Core Viewpoint - The A-share market continued to rise in September, with the Shanghai Composite Index increasing by 0.64%, the Shenzhen Component Index rising by 6.54%, and the ChiNext Index climbing by 12.04%. Analysts are looking for investment opportunities in October, with over ten brokerages releasing their monthly investment portfolios across various sectors [1]. Group 1: Recommended Stocks - Multiple brokerages have recommended stocks including Aolide, China Merchants Shekou, Hikvision, China Merchants Bank, Cambrian Biologics, and Shanghai Lingang [2]. - Notable stocks receiving multiple recommendations include Hikvision, Zhaoyi Innovation, Huayou Cobalt, and Luoyang Molybdenum, each recommended by three brokerages [3]. - Huayou Cobalt saw the highest increase in September, with a rise of over 37%, closing at 65.9 yuan [3]. Group 2: Market Trends and Focus Areas - Brokerages suggest that the A-share market is expected to enter a "red October," with a focus on technology and "anti-involution" sectors. The third-quarter report window is highlighted as a key focus for October [5]. - The market is anticipated to maintain a trend of gradual upward movement, with the third-quarter reports being crucial for policy expectations and performance [5]. - Key investment themes include AI computing power, semiconductor autonomy, solid-state batteries, commercial aerospace, and controllable nuclear fusion, which are considered priority sectors [5].

Core Viewpoint - The A-share market continued to rise in September, with the Shanghai Composite Index increasing by 0.64%, the Shenzhen Component Index rising by 6.54%, and the ChiNext Index climbing by 12.04%. Analysts are looking for investment opportunities in October, with over ten brokerages releasing their monthly investment portfolios across various sectors [1]. Group 1: Recommended Stocks - Multiple brokerages have recommended stocks across different sectors, including technology and materials, with notable mentions such as Hikvision, Zhaoyi Innovation, Huayou Cobalt, and Luoyang Molybdenum, each receiving recommendations from three brokerages [2][3][4]. - Huayou Cobalt saw the highest increase in September, with a rise of over 37%, closing at 65.9 yuan [3]. Group 2: Industry Preferences - Brokerages suggest that the A-share market may experience a "red October," focusing on technology and "anti-involution" themes. The upcoming Q3 reports are highlighted as a key focus for October [5]. - Key investment themes include AI computing power, semiconductor self-sufficiency, solid-state batteries, commercial aerospace, and controllable nuclear fusion, as emphasized by various brokerages [5]. - East China Securities identifies four main lines of focus for October: acceleration in global AI capital expenditure, themes related to the 14th Five-Year Plan, sectors with potential earnings surprises during the Q3 reporting period, and midstream raw material manufacturing industries benefiting from anti-involution policies [5].

新能源车领域的"军备竞赛"如火如荼，不拼技术、不比安全，只比谁的电池大、续航里程长。 续航里程超过700公里的部分纯电动车型： 极氪009（纯电MPV）续航900公里； 小米YU 7（超长续航版）续航835公里； 小米SU 7（超长续航版）续航800公里； 特斯拉Model 3（长续航版）续航830公里； 问界M 8（长续航版）续航705公里； 智已LS 6（长续航版）续航701公里； 纯电续航里程超过300公里的部分插混/增程车型： 智已LS6 Max（增程）纯电续航450公里； 小鹏X9（增程）纯电续航450公里； 尊界S800（增程）纯电续航400公里； 享界S9（增程）纯电续航365公里； 极氪9X（插混SUV）纯电续航355公里； 大电池与大沙发一样，谈不到技术含量，不过是利用碳酸锂价格超跌的投机行为。短期、中期、远期三大利空正在路上，大天池的天就要塌了。 短期利空，锂价反转 碳酸锂是新能源车重要的上游原材料（每千瓦时用量约0.7公斤）。 2022年，新能源汽车需求爆发与供应链紧张叠加，碳酸锂价格一度突破60万元/吨。 2023年起，锂资源供给增速大于需求增速。经历两轮断崖式暴跌，2025年6月碳酸 ...

