Core Viewpoint - The company plans to transfer a 36.72% stake in its subsidiary, Shanli New, to Kunlun New Materials for 22.7699 million yuan, while also acquiring an additional 16.5% stake at zero cost, and will invest 78.0941 million yuan for cash injection into Shanli New [1] Group 1: Transaction Details - The transaction will reduce the company's holding in Shanli New to 45.1546%, resulting in the company no longer being the controlling shareholder [1] - Shanli New will be excluded from the company's consolidated financial statements following the completion of the transaction [1] Group 2: Strategic Objectives - The introduction of strategic investor Kunlun New Materials aims to enhance Shanli New's technological upgrades, market expansion, and cost optimization through capital injection, technical collaboration, and market introduction [1] - The company intends to accelerate the business layout of Shanli New in solid-state batteries and sodium-ion batteries, and facilitate the rapid commercialization of lithium sulfide products from laboratory results [1] - The overall goal is to improve Shanli New's profitability [1]

Industry Overview - The report highlights a recovery in the lithium and rare earth markets due to the easing of China-US trade relations, which is expected to support prices in the short term [6][19]. - The steel industry is facing a potential demand decline as northern regions enter the heating season, leading to increased construction site shutdowns and a tightening of supply due to environmental production restrictions [5][21]. Steel Industry - The steel PMI index for October was reported at 49.2%, indicating a slight improvement but still in contraction territory, with new orders at 47.6% [20]. - Steel production in October showed a recovery with a production index of 49.8%, but overall inventory levels increased due to a stronger supply response compared to demand [20][29]. - The average daily transaction volume of construction steel in October was 101,300 tons, a month-on-month increase of 3.19% but a year-on-year decrease of 16.08% [22]. Copper Industry - The copper market is experiencing supply constraints due to maintenance at smelters and tight anode copper supply, with a projected decrease in output for November [35][36]. - Domestic refined copper production in September was 1.266 million tons, a year-on-year increase of 11.25% [36]. - The LME copper price increased by 5.84% to $10,900 per ton, while the domestic price rose by 5.45% to 87,700 yuan per ton [36]. Aluminum Industry - Domestic electrolytic aluminum production in October increased by 1.13% year-on-year, while alumina production rose by 9.41% [43][44]. - The report anticipates that alumina prices will remain low due to increased supply from the end of the rainy season in Guinea, which may support electrolytic aluminum profitability [5][43]. - The LME aluminum price increased by 8.11% to $2,900 per ton, with domestic prices rising by 2.65% to 21,300 yuan per ton [45]. Precious Metals - The easing of US-China trade tensions has reduced safe-haven demand for gold, leading to a potential stabilization in gold prices [54][55]. - COMEX gold prices increased by 3.24% to $4,013.40 per ounce, while SHFE gold prices rose by 5.43% to 921.92 yuan per gram [55]. New Energy Metals - Lithium production in September was reported at 47,100 tons, a year-on-year increase of 47.59%, driven by strong demand in the energy storage sector [60]. - The price of battery-grade lithium carbonate increased by 8.84% to 80,000 yuan per ton, reflecting a tightening supply-demand balance [60]. - The report emphasizes the importance of regulatory trends in optimizing the lithium supply landscape, which may support price stability [58]. Cobalt Industry - Cobalt production in October showed a year-on-year increase of 19.62% for sulfate cobalt, while the price of 1 cobalt rose by 17.25% to 404,500 yuan per ton [65][66]. - The demand for cobalt is expected to remain strong due to the growth in electric vehicle production and energy storage applications [65].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that exceeds the market benchmark by over 20% in the next 6-12 months [5][11]. Core Insights - The company reported a revenue of 15.474 billion yuan for the first three quarters of 2025, a year-on-year increase of 6.07%, while the net profit attributable to shareholders was 0.881 billion yuan, a decrease of 19.76% year-on-year [1][5]. - In Q3 2025, the company achieved a revenue of 5.252 billion yuan, down 8.12% year-on-year and 0.10% quarter-on-quarter, with a net profit of 0.205 billion yuan, reflecting a significant decline of 55.53% year-on-year and 43.09% quarter-on-quarter [1][5]. - The new materials segment showed strong performance, with significant growth in net profit driven by increased sales volume and improved product structure, particularly in the automotive electronics and AI server materials [2][3]. Financial Performance Summary - For 2023, the company is projected to have a revenue of 17.756 billion yuan, with a growth rate of 32.0%. The net profit is expected to be 1.124 billion yuan, reflecting a growth rate of 109.2% [4][10]. - The earnings per share (EPS) for 2025 is estimated at 1.49 yuan, with a price-to-earnings (P/E) ratio of 15.0 [4][10]. - The company anticipates a significant increase in profits from the new materials segment, while adjustments in the photovoltaic business may impact overall profitability in the coming years [3][4].

