1. Report Industry Investment Rating - The report does not provide an industry investment rating. 2. Core View of the Report - The report suggests that the lithium carbonate market is in a high - level volatile pattern, and the strategy is mainly to buy on dips [1]. 3. Summary According to Relevant Contents 3.1 Lithium Carbonate Fundamental Data - **Futures Contracts**: The closing prices of the 2605 and 2607 contracts are 171,620 and 171,700 respectively. The trading volume and open interest of the 2605 contract decreased compared to previous periods, while the 2607 contract's open interest increased [2]. - **Basis**: The basis between spot and 2605 contract is - 7,120, and between spot and 2607 contract is - 7,200. The basis between 2605 and 2607 contracts is - 80 [2]. - **Raw Materials and Lithium Salts**: The prices of lithium spodumene concentrate, lithium mica, battery - grade lithium carbonate, and other products have different degrees of changes compared to previous periods. For example, the price of battery - grade lithium carbonate is 164,500, up 6,500 compared to T - 1 [2]. 3.2 Macro and Industry News - Germany's Federal Government has passed the "2026 Climate Protection Plan", which will add 8 billion euros in the next 4 years. It aims to achieve the 2030 emission reduction target through measures such as expanding wind power installation and increasing new - energy vehicle subsidies, and is expected to reduce over 25 million tons of carbon dioxide emissions by 2030 [3]. - The International Civil Aviation Organization has issued a new rule that each civil aviation passenger can carry a maximum of two power banks and cannot charge them during the flight, aiming to enhance passenger and airline safety [4]. 3.3 Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral view, with the value ranging from - 2 (most bearish) to 2 (most bullish) [4].

Report Industry Investment Ratings The report does not provide an overall industry investment rating. However, it gives trend intensities for various commodities, which can be used as a reference for investment: - **Positive Outlook (Trend Intensity: 1 or 2)**: Zinc, Aluminum, Cast Aluminum Alloy, p-Xylene, MEG, LLDPE, PP, Caustic Soda, Urea, Palm Oil, and Sugar [11][23][76][92][97][117][175][189] - **Neutral Outlook (Trend Intensity: 0)**: Gold, Silver, Copper, Lead, Tin, Platinum, Palladium, Nickel, Stainless Steel, Carbonate Lithium, Industrial Silicon, Benzene, Styrene, Soda Ash, Rubber, Synthetic Rubber, Pulp, Glass, Methanol, Short Fiber, Bottle Chip, Offset Printing Paper, Pure Benzene, Soybean Meal, Soybean, Corn, Cotton, Eggs, Peanuts [5][8][14][17][25][37][47][51][121][127][84][89][101][108][111][163][166][171][183][186][193][198][205] - **Negative Outlook (Trend Intensity: -1 or -2)**: Iron Ore, Power Coal, Logs, Fuel Oil, Low - Sulfur Fuel Oil, and Live Pigs [54][70][72][145][201] Core Views The report analyzes the market trends of various commodities based on their fundamentals, macro - economic factors, and industry news. Geopolitical factors, such as the Iran - related situation, have a significant impact on many commodities, including energy and metals. Supply and demand dynamics, cost factors, and policy changes also play crucial roles in determining the price trends of different commodities. Summary by Commodity Precious Metals - **Gold**: Geopolitical tensions are easing, with a trend intensity of 0. The prices of domestic and international gold showed certain increases, and trading volumes and positions had some changes. ETF holdings decreased slightly [5]. - **Silver**: It fell from the shock platform, with a trend intensity of 0. The prices of domestic and international silver increased, and trading volumes and positions also changed [5]. Base Metals - **Copper**: The strengthening of the US dollar restricts price recovery, with a trend intensity of 0. China's refined copper production increased, while waste copper imports decreased. Peru's copper production increased, and Codelco expects cost increases due to the Middle - East conflict [8][10]. - **Zinc**: It is oscillating strongly, with a trend intensity of 1. The prices of domestic and international zinc increased, and inventories decreased [11]. - **Lead**: Lacking driving forces, the price is oscillating, with a trend intensity of 0. The prices of domestic and international lead had different trends, and inventories changed [14]. - **Tin**: It is oscillating within a range, with a trend intensity of 0. The prices of domestic and international tin increased, and inventories decreased [18]. - **Aluminum**: Supply issues continue to intensify, with a trend intensity of 1. Alumina is oscillating weakly, with a trend intensity of 0. Cast aluminum alloy follows electrolytic aluminum, with a