Group 1 - The company is accelerating the exploration and construction progress of its two lithium salt lake projects in Argentina [2] - The development of lithium salt lakes involves significant work, and the company plans to enhance collaboration with relevant enterprises to expedite the development process [2] - The company aims to achieve better performance returns for its investors [2]

Market Performance - On December 31, A-shares showed mixed performance with the Shanghai Composite Index up by 0.09% closing at 3968.84 points, while the Shenzhen Component Index fell by 0.58% to 13525.02 points, and the ChiNext Index decreased by 1.23% to 3203.17 points [1] Fund Manager Changes - On December 31, a total of 53 fund managers experienced changes in their positions, with 43 fund products announcing departures of fund managers, involving 19 individuals [3] - In the last 30 days (December 1 to December 31), 705 fund products saw fund manager departures, with 17 leaving due to job changes and 2 for personal reasons [3] New Fund Managers - On December 31, 86 fund products announced new fund manager appointments, involving 36 new managers [5] - Notably, Xia Linfeng from Huabao Fund has managed funds totaling 932 million, with the highest return of 211.80% from Huabao Ecological China Mixed A over a tenure of 10 years and 320 days [5] Fund Manager Performance - Dongfang Fund's current asset scale is 1.103 billion, with the highest return product being Dongfang Yue Ling Flexible Allocation Mixed Fund, achieving a return of 136.47% over 7 years and 112 days [4] Fund Company Research Activity - In December, Huaxia Fund conducted the most company research, engaging with 46 listed companies, followed by Southern Fund with 39 and Bosera Fund with 38 [7] - The most researched industry was specialized equipment with 156 instances, followed by chemical products with 120 [8] Recent Fund Research Focus - The most focused stock in the last month was Zhongke Shuguang, with 117 fund management companies participating in its research, followed by Haiguang Information and Chang'an Automobile with 117 and 86 respectively [11] - In the last week (December 24 to December 31), Zhongwei Co. was the most researched company with 26 fund institutions, followed by Xiangyu Medical and Desai Xiwai with 22 each [10][11]

盛新锂能：拟20.8亿元收购启成矿业30%股权，后者300万吨/年木绒锂矿正在推进开发建设 【投资经营】 【重要事项】 盐湖股份：拟46.05亿元现金收购五矿盐湖51%股权，加快推进世界级盐湖产业基地建设 中伟股份：锁定5-6亿湿吨镍矿资源的供应，掌控碳酸锂资源量超1000万吨 泰和科技：拟通过改造原磷酸铁锂生产装置生产磷酸焦磷酸铁钠，形成年产1万吨磷酸焦磷酸铁钠生产 规模 乾照光电：砷化镓太阳能电池相关产品已批量应用于国内在轨运行的大型商业航天星座组网卫星 星宸科技：车规级激光雷达SPAD芯片SS905HP与SS901适用于L3及以上场景，第一批产品将于2026年 上半年量产 【签约合作】 罗博特科：与英伟达共同开发的全球首个300mm双面晶圆测试平台已完成可靠性测试 精测电子：拟向客户出售多台半导体前道量检测设备等，合同总计金额达到5.71亿元 金盘科技：签订海外数据中心项目合同，金额约6.96亿元 九丰能源：2025年已连续九次为海南商业航天发射场长征系列火箭发射提供特燃特气保障 昊志机电：部分产品已在头部商业航天公司实现小批量应用并形成小幅盈利 *ST名家：拟与专业投资机构共同投资GPU算力芯片项目并 ...

Core Insights - The "2025 Top 100 Private Enterprises in Guizhou" list was released, with Zhongwei New Materials Co., Ltd. ranking first [1] Group 1: Financial Performance - The entry threshold for the 2025 Top 100 Private Enterprises was set at 693 million yuan [1] - The total revenue of the selected companies reached 294.69 billion yuan, with a total profit of 14.29 billion yuan, reflecting increases of 51 million yuan, 7.96 billion yuan, and 1.98 billion yuan respectively, representing growth rates of 7.94%, 2.78%, and 16.12% [1] Group 2: Characteristics of Selected Enterprises - Five key characteristics were identified among the top enterprises: 1. Leading companies continue to excel, with three companies exceeding 10 billion yuan in revenue [1] 2. Continuous optimization of industrial structure, with the secondary industry maintaining a dominant share [1] 3. Significant increase in R&D investment, with 5.396 billion yuan in R&D expenses for 2024, a year-on-year growth of 25.49% [1] 4. Enhanced awareness of legal compliance and integrity in business operations [1] 5. Commitment to social responsibility, with an average of 1,738 jobs created per company, contributing to employment stability [1] Group 3: Support for Private Enterprises - Guizhou's various levels of industry and commerce associations will continue to act as a bridge for private enterprises, promoting a favorable business environment and ensuring effective policy implementation [1]

