Core Viewpoint - Shanghai Electric Power Co., Ltd. has decided to terminate the acquisition of a 66.40% stake in K-Electric Limited in Pakistan, originally planned for $1.77 billion, due to unmet conditions and changes in the business environment [2][4]. Group 1: Acquisition Details - The acquisition process began in 2016 and involved multiple approvals from regulatory bodies, including the Pakistan Competition Commission and Chinese authorities [3][4]. - The deal faced challenges, including a new pricing mechanism in Pakistan that significantly reduced K-Electric's profitability and valuation [4]. - Shanghai Electric Power has been disclosing progress on the acquisition every 30 days since March 2017, indicating ongoing challenges and risks associated with the deal [4][5]. Group 2: Market Reaction - Following the announcement of the termination, Shanghai Electric's stock experienced significant volatility, initially dropping to the daily limit before rebounding to close at 22.01 yuan per share, a 5.87% increase [2]. - Over the past 60 days, the company's stock has seen a cumulative increase of 150.68% [2]. Group 3: Financial Performance - Shanghai Electric reported a net profit of 3.34 billion yuan in 2022, which is expected to grow to 20.46 billion yuan in 2024 [6]. - In the first half of 2025, the company achieved a revenue of 20.475 billion yuan, a year-on-year increase of 1.76%, and a net profit of 1.909 billion yuan, up 43.85% [6]. Group 4: Energy Portfolio - As of mid-2025, Shanghai Electric's installed capacity reached 25.8013 million kilowatts, with clean energy accounting for 61.83% of the total [7]. - The company has significant operations in various energy sectors, including coal, gas, wind, and solar power, with a notable increase in renewable energy generation [7]. Group 5: New Investments - Following the termination of the acquisition, Shanghai Electric is shifting focus to domestic clean energy projects, including a 500,000-kilowatt offshore solar project and a 400,000-kilowatt wind project in Heilongjiang [8].

香港中华煤气执行董事暨首席投资总裁陈英龙，日前代表集团出席在厦门举行的"2025未来投资大会"，并在会议中分享集团在新能源投资方面的愿景和专 业知识，与来自全球的专业领袖交流互动，探讨实现绿色未来的机遇。 香港中华煤气执行董事暨首席投资总裁陈英龙，代表集团出席在厦门举行的"2025未来投资大会"。 陈英龙于会议中分享集团在新能源投资方面的愿景和专业知识，与来自全球的专业领袖交流互动，探讨实现绿色未来的机遇。 会议由联合国贸易和发展会议(UNCTAD)与中国国际投资贸易洽谈会(CIFIT)联合主办。以"投资可持续的未来"为主题，围绕最新技术创新与可持续发展趋 势如何重塑全球投资未来展开深入对话。 是次为全球认可的国际性会议，汇聚了来自主权财富基金、私募股权、资产管理、发展金融机构(DFIs)以及专家的领袖，透过多边对话及广泛参与，深入 探讨国际投资新趋势，促进国际投资和技术创新方面的合作。 ...

Group 1 - The core viewpoint of the news is that Kunlun Wanwei's stock price increased by 5.02% to 40.82 CNY per share, with a trading volume of 2.746 billion CNY and a market capitalization of 51.244 billion CNY as of the report date [1] - Kunlun Wanwei, established on March 27, 2008, and listed on January 21, 2015, is primarily engaged in comprehensive internet value-added services and new energy investment [1] - The company's revenue composition includes: 38.37% from online advertising, 18.51% from Opera search, 15.61% from short drama platforms, 13.92% from overseas social networks, 6.40% from gaming, 4.27% from casual social entertainment platforms, 1.75% from AI software technology, and 1.16% from other businesses [1] Group 2 - Among Kunlun Wanwei's top ten circulating shareholders, Huazhang Fund's Huazhang Chuangye Board 50 ETF (159949) reduced its holdings by 428,100 shares in Q2, now holding 8.0577 million shares, which is 0.64% of the circulating shares [2] - The Huazhang Chuangye Board 50 ETF has a current scale of 25.16 billion CNY and has achieved a return of 39.14% this year, ranking 554 out of 4222 in its category [2] - The fund manager of Huazhang Chuangye Board 50 ETF, Xu Zhiyan, has a total asset scale of 140.096 billion CNY, with the best fund return during his tenure being 193.39% [3]

