环传动 (Shuanghuan Transmission), and 汉宇集团 (Hanyu Group) [2] - The data for the top purchased stocks and ETFs is based on the frequency and amount of purchases made by all participating advisors [3]

Group 1 - The company is currently focusing on solid-state battery materials, specifically in sulfide and oxide systems [2] - The sulfide solid electrolyte is in the pilot testing stage, with ongoing material technology validation in collaboration with downstream battery customers [2] - The progress of the technology validation is subject to confidentiality agreements with customers, and any relevant disclosures will be made in accordance with regulations [2]

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 ...

Core Points - Tian Ci Materials announced that its subsidiary, Jiujiang Tian Ci High-tech Materials Co., Ltd., received a final criminal judgment from the Jiujiang Intermediate People's Court regarding a commercial secret infringement case [3][6] - The case began on July 19, 2024, when the Jiujiang Lake Kou County People's Procuratorate filed a public prosecution against Li Sheng and Zheng Feilong for infringing on commercial secrets [3][4] - The final judgment was delivered on September 15, 2025, confirming the conviction of Li Sheng and Zheng Feilong for their crimes [4] Legal Outcomes - Li Sheng was sentenced to three years and three months in prison and fined 4.5 million RMB, with the sentence effective from July 27, 2023, to October 26, 2026 [4][5] - Zheng Feilong received a sentence of two years and three months in prison and fined 1.5 million RMB, with the sentence effective from July 27, 2023, to October 26, 2025 [5] - Both individuals were ordered to return illegal gains, with Li Sheng returning 2,833,536 RMB and Zheng Feilong returning 952,104 RMB, which will be confiscated and deposited into the national treasury [5] Company Impact - The court's ruling prohibits Li Sheng from engaging in work related to the production of chemical products for three years after serving his sentence or being paroled [5] - Tian Ci Materials stated that the judgment does not have a significant adverse impact on the company's current or future profits [6] - The company plans to pursue civil liability against the responsible parties and will actively protect the legal rights of the company and its shareholders [6]

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]