证券代码：002756 证券简称：永兴材料 公告编号：2025-032 号 永兴特种材料科技股份有限公司 2025年员工持股计划第一次持有人会议决议公告 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。 永兴特种材料科技股份有限公司（以下简称"公司"）2025 年员工持股计划第一 次持有人会议于 2025 年 7 月 10 日以通讯表决方式召开。本次会议由副总经理、董事 会秘书徐凤女士召集和主持。本次会议应出席持有人 246 人，实际出席持有人 246 人， 代表员工持股计划份额 3,416.91 万份，占公司员工持股计划有表决权份额总数的 100%。 本次会议的召集、召开和表决程序符合相关法律法规、规范性文件和《永兴特种材料 科技股份有限公司 2025 年员工持股计划》（以下简称"《2025 年员工持股计划》"） 的相关规定，会议合法有效。本次会议审议通过了如下议案： 一、关于设立公司 2025 年员工持股计划管理委员会的议案 为保证公司 2025 年员工持股计划（以下简称"本员工持股计划"）的顺利进行， 保障全体持有人的合法权益，根据公司《2025 年员工持 ...

Group 1 - The price of battery-grade lithium carbonate in China has rebounded to 62,600 CNY/ton as of July 9, marking a 1.51% increase from the beginning of the month, but a 35.6% decrease year-on-year [1] - Industrial-grade lithium carbonate price reached 60,966 CNY/ton, up 2.52% month-on-month, and down 35% compared to the same period last year [1] - The lithium battery sector is expected to see a recovery in profitability and revenue growth, driven by high demand in the supply chain and new technologies like solid-state batteries emerging in the second half of 2024 [1] Group 2 - The industry maintains an optimistic long-term growth outlook for demand, with companies utilizing cash reserves in anticipation of market improvement [2] - The entry of low-cost salt lake and integrated Chinese enterprises has strengthened the supply side's ability to withstand price fluctuations, potentially delaying the industry's turning point [2] - Companies with low-cost resources and diversified non-lithium operations are positioned to navigate the industry downturn effectively, with recommendations for specific stocks such as Zhongkuang Resources and others [2]

Investment Rating - The report maintains an "Accumulate" rating for the lithium sector, indicating a positive outlook for investment opportunities in this industry [6]. Core Insights - The lithium price has shown continuous growth, rising from 59,000 CNY/ton to 64,000 CNY/ton, marking an increase of 8.1% since June 23 [10]. - Supply-side signals indicate a reduction in output from Australian mines, suggesting that the industry is in the later stages of capacity clearance [2]. - Demand remains robust, with significant growth in the lithium battery production and electric vehicle sales, supporting a favorable price transmission for lithium [3]. Supply Summary - Australian lithium mines are signaling reduced output, with production expected to remain flat at 740,000 tons in Q1 2025, down 17% from the previous quarter [2]. - The current pricing has reached a sensitive cost level for Australian producers, leading to operational adjustments and cost-cutting measures [2]. - The low lithium prices have resulted in a squeeze on capital expenditures, potentially leading to a slowdown in supply growth in the future [2]. Demand Summary - The lithium battery industry is experiencing high growth, with domestic battery production reaching 801 GWh in the first half of 2025, a 52% year-on-year increase [26]. - Electric vehicle sales in China reached 5.42 million units in the first half of 2025, reflecting a 32% increase compared to the previous year [26]. - The competitive landscape in the electric vehicle sector is prompting manufacturers to initiate a "de-involution" process to stabilize pricing and improve profitability across the supply chain [27]. Investment Recommendations - The report suggests that companies with low-cost resource supply and diversified non-lithium operations will have a competitive advantage in the current market [4]. - Recommended stocks include Zhongkuang Resources, Yongxing Materials, Salt Lake Co., Tianqi Lithium, and Ganfeng Lithium, which are expected to navigate the industry downturn effectively [4].

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4][106]. Core Views - The report highlights that copper prices are experiencing fluctuations due to the interplay of the 232 investigation and interest rate cut expectations, with recent price changes showing a mixed trend [5]. - The report emphasizes the importance of low inventory levels in supporting copper prices, while also noting the potential impact of the 232 copper import investigation and upcoming interest rate decisions by the Federal Reserve [5]. - The report suggests monitoring companies such as Zijin Mining, Luoyang Molybdenum, Jincheng Mining, and Western Mining for investment opportunities [5]. Summary by Sections 1. Industry Overview - The report provides insights into macroeconomic indicators, including U.S. employment data, which may influence market conditions [9]. - The non-ferrous metals sector's performance is analyzed, with the sector underperforming compared to the Shanghai Composite Index [11]. 2. Industrial Metals 2.1 Copper - Recent price movements show LME copper up by 0.25%, while SHFE copper is down by 0.24% [25]. - Inventory levels for copper have increased, indicating a potential shift in market dynamics [25]. 2.2 Aluminum - LME aluminum prices increased by 0.41%, with inventory levels also rising [35]. - The report notes a decrease in aluminum smelting profits, attributed to rising costs [35]. 2.3 Lead and Zinc - Lead prices have seen a slight increase, while zinc prices have decreased [48]. - Inventory levels for both metals are discussed, highlighting market supply conditions [48]. 2.4 Tin and Nickel - Tin prices have decreased slightly, while nickel prices have shown an upward trend [62]. - The report discusses profitability metrics for nickel producers in both domestic and international markets [62]. 3. Energy Metals 3.1 Lithium - Lithium prices have shown a slight rebound, with specific price changes noted for lithium carbonate and lithium spodumene [74]. - The report indicates that supply-side adjustments are anticipated, which may affect future pricing [74]. 3.2 Cobalt - Cobalt prices have increased domestically due to export bans from the Democratic Republic of Congo, which may create supply constraints [86]. - The report highlights the profitability of domestic cobalt refining operations [86].

