Group 1 - The price range for square lithium iron phosphate energy storage cells is reported, with 100 Ah priced at RMB 0.340-0.410 per watt-hour, averaging RMB 0.375; 280 Ah priced at RMB 0.260-0.335, averaging RMB 0.298; and 314 Ah priced at RMB 0.260-0.340, averaging RMB 0.300 [1] - Demand for energy storage cells in China is strong, with prices remaining high; the 280 Ah cell price is stable, while 100 Ah and 314 Ah cells have seen slight increases [1] - Major manufacturers are expected to maintain high production levels until January-February 2026, with actual transaction prices stabilizing at high levels [1] Group 2 - Demand is driven by domestic GWh-level project deliveries and rapid order releases from overseas integrators; over 50 GWh of energy storage cells are expected to be delivered by mid-2025, with over 50% of exports [2] - The supply side is transitioning from 300+ Ah to 500+ Ah and larger capacity products, leading to increased supply tightness for mainstream 300+ Ah cells [2] - Rising prices of upstream materials, such as electrolyte and petroleum coke, are supporting cell costs; the fourth quarter sees a concentration of grid connection deadlines, and overseas markets remain stable despite uncertainties in the US [2] Group 3 - Contemporary Amperex Technology Co., Ltd. (CATL) is experiencing saturated production capacity and is accelerating expansion efforts, particularly for the 587 Ah product, which is expected to increase its market share [2] - Global energy storage cell shipments are projected to reach 240.21 GWh in the first half of 2025, a year-on-year increase of 106.1%, with the second quarter alone reaching 136.78 GWh, surpassing the previous peak [2]

Core Viewpoint - EVE Energy Co., Ltd. has shown significant stock performance with a year-to-date increase of 69.62%, despite a slight decline of 1.30% in the last five trading days [1] Company Overview - EVE Energy, established on December 24, 2001, and listed on October 30, 2009, is located in Huizhou, Guangdong Province. The company specializes in 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] - The revenue composition of EVE Energy 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] Financial Performance - For the first half of 2025, EVE Energy reported a revenue of 28.17 billion yuan, representing a year-on-year growth of 30.06%. However, the net profit attributable to shareholders decreased by 24.90% to 1.605 billion yuan [2] - Since its A-share listing, EVE Energy has distributed a total of 3.643 billion yuan in dividends, with 2.866 billion yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, EVE Energy had 139,700 shareholders, a decrease of 1.97% from the previous period. The average number of circulating shares per person increased by 2.01% to 13,326 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder with 81.2892 million shares, a decrease of 3.3421 million shares from the previous period [3]

Core Viewpoint - EVE Energy announced that from September 29, 2025, to October 20, 2025, its stock price has closed at or above 130% of the current conversion price of its convertible bonds for ten consecutive trading days, which is 65.85 CNY per share [1] Group 1 - The company stated that if, in the future, its stock price closes at or above 130% of the current conversion price for five trading days within a consecutive twenty-day period, it will trigger the conditional redemption clause outlined in the prospectus for the convertible bonds [1] - Upon triggering this clause, the company has the right to decide whether to redeem all or part of the unconverted convertible bonds at face value plus accrued interest [1]

证券代码：300014 证券简称：亿纬锂能 公告编号：2025-128 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 关于"亿纬转债"预计满足赎回条件的提示性公告 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。 重要内容提示： 自2025年9月29日至2025年10月20日，惠州亿纬锂能股份有限公司（以下简称 "公司"）股票连续十个交易日中已有十个交易日的收盘价格不低于"亿纬转债"当 期转股价格50.65元/股的130%（含130%，即65.85元/股），若未来连续二十个交易日 内，公司股票有五个交易日的收盘价格不低于当期转股价格的130%（含130%），将触 发《惠州亿纬锂能股份有限公司创业板向不特定对象发行可转换公司债券募集说明书》 （以下简称"《募集说明书》"）中规定的有条件赎回条款。届时，公司有权决定是 否按照本次可转债面值加当期应计利息的价格赎回全部或部分未转股的"亿纬转债"。 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 ...

