1. Report Industry Investment Rating - Investment view: Range-bound trading [7] 2. Core Viewpoints of the Report - In Q4, the path of the Fed's interest rate cuts remains uncertain, and China's growth-stabilizing policies are expected to be rolled out. Affected by macro events, nickel prices are likely to consolidate at the bottom and are more sensitive to supply-side disturbances. Focus on mining news and macro changes in Q4, and the valuation range of pure nickel can refer to the production cost of integrated electrowon nickel (which fluctuates with ore prices). In terms of operations, short-term range trading is recommended, and combination strategies such as selling out-of-the-money call options can be used to increase returns, while paying attention to risk control [1]. 3. Summary by Relevant Catalogs 3.1 Market Review - In Q1, policies in nickel resource countries stimulated price increases; in Q2, trade conflicts and an intensified surplus led to a sharp decline; in Q3, the fundamentals were stable, and the Fed's interest rate cut in September provided a temporary boost. As of September 26, SHFE nickel closed at 121,380 yuan/ton, up 0.45% from mid-year, and LME nickel was reported at $15,230/ton, up 0.33% [8]. 3.2 Macro Analysis 3.2.1 Fed Interest Rate Cut - The Fed cut interest rates by 25bp in September, but the subsequent path remains uncertain. The economic outlook shows an upward adjustment of GDP growth expectations, while unemployment and inflation expectations are relatively stable [12][13]. - The US labor market has weakened significantly, with non-farm payrolls being persistently weak and the unemployment rate reaching a new high since October 2021. Inflation has been rising steadily, increasing market expectations for further interest rate cuts [21]. 3.2.2 China's Economic Situation - In H2, some macro data showed signs of weakening, including fixed asset investment and social consumption. The government may introduce new incremental measures in Q4, focusing on fiscal stimulus, central bank interest rate cuts, and stabilizing the real estate market [24][27]. - The "anti-involution" policies have been introduced, but their impact on the nickel industry chain is currently limited [28][29]. 3.3 Fundamental Analysis 3.3.1 Supply Side - Indonesia's nickel ore supply is stable, but there are risks of policy disturbances. The premium for nickel ore remains firm, and Indonesia's imports of nickel ore from the Philippines are increasing. The RKAB quota for 2026 will be re-approved in October, attracting market attention [31][32]. - China's nickel pig iron production has declined slightly, while Indonesia's production remains high but with a slowing growth rate. The import of nickel pig iron from Indonesia has increased year-on-year [43][44]. - The import of nickel intermediate products has increased, with a decline in the import of nickel matte. Indonesia's MHP production has increased significantly, while the production of nickel matte has decreased [51][54]. - The production of refined nickel has remained high, with both imports and exports increasing. The cost of integrated electrowon nickel production will be the focus of pure nickel valuation [58][68]. 3.3.2 Demand Side - The growth rate of stainless steel production has slowed down, and the demand has shown some resilience. The social inventory of stainless steel is gradually being depleted [70][80]. - The production of nickel sulfate has remained stable year-on-year, but the low proportion of ternary materials in power batteries has dragged down the demand for nickel. In the long term, solid-state batteries may drive the demand for high-nickel ternary materials [85][88]. - The consumption of nickel in alloy and special steel has maintained a certain growth rate, and attention should be paid to the situation of national stockpiling [92][93]. 3.3.3 Inventory - Global nickel inventory has continued to accumulate, and the spot premium has weakened slightly compared to mid-year [95]. 3.3.4 Supply-Demand Balance - The surplus pattern of primary nickel continues, and attention should be paid to supply-side disturbances in Q4. It is expected that China will have a surplus of 179,800 tons of primary nickel in 2025, and the global surplus will be 246,200 tons [100][102].

Group 1: Company Achievements - Tongyu Heavy Industry successfully delivered the world's largest diameter ring mill core component, the main roller shaft, showcasing its leading manufacturing capabilities in heavy equipment [1] - The main roller shaft, weighing over 160 tons, was produced from a 313-ton steel ingot through rigorous quality control processes, highlighting the company's strong industrial chain collaboration [1] - In the first half of the year, Tongyu Heavy Industry achieved a net profit of 61 million yuan, representing a year-on-year increase of 49.7% [1] Group 2: Solid-State Battery Developments - Research led by Tsinghua University has made significant progress in polymer electrolytes for solid-state batteries, providing new strategies for developing high safety and high energy density solid-state lithium batteries [4] - The new fluorinated polyether electrolyte developed by the research team enhances physical contact and ionic conductivity at solid-state interfaces, significantly improving battery performance [4] - A polymer soft-pack battery constructed with this electrolyte achieved an energy density of 604 Wh/kg under 1 MPa external pressure, surpassing current commercial batteries [4] Group 3: Market Trends and Projections - The solid-state battery industry is entering a "sprint phase," with global shipments expected to reach 614.1 GWh by 2030, corresponding to a market size in the billion yuan range [5] - Solid-state batteries are anticipated to replace existing liquid lithium batteries in various applications, including electric vehicles and energy storage, while also opening new markets in drones, robotics, and data centers [5] - Several A-share listed companies are making advancements in the solid-state battery sector, with notable developments from companies like MGL and MannsTech [5][6] Group 4: Financing and Stock Performance - Solid-state battery concept stocks have seen an average increase of 50.83% this year, with seven stocks doubling in value [7] - As of September 25, 21 solid-state battery concept stocks recorded net purchases exceeding 100 million yuan, with CATL, XianDao Intelligent, and Guoxuan High-Tech leading in net buying amounts [10] - CATL received the most "positive" ratings from institutions, indicating strong confidence in its innovative product offerings and global market integration [10][11]

