Core Insights - The 2025 China International Commercial Vehicle Exhibition in Wuhan serves as a significant indicator of new trends and opportunities in the commercial vehicle industry, coinciding with the conclusion of the 14th Five-Year Plan and the planning of the 15th Five-Year Plan [1] Group 1: New Energy Vehicles - FAW Jiefang showcased five new energy truck models, including the J6L pure electric feed transport vehicle and the J6P heavy-duty pure electric dump truck, targeting various market segments [3][4][5] - Dongfeng Commercial Vehicle presented six new heavy-duty trucks, emphasizing keywords like large battery capacity, supercharging, and hybrid technology, including the Dongfeng Tianlong KL Huawei megawatt supercharging tractor [8][12] - Shaanxi Automobile displayed four heavy-duty trucks and five engine products in collaboration with Cummins, focusing on high power, fuel efficiency, and a mix of traditional and new energy vehicles [16][20] Group 2: Diverse Product Offerings - Foton Motors presented a wide range of products across its brands, including Ouman, Auman, and others, showcasing its comprehensive approach in the commercial vehicle sector [23] - Dongfeng Liuqi introduced a full lineup of vehicles, including LNG tractors and electric models, aligning with market trends towards electrification and intelligence [31][34] - Jianghuai Automobile highlighted its upcoming Kunpeng ET9 light truck and showcased the Kara unmanned delivery vehicle, featuring L4-level autonomous driving technology [39][44] Group 3: Industry Innovations - CIMC Vehicles emphasized its "Only Star Chain" strategy, showcasing logistics, tank, and special vehicles, and announced the upcoming release of new models for 2026 [43] - BYD displayed four new energy commercial vehicles, including the T4 electric truck, and set up a dynamic experience area to demonstrate the vehicle's capabilities [48][51] - Nanjing Iveco presented its star products, including the Eurovan series, demonstrating its leadership in the light commercial vehicle market [53][54] Group 4: Market Trends - The exhibition highlighted the increasing focus on new energy, intelligence, and high power in commercial vehicles, with many companies launching products that align with these trends [83] - The presence of specialized vehicle and component manufacturers at the exhibition indicates a broader market transformation affecting all sectors [83]

第一条 评奖宗旨 在港股市场强劲复苏、中国资产价值重估的背景下，此奖旨在表彰在高质量发展、高水平对外开放的历 史进程中，在制度创新和产业变革等方面展现出强大综合实力与前瞻性发展战略的港股上市公司。 第二条 评奖周期 中国证券报上市公司（港股）金牛奖评选工作，每年举办一届。 第三条 奖项设置 在行业遴选和奖项设置方面，着重呼应时代发展脉搏和产业发展方向，重点关注人工智能、新能源、新 材料和生物医药等前沿科技领域的创新突破，表彰在全球化背景下将业务、品牌和技术成功出海的标杆 企业，以及强调在追求商业成功的同时积极履行社会责任、重视股东回报、推动可持续发展的长期价值 的优秀典范。 上市公司（港股）金牛奖共四个大类、11个单项公司奖项，不设置个人奖项。其中，第一类：综合价值 与绩效类，包括卓越港股公司金牛奖、股东回报金牛奖和永续经营金牛奖；第二类：成长与创新类，包 括成长价值金牛奖、科技创新金牛奖、新消费标杆金牛奖和出海创新金牛奖；第三类：公司治理与社会 责任类（ESG），包括公司治理金牛奖、社会责任金牛奖和投资者关系金牛奖；第四类：港股IPO中介 机构金牛奖，涵盖保荐机构、审计机构、法律顾问和其他第三方服务机构。 ...