Core Viewpoint - The company has successfully achieved full-process production capabilities for lithium metal solid-state batteries and received a significant order for production equipment, marking a milestone in the industry for commercial viability of high-energy lithium metal solid-state batteries [1] Group 1: Production Capabilities - The company has completed the entire production process for lithium metal solid-state batteries, including key manufacturing equipment [1] - The company has received a 2GWh production equipment order valued at 400 million yuan, which is the first commercial order for high-energy lithium metal solid-state battery equipment in the industry [1] Group 2: Technological Breakthroughs - The company has made multiple technological breakthroughs in critical areas of solid-state battery manufacturing, including the preparation of solid-state electrodes and electrolytes, as well as assembly processes [1] - The company is providing trial production line equipment for sulfide solid-state batteries to several leading global new energy technology companies, which have recognized the equipment's quality and are beginning to receive shipments [1]

Core Insights - The company reported a revenue of 1.937 billion and a net profit of 205 million for the first three quarters of 2025, showing a year-on-year increase of 5.11% and 9.17% respectively [1] - The company has established a strong presence in overseas markets, particularly in Europe and North America, with a significant increase in overseas orders and revenue [2] - A partnership with Qingtao Energy has been formed to advance solid-state battery technology, which is expected to accelerate the industrialization process [3] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.937 billion, a net profit of 205 million, and a non-recurring net profit of 197 million, with gross and net profit margins of 28.08% and 15.55% respectively [1] - In Q3 2025, the company reported a revenue of 664 million, a net profit of 53 million, and a non-recurring net profit of 52 million, with a gross profit margin of 26.31% [1] Market Expansion - The company has successfully penetrated the European market since 2018 and is expanding into North America, with a projected 483% year-on-year increase in overseas revenue by 2024 [2] - The company aims to deepen its local network in Spain by 2025, further enhancing its market presence [2] Technological Advancements - A formal agreement was signed with Qingtao Energy to establish a joint laboratory for solid-state battery technology, focusing on manufacturing processes and equipment [3] - The company is also targeting the semi-solid battery equipment market, with potential applications in vehicles like the SAIC MG4 [3] Investment Outlook - The company is expected to achieve net profits of 295 million, 421 million, and 541 million from 2025 to 2027, with corresponding EPS of 2.35, 3.35, and 4.31 [3] - The company is rated as "recommended" due to its stable core business and advancements in solid-state battery research [3]

每经AI快讯，有投资者在投资者互动平台提问：秘董，您好！如今固态电池凭借高能量密度、出色安 全性等优势，在新能源汽车、储能等领域展现出巨大潜力，成为行业焦点。想请问强瑞技术在固态电池 技术储备方面有哪些布局？是否涉足固态电池相关工装和检测治具及设备的研发？ 强瑞技术（301128.SZ）11月6日在投资者互动平台表示，公司少量治具产品系用于新能源电池工装和检 测领域。基于客户保密性要求，公司无法获悉该等新能源电池是否属于固态电池。仅就相关的组装和检 测工序而言，公司的技术储备可以满足新能源电池客户的需求。 （文章来源：每日经济新闻） ...

