今年前三季度新开户数达到2014.89万户 同比增长近五成 10月10日，上交所官网发布的新开户数据显示，今年9月上交所A股新开户数达到293.72万户，较8月的 新开户数265.03万户环比增长10.83%，9月新开户数远超去年同期水平，同比增长60.73%，去年9月数据 为182.74万户。至此，今年前三季度A股新开户数合计已达2014.89万户，较2024年前三季度新开户数 1346.46万户同比增长49.64%。 10月9日，抖音电商正式启动"抖音商城双11好物节"，推出"立减折扣""一件直降""消费券"等优惠活 动，同时配合亿级现金补贴与千亿级流量、资源扶持，让消费者无需凑单即可用好价购好物，进一步提 升购物体验，助力商家降本增收。今年"双11"，抖音电商主打"简单优惠"，重点优化消费者购物体验。 平台推出了"立减折扣"与"一件直降"核心商品玩法，立减优惠力度为15%及以上。消费者无需费力计算 或拼单凑单，即可直接以优惠价格购得心仪商品。除了面向消费者的让利，今年"双11"，抖音电商对商 家侧的支持力度也显著提升。年初，抖音电商推出了涵盖商品卡免佣、多类目免佣、降低运费险、优化 算法机制等在内的九大 ...

2025年10月，广州天赐材料突然向港交所提交了IPO申请。 后来徐金富觉得新能源有前景，就把方向转到了锂电池电解液上。 这步转型走得真对。 从2016年开始，天赐连续九年都是全球电解液出货量第一，2024年的市占率更是达到35.7%，连六氟磷 酸锂、双氟磺酰亚胺锂这些核心原料，它都是全球最大的供应商。 截至2025年上半年，国内它有15个在营生产基地，还有1个在建设，欧美市场也通过德国、美国的代工 厂覆盖了，接下来还打算去摩洛哥、美国建自己的基地。 这消息出来的时候，行业里不少人都有点意外，毕竟距离它7月第一次说要去港股上市，才刚过3个月。 这家2014年就登陆深交所的电解液龙头，现在A股市值还有624亿（截至9月25日），但谁能想到，它的 股价较2021年的高点，已经跌了足足80%。 从全球龙头到业绩下滑，天赐的IPO背后，藏着多少压力？ 天赐材料不是小公司，它是全球最大的电解液厂商。 2000年的时候，徐金富拿510万在广州创办了它，最早做的是日化材料，还跟宝洁、联合利华这些国际 巨头合作过。 但光鲜背后，是绕不开的业绩问题。 2022年的时候，天赐营收还有223亿，净利润58亿多；到了2025年上半年 ...

Group 1: Semiconductor Industry - SMIC is the only domestic foundry with advanced process technology, benefiting from the explosion in AI chip demand and domestic substitution trends[1] - In 2025, advanced process revenue is expected to grow by 68% year-on-year, with plans to expand capacity to become the third-largest foundry globally[1] - The company's orders visibility has extended to 2026, indicating strong demand from key clients[1] Group 2: AI and Computing - Fourth Paradigm's platform sales are expected to turn from loss to profit, with a projected EPS increase from -0.6 to 0.4[1] - The overall valuation is currently around 4 times P/S, which is relatively low compared to domestic AI companies like SenseTime and US-based Palantir[1] - Risks include underperformance in AI technology development and market demand not meeting expectations[1] Group 3: Battery and Energy Storage - Zhongxin Innovation's revenue is projected to grow significantly, with a 101% increase in net profit expected in 2025[1] - The company is benefiting from high margins in overseas sales of power batteries and strong growth in commercial vehicles and energy storage batteries[1] - Risks include fluctuations in raw material prices and intensified competition in the industry[1] Group 4: Aerospace and Defense - AVIC Shenyang Aircraft's performance is expected to improve due to the implementation of fundraising projects aimed at enhancing research and production capabilities[1] - The company is focusing on modernizing weaponry and defense equipment, with a projected revenue increase of 13% in 2025[1] - Risks include legal penalties and management challenges affecting operational efficiency[1] Group 5: Pharmaceutical Sector - Zai Lab is advancing its commercialization efforts with three approved products, including a JAK inhibitor participating in the 2025 medical insurance negotiations[1] - The company is expected to accelerate product promotion, benefiting patients and enhancing revenue streams[1] - Risks include potential failures in new drug development and regulatory approval delays[1]

