Core Viewpoint - The A-share market shows a mixed performance with a slight increase in the Shanghai Composite Index, while several stocks are experiencing a death cross between their 5-day and 10-day moving averages, indicating potential bearish trends [1] Group 1: Market Overview - As of 10:30 AM, the Shanghai Composite Index is at 3921.77 points, with a change of 0.49% [1] - The total trading volume of A-shares today is 981.369 billion yuan [1] Group 2: Stocks with Death Cross - A total of 315 A-shares have seen their 5-day moving averages cross below their 10-day moving averages [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - China Merchants Energy (招商轮船) with a distance of -2.04% [1] - Chlor-alkali Chemical (氯碱化工) at -1.69% [1] - Tianci Materials (天赐材料) at -1.47% [1] Group 3: Individual Stock Performance - China Merchants Energy (601872) is down 1.20% with a latest price of 8.22 yuan, which is 6.01% below its 10-day moving average [1] - Chlor-alkali Chemical (600618) has decreased by 2.61%, with a latest price of 12.29 yuan, 4.09% below its 10-day moving average [1] - Tianci Materials (002709) increased by 1.74%, with a latest price of 39.26 yuan, 2.37% below its 10-day moving average [1]

苏州天华新能源科技股份有限公司 证券代码：300390 证券简称：天华新能 公告编号：2025-060 关于控股股东暨实际控制人股份解除质押的公告 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。 苏州天华新能源科技股份有限公司（以下简称"公司"）近日接到控股股东暨实 际控制人裴振华先生的通知，获悉其将质押给招商证券股份有限公司的股票在中国 证券登记结算有限责任公司办理了提前购回手续，相关股票解除质押登记业务已办 理完毕，具体情况如下： | 股东名 称 | 是否为 控股股 东或第 一大股 东及其 | 本次解除质 押股份数量 (股) | 占其所持 股份比例 | 占公司总 股本比例 | 质押起始 日期 | 解除质押 日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 一致行 动人 | | | | | | | | 裴振华 | 是 | 13,000,000 | 8.81% | 1.56% | 2025 年 1 月 日 22 | 2025 年 12 月 日 4 | 招商证券 股份有限 公司 | ...

Market Performance - On December 5, the A-share market showed a rebound, with the Shanghai Composite Index rising by 0.71% to 3902.81 points, the Shenzhen Component Index increasing by 1.08% to 13147.68 points, and the ChiNext Index up by 1.36% to 3109.3 points [1] Fund Manager Changes - On December 5, 26 fund managers experienced changes in their positions, with 730 fund products having manager changes in the past 30 days [3] - The reasons for the changes included 5 managers leaving due to job changes, 2 due to personal reasons, and 2 due to product expiration [3] New Fund Manager Appointments - On December 5, 33 fund products announced new fund manager appointments, involving 17 fund managers [5] - Notably, Liu Mingyu from Huaxia Fund has a total fund asset scale of 422.43 billion yuan, with the highest return product being Huaxia Dingxing Bond C, achieving a return of 373.53% over nearly 3 years [5] Fund Research Activity - In the past month (November 5 to December 5), Bosera Fund conducted the most company research, engaging with 48 listed companies, followed closely by Huaxia Fund and Guotai Fund [7] - The consumer electronics sector was the most researched, with 256 instances, followed by specialized equipment with 212 instances [7] Individual Stock Research Focus - The most researched stock in the past month was Luxshare Precision, with 88 fund management companies participating in the research [7] - In the last week (November 28 to December 5), the most researched company was Jerry Holdings, with 66 fund institutions involved [8]

Investment Rating - The report rates the industry as "Positive" [4] Core Insights - The lithium price has shown a strong rebound due to supply constraints and increased demand from the energy storage sector, with battery-grade lithium carbonate prices rising from 61,300 CNY/ton to 85,700 CNY/ton in Q3 2025, marking an 11.92% increase from the previous quarter [12] - The overall revenue of 12 A-share lithium companies reached 39.718 billion CNY in Q3 2025, reflecting a year-on-year increase of 27.01% and a quarter-on-quarter increase of 12% [18] - The net profit attributable to shareholders for these companies surged to 5.328 billion CNY in Q3 2025, a significant year-on-year increase of 110% and a quarter-on-quarter increase of 65% [21] - The average gross margin for the companies was 24.7%, with a net margin of 13.42%, indicating a positive trend in profitability [29] Market Analysis - The lithium supply remains resilient despite production disruptions in regions like Jiangxi, with Q3 2025 lithium salt production reaching 328,500 tons, a year-on-year increase of 17.9% [14] - Global sales of new energy vehicles reached 5.4 million units in Q3 2025, a 23% increase year-on-year, driving demand for lithium [9] - Lithium salt inventory decreased from 150,000 tons to 130,000 tons in Q3 2025, indicating a trend of destocking in the industry [17] Financial Performance - The average cash ratio for the companies was 0.79, with a debt-to-asset ratio of 38.75%, indicating stable debt repayment capabilities [55] - Capital expenditures for the 12 companies totaled 16.943 billion CNY in the first three quarters of 2025, reflecting a year-on-year increase of 15.65% [49] - The four major expenses (sales, management, R&D, and financial costs) totaled 3.26 billion CNY in Q3 2025, with a notable increase in financial expenses [38]

Group 1 - The lithium mining index experienced a significant adjustment, with most constituent stocks declining [1] - Tianhua New Energy led the decline with a drop of 5.65% [1] - Guocheng Mining fell by 5.33%, Weiling Co. decreased by 5.10%, Dazhong Mining dropped by 3.32%, and Zhongmin Resources declined by 3.12% [1]

