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]

（文章来源：每日经济新闻） 每经AI快讯，12月3日，锂矿指数盘中出现明显调整，成分股多数走弱。其中，天华新能领跌，跌幅 5.65%，国城矿业跌5.33%，威领股份跌5.10%，大中矿业跌3.32%，中矿资源跌3.12%。 ...

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]

（文章来源：每日经济新闻） 每经AI快讯，天华新能在机构调研中表示，公司新能源锂电材料产品生产基地主要分布在四川省宜宾 市、四川省眉山市和江西省宜春市，其中位于宜宾市的子公司天宜锂业拥有年产7.5万吨电池级氢氧化 锂产能；位于眉山市的子公司四川天华拥有年产6万吨电池级氢氧化锂产能，并可根据市场需求转化为 年产约5.5万吨电池级碳酸锂产能；位于宜春市的子公司奉新时代拥有年产3万吨电池级碳酸锂产能。公 司未来将会根据市场对锂盐产品的需求变化，择机增加锂盐产能达到25万吨~26万吨/年。 ...

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]

点评：此举虽属股东自主资金安排，但精准减持或引发市场担忧，短期股价承压。未来减持无需预披 露，不确定性增加。建议关注公司基本面及六氟磷酸锂行业景气度，理性看待短期波动。 NO.2卧龙新能：投资8.04亿元建设电网侧储能示范项目 12月1日，卧龙新能（600173）公告称，公司同意通过下属公司包头威俊华腾新能源有限公司建设包头 威俊20万千瓦/120万千瓦时电网侧独立储能示范项目，总投资8.04亿元。本项目为新建电网侧储能电 站，运营模式即在电力现货市场条件下，作为电力现货市场主体参与电力现货市场交易，使得储能电站 在电价低谷时段买入电量对储能电池充电，在电价高峰时段卖出电量向电网供电，利用电力现货价差获 取收益。本次项目符合公司主业方向与发展定位，有助于公司新能源板块业务发展，增强公司在新能源 行业的影响力和核心竞争力，提升公司盈利能力及可持续发展能力。 丨 2025年12月2日星期二丨 NO.1天际股份第三大股东瑞泰新材12月1日减持497万股 12月1日，天际股份（002759）公告称，持股5%以上股东瑞泰新材（301238）于2025年12月1日通过集 中竞价交易方式减持公司股份497万股，本次权益变动 ...

Quantitative Models and Construction Methods 1. Model Name: Liquidity Impact Coefficient Model - **Model Construction Idea**: This model measures the liquidity impact of index adjustments on individual stocks by calculating the ratio of net fund flows to the stock's recent average daily trading volume[12][13] - **Model Construction Process**: The liquidity impact coefficient for a stock is calculated as follows: $$ impact_{i} = \sum_{k=1}^{N} \frac{\Delta weight_{k,i} \times AUM_{k}}{amt\_avg_{i,20}} $$ - \( \Delta weight_{k,i} \): Estimated weight change of stock \( i \) in index \( k \) - \( AUM_{k} \): Total assets under management of passive products tracking index \( k \) as of the end of November - \( amt\_avg_{i,20} \): Average daily trading volume of stock \( i \) over the past 20 trading days as of the end of November[12][13] - **Model Evaluation**: The model provides a quantitative framework to estimate short-term liquidity shocks caused by index adjustments, but it is subject to data discrepancies and assumptions, which may lead to deviations from actual results[13] --- Model Backtesting Results Liquidity Impact Coefficient Model - **Top 5 Stocks with Highest Positive Impact Coefficients**: - Zhangjiagang Bank (002839 CH): 11.55[15] - Jiangzhong Pharmaceutical (600750 CH): 11.44[15] - Tower Group (002233 CH): 11.04[15] - Jichuan Pharmaceutical (600566 CH): 10.14[15] - Zhengbang Technology (002157 CH): 9.99[15] - **Top 5 Stocks with Highest Negative Impact Coefficients**: - Shenzhen Expressway (600548 CH): -24.95[16] - Vanward Electric (002543 CH): -20.90[16] - Aviation Materials (688563 CH): -14.06[16] - Huaxi Biology (688363 CH): -10.81[16] - Ninghu Expressway (600377 CH): -10.54[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Net Fund Flow Factor - **Factor Construction Idea**: This factor estimates the net fund inflow or outflow for stocks due to index adjustments, based on changes in index weights and the total AUM of passive products tracking the index[9][10] - **Factor Construction Process**: - Outflow Amount: Total AUM of linked products multiplied by the stock's actual weight in the index as of the end of November - Inflow Amount: Total AUM of linked products multiplied by the estimated weight of the stock in the index post-adjustment - Weight estimation is based on free-float market capitalization and index-specific weighting rules, such as dividend yield weighting or market capitalization weighting[9][10] - **Factor Evaluation**: The factor provides a transparent and systematic approach to estimate fund flows, but it is sensitive to assumptions about future index weights and AUM changes[9][10] --- Factor Backtesting Results Net Fund Flow Factor - **Top 5 Stocks with Highest Net Fund Inflows**: - Victory Precision (300476 CH): 112.61 billion CNY[10] - Dongshan Precision (002384 CH): 99.32 billion CNY[10] - Guangqi Technology (002625 CH): 77.81 billion CNY[10] - Sugon Information (603019 CH): 65.44 billion CNY[10] - Top Group (601689 CH): 53.07 billion CNY[10] - **Top 5 Stocks with Highest Net Fund Outflows**: - China Mobile (600941 CH): -40.02 billion CNY[11] - CRRC Corporation (601766 CH): -36.40 billion CNY[11] - Aluminum Corporation of China (601600 CH): -34.29 billion CNY[11] - TCL Zhonghuan (002129 CH): -30.07 billion CNY[11] - Huagong Tech (000988 CH): -27.44 billion CNY[11]