Investment Rating - The investment rating for the electric power equipment industry is "Positive" (maintained) [1] Core Insights - The report highlights a significant increase in BEV sales among major automakers in Europe, indicating a strong trend towards electrification in the automotive industry. Renault's BEV sales grew by 88%, Volkswagen's by 113%, and BMW's by 64% in Q1 2025 [4][14][23] - The introduction of new electric vehicle models is expected to sustain the electrification trend, with Stellantis and Renault planning to launch multiple affordable B-segment electric vehicles by the end of 2024 [6][37] - The report discusses the impact of carbon emission regulations, noting that the EU has revised its assessment method to consider a three-year average from 2025 to 2027, which may alleviate immediate pressure on automakers [53] Summary by Sections Sales Performance - In Q1 2025, Renault's BEV sales increased by 88%, with a penetration rate of 17.1% in Europe. The Renault 5 model was the best-selling B-segment electric vehicle [15][18] - Volkswagen's BEV deliveries in Europe rose by 113%, achieving a market share of approximately 26% [19][21] - BMW's BEV sales in Europe grew by 64%, with a penetration rate of 18.7% [23][25] - Chinese automakers are increasing PHEV exports to mitigate the impact of tariffs, with BYD's sales in Europe rising by 124% [5][32] New Model Launches - Stellantis plans to launch several new models priced below €25,000, which are expected to boost sales in Q2 2025 [40] - Renault's new model, the Renault 4, is set to launch in Q2 2025, building on the success of the Renault 5 [41] - Volkswagen will showcase a new range of entry-level BEVs in September 2025, with the ID.2 model expected to launch in 2026 [45] - BMW is set to begin production of the iX3 by the end of 2025, with a series of NEUE KLASSE models to follow [46] Carbon Emission Regulations - The EU's revised carbon emission assessment method is expected to provide automakers with more time to meet targets, with a focus on increasing BEV penetration rates [53] - Stellantis believes that the revised timeline will prevent panic pricing in Q4 2025 [54] - Renault emphasizes the importance of reducing costs to maintain competitiveness in the electric vehicle market [55] - Volkswagen anticipates continued pressure in 2025, despite the regulatory changes [57] - BMW expresses confidence in meeting carbon emission targets due to its current BEV penetration rate [58] Investment Recommendations - The report recommends investing in companies involved in lithium batteries, such as CATL and Yiwei Lithium Energy, as well as companies producing lithium materials and components [59]

| 证券代码：300037 | 证券简称：新宙邦 | 公告编号：2025-053 | | --- | --- | --- | | 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 关于宙邦转债恢复转股的提示性公告 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。 特别提示： 债券代码：123158 暂停转股时间：2025 年 5 月 14 日起至 2025 年 5 月 22 日 恢复转股时间：2025 年 5 月 23 日 深圳新宙邦科技股份有限公司（以下简称"公司"）因实施 2024 年年度权益 分派，根据《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募 集说明书》及有关业务办理指南的规定，公司可转换公司债券（债券代码：123158； 债券简称：宙邦转债）2025 年 5 月 14 日起至 2024 年年度权益分派股权登记日 （2025 年 5 月 22 日）止暂停转股。 根据规定，"宙邦转债"将于本次权益分派股权登记日后的第一个交易日即 2025 年 5 月 23 日起恢复转股。敬请"宙邦转债"债券持有人留意。 ...

