一、开展套期保值业务的背景 为有效规避和降低公司生产经营相关原材料价格波动风险，保持公司经营业绩持 续、稳定，公司及子公司拟根据生产经营计划调整商品套期保值业务额度，保证产品 成本的相对稳定，降低价格波动对生产经营的影响。 二、商品套期保值业务基本情况 2025年6月16日，公司召开第六届董事会第五十四次会议，审议通过了《关于开展 套期保值业务的议案》，同意公司及子公司开展最高保证金额度和权利金上限不超过 人民币3.5亿元或等值其他外币金额的商品期货套期保值业务，预计任一交易日持有的 最高合约价值不超人民币35亿元或等值其他外币金额，商品期货套期保值品种限于与 公司及子公司的生产经营需的铜、锂等原材料相关的期货品种。授权期限自董事会审 议通过之日起十二个月内有效。额度在审批有效期内可循环滚动使用。具体内容详见 公司在巨潮资讯网上披露的《关于开展套期保值业务的公告》（公告编号：2025-085）。 2025年10月27日，公司召开第七届董事会第一次会议，审议通过了《关于调整商 品套期保值业务额度的议案》，同意公司将开展商品套期保值业务最高保证金额度和 权利金上限不超过人民币3.5亿元或等值其他外币金额调整为不超 ...

中信证券股份有限公司 关于惠州亿纬锂能股份有限公司 调整商品套期保值业务额度的核查意见 中信证券股份有限公司（以下简称"中信证券"）作为惠州亿纬锂能股份有 限公司（以下简称"亿纬锂能""公司"）向不特定对象发行可转换公司债券的 保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股 票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公 司规范运作》等相关法律、法规和规范性文件的规定，对亿纬锂能调整商品套期 保值业务额度进行了核查，发表如下核查意见： 一、开展商品套期保值业务的目的 为有效规避和降低公司生产经营相关原材料价格波动风险，保持公司经营业 绩持续、稳定，公司及子公司拟根据生产经营计划调整商品套期保值业务额度， 保证产品成本的相对稳定，降低价格波动对生产经营的影响。 二、商品套期保值业务基本情况 1、交易品种：生产经营所需原材料铜、锂等金属； 2、交易工具：包括但不限于期权、期货、远期等衍生品合约； 3、交易场所：LME、CME、SGX等境外合规交易所和相关经纪行、做市商、 银行等；及上海期货交易所、广州期货交易所等境内合规公开交易场所。 4、业务规模：公司拟对未来 ...

中信证券股份有限公司 关于惠州亿纬锂能股份有限公司 不提前赎回"亿纬转债"的核查意见 中信证券股份有限公司（以下简称"中信证券"）作为惠州亿纬锂能股份有 限公司（以下简称"亿纬锂能""公司"）向不特定对象发行可转换公司债券的 保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股 票上市规则》《可转换公司债券管理办法》《深圳证券交易所上市公司自律监管 指引第 15 号——可转换公司债券》等相关法律、法规和规范性文件的规定，对 亿纬锂能不提前赎回"亿纬转债"进行了核查，发表如下核查意见： 一、可转换公司债券基本情况 （一）可转换公司债券发行上市情况 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，公司于2025年3月24日向不特定对象发行可转换 公司债券50,000,000张，期限6年，每张面值为人民币100元，债券简称"亿纬转 债"，债券代码"123254"。 （二）可转换公司债券转股期限 本次发行的可转债转股期自可转债发行结束之日（2025年3月28日（T+4日）） ...