Group 1 - On December 1, a total of 17 companies were investigated by institutions, with 13 companies being surveyed by funds, indicating strong interest in these firms [1] - Tianhua New Energy was the most popular, with 40 funds participating in its survey, followed by Yian Technology and Huadian Technology with 14 and 4 funds respectively [1] - Among the surveyed companies, there were 3 from the Shenzhen Main Board, 9 from the ChiNext Board, and 1 from the Shanghai Main Board [1] Group 2 - The total market capitalization of the surveyed A-shares included 1 company with a market cap over 50 billion yuan and 7 companies with a market cap below 10 billion yuan, such as Huawu Co., Weili Transmission, and Yuehai Feed [1] - In terms of market performance, 11 out of the surveyed stocks increased in the last 5 days, with Tongyu Communication, Henghui Security, and Jiayuan Technology showing the highest gains of 43.97%, 25.35%, and 22.20% respectively [1] - Among the surveyed stocks, 6 experienced net capital inflows in the last 5 days, with Hunan Yuneng receiving the most at 449 million yuan, followed by Tongyu Communication and Tianhua New Energy with net inflows of 437 million yuan and 341 million yuan respectively [1]

Core Viewpoint - The company Tianhua New Energy has outlined its lithium battery material production capabilities and future expansion plans in response to market demand for lithium salt products [2] Group 1: Production Capacity - The company's lithium battery material production bases are located in Yibin, Meishan, and Yichun in Sichuan and Jiangxi provinces [2] - The subsidiary Tianyi Lithium Industry in Yibin has an annual production capacity of 75,000 tons of battery-grade lithium hydroxide [2] - The subsidiary Sichuan Tianhua in Meishan has an annual production capacity of 60,000 tons of battery-grade lithium hydroxide, which can be converted to approximately 55,000 tons of battery-grade lithium carbonate based on market demand [2] - The subsidiary Fengxin New Era in Yichun has an annual production capacity of 30,000 tons of battery-grade lithium carbonate [2] Group 2: Future Expansion Plans - The company plans to increase its lithium salt production capacity to reach 250,000 to 260,000 tons per year based on market demand changes [2]

证券代码：300390 证券简称：天华新能 苏州天华新能源科技股份有限公司投资者关系活动记录表 编号：2025-003 | | 特定对象调研 | 分析师会议 | | --- | --- | --- | | 投资者关系活 | 媒体采访 | 业绩说明会 | | | 新闻发布会 | 路演活动 | | 动类别 | 现场参观 | | | | 其他：投资机构调研 | | | 参与单位名称 | | | | 及人员姓名 | 见附件参会人员名单 | | | 时间 2025 | 年 12 月 1 日 | | | 地点 | 上海国华金融中心会议室 | | | 上市公司接待 人员姓名 | 裴振华（董事长）、王 | 珣（董事会秘书） | | | 一、公司基本情况介绍 | | | | 公司业务涵盖新能源锂电材料、防静电超净技术产品和医疗器 | | | | 械产品三大业务领域。新能源锂电材料业务为公司的主营业务，占 | | | | 营业收入的 90%以上，主要生产和销售电池级氢氧化锂、电池级碳 | | | | 酸锂等锂电材料系列产品；公司深耕固态电池正极材料研发，开发 | | | | 了多款材料，主要包括中/高镍高电压三元 ...

Group 1 - Tianji Co., Ltd.'s major shareholder, Ruitai New Materials, reduced its stake by 4.97 million shares on December 1, bringing its ownership to 25.07 million shares, or 4.999997% of the total shares, falling below 5% [1] - The shares sold were from a specific issuance of A-shares by the company in 2023, indicating a strategic financial decision by the shareholder [1] - This reduction in stake may raise market concerns and could lead to short-term pressure on the stock price, with increased uncertainty due to the lack of pre-disclosure for future reductions [1] Group 2 - Wolong New Energy announced an investment of 804 million yuan to construct a 200,000 kW/1.2 million kWh independent energy storage demonstration project [2] - The project aims to participate in the electricity spot market, buying electricity during low price periods and selling during high price periods to capitalize on price differences [2] - This initiative aligns with the company's core business direction and is expected to enhance its competitiveness and profitability in the renewable energy sector [2] Group 3 - Tianhua New Energy's controlling shareholders transferred 12.95% of the company's shares to Ningde Times, completing the transfer on December 1 [3] - The transfer involved 108 million shares at a price of 24.49 yuan per share, totaling 2.635 billion yuan, resulting in Ningde Times becoming the second-largest shareholder with a 13.54% stake [3] - This transaction strengthens the collaboration between Tianhua New Energy and a leading lithium battery manufacturer, enhancing demand security and supply chain stability for both companies [3]

Group 1 - Tianji Co., Ltd. announced that its major shareholder, Ruitai New Materials, reduced its stake by 4.97 million shares, bringing its ownership below 5% [1] - The shares sold were part of the A-shares issued to specific investors in 2023, indicating a strategic financial decision by Ruitai New Materials [1] - This reduction in stake may lead to market concerns and short-term pressure on the stock price, with increased uncertainty regarding future reductions [1] Group 2 - Wolong New Energy announced an investment of 804 million yuan to construct a 200,000 kW/1,200,000 kWh grid-side independent energy storage demonstration project [2] - The project aims to leverage price differences in the electricity spot market, buying electricity during low-price periods and selling during high-price periods, enhancing profitability [2] - This initiative aligns with the company's core business direction and is expected to strengthen its competitive position in the renewable energy sector [2] Group 3 - Tianhua New Energy's controlling shareholders transferred 12.95% of the company's shares to CATL, completing the transfer process [3] - The transfer involved 108 million shares at a price of 24.49 yuan per share, totaling approximately 2.635 billion yuan [3] - CATL's acquisition positions it as the second-largest shareholder, enhancing supply chain security and collaboration within the lithium battery industry [3]