Core Insights - EVE Energy has signed a three-year memorandum of understanding with Swedish energy storage system integrator Vimab BESS AB to jointly promote the deployment of a 1.48 GWh energy storage project in the Nordic region [1] Company Summary - EVE Energy is collaborating with Vimab BESS AB to enhance energy storage solutions in Northern Europe [1] Industry Summary - The partnership aims to advance the deployment of significant energy storage capacity, reflecting the growing demand for energy storage solutions in the Nordic market [1]

Group 1 - The solid-state battery industry is gaining significant investor interest, with companies in the supply chain from battery manufacturing to upstream materials and equipment suppliers actively engaging with investors during Q3 earnings calls [1] - Semi-solid batteries are already in market application, while all-solid-state batteries are expected to enter a critical pilot testing phase between 2026 and 2027 [2][4] - Companies like Guoxuan High-Tech and Zhuhai Guanyu have reported advancements in semi-solid battery production, with Guoxuan's G-Yuan semi-solid battery nearing mass production and Zhuhai Guanyu starting to ship semi-solid batteries [2][3] Group 2 - The foundation for solid-state battery commercialization lies in innovations in battery materials, with companies currently in the sample submission phase and some achieving small batch shipments [4] - Key materials such as high-nickel and lithium-rich manganese-based cathodes are becoming mainstream to meet the higher energy density requirements of solid-state batteries [4] - Companies like Better Ray and New Zobang have reported small batch applications of solid electrolytes in semi-solid batteries, while companies like Greeenmei have achieved ton-level shipments of solid-state battery materials [4] Group 3 - Equipment manufacturers are seizing opportunities in the solid-state battery sector, with significant differences in production processes compared to traditional liquid batteries [7] - Companies like Lianying Laser and Delong Laser are already producing equipment for semi-solid and all-solid-state batteries, with expectations of increased orders in the coming year [7][8] - Overall, the solid-state battery industry is transitioning into a phase where semi-solid batteries are being applied, and all-solid-state batteries are moving towards pilot testing, with material and equipment companies accelerating their engagement with downstream partners [8]

Core Viewpoint - The lithium battery industry is expected to experience a dual drive from energy storage explosion and solid-state battery industrialization by 2026, initiating a new capital expenditure cycle [1] Group 1: Market Trends - As of November 14, 2025, the battery index has significantly outperformed the market with a 64.5% increase, driven by surging energy storage demand, solid-state batteries, and tariff disruptions [2] - The energy storage explosion is identified as a core driving force, leading the industry back into an upward cycle with new capital expenditures in battery cells [3] Group 2: Battery Cell and Material Insights - Battery cell leaders are experiencing full order books and steadily increasing capacity utilization, showcasing strong pricing power and leading the industry recovery [4] - Material layout priorities include: 1) Electrolytes with limited future supply and high price increase potential, 2) Copper foil with full operational rates and low profit margins poised for recovery, 3) Lithium iron phosphate with strong price increase certainty due to storage and overseas substitution trends, 4) Anode materials focusing on fast charging and silicon-based applications, 5) Membranes with ongoing price increase trends, 6) Nickel-rich materials driven by low-altitude economy and embodied intelligence [4] Group 3: Solid-State Battery Developments - Solid-state batteries are gaining momentum with policy support and emerging industry demands, leading to significant changes in the industry landscape [5] - Progress in semi-solid production is expected to exceed 10 GWh in shipments by 2025, with a focus on leading battery cell companies and materials firms capable of rapid scaling [5] - The window for full solid-state battery development is anticipated between 2027 and 2030 [5] Group 4: Investment Recommendations - Key investment opportunities include companies like CATL and Tianci Materials, with additional focus on Yiyuan Lithium Energy, Hunan Youneng, Longpan Technology, and others [6]