Core Viewpoint - The company, Sunwoda Electronic Co., Ltd., is actively developing anode materials for solid-state batteries and has confirmed that it is not true that the company is not involved in this area [2]. Group 1 - The company is developing products related to anode materials for solid-state batteries and solid electrolyte composite anode materials [2]. - Some of the products have undergone multiple rounds of testing at customer sites [2]. - The company is establishing its own evaluation system for solid-state battery anode materials to accelerate the research and development of new anode materials specifically for solid-state batteries [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - The lithium carbonate market shows a complex situation with both supply and demand sides having growth potential. The price of lithium carbonate futures is volatile, and the option market sentiment is bullish. It is recommended to conduct light - position short - term long trades at low prices while controlling risks [2]. 3. Summary According to Related Catalogs Futures Market - The closing price of the main contract is 80,500 yuan/ton, up 1,360 yuan; the net position of the top 20 is - 164,646 hands, up 6,420 hands; the position volume of the main contract is 471,983 hands, up 18,723 hands; the spread between near - and far - month contracts is - 2,480 yuan/ton, down 1,280 yuan; the Guangzhou Futures Exchange warehouse receipt is 26,420 hands/ton, down 410 hands [2]. Spot Market - The average price of battery - grade lithium carbonate is 80,400 yuan/ton, down 100 yuan; the average price of industrial - grade lithium carbonate is 78,200 yuan/ton, down 100 yuan; the basis of the Li₂CO₃ main contract is - 100 yuan/ton, down 1,460 yuan [2]. Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 970 US dollars/ton, unchanged; the average price of amblygonite is 8,405 yuan/ton, up 65 yuan; the price of lepidolite (2 - 2.5%) is 3,060 yuan/ton, unchanged [2]. Industry Situation - The monthly output of lithium carbonate is 47,140 tons, up 1,260 tons; the monthly import volume is 19,596.90 tons, down 2,250.01 tons; the monthly export volume is 150.82 tons, down 218.09 tons; the enterprise operating rate is 47%, up 1%; the monthly output of power batteries is 151,200 MWh, up 11,600 MWh; the price of lithium manganate is 33,000 yuan/ton, unchanged; the price of lithium hexafluorophosphate is 11.90 million yuan/ton, up 0.25 million yuan; the price of lithium cobalt oxide is 343,500 yuan/ton, unchanged; the price of ternary material (811 type) in China is 164,500 yuan/ton, unchanged; the price of ternary material (622 power type) in China is 144,500 yuan/ton, unchanged [2]. Downstream and Application - The price of ternary material (523 single - crystal type) in China is 156,000 yuan/ton, unchanged; the operating rate of ternary cathode materials is 53%, down 2%; the price of lithium iron phosphate is 3.48 million yuan/ton, unchanged; the operating rate of lithium iron phosphate cathode is 59%, up 2%; the monthly output of new energy vehicles is 1,617,000, up 226,000; the monthly sales volume is 1,604,000, up 209,000; the cumulative sales penetration rate is 46.09%, up 0.55%; the cumulative sales volume is 11,228,000, up 2,908,000; the monthly export volume is 222,000, down 2,000; the cumulative export volume is 1,758,000, up 830,000; the 20 - day average volatility of the target is 31.02%, up 0.32%; the 40 - day average volatility is 27.41%, up 0.06% [2]. Option Situation - The total subscription position is 239,975, down 1,773; the total put position is 130,787, up 17,281; the put - call ratio of the total position is 54.50%, up 7.5481%; the implied volatility of at - the - money IV is 0.28%, down 0.0027% [2]. Industry News - In October 2025, Chile exported 25,000 tons of lithium carbonate, a 56% month - on - month increase. From January to October 2025, Chile exported 189,400 tons of lithium carbonate, a 5.3% year - on - year decrease. In October 2025, Chile exported 1,708 tons of lithium sulfate, all to China, an 80% month - on - month decrease. From January to October 2025, Chile exported 72,000 tons of lithium sulfate, an 81% year - on - year increase [2]. - As of the end of September, China's new energy storage installed capacity exceeded 100 million kilowatts, more than 30 times that at the end of the 13th Five - Year Plan, ranking first in the world [2]. - TrendForce predicts that the global demand for solid - state batteries (including semi - solid) will exceed 206 GWh in 2030 and expand to over 740 GWh in 2035 [2]. - In October 2025, the retail sales of new energy passenger vehicles in China were 1.4 million, a 17% year - on - year increase and an 8% month - on - month increase, with a penetration rate of 58.7% [2]. 4. Technical Analysis - On the technical side, the 60 - minute MACD has both lines below the 0 - axis and the green bar is converging [2]. 5. Operation Suggestion - Conduct light - position short - term long trades at low prices and pay attention to controlling trading rhythm and risks [2].