Core Points - The three major indices collectively rose, with the ChiNext Index increasing by nearly 2% on October 20, 2025, driven by market sentiment [1] - The ChiNext 50 ETF (159949) closed at 1.413 yuan, up 2.32%, with a turnover rate of 9.36% and a trading volume of 2.437 billion yuan, making it the top performer among similar ETFs [1][2] Fund Performance - The ChiNext 50 ETF (159949) has shown a mixed performance in terms of fund flows: a net outflow of 1.03 billion yuan over the last 5 trading days, a net inflow of 480 million yuan over the last 10 days, and a net inflow of 1.69 billion yuan over the last 20 days, while experiencing a net outflow of 6.93 billion yuan over the last 60 days [3] - The fund has consistently outperformed its benchmark over various time frames, with a 5-year return of 25.32%, a 3-year return of 29.82%, and a 1-year return of 52.38% [3] Top Holdings - The top ten holdings of the ChiNext 50 ETF include companies like CATL, Dongfang Fortune, and Mindray, with significant weightings in the fund [4][5] Market Outlook - According to Shenwan Hongyuan, the overall profitability of A-shares has returned to a medium-low level, indicating that adjustments are nearing an end, with expectations for the technology sector to lead the market upward in the fourth quarter [6] - Investment strategies suggest focusing on sectors with offensive attributes, particularly in advanced manufacturing areas like overseas computing power chains and new energy [7]

Core Viewpoint - The market experienced a correction last week, but certain stocks within the brand index showed resilience, indicating potential investment opportunities in sectors like electronics, new energy, new consumption, and real estate as uncertainties ease [1][4]. Market Performance - The market indices saw declines: Shanghai Composite Index down 1.47%, Shenzhen Component down 4.99%, ChiNext down 5.71%, and CSI 300 down 2.22%. The brand index fell 3.58% to 1956.62 points [2]. - Notable gainers in the brand index included Shanghai Jahwa up 9.42%, Changbai Mountain up 7.19%, and Darentang up 5.34%. Other stocks like Luzhou Laojiao and Yiling Pharmaceutical also saw gains exceeding 4% [2]. Stock Performance Since H2 - Since the beginning of the second half of the year, Zhongji Xuchuang has surged 156.40%, leading the gains, followed by Sunshine Power at 114.27%. Other significant performers include Lanke Technology and Yiwei Lithium Energy, both up over 60% [3]. Market Outlook - Looking ahead, the market is expected to maintain upward momentum as uncertainties gradually diminish. Liquidity is anticipated to remain supportive, with domestic interest rates low and overseas liquidity remaining loose, encouraging investment in Chinese equity assets [4][5]. - The current market environment is characterized by a shift in investment styles, with a focus on sectors that offer higher investment certainty, particularly in electronics, new energy, new consumption, and real estate [5].

Summary of the Conference Call on China Battery Materials Industry Overview - The report focuses on the **China Battery Supply Chain**, particularly the **Energy Storage System (ESS)** battery demand, which is experiencing significant growth [1] Key Insights - **Production Pipeline Growth**: The top-5 battery manufacturers are expected to see an **11% month-over-month (MoM)** increase in production in October 2025, marking the first double-digit MoM increment of the year [1] - **Battery Types Performance**: - **NCM (Nickel Cobalt Manganese) batteries** are projected to increase by **3% MoM** - **LFP (Lithium Iron Phosphate) batteries** are forecasted to surge by **14% MoM** [1] - **Downstream Demand**: The strong demand for ESS is driving the production pipeline for battery materials, which is expected to rise by **4-8% MoM** [1] Company Highlights - **Top Picks in Supply Chain**: The report identifies **CATL, EVE, CALB, and Hunan Yuneng** as the top companies in the battery materials supply chain [1] Financial Valuations - **CALB Group Co Ltd**: - Target price set at **HK$33.40** based on a **2026E P/E of 20.6x** - Concerns regarding lower gross profit margins compared to peers may affect valuation visibility [11] - **CATL**: - Valued at **HK$621/share** based on a **17.3x 2025E EV/EBITDA** - Target price implies **36.6x 2025E P/E** and **27.9x 2026E P/E** [13] - **Eve Energy**: - Target price set at **Rmb93.9/share** using a sum-of-the-parts approach, with a focus on battery business valuation at **15.3x 2026E EV/EBITDA** [16] - **Hunan Yuneng New Energy Battery Material**: - Valued at **Rmb57.9/share** based on a **14.4x 2026E EV/EBITDA** [19] Risks Identified - **General Risks**: - Weaker-than-expected battery demand - R&D challenges - Strong competition and operational challenges - Customer concentration and litigation risks [12][14][18][20] Additional Insights - The report emphasizes the importance of monitoring the **global ESS demand**, which is expected to continue influencing the battery materials market positively [1] - The production forecasts for various components of battery manufacturing, including cathodes, anodes, and electrolytes, are also projected to see increases of **8% MoM**, **5% MoM**, and **6% MoM**, respectively [5][10][7]

