Index Performance - The CSI A500 Index increased by 1.32% this week, closing at 4662.51 points on July 4 [4] - The average daily trading volume for the week was 18341.42 billion yuan, with a week-on-week decrease of 9.22% [4] Top Performing Stocks - The top ten stocks with the highest gains this week included: 1. Tian Shou Pharmaceutical (600521.SH) with a gain of 23.34% 2. Daqian Energy (688303.SH) with a gain of 22.18% 3. Junshi Biosciences (688180.SH) with a gain of 18.93% 4. Lepu Medical (300003.SZ) with a gain of 17.99% 5. Giant Network (002558.SZ) with a gain of 17.42% 6. Tongwei Co., Ltd. (600438.SH) with a gain of 17.32% 7. Hualing Steel (000932.SZ) with a gain of 15.37% 8. Pengding Holdings (002938.SZ) with a gain of 14.57% 9. Shenzhou Taiyue (300002.SZ) with a gain of 13.70% 10. Dongshan Precision (002384.SZ) with a gain of 13.36% [3] Underperforming Stocks - The ten stocks with the largest declines this week included: 1. Hengxuan Technology (688608.SH) with a loss of 33.40% 2. Huazhi Shihua (688120.SH) with a loss of 32.34% 3. Northern Huachuang (002371.SZ) with a loss of 22.87% 4. Weining Health (300253.SZ) with a loss of 8.77% 5. China Eastern Airlines (600115.SH) with a loss of 7.07% 6. Xingyuan Material (300568.SZ) with a loss of 6.99% 7. Cambricon Technologies (688256.SH) with a loss of 6.50% 8. Beiyi Innovation (603986.SH) with a loss of 5.93% 9. Jixiang Airlines (603885.SH) with a loss of 5.84% 10. New Zhou Bang (300037.SZ) with a loss of 5.49% [3] Fund Performance - This week, 38 CSI A500 funds collectively rose, with Pu Yin An Sheng leading at a 1.72% increase [5] - The top three funds by size were Huatai-PB (200.88 billion yuan), Guotai (181.5 billion yuan), and GF Fund (174.22 billion yuan) [5] Market Trends - A new trend has emerged in the Hong Kong stock market where A-share listed technology companies are increasingly pursuing secondary listings in Hong Kong [7] - The secondary listings provide diversified financing channels and enhance international market recognition for the companies [7] - The median discount rate for five companies planning secondary listings in Hong Kong is approximately -17% [7] - The core factors driving asset performance are expected to shift from external to internal influences in the second half of the year [7]

Core Viewpoint - The announcement details the share reduction plans of several executives at Shenzhen Xinzhoubang Technology Co., Ltd, indicating their intention to sell a total of 1,266,000 shares over the next three months, which represents a small percentage of the company's total share capital [1][2][3]. Group 1: Shareholders' Basic Information - The shareholders involved in the reduction plan include: - Zhou Aiping, Executive Vice President, holding 2,420,086 shares (0.32%) - Xie Weidong, Vice President, holding 1,981,734 shares (0.27%) - Jiang Xisong, Vice President, holding 1,166,113 shares (0.16%) - Song Hui, Vice President, holding 214,000 shares (0.03%) - Jiang Hao, ex-Vice President's spouse, holding 342,607 shares (0.05%) - Total shares held by these shareholders amount to 6,124,540 shares (0.82%) of the total share capital [2][3][4]. Group 2: Details of the Reduction Plan - The planned share reductions are as follows: - Zhou Aiping plans to reduce 400,000 shares (0.05%) through centralized bidding or block trading - Xie Weidong plans to reduce 450,000 shares (0.06%) - Jiang Xisong plans to reduce 291,000 shares (0.04%) - Song Hui plans to reduce 42,800 shares (0.01%) - Jiang Hao plans to reduce 85,000 shares (0.01%) [3][4][5]. Group 3: Commitment Fulfillment - The involved shareholders have committed to not transferring more than 25% of their total shares during their tenure and not transferring any shares within six months after leaving the company. This commitment is being strictly adhered to, with no violations reported as of the announcement date [6][7].

| 证券代码：300037 | 证券简称：新宙邦 | 公告编号：2025-060 | | --- | --- | --- | | 债券代码：123158 | 债券简称：宙邦转债 | | 深圳新宙邦科技股份有限公司 关于公司董事、高级管理人员等股份减持计划的预披露公告 公司董事、常务副总裁周艾平先生，董事、副总裁谢伟东先生，副总裁姜希 松先生，副总裁宋慧女士，姜昊女士保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 特别提示： 1、持有本公司股份 2,420,086 股（占截至目前本公司剔除回购专户持股数 后的总股本比例 0.32%）的董事、常务副总裁周艾平先生计划在本公告披露之日 起 15 个交易日后的 3 个月内（法律法规规定的窗口期不减持）以集中竞价方式 或者大宗交易方式减持本公司股份 400,000 股（占截至目前本公司剔除回购专户 持股数后的总股本比例 0.05%）。 2、持有本公司股份 1,981,734 股（占截至目前本公司剔除回购专户持股数 后的总股本比例 0.27%）的董事、副总裁谢伟东先生 ...

