Group 1 - The core point of the news is that Yongxing Materials has seen a stock price increase of 5.14%, reaching 36.40 CNY per share, with a trading volume of 432 million CNY and a turnover rate of 3.14%, resulting in a total market capitalization of 19.623 billion CNY [1] - Yongxing Special Materials Technology Co., Ltd. is located in Huzhou, Zhejiang Province, established on July 19, 2000, and listed on May 15, 2015. The company's main business involves the research, production, and sales of special metal materials such as stainless steel and special alloy materials [1] - The revenue composition of Yongxing Materials includes: 47.71% from bars, 24.66% from wires, 20.10% from lithium carbonate, and 7.53% from other sources [1] Group 2 - From the perspective of fund holdings, Changsheng Fund has one fund heavily invested in Yongxing Materials. The Changsheng Transformation Upgrade Mixed Fund (001197) held 162,800 shares in the second quarter, unchanged from the previous period, accounting for 2.7% of the fund's net value, making it the sixth-largest holding [2] - The Changsheng Transformation Upgrade Mixed Fund (001197) was established on April 21, 2015, with a current scale of 192 million CNY. Year-to-date returns are 23.65%, ranking 3905 out of 8244 in its category; over the past year, returns are also 23.65%, ranking 4960 out of 8080; since inception, the fund has a loss of 15.3% [2]

Core Viewpoint - The report indicates a decline in China's wire rod (coil) production, with a projected output of 11.38 million tons in July 2025, representing a year-on-year decrease of 1.9% [1] Industry Summary - According to the National Bureau of Statistics, the cumulative production of wire rod (coil) in China from January to July 2025 is 78.96 million tons, showing a slight decline of 0.1% [1] - The report titled "Market Development Scale and Industry Demand Analysis of China's High-Speed Wire Rod Industry from 2025 to 2031" by Zhiyan Consulting provides insights into the market trends and future demand [1] Company Summary - Listed companies in the wire rod industry include Hangang Co., Ltd. (600126), Shagang Co., Ltd. (002075), Yongxing Materials (002756), Fangda Special Steel (600507), Linggang Co., Ltd. (600231), Fushun Special Steel (600399), *ST Xigang (600117), Liugang Co., Ltd. (601003), Magang Co., Ltd. (600808), and New Steel Co., Ltd. (600782) [1]

证券日报网讯永兴材料（002756）9月26日在互动平台回答投资者提问时表示，公司特钢新材料业务以 不锈废钢为主要原料，采用短流程工艺生产不锈钢棒线材及特殊合金材料，产品经下游加工后可用于核 电领域。 ...

Group 1 - The company, Yongxing Materials, stated on September 25 that it will strictly adhere to government requirements for submitting a resource report [2]

Group 1 - The core transaction on September 25 involved 1.7 million shares of Yongxing Materials, with a transaction value of 58.497 million yuan, at a price of 34.41 yuan, reflecting a discount of 2.49% compared to the closing price [2][3] - Over the past three months, Yongxing Materials has recorded a total of 9 block trades, amounting to 378 million yuan [2] - The closing price of Yongxing Materials on the day of the transaction was 35.29 yuan, showing an increase of 2.23%, with a turnover rate of 3.55% and a total trading volume of 485 million yuan [2] Group 2 - The latest margin financing balance for Yongxing Materials is 586 million yuan, with a decrease of 5.1755 million yuan over the past five days, representing a decline of 0.88% [3] - Yongxing Special Materials Technology Co., Ltd. was established on July 19, 2000, with a registered capital of 5.3910154 billion yuan [3]

Group 1 - The core point of the news is that Yongxing Materials executed a block trade of 1.7 million shares on September 25, with a transaction value of 58.497 million yuan, accounting for 10.77% of the total trading volume for that day [1][2] - The transaction price was 34.41 yuan per share, which represents a discount of 2.49% compared to the market closing price of 35.29 yuan [1][2] Group 2 - The block trade involved 1.7 million shares, with a total transaction amount of 58.497 million yuan [2] - The buyer of the shares was Xinjian Investment Securities Co., Ltd., while the seller was GF Securities Co., Ltd. [2]

Market Overview - On September 24, the energy metals sector increased by 1.83% compared to the previous trading day, with Huayou Cobalt leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Huayou Cobalt (603799) closed at 55.52, with a rise of 5.79% and a trading volume of 1.32 million shares [1] - Xizang Mining (000762) closed at 22.37, up 4.39% with a trading volume of 200,100 shares [1] - Rongjie Co., Ltd. (002192) closed at 35.32, increasing by 3.97% with a trading volume of 79,200 shares [1] - Ganfeng Lithium (002460) closed at 54.92, up 3.35% with a trading volume of 1.21 million shares [1] - Yongxing Materials (002756) closed at 34.52, increasing by 2.89% with a trading volume of 93,900 shares [1] Capital Flow Analysis - The energy metals sector saw a net inflow of 299 million yuan from main funds, while retail funds experienced a net outflow of 352 million yuan [1] - Retail investors contributed a net inflow of 52.18 million yuan [1] Detailed Capital Flow for Selected Stocks - Huayou Cobalt had a main fund net inflow of 264 million yuan, but retail funds saw a net outflow of 191 million yuan [2] - Coldray Mining (300618) experienced a main fund net inflow of 35.46 million yuan, while retail funds had a net outflow of 45.88 million yuan [2] - Rongjie Co., Ltd. had a main fund net inflow of 12.06 million yuan, with retail funds showing a net outflow of 7.79 million yuan [2] - Ganfeng Lithium had a main fund net inflow of 4.36 million yuan, but retail funds experienced a net outflow of 16.13 million yuan [2]