Investment Rating - Industry Rating: Recommended [3] Core Views - The report highlights the tightening supply expectations for nickel due to the Indonesian government's suspension of 39 nickel mining companies, which may lead to increased market prices [24][26] - Cobalt supply is expected to tighten further as the Democratic Republic of Congo extends its export ban and shifts to a quota system starting October 16, which is likely to support cobalt prices [31][30] - The report indicates a long-term tight supply situation for antimony, which is expected to support prices, especially as domestic prices remain lower than international levels [36][34] - Lithium market shows signs of supply tightness, with domestic prices slightly down but still supported by overall demand growth [16][8] - The rare earth sector is experiencing strong export demand, and stricter controls may support future prices [9][16] - Tin prices are supported by ongoing supply tightness, particularly in the Yunnan region, with limited recovery in Indonesian exports [17][10] - Tungsten prices are expected to remain supported due to resilient demand in hard alloys and special steels, despite recent price declines [12][18] - The uranium market is facing a tightening supply outlook, which is likely to support prices in the medium to long term [13][18] Summary by Sections Nickel and Cobalt - Indonesian government has suspended 39 nickel mining companies, impacting supply expectations [24] - Cobalt prices are rising due to supply constraints from the Democratic Republic of Congo [31][30] Antimony - Long-term supply tightness is expected to support antimony prices, with domestic prices lagging behind international levels [36][34] Lithium - The lithium market is experiencing supply tightness, with prices slightly down but supported by demand growth [16][8] Rare Earths - Strong export demand and stricter controls are expected to support rare earth prices [9][16] Tin - Tin prices are supported by supply tightness, particularly in Yunnan, with limited recovery in Indonesian exports [17][10] Tungsten - Resilient demand in hard alloys and special steels is expected to support tungsten prices despite recent declines [12][18] Uranium - The uranium market is facing a tightening supply outlook, likely supporting prices in the medium to long term [13][18]

Group 1: Solid-State Battery Developments - Solid-state batteries are recognized as a significant development direction for next-generation lithium batteries, particularly with lithium-rich manganese layered oxide as cathode material, showing potential energy density breakthroughs of over 600Wh/kg [3] - A research team led by Professor Zhang Qiang from Tsinghua University has made important advancements in polymer electrolytes for lithium batteries, proposing a new strategy called "rich anion solvation structure," which enhances physical contact and ionic conductivity at solid-state interfaces [3] - The newly developed fluorinated polyether electrolyte has achieved an energy density of 604Wh/kg under 1MPa external pressure, surpassing current commercial batteries, and has demonstrated excellent safety performance in various tests [3] Group 2: Industry Trends and Market Outlook - The solid-state battery industry is entering a "sprint phase," with global shipments expected to reach 614.1GWh by 2030, corresponding to a market scale exceeding 100 billion yuan [4] - Solid-state batteries are anticipated to replace existing liquid lithium batteries in electric vehicles and energy storage, while also expanding into emerging markets such as drones, robotics, and data centers [4] - Several A-share listed companies are making progress in the solid-state battery sector, including MGL, which has developed lithium-rich manganese-based cathode materials and is advancing pilot testing [4][5] Group 3: Company Performance and Stock Market Activity - Tongyu Heavy Industry successfully delivered the world's largest diameter ring mill core component, showcasing its leading manufacturing capabilities in heavy equipment [2] - The company reported a net profit of 61 million yuan in the first half of the year, a year-on-year increase of 49.7%, and its stock has risen by 22.18% year-to-date, with a market capitalization of 12.237 billion yuan [2] - Solid-state battery concept stocks have seen an average increase of 50.83% this year, with 21 stocks experiencing significant net buying from financing clients, including Ningde Times and Xian Dao Intelligent [7]

