Core Viewpoint - The solid-state battery sector in China is experiencing significant advancements, with various automotive and battery companies forming strategic partnerships to enhance research and development efforts [1][2][4]. Group 1: Company Collaborations - Funeng Technology is collaborating with Jiangling Motors on solid-state battery development, with their pilot production line under steady construction [2][3]. - Chery Automobile is working with Guoxuan High-Tech to develop the Rhino S solid-state battery, which is expected to complete vehicle installation validation by 2027 [2][3]. - The partnership between Chery and Guoxuan has been ongoing since 2012, focusing on the application of new energy products [3]. Group 2: Technological Advancements - The Rhino S solid-state battery features a high energy density of 600 Wh/kg, with a projected range of 1200 to 1300 kilometers [2]. - Funeng's new battery solution aims to enhance the safety, lightweight design, and cost-effectiveness of electric vehicles, contributing to longer ranges and more spacious interiors [2][3]. Group 3: Industry Trends - Major automotive companies are increasingly partnering with battery manufacturers to share the financial burden and technical expertise required for solid-state battery development [4][5]. - The trend indicates a shift towards collaborative models where automotive firms provide funding and platforms, while battery companies deliver core technologies [4][5]. Group 4: Market Position and Future Outlook - The solid-state battery market is expected to see significant production milestones, with companies like Qingtai Energy planning to achieve mass production by 2026 [4][5]. - Contemporary Amperex Technology Co., Ltd. (CATL) is taking a cautious approach to solid-state battery commercialization, anticipating small-scale production by 2027 and larger-scale production by 2030 [6].

Core Insights - The company reported robust growth in its Q3 2025 results, with significant increases in revenue and net profit compared to the previous year [1] - The company achieved a revenue of 20.76 billion and a net profit of 6.57 billion for the first three quarters, marking a year-on-year growth of 54.36% and 129.75% respectively [1] - In Q3 alone, the revenue reached 7.93 billion and net profit was 2.24 billion, with year-on-year growth rates of 74.78% and 254.93% [1] Business Perspective - Core business segments, including brokerage, investment banking, and asset management, reported revenues of 4.52 billion, 2.94 billion, and 1.06 billion respectively, with year-on-year growth rates of 76.31%, 42.55%, and 26.61% [2] - The investment banking sector led the industry in equity financing, ranking first in both global equity financing and IPO financing for Chinese enterprises [2] - The company successfully sponsored the largest IPO in the A-share market this year, raising 18.17 billion, which is the first IPO project exceeding 10 billion since the full registration system was implemented [2] - In the Hong Kong market, the company ranked first in both the number of IPO sponsorship projects and underwriting scale, successfully sponsoring major projects like CATL and Chery Automobile [2] - The fixed income business also excelled in green and ESG bond issuance and public REITs management scale [2] Regional Perspective - The company's overseas revenue grew by 75.66% year-on-year, accounting for 31.37% of total revenue [4] - The company assisted in the dual listing of Jiaxin International on both the Hong Kong Stock Exchange and the Astana International Exchange, enhancing financial services for the Belt and Road Initiative [4] - As a pioneer in the Central Asian market, the company helped Kazakhstan Development Bank issue the first RMB bond in Central Asia, marking a significant step in the internationalization of the RMB [4] M&A Market - The company ranked first among Chinese securities firms in announced transaction scale in the Chinese M&A market [3]

Core Insights - Chinese automakers have achieved their best-ever performance in the European market, with a record sales share of 7.4% in September, driven by strong growth in electric and hybrid vehicle segments [1][2][3] - The UK market has become a key growth engine for Chinese brands, with BYD's sales in the UK increasing sixfold month-on-month in September [1][2] - The success of Chinese brands is attributed to their strategic focus on the rapidly growing plug-in hybrid electric vehicle (PHEV) segment, which offers lower operating costs and does not rely entirely on charging infrastructure [2][3] Market Performance - In September, BYD's sales in the UK surged by 600%, while MG, a former British brand, also experienced similar growth [2] - Chinese brands captured 8% of the market share in 18 Western European countries, surpassing South Korean brands for the first time [3] - The overall sales of plug-in hybrid vehicles in Europe rose by 62% in September, with Chinese brands increasing their market share in this segment by over 7 percentage points to 20% [2][3] Competitive Landscape - European automakers are facing increasing competition from Chinese brands, which are actively expanding their sales networks and launching new models [3][4] - BYD has established 100 retail outlets in the UK within two and a half years, significantly covering most regions [3] - Chinese brands are offering new-generation PHEV models with longer electric ranges and faster charging capabilities at lower prices compared to European competitors [4]

