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 ...

证券代码：002812 股票简称：恩捷股份 公告编号：2025-171 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（以下简称"公司"）于 2024 年 12 月 27 日召 开第五届董事会第三十五次会议，审议通过了《关于公司 2025 年度合并报表范 围内担保额度的议案》，详见公司于 2024 年 12 月 31 日在指定信息披露媒体《证 券时报》《证券日报》《上海证券报》《中国证券报》和巨潮资讯网 （www.cninfo.com.cn）刊登的《关于公司 2025 年度合并报表范围内担保额度的 公告》（公告编号：2024-253 号）。公司于 2025 年 1 月 16 日召开 2025 年第一 次临时股东会审议通过了上述事项。 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 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、担保情况概述 二、担保进展情况 近日，公司与江苏银行股份有限公司无锡分行（以下简称"江苏银行无锡分 行"）签订《最高额保证合同》（合同编号：BZ021825003557），对下属子公 司无锡恩捷 ...

Group 1 - The core point of the announcement is that Enjie Co., Ltd. will forcibly redeem its convertible bonds ("Enjie Convertible Bonds") if they are not converted by the close of trading on October 30, 2025 [2] - After the redemption is completed, the "Enjie Convertible Bonds" will be delisted from the Shenzhen Stock Exchange [2] - Bondholders are advised to release any pledges or freezes on their "Enjie Convertible Bonds" before the trading suspension date to avoid being forced to redeem due to inability to convert [2]

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：2025-169 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 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 22 日收市后，距离"恩捷转债"停止交易仅剩 3 个交易 日，距离"恩捷转债"停止转股并赎回仅剩 6 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 ...

Core Viewpoint - The report indicates a positive long-term outlook for the Chinese equity market, with expectations of a turning point in US dollar liquidity and a commitment to high-quality economic development in China [1][6]. Financial Performance - As of the end of Q3, the net asset value of the A-class shares of the fund was 1.1172 yuan, with a quarterly growth rate of 45.58%, significantly outperforming the benchmark return of 13.49% [1][3]. - The fund's total assets exceeded 19 billion yuan, establishing it as a representative active equity product managed by the company [1]. Investment Strategy - The fund manager emphasizes a concentrated and in-depth research approach, focusing on sectors such as new energy, electronics, machinery, military industry, and Hong Kong internet stocks [6]. - The investment strategy includes three main lines for AI-themed investments: efficiency-enhancing internet leaders, companies driven by new application scenarios, and firms related to computing power and cloud services [6]. Sector Insights - In the new energy sector, the focus is on the midstream materials of lithium batteries, with an expectation of a healthy supply-demand relationship and potential shortages in certain segments next year [6]. - The military industry is showing signs of improvement in contract liabilities, indicating an upward cycle in orders, supported by increased overseas military trade demand [7]. Market Outlook - The company maintains confidence in the Chinese economy, highlighting the gradual emergence of long-term investment value in the A-share market, particularly for high-quality companies with global competitiveness [7].

Core Viewpoint - Yunnan Yijie Lithium Industry Co., Ltd. has changed its registration status from active to cancellation, following a simple cancellation announcement [1][2]. Company Information - Yunnan Yijie Lithium Industry Co., Ltd. was established on March 17, 2023, with a registered capital of 100 million RMB [1][3]. - The company was co-owned by Yiwei Lithium Energy and Enjie Co., Ltd. [2]. - The business scope included non-coal mining resource extraction, mineral resource exploration, and basic chemical raw material manufacturing [1][3]. Registration Details - The company was registered under the unified social credit code 91530400MACCW3HK4H and was located in Yuxi City, Yunnan Province [3]. - The company had no employees and was classified as an other limited liability company [3].