亿纬锂能表示，上述协议的签署，有助于协议双方构建长期、稳定、良好的合作关系；所涉及的产品交 易属公司正常的业务，有利于公司的生产经营和稳定发展，符合公司全体股东的利益，不会对公司正常 生产经营造成重大不利影响，亦不会对公司独立性产生影响。 由于本协议不涉及具体交易金额，不会对亿纬锂能2025年度经营业绩产生重大影响，对未来年度经营业 绩的影响需根据实际发生的订单为准。 根据亿纬锂能在11月披露的一份公告，根据业务发展的需要，公司及子公司预计2026年度与关联方亿纬 控股及其子公司、思摩尔国际及其子公司、AKSA、九联科技及其子公司、ACT发生日常关联交易金额 不超过65.92亿元。记者注意到，今年前10个月，亿纬锂能与上述关联方已发生的关联交易金额(未经审 计)为22.1亿元。 涉及思摩尔国际的部分显示，亿纬锂能将依据市场价格向思摩尔国际及其子公司销售商品(包括但不限 于锂离子电池)；思摩尔国际及其子公司可能不时需要的其他货品及/或服务。其中，2025年1—10月已 发生金额(未经审计)为3.29亿元，2026年预计金额为9亿元。 11月20日晚间，亿纬锂能（300014）披露的公告显示，当日，公司与思摩尔国 ...

（编辑 袁冠琳） 证券日报网讯 江苏国泰11月19日在互动平台回答投资者提问时表示，公司控股子公司瑞泰新材（股票 代码：301238）主要产品包含锂离子电池电解液、锂离子电池电解液添加剂、超电产品、光学材料、硅 烷偶联剂等，瑞泰新材一直关注固态电池等新型电池的发展，并在相关材料方面持续研发、积累和布 局。瑞泰新材的部分新型锂盐产品在固态锂离子电池等新型电池材料中已形成批量销售，瑞泰新材全资 子公司上海树培新能源材料有限公司参与了合源锂创（苏州）新能源科技有限公司Pre-A轮融资，目前 持股比例为1.7819%。同时液态锂离子电池技术成熟，安全性、能量密度和循环寿命等指标不断进步， 性价比持续提升，市场需求不断增大。此外，半固态、锂硫电池、钠离子电池等大部分新型电池仍需要 电解液。目前看，固态电池在技术路线、产品路线和商业路线上均有待发展；即使其克服各种难点，大 规模量产并逐步降低成本，预计各种技术路线的电池产品将凭借各自优势和特点长期在市场上共存，最 初的铅酸电池目前仍在大量使用并保持着可观的市场份额。瑞泰新材将继续紧跟行业前沿技术和发展趋 势，及时把握市场信息，顺应行业发展趋势，努力实现技术进步或转型，以应 ...

Group 1: Company Highlights - Shenneng Shenli, a leading company in composite insulators, achieved a net profit growth of 177.52% year-on-year in the first half of the year [2] - TBEA, a leader in the power transmission and transformation industry, holds a market share of approximately 50% in the main transformer market for nuclear power plants [2] - Yiyou Co., a leading relay manufacturer in China, has developed phase-shifting transformers for data center power systems in collaboration with clients [2] - Jinpan Technology has completed a prototype of a 10kV/2.4MW solid-state transformer suitable for HVDC 800V data center power architecture, with a net profit growth of 20.27% year-on-year in the first three quarters [2] - Hainan Free Trade Port will officially start operations on December 18 [2] Group 2: Industry Developments - The focus on renewable energy sources such as hydropower, wind power, and photovoltaics is evident in the business operations of companies like Mindong Electric Power [2] - The construction of a 2MWt liquid fuel molten salt experimental reactor has been completed, indicating advancements in nuclear technology [3] - The price of lithium hexafluorophosphate continues to rise, reflecting trends in the lithium battery market [6] - The demand for energy storage systems is increasing, as evidenced by Hopu's signing of a 5 billion yuan procurement contract for energy storage systems [6] - The focus on smart city and smart transportation products is growing, with companies developing multifunctional smart lamp posts [7]

Core Viewpoint - Shanghai Weitai Industrial Automation Co., Ltd. has engaged in a significant asset restructuring process, which has led to a strategic transformation of its business structure, focusing on aluminum-plastic film and automotive inspection tools [3][4][6]. Group 1: Major Asset Restructuring - The company completed a major asset sale and purchase in 2025, divesting its entire instrumentation business and acquiring a 51% stake in Zijiang New Materials [3]. - The restructuring has shifted the company's focus to aluminum-plastic film and automotive inspection tools, marking a strategic transition in its business operations [3]. Group 2: Financial Performance and Adjustments - The significant changes in the financial indicators reported in the Q3 2025 results were attributed to a retrospective adjustment due to the acquisition of a company under common control, leading to substantial increases in revenue and profit figures [4]. - Non-recurring gains primarily stemmed from the sale of the instrumentation asset group, which generated approximately 221.22 million yuan (2.21 billion) in non-recurring income [5]. Group 3: Focus on Aluminum-Plastic Film Business - Discussions during the investor meeting highlighted the potential applications of aluminum-plastic film in solid-state batteries, emphasizing the company's commitment to the new energy battery materials sector [6].

