Group 1 - The core viewpoint of the news is that Enjie Co., Ltd. has shown a significant increase in stock price and trading activity, indicating positive market sentiment and investor interest [1][2]. - As of October 28, Enjie Co., Ltd. saw its stock price rise by 2.08% to 41.80 CNY per share, with a total market capitalization of 40.469 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 30.67%, with a recent 5-day increase of 2.28% and a 60-day increase of 35.01% [1]. Group 2 - Enjie Co., Ltd. specializes in various packaging and printing products, with lithium battery separator films accounting for 83.64% of its main business revenue [2]. - The company reported a revenue of 5.763 billion CNY for the first half of 2025, reflecting a year-on-year growth of 20.48%, while the net profit attributable to shareholders was -93.1138 million CNY, a decrease of 131.99% [2]. - The company has distributed a total of 2.825 billion CNY in dividends since its A-share listing, with 1.874 billion CNY distributed in the last three years [3].

Summary of Conference Call on Battery Materials Industry Industry Overview - The focus is on the battery materials industry, particularly in China, with a favorable supply-demand setup anticipated for 2026 [1][2][3]. Key Insights - **Supply-Demand Dynamics**: The supply-demand setup for battery materials is expected to improve, with a forecasted 25% growth in total battery demand for 2026. This is anticipated to increase the utilization rate of battery materials by 3-15 percentage points, reaching 60-90% [2][3]. - **Order of Preference**: The preferred order of battery materials based on utilization forecasts and valuations is as follows: LiPF6 (electrolyte) > separators > LFP cathode > anodes > NCM cathodes. Current valuations of battery material stocks range from 6.3x to 125.4x 2026 estimated P/E [3][4]. - **Price Negotiation Risks**: Historical data indicates that there is no direct correlation between utilization rates and pricing for battery materials. Price negotiations with battery makers are crucial, and significant price hikes may not occur until next year [4][17]. Company Ratings and Forecasts - **Upgrades and Downgrades**: - Tinci and Yunan Energy have been upgraded to Overweight from Equal-weight, with price targets set at RMB 38.00 and RMB 53.00, respectively. - Shenzhen Dynanonic, Ronbay, and Putailai have been downgraded to Underweight from Equal-weight, with price targets of RMB 21.00, RMB 13.00, and RMB 20.00, respectively [6][18]. LFP Cathodes Insights - **Demand Growth**: LFP cathode demand has exceeded expectations, with production volumes growing over 50% year-on-year for two consecutive years. The demand is expected to continue growing by approximately 30% in 2026, driven by robust ESS and EV battery production [14][15]. - **Supply and Utilization**: Despite significant capacity additions, the utilization rate for LFP materials has improved, reaching around 70% recently. This is expected to remain above 70% in 2026, which should aid in price negotiations with battery makers [16][17]. Financial Performance of Dynanonic - **Market Share Losses**: Dynanonic has seen its market share in the domestic LFP market decline from over 20% in 2021 to approximately 7% in 2025. The company is also facing inventory losses and is no longer perceived to have a cost advantage over peers [18][19]. - **Earnings Revisions**: The 2025 net profit forecast for Dynanonic has been revised down due to ongoing losses, while 2026 earnings forecasts have been slightly increased to account for potential processing fee hikes [20][21]. Conclusion - The battery materials industry is poised for growth in 2026, with improved supply-demand dynamics and utilization rates. However, companies like Dynanonic face challenges that could impact their market position and profitability. The focus on price negotiations and the ability to adapt to market changes will be critical for success in this evolving landscape [2][4][18].

证券代码：002812 股票简称：恩捷股份 公告编号：2025-175 债券代码：128095 债券简称：恩捷转债 二、募集资金管理情况 为规范公司募集资金管理和使用，保护中小投资者的权益，根据中国证监会 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《深 圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号 ——主板上市公司规范运作》等相关法律、法规和规范性文件以及公司《募集资 金管理制度》的相关规定，公司第四届董事会第三十八次会议审议通过了《关于 开设募集资金专项账户的议案》，同意公司本次非公开发行股票的募集资金存放 于公司董事会决定的专项存储账户，实行专户管理，该专项存储账户不得存放非 募集资金或用作其他用途。 根据公司《募集资金管理制度》的要求，并结合公司经营需要，公司在中国 工商银行股份有限公司重庆长寿支行、招商银行股份有限公司昆明分行、中国建 设银行股份有限公司金坛支行、中国农业银行股份有限公司常州金坛支行、兴业 云南恩捷新材料股份有限公司 关于注销部分募集资金专户及现金管理专用结算账户的公告 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 ...

