1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The nickel price fluctuated weakly this week, facing downward pressure, with continuous increase in short - position of the main contract. In the long - term, the supply of primary nickel is strong, and the surplus pattern remains unchanged. Although the production and sales data of new energy vehicles are good, the overall boost to the nickel market is limited [8]. - The stainless - steel market shows an oversupply situation, with rising inventory and prices under downward pressure [8]. 3. Summary by Directory 3.1 Viewpoints and Strategies - **Nickel Futures**: The main contract of Shanghai nickel is expected to fluctuate weakly, facing downward pressure, with certain support at the previous low [9]. - **Stainless - steel Futures**: The main contract of stainless steel is under downward pressure, running weakly, and testing the support of the previous low [10]. 3.2 Fundamental Analysis 3.2.1 Weekly Price Changes in the Industry Chain - **Nickel Ore**: The prices of red - laterite nickel ore with NI1.5%, Fe30 - 35% and NI1.4%, Fe30 - 35% remained unchanged from last week, with a 0.00% change [13]. - **Electrolytic Nickel**: The prices of Shanghai electrolytic nickel, Shanghai Russian nickel, and Jinchuan's ex - factory price all decreased compared to last week, with declines of - 0.56%, - 1.40%, and - 1.30% respectively [14]. - **Nickel Iron**: The price of low - grade nickel iron in Shandong remained stable, while the price of high - grade nickel iron decreased by - 1.08% [13]. - **Stainless Steel**: The price of 304 stainless steel decreased by - 0.83% compared to last week [14]. 3.2.2 Nickel Ore Market - **Price and Freight**: Nickel ore prices remained stable, and ocean freight was the same as last week [17]. - **Inventory**: As of November 14, 2025, the total nickel ore inventory at 14 ports in China was 15.0949 million wet tons, an increase of 1.88% from the previous period. The inventory of Philippine nickel ore increased by 1.12%, and that of other countries' nickel ore increased by 20.5% [17]. - **Import**: In September 2025, the nickel ore import volume was 6.1145 million tons, a month - on - month decrease of 3.66% and a year - on - year increase of 33.91%. The cumulative import volume from January to September 2025 was 32.2481 million tons, a year - on - year increase of 10.77% [17]. 3.2.3 Electrolytic Nickel Market - **Price and Trading**: Nickel prices were under downward pressure. After the price dropped below 120,000, the wait - and - see sentiment increased, but near the previous low, downstream procurement became more active [26]. - **Supply and Demand**: In the long - term, both supply and demand will continue to increase, but the surplus pattern will not change. The substitution of ternary batteries is becoming more obvious, and the growth of nickel demand is slowing down [27]. - **Production**: In October 2025, China's refined nickel production was 33,345 tons, a month - on - month decrease of 9.38% and a year - on - year increase of 8.09%. The estimated production in November 2025 was 32,710 tons, a month - on - month decrease of 1.90% and a year - on - year decrease of 2.39% [31]. - **Import and Export**: In September 2025, China's refined nickel import volume was 28,367.371 tons, a month - on - month increase of 17.29% and a year - on - year increase of 407.65%. The export volume was 14,112.095 tons, a month - on - month decrease of 6.22% and a year - on - year increase of 36.94% [34]. - **Inventory**: LME inventory decreased by 1,014 tons to 252,090 tons, while SHFE inventory increased by 3,386 tons to 40,573 tons [40]. 3.2.4 Nickel Iron Market - **Price**: The price of low - grade nickel iron remained stable, while the price of high - grade nickel iron decreased [47]. - **Production**: In October 2025, China's nickel pig iron actual production was 22,900 tons of metal, a month - on - month increase of 5.43% and a year - on - year decrease of 8.5% [49]. - **Import**: In September 2025, China's nickel iron import volume was 1.085 million tons, a month - on - month increase of 24.2% and a year - on - year increase of 47.2%. The cumulative import volume from January to September 2025 was 8.353 million tons, a year - on - year increase of 30.3% [52]. - **Inventory**: In October, the tradable inventory of nickel iron was 209,100 physical tons, equivalent to 19,800 tons of nickel [55]. 