trend intensity of 1 [21][23]. - **Nickel**: The marginal slowdown of inventory accumulation, and the cost of pyrometallurgy is supported by the ore end to move up, with a trend intensity of 0. Stainless steel is in a game between demand and cost, and the steel price is oscillating, with a trend intensity of 0 [38]. Energy and Chemicals - **Crude Oil - Related Products** - **Fuel Oil**: It slightly declined at night and remained at a high level in the short - term, with a trend intensity of - 1. Low - sulfur fuel oil is still weak, with a trend intensity of - 1 [145]. - **LPG**: Geopolitical risks still exist, and supply disruptions occur frequently, with a trend intensity of 1 [133]. - **Propylene**: The fundamentals are supportive, and the trend is still strong, with a trend intensity of 1 [133]. - **Chemical Products** - **p - Xylene**: It is in a short - term shock market and is still strong in the medium - term, with a trend intensity of 1. PTA is in a short - term shock market and is still strong in the medium - term, with a trend intensity of 0. MEG has a tight supply and a strong medium - term trend, with a trend intensity of 1 [76]. - **Rubber**: It is in a wide - range oscillation, with a trend intensity of 0 [84]. - **Synthetic Rubber**: It has a wide - range oscillation within the day, with a trend intensity of 0 [89]. - **LLDPE**: Supply contraction continues, and there is a structural differentiation, with a trend intensity of 1. PP has an increase in cracking and PDH maintenance in April, and supply support is strong, with a trend intensity of 1 [92]. - **Caustic Soda**: The valuation is at a low level, and it may oscillate strongly later, with a trend intensity of 1 [97]. - **Pulp**: It is oscillating, with a trend intensity of 0 [101]. - **Glass**: The price of the original sheet is stable, with a trend intensity of 0 [108]. - **Methanol**: It is oscillating strongly, with a trend intensity of 0 [111]. - **Urea**: The price center moves up, with a trend intensity of 1 [117]. - **Benzene and Styrene**: Benzene is oscillating strongly, with a trend intensity of 0. Styrene is oscillating strongly, with a trend intensity of 0 [121][171]. - **Soda Ash**: The spot market has little change, with a trend intensity of 0 [127]. - **PVC**: It is in a wide - range oscillation, with a trend intensity of 0 [141]. Agricultural Products - **Oils and Fats** - **Palm Oil**: Stimulated by B50 news, it shows a short - term strong performance, with a trend intensity of 1. - **Soybean Oil**: Attention should be paid to the quarterly inventory and planting intention report, with a trend intensity of 0 [175]. - **Grains and Oilseeds** - **Soybean Meal**: It is adjusting and oscillating, waiting for the USDA report, with a trend intensity of 0. - **Soybean**: It is rebounding and oscillating, with a trend intensity of 0 [183]. - **Corn**: Attention should be paid to policy auctions, with a trend intensity of 0 [186]. - **Sugar**: It is oscillating strongly, with a trend intensity of 1 [189]. - **Cotton**: The domestic market lacks new driving forces, with a trend intensity of 0 [193]. - **Eggs**: Wait for the opportunity to short at high prices in the far - month contracts, with a trend intensity of 0 [198]. - **Live Pigs**: The de - stocking is less than expected, and the price center continues to move down, with a trend intensity of - 1 [201]. - **Peanuts**: Attention should be paid to the purchase of oil mills, with a trend intensity of 0 [205]. Others - **Iron Ore**: There is an expectation of negotiation easing, and the ore price is falling, with a trend intensity of - 1 [54]. - **Rebar and Hot - Rolled Coil**: They are oscillating repeatedly, with a trend intensity of 0 [58]. - **Silicon Ferrosilicon and Manganese Silicon**: Silicon ferrosilicon has a slightly increased cost expectation, and bullish sentiment is high, with a trend intensity of 0. Manganese silicon is in a wide - range oscillation due to energy information disturbances, with a trend intensity of 0 [63]. - **Coke and Coking Coal**: Coke's first - round price increase is expected to be implemented this week, and it is in a wide - range oscillation, with a trend intensity of 0. Coking coal is in a wide - range oscillation, with a trend intensity of 0 [66][67]. - **Power Coal**: The sentiment is weakening, and there is a short - term callback pressure, with a trend intensity of - 1 [70]. - **Logs**: The near - term is strong, and the far - term is weak, and the positive spread is expanding, with a trend intensity of - 1 [72]. - **Container Freight Index (European Line)**: The spot loading is under pressure, the 04 contract is oscillating in a narrow range, and the far - month contracts follow geopolitical fluctuations, with a trend intensity of 0 [147].

