Group 1 - The battery sector showed significant activity at the beginning of trading on November 10, with companies such as Tianji Co. and Anda Technology both rising over 9% [1] - Fengyuan Co. experienced an increase of over 8%, while other stocks like Wanrun New Energy, Enjie Co., Zhenhua New Materials, and Defang Nano also saw gains [1]

Core Viewpoint - The electrolyte market has seen a significant price increase due to tight supply of key additives like lithium hexafluorophosphate, VC, and FEC, driven by sustained growth in downstream demand [2][3] Demand - The energy storage sector is expected to drive a new lithium battery cycle, with Q1 2026 anticipated to remain strong despite seasonal trends. Historical large-scale lithium cycles have been primarily demand-driven, with the upcoming period from 2025 to 2027 expected to be driven by global energy transition [2][3] - According to CESA's database, China's new overseas orders/cooperation in energy storage reached 214.7 GWh from January to September 2025, marking a year-on-year increase of 131.75%. As these orders materialize, Q1 2026 is expected to be robust [2][3] Supply Elasticity - The supply elasticity in the electrolyte segment is the lowest, while structural demand and supply resonance exist in copper foil, separators, and high-end lithium iron phosphate. The negative electrode supply faces high energy consumption constraints [3] - New capacity for lithium hexafluorophosphate and lithium iron phosphate is slow to build due to environmental regulations and construction timelines of approximately 1 to 1.5 years for hexafluorophosphate and about 1 year for lithium iron phosphate. The demand for fourth-generation lithium iron phosphate products is strong [3] - The graphite anode segment has high energy consumption characteristics, with an expansion period of about 1 year. Other segments like copper foil also face significant environmental pressures. The wet separator market is expected to gain market share due to energy storage demand, remaining tight [3] Investment Recommendations - The company is optimistic about the lithium battery upcycle driven by energy storage demand and suggests focusing on companies such as CATL, EVE Energy, Tiankang Materials, Dafa, Putailai, Shanta Technology, Fulin Precision, Wanrun New Energy, Sungrow Power, Haibo Sichuang, Huasheng Lithium Battery, Shida Shenghua, and Enjie [3]

Core Points - The company announced the redemption results of its convertible bond "Enjie Convertible Bond" [1] - The bond was issued on February 11, 2020, with a total amount of 1.6 million bonds, each with a face value of 100 yuan, totaling 160 million yuan, with a term of 6 years [2][27] - The bond was listed on the Shenzhen Stock Exchange on February 28, 2020 [3][28] - The bond's conversion price has been adjusted multiple times due to various corporate actions, with the latest adjustment setting it at 32.01 yuan per share as of February 11, 2025 [12][37] Redemption Overview - The company has the right to redeem the bonds if the stock price exceeds 130% of the conversion price for 15 trading days within a 30-day period or if the remaining balance of the bonds is less than 30 million yuan [14][39] - The redemption was triggered between September 10 and October 9, 2025, when the stock price met the criteria [15][40] - The board of directors approved the early redemption of the bonds on October 9, 2025 [16][41] Redemption Implementation - The redemption price was set at 101.44 yuan per bond, including accrued interest [17][42] - The total number of bonds redeemed was 24,163, amounting to a total redemption payment of approximately 2.45 million yuan [22][47] - The bonds will be delisted from the Shenzhen Stock Exchange on November 10, 2025, following the full redemption [24][47] Impact on Capital Structure - The total face value of the redeemed bonds accounted for 0.1510% of the total issuance, which will not significantly impact the company's financial condition or cash flow [23] - The total number of shares increased by 31,705,156 due to the conversion of the bonds, leading to a temporary dilution of earnings per share [25]

证券代码：002812 股票简称：恩捷股份 公告编号：2025-187 债券代码：128095 债券简称：恩捷转债 云南恩捷新材料股份有限公司 关于"恩捷转债"摘牌的公告 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。 特别提示： 一、"恩捷转债"的基本情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会"证监许可[2019]2701号"文核准，公司于2020年2 月11日公开发行了1,600.00万张可转换公司债券，每张面值100元，发行总额 160,000.00万元，期限6年。 （二）可转换公司债券上市情况 经深圳证券交易所"深证上[2020]109号"文同意，公司160,000.00万元可转换 公司债券于2020年2月28日起在深圳证券交易所挂牌交易，债券简称"恩捷转债"， 债券代码"128095"。 （三）可转换公司债券回售情况 2024年5月17日，"恩捷转债"挂牌交易数量因回售减少30张。具体内容详 见公司于2024年5月18日在指定信息披露媒体《证券时报》《中国证券报》《证 券日报》《上海证券报》及巨潮资讯网（www.cninfo.com.cn） ...