Report Date - The report is dated October 29, 2025 [1][5][8] Industry Investment Ratings - Not provided in the report Core Views - The report provides trend forecasts for various commodities, including copper, zinc, lead, etc., with most commodities expected to show oscillatory trends [2] Summary by Commodity Metals - **Copper**: Awaiting the Fed's interest rate decision, prices are oscillating. The trend strength is 1 [2][5][7] - **Zinc**: Continuing to oscillate. The trend strength is 0 [2][8][10] - **Lead**: Overseas inventories are continuously decreasing, supporting prices. The trend strength is 0 [2][11] - **Aluminum**: Continuing to oscillate. Alumina is in short - term sideways movement, and cast aluminum alloy follows electrolytic aluminum. The trend strength for all is 0 [2][13][14] - **Nickel**: There is a game between smelting inventory accumulation and nickel ore concerns, and nickel prices are oscillating in a narrow range. Stainless steel has limited downward potential and lacks upward drivers. The trend strength for both is 0 [2][15][17] - **Lithium Carbonate**: The spot tender price is at a high level, showing a strong - side operation. The trend strength is 1 [2][18][21] - **Industrial Silicon**: Warehouse receipts are being cleared, and there is obvious bottom support. The trend strength is 1 [2][22][25] - **Polysilicon**: Market sentiment has cooled, and there is a risk of a decline. The trend strength is -1 [2][23][25] - **Iron Ore**: Oscillating repeatedly. The trend strength is 0 [2][26][27] - **Rebar and Hot - Rolled Coil**: Driven by macro sentiment, steel prices are oscillating on the strong side. The trend strength for both is 0 [2][28][31] - **Silicon Ferrosilicon and Manganese Silicide**: Oscillating in a wide range. The trend strength for both is 0 [2][33][35] - **Coke**: Oscillating on the strong side. The trend strength is 0 [2][36][38] - **Coking Coal**: Supported by fundamentals, oscillating on the strong side. The trend strength is 0 [2][37][38] Others - **Log**: Oscillating repeatedly. The trend strength is 0 [2][39][42] - **Para - Xylene**: In a high - level oscillatory market. The trend strength is 0 [2][43][48] - **PTA**: Oil prices have corrected, and valuations have declined. The trend strength is 0 [2][43][48] - **MEG**: In a short - term oscillatory market. The trend strength is 0 [2][43][48] - **Synthetic Rubber**: Butadiene is weak, and the price of cis - butadiene rubber is under pressure. The trend strength is -1 [2][50][52] - **LLDPE**: Mainly oscillating. No trend strength provided [2] - **PP**: Stopping falling in the short term and oscillating in the medium term. No trend strength provided [2] - **Caustic Soda**: The far - month valuation is suppressed. No trend strength provided [2] - **Glass**: The price of the original sheet is stable. No trend strength provided [2] - **Methanol**: Oscillating under pressure. No trend strength provided [2] - **Urea**: Spot trading has weakened, and pressure is gradually increasing. No trend strength provided [2] - **Styrene**: Mainly oscillating in the short term. No trend strength provided [2] - **Soda Ash**: There is little change in the spot market. No trend strength provided [2] - **LPG**: The upward driving force is limited, and attention should be paid to cost changes. No trend strength provided [2] - **Propylene**: Supply and demand are relatively loose, and it is oscillating weakly in the short term. No trend strength provided [2] - **PVC**: Oscillating at a low level. No trend strength provided [2] - **Fuel Oil**: Retreating in the short term, with continued increased volatility. No trend strength provided [2] - **Low - Sulfur Fuel Oil**: Temporarily stronger than high - sulfur fuel oil, and the price difference between high - and low - sulfur in the overseas spot market is temporarily stable. No trend strength provided [2] - **Container Shipping Index (European Line)**: Oscillating and consolidating. No trend strength provided [2] - **Short - Fiber and Bottle Chip**: Rebounding in the short term due to positive demand feedback. No trend strength provided [4] - **Offset Printing Paper**: Oscillating at a low level. No trend strength provided [4] - **Pure Benzene**: Mainly oscillating in the short term. No trend strength provided [4] - **Palm Oil**: The de - stocking in the producing areas is slow, and attention should be paid to the lower support. No trend strength provided [4] - **Soybean Oil**: US soybeans have rebounded, and the oil - meal ratio has declined. No trend strength