Group 1 - The article highlights a company that is the only domestic enterprise certified in the semiconductor field, indicating a strong industry position and significant price elasticity of its products [1] - A North Exchange battery company is experiencing a recovery in profitability due to lithium battery market rebound, downstream inventory replenishment, semi-solid production, and ongoing capacity expansion projects [1]

Core Insights - SAIC Motor Corporation reported significant growth in Q3 2025, with vehicle sales reaching 1.141 million units, a year-on-year increase of 38.7% [1] - The company's total revenue for Q3 was 169.4 billion yuan, up 16.2% year-on-year, while net profit attributable to shareholders surged to 2.08 billion yuan, reflecting a remarkable growth of 644.9% [1] Group 1: Sales Performance - In the first three quarters of 2025, SAIC sold 3.193 million vehicles, marking a 20.5% increase year-on-year, with retail sales reaching 3.378 million units [1] - The company's self-owned brand sales reached 2.044 million units from January to September, a 29.2% increase, accounting for 64% of total sales, up 4.3 percentage points from the previous year [2] - SAIC's new energy vehicle sales totaled 1.083 million units in the same period, a 44.8% increase, with September sales alone hitting a record high of 190,000 units [2] Group 2: Financial Performance - For the first three quarters, SAIC's total revenue was 468.99 billion yuan, reflecting a 9.0% year-on-year growth, while net profit attributable to shareholders reached 8.1 billion yuan, up 17.3% [1] - The company's net profit after deducting non-recurring items was 7.12 billion yuan, a staggering increase of 578.6% [1] - Operating cash flow for the period was 31.94 billion yuan, representing a 70.9% increase year-on-year [1] Group 3: Technological Innovation - SAIC has invested over 150 billion yuan in electric and intelligent technologies, resulting in nearly 26,000 effective patents across various platforms [2] - The company is accelerating the mass production of several industry-leading technologies, including semi-solid batteries and comprehensive intelligent vehicle solutions [2] Group 4: Market Expansion - SAIC's overseas sales reached 765,000 units in the first nine months, a 3.5% increase, with new energy vehicles accounting for 215,000 units, a growth of 69.7% [2] - The MG brand has achieved over 220,000 deliveries in the European market, maintaining double-digit growth [2] Group 5: New Product Launches - Recent launches of key electric models such as the new generation IM LS6 and MG4 have contributed to SAIC's continued sales growth [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The macro - economic situation shows positive signs, with industrial enterprise profits growing and social logistics costs decreasing. The market sentiment is generally optimistic, but there are still uncertainties such as potential policy changes and external risks [8][9] - Different commodity futures have different trends. Some are in a state of shock, some are rising, and some are falling, which are affected by factors such as supply - demand relationship, seasonality, and macro - environment [6][12][13] - The A - share market is showing a strong performance, and the probability of the Fed cutting interest rates has increased, which will have an impact on the global market. However, there are still risks and uncertainties in the market [17][18][20] Summary by Relevant Catalogs Chemical Industry - Most chemical products' prices fluctuated on October 28, 2025. For example, PTA had a significant increase of 2.213%, while asphalt decreased by 0.637% [6] Agricultural Products - For peanuts, the supply is increasing but the demand is weak. The price is expected to oscillate between 7700 - 7900 yuan/ton. For sugar, the supply is abundant and the demand is in the off - season, with the price likely to continue to oscillate. For corn, the new grain pressure is significant, and the price has broken through the support level [12] Energy and Chemicals - Urea prices are showing a phased rebound, but the supply increase and high inventory may limit the upward space. For烧碱, the market expectation is weak. For double - coking (coke and coking coal), there is support under the macro - favorable sentiment, but the upward space may be restricted by steel mill production cuts [13][14] Industrial Metals - Copper and aluminum prices are running at a high level, supported by macro and supply - demand factors. Alumina is in an oversupply situation, and its contract is running weakly. The prices of rebar and hot - rolled coils are rising, and the alloy market is in a wide - range shock [15][16] Option Finance - On October 27, the A - share market was strong, and the three major stock index futures showed different trends. Trend investors can focus on the strength - weakness arbitrage opportunities between varieties, and volatility investors can consider buying straddle or wide - straddle strategies [17][18][20]

Industry Regulation - Regulatory authorities are considering a new document to standardize the naming of "semi-solid-state batteries" as "solid-liquid batteries" to prevent market confusion with solid-state batteries [1]

Core Viewpoint - The company has achieved significant advancements in solid-state battery materials, with high nickel multi-materials and high-capacity lithium-rich manganese-based materials now available for bulk supply exceeding 20 tons [1] Group 1: Product Development - The performance of high nickel multi-materials for solid-state batteries is approaching that of liquid batteries, with energy density exceeding 400 Wh/kg, significantly higher than current liquid battery levels [1] - The company has developed semi-solid cathode materials earlier, utilizing high nickel multi-material systems, which demonstrate high safety through various tests such as puncture and 200°C thermal box tests [1] Group 2: Market Applications - The materials are not only applicable in automotive sectors but also have extensive usage potential in drones, eVTOLs, and humanoid robots, with cumulative shipments reaching the kiloton level [1]

Group 1: Market Dynamics - The supply-demand imbalance in the separator industry is expected to gradually improve due to lower new production capacity compared to last year and strong demand from energy storage and power batteries [2][3]. - The overall profitability of the separator industry is currently low, leading to a slowdown in capacity expansion and some small to medium enterprises halting expansion [2][3]. Group 2: Competitive Strategy - The company, as a leading separator manufacturer, maintains a brand advantage and product quality, which helps it respond to low-price competition effectively [2][3]. - The company is focused on ensuring stable supply and demand for high-quality separators while improving profitability through enhanced product performance and structure [3]. Group 3: Technological Positioning - The company is actively involved in the research and development of advanced technologies, including semi-solid and solid-state battery separators, positioning itself as an early mover in the industry [4]. - The company has established a joint venture for the development and production of semi-solid battery separator materials, demonstrating its commitment to innovation [4]. Group 4: Product Advantages - The company possesses a full range of separator technologies, including wet and dry base films, heat-resistant coatings, and functional coatings, with significant capabilities in wet process technology [5]. - Innovations in equipment and processes, such as integrated online coating technology and the introduction of high-speed production lines, are enhancing production efficiency [5].