CINE固态电池展背景及简介 " CINE固态电池展及CINE钠电展 "是行业首届新型电池全产业链专业展会，主要聚焦下一代新型动力及储能电池技术，也是专业性最强的新型电池 技术专业展会。主办方是新能源电池行业权威媒体平台起点研究旗下媒体平台--起点固态电池、起点钠电和起点锂电，举办 时间定档为2025年11 月6日-8日，举办地点为：广州 。展商规模200+，参会企业2000+，专业观众20000+，同期举办新型电池技术论坛，包含九大专场，固态电池行 业权威奖项--固态电池金鼎奖颁奖典礼。 展会组委会确认， 希倍动力 将携最新产品亮相CINE固态电池展及CINE钠电展，展位号是 C27-C28 ，欢迎行业同仁莅临参观、指导。 北京希倍动力科技有限公司， 是一家专注于钠高子正极材料、钠离子电池开发的高新技术企业。 希倍动力拥有正极材料技术和电芯技术两大核心竞争力。 扫一扫免费领取观展门票 参展企业介绍 依托于985高校团队强大的材料研发能力，希倍动力已经合成出性能优异、成本低廉的聚阴离子类正极材料； 同时，希倍动力汇聚了超过 10年以上行业知名电芯企业经历的电芯技术专家团队，设计开发出一系列面向动力、储能等众多 ...

Group 1 - The A-share market saw significant growth in Q3, driven by sectors such as humanoid robots, storage chips, and solid-state batteries, with the ChiNext Index rising by 50% and the Sci-Tech 50 Index increasing by 49% [1][3] - A total of 11 stocks in the A-share market experienced price increases exceeding 200% in Q3, excluding newly listed stocks this year [1][4] - The top-performing stocks included Shangwei New Materials, which surged by 1,597.94%, and Tianpu Co., which rose by 468.92%, among others [4] Group 2 - The performance of major indices in Q3 included the ChiNext Index at 49.02%, Shenzhen Component Index at 29.25%, and the Shanghai Composite Index at 12.73% [3] - The data indicates a strong performance across various sectors, with notable gains in technology and automotive industries [4] - The overall market sentiment appears positive, reflecting investor confidence in the technology sector and related industries [1][3]

Core Insights - The collaboration between Yifei Laser and Jinyu New Energy has successfully developed and delivered the first batch of "Wuji" all-solid-state lithium metal cylindrical batteries, which exhibit high energy density, safety, and stability at temperatures above 150°C [1][2][3] Group 1: Technological Advancements - The "Wuji" all-solid-state lithium metal battery combines innovative technologies such as all-solid-state electrolytes and thermal composite winding processes, achieving breakthroughs in temperature adaptability and stability [3][4] - The development of gradient composite interface construction technology and dynamic self-healing control technology has enabled continuous production of solid-state electrolytes, addressing core manufacturing challenges [3][4] - The integration of cylindrical and all-tab designs significantly reduces internal resistance and enhances power performance, potentially improving production efficiency for large-scale manufacturing [4][5] Group 2: Market Potential - The global market for solid-state batteries is projected to reach several hundred billion to over a trillion yuan, with an expected shipment volume of 614.1 GWh by 2030, achieving a market penetration rate of 10% in the overall lithium battery market [5][6] - The unique characteristics of the "Wuji" battery position it well for rapid commercialization in high-end industrial applications, including drones, electric aircraft, underwater vehicles, and high-altitude operations [4][5] Group 3: Strategic Collaborations - Yifei Laser and Jinyu New Energy have established a comprehensive strategic partnership focusing on equipment development, process optimization, and market promotion for solid-state batteries [2][6] - The collaboration aims to create a benchmark smart manufacturing factory for solid-state batteries, enhancing efficiency and cost control across the entire industry chain [6]

格隆汇9月30日丨丰山集团(603810.SH)公布股票交易异常波动暨风险提示公告，公司关注到近期部分媒 体报道称公司涉及"固态电池"热点概念。公司目前主营业务仍以原药及制剂的生产、研发、销售为主， 公司主营业务未发生变化，且丰山全诺目前主要销售锂离子电解液，钠离子电解液占比相对较小，且销 售不涉及固态电池电解质材料。截至2025年上半年，钠离子电解液销售额占公司合并报表营业收入的比 例为0.01%。此外，关于清华大学张强教授团队近期发表的重要研究成果，与我公司委托其开展的研究 开发项目并非同一项研发项目。目前，公司与清华大学合作处于初步研究开发启动阶段，合同金额较 小，技术开发项目周期至2028年12月31日，项目周期较长，后续研发成果及成果的商业化存在较大的不 确定性。请广大投资者在决策时务必谨慎，并注意防范潜在的投资风险。 ...