Group 1 - The A-share market saw all three major indices rise, with over 2,600 stocks increasing in value, led by the communication, electronics, and media sectors, while the comprehensive, power equipment, and chemical sectors lagged behind [1] - The current new energy market rally is driven by three main themes: the dual drivers of policy and demand in the energy storage sector, technological breakthroughs and accelerated mass production in the solid-state battery field, and the effects of anti-involution policies optimizing supply and demand in the lithium mining market [1] - As of September 9, the scale of the Huaxia New Energy ETF (159368) reached 246 million, making it the largest in its category, with a total management and custody fee of only 0.2%, the lowest among similar products [1] Group 2 - The Huaxia New Energy ETF (159368) is the first ETF in the market to track the New Energy Index of the ChiNext board, covering various sub-sectors such as batteries and photovoltaics, characterized by high elasticity and strong growth potential [2] - The index structure aligns well with anti-involution policies, facilitating quick investment opportunities for investors [2] - Continuous attention is recommended for those optimistic about future investment opportunities in the new energy sector [2]

Core Viewpoint - The A-share market is experiencing a positive trend with over 2,200 stocks rising, driven by three main themes in the new energy sector: policy and demand-driven energy storage, technological breakthroughs in solid-state batteries, and improved supply-demand dynamics in lithium mining [1] Group 1: Market Performance - On September 10, 2025, all three major A-share indices turned positive, with communication, electronics, and media sectors leading the gains, while comprehensive, power equipment, and chemical sectors lagged [1] Group 2: New Energy Sector Insights - The current new energy market rally is focused on three core themes: energy storage driven by policy and demand, accelerated production in solid-state batteries, and improved supply-demand conditions in lithium mining [1] - The Huaxia New Energy ETF (159368) has reached a scale of 246 million yuan, making it the largest in its category, with a total management and custody fee of only 0.2%, the lowest among peers [1] - The Huaxia New Energy ETF is the first ETF tracking the new energy index on the ChiNext board, covering various segments of the new energy and electric vehicle industries, including batteries and photovoltaics, with a strong growth potential [1]

AI基金红塔红土新能源主题精选股票A（015537）披露2025年半年报，上半年基金利润5.95万元，加权平均基金份额本期利润0.0307元。报告期内，基金净 值增长率为4.28%，截至上半年末，基金规模为133.47万元。 该基金属于标准股票型基金，长期投资于先进制造股票。截至9月5日，单位净值为0.894元。基金经理是赵耀，目前管理8只基金。其中，截至9月5日，红塔 红土信息产业精选股票发起式A近一年复权单位净值增长率最高，达89.33%；红塔红土稳健添利混合A最低，为21.36%。 基金管理人在半年报中表示，总体来看，我们对于2025年下半年的股票市场较为乐观。一是宏观经济基本面处于进一步向好势态，从产业结构上看，科技产 业创新突破较多。二是A股市场各主要指数的估值水平处于历史合理偏低区间，股票市场当前有较好的赔率和胜率。 具体到新能源行业，我们更为关注供给侧出清给行业带来的基本面改变。当前市场对于新能源行业的预期不高，优质的公司估值不高，如果行业基本面出现 反转，则股价具备较大的弹性。与此同时，本基金也关注技术进步带来的结构性投资机会。本基金为股票型基金，下半年将继续保持较高的股票仓位。行业 方面，本 ...

AI基金长江新能源产业混合型A（011446）披露2025年半年报，上半年基金利润806.15万元，加权平均基金份额本期利润0.0798元。报告期内，基金净值增 长率为7.48%，截至上半年末，基金规模为1.1亿元。 该基金属于偏股混合型基金。截至9月3日，单位净值为1.51元。基金经理是张剑鑫，目前管理的2只基金近一年均为正收益。其中，截至9月3日，长江新兴 产业混合型发起式A近一年复权单位净值增长率最高，达66.83%；长江新能源产业混合型A最低，为59.47%。 基金管理人在中期报告中表示，具体到新能源方向，作为我国在全球范围内具备竞争优势的战略产业，其在过去2-3年时间内由于自身周期变化以及过度投 资而经历了比较大的困难，因此也是本轮"反内卷"的重点关注方向之一。光伏、锂电、整车等环节均已经或正在逐步落实相关要求并推动行业健康发展。我 们认为相应的政策和措施会给行业带来积极变化，后续将在此基础上进行学习和紧密跟踪，结合行业自身的发展变化寻找相应的投资机会。 截至9月3日，长江新能源产业混合型A近三个月复权单位净值增长率为48.49%，位于同类可比基金39/607；近半年复权单位净值增长率为30.87% ...