2025年11月09日 国泰君安期货研究周报-绿色金融与新能源 观点与策略 | 镍：高库存累增与印尼风险博弈，低位震荡 | 2 | | --- | --- | | 不锈钢：弱现实拖累钢价，短线低位震荡 | 2 | | 工业硅：仓单去化，盘面上行驱动偏强 | 11 | | 多晶硅：政策真空期，盘面回归基本面 | 11 | | 碳酸锂：矿价回落，储能采招数量下滑，关注矿山复工带来的下行风险 | 20 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 二 〇 二 五 年 度 2025 年 11 月 09 日 国 泰 君 安 期 货 研 究 所 沪镍基本面：冶炼高库存累增与印尼风险博弈，基本面逻辑承压于低位震荡。首先，精炼镍内外显性 库存重新回到累库，市场普遍预期隐性补库放缓，同时，预期端供增需弱，镍合金端使用镍铁取代镍板的 比例有所提高，而纯镍投产仍有增加的预期，叠加远端低成本湿法路径供应增加的预期，现实和预期或仍 限制沪镍上方弹性。虽然非标镍基本面边际改善，部分企业有考虑将精炼镍转向非标镍生产，但转产暂未 动摇精炼镍的累库矛盾，即还不够有效传导至精炼镍的供需改 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - Last week, Shanghai Tin (SHFE Tin) showed an overall oscillatory trend. On November 7, 2025, the spot price of Mysteel's comprehensive 1 tin was 283,750 yuan/ton, with little fluctuation in futures prices and basis during the period [11]. - Refined tin production in September was 9,770 tons, down both month - on - month and year - on - year, and is expected to return to normal in October. Domestic tin ore production from January to August totaled 50,200 tons, with a slight year - on - year increase, remaining stable. The resumption of mining production in Myanmar has repeatedly affected the price range [11]. - In September, the demand for integrated circuits, automobiles, and PVC maintained good growth, while the demand in traditional sectors such as computers, some white goods, and photovoltaics slowed down. It is expected that the demand in emerging sectors will remain resilient in October, while the demand in some traditional sectors will be adjusted [11]. - The ore end remains tight, and processing fees continue to decline weakly. Overall, profits will remain low under the interference of the ore end [11]. - LME and SHFE inventories increased slightly week - on - week, while social inventories decreased slightly week - on - week [11]. - Due to insufficient supply, the domestic economy remains resilient, and the prosperity of semiconductors, automobiles, etc. generally maintains an upward trend. Overseas uncertainties are still high, and there is still an expectation of interest rate cuts in the later period. The ore end situation is unstable. In terms of operation, those with heavy positions can appropriately reduce their positions, and conduct light - position long - biased trading, with the weekly support level around 273,000 - 275,000 yuan/ton. For options, sell out - of - the - money put options [11]. 3. Summary by Directory 3.1 Week - on - Week Viewpoints and Strategies - **Market Conditions**: SHFE Tin oscillated last week. On November 7, 2025, the spot price of 1 tin was 283,750 yuan/ton, with little change in futures prices and basis [11]. - **Supply**: Refined tin production in September was 9,770 tons, down month - on - month and year - on - year, expected to recover in October. Domestic tin ore production from January to August was 50,200 tons, with a slight year - on - year increase. The resumption of mining in Myanmar affected price points [11]. - **Demand**: In September, the demand for integrated circuits, automobiles, and PVC increased well, while traditional sectors slowed down. In October, emerging sectors are expected to maintain demand resilience, and some traditional sectors will be adjusted. The tariff adjustment on US - originated goods and the decline in China's October PMI are also factors [11]. - **Cost and Profit**: The ore end is tight, processing fees are declining, and profits will remain low [11]. - **Inventory**: LME, SHFE inventories increased slightly week - on - week, and social inventories decreased slightly [11]. - **Strategy**: Due to supply shortages, domestic economic resilience, and overseas uncertainties, heavy - position holders can reduce positions, conduct light - position long - biased trading with a support level of 273,000 - 275,000 yuan/ton. Sell out - of - the - money put options. Focus on macro - measures, mining disturbances, Indonesian export speed, and consumption data [11]. - **Influence Factors Analysis**: Production has a neutral impact as the ore supply is expected to ease; downstream demand is bullish as the industry demand outlook is positive; inventory is bullish due to inventory depletion; imports and exports are neutral with stable net exports; market sentiment is bearish; cost and profit are neutral with low processing fees; and the macro - environment is neutral with no new policies [12]. 3.2 Industrial Chain Structure The report mentions the tin industrial chain, but no detailed content is provided. 3.3 Futures and Spot Markets The report presents graphs of SHFE and LME tin futures and spot prices and basis, but no specific analysis is given [17]. 3.4 Inventory - As of November 6, 2025, SHFE inventory was 5,865 tons, increasing slightly week - on - week. As of November 5, 2025, LME total inventory was 2,975 tons, also increasing slightly week - on - week. As of October 31, 2025, refined tin social inventory was 7,698 tons, decreasing slightly week - on - week [27][31]. 3.5 Cost and Profit As of November 6, 2025, the processing fee for Yunnan's refined ore was 11,000 yuan/ton, and that for Guangxi's was 7,000 yuan/ton, continuing to be weak [35]. 3.6 Supply - In September 2025, refined tin production was 9,770 tons, significantly decreasing month - on - month due to major factory maintenance, and is expected to return to normal supply in October. Domestic tin ore production in August was 6,854.21 tons, increasing slightly month - on - month [40]. - In September 2025, the capacity utilization rate of tin enterprises was about 64.23%, showing a decline [47]. 