Group 1 - The company, Xinzhou Bang (300037), announced that several executives plan to reduce their shareholdings by a total of 0.16% [1] - The specific reductions include: Vice President Zhou Aiping plans to reduce 0.05%, Vice President Xie Weidong 0.06%, Vice President Jiang Xisong 0.04%, Vice President Song Hui 0.01%, and Jiang Hao, the spouse of former Vice President Mao Yuhua, 0.01% [1] - The reduction will be executed through centralized bidding or block trading, with the reduction period starting 15 trading days after the announcement and lasting for three months [1]

| 证券代码：300037 | 证券简称：新宙邦 | 公告编号：2025-059 | | --- | --- | --- | | 债券代码：123158 | 债券简称：宙邦转债 | | 深圳新宙邦科技股份有限公司 关于 2025 年第二季度可转换公司债券转股情况的公告 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。 特别提示： 1、"宙邦转债"（债券代码：123158）转股期限为 2023 年 3 月 30 日至 2028 年 9 月 25 日；最新的转股价格为人民币 41.05 元/股。 本次发行的可转债转股期自可转债发行结束之日（2022 年 9 月 30 日）满六 个月后的第一个交易日（2023 年 3 月 30 日）起至可转债到期日（2028 年 9 月 25 日）止。 2、2025 年第二季度，共有 20 张"宙邦转债"完成转股（票面金额共计人民 币 2,000 元），合计转成 48 股"新宙邦"股票（证券代码：300037）。 3、截至2025年第二季度末，公司剩余可转换公司债券张数为19,694,016张， 剩余可转换公司债券票面总额为人民币 1 ...

Core Viewpoint - The article discusses the upcoming 2025 Fifth Electric Two-Wheeler Battery Swapping Conference and Lightweight Power Battery Technology Summit, highlighting the growth and trends in the lithium battery electrolyte industry in China, with a focus on market dynamics and future projections [2][4]. Group 1: Event Details - The event is themed "Swapping City, Smart Two-Wheelers" and will take place on July 10-11, 2025, at the International Hall of the DENGXILU International Hotel in Bao'an, Shenzhen [2]. - Major sponsors and participants include leading companies in the industry such as Yadi Technology Group, Tailin Group, and others [2]. Group 2: Market Growth and Projections - In 2024, China's lithium battery electrolyte shipment volume is projected to reach 1.454 million tons, representing a year-on-year growth of 29.4%, driven primarily by the increase in shipments of power batteries and energy storage batteries [2]. - By 2030, the shipment volume of electrolytes in China is expected to reach 5.15 million tons, with a compound annual growth rate of 23.5% over the next six years, again driven by the growth of power and energy storage batteries [2]. Group 3: Competitive Landscape - The competitive landscape of the lithium battery electrolyte market is characterized by a "one strong, many strong" structure, with Tianqi Materials holding over 30% market share, followed by BYD and Xinzhoubang, each with over 10% market share [4]. - The CR5 (Concentration Ratio of the top 5 companies) is 73.8%, a decrease of 1.4 percentage points from 2023, indicating the gradual release of production capacity from new entrants like Shida Shenghua and others [4]. Group 4: Development Trends in Electrolytes - The article outlines several trends in the development of lithium battery electrolytes, including advancements in solutes, solvents, and additives [8]. - Lithium bis(fluorosulfonyl)imide (LiFSI) is highlighted as a promising next-generation electrolyte solute due to its superior conductivity and stability compared to traditional lithium salts [9]. - The production processes for common organic solvents are dominated by the PO process, but the EO process is expected to mature, leading to a dual technology development path in the market [10]. - The complexity of electrolyte formulations is increasing, with multifunctional additives becoming a key focus to enhance battery performance and reduce costs [11].

债券简称：宙邦转债 债券代码：123158.SZ 股票简称：新宙邦 股票代码：300037.SZ 深圳新宙邦科技股份有限公司 向不特定对象发行可转换公司债券 中信证券股份有限公司 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 二〇二五年六月 1 声明 中信证券股份有限公司（以下简称"中信证券"）编制本报告的内容及信息均来源 于发行人对外公布的《深圳新宙邦科技股份有限公司 2024 年年度报告》等相关公开信 息披露文件、深圳新宙邦科技股份有限公司（以下简称"新宙邦""发行人"或"公司"） 提供的证明文件以及第三方中介机构出具的专业意见。 受托管理事务报告 （2024年度） 债券受托管理人 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关事宜做 出独立判断，而不应将本报告中的任何内容据以作为中信证券所作的承诺或声明。 2 | | 声明 2 | | | --- | --- | --- | | | 目录 3 | | | 第一节 | 可转换公司债券概况 4 | | | 第二节 | 债券受托管理人履职情况 | 17 | | 第三节 | 发行人 2024 年度经营情况和财务状况 | 19 ...

