Group 1: Nickel-based Materials - The company maintains the leading market position in ternary precursor shipments, with high production capacity utilization and optimistic growth outlook for nickel-based materials [1] - New generation ternary materials are expected to enhance cost performance and maintain high energy density, particularly in high-end vehicle markets [1] - Ternary batteries are favored in emerging power markets, including low-altitude economies and humanoid robots, due to their unique competitive advantages [1] Group 2: Phosphate Materials - The company has established a production capacity of 200,000 tons for phosphate iron and 50,000 tons for phosphate iron lithium, ensuring a stable supply chain and cost advantages [2] - The company ranks first in the external sales market for phosphate iron, with a focus on technological development and product innovation to enhance competitiveness [2] Group 3: Cobalt-based Materials - The company’s cobalt oxide shipments have consistently ranked first globally, with strong collaboration with the 3C industry driving demand for high-performance cobalt materials [3] - The integration of AI technology with consumer electronics is expected to boost market demand for battery performance and longevity [3] Group 4: Sodium-based Materials - The company is pursuing a dual-technology strategy for sodium battery materials, achieving significant orders and shipments in 2025 [4] - The economic benefits of sodium batteries are becoming apparent as lithium carbonate prices rise, with expectations for increased shipments in 2026 [4] Group 5: Recycling and Sustainability - The company is committed to sustainable development through battery recycling initiatives, aiming to become a benchmark in the industry [5] - A nationwide battery recycling system is being established, focusing on closed-loop cooperation with industry partners [5] Group 6: International Expansion - The company is collaborating with local firms in Morocco to establish a battery materials production base, targeting the European and American markets [6] Group 7: Resource Management - The company has secured 600 million wet tons of nickel ore resources through strategic investments and partnerships, positively impacting profitability amid rising nickel prices [7] - The company controls high-quality phosphate resources in Guizhou, with a planned annual extraction of 2.8 million tons, and has acquired lithium resources in Argentina with over 10 million tons of lithium carbonate [8]

Core Viewpoint - Zhongwei New Materials (02579) has seen a significant increase in stock price, attributed to its strategic investments and partnerships in nickel resources, which are expected to enhance profitability amid tightening nickel export quotas [1] Group 1: Company Performance - Zhongwei New Materials' stock price rose by over 4% in the morning session, currently trading at 40.3 HKD with a transaction volume of 75.8574 million HKD [1] - The company has secured a supply of 600 million wet tons of nickel ore through various investment and partnership strategies, which is anticipated to positively impact profitability as nickel prices rise [1] Group 2: Industry Insights - According to Everbright Futures, short-term policies in Indonesia are supporting nickel prices, while potential future quota increases and high inventory levels may exert downward pressure on prices [1] - Guoxin Securities noted that the company's nickel product shipments are consistently increasing, indicating stable operational performance, with expectations for nickel project capacity to continue to ramp up [1] - The company has established nickel smelting capacity of 195,000 metal tons, creating a vertically integrated ecosystem from resource extraction to material production, which is expected to benefit from rising LME nickel prices [1]

Group 1 - Zhongwei New Materials Co., Ltd. experienced a stock price increase of 5.11%, reaching 59.43 CNY per share, with a trading volume of 1.064 billion CNY and a turnover rate of 2.01%, resulting in a total market capitalization of 61.941 billion CNY [1] - The company, established on September 15, 2014, and listed on December 23, 2020, focuses on the research, production, and sales of new energy battery materials, primarily positive active material precursors (pCAM) [1] - Zhongwei's main products include nickel and cobalt-based pCAM for lithium-ion batteries, applicable in electric vehicles, energy storage systems, and consumer electronics, with revenue composition of 45.17% from battery materials, 43.49% from new energy metals, and 11.34% from other sources [1] Group 2 - Among the top ten circulating shareholders of Zhongwei, E Fund's Chuangye ETF (159915) reduced its holdings by 1.4414 million shares in Q3, now holding 8.9949 million shares, representing 0.99% of circulating shares, with an estimated floating profit of approximately 25.9952 million CNY [2] - E Fund's Chuangye ETF was established on September 20, 2011, with a current scale of 100.446 billion CNY, yielding 3.85% this year, ranking 3755 out of 5551 in its category, and achieving a one-year return of 63.48%, ranking 725 out of 4285 [2]

Core Viewpoint - Zhongwei New Materials (300919) has secured a supply of 600 million wet tons of nickel ore through investments, equity participation, long-term cooperation agreements, and exclusive sales, which is expected to positively impact profitability as nickel ore export quotas tighten in the future [1] Group 1: Company Performance - The company's stock price increased by over 4% in the morning session, currently trading at 40.3 HKD with a transaction volume of 75.8574 million HKD [1] - Zhongwei has established nickel smelting capacity of 195,000 metal tons, creating a vertically integrated ecosystem from resource extraction to smelting and materials [1] - The rise in LME nickel prices is expected to have a positive impact on the company's operating profits [1] Group 2: Market Outlook - Everbright Futures suggests that Indonesian policies are providing short-term support for nickel prices, with market sentiment driving prices higher, although potential quota supplements and high inventory levels may exert downward pressure in the long term [1] - Guosen Securities previously noted that the company's nickel product shipments are continuously increasing, indicating stable operational performance [1] - The company is projected to achieve a nickel self-supply volume of 90,000 to 100,000 tons by 2025 as production capacity continues to be released [1]

