Core Viewpoint - XianDao Intelligent is a leading global manufacturer of lithium battery equipment, specializing in the research and development of automated complete equipment and solutions, with a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, XianDao Intelligent achieved a revenue of 10.439 billion yuan, ranking first in the industry, significantly higher than the industry average of 1.778 billion yuan and the median of 899 million yuan [2] - The net profit for the same period was 1.161 billion yuan, also ranking first in the industry, exceeding the industry average of 95.38 million yuan and the median of 25.35 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio of XianDao Intelligent was 67.47%, higher than the previous year's 65.39% and the industry average of 57.48% [3] - The gross profit margin for Q3 2025 was 32.72%, lower than the previous year's 36.42% but above the industry average of 25.79% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 162.02% to 280,900, with an average holding of 5,551.69 shares, a decrease of 61.84% from the previous period [5] Group 4: Incentives and Future Outlook - The company plans to grant 9.54 million restricted stocks to 1,134 individuals, representing about 0.6% of the total share capital, with a grant price of 32.77 yuan per share, focusing on solid-state battery R&D personnel [6] - The revenue target for 2025 is set at 22-23 billion yuan, with the first half of the year achieving over 12 billion yuan in orders, doubling year-on-year [6] - XianDao Intelligent is the only manufacturer globally capable of delivering a complete line for solid-state batteries, having entered multiple supply chains and received repeat orders [6]

Market Performance - As of October 30, the PET copper foil sector declined by 2.41%, ranking among the top losers in the market. Notable declines included Hangdian Co., Ltd. which hit the daily limit down, and other companies like Longyang Electronics and Huicheng Vacuum also saw significant drops [1][2] - Among the stocks in the PET copper foil sector, 8 stocks experienced price increases, with Hongtian Co., Ltd. leading with a rise of 4.30%, followed by Oke Technology at 4.21% and Jingwei Huikai at 1.31% [1][2] Capital Flow - The PET copper foil sector saw a net outflow of 3.065 billion yuan in capital today, with 34 stocks experiencing net outflows. Six stocks had outflows exceeding 100 million yuan, with Xian Dao Intelligent leading at 1.455 billion yuan [1][2] - Other companies with significant net outflows included Tongguan Copper Foil at 266 million yuan, Jiejia Weichuang at 247 million yuan, and Defu Technology at 230 million yuan [1][2] Top Gainers and Losers - The top gainers in the PET copper foil sector included Jiemai Technology, Jiayuan Technology, and Jingwei Huikai, with net inflows of 33.05 million yuan, 27.88 million yuan, and 22.12 million yuan respectively [1][2] - Conversely, the top losers in terms of capital outflow included Xian Dao Intelligent, which saw a decline of 5.50%, and Longyang Electronics with a drop of 9.58% [1][2]

Core Viewpoint - The Shanghai Composite Index fell by 0.73% on October 30, with only six industries experiencing gains, notably steel and non-ferrous metals, which rose by 0.90% and 0.79% respectively [1] Market Performance - The main funds in the two markets experienced a net outflow of 100.637 billion yuan, with only one industry, non-ferrous metals, seeing a net inflow of 0.565 billion yuan [1] - A total of 30 industries faced net outflows, with the electronic industry leading at a net outflow of 23.126 billion yuan, followed by the communication industry with a net outflow of 12.065 billion yuan [1] Industry Specifics - The electric equipment industry saw a decline of 0.36%, with a net outflow of 10.150 billion yuan. Among the 363 stocks in this sector, 98 rose, 6 hit the daily limit up, while 260 fell, with 3 hitting the daily limit down [1]

Group 1 - The green energy ETF (562010) showed active performance on October 30, with an intraday price increase of over 3.1%, currently up 2.44% [1] - Major stocks in the ETF include Arctech, which surged over 11%, and Yongxing Materials, which rose more than 8% [1] - The National Development and Reform Commission proposed that by the end of the 14th Five-Year Plan, new electricity demand will primarily be met by clean energy, promoting the construction of wind and solar bases in Northwest China [1] Group 2 - The Ministry of Finance and other departments extended the VAT exemption for offshore wind power, encouraging resource allocation towards offshore wind energy and promoting the development of submarine cables and wind power equipment [1] - Customs data indicated that from January to September 2025, the export value of power equipment increased by 36.33% year-on-year, with transformers and switches performing well in African and Latin American markets [1] - According to招商证券, the lithium battery production in Q1 2025 is expected to remain strong, benefiting from domestic trade-in policies, with storage demand also showing good growth [1][2] Group 3 - The solid-state battery sector is experiencing frequent catalytic events, boosting the lithium battery sector's recovery and accelerating the industrialization process [2] - The State Grid's investment is projected to exceed 650 billion yuan for the first time, entering a high growth cycle [2] - The wind power industry has set a target of adding no less than 120 million kilowatts of new installed capacity during the 14th Five-Year Plan period, providing guidance for high-quality development [2]

