9月5日，恩捷股份涨5.47%，截至发稿，报35.46元/股，成交5.64亿元，换手率2.01%，总市值343.31亿 元。 截至发稿，赵诣累计任职时间8年171天，现任基金资产总规模130.81亿元，任职期间最佳基金回报 329.41%， 任职期间最差基金回报-12.78%。 从基金十大重仓股角度 数据显示，泉果基金旗下1只基金重仓恩捷股份。泉果旭源三年持有期混合A（016709）二季度持有股 数2743.13万股，与上期相比持股数量不变，占基金净值比例为6.14%，位居第五大重仓股。根据测算， 今日浮盈赚取约5047.36万元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，云南恩捷新材料股份有限公司位于云南省玉溪市高新区抚仙路125号，成立日期2006年4月5 日，上市日期2016年9月14日，公司主营业务涉及提供各类包装印刷产品、包装制品及服务;锂电池隔离 膜、铝塑膜、水处理膜等业务。主营业务收入构成为：锂电池隔离膜83.64%，无 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 5.76 billion yuan for the first half of 2025, representing a year-on-year increase of 20.5%. However, the net profit attributable to the parent company was a loss of 93 million yuan, and the net profit after deducting non-recurring items was a loss of 95 million yuan [2][4]. - In Q2 2025, the company achieved a revenue of 3.03 billion yuan, which is a year-on-year increase of 23.6% and a quarter-on-quarter increase of 11.2%. The net profit attributable to the parent company was a loss of 119 million yuan, with a net profit after deducting non-recurring items also showing a loss of 124 million yuan [2][4]. - The company's membrane business revenue reached 5.09 billion yuan, accounting for 88.39% of total revenue, with a year-on-year growth of 23%. The gross margin for the membrane business was 13.5%, down 5.6 percentage points year-on-year due to price declines and narrowing single-unit gross margins [9]. - The company is actively expanding its solid-state battery business, with significant progress in projects related to sulfide solid electrolytes and lithium sulfide, which may enhance profitability in the future [9]. Summary by Sections Financial Performance - For the first half of 2025, the company reported total revenue of 5.76 billion yuan, a 20.5% increase year-on-year, while the net profit attributable to the parent company was a loss of 93 million yuan [2][4]. - In Q2 2025, the revenue was 3.03 billion yuan, reflecting a 23.6% year-on-year increase and an 11.2% quarter-on-quarter increase, with a net loss of 119 million yuan [2][4]. Business Segments - The membrane business generated 5.09 billion yuan in revenue, representing 88.39% of total revenue, with a year-on-year growth of 23%. The gross margin for this segment was 13.5%, down from the previous year due to competitive pricing pressures [9]. - The company’s overseas business is expanding, with direct export revenue of 1.15 billion yuan, accounting for approximately 20% of total revenue [9]. Future Outlook - The company is expected to maintain positive growth in shipments throughout the year, with current prices stabilizing and an improved shipment structure anticipated to enhance profitability [9]. - The solid-state battery business is a key focus, with ongoing projects that may lead to significant advancements in production capabilities and profitability [9].

Core Viewpoint - The company is actively developing solid-state battery materials and has established production capabilities for lithium sulfide solid electrolytes, with ongoing efforts to expand its output and collaborate with downstream customers [2]. Group 1: Company Developments - The company has built a 10-ton level solid electrolyte production line and is capable of small-scale shipments [2]. - A hundred-ton level production line for lithium sulfide has been completed and is currently ramping up production [2]. - The company is primarily self-supplying lithium sulfide while also sending samples to downstream customers for small-scale shipments [2]. Group 2: Industry Collaboration and Market Position - The company has not disclosed specific collaboration details with Yiwei Lithium Energy in the solid-state battery sector due to confidentiality agreements [2]. - The company is closely monitoring industry technological developments and trends to steadily advance its solid-state battery material expansion [2].

Core Viewpoint - The commercialization of all-solid-state batteries will take a considerable amount of time due to technical issues and high costs compared to existing liquid lithium batteries [1] Company Insights - The company believes that all-solid-state batteries will primarily find applications in niche fields such as aerospace and military, where performance requirements are high and price sensitivity is low [1] - The company has established a supply capability with a 10-ton level sulfide solid electrolyte already built [1] - The company will continue to invest in research and development, actively explore market opportunities, and deepen cooperation and technical exchanges with customers to promote industry technological advancement [1]

