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。 证券代码：002812 股票简称：恩捷股份 公告编号：2025-184 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 关于公司合并报表范围内提供担保的进展公告 三、担保合同的主要内容 单位：如无特殊说明，为人民币万元 | | 证券代码：002812 | | | 股票简称：恩捷股份 公告编号：2025-184 | | --- | --- | --- | --- | --- | | | 债券代码：128095 | | | 债券简称：恩捷转债 | | 被担保人 | 担保权人 | 主债权额度 | 担保额度 | 担保合同内容 | | | | | | 产保全费、执行费、评估费、拍卖费、律师费、差旅费、公证 | | | | | | 费、公告费、送达费、鉴定费等）。因汇率变化而实际超出最 | | | | | | 高债权额的部分，保证人自愿承担保证责任。 | | | | | | 4、担保期间：自保证书生效之日起至主合同项下债务履行期（包 | | | | | | 括展期、延期）届满之日后满三年之日止。若主合同项下债 ...

格隆汇11月5日｜恩捷股份公告称，公司于2024年12月27日召开董事会、2025年1月16日召开股东会，审 议通过2025年度合并报表范围内担保额度议案。近日，公司向江苏银行上海惠南支行出具《最高额连带 责任保证书》，为控股子公司上海恩捷2亿元综合授信提供连带责任保证担保。截至公告披露日，公司 及子公司间经审批担保总额60亿元，占最近一期经审计归母净资产的245.19%；实际签署有效担保总额 38.88亿元，占比158.88%，无其他对外担保及逾期情况。 ...

Core Viewpoint - The electric equipment industry experienced a significant increase of 3.40% on November 5, with a net inflow of 14.608 billion yuan in main funds, indicating strong investor interest in this sector [1][2]. Market Performance - The Shanghai Composite Index rose by 0.23% on the same day, with 20 out of 28 sectors showing gains, particularly in electric equipment and coal, which increased by 3.40% and 1.39% respectively [1]. - The computer and non-bank financial sectors faced declines, with decreases of 0.97% and 0.49% respectively [1]. Fund Flow Analysis - The electric equipment sector led the market with a net inflow of 14.608 billion yuan, while the coal sector followed with a net inflow of 1.092 billion yuan [1][2]. - In contrast, the computer sector saw the largest net outflow of 6.363 billion yuan, followed by the electronics sector with a net outflow of 4.616 billion yuan [1]. Electric Equipment Sector Details - Out of 363 stocks in the electric equipment sector, 319 stocks rose, with 20 hitting the daily limit [2]. - Notable stocks with significant net inflows included: - Sunshine Power: 1.501 billion yuan - TBEA: 1.199 billion yuan - CATL: 977 million yuan [2]. - The sector also had 13 stocks with net outflows exceeding 50 million yuan, with the largest outflows from: - Enjie: 242 million yuan - Dongfang Electric: 152 million yuan - Wanma: 139 million yuan [2][3]. Top Gainers in Electric Equipment - The top gainers in the electric equipment sector included: - Sunshine Power: +7.11% - TBEA: +9.99% - CATL: +2.57% [2]. Top Losers in Electric Equipment - The stocks with the largest net outflows included: - Enjie: -0.15% - Dongfang Electric: +3.88% - Wanma: -2.18% [3].