provided [4] - **Soybean Meal**: US soybeans are strong, and Dalian soybean meal is rebounding and oscillating. No trend strength provided [4] - **Soybean No.1**: Oscillating on the strong side. No trend strength provided [4] - **Corn**: Oscillating weakly. No trend strength provided [4] - **Sugar**: Weak overseas and strong domestic. No trend strength provided [4] - **Cotton**: The cost of new cotton has increased, supporting the futures price of cotton. No trend strength provided [4] - **Egg**: Maintaining adjustment. No trend strength provided [4] - **Live Pig**: The sentiment in the spot market has declined, awaiting confirmation. No trend strength provided [4] - **Peanut**: Attention should be paid to the spot market. No trend strength provided [4]

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views of the Report - The "15th Five-Year Plan" suggestions offer important policy signals, including promoting high - quality economic development, improving the investment and financing functions of the capital market, accelerating the construction of a financial power, consolidating the foundation of the real economy, promoting high - level scientific and technological self - reliance, building a strong domestic market, and enhancing fiscal sustainability [8]. - The copper market is expected to remain firm. Macro factors and production disruptions may change the supply - demand pattern, and new industries are expected to drive long - term demand. The trading strategy is to buy on dips or take long positions [10]. - The synthetic rubber market is expected to have a wide - range shock pattern in the short - term and a downward - trending price center in the medium - term due to the weak performance of butadiene [12]. 3. Summary by Directory 3.1 "15th Five - Year Plan" Suggestions - The "15th Five - Year Plan" suggestions aim to promote high - quality economic development, enhance scientific and technological self - reliance, develop direct financing, build a financial power, and strengthen the real economy. They also focus on technological breakthroughs, consumption promotion, and government debt management [8]. 3.2 Copper - **Macro and Industry News**: Market awaits the Fed's interest rate decision. The "15th Five - Year Plan" will introduce economic stimulus measures. Antofagasta's Q3 copper production increased by 1% quarter - on - quarter. Indonesia may allow a copper exporter to resume exports, and Trump reversed a pollution control regulation. Anglo American's Q3 copper production rose year - on - year, but the first three quarters' output decreased [10][18][20]. - **Trend**: The copper price is expected to remain firm. The market risk appetite is boosted, and the supply - demand pattern may change. The demand from new industries is expected to drive long - term growth [10]. 3.3 Synthetic Rubber - **Market Situation**: Butadiene is weak, driving down the valuation of cis - butadiene rubber. The short - term fundamental drive of butadiene is downward, and the price center of cis - butadiene rubber is expected to decline in the medium - term [12]. 3.4 Other Commodities - **Zinc**: Continues to oscillate. The trend strength is neutral [21][23]. - **Lead**: Overseas inventory reduction supports the price. The trend strength is neutral [24]. - **Aluminum, Alumina, Cast Aluminum Alloy**: Aluminum continues to oscillate, alumina has a short - term sideways movement, and cast aluminum alloy follows electrolytic aluminum. The trend strength is neutral [26][27]. - **Nickel, Stainless Steel**: Nickel price has a narrow - range oscillation due to the game between smelting inventory and nickel ore concerns. Stainless steel has limited downward space and lacks upward drive. The trend strength is neutral [28][30]. - **Lithium Carbonate**: Runs strongly with high - level spot bidding. The trend strength is slightly positive [31][34]. - **Industrial Silicon, Polysilicon**: Industrial silicon has obvious bottom support with warehouse receipt reduction. Polysilicon market sentiment cools, and there is a risk of decline. The trend strengths are 1 and - 1 respectively [35][36][38]. - **Iron Ore**: Oscillates repeatedly. The trend strength is neutral [39][40]. - **Rebar, Hot - Rolled Coil**: Driven by macro sentiment, the steel price has a strong - trending oscillation. The trend strength is neutral [40][41][45]. - **Silicon Ferrosilicon, Manganese Silicate**: Have a wide - range oscillation. The trend strength is neutral [46][48]. - **Coke, Coking Coal**: Coke has a strong - trending oscillation, and coking coal is supported by fundamentals with a strong - trending oscillation. The trend strength is neutral [49][50][51]. - **Log**: Oscillates repeatedly. The trend strength is neutral [52][55]. - **Para - Xylene, PTA, MEG**: Para - xylene is in a high - level oscillation market, PTA's valuation drops with the oil price decline, and MEG has a short - term oscillation. The trend strength is neutral [56][61]. - **Rubber**: Oscillates. No specific trend strength is mentioned [63].

