1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The fundamentals of nickel and stainless steel are weak, and both are continuing to find their bottoms. The nickel market is in a situation of "tightening in the long - term, but loose in the short - term" due to the new Indonesian policy, and stainless steel is affected by factors such as real - estate downturn and slowdown in home appliance exports [1][3]. - It is expected that nickel prices will remain in a low - level oscillation, but attention should be paid to the impact of extreme weather in the Philippines on nickel ore supply, which may cause a rebound in nickel prices. Stainless steel prices are also expected to maintain a low - level oscillation due to low demand, inventory accumulation, and a downward shift in cost centers [3][4]. 3. Summary by Related Catalogs Nickel Variety Market Analysis - **Futures**: On November 12, 2025, the main contract of Shanghai nickel 2512 opened at 119,300 yuan/ton and closed at 118,710 yuan/ton, a change of - 0.62% from the previous trading day. The trading volume was 98,248 (+28,336) lots, and the open interest was 116,829 (1,929) lots. The contract showed a weak oscillation pattern. The new Indonesian policy on nickel smelter investment restrictions may tighten capacity expansion in the long - term, but the short - term production capacity of wet - process intermediate products is still being released. The weak stainless - steel consumption on the demand side leads to insufficient rebound power in the Shanghai nickel market [1]. - **Nickel Ore**: The trading atmosphere in the nickel ore market is calm, and prices are stable. In the Philippines, the Surigao mining area is affected by typhoons, and the shipping efficiency is delayed. The price of downstream nickel - iron is falling, and iron plants have a lower psychological price for nickel ore. In Indonesia, the second - phase domestic trade benchmark price in November is expected to be lowered by 0.12 - 0.2 dollars/wet ton, and the current mainstream premium is +26, with the premium range mostly between +25 - 27 [1]. - **Spot**: The sales price of Jinchuan Group in the Shanghai market is 122,600 yuan/ton, a decrease of 700 yuan/ton from the previous trading day. After the Shanghai nickel price fell below 120,000 yuan, the spot market is more watchful, and trading is light. The spot premiums of various brands have not changed. The previous trading day's Shanghai nickel warehouse receipt volume was 31,824 (-468) tons, and the LME nickel inventory was 252,114 (-1,194) tons [2]. Strategy - It is expected that nickel prices will remain in a low - level oscillation. The strategy is mainly range - bound operation. There are no strategies for inter - period, cross - variety, spot - futures, and options trading. Attention should be paid to the impact of extreme weather in the Philippines on nickel ore supply, which may cause a rebound in nickel prices [3]. Stainless Steel Variety Market Analysis - **Futures**: On November 12, 2025, the main contract of stainless steel 2601 opened at 12,520 yuan/ton and closed at 12,485 yuan/ton. The trading volume was 85,852 (-22,462) lots, and the open interest was 137,838 (-4,171) lots. Affected by the decline in Shanghai nickel prices, the contract continued its weak oscillation. Although domestic steel mills' losses are increasing, the inertia of capacity release remains, and the demand side is still sluggish due to factors such as the real - estate downturn and slowdown in home appliance exports. Overall, stainless steel is still in a bottom - grinding state [3]. - **Spot**: The market sentiment is pessimistic, and spot trading is sluggish. Many traders are selling at low prices to recover funds, and the daily quotes continue to decline slightly. The stainless - steel price in the Wuxi market is 12,825 (-25) yuan/ton, and in the Foshan market, it is 12,850 (+0) yuan/ton. The premium of 304/2B is 335 to 685 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron changed by - 3.00 yuan/nickel point to 909.0 yuan/nickel point [3][4]. Strategy - It is expected that stainless - steel prices will remain in a low - level oscillation. The strategy is neutral. There are no strategies for inter - period, cross - variety, spot - futures, and options trading [4].