惠州亿纬锂能股份有限公司董事会 2025 年 10 月 27 日 1 / 2 惠州亿纬锂能股份有限公司 关于选举产生第七届董事会职工代表董事的公告 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。 惠州亿纬锂能股份有限公司（以下简称"公司"）第六届董事会任期届满。根据《公 司法》《公司章程》等有关规定，公司于 2025 年 10 月 27 日召开了职工代表大会。经 与会职工代表审议，会议选举祝媛女士（简历见附件）为公司第七届董事会职工代表 董事。 祝媛女士将与公司 2025 年第四次临时股东会选举产生的非职工董事共同组成公 司第七届董事会，任期三年，自第七届董事会组成之日起至第七届董事会届满之日止。 特此公告。 证券代码：300014 证券简称：亿纬锂能 公告编号：2025-132 附件：简历 祝媛女士，中国国籍，无境外永久居留权，1979 年出生，福州大学化学工程与工 艺专业硕士毕业。于 2004 年 7 月入职惠州亿纬锂能股份有限公司，现任公司党委书记、 工会主席、科技委员会主任。祝媛女士直接持有公司股份 270 股，与持有公司 5%以上 股份的股东、实际控制 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 109.46 CNY [6][13]. Core Insights - The report highlights strong demand for mobile energy storage, with commercial vehicles and energy storage operating at full capacity. The earnings forecast for 2026-2027 has been raised due to expected shipments from significant overseas clients [2][13]. - The company is projected to achieve earnings per share (EPS) of 2.19 CNY, 3.65 CNY, and 4.36 CNY for the years 2025, 2026, and 2027 respectively. The average valuation for comparable companies in 2026 is estimated at 37 times price-to-earnings (PE) ratio, while the company is assigned a PE of 30 times for 2026 [13][15]. Financial Summary - Total revenue is expected to grow from 48,784 million CNY in 2023 to 105,994 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of 18.8% [4]. - Net profit attributable to shareholders is forecasted to increase from 4,050 million CNY in 2023 to 8,913 million CNY in 2027, with a significant growth of 66.3% in 2026 [4]. - The company's net asset return rate is projected to improve from 11.7% in 2023 to 15.7% in 2027 [4]. Market Data - The company's market capitalization is approximately 164,171 million CNY, with a 52-week stock price range of 39.40 CNY to 91.00 CNY [7]. - The current stock price is 80.25 CNY, indicating a potential upside to the target price [13]. Production and Capacity - The report notes that the company has faced capacity constraints in energy storage and commercial vehicles but has taken over several external factories to alleviate this pressure. It is expected to contribute 10-12 GWh of capacity in 2025 and 30 GWh in 2026 [13]. - The company anticipates that energy storage will maintain full production and sales, with an expected improvement in gross margins in the fourth quarter [13].

Group 1 - The report identifies key industries that may benefit from the "14th Five-Year Plan," including aerospace equipment, deep-sea technology, and marine industries, suggesting a focus on raw materials, components, and manufacturing tools related to these sectors [12][16] - In the renewable energy sector, the report highlights bonds related to offshore wind power and hydrogen energy, mentioning companies like Qifan Cable and Longi Green Energy as potential beneficiaries [17][18] - The report emphasizes the importance of integrated circuits, high-end equipment, and industrial mother machines as areas of sustained attention, with specific mention of companies involved in semiconductor design and medical equipment [20][21] Group 2 - The report notes that the convertible bond market saw an overall increase, with the China Securities Convertible Bond Index rising by 1.47% and the Shanghai Stock Exchange Convertible Bond Index by 1.56% [4][35] - It highlights that 24 industries experienced gains, with defense, electronics, and computer sectors leading the market, while communication and beauty care sectors lagged [4][38] - The report indicates a rise in the weighted average conversion value of convertible bonds, with an average of 101.05 yuan, reflecting a positive trend in market valuation [5][47] Group 3 - The report discusses the supply and terms of convertible bonds, noting no new listings but 11 bonds under primary approval, indicating ongoing market activity [6][70] - It mentions that 12 convertible bonds are expected to trigger adjustments, with a focus on redemption and downshift clauses, suggesting a dynamic regulatory environment [6][70] - The report provides insights into the performance of various convertible bonds, highlighting significant price movements and market trends [4][40]

Group 1 - The core viewpoint of the article highlights the financial performance of Huizhou EVE Energy Co., Ltd. in the third quarter of 2025, showcasing significant revenue growth but a decline in net profit attributable to shareholders [2][3] - In Q3 2025, EVE Energy achieved a revenue of 16.83 billion yuan, representing a year-on-year increase of 35.85%. However, the net profit attributable to shareholders decreased by 22.04% to 1.21 billion yuan [2][3] - For the first three quarters of 2025, the total revenue reached 45.00 billion yuan, up 32.17% year-on-year, while the net profit attributable to shareholders was 2.82 billion yuan, reflecting a decline of 11.70% [2][3] Group 2 - The company reported a significant increase in battery shipments, with power battery shipments reaching 34.59 GWh, a year-on-year growth of 66.98%, and energy storage battery shipments at 48.41 GWh, up 35.51% [2] - The basic earnings per share for Q3 2025 was 0.59 yuan, an increase of 15.69% compared to the same period last year [3] - The total assets of the company at the end of the reporting period were approximately 116.37 billion yuan, reflecting a growth of 15.34% compared to the end of the previous year [3]

