交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢早报—2025年5月16日 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 沪镍 每日观点 1、基本面：外盘下探之后反弹，继续震荡运行。产业链来看，不锈钢表现偏弱，镍铁价格继续回落， 成本线继续下降，对后市预期偏弱。同时交易所仓单仍在减少流入现货，供应或继续增强。新能源产业 链数据表现良好，对中期预期较好。从中长线来看，精炼镍过剩格局不变。短期宏观拢动较多，要多关 注宏观政策影响。偏空 2、基差：现货126325，基差2725，偏多 3、库存：LME库存199146，+714，上交所仓单23344，-205，偏空 4、盘面：收盘价收于20均线以下，20均线向上，中性 5、主力持仓：主力持仓净空，空增，偏空 6、结论：沪镍2506：震荡运行。 不锈钢 每日观点 1、基本面：现货不锈钢价格持平，短 ...

Group 1: Industry Outlook - The lithium industry is expected to maintain growth due to global energy transformation and electrification trends, despite facing challenges such as technological iteration and resource competition [1] - The civil explosives industry will experience consolidation and technological advancements driven by policy integration, infrastructure investment, and mining demand [1] Group 2: Company Performance - The company reported a significant increase in lithium salt product sales for the fiscal year 2024, with stable orders from high-quality clients [2] - The net profit attributable to the parent company reached 257 million yuan, representing a year-on-year increase of 539.36% [2] Group 3: Future Growth Drivers - The company plans to leverage cost and efficiency advantages in the civil explosives sector and expand its operations in Africa and Australia to drive growth [2]

交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢早报—2025年5月13日 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 利多： 沪镍 每日观点 1、基本面：外盘大幅回落，阴包阳的K线尽显弱势。产业链来看，不锈钢表现偏弱，镍铁价格继续回落， 成本线继续下降，对后市预期偏弱。同时交易所仓单仍在减少流入现货，供应或继续增强。新能源产业 链数据表现良好，对中期预期较好。从中长线来看，精炼镍过剩格局不变。短期宏观拢动较多，要多关 注宏观政策影响。偏空 2、基差：现货127225，基差1095，偏多 3、库存：LME库存197754，+84，上交所仓单23222，-204，偏空 4、盘面：收盘价收于20均线以上，20均线向上，偏多 5、主力持仓：主力持仓净空，空减，偏空 6、结论：沪镍2506：震荡运行。 不锈钢 每日观点 1、基本面：现货不锈钢价 ...

5 月 9 日晚间， 龙蟠科技 （ 603906 ）发布公告，控股子公司常州锂源、控股孙公司南京锂源与楚能新能源全资子公司武汉楚能、孝感楚 能及宜昌楚能达成协议，预计自 2025 至 2029 年间合计向楚能新能源下属三家子公司 销售 15 万吨的磷酸铁锂正极材料 ， 在不考虑客供 碳酸锂销售模式下， 预估总销售金额超 50 亿元。 龙蟠科技表示，前述协议签订有助于稳定公司产品销售，将对未来业绩产生积极影响。 值得注意的是，协议有效期延续至 2030 年 4 月 30 日，远超常规订单合作周期，凸显双方对长期合作的信心。这一合作不仅标志着龙蟠科 技在磷酸铁锂正极材料领域的市场地位进一步巩固，也预示着新能源产业链上下游企业合作模式的深化。 01 龙蟠科技 / 楚能新能源强强联合 对于龙蟠科技而言，此次合作不仅意味着未来几年的业绩保障，更关键在于客户结构优化。此前龙蟠科技五大客户占比 64.5% ，楚能降低了 其头部依赖风险，客户多元化战略初现成效。 同时， "客供碳酸锂"模式灵活定价，既规避锂价波动，又锁定加工费利润， 为业绩穿上一层 "保护衣" 。 当前，行业分化加剧，绑定头部企业的市场红利加快显现。明显看到 ...