3.2.5 Stainless - steel Market - **Price**: The average price of 304 stainless steel in four regions decreased by 112.5 yuan/ton compared to last week [62]. - **Production**: In October, the stainless - steel crude - steel production was 3.4267 million tons, with the 300 - series production increasing by 1.43% month - on - month [65]. - **Import and Export**: The latest stainless - steel import volume was 120,300 tons, and the export volume was 418,500 tons [68]. - **Inventory**: As of November 14, the national stainless - steel inventory was 1.071 million tons, a month - on - month increase of 36,500 tons, with the 300 - series inventory increasing by 20,400 tons [71]. 3.2.6 New Energy Vehicle Production and Sales - In October 2025, the production and sales of new energy vehicles were 1.772 million and 1.715 million respectively, a year - on - year increase of 21.1% and 20% respectively. From January to October, the cumulative production and sales were 13.015 million and 12.943 million respectively, a year - on - year increase of 33.1% and 32.7% respectively [75]. 3.3 Technical Analysis - From the daily K - line, the price continued to be under pressure, with a significant increase in positions, and the short - side main force exerted its strength. The MACD indicator showed green bars spreading, indicating a downward trend. The KDJ entered the oversold area, suggesting a possible need for a rebound. Overall, it is expected to run weakly in a volatile manner and test the support of the previous low [81]. 3.4 Comprehensive Summary of the Industrial Chain - **Nickel Ore**: Neutral. The price is stable, and the supply from Indonesia is expected to be abundant, but the supply may slow down due to the approaching rainy season [84]. - **Nickel Iron**: Neutral. The price is stable with a slight decline, and the cost line continues to drop [84]. - **Refined Nickel**: Slightly bearish. The long - term surplus pattern remains unchanged, and the inventory continues to accumulate [84]. - **Stainless Steel**: Slightly bearish. The inventory is rising, and the supply is in excess [84]. - **New Energy**: Slightly bearish. The production data are good, but the substitution of ternary batteries continues [84].

Core Viewpoint - Changan Automobile has experienced both growth and pressure in the first three quarters of 2025, with record revenue but declining net profit, indicating challenges in its transformation towards achieving a sales target of 3 million vehicles and expanding into new energy and global markets [1][11]. Financial Performance - In the first nine months of 2025, Changan Automobile achieved vehicle sales of 2.0661 million units, a year-on-year increase of 8.46%, and revenue reached 114.927 billion yuan, the highest in nearly a decade [1]. - The company's net profit attributable to shareholders decreased to 3.055 billion yuan, a decline of 14.66% year-on-year [1]. - The first quarter saw revenue of 34.161 billion yuan, down 7.73%, while net profit was 1.353 billion yuan, up 16.81% [3]. - In the second quarter, revenue fell to 38.531 billion yuan, down 2.94%, and net profit dropped 43.93% to 939 million yuan [3]. - The third quarter showed a revenue increase of 23.36% to 42.236 billion yuan, with net profit rising 2.13% to 764 million yuan [4]. Profitability and Costs - The company's non-recurring profit decreased significantly, with non-recurring gains of 1.037 billion yuan, down 45.39% year-on-year, primarily due to a reduction in government subsidies [3]. - Sales expenses surged by 56.25% to 7.355 billion yuan, outpacing revenue growth, attributed to increased marketing efforts for new energy vehicles and brand promotion [5]. - Research and development investment reached 5.039 billion yuan, contributing to an improvement in gross margin, which increased by 0.6 percentage points to 14.99% [6]. New Energy Performance - New energy vehicles accounted for over 30% of total sales, with 724,000 units sold in the first three quarters, and a monthly sales record of over 100,000 units in September, representing an 87% year-on-year increase [7]. - In October, new energy vehicle sales reached 119,200 units, a 36.14% increase year-on-year, with a cumulative total of 868,700 units sold from January to October, marking a 60.58% increase [7][8]. Cash Flow and Liquidity - Operating cash flow net amount was 1.555 billion yuan, down 64.6% year-on-year, while investment cash flow net amount turned negative at -7.859 billion yuan [9]. - Cash reserves decreased from 64.182 billion yuan at the end of 2024 to 55.241 billion yuan, a reduction of over 8.9 billion yuan [9]. Strategic Direction - Changan Automobile aims to achieve a sales target of 3 million vehicles by 2025, with 1 million being new energy vehicles, and plans to focus on new energy, intelligence, and globalization strategies [10]. - The company has undergone organizational restructuring to better align with its strategic goals, including leadership changes in subsidiaries [10][11].

