中信建投证券股份有限公司 关于 湖南裕能新能源电池材料股份有限公司 向特定对象发行股票 之 发行保荐书 保荐人 二〇二五年十二月 保荐人出具的证券发行保荐书 保荐人及保荐代表人声明 中信建投证券股份有限公司及本项目保荐代表人胡德波、张帅根据《中华人 民共和国公司法》《中华人民共和国证券法》等有关法律、法规和中国证监会的 有关规定以及深圳证券交易所的有关业务规则，诚实守信，勤勉尽责，严格按照 依法制订的业务规则、行业执业规范和道德准则出具本发行保荐书，并保证发行 保荐书的真实性、准确性和完整性。 3-1-1 | 释 | 义 | 3 | | --- | --- | --- | | 第一节 | | 本次证券发行基本情况 5 | | | | 一、本次证券发行具体负责推荐的保荐代表人 5 | | | | 二、本次证券发行项目协办人及项目组其他成员 5 | | | | 三、发行人基本情况 7 | | | | 四、保荐人与发行人关联关系的说明 11 | | | | 五、保荐人内部审核程序和内核意见 12 | | | | 六、保荐人对私募投资基金备案情况的核查 13 | | 第二节 | | 保荐人承诺事项 14 | | 第三 ...

中信建投证券股份有限公司 关于 湖南裕能新能源电池材料股份有限公司 向特定对象发行股票 之 中信建投证券股份有限公司及本项目保荐代表人胡德波、张帅已根据《中华 人民共和国公司法》《中华人民共和国证券法》等法律法规和中国证监会及深圳 证券交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则和 行业自律规范出具上市保荐书，并保证所出具文件真实、准确、完整。 3-3-1 | 录 | | --- | | 目 | | 释 义 3 | | --- | | 一、发行人基本情况 4 | | 二、发行人本次发行情况 10 | | 三、本次证券发行上市的保荐代表人、协办人及项目组其他成员情况、联系地址、 | | 电话和其他通讯方式 12 | | 四、关于保荐人是否存在可能影响公正履行保荐职责情形的说明 15 | | 五、保荐人按照有关规定应当承诺的事项 16 | | 六、保荐人关于上市公司是否已就本次证券发行上市履行了《公司法》《证券法》 | | 和中国证监会及深圳证券交易所规定的决策程序的说明 17 | | 七、保荐人关于发行人是否符合国家产业政策所作出的专业判断以及相应理由和 | | 依据，以及保荐人的核查内容和 ...

湖南裕能公告称，近日收到中国证监会《关于同意湖南裕能新能源电池材料股份有限公司向特定对象发 行股票注册的批复》。批复同意公司向特定对象发行股票注册申请，本次发行应按报送深交所的申报文 件和发行方案实施，批复自同意注册之日起12个月内有效。公司董事会将在规定期限内办理相关事宜并 及时披露信息。 ...

Core Viewpoint - The article discusses the strategic importance of Spain as a key entry point for Chinese automotive companies into the European market, highlighting various partnerships and investments that are reshaping the automotive landscape in Spain and beyond [4][12][20]. Group 1: Chinese Automotive Expansion in Spain - The establishment of a joint venture, EBRO, between Chery Automobile and Spanish company EV Motor in Barcelona marks a significant step in revitalizing the local automotive industry [6][24]. - Other Chinese companies, such as Leap Motor and Dongfang Automotive, are also setting up manufacturing bases in Spain, indicating a broader trend of Chinese automotive firms entering the European market [9][12]. - The article emphasizes that Spain serves as a strategic hub for Chinese automotive companies to access the EU market, leveraging its favorable trade conditions and logistical advantages [20][28]. Group 2: Economic and Market Context - Spain is the fifth largest new car market in the EU, with new car registrations expected to reach approximately 1.017 million in 2024, reflecting a 7.1% year-on-year growth [18]. - The EU's electric vehicle penetration rate is around 38%, making it a lucrative market for Chinese electric vehicle manufacturers [16]. - The article notes that by 2025, Chinese electric vehicle brands had captured over 11% of the European market share, indicating significant growth potential [16]. Group 3: Strategic Advantages of Spain - Spain's geographical position allows for efficient access to key markets in Europe, Latin America, and North Africa, enhancing the logistics and distribution capabilities for Chinese automotive firms [20][28]. - The country offers attractive tax incentives for new automotive ventures, including tax reductions and subsidies for companies that create jobs and invest in local production [27][28]. - The existing automotive ecosystem in Spain, characterized by a mature supply chain and skilled workforce, provides a conducive environment for Chinese companies to establish operations and innovate [34][35]. Group 4: Challenges and Adaptation - Chinese automotive companies face challenges in fully integrating into the local market and supply chain, necessitating a deep commitment to local partnerships and community engagement [29][32]. - The article highlights Chery's strategic approach of leveraging local assets and forming partnerships to mitigate risks associated with entering the European market [24][29]. - The need for Chinese firms to adapt to local regulations and consumer preferences is emphasized as crucial for long-term success in Spain and the broader European market [29][32].

