Group 1 - The lithium carbonate market is experiencing a dual increase in supply and demand, with weekly apparent demand reaching a new high and inventory days dropping to around 35 days, driven by strong demand from energy storage and power batteries [1] - Market sentiment is supported by seasonal demand, but there may be a seasonal decline in demand growth in Q4, increasing price volatility risks [1] - Long-term lithium mine capacity is on the rise, which will limit the upward space for lithium prices, while the resilience of demand beyond seasonal trends will be a key factor affecting price movements [1] Group 2 - Since 2025, the midstream industry chain of new energy vehicles is showing signs of price stabilization and improved supply-demand structure, indicating a potential new upward cycle [2] - The overall demand for lithium batteries is rapidly increasing, with a projected 30% year-on-year growth in net profit for the lithium battery industry chain in the first half of 2025, reversing the downward trend of the past two years [2] - The ongoing "anti-involution" trend is expected to accelerate the elimination of backward production capacity, benefiting high-quality production capacities with technological and cost advantages [2] Group 3 - As of November 7, 2025, the Guozheng New Energy Vehicle Battery Index has risen by 2.57%, with the Battery ETF (159755) increasing by 2.63%, marking a three-day consecutive rise [3] - Over the past two weeks, the Battery ETF has accumulated a rise of 6.89%, with significant increases in component stocks such as Xinzhou Bang and Duofluor, and the top ten weighted stocks accounting for 65.64% of the total [3] - The Battery ETF has seen a notable increase in scale, growing by 1.89 billion yuan over the past two weeks, and a significant increase in shares by 12.15 billion over the past month, indicating strong capital inflow [3]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric new energy sector, including Ningde Times, XWANDA, and others, indicating a positive outlook for their performance [4]. Core Insights - The electric new energy sector has shown significant improvement in overall performance, with total revenue reaching 26,127.80 billion yuan in the first three quarters of 2025, a year-on-year increase of 4.86%, and a net profit of 1,457.70 billion yuan, up 29.30% year-on-year [9][20]. - The new energy vehicle sector is experiencing a positive trend, with 88 listed companies achieving a total revenue of 10,611.92 billion yuan, a 12.71% increase year-on-year, and a net profit of 956.38 billion yuan, up 46.08% year-on-year [20]. - The renewable energy generation sector is at a turning point, particularly in the photovoltaic segment, which is expected to rebound due to ongoing supply-side reforms and increased regulatory control over price competition [49][58]. Summary by Sections 1. Electric New Energy Sector Performance - The electric new energy sector reported a total revenue of 9,382.37 billion yuan in Q3 2025, a year-on-year increase of 7.38%, and a net profit of 590.76 billion yuan, up 54.54% year-on-year [9][31]. 2. New Energy Vehicle Sector - The new energy vehicle sector's revenue for Q3 2025 was 3,864.35 billion yuan, reflecting a 16.47% year-on-year increase, with net profit reaching 375.93 billion yuan, up 52.99% year-on-year [20][24]. 3. Renewable Energy Generation Sector - The renewable energy generation sector achieved a total revenue of 15,122.54 billion yuan in the first three quarters of 2025, a 1.01% increase year-on-year, with a net profit of 658.42 billion yuan, up 27.90% year-on-year [31][40]. - The photovoltaic segment reported a revenue of 8,534.74 billion yuan in the first three quarters, down 11.41% year-on-year, but showed signs of recovery in Q3 with a revenue of 2,992.13 billion yuan [49][58]. - The wind power sector saw a revenue increase of 21.1% year-on-year, totaling 3,641.34 billion yuan, with a net profit growth of 22.3% [63][65]. 4. Energy Storage Sector - The energy storage sector reported a revenue of 4,930.96 billion yuan in the first three quarters, a 14.61% increase year-on-year, with a net profit of 701.87 billion yuan, up 38.25% [75][78]. 5. Electric Equipment Sector - The electric equipment sector achieved a revenue of 2,725.96 billion yuan in the first three quarters, reflecting a 9% year-on-year increase, with a net profit of 221.93 billion yuan, also up 9% [80][82].

