Group 1 - The core viewpoint of the news is that Jinfa Technology has shown significant stock performance and financial growth in 2023, with a notable increase in both stock price and revenue [1][2]. - As of December 29, Jinfa Technology's stock price increased by 123.13% year-to-date, with a market capitalization of 50.254 billion yuan [1]. - The company has seen a net inflow of main funds amounting to 73.0335 million yuan, with significant buying activity from large orders [1]. Group 2 - Jinfa Technology's main business revenue composition includes modified plastics (52.07%), trading products (20.65%), green petrochemical products (18.85%), new materials (6.29%), and medical health products (1.48%) [1]. - For the period from January to September 2025, Jinfa Technology achieved operating revenue of 49.616 billion yuan, representing a year-on-year growth of 22.62%, and a net profit attributable to shareholders of 1.065 billion yuan, up 55.86% year-on-year [2]. - The company has distributed a total of 6.740 billion yuan in dividends since its A-share listing, with 1.136 billion yuan distributed in the last three years [3].

12月29日，万顺新材盘中上涨2.05%，截至10:14，报5.96元/股，成交6056.19万元，换手率1.42%，总市 值53.51亿元。 资金流向方面，主力资金净流出562.49万元，特大单买入0.00元，占比0.00%，卖出103.19万元，占比 1.70%；大单买入1081.02万元，占比17.85%，卖出1540.32万元，占比25.43%。 万顺新材今年以来股价涨23.91%，近5个交易日涨3.83%，近20日跌0.67%，近60日跌0.33%。 今年以来万顺新材已经2次登上龙虎榜，最近一次登上龙虎榜为2月10日。 万顺新材所属申万行业为：有色金属-工业金属-铝。所属概念板块包括：铝塑膜、低价、钠电池、 DeepSeek概念、固态电池等。 截至12月19日，万顺新材股东户数3.73万，较上期减少1.56%；人均流通股19455股，较上期增加 1.59%。2025年1月-9月，万顺新材实现营业收入40.90亿元，同比减少13.86%；归母净利润-8708.01万 元，同比减少140.53%。 分红方面，万顺新材A股上市后累计派现4.34亿元。近三年，累计派现5332.71万元。 责任编辑：小浪快报 ...

12月29日，大中矿业盘中下跌4.25%，截至09:35，报31.76元/股，成交1.84亿元，换手率0.43%，总市值 486.91亿元。 资金流向方面，主力资金净流出850.53万元，特大单买入3565.88万元，占比19.41%，卖出4804.31万 元，占比26.15%；大单买入2933.97万元，占比15.97%，卖出2546.07万元，占比13.86%。 大中矿业今年以来股价涨275.24%，近5个交易日涨10.82%，近20日涨5.51%，近60日涨168.02%。 责任编辑：小浪快报 今年以来大中矿业已经5次登上龙虎榜，最近一次登上龙虎榜为11月24日，当日龙虎榜净买入8213.62万 元；买入总计2.96亿元 ，占总成交额比23.71%；卖出总计2.13亿元 ，占总成交额比17.12%。 资料显示，大中矿业股份有限公司位于内蒙古自治区包头市黄河大街55号，成立日期1999年10月29日， 上市日期2021年5月10日，公司主营业务涉及铁矿石采选、铁精粉和球团的生产销售以及机制砂石的加 工销售。主营业务收入构成为：铁精粉71.07%，球团20.48%，硫酸4.58%，砂石2.73%，其他0.8 ...

Core Viewpoint - The stock of Chuan Yi Technology has shown significant volatility, with a notable increase of 8.85% on December 29, reaching a price of 19.55 CNY per share, reflecting strong trading activity and investor interest [1]. Group 1: Company Overview - Chuan Yi Technology Co., Ltd. is located in Jiangsu Province and was established on November 5, 2007, with its listing date on April 26, 2017 [2]. - The company's main business includes the production and sales of notebook computer keyboard membrane switch circuit boards (MTS), flexible circuit boards (FPC), and various computer keyboards and peripherals [2]. - The revenue composition of Chuan Yi Technology is as follows: 66.83% from input devices and accessories for laptops and desktops, 22.60% from touchpads and buttons, 7.59% from flexible printed circuit boards for consumer electronics, and smaller contributions from other products [2]. Group 2: Financial Performance - For the period from January to September 2025, Chuan Yi Technology achieved a revenue of 1.592 billion CNY, representing a year-on-year growth of 13.03%, while the net profit attributable to shareholders was 68.8829 million CNY, up 49.45% year-on-year [2]. - The company has distributed a total of 131 million CNY in dividends since its A-share listing, with 15.9237 million CNY distributed over the past three years [3]. Group 3: Market Activity - As of December 29, 2025, Chuan Yi Technology's stock price increased by 20.83% year-to-date, with a 13.80% rise over the last five trading days, although it has seen a decline of 4.54% over the past 20 days [1]. - The stock's trading volume on December 29 was 163 million CNY, with a turnover rate of 4.62%, indicating active trading [1]. - The net inflow of main funds was 16.4897 million CNY, with significant buying activity from large orders [1].

