Industry Overview - In September, lithium battery and solid-state battery sales reached 1.6 million units, representing a month-on-month increase of 25% and a year-on-year increase of 15%. The annual growth is expected to be 30%, with a projected growth of over 15% in 2026 [1][7] - In Europe, the combined electric vehicle sales in nine major countries reached 310,000 units in September, showing a month-on-month increase of 35% and a year-on-year increase of 76%. The annual growth forecast has been revised up to 30-35% [1][7] - The energy storage sector continues to show strong performance, with battery supply unable to meet demand. Production is expected to increase by 10% in October, with further slight increases anticipated in November, indicating sustained high demand [1][7] Company Performance - CATL reported a revenue of 283.072 billion yuan for the first three quarters of 2025, a year-on-year increase of 9.28%, with a net profit of 49.034 billion yuan, up 35.56% [5] - Huichuan Technology expects a revenue of 31.663 billion yuan for the first three quarters of 2025, a year-on-year increase of 24.67%, with a net profit of 4.254 billion yuan, up 26.84% [5] - Yiwei Lithium Energy anticipates a revenue of 4.5 billion yuan for the first three quarters of 2025, a year-on-year increase of 32.17%, with a net profit of 2.816 billion yuan, down 11.7% [5] - Tongwei Co. reported a revenue of 646 billion yuan for the first three quarters of 2025, a year-on-year decrease of 5.38%, with a net loss of 5.37 billion yuan [5] - Aosheng Technology expects a revenue of 73.99 billion yuan for the first three quarters of 2025, a year-on-year increase of 33.92%, with a net profit of 5.03 billion yuan, up 8.3% [5] Market Trends - The demand for energy storage is expected to grow by 30-40% in the coming years, driven by the U.S. Inflation Reduction Act and increasing demand in Europe and the Middle East [7] - The lithium battery sector is experiencing a price increase of 1-3 cents per watt-hour, with expectations for further price increases in Q4 [7] - The wind power sector is projected to see significant growth, with domestic offshore wind capacity expected to double in 2025 [8] Investment Recommendations - Companies such as CATL, Yiwei Lithium Energy, and Aosheng Technology are highlighted as strong investment opportunities due to their market leadership and growth potential [9] - The report emphasizes the importance of focusing on energy storage and lithium battery sectors, with a recommendation to invest in leading companies in these areas [9]

Group 1 - The power battery industry is experiencing steady growth, supported by strong sales of new energy vehicles, leading to increased demand for upstream lithium batteries [1] - In the first half of 2025, China's total installed capacity of power batteries is expected to reach 299.6 GWh, representing a year-on-year growth of 47.3%, continuing the growth momentum from 2024 [1] - It is anticipated that the total installed capacity for the entire year of 2025 will exceed 600 GWh, driven by the continuous rise in new energy vehicle production and sales, as well as the booming energy storage market [1] Group 2 - The demand for energy storage is continuing to strengthen, with the gradual introduction of compensation electricity prices in China leading to an unexpected surge in large-scale storage demand, projected to grow by 30% to 40% this year and next [1] - Following the implementation of the Inflation Reduction Act in the U.S., there has been an unexpected rush for installations this year, with stable growth expected in the coming years [1] - Emerging markets in Europe and the Middle East are experiencing explosive growth in large-scale storage demand, while the recovery of household storage shipments in Europe and the explosion of industrial storage demand are also notable trends [1] - The global energy storage installed capacity is projected to have a CAGR of 30% to 50% from 2025 to 2028 [1]