Core Viewpoint - CATL (Contemporary Amperex Technology Co., Limited) is set to debut on the Hong Kong Stock Exchange, aiming to raise at least $4 billion, marking it as one of the largest IPOs in the Hong Kong market this year [2][3]. Group 1: Timing and Strategic Importance - The timing of the IPO is significant as CATL aims to solidify its global leadership in the rapidly evolving energy sector, especially with increasing competition [3]. - The company is not in immediate need of funds but seeks to enhance its financial resources for technological advancements and global expansion [3]. - The global energy market is undergoing a transformation, and CATL's IPO is a strategic move to secure its position [3]. Group 2: Financing Scale and Comparisons - The $4 billion fundraising is substantial compared to previous IPOs in the sector, such as Tesla's $226 million in 2010 and BYD's $1.4 billion in 2022 [4]. - This amount is sufficient to build multiple battery production facilities and support various strategic initiatives simultaneously [5]. Group 3: Expected Use of Funds - Approximately 40% of the funds will likely be allocated to next-generation technology research and development, focusing on solid-state and sodium-ion batteries [6]. - About 35% is expected to be used for expanding overseas production capacity to meet local market demands [7]. - The remaining 25% will likely support the expansion of energy storage business, which has seen significant growth [8]. Group 4: Investor Perspectives - Retail investors may find this IPO an excellent opportunity to invest in a leading player in the energy sector, suitable for medium to long-term holding [9]. - Institutional investors view CATL as a benchmark for Chinese manufacturing on a global scale, making it a key component for high-end manufacturing portfolios [9]. - Industry investors should pay attention to CATL's supply chain partners, who may benefit from the expansion funded by this IPO [10].

Core Viewpoint - Suoao Sensor (300507.SZ) is set to be acquired by Hong Kong-listed lithium battery giant Zhongchuang Innovation (03931.HK), marking a significant shift in control and strategy for both companies [1][2][3]. Group 1: Acquisition Details - Zhongchuang Innovation will acquire 11% of Suoao Sensor's shares for approximately 5.11 billion yuan, with an additional investment of up to 6.73 billion yuan through a private placement, totaling 11.84 billion yuan for control [1][2]. - The share transfer price is set at 5.83 yuan per share, and the private placement will issue up to 119 million A-shares at 5.63 yuan per share [2][4]. - Following the acquisition, Zhongchuang Innovation will hold 22.61% of Suoao Sensor's shares, becoming the controlling shareholder [2]. Group 2: Business Implications - The acquisition aligns with Zhongchuang Innovation's strategy to enhance its presence in the new energy industry and automotive supply chain [1][3]. - Suoao Sensor will benefit from resource support, potentially improving its business development and operational capabilities [1][3]. Group 3: Financial Performance - Suoao Sensor reported a revenue of 16.7 billion yuan in 2024, a year-on-year increase of 48.87%, with a net profit of 1.38 billion yuan, up 11.31% [4][5]. - In Q1 2025, the company achieved revenues of 5.64 billion yuan and a net profit of 0.28 billion yuan, reflecting a growth of 131.88% and 0.61% respectively [5]. - The company plans to use the funds raised from the private placement to enhance its AMB copper-clad ceramic substrate project, which has a total investment of 8.62 billion yuan [5].