关于股东部分股份质押的公告 债券代码：128095 债券简称：恩捷转债 证券代码：002812 股票简称：恩捷股份 公告编号：2025-176 云南恩捷新材料股份有限公司 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。 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 | 股东名称 | 是否为控股股东 或第一大股东及 | 本次质押 股份数量 | 占其所 持股份 | 占公司 总股本 | 是否 为限 | 是否为补 | 质押 | 质押 | 质权人 | ...

证券代码：002812 股票简称：恩捷股份 公告编号：2025-174 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 关于提前赎回"恩捷转债"实施暨即将停止转股的重要提示性公告 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。 1、最后转股日：2025 年 10 月 30 日 重要内容提示： 2025 年 10 月 30 日是"恩捷转债"最后一个转股日，当日收市前，持有"恩 捷转债"的投资者仍可进行转股；2025 年 10 月 30 日收市后，未转股的"恩捷 转债"将停止转股。 2、截至 2025 年 10 月 27 日收市后，距离"恩捷转债"停止转股并赎回仅剩 3 个交易日。本公司特别提醒"恩捷转债"持有人务必认真阅读本公告，充分了 解相关风险，注意最后转股时间，审慎作出投资决策。 特别提示： 6、"恩捷转债"停止转股日：2025 年 10 月 31 日 7、发行人（公司）资金到账日：2025 年 11 月 5 日 8、投资者赎回款到账日：2025 年 11 月 7 日 9、赎回类别：全部赎回 10、最后一个交易日可转债简称：Z 捷转债 11 ...

Core Viewpoint - The article discusses the investment strategy of Zhao Yi, focusing on three main sectors: AI, lithium battery, and military industry, highlighting a shift from a single focus on new energy to a diversified approach that includes technology and industries in transition [1][17]. Fund Performance - The fund managed by Zhao Yi, named Quan Guo Xu Yuan, achieved a net value growth of 4.75% since its inception, with a notable performance of 45.5% in the third quarter [3][8]. - Despite the recent performance, the fund has underperformed against its benchmarks and the CSI 300 index in previous years, particularly in 2023 where it recorded a -25.87% return [6][7]. Investment Strategy - Zhao Yi's investment strategy has evolved to a "dual allocation" approach, focusing on both the technology AI sector and industries in transition, particularly in new energy and military [11][17]. - The fund's top ten holdings now include a mix of sectors, with 70% of its top holdings in new energy, indicating a diversification in its investment portfolio [11][12]. Portfolio Composition - As of the end of the third quarter, the fund's top ten holdings accounted for over 60% of its total assets, with a turnover rate of 26.9%, suggesting a more stable portfolio structure [13][14]. - Key stocks in the portfolio include Ningde Times, Tencent, and new additions like Tianqi Lithium and Alibaba, reflecting a strategic shift towards high-growth sectors [15][16]. Market Outlook - Zhao Yi is optimistic about the lithium battery sector, particularly focusing on materials with tight supply and long production cycles, predicting a healthier and more sustainable price and volume growth compared to previous cycles [17][18]. - The article emphasizes the importance of AI in Zhao Yi's strategy, targeting internet leaders, new application-driven companies, and cloud service providers [17].