Group 1 - The Shenzhen Stock Exchange's subsidiary will launch five new thematic indices focused on the ChiNext market, including battery, medical, computing infrastructure, media, and fintech indices on June 27 [1][2] - The ChiNext market has shown significant industrial clustering characteristics in sectors like batteries and healthcare, with listed companies having substantial market capitalizations of 1.8 trillion yuan and 1.0 trillion yuan respectively [1][2] - The new indices will consist of 50 stocks with large market capitalizations and good liquidity, reflecting the diversified and innovative characteristics of the ChiNext market [2] Group 2 - The battery index will include companies involved in core areas of the battery industry, such as production, materials, and manufacturing equipment, featuring leading firms like CATL and EVE Energy [2] - The launch of these indices signifies an enhancement and expansion of investment targets in the "Chuang" series, providing a better platform for investors to capture the benefits of transformation and upgrading [2]

Core Viewpoint - The lithium battery industry is increasingly focusing on overseas expansion as domestic competition intensifies and local market demands rise, with major players like CATL and EVE Energy accelerating their overseas production capacity [1][4]. Group 1: Industry Trends - The enthusiasm for overseas expansion in the lithium battery industry remains high despite ongoing market challenges, with numerous announcements of new factory projects [4]. - By June 2025, Zhongke Electric plans to invest up to 8 billion yuan in Oman for a lithium-ion battery anode materials integrated base with an annual capacity of 200,000 tons [4]. - Tianqi Materials announced an investment in Morocco for a project with an annual output of 150,000 tons of electrolyte products and key raw materials, with an estimated total investment of approximately 280 million USD [4]. - The penetration rate of new energy vehicles in China reached 38.9% in 2024, significantly higher than that of major automotive producing countries, indicating substantial overseas market potential [5]. Group 2: Profitability and Market Dynamics - The overseas market is still in a "blue ocean" phase, characterized by high demand and limited local supply, prompting companies to rapidly establish production bases [5]. - CATL's overseas gross profit margin is projected to be 29.45% in 2024, significantly higher than its domestic margin of 7.2% [5]. - EVE Energy and Guoxuan High-Tech also report higher overseas gross profit margins compared to their domestic operations, indicating a favorable trend for international business [5]. Group 3: Capacity Expansion and Operational Challenges - CATL's first overseas factory in Germany has achieved profitability and serves as a benchmark for the industry, encouraging more companies to pursue international expansion [8]. - EVE Energy's first overseas battery base in Malaysia commenced production in February 2024, while Envision AESC's super factory in France began operations in June 2024 [9]. - Dragon Power Technology's first phase of a lithium iron phosphate production project in Indonesia is set to start production in early 2025, with plans for a second phase already underway [10]. Group 4: Localization and Strategic Considerations - Despite positive signals for overseas expansion, the overall progress remains slow due to higher costs and longer return periods compared to domestic operations [15]. - Companies are increasingly seeking to understand local markets and establish stable customer relationships to support their overseas ventures [15]. - The challenges of local environmental regulations, labor policies, and talent acquisition are significant hurdles for companies establishing overseas operations [16].

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Viewpoints - The refrigerant market is experiencing an upward trend, supported by a well-defined business model and ongoing validation of industry logic [4] - The fluorochemical industry is entering a long-term prosperity cycle, with significant growth potential across the entire supply chain, from raw materials like fluorite to high-end fluorinated materials and fine chemicals [20] Summary by Sections 1. Fluorochemical Market Overview - The fluorite market is under pressure, with the average market price for 97% wet fluorite at 3,387 CNY/ton as of June 6, down 3.09% week-on-week and 9.85% year-on-year [6][17] - The market is characterized by weak demand and a surplus of supply, leading to a negative feedback loop that suppresses immediate purchasing needs [17][32] 2. Refrigerant Market Trends - As of June 20, refrigerant prices are on an upward trend: R32 at 52,000 CNY/ton (+0.97% week-on-week), R125 at 45,500 CNY/ton (unchanged), R134a at 48,500 CNY/ton (unchanged), R410a at 48,500 CNY/ton (unchanged), and R22 at 35,000 CNY/ton (-2.78%) [7][18][45] - The external trade market for refrigerants shows stability, with R32 external reference price at 51,000 CNY/ton (unchanged) and R22 at 32,000 CNY/ton (unchanged) [7][18] 3. Beneficiary Companies - Recommended beneficiary companies include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhou Bang [9][20]