Summary of Key Points from the Conference Call Industry Overview - The lithium battery industry has experienced significant price increases from 2020 to 2022, driven by a surge in electric vehicle (EV) sales, with the electrification rate expected to exceed 8% by the end of 2021 [1][2] - The industry is characterized by different price elasticity across various segments, with lithium hexafluorophosphate showing the highest elasticity, while lithium carbonate's price changes are influenced by supply-demand dynamics and longer industry cycles [1][5] Core Insights and Arguments - The rapid growth in EV demand, particularly from brands like NIO, Xpeng, Li Auto, BYD, and Tesla, has led to a doubling of EV sales growth rates since September 2020, with optimistic production guidance for 2021 indicating a 50% growth expectation [2][10] - Material costs have surged, causing battery costs to nearly double, with upstream and midstream companies seeing significant profit increases while battery and vehicle manufacturers face compressed margins [3][22] - The current lithium battery cycle is similar to the previous one (2020-2022) but with a larger industry scale and slower growth rates; demand remains the primary driver, albeit with slightly reduced intensity compared to the last cycle [4][27] Price Trends and Material Performance - Lithium hexafluorophosphate and electrolyte materials have shown the most significant price elasticity, while lithium iron phosphate (LFP) has benefited from rising lithium carbonate prices [5][6] - The battery segment has demonstrated strong performance, with expectations for increased profitability driven by rising demand and supply constraints [6][8] - The price of lithium carbonate has fluctuated significantly, with a rise from approximately 40,000 CNY to over 500,000 CNY per ton during the peak periods [11][14] Future Outlook and Investment Recommendations - The outlook for 2026 indicates a potential 30% growth in industry demand, with leading companies like CATL expected to exceed 50% production guidance [24][30] - Investment recommendations include leading companies such as CATL, Yiwei Lithium Energy, and upstream resources like lithium carbonate, as well as midstream materials with high elasticity [9][30] - Current valuations for leading companies are conservative, averaging around 20 times earnings, suggesting potential for upward adjustment as the market stabilizes [29][30] Additional Important Insights - The expansion of production capacity is primarily led by major companies, with a cautious approach to avoid oversupply, and the expectation of sustained profitability as demand continues to grow [8][28] - The supply chain dynamics have shifted, with upstream and midstream companies capturing a larger share of profits, while battery and vehicle manufacturers have seen their profit margins decline [23][26] - The market for separators has improved in 2022, but prices have not significantly increased due to high market share held by leading companies [19]

A股 - Minmetals Capital's announcement of a related party transaction has drawn industry attention, with its subsidiary Minmetals Trust planning to jointly invest in a joint venture with Minmetals Real Estate, injecting 300 million yuan in cash and an asset package valued at 16.29 billion yuan [2] - The results of the subscription for Moer Thread, known as the "first domestic GPU stock," were announced, with public funds, social security funds, and pension funds acquiring approximately 38.59 million shares, accounting for 98.44% of the offline final issuance [2] - Yunnan Aluminum announced plans to acquire stakes in three aluminum companies from Yunnan Metallurgical Group, while AVIC Helicopter's subsidiary plans to merge with another wholly-owned subsidiary [2] 港股 - The Hong Kong IPO market is experiencing a surge, surpassing the NYSE and NASDAQ, aiming to become the top global fundraising market for new stocks by 2025, with 81 new listings raising a total of 215.98 billion HKD in the first ten months of the year [3] - More than half of the fundraising amount in Hong Kong has come from 14 A-share companies, with notable price discrepancies between A-shares and H-shares, exemplified by CATL's H-share price being over 14% higher than its A-share price [3] 理财 - In November, nine dividend-themed funds were established, raising a total of 6.615 billion yuan, marking a new monthly high for the year, with significant contributions from several funds launched on November 25 [4] - Major state-owned banks and some joint-stock banks have begun to withdraw 5-year large-denomination