Core Insights - The latest ESG ratings for the "New Engine 50 Index" show an increase in AA and A-rated companies, with 9 companies achieving rating upgrades, indicating a positive trend in ESG performance among listed companies [2][4][5]. Group 1: ESG Ratings Overview - The Wind ESG ratings reveal that 86% of the companies in the New Engine 50 Index are rated A or above, significantly outperforming the overall A-share market, where only 15.01% of companies are rated A or above [4][5]. - Among the 50 constituent stocks, 41 maintained their ratings, while 9 companies saw their ESG ratings increase, representing an 18% upgrade rate [5]. Group 2: Notable Companies and Their Ratings - New Energy and traditional energy companies like Xinzhou Bang (300037.SZ) and China Shenhua (601088.SH) achieved high scores of 8.75 and 8.58, respectively, due to improved management practices and low-carbon development strategies [4][5]. - Other companies such as Ningde Times (300750.SZ) and Shanghai Electric (600021.SH) also maintained scores above 8.5, reflecting strong performance in environmental, social, and governance aspects [4]. Group 3: Trends in ESG Disclosure - The quality of ESG information disclosure among A-share companies has improved significantly over the past three years, with an increasing number of companies publishing independent ESG reports [3][6]. - The implementation of stricter ESG disclosure requirements, such as the "Guidelines for Sustainable Development Reports of Listed Companies," is driving companies to enhance their ESG performance [6][7]. Group 4: Industry Insights - The energy sector is leading in ESG development, with a high percentage of companies publishing sustainability reports, particularly in the electricity, gas, and water supply industries [7]. - The complexity of the ESG rating system is acknowledged, with variations across regions and industries, making standardization challenging in the short term [7].

| 证券代码：300037 | 证券简称：新宙邦 | 公告编号：2025-052 | | --- | --- | --- | | 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 关于可转债转股价格调整的公告 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。 重要提示： 1、债券代码：123158 5、转股价格调整生效日期：2025 年 5 月 23 日 一、关于可转换公司债券转股价格调整的相关规定 经中国证券监督管理委员会"证监许可[2022]2036 号文"同意，深圳新宙邦 科技股份有限公司（以下简称"公司"）于 2022 年 9 月 26 日公开发行了 1,970 万 张可转换公司债券，每张面值 100 元，发行总额 197,000 万元。经深圳证券交易 所同意，公司 197,000 万元可转换公司债券于 2022 年 10 月 21 日起在深圳证券 交易所挂牌交易，债券简称"宙邦转债"，债券代码"123158"。根据《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募集说明书》（以下简称"募 集说明书"），当公 ...

| 证券代码：300037 | 证券简称：新宙邦 | 公告编号：2025-051 | | --- | --- | --- | | 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 2024年年度权益分派实施公告 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、深圳新宙邦科技股份有限公司（以下简称"本公司"或"公司"）通过回 购专用证券账户持有的公司股份8,644,179股不享有利润分配权利。因此，本次实 际现金分红总额=实际参与现金分红的股本×剔除回购股份后每10股分红金额 /10股=745,239,291股×4.00元/10股=298,095,716.40元；按公司总股本折算每股现 金分红=本次实际现金分红总额/公司总股本=298,095,716.40元/753,883,470股 =0.3954135元（保留到小数点后七位，最后一位直接截取，不四舍五入），即按 公司总股本折算每10股现金分红3.954135元（保留到小数点后六位，最后一位直 接截取，不四舍五入）。 2、在保证本次权益分派方案不变的前提下，20 ...

Investment Rating - Investment rating for the power equipment industry is "Positive" (maintained) [2] Core Insights - The European electric vehicle market shows a significant recovery trend in 2025, with April sales reaching 211,000 units, a year-on-year increase of 30.7% [7][16] - The penetration rate of new energy vehicles in Europe reached 26.3%, up by 6.4 percentage points year-on-year [16] - The German electric vehicle market is recovering significantly, with BEV sales in April 2025 increasing by 53.5% year-on-year [17] - The EU Parliament has passed a carbon emission assessment amendment, delaying the tightening of carbon emission targets but maintaining the overall trend [47] Summary by Sections 1. European New Energy Vehicle Sales - In April 2025, sales of new energy vehicles in nine European countries reached 211,000 units, a year-on-year increase of 30.7% [7][16] - Germany's BEV sales reached 46,000 units in April, up 53.5% year-on-year, while PHEV sales increased by 60.7% [17] - The UK saw BEV sales of 25,000 units in April, a year-on-year increase of 8.1%, despite an overall decline in traditional vehicle sales [24] - France's BEV sales were 26,000 units in April, up 2.3% year-on-year, with expectations for stronger sales post-September due to the return of the social leasing plan [29] - Norway's BEV penetration rate reached 97% in April, moving closer to the 100% target [37] - Italy's BEV sales increased by 105.2% year-on-year in April, attributed to a low base effect [39] - Spain's BEV sales rose by 77.9% year-on-year in April, supported by extended subsidies and tax reductions [43] 2. EU Carbon Emission Assessment Amendment - The EU Parliament voted to change the carbon emission assessment from a 2025 target to an average over 2025-2027, delaying the timeline but not altering the overall trend [47] 3. Investment Recommendations - Recommended investments in lithium batteries include Ningde Times, Yiwei Lithium Energy, and Xinneng Technology [48] - For lithium materials, recommended companies include Hunan Youneng and Zhongwei Co., with beneficiaries like Fulin Precision and Wanrun New Energy [48] - Beneficiaries in lithium battery structural components include Keda Li and Minglida [48] - Recommended companies for power/electric drive systems are Weimaisi and Fute Technology [48] - Beneficiaries in automotive safety components include Zhongrong Electric and Zhejiang Rongtai [48]