Market Performance - The three major indices opened lower but closed higher, with the Shanghai Composite Index rising by 0.23%, the Shenzhen Component Index by 0.37%, the ChiNext Index by 1.03%, and the STAR Market 50 Index by 0.23% [2] - Over 3,100 stocks in the two markets rose, with a total trading volume of approximately 1.87 trillion yuan [2] Hainan Sector - The Hainan sector saw significant gains, with companies like Hainan Development, Haima Automobile, and Hainan Strait Holdings experiencing substantial increases [3] - A new duty-free shopping policy in Hainan, effective from November 1, expands the range of duty-free goods and increases the annual duty-free allowance for travelers to 100,000 yuan, enhancing shopping options for tourists [3] - The Hainan Free Trade Port is set to officially start operations on December 18, further boosting the sector [3] Electric Equipment Sector - The electric equipment sector performed strongly, with companies like Zhongneng Electric and Jinpan Technology seeing gains of nearly 20% [3] - Microsoft CEO Satya Nadella highlighted a power shortage as a key issue for the AI industry, indicating a potential increase in demand for electric equipment to support GPU operations [3] Energy Storage and Lithium Battery Sector - Dongwu Securities revised its forecast for U.S. energy storage installations in 2026 to 76 GWh, a year-on-year increase of nearly 44%, with significant contributions from data centers [4] - The lithium battery supply chain is experiencing active orders, with a year-on-year production increase of 35% reported for major battery manufacturers [4] - Prices for key lithium battery materials have seen a rebound, with lithium carbonate rising to 80,600 yuan per ton and lithium hexafluorophosphate increasing by 46.4% [4] Coal and Steel Sector - The coal and steel sectors showed strong performance, with companies like Antai Group and Vanadium Titanium Holdings rising by 10% [5] - CITIC Securities anticipates a quarter-on-quarter increase of over 15% in the average price of thermal coal at ports, with potential price peaks exceeding 850 yuan per ton [5] - The sector is expected to maintain a rebound due to improvements in policy, coal prices, and earnings expectations [5] Weak Sectors - The innovative drug and semiconductor sectors faced declines, with companies like 3SBio and Hua Hong Semiconductor experiencing significant drops [5] - The liquor and gaming sectors also weakened, with Perfect World and Kweichow Moutai seeing notable declines [5]

Core Viewpoint - The commercialization of solid-state batteries is progressing rapidly but will require additional time for full implementation [1] Group 1: Solid-State Battery Development - The market currently recognizes solid-state batteries to include both semi-solid and all-solid batteries, with semi-solid batteries serving as a transitional product due to their structural similarities to liquid batteries [1] - Sulfide solid electrolytes are considered strong candidates for all-solid batteries, possessing lithium-ion conductivity and electronic insulation properties [1] - Enjie Co., as a leading supplier of lithium battery separators, has collaborated with domestic universities since 2021 to develop sulfide solid electrolyte products, which have been sent for validation to major domestic and international battery companies [1] Group 2: Production Capabilities - Enjie Co.'s subsidiary, Jiangsu Sanhe Battery Material Technology Co., has the capability for mass production of semi-solid battery separators and is actively exploring market opportunities [1] - The pilot line for high-purity lithium sulfide products has been established, and a 10-ton production line for solid electrolytes has been launched, demonstrating shipping capabilities [2]

Core Insights - Enjie Co., Ltd. has seen its stock price increase for eight consecutive days, with a total gain of 20.99% during this period, currently trading at 48.60 CNY per share [1] - The company specializes in various packaging and printing products, lithium battery separators, aluminum-plastic films, and water treatment membranes, with lithium battery separators accounting for 83.64% of its main business revenue [1] Group 1: Stock Performance - As of the latest report, Enjie Co., Ltd. has a market capitalization of 470.53 billion CNY and a trading volume of 33.02 billion CNY, with a turnover rate of 8.49% [1] - The stock price has shown a consistent upward trend, marking a significant increase over the past week [1] Group 2: Shareholder Insights - The top circulating shareholder is a fund under Quan Guo Fund, which increased its holdings in Enjie Co., Ltd. by 3.14 million shares, bringing its total to 30.57 million shares, representing 3.78% of the circulating shares [2] - The fund has realized a floating profit of approximately 2.58 billion CNY during the eight-day price increase [2] Group 3: Fund Performance - The Quan Guo Xu Yuan Three-Year Holding Period Mixed A Fund ranks Enjie Co., Ltd. as its third-largest holding, with 7.49% of the fund's net value allocated to this stock [3] - The fund has achieved a year-to-date return of 47.46% and a one-year return of 39.42%, indicating strong performance relative to its peers [2]