Group 1 - The company, Zhongwei New Materials Co., Ltd., is in the process of applying for the issuance of overseas listed shares (H shares) and plans to list on the Hong Kong Stock Exchange [1][2] - The company intends to issue no more than 190,364,600 shares of overseas listed common stock [1] - The company must report any significant events to the China Securities Regulatory Commission (CSRC) from the date of the filing notice until the completion of the overseas issuance [2] Group 2 - The company is required to report the issuance and listing status within 15 working days after the completion of the overseas issuance [2] - The filing notice does not imply any judgment or guarantee from the CSRC regarding the investment value of the company's securities [3] - The company still needs to obtain approvals from relevant government agencies and regulatory bodies in Hong Kong, which introduces uncertainty to the issuance process [3] Group 3 - The company announced a mid-term dividend distribution plan, proposing a cash dividend of 2.8 RMB per 10 shares, based on a total share base of 908,195,586 shares after excluding repurchased shares [7][12] - The total cash dividend amount to be distributed is approximately 254.29 million RMB [7][12] - The record date for the dividend distribution is set for October 9, 2025, with the ex-dividend date on October 10, 2025 [13][15]

（文章来源：证券日报） 证券日报网讯 9月26日晚间，中伟股份发布公告称，本公司2025年半年度权益分派方案为：以公司现有 总股本剔除已回购股29，832，872.00股后的908，195，586.00股为基数，向全体股东每10股派2.800000 元人民币现金（含税），股权登记日为2025年10月9日，除权除息日为2025年10月10日。 ...

格隆汇9月26日丨中伟股份(300919.SZ)公布，公司正在进行申请发行境外上市股份（H股）股票并在香 港联合交易所有限公司（简称"香港联合交易所"）主板上市的相关工作。公司于近日收到了中国证券监 督管理委员会（简称"中国证监会"）就公司本次发行出具的《关于中伟新材料股份有限公司境外发行上 市备案通知书》。 ...

Core Viewpoint - Zhongwei New Materials Co., Ltd. is set to issue up to 190,364,600 overseas listed ordinary shares and list on the Hong Kong Stock Exchange, as announced by the China Securities Regulatory Commission on September 26 [1] Group 1: Company Overview - Zhongwei New Materials is an innovative company focused on new energy materials [3] - Since 2020, the company has been the global leader in the shipment volume of nickel and cobalt lithium-ion battery cathode active material precursors (pCAM) for five consecutive years [3] - By the first quarter of 2025, Zhongwei is expected to be the top supplier of phosphate pCAM in the global export market [3] Group 2: Business Focus and Operations - The company specializes in the research, development, production, and sales of new energy battery materials and new energy metal products [3] - Zhongwei aims to provide high-performance and environmentally friendly new energy materials across various sectors to achieve global low-carbon and energy transition [3] - The company has established an integrated operation system that covers upstream new energy metal mining, smelting, refining, production of new energy materials, and recycling [3]

Core Viewpoint - Zhongwei New Materials Co., Ltd. is planning to issue up to 190,364,600 overseas listed ordinary shares and list on the Hong Kong Stock Exchange, indicating its growth strategy and international expansion efforts [1][3] Group 1: Company Overview - Zhongwei New Materials is an innovative company focused on new energy materials, particularly in the lithium-ion battery sector [3] - The company has been the global leader in the shipment volume of nickel and cobalt-based lithium-ion battery precursor materials (pCAM) for five consecutive years since 2020 [3] - By the first quarter of 2025, Zhongwei is expected to be the top supplier of phosphate-based pCAM in the global export market [3] Group 2: Business Operations - The company is dedicated to the research, development, production, and sales of new energy battery materials and new energy metal products [3] - Zhongwei aims to provide high-performance and environmentally friendly new energy materials across various sectors, contributing to global low-carbon and energy transition efforts [3] - The company has established an integrated operation model that encompasses upstream new energy metal mining, smelting, refining, production of new energy materials, and recycling [3]

Group 1 - The China Securities Regulatory Commission has issued a notice regarding Zhongwei New Materials Co., Ltd.'s application for overseas listing, allowing the company to issue up to 190,364,600 ordinary shares for listing on the Hong Kong Stock Exchange [1] - Zhongwei New Materials is an innovative company focused on new energy materials, leading the global shipment of nickel and cobalt lithium-ion battery cathode active material precursors (pCAM) for five consecutive years since 2020 [3] - By the first quarter of 2025, Zhongwei is expected to be the top supplier of phosphate pCAM in the global export market [3] Group 2 - The company is dedicated to the research, development, production, and sales of new energy battery materials and new energy metal products [3] - Zhongwei aims to provide high-performance and environmentally friendly new energy materials across various sectors, contributing to global low-carbon and energy transition efforts [3] - The company has established an integrated operation model that encompasses upstream new energy metal mining, smelting, refining, production of new energy materials, and recycling [3]