Group 1: Market Trends and Developments - The solid-state battery industry is experiencing significant interest from investors, with companies in the battery manufacturing, upstream materials, and equipment sectors actively engaging in discussions about technological advancements and industry trends [2] - Semi-solid batteries have begun market applications, while all-solid-state batteries are entering a critical testing phase expected between 2026 and 2027 [3] - Companies like Guoxuan High-Tech and Zhuhai Guanyu have reported that their semi-solid batteries are in mass production and gaining customer recognition, indicating that these products are no longer just concepts but are entering the market [3] Group 2: Material Innovations and Production - The foundation of solid-state battery commercialization lies in innovations in battery materials, with companies currently in the sample submission phase and some achieving small-scale shipments [5] - Companies such as Better Ray and New Zobang have reported small-scale applications of solid electrolytes in semi-solid batteries, while high-nickel and lithium-rich manganese-based materials are becoming mainstream for solid-state batteries [5] - The performance of high-nickel materials in solid-state batteries is approaching that of liquid batteries, with energy densities exceeding 400 Wh/kg, significantly surpassing current liquid battery levels [5] Group 3: Equipment and Supply Chain Opportunities - Equipment manufacturers are seizing opportunities in the solid-state battery sector due to the distinct production processes compared to traditional liquid batteries [7] - Companies like Lianying Laser and Delong Laser are already producing equipment for semi-solid and all-solid-state batteries, with expectations of increased orders in the coming years [7] - Dayun Technology is also focusing on solid-state battery testing equipment, indicating a growing market for detection solutions in the solid-state battery industry [8] Group 4: Future Outlook - The solid-state battery industry is currently in a phase where semi-solid batteries are being applied, and all-solid-state batteries are moving into testing, with significant advancements expected by 2026 to 2027 [8] - Material and equipment companies are accelerating their engagement with downstream manufacturers to position themselves for future growth opportunities in the solid-state battery market [8]

证券日报网讯11月26日晚间，亿纬锂能（300014）发布关于第六期限制性股票激励计划第一个归属期归 属结果暨股份上市提示性公告(定向增发)称，公司本次归属股份(定向增发)人数共计504人，股票数量为 27，610，709股，占公司截至2025年11月20日总股本的1.35%。本次归属股份(定向增发)的上市流通日 期为2025年11月28日(星期五)。 ...

Core Points - Company Yiwei Lithium Energy announced the approval of the sixth phase of the restricted stock incentive plan, allowing 597 eligible participants to receive a total of 34,483,075 shares at a grant price of 22.02 yuan per share [2] - The total share capital of the company will increase by 27,610,709 shares, resulting in a new total of 2,073,356,983 shares, reflecting a 1.35% increase in total share capital [2] - The conversion price of the company's convertible bonds, "Yiwei Convertible Bonds," has been adjusted from 50.65 yuan per share to 50.27 yuan per share, effective from November 28, 2025 [2]

Core Viewpoint - The article highlights the strategic partnership between Huayou Cobalt and Yiwei Lithium Energy, focusing on a long-term supply agreement for high-nickel ternary cathode materials, which is expected to enhance market share and strengthen their collaboration in the lithium battery sector [3][6]. Group 1: Partnership and Supply Agreement - Huayou Cobalt announced a significant sales contract where its subsidiary Chengdu Bamo will supply approximately 127,800 tons of high-nickel ternary cathode materials to Yiwei Lithium Energy over a ten-year period [3][5]. - The supply is aimed at meeting the demands of high-end automotive manufacturers in Europe, indicating a strategic move to deepen the partnership and increase market presence [6]. Group 2: Market Position and Production Capacity - Chengdu Bamo is recognized as one of the earliest companies in China to engage in the research and production of ternary cathode materials, achieving a leading market share [6][8]. - The company has a production capacity of 106,000 tons of cathode materials annually, with ongoing projects in Hungary to further expand its global footprint [8][9]. Group 3: Industry Trends and Future Outlook - The ternary cathode material shipments in China reached 456,000 tons from January to August 2025, reflecting a year-on-year growth of 10.8%, with Chengdu Bamo ranking third among the top suppliers [6][7]. - The company is also focusing on the development of solid-state battery materials, with plans to achieve mass production of sulfide solid electrolyte materials by 2026, which is expected to enhance its competitive edge [9].

| 证券代码：300014 | 证券简称：亿纬锂能 | 公告编号：2025-155 | | --- | --- | --- | | 债券代码：123254 | 转债简称：亿纬转债 | | 惠州亿纬锂能股份有限公司 3、本次调整后"亿纬转债"转股价格为：50.27 元/股 4、本次转股价格调整生效日期：2025 年 11 月 28 日（本次归属的第六期限制性 股票上市流通日） 6、可转换公司债券转股期：2025 年 9 月 29 日至 2031 年 3 月 24 日 7、本次调整可转换公司债券转股价格不涉及暂停转股事项。 关于第六期限制性股票归属增发股份调整可转债转股价格的公告 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。 特别提示： 1、债券代码：123254，债券简称：亿纬转债 2、本次调整前"亿纬转债"转股价格为：50.65 元/股 一、关于"亿纬转债"转股价格调整的相关规定 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意惠州亿纬锂能 股份有限公司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2024〕1910 号）同意注册，惠州亿纬 ...

