Core Viewpoint - Dongjie Intelligent's stock price has shown significant volatility, with a year-to-date increase of 217.69% but a recent decline in the last five and twenty trading days [1][2]. Company Overview - Dongjie Intelligent Technology Group Co., Ltd. is located in Taiyuan, Shanxi Province, and was established on December 14, 1995, with its listing date on June 30, 2015 [1]. - The company specializes in the research, design, production, and sales of intelligent logistics conveying systems, intelligent logistics storage systems, intelligent parking garages, and automotive intelligent coating production lines [1]. Financial Performance - For the first half of 2025, Dongjie Intelligent achieved operating revenue of 539 million yuan, representing a year-on-year growth of 24.90%, and a net profit attributable to shareholders of 5.95 million yuan, up 113.96% year-on-year [2]. - The company has distributed a total of 58.92 million yuan in dividends since its A-share listing, with 4.88 million yuan distributed over the past three years [3]. Shareholder Information - As of August 20, 2025, the number of shareholders for Dongjie Intelligent increased to 46,100, a rise of 94.14% from the previous period, while the average circulating shares per person decreased by 42.97% to 9,519 shares [2]. - The top ten circulating shareholders include notable ETFs, with Huaxia CSI Robot ETF holding 6.40 million shares, an increase of 379,000 shares from the previous period [3].

Market Overview - A-shares experienced a strong upward trend, with major indices such as the Shanghai Composite Index and ChiNext reaching multi-year highs, and total trading volume reaching 2.18 trillion yuan [1] - The Shanghai Composite Index closed at 3899.96, with a daily increase of 34.42 points, or 0.90% [2] Sector Performance - The new energy sector saw significant gains, with lithium batteries, energy storage, solar, and wind power industries all experiencing substantial increases [4] - Non-bank financials attracted over 20.5 billion yuan in net inflows, while sectors like power equipment and electronics also saw over 10 billion yuan in net inflows [3] Investment Sentiment - Market sentiment is cautious ahead of the National Day holiday, with potential for continued pullback in high-tech sectors, but long-term investment remains favorable due to stable policy direction and rational retail investor sentiment [3] - Analysts suggest "holding stocks through the holiday" as long-term funds and foreign investments continue to show interest [3] Policy and Regulatory Environment - The People's Bank of China emphasized the need for a moderately loose monetary policy to encourage financial institutions to increase credit supply [11] - Recent announcements from the Chinese government regarding climate goals and support for the new energy vehicle industry are expected to boost related sectors [8] Notable Stocks - Stocks such as Wanrun New Energy and Longhua Chemical saw their prices surge by 20% due to strong market performance in the new energy sector [4][6] - Brokerage stocks experienced a significant rally, with trading volume in the sector increasing from 35.2 billion yuan to 123.4 billion yuan [9]