Investment Rating - The report recommends investment in the electric power equipment industry, highlighting specific companies for potential investment opportunities [1][3]. Core Insights - Lithium battery material prices continue to rise, with domestic lithium hexafluorophosphate averaging 95,000 yuan/ton, up 20.25% month-on-month, and export prices at 104,000 yuan/ton, up 20.93% [1]. - The average winning bid price for lithium battery energy storage systems increased to 0.4771 yuan/Wh in September 2025, reflecting a 4.33% month-on-month rise [1]. - The report emphasizes the ongoing high demand in the wind power sector, with a target of adding no less than 120GW of new installed capacity annually during the 14th Five-Year Plan period [3]. - The Indian market shows strong demand for photovoltaic installations, with 29.5GW added in the first three quarters of 2025, a 70% year-on-year increase [3]. Summary by Sections Lithium Battery Materials - Domestic lithium hexafluorophosphate prices are at 95,000 yuan/ton, a 20.25% increase month-on-month, while export prices are at 104,000 yuan/ton, up 20.93% [1]. - Recommended companies in the lithium battery sector include Zhuhai Guanyu, Shangtai Technology, and XWANDA [1]. Energy Storage Systems - The average winning bid price for lithium battery energy storage systems reached 0.4771 yuan/Wh in September 2025, marking a 4.33% increase month-on-month [1]. - Recommended companies in the energy storage sector include Yiwei Lithium Energy, Sungrow Power, and CATL [1]. Wind Power - The "Wind Energy Beijing Declaration 2.0" sets a target of at least 120GW of new installed capacity annually during the 14th Five-Year Plan, with a cumulative target of 1,300GW by 2030 [3]. - Recommended companies in the wind power sector include Goldwind Technology and Daikin Heavy Industries [3]. Photovoltaic Market - India added 29.5GW of new photovoltaic capacity in the first three quarters of 2025, a 70% year-on-year increase [3]. - Recommended companies in the photovoltaic sector include Aiko Solar, LONGi Green Energy, and Mibet [3].

证券代码：002812 股票简称：恩捷股份 公告编号：2025-173 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 关于提前赎回"恩捷转债"实施暨即将停止交易的重要提示性公告 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。 重要内容提示： 1、最后交易日：2025 年 10 月 27 日 2025 年 10 月 27 日是"恩捷转债"最后一个交易日，当日"恩捷转债"简称为"Z 捷转债"；2025 年 10 月 27 日收市后"恩捷转债"将停止交易。 2、最后转股日：2025 年 10 月 30 日 2025 年 10 月 30 日是"恩捷转债"最后一个转股日，当日收市前，持有"恩捷 转债"的投资者仍可进行转股；2025 年 10 月 30 日收市后，未转股的"恩捷转债" 将停止转股。 3、截至 2025 年 10 月 24 日收市后，距离"恩捷转债"停止交易仅剩 1 个交易 日，距离"恩捷转债"停止转股并赎回仅剩 4 个交易日。本公司特别提醒"恩捷转 债"持有人务必认真阅读本公告，充分了解相关风险，注意最后转股时间，审慎 作出投资决策。 特 ...

证券代码：002812 股票简称：恩捷股份 公告编号：2025-170 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 关于提前赎回"恩捷转债"实施暨即将停止交易的重要提示性公告 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。 重要内容提示： 1、最后交易日：2025 年 10 月 27 日 2025 年 10 月 27 日是"恩捷转债"最后一个交易日，当日"恩捷转债"简称为"Z 捷转债"；2025 年 10 月 27 日收市后"恩捷转债"将停止交易。 2、最后转股日：2025 年 10 月 30 日 2025 年 10 月 30 日是"恩捷转债"最后一个转股日，当日收市前，持有"恩捷 转债"的投资者仍可进行转股；2025 年 10 月 30 日收市后，未转股的"恩捷转债" 将停止转股。 3、截至 2025 年 10 月 23 日收市后，距离"恩捷转债"停止交易仅剩 2 个交易 日，距离"恩捷转债"停止转股并赎回仅剩 5 个交易日。本公司特别提醒"恩捷转 债"持有人务必认真阅读本公告，充分了解相关风险，注意最后转股时间，审慎 作出投资决策。 特 ...

债券代码：128095 债券简称：恩捷转债 证券代码：002812 股票简称：恩捷股份 公告编号：2025-172 云南恩捷新材料股份有限公司 关于召开2025年三季度业绩说明会的公告 公司董事长 Paul Xiaoming Lee 先生、副董事长兼总经理李晓华先生、副总 经理禹雪女士、董事会秘书白云飞先生、财务总监李湘林先生、独立董事张菁女 士。 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。 三、投资者参与方式 云南恩捷新材料股份有限公司（以下简称"公司"）将于 2025 年 10 月 30 日（星期四）15:00-16:00 在全景网"投资者关系互动平台"（http://ir.p5w.net）以 网络文字互动的方式召开 2025 年三季度业绩说明会，公司将在本次说明会上对 投资者普遍关注的问题在信息披露允许的范围内进行回答。 2、会议召开方式：全景网"投资者关系互动平台"（http://ir.p5w.net）网络文 字互动 1、点击网络直播链接 http://ir.p5w.net 参与本次业绩说明会； 一、会议召开时间和方式 1、会议召开时间：2025 年 10 ...