智通财经APP讯，东方锆业(002167.SZ)公告，公司同意全资子公司沁阳东锆新材料科技有限公司(简 称"沁阳东锆")投资建设年产6万吨新能源电池级氯氧化锆及1.2万吨锆铪分离高纯氧化物项目，投资预算 7.37亿元，项目选址于焦作市沁阳市经济技术开发区沁北园区，计划于2026年1月开始建设。 ...

Core Viewpoint - The company has approved its wholly-owned subsidiary to invest in a project for the production of 60,000 tons of battery-grade zirconium oxychloride and 12,000 tons of high-purity zirconium and hafnium separation oxides, with a total investment budget of 737 million yuan [1] Group 1: Project Details - The project is planned to commence construction in January 2026 and will be executed in two phases [1] - Phase one will focus on the construction of 35,000 tons per year of high-purity zirconium oxychloride, while phase two will add 25,000 tons per year of high-purity zirconium oxychloride and 12,000 tons per year of oxides [1] - The funding for the project will come from the company's own resources or self-raised funds [1] Group 2: Strategic Implications - This investment aligns with the company's strategic goals and is expected to enhance its competitiveness and profitability [1] - The project is still subject to administrative approvals, which introduces an element of uncertainty [1]

Group 1: Investment and Project Development - The company is utilizing convertible bond funds to construct a high-value utilization project for phosphorus and fluorine resources, aiming to produce refined phosphoric acid, high-end flame retardants, and multifunctional compound fertilizers, while also generating by-products like fluorosilicic acid and washing acid [2][3] - The project is expected to leverage raw material advantages and extend into the new energy and new materials sectors, with a promising market outlook due to the rapid growth in demand for lithium battery materials [2][3] Group 2: Strategic Partnerships and Capacity Expansion - Since 2021, the company has deepened vertical integration in the supply chain by collaborating with industry leaders like Ningbo Bangpu and Duofluor, focusing on the phosphorus value chain and capitalizing on opportunities in the new energy battery materials sector [3] - The joint venture with Ningbo Bangpu has a production capacity of 300,000 tons of iron phosphate and 200,000 tons of nickel sulfate, with production lines nearing full capacity [3] Group 3: Financial Structure and Shareholder Engagement - The recent capital increase by the controlling shareholder, Yihua Group, aims to reduce the company's debt ratio and optimize its financial structure, ensuring sufficient cash flow for project funding [4] - As of September 11, the controlling shareholder has increased its stake by acquiring 12,499,000 shares, representing 1.15% of the total share capital, reflecting confidence in the company's long-term development and stability [4] Group 4: Operational Updates and Future Plans - The company plans to relocate its facilities by June 2025, consolidating production capacities into the Yichang Tianjiahe Chemical Park, which will include significant expansions in phosphate and compound fertilizer production [4] - New production capacities include 400,000 tons of phosphate fertilizer and 200,000 tons of compound fertilizer, with additional projects expected to commence by the end of the year [4]

来源：瑞恩资本RyanbenCapital 2025年11月17日，来自贵州铜仁的A股上市公司中伟新材(02579.HK，A股简称中伟股份(300919.SZ))成 功在香港联合交易所主板挂牌上市。 中伟新材是次IPO全球发售1.042254亿股H股(占发行完成后总股份的10%)，每股下限定价34.00港元，募 集资金总额约35.44亿港元，募资净额约34.33亿港元。 中伟新材，成立于2014年，作为一家新能源材料公司，主要从事于以正极活性材料前驱体(pCAM)为核 心的新能源电池材料的研发、生产及销售，以及新能源金属产品。中伟股份是锂离子电池用镍系和钴系 正极活性材料前驱体(pCAM)的全球领导者，自2020年起连续五年出货量排名第一，于2024年按销售价 值计，镍系pCAM及钴系pCAM分别占市场份额的20.3%及28.0%。按2024年全部pCAM产品的销量计， 中伟新材全球排名第一，占市场份额的21.8%。中伟新材已建立了一套从上游新能源金属开采、冶炼和 精炼至新能源材料生产再到回收的一体化运营，能够提供全面的产品矩阵，包括镍系、钴系、磷系、钠 系和其他创新新能源电池材料，以及新能源金属产品。 截至 ...