Core Viewpoint - The AI Fund Hongde New Energy Industry Mixed Initiation A (018029) reported a profit of 468,700 yuan for the first half of 2025, with a weighted average profit per fund share of 0.0444 yuan. The fund's net value growth rate was 6.4%, and the fund size reached 7.7564 million yuan by the end of the first half of the year [2]. Fund Performance - As of September 3, 2025, the fund's one-year cumulative net value growth rate was 50.93%, ranking it 55 out of 169 comparable funds. The three-month and six-month growth rates were 27.97% and 24.93%, ranking 39 out of 171 and 20 out of 171, respectively [4]. - The fund's net value as of September 3, 2025, was 0.858 yuan per unit [2]. Economic Context - The fund management indicated that the overall economic operation was stable in the first half of the year, with GDP growth of 5.3% year-on-year, supported by policies promoting consumption and investment. However, uncertainties regarding exports and consumption in the second half of the year were noted, with a need for effective policy stimulation to address potential economic momentum shortages [2]. Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 43.24 times, compared to the industry average of 36.17 times. The weighted average price-to-book (P/B) ratio was about 2 times, while the industry average was 2.99 times. The weighted average price-to-sales (P/S) ratio was approximately 1.95 times, against an industry average of 2.5 times [10]. Growth Metrics - For the first half of 2025, the weighted average revenue growth rate of the stocks held by the fund was -0.02%, and the weighted average net profit growth rate was 0.6%. The weighted annualized return on equity was 0.05% [16]. Fund Holdings and Turnover - As of June 30, 2025, the fund had a total of 174 holders, with a total of 10.7206 million shares held. Institutional investors accounted for 93.28% of the holdings, while individual investors made up 6.72% [32]. - The fund's turnover rate for the last six months was approximately 205.04% [35]. Top Holdings - The top ten holdings of the fund included companies such as Ningde Times, Sunshine Power, Longi Green Energy, China Nuclear Power, and Huayou Cobalt [37].

Group 1 - The company announced a memorandum of understanding regarding a potential investment in Guangzhou Heyue New Energy Technology Co., Ltd, with an investment amount not exceeding HKD 5.5 million [1] - The final investment amount and the number of shares to be acquired will depend on further due diligence and negotiations before entering into a formal agreement [1] - The company's primary objective is to achieve capital appreciation and earn interest and dividend income through investments in listed and unlisted companies in China, Hong Kong, Macau, the United States, and other suitable markets as directed by the board [1] Group 2 - The target company is a limited company registered in China, focusing on providing high-quality comprehensive solutions in the new energy sector, including photovoltaic, inverters, energy storage, charging stations, microgrids, and hydrogen energy [2] - Photovoltaics are considered an inevitable trend in the global energy industry and are often referred to as the "third industrial revolution" [2] - China, as one of the largest energy consumers globally, has incorporated "photovoltaic poverty alleviation and distributed photovoltaics" into its economic strategy, actively encouraging the development of distributed photovoltaics from a policy perspective [2]