Core Viewpoint - The global new energy storage market is experiencing significant growth in 2025, driven by domestic and international demand, with strong performance in China's grid-connected projects, global shipment volumes, and leading companies' financial results [1]. Group 1: Global and Chinese Market - In the first three quarters of 2025, China saw 713 new energy storage projects connected to the grid, with a total capacity of 32.737 GW (84.922 GWh); Q3 alone added 11.337 GW (31.122 GWh), indicating robust growth [2]. - Global shipments in Q3 reached 165-180 GWh for energy storage batteries and 90-105 GWh for energy storage systems, further confirming the industry's high activity level [2]. Group 2: Performance of Leading Companies - **Tesla**: In Q3, Tesla installed 12.5 GWh of energy storage, achieving a gross margin of 24.4%, surpassing its automotive business. Energy and storage revenue reached $3.42 billion (up 44% YoY), accounting for 12% of total revenue for the first time [3]. - **Sungrow Power Supply**: The company aims for a shipment target of 40-50 GWh, with H1 revenue at 17.802 billion yuan (up 127.78% YoY) and a gross margin of 39.92%. Q1 shipments were 12 GWh (up 470%), with 15%-20% of business from the U.S. [4]. - **CATL**: In Q3, CATL's energy storage shipments reached 36 GWh, with total shipments nearing 180 GWh. The company is ramping up production to alleviate delivery bottlenecks [5]. - **EVE Energy**: In the first three quarters, EVE's energy storage shipments were 48.41 GWh (up 35.51% YoY), exceeding its power battery shipments of 34.59 GWh (up 66.98% YoY). Q3 shipments were estimated at 19.7 GWh, with a revenue of 45.002 billion yuan (up 32.17% YoY) [7]. - **Pylon Technologies**: In Q3, Pylon's sales reached 1,078 MWh (up 156%), with sodium battery sales exceeding 100 MWh. Revenue for the first three quarters was 2.013 billion yuan (up 42.52% YoY), with Q3 net profit at 33.9397 million yuan (up 94.01% YoY) [8]. Group 3: Market Outlook - The global new energy storage market is set for high growth in 2025, with leading companies leveraging capacity, product offerings, and international expansion to maintain their competitive edge. Future industry growth will be further supported by technological innovations and capacity releases [8].

Core Insights - The China Securities Consumer Electronics Theme Index (931494) has seen a strong increase of 2.89% as of October 27, 2025, with significant gains in constituent stocks such as Jingwang Electronics (603228) and Zhaoyi Innovation (603986), both rising by 10.00% [1][2] - The Consumer Electronics ETF (561600) has also risen by 2.90%, with a recent price of 1.31 yuan, and has accumulated a 9.16% increase over the past week [1][2] Market Activity - The Consumer Electronics ETF experienced a turnover rate of 10.85% during trading, with a transaction volume of 46.21 million yuan, indicating active market participation [2] - Over the past week, the ETF's shares increased by 11 million, ranking it in the top fifth among comparable funds [2] Index Composition - The China Securities Consumer Electronics Theme Index includes 50 listed companies involved in component production and consumer electronics design and manufacturing, reflecting the overall performance of the sector [2] - As of September 30, 2025, the top ten weighted stocks in the index accounted for 55.93% of the total, with notable companies including Luxshare Precision (002475) and SMIC (688981) [2][4]

Investment Rating - The report maintains a "Positive" investment rating for the industry [3] Core Views - The main sectors are experiencing sustained prosperity, with energy storage demand exceeding expectations, optimistic guidance for wind energy, and a critical window for photovoltaic (PV) sector recovery [15][16] Summary by Sections 1. Photovoltaic - The "14th Five-Year Plan" emphasizes the need to address "involution" in competition, with ongoing consolidation in silicon material and energy consumption standards expected to support price stability [20][37] - Major companies like Tongwei Co. and GCL-Poly Energy are showing signs of recovery in Q3 profits, with Tongwei's revenue at CNY 24.09 billion, down 1.57% year-on-year, and GCL-Poly turning a profit of CNY 0.96 billion in Q3 [21][40] - The report recommends stocks benefiting from the anti-involution trend, including Tongwei Co., GCL-Poly, and LONGi Green Energy [15][39] 2. Energy Storage - The energy storage sector is entering a phase of increased volume and profitability, with a total of 3.45 GW/7.425 GWh of new projects announced in Sichuan [44] - The report highlights the positive outlook for large-scale storage systems and recommends leading companies like CATL and Aiko Solar [15][42] - The demand for household storage remains stable, with expectations for growth in overseas commercial storage markets [15][42] 3. Lithium Battery - The lithium battery sector is seeing an upward adjustment in demand expectations, with a focus on stable companies with price elasticity in battery and anode segments [15][16] - Key recommendations include CATL, EVE Energy, and companies involved in solid-state battery technologies [15][39] 4. Wind Energy - The wind energy sector is entering a new cycle of prosperity, with a focus on turbine and component leaders [15][16] - Companies like Goldwind and Mingyang Smart Energy are highlighted for their recovery in profitability and export potential [15][39] 5. Power Equipment - The report notes the approval of new ultra-high voltage projects and the growth of digitalization in the power grid, with recommendations for companies like Sifang Co. and XJ Electric [15][39] - The sector is expected to benefit from ongoing technological advancements and project approvals [15][39] 6. New Directions - The report emphasizes the potential in AIDC and robotics sectors, with companies like Sihai Technology and Megmeet Electric highlighted for their growth prospects [15][39] - The focus is on technological advancements and market opportunities in these emerging fields [15][39]