3.7 Demand - In September 2025, China's automobile production was 3.227 million vehicles, a year - on - year increase of 13.7%. In August 2025, China's electronic computer production was 32.66 million units, a year - on - year decrease of 4.8% [51]. - In October 2025, China's PVC production was 2.1281 million tons, a year - on - year increase of 9.6%. In September 2025, China's mobile electronic communication production was 150.29 million units, a year - on - year decrease of 9.4% [54]. - In September 2025, China's air - conditioner production was 18.0948 million units, a year - on - year decrease of 3%. In September 2025, China's refrigerator production was 10.1275 million units, a year - on - year decrease of 2% [58]. - In September 2025, China's washing - machine production was 11.7848 million units, a year - on - year increase of 5.6%. In September 2025, China's color TV production was 20.6305 million units, a year - on - year increase of 3.9% [62]. - In September 2025, China's solar energy production was 70.87 million kilowatts, a year - on - year decrease of 1%. In September 2025, China's integrated circuit production was 43.7 million pieces, a year - on - year increase of 5.9% [66]. 3.8 Import and Export In September 2025, China imported 8,700 tons of tin ore, 1,269 tons of tin ingots, and exported 1,789 tons of refined tin [71]. 3.9 Supply - Demand Table The report provides a tin balance sheet from 2017 to 2025E, showing China's and overseas production, global supply, China's and overseas demand, and global supply - demand balance. For example, in 2025E, China's production is expected to be 184,500 tons, overseas production 185,000 tons, global supply 369,500 tons, China's demand 193,000 tons, overseas demand 186,000 tons, and the global supply - demand balance is - 9,500 tons [74].

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The lithium battery sector is experiencing price increases in lithium materials, prompting supply negotiations, while XPeng has launched a humanoid robot equipped with solid-state batteries [2][10][12] - The photovoltaic industry is set to benefit from new government policies promoting the integration of coal and renewable energy, creating new growth opportunities [3][23][24] - The wind power sector is highlighted by Jiangsu Yancheng's green electricity direct connection plan, aiming to develop 25.6GW of offshore wind power [3][34][35] - The nuclear fusion sector is gaining international recognition as China's plasma research institute participates in the ITER council, showcasing China's significant role in global nuclear fusion research [3][42][43] - The energy storage sector is seeing a rise in average bidding prices for 4-hour systems, with Star Charge signing a major contract for over 32GWh of storage capacity [4][47][49] - The power equipment sector is driven by the UK's National Grid planning to add 19GW of supply over the next five years, responding to surging demand from data centers [4][61][62] - The industrial control and robotics sector is witnessing advancements with 58 Intelligent completing significant financing to accelerate the commercialization of embodied robots [4][69][70] Summary by Sections 1. Lithium Battery and Electric Vehicle Sector - Lithium material prices are rising, leading to supply negotiations [10] - Battery companies are securing large material contracts due to anticipated demand [11] - XPeng has introduced a humanoid robot utilizing solid-state batteries, enhancing safety and efficiency [12] 2. Photovoltaic Sector - The National Energy Administration's new guidelines promote coal and renewable energy integration, opening new markets for photovoltaic development [23][24] - The policy encourages innovative "photovoltaic+" models and supports the construction of smart microgrids [24] 3. Wind Power Sector - Jiangsu Yancheng's green electricity direct connection plan aims to develop significant offshore wind capacity [34] - Recent approvals for major offshore wind projects indicate a robust pipeline for future development [35] 4. Nuclear Fusion Sector - China's participation in the ITER council highlights its growing influence in international nuclear fusion research [42][43] 5. Energy Storage Sector - The energy storage market is expanding, with significant contracts being signed and average prices for 4-hour systems increasing [47][49] - The demand for energy storage is being driven by data centers and renewable energy integration [49] 6. Power Equipment Sector - The UK's National Grid plans to add substantial new capacity to meet rising electricity demand, particularly from data centers [61][62] 7. Industrial Control and Robotics Sector - 58 Intelligent's recent financing will support the development of embodied robots for commercial applications [69][70] - New national standards for commercial cleaning robots are set to enhance product quality and market growth [71]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [5][12]. Core Insights - The company is a global leader in wide-body trucks, with steady growth expected in its performance due to the ongoing penetration of new energy and autonomous driving models [1]. - The revenue CAGR from 2018 to 2024 is projected to be 21%, while the net profit CAGR for the same period is expected to be 31% [1][29]. Summary by Sections Company Overview - The company, established in 2005, is a pioneer in non-road wide-body trucks and aims to be a leading supplier of engineering transportation solutions [19]. - The