Group 1: Report Overview - The report is the "Guotai Junan Futures Commodity Research Morning Report - Green Finance and New Energy" dated March 31, 2026, covering nickel, stainless steel, lithium carbonate, industrial silicon, and polysilicon [1][2] Group 2: Nickel and Stainless Steel Core View - Nickel: Inventory accumulation is slowing, and the ore end supports the upward shift of pyrometallurgical costs [2][4] - Stainless steel: There is a game between demand and cost, and steel prices are oscillating [2][5] Fundamental Data - For nickel, the closing price of the Shanghai Nickel main contract was 137,120, with various changes in other indicators like volume and prices of related products [5] - For stainless steel, the closing price of the main contract was 14,370, with corresponding changes in volume and other related prices [5] Macro and Industry News - Indonesia plans to adjust the benchmark price of nickel ore as a new revenue source for the mining industry [5] - Solway Investment Group plans to restart its nickel mine in Guatemala [6] - Indonesia's approved nickel ore production quota is between 260 million and 270 million tons [7] - Philippine miners expect the export volume of Indonesian nickel ore to double [8] Inventory Tracking - On March 27, China's refined nickel social inventory increased by 1,690 tons to 86,077 tons, while LME inventory decreased by 1,938 tons to 281,574 tons [11] - On March 26, SMM nickel - iron full - industry chain inventory decreased by 8% month - on - month to 121,000 metal tons [11] Group 3: Lithium Carbonate Core View - Lithium carbonate is in a high - level oscillating pattern, and it is recommended to buy on dips [2][14] Fundamental Data - The closing price of the 2605 contract was 171,620, with changes in volume, open interest, and other related indicators [15] Macro and Industry News - Germany's federal government passed a climate protection plan, adding €8 billion in the next 4 years to achieve emission reduction goals [16] - The International Civil Aviation Organization issued new regulations on lithium - battery power banks [17] Group 4: Industrial Silicon and Polysilicon Core View - Industrial silicon: Pay attention to the resumption of production by upstream enterprises [2][19] - Polysilicon: Continue to oscillate and bottom - out [2][19] Fundamental Data - For industrial silicon, the Si2605 closing price was 8,480 yuan/ton, with changes in volume, open interest, and other related indicators [19] - For polysilicon, the PS2605 closing price was 36,550 yuan/ton, with corresponding changes in volume and open interest [19] Macro and Industry News - The Cambodian government significantly reduced customs import and export taxes on various commodities, including solar systems and new - energy vehicles [19][21] Group 5: Trend Intensity - Nickel trend intensity: 0; Stainless steel trend intensity: 0 [12] - Lithium carbonate trend intensity: 0 [17] - Industrial silicon trend intensity: 0; Polysilicon trend intensity: - 1 [21]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 Midea Group Co., Ltd. 美的集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：0300） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲載列美的集團股份有限公司於深圳證券交易所網站(www.szse.cn)刊登的公告如 下，僅供參閱。 承董事會命 美的集團股份有限公司 董事長、執行董事兼總裁 方洪波先生 香港，2026年3月30日 於本公告日期，董事會成員包括(i)執行董事方洪波先生、王建國先生、顧炎民博 士、管金偉先生及張添博士，(ii)非執行董事趙軍先生，及(iii)獨立非執行董事許 定波博士、肖耿博士、劉俏博士及邱鋰力博士。 美的集团股份有限公司 2025 年年度报告全文 2025 年年度报告 美的集团股份有限公司 2026 年 3 月 美的集团股份有限公司 2025 年年度报告全文 致股东 2025 年初，我们 ...