Group 1 - The core viewpoint of the news highlights the active performance of the green energy ETF (562010), with a notable increase of 2.1% in intraday trading, driven by strong performances from key stocks like Arctech, which rose by 9.03% [1] - The "Power Equipment Industry Stabilization and Growth Work Plan (2025-2026)" was issued, aiming to promote a green low-carbon energy structure and establish a new power system, with an annual revenue growth target of around 7% for the advanced manufacturing cluster in the power equipment sector [1] - The term "semi-solid battery" is expected to be standardized as "solid-liquid battery," with industry expectations for semi-solid batteries to enter the industrialization phase by 2026 [1] Group 2 - Tesla's electric vehicle sales have reached a quarterly historical record, with strong overseas energy storage demand driving an increase in installed capacity and supply chain growth [2] - The wind power sector is set to benefit from the "Wind Energy Beijing Declaration 2.0," which outlines new installed capacity targets for the 14th Five-Year Plan, alongside deep-sea planning and overseas orders [2] - In the photovoltaic sector, the recovery in silicon material and wafer prices is expected to lead to profitability improvements in the module segment, while BC battery efficiency optimization is creating a premium advantage [2] Group 3 - The green energy ETF (562010) passively tracks the green energy index, with its top ten weighted stocks including CATL, BYD, and Longi Green Energy [2]

Group 1 - The green energy ETF (562010) showed active performance with an intraday price increase of 2.15% as of October 30 [1] - Among the constituent stocks, Aters performed the strongest with a rise of 9.03%, followed by Goldwind Technology and Tianci Materials with increases of 7.02% and 6.9% respectively [1] - Conversely, Deye shares experienced a significant decline of 8.25%, while Jiejia Weichuang and Robotech saw decreases of 2.88% and 2.67% respectively [1] Group 2 - On October 23, XINWANDA launched a new generation of polymer all-solid-state batteries, "Xin·Bixiao," achieving an energy density exceeding 400 Wh/kg and a cycle life of 1200 weeks under low external pressure [1] - Shanlin Group signed a procurement agreement worth 4 billion yuan for solid-state cells and energy storage equipment with Weilan New Energy, focusing on the new energy storage market [1] - Huafu Securities noted that the completion of the Long Electric into Zhejiang ultra-high voltage project by the end of next year will benefit the power equipment industry through accelerated construction [1] - According to招商证券, the lithium battery equipment industry is expected to recover in 2025, driven by new demand for equipment from solid-state battery technology [1] Group 3 - The green energy ETF passively tracks the green energy index, with the top ten weighted stocks including CATL, BYD, Changjiang Power, Sungrow Power, Yiwei Lithium Energy, LONGi Green Energy, Huayou Cobalt, Ganfeng Lithium, Xianlead Intelligent, and Tongwei Co [2]

Core Insights - The renewable energy sector in China is experiencing significant growth, with the China Renewable Energy Index rising by 1.28% as of October 30, 2025, and key stocks like LONGi Green Energy and CATL showing substantial gains [1][2] - The National Grid Energy Research Institute predicts that during the 14th Five-Year Plan period, China's renewable energy generation will maintain a high growth rate, with an average annual new installed capacity expected to reach 300 million kilowatts [2] - The total installed capacity of renewable energy in China is projected to exceed 3 billion kilowatts by 2030, doubling the current scale [2] Market Performance - As of October 29, 2025, the renewable energy ETF has seen a net value increase of 68.45% over the past six months, ranking 313 out of 3838 in the index stock fund category, placing it in the top 8.16% [1] - The ETF has recorded a weekly increase of 9.97% and a monthly share growth of 11 million shares, indicating strong investor interest [1] - The ETF's highest single-month return since inception was 25.07%, with an average monthly return of 8.85% [1] Stock Performance - The top ten weighted stocks in the China Renewable Energy Index as of September 30, 2025, include CATL, Sungrow Power Supply, and EVE Energy, collectively accounting for 45.2% of the index [4] - Notable stock performances include CATL with a 1.58% increase and Sungrow Power Supply with a 3.32% increase [4]

