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]

Group 1 - The core viewpoint of the articles highlights the continued rebound in the new energy sector, with significant increases in the performance of new energy vehicle ETFs [1] - The Ministry of Industry and Information Technology plans to optimize tax incentives for new energy vehicle purchases, which is expected to drive high growth in domestic sales of new energy vehicles by 2025, subsequently boosting demand for batteries and materials [1] - In the power battery sector, there is strong demand for lithium battery inventory, and production is expected to continue rising as year-end demand increases, marking the start of the peak season for the lithium industry chain [1] Group 2 - In the photovoltaic sector, the investment theme remains focused on "anti-involution," with continued price increases for photovoltaic batteries and signs of rising prices for centralized components, although the sustainability of these price increases is still under observation due to weak installation in August [1] - A recent notice on improving pricing mechanisms to promote the local consumption of new energy power generation is expected to help alleviate conflicts related to photovoltaic power stations from an economic perspective [1] - The ongoing emphasis from higher authorities on "anti-involution" in the new energy industry reflects the government's concern over supply-demand imbalances, suggesting a potential bottom reversal for the sector [1]

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]

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’s main business has 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 expected to represent only 0.01% of the company’s consolidated revenue [1] Research and Development - The 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 scheduled to last until December 31, 2028, indicating significant uncertainty regarding future research outcomes and commercialization [1]

Core Viewpoint - The company, Fengshan Group (603810.SH), clarifies that its main business remains focused on the production, research, and sales of raw medicines and formulations, despite recent media reports linking it to the "solid-state battery" concept [1] Business Operations - The company’s main business has not changed, and its subsidiary, Fengshan Quannuo, primarily sells lithium-ion electrolytes, with sodium-ion electrolytes making up a relatively small portion of sales [1] - As of the first half of 2025, sodium-ion electrolyte sales are expected to account for only 0.01% of the company's consolidated revenue [1] Research and Development - The 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 scheduled to last until December 31, 2028 [1] - There is significant uncertainty regarding the subsequent research outcomes and their commercialization [1]

Core Viewpoint - The company clarifies that its main business remains focused on the production, research, and sales of raw medicines and formulations, despite media reports linking it to the "solid-state battery" concept [1] Business Operations - The company's main business has not changed, and its subsidiary, Fengshan Quannuo, primarily sells lithium-ion electrolytes, with sodium-ion electrolytes making up a relatively small portion of sales [1] - As of the first half of 2025, sodium-ion electrolyte sales are expected to account for only 0.01% of the company's consolidated revenue [1] Research and Development - The important research results published by Professor Zhang Qiang's team from Tsinghua University are not related to the company's commissioned research and development project [1] - The collaboration with Tsinghua University is currently in the preliminary research and development phase, with a small contract amount, and the technology development project is scheduled to last until December 31, 2028 [1] - There is significant uncertainty regarding the subsequent research outcomes and their commercialization [1]

Core Viewpoint - The company, Fengshan Group, clarifies that its main business remains focused on the production, research, and sales of raw medicines and formulations, despite recent media speculation linking it to the "solid-state battery" concept [1] Business Operations - The company’s main business has 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, the sales revenue from sodium-ion electrolytes is expected to represent only 0.01% of the company's consolidated operating income [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 scheduled to last until December 31, 2028 [1] - There is significant uncertainty regarding the subsequent research outcomes and their commercialization [1]

Market Performance - In September, the A-share market closed positively with the Shanghai Composite Index rising by 0.52%, the Shenzhen Component Index increasing by 0.35%, and the ChiNext Index remaining flat. The indices recorded gains of 0.64%, 6.54%, and 12.04% respectively for the month, marking five consecutive months of increases, with the ChiNext Index achieving a quarterly gain of over 50%, the second-best in history [1][2] Sector Performance - In September, the power equipment, non-ferrous metals, and electronics sectors led the gains, while the defense, banking, and non-bank financial sectors lagged behind [3] - For the first three quarters, the communication, electronics, power equipment, and non-ferrous metals sectors were the top performers, with the banking sector being the only one to show a decline among 31 primary industries [5] ETF Performance - The "Global Vision, Bet on China" top ten core ETFs saw a cumulative increase of 5.64% in September, with a total gain of 38.96% for the first three quarters, outperforming the CSI 300 Index by 21 percentage points [7] - The Sci-Tech Chip ETF led the gains in September with a rise of 16%, and a cumulative increase of 75.2% for the first three quarters. The ChiNext 50 ETF followed closely with a September gain of 14.53% and a cumulative increase of 59% for the year [7][8] A500 Index and ETF - The A500 ETF (512050) rose by 4.52% in September, with a cumulative gain of 24.11% for the first three quarters. The A500 Index outperformed the CSI 300 Index by over 1 percentage point in September, with a cumulative gain nearly 4 percentage points higher for the year [9][11] - The A500 Index benefits from a balanced industry distribution and a focus on growth sectors, with a significant representation of leading companies across various industries [11] ChiNext 50 ETF - The ChiNext 50 ETF closely tracks the ChiNext 50 Index, which selects the 50 largest and most liquid stocks from the ChiNext market, focusing on new energy, technology, and pharmaceuticals. The top ten weighted stocks include industry leaders such as CATL and Mindray, capturing the benefits of technological revolutions [13] Securities Sector - The securities sector experienced a sudden surge after a month of decline, likely due to the upcoming third-quarter earnings reports and increased trading activity. The average daily trading volume in A-shares reached 2.1 trillion yuan, a 67% increase from the previous month and double the year-on-year figure [16] - The securities sector saw a net inflow of over 230 billion yuan into securities-themed ETFs, with the broker ETF experiencing a net inflow of 60.3 billion yuan [16]

Core Viewpoint - Fengshan Group (603810) 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’s main business has 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 expected 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 scheduled to last until December 31, 2028, indicating significant uncertainty regarding future research outcomes and commercialization [1]

Group 1 - The core viewpoint of the news is the significant advancements in solid-state battery technology, driven by policy support and technological breakthroughs, which are expected to accelerate the commercialization process and attract capital attention [1][3]. - The Ministry of Industry and Information Technology and eight other departments issued a work plan for the non-ferrous metal industry, emphasizing the acceleration of application verification for solid-state battery materials [3]. - Tsinghua University's research team has made progress in polymer electrolyte research for solid-state batteries, developing a new fluorinated polyether electrolyte that supports the development of high-safety, high-energy-density solid-state lithium batteries [3]. Group 2 - The solid-state battery sector is experiencing a commercial wave, with companies like EVE Energy planning to achieve a production capacity of 60Ah for their "Longquan No. 2" solid-state battery by the end of the year, and CATL's new battery technology achieving an energy density of over 500Wh/kg [3]. - The lithium battery sector is entering a peak demand season, with strong production in September and a favorable outlook for downstream energy storage [4]. - Major lithium battery manufacturers have reported improved performance metrics, with capacity utilization rates reaching historical highs, and significant growth in new orders for equipment expected in 2025 [4]. Group 3 - The New Energy ETF (159387) is positioned to capitalize on the growth opportunities in the new energy sector, with solid-state batteries and energy storage comprising over 65% of its portfolio [5]. - The ETF tracks the New Energy Index, which includes listed companies involved in clean energy production, storage, and application, and has a maximum fluctuation limit of 20% [5].