Group 1 - The lithium battery sector in A-shares continues to strengthen, with lithium carbonate futures breaking through 130,000 yuan, rising over 8% and reaching a new high since November 2023 [1] - The upstream supply of the lithium carbonate industry chain is tightening, with major companies Hunan Youneng and Wanrun New Energy announcing production cuts, reducing phosphate positive material output by 15,000 to 35,000 tons and lithium iron phosphate output by 5,000 to 20,000 tons respectively [1] - Citic Futures indicates that the trading logic for new energy metals remains strong, with a tight supply-demand balance for lithium carbonate, and concerns about supply disruptions increasing due to delayed resumption of a mica mine in Jiangxi and potential policy adjustments for lithium mines in Nigeria [1] Group 2 - Dongxing Securities states that after a clearing and destocking phase in 2023-2024, the lithium battery supply chain has emerged from the cycle bottom, with demand maintaining unexpectedly high growth, leading to price stabilization and upward trends in profits for certain segments [2] - Wenkang Securities predicts that the lithium battery industry will enter a new demand cycle and material upgrade phase in 2026, with a tightening supply-demand balance, and emphasizes the importance of material supply security for battery companies [2] - New technology routes such as solid-state batteries, high-pressure lithium iron phosphate, silicon-based anodes, and sodium batteries are highlighted as areas of progress worth monitoring [2] Group 3 - As of December 26, 2025, the Guozheng New Energy Vehicle Battery Index rose by 2.31%, with the battery ETF (159755) increasing by 2.27%, and a 5.06% rise over the past week [3] - Key component stocks such as Enjie Co., Ltd. hit the daily limit, with significant increases in other stocks like Xingyuan Material and Tianhua New Energy [3] - The battery ETF has seen a growth of 206 million yuan in scale over the past week and an increase of 1.35 billion shares over the past three months, indicating significant growth [3]

| 海科新源 | 71.13 | 18.55% | 60.5亿 | | --- | --- | --- | --- | | 融 301292 | | | | | 最终涨停 11:01 | | | | | 天露锤电 | 123.70 | 12.67% | 147亿 | | ■ 688353 | | | | | 手元肢衍 | 18.88 | 10.02% | 52.6亿 | | 融 002805 | | | | | 首板涨停 最终涨停 09:25 | | | | | 天际股份 | 49.50 | 10.00% | 248亿 | | 融 002759 | | | | | 4天3板 最终涨停 10:05 | | | | | 恩捷股份 | 57.03 | 9.72% | 469亿 | | 醒 002812 | | | | | 最终涨停10:55 | | | | | 万润新能 | 83.45 | 9.46% | 70.6亿 | | 融 688275 | | | | | 天华新能 | 57.42 | 8.75% | 386亿 | | 體 300390 | | | | 当日，碳酸锂期货主力合约盘中一度突破13万元/吨，延续近 ...

Group 1 - The "stock-futures linkage" effect is significant, with major futures contracts for copper, gold, silver, and platinum reaching historical highs, and lithium carbonate futures surpassing 130,000 yuan/ton [1] - The non-ferrous metal sector is strong, with leading companies Zijin Mining and Luoyang Molybdenum both hitting historical highs in stock prices, with market values of 886.8 billion yuan and 421.3 billion yuan respectively [1] - The lithium battery supply chain is gaining strength, driving a rebound in the new energy sector, with leading stocks such as Sungrow Power Supply, Molybdenum, and BYD experiencing significant increases [1] Group 2 - The non-ferrous metal sector is rising, with precious and industrial metals also showing upward trends [2][3] - Specific stocks in the industrial sector, such as Guocheng Mining and Jiangxi Copper, have seen substantial increases, with Guocheng Mining up by 10.01% and Jiangxi Copper up by 9.97% [4] - The copper market is expected to see continued upward pressure due to ongoing adjustments in global copper inventory and supply shortages, with forecasts indicating a potential price increase [6] Group 3 - The new energy sector is rebounding, driven by the rise in lithium battery supply chains, photovoltaics, and energy storage, with stocks like Enjie and BYD showing strong performance [10] - Two main catalysts for the rebound include the significant rise in lithium carbonate futures and the recent announcements of production cuts by major cathode material manufacturers, which are expected to stabilize prices [10] - The lithium battery supply chain is emerging from a clearing and destocking phase, with demand growth remaining unexpectedly high, indicating a recovery in the overall industry [11]