Investment Rating - The report maintains a standard investment rating for the fiberglass industry, indicating a positive outlook for the sector due to cyclical recovery and structural growth opportunities. Core Insights - The fiberglass industry is experiencing a combination of cyclical recovery and structural growth, driven by increasing demand in traditional markets and emerging applications such as wind energy, automotive, and electronics. This dual momentum is expected to enhance pricing and profitability for leading companies in the sector [5][14][61]. Summary by Sections 1. Fiberglass Industry Overview - Fiberglass is a lightweight, high-strength, corrosion-resistant inorganic non-metallic fiber material, widely used in construction, automotive, aerospace, energy, and electronics. The industry is currently undergoing a reconstruction opportunity due to cyclical recovery and structural growth [13][14]. 2. Industry Scale and Competitive Landscape - The global fiberglass market is projected to grow from USD 24.15 billion in 2025 to USD 36.03 billion by 2032, with a CAGR of 5.88%. In China, fiberglass production capacity has exceeded 7.5 million tons, accounting for over 70% of global production [26][27][30]. The industry exhibits a concentrated competitive landscape, with a few major players dominating the market [31][34]. 3. Emerging Applications Driving Demand Growth - Traditional applications provide a stable demand base, while emerging sectors such as wind energy, automotive lightweighting, and electronics are expected to drive rapid structural growth. These sectors require advanced material performance, leading to technological upgrades and value enhancement in the fiberglass industry [38][39][49]. 4. Fiberglass Industry Recovery from Cyclical Bottom - After experiencing a price decline in 2023, the fiberglass industry is expected to recover in 2024 as supply-demand dynamics improve. Price increases have already been observed, with electronic fiberglass prices rising significantly [53][54]. The profitability of leading companies is anticipated to recover as they avoid price wars and focus on value-added products [55][60]. 5. Overall Perspective and Investment Recommendations - The fiberglass industry is positioned for growth due to its expanding application areas and changing demand structure. Key growth drivers include the large-scale wind energy projects, automotive lightweighting, and AI infrastructure. The report recommends focusing on leading companies such as China Jushi (600176), China National Materials (002080), International Composites (301526), and Honghe Technology (603256) [61][64].

Core Viewpoint - The changing population structure in China is significantly impacting the education sector, with a peak in primary school enrollment reached in 2023, and secondary and higher education enrollment expected to peak in the coming years [3][4]. Group 1: Population and Education Trends - The number of primary school students in China peaked in 2023, while junior high school enrollment is expected to peak in 2026 and high school enrollment in 2029 [3]. - The higher education age population is projected to peak in 2032, indicating a shift in educational demand [3]. Group 2: Challenges and Transformations in Teacher Education - Teacher training institutions are facing multiple challenges due to changes in school-age population and the evolving educational landscape, leading to a demand for a more diverse teacher education system [3][4]. - Non-teacher education graduates are increasingly entering the teaching profession, with graduates from top universities like Tsinghua and Peking University becoming teachers in prestigious secondary schools [3]. Group 3: Institutional Responses to Educational Needs - Xiamen University and other institutions are optimizing their professional structures to align with national strategic needs and enhance the quality of education [4]. - Anhui Normal University has established new engineering colleges to facilitate a dual-drive transformation from a teacher education focus to a more comprehensive engineering and technology education [5]. Group 4: Professional Adjustments and Innovations - Various teacher training institutions are implementing reforms such as reducing redundant teacher education programs and increasing the number of engineering and technology-related majors [6][7]. - For instance, Yuzhang Normal University is reducing the proportion of teacher education students from 68.5% to 49.7% while increasing the share of engineering programs to 26.5% [6]. Group 5: Emerging Trends in Teacher Education - The proportion of non-teacher majors in teacher training institutions is increasing, with nearly 25% of teacher colleges adding three or more engineering programs in the past three years [7]. - New engineering programs, particularly in artificial intelligence and renewable energy, are being introduced to meet the demands of the evolving job market [8].