Group 1: Market Performance and Liquidity - The battery ETF managed by Jiashi has a turnover rate of 3.45% and a transaction volume of 49.24 million yuan as of November 6 [3] - The average daily transaction volume for the battery ETF over the past month is 126 million yuan, with a total scale reaching 1.428 billion yuan [3] - The net value of the battery ETF has increased by 5.90% over the past three years, with the highest monthly return since inception being 39.76% and the longest consecutive monthly gain lasting six months [3] Group 2: Industry Growth and Projections - As of September 30, China's new energy storage capacity exceeded 100 million kilowatts, representing a growth of over 30 times compared to the end of the 13th Five-Year Plan, accounting for over 40% of the global total [3] - China's new energy vehicle production and sales have ranked first globally for ten consecutive years, with a projected global market share of 63.7% in 2024 and an estimated sales volume of 16 million units in 2025 [3] - The lithium battery industry is expected to reach a scale of 1.2 trillion yuan by 2024, primarily driven by power batteries and energy storage batteries, with China's share of global power batteries increasing from 38.35% in 2020 to 68.79% in 2025 [3] Group 3: Market Sentiment and Stock Performance - The electric equipment (battery) industry is gaining market attention, with a shift in investment focus from TMT sectors to electric equipment, indicating increased investor interest [4] - As of October 31, 2025, the top ten weighted stocks in the China Securities Battery Theme Index include companies like Sungrow Power, CATL, and EVE Energy, collectively accounting for 56.8% of the index [4] Group 4: Stock Performance Details - The stock performance of key companies includes: Sungrow Power (-1.64%, 14.31% weight), CATL (-0.51%, 8.95% weight), EVE Energy (1.73%, 6.94% weight), and others with varying performance and weight [6]

Group 1: ETF Performance - The New Energy ETF has a turnover rate of 2.21% with a transaction volume of 33.46 million yuan [3] - The latest scale of the New Energy ETF reached 1.513 billion yuan, marking a new high since its establishment [3] - In the past week, the New Energy ETF saw a significant increase of 10.2 million shares [3] - Over the last five trading days, there were net inflows on three days, totaling 81.43 million yuan [3] - As of November 6, the net value of the New Energy ETF has increased by 69.97% over the past six months, ranking 151 out of 3850 in index equity funds, placing it in the top 3.92% [3] - The highest monthly return since inception was 25.07%, with the longest consecutive monthly increase being six months and a maximum increase of 67.53% [3] - The average return during the months of increase is 8.57% [3] Group 2: Market Trends and Opportunities - According to CITIC Securities research, the market is recovering, and there is a positive outlook on the global trend of energy storage [3] - The domestic energy storage sector is experiencing a significant economic turning point, driven by the marketization of new energy and capacity electricity prices [3] - The cumulative penetration rate of energy storage is still below 10%, with an upward adjustment of new domestic installations to 300 GWh for next year [3] - The largest overseas opportunity arises from the demand for energy storage in data centers, with leading companies already securing substantial orders [3] - Energy storage is expected to drive lithium battery demand growth exceeding 30% next year, presenting investment opportunities across materials, batteries, and integration [3] Group 3: Key Stocks in New Energy Index - As of October 31, 2025, the top ten weighted stocks in the CSI New Energy Index include: Sunshine Power, CATL, Longi Green Energy, EVE Energy, TBEA, Huayou Cobalt, Ganfeng Lithium, China Nuclear Power, Tongwei Co., and Lead Intelligent [5] - The combined weight of the top ten stocks accounts for 46.1% of the index [5]