time deposits, focusing on shorter-term products, with a broad impact across various banks [4] - Sixteen technology-themed funds have been approved, including several ETFs focused on artificial intelligence and semiconductor sectors, with some products receiving approval on the same day they were submitted [4] 个人养老金 - As the year-end personal pension contribution window approaches, banks are intensifying promotional efforts, offering exclusive benefits to attract customers to open accounts and contribute funds, with potential subsidies of around 600 yuan for maximum contributions [5] 债务 - The issuance of new local special bonds in November is expected to reach 492.2 billion yuan, an increase of over 200 billion yuan from the previous month, alongside a significant rise in refinancing bonds [5] 其他 - From January to October, profits of large-scale industrial enterprises in China totaled 595.03 billion yuan, a year-on-year increase of 1.9%, with equipment manufacturing and high-tech manufacturing being the main profit growth drivers [6] - China remains the world's largest market for industrial robots, with significant improvements in performance and quality, and a projected increase in domestic multi-joint robot sales [6] - The National Development and Reform Commission announced a new credit repair management method, effective from April 1, 2026, allowing credit subjects to apply for credit repair under certain conditions [6] - China's foreign direct investment reached 1,033.23 billion yuan in the first ten months, a year-on-year increase of 7%, with investments made in 9553 overseas enterprises across 152 countries and regions [7] - The Chinese medical device market is expected to reach 1.22 trillion yuan by 2025, driven by innovation, with a record number of approved innovative medical devices [7]

Group 1: Industry Insights - The Ministry of Industry and Information Technology (MIIT) held a meeting on November 28 to discuss the regulation of the power and energy storage battery industry, focusing on promoting high-quality development and addressing irrational competition [1] - MIIT Minister Li Lecheng emphasized the need for targeted policy measures to combat "involution" competition, enhance capacity monitoring, and improve product quality supervision [1] - The meeting included high-level executives from major companies, indicating strong potential for subsequent actions and policy implementations [1] Group 2: Company Developments - Shengyang Co., Ltd. specializes in the design, R&D, manufacturing, and sales of energy storage batteries and systems, with its solid-state battery successfully completing safety verification and stability tests, now entering market application [3] - Nandu Power's current unshipped orders amount to approximately 8.9 billion, with large storage orders making up about 5.5 billion, indicating strong demand in both domestic and international markets [3] - Nandu Power also secured a 2.8 GWh order for independent energy storage projects, marking a significant milestone for the commercialization of solid-state battery technology [3] Group 3: Market Conditions - Huafu Securities noted that the lithium battery materials industry is facing challenges such as "leading companies making minimal profits while second-tier companies incur losses," primarily due to overcapacity from previous blind expansions [2] - It is expected that most sub-sectors within lithium battery materials will achieve rational and orderly expansion in the coming years, reducing the likelihood of significant overcapacity [2] - Some sub-sectors with low profitability and long return cycles may see price increases, indicating potential market adjustments [2]

Core Insights - Energy storage technology is essential in the clean energy transformation era, with China leading the global market, holding over 40% of the new energy storage capacity [2][13][22] - The rapid development of energy storage is driven by cost reduction in the supply chain and the "dual carbon" strategy, with significant overseas orders signed by Chinese companies [2][4] - The energy storage market is transitioning from policy-driven to market-driven following the removal of mandatory storage requirements, indicating a shift in dynamics [17][54] Policy and Market Dynamics - The 2015 policy framework initiated a series of reforms aimed at enhancing energy storage and smart grid construction, setting the stage for market growth [4][5] - The introduction of competitive pricing and the opening of the electricity market to private capital have created opportunities for energy storage