Group 1 - The core viewpoint of the article emphasizes the significance of the supply-side reform 2.0, which aims to eliminate backward production capacity and effectively address chaotic competition in the industry [1] - The supply-side reform initiated in 2015 led to substantial price increases in commodities, with rebar futures soaring from 843 yuan/ton to 3147 yuan/ton, a 273% increase, and coking coal prices rising from 203 yuan to 719 yuan, a 3.5-fold increase [1] - The recent performance of the steel industry, particularly the China Steel Index, has mirrored past trends, with a notable increase of over 3.5% in a single day, indicating a potential revival similar to the previous supply-side reform [1][4] Group 2 - The current supply-side reform is characterized by unprecedented policy strength, focusing on eliminating low-price competition and orderly phasing out of backward production capacity, suggesting a potential for significant market recovery [6] - The valuation of steel stocks should consider the cyclical nature of the industry, with many steel companies currently valued below their replacement cost by 0.35 times, indicating a sufficient margin of safety [6] - The comparison between the China Steel Index and the National Steel Industry Index shows a high degree of overlap, with both indices focusing on the steel industry, although the China Steel Index includes some coal companies [7] Group 3 - The performance of funds tracking the China Steel Index and the National Steel Industry Index has been similar, with differences in returns being minimal, generally within 0.1% [12] - Specific funds, such as the Guolian National Steel A and Penghua National Steel Industry A, have shown significant returns of 8.10% and 7.66% respectively, outperforming the CSI 300 index [14] - The article suggests that as the economy develops, steel consumption will stabilize, with a shift from rebar consumption in construction to sheet metal consumption in manufacturing, indicating a potential improvement in profitability for the steel sector [14]

Core Viewpoint - The special steel sector has shown a significant increase, with a rise of 3.25%, ranking third among concept sectors, driven by strong performances from several stocks [1][2]. Group 1: Sector Performance - As of July 2, the special steel concept saw 31 stocks increase in value, with notable gains from Chongqing Steel, Shengde Xintai, and Sansteel Minguang, which rose by 10.16%, 17.00%, and 8.12% respectively [1][2]. - The sector experienced a net inflow of 684 million yuan from main funds, with 28 stocks receiving net inflows, and six stocks exceeding 50 million yuan in net inflows [2][3]. Group 2: Key Stocks - Huazhong Steel led the net inflow with 151 million yuan, followed by Baogang Co. and Sansteel Minguang with net inflows of 117 million yuan and 71 million yuan respectively [2][3]. - The top three stocks by net inflow ratio were Sansteel Minguang at 20.47%, Huazhong Steel at 15.30%, and Zhongnan Steel at 13.25% [3][4]. Group 3: Declining Stocks - The stocks with the largest declines included Guanda Special Materials, Tunan Co., and Steel Research High-tech, which fell by 2.81%, 1.60%, and 1.20% respectively [1][5].

Group 1 - The company, Yongxing Materials, stated on July 2 that it currently has no projects related to solid-state batteries [1]

Summary of Lithium Industry Conference Call Industry Overview - The lithium industry has shown clear bottom signals, with carbonate prices dropping from 80,000 to 60,000 yuan, and stock prices demonstrating resilience against commodity price fluctuations. This situation mirrors the 2019 trend where stock prices rebounded ahead of commodity prices [2][4] - The supply increment for lithium has been revised down to 163,000 tons, leading to a balance between supply and demand. The demand for new energy vehicles and energy storage has exceeded expectations, with domestic new energy vehicle sales increasing by 44% year-on-year in the first half of the year, and energy storage bidding capacity increasing by 200% [1][12] Key Points on Supply and Demand - The cash cost of Australian lithium mines is concentrated between 560-600 USD, making it difficult to break through this level. The extraction costs from South American salt lakes are underestimated, with actual costs significantly higher than research costs [1][10] - The market for cathode materials has experienced significant destocking, particularly for lithium iron phosphate, which saw a production increase of 88% year-on-year from January to May [1][13] - The anticipated surplus for 2025 is around 100,000 tons, which is less than 8% of total demand, indicating a reasonable safety stock level [1][14] Price and Market Dynamics - The lithium carbonate price is expected to face challenges in exceeding 80,000 yuan, with a potential rebound of 20% to 30% in stock prices over the next six months [4][17] - The market is currently experiencing tight balance conditions, with potential unexpected increments in supply from July to August [3][15] - The recent price drop has not significantly affected stock prices, indicating a potential for gains when commodity prices rebound [3][17] Investment Recommendations - Recommended stocks for investment include Zhongkuang, Cangge, Yahua, and Yongxing, which have solid fundamentals and other business supports, making them attractive options during the current market phase [5][18] - The focus should be on companies with a strong safety net and solid fundamentals, as their market values reflect current profitable operations while their lithium business acts as a call option [5][17] Future Outlook - The demand for lithium is expected to remain strong, driven by the performance of new energy vehicles and energy storage, with significant growth in battery production and low inventory levels [11][14] - The overall sentiment in the market suggests that once the negative factors are priced in, a rebound in lithium prices is likely, supported by the balance between supply and demand [12][15]