Core Viewpoint - Zhongwei New Materials (02579) has secured a supply of 600 million wet tons of nickel ore resources through investments, equity participation, long-term cooperation agreements, and exclusive sales, which is expected to positively impact profitability as nickel ore export quotas tighten, leading to price increases [1] Group 1: Company Developments - The company has established nickel resource smelting capacity of 195,000 metal tons, creating a vertically integrated ecosystem from resource extraction to smelting and materials [1] - The increase in LME nickel prices is anticipated to have a positive effect on the company's operating profits [1] Group 2: Market Analysis - Everbright Futures suggests that Indonesian policies are providing short-term support for nickel prices, with market sentiment driving prices higher, although potential quota supplements and high inventory levels may exert downward pressure in the long term [1] - Guoxin Securities previously noted that the company's nickel product shipments are continuously increasing, indicating stable operational performance [1] - The company is expected to achieve a nickel self-supply volume of 90,000 to 100,000 tons by 2025 as production capacity continues to be released [1]

Group 1: Research Basic Information - The research object is Zhongwei Co., Ltd., belonging to the battery industry, and the reception time is January 27, 2026. The listed company's reception staff includes Wang Jianqiang, the representative of the securities affairs, Tang Boya, the person - in - charge of investor relations, Wei Mingze, the deputy general manager of the capital center, and Xue Zhao, the deputy director of the board of directors' office [16] Group 2: Detailed Research Institutions - The research institutions include insurance asset management companies like Ping An Asset, fund management companies such as Xingquan Fund, Ruiyuan Fund, Boshi Fund, Penghua Fund, Dacheng Fund, and ICBC Credit Suisse, an asset management company named Dunhe Asset, others like Lingzhan Capital, and a securities company called Huachuang Securities [17] Group 3: Company Overview - The company has horizontally expanded from nickel - based materials (ternary precursors) and cobalt - based materials (cobalt tetroxide) to phosphorus - based materials (iron phosphate, lithium iron phosphate) and sodium - based materials, and vertically integrated the complete industrial chain from upstream resources, mid - stream smelting to downstream materials and recycling, constructing an ecological layout. It has also strengthened the autonomy of the industrial chain by deploying key resources such as nickel, lithium, and phosphorus in Indonesia, Argentina and other places [20][21] Group 4: Responses to Investor Questions - **Nickel ore resource control**: The company has locked in the supply of 600 million wet tons of nickel ore resources through investment, shareholding, long - term cooperation agreements, and off - take agreements, and has established a nickel raw material industrial base in Indonesia, integrating the vertical industrial chain of resources - smelting - materials [21] - **Nickel smelting capacity**: The company has built a nickel resource smelting capacity of 195,000 metal tons, with an equity volume of about 120,000 metal tons, expected to reach full production in 2026, and the products are mainly nickel matte, ferronickel, and electrolytic nickel [22] - **Impact of nickel price increase on profit**: The company's strategic layout of upstream nickel, phosphorus, lithium and other mineral resources globally will benefit from the increase in nickel ore price due to the tightening of export quotas. The increase in LME nickel price will have a positive impact on the company's operating profit [22] - **Smelting technology route advantage**: The company uses multiple technology routes such as oxygen - enriched side - blowing and RKEF to form a combined smelting process advantage, enabling flexible production scheduling among different products (electrolytic nickel, high - grade nickel matte, ferronickel) to respond to nickel price and downstream demand changes. The oxygen - enriched side - blowing technology developed independently since 2021 can adapt to laterite nickel ore with a grade of over 1.2% [22] - **Future smelting expansion plan**: Currently, the company has no plan to add new smelting capacity in Indonesia, and will focus on strengthening the resource - end layout and promoting the release of material - end capacity [23] - **Matching of smelting capacity and product structure**: The company's current total smelting capacity is about 195,000 metal tons per year, with an equity capacity of about 120,000 metal tons per year. It can adjust the production scheduling dynamically among high - grade nickel matte, electrolytic nickel, and ferronickel according to profitability and switch flexibly based on the LME nickel price and discount coefficient [23][24] - **Phosphorus ore or lithium iron phosphate capacity layout in Indonesia**: Currently, the company's business layout in Indonesia focuses on the nickel industrial chain, and there is no large - scale construction of phosphorus ore or lithium iron phosphate production capacity. Phosphorus ore resources are mainly deployed in the Guizhou base in China to form an integrated supporting system with the lithium - battery material business [24] - **Sustainability of terminal demand for nickel - based materials**: In 2025, Zhongwei ranked first in the ternary precursor market in terms of shipments. The company is optimistic about the growth space of nickel - based materials due to the upgrade of the domestic terminal demand structure, the continuous increase in electric vehicle penetration in Europe driven by policy, and the commercialization of solid - state batteries promoting the growth of high - nickel ternary materials [24]