Group 1 - The core viewpoint of the articles highlights the strong performance of the photovoltaic equipment and new energy battery sectors, with significant gains in related stocks such as BYD and Tianhua New Energy, reflecting a robust market for new energy vehicles and batteries [1] - The Xinyin Guozheng New Energy Vehicle Battery ETF (159767) has achieved a one-year return of 59.33%, indicating strong investor interest and market confidence in the sector [1] - The fund manager emphasizes the substantial market potential for power batteries, projected to reach trillions, driven by increasing penetration of new energy vehicles, clear policy support, accelerated technological iterations, and enhanced global competitiveness of Chinese companies [1] Group 2 - The battery leader ETF (159767) closely tracks the Guozheng New Energy Vehicle Battery Index, which reflects the market performance of listed companies in the new energy vehicle battery industry in the A-share market [2] - The ETF consists of 30 constituent stocks, with the top ten holdings including CATL, BYD, and Ganfeng Lithium, showcasing a diversified investment in leading companies within the sector [2] - The current management and custody fees for the battery leader ETF are 0.60% per year, which is lower than the industry average, making it suitable for both retail and professional investors [2]

Group 1 - The chemical sector continues to rise, with the chemical ETF (516020) showing a peak intraday increase of 1.53% before settling at a 0.59% gain [1] - Key stocks in the sector include Guangwei Composites, which surged over 7%, and Enjie Co., which rose over 4% [1] - Other notable performers include Duofu Duo, Cangge Mining, Zhongjian Technology, and Guangdong Hongda, all experiencing gains of over 2% [1] Group 2 - The chemical ETF (516020) tracks the sub-sector chemical index, covering various segments of the chemical industry, with nearly 50% of its holdings in large-cap leading stocks [4] - The ETF provides an efficient way for investors to gain exposure to the chemical sector, including key areas like phosphate and fluorine chemicals [4] - Current valuation metrics indicate that the chemical sector offers reasonable long-term investment opportunities, with the ETF's index price-to-book ratio at 2.55, positioned at the 48.43 percentile over the past decade [3] Group 3 - Analysts predict that the lithium battery supply will transition into a prosperous phase, driven by strong end-demand from AI and energy storage, while supply growth slows due to reduced capital expenditures [2] - The chemical industry is expected to experience a cyclical turning point by 2026, supported by policy catalysts and a recovery in demand [3] - The overall sentiment indicates a marginal improvement in the chemical industry's outlook, with positive changes in supply, demand, and inventory dynamics [3]

Core Insights - The report highlights a sustained high growth in electric vehicle (EV) sales across nine European countries in November 2025, with a total of 281,000 new energy vehicles sold, representing a year-on-year increase of 38.6% and a penetration rate of 34.3%, up by 9.0 percentage points [1][2]. Group 1: Sales Performance - In November 2025, battery electric vehicle (BEV) sales reached 190,000 units, marking a year-on-year increase of 40.5%, while plug-in hybrid electric vehicle (PHEV) sales totaled 91,000 units, up by 35.0% [1][2]. - Germany's BEV sales were 56,000 units, a significant year-on-year increase of 58.5%, and PHEV sales were 32,000 units, up by 57.4% [2][3]. - France's BEV sales reached 34,000 units, reflecting a year-on-year growth of 47.5%, with a penetration rate of 25.8%, an increase of 8.4 percentage points [3]. Group 2: Market Drivers - The implementation of subsidies in France and Italy has led to a rapid increase in BEV sales, with Italy experiencing a remarkable year-on-year growth of 131.4% in BEV sales, totaling 15,000 units [3]. - The UK has restarted EV subsidies and is under pressure from zero-emission vehicle (ZEV) targets, which is expected to sustain growth in EV sales in the coming months [2][3]. - Norway is anticipated to see a surge in electric vehicle purchases as the year-end approaches, driven by consumer demand [1][2]. Group 3: Future Outlook - The European Commission's proposal to adjust the 2035 emission reduction targets is not expected to hinder the long-term trend of electrification in Europe; instead, it may promote sales of small electric vehicles [4]. - New generations of pure electric models are set to be launched by various automakers from late 2025 to the first half of 2026, which is likely to boost the European EV market [4]. Group 4: Investment Recommendations - Investment recommendations include companies involved in lithium batteries, lithium materials, battery structural components, power/electric drive systems, automotive safety components, and charging infrastructure [4]. - Specific companies recommended for investment in lithium batteries include CATL, EVE Energy, and Xinwangda, while lithium material companies include Hunan Youneng and Tianci Materials [4].