证券代码：300014 证券简称：亿纬锂能 公告编号：2025-154 惠州亿纬锂能股份有限公司 关于第六期限制性股票激励计划第一个归属期归属结果 暨股份上市提示性公告（定向增发） 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。 特别提示： 惠州亿纬锂能股份有限公司（以下简称"公司"）于2025年11月19日召开的第七届董事会 第二次会议审议通过了《关于第六期限制性股票激励计划第一个归属期归属条件成就的议案》。 近日，公司办理了第六期限制性股票激励计划（以下简称"本激励计划"）第一个归属期归属 股份（定向增发）的登记工作。现将有关事项说明如下： 一、本激励计划实施基本情况 （一）本激励计划简述 2024年10月9日，公司召开2024年第四次临时股东大会审议通过了《关于公司<第六期限制 性股票激励计划（草案）>及其摘要的议案》等相关议案。主要情况如下： 1、股权激励方式：第二类限制性股票 2、股票来源：公司从二级市场回购的公司A股普通股股票和/或向激励对象定向发行本公司 A股普通股股票 3、拟授予数量：不超过7,065万股限制性股票，约占第六期激励计划草案公告日公 ...

Investment Strategy - The report emphasizes two main investment lines: first, the continuous growth in downstream demand and the improvement in supply-demand dynamics, which present opportunities for both fundamentals and valuations, prioritizing leading companies with technological and cost advantages in the industry chain. Second, it highlights the opportunities arising from the industrialization of solid-state batteries, focusing on the equipment sector and high-value solid electrolyte core materials, while continuously monitoring the evolution of new anode and cathode materials [5][39]. Market Overview and Valuation - As of November 21, 2025, the lithium battery index has increased by 45.98% since the beginning of 2025, outperforming the CSI 300 index by 32.79 percentage points. The solid-state battery index has risen by 55.10% during the same period, also surpassing the CSI 300 index [14][17]. - The overall PE (TTM) of the lithium battery sector is approximately 29 times, placing the sector's valuation at the 48.83% historical percentile over the past five years [17] Global Lithium Battery Demand - Global lithium battery shipments are projected to reach 1545.1 GWh in 2024, reflecting a year-on-year growth of 28.5%. In the first nine months of 2025, global lithium battery production reached 1590.24 GWh, marking a 49.13% increase year-on-year [20][22]. - The demand for lithium batteries is driven by both power batteries and energy storage batteries, with energy storage batteries experiencing higher growth rates [23]. New Energy Vehicle (NEV) Growth - In China, NEV sales are expected to maintain growth, with a penetration rate surpassing 50%. From January to October 2025, cumulative NEV sales reached 12.943 million units, a year-on-year increase of 32.7% [27][30]. - The report anticipates that NEV sales in China will continue to grow rapidly in 2026, supported by ongoing policy initiatives and technological advancements [28][48]. Energy Storage Market Dynamics - The global energy storage battery demand is expected to maintain high growth, with a cumulative shipment of 428 GWh in the first nine months of 2025, representing a year-on-year increase of 90.7% [60]. - In China, energy storage battery shipments are projected to reach 580 GWh in 2025, with a year-on-year growth exceeding 70% [66]. Supply-Demand Dynamics in the Lithium Battery Industry - The lithium battery industry is experiencing a turning point, with significant growth in revenue and net profit in the first three quarters of 2025, reversing the downward trend of the previous two years [77][81]. - The report indicates that the overall demand for lithium batteries is expected to grow by 30% in 2026, while supply growth in the materials sector is anticipated to lag behind demand growth, leading to potential supply-demand tightness in various segments of the industry chain [95]. Solid-State Battery Industrialization - The report highlights the ongoing industrialization of solid-state batteries, with a diverse range of application scenarios. Solid-state batteries are expected to be a core technology direction for the next generation of lithium batteries due to their high energy density and safety advantages [97]. - Major global automotive manufacturers have announced timelines for the deployment of solid-state batteries, with many planning to introduce them around 2027 [98].