Group 1 - The Chuangye 50 ETF (159682) opened down 1.01% at 1.472 yuan on September 26 [1] - Major holdings in the Chuangye 50 ETF include Ningde Times, which opened down 0.21%, and Yiyuan Lithium Energy, which fell by 1.83% [1] - The fund's performance benchmark is the return of the ChiNext 50 Index, with a return of 48.92% since its establishment on December 23, 2022, and a return of 21.01% over the past month [1]

公司第八期、第九期及第十期员工持股计划分别所持有的公司股票558,000股、776,900股及1,173,000股 已通过二级市场集中竞价方式全部出售完毕。根据公司《第八期员工持股计划（草案）》《第九期员工 持股计划（草案修订稿）》及《第十期员工持股计划（草案）》的相关规定，第八期、第九期及第十期 员工持股计划均实施完毕。 格隆汇9月25日丨亿纬锂能（维权）(300014.SZ)公布，公司第八期、第九期及第十期员工持股计划所持 有的公司股票均已全部出售完毕。历经数载，该几期员工持股计划中的全体参与员工的长期支持，是公 司发展历程中的珍贵财富，不仅体现了公司与员工风险共担、利益共享的原则，更有力地凝聚了团队共 识，促进了公司的持续健康发展。 ...

关于员工持股计划股票出售完毕的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 证券代码：300014 证券简称：亿纬锂能 公告编号：2025-122 惠州亿纬锂能股份有限公司 1 / 4 第八期员工持股计划的股份来源为公司回购专用账户回购的公司股票，共计 558,000股。2021年7月12日，公司收到中国证券登记结算有限责任公司深圳分公司出 具的《证券过户登记确认书》，"惠州亿纬锂能股份有限公司回购专用证券账户"所 持有的558,000股公司回购股票已于2021年7月9日以非交易过户的方式过户至"惠州亿 纬锂能股份有限公司－第八期员工持股计划"，过户价格为72.97元/股。第八期员工持 股计划所获公司股票将按照规定予以锁定，锁定期为12个月，自2021年7月12日至2022 年7月11日。 2022年7月5日，公司在创业板信息披露网站巨潮资讯网披露《关于第八期员工持 股计划锁定期届满的提示性公告》（公告编号：2022-112）。 2023年3月28日，公司召开第六届董事会第十一次会议，审议通过了《关于第八 期员工持股计划存续期展期的议案》，同意公司第八 ...

Group 1 - China has achieved its 2020 wind and solar installation target six years ahead of schedule, with a new goal set to reach 3.6 billion kilowatts by 2035, which is six times the 2020 target [1][2] - The renewable energy sector has seen significant market performance, with solar equipment and energy storage indices showing positive growth, indicating investor confidence in the sector [1] - The total installed capacity of renewable energy in China reached 2.68 million kilowatts in the first half of this year, accounting for 91.5% of new installations, and the total capacity reached 2.159 billion kilowatts, representing a year-on-year growth of 30.6% [3] Group 2 - The new installation targets for wind and solar energy are seen as a strategic arrangement for optimizing China's energy structure and contributing positively to global climate governance [2] - The demand for energy in various sectors such as industry, construction, and transportation is expected to continue growing, driven by the electrification trend and the rapid adoption of digital technologies [2] - Renewable energy is projected to maintain its dominant position in new installations, constituting nearly 60% of the total installed capacity in the country [3]