Core Viewpoint - The South African automotive market, traditionally dominated by Western brands, is undergoing a significant transformation with the rapid entry and expansion of Chinese automotive companies, which are leveraging a comprehensive strategy that includes product diversification, technological innovation, and local production [6][8][12]. Group 1: Market Dynamics - The South African automotive market, previously led by brands like Toyota and Volkswagen, is now seeing a shift as Chinese brands such as Chery, BYD, and Great Wall Motors establish a strong presence [6][10]. - Chinese automakers are not solely relying on price competition; they are focusing on product layout, technology routes, channel development, and local production to gain market share [6][8]. - By 2025, the active Chinese automotive brands in South Africa will reach 16, accounting for one-third of all brands available, with a significant proportion of new energy vehicles [16]. Group 2: Key Players and Strategies - Chery's return to South Africa in 2022 marked a pivotal moment, with its models quickly gaining traction, including the Omoda and Jaecoo brands targeting younger consumers [10][11]. - BYD has adopted a strategy of introducing a full range of electric vehicles, with models like the Dolphin and Sealion 6 gaining popularity due to their affordability and features [14][16]. - Great Wall Motors is focusing on the SUV and pickup segments, achieving notable sales figures and establishing itself as a key player among Chinese brands [12][14]. Group 3: Challenges and Responses - The influx of Chinese brands has raised concerns about market saturation and brand dilution, prompting calls for a more strategic approach to avoid internal competition [18][20]. - The South African government is considering measures to support local manufacturing, which may include increasing tariffs on imported vehicles, potentially impacting the competitive edge of Chinese brands [20][22]. - In response, leading Chinese automakers are shifting towards local production and investment in infrastructure, with plans for CKD (Completely Knocked Down) assembly plants and extensive dealer networks [22][24]. Group 4: Market Potential and Infrastructure - South Africa is viewed as a critical market due to its developed automotive industry, with an annual production exceeding 500,000 vehicles and significant consumer potential [26][30]. - The country's strategic geographical location, coupled with modern infrastructure, positions it as a hub for automotive exports across Africa and beyond [28][30]. - The establishment of a competitive local supply chain for automotive parts enhances the viability of South Africa as a manufacturing base for electric vehicles [30].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **沪镍**: The nickel price fluctuated weakly last week and was under downward pressure. The medium - and long - term supply is expected to be abundant, and the inventory is continuously increasing. The conclusion is that the nickel contract 2512 will fluctuate weakly, be under downward pressure, and test the previous low [2]. - **不锈钢**: The spot stainless - steel price declined, the cost line continued to move down, and the inventory increased significantly. The stainless - steel contract 2601 will fluctuate weakly, be under pressure, and test the previous low [4]. 3. Summary by Directory **沪镍** - **Fundamentals**: Nickel ore prices are firm, but nickel iron prices continue to fall. Stainless - steel inventory is rising, and the supply is excessive. New nickel production capacity is put into operation while some production is cut. The medium - and long - term supply is strong, and the inventory is piling up. The new energy vehicle industry has limited impact on nickel demand. The overall situation is bearish [2]. - **Basis**: The spot price is 119,600, and the basis is 2,520, which is bullish [2]. - **Inventory**: LME inventory is 252,090 (+120), and the Shanghai Futures Exchange warehouse receipts are 35,027 (+2,333), which is bearish [2]. - **Market**: The closing price is below the 20 - day moving average, and the 20 - day moving average is downward, which is bearish [2]. - **Main positions**: The main positions are net short, and the short positions are decreasing, which is bearish [2]. **不锈钢** - **Fundamentals**: The spot stainless - steel price has fallen. The short - term nickel ore price is firm, the shipping freight is stable, the nickel iron price has declined, the cost line continues to move down, and the stainless - steel inventory has increased significantly. The situation is neutral [4]. - **Basis**: The average stainless - steel price is 13,437.5, and