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the **lithium battery and energy storage industry** with a focus on market demand, supply dynamics, and future projections for 2026 [1][2][3][4][5][6][7][13][21]. Key Points and Arguments Demand Projections - **Battery Demand Growth**: Expected to increase by **20%-25%** in 2026, with power batteries growing around **20%** and energy storage nearing **25%** [1][3]. - **Overall Market Demand**: Anticipated demand for batteries in 2026 is projected to be approximately **1,700 GWh**, with energy storage contributing significantly [3][4]. - **Regional Growth**: Domestic market growth is expected to be **15%-20%**, Europe at **30%**, and the U.S. showing minimal growth [3]. Supply Dynamics - **Production Capacity**: Major lithium battery manufacturers are expected to maintain high utilization rates, with material supply expansion remaining below **10%** [1][8]. - **Material Prices**: A clear trend of price reversal is anticipated if demand exceeds expectations, with tight supply conditions expected to persist into the second quarter of 2026 [1][8][9]. Market Drivers - **Domestic Energy Storage Drivers**: The domestic market is driven by policies such as the **136 Document**, which supports comprehensive grid integration and capacity compensation mechanisms [5]. - **U.S. Market Growth**: The U.S. market's growth is primarily driven by data centers, which are expected to contribute significantly to energy storage demand [6]. Company Performance and Recommendations - **Recommended Companies**: Specific companies are highlighted for their strong market positions and expected growth, including a company projected to ship **105-110 million tons** this year and at least **140 million tons** next year [9]. - **Profitability Outlook**: Companies like **Enjie** and **Purtai** are expected to see significant profit increases due to rising production and market demand, with Enjie projected to achieve a profit of **3 billion** in 2026 [19][12]. Price Trends - **Lithium Hexafluorophosphate**: Prices have doubled recently, driven by strong energy storage demand and high utilization rates among leading companies [1][14]. - **Overall Price Recovery**: The lithium battery industry is experiencing a price recovery trend, with expectations of continued price increases due to tight supply conditions [18]. Future Industry Trends - **Investment Potential**: The entire lithium battery materials sector is expected to see a clear reversal in fortunes in 2026, with significant investment opportunities as demand rises and supply constraints tighten [21]. Other Important Insights - **Market Sentiment**: The overall sentiment in the lithium battery sector is optimistic, with expectations of sustained demand growth and potential for price increases across various materials [2][18]. - **Technological Developments**: Innovations in production processes and materials are being pursued to enhance efficiency and reduce costs, which could further impact profitability [16][17]. This summary encapsulates the critical insights from the conference call, highlighting the robust growth prospects and evolving dynamics within the lithium battery and energy storage industry.

Group 1 - The stock of Enjie Co., Ltd. reached the daily limit, with a turnover rate of 6.02% and a transaction amount of 2.351 billion yuan, showing a fluctuation of 9.77% [2] - Institutional investors net sold 30.83 million yuan, while the Shenzhen Stock Connect saw a net purchase of 91.89 million yuan, resulting in a total net purchase of 259 million yuan from brokerage seats [2] - The stock was listed on the Shenzhen Stock Exchange due to a price deviation of 10.32% [2] Group 2 - The latest margin trading data shows a total margin balance of 1.223 billion yuan, with a financing balance of 1.221 billion yuan and a securities lending balance of 1.9364 million yuan [3] - Over the past five days, the financing balance increased by 63.98 million yuan, representing a growth of 5.53%, while the securities lending balance decreased by 145,000 yuan, a decline of 6.97% [3] - Two institutions rated the stock as a buy in the last five days, with the highest target price set at 50.00 yuan by China International Capital Corporation [3]