Group 1 - The ETF market opened with mixed performance on September 29, with notable gains in specific sectors [1] - The Southern Science and Technology Growth ETF (589700) increased by 9.61%, indicating strong investor interest in this sector [1] - The Energy Storage Battery ETF from GF (159305) rose by 2.24%, reflecting positive sentiment in the energy storage market [1] Group 2 - The Information Technology ETF (562560) saw a gain of 2.09%, suggesting a stable outlook for technology investments [1] - Conversely, the Communication Equipment ETF (159583) declined by 1.98%, indicating potential challenges in this sector [1] - The ChiNext Artificial Intelligence ETF from Huaan (159279) fell by 1.7%, and the Innovative Drug ETF from Tianhong (517380) decreased by 1.65%, highlighting some volatility in these emerging sectors [1]

Report Industry Investment Rating - No specific investment rating provided in the report Core View - On September 26, the main contract of lithium carbonate futures fluctuated within a range. With both supply and demand strong, upstream inventory pressure is not significant, the expectation of supply contraction in lithium mines is weakening, downstream inventories have reached their peaks, and the peak demand may be approaching. It is expected that the price of lithium carbonate will oscillate at a low level. A wait - and - see approach is recommended [1] Summary by Relevant Content Futures Market - On September 26, the closing prices of the near - month, consecutive - two, consecutive - three, and consecutive - one contracts of lithium carbonate futures were 72,680 yuan/ton, 72,820 yuan/ton, 72,820 yuan/ton, and 72,880 yuan/ton respectively, all showing a downward trend compared to the previous day. The trading volume of the active contract was 481,020 hands (+138,301), and the open interest was 248,460 hands (-12,501) [1] Spot Market - The average price of SMM battery - grade lithium carbonate was 73,400 yuan/ton, with a basis of 720 yuan/ton, rising from a discount. The prices of some lithium - related products such as lithium spodumene concentrate increased, while the prices of mica remained stable [1] Supply and Demand - Supply side: Last week, lithium carbonate production increased. Demand side: Last week, the production of lithium iron phosphate and ternary materials increased; in September, the production schedules of lithium cobaltate and lithium manganate increased, and the production of power batteries was basically flat last week. Terminal demand: In August, the year - on - year growth rate of new energy vehicle production and sales slowed down; 3C shipments were average; in September, the production schedule of energy - storage batteries increased [1] Inventory - The registered warehouse receipts were 40,329 tons (+20), and social inventory decreased. Inventories of smelters and other sectors decreased, while downstream inventory tightened [1] Company News - Salt Lake Co., Ltd. announced that its 40,000 - ton/year basic lithium salt integration project has entered the commissioning stage and produced qualified battery - grade lithium carbonate products. Anson Resources signed a battery - grade lithium carbonate purchase agreement with LG Energy Solution, and its stock price rose nearly 25%. Longpan Times, a joint - venture company of CATL and Longpan Technology, stopped production on September 25 due to the suspension of raw material supply from CATL's Yichun mine [1]