Core Conclusions - Some resource products already possess strategic attributes, with resource-rich countries seeking pricing power in the industrial chain and a growing trend of resource nationalism, while consuming countries enhance strategic reserves of key resources and strengthen supply chain security [1][2] - The scarcity of strategic resource reserves, along with the high concentration of production and processing stages, forms the basis for industrial and national defense security, and is crucial for energy transition and technological development [1][3] - The market for strategic resources is driven not only by short-term shocks but also by long-term supply-demand dynamics that support price increases, with mid-term trends expected to continue upward [1][4] Strategic Attributes of Resource Products - Since 2025, prices of copper, aluminum, lithium, and cobalt have significantly increased in the global commodity market, driven by supply-demand factors and the growing concept of national security, leading to intensified competition and geopolitical struggles over strategic minerals [2][13] - Resource-rich countries are changing their policy directions, increasingly adopting resource nationalism through export controls, tax increases, and nationalization to gain more economic benefits and move up the value chain [2][15] - Major consuming countries like the US, EU, and Japan are incorporating resource security into their national and economic security frameworks, establishing strategic reserves and creating new supply chain systems through alliances [2][18] Definition of Strategic Resource Products - Strategic resource products are characterized by their scarcity, with uneven global distribution and concentration in a few countries, and long production cycles that result in slow supply growth, highlighting their importance in great power competition [3][23] - The stability of strategic resource supply is fundamental to industrial and national defense security, as high-end manufacturing and defense technologies rely heavily on the performance and stable supply of key materials [36][37] Supply-Demand Dynamics Driving Price Trends - The current market for strategic resources has seen significant returns, particularly in heavy asset and low-elimination sectors, although recent volatility has raised concerns about the sustainability of this trend [4][41] - Long-term capital expenditure shortages, rising resource nationalism, and increasing operational risks are constraining the supply of strategic resources, with exploration investments declining for two consecutive years [41][43] - The demand for strategic resources is being shaped by trends in AI and new energy industries, with significant growth expected in the demand for copper, aluminum, lithium, and cobalt [47][48]

Group 1: Financial Performance - In 2025, the company achieved a revenue of 9.639 billion CNY and a net profit attributable to shareholders of 1.097 billion CNY, representing year-on-year growth of 22.84% and 16.48% respectively, indicating a return to stable growth [1] - The net profit in Q4 2025 increased by 32% quarter-on-quarter, driven by collaborative efforts across various segments [2] Group 2: Business Segments Performance - The battery chemicals and electronic information chemicals segments both experienced significant growth, while the organic fluorine chemicals segment saw a slight revenue decline of 6.7% [3][4] - The organic fluorine chemicals segment's decline was attributed to the reclassification of certain products to the electronic information chemicals segment and increased competition leading to price drops [4] Group 3: Market Outlook and Strategy - The lithium battery industry remains optimistic, with a projected compound annual growth rate (CAGR) of over 30% for the next 1-2 years, driven by the growth of the new energy vehicle market and energy storage [5] - The company plans to enhance its supply chain integration and continue investing in technological innovation to maintain competitive advantages in quality, cost, and delivery [5] Group 4: Dividend and Shareholder Returns - The company proposed a cash dividend of 5 CNY per 10 shares for 2025, amounting to approximately 34% of the net profit attributable to shareholders, reflecting a commitment to shareholder returns [6] Group 5: Future Developments - The company has initiated plans for an H-share listing to support its globalization strategy, aiming to enhance its international brand image and optimize capital structure [7][8] - The strategic development plan for 2026-2030 focuses on technological innovation, product line expansion, and digital transformation to adapt to rapid industry changes [9]

Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Insights - The company has shown significant improvement in profitability, with strong growth in electrolyte sales [5] - The demand for battery materials remains robust, leading to increased capacity utilization [6] - The daily chemical materials segment has become a new growth point, with ongoing efforts to expand both domestic and international markets [7] Summary by Sections Financial Performance - In 2025, the company achieved revenue of approximately 166.50 billion yuan, a year-on-year increase of 33%, and a net profit attributable to shareholders of about 13.62 billion yuan, up 181.43% [4] - The forecast for 2026-2028 projects revenues of 301.6 billion yuan, 381.5 billion yuan, and 475.7 billion yuan respectively, with corresponding EPS of 2.92 yuan, 3.46 yuan, and 4.01 yuan [10][12] Product Performance - The company's core product, electrolyte, saw sales exceed 720,000 tons in 2025, representing a growth of approximately 44% [5] - The company has reached a near full production capacity of 850,000 tons for electrolytes and is expected to break through several key technologies in 2026 [5] Market Expansion - The daily chemical materials business achieved sales of over 120,000 tons in 2025, with a year-on-year growth of 10.69% [7] - The company is actively investing in the daily chemical sector and expanding its international channels [7]

Group 1 - The Sichuan Zhenxing Science and Technology Innovation Equity Investment Fund Partnership has completed its registration with a total scale of 5.055 billion yuan [1] - The fund is established with contributions from Sichuan Social Security Science and Technology Innovation Equity Investment Fund, Sichuan Juxin Zhiyuan Private Fund Management Co., Ltd., and CCB Investment Private Fund Management (Beijing) Co., Ltd. [1] - The fund will focus on investment areas including new energy, new materials, biomedicine, artificial intelligence, robotics, integrated circuits, and digital economy [1] Group 2 - The fund aims to create a virtuous cycle of technology-driven growth, industry acceleration, and stable value appreciation [1]