Group 1: Raw Material Impact and Pricing Strategy - Recent increase in raw material prices will impact the company, but price adjustments will be made in a timely manner based on market conditions [1][2] - The company adopts a centralized procurement strategy to control costs and mitigate the effects of raw material price fluctuations [2] Group 2: Market Share and Industry Position - The company's market share is approximately 3%, indicating significant potential for growth compared to more mature packaging markets abroad [3] - The packaging industry in China has a low concentration, suggesting opportunities for consolidation and increased market share [3] Group 3: Production Capacity and Future Expansion - Current overall capacity utilization is over 70%, with plans to enhance this through sales channel expansion and process optimization [4] - The company is planning to release additional capacity in overseas projects in Thailand, Vietnam, and Indonesia next year [5] Group 4: Customer Distribution and Industry Segmentation - The company has established strong partnerships across various sectors, with the following distribution: - Home appliances: 22% - Beer: 15% - Dairy: 14% - Food: 11% - Daily chemicals: 4% - E-commerce logistics: 4% - Others: 30% [6] Group 5: Strategic Considerations and Future Plans - The company is monitoring potential investment and acquisition opportunities while focusing on its core business [8] - There is an emphasis on employee value and long-term incentive mechanisms to share company growth with staff [8] - The company prioritizes cash dividends as a means of returning value to shareholders, with future plans to consider strategic, market, and cash flow factors [8]

Core Viewpoint - The metal packaging industry is entering a capacity expansion phase from 2022 to 2024, with increased competition and a projected average price drop for two-piece cans to 0.47 yuan per can in 2024. However, leading companies are showing a stronger willingness to avoid internal competition, which may stabilize prices and improve profitability across the industry [1]. Industry Overview - The metal packaging industry generated revenue of 150.56 billion yuan in 2023, accounting for 13.05% of the overall packaging industry. Approximately 70% of the demand for metal packaging products comes from the food and beverage sector, with two-piece and three-piece cans being the primary products [1]. Price Fluctuation and Demand Drivers - The price of two-piece cans has experienced cyclical fluctuations due to changes in supply and demand dynamics. Historical price trends show a decline from 0.52 yuan per can to 0.37 yuan per can during the capacity concentration phase (2012-2016), followed by a recovery to 0.54 yuan per can during the industry consolidation phase (2016-2022). The average price is expected to drop to 0.47 yuan per can during the current capacity expansion phase (2022-2024) [2]. - The beer canning rate in China is projected to increase from 21.21% in 2016 to 29.56% in 2024, driving demand for two-piece cans from 28.96 billion cans to 31.55 billion cans. Each 1% increase in canning rate is estimated to add 1.061 billion cans to demand [2]. Industry Consolidation - The market share of leading companies in the two-piece can sector is increasing, with the CR3 ratio approaching 80% following the acquisition of COFCO Packaging by Orijin in April 2025. This consolidation is expected to halt net growth in domestic two-piece can capacity, with companies also expanding overseas production [3]. Cost Structure and Profitability - Aluminum is the largest cost component in the production of two-piece cans, and its price fluctuations significantly impact profitability. If aluminum prices remain stable, a 0.01 yuan increase in two-piece can prices could lead to a 45% increase in net profit per unit. Conversely, a 2% decrease in aluminum prices could result in a 32% increase in net profit per unit if can prices remain unchanged [4].

