Report Industry Investment Rating - Absolute price: Neutral [4] - Option strategy: Sell wide straddle [5] Core View - The current domestic lead ore supply is relatively tight, but smelters' willingness to purchase high-silver ore is also low. The market is in a pattern of weak supply and demand. However, due to the outstanding performance of the energy storage battery sector, supported by the demand from mobile base stations and data centers, the operating rates of related enterprises are generally 80 - 100%. The industry is optimistic about the second half of the year, and some enterprises are preparing for capacity expansion. The lead price is currently treated with a sideways trading mindset, with the Pb2507 contract ranging from 16,300 yuan/ton to 17,050 yuan/ton [4] Summary by Directory Spot Market - On May 21, 2025, the LME lead spot premium was -24.07 dollars/ton. The SMM1 lead ingot spot price increased by 75 yuan/ton to 16,725 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium/discount changed by -75 yuan/ton to 0.00 yuan/ton, the SMM Guangdong lead spot price increased by 100 yuan/ton to 16,775 yuan/ton, the SMM Henan lead spot price increased by 100 yuan/ton to 16,725 yuan/ton, and the SMM Tianjin lead spot premium/discount changed by 50 yuan/ton to 16,750 yuan/ton. The lead concentrate scrap price difference remained unchanged at -50 yuan/ton compared to the previous trading day. The price of waste electric vehicle batteries decreased by 75 yuan/ton to 10,300 yuan/ton, the price of waste white shells decreased by 75 yuan/ton to 10,150 yuan/ton, and the price of waste black shells decreased by 75 yuan/ton to 10,500 yuan/ton [1] Futures Market - On May 21, 2025, the main Shanghai lead futures contract opened at 16,900 yuan/ton and closed at 16,900 yuan/ton, an increase of 55 yuan/ton compared to the previous trading day. The trading volume for the whole trading day was 20,864 lots, a decrease of 3,522 lots compared to the previous trading day, and the open interest was 16,764 lots, a decrease of 6,034 lots compared to the previous trading day. The intraday price fluctuated, reaching a high of 16,935 yuan/ton and a low of 16,830 yuan/ton. In the night session, the main Shanghai lead futures contract opened at 16,895 yuan/ton and closed at 16,835 yuan/ton, a 0.33% decrease from the afternoon closing price of the previous day [2] Inventory - On May 21, 2025, the total SMM lead ingot inventory was 59,000 tons, an increase of 3,000 tons compared to the same period last week. As of May 21, the LME lead inventory was 282,125 tons, an increase of 36,375 tons compared to the previous trading day [3] Market Transaction - According to SMM, the SMM1 lead price increased by 75 yuan/ton compared to the previous trading day. In Henan, suppliers quoted at a discount of 25 - 0 yuan/ton to SMM1 lead, or at a discount of 180 - 150 yuan/ton to the SHFE lead 2506 contract for ex-factory sales. In Hunan, smelters quoted at a discount of 30 yuan/ton to the SMM1 lead average price. Some smelters mentioned factors such as raw material costs and were reluctant to sell at low prices. Traders quoted at a discount of 200 yuan/ton to the SHFE lead 2506 contract. In Anhui and Jiangxi, smelters quoted at a premium of 100 - 150 yuan/ton to the SMM1 lead average price for ex-factory sales. In Guangdong, suppliers' ex-factory supplies were sold at a premium of 50 - 75 yuan/ton to the SMM1 lead average price for rigid demand transactions. The lead price rebounded, and downstream enterprises still mainly purchased for rigid demand. Coupled with the decrease in the shipments of secondary lead smelters, the regional transactions in the spot market were acceptable [2]