Core Viewpoint - The company faces significant financial challenges, including a substantial decline in revenue and a negative audit opinion regarding its internal controls, which may lead to the termination of its stock listing. Financial Performance - In 2024, the company achieved operating revenue of 136.70 million yuan, a decrease of 70.21% year-on-year, and an operating profit of -308.78 million yuan, an increase of 66.46 million yuan year-on-year [12] - The net profit attributable to shareholders was -310.30 million yuan, an increase of 84.95 million yuan year-on-year [12] - The primary reasons for the losses include the completion of significant nickel battery projects and high management costs due to a lengthy overseas operational chain [12] Audit Opinions - The company received a qualified audit opinion from He Xin Accounting Firm, indicating significant uncertainties related to its ability to continue as a going concern [3][4] - The audit report highlighted the lack of sufficient evidence regarding the recoverability of 446 million yuan from photovoltaic project contracts [5][6] Business Operations - The company focuses on developing and operating comprehensive industrial parks in Indonesia, leveraging local government relationships and operational management experience [13] - The company has completed various projects, including a coal-fired power plant and a nickel smelting project, contributing to its revenue [15][16] Industry Context - The Indonesian government continues to enforce strict nickel ore export bans, promoting the construction of smelting plants, which presents opportunities for the company's industrial park development [17] - The company is positioned to benefit from investment incentives and tax reductions aimed at attracting foreign investment in the renewable energy sector [20] Legal and Regulatory Matters - The company is currently under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws [30] - The company has faced challenges with its subsidiary BMU, losing control due to a breach of agreement by a minority shareholder [26][9]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - Indonesia's PNBP policy is set to be implemented on the 26th, but its impact on cost increase is expected to be limited. The domestic trade prices of Indonesian nickel ore showed mixed trends last week, while the premium remained stable [4]. - In the stainless - steel market, the nickel - iron in the raw material segment weakened slightly, but the ferro - chrome remained strong, providing effective cost support. Production cuts were observed on the supply side, and inventory decreased significantly last week due to pre - May Day stocking. In May, stainless - steel prices are expected to fluctuate, with cost providing a bottom - line and demand acting as a constraint [4]. - In the new energy sector, the supply of MHP was tighter than expected, and there may be pressure on the demand side of nickel sulfate. In May, with the recovery of raw material supply and the weakening of stocking demand, prices may lack support [4]. - For primary nickel, the domestic social inventory continued to increase last week, indicating growing oversupply pressure. In May, the nickel ore and MHP segments are relatively strong in the short term, and over - bearish views are not advisable. However, in the long run, prices in the nickel ore, nickel - iron, and new energy industrial chains are expected to decline. If the inventory of primary nickel in China continues to increase, it will put more pressure on nickel prices [4]. 3. Summary According to the Directory 3.1 Price - Monthly, Shanghai nickel fell 2.6%, and LME nickel fell 2.1%. The prices in the industrial chain recovered after a significant decline affected by the macro - environment. Weekly, nickel ore and nickel sulfate prices rose slightly, while nickel - iron prices fell [5][6]. 3.2 Inventory - LME inventory decreased by 120 tons to 202,470 tons last week; Shanghai nickel inventory decreased by 42 tons to 24,800 tons; social inventory increased by 701 tons to 44,661 tons; and bonded - area inventory remained at 5,800 tons [5][12]. 3.3 Supply 3.3.1 Nickel Ore - The price of Indonesian laterite nickel ore with a grade of 1.2% decreased by $0.4 per wet ton to $24 per wet ton, while that of 1.6% increased by $1.5 per ton to $52.5 per ton. The premium of Indonesian nickel ore remained at $25 per wet ton, and the premium of low - grade Philippine nickel ore remained stable [4][5][18]. 3.3.2 Refined Nickel - Futures prices fluctuated within a narrow range, and the spot premium decreased slightly [5][19]. 3.3.3 Nickel Iron - The center of the nickel - iron transaction price in the market moved downward [5][24]. 3.3.4 Intermediate Products - Production in Indonesia was affected, resulting in a relatively tight short - term supply [5][27]. 3.3.5 Nickel Sulfate - Raw material prices were relatively strong, and theoretical profits turned into losses [5][33]. 3.4 Demand 3.4.1 Ternary Precursor - Weekly inventory decreased by 263 tons to 14,195 tons [4][5]. 3.4.2 Power Cells - Weekly cell production increased by 7.9% to 24.98 GWh, with lithium - iron cells increasing by 10.7% to 17.37 GWh and ternary cells increasing by 1.9% to 7.61 GWh [4][5][50]. 3.4.3 Lithium - ion Batteries and New - energy Vehicles - From April 1st to 20th, the retail volume of the national new - energy passenger vehicle market was 478,000 units, a 20% increase compared to the same period last April, a 11% decrease compared to the same period last month, with a retail penetration rate of 53.3%. The cumulative retail volume this year was 2.898 million units, a 33% increase year - on - year. The wholesale volume of new - energy passenger vehicles by national manufacturers was 530,000 units, a 23% increase compared to the same period last April, a 7% decrease compared to the same period last month, with a wholesale penetration rate of 53.3%. The cumulative wholesale volume this year was 3.378 million units, a 39% increase year - on - year [4][5][53]. 3.5 Stainless - steel Market 3.5.1 Price - Most stainless - steel spot prices fell last month, and the spot premium increased by 50 yuan per ton to 525 yuan per ton [65][66]. 3.5.2 Inventory - Warehouse receipt inventory decreased by 11,979 tons to 168,000 tons month - on - month; the total social inventory of 89 stainless - steel warehouses in the national mainstream market decreased by 8,481 tons to 1,078,000 tons week - on - week, with the 300 - series decreasing by 21,476 tons to 701,470 tons [65][70]. 3.5.3 Supply - According to Steel Union statistics, two 300 - series steel mills reduced production to varying degrees this month, expected to affect April's output by about 40,000 tons [65]. 3.5.4 Cost and Profit - The finished - product prices were lackluster, and raw - material prices showed mixed trends [65]. 3.5.5 Consumption - According to the latest production scheduling report of three major white - goods released by Industry Online, the total scheduled production of air conditioners, refrigerators, and washing machines in May 2024 was 37.75 million units, a 15.2% increase compared to the actual production in the same period last year, and the industry continued to grow at a high speed [65][90][94]. 3.5.6 Supply - demand Balance - Production cuts reduced the pressure of inventory accumulation [65][99].

