Report Summary 1. Investment Rating The document does not mention the industry investment rating. 2. Core View The supply of lithium carbonate remains at a high level, the expectation of supply contraction weakens, downstream actively stocks up, inventory flows smoothly from top to bottom, and the inventory pressure of smelters is not significant. It is expected that the price of lithium carbonate will fluctuate weakly. Attention should be paid to the progress of mines in Jiangxi and the downstream stockpiling situation [5][88]. 3. Summary by Directory 1.1 Carbonate Lithium Market Review - Last week, lithium carbonate first rose and then fell, with a weekly decline of 4.02%. The trading volume reached 2.96 million lots (-160,000), and the open interest reached 309,400 lots (-54,600) [7]. - The basis premium is 1,290 yuan/ton [8]. 1.2 Supply Side - Lithium Ore - In August, China's lithium spodumene production was 6,670 tons of LCE, a month-on-month increase of 2.6%; lithium mica production was 8,980 tons of LCE, a month-on-month decrease of 44.2% [12]. - In July, the import volume of lithium concentrate rebounded to 576,100 tons, a month-on-month increase of 34.7% and a year-on-year increase of 4.8% [16]. - In July, the volume of lithium spodumene shipped from Port Hedland to China decreased to 88,800 tons, a month-on-month decrease of 4.3% and a year-on-year decrease of 4.1% [20]. - Lithium Battery Recycling - In September, the expected recycling volume of waste lithium batteries is 27,623 tons, a month-on-month increase of 6.2% and a year-on-year increase of 32.9% [23]. - Carbonate Lithium - Last week, the production of lithium carbonate was 19,963 tons, a month-on-month increase of 2.8%. - In July, the import volume of lithium carbonate decreased to 13,845 tons, a month-on-month decrease of 21.8% and a year-on-year decrease of 42.7%. - In August, the volume of lithium carbonate exported from Chile to China was 12,982 tons, a month-on-month decrease of 4.8% and a year-on-year increase of 7.0% [28][30]. - Lithium Hydroxide - In September, the operating rate of lithium hydroxide was 37%, and the production was 24,470 tons, a month-on-month increase of 12% and a year-on-year decrease of 21%. - In July, the export volume of lithium hydroxide was 1,248 tons, a month-on-month decrease of 80.1% and a year-on-year decrease of 86.3% [37]. 1.3 Downstream Demand - Lithium Iron Phosphate - Last week, the production of lithium iron phosphate was 77,513 tons, a month-on-month increase of 1.3%. - In August, the operating rate of iron phosphate was 61%, and the production was 2,647,200 tons, a month-on-month increase of 5% and a year-on-year increase of 59% [40]. - Ternary Materials - Last week, the production of ternary materials was 16,491 tons, a month-on-month decrease of 0.1%. - In July, the import volume increased and the export volume decreased [45]. - Ternary Precursors - In September, the operating rate of ternary precursors was 43%, and the production was 81,490 tons, a month-on-month increase of 12.9% and a year-on-year increase of 3.9%. - In July, the export volume increased [50]. - Lithium Manganate and Lithium Cobaltate - In September, the operating rate of lithium manganate was 33%, and the production was 11,887 tons, a month-on-month increase of 6% and a year-on-year decrease of 5%. - In September, the operating rate of lithium cobaltate was 67%, and the production was 12,530 tons, a month-on-month increase of 2% and a year-on-year increase of 42% [51]. - Electrolyte - In September, the production of electrolyte was 191,480 tons, a month-on-month increase of 7% and a year-on-year increase of 35.0%. - In July, the export volume of lithium hexafluorophosphate increased [59]. 1.4 Terminal Demand - Power Batteries - In August, the production of power batteries was 139.6 GWh, a month-on-month increase of 4.3% and a year-on-year increase of 37.8%. - In August, the loading volume of power batteries was 62.5 GWh, a month-on-month increase of 11.8% and a year-on-year increase of 32.4% [62]. - New Energy Vehicles - In August, the production of new energy vehicles was 1.391 million, a month-on-month increase of 11.9% and a year-on-year increase of 27.4%. - In August, the sales of new energy vehicles were 1.395 million, a month-on-month increase of 10.5% and a year-on-year increase of 26.8% [65]. - Energy Storage - In September, the production of energy storage batteries was 50.67 GWh, a month-on-month increase of 1.6% and a year-on-year increase of 42.3%. - In July, the winning bid power scale of energy storage was 5.83 GW, a month-on-month increase of 27.6% and a year-on-year increase of 44.7%; the winning bid capacity scale was 16.7 GWh, a month-on-month increase of 37.9% and a year-on-year increase of 60.1% [70]. - Consumer Electronics - In August, the production of smartphones in China was 100.4 million, a month-on-month increase of 6.4% and a year-on-year increase of 3.4%. - In August, the production of microcomputers in China was 27.69 million, a month-on-month increase of 8.5% and a year-on-year decrease of 12.3% [73]. 1.5 Cost - The price of lithium ore has declined. The price of lithium spodumene concentrate has dropped by $29/ton, and the price of lithium mica has dropped by 90 yuan/ton [78]. 1.6 Inventory - The total inventory decreased by 1,580 tons. Structurally, the smelter's inventory decreased by 3,262 tons, the downstream's inventory increased by 3,072 tons, and other inventories decreased by 1,390 tons [83]. - Last week, the inventory of lithium iron phosphate increased by 686 tons, and the inventory of ternary materials decreased by 115 tons [84]. 1.7 Market Outlook - Strategy: Sell short at high prices or buy put options after the volatility decreases. - Operating range: 65,000 - 77,000. - Overall, the supply remains at a high level, the expectation of supply contraction weakens, downstream actively stocks up, inventory flows smoothly from top to bottom, and the inventory pressure of smelters is not significant. It is expected that the price of lithium carbonate will fluctuate weakly. Attention should be paid to the progress of mines in Jiangxi and the downstream stockpiling situation [88].