Report Industry Investment Rating - Absolute price: Neutral [3] - Option strategy: Sell wide straddle [4] Core View - The domestic lead ore supply remains relatively tight, and smelters have low willingness to purchase high-silver ore. The market is currently in a situation of weak supply and demand. However, the energy storage battery sector is performing outstandingly, with the support of demand from mobile base stations and data centers. The operating rates of relevant enterprises generally reach 80 - 100%. The industry is optimistic about the second half of the year, and some enterprises are preparing for capacity expansion. The current lead price should be treated with a volatile mindset, and the Pb2506 contract range is between 16,300 yuan/ton and 17,050 yuan/ton [3] Market News and Important Data Spot - On May 20, 2025, the LME lead spot premium was -$18.06/ton. The SMM1 lead ingot spot price decreased by 75 yuan/ton to 16,650 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium remained unchanged at 0 yuan/ton. The SMM Guangdong lead spot price decreased by 75 yuan/ton to 16,675 yuan/ton. The SMM Henan lead spot price decreased by 75 yuan/ton to 16,625 yuan/ton. The SMM Tianjin lead spot premium decreased by 100 yuan/ton to 16,700 yuan/ton. The lead concentrate scrap price difference remained unchanged at -50 yuan/ton. The price of waste electric vehicle batteries remained unchanged at 10,375 yuan/ton. The price of waste white shells remained unchanged at 10,225 yuan/ton. The price of waste black shells remained unchanged at 10,575 yuan/ton [1] - According to SMM, the SMM1 lead price decreased by 75 yuan/ton compared to the previous trading day. In Henan, holders quoted at a discount of 25 yuan/ton to SMM 1 lead or at a discount of 180 - 170 yuan/ton to the SHFE lead 2506 contract for ex-factory sales. In Hunan, smelters quoted at a discount of 30 yuan/ton to the SMM1 lead average price for rigid demand transactions, and traders quoted at a discount of 200 yuan/ton to the SHFE lead 2506 contract. Smelters in Anhui and Jiangxi tried to hold prices for sales, quoting at a premium of 100 - 150 yuan/ton to the SMM1 lead average price for ex-factory sales. In Guangdong, holders' ex-factory supplies were traded at a premium of 0 - 50 yuan/ton to the SMM1 lead average price. As the lead price continued to weaken, apart from a small number of downstream enterprises making purchases at low prices, most enterprises still made purchases mainly for rigid demand. The spot market improved slightly compared to the previous day [2] Futures - On May 20, 2025, the SHFE lead main contract opened at 16,860 yuan/ton and closed at 16,845 yuan/ton, a decrease of 15 yuan/ton compared to the previous trading day. The trading volume for the whole trading day was 24,386 lots, a decrease of 2,507 lots compared to the previous trading day. The position for the whole trading day was 22,798 lots, a decrease of 4,590 lots compared to the previous trading day. The price fluctuated during the day, reaching a maximum of 16,880 yuan/ton and a minimum of 16,740 yuan/ton. In the night session, the SHFE lead main contract opened at 16,920 yuan/ton and closed at 16,905 yuan/ton, a 0.48% increase compared to the afternoon closing price of the previous day [1] Inventory - On May 20, 2025, the total SMM lead ingot inventory was 59,000 tons, a change of 3,000 tons compared to the same period last week. As of May 20, the LME lead inventory was 245,750 tons, a decrease of 600 tons compared to the previous trading day [2]

Report Industry Investment Rating - Absolute price: Neutral [3] - Option strategy: Sell wide straddle [4] Core Viewpoints - The current domestic lead ore supply is relatively tight, and smelters' willingness to purchase high-silver ore is also low. The market is in a situation of weak supply and demand. However, the energy storage battery sector is performing outstandingly, with the operating rates of relevant enterprises generally reaching 80 - 100% due to the support of demand from mobile base stations and data centers. The industry is optimistic about the second half of the year, and some enterprises are preparing for capacity expansion. The lead price is currently treated with a volatile perspective, and the Pb2506 contract is in the range of 16,300 yuan/ton to 17,050 yuan/ton [3] Market News and Important Data Spot - On May 19, 2025, the LME lead spot premium was -$4.45/ton. The SMM1 lead ingot