证券代码：002812 股票简称：恩捷股份 公告编号：2025-209 云南恩捷新材料股份有限公司 关于收到政府补贴的公告 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。 一、收到政府补助资金的基本情况 3、补助对上市公司的影响 本次收到的与收益相关政府补助 2,000.00 万元，预计影响公司未来税前总收 益约 2,000.00 万元。 4、风险提示和其他说明 本次政府补助具体的会计处理以会计师事务所年度审计结果为准，敬请广大 投资者注意投资风险。 云南恩捷新材料股份有限公司（以下简称"公司"）下属子公司江苏恩捷新材 料科技有限公司于近日收到江苏金坛经济开发区管理委员会拨付的补贴款 2,000.00 万元，占公司最近一期经审计归属于上市公司股东净利润绝对值的 3.60%，为现金形式，与公司日常经营活动有关，但不具备可持续性。 二、政府补助的类型及其影响 1、补助的类型 根据《企业会计准则第 16 号—政府补助》的规定，与资产相关的政府补助， 是指企业取得的、用于购建或以其他方式形成长期资产的政府补助；与收益相关 的政府补助，是指除与资产相关的政府补助之外的政府补助。 ...

每经AI快讯，12月22日，锂电池板块午后震荡走强，恩捷股份涨停，壹石通、星云股份、金圆股份、 星源材质、中矿资源、盐湖股份等涨超5%。 ...

Market Overview - The Shanghai Composite Index rose by 0.69% on December 22, with 22 out of the 28 sectors experiencing gains. The top-performing sectors were Communication and Comprehensive, with increases of 4.28% and 2.63% respectively [2] - The Electric Equipment sector saw an increase of 1.05% [2] Capital Flow Analysis - The net inflow of capital in the two markets was 6.605 billion yuan, with 11 sectors experiencing net inflows. The Communication sector led with a net inflow of 7.516 billion yuan, followed by the Electronics sector with 6.073 billion yuan [2] - A total of 20 sectors experienced net outflows, with the Computer sector leading at a net outflow of 2.408 billion yuan, followed by the Media sector with 2.263 billion yuan [2] Electric Equipment Sector Performance - The Electric Equipment sector had a net capital inflow of 3.392 billion yuan, with 364 stocks in the sector. Out of these, 242 stocks rose, including 8 that hit the daily limit, while 112 stocks fell, including 1 that hit the lower limit [3] - Among the stocks with significant net inflows, Wolong Electric Drive topped the list with a net inflow of 2.126 billion yuan, followed by Sunshine Power and Enjie Co., with net inflows of 622 million yuan and 309 million yuan respectively [3] - The stocks with significant net outflows included CATL, Aerospace Machinery, and Aotai, with net outflows of 544 million yuan, 238 million yuan, and 140 million yuan respectively [5] Top Gainers in Electric Equipment Sector - The top gainers in the Electric Equipment sector included: - Wolong Electric Drive: +9.99%, turnover rate 10.58%, capital flow 2.126 billion yuan - Sunshine Power: +2.14%, turnover rate 3.57%, capital flow 621 million yuan - Enjie Co.: +8.32%, turnover rate 6.23%, capital flow 308 million yuan [4] Top Losers in Electric Equipment Sector - The top losers in the Electric Equipment sector included: - CATL: -0.58%, turnover rate 0.60%, capital flow -544 million yuan - Aerospace Machinery: -5.51%, turnover rate 15.27%, capital flow -238 million yuan - Aotai: -1.13%, turnover rate 4.31%, capital flow -140 million yuan [5]

Group 1 - The core viewpoint of the news highlights the significant growth of the Tianhong Chemical ETF (159133), which has seen a substantial increase in both subscription and trading prices, reaching a new high since its listing [1] - As of December 19, the Tianhong Chemical ETF has experienced a week-on-week scale growth of 433.14 million yuan and an increase of 27 million shares, indicating strong investor interest [1] - The underlying index tracked by the Tianhong Chemical ETF focuses on the Chinese chemical industry, covering various sub-sectors such as chemical raw materials and manufacturing, aiming to capture companies with growth potential and innovation capabilities [1] Group 2 - The domestic PTA (Purified Terephthalic Acid) industry is projected to see a year-on-year capacity growth of 6.23% by 2025, driven by the release of new capacity, the exit of outdated facilities, and optimization of existing capacity [2] - A meeting held on October 29 by the Ministry of Industry and Information Technology and industry associations marked a pivotal shift for the PTA industry from "involution competition" to "high-quality development" [2] - According to institutional views, the chemical industry is currently at the bottom of its cycle, with policies aimed at reducing involution and self-regulation expected to lead to a revaluation of undervalued core assets [2]

南方财经12月22日电，锂电池板块震荡走强，恩捷股份午后涨停，壹石通、星云股份、金圆股份、星源 材质、中矿资源、盐湖股份等涨超5%。 ...