the basis is 1,057.5, which is bullish [4]. - **Inventory**: The futures warehouse receipts are 70,365 (-832), which is neutral [4]. - **Market**: The closing price is below the 20 - day moving average, and the 20 - day moving average is downward, which is bearish [4]. **Price Overview** - **Nickel**: On November 14, the prices of various types of nickel (SMM1 electrolytic nickel, 1金川 nickel, 1进口 nickel, nickel beans) all decreased compared to November 13. The prices of nickel futures (沪镍主力, 伦镍电) also declined [11]. - **Stainless steel**: The prices of cold - rolled stainless - steel coils in different regions (Wuxi, Foshan, Hangzhou, Shanghai) either remained unchanged or decreased slightly [11]. **Inventory** - **Nickel**: As of November 14, the Shanghai Futures Exchange nickel inventory was 40,573 tons, with the futures inventory at 35,027 tons, an increase of 3,386 tons and 2,393 tons respectively. The total inventory increased by 2,453 tons [13][14]. - **Stainless steel**: On November 14, the Wuxi inventory was 584,800 tons, the Foshan inventory was 347,400 tons, and the national inventory was 1,071,000 tons, a week - on - week increase of 36,500 tons. The 300 - series inventory was 660,000 tons, a week - on - week increase of 20,400 tons. The stainless - steel futures warehouse receipts decreased by 832 to 70,365 [18][19]. **Price of Nickel Ore and Nickel Iron** - **Nickel ore**: The prices of red - soil nickel ore (Ni1.5%, Ni0.9%) remained unchanged on November 14 compared to November 13. The shipping freight from the Philippines to Lianyungang and Tianjin Port also remained stable [22]. - **Nickel iron**: The price of high - nickel iron decreased by 1.5 yuan per nickel point, while the price of low - nickel iron remained unchanged [22]. **Stainless - Steel Production Cost** - The traditional production cost is 12,626, the scrap - steel production cost is 12,882, and the low - nickel + pure - nickel production cost is 16,388 [24]. **Nickel Import Cost** - The calculated import price is 119,212 yuan per ton [26].

Core Viewpoint - Lithium stocks have shown strong performance, with Ganfeng Lithium rising by 8.35% and Tianqi Lithium by 6.49%, driven by a significant increase in lithium carbonate futures prices and positive demand forecasts for the coming years [1] Industry Summary - On November 17, the main contract for lithium carbonate futures surged over 5%, currently priced at 91,740 yuan/ton [1] - Ganfeng Lithium's chairman predicts a 30% increase in lithium carbonate demand by 2026, reaching 1.9 million tons, while supply capacity is expected to grow by around 250,000 tons, indicating a balanced supply-demand scenario [1] - If demand growth exceeds 30% next year, potentially reaching 40%, supply may not keep pace, leading to prices possibly exceeding 150,000 yuan/ton or even 200,000 yuan/ton [1] Market Dynamics - Current market challenges are primarily on the demand side, with record high sales in electric vehicles and energy storage batteries driving bullish sentiment in lithium materials and raw materials [1] - Domestic lithium carbonate production is nearing its upper limit, with capacity utilization across the industry at peak levels, resulting in a continuous supply shortage and the lowest recorded inventory days [1] - Market expectations for accelerated inventory depletion have been fully priced in, and as the peak season progresses, the momentum for downstream raw material stocking may be nearing its end, suggesting limited upward price potential without sustained demand drivers [1]

Core Viewpoint - The automotive sector in A-shares underperformed the broader market, with a decline of 2.11% compared to the 1.08% drop in the CSI 300 index [2] Group 1: Market Performance - The automotive sector's decline of 2.11% places it 26th among A-share Shenwan first-level industries [2] - The SW passenger vehicle index saw a slight increase of 0.03%, with Haima Automobile and Jianghuai Automobile leading the gains [2] - The SW commercial vehicle index increased by 0.14%, with Jinlong Automobile and CIMC Vehicles leading [2] - The SW auto parts index experienced a decline of 3.19%, with Langbo Technology and Yingli Automobile leading the losses [2] Group 2: Industry Highlights - Yushu Technology completed IPO guidance and plans to issue shares domestically [2] - Didi's autonomous driving initiative expands to Abu Dhabi [2] - Baidu's "RoboTaxi" service begins full commercialization in Abu Dhabi [2] - The Ministry of Public Security will introduce acceleration time limits for new energy vehicles [2] - Dongfeng Motor plans to mass-produce its next-generation solid-state battery by September next year, with an energy