Group 1 - The chemical sector continues to show strong performance, with the chemical ETF (516020) experiencing a price increase of 2.34% as of the latest report, following a brief period of fluctuation [1][3] - Key stocks in the sector, including Tianqi Lithium and Huaneng Chemical, have seen significant gains, with Tianqi reaching the daily limit and others like Enjie and Huafeng Chemical rising over 6% [1][3] - The chemical ETF has attracted substantial investment, with a total inflow of 4.42 billion yuan over the last five trading days and over 9.8 billion yuan in the last ten days [3] Group 2 - The Ministry of Industry and Information Technology and the State Administration for Market Regulation have jointly released a plan aimed at stabilizing growth in the electronic information manufacturing industry, which includes measures to reduce competition in the lithium battery sector [3][4] - The policy shift from "encouragement" to "guidance" indicates potential for mandatory capacity replacement and stricter environmental regulations, suggesting a transition from price competition to policy-driven supply adjustments [3][4] - The valuation of the chemical ETF is currently at a relatively low level, with a price-to-book ratio of 2.23, indicating a favorable long-term investment opportunity [3] Group 3 - Domestic policies frequently emphasize supply-side requirements to combat "involution," while international factors such as rising raw material costs and capacity exits in Europe and the U.S. add uncertainty to chemical supply [4][5] - The "anti-involution" policy is seen as a significant guiding principle for the manufacturing sector, aiming to eliminate unfair competition and improve the overall market environment [5] - The chemical ETF (516020) provides a diversified investment approach, with nearly 50% of its holdings in large-cap stocks and the remainder in leading companies across various chemical sub-sectors [5]

Core Viewpoint - The company believes that the commercialization of all-solid-state batteries will take a considerable amount of time due to technical challenges and cost disadvantages compared to existing liquid lithium batteries [2] Group 1: Company Plans and Measures - The company has established a 10-ton production line for sulfide solid electrolytes, which is now capable of supplying products [2] - The company will continue to invest in research and development, actively explore market opportunities, and deepen cooperation and technical exchanges with customers to promote industry technological advancement [2] Group 2: Industry Insights - All-solid-state batteries are expected to find applications in niche areas such as aerospace, where performance requirements are high and price sensitivity is low [2] - The company anticipates that all-solid-state batteries will coexist with liquid and semi-solid batteries in the long term [2]

Summary of Conference Call on Convertible Bond Market Industry Overview - The convertible bond market has experienced a significant adjustment, leading the stock market in this trend. Recent stabilization has been noted, but high-priced and small-cap convertible bonds have seen substantial declines, while large and mid-cap bonds remain relatively stable. Current bond prices are around 128 RMB, with premium rates at historical highs, necessitating attention to bonds with high redemption expectations, such as Jintian, which have limited upside potential [1][4]. Key Insights and Arguments - **Market Performance**: The convertible bond market remains active despite stock market volatility, with daily trading volumes between 700 billion to 900 billion RMB. The market's adjustment has been more pronounced than that of the stock market, with the Zhongzheng Convertible Bond Index dropping 2.82% on a specific day [2]. - **Future Outlook**: A positive outlook is maintained for the period from September to December, although some adjustments are expected. High-priced, mid-priced, and small-cap bonds have seen significant declines, while large and mid-cap bonds are more stable. Bonds with high premium rates or high P/E ratios should be excluded from investment considerations [3][12]. - **Selection Strategy**: The selection of convertible bonds is categorized into three types: - **Core Holdings**: Low-volatility bank bonds held for 6 months to 3 years. - **Allocation Type**: Focused on sectors like robotics and low-altitude economy, held for 1 to 6 months. - **Trading Type**: Driven by short-term events such as restructuring or shareholder changes, focusing on small-cap stocks with high turnover rates [7][10]. - **Risk Management**: Approximately 18 high-risk bonds have been identified for exclusion, including Fangyuan, Dongfang Shishang, and Wenke, due to management issues or poor financial conditions. Emphasis is placed on managing positions and optimizing investment portfolios [5][12]. Additional Important Content - **Bond Classification by Redemption Status**: Convertible bonds can be classified based on their redemption status, which influences their price ceilings and investment strategies. Categories include bonds unlikely to be redeemed in three months, those approaching redemption, and those with low conversion values [9][12]. - **Investment Opportunities**: Specific sectors such as solid-state batteries and photovoltaic panels are highlighted for their potential. Companies like Enjie and Tiantian Tianci are noted for their attractive valuations and market positions [6][20]. - **Performance Comparison**: Enjie and Tiantian Materials are both leaders in the lithium battery industry, but Enjie shows better investment value due to lower premium rates and a more favorable market position [21][22]. - **Operational Strategies**: For bonds nearing redemption, such as Lilo and Niutai, the recommendation is to avoid long-term investments due to limited upside and higher risks. Instead, focus on bonds with potential for price appreciation based on underlying stock performance [18]. - **Factor Selection Methodology**: Key indicators for selecting convertible bonds include stock valuation, terms, and industry conditions. The focus is on strong redemption clauses and overall market sentiment [19][25]. - **Adjustments in Selection Strategy**: Current strategies emphasize the importance of terms in response to market pressures and frequent redemptions, with a focus on small-cap stocks and high turnover rates to enhance overall portfolio performance [26].