Core Viewpoint - The company remains optimistic about the growth potential of nickel-based materials, expecting to maintain the leading position in the ternary precursor market by 2025, supported by high capacity utilization rates [1] Group 1: Market Demand and Growth Drivers - Domestic demand is upgrading, with the launch of high-performance electric vehicles featuring high-nickel ternary batteries, leading to an increase in the proportion of ternary installations [1] - European policy direction is driving the continuous increase in electric vehicle penetration rates [1] - The gradual commercialization of solid-state batteries is promoting the growth of high-nickel ternary materials [1] Group 2: Resource Strategy and Production Capacity - The company has strategically secured 600 million wet tons of nickel ore resources globally through investments, partnerships, long-term agreements, and exclusive purchasing [1] - In Indonesia, the company has established a nickel raw material industrial base with a current smelting capacity of 195,000 metal tons per year, and an equity capacity of approximately 120,000 metal tons per year, expected to reach full production by 2026 [1] - The company currently has no plans for new smelting capacity in Indonesia, focusing instead on solidifying resource layout and promoting material capacity release [2] Group 3: Technological Advantages and Production Flexibility - The company employs a combination of technologies, including oxygen-enriched side-blowing and RKEF, to create a smelting process advantage, allowing flexible production scheduling among different products (electrolytic nickel, high ice nickel, nickel iron) in response to nickel prices and downstream demand changes [2] - The company began developing oxygen-enriched side-blowing technology in 2021, with the Zhongqing New Energy Phase II project set to achieve full production in January 2026, capable of producing 60,000 metal tons of high ice nickel annually [2] Group 4: Vertical and Horizontal Expansion - Over the past decade, the company has expanded from nickel-based materials (ternary precursors) and cobalt-based materials (cobalt tetroxide) to include phosphorus-based materials (phosphate iron, lithium iron phosphate) and sodium-based materials, achieving a complete industrial chain from upstream resources to downstream materials and recycling [2] - Recent resource layouts in Indonesia, Argentina, and other regions for nickel, lithium, and phosphorus have strengthened the company's autonomy in the industrial chain [2]

Core Viewpoint - Zhongwei New Materials has established a diversified product layout in nickel, cobalt, phosphorus, and sodium materials, and has built a complete industrial chain from upstream resources to downstream materials and recycling [1][2] Group 1: Company Overview - Zhongwei New Materials (300919) reported a stock price of 55.36 yuan, down 0.81 yuan or 1.44% from the previous trading day, with a total market capitalization of 57.72 billion yuan [1] - The company ranks 20th in the battery industry with a rolling price-to-earnings ratio of 46.61, compared to the industry average of 40.59 and median of 47.50 [1] Group 2: Resource and Production Capacity - The company has secured 600 million wet tons of nickel ore supply through investments and contracts, with a smelting capacity of 195,000 metal tons and an equity volume of approximately 120,000 metal tons, expected to reach full production by 2026 [1] - The company employs multiple smelting technology routes, including oxygen-enriched side-blowing and RKEF, to create a competitive advantage in smelting processes, allowing flexible production switching among different products [1] Group 3: Market Position and Demand - In the materials sector, the company is expected to maintain its leading position in the ternary precursor market in 2025, driven by high capacity utilization [2] - The company anticipates growth in nickel-based materials due to domestic demand upgrades, European policy support for electric vehicle penetration, and the commercialization of solid-state batteries [2] Group 4: Shareholder Information - As of September 30, 2025, Zhongwei New Materials had 46,776 shareholders, an increase of 10,868 from the previous count, with an average holding value of 1.234 million yuan and an average holding of 22,300 shares [2]

Core Viewpoint - Zhongwei New Materials (300919.SZ) is expected to maintain its leading position in the ternary precursor market by 2025, according to Xinluo statistics [1] Group 1: Company Performance - The current production capacity utilization rate of the company is high [1] - The company remains optimistic about the growth potential of nickel-based materials [1] Group 2: Market Trends - Domestic terminal demand structure is upgrading, with high-end electric vehicles featuring high-nickel ternary batteries being launched, increasing the installation ratio of ternary batteries [1] - European policy direction is driving the continuous increase in electric vehicle penetration [1] - The gradual commercialization of solid-state batteries is promoting the growth of high-nickel ternary materials [1]

格隆汇1月28日丨中伟新材(300919.SZ)近日接受特定对象调研时表示，公司采用富氧侧吹和 RKEF 等多 技术路线协同推进，形成冶炼工艺组合优势，使公司在不同产品（电解镍、高冰镍、镍铁）之间可灵活 切换排产，以应对镍价及下游需求变化。公司于2021 年开始自主开发富氧侧吹技术，中青基地采用该 工艺，2026年 1 月中青新能源二期项目实现全面投产，公司具备年产6万金吨高冰镍的生产能力。富氧 侧吹技术对原矿品位适配性强，可适配 1.2%以上的红土镍矿，公司可根据原料供应结构灵活调整。 ...