applications [4][6] - The energy storage sector is expected to benefit from the ongoing energy transition and the increasing demand for renewable energy integration [16][43] Industry Growth and Statistics - By the end of 2024, China's new energy storage capacity reached 73.76 million kW, significantly exceeding the 30 million kW target set for 2025 [13] - Global new energy storage installations are projected to exceed 100 GW by the end of 2024, with a growth rate of 81.1% [10] - The global energy storage system shipment volume reached 286.35 GWh in the first three quarters of 2025, marking an 84.7% year-on-year increase [42] Technological Advancements - The shift from traditional pumped storage to lithium battery storage has accelerated due to cost reductions and technological advancements [10][23] - Chinese companies dominate the energy storage battery and inverter markets, with significant market shares and technological capabilities [26][31] - The integration of energy management systems (EMS) with core components like batteries and inverters enhances the competitiveness of Chinese firms [31][40] Global Market Trends - The global energy storage market is experiencing a surge driven by the need for reliable power supply and the integration of renewable energy sources [43][44] - Emerging markets in the Middle East, Southeast Asia, and Africa are witnessing rapid growth in energy storage demand due to energy supply challenges [43] - The increasing energy demands from AI data centers are expected to drive substantial growth in energy storage requirements, with projections indicating a need for 300 GWh by 2030 [44][45] Competitive Landscape - Chinese companies are expected to maintain a leading position in the global energy storage market, with significant advancements in technology and production capacity [22][28] - The competitive landscape is intensifying, with price wars emerging as companies expand internationally, potentially impacting profitability [54][57] - Regulatory challenges and trade barriers in key markets like the U.S. and EU may pose risks to Chinese firms seeking to expand their global footprint [59][61]

Core Insights - The combination of lithium and sodium batteries creates a complementary ecosystem that enhances operational efficiency and reduces costs in energy storage systems [1][9] - Sodium batteries are gaining attention due to their lower raw material costs, high safety, and adaptability to extreme environments, positioning them as a promising alternative to lithium batteries [1][2] Industry Developments - Sodium batteries are transitioning from laboratory research to industrial production, with significant milestones expected by 2025, including the mass production of sodium-ion batteries by companies like CATL [2][3] - The number of companies involved in sodium battery production has surged to hundreds, with major lithium battery manufacturers also entering the sodium battery space [3][6] Market Potential - The market for sodium batteries is projected to reach a scale of hundreds of gigawatt-hours by 2028, driven by advancements in technology and supportive policies [3][6] - Sodium batteries are expected to find applications in various sectors, including energy storage for 5G base stations and data centers, due to their cost advantages and performance characteristics [6][7] Technological Advancements - The production of sodium battery materials is ramping up, with companies like Supower and Tianqi Lithium achieving significant milestones in material production [7] - The ongoing development of sodium batteries is supported by government initiatives aimed at enhancing energy storage technologies and addressing resource constraints in the lithium supply chain [8][9] Competitive Landscape - The relationship between lithium and sodium batteries is characterized by mutual complementarity rather than direct competition, allowing both technologies to thrive in their respective niches [9] - Traditional energy giants are also entering the sodium battery market, indicating a broader recognition of its potential [3][6]

麦元勋 S1090519090003 maiyuanxun@cmschina.com.cn 李奕熹 研究助理 liyixi@cmschina.com.cn 证券研究报告 | 金融工程 2025 年 11 月 30 日 欧盟SFDR 2.0 解析：国际ESG投资影响与中国市场启示 ——ESG 热点洞察系列报告之三 欧盟发布 SFDR 2.0，拟简化有关披露，并新增"ESG 基础""转型""可持续"三类 产品取代原第 8/9 条标签。我们预期，这将短期内提高欧盟 ESG 产品的合规和数 据要求，迫使 ESG 策略命名更趋谨慎；中长期或将推动 ESG 成为系统性能力， 资金更有序流向绿色与转型行业。当前外资 ESG 资金在中国偏好绿色转型龙头、 高科技成长企业，新规出台将对国内资管、上市公司和出口企业具有重要借鉴价 值。 风险提示： 任瞳 S1090519080004 rentong@cmschina.com.cn 专题报告 敬请阅读末页的重要说明 ➢ 核心修订内容：为缓解 SFDR 1.0 在实践中出现的合规负担沉重、披露碎片化以 及第 8/9 条标签被滥用等问题，欧盟委员会于 11 月 20 日正式发布 SFD ...