Group 1 - The chemical sector continues to rise, with the chemical ETF (516020) opening strong and reaching a maximum intraday increase of 1.53%, closing up 0.59% [1][8] - Key stocks in the sector include Guangwei Composite, which surged over 7%, and Enjie shares, which rose over 4% [1][8] - Other notable performers include Duofluor, Cangge Mining, and Zhongjian Technology, all increasing by over 3% [1][8] Group 2 - According to Guojin Securities, the lithium battery supply has transitioned from a surplus phase to an active replenishment phase, with a recovery expected in 2024 and a significant rebound by 2026 [2][10] - The demand is driven by AI and energy storage, while supply growth is slowing due to reduced capital expenditure, leading to a supply-demand mismatch [2][10] - The industry is shifting from price wars to price stabilization, which is expected to enhance profitability in the upstream materials sector [2][10] Group 3 - The chemical sector currently presents a favorable valuation, with the chemical ETF's underlying index price-to-book ratio at 2.55, positioned at the 48.43 percentile over the past decade [3][10] - The sector is anticipated to experience negative growth in capital expenditure starting in 2024, with supply expected to contract due to the "anti-involution" trend and the clearance of outdated overseas capacity [4][11] - The "14th Five-Year Plan" emphasizes expanding domestic demand, which, combined with the onset of a U.S. interest rate cut cycle, is expected to open up demand for chemical products [4][11] Group 4 - The chemical ETF (516020) tracks the CSI segmented chemical industry theme index, covering various sub-sectors, with nearly 50% of its holdings in large-cap leading stocks [5][12] - Investors can also access the chemical ETF through linked funds (Class A 012537/Class C 012538) for efficient exposure to the sector [5][12]

证券代码：002812 股票简称：恩捷股份 公告编号：2025-211 二、股东股份累计质押基本情况 截至本公告披露日，合益投资及其一致行动人所持股份质押情况如下： 三、其他情况说明 公司目前经营一切正常，合益投资及其一致行动人对公司发展充满信心。合益投资及其一致行动人资信 状况良好，具备良好的资金偿还能力，其质押的股份目前不存在平仓风险，质押风险可控。上述质押行 为，不会导致公司实际控制权发生变更、不会对公司生产经营和公司治理产生影响。若出现平仓风险， 合益投资及其一致行动人将采取补充质押、提前购回被质押股份等措施应对风险。 四、备查文件 本公司及全体董事保证本公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 云南恩捷新材料股份有限公司（以下简称"公司"）于近日接到公司持股5%以上股东玉溪合益投资有限 公司（以下简称"合益投资"）的通知，获悉合益投资将其持有的部分公司股份办理了质押手续，具体事 项如下： 一、股东部分股份质押的基本情况 注：本公告中所述的总股本均指公司截至2025年12月23日总股本；本公告中所涉数据的尾数如有差异或 不符系四舍五入所致。 关于股东部分股份质押的更正公告 本 ...

证券日报网讯 12月25日，恩捷股份发布公告称，持股5%以上股东合益投资将其持有的200万股公司股 份补充质押给中国东方资产管理股份有限公司，占其所持股份1.67%，占公司总股本0.20%，质押期限 自2025年12月23日至办理解除质押登记手续之日。 （编辑 丛可心） ...

| 股东 | 是否为控股股东 | 本次质押 | 占其所持 | 占公司 | 是否 | 是否为 | 质押 | | 质押 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 或第一大股东及 | 股份数量 | 股份比例 | 总股本 | 为限 | 补充质 | 起始日 | | 到期日 | 质权人 | 用途 | | | 其一致行动人 | （股） | | 比例 | 售股 | 押 | | | | | | | 合益 | 是 | 2,000,000 | 1.67% | 0.20% | 否 | 否 | 年 2025 | 12 | 办理解除质押 | 国泰海通证券 | 自身资 | | 投资 | | | | | | | 月 23 | 日 | 登记手续之日 | 股份有限公司 | 金需求 | 证券代码：002812 股票简称：恩捷股份 公告编号：2025-212 云南恩捷新材料股份有限公司 关于股东部分股份质押的更正公告 本公司及全体董事保证本公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 云南恩捷新材 ...