density of 350Wh/kg [2] - Yika Technology will provide intelligent cockpit solutions for multiple Volkswagen models in Latin America [2] - NIO's Firefly will connect to NIO's fifth-generation battery swap stations [2] - CATL and GAC Group signed a 10-year strategic cooperation agreement to promote the chocolate battery swap ecosystem [2] - The 2025 Guangzhou Auto Show will feature 93 new car debuts and a total of 1,085 vehicles on display [2] - Global sales of new energy vehicles increased by 26% year-on-year in the first three quarters [2] Group 3: Recommendations - For complete vehicle manufacturers, companies to watch include BYD, Geely Automobile, Great Wall Motors, Leap Motor, Seres, BAIC Blue Valley, Jianghuai Automobile, Li Auto-W, Xpeng Motors-W, GAC Group, and Changan Automobile [3] - In the commercial vehicle sector, recommended companies include China National Heavy Duty Truck, FAW Liberation, Weichai Power, Tianrun Industrial, and Foton Motor [3] - For auto parts, companies to focus on include Songyuan Safety, Fengmao Co., Ningbo Gaofa, Baolong Technology, Bertley, Junsheng Electronics, Zhejiang Xiantong, Fuyao Glass, Wuxi Zhenhua, China Automotive Research, Desay SV, Huguang Co., Shuanghuan Transmission, Songyuan Co., Top Group, Best, Sanhua Intelligent Control, Debang Lighting, Changshu Automotive Trim, New Spring Co., Jingzhu Technology, Kabeiyi, Jifeng Co., Shanghai Yanpu, and Mingxin Xuteng [3]

Core Insights - On November 14, Huayi Technology saw a stock price increase of 7.46% with a trading volume of 127 million yuan [1] - The company reported a financing buy-in of 11.89 million yuan and a financing repayment of 15.47 million yuan, resulting in a net financing outflow of 3.58 million yuan [1] - As of November 14, the total margin balance for Huayi Technology was 211 million yuan, accounting for 6.99% of its market capitalization, indicating a high level of financing [1] Financing and Margin Data - On November 14, Huayi Technology had a financing buy-in of 11.89 million yuan, with a current financing balance of 211 million yuan, which is above the 70th percentile of the past year [1] - The company had no short selling activity on November 14, with a short selling balance of 0 shares, indicating a high level of short selling availability [1] Company Overview - Huayi Technology, established on November 28, 1998, and listed on July 29, 2021, is based in Shanghai and focuses on intelligent testing technology for automotive powertrains [1] - The company's main revenue sources include 54.81% from new energy vehicle powertrain testing services, 35.55% from intelligent testing equipment, and 9.31% from intelligent driving [1] Shareholder and Financial Performance - As of September 30, the number of shareholders for Huayi Technology increased by 41.48% to 6,003, while the average number of circulating shares per person decreased by 29.32% to 14,124 shares [2] - For the period from January to September 2025, Huayi Technology reported a revenue of 386 million yuan, a year-on-year increase of 30.29%, but a net profit attributable to shareholders of -29.28 million yuan, a slight increase of 0.33% year-on-year [2] - Among the top ten circulating shareholders, notable changes include an increase in holdings by Southern Science and Technology Innovation Mixed Fund and the entry of Ping An Advanced Manufacturing Theme Fund [2]

Group 1 - Lei Jun reiterated Xiaomi's automotive safety design philosophy in response to public concerns, emphasizing the balance between aesthetics and safety in vehicle design [1] - Xiaomi's automotive market performance will be closely monitored by investors and consumers, potentially intensifying discussions on brand positioning and product safety within the industry [1] Group 2 - Dongfeng Motor announced a new automotive brand in collaboration with Huawei, set to launch on November 20, marking a significant partnership in the automotive sector [2] - The collaboration is expected to enhance competitive intelligence in the automotive industry, potentially boosting investor interest in related sectors [2] Group 3 - Leap Motor achieved over 500,000 cumulative sales for 2025 ahead of schedule, with plans to target 1 million sales in the coming year [3][4] - The company has shown strong market expansion capabilities and brand competitiveness, which may attract more investor attention and increase confidence in the electric vehicle sector [4] Group 4 - The commercial vehicle market exhibited structural growth in October, driven by national consumption promotion policies, with noticeable recovery in truck and bus markets [5] - The electric vehicle segment within commercial vehicles is accelerating, particularly in logistics and transportation, indicating a significant trend towards electrification [5] - Increased exports and inventory levels contributed positively to overall sales, reflecting an ongoing adjustment and optimization within the industry [5]