事件评论 收入：量价拆分来看，2025Q3 销量同比-4.3%，单价同比+4.2%（美元+4.0%），预计为高基数&老客户 压力大影响，Q4 这两个因素均有望缓解。 盈利能力：2025Q3 毛利率环比+1.1pct/同比-4.8pct 至22.2%，淡季下毛利率如期改善，预计主因新厂陆 续减亏或转盈。Q3 扣非净利率环比+0.8pct/同比-2.3pct 至13.6%，归母净利率环比+0.3pct/同比-3.3pct 至 12.7%。其中管理/财务费用率环比+0.6pct/+1.1pct，影响净利率环比提升幅度，但所得税率环比-7pct/同 比-4pct 至18%，基本抹平了费用率环比提升的负面影响。此外，归母净利率改善幅度弱于扣非净利 率，主因Q3 公允价值损失大幅增加所致。 事件描述 公司2025 前三季度实现营收186.8 亿元，同比+6.7%，归母净利润24.4 亿元，同比-14.3%。 其中Q3 实现营收60.2 亿元，同比-0.3%（美元-0.5%），归母净利润7.6 亿元，同比-20.7%（美 元-20.9%）。 展望：2025 年基本面筑底，期待2026 年起的基本面弹性回升&估值改善。短期， ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company is expected to see a bottoming out of its fundamentals in 2025, with an anticipated recovery in 2026 and an improvement in valuation. Short-term challenges include old factory utilization rates, order adjustments, and the impact of new factory production in H2, which are expected to continue to pressure net profit margins. However, a stable tax rate and recent efficiency improvements are expected to support a recovery in Q3 net profit margins. In the medium term, stabilization from existing customers and growth from new customers are anticipated to drive a new growth cycle, supported by proactive capacity expansion and an improved industry landscape, which should enhance profitability and valuation [2][4][10]. Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 186.8 billion yuan, a year-on-year increase of 6.7%, while net profit attributable to the parent company was 24.4 billion yuan, a decrease of 14.3%. In Q3 alone, revenue was 60.2 billion yuan, a slight decline of 0.3% year-on-year, and net profit was 7.6 billion yuan, down 20.7% year-on-year [4][10]. - The Q3 gross profit margin improved by 1.1 percentage points quarter-on-quarter but decreased by 4.8 percentage points year-on-year to 22.2%. The net profit margin attributable to the parent company was 12.7%, reflecting a quarter-on-quarter increase of 0.3 percentage points and a year-on-year decrease of 3.3 percentage points [10][4]. Earnings Forecast - The company forecasts net profits attributable to the parent company for 2025, 2026, and 2027 to be 33.6 billion yuan, 40.7 billion yuan, and 47.2 billion yuan, respectively, representing year-on-year changes of -12%, +21%, and +16%. The corresponding price-to-earnings ratios are projected to be 21, 17, and 15 times, with a dividend payout ratio of 70%, leading to a forecasted dividend yield of 3.4% for 2025 [2][10].

Production and Capacity Expansion - The company sold 64.86 thousand tons of phosphate-based cathode materials in the first nine months of the year, representing a year-on-year increase of 78.49% [2] - The company plans to cautiously manage its capacity expansion based on market conditions [3] - The company has achieved full self-supply of iron phosphate and currently has no external procurement needs [4] Pricing and Market Demand - The company is actively negotiating with customers for price increases due to strong demand and rising raw material costs [3] - The market demand for the company's products remains robust, with both production and sales performing well [2] New Product Development - New product shipments, including the CN-5 and YN-9 series, are expected to see significant growth compared to last year [3] - The company is committed to continuous innovation and iteration of its products to meet market trends [3] Industry Context and Challenges - The industry association has issued an initiative to maintain healthy and orderly development in the lithium iron phosphate materials sector, as many peers are still operating at a loss [3] - The company is closely monitoring the association's subsequent measures [3] Project Progress and Future Plans - The company is actively advancing the environmental assessment procedures for its Spain project [4] - The company expects to achieve full production at the Huangjiapo phosphate mine by the fourth quarter of this year, with a ramp-up period required before reaching full capacity [4] Fundraising and Investment Projects - The company is in the process of issuing shares to specific investors and is currently responding to inquiries from the Shenzhen Stock Exchange [3] - Some fundraising projects have already commenced with self-raised funds [3]

Group 1 - The core viewpoint is that brokerages are optimistic about the continuation of the A-share bull market into 2026, recommending an overweight position in Chinese stocks and gold, while suggesting a balanced approach to market styles focusing on technology growth and large-cap growth opportunities [2][5][10]. - China’s economic indicators show signs of an upward trend, with brokerages adjusting their asset allocations accordingly, increasing exposure to commodities and maintaining a focus on stocks [2][5]. - The semiconductor industry is experiencing positive developments, with HBM4 prices rising by 51.35% to approximately $560, and AMD receiving export licenses for its AI chips to China, indicating a favorable environment for the sector [14][15]. Group 2 - The storage industry is entering a new upward cycle driven by the increasing demand for memory capacity due to AI model training, with HBM and DDR5 memory shortages impacting the entire storage supply chain [16][18]. - Major storage manufacturers like Samsung and SK Hynix are adjusting prices in response to the heightened demand for storage driven by AI applications, with AI servers requiring significantly more DRAM and NAND capacity compared to standard servers [18][21]. - The domestic storage industry is expected to see significant growth in production capacity, with companies like Yangtze Memory Technologies and Changxin Memory Technologies ramping up output to meet the rising demand [15][16].