Group 1 - The core viewpoint of the news highlights the significant developments in the battery ETF market, particularly the performance and liquidity of the Jia Shi Battery ETF, which has seen a turnover of 4.34% and a total transaction volume of 74.1753 million yuan [3] - As of October 29, 2025, the Jia Shi Battery ETF has achieved a net value increase of 16.05% over the past three years, with the highest monthly return since inception reaching 39.76% and an average monthly return of 9.57% [3] - A breakthrough research achievement in solid-state batteries was reported by a team from Tsinghua University, which successfully addressed the fast-charging challenge, potentially accelerating the commercialization of solid-state batteries [3] Group 2 - As of September 30, 2025, the top ten weighted stocks in the China Securities Battery Theme Index include Yangguang Electric, CATL, and Yiwei Lithium Energy, collectively accounting for 55.79% of the index [4] - The stock performance of the top ten companies shows varied results, with Yangguang Electric increasing by 3.77% and Yiwei Lithium Energy decreasing by 0.13% [6] - Investors without stock accounts can access battery industry investment opportunities through the Jia Shi Battery ETF linked fund (016567) [6]

Summary of Wuxi Lead Intelligent Conference Call Company Overview - **Company**: Wuxi Lead Intelligent (300450.SZ) - **Industry**: China Industrials - **Market Cap**: Rmb 98,277 million - **Stock Rating**: Overweight - **Price Target**: Rmb 75.00, representing a 20% upside from the closing price of Rmb 62.75 on October 29, 2025 Key Financial Highlights - **3Q25 Revenue**: Rmb 3,828 million, up 14% YoY and 9% QoQ, but below consensus expectations [7] - **Gross Profit Margin (GPM)**: Decreased by 6 percentage points YoY to 30.9%, impacted by low-GPM domestic orders [7] - **Net Profit**: Increased by 199% YoY to Rmb 446 million, slightly below consensus [7] - **New Orders**: 9M25 new orders reached Rmb 17.5 billion, primarily driven by domestic lithium-ion battery (LiB) orders, which accounted for approximately 50% of the mix [2] Growth Outlook - **Management Confidence**: Management is optimistic about improving sales and GPM into 4Q25 and 2026, projecting over 30% annual growth in new orders by 2030 [3] - **Energy Storage Systems (ESS)**: Expected to see accelerated growth, with a mix projected to exceed 50% in fiscal year 2025 [2] - **Solid-State Battery Orders**: Increased quarter-over-quarter, mainly from domestic orders for front-end equipment [2] Financial Projections - **Revenue Forecast**: Expected to grow from Rmb 14,631 million in 2025 to Rmb 28,711 million by 2027 [5] - **Earnings Per Share (EPS)**: Projected to increase from Rmb 0.97 in 2025 to Rmb 2.09 in 2027 [5] - **Valuation Methodology**: Price target derived using a 4x market cap-to-new order multiple based on 2026 new orders of approximately Rmb 29 billion [10] Risks and Considerations - **Upside Risks**: Stronger-than-expected EV sales outlook and faster overseas expansion could enhance growth [12] - **Downside Risks**: Weaker EV sales outlook and limited progress in overseas expansion may pose challenges [12] Additional Insights - **Cost Management**: Improved operational expense control contributed to net profit growth despite lower GPM [7] - **Market Position**: The company is positioned to gain market share during the capital expenditure upcycle in the industry [3] This summary encapsulates the key points from the conference call, highlighting the company's financial performance, growth outlook, and associated risks.

Core Viewpoint - The company reported a significant increase in both revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue for the first three quarters reached 10.439 billion yuan, representing a year-on-year growth of 14.56% [1] - The net profit attributable to shareholders of the listed company was 1.186 billion yuan, showing a remarkable year-on-year increase of 94.97% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.185 billion yuan, reflecting a year-on-year growth of 101.35% [1] - The basic earnings per share stood at 0.76 yuan [1]