Investment Rating - The report maintains a positive outlook on the chemical industry, indicating a "Look Favorably" investment rating for the public fund's heavy positions in the chemical sector for Q4 2024 and Q1 2025 [2]. Core Insights - The overall allocation of public funds in the chemical sector has seen a continuous decline, with the proportion of heavy chemical positions dropping from 2.50% in Q4 2024 to 1.99% in Q1 2025, indicating a position below historical averages [4][10]. - The top ten heavy positions in the chemical sector have experienced a significant decrease in market value share, influenced by fluctuating oil prices and trade barrier concerns, while certain high-certainty price elastic chemicals and new materials have seen an increase in their allocation [4][16]. - The total market value of chemical holdings by public funds has consistently declined, with the top 30 funds' heavy chemical stock market value falling by 20.2% to 66.312 billion yuan in Q4 2024 and by 20.4% to 52.816 billion yuan in Q1 2025 [32][34]. Summary by Sections 1. Changes in Public Fund Holdings in the Chemical Sector - The national heavy chemical allocation has decreased, with regional allocations in East China dropping from 3.03% to 2.05%, South China from 2.92% to 2.32%, and North China from 2.37% to 1.40% [10]. - The number of funds holding major chemical stocks has decreased, with notable declines in traditional blue-chip stocks due to trade barrier concerns, while some high-dividend stocks have seen an increase in fund holdings [22][27]. 2. Market Value and Concentration of Chemical Holdings - The market value of the top 30 funds' heavy chemical stocks has decreased significantly, with a drop in concentration from 90.36% to 87.39% of total heavy chemical stock market value [32][34]. - The top holdings include WanHua Chemical, SaiLun Tire, and China National Offshore Oil Corporation, with WanHua Chemical's market value share decreasing from 14.03% to 12.72% [32][34].

Investment Rating - The investment rating for the electric power equipment industry is "Outperform the Market" [2][6]. Core Viewpoints - The recent US-China trade talks have resulted in significant tariff reductions, which are expected to positively impact the electric new energy sector's exports to the US. Key affected areas include the power battery supply chain, photovoltaic inverters, energy storage batteries, AIDC equipment, grid equipment, consumer lithium batteries, and wind power components. These sectors are anticipated to experience a recovery and acceleration in shipments to the US starting from May [4][5][6]. - The agreement reached during the talks includes the US committing to cancel 91% of tariffs imposed on Chinese goods and modifying 34% of reciprocal tariffs, with a 90-day suspension on 24% of these tariffs. Similarly, China will cancel 91% of its retaliatory tariffs on US goods and suspend 24% of the reciprocal tariffs for 90 days [3][6]. Summary by Relevant Sections - **Tariff Changes**: The US will cancel 91% of tariffs on Chinese goods and modify 34% of reciprocal tariffs, while China will cancel 91% of retaliatory tariffs and suspend 24% of reciprocal tariffs for 90 days [3][6]. - **Market Impact**: The agreement is expected to benefit companies in the electric new energy sector, particularly those involved in the power battery and energy storage battery supply chains, such as Ningde Times, Keda Li, and Xinjubang. Other companies to watch include Sunshine Power, Shenghong Co., and Megmeet [4][7]. - **Market Demand**: The US accounts for 10-15% of global power battery market demand, 30-40% of large energy storage market demand, and 10% of the global photovoltaic market demand. The successful conclusion of the trade talks is expected to enhance the short-term and long-term development prospects for various sectors [7].