Summary of Zhongbo Energy Conference Call Company Overview - **Company**: Zhongbo Energy - **Industry**: Energy and Battery Manufacturing Key Points Financial Performance - **Total Revenue**: Increased by 36.5% year-over-year to $50.9 million in Q3 2025, up from $44.6 million in the same period last year [4] - **High-Profile Raw Materials Segment**: Contributed $27.2 million in revenue, a significant increase of 143.7% year-over-year, driven by a rebound in raw material prices [4][5] - **Battery Business**: Revenue grew by 0.7% year-over-year, stabilizing at previous year's levels, primarily due to strong demand for Model 30 and 2,140 batteries produced at the Nanjing facility [6] - **Net Loss**: Reduced from $2.6 million to $2.1 million, an improvement of 18.8% [4] - **Net Income**: Consolidated net income attributable to shareholders reached $2.65 million, a dramatic increase of 150 times year-over-year [4] Operational Developments - **Nanjing Facility Expansion**: The second phase is expected to commence production in mid-2025, adding 1 GWh of capacity, bringing total capacity to 2.3 GWh [3][8] - **Dalian Factory**: A new production line for Model 41 35 batteries was officially launched in October, increasing capacity by 2.3 hours [3][8] Future Outlook - **Optimistic Projections**: The company expects further improvements in profitability with the implementation of the new production line in Dalian and the expansion plans in Nanjing, targeting over 6 GWh of total capacity by 2026 [7][8] - **Overseas Expansion Plans**: The company has signed a cooperation agreement with one of Asia's largest listed companies to develop an overseas medium-sized battery production base, aimed at enhancing supply reliability and global market competitiveness [2][9] Challenges - **Export Control Policies**: The overseas expansion is subject to uncertainties related to China's export control policies on key battery materials and equipment. Progress on specific overseas projects is currently stalled pending potential adjustments to these policies [9] Additional Insights - **Management Strategy**: The management plans to leverage the positive momentum from the raw materials segment to further control expenses and reduce losses in the upcoming quarters [5]

Summary of the Conference Call for 博云特焊 Company Overview - 博云特焊 reported a significant recovery in Q3 2025, with net profit attributable to shareholders increasing by 37.44% year-on-year, reversing the downward trend observed in the first half of the year [2][3] - The gross profit margin improved to 27.32% quarter-on-quarter, indicating effective cost control and successful expansion into overseas markets [2][3] Key Financial Metrics - The company had a healthy cash flow and financial status, supporting its expansion and rapid development [3] - The total number of employees increased to approximately 1,200, with nearly 400 new hires in 2025, reflecting business expansion needs [2][5] Production Capacity and Expansion Plans - The Vietnam factory has 15 hardfacing production lines with an annual capacity of about 100,000 cubic meters; it also has 4 HRSG production lines, each capable of producing two HRSG units valued at approximately $4.5 million [2][6] - Plans to expand to 12 HRSG production lines by the end of 2026, with the first phase expected to be completed by April 2026 [6] Order and Profitability Insights - New orders target a net profit margin of over 20%, with pricing structures fixed post-quotation, although actual margins may fluctuate based on manufacturing costs [2][8] - The company aims to reduce reliance on waste incineration power generation, projecting its revenue share to drop to 50%, corresponding to about 300 million yuan [4][24] Market Strategy and Outlook - 博云特焊 is focusing on penetrating the Saudi Aramco market, with plans to expand into other markets subsequently [4][13] - The HRSG market is expected to face supply shortages in the next 3-5 years, with 博云特焊 targeting to become the largest supplier in the U.S. market [4][14] Employee Recruitment and Management - Recruitment in Vietnam has progressed well, with expectations to increase the workforce to 600 by April 2026 and 900 by the end of the year [7] - The core management team consists of Chinese personnel, while the majority of new hires are local Vietnamese [7] Shareholder Actions - 前海股东 has announced a 3% reduction in shareholding, with a potential further reduction of 2% without the need for additional announcements due to their holding dropping below 5% [2][10] - The chairman has no plans to reduce his holdings, citing a lack of motivation and previous dividends received [11][12] Competitive Landscape - The domestic waste incineration market is expected to grow, particularly in economically developed regions, while the penetration rate of hardfacing in existing waste incineration furnaces is below 20% [27] - The price war in the domestic waste incineration industry has eased, with prices previously dropping from over 20,000 yuan to around 7,000 yuan [28] Conclusion - 博云特焊 is positioned for growth with a focus on international markets, particularly in HRSG production and waste incineration technology, while maintaining a strong domestic presence. The company is actively managing costs and expanding its workforce to meet increasing demand.