此次合作标志着本田汽车在新能源和智能化领域的进一步拓展。与宁德时代的合作将聚焦于电池技术的创新与应用，旨在提升车辆的续航能力和 安全性。同时，与梦腾智驾的合作将助力本田在自动驾驶技术领域的竞争力，推动其智能化发展。 （ 来源：观点网） 01 ｜ 习近平主席：中国建成了全球最大、最完整的新能源产 业链 02 ｜ 又有锂电项目落地马来西亚！ 03 ｜ 创新高！国轩高科海外营收破百亿 04 ｜ 2025起点轻型动力电池及两轮车换电大会7月10-11日无锡 举办 往 期 回 顾 are 全球领导 的电子 2 2 2 台 服 务 内 容 FT 品牌服务 研究咨询 资本服务 政府服务 品牌 论坛 研究 数据 融资 Ibo 规划 招商 宣传 报告 调研 咨询 报告 服务 展会 服务 雷 销 会员 品牌 旋滑 豐拔 国专 政府 投资 定位 顾问 顾问 合作咨询 邱先生 189 3802 3176 2 12 2 1 1 1 1 2 - 2 1 - 2 - 2 1 - 2 T-T-TRULE 点轻型动力电池技术高峰论 20 品 ILT 25 第五届起点两轮车换甲7 果 系统 上 - 拓展新兴应用市场 码上参会 * 4月23日，本 ...

4月24日，粤港澳大湾区遂宁市重点产业合作推介会在深圳举行。活动中， 射洪市与重庆天辉能源科技有限公司签订了投资58亿元的圆柱形电 池生产基地项目。 据悉，该项目 计划总投资58亿元，分二期建设，主要建设圆柱形锂离子电池和大圆柱电池生产线 。 当前，射洪全面擂响"大抓招商引资、重抓招大引强"的战鼓，在推进高质量跨越式发展中走在前列作好示范。 该项目是4月射洪签约的第二个 50亿元以上项目，也是遂宁首个签约两个50亿元项目的区县。 射洪凭实力 为"加快建成遂宁市域副中心、奋进千亿县"注入源源不断的强大动 力，跑出了"射洪加速度"。 （来源：射洪市官微 ） 点击阅读原文，即可报名参会！ 01 ｜ 习近平主席：中国建成了全球最大、最完整的新能源产 业链 02 ｜ 又有锂电项目落地马来西亚！ 03 ｜ 创新高！国轩高科海外营收破百亿 04 ｜ 2025起点轻型动力电池及两轮车换电大会7月10-11日无锡 举办 往 期 回 顾 are 全球领导 的电子 2 2 2 台 服 务 内 容 FT 品牌服务 研究咨询 资本服务 政府服务 品牌 论坛 研究 数据 融资 Ibo 规划 招商 宣传 报告 调研 咨询 报告 服务 展会 ...