1. Report Industry Investment Rating The report does not provide an overall industry investment rating. 2. Core Views of the Report - For industrial silicon and polysilicon, the supply side is expected to continue to resume production, and there are expectations of production cuts in downstream polysilicon. The pressure on the inventory side has not improved, so the futures prices are expected to be weak in the short - term. For polysilicon, the fundamentals show an increase in both supply and demand, with expectations of double production cuts later, and the terminal installation willingness continues to shrink. The price may fluctuate weakly in the short - term [9][10]. - For lithium carbonate, the supply - side disturbances are cooling down, and the demand schedule for September is relatively optimistic. However, the inventory transfer from upstream to downstream continues, and the return of goods from downstream weakens the transmission of increased demand. The fundamentals have limited support for the futures price, and it is expected to be mainly in a weak oscillation [83][84]. 3. Summary According to the Directory 3.1 Part One: Non - ferrous and New Energy Price Monitoring - **Non - ferrous Metals**: The report monitors the closing prices of various non - ferrous metals, including the dollar index, exchange rate CNH, copper (both Shanghai and London), aluminum, zinc, lead, nickel, tin, alumina, and stainless steel. For example, the dollar index is at 97.8477, with a daily decline of 0.02%, a weekly increase of 0.13%, and an annual decrease of 9.80%. Industrial silicon is at 8390 yuan/ton, with a daily decline of 2.10%, a weekly decline of 4.06%, and an annual decline of 23.62% [6]. - **New Energy Metals**: The price of industrial silicon is 8390 yuan/ton, with a daily decline of 2.10%, a weekly decline of 4.06%, and an annual decline of 23.62%. The price of lithium carbonate is 77180 yuan/ton, with a daily decline of 1.23%, a weekly decline of 2.25%, and an annual increase of 0.10% [6]. 3.2 Part Two: Industrial Silicon (SI) and Polysilicon (PS) 3.2.1 Industrial Silicon - **Supply Side**: The national weekly production is 9.00 tons, a 2.25% increase from the previous week. The number of operating furnaces is 281, an increase of 12 from the previous week. In the main production areas, Xinjiang's weekly production is 4.13 tons, a 2.23% increase, with 8 more operating furnaces; Inner Mongolia's weekly production is 1.05 tons, remaining the same, with 1 more operating furnace; Yunnan's weekly production is 1.32 tons, a 3.12% increase, with 2 more operating furnaces; Sichuan's weekly production is 1.29 tons, a 1.57% increase, with the same number of operating furnaces [9]. - **Demand Side**: For polysilicon, the weekly production is 2.99 tons, a 0.67% increase, the factory inventory is 23.30 tons, a 4.91% decrease, and the profit per ton is about 61.54 yuan, a 45 - yuan increase. For organic silicon, the DMC weekly production is 4.81 tons, a 4.37% decrease, the factory inventory is 4.93 tons, a 1.02% increase, and the gross profit per ton is - 1859.38 yuan, a 200 - yuan increase per ton [9]. - **Inventory Side**: The explicit inventory is 68.82 tons, a 0.34% decrease, with a 19.32% increase compared to the same period last year. The industry inventory is 43.59 tons, a 0.34% decrease. The market inventory is 17.45 tons, remaining the same, and the factory inventory is 26.14 tons, a 0.57% decrease. The warehouse - receipt inventory is 25.23 tons, a 0.34% decrease [9]. - **Cost and Profit**: The national average cost per ton is 9092 yuan, remaining the same, and the profit per ton is 123 yuan, a 12 - yuan decrease per ton. In the main production areas, the average profit per ton in Xinjiang, Yunnan, and Sichuan is 504, 131, and 200 yuan respectively, a decrease of 33, 0, and 5 yuan per ton compared to the previous week [9]. - **Investment View**: The supply side continues to resume production, there are expectations of production cuts in downstream polysilicon, and the inventory pressure has not improved. It is expected that the futures price will be weak in the short - term [9]. - **Trading Strategy**: Unilateral: Oscillation [9]. 3.2.2 Polysilicon - **Supply Side**: The national weekly production is 2.99 tons, a 0.67% increase. In the main production areas, Inner Mongolia, Xinjiang, Sichuan, and Yunnan have weekly productions of 1.09, 0.57, 0.29, and 0.40 tons respectively, with Xinjiang having a 0.88% increase [10]. - **Demand Side**: The weekly production of silicon wafers is 12.73GW, a 1.22% increase. The factory inventory is 18.05GW, a 3.68% increase. In July, the production of silicon wafers was 52.75GW, a 10.35% decrease compared to the previous month and a 0.60% decrease compared to the same period last year. In August, the scheduled production is 53.29GW, a 1.02% increase compared to the previous month and a 2.04% decrease compared to the same period last year [10]. - **Inventory Side**: The factory inventory is 23.30 tons, a 4.91% decrease, and the registered warehouse receipts are 20640 tons, a 5.20% increase [10]. - **Cost and Profit**: The national average cost per ton is 41368 yuan, a 0.21% decrease, and the profit per ton is 6109 yuan, a 2324 - yuan increase [10]. - **Investment View**: Fundamentally, both supply and demand increase, with expectations of double production cuts later. The terminal installation willingness continues to shrink, and there is no significant positive news in the short - term. The price may oscillate weakly, with support considered at the full - cost level [10]. - **Trading Strategy**: Unilateral: Oscillation [10]. 