Market Overview - The market experienced a significant adjustment on Friday afternoon, attributed to pre-holiday effects and style drift in portfolio adjustments, with external trade impacting sentiment [3] - The Shanghai stock market saw a substantial decrease in financing balance by 11.2 billion, marking the largest drop recently, particularly affecting sectors like robotics and gaming [4] Industrial Profit Recovery - Industrial profits showed a remarkable recovery, with August profits increasing by 20.4%, the highest growth rate since December 2023, indicating a positive trend in industrial revenue [6][8] - The State-owned Assets Supervision and Administration Commission emphasized the need to resist "involution" competition, which is contributing to the improvement in industrial profits [6] Growth Strategies in Various Industries - Multiple government departments have released growth stabilization plans for key industries, including petrochemicals and non-ferrous metals, aiming for an average annual growth of over 5% from 2025 to 2026 [8][9] - The focus on new materials and technologies is seen as a catalyst for emerging industries, enhancing the performance of leading companies [9] Technology Sector Developments - Xiaomi reported strong sales for its new product line, with the Xiaomi 17 series breaking sales records shortly after launch, indicating robust consumer demand [10] - The National Development and Reform Commission announced measures to foster innovation in digital economy enterprises, which is expected to strengthen the technology sector [13] Energy Storage and Battery Industry - The lithium battery industry in China has seen significant activity, with 183 new projects signed or initiated from January to August, amounting to a planned investment of 400 billion [15] - Major battery manufacturers are operating at full capacity due to strong demand for energy storage cells, indicating a bullish outlook for the sector [15] Strategic Market Outlook - The market is expected to experience short-term volatility due to pre-holiday effects, but the long-term outlook remains positive with a focus on self-sufficiency in technology and stable growth strategies [17] - Institutional investors are showing a strong commitment to sectors with confirmed growth, while the focus on "involution" and stable growth continues to provide opportunities for long-term investment [17]

倒计时43天 CINE2025固态电池展暨固态电池行业年会 主办单位： 起点固态电池、起点锂电、SSBA固态电池联盟 协办单位及固态年会总冠名： 茹天科技 活动时间： 2025年11月6-8日 活动地点： 广州南沙国际会展中心（2楼船厅及广州厅） 活动规模： 展商规模200+、参会企业2000+、专业观众20000+ 同期活动： 2025起点固态电池金鼎奖颁奖典礼、SSBA固态电池产业联盟理事会 第一批展商及赞助商： 金钠科技/茹天科技/海四达/融捷能源/易事特钠电/泰和科技/隐功科技/科迈罗/国科炭美/晟钠新能/中钠能源/乔岳智能/津工能源/科达新能/时 代思康/富钠能源/极电特能/华普森/瑞扬新能源/亮见钠电/叁星飞荣/珠海纳甘新能源/皓升新能源/扬广科技/银川苏银产业园/兆钠新能源/精诚时代/儒特股份/希倍动 力/先导干燥/瓦时动力/博粤新材/苏州翼动新能/亿隆能源/钠创新能源等 天眼查App显示，近日， 曲靖亿纬锂能有限公司发生工商变更，注册资本由10.5亿人民币增至17.25亿人民币。 曲靖亿纬锂能有限公司成立于2022年8月，法定代表人为刘金成，经营范围包括电池制造、电池销售、新兴能源技术研发等。 ...

Report Summary 1) Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2) Core View of the Report - On September 23, the main contract of lithium carbonate futures fluctuated within a range, with an increase in trading volume and a decrease in open interest. In the spot market, low - price transactions were acceptable, and the basis premium decreased. The prices of spodumene concentrate and lepidolite remained flat on the cost side. On the supply side, lithium carbonate production increased last week, and the production of lithium carbonate from different raw materials also increased. In terms of downstream demand, the production of lithium iron phosphate, ternary materials, and lithium manganate increased, while the production of power batteries remained basically flat last week. In the terminal market, the year - on - year growth rate of new energy vehicle production slowed down, 3C shipments were average, and the production schedule of energy - storage batteries increased in September. In terms of inventory, registered warehouse receipts increased, and social inventory decreased. Overall, both supply and demand are strong, the inventory pressure of upstream is not large, and the expectation of lithium ore supply contraction is weakened. It is expected that the price of lithium carbonate will fluctuate at a low level. It is necessary to pay attention to the downstream restocking cycle and the deadline for Jiangxi's mining end to submit reserve reports. The recommended trading strategy is to wait and see [1]. 3) Summary by Related Content Market Data - **Futures Market**: On September 23, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures increased compared with the previous day. The trading volume of the active contract was 497,857 hands (+101,212), and the open interest was 255,907 hands (-15,717). The inventory was 39,449 tons (+540). The basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) decreased by 240 yuan/ton [1]. - **Spot Market**: The average prices of various lithium products such as spodumene concentrate, lepidolite, battery - grade lithium carbonate, industrial - grade lithium carbonate, and lithium hydroxide remained mostly unchanged, while the average price of hexafluorophosphate lithium increased by 500 yuan/ton to 57,500 yuan/ton. The average prices of some ternary precursors and cathode materials also increased [1]. - **Inventory**: The total SMM lithium carbonate inventory decreased by 981 tons to 137,531 tons last week. The inventory of smelters and others decreased, while the downstream inventory increased [1]. Industry News - **Chile**: Chile's economic development agency Corfo submitted a resolution to extend the contract of the Atacama Salt Lake project with SQM Salar SpA until 2030 and a new mineral lease contract with Codelco and Minera Tarapacá SoA from 2031 to 2060. SQM and Codelco are expected to finalize a partnership for the development of the Atacama Salt Flat in northern Chile this year, marking the first large - scale entry into lithium production in the region [1]. - **China**: On September 20, the first - phase lithium carbonate project of Luopu Tuhai New Energy Materials Co., Ltd. was put into operation in Xinjiang. The project has a total investment of 4.6 billion yuan, and after full - scale production, it can process 300,000 tons of lithium concentrate and produce 30,000 tons of battery - grade lithium carbonate annually [1].