Core Viewpoint - The market shows mixed performance with the Shanghai Composite Index declining while the ChiNext Index remains strong, indicating sector-specific movements and underlying market dynamics [1] Market Performance - As of the close, the Shanghai Composite Index fell by 0.26% to 3860.5 points, while the Shenzhen Component Index rose by 0.63% to 13005.77 points, and the ChiNext Index increased by 1.52% to 3066.18 points [1] - The total trading volume across the Shanghai, Shenzhen, and North markets reached 23034 billion [1] Sector Analysis - Sectors such as insurance, banking, liquor, brokerage, and non-ferrous metals experienced declines, while agriculture, automotive, and real estate sectors saw gains [1] - Active sectors included online gaming, CXO concepts, and robotics [1] Investment Insights - Huaxi Securities emphasizes that the driving force behind the current bull market remains unchanged, with strong policy support for stabilizing the stock market and abundant potential incremental funds from residents [1] - High-growth sectors are expected to enjoy valuation premiums during industrial transformations, with a focus on hard technology and new productivity areas likely to receive policy catalysts following the upcoming Fourth Plenary Session in October [1] - The recent increase in overseas AI industry capital expenditure expectations has positively influenced market sentiment [1] - A selection of high-growth sectors is recommended, including solid-state batteries, energy storage, innovative pharmaceuticals, AI applications, and humanoid robots, as well as new consumption areas like IP economy and oral tobacco [1] - The backdrop of potential Federal Reserve interest rate cuts may provide dual support for Hong Kong stocks through foreign and southbound capital inflows, particularly in the internet sector [1]

Group 1 - The core viewpoint of the article is that Qiaofeng Intelligent (301603.SZ) has highlighted the application of its CNC machine tools in the processing of structural components for new energy vehicle battery trays and energy storage battery boxes, as well as in the automation equipment for battery production lines [1] Group 2 - The company's CNC machine tools are positioned to support the growing demand in the new energy vehicle sector, particularly in battery-related manufacturing processes [1] - The interaction on the platform indicates a strategic focus on sectors that are critical for the future of energy storage and electric vehicles [1]