证券代码：002812 股票简称：恩捷股份 公告编号：2025-186 债券代码：128095 债券简称：恩捷转债 云南恩捷新材料股份有限公司 关于"恩捷转债"赎回结果的公告 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、"恩捷转债"的基本情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会"证监许可[2019]2701号"文核准，云南恩捷新材 料股份有限公司（以下简称"公司"）于2020年2月11日公开发行了1,600.00万张 可转换公司债券，每张面值100元，发行总额160,000.00万元，期限6年。 （二）可转换公司债券上市情况 经深圳证券交易所"深证上[2020]109号"文同意，公司160,000.00万元可转换 公司债券于2020年2月28日起在深圳证券交易所挂牌交易，债券简称"恩捷转债"， 债券代码"128095"。 （三）可转换公司债券回售情况 2022年5月16日，公司实施2021年年度权益分派方案，根据可转债转股价格 调整的相关条款，公司对"恩捷转债"的转股价格作相应调整，自2022年5月16日 （除权除息日）起"恩捷转债"转股价 ...

Core Viewpoint - The new materials sector is showing strong performance, with the New Materials 50 ETF (516710) rising by 3.3%, driven by significant gains in key component stocks such as Chengsheng Silicon Industry, Tianci Materials, and Hunan Yuyuan, which hit the daily limit up [1] Group 1: Market Performance - The New Materials 50 ETF (516710) closely tracks the CSI New Materials Theme Index, which includes 50 listed companies involved in advanced steel, non-ferrous metals, chemicals, and inorganic non-metallic materials [1] - Key stocks in the sector, including Tianhua New Energy and Enjie Co., saw increases of over 8% [1] Group 2: Industry Developments - A highly anticipated polysilicon "joint platform" is being planned, aiming to establish a fund with a scale of 70 billion yuan to facilitate "debt-acquisition" for industry capacity integration [1] - Currently, 17 leading companies have largely agreed to form this joint platform, with expectations to complete the initiative by 2025 [1] Group 3: Strategic Implications - According to Shenwan Hongyuan, the joint platform will effectively address the most prominent supply-side contradictions in the polysilicon sector through capacity coordination, quality grading, and self-discipline in production cuts [1] - This initiative is expected to curb the industry's disorderly expansion and break the previous cycle of "low prices - losses," laying the foundation for profitability recovery across the entire industry chain [1]

Group 1 - The chemical sector is leading the market on November 7, with the chemical ETF (516020) showing a significant upward trend, reaching a peak increase of 4.26% during the day and closing with a 3.97% rise [1] - Key stocks in the sector include lithium battery and fluorochemical companies, with notable performances from companies like Duofluoride and Tianci Materials, both hitting the daily limit up, and Xinzhoubang rising over 10% [1] - The basic chemical sector has seen a net inflow of over 23 billion yuan from major funds, ranking first among 30 sectors tracked by Citic [1][3] Group 2 - The price of lithium hexafluorophosphate continues to rise, nearing 120,000 yuan per ton, driven by strong demand from the new energy and energy storage industries, while upstream lithium carbonate prices are declining [3] - The chemical ETF (516020) is currently valued at a price-to-book ratio of 2.29, which is relatively low compared to the past decade, indicating a favorable long-term investment opportunity [4] - Future projections suggest that the chemical sector's valuation is low, with potential for upward movement due to oil price rebounds and ongoing efforts to reduce "involution" competition [5]