——锂电池行业 2025 年中报总结及展望 证券研究报告-行业专题研究 强于大市(维持) 锂电池相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 锂电池 分析师：牟国洪 登记编码：S0730513030002 mough@ccnew.com 021-50586980 净利润恢复增长，板块持续关注 风险提示：国内外宏观经济下滑超预期；新能源汽车销售不及预期； 行业政策执行力度不及预期；行业竞争加剧；细分领域价格大幅波动； 系统风险。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共26页 投资要点： 《锂电池行业月报：量价齐升，短期持续关注》 2025-09-15 《锂电池行业四季度投资策略：业绩增速提 升，关注三条主线》 2025-09-04 《锂电池行业专题研究：内卷整治有助于提升 行业全球竞争力》 2025-09-02 联系人：李智 马嶔琦 锂矿发布日期：2025 年 09 月 22 日 ⚫ 2025 年锂电池指数强于沪深 300 指数。2025 年以来，锂电池指数 走势总体强于沪深 300 指数，截至 9 月 19 日锂电池指数上 ...

Group 1 - President Xi Jinping held a phone call with US President Trump on September 19 [1] - The State Council, led by Premier Li Qiang, discussed the implementation of domestic product standards in government procurement, emphasizing the importance of this measure for improving the procurement system and ensuring fair treatment for foreign enterprises [2] - The State Council Information Office announced a significant press conference scheduled for September 22, 2025, to discuss the achievements of the financial sector during the 14th Five-Year Plan period [3] Group 2 - The China Securities Regulatory Commission (CSRC) emphasized the need to accelerate a new round of capital market reforms and opening up to better support economic recovery [4] - The People's Bank of China announced adjustments to the 14-day reverse repurchase operations, which will now adopt a fixed quantity and multi-price bidding method, aimed at stabilizing the funding environment ahead of the quarter-end and holiday [5] - The Ministry of Industry and Information Technology is working on the "14th Five-Year" new battery industry development plan to enhance the overall planning and layout of the industry [6] Group 3 - The Shanghai Stock Exchange announced that the IPO of Moore Threads will be reviewed on September 26, 2025 [7][8] - The State Administration of Foreign Exchange reported that foreign capital net purchases of domestic stocks and bonds increased in August, indicating a stable foreign exchange market [9] Group 4 - BYD launched a new energy storage product named "Haohan" with a minimum unit capacity of 14.5 MWh, featuring the world's largest storage-specific blade battery [13] - Citic Securities noted that the cancellation of strong allocations has cooled down low-price competition, while the full market entry of new energy is creating substantial profits for energy storage [14] - Other sectors of interest include the Apple concept with the launch of iPhone 17 and coal prices surpassing 700 yuan [15]