Core Viewpoint - Zhongwei Co., Ltd. has established business cooperation with leading domestic and international solid-state battery customers, successfully developing and mass-producing several precursor products suitable for solid-state battery systems [1] Group 1: Product Development - The company has developed and mass-produced precursor products including "9-series single crystal cathode material precursors" and "ultra-small particle size lithium-rich manganese-based material precursors" [1] - These products have passed customer certification and achieved bulk supply of over 50 tons [1] Group 2: Technical Focus - In the electrolyte materials field, the company focuses on two main technical routes: oxides and sulfides [1] - The company is committed to collaborative research and development across key areas such as precursors, cathode materials, and solid-state electrolytes, aiming to build comprehensive technical capabilities [1]

定 5-6 亿湿吨镍矿资源的供应，并已在印尼建立四大镍原料产业 基地，打通资源、冶炼、材料的垂直一体化产业链生态。 2、对此次镍价上涨周期怎么看？ 答：公司持续完善一体化产业链生态的搭建，LME 镍价上涨 对公司经营利润有积极影响。 3、公司与下游客户的谈价周期和定价机制是什么，是否受 上游金属价格波动影响？ 答：公司与大客户主要签订长期合作协议方式，协议时间至 少三年以上。公司采取"以销定产"的经营策略以及"主要原材 料成本+加工费"的价格传导定价机制，辅以套期保值业务，最 大程度降低原材料价格波动的直接影响。 4、公司 2025 年镍系三元未来增长驱动因素有哪些？ 答：展望未来，基于中国市场对长续航需求提升、单车带电 量提升、固态电池产业化、欧洲新能源车需求向好，未来镍系材 料仍然具备较大市场增长空间。 5、公司磷酸铁锂相关的资源布局、开采情况及成本等信息？ 答：产能布局方面：目前公司在贵州开阳布局了 20 万吨磷 酸铁和 5 万吨磷酸铁锂产能。资源布局方面：磷资源，公司在贵 州开阳掌控优质磷矿资源，磷矿资源量达 9844 万吨，平均品位 25%；规划年开采量 280 万吨，近期即将启动动工；锂资源，公 ...

Core Viewpoint - The strategic cooperation between Zhongwei Co., Ltd. and Xinwanda Power Technology Co., Ltd. aims to accelerate the industrialization of solid-state batteries by leveraging their respective strengths in materials and battery manufacturing [1][3][6]. Group 1: Strategic Cooperation Details - Zhongwei and Xinwanda will collaborate on the development of new precursor materials for solid-state batteries, focusing on high energy density, safety, and long cycle life to meet the demands of applications in electric vehicles and energy storage systems [3]. - The partnership will integrate both companies' advantages in materials, battery technology, and engineering to ensure deep compatibility between materials and battery performance [3]. - The collaboration aims to streamline the industrialization process of solid-state battery materials by combining production and processing capabilities [3]. Group 2: Industry Position and Impact - Zhongwei has over 10 years of experience in the new energy battery materials sector, consistently ranking first globally in the shipment of nickel and cobalt materials, while also being a strong player in phosphate and sodium materials [5]. - Xinwanda, established in 1997, is a leading company in the lithium-ion battery market, holding the top position in mobile phone batteries for five consecutive years and ranking second in laptop and tablet batteries [6]. - The partnership is expected to enhance both companies' core competitiveness in the solid-state battery field, driving collaborative innovation across the new energy industry chain and positioning China favorably in the global energy transition [6].