Summary of Conference Call Records Industry Overview - The lithium battery sector is experiencing strong production levels, with January 2025 production expected to be the highest on record, showing a year-on-year increase of over 30% [1][2] - Concerns regarding the adjustment of national subsidies for new energy vehicles may weaken demand, but actual demand is expected to be deferred to Q1 2026, supported by new subsidy policies and tax incentives for car manufacturers [1][4] Key Points and Arguments - **Production and Demand**: - January 2026 production data shows a slight decline of 3-4% month-on-month, but overall production remains strong, with a year-on-year increase of 30-40% [2] - Major battery manufacturers like CATL are expected to maintain production levels, with a projected year-on-year growth of 40-50% despite a slight downward adjustment in production guidance [2][4] - **Energy Storage Sector**: - The energy storage sector is anticipated to have strong demand in 2026, with stable or increasing production from leading manufacturers, providing significant support for Q1 production [5] - **Price Dynamics**: - The lithium carbonate futures price has surged, driven by market speculation, with short-term price increases expected in the supply chain [1][6] - The price of lithium hexafluorophosphate (LiPF6) is expected to rise further in Q1 2026, with current prices around 170,000 CNY per ton for spot orders and over 120,000 CNY for large clients [12] Investment Strategies - **Focus on High-Elasticity Materials**: - Investment strategies should prioritize high-elasticity upstream materials like lithium hexafluorophosphate and companies benefiting from the pricing benchmark shift of lithium carbonate [7] - Recommended companies include CATL and Penghui, with CATL expected to achieve a profit target of 90 billion CNY, potentially increasing to 100 billion CNY [7][8] - **Market Opportunities**: - The battery sector is currently undervalued, with companies like CATL, Yiwei Lithium Energy, and Zhonghang Lithium Battery trading at valuations below 20 times earnings, presenting a potential investment opportunity [11] Additional Insights - **Supply Chain Tensions**: - The supply chain is experiencing intense negotiations regarding price increases, particularly in the energy storage sector, where price adjustments are easier due to tight processes [6] - The recent increase in nickel prices is expected to significantly impact the profitability of ternary precursor manufacturers, with potential supply shortages anticipated due to regulatory changes in Indonesia [17][18] - **Future Trends in Solid-State Batteries**: - The solid-state battery sector is expected to see significant developments in Q1 2026, with key projects and tenders set to launch, indicating potential growth opportunities [19][20] Conclusion - The lithium battery and energy storage sectors are poised for growth, supported by strong production levels and favorable market conditions. Investment strategies should focus on high-elasticity materials and undervalued companies within the sector, while monitoring supply chain dynamics and regulatory changes that could impact profitability.

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy industry [1]. Core Insights - The photovoltaic industry chain is experiencing a price increase trend, while the price competition for lithium battery materials is intensifying [1]. - In the fourth quarter, which is the peak sales season for new energy vehicles, domestic sales of new energy vehicles are expected to maintain high growth in 2025, driving demand for batteries and materials [1]. - The solid-state battery industrialization is progressing, and attention should be paid to the verification progress of related materials and equipment companies [1]. - The report emphasizes a "de-involution" strategy as the main investment theme for photovoltaics, with the integration and acquisition of polysilicon production capacity becoming more proactive [1]. - The demand for wind power is expected to continue growing, with a focus on wind turbines and offshore wind power [1]. - The energy storage sector remains highly prosperous, with recommendations to focus on energy storage cells and large-scale integrated plants [1]. - Hydrogen energy is anticipated to open up demand for green hydrogen, with a focus on downstream hydrogen-based energy applications [1]. - The report suggests monitoring core suppliers in the nuclear fusion sector as it represents a long-term catalytic direction for future energy development [1]. Summary by Sections Market Overview - The power equipment and new energy sector rose by 5.37% this week, outperforming the Shanghai Composite Index, which increased by 1.88% [10]. - The wind power sector saw the highest increase at 7.14%, followed by the photovoltaic sector at 6.56% [13]. Lithium Battery Market - The price of lithium carbonate has continued to rise, with battery-grade lithium carbonate priced at approximately 98,000 RMB per ton, reflecting an 8% increase [25]. - The price of lithium iron phosphate battery cells has also seen an upward trend, with prices for various models ranging from 0.285 to 0.425 RMB per watt-hour [26]. Photovoltaic Market - The price of polysilicon remains stable, with tight supply and weak downstream demand affecting price transmission [15]. - The price of silicon wafers has shown a significant increase, driven by rising silver prices and industry self-discipline [16]. - The price of battery cells has increased to 0.34 RMB per watt, with manufacturers actively raising prices due to cost pressures [17]. Energy Storage Market - The price of energy storage systems has rebounded, with prices for various configurations ranging from 0.40 to 0.82 RMB per watt-hour [27]. - The demand for energy storage remains strong, particularly in overseas markets, contributing to price stability [26].

