Core Insights - The company, Enjie Co., Ltd., announced on September 29 that its strong R&D capabilities and vertical innovation system enable rapid product iteration and optimization of solid-state battery materials [1] - Enjie has established long-term stable partnerships with major global battery manufacturers, allowing for technical exchanges and timely market opportunities [1] Group 1 - The company benefits from a solid R&D capability and a comprehensive vertical innovation system, which facilitates quick evaluation and optimization of developed materials [1] - The rapid product iteration allows the company to meet customer demands for solid-state battery materials effectively [1] Group 2 - Enjie has built long-term and stable relationships with numerous leading global battery manufacturers [1] - These partnerships enhance the company's ability to engage in technical exchanges and create collaborative synergies [1] - The company is well-positioned to seize market opportunities promptly due to its established relationships [1]

Core Viewpoint - The company believes that semi-solid batteries serve as a transitional product towards all-solid batteries, which differ significantly from liquid batteries in terms of materials and processes, and are currently in the early stages of industrial development with high costs [1] Group 1: Battery Technology Insights - The market generally considers solid-state batteries to include both semi-solid and all-solid batteries, but semi-solid batteries structurally resemble liquid batteries, requiring positive and negative electrodes, electrolytes, and separators [1] - All-solid batteries are expected to find more applications in "three depths" (deep space, deep sea, deep earth) while coexisting with existing liquid and semi-solid batteries [1] Group 2: Company Developments - The company has long-term investments and focus in the fields of semi-solid and solid-state battery materials [1] - The subsidiary Jiangsu Sanhe Battery Material Technology Co., Ltd. has the capability for mass production of semi-solid battery separators and is actively exploring the market [1] - The subsidiary Hunan Enjie Frontier New Materials Technology Co., Ltd. is dedicated to the research and development of high-purity lithium sulfide, sulfide solid electrolytes, and sulfide solid electrolyte membrane products, with a pilot line for high-purity lithium sulfide already established and a 10-ton production line for solid electrolytes in operation [1]

Group 1: Industry Overview - The supply-demand dynamics in the diaphragm industry are improving due to a slowdown in new capacity additions, particularly in 2025, which is expected to benefit the overall industry [2] - The company's capacity utilization rate is leading in the industry, with a strong market position and increasing market share as downstream demand strengthens [2] Group 2: Product Innovations - The ultra-thin high-strength diaphragm has achieved a thickness reduction of over 28% while maintaining high strength and thermal stability, with a biaxial tensile strength exceeding 400 MPa and a puncture strength of over 560 gf, improving by more than 20% [3] - The significant enhancement in base film puncture strength reduces the risk of thermal runaway in battery cells, thereby improving safety [3] Group 3: Solid-State Battery Development - The company views semi-solid batteries as a transitional product towards all-solid-state batteries, which are currently in the early stages of industrial development and have higher costs [4] - The company is actively involved in the development of materials for both semi-solid and solid-state batteries, with production capabilities established for semi-solid battery diaphragms and ongoing investments in solid-state electrolyte materials [4][5] Group 4: Competitive Advantages - The company benefits from strong R&D capabilities and a comprehensive vertical innovation system, allowing for rapid product iteration and optimization [5] - Long-term stable partnerships with major global battery manufacturers enable the company to engage in technical exchanges and seize market opportunities effectively [5]

Core Viewpoint - The Chinese lithium battery industry is accelerating towards high-quality development, with significant investments and project expansions in various segments, particularly in lithium batteries and solid-state batteries, indicating a strategic shift towards advanced production capabilities and market positioning [4][7][10]. Investment and Project Expansion - From January to August 2025, the Chinese lithium battery industry chain signed and initiated 183 new projects with a total planned investment of 400 billion yuan, showcasing a trend of "accelerated high-end expansion and clearance of low-end capacity" [4][7]. - The expansion projects include 54 for lithium batteries and 23 for solid-state batteries, representing 30% and 13% of the total planned expansion projects, respectively [4]. - Major investments are led by top companies like CATL, BYD, and Enjie, focusing on traditional segments, while emerging sectors like solid-state and sodium batteries attract new capital and startups [7][10]. Regional Distribution - The expansion projects are primarily concentrated in East and Central China, with significant activities in the Yangtze River Delta and Hubei-Hunan regions, leveraging local resources and manufacturing capabilities [10]. - Internationally, projects in Malaysia, Indonesia, and Hungary are gaining traction, driven by favorable geopolitical conditions and local demand for electric vehicle components [10][11]. Specific Investment Highlights - The planned investment in the lithium battery segment exceeds 40% of the total, with solid-state batteries emerging as a new growth area with a planned investment of 35 billion yuan [7][8]. - Notable projects include a 331 billion yuan investment in Guizhou for phosphate iron and lithium production, and a 243 billion yuan investment by Qingshan Group in another Guizhou project [8][10]. - The negative electrode materials sector is also seeing significant investment, with 28.6 billion yuan planned, focusing on technology upgrades and overseas expansion [8]. Emerging Technologies and Trends - Solid-state batteries are becoming the most popular investment track, driven by technological advancements and accelerated mass production [7][8]. - The industry is witnessing a shift towards more sophisticated materials and production techniques, with companies like Dongchi New Energy planning a 5.2 billion yuan sodium battery project [7][10].