Market Overview - On November 7, A-shares opened lower but rebounded, with the Shanghai Composite Index and Shenzhen Component Index both down by 0.16%, and the ChiNext Index down by 0.37%. In contrast, the North Star 50 Index rose nearly 1% [1][2] - The total market turnover for the half-day was 1.27 trillion yuan, slightly lower than the previous day, with over 2,300 stocks rising [2] Sector Performance - The basic chemical, petroleum and petrochemical, and retail sectors saw gains, while lithium battery, fluorine chemical, phosphorus chemical, and photovoltaic stocks experienced significant surges [2][5] - The fluorine chemical sector rose by 4.00%, while lithium battery-related stocks also saw substantial increases, with individual stocks like Dongyue Silicon Materials and Zhaoyuan New Energy hitting the daily limit [3][5] Notable Stocks - Key stocks in the lithium battery sector included: - Dongyue Silicon Materials: 20.04% increase - Zhaoyuan New Energy: 20.01% increase - Haineng Technology: 19.95% increase [6][10] - In the photovoltaic sector, stocks like Hongyuan Green Energy and Yijing Photovoltaic also saw significant gains, with Hongyuan Green Energy rising by 10.01% [7] Storage Chip Sector - The storage chip sector was active, with stocks like Demingli hitting the daily limit and reaching a new historical high of 271.85 yuan per share [11][12] - The supply-demand situation for storage chips is tight, with SK Hynix completing negotiations for HBM4 supply with Nvidia, leading to price increases [14][15] AI Sector - The AI application sector faced declines, with stocks related to operating systems, servers, and ChatGPT all underperforming. Notable declines included Kingsoft Office and 360, both dropping over 3% [16][17] - Concerns about high valuations in the AI sector have intensified, with discussions around the potential for an "AI bubble" emerging [16]

Group 1: Market Performance and Liquidity - The battery ETF managed by Jiashi has a turnover rate of 3.45% and a transaction volume of 49.24 million yuan as of November 6 [3] - The average daily transaction volume for the battery ETF over the past month is 126 million yuan, with a total scale reaching 1.428 billion yuan [3] - The net value of the battery ETF has increased by 5.90% over the past three years, with the highest monthly return since inception being 39.76% and the longest consecutive monthly gain lasting six months [3] Group 2: Industry Growth and Projections - As of September 30, China's new energy storage capacity exceeded 100 million kilowatts, representing a growth of over 30 times compared to the end of the 13th Five-Year Plan, accounting for over 40% of the global total [3] - China's new energy vehicle production and sales have ranked first globally for ten consecutive years, with a projected global market share of 63.7% in 2024 and an estimated sales volume of 16 million units in 2025 [3] - The lithium battery industry is expected to reach a scale of 1.2 trillion yuan by 2024, primarily driven by power batteries and energy storage batteries, with China's share of global power batteries increasing from 38.35% in 2020 to 68.79% in 2025 [3] Group 3: Market Sentiment and Stock Performance - The electric equipment (battery) industry is gaining market attention, with a shift in investment focus from TMT sectors to electric equipment, indicating increased investor interest [4] - As of October 31, 2025, the top ten weighted stocks in the China Securities Battery Theme Index include companies like Sungrow Power, CATL, and EVE Energy, collectively accounting for 56.8% of the index [4] Group 4: Stock Performance Details - The stock performance of key companies includes: Sungrow Power (-1.64%, 14.31% weight), CATL (-0.51%, 8.95% weight), EVE Energy (1.73%, 6.94% weight), and others with varying performance and weight [6]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 57.71 CNY [1][5] Core Insights - The company has shown significant improvement in its financial performance, with a notable recovery in Q3 2025, achieving a revenue of 37.80 billion CNY, a year-on-year increase of 41.0% and a quarter-on-quarter increase of 24.6% [5] - The company is actively expanding its overseas production capacity, with its Hungarian facility fully operational and ongoing projects in the United States, which positions it favorably in the global lithium battery market [5] - Progress in solid-state battery technology is promising, with the company’s subsidiaries achieving milestones in production and technology development [5] Financial Performance Summary - Projected total revenue for 2024 is 10,164 million CNY, with a year-on-year decline of 15.6%, followed by a recovery in 2025 with an expected growth of 22.6% to 12,463 million CNY [1][6] - The company is expected to turn profitable in 2025 with a projected net profit of 93 million CNY, a significant turnaround from a loss of 556 million CNY in 2024 [1][6] - Earnings per share (EPS) is projected to improve from -0.57 CNY in 2024 to 0.10 CNY in 2025, with further growth anticipated in subsequent years [1][6] Market Position and Strategy - The company is one of the first in the Chinese lithium battery industry to establish overseas production capabilities, providing it with a competitive edge in the global market [5] - The strategic focus on solid-state battery materials and the establishment of production lines for high-purity lithium sulfide and solid electrolyte membranes indicate a strong commitment to innovation and future growth [5]