Group 1: Market Overview - The domestic energy storage bidding market is experiencing strong growth, with a new bidding volume of 14.73GW/41.54GWh in September 2025, representing a quarter-on-quarter increase of 37%/8% [1] - The EPC project bidding volume reached a historical high in September, with an increase of 12.9GW/33.58GWh, showing a year-on-year growth of 96%/89% and a quarter-on-quarter growth of 72%/41% [1] - The total domestic energy storage bidding from January to September 2025 reached 102GWh, marking a year-on-year increase of 30% [1] Group 2: Company Performance - BYD has established a complete industrial chain for energy storage, covering various applications and providing reliable energy storage solutions globally [2] - CATL reported a net profit of 49.034 billion yuan for the first three quarters of 2025, a year-on-year increase of 36.20%, with strong demand for products driving revenue growth [2] - CATL's gross margin for energy storage products remains stable, indicating improved profitability amid rapid growth in domestic and international energy storage demand [2] Group 3: Industry Trends - The demand for lithium batteries is expected to exceed 2700GWh next year, with a year-on-year growth rate of over 30%, indicating potential shortages across multiple segments [1] - The AIDC energy storage sector is projected to grow significantly, with major internet and data center operators relying on companies like DoubleDeng for energy storage solutions [3] - The promotion of green electricity combined with energy storage in data centers is expected to create broader development opportunities for companies in the sector [3]

Core Insights - The domestic energy storage bidding market is experiencing strong growth, with new bidding volumes reaching 14.73GW/41.54GWh in September 2025, representing a month-on-month increase of 37%/8% [1] - The EPC project bidding volume has seen a significant year-on-year increase of 96%/89%, with a month-on-month growth of 72%/41%, marking a historical high in September [1] - The demand for lithium batteries is expected to exceed 2700GWh next year, with a year-on-year growth rate of over 30% due to strong market demand and investment [2] Industry Overview - The energy storage sector is witnessing a robust demand driven by the independent storage market and supportive capacity pricing policies, indicating a favorable environment for growth [2] - The bidding volume for energy storage systems has also increased significantly, with a year-on-year growth of 96%/113% in September, despite a month-on-month decline [1] Key Companies - BYD has established a complete industrial chain for energy storage, focusing on R&D, manufacturing, sales, and service, and has provided reliable energy storage solutions for numerous projects globally [3] - CATL reported a net profit of 49.034 billion yuan for the first three quarters of 2025, a year-on-year increase of 36.20%, benefiting from the rapid growth in domestic and international energy storage demand [3] - Contemporary Amperex Technology Co., Ltd. (CATL) has seen a 31.7% increase in revenue for the first half of the fiscal year, with energy storage system sales growing by 109.7% [3] - Double Electronics is a key player in AIDC energy storage, serving major internet and data center operators, and is positioned to benefit from the increasing demand for backup power solutions [4]

Industry News - Some original manufacturers' DRAM and Flash products are currently in a state of suspended quotation, with prices changing daily even if quoted [6] - A breakthrough in the photoresist field has been achieved by a research team from Peking University, which has developed an industrial solution to significantly reduce lithography defects [4] - The logistics industry is experiencing a price increase success rate of 100% due to factors like "anti-involution" and the upcoming Double Eleven shopping festival [6] - The Shanghai and Shenzhen stock exchanges reported that as of the end of September, the total market value of ETFs in both markets has exceeded 5.6 trillion yuan [6] - JD Logistics announced plans to purchase 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years to enhance its logistics supply chain [7] Company News - Chen Hua, the director of the Guizhou Provincial Energy Bureau, has been appointed as the chairman of Kweichow Moutai Group, following the departure of Zhang Deqin [8] - WuXi AppTec reported a net profit of 12.076 billion yuan for the first three quarters, a year-on-year increase of 84.84%, and plans to sell 100% equity in two subsidiaries for 2.8 billion yuan [8] - Cambridge Technology achieved a revenue of 3.36 billion yuan in the first three quarters, a year-on-year increase of 21.57%, with a net profit of 259 million yuan, up 70.88% [9] - Zhenhai Magnetic Materials reported a net profit growth of 189.72% in the third quarter, primarily due to rising rare earth prices [10] - Dongfang Caifu announced a total revenue of 4.733 billion yuan in the third quarter, a year-on-year increase of 100.65%, with a net profit of 3.53 billion yuan, up 77.74% [11]