Group 1: Report Industry Investment Rating - The report indicates that the trend strength of lithium carbonate is 1, suggesting a "moderately strong" outlook [4]. Group 2: Core Viewpoints of the Report - The lithium carbonate market is in a state of high - level spot bidding and is expected to run strongly [1]. Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Contracts**: For the 2511 contract, the closing price was 80,800, with a change of - 320 compared to T - 1. The trading volume was 64,993, down 4,495 from T - 1, and the open interest was 36,653, a decrease of 12,932 from T - 1. For the 2601 contract, the closing price was 81,640, down 260 from T - 1. The trading volume was 729,307, an increase of 214,852 from T - 1, and the open interest was 488,803, up 5,325 from T - 1 [1]. - **Warehouse Receipts**: The warehouse receipt volume was 27,335, a decrease of 404 from T - 1 [1]. - **Basis**: The basis of spot - 2511 was - 2,300, and that of spot - 2601 was - 3,140. The basis of 2511 - 2601 was - 840 [1]. - **Raw Materials**: The price of lithium spodumene concentrate (6%, CIF China) was 925, up 19 from T - 1. The price of lithium mica (2.0% - 2.5%) was 2,065, up 75 from T - 1 [1]. - **Lithium Salts**: The price of battery - grade lithium carbonate was 78,500, up 1,950 from T - 1. The price of industrial - grade lithium carbonate was 76,300, up 2,000 from T - 1 [1]. 2. Macroeconomic and Industry News - **Price Information**: The SMM battery - grade lithium carbonate index price was 78,553 yuan/ton, a daily increase of 1,958 yuan/ton. The average price of battery - grade lithium carbonate was 78,500 yuan/ton, up 1,950 yuan/ton from the previous workday, and the average price of industrial - grade lithium carbonate was 76,300 yuan/ton, up 2,000 yuan/ton [2]. - **Automobile Industry**: Chery Automobile announced a purchase tax subsidy plan, and currently, 10 brands have announced similar plans [2][4]. - **Mining Rights**: A subsidiary of Dazhong Mining Co., Ltd. obtained a 30 - year mining license for the Hunan Jijiaoshan lithium mine, with an annual production capacity of 80,000 tons of lithium carbonate [4].

奇瑞汽車股份有限公司 章程 （二〇二五年十月） | 第一章 | 總則 | 1 | | --- | --- | --- | | 第二章 | 經營宗旨和範圍 | 2 | | 第三章 | 股份 | 3 | | 第一節 | 股份發行 | 3 | | 第二節 | 股份增減和回購 | 5 | | 第三節 | 股份轉讓 | 7 | | 第四章 | 股東和股東會 | 7 | | 第一節 | 股東的一般規定 | 7 | | 第二節 | 股東會的一般規定 | 13 | | 第三節 | 股東會的召集 | 15 | | 第四節 | 股東會的提案與通知 | 17 | | 第五節 | 股東會的召開 | 19 | | 第六節 | 股東會的表決和決議 | 23 | | 第五章 | 董事和董事會 | 28 | | 第一節 | 董事的一般規定 | 28 | | 第二節 | 董事會 | 32 | | 第三節 | 董事會專門委員會 | 36 | | 第六章 | 高級管理人員 | 39 | | 第七章 | 監事會 | 41 | | 第一節 | 監事 | 41 | | 第二節 | 監事會 | 42 | | 第八章 | 財務會計制度、利潤分配和審計 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Chery Automobile Co., Ltd. 奇瑞汽車股份有限公司 （股份代號：9973） 修訂公司章程 本公告乃由奇瑞汽車股份有限公司（「本公司」）根據香港聯合交易所有限公司證券 上市規則第13.51(1)條作出。 茲提述本公司日期為2025年10月22日的公告，內容有關部分行使超額配股權、穩 定價格行動及穩定價格期結束（「該公告」）。除另有所指外，本公告所用詞彙與該 公告所界定者具有相同涵義。 如該公告所披露及於本公告日期，部分行使超額配股權完成後，本公司已發 行及配發合共41,375,900股H股。因此，本公司已發行股份（「股份」）總數由 5,767,228,633股增加至5,808,604,533股（「股本增加」）。 為於本公司的公司章程（「章程」）中反映股本增加，本公司董事（「董事」）會（「董 事會」）建議修訂及更新章程第三、六及二十一條（「建議修訂」）。 1 建議修訂的詳情載列如下： ...