证券研究报告 | 2025年11月30日 锂电产业链双周评（11月第3期） 工信部座谈指出规范行业竞争，国内企业持续斩获全球储能订单 行业研究 · 行业周报 电力设备新能源 · 锂电池 投资评级：优于大市（维持） 证券分析师：王蔚祺 010-88005313 wangweiqi2@guosen.com.cn S0980520080003 证券分析师：徐文辉 021-60375426 xuwenhui@guosen.com.cn S0980524030001 证券分析师：李全 021-60375434 liquan2@guosen.com.cn S0980524070002 联系人：王喆萱 wangzhexuan@guosen.com.cn 请务必阅读正文之后的免责声明及其项下所有内容 投资建议 【行业动态】 【新能源车产业链数据】 【锂电材料及锂电池价格】 • 锂盐价格走高，电芯报价上行。本周末碳酸锂价格为9.38万元/吨，较两周前上涨0.86万元/吨。相较两周前，三元正极、磷酸铁锂正极、六氟磷酸锂、电解液、湿法隔膜报价均上涨，负 极报价稳定。本周方形三元动力电芯/铁锂动力电芯/储能用100Ah电芯/储能用2 ...

11月27日晚，一汽解放集团股份有限公司发布关于对外投资暨关联交易的公告。公告显示，一汽解放基于公司整体战略和未来经营发展 需要，拟通过全资子公司一汽解放汽车有限公司（以下简称"解放有限"）对其合营企业解放时代新能源科技有限公司（以下简称"解放 时代"或"合资公司"）现金增资1.91亿元人民币，解放时代现有股东宁德时代新能源科技股份有限公司（以下简称"宁德时代"）及本次 新引入投资者特来电新能源股份有限公司（以下简称"特来电"）拟同步对解放时代进行增资，三方增资合计4.12亿元人民币。 对外投资协议主要内容 主要内容以下签署方单称"一方"，合称"各方"，解放有限、宁德时代合称"现有股东"，解放有限、宁德时代、特来电合称"本轮投资 人"。 解放时代主要财务指标如下： | 项 目 | 2024 年末 | 2025年9月30日 | | --- | --- | --- | | 资产总额 | 54,250.39 | 142,080.95 | | 负债总额 | 45,912.10 | 133,976.01 | | 净资产 | 8,338.29 | 8.104.94 | | 项目 | 2024 年度 | 2025年1-9月 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - China's new energy vehicle market penetration rate exceeded 30% in 2023 and 50% since 2024. In 2025, high - competitiveness new car products continue to be launched, and the call for "anti - involution" is growing louder. Overseas, trade protectionism in Europe and the US is severe, bringing volatility risks to exports. Attention should be paid to new growth points such as countries along the Belt and Road and the Middle East. In terms of the competition pattern, self - owned brands' market share continues to expand, and companies with strong product power, smooth overseas expansion, and strong supply stability should be focused on [4][121]. 3. Summary According to Relevant Catalogs 3.1 Financial Market Tracking - The closing prices and weekly price changes of some listed companies on November 28 are presented. For example, BYD (002594.SZ) closed at 95.17 yuan with a weekly increase of 2.66%, and GAC Group (601238.SH) closed at 9.25 yuan with a weekly increase of 21.71% [15]. 3.2产业链数据跟踪 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports in the Chinese Market**: Data on China's new energy vehicle sales, penetration rate, domestic sales, and exports are presented through multiple charts [16][18][20]. - **Inventory Changes in the Chinese Market**: Charts show the monthly new additions to the channel inventory and manufacturer inventory of new energy passenger cars [25][26]. - **Delivery Volumes of Chinese New Energy Vehicle Manufacturers**: Monthly delivery volumes of several Chinese new energy vehicle manufacturers such as Leapmotor, Li Auto, XPeng, and NIO are presented through charts [29][30][35]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: Data on global new energy vehicle sales, penetration rate, and sales of EVs and PHVs are presented through charts [42][43][46]. - **European Market**: Information on European new energy vehicle sales, penetration rate, and sales of EVs and PHVs in different European countries (UK, Germany, France) are presented through charts [47][48][52]. - **North American Market**: Data on North American new energy vehicle sales, penetration rate, and sales of EVs and PHVs are presented through charts [60][61][63]. - **Other Regions**: Information on new energy vehicle sales, penetration rate, and sales of EVs and PHVs in regions such as Japan, South Korea, and Thailand are presented through charts [64][65][70]. 3.2.3 Power Battery Industry Chain - Data on power battery installation volume (by material), export volume (by material), weekly average price of battery cells, and cell material cost are presented through charts. Also, information on the operating rates and prices of various battery materials such as ternary materials, lithium iron phosphate, and negative electrode materials are provided [80][82][86]. 3.2.4 Other Upstream Raw Materials - Daily prices of raw materials such as rubber, glass, steel, and aluminum are presented through charts [102][103][104]. 