Core Viewpoint - The green energy ETF (562010) opened with a slight decline of 0.19%, indicating a mixed performance among its major holdings [1] Group 1: ETF Performance - The green energy ETF (562010) opened at 1.035 yuan, reflecting a decrease of 0.19% [1] - Since its establishment on December 16, 2022, the fund has achieved a return of 4.07%, with a monthly return of 3.81% [1] Group 2: Major Holdings Performance - Major stocks within the ETF showed varied performance: - Contemporary Amperex Technology Co., Ltd. (宁德时代) decreased by 0.30% - BYD Company Limited (比亚迪) fell by 0.53% - Yangtze Power Co., Ltd. (长江电力) increased by 0.04% - Sungrow Power Supply Co., Ltd. (阳光电源) dropped by 1.65% - EVE Energy Co., Ltd. (亿纬锂能) decreased by 0.19% - LONGi Green Energy Technology Co., Ltd. (隆基绿能) fell by 0.60% - Huayou Cobalt Co., Ltd. (华友钴业) decreased by 0.93% - Ganfeng Lithium Co., Ltd. (赣锋锂业) increased by 0.26% - Lead Intelligent Equipment Co., Ltd. (先导智能) dropped by 1.30% - Tongwei Co., Ltd. (通威股份) fell by 0.64% [1]

Core Viewpoint - The actual controllers of EVE Energy Co., Ltd. (300014.SZ), Liu Jincheng and Luo Jinhong, have significantly reduced their holdings, raising concerns in the market as they cashed out approximately 29.44 billion yuan through a share transfer, bringing their total cash-out to around 44 billion yuan since their initial public offering in 2009 [1][5]. Group 1: Share Transfer Details - Liu Jincheng and Luo Jinhong transferred a total of 40.77 million shares, accounting for 2% of the company's total share capital, at a price of 72.20 yuan per share [2][3]. - The share transfer was executed through a price inquiry, with 25 institutional investors participating, including major firms like UBS AG and J.P. Morgan Securities [2][3]. - Following the transfer, the combined shareholding of Liu Jincheng and his associates decreased from 39.85% to 37.85% [3]. Group 2: Financial Performance - For the first three quarters of 2025, EVE Energy reported a revenue of 45.002 billion yuan, a year-on-year increase of 32.17%, but the net profit attributable to shareholders fell to 2.816 billion yuan, a decline of nearly 12% [14]. - The company experienced a situation of increasing revenue but decreasing profit, contrasting with competitors like CATL and others, which reported significant profit growth during the same period [16]. - EVE Energy's research and development expenditure decreased by 3 billion yuan year-on-year, totaling 1.872 billion yuan for the first three quarters of 2025, while competitors increased their R&D investments [17][18]. Group 3: Future Plans and Financing - EVE Energy is planning to list on the Hong Kong Stock Exchange to support its overseas capacity expansion, focusing on projects in Hungary and Malaysia [13]. - Since its IPO, EVE Energy has raised a total of 20.496 billion yuan through various financing rounds, primarily for capacity construction [9][10]. - The company has not clarified whether the recent share transfer is related to debt repayment [12].

Core Viewpoint - EVE Energy has established a strategic partnership with Australian energy company EVO Power to supply 2.2 GWh of large-scale energy storage batteries over the next five years, highlighting EVE's leadership in the large battery sector [3][4]. Group 1: Strategic Partnership - EVE Energy and EVO Power's collaboration focuses on the large battery systems Mr.Big and Mr.Giant for large-scale deployment in Australia [3]. - The partnership aims to support the extensive application of energy storage systems in the Australian market, showcasing EVE's comprehensive advantages in this field [3]. Group 2: Technological Advancements - EVE Energy has achieved a breakthrough in key technologies for large energy storage batteries, leading to the launch and mass production of the 628 Ah ultra-large capacity battery, Mr.Big [3]. - The Mr.Giant system, integrated with Mr.Big, has been successfully applied in a 400 MWh independent energy storage project and is being shipped to Australia and Europe [3]. Group 3: Certifications and Compliance - The Mr.Giant energy storage system has received certifications such as AS 3000, AS 3008, and AS 5139, ensuring compliance with Australian/New Zealand technical entry standards and safety regulations [3]. Group 4: Local Market Strategy - To better serve the Australian market, EVE Energy is accelerating its localization strategy by establishing a subsidiary in Australia, which will create a complete service system including sales, pre-sales, and local third-party after-sales partnerships [4]. Group 5: Global Delivery Capabilities - EVE Energy's manufacturing base in Malaysia is set to be fully operational by Q1 2026, enhancing its delivery capabilities to the Australian market [5].