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, expecting the industry index to outperform the market index by more than 10% in the next six months [50]. Core Insights - The lithium battery industry has achieved significant year-on-year and quarter-on-quarter net profit growth over the past two quarters, indicating a performance turning point. The upcoming traditional peak season for the downstream new energy vehicle market is expected to boost demand for power batteries. The overall demand for lithium batteries is anticipated to enter a peak season, with a month-on-month increase in September's lithium battery pre-production [3][45]. - The report highlights the continuous improvement in the fundamentals of leading companies across the industry chain, particularly those with technological and cost advantages. The ongoing industrialization of solid-state batteries is expected to bring incremental demand for materials and equipment in the industry chain [45]. - Key companies to watch include CATL (300750), EVE Energy (300014), Enjie (002812), Tianqi Technology (688116), and Xianlead Intelligent (300450) [45]. Market Review - As of September 4, 2025, the lithium battery index has risen by 11.57% over the past two weeks, outperforming the CSI 300 index by 9.78 percentage points. The index has increased by 18.79% this month and 24.27% year-to-date, surpassing the CSI 300 index by 11.68 and 13.34 percentage points, respectively [4][13]. Price Changes in the Lithium Battery Supply Chain - As of September 4, 2025, the average price of battery-grade lithium carbonate is 74,700 CNY/ton, down 10.32% over the past two weeks. The price of lithium hydroxide (LiOH 56.5%) is 71,900 CNY/ton, down 0.55% [6][27]. - The price of lithium iron phosphate remains stable at 34,300 CNY/ton, while NCM523, NCM622, and NCM811 have seen price declines of 2.51%, 2.81%, and 2.02%, respectively [30]. - The price of electrolyte lithium hexafluorophosphate has increased by 1.25% to 56,500 CNY/ton, while the prices of phosphoric acid lithium electrolyte and ternary electrolyte have risen by 0.60% and 0.47%, respectively [33]. Industry News - Major global battery manufacturers are expected to produce a total of 153 GWh in September, representing a year-on-year increase of 39% and a month-on-month increase of 7%, with nearly 84% of this production coming from Chinese companies [44]. - EVE Energy's solid-state battery research institute in Chengdu has officially opened, with the "Longquan No. 2" solid-state battery successfully rolling off the production line. The facility is expected to have an annual production capacity of nearly 500,000 cells [44]. - Gotion High-Tech reported a 48% year-on-year increase in shipments in the first half of the year, with strong product demand and high capacity utilization [44].

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, expecting the industry index to outperform the market index by over 10% in the next six months [2][52]. Core Insights - The lithium battery industry has seen significant growth in net profits over the past two quarters, establishing a performance turning point. The upcoming traditional peak season for the new energy vehicle market is expected to boost demand for power batteries. The overall demand for lithium batteries is anticipated to increase, with a year-on-year growth in September's pre-production of lithium batteries [8][47]. - The report highlights the importance of companies with technological and cost advantages, suggesting that these companies will benefit from improved capacity utilization and performance recovery. Recent advancements in solid-state batteries are expected to drive demand for materials and equipment in the industry [8][47]. Summary by Sections Market Review - As of September 4, 2025, the lithium battery index has risen by 11.57% over the past two weeks, outperforming the CSI 300 index by 9.78 percentage points. Year-to-date, the lithium battery index has increased by 24.27%, surpassing the CSI 300 index by 13.34 percentage points [15][4]. Price Changes in the Lithium Battery Supply Chain - As of September 4, 2025, the average price of battery-grade lithium carbonate is 74,700 CNY/ton, down 10.32% over the past two weeks. The price of lithium hydroxide (LiOH 56.5%) is 71,900 CNY/ton, down 0.55% [29][6]. - The price of lithium iron phosphate remains stable at 34,300 CNY/ton, while NCM523, NCM622, and NCM811 have seen decreases of 2.51%, 2.81%, and 2.02%, respectively [32][6]. Industry News - Major battery companies globally have a combined production capacity of 153 GWh in September, representing a year-on-year increase of 39% and a month-on-month increase of 7%. Approximately 84% of this capacity comes from Chinese companies [46]. - The report emphasizes the ongoing development of solid-state batteries, with companies like EVE Energy and Guoxuan High-Tech making significant advancements in production capabilities and technology [46][48]. Recommended Stocks - Key stocks to watch include CATL (300750), EVE Energy (300014), Enjie (002812), Tiannai Technology (688116), and Xian Dao Intelligent (300450), which are positioned well in the evolving lithium battery landscape [8][49].

Group 1 - The core point of the article is that Enjie Co., Ltd. held its seventh extraordinary general meeting of shareholders on September 4, 2025, where several resolutions were passed, including the termination of certain fundraising projects and the permanent allocation of surplus raised funds to supplement working capital [1] Group 2 - The company announced the approval of multiple resolutions during the meeting [1] - The specific resolution included the termination of some fundraising projects [1] - The surplus funds from the fundraising will be permanently allocated to enhance the company's working capital [1]