Core Insights - The lithium battery industry in China is experiencing a structural adjustment towards high-quality development, with a total planned investment of 400 billion yuan across 183 new projects signed and initiated from January to August 2025 [1][3]. Investment Overview - A total of 183 expansion projects have been signed and initiated in the lithium battery industry chain, with a planned total investment of 400 billion yuan [1][3]. - The lithium battery segment accounts for over 40% of the total investment, indicating a strong focus on capacity expansion by leading battery companies to meet rapidly growing market demand [3][4]. Project Distribution - The expansion projects are primarily concentrated in East and Central China, with significant activities in the Yangtze River Delta (Jiangsu, Zhejiang) and Shandong, leveraging local chemical resources and industry chain advantages [7][8]. - Major projects include a 331 billion yuan investment in Guizhou for phosphate iron and lithium iron phosphate production, and a 243 billion yuan investment in Bijie by Qingshan Group and Huayou Holdings [4][11]. Emerging Technologies - Solid-state batteries and sodium batteries are gaining traction, with 23 and 54 projects respectively, reflecting a strategic positioning to capture future market opportunities [1][3]. - New entrants and cross-industry capital are increasingly investing in emerging technologies, with significant projects like a 5.2 billion yuan sodium battery project by Dongchi New Energy [3][4]. Regional and International Expansion - Internationally, Malaysia and Hungary are becoming key locations for Chinese battery and material companies, driven by favorable investment policies and local demand for electric vehicles [8][9]. - Companies like BYD are establishing European headquarters and manufacturing facilities to enhance their presence in the growing electric vehicle market [8].

证券代码：002812 股票简称：恩捷股份 公告编号：2025-152 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 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 近日，公司与招商银行股份有限公司昆明分行（以下简称"招行昆明分行"） 签订《最高额不可撤销担保书》（编号：874325E1SX09），对控股子公司云南 红创包装有限公司（以下简称"红创包装"）向招行昆明分行申请的额度为人民 币 10,000.00 万元的综合授信提供连带责任保证担保。 公司与南京银行股份有限公司上海分行（以下简称"南京银行上海分行"） 签订《最高额保证合同》（编号：Ec135272509190080827），对下属子公司上海 恩尔捷贸易有限公司（以下简称"上海恩尔捷"）向南京银行上海分行申请的额 度为人民币 1,000.00 万元的综合授信提供连带责任保证担保。 | 三、担保合同的主要内容 | | --- | 单位：如无特殊说明，为人民币万元 | 被担保人 | 担保权人 | 主债权额度 | 担保额度 | ...

Group 1 - The China Securities New Energy Vehicle Industry Index (930997) has seen a strong increase of 1.94% as of September 25, 2025, with notable gains from companies such as Dongsheng Technology (300073) up 9.05%, Yiwei Lithium Energy (300014) up 7.35%, and China Baowu Steel Group (000009) up 6.98% [1] - The New Energy Vehicle ETF (515700) has risen by 1.81%, marking its fourth consecutive increase, with the latest price reported at 2.41 yuan [1] - Over the past week, the New Energy Vehicle ETF has accumulated a rise of 2.77%, ranking it in the top half among comparable funds [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the China Securities New Energy Vehicle Industry Index include CATL (300750), Huichuan Technology (300124), BYD (002594), and others, collectively accounting for 54.55% of the index [2] - The weight and performance of the top stocks are as follows: CATL (4.60%, 9.80%), Huichuan Technology (-0.02%, 9.63%), BYD (1.49%, 9.10%), and others [3] Group 3 - The New Energy Vehicle ETF has several off-market connections, including Ping An China Securities New Energy Vehicle ETF Initiated Connection A (012698), C (012699), and E (024504) [5]