spot price changed by -50 yuan/ton to 16,725 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium changed by 75 yuan/ton to 0.00 yuan/ton. The SMM Guangdong lead spot changed by -50 yuan/ton to 16,750 yuan/ton. The SMM Henan lead spot changed by -50 yuan/ton to 16,700 yuan/ton. The SMM Tianjin lead spot premium changed by -25 yuan/ton to 16,800 yuan/ton. The lead concentrate scrap price difference changed by 0 yuan/ton to -50 yuan/ton. The price of waste electric vehicle batteries changed by 75 yuan/ton to 10,375 yuan/ton. The price of waste white shells changed by 25 yuan/ton to 10,225 yuan/ton. The price of waste black shells changed by 25 yuan/ton to 10,575 yuan/ton [1] Futures - On May 19, 2025, the main contract of Shanghai lead opened at 16,885 yuan/ton and closed at 16,860 yuan/ton, changing by -10 yuan/ton compared to the previous trading day. The trading volume for the whole trading day was 26,893 lots, changing by -5,591 lots compared to the previous trading day. The position for the whole trading day was 27,388 lots, changing by -1,174 lots compared to the previous trading day. The intraday price fluctuated, with the highest point reaching 16,985 yuan/ton and the lowest point reaching 16,835 yuan/ton. In the night session, the main contract of Shanghai lead opened at 16,850 yuan/ton and closed at 16,815 yuan/ton, down 0.62% from the afternoon closing price of the previous day [1] Market Conditions - According to SMM, the SMM1 lead price fell by 50 yuan/ton compared to the previous trading day. The Shanghai lead futures fluctuated weakly during the day. In Henan, holders quoted at a discount of 180 - 150 yuan/ton to the SHFE lead 2506 contract. In Hunan, smelters' quotes at a discount of 30 - 0 yuan/ton to the SMM1 lead average price had difficulty in closing deals, and traders quoted at a discount of 200 yuan/ton to the SHFE lead 2506 contract. In Anhui and Jiangxi, smelters' inventories were low, and they quoted at a premium of 100 yuan/ton to the SMM1 lead average price for ex-factory sales. In Guangdong, holders' ex-factory supplies were quoted at a premium of 0 - 50 yuan/ton to the SMM1 lead average price for closing deals. As the lead price continued to weaken, downstream buyers maintained rigid demand purchases, and the enthusiasm for stocking up at low prices was poor. The overall spot market was dull [2] Inventory - On May 19, 2025, the total SMM lead ingot inventory was 59,000 tons, changing by 3,000 tons compared to the same period last week. As of November 28, the LME lead inventory was 246,350 tons, changing by -1,825 tons compared to the previous trading day [2]

之前多方爆料亿纬锂能与特斯拉合作，对此结果亿纬既没有承认也没有明确否认。 起点锂电获悉，充电头网在一次拆解中发现，特斯拉一款海外上市的产品中使用了亿纬锂能电芯，不过该产品既不是动力产品也不是储能产 品，而是 新款移动电源，名字叫 Scale Megapack Charger 。 该产品上架于今年 2 月份，形状与 Megapack 一致，外形比例为 1:40 ，其内部采用了 6 颗亿纬锂能 INR18650/35V 锂电池，该型号电 池容量 3500mAh ，电压达 3.65V ，能量为 12.78Wh ，已通过 CE 、 CCC 认证。 图片来源：充电头网 起点锂电也在特斯拉海外商城找到了该款移动电源的详细介绍： 1:40 规模的 Megapack 便携式充电器是特斯拉 Megapack 储能系统的微 型复制品,可让您随时随地携带可靠的电源。 用于制造实际Megapack的相同3D CAD数据用于再现该比例模型中的每个细节和表面,包括可操 作的门，它可以同时为三个设备提供快速充电,并在激活时发出红色环境光。 圆柱电池功不可没 进入特斯拉的供应链说明亿纬锂能的圆柱电池质量得到了甲方认可。 在 4月28日举行的 ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 29 年 月 日 | 增持（维持） | | | --- | --- | | 股票信息 | | | 行业 | 普钢 | | 前次评级 | 增持 | | 04 月 28 日收盘价（元） | 3.38 | | 总市值（百万元） | 13,395.56 | | 总股本（百万股） | 3,963.18 | | 其中自由流通股（%） | 98.24 | | 30 日日均成交量（百万股） | 29.84 | 新兴铸管（000778.SZ） 季度业绩环比改善，关注基建需求潜力 事件：公司发布 2025 年一季度报告。公司一季度实现营业收入 83.75 亿 元，同比下降 8.21%；归属于母公司所有者的净利润 1.37 亿元，同比下 降 19.84%；基本每股收益 0.0345 元，同比减少 19.39%。 季度业绩环比改善，一季度毛利率逐步修复。