Market Overview - The market experienced a strong upward movement, with the Shanghai Composite Index rising nearly 1% and surpassing the 4000-point mark, while the Sci-Tech Innovation 50 Index increased by nearly 3% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.32 trillion yuan, an increase of 188 billion yuan compared to the previous trading day [1] - The market saw rapid rotation of hot sectors, with notable strength in the electric grid equipment sector, semiconductor sector, chemical sector, and electrolytic aluminum concept [1][10] Electric Grid Equipment Sector - The electric grid equipment sector continued its strong performance, with stocks like Moen Electric and China West Electric hitting the daily limit [1][25] - Moen Electric achieved a three-day limit increase, while other companies in the sector also saw significant gains [1][25] Semiconductor Sector - The semiconductor sector showed volatility but ultimately rose, with stocks like Demingli and Haiguang Information hitting the daily limit [1][7] - The sector is benefiting from increased demand for storage chips, with significant price increases expected for new products [21] Chemical Sector - The chemical sector experienced a broad rally, with stocks such as Batian Co., Qing Shui Yuan, and Chengxing Co. hitting the daily limit [3][15] - The rise in prices is attributed to a recovery in demand for downstream electrolytic liquid raw materials and production cuts in wet phosphoric acid plants [3][15] Electrolytic Aluminum Sector - The electrolytic aluminum sector was active, with China Aluminum hitting the daily limit and reaching a 15-year high [1][8] - Reports indicate a cumulative growth of 3.9% in electrolytic aluminum demand from January to September, exceeding market expectations [10][17] Individual Stock Performance - A total of 47 stocks hit the daily limit today, with a sealing rate of 71% and 11 stocks achieving consecutive limit increases [1] - Notable performers included Moen Electric, which achieved a three-day limit increase, and other companies like Huaneng Power and Shun Sodium Co. also saw significant gains [1][12] Future Outlook - The International Energy Agency predicts that global annual investment in electric grids will increase to $500 billion from 2023 to 2030, with a compound annual growth rate of 12.6% [2] - UBS has raised its forecast for China's electricity demand growth from 2028 to 2030, indicating strong future demand in the energy sector [2]

2025年11月6日，创业板新能源ETF华夏（159368）上涨1.22%，持仓股当升科技涨超4%，震裕科技、 新宙邦涨超2%。 2025年前三季度，亿纬锂能资本性支出同比增长82%，宁德时代增长40%，欣旺达、鹏辉能源增长均超 20%，头部企业通过大规模扩产与上游原材料锁定巩固优势。 （文章来源：每日经济新闻） 中信证券指出，国内外新能源车销量增长与全球储能需求共振，推动产业链出货端持续亮眼，2025年二 季度多数环节收入同比恢复正向增长，部分供给紧缺环节已开启产能扩张节奏，头部企业加大资本开支 是对行业高景气度的直接响应。从实际需求来看，2025年前三季度全球锂电储能装机超170GWh，同比 增长68%，国内新能源汽车渗透率突破35%，动力电池装机量累计增长43%，终端需求的爆发式增长为 头部企业扩产提供了明确动力。 创业板新能源ETF华夏（159368）是全市场跟踪创业板新能源指数的规模最大ETF基金。创业板新能源 指数主要涵盖新能源和新能源汽车产业，涉及电池、光伏等多个细分领域。创业板新能源ETF华夏 （159368）弹性最大，涨幅可达20cm；费率方面，管理费和托管费合计仅为0.2%；规模同类最大， ...