六氟磷酸锂、VC 及电解液行情更新 20251113 摘要 六氟磷酸锂价格自 10 月起强势上涨，受储能需求驱动，供需缺口扩大， 主流成交价与现货价存差距，但行业对 15 万元/吨的主流货信心较足， 预计后期将继续冲击高位，年底或达 20-22 万元/吨，甚至更高。 六氟磷酸锂行业开工率普遍提高，大厂达 80%-90%，部分超负荷运行， 小厂复产但开工率较低，整体有效产能利用率达 80%-90%。明年预计 新增产能，但爬坡需时，短期供应仍紧张，预计明年一季度末或二季度 初供应或有变化。 VC 溶剂价格近期飙升，主要因储能需求爆发及供应紧张，国庆前后价格 涨幅达 66%，散单报价已达 15-17 万元/吨。山东更源停产检修若属实 将加剧供应紧张，预计供需紧张局面可能持续到明年中旬甚至更久。 VC 溶剂在三元电池和磷酸铁锂电池中的添加比例不同，磷酸铁锂电池添 加比例更高，尤其是在储能领域。VC 溶剂主要通过两步法生产，上游原 料包括碳酸乙烯酯和环氧丙烷等传统化工品。 VC 溶剂厂家散单与长协订单比例约为 2:8，但由于近期散单价格暴涨， 部分厂家可能会减少长协订单比例，以提高利润，预计 11 月底重新签 订下个月 ...

Core Viewpoint - 佛塑科技 plans to establish a project company in collaboration with subsidiaries of 紫金矿业 and 广东省广新创新研究院 to invest in a lithium sulfide pilot platform project in 龙岩市, 福建省 [1] Investment Details - The project company will have a registered capital of 10 million yuan, with 佛塑科技 contributing 500,000 yuan for a 5% equity stake [1] - 紫金锂元 will invest 6 million yuan for a 60% equity stake, 厦门紫金 will contribute 1 million yuan for a 10% stake, and 广新研究院 will invest 2.5 million yuan for a 25% stake [1] - The total planned investment for the project is 11.339 million yuan, including VAT [1] Project Scope - The project aims to construct a production line with a capacity of 100 tons per year for high-purity battery-grade lithium sulfide products [1] - The project will focus on research, development, production, and operation of lithium sulfide products [1]

Core Viewpoint - Hunan Youneng (301358) reported a significant increase in sales of phosphate cathode materials, driven by strong downstream demand, with a year-on-year growth of 64.86% in sales volume for the first nine months of the year [1] Group 1: Sales Performance - The company sold 784,900 tons of phosphate cathode materials from January to September this year [1] - The sales performance indicates a robust market demand, with both production and sales thriving [1] Group 2: Future Capacity Planning - The company plans to cautiously manage its capacity layout based on market conditions [1]

Investment Rating - The report suggests a cautious subscription for Zhongwei Co., Ltd. (2579.HK) [1] Core Insights - The company is a leader in the global market for nickel and cobalt pCAM used in lithium-ion batteries, with market shares of 20.3% and 28.0% respectively in 2024 [2] - The demand for the company's products is driven by applications in electric vehicles, energy storage systems, and consumer electronics, which have significant commercial potential [2] - The global nickel pCAM shipment is expected to grow to 3,103.7 thousand tons by 2030, with a compound annual growth rate (CAGR) of 21.6% from 2024 to 2030 [3] - The company's revenue for 2022, 2023, and 2024 is projected to be RMB 30,343.7 million, RMB 34,273.2 million, and RMB 40,222.9 million respectively, with net profits of RMB 1,539.4 million, RMB 2,100.5 million, and RMB 1,787.8 million [3] Summary by Sections IPO Details - The IPO price range is set at HKD 34 to HKD 37.8, with a total fundraising amount of HKD 3.6279 billion [1] - The total number of shares available for subscription is 10,422.54 million, with 90% allocated for international placement and 10% for public offering [1] Market Position - The company has maintained its position as the top supplier of nickel and cobalt pCAM for five consecutive years since 2020 [2] - The current IPO pricing reflects a significant discount compared to the A-share closing price, providing a safety margin for investors [4] - The estimated PE ratio for 2024 is approximately 23 times, indicating a moderate position within the industry [4] Industry Outlook - The industry for new energy batteries is in a growth phase, with substantial long-term growth potential [4] - The demand for cobalt pCAM is expected to accelerate, with shipments projected to reach 209.8 thousand tons by 2030, reflecting a CAGR of 12.7% from 2024 to 2030 [3]