Market Overview - The battery sector increased by 1.82% on the previous trading day, with Fulin Precision leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Key Stocks Performance - Fulin Precision (300432) closed at 17.49, up 9.72% with a trading volume of 202.34 million shares and a transaction value of 34.37 billion [1] - Huazi Technology (300490) closed at 10.88, up 8.58% with a trading volume of 78.67 million shares and a transaction value of 8.54 billion [1] - China Fortune (000009) closed at 12.08, up 6.71% with a trading volume of 218.31 million shares and a transaction value of 26.38 billion [1] - Yiwei Lithium Energy (300014) closed at 81.28, up 6.47% with a trading volume of 123.25 million shares and a transaction value of 98.46 billion [1] - Contemporary Amperex Technology (300750) closed at 392.85, up 3.40% with a trading volume of 46.64 million shares and a transaction value of 182.51 billion [1] Capital Flow Analysis - The battery sector experienced a net outflow of 446 million from institutional investors and 336 million from retail investors, while retail investors saw a net inflow of 781 million [2][3] - Notable net inflows from retail investors included: - Ningde Times (300750) with a net inflow of 798 million [3] - Yiwei Lithium Energy (300014) with a net inflow of 585 million [3] - Greeenmei (002340) with a net inflow of 254 million [3] Summary of Individual Stock Flows - Ningde Times (300750) had a significant net inflow of 11.39 billion from institutional investors, while retail investors had a net outflow of 798 million [3] - Yiwei Lithium Energy (300014) saw a net inflow of 791 million from institutional investors, with retail investors experiencing a net outflow of 585 million [3] - Greeenmei (002340) had a net inflow of 254 million from institutional investors, while retail investors faced a net outflow of 188 million [3]

Core Viewpoint - EVE Energy is experiencing rapid growth in shipment volumes, with significant increases expected in both energy storage and power battery shipments in the first half of 2025 [1] Group 1: Shipment Growth - In the first half of 2025, energy storage battery shipments are projected to reach 28.71 GWh, representing a year-on-year increase of 37% [1] - Power battery shipments are expected to reach 21.48 GWh in the same period, showing a year-on-year growth of 58.6% [1] - The company anticipates steady growth in power battery shipments in the second half of the year, with energy storage batteries entering a peak delivery season [1] Group 2: Production and Capacity Utilization - The company is currently operating at full production capacity, with a notable increase in capacity utilization this year [1] - The "anti-involution" policy is expected to improve the company's profitability levels gradually [1] Group 3: Client Structure and Product Expansion - The customer structure for passenger vehicles is being optimized, with the company supplying batteries for popular models from Leap Motor and Xpeng starting this year [1] - In 2026, a new generation of BMW electric vehicles equipped with the company's large cylindrical batteries is set to launch globally [1] Group 4: Market Conditions and Valuation - Following the Central Financial Committee meeting in late June, which emphasized the "anti-involution" policy, prices in the lithium battery supply chain have stabilized [1] - The current stock price corresponds to P/E ratios of 34, 22, and 17 for the years 2025, 2026, and 2027 respectively, leading to a "buy" recommendation [1]