Report Title - Weekly Report on Lithium Carbonate [2] Report Date - September 29, 2025 [3] Industry Investment Rating - Not provided Core Views - The supply of lithium carbonate is affected by factors such as the suspension of the Ningde Jianxiawo mine for three months, the notice of re - examination of mining rights transfer received by production enterprises in Yichun and Qinghai, and the limited cost - reduction space of Australian mines. In August 2025, the domestic import of lithium concentrate decreased by 17.5% month - on - month, while the import of lithium carbonate increased by 57.8% month - on - month. Some manufacturers using imported lithium ore for production face cost inversion, while self - owned ore and salt lake enterprises have certain profit support, and lithium hydroxide manufacturers face greater cost pressure [5]. - In terms of demand, the overall production schedule in September increased month - on - month, with large battery cell manufacturers' production schedule increasing by 8% month - on - month. In August, the total output of power and other batteries in China increased by 4.4% month - on - month and 37.3% year - on - year, and the sales volume increased by 5.7% month - on - month and 45.6% year - on - year. The new energy vehicle market is expected to be supported by policies [6]. - This week, the inventory of lithium carbonate showed a slight accumulation. The factory inventory increased by 375 tons, the market inventory decreased by 1085 tons, and the futures inventory increased by 845 tons [6]. - Before a clear result on the lithium mining license issue in Jiangxi, the domestic supply - demand of lithium carbonate remains in a tight balance. The short - term price of lithium carbonate is expected to be supported, but the price is expected to continue to fluctuate widely. It is recommended to trade cautiously and pay attention to the progress of mining licenses in Yichun mines and the resumption of production of the Ningde Jianxiawo lithium mine [6]. Summary by Related Catalogs 1. Weekly Views Supply - side - Last week, the output of lithium carbonate increased by 344 tons to 21,469 tons week - on - week, and the output in August increased by 7.8% to 92,380 tons month - on - month. The Ningde Jianxiawo mine was confirmed to be shut down for three months, and production enterprises in Yichun and Qinghai received notices of re - examination of mining rights transfer [5]. - In the first quarter, Australian mines achieved cost control, and the further cost - reduction space is extremely limited. Most mainstream Australian mines have reduced their capital expenditure for fiscal year 2025 [5]. - In August 2025, the domestic import of lithium concentrate was 619,000 tons, a 17.5% month - on - month decrease. The top three countries in terms of import volume were Australia, Zimbabwe, and Nigeria. The import of lithium concentrate from Australia decreased by 50.5% month - on - month, that from Zimbabwe increased by 83.9% month - on - month, that from Nigeria decreased by 9.5% month - on - month, and the import from Mali increased by 73,000 tons. The import of lithium carbonate in August was 21,847 tons, a 57.8% month - on - month increase, with 15,608 tons from Chile, accounting for 71% [5]. - The CIF price of imported lithium spodumene concentrate decreased week - on - week, and some manufacturers using imported lithium ore for lithium carbonate production faced cost inversion. Self - owned ore and salt lake enterprises had certain profit support, while lithium hydroxide manufacturers faced greater cost pressure [5]. Demand - side - The overall production schedule in September increased month - on - month, with large battery cell manufacturers' production schedule increasing by 8% month - on - month [6]. - In August, the total output of power and other batteries in China was 139.6 GWh, a 4.4% month - on - month increase and a 37.3% year - on - year increase. The total export of power and other batteries was 22.6 GWh, a 2.6% month - on - month decrease and a 23.9% year - on - year increase. The sales volume of power and other batteries was 134.5 GWh, a 5.7% month - on - month increase and a 45.6% year - on - year increase. The new energy vehicle market is expected to be supported by policies such as the trade - in policy and the extension of the new energy vehicle purchase tax exemption [6]. Inventory - This week, the inventory of lithium carbonate showed a slight accumulation. The factory inventory increased by 375 tons, the market inventory decreased by 1085 tons, and the futures inventory increased by 845 tons [6]. Strategy Suggestion - Before a clear result on the lithium mining license issue in Jiangxi, the domestic supply - demand of lithium carbonate remains in a tight balance. The short - term price of lithium carbonate is expected to be supported due to factors such as good terminal demand for energy storage, increased production schedules of large battery cell manufacturers in the peak season of September, continuous risks of mining licenses, continuous production increase of lithium extraction from ore under the background of profit repair, and the upward movement of the cost center [6]. - As the "930" approaches, there is still no conclusion on the supply disturbance problem in Yichun, Jiangxi caused by mining licenses. The downstream production schedule exceeds expectations, and the current production reduction situation at the mine end has limited impact on the overall supply. It is necessary to pay attention to the disturbance at the Yichun mine end. In the peak season, the downstream actively purchases lithium carbonate, and the price is expected to continue to fluctuate widely. It is recommended to trade cautiously and pay attention to the progress of mining licenses in Yichun mines and the resumption of production of the Ningde Jianxiawo lithium mine [6]. 2. Key Data Tracking - The report presents multiple data charts, including the spot含税均价 of lithium carbonate, weekly and monthly production of lithium carbonate, weekly and monthly factory inventory of lithium carbonate, average price of lithium concentrate imports, production of different battery materials (such as lithium iron phosphate, ternary materials, etc.), import volume of lithium spodumene, average price of lithium iron phosphate for power use, import volume of lithium carbonate, and market price of ternary materials 8 - series: NCA type [8][9][11]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - In the short - term, the increase in demand leads to a supply - demand mismatch, which supports the futures price. However, in the medium - to - long - term, the pattern of supply surplus remains unchanged. The approaching traditional peak season of new energy vehicles has led to downstream inventory - building demand, and the increase in capacity electricity price and the expansion of the spot price difference have made the economy of independent energy storage more prominent, with strong installation demand. Meanwhile, the overall increase in production is the main factor suppressing the futures price [3]. 3. Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 73,600, a decrease of 150; SMM industrial - grade lithium carbonate has an average price of 71,350, a decrease of 150. The price difference between battery - grade and industrial - grade lithium carbonate is 2,250 [1][2]. - Futures contracts: Lithium carbonate 2510 has a closing price of 72,680 with a decline of 0.57%; lithium carbonate 2511 has a closing price of 72,880 with a decline of 0.95%; lithium carbonate 2512 has a closing price of 72,940 with a decline of 0.98%; lithium carbonate 2601 has a closing price of 72,820 with a decline of 1.09%; lithium carbonate 2602 has a closing price of 72,600 with a decline of 1.04% [1]. Lithium Ore - Lithium spodumene concentrate (CIF China) has an average price of 857, an increase of 44. Lithium mica with Li20: 1.5% - 2.0% has a price of 1140; with Li20: 2.0% - 2.5% has a price of 1875; phosphate - lithium - aluminum ore with Li20: 6% - 7% has a price of 6150; with Li20: 7% - 8% has a price of 7285 [1][2]. Cathode Materials - The average price of lithium iron phosphate (power type) is 33,650, a decrease of 40; the average price of ternary material 811 (polycrystalline/power type) is 148,800, an increase of 750; the average price of ternary material 523 (single - crystal/power type) is 121,350, an increase of 600; the average price of ternary material 613 (single - crystal/power type) is 126,200, an increase of 600 [2]. Price Differences - The price difference between battery - grade and industrial - grade lithium carbonate is 2,250; the price difference between battery - grade lithium carbonate and the main contract is 720, with a change of 1010; the price difference between the near - month and the first - continuous contract is - 200, with a change of 100; the price difference between the near - month and the second - continuous contract is - 260, with a change of 60 [2]. Inventory - The total inventory (weekly, tons) is 136,825, a decrease of 706; the inventory of smelters (weekly, tons) is 33,492, a decrease of 964; the inventory of downstream (weekly, tons) is 60,893, an increase of 1398; the inventory of others (weekly, tons) is 42,440, a decrease of 1140; the registered warehouse receipts (daily, tons) is 40,329, an increase of 20 [2]. Profit Estimation - The cash cost of purchased lithium spodumene concentrate is 75,418, and the profit is - 2,888; the cash cost of purchased lithium mica concentrate and the profit are not clearly presented, but the profit is - 8,189 [3]. Company News - Longpan Times, a joint - venture company of CATL and Longpan Technology, stopped production on September 25th, and most employees are on holiday. It may resume production in November due to the suspension of raw material supply from CATL [3].