盘面上，市场热点快速轮动，个股跌多涨少，全市场超3300只个股下跌。 从板块来看，游戏板块集体上涨，星辉娱乐20cm涨停。 市场走势分化，沪指窄幅震荡，创业板指冲高回落。截至收盘，沪指跌0.23%，深成指涨0.63%，创业板指涨1.52%。 汽车产业链板块上涨，浙江世宝等多股涨停。 算力板块局部走强，青山纸业10天7板。 储能概念股表现活跃，宁德时代、阳光电源双双创历史新高。 下跌方面，文化传媒大跌，果麦文化跌超10%。 沪深两市成交额合计2.28万亿元，较上一交易日缩量约2435.05亿元。其中，沪市成交额9861.72亿元，深市成交额1.29万亿元。 个股方面，宁德时代成交额居首，为256亿元。其后是阳光电源、寒武纪-U、胜宏科技、海光信息，成交额分别为214亿元、166亿元、164亿元、 154亿元。 | 序号 代码 | 名称 | | | ● ● ■ ■ 最新 ■ 涨幅% 市净率 | | | | | 现手 | 换手% | 成交额 ↓ | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 300750 ...

Core Viewpoint - Minglida (301268.SZ) has shifted its strategic focus away from charging gun products and is currently concentrating on liquid cooling solutions for servers, laser light sources, and PC gaming sectors [1] Business Overview - The liquid cooling business has entered mass production, primarily serving the server, laser light source, and PC gaming markets [1] - Due to strategic adjustments, the charging gun product line is no longer being pursued [1] - The company has disclosed that its business specifics can be found in regular reports and announcements on the Giant Tide Information Network [1] Growth Drivers - Future business growth will be supported by both domestic and overseas production bases, which will be flexibly adjusted according to customer service demands [1] - Current production base construction and configuration are sufficient to meet short-term business growth needs [1] Energy Storage Business - The energy storage business has experienced significant year-on-year growth due to rapidly increasing overseas demand [1] - Demand for energy storage remains strong, with expectations of continued high-speed growth in the second half of this year and into next year [1]

值得注意的是，近日新能源行业政策端迎来多重利好催化。9月15日，中国汽车工业协会发布《汽车整 车企业供应商账款支付规范倡议》，围绕订单确认、交付与验收、支付与结算、合同期限等4个环节提 出倡议;9月14日，福建发布《关于加快福建经济社会发展全面绿色转型的行动方案》，为非化石能源、 新型储能等领域带来重大利好;9月12日，工信部等八部门近日联合印发《汽车行业稳增长工作方案 (2025—2026年)》，提出2025年力争实现全年汽车销量3230万辆左右，其中新能源汽车销量1550万辆左 右。 智通财经APP获悉，宁德时代(03750)涨超5%，高见476.8港元，创上市新高。截至发稿，涨6.52%，报 461.00港元，成交额25.08亿港元。 消息面上，据上证报报道，宁德时代对2026年的要货指引上修至1100GWh，同比增长46%。按照惯例， 要货指引略高于排产、排产略高于开票，因此，预计2026年排产900-1000GW，开票约800-900GW。增 长主要受益于海外动力电池需求和储能电池需求的拉动。为满足市场需要，未来两年，宁德时代预计将 扩张超300GW产能。 ...

Core Viewpoint - Hongfa Technology Co., Ltd. has shown a mixed performance in stock price and financial metrics, with a notable increase in revenue and net profit year-on-year, while experiencing a slight decline in stock price recently [1][2]. Financial Performance - As of June 30, 2025, Hongfa achieved a revenue of 8.347 billion yuan, representing a year-on-year growth of 15.43% [2]. - The net profit attributable to shareholders was 964 million yuan, reflecting a year-on-year increase of 14.19% [2]. - Cumulative cash dividends since the A-share listing amount to 2.987 billion yuan, with 1.370 billion yuan distributed in the last three years [3]. Stock Market Activity - On September 15, 2023, Hongfa's stock price decreased by 2.01%, trading at 26.32 yuan per share, with a total market capitalization of 38.421 billion yuan [1]. - The stock has increased by 17.70% year-to-date, with a slight decline of 0.15% over the last five trading days [1]. - The stock's trading volume showed a net outflow of 4.8671 million yuan from main funds, with significant buying and selling activity from large orders [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 29,700, up by 17.81% from the previous period [2]. - The average number of circulating shares per shareholder rose to 49,214, an increase of 18.83% [2]. - Major shareholders include Hong Kong Central Clearing Limited, which holds 297 million shares, an increase of 6.986 million shares from the previous period [3].