Investment Rating - The report suggests a focus on sectors with high R&D investment and fast order growth, particularly in the context of domestic alternatives [4]. Core Insights - The market is experiencing a short-term fluctuation, influenced by a shift in A-share style favoring large-cap stocks, but long-term prospects remain positive due to policy benefits and high growth in technology sectors such as AI, robotics, and new materials [4]. - The report emphasizes the importance of monitoring companies with high R&D ratios and strong quarterly performance, particularly those exceeding expectations in their Q3 results [4]. Summary by Sections Market Review - On October 27, the North Exchange A-share trading volume reached 16.67 billion yuan, a decrease of 0.929 billion yuan from the previous trading day. The North Exchange 50 Index closed at 1469.15, down 0.20%, with a PE_TTM of 67.47 times. The specialized and innovative index closed at 2537.14, up 0.12% [2][9]. - Among 279 companies listed on the North Exchange, 120 saw their stock prices rise, 6 remained flat, and 153 experienced declines. The top five gainers included Meizhigao (up 21.3%), Longzhu Technology (up 13.1%), and Luchao Information (up 8.2%) [2][16]. Important News - SK Hynix announced its next-generation NAND storage product strategy aimed at the AI industry, introducing the AI-NAND series to enhance data processing speed and storage capacity [19]. - Chery Automobile revealed a tax subsidy plan to offset the impact of the expiring new energy vehicle tax exemption, with a maximum subsidy of 15,000 yuan per vehicle [20]. Key Company Announcements - Hongyuan Co. reported Q3 revenue of 706 million yuan, a year-on-year increase of 18.11%, with a net profit of 26 million yuan, up 32.40% [21]. - Rongyi Precision's Q3 revenue was 310 million yuan, up 48.51%, but it reported a net loss of 10 million yuan [22]. - Zhu Laoliu's Q3 revenue decreased by 9.37% to 155 million yuan, with a net profit of 16 million yuan, down 11.83% [23].

Core Viewpoint - The Asia-Pacific region, representing one-third of the world's population and over 60% of the global economy, is a vital growth engine and leader in regional economic integration, with a focus on green innovation as a key driver for sustainable development in 2024 [1][4]. Group 1: Economic Integration and Innovation - The Asia-Pacific region is characterized by its significant contribution to global trade, accounting for nearly half of the total trade volume [1]. - China is actively deepening cooperation in green innovation to enhance development momentum in the Asia-Pacific region [4]. Group 2: Infrastructure and Technological Advancements - The Chancay Port in Peru, a key project under the Belt and Road Initiative, is set to become a major shipping hub connecting Asia and Latin America, officially opening in November 2024 [7]. - The Suzhou Industrial Park, a collaboration between China and Singapore, is a hub for emerging industries such as biomedicine and new materials, fostering AI-driven enterprises [9]. - The Tianjin Eco-City, a significant cooperation project between China and Singapore, showcases smart city infrastructure, including intelligent public services [10]. Group 3: Renewable Energy and Electric Vehicles - Indonesia's first 5G smart warehouse and innovation center was inaugurated, marking a significant step in technological advancement in logistics [12]. - Malaysia's "Durian Cloud Platform," developed by Alibaba Cloud, utilizes smart sensors for agricultural guidance, enhancing productivity in durian farming [13]. - Chile has launched a fully electric public transport system with 121 Chinese-made electric buses, becoming the first city in South America to achieve this milestone [14]. - The solar power projects in Malaysia and Thailand demonstrate China's commitment to providing clean energy solutions in the region [17][19]. Group 4: Automotive Industry Expansion - BYD has announced its plans for passenger vehicle development in South Korea, indicating the brand's expansion in the electric vehicle market [15]. - The 2024 Sydney International Electric Vehicle Expo featured numerous Chinese electric vehicle brands, highlighting the growing interest and market presence in Australia [15].