Investment Rating - The report maintains a "Positive" investment rating for the industry [3] Core Insights - The report emphasizes the importance of long-term demand expectations as a key driver for valuation and performance in the lithium battery and photovoltaic sectors [24][28] - It highlights the significant impact of short-term marginal conditions, particularly pricing and production/output data, on market sentiment and stock performance [41][48] Summary by Sections 1. Stock Price Review - The lithium battery market began its upward trend in late 2019, driven by European carbon emission assessments and the rise of new energy vehicle consumption in China [11] - The photovoltaic market saw significant growth from 2020 to 2021 due to global carbon reduction targets and supply constraints, leading to a surge in prices and stock performance [15] - The inverter segment experienced explosive growth driven by demand from energy storage solutions, but faced a sharp decline in 2023 due to inventory issues [19] 2. Key Drivers - **Long-term Demand Expectations - Lithium Batteries** - The report notes that the adjustment of long-term demand expectations directly influences performance and valuation, with significant growth observed in 2020 due to rising demand for new energy vehicles [24] - **Long-term Demand Expectations - Photovoltaics** - The report indicates that from 2020 to 2021, demand expectations for photovoltaics were revised upwards, leading to a bullish market sentiment, but concerns about peak demand in 2023 led to a decline in valuations [29] - **Long-term Demand Expectations - Inverters** - The inverter market's performance was closely tied to demand expectations, with significant growth in 2022 driven by European energy needs, but a subsequent drop in orders in 2023 [33] 3. Short-term Marginal Conditions - **Pricing** - The report highlights that price changes in lithium and silicon materials significantly affect stock prices, with stock prices often leading material price increases [41] - **Production/Output** - Monthly production and shipment data are critical indicators for stock performance, particularly in the energy storage sector, where visibility is limited [48] - **Quarterly Profit Growth Expectations** - Market participants often use quarterly profit growth expectations to gauge industry health, with stock prices typically peaking ahead of profit expectations [49] 4. Other Insights - The report notes that valuation levels are not the primary indicators of market peaks, as fundamental expectations play a more crucial role in determining market trends [59] 5. Outlook - The report expresses optimism for the energy storage market, projecting significant growth in global installations driven by improved demand expectations and favorable market conditions [62][65]

Company Overview - Yongxing Materials is located in Huzhou, Zhejiang Province, established on July 19, 2000, and listed on May 15, 2015. The company specializes in the research, production, and sales of special metal materials, including stainless steel and special alloy materials [1][2]. - The main business revenue composition includes: bars 47.71%, wires 24.66%, lithium carbonate 20.10%, and others 7.53% [1]. Financial Performance - As of June 30, 2025, Yongxing Materials reported a revenue of 3.693 billion yuan, a year-on-year decrease of 17.78%. The net profit attributable to shareholders was 401 million yuan, down 47.84% year-on-year [2]. - The company has distributed a total of 5.503 billion yuan in dividends since its A-share listing, with 4.203 billion yuan distributed in the last three years [3]. Stock Performance - On September 23, Yongxing Materials' stock price fell by 2.05%, trading at 33.41 yuan per share, with a total market capitalization of 18.011 billion yuan [1]. - Year-to-date, the stock price has decreased by 10.26%, with a 4.21% drop over the last five trading days and a 6.65% drop over the last 20 days. However, there was a 6.44% increase over the last 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders was 53,700, a decrease of 3.06% from the previous period. The average number of circulating shares per person increased by 3.17% to 7,232 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 5.4031 million shares (an increase of 2.6028 million shares), and Southern CSI 500 ETF, holding 4.8105 million shares (an increase of 635,600 shares) [3]. Market Activity - The net outflow of main funds was 9.8921 million yuan, with large orders buying 18.4646 million yuan (16.31% of total) and selling 26.8651 million yuan (23.73% of total) [1].

Market Overview - On September 22, the energy metals sector declined by 0.72%, with Tengyuan Cobalt leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - Huayou Cobalt (603799) closed at 52.72, up 2.25% with a trading volume of 1.1924 million shares and a transaction value of 6.334 billion [1] - Cangge Mining (000408) closed at 54.24, down 0.11% with a trading volume of 84,000 shares [1] - Ganfeng Lithium (002460) closed at 52.54, down 0.53% with a trading volume of 1.2772 million shares and a transaction value of 6.638 billion [1] - Other notable declines include Tengyuan Cobalt (301219) down 5.59% and Tianqi Lithium (002466) down 2.53% [2] Capital Flow Analysis - The energy metals sector experienced a net outflow of 1.698 billion in main funds, while retail funds saw a net inflow of 758 million [2][3] - Ganfeng Lithium (002460) had a main fund net outflow of 718 million, with retail inflows of 344 million [3] - Tianqi Lithium (002466) also faced a main fund net outflow of 370 million, with retail inflows of 217 million [3]