Market Overview - The Shanghai Composite Index fell by 0.81% on October 31, with 16 industries experiencing gains, led by the pharmaceutical and media sectors, which rose by 2.42% and 2.39% respectively [2] - The telecommunications and electronics sectors saw the largest declines, with drops of 4.07% and 3.06% respectively [2] - The power equipment industry decreased by 0.69% [2] Capital Flow Analysis - The main capital outflow from the two markets totaled 62.903 billion yuan, with 13 industries experiencing net inflows [2] - The pharmaceutical industry led in net capital inflow, attracting 4.494 billion yuan, followed by the media sector with 4.029 billion yuan [2] - The electronics sector had the highest net capital outflow, losing 28.762 billion yuan, followed by telecommunications with an outflow of 11.113 billion yuan [2] Power Equipment Industry Insights - The power equipment industry saw a net capital outflow of 8.329 billion yuan, with 363 stocks in the sector [3] - Among these, 218 stocks rose, with 6 hitting the daily limit, while 136 stocks declined [3] - The top three stocks with significant net inflows were Enjie Co., Ltd. (6.98 billion yuan), Tianji Co., Ltd. (3.26 billion yuan), and Nord Co., Ltd. (3.02 billion yuan) [3] - The stocks with the largest net outflows included TBEA Co., Ltd. (10.90 billion yuan), Sungrow Power Supply Co., Ltd. (9.66 billion yuan), and CATL (9.36 billion yuan) [3][5] Top Gainers in Power Equipment - Enjie Co., Ltd. increased by 10.00% with a turnover rate of 6.02% and a capital flow of 698.04 million yuan [4] - Tianji Co., Ltd. rose by 9.99% with a turnover rate of 8.52% and a capital flow of 325.56 million yuan [4] - Nord Co., Ltd. gained 4.89% with a turnover rate of 11.34% and a capital flow of 301.57 million yuan [4] Top Losers in Power Equipment - TBEA Co., Ltd. fell by 5.64% with a capital outflow of 1.09045 billion yuan [5] - Sungrow Power Supply Co., Ltd. decreased by 2.51% with a capital outflow of 966.21 million yuan [5] - CATL dropped by 2.39% with a capital outflow of 935.83 million yuan [5]

Market Overview - On October 31, major indices in the Chinese stock market experienced fluctuations, with the Shanghai Composite Index closing at 3954.79 points, down 0.81%, and a total trading volume of 10,311 billion yuan [1] - The Shenzhen Component Index closed at 13,378.21 points, down 1.14%, with a trading volume of 12,866.88 billion yuan [1] - The ChiNext Index closed at 3187.53 points, down 2.31%, with a trading volume of 5,953.5 billion yuan [1] - The total trading volume for both markets was 23,177.88 billion yuan, a decrease of 1,039.3 billion yuan compared to the previous trading day [1] Sector Performance - The market saw more sectors rising than falling, with notable gains in the pharmaceutical, media, retail, textile, education, computer, light manufacturing, agriculture, and food and beverage sectors [3] - Concepts such as innovative drugs, interactive short dramas, AI corpus, recombinant proteins, blind box economy, shared economy, data rights confirmation, duty-free, and wheel hub motors showed active performance [3] - Conversely, sectors like telecommunications, insurance, electronics, non-ferrous metals, and coal experienced declines [3] Individual Stock Performance - A total of 3,541 stocks rose, while 1,498 stocks fell, with 115 stocks remaining flat and 10 stocks suspended [3] - Among the stocks that hit the daily limit, the majority were concentrated in the pharmaceutical, media, electric equipment, automotive, and construction decoration sectors [3] - ST Zhongdi led with 11 consecutive limit-up days, followed by Shikong Technology with 8 consecutive limit-up days [6] Capital Flow - The net outflow of main funds from the Shanghai and Shenzhen markets was 437.44 billion yuan, with the ChiNext seeing a net outflow of 162.56 billion yuan [7] - 14 out of 31 sectors experienced net inflows, with the media sector seeing the highest net inflow of 30.58 billion yuan [7] - The electronics sector had the largest net outflow, totaling 183.09 billion yuan [7] Top Stocks by Fund Flow - 86 stocks received net inflows exceeding 1 billion yuan, with Dongfang Precision leading at 1.245 billion yuan [11] - Other notable stocks with significant net inflows included Changying Precision, Sanliu Ling, and Blue Focus [11] - Conversely, 158 stocks experienced net outflows exceeding 1 billion yuan, with Shenghong Technology leading at 3.072 billion yuan [14] Institutional Activity - Institutional investors had a net buying of approximately 363 million yuan, with Zexing Pharmaceutical receiving the highest net inflow of about 207 million yuan [18] - Other stocks with significant institutional net buying included Shutaishen and Yifang Bio [18]