Group 1 - The core viewpoint of the news highlights the recent stock performance and trading activity of Xingye Technology, indicating a decline of 2.04% in stock price on September 29, with a current price of 16.31 CNY per share and a total market capitalization of 4.82 billion CNY [1] - Year-to-date, Xingye Technology's stock price has increased by 74.63%, with a 4.89% rise over the last five trading days, 25.56% over the last twenty days, and 67.28% over the last sixty days [1] - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on September 23, where it recorded a net purchase of 91.18 million CNY [1] Group 2 - Xingye Leather Technology Co., Ltd. is located in Jinjiang City, Fujian Province, and was established on December 14, 1992, with its listing date on May 7, 2012 [2] - The company's main business involves the development, production, and sales of mid-to-high-end cowhide leather, with revenue composition as follows: 63.62% from leather for shoes and bags, 28.47% from automotive interior leather, 3.70% from second-layer leather collagen products, and 3.08% from other leather [2] - As of June 30, the number of shareholders of Xingye Technology was 12,900, an increase of 4.14% from the previous period, with an average of 22,614 circulating shares per person, a decrease of 3.85% [2] Group 3 - Xingye Technology has distributed a total of 1.15 billion CNY in dividends since its A-share listing, with 365 million CNY distributed over the past three years [3]

Core Viewpoint - The stock price of Efort has shown fluctuations, with a year-to-date decline of 4.28% and a recent drop of 5.57% over the last five trading days, indicating potential volatility in the market [2]. Company Overview - Efort Intelligent Robot Co., Ltd. was established on August 2, 2007, and listed on July 15, 2020. The company is located in the Wuhu area of the China (Anhui) Free Trade Pilot Zone [2]. - The main business involves the research, production, and sales of industrial robots and their core components, with revenue composition as follows: 72.77% from robot systems, 22.86% from system integration, and 4.36% from other sources [2]. Financial Performance - For the first half of 2025, Efort reported a revenue of 508 million yuan, representing a year-on-year decrease of 25.20%. The net profit attributable to shareholders was -152 million yuan, a decline of 83.12% compared to the previous year [2]. - As of June 30, 2025, the number of shareholders was 32,400, a decrease of 4.32% from the previous period, while the average circulating shares per person increased by 4.52% to 16,107 shares [2]. Stock Market Activity - On September 29, Efort's stock price increased by 2.02%, reaching 25.27 yuan per share, with a trading volume of 124 million yuan and a turnover rate of 0.95%. The total market capitalization stood at 13.185 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on February 28, where it recorded a net buy of -94.82 million yuan [2]. Shareholder Composition - As of June 30, 2025, the top ten circulating shareholders included the Huaxia CSI Robot ETF, which holds 4.6737 million shares as a new shareholder. The Hong Kong Central Clearing Limited has exited the top ten shareholder list [3].