3.3 Hot News Summaries 3.3.1 Industry Dynamics: China - From November 1 - 23, the retail sales of passenger cars decreased by 11% year - on - year, while the cumulative retail sales of new energy vehicles increased by 3% year - on - year, with a retail penetration rate of 61.3%. The cumulative retail sales of passenger cars and new energy vehicles since this year have increased by 6% and 20% respectively. The Passenger Car Association estimates that the retail sales of narrow - sense passenger cars in November will be about 2.25 million, with a growth rate of - 8.7%, and the new energy vehicle sales will be about 1.35 million, with a growth rate of 6.5%, and the penetration rate will be about 60% [2][109][119]. 3.3.2 Industry Dynamics: Overseas - The UK government released a new critical minerals strategy on November 22, with up to £50 million in funding. The strategy aims to increase domestic production of critical minerals, reduce over - reliance on imports, and achieve certain goals by 2035, such as increasing domestic lithium production to at least 50,000 tons in the next 10 years [111]. - Thailand's National Electric Vehicle Policy Committee took measures to prevent market supply over - supply. It strengthened export incentives and introduced a "Reverse Exit" option for registered vehicles [112][113]. - Indonesia plans to stop providing automobile incentives in 2026 [115]. 3.3.3 Enterprise Dynamics - The joint - venture battery super factory of CATL and Stellantis in Spain started construction on November 26, with an annual production capacity of 50GWh of lithium iron phosphate batteries [1][3][116]. - NIO's battery swap stations in Sweden were approved to be connected to the local power grid frequency regulation system on November 11 [117][118]. 3.4 Industry Views - Similar to the industry dynamics in China and overseas, it analyzes the sales and penetration rate of new energy vehicles in the domestic and overseas markets, and points out the reasons for the sharp decline in US new energy vehicle sales in October [2][119]. 3.5 Investment Suggestions - Focus on new growth points such as countries along the Belt and Road and the Middle East due to trade protectionism in Europe and the US. Pay attention to companies with strong product power, smooth overseas expansion, and strong supply stability [4][121].

Group 1 - The Hong Kong stock market is experiencing a busy year-end with 88 new IPOs and total fundraising exceeding 250 billion HKD, leading globally in IPO activity [1] - 16 companies have achieved "A+H" listings this year, with CATL raising 41 billion HKD, breaking the norm by having H-shares priced 20-30% higher than A-shares [1] Group 2 - The role of company secretaries in Hong Kong is crucial for corporate governance and external communication, differing significantly from their counterparts in mainland China [2][3] - Hong Kong law mandates the appointment of a company secretary for company formation, with specific qualifications required by the Hong Kong Stock Exchange [4][5] - In Hong Kong, company secretaries must be individuals with recognized professional qualifications or relevant experience, while mainland China only requires a board secretary for listed companies [6][8] Group 3 - The core responsibilities of company secretaries in Hong Kong focus on compliance and procedural management, including managing board meetings and ensuring legal document submissions [9] - In contrast, mainland board secretaries have a broader role that includes actively communicating company value through investor relations and participating in capital operations [10] Group 4 - The fundamental difference between company secretaries and board secretaries lies in their value creation dimensions, with company secretaries focusing on risk prevention and compliance, while board secretaries emphasize value discovery and market trust [12][13] - As the IPO environment improves, the responsibilities of company secretaries and board secretaries are gradually merging, requiring professionals to adapt and enhance their skills [14][15]