Investment Rating - The report maintains an "Accumulate" rating for the electric equipment industry [1] Core Views - The demand for lithium batteries is strong, with price increase demands evident, and the potential for AIDC (Automatic Identification and Data Capture) is considerable [1] - The report highlights significant growth in energy storage installations, with a year-on-year increase of 205% in new installations in September 2025 [3] - The electric vehicle market is also showing robust growth, with domestic sales of electric vehicles reaching 1.604 million units in September, a year-on-year increase of 25% [3] Industry Trends - The electric equipment sector has seen a decline of 5.3%, underperforming compared to the broader market [3] - The report notes that the human-shaped robot sector is experiencing rapid advancements, with significant investments and developments in the industry [3][7] - The energy storage market is expected to grow at a compound annual growth rate (CAGR) of 30-50% from 2025 to 2028, driven by increasing demand and supply constraints [3] Company Performance - Si Yuan Electric reported a revenue of approximately 13.827 billion yuan for the first three quarters of 2025, a year-on-year increase of 32.86% [3] - Container Technology's revenue for the same period was approximately 8.986 billion yuan, down 20.64% year-on-year [3] - Sunshine Power announced a cash dividend of 9.50 yuan per 10 shares, totaling 1.95 billion yuan [3] Investment Strategy - The report suggests a strong outlook for energy storage, with expectations of significant growth in both domestic and international markets [3] - It emphasizes the potential for lithium battery manufacturers, particularly in light of increasing demand and price stability [3] - The report recommends several companies for investment, including Ningde Times, Sunshine Power, and Yiwei Lithium Energy, highlighting their strong market positions and growth potential [3][6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The penetration rate of China's new energy vehicle market exceeded 30% in 2023 and 50% in 2024. In 2025, high - competitiveness new models continue to be launched, and price wars are gradually ending. - Overseas markets face risks from trade protectionism in Europe and the US, so new growth points such as the Belt and Road countries and the Middle East should be focused on. - In the competitive landscape, the market share of domestic brands continues to expand. Attention should be paid to companies with strong product strength, smooth overseas expansion, and stable supply [5][121]. 3. Summary According to the Directory 3.1 Financial Market Tracking - The weekly price changes of relevant sectors and listed companies are presented. Among listed companies, some vehicle manufacturers like BYD, Great Wall Motor, and SAIC Motor had price drops, while GAC Group and Chang'an Automobile had price increases. In the battery and materials sector, companies such as Contemporary Amperex Technology Co., Limited (CATL) and EVE Energy Co., Ltd. had price drops, and Do - fluoride New Materials Co., Ltd. had a price increase [13][16]. 3.2产业链数据跟踪 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports in the Chinese Market**: In September, China's new energy vehicle sales were 1.604 million, a year - on - year increase of 24.6%. From January to September, cumulative sales were 11.228 million, a year - on - year increase of 34.9%. In September, exports were 222,000, a year - on - year doubling, and from January to September, cumulative exports were 1.758 million, a year - on - year increase of 89.4%. From October 1 - 12, new energy vehicle retail sales decreased by 1% year - on - year, and cumulative retail sales this year increased by 23% year - on - year [3][110][111][112][113]. - **Inventory Changes in the Chinese Market**: Relevant data on new energy vehicle inventory changes are presented, including channel inventory and manufacturer inventory [26]. - **Delivery Volume of Chinese New Energy Vehicle Manufacturers**: Data on the monthly delivery volumes of various new energy vehicle manufacturers such as Leapmotor, Li Auto, XPeng, and NIO are presented [29]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: From January to August, global new energy vehicle sales increased by 30.6% year - on - year to 13.257 million. Europe and other regions had strong growth. Europe's cumulative sales were 2.442 million, with a year - on - year growth rate of 30.8%, and other regions' cumulative sales were 665,000, with a year - on - year growth rate of 50.6%. The North American market's cumulative sales were 1.205 million, with a year - on - year growth rate of 4.8% (from January to September, cumulative sales were 1.399 million, with a year - on - year growth rate of 8.3%). The US had record - high new energy vehicle sales and penetration rates in August and September due to the expiration of the federal electric vehicle tax credit on September 30 [4][119]. - **European Market**: Europe's new energy vehicle market had a relatively strong growth, with cumulative sales of 2.442 million from January to August, a year - on - year growth rate of 30.8% [4][119]. - **North American Market**: The North American market had relatively slow growth in the early stage, with a cumulative sales of 1.205 million from January to August, a year - on - year growth rate of 4.8% (from January to September, cumulative sales were 1.399 million, with a year - on - year growth rate of 8.3%). The US had record - high sales and penetration rates in August and September [4][119]. - **Other Regions**: Other regions had a relatively high growth rate, with cumulative sales of 665,000 from January to August, a year - on - year growth rate of 50.6% [4][119]. 3.2.3 Power Battery Industry Chain - Data on power battery installation volume, export volume, weekly average price of battery cells, material cost, and the operating rates and prices of various battery materials are presented [79]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of raw materials such as rubber, glass, steel, and aluminum are presented [100]. 3.3 Hot News Summary 3.3.1 China: Policy Dynamics - The National Development and Reform Commission and other departments issued the "Three - Year Doubling Action Plan for the Service Capacity of Electric Vehicle Charging Facilities (2025 - 2027)", aiming to build 28 million charging facilities nationwide by the end of 2027, providing over 300 million kilowatts of public charging capacity to meet the charging needs of over 80 million electric vehicles. - The Ministry of Industry and Information Technology organized the formulation and revision of relevant regulations to improve the access requirements for vehicle production enterprises and products, promote the improvement of product quality and safety, and adapt to the development trend of the automotive industry [108][109]. 3.3.2 China: Industry Dynamics - In September, China's automobile sales were 3.226 million, a year - on - year increase of 14.9%, and new energy vehicle sales were 1.604 million, a year - on - year increase of 24.6%. From January to September, automobile production and sales were 24.333 million and 24.363 million respectively, with year - on - year increases of 13.3% and 12.9%. New energy vehicle production and sales were 11.243 million and 11.228 million respectively, with year - on - year increases of 35.2% and 34.9%. - In September, automobile exports were 652,000, a year - on - year increase of 21%, and new energy vehicle exports were 222,000, a year - on - year doubling. From January to September, automobile exports were 4.95 million, a year - on - year increase of 14.8%, and new energy vehicle exports were 1.758 million, a year - on - year increase of 89.4%. - From October 1 - 12, new energy vehicle retail sales decreased by 1% year - on - year, and cumulative retail sales this year increased by 23% year - on - year. - In September, China's power battery installation volume was 76 GWh, a year - on - year increase of 39.5%. From January to September, the cumulative installation volume was 493.9 GWh, a year - on - year increase of 42.5% [110][111][112][113][114]. 3.3.3 Overseas: Policy Dynamics - Germany extended the electric vehicle tax exemption period from the end of 2030 to the end of 2035 and will launch a new pure - electric vehicle subsidy plan in 2026, with a maximum subsidy of 4,000 euros. This is a resumption of support for electric vehicle purchases since the end of the previous subsidy policy in December 2023 [4][120]. 3.4 Industry Views - In the domestic market, from October 1 - 12, new energy vehicle retail sales decreased by 1% year - on - year, and cumulative retail sales this year increased by 23% year - on - year. In September, new energy vehicle sales were 1.604 million, a year - on - year increase of 24.6%, and cumulative sales were 11.228 million, a year - on - year increase of 34.9%. - Policy - wise, the goal is to build 28 million charging facilities nationwide by the end of 2027. - In the global market, from January to August, new energy vehicle sales increased by 30.6% year - on - year. Europe and other regions had strong growth, while the North American market had relatively slow growth. Germany extended the tax exemption period and will restart the subsidy policy [3][4][118][119][120]. 3.5 Investment Suggestions - China's new energy vehicle market penetration rate has reached a high level. In 2025, high - competitiveness new models are continuously launched, and price wars are ending. - Overseas markets face trade protectionism risks, so attention should be paid to new growth points such as the Belt and Road countries and the Middle East. - In the competitive landscape, domestic brands' market share is expanding, and attention should be paid to companies with strong product strength, smooth overseas expansion, and stable supply [5][121].