Core Viewpoint - Shenzhen Xinzhou Bang Technology Co., Ltd. has announced the implementation of its 2024 profit distribution plan, which includes a total unchanged distribution amount principle for its convertible bonds during the equity distribution period [1][2]. Group 1: Convertible Bonds Information - The convertible bond code is 123158, and the bond name is "Zhou Bang Convertible Bond" [1]. - The conversion period for the bonds is from March 30, 2023, to September 25, 2028, with a suspension of conversion starting from May 14, 2025, until the equity registration date for the 2024 profit distribution [1][2]. - The company will announce the implementation of the 2024 profit distribution shortly, adhering to the principle of unchanged total distribution [1]. Group 2: Profit Distribution Plan - The profit distribution plan was approved during the 2024 annual shareholders' meeting held on April 15, 2025 [1]. - If there are changes in the total share capital entitled to profit distribution before the equity distribution implementation announcement, the distribution ratio will be adjusted while keeping the total distribution amount unchanged [1]. Group 3: Adjustment of Conversion Price - The adjustment of the conversion price will occur in the event of stock dividends, capital increases, new share issuances, and cash dividends, following specific formulas [2][3]. - The formulas for adjusting the conversion price include various scenarios such as stock dividends, capital increases, and cash dividends, ensuring that the conversion price reflects the changes in equity [2][3]. - The company will announce any adjustments to the conversion price in accordance with relevant laws and regulations, ensuring the protection of convertible bondholders' rights [4].

Core Viewpoint - The company reported a strong performance in Q1 2025, with significant year-on-year growth in revenue and net profit, despite a quarter-on-quarter decline in both metrics [1][4]. Financial Performance - Q1 2025 revenue reached 2.0 billion yuan, a year-on-year increase of 32.1% but a quarter-on-quarter decrease of 8.1% [1] - Net profit attributable to shareholders was 230 million yuan, up 39.3% year-on-year but down 4.5% quarter-on-quarter [1] - The net profit excluding non-recurring items was 220 million yuan, reflecting a year-on-year growth of 20.8% and a quarter-on-quarter decline of 9.0% [1] Profitability Metrics - The gross profit margin for Q1 was 24.6%, a decrease of 2.7 percentage points year-on-year and 0.4 percentage points quarter-on-quarter [2] - The net profit margin was 11.6%, an increase of 0.8 percentage points year-on-year and 0.3 percentage points quarter-on-quarter [2] Market Dynamics - The decline in revenue and profit margins is attributed to the pressure on electrolyte sales and the overall market conditions [2] - The organic fluorochemical segment is experiencing sustained high growth, driven by demand for fluorinated pharmaceutical intermediates, solvents, and cooling fluids [2] - The company is benefiting from a supply shift in the global electronic fluorinated liquid market due to the exit of some overseas fluorochemical companies [2] Strategic Initiatives - The company plans to invest up to 26 million USD in a new electronic chemical production base in Kedah, Malaysia, to meet the growing demand in the Southeast Asian market [3] - The company has established multiple production bases in China and Europe, reinforcing its global development strategy [3] - A stock incentive plan has been announced, granting 11.93 million restricted shares to motivate employees, with performance targets set for net profits over the next three years [3] Future Outlook - The company is expected to achieve net profits of 1.21 billion, 1.46 billion, and 1.86 billion yuan for the years 2025 to 2027 [4] - The company maintains a "buy" rating based on its core competitiveness in electrolytes and growth in organic fluorochemicals [4]