1月16日，A股市场整体下跌。截至收盘，上证指数收报4101.91点，下跌0.26%；深证成指收报14281.08 点，下跌0.18%；创业板指收报3361.02点，下跌0.2%。两市合计成交30262.32亿元，较上一交易日增加 1207.36亿元。 1. 两市主力资金净流出近240亿元 今日沪深两市主力资金开盘净流出106.45亿元，尾盘净流出38.37亿元，全天净流出238.85亿元。 | | | 沪深两市最近五个交易日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | 尾盘净流入 | 超大单净买入 | | 2026-1-16 | -238.85 | -106. 45 | -38. 37 | -133. 83 | | 2026-1-15 | -509.20 | -225. 52 | 49.73 | -265. 38 | | 2026-1-14 | -504.74 | -71.84 | -54. 14 | -90. 16 | | 2026-1-13 | -1286.54 | -530. 96 | -183. 9 ...

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the market index by more than 10% over the next six months [5]. Core Insights - In December 2025, the production and sales of new energy vehicles (NEVs) and batteries showed year-on-year growth but a month-on-month decline, primarily due to consumer hesitation during a subsidy policy gap [4]. - The penetration rate of NEVs reached 52.3% in December, a decrease of 0.9 percentage points month-on-month, while the annual penetration rate for 2025 was 47.9%, an increase of 7 percentage points year-on-year [4]. - The battery production and sales in December 2025 saw significant growth, with production at 201.7 GWh (up 14.4% month-on-month, 62.1% year-on-year) and sales at 199.3 GWh (up 11.1% month-on-month, 57.5% year-on-year) [4]. - The demand for power batteries is expected to weaken in the short term due to the traditional off-season for the NEV market and adjustments in the vehicle purchase tax [4]. - The solid-state battery industry is progressing towards commercialization, which will create incremental demand for materials and equipment in the industry chain [4]. Summary by Sections New Energy Vehicle Market - December 2025 saw NEV production and sales of 171.8 million and 171 million units, respectively, with year-on-year growth of 12.3% and 7.2%, but month-on-month declines of 8.6% and 6.2% [4]. - For the entire year of 2025, NEV production and sales reached 16.626 million and 16.49 million units, with year-on-year growth of 29% and 28.2% [4]. Battery Production and Sales - In December 2025, the production of power and energy storage batteries was 201.7 GWh, with a year-on-year increase of 62.1% [4]. - The sales of power batteries accounted for 72.1% of total sales, with a month-on-month increase of 7.3% and a year-on-year increase of 49.2% [4]. Export and Market Dynamics - Battery exports in December 2025 reached 32.6 GWh, with a year-on-year increase of 49.2% [4]. - The report anticipates stable demand in the energy storage market and potential short-term support for demand due to adjustments in export tax policies [4]. Investment Recommendations - The report suggests focusing on the recovery pace of the industry chain and prioritizing sectors benefiting from solid-state battery advancements, including core materials and equipment [4]. - Key stocks to watch include CATL, EVE Energy, and others listed in the report [4].

Core Viewpoint - Rongbai Technology has signed a significant lithium iron phosphate procurement agreement with CATL, valued at over 120 billion yuan, which has raised questions from the Shanghai Stock Exchange regarding the company's ability to fulfill the contract [2][6]. Group 1: Contract Details - The agreement entails Rongbai Technology supplying 3.05 million tons of lithium iron phosphate cathode materials to CATL from 2026 to 2031, with a total sales amount exceeding 120 billion yuan [2][4]. - CATL will prioritize Rongbai Technology for new projects and product development, while Rongbai must meet CATL's quality and delivery requirements [3][4]. - The contract does not specify annual procurement quantities or prices, but CATL expects Rongbai to continuously optimize costs to provide competitive pricing [4][6]. Group 2: Market Context - The estimated price of the agreement is approximately 39,300 yuan per ton, which is lower than the current market price of lithium iron phosphate, indicating a favorable deal for CATL [4]. - As of mid-January 2026, lithium iron phosphate prices have risen significantly, with power-type prices increasing from 43,800 yuan per ton at the beginning of the year to 52,000 yuan per ton [4]. - The demand for lithium iron phosphate remains strong, with production rates increasing throughout 2025, reaching over 400,000 tons per month by the end of the year [4][5]. Group 3: Company Position and Challenges - Rongbai Technology currently lacks established lithium iron phosphate production lines, raising concerns about its ability to meet the contract requirements [6]. - The company has reported its first anticipated loss since data disclosure, projecting a loss of 150 to 190 million yuan for 2025, although it achieved profitability in the fourth quarter [7]. - Despite challenges, Rongbai Technology aims to become a comprehensive supplier of cathode materials, expanding its product offerings beyond high-nickel materials to include lithium manganese iron phosphate and sodium batteries [6][7].