据上海有色网（SMM）分析，近期磷酸铁锂企业与下游电芯厂继续展开涨价谈判，头部企业本次展开的是 第二轮谈涨，但大部分其他的材料厂第一轮谈涨仍未落地。下游电芯厂整体仍处于接受原料涨价导致正极 材料有涨价的趋势，但实际涨价落地仍需进一步等待上下游的谈判结果。若后续正极材料厂涨价落地将更 有利于锂价上涨向下游传导，打开上行空间。同时天齐锂业调整现货交易结算价模式也侧面论证下游旺盛 需求。 下游高频数据仍支持行业高景气度，碳酸锂库存连续19周处于去库 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 2025年12月25日，湖南裕能、德方纳米、万润新能相继发布部分产线减产检修公告：其中湖南裕能预计检 修时间1个月，减少正极材料产品1.5-3.5万吨；万润新能预计检修时间1个月 ...

上周品牌工程指数多只成分股表现强势。具体来说，中国中免上涨11.46%，排在涨幅榜首位；阳光电 源上涨10.38%，居次席；中际旭创和国瓷材料分别上涨9.67%和8.09%；兆易创新、中芯国际、盐湖股 份涨逾7%；安集科技、兰石重装涨逾6%；泰格医药、沪硅产业涨逾5%；亿纬锂能上涨4.73%；豪威集 团、中航高科、视源股份、信立泰涨逾3%；长电科技、澜起科技、恒生电子、宝信软件、东方财富等 多只成分股涨逾2%。 □本报记者 王宇露 上周市场上涨，中证新华社民族品牌工程指数上涨2.03%，报2008.97点。中国中免、阳光电源、中际旭 创等成分股上周表现强势；2025年以来，中际旭创、阳光电源、兆易创新等成分股涨幅居前。展望后 市，机构认为，目前权益资产总体具备相对吸引力，2026年市场或将逐步转为盈利驱动，在泛科技行业 和传统行业双双进入业绩释放期的背景下，市场风格也有望较2025年趋于均衡。 多只成分股表现强势 上周市场上涨，上证指数上涨1.88%，深证成指上涨3.53%，创业板指上涨3.90%，沪深300指数上涨 1.95%，品牌工程指数上涨2.03%，报2008.97点。 展望后市，星石投资认为，短期来 ...

南华期货碳酸锂产业周报 ——锂矿库存得到缓解，利润有所修复 夏莹莹 投资咨询证书：Z0016569 研究助理：余维函 期货从业证号：F03144703 联系邮箱：yuwh@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 2025年12月28日 第一章 核心矛盾及策略建议 1.1 核心矛盾 本周碳酸锂市场呈现偏向态势。展望未来，碳酸锂期货价格的驱动逻辑将聚焦以下因素：国内外锂资源释放 进度、国内锂矿库存紧张程度、下游需求的可持续性，上述因素将共同主导后续市场价格走势。 锂矿端，国内可售锂精矿库存紧张程度有所缓解，2026年1月份锂矿进口量持续放量，一定程度上可以缓解 市场锂矿紧张程度。供给方面，"枧下窝复产进度"经过持续不断的炒作后，市场对此消息的反应已经减 弱，建议直接关注公司公告和工厂实际开工情况。需求端表现强劲，市场整体库存持续去化，下游库存降幅 显著。当前市场预计1月份下游排产环比减少10%左右属于合理区间，若环比减少弱于市场预期，则警惕回调 压力。同时，下游补库节奏亦不容忽视，碳酸锂价格已连续上涨约2个月，涨价周期内下游对高价碳酸锂的采 购意愿显著下降，以刚需补库及消耗自身库存为 ...

Investment Rating - The investment rating for the lithium battery industry is "Outperform the Market" (maintained) [1] Core Insights - The lithium salt prices are rising, with carbonate lithium priced at 111,900 CNY/ton, an increase of 17,400 CNY/ton compared to two weeks ago [4] - The domestic sales of new energy vehicles reached 182.3 thousand units in November, a year-on-year increase of 21% and a month-on-month increase of 6% [35] - Several lithium iron phosphate companies are undergoing production line maintenance, which is expected to reduce output by 1.5-3.5 thousand tons for Hunan Youneng and 0.5-2 thousand tons for Wanrun New Energy [6][21] Industry Dynamics - The prices of lithium battery materials and cells are on the rise, with significant increases in the prices of ternary cathodes and lithium iron phosphate cathodes [4] - The solid-state battery industry is advancing, with strategic partnerships being formed, such as between XINWANDA and Zhongwei [6] - Major contracts have been signed in the lithium battery supply chain, including a 50GWh storage cooperation memorandum between CATL and Siyuan Electric [18] Investment Recommendations - Focus on leading companies in the lithium battery industry with low valuations, such as CATL, Yiwei Lithium Energy, and others [5] - Consider companies involved in solid-state battery materials and those in the electric vehicle charging station sector [5] Market Performance - The lithium battery sector has seen a decline of 2.2% in the past two weeks, while the battery chemical sector increased by 10% [13] - Key stock movements include a 25.5% increase for Enjie and a 20.2% increase for Tianci Materials [13] Price Trends - The price of lithium carbonate has increased by 49% since the beginning of 2025 [22] - The price of lithium iron phosphate has risen by 25.68% since the beginning of 2025 [22]