Core Viewpoint - The third quarter earnings reports of listed companies are becoming a focal point, with over 80% of companies showing positive earnings forecasts, indicating a strong performance outlook for the fourth quarter and into early next year [1][3]. Earnings Forecasts - As of October 24, over 150 A-share listed companies have disclosed their third-quarter earnings forecasts, with 124 companies (over 80%) showing positive expectations. Among these, 91 companies expect profit increases, 23 expect slight increases, and 10 companies anticipate turning losses into profits [2]. - A total of 136 companies are expected to be profitable in the third quarter, with 101 companies projected to have profits exceeding 100 million yuan, and 22 companies expected to exceed 1 billion yuan. China Life leads with a profit forecast of 156.785 billion yuan [2]. - 48 companies are expected to see a year-on-year net profit growth exceeding 100%, with three companies (Shuobeide, Xianda Co., Chujian New Materials) projecting growth rates over 2000% [2]. Sector Performance - The high earnings forecast rate and significant profit growth are concentrated in sectors such as electronics (semiconductors, components), non-ferrous metals (precious metals, new metal materials), brokerage and insurance, and chemicals (agricultural and chemical products) [3]. - Among the 1,088 companies that have disclosed their formal third-quarter reports, 874 companies achieved profitability, with 647 companies showing positive year-on-year net profit growth [3]. Market Sentiment and Strategy - The earnings reports are crucial for public funds as they influence market sentiment and trading behavior, leading to what is termed "earnings report trading." Fund managers will adjust their strategies based on the earnings signals from these reports [4][5]. - Fund managers are focusing on sectors with demand recovery, cost improvements, and optimized market structures, seeking growth opportunities with high certainty [5]. Technology Sector Insights - The technology sector is expected to shift from being driven by expectations to being driven by actual earnings, with strong performance in sub-sectors like semiconductor domestic substitution, overseas computing power chains, and AI-related companies [6][7]. - The storage industry is experiencing a demand explosion and significant recovery in profitability, with leading companies generally undervalued due to high demand certainty over the next two years [6]. Investment Focus - Fund managers are particularly interested in the technology and high-end manufacturing sectors, with a focus on artificial intelligence and its related supply chains, as well as the battery industry represented by lithium batteries [7].

丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨公司点评丨龙净环保（600388.SH） [Table_Title] 拟向紫金定增募资 20 亿元，紫金持股比例或将 提升至 33.76% 报告要点 [Table_Summary] 2025 年 10 月 24 日，龙净环保发布《2025 年度向特定对象发行 A 股股票预案》，拟向紫金矿 业募集不超过 20 亿元（含），募集净额拟全部用于补充流动资金，发行后紫金矿业持股比例或 将增至 33.76%，向紫金增发利于龙净发展长逻辑。Q2 起公司进入绿电业绩加速兑现期，当前 储能销售良好，烟气订单规模稳定，并积极布局新方向钠离子电池。看好公司长期发展。 分析师及联系人 [Table_Author] 徐科 王筱茜 叶之楠 盛意 SAC：S0490517090001 SAC：S0490519080004 SAC：S0490520090003 SAC：S0490525070006 SFC：BUV415 SFC：BWM115 请阅读最后评级说明和重要声明 1 [Table_scodeMsg2] 龙净环保（600388.SH） cjzqdt11111 [Tabl ...

——锂矿库存偏紧，上方空间略有想象 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10月25日 第一章 核心矛盾及策略建议 1.1 核心矛盾 本周碳酸锂市场运行态势震荡走强，符合之前预期。展望未来一个月，碳酸锂期货价格的核心驱动逻辑将聚 焦于这些方面："国内锂矿紧张程度"、"十一月份枧下窝复产情况"和"下游11月份排产节奏"，上述因 素将主导后续市场情绪。 南华期货碳酸锂产业周报 锂矿端，若国内可流通的锂精矿库存持续维持低位，那么市场原料端的紧张格局将有进一步加深的可能性， 并通过产业链传导逐步推升碳酸锂价格；供给方面，盐湖产能释放将持续为锂盐市场补充供给，而"枧下窝 复产速度"是关键变量，若其复产进度超市场预期，将直接扩大锂盐供给规模，对价格形成潜在压制。需求 端当前表现强劲，磷酸铁锂、三元材料、六氟磷酸锂等核心电池材料价格持续上行，直观反映出市场对碳酸 锂的需求韧性；若下游11月排产延续高景气度，锂盐需求将维持强势格局，进而反向加剧锂矿的供需错配情 况。此外，从 ...