Investment Rating - The report initiates coverage on Hunan YN Energy with a "Buy" rating, assigning a target price of 114.18 RMB based on a 22x PE for 2026 [3][9]. Core Views - Hunan YN Energy is a leading enterprise in lithium iron phosphate (LFP) with strong technical accumulation and excellent cost control, demonstrating robust profitability during industry downturns. The company is expected to benefit from a potential price increase cycle as industry supply and demand are anticipated to tighten [3][4]. - The demand for lithium iron phosphate is projected to grow significantly, with a compound annual growth rate (CAGR) of 72% from 2022 to 2024, outpacing the overall battery industry growth of 38%. The demand is expected to continue with growth rates of 63%, 49%, and 29% from 2025 to 2027 [4][31]. - The company has a strong cost advantage, with a single-ton cost at least 2,000 RMB lower than its peers, benefiting from large-scale production and low energy costs in regions like Yunnan and Guizhou [5][17]. - Hunan YN Energy enjoys a first-mover advantage in high-density products, with new products accounting for approximately 40% of sales in the first half of 2025, which enhances product pricing power [6][18]. Summary by Sections Industry Overview - The lithium iron phosphate sector is expected to enter a price increase cycle due to high demand growth and a slowdown in new supply. The industry is projected to maintain high capacity utilization rates of 72%, 75%, and 81% from 2025 to 2027, indicating a tightening supply-demand balance [4][16]. Cost and Efficiency - Hunan YN Energy has achieved significant cost advantages through vertical integration, self-supplying phosphoric acid, and benefiting from low electricity prices in resource-rich areas. The company’s large-scale production facilities further enhance its cost efficiency [5][17]. Technology and Product Development - The company is actively developing new materials and has a strong pipeline of high-value products, including manganese iron phosphate and lithium-rich manganese-based materials, which are expected to enhance its competitive position in the market [6][18]. Market Perspective - The report contrasts with market concerns regarding demand uncertainty post-subsidy reductions, asserting that strong support exists for both passenger and commercial vehicle battery demand, as well as for energy storage systems [7][19]. Financial Projections - Hunan YN Energy's projected net profits for 2025, 2026, and 2027 are 1.145 billion, 3.947 billion, and 4.994 billion RMB, respectively, reflecting year-on-year growth rates of 93%, 245%, and 27% [8][13].

Group 1 - The core point of the article highlights the volatility in lithium carbonate futures prices, which reached a two-year high before experiencing a pullback, with the main contract closing at 161,900 yuan/ton, down 3.53% [1][2] - The price fluctuations are attributed to strong demand from leading lithium companies, while industry experts suggest that short-term supply-demand mismatches are the primary reason for price increases, making sustained price hikes difficult [1][3] - In 2025, lithium carbonate prices saw a significant rebound after hitting a low of 59,000 yuan/ton in June, climbing to a peak of 134,500 yuan/ton by December, and further rising to 174,100 yuan/ton in early 2026 [2][3] Group 2 - The production cost of lithium iron phosphate (LFP) materials has increased due to rising lithium carbonate prices, with estimates indicating that a 10,000 yuan/ton increase in lithium carbonate raises LFP production costs by 2,550 yuan/ton [4][5] - Major LFP companies are accelerating production expansion to capture market share in response to future demand growth, with significant investments planned for new production capacity [4][5] - The competition in the overseas market is intensifying, particularly with South Korean companies expected to launch substantial LFP battery projects in the U.S., potentially increasing pressure on Chinese exports [5] Group 3 - The cost pressures from rising lithium carbonate prices are impacting energy storage projects, with projections indicating that energy storage demand could continue to grow significantly, becoming a second growth driver for lithium demand [6][7] - The recent adjustments in export tax policies for battery products may have contributed to the short-term price increases of lithium carbonate, although the long-term trend remains uncertain [6][7] - The rising costs of core materials, including lithium carbonate, are expected to affect the overall cost structure of energy storage systems, with estimates suggesting that a 10% increase in battery costs could lead to a 3% rise in EPC costs and a decrease in internal rate of return [7]

2025年末至2026年初，以磷酸铁锂为代表的锂电行业，上下游正进行一场轰轰烈烈的"大博弈"。一方 面，铁锂厂商整体亏损近3年，涨价欲望强烈；另一方面，电池厂商下游储能等行业价格持续走低。 《每日经济新闻》记者注意到，1月13日，容百科技（SH688005，停牌）与宁德时代（SZ300750，股价 353.75元，市值1.61万亿元）超1200亿元的采购合作协议引发市场热议。这或成为磷酸铁锂行业有史以 来最大的订单。不过，该事项很快受到上交所问询。上交所要求容百科技全面自查，并完整披露关于上 述协议的全部重要内容。 此举或标志着宁德时代"控盘"磷酸铁锂的计划暂时受挫，后续其与上游磷酸铁锂厂商之间的博弈如何演 绎，值得持续关注。 宁德时代订单规模庞大 2025年末，磷酸铁锂正极厂商集体停产检修，在锂电行业掀起波澜。湖南裕能、万润新能、德方纳米、 安达科技、龙蟠科技等主要磷酸铁锂正极厂商纷纷发布公告，表示将部分产能停产检修。这被业界视为 磷酸铁锂厂商"抱团取暖"，以集体停产检修向下游电池厂商施压，从而提高加工费。 这场行动似乎取得了成功。2026年初，鑫椤资讯称，加工费方面，除了个别大客户还在持续谈判，其他 客户 ...