Core Viewpoint - Tianrun Industrial (002283) is focusing on expanding into high-value sectors such as electric motors, particularly axial flux motors, while navigating current market challenges in the commercial vehicle air suspension system segment [2][3]. Group 1: Company Strategy - The company plans to explore opportunities in the automotive, robotics, high-end manufacturing, and new materials sectors as part of its long-term strategy [2]. - Tianrun Industrial has accumulated decades of experience in the machinery industry, positioning itself to enter the electric motor market, which is gaining traction in various applications including electric vehicles and robotics [2]. Group 2: Market Dynamics - The commercial vehicle air suspension market is currently driven by both policy and market demand, with policy being the primary driver [2]. - Despite the policy support, the commercial vehicle market has shown relative weakness, impacting the company's air suspension business performance [2]. Group 3: Trading Information - On November 14, the stock closed at 6.35 yuan, down 0.94%, with a turnover rate of 1.24% and a trading volume of 124,300 shares, amounting to a transaction value of 79.6366 million yuan [1]. - The net outflow of main funds was 21.9077 million yuan, indicating a cautious attitude from major investors in the short term [3].

Summary of JinHua New Materials Conference Call Company Overview - JinHua New Materials was established in 2007 and focuses on continuous innovation in the copper foil industry chain, enhancing product offerings and technical capabilities [3][4] - The company has achieved a compound annual growth rate (CAGR) of 28% in revenue from 2018 to 2024 [2][3] Key Products - Main products include silane crosslinking agents, strong ammonium salts, methoxyamine hydrochloride, and acetaldehyde oxime, used in construction, energy, electronics, and new energy vehicles [2][3] - Silane crosslinking agents are utilized in organic silicone sealants and adhesives, while strong ammonium salts are used in pesticides and pharmaceuticals [3] Market Position and Competitive Advantage - JinHua is the only company in China capable of industrially producing hydroxylamine aqueous solution, breaking BASF's monopoly [2][5] - The hydroxylamine solution is a key raw material for chip cleaning agents, widely used in wafer manufacturing [5][11] - The company has established stable partnerships with major multinational corporations such as Bayer and Brenntag [5][17] Financial Projections - Expected revenues for 2025, 2026, and 2027 are projected to be CNY 1.04 billion, CNY 1.31 billion, and CNY 1.66 billion, respectively, with net profits of CNY 200 million, CNY 250 million, and CNY 320 million [2][6] - Revenue and net profit are expected to experience stable growth from 2022 to 2024, although a decline is anticipated in 2025 due to lower demand in downstream industries and macroeconomic factors [7] Industry Insights - The global functional silane market is expected to reach 719,000 tons by 2028, with China accounting for over 80% of production [2][8] - The strong ammonium salt market is projected to grow from CNY 16 billion in 2023 to CNY 21.6 billion by 2029, with a CAGR of approximately 5% [10] - The hydroxylamine salt market in China is expected to grow significantly, with a market size of CNY 16 billion in 2023 [10] Technological Innovations - JinHua has developed a green production process for hydroxylamine aqueous solution, obtaining five related patents, which may lead to domestic substitution of imports [14] - The company has invested in automation, information technology, and digitalization to enhance production efficiency and product quality [16] Future Growth Potential - The hydroxylamine aqueous solution market is projected to grow from USD 203 million in 2024 to USD 378 million by 2037, with a CAGR of approximately 4.9% [13] - The company is expanding its product matrix towards high-value-added products, including a new high-purity hydroxylamine aqueous solution project [17] Valuation and Investment Rating - JinHua New Materials is expected to maintain stable growth in its core business, with projected revenues for silane crosslinking agents of CNY 460 million, CNY 600 million, and CNY 770 million from 2025 to 2027 [18] - The company is rated as "Buy" with a valuation slightly above the industry average, indicating strong future growth potential [19]