Investment Rating - The investment rating for the lithium battery industry is "Outperform the Market" (maintained) [1] Core Insights - The price of lithium hexafluorophosphate continues to rise, with a current price of 75,500 yuan/ton, up 12,200 yuan/ton from the end of September and 26,000 yuan/ton from the mid-July low, representing an increase of over 50% [4][13] - The demand for lithium hexafluorophosphate is increasing, while supply is relatively tight, leading to sustained price increases [4] - The Ministry of Commerce and the General Administration of Customs have implemented export controls on lithium batteries and certain materials, which will affect the availability of overseas production capacity [4][13] - The National Development and Reform Commission has launched an action plan to double the service capacity of charging facilities by 2027, aiming to establish 28 million charging facilities nationwide [4][10] Industry Dynamics - The domestic sales of new energy vehicles in September reached 1.604 million units, a year-on-year increase of 25% and a month-on-month increase of 15% [4] - In Europe, new energy vehicle sales in September reached 311,200 units, up 34% year-on-year and 74% month-on-month [4] - The lithium battery supply chain production in October is expected to continue to rise, with domestic battery production increasing by 10% month-on-month [13] Company Recommendations - Recommended companies to focus on include leading enterprises in the lithium battery industry such as CATL, Yiwei Lithium Energy, and others, as well as companies in the low-altitude economy and robotics sectors [2]