Core Insights - Anhui Heli's stock price increased by 2.06% on September 29, reaching 21.83 CNY per share, with a total market capitalization of 19.444 billion CNY [1] - The company has seen a year-to-date stock price increase of 28.04%, with a recent decline of 1.53% over the last five trading days [1] Financial Performance - For the first half of 2025, Anhui Heli reported revenue of 9.39 billion CNY, a year-on-year increase of 4.24%, while net profit attributable to shareholders was 796 million CNY, a slight decrease of 0.89% [2] - Cumulative cash dividends since the company's A-share listing amount to 4.218 billion CNY, with 1.304 billion CNY distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 38,700, with an average of 22,995 circulating shares per shareholder, a decrease of 3.45% [2] - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 15.4027 million shares, down by 8.6099 million shares from the previous period [3]

Core Viewpoint - As of September 29, 2023, Xusheng Group's stock price has shown significant growth, with a year-to-date increase of 50.35% and a recent surge of 13.95% over the past five trading days, indicating strong market performance and investor interest [1]. Company Overview - Xusheng Group, established on August 25, 2003, and listed on July 10, 2017, is located in Ningbo, Zhejiang Province. The company specializes in the research, production, and sales of precision aluminum alloy components, focusing on providing lightweight solutions for the automotive industry [1]. - The revenue composition of Xusheng Group is as follows: automotive sector 81.35%, other sectors 14.23%, industrial sector 1.99%, mold sector 1.49%, and other supplementary income 0.94% [1]. Financial Performance - For the first half of 2025, Xusheng Group reported a revenue of 2.096 billion yuan, representing a year-on-year decrease of 2.47%. The net profit attributable to shareholders was 201 million yuan, down 24.22% compared to the previous year [2]. - Since its A-share listing, Xusheng Group has distributed a total of 1.002 billion yuan in dividends, with 657 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Xusheng Group increased to 59,900, with an average of 15,927 shares held per shareholder, a decrease of 5.66% from the previous period [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 13.8746 million shares, a decrease of 2.1424 million shares from the previous period. Additionally, Southern CSI 1000 ETF is a new entrant among the top shareholders, holding 4.3898 million shares [3].

Company Overview - Wanma Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on December 30, 1996. The company was listed on July 10, 2009. Its main business involves the research, production, and sales of power cables [1] - The revenue composition of Wanma Co., Ltd. includes: Power products 68.11%, Polymer materials 28.63%, Communication products 1.70%, Trade, services, and others 1.56% [1] Stock Performance - As of September 29, Wanma's stock price increased by 2.04%, reaching 18.05 CNY per share, with a trading volume of 280 million CNY and a turnover rate of 1.55%. The total market capitalization is 18.308 billion CNY [1] - Year-to-date, Wanma's stock price has risen by 114.63%, with a recent decline of 12.25% over the last five trading days, a 16.00% increase over the last 20 days, and a 27.92% increase over the last 60 days [1] Financial Performance - For the period from January to June 2025, Wanma achieved operating revenue of 9.272 billion CNY, representing a year-on-year growth of 8.58%. The net profit attributable to shareholders was 250 million CNY, up 21.80% year-on-year [2] - Since its A-share listing, Wanma has distributed a total of 685 million CNY in dividends, with 155 million CNY distributed in the last three years [2] Shareholder Structure - As of June 30, 2025, Wanma had 183,200 shareholders, an increase of 0.51% from the previous period. The average number of circulating shares per person is 5,485, a decrease of 0.51% [2] - The top ten circulating shareholders include Southern CSI 1000 ETF, holding 7.4922 million shares (an increase of 1.4119 million shares), and Hong Kong Central Clearing Limited, holding 5.4780 million shares (a decrease of 15.9094 million shares) [2] Industry Context - Wanma Co., Ltd. operates within the electrical equipment industry, specifically in the cable components and other related sectors. The company is associated with various concept sectors, including Xiaopeng Motors, humanoid robots, new energy vehicles, and energy storage [2]

Group 1 - The core viewpoint of the news is that CIMC Vehicles has shown a positive stock performance with a year-to-date increase of 5.36% and a recent rise of 2.67% in intraday trading [1][2] - As of September 29, the stock price reached 9.24 yuan per share, with a total market capitalization of 17.317 billion yuan [1] - The company reported a revenue of 9.753 billion yuan for the first half of 2025, reflecting a year-on-year decrease of 8.85%, and a net profit of 403 million yuan, down 28.48% year-on-year [2] Group 2 - CIMC Vehicles specializes in the production of semi-trailers, special vehicle superstructures, and refrigerated truck bodies, with 80.61% of its revenue coming from global semi-trailer sales [2] - The company has a total of 35,500 shareholders as of June 30, 2025, which is a decrease of 2.95% from the previous period [2] - The company has distributed a total of 2.664 billion yuan in dividends since its A-share listing, with 1.655 billion yuan distributed over the past three years [3]