3.3 Part Three: Lithium Carbonate (LC) - **Supply Side**: The national weekly production is 1.90 tons, a 0.56% decrease. The production of lithium carbonate from spodumene is 12249 tons, a 0.57% increase; from lithium mica is 2500 tons, a 5.66% decrease; and from salt lakes is 2515 tons, a 1.45% decrease. In July, the production of lithium carbonate was 8.15 tons, a 4.41% increase compared to the previous month, a 26.00% increase compared to the same period last year, and 0.47% higher than the expected value. In August, the scheduled production is about 8.42 tons, a 3.27% increase compared to the previous month and a 37.29% increase compared to the same period last year [84]. - **Import Side**: In July, the import volume of lithium carbonate was 1.38 tons, a 21.77% decrease compared to the previous month and a 42.67% decrease compared to the same period last year. The import volume of spodumene concentrate was 57.61 tons, a 34.73% increase compared to the previous month and a 4.82% increase compared to the same period last year [84]. - **Demand Side**: For lithium - iron materials, the weekly production is 6.99 tons, a 1.03% decrease, and the factory inventory is 9.45 tons, a 0.91% increase. In July, the production was 29.07 tons, a 1.86% increase compared to the previous month, a 50.00% increase compared to the same period last year, and 1.07% lower than the expected value. In August, the scheduled production is 31.14 tons, a 7.12% increase compared to the previous month and a 47.24% increase compared to the same period last year. For ternary materials, the weekly production is 1.76 tons, a 0.17% increase, and the factory inventory is 1.78 tons, a 1.22% increase. In July, the production was 6.86 tons, a 5.75% increase compared to the previous month, a 16.70% increase compared to the same period last year, and 4.38% higher than the expected value. In August, the scheduled production is about 7.08 tons, a 3.07% increase compared to the previous month and a 14.34% increase compared to the same period last year. In July, the production of new energy vehicles was 124.30 million, a 1.95% decrease compared to the previous month and a 26.27% increase compared to the same period last year; the sales volume was 126.20 million, a 5.05% decrease compared to the previous month and a 27.41% increase compared to the same period last year. The penetration rate of new energy vehicles in July was 48.67%, a 2.91 - percentage - point increase compared to the previous month [84]. - **Inventory Side**: The social inventory (including warehouse receipts) is 14.11 tons, a 0.29% decrease. The inventory of lithium - salt factories is 4.33 tons, a 7.49% decrease, and the inventory of downstream sectors (cathode factories, battery factories, and traders) is 9.78 tons, a 3.28% increase. The cathode - factory inventory is 5.28 tons, a 2.51% increase, and the inventory of battery factories and traders is 4.50 tons, a 4.19% increase. The inventory center continues to shift from upstream to downstream, and the actual production consumption is small, mostly belonging to inventory transfer between different links. The warehouse - receipt inventory is 2.99 tons, a 22.89% increase [84]. - **Cost and Profit**: The cash production cost of lithium carbonate from purchased lithium mica is 80022 yuan/ton, a 5.71% decrease, and the production profit is - 3245 yuan/ton, a 250 - yuan decrease. The cash production cost of lithium carbonate from purchased spodumene is 76440 yuan/ton, a 4.92% decrease, and the production profit is 2418 yuan/ton, a 1195 - yuan decrease. The cash production cost of lithium carbonate from integrated production using lithium mica is 61721 yuan/ton, and from spodumene is 52787 yuan/ton [84]. - **Investment View**: The supply - side disturbances are cooling down, and the demand schedule for September is relatively optimistic. However, the inventory transfer from upstream to downstream continues, and the return of goods from downstream weakens the transmission of increased demand. The fundamentals have limited support for the futures price, and it is expected to be mainly in a weak oscillation [84]. - **Trading Strategy**: Unilateral: Oscillation [84].