Core Viewpoint - The battery sector is experiencing significant growth driven by surging demand for energy storage solutions, with the Battery 50 ETF showing strong performance and capital inflow [1][3][21]. Group 1: Market Performance - As of December 22, the Battery 50 ETF (159796) rose by 1.63%, with a trading volume exceeding 1.4 billion yuan, indicating strong market interest [1]. - The ETF has seen a net inflow of 1.28 billion yuan on the latest trading day, with a total of 4.15 billion yuan in net inflows over the past five trading days [1]. Group 2: Stock Performance - Key stocks within the Battery 50 ETF saw significant gains, with Enjie Technology rising over 9% and multiple other stocks like Molybdenum and Xiwangda increasing by over 2% [3]. - The top ten constituent stocks of the ETF include major players like Ningde Times and Sunshine Power, with varying performance metrics [3]. Group 3: Lithium Price Trends - Lithium carbonate futures surged over 4%, with recent adjustments to trading limits on lithium contracts by the Guangxi Futures Exchange [3]. - Morgan Stanley has raised the target price for lithium carbonate to $18,000 per ton for Q4 2026, significantly above the current spot price of approximately $13,500 per ton [5]. Group 4: Demand Drivers - The growth in lithium demand is primarily driven by energy storage systems (ESS) and electric commercial vehicles (CV), with demand growth exceeding market expectations [5]. - The domestic energy storage market is experiencing a substantial increase in project bidding, with a year-on-year growth of 118% in capacity [10]. Group 5: Industry Outlook - The battery industry is expected to see a significant increase in demand, with projections indicating a global lithium battery demand of 2,721 GWh by 2026, reflecting a 30% year-on-year growth [15]. - The supply-demand balance is expected to improve, particularly in the electrolyte and separator segments, as industry capacity utilization rates exceed 75% [19][20]. Group 6: Investment Strategy - The Battery 50 ETF is highlighted as a strategic investment vehicle, with a high concentration in energy storage and solid-state battery technologies, making it well-positioned to benefit from market trends [21][23]. - The ETF's management fee is notably low at 0.15% per year, enhancing its attractiveness for investors [26].

Group 1: Market Trends - The new materials sector saw an increase, with the new materials index rising by 0.66%, underperforming the ChiNext index by 2.08% [6] - The performance of various sub-sectors included a 6.21% increase in semiconductor materials and a 7.05% increase in electronic chemicals, while biodegradable plastics decreased by 0.57% [6] - The prices of key materials showed mixed trends, with amino acids like valine increasing by 3.57% to 13,050 CNY/ton, while arginine decreased by 1.87% to 20,950 CNY/ton [6] Group 2: Industry Insights - The Central Economic Work Conference emphasized a comprehensive green transition, suggesting a focus on upstream raw materials for wind power [6] - The wind power sector is expected to maintain a high prosperity pattern, with annual new installed capacity projected to be no less than 120 million kilowatts during the 14th Five-Year Plan period [6] - The industry is shifting from simple scale expansion to simultaneous improvement in quality and efficiency, which is expected to enhance overall profitability [6] Group 3: Company Analysis - Enjie Co., Ltd. (002812.SZ) - Enjie Co., Ltd. is acquiring 100% of Zhongke Hualian's shares to strengthen its leading position, with the acquisition price set at 34.38 CNY/share [10] - The acquisition will allow Enjie to reduce costs by utilizing domestic membrane production technology, which has previously been dominated by foreign companies [10] - The lithium battery separator market is expected to see a recovery in prices after a prolonged decline, with recent data indicating a month-on-month price increase for various separator products [10]

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [5] Core Insights - The global semiconductor sales are expected to continue growing in 2025, driven by demand from AI computing, data centers, and smart driving applications. The global semiconductor sales for January to October 2025 are projected to be approximately $612.1 billion, a year-on-year increase of 21.9%, with China's semiconductor sales at about $169.4 billion, up 12.5% [1][22] - The global semiconductor market size is forecasted to reach $700.9 billion in 2025, reflecting an 11.2% year-on-year growth, with the Asia-Pacific region's market size expected to be around $370.6 billion, growing by 9.8% [1][22] - The expansion of wafer production capacity is accelerating, particularly in advanced processes, with a projected compound annual growth rate (CAGR) of 7% from 2024 to 2028 for global 12-inch wafer monthly capacity, expected to reach 11.1 million pieces by 2028 [2][26] - The demand for high-bandwidth memory (HBM) is increasing due to data centers and AI processors, with the global semiconductor materials market expected to reach approximately $70 billion in 2025, a 6% increase year-on-year [3][30] - The advanced process requires higher performance parameters for electronic chemicals, leading to a concentration of industry competition towards leading suppliers capable of meeting these demands [4][32] Summary by Sections Semiconductor Market - AI demand is driving global semiconductor sales growth, with projections for 2025 indicating a significant increase in both global and Chinese markets [1][22] - The semiconductor market is expected to grow to $700.9 billion in 2025, with a further increase to $760.7 billion in 2026 [1][22] Wafer Production Capacity - The global semiconductor wafer production capacity is set to expand significantly, particularly in advanced processes, with a CAGR of 14% for 7nm and below processes from 2024 to 2028 [2][26] Semiconductor Materials - The global semiconductor materials market is projected to grow to $70 billion in 2025, with a notable increase in China's market size to approximately 174.1 billion yuan, reflecting a 21.1% year-on-year growth [3][30] Electronic Chemicals - The advanced semiconductor processes require higher purity and stability in electronic chemicals, leading to a competitive landscape favoring top suppliers with technological and scale advantages [4][32] Investment Recommendations - The report suggests focusing on leading companies in semiconductor materials, particularly those with strong technological capabilities and deep ties to downstream wafer manufacturers [34]