Summary of Lithium Iron Phosphate Industry Conference Call Industry Overview - The lithium iron phosphate (LFP) industry has seen a significant increase in operating rates, with leading companies operating at full or even over capacity. The average operating rate for the year is expected to reach 80% due to a substantial increase in demand for energy storage batteries, resulting in a supply-demand imbalance, indicating strong market demand for LFP [1][2][3] Key Points Production Capacity and Output - By the end of 2025, the effective production capacity of LFP is projected to be between 5.3 million to 5.5 million tons, with actual shipments expected to exceed 4 million tons, a significant increase from 2.5 million tons in 2024 [3][4] - An additional capacity of at least 1 million tons is expected to be added by the end of 2026, with approximately 1 million tons added annually in the following years. Despite 20% of outdated capacity, these lines have recently restarted, indicating optimistic market demand for the upcoming year [5][6] Cost and Pricing Dynamics - New production lines have a significant cost advantage over older lines, reducing costs by at least 2,000 yuan per ton due to improvements in energy consumption, natural gas, water usage, and automation [6] - Prices for key raw materials such as thermal phosphoric acid and ferrous sulfate have risen since August, leading to mainstream prices for LFP exceeding 10,000 yuan per ton, with high-quality products reaching around 11,000 yuan per ton, increasing cost pressures [8][9] Profitability Outlook - LFP prices are expected to rise to between 11,000 and 12,000 yuan per ton by 2026, with profits for high-quality manufacturers reaching 500 to 1,500 yuan per ton. Weaker manufacturers may only break even or reduce losses, indicating an improvement in industry profitability [4][11] - The last price increase occurred after the National Day holiday, with a minimum increase of 300 yuan per ton, reflecting strong market demand and manufacturers' pricing power [12][15] Market Demand and Future Projections - The demand for LFP is expected to exceed 4 million tons in 2025, with projections for 2026 indicating an increase to 5 million tons, necessitating corresponding increases in LFP production [24] - The energy storage sector prioritizes price over performance, with significant growth observed in Q4 2025, driven by the adoption of LFP batteries in hybrid vehicles [25] Competitive Landscape - Major chemical companies have entered the LFP sector, with optimistic market outlooks and plans for capacity expansion. Companies like China Nuclear Titanium Dioxide and Guizhou Phosphate have achieved full production and are looking to scale further [7] - Battery manufacturers acquiring or controlling cathode material companies is a strategic move to ensure stable raw material supply and mitigate price pressures, although it may not significantly alter the overall supply-demand dynamics [27] Additional Insights - The production methods for LFP primarily include solid-phase and liquid-phase methods, with solid-phase methods accounting for 90% of production. The cost differences among these methods are minimal, ranging from 300 to 600 yuan [16][19] - The industry association's guidance on cost pricing is not strictly adhered to, as prices are determined by individual manufacturers based on their operational efficiencies and regional advantages [23]