Summary of Key Points from the Equity Research Report on China Energy Storage Equities Industry Overview - The report focuses on the **Energy Storage System (ESS)** industry, particularly in **China** and the **US**. - Global ESS installation forecasts for 2026 and 2027 have been raised from **399 GWh** to **401 GWh** and from **483 GWh** to **487 GWh** respectively, reflecting stronger-than-expected battery shipments in the first half of 2025, which increased by **109% year-on-year** [2][15][16]. Core Insights and Arguments - **Policy Impact**: New policies from the **National Development and Reform Commission (NDRC)** in China encourage power users to reduce grid dependence, which is expected to boost ESS demand [2][17]. - **US Market Dynamics**: The **One Big Beautiful Bill Act (OBBBA)** has set a ceiling on the ratio of China-made content in ESS projects eligible for Investment Tax Credit (ITC), but projects started in 2025 are exempt from these restrictions, leading to a projected rush of ESS project starts in the US [2][18]. - **Market Positioning**: - **Sungrow** is a top 3 ESS integrator globally with a **16% market share** in 2024, while **Eve Energy** is the second-largest ESS battery supplier, also with a **16% market share** [3][19]. - The report favors **Eve Energy** over **Sungrow** due to anticipated price increases in ESS batteries, which would benefit Eve but negatively impact Sungrow, which relies on battery procurement [3][19]. Financial Estimates and Valuations - **Sungrow**: Earnings estimates for 2025, 2026, and 2027 have been raised by **30%**, **21%**, and **16%** respectively, with a target price increased to **RMB 168.00** from **RMB 110.00** [4][6]. - **Eve Energy**: Earnings estimates for 2025 have been cut by **26%** due to stock incentive expenses, but estimates for 2026 and 2027 have been raised by **0.2%** and **6.8%** respectively, with a target price increased to **RMB 100.00** from **RMB 70.00** [4][6]. Additional Insights - **Battery Shipment Growth**: Global ESS battery shipments grew by **109% year-on-year** in the first half of 2025, indicating strong demand and restocking in the US due to tariff concerns [16]. - **Cost Competitiveness**: The levelized cost of electricity (LCOE) for solar plus ESS in China is now below peak-hour tariffs, making it an attractive option for solar operators [17][35]. - **Market Trends**: The removal of mandatory installation requirements in China is expected to lead to better pricing for high-quality ESS products, as the market shifts towards quality over quantity [35]. Conclusion - The ESS market is poised for significant growth driven by favorable policies, strong demand, and competitive pricing dynamics. Companies like **Eve Energy** and **Sungrow** are well-positioned to capitalize on these trends, with updated financial estimates reflecting a positive outlook for their respective businesses [19][32][33].

Core Viewpoint - The solid-state battery sector is experiencing a resurgence, with significant advancements in industrialization expected by 2027, marking a potential turning point for the industry [1]. Group 1: Market Performance - The ChiNext 50 Index (399673) rose by 2.39%, with notable gains from constituent stocks such as Kunlun Wanwei (300418) up 9.43%, and EVE Energy (300014) up 6.21% [1]. - The ChiNext 50 ETF (159681) increased by 2.44%, with the latest price reported at 1.51 yuan [1]. Group 2: Solid-State Battery Developments - The solid-state battery industry is accelerating towards mass production, with multiple automakers and battery manufacturers announcing plans for solid-state battery production [1]. - Companies like BMW and Guoxuan High-Tech are already testing vehicles equipped with solid-state batteries, with more extensive testing expected in 2025-2026 [1]. - The transition from small-scale trials to larger pilot projects is underway, indicating a new phase of development for the solid-state battery sector [1]. Group 3: ChiNext 50 Index Composition - The ChiNext 50 Index consists of the 50 stocks with the highest average trading volume in the ChiNext market, reflecting the performance of well-known, large-cap, and liquid companies [2]. - As of August 29, 2025, the top ten weighted stocks in the ChiNext 50 Index accounted for 68.14% of the index, including companies like CATL (300750) and Mindray (300760) [2].

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]

Group 1 - The core viewpoint of the news is that EVE Energy Co., Ltd. has seen a significant stock price increase, with a 5.23% rise on September 25, reaching 80.33 yuan per share, and a total market capitalization of 164.33 billion yuan [1] - EVE Energy's stock has experienced a continuous increase for four days, with a cumulative growth of 8.31% during this period [1] - The company's main business includes the research, production, and sales of consumer batteries (including lithium primary batteries, small lithium-ion batteries, and ternary cylindrical batteries) and power batteries (including electric vehicle batteries and energy storage batteries) [1] Group 2 - EVE Energy's revenue composition is as follows: power batteries account for 45.26%, energy storage batteries for 36.56%, consumer batteries for 18.03%, and others for 0.16% [1] - From the perspective of fund holdings, Yongying Fund has one fund heavily invested in EVE Energy, with the Yongying Growth A fund reducing its holdings by 19,900 shares in the second quarter, now holding 228,100 shares, which represents 1.59% of the fund's net value [2] - The Yongying Growth A fund has achieved a year-to-date return of 48.21% and a one-year return of 93.62%, ranking 750 out of 4220 and 638 out of 3820 in its category, respectively [2]