Summary of Yunnan Energy New Material Conference Call Company Overview - **Company Name**: Yunnan Energy New Material - **Industry**: Chemicals, specifically lithium-ion battery separators - **Market Cap**: Rmb54.4 billion (approximately US$7.71 billion) [5][24] - **Key Products**: Primarily produces wet-processed film, including base and coated film, which contributed 81% of total revenue and 54% of total gross profit in 2024 [9][24] Key Points from the Conference Call Recent Developments - **Share Price Movement**: Yunnan Energy's shares fell 10% on the first day of trading resumption after a trading suspension due to the announcement of a potential acquisition [2][3] - **Acquisition Announcement**: The company plans to acquire Qingdao Zhongke Hualian New Material Co., Ltd. via share issuance at Rmb34.38/share, which is 62% of the last closing price [2][3] Financial Performance - **Separator Sector Fundamentals**: The separator sector's fundamentals have improved, with the base film sector's average selling price (ASP) increasing by Rmb0.03/sqm in early December, leading to a total price hike of Rmb0.1/sqm since Q3 2025 [3] - **EPS Dilution**: The acquisition is expected to result in an EPS dilution of up to 8%, assuming a valuation of 1.5x P/BV, close to the industry average [3][4] Valuation and Price Target - **Price Target**: The price target is set at Rmb75.00, based on a 2.8x 2026E P/BV, indicating a potential upside from the current price of Rmb55.35 [4][5] - **Stock Price Correction**: The recent 10% stock price correction is viewed as overdone, primarily attributed to arbitrage related to the share issuance price being at a 38% discount to the last closing price [4] Future Outlook - **Synergy from Acquisition**: The planned acquisition is expected to create strong synergies, helping Yunnan Energy to increase self-sufficiency in separator equipment, gain market share, and improve its product portfolio, particularly in 5um products [3] - **Revenue Forecast**: Projected revenues are expected to grow from Rmb13.301 billion in 2025 to Rmb24.307 billion by 2029 [7] Risks and Considerations - **Sector Risks**: The electric vehicle battery materials sector faces risks including volatile commodity prices, currency fluctuations, and regulatory changes related to EVs and climate policies [10] Analyst Ratings - **12-Month Rating**: Buy, with a forecast stock return of 36.2% [8][24] Additional Insights - **Market Position**: Yunnan Energy is positioned as a significant player in the lithium-ion battery separator market, with a focus on improving operational efficiencies and expanding its market presence through strategic acquisitions [9][10] - **Management**: The company is controlled by Chairman Paul Xiaoming Lee and his family, indicating a strong leadership presence [9] This summary encapsulates the critical insights and financial metrics discussed during the conference call, providing a comprehensive overview of Yunnan Energy New Material's current status and future prospects.

Core Viewpoint - Enjie Co., Ltd. (002812) reported high capacity utilization for its wet-process diaphragm production and noted growth in sales data both year-on-year and quarter-on-quarter in its third-quarter report [1] Group 1: Production and Sales - The company indicated that its current wet-process diaphragm capacity utilization is relatively high [1] - Sales data in the third quarter showed growth both compared to the previous quarter and year [1] Group 2: Customer Collaboration and Confidentiality - Enjie stated that specific customer collaboration information is subject to confidentiality agreements, making it difficult to disclose [1] - The company will promptly disclose any commercial contracts that meet the disclosure standards [1] Group 3: Solid-State Battery Materials - The company's subsidiary, Hunan Enjie Frontier New Materials Technology Co., Ltd., focuses on the research and development of high-purity lithium sulfide, sulfide solid electrolytes, and solid electrolyte membrane products [1] - A pilot production line for high-purity lithium sulfide has been established, and a 10-ton production line for solid electrolytes has been put into operation, demonstrating shipping capability [1] - Future capacity planning will be arranged based on the reasonable construction and production rhythm according to downstream customer demand [1]