Core Insights - The solid-state battery industry has transitioned from a "concept hype" phase to a critical development period characterized by clear technological direction, practical mass production pathways, and deepened industry chain collaboration since 2025 [2] Group 1: Technological Developments - The solid-state battery technology has converged on a clear mainstream route, with sulfide-based solutions recognized for their high room-temperature ionic conductivity (10⁻³ S/cm), compatibility with existing lithium battery supply chains, and significant energy density potential (theoretical value of 500Wh/kg) [2][3] - Major battery companies like CATL, BYD, and others have locked in sulfide as the electrolyte for solid-state batteries, adopting a tiered approach for cathode materials, transitioning from high-nickel ternary to lithium-rich manganese-based solutions [3][4] Group 2: Production Plans - The industry is adopting a pragmatic "semi-solid transition + full solid-state reserve" strategy rather than pursuing immediate full solid-state mass production, with companies like GAC Aion and Changan Deep Blue already validating market acceptance through semi-solid battery solutions [5] - A unified timeline among leading battery manufacturers and automakers aims for small-scale production of solid-state batteries by 2027 and large-scale production by 2030 [5][6] Group 3: Capacity Expansion - Over 20 companies, including Weilan New Energy and Qingtao Energy, have initiated solid-state battery capacity planning, with a total planned capacity exceeding 300GWh, laying the foundation for mass production [7][9] Group 4: Equipment and Material Innovations - The successful industrialization of solid-state batteries relies on collaborative breakthroughs in equipment and materials, with domestic equipment manufacturers addressing the unique challenges of solid-state battery production [10] - Key equipment companies like Liyuanheng and Huichuan Technology have made significant advancements in high-pressure, corrosion-resistant, and high-precision production equipment tailored for solid-state batteries [11][12] - Material costs are being reduced through various methods for sulfide electrolytes and lithium metal anodes, with companies exploring solid-phase, liquid-phase, and CVD methods to accelerate cost reduction [14]

Investment Rating - The report maintains a "Positive" investment rating for the lithium battery sector [4] Core Insights - The demand for lithium batteries is experiencing a strong upward trend, driven by multiple application scenarios [11] - Supply and demand dynamics are showing initial signs of a turning point, with expectations of price increases [9] Demand Analysis - The report highlights that the demand for energy storage is supported by the formation of domestic business models and the global shift towards cost parity in solar storage [13] - In China, the expected bidding volume for energy storage in the second half of 2025 is projected to exceed 190 GWh, with potential annual installations reaching 183 GWh to over 200 GWh depending on the execution rate [17] - Globally, the report estimates that by 2030, the newly installed capacity for energy storage could reach 1,327 GWh, corresponding to a compound annual growth rate (CAGR) of over 30% [17] Supply Analysis - The report indicates that the supply side is beginning to show signs of a turning point, with price expectations strengthening [9] - The introduction of capacity pricing mechanisms across various provinces in China is expected to enhance the revenue assurance for energy storage projects [14] Market Trends - The report notes that the electric heavy truck market in China has seen explosive growth, with sales reaching 96,000 units in the first seven months of 2025, a year-on-year increase of 179% [30] - In Europe, the electric vehicle market is experiencing a surge, with a projected compound annual growth rate of over 20% needed to meet new carbon emission standards [40] Future Projections - The report anticipates that by 2030, China's total installed capacity for renewable energy, including solar and wind, will reach 1,291 GW, with energy storage capacity expected to be 1,327 GWh [19] - The demand for energy storage in the U.S. is projected to grow significantly, with an expected total demand of 1,199 GWh from 2025 to 2030, reflecting a CAGR of 56% [28]

Core Insights - The global energy storage battery shipments reached 428 GWh from January to September 2025, representing a year-on-year growth of 90.7% [1]. Group 1: Market Overview - The top 10 companies in the energy storage battery market include CATL, Hicharge Energy, EVE Energy, Aodong Battery, Ruipu Lanjun, Zhongchuang Innovation, Guoxuan High-Tech, Envision Energy, Chuangneng New Energy, and Ganfeng Lithium [1].