company has diversified its product offerings, including fuel, electric, and hybrid models, with a market share of approximately 30% in the non-road wide-body truck segment [19][26]. Market Analysis - The domestic market for fuel wide-body trucks is stabilizing, while overseas markets present new growth opportunities [2]. - The market for new energy wide-body trucks is expected to grow significantly, with a projected market size of 25 billion yuan in 2024, increasing to 149 billion yuan by 2029, reflecting a CAGR of 43% [3][66]. - The autonomous driving market for wide-body trucks is also expanding, with a forecasted market size of 20 billion yuan in 2024, expected to reach 301 billion yuan by 2030, representing a CAGR of 57.4% [4][66]. Financial Forecasts - Revenue forecasts for 2025-2027 are 67.8 billion yuan, 76.4 billion yuan, and 86.2 billion yuan, with a CAGR of 12.8% [5][12]. - Net profit forecasts for the same period are 8.9 billion yuan, 9.9 billion yuan, and 11.4 billion yuan, with a CAGR of 13.1% [5][12]. Competitive Landscape - The competitive landscape for new energy wide-body trucks is concentrated, with the top three companies holding a combined market share of 68% [3]. - The company is positioned as the second-largest player in the autonomous driving segment, benefiting from partnerships with leading technology firms [4][66].

Investment Rating - Maintain "Buy" rating for the industry [5] Core Views - The perovskite photovoltaic technology is advancing towards large-scale commercialization, with significant milestones achieved in the supply chain and technology breakthroughs [1][14] - The offshore wind power sector is expected to accelerate, particularly benefiting companies in Jiangsu's offshore wind industry chain [2][16] - The hydrogen energy sector is encouraged to utilize green hydrogen in coal chemical projects, with a focus on developing large-scale photovoltaic bases in coal-producing areas [3][20] - The energy storage market is seeing competitive bidding with a range of prices, indicating a growing demand for energy storage solutions [3][21][26] - The electric vehicle sector is witnessing a surge in long-term supply agreements for electrolyte products, reflecting a shift in supply-demand dynamics [4][30] Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - The world's largest commercial perovskite photovoltaic module has been released, marking a significant step towards commercialization [1][14] - Key developments include the successful production of large-sized perovskite modules and the domestic production of TCO conductive film glass [1][15] - Focus areas include supply-side reform opportunities, long-term growth potential from new technologies, and industrialization opportunities in perovskite technology [1][15] 1.2 Wind Power & Grid - A significant green electricity direct connection plan has been issued in Jiangsu, expected to boost offshore wind development [2][16] - The approval of the Panshi ultra-high voltage AC project is anticipated to enhance the wind power sector's infrastructure [2][17] - Key companies to watch include Goldwind Technology, Yunda Co., and Mingyang Smart Energy [2][19] 1.3 Hydrogen & Energy Storage - The National Energy Administration encourages the integration of coal and new energy, promoting large-scale photovoltaic projects in coal areas [3][20] - Energy storage bidding shows a range of prices, indicating a competitive market with significant project scales [3][21][26] - Companies to focus on include Sungrow Power Supply, Aters, and other leading energy storage firms [3][29] 2. New Energy Vehicles - Tianci Materials has signed long-term supply agreements for nearly 1.6 million tons of electrolyte, indicating a robust demand forecast [4][30] - The total locked-in electrolyte supply has exceeded 3 million tons, reflecting a strategic reserve against future capacity expansions [4][30] - Key companies to monitor include Tianci Materials, Hunan Youneng, and Enjie Co. [4][30][31]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - **Market Performance**: From October 31 to November 7, 2025, the spot price of zinc oscillated upward, with the benchmark spot price reaching 22,650 yuan/ton on November 7, a 1.66% increase from October 30. In the futures market, the main zinc contract also trended upward, closing at 22,720 yuan/ton with a weekly gain of 1.63%. The current open interest of the main - month contract is around 112,500 lots [8]. - **Macro - environment**: Sino - US economic and trade consultations in Kuala Lumpur led to a series of agreements on tariffs and export controls, showing signs of trade friction mitigation. The Fed's interest - rate cut expectation in December is uncertain, pending inflation and employment data after the US government reopens. The "15th Five - Year Plan" proposal brings new development opportunities to the new energy and new materials sectors [8]. - **Supply**: Limited domestic zinc concentrate increments have caused a decline in spot processing fees. There is an increasing expectation of production cuts and shutdowns in November. Some northern mines have actively controlled production after completing their annual plans, leading to a temporary tightness in zinc ore supply and concerns about a contraction in refined zinc output [8]. - **Demand**: Seasonal weakness in demand persists. With the arrival of the construction off - season in the north, the operating rates of downstream industries such as galvanizing and zinc die - casting may further decline, and the