Core Viewpoint - The company reported a slight decline in Q3 net profit due to falling prices of synthetic resin products, but overall performance in the first three quarters shows growth in revenue and profit, indicating potential for recovery in the future [1][4]. Financial Performance - Q3 revenue reached 2.722 billion yuan, a year-on-year increase of 7.75% but a quarter-on-quarter decrease of 5.89% [1]. - Q3 net profit was 259 million yuan, up 3.73% year-on-year but down 12.10% quarter-on-quarter [1]. - For the first three quarters of 2025, revenue totaled 8.072 billion yuan, a year-on-year increase of 12.87%, with net profit at 760 million yuan, up 30.81% year-on-year [1]. Segment Performance - Advanced electronic materials and battery materials saw significant demand growth, with sales volume reaching 60,000 tons, a 19% year-on-year increase, and sales revenue of 1.2 billion yuan, up 32% [2]. - The synthetic resin sector maintained resilience, achieving sales volume of 590,000 tons, a 14% year-on-year increase, and sales revenue of 4.1 billion yuan, up 5% [2]. - Biomass products recorded sales volume of 170,000 tons, a 30% year-on-year increase, with sales revenue of 700 million yuan, up 25% [2]. Project Development - The company is advancing several key projects, including a 2,000 tons/year PPO/OPE resin project and a 1,000 tons/year carbon hydrogen resin project, expected to be operational by Q3 2026 [3]. - The biomass production base is running steadily, with expansion projects for xylitol expected to be operational by the end of 2025 and the second half of 2026 [3]. - The company plans to issue convertible bonds to invest in green energy battery material projects, which will enhance production capacity significantly [3]. Profit Forecast and Valuation - Due to short-term demand weakness, the net profit forecast for 2025 has been revised down to 1.09 billion yuan, a 9% decrease from the previous estimate [4]. - The company expects net profits for 2025, 2026, and 2027 to be 1.09 billion, 1.39 billion, and 1.61 billion yuan respectively, with corresponding EPS of 1.28, 1.64, and 1.90 yuan [4]. - A target price of 39.36 yuan has been set based on a 24x PE valuation for 2026, maintaining an "overweight" rating [4].

Core Viewpoint - The company reported significant growth in sales revenue and net profit for the first three quarters of 2025, driven by increased demand in AI servers and new energy battery materials [5][10]. Financial Performance - For the first three quarters of 2025, the company achieved sales revenue of 8.072 billion yuan, a year-on-year increase of 12.87% - The net profit attributable to shareholders was 760 million yuan, up 30.81% compared to the same period last year - The net profit after deducting non-recurring gains and losses was 734 million yuan, reflecting a growth of 34.08% year-on-year [5][10]. Product Performance - The company sold 61,100 tons of advanced electronic materials and battery materials, marking a 19.01% increase year-on-year, with sales revenue of 1.237 billion yuan, up 32.23% - The synthetic resin industry maintained resilience, with sales volume reaching 588,700 tons, a 13.90% increase, and sales revenue of 4.096 billion yuan, up 4.64% - Biomass products saw sales of 171,800 tons, a 30.17% increase, with sales revenue of 660 million yuan, up 25.22% [5][11]. Corporate Actions - The company has applied for the issuance of convertible bonds, which is currently under review by the Shanghai Stock Exchange and requires approval from the China Securities Regulatory Commission [7][8].