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals industry [1] Core Insights - The Ministry of Industry and Information Technology and other departments have issued a plan for stable growth in the non-ferrous metals industry, projecting an average annual growth of around 5% in value-added output from 2025 to 2026, with a 1.5% annual growth in the production of ten non-ferrous metals [3] - The report emphasizes the importance of scientifically rational capacity layout to restore profitability in the processing and smelting sector, which will promote the continuous innovation and development of high-end products [3] - The focus on new generation information technology and new energy vehicles will drive breakthroughs in high-quality raw materials and integrated materials, enhancing the overall performance of products in the non-ferrous metals industry [3] Summary by Sections Copper - The report highlights the need for exploration and comprehensive utilization of scrap copper, promoting a scientifically rational layout for copper smelting projects [4] - It emphasizes the importance of resource exploration and efficient utilization to enhance resource security [4] Aluminum - A new round of exploration actions will improve resource security, and the green industry upgrade will support the development of green electricity aluminum and recycled aluminum [4] - The report mentions the construction of digital carbon management centers to promote low-carbon product evaluations [4] Lithium - The profitability of lithium carbonate smelting is expected to recover, with new applications like solid-state batteries likely to boost demand [4] - The report notes that as of September 26, 2025, the domestic operating rate for lithium carbonate is only 49.72%, indicating potential for recovery [4] Tin - The plan aims to strengthen tin resource exploration and utilization, consolidating China's position in the global tin industry [5] - In 2024, China's tin production is projected to be 69,000 tons, accounting for 23% of global production [5] Rare Earths & Tungsten - The development of the recycling industry for rare metals will receive strong policy support, ensuring raw material sources and market order [5] - The report notes that the high-end applications of rare earth materials will focus on humanoid robots and low-altitude economies [5] Investment Recommendations - The report suggests focusing on companies with strong exploration capabilities in copper, such as Zijin Mining, and those optimizing scrap copper utilization like Jintian Copper [6] - For aluminum, high-dividend stocks like China Hongqiao and Zhongfu Industrial are recommended [6] - In lithium, companies involved in solid-state battery layouts such as Ganfeng Lithium and Tianqi Lithium are highlighted [6]

注：市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及个股仅供参考，不构 成股票推荐，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的 产品。基金有风险，投资需谨慎。 每日经济新闻 新能源延续反弹，新能源车ETF（159806）涨近3%，创业板新能源ETF（159387）涨超2%。 政策面，工信部提出将优化新能源汽车购置税、车船税等优惠措施，随着新车型发布带来的产品力 提升以及销售旺季到来，预计 2025 年国内新能源汽车销量有望保持高增，带动电池和材料需求增长。 动力电池方面，锂电池备货需求旺盛，随着年底需求增长，排产有望继续上行，锂电产业链旺季开 启。新技术方面，利元亨首条固态电池产线已陆续交货，后续关注固态电池相关材料和设备企业验证进 展。 光伏方面，维持"反内卷"为光伏投资主线判断，产业链光伏电池继续涨价，集中式组件出现涨价迹 象，但由于8 月光伏装机疲软，光伏组件涨价持续性仍需观察。近期《关于完善价格机制促进新能源发 电就近消纳的通知》发布，有望从经济性角度疏导光伏电站矛盾。 今年以来高层对新能源行业"反内卷"的持续发声，体现了有关部门对行业供需失衡的重视 ...

Core Viewpoint - Fengshan Group (603810.SH) clarifies that its main business remains focused on the production, research, and sales of raw medicines and formulations, despite media reports linking the company to the "solid-state battery" concept [1] Business Operations - The company emphasizes that its main operations have not changed, and its subsidiary Fengshan Quannuo primarily sells lithium-ion electrolytes, with sodium-ion electrolytes accounting for a relatively small proportion of sales [1] - As of the first half of 2025, sodium-ion electrolyte sales are projected to represent only 0.01% of the company's consolidated revenue [1] Research and Development - The recent important research results published by Professor Zhang Qiang's team from Tsinghua University are not related to the research and development project commissioned by the company [1] - The collaboration with Tsinghua University is still in the preliminary research and development phase, with a small contract amount, and the technical development project is expected to last until December 31, 2028, indicating significant uncertainty regarding future research outcomes and commercialization [1]