Market Overview - The A-share market experienced a significant rise, with the Sci-Tech 50 Index surging over 5%, reaching a nearly four-year high [1] - The Shanghai Composite Index closed at 3853.64 points, up 0.83%, while the Shenzhen Component Index rose 1.8% to 13356.14 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 234.75 billion yuan [1] Semiconductor and Chip Sector - The semiconductor sector saw a strong performance, with the overall sector rising 4.6%, ranking first among industry sectors [2] - The storage chip concept also performed well, with a 4.18% increase, ranking fourth among industry concepts [2] - Notable individual stocks included ShenGong Co., Jiangfeng Electronics, and Xingfu Electronics, which hit the daily limit up [2] - The introduction of new lithography equipment by Shengmei Shanghai is expected to enhance semiconductor manufacturing capabilities [2] Memory Products Price Increase - Samsung has significantly raised prices for its DRAM and NAND flash products, with some products seeing price increases of up to 30% [3] - Other major players like SanDisk and Micron have also adjusted their pricing, indicating a trend of rising memory product prices [3] - The demand for enterprise-level SSDs is expected to increase, benefiting companies with strong pricing power in this segment [3] Solid-State Battery Sector - The solid-state battery concept saw a notable rise, with the sector increasing by 2.51% [4] - Key individual stocks in this sector included HaiMuxing and JiaoCheng Ultrasound, which experienced significant gains [4] - The Chinese government is promoting the development of high-safety battery storage systems, which is expected to drive advancements in solid-state battery technology [4][5] - Full solid-state batteries are anticipated to achieve partial mass production by 2027, with several automotive manufacturers planning to test these technologies [5][6] Brokerage and Financial Technology Sector - The brokerage and financial technology sectors showed positive movement, with stocks like Xiangcai Co. hitting the daily limit up [7] - The financial sector has seen adjustments recently, but the market remains active, with expectations for continued inflows of institutional and retail funds [7] - Analysts are optimistic about the profitability and valuation of the brokerage sector, anticipating further growth in Q3 earnings [7]

Group 1 - The chemical sector has regained momentum, with the Chemical ETF (516020) experiencing a rise of 1.24% by the end of trading on September 24, following a brief period of low-level fluctuations [1][2] - Key stocks in the sector include rubber additives, lithium batteries, and fluorochemicals, with notable gains from Tongcheng New Materials and Enjie Co., both hitting the daily limit, and Tianqi Materials and Duofluoride rising over 6% [1][2] - Recent government policies aim to promote high-quality development in energy equipment, which is expected to improve supply and demand dynamics in the chemical industry [1][3] Group 2 - Guojin Securities indicates that the current policy direction provides a phase-specific industry tone, with many chemical sectors at price profit bottoms and low inventory levels, making them sensitive to marginal changes [3] - The Chemical ETF (516020) has a price-to-book ratio of 2.21, which is at a low point historically, suggesting a favorable long-term investment opportunity [3] - Future measures are expected to lead to a significant slowdown in global chemical industry capacity expansion, potentially transforming the Chinese chemical industry into a high dividend yield sector [4] Group 3 - The chemical sector is anticipated to enter a new long-term prosperity cycle, driven by recent policy initiatives aimed at improving supply-demand dynamics [4] - The Chemical ETF (516020) tracks the CSI segmented chemical industry index, with nearly 50% of its holdings in large-cap leading stocks, providing a robust investment opportunity in the sector [5] - Investors can also consider the Chemical ETF linked funds for efficient exposure to the chemical sector [5]

Market Overview - On September 24, the Shanghai Composite Index rose by 0.83%, the Shenzhen Component Index increased by 1.8%, and the ChiNext Index climbed by 2.28% [2] - A total of 51 stocks appeared on the "Dragon and Tiger List" due to significant trading activity, with a net inflow of funds amounting to 5.15 billion yuan into Tongfu Microelectronics (002156.SZ) [2][4] Key Stocks - Tongfu Microelectronics saw the highest net buying amounting to 514.93 million yuan, representing 14.54% of its total trading volume, and its stock price increased by 10% with a turnover rate of 6.3% [4][6] - The stock with the highest net outflow was Kaimete Gas (002549.SZ), which experienced a net selling of 196.54 million yuan, accounting for 3.23% of its total trading volume, while its stock price rose by 3.86% [5][10] Institutional Activity - Institutions were active in 23 stocks on the Dragon and Tiger List, with a total net selling of 74.69 million yuan. Specifically, institutions net bought 12 stocks and net sold 11 stocks [6][12] - The stock with the highest net institutional buying was Huicheng Co., Ltd. (688403.SH), which rose by 15.84% and had a turnover rate of 10.08% [6][7] Northbound Capital - Northbound capital participated in 24 stocks on the Dragon and Tiger List, with a total net outflow of 505 million yuan. The Shanghai Stock Connect saw a net buying of 6 stocks and a net selling of 3 stocks, while the Shenzhen Stock Connect had a net buying of 5 stocks and a net selling of 10 stocks [10][12] - The stock with the highest net buying from northbound capital was Heertai (002402.SZ), with a net inflow of 325 million yuan, representing 2.21% of its total trading volume [10][13] Summary of Institutional and Northbound Capital Actions - Both institutions and northbound capital jointly net bought Heertai and Enjie Co., Ltd. while jointly net sold Deep Technology, Kaimete Gas, and others [12][13] - There were divergences in actions for stocks like Wanma Co., Ltd. and North China Innovation, where institutions sold while northbound capital bought [12][13]