Core Viewpoint - Company Xiwanda (300207.SZ) is expanding its partnerships in the lithium-ion battery sector by signing a strategic cooperation framework agreement with Zhongwei New Materials Co., Ltd. to focus on solid-state battery materials development and industrialization [1][2]. Group 1: Strategic Cooperation - Xiwanda's subsidiary, Xiwanda Power Technology Co., Ltd., will collaborate with Zhongwei New Materials to develop a series of solid-state battery materials, aiming for industrialization [2]. - The partnership will focus on three main areas: developing high energy density, high safety, and long cycle life solid-state battery cathode precursor materials; co-developing solid-state battery cathode materials and batteries for commercial applications; and exploring industrial cooperation models for solid-state battery materials [2][3]. Group 2: Financial Performance - Xiwanda has invested approximately 11.985 billion yuan in R&D over the past four years, with annual R&D expenses of 2.742 billion yuan, 2.711 billion yuan, 3.330 billion yuan, and 3.202 billion yuan respectively [6]. - The company's total assets have grown from 42.63 billion yuan at the end of 2021 to 100.4 billion yuan by the end of September 2025 [5]. - In the first three quarters of 2025, Xiwanda achieved a revenue of 43.534 billion yuan, a year-on-year increase of 13.73%, and a net profit attributable to shareholders of 1.405 billion yuan, up 15.94% year-on-year [5]. Group 3: Market Position - Xiwanda is recognized as a leading player in the global lithium-ion battery sector, ranking among the top ten in global power battery installations and top ten in global energy storage cell shipments [2]. - The company has established a diversified business model with five major segments: consumer products, power technology, energy technology, smart hardware, and innovation & ecology [5]. Group 4: Legal Matters - Xiwanda Power is currently involved in a lawsuit amounting to 2.314 billion yuan initiated by Weir Electric Vehicle Technology Co., Ltd. over alleged quality issues with battery cells delivered between June 2021 and December 2023 [3][4].

Core Viewpoint - Zhongwei New Materials Co., Ltd. has signed a strategic cooperation framework agreement with Xinwanda Power Technology Co., Ltd. to collaborate on the research and industrialization of key materials for solid-state batteries, focusing on applications in electric vehicles and energy storage systems [1][4]. Group 1: Cooperation Focus - The cooperation will concentrate on three main areas: 1. Joint development of new precursor materials for solid-state batteries, which must exhibit high energy density, safety, and long cycle life [3][6]. 2. Xinwanda will lead the development of cathode materials and complete cells based on the precursors provided by Zhongwei, facilitating practical applications in energy storage [3][6]. 3. Both companies will explore mass production pathways to scale up solid-state battery materials [3][6]. Group 2: Company Background - Zhongwei is a leading global supplier of ternary precursors, with significant expertise in high-nickel and single-crystal precursor technologies [3][6]. - Xinwanda has been investing in semi-solid and all-solid-state battery research and has established a product line specifically for energy storage batteries [3][6]. Group 3: Strategic Importance - The collaboration aims to bridge the "materials - cells - applications" chain, particularly addressing the stringent safety and cycle life requirements for large-scale energy storage projects, thereby accelerating the transition of solid-state battery technology from laboratory to engineering [3][6]. - Solid-state batteries are expected to offer advantages in energy storage, including reduced risk of thermal runaway, extended lifespan, and simplified thermal management systems [3][6]. Group 4: Future Plans - A joint technical team will be established to advance material validation and pilot testing, as well as to assess the feasibility of building complementary production capacity [4][7]. - This signing marks a significant step for both companies in the next-generation battery technology landscape and provides a new collaborative model for exploring high safety and long-duration energy storage technologies in the domestic energy storage industry [4][7].

Group 1: Company Developments - JD.com announced that 92% of its employees will receive year-end bonuses, with a year-on-year increase of over 70%, marking the largest increase in the industry this year [2] - ByteDance reported the dismissal of 120 employees for internal violations, with 28 of them being publicly named, including 14 referred to judicial authorities for criminal offenses [4] - Alibaba Cloud denied rumors regarding its client Xiaohongshu moving away from its services, labeling the claims as false [5] Group 2: Industry Trends - The gaming industry saw a total of 1,771 game licenses issued in 2025, including 1,676 domestic and 95 imported games, with December alone accounting for 144 domestic and 3 imported games [13] - The semiconductor industry is facing challenges as the Chinese Ministry of Commerce expressed strong opposition to the U.S. imposing additional tariffs on Chinese semiconductor products [16] - The robotics sector is set to showcase advancements with the 2026 Beijing Yizhuang humanoid robot half marathon scheduled for April 19, featuring both human and robot participants [6] Group 3: Strategic Partnerships and Investments - XWANDA announced a strategic cooperation framework agreement with Zhongwei Co., focusing on the development of solid-state battery materials [8][9] - Ruisheng Intelligent confirmed a procurement project for domestic computing power equipment and services worth 152 million yuan [10] - Unigroup Guowei plans to invest 300 million yuan in establishing a new company for automotive domain control chips, with a significant asset valuation increase of 3723.15% [15]