公司 2025Q1 实现归母净利 1.37 亿元，同比下降 19.84%，环比增长 143.36%；2025Q1 钢价走弱， 行业钢企盈利比例位于 50%左右，公司归母净利同比仍下滑，但环比显著 改善，2025Q1 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [5]. Core Views - The company has shown a quarter-on-quarter improvement in its performance, with a significant increase in net profit by 143.36% compared to the previous quarter, despite a year-on-year decline [1]. - The company is positioned to benefit from the increasing demand in infrastructure, particularly in water conservancy projects, with a notable growth in investment in this sector [3]. - The company aims to increase its metal products output to 9.92 million tons in 2025, representing a year-on-year growth of 22.6%, indicating substantial capacity expansion potential [2]. Financial Performance Summary - In Q1 2025, the company reported revenue of 8.375 billion yuan, a year-on-year decrease of 8.21%, but a quarter-on-quarter improvement [1]. - The net profit attributable to the parent company for Q1 2025 was 137 million yuan, down 19.84% year-on-year but up 143.36% quarter-on-quarter [1]. - The projected net profits for the company from 2025 to 2027 are 800 million yuan, 950 million yuan, and 1.18 billion yuan, respectively, with corresponding P/E ratios of 16.8, 14.2, and 11.3 [3][4]. Industry Insights - The water conservancy construction investment in China reached 1,352.9 billion yuan in 2024, a year-on-year increase of 12.8%, with Q1 2025 showing a 2.9% growth [3]. - The company is expected to benefit from national policies supporting infrastructure projects, including urban pipeline renovations and large-scale industrial equipment upgrades [3].

Summary of Zhongxin Innovation's Conference Call Company Overview - Zhongxin Innovation's current market capitalization is approximately 30 billion RMB, which is lower compared to its peers such as Yiwei Lithium Energy (40 billion RMB) and Funeng Technology (close to 20 billion RMB) [3] - The expected shipment volume for Zhongxin Innovation in 2025 is 110 GWh, surpassing competitors like Guoxuan High-Tech and Funeng Technology, indicating that its market cap may be undervalued [3] Strategic Development and Product Diversification - The company's recent development strategy focuses on strategic transformation and product diversification, initially concentrating on ternary battery technology and later enhancing research on lithium iron phosphate batteries [4] - Zhongxin Innovation has expanded its product offerings to include power batteries for passenger vehicles, commercial vehicles, electric tricycles, and energy storage, aiming to become one of the top three players in the domestic market [4] - The company is also exploring emerging markets such as low-altitude economy and electrified transportation [4] Fast Charging Technology and Customer Structure - Zhongxin Innovation has launched a 5C lithium iron phosphate fast-charging product, currently applied in Xiaopeng models, and has secured orders from major clients including GAC, Leapmotor, Geely, and Volvo [6] - The customer structure has evolved from early reliance on GAC to a more balanced portfolio, indicating significant improvements in product capabilities and breakthroughs in vehicle manufacturing [6] Developments in Large Cylindrical Batteries - In 2024, Zhongxin Innovation introduced large cylindrical batteries and received project orders, such as the Xiaopeng Huitian Vmoto project, with plans to apply this technology to hybrid models to enhance fast-charging performance [7] - The company is also developing next-generation solid-state batteries with energy densities expected to reach 300-400 Wh/kg, which will attract high-margin customers and increase market share [7] Profitability Outlook from 2023 to 2025 - In 2023, the profit per watt was less than one cent, expected to rise to one cent in 2024 with profits around 700 million RMB [8] - For 2025, the production capacity utilization rate is projected to exceed 80%, which will further enhance net profit margins, supported by an increase in the share of energy storage modules and expansion into overseas high-margin customers [8] Long-term Growth Potential - Zhongxin Innovation's long-term growth potential includes improved capacity utilization, optimized product structure with a higher proportion of premium products, and significant room for unit profit improvement [9] - If unit profit reaches two cents, total profits could exceed 2 billion RMB in 2025, with a current valuation of around 15 times earnings, indicating potential for valuation recovery and a chance to catch up with industry leaders [9]