Group 1: Ganfeng Lithium - Ganfeng Lithium has established a closed-loop lithium ecosystem with an integrated layout across upstream lithium resource development, midstream lithium salt processing, and downstream lithium battery manufacturing and recycling [1][2] - The company has a lithium salt production capacity of over 150,000 tons LCE domestically and an additional 40,000 tons LCE from the Cauchari lithium salt lake in Argentina, totaling nearly 200,000 tons LCE [1][2] - Ganfeng Lithium is expanding its lithium salt processing capacity to meet growing demand while maintaining risk control and effective inventory management [1][2] Group 2: Tianqi Lithium - Tianqi Lithium focuses on strategic resource layout in China, Australia, and Chile, aiming to build leading-scale lithium compound production bases [6][7] - The company has a lithium concentrate production capacity of 162,000 tons per year at the Greenbushes lithium mine, with plans for further expansions [7] - Tianqi Lithium holds a 22.16% stake in SQM, the largest lithium salt lake producer globally, which enhances its investment returns [9] Group 3: Salt Lake Potash - Salt Lake Potash has a chlorate potassium production capacity of 5 million tons per year, playing a crucial role in stabilizing the potassium fertilizer market [11] - The company has a current lithium carbonate production capacity of 30,000 tons per year, with plans for a new integrated lithium salt project with a capacity of 40,000 tons per year [12] Group 4: Yongxing Materials - Yongxing Materials has established a dual business model of "new materials + new energy," optimizing its entire industry chain to reduce costs and enhance competitiveness [14][15] - The company has achieved a carbon lithium production cost of 50,000 yuan per ton, with expectations for further cost optimization [14] Group 5: Zhongjin Lingnan - Zhongjin Lingnan has diversified its operations into lithium and other mineral resources, with a focus on reducing costs in its lithium mining operations [16][17] - The company has significant lithium resources in Canada and Zimbabwe, with plans for further capacity expansions [18] Group 6: Self-owned Lithium Mines - The company has three production bases with a total lithium salt processing capacity of approximately 73,000 tons, with plans for further expansions [21] - The company has secured priority supply rights for the Li family lithium mine, which has a lithium oxide resource of approximately 50,220 tons [21][22] Group 7: Shengxin Lithium Energy - Shengxin Lithium Energy has established four major lithium resource layouts and five lithium product production bases, positioning itself as a leading player in the domestic lithium market [23][24] - The company has a lithium carbonate production capacity of 42,000 tons per year, with ongoing projects to increase capacity [25][26]

Investment Rating - The report maintains a "Buy" rating for the industry and specific companies within the non-ferrous metals sector [5]. Core Views - The report expresses optimism for industrial metals due to easing tariff expectations and a favorable domestic macroeconomic environment [2]. - Industrial metal prices have shown resilience, with LME prices for aluminum, copper, zinc, lead, nickel, and tin experiencing increases of +0.12%, +1.83%, +1.25%, +0.51%, +1.21%, and +6.70% respectively [1][2]. - The report highlights a significant decrease in industrial metal inventories, particularly for copper (-11.66%) and aluminum (-2.33%), indicating tightening supply conditions [1][2]. Summary by Sections Industrial Metals - The report notes that the SMM copper concentrate import index increased by $0.27/ton, indicating a slight improvement in supply conditions [2]. - Domestic copper cable manufacturers' operating rates decreased to 76.08%, reflecting seasonal demand weakness [2]. - Aluminum prices are stabilizing after initial volatility due to geopolitical events, with domestic aluminum ingot inventories decreasing by 0.7 thousand tons [2]. Energy Metals - Lithium prices continue to decline but are approaching mining cost levels, while cobalt prices are expected to rise due to potential supply constraints from the Democratic Republic of Congo [3]. - Nickel prices have shown slight recovery, but overall demand remains weak, leading to expectations of continued price fluctuations [3]. Precious Metals - The report indicates a bullish outlook for gold prices due to expectations of U.S. interest rate cuts and ongoing geopolitical tensions [4]. - Silver prices have surged, reaching levels not seen since March 2012, driven by a favorable market environment [4]. - Key companies in the precious metals sector are recommended for investment, including Zijin Mining and Shandong Gold [4]. Key Company Earnings Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, with recommendations for investment in companies like Zijin Mining (PE 12), Luoyang Molybdenum (PE 11), and Yunnan Aluminum (PE 6) [4].