Company Overview - Renji Co., Ltd. is a high-tech enterprise engaged in oilfield technology services, including technology research and development, solution design, and the production of oilfield chemical agents [2] - The company was established on September 27, 2006, and went public on November 3, 2011 [2] - Main business revenue composition includes: 34.69% from new energy power engineering, 31.93% from oil and gas field technology services, 18.06% from drilling engineering services, 14.76% from new materials and petrochemical product sales, and 0.55% from other services [2] Stock Performance - As of September 15, Renji's stock price increased by 73.18% year-to-date, with a recent 5-day increase of 0.68%, 20-day increase of 6.82%, and 60-day increase of 26.68% [2] - The stock price was reported at 7.36 CNY per share with a total market capitalization of 3.136 billion CNY [1] Financial Performance - For the first half of 2025, Renji reported operating revenue of 50.4133 million CNY, a year-on-year decrease of 44.38%, while the net profit attributable to shareholders was -11.848 million CNY, reflecting a year-on-year increase of 32.65% [3] - The company has cumulatively distributed 70.1456 million CNY in dividends since its A-share listing, with no dividends distributed in the last three years [4] Shareholder Information - As of June 30, the number of shareholders was 25,600, a decrease of 7.45% from the previous period, with an average of 13,916 circulating shares per shareholder, an increase of 8.05% [3] Market Activity - The stock has appeared on the trading leaderboard six times this year, with the most recent occurrence on July 9, where it recorded a net buy of -16.3337 million CNY [2]

Core Viewpoint - Dongfeng Group's stock price has shown fluctuations, with a year-to-date increase of 18.59% but a recent decline of 1.87% over the last five trading days [2] Financial Performance - As of June 30, 2025, Dongfeng Group reported a revenue of 604 million yuan, a year-on-year decrease of 12.37%, while the net profit attributable to shareholders was -61.31 million yuan, reflecting a year-on-year increase of 52.87% [2] - The company has cumulatively distributed 4.134 billion yuan in dividends since its A-share listing, with 46.0741 million yuan distributed over the past three years [3] Stock Market Activity - On September 15, Dongfeng Group's stock price fell by 2.07%, trading at 4.72 yuan per share with a total market capitalization of 8.847 billion yuan [1] - The stock has been active in the market, appearing on the "Dragon and Tiger List" three times this year, with the most recent occurrence on January 24 [2] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 35,600, with an average of 52,617 circulating shares per person, a decrease of 0.89% from the previous period [2] - Hong Kong Central Clearing Limited is the ninth largest circulating shareholder, holding 12.9195 million shares, an increase of 2.2956 million shares from the previous period [3] Business Overview - Dongfeng Group, established on December 30, 1983, specializes in the design, production, and sales of cigarette labels and related packaging materials, with its main revenue sources being pharmaceutical packaging (41.31%), membrane new materials (34.19%), and paper products (14.47%) [2]

Company Overview - Shanghai Xianhui Automation Technology Co., Ltd. was established on March 28, 2007, and went public on August 11, 2020. The company specializes in the research, production, and sales of various intelligent manufacturing equipment [2] - The main business revenue composition includes: 63.35% from precision structural components for new energy power batteries, 34.90% from intelligent automation equipment for new energy vehicles, 1.02% from other sources, 0.58% from industrial manufacturing data systems, and 0.15% from intelligent automation equipment for fuel vehicles [2] - The company is classified under the Shenwan industry as electric power equipment - battery - lithium battery special equipment, and is associated with concepts such as solid-state batteries, CATL concept, lithium batteries, energy storage, and new energy vehicles [2] Financial Performance - For the first half of 2025, the company achieved operating revenue of 1.273 billion yuan, representing a year-on-year growth of 8.59%, and a net profit attributable to the parent company of 152 million yuan, with a year-on-year increase of 17.44% [2] - Since its A-share listing, the company has distributed a total of 132 million yuan in dividends, with 102 million yuan distributed over the past three years [3] Stock Performance - As of September 15, the company's stock price decreased by 2.07% to 75.33 yuan per share, with a total market capitalization of 9.452 billion yuan [1] - Year-to-date, the stock price has increased by 100.13%, with a 0.71% increase over the last five trading days, a 30.22% increase over the last 20 days, and a 52.86% increase over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on July 22, where it recorded a net purchase of 172 million yuan [1]