Core Viewpoint - The energy storage sector has seen a significant rebound in Q3, with many companies emerging from a competitive downturn, leading to new growth opportunities and increased market valuations [1]. Group 1: Company Performance - In Q3, the company reported a revenue of 53.3 billion yuan, marking a historical high with a year-on-year growth of 25.7%, and a net profit of 9.0 billion yuan, up 48.7% [1]. - For the first three quarters, the company achieved a revenue of 138.3 billion yuan, a 32.9% increase year-on-year, and a net profit of 21.9 billion yuan, growing by 46.9% [1]. - The surge in revenue and profit is primarily driven by the gradual release of overseas orders, with overseas revenue reaching 28.6 billion yuan in the first half of the year, an increase of 88.9% [1][3]. Group 2: Market Trends - The global investment in power grids is currently in a favorable cycle, with significant opportunities for infrastructure upgrades in developed regions and new construction in underdeveloped areas [6]. - Domestic grid investment has accelerated, with a year-on-year increase of 14.6% in the first half of the year, and the company has seen a rapid growth in its bidding amounts for state grid projects [6][12]. Group 3: Business Expansion - The company has made significant strides in the energy storage sector, launching a full range of energy storage products and planning a total investment of 1 billion yuan for new energy storage and power electronics projects [9][20]. - The company has established a competitive edge through integrated production systems and experience in grid-side energy storage projects, with a cumulative bid of approximately 2.4 GWh in energy storage systems [10][11]. Group 4: Future Outlook - The company is well-positioned to benefit from the ongoing global energy storage and grid investment cycles, with a notable increase in market capitalization and foreign investment participation [21][23]. - The company’s focus on high-voltage and energy storage solutions is expected to enhance its competitive advantage in the market, particularly against strong competitors [20][21].

Core Viewpoint - The energy storage sector has seen a significant rebound in Q3, with many companies emerging from a competitive downturn, particularly highlighted by the performance of Siyuan Electric [2][3]. Group 1: Company Performance - Siyuan Electric reported a revenue of 13.83 billion yuan for the first three quarters, a year-on-year increase of 32.9%, and a net profit of 2.19 billion yuan, up 46.9% [6]. - In Q3 alone, the company achieved a revenue of 5.33 billion yuan, marking a historical high with a year-on-year growth of 25.7%, and a net profit of 900 million yuan, up 48.7% [7]. - The growth in revenue and profit was primarily driven by the gradual release of overseas orders, with overseas revenue reaching 2.86 billion yuan in the first half of the year, a year-on-year increase of 88.9% [8]. Group 2: Market Dynamics - The global investment in power grids is currently in a favorable cycle, with significant opportunities for infrastructure upgrades in developed regions like Europe and North America, as well as new construction in Southeast Asia, the Middle East, and Africa [12]. - In China, Siyuan Electric benefits from accelerated grid investment, with national grid investment up 14.6% year-on-year in the first half of the year [13]. Group 3: Product and Business Development - Siyuan Electric has diversified its product offerings, with traditional products like switches and transformers still dominating revenue, while emerging businesses in energy storage and medium voltage are beginning to contribute [14]. - The company has made significant strides in the energy storage sector, launching a full range of energy storage products in August 2023 and planning a 1 billion yuan investment in new energy storage and power electronics projects [17][18]. - Siyuan Electric's competitive advantage lies in its integrated production capabilities and experience in grid-side energy storage projects, allowing it to offer differentiated solutions [18][32]. Group 4: Future Outlook - The global energy storage market is experiencing rapid growth, with a 92% year-on-year increase in newly installed capacity, indicating strong demand [19]. - Siyuan Electric's market positioning in both energy storage and grid equipment provides a robust foundation for future growth, with expectations for continued order and performance potential [34].