pattern of spot discounts is difficult to reverse. Specifically, the estimated operating rate of zinc oxide manufacturers remains stable at about 51%, a Tianjin zinc oxide plant affected by environmental protection controls is expected to resume production next week; the estimated operating rate of the zinc alloy industry next week is 54%, with downstream raw material purchases only meeting rigid demand and new orders at the beginning of next month falling short of expectations; the operating rate of galvanized sheets is expected to continue to recover to about 63% [8]. - **Inventory**: Overall inventory is at a low level. As of November 6, LME zinc delivery inventory was reported at 34,100 tons, and SHFE inventory was 69,300 tons, showing a differentiated inventory level [8]. - **Summary**: The macro - sentiment is cautiously recovering. Overseas zinc ingots remain in short supply, and the export window will remain open in November. The cost support from processing fees and weak downstream demand create a tug - of - war for zinc prices, resulting in a wide - range oscillating trend [8]. - **Strategy**: Conduct range trading for the zn2601 contract, with a reference operating range of 21,000 - 23,000 yuan/ton, or buy out - of - the - money call options [8]. 3. Summary by Relevant Catalogs 3.1. Week - on - Week View and Strategy - **Hot News**: US ADP data showed that private - sector employment increased by 42,000 in October, far exceeding the market expectation of 22,000 and the largest increase since July 2025. However, the September data was revised downward to a decrease of 32,000. This strong data alleviated market concerns about the weak labor market. This week, both the smelting and downstream sectors were affected. Tight raw materials and falling processing fees put pressure on many smelting enterprises, which have started production cuts. Northern downstream enterprises' operations and shipments were affected by environmental protection controls, leading to tightened raw material purchases. The spot market continued with a pattern of small - volume rigid - demand transactions. Traders actively bought export - eligible zinc ingot sources, driving up the premiums of some zinc ingot brands in Shanghai and Tianjin. Overseas, LME zinc inventory hit a new low again. Under the dominance of long - position funds, domestic and international zinc prices trended strongly this week. Attention should be paid to the subsequent rhythm of zinc ingot exports and overseas warehousing [7]. - **Influence Factor Prediction**: The supply expectation is fluctuating (neutral), downstream demand is weak (bearish), inventory is differentiated (neutral), export expectation is good (bullish), market sentiment has no impact (neutral), cost - profit has no impact (bullish), and the macro - environment has no impact (neutral). Overall, the market is expected to oscillate [9]. 3.2. Industrial Chain Structure The zinc industry chain includes zinc ore, scrap zinc, refined zinc (including fire - refined zinc and electrolytic zinc), and downstream products such as zinc die - casting alloys, zinc - based alloys, galvanized products, zinc oxide, etc. Downstream applications cover various fields such as toys, hardware, construction, and automotive [11]. 3.3. Term Market The report presents multiple charts related to futures and spot prices, including active - contract futures closing prices, settlement prices, LME 3 - month zinc futures closing prices, refined zinc prices, and London zinc ingot spot prices, with data sources from WIND and the Hualian Futures Research Institute [15][19][25][33]. 3.4. Inventory The report shows charts of inventory data, including SHFE inventory, LME inventory, zinc finished - product inventory, zinc spot inventory, zinc ore port inventory, and zinc ore raw - material inventory days, with data sources from Steel Union Data and the Hualian Futures Research Institute [35][40][46]. 3.5. Supply The supply - side content includes charts of global and domestic zinc ore production, zinc ore imports, zinc ore prices, zinc concentrate processing fees, refined zinc prices, refined zinc operating rates, global and Chinese refined zinc production, and refined zinc imports and exports, with data sources from Steel Union Data and the Hualian Futures Research Institute [50][53][56][59][65][70]. 3.6. Demand - **Downstream Product Data**: The report provides production and operating - rate data for downstream products such as galvanized sheets, zinc alloys, and zinc oxide from June 2024 to February 2025, as well as charts of consumption structure, zinc ingot apparent and actual consumption, galvanized sheet production and operating rates, zinc alloy production and operating rates, zinc oxide operating rates and prices, and terminal - demand data for real estate, home appliances, and the automotive industry, with data sources from Steel Union Data and the Hualian Futures Research Institute [74][75][80][84][90][94][99]. - **2025 Supply - Demand Balance**: The report presents the supply - demand balance data for 2025, including production, imports, exports, net imports, total supply, apparent consumption, ending inventory, inventory changes, total demand, and supply - demand balance for each month [113]. 3.7. Others - **Price and Ratio**: The report includes charts of the Shanghai - London price ratio, zinc ingot main - contract basis, sulfuric acid prices, and zinc alloy prices, with data sources from Steel Union Data and the Hualian Futures Research Institute [104][108].

Group 1 - The first UAE International Investment Summit China Summit opened on November 7 in Shanghai, attended by notable figures including the UAE Ambassador to China and the founder of Vanke Group [1][4] - The summit, co-hosted by the UAE Ministry of Foreign Trade and AIM Global Foundation, focuses on themes such as new energy, artificial intelligence, green finance, digital economy, and smart cities, featuring over 1,000 participants from 45 countries and 80 international guests [4][6] - Established in 2011, the UAE International Investment Summit is recognized as a major economic and trade event by the UAE Federal Supreme Council, with the 2024 summit officially set to take place in China [6] Group 2 - Tang Jincao, Chairman of the China International Science and Technology Promotion Association's Mother Fund Branch, participated in a roundtable forum discussing China's strategy to ascend the value chain and the importance of advanced manufacturing and independent innovation [8][10] - The forum also addressed how the "dual circulation" strategy can leverage a strong domestic market to cultivate globally competitive high-tech enterprises [8] Group 3 - The Mother Fund Research Center has officially launched the 2025 annual list evaluation to encourage excellence in the private equity mother fund and fund industry [12][17] - The evaluation aims to promote the healthy development of the equity investment industry [12]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric power equipment and new energy sectors, including Ningde Times, Kodali, and others [5][6]. Core Insights - The electric power equipment and new energy sector saw a weekly increase of 4.98%, outperforming the Shanghai Composite Index, with notable rises in nuclear power (10.94%), solar energy (7.70%), and energy storage (2.84%) [1]. - Demand for energy storage is significantly increasing, with the price of lithium hexafluorophosphate continuing to rise, exceeding 120,000 yuan/ton, doubling since the end of September [12]. - The domestic energy storage market completed 10GW/29.4GWh of bidding work in October 2025, with strong demand in regions like Inner Mongolia and Gansu [3][35]. Summary by Sections New Energy Vehicles - Tianqi Materials signed long-term contracts for 159,500 tons of electrolyte with Guoxuan High-Tech and Zhongchuang Innovation, bringing the total contracted electrolyte volume to over 3 million tons [2][12]. - The electrolyte market saw a 40% year-on-year increase in shipments for the first three quarters of 2025, with Q3 shipments up 32% [12]. New Energy Generation - The production of polysilicon is expected to decline by over 10% in November, with a projected output of 134,000 tons in October [3][33]. - The domestic component production is expected to be less than 44.5GW in November, with potential for price rebounds and profit recovery [34]. Electric Power Equipment and Automation - The State Grid's five batches of bidding for transmission and transformation equipment totaled 10.559 billion yuan, with significant contracts across various equipment types [4]. - Key companies to watch include Ningde Times, Kodali, and others [4]. Investment Recommendations - The report highlights three main investment themes: 1. Long-term competitive landscape improvements in battery and separator segments, recommending companies like Ningde Times and Enjie [29]. 2. The impact of 4680 technology iterations on the supply chain, focusing on companies involved in high-nickel cathodes and silicon-based anodes [29]. 3. New technologies leading to high elasticity, with a focus on solid-state battery companies [29].