格隆汇1月30日丨孚能科技(688567.SH)公布，经公司财务部门初步测算，预计2025年度实现归属于母公 司所有者的净利润为-8.3亿元到-5.8亿元。预计归属于母公司所有者扣除非经常性损益后的净利润 为-8.62亿元到-6.12亿元。 本期业绩变化的主要原因：(一)公司两个新生产基地"赣州年产 30GWh 新能源电池项目(一期)"和"广州 年产 30GWh 动力电池生产基地项目(一期)"目前尚处于产能爬坡阶段，固定折旧摊销费用大，产能利用 率、设备效率及良品率还处于稳步提升阶段。(二)公司本年度加大市场开拓力度，培育市场新客户，推 动客户结构优化；同时客户结算模式调整、部分产品更新换代，短期内对毛利有一定影响。(三)公司持 续拓展新产品、新技术，固态电池等研发投入增加。(四)国内出口退税率降低，叠加美国对华出口关税 提升，影响公司毛利率。(五)基于谨慎性原则，公司对部分存货及应收款项计提减值。 ...

Group 1 - The core point of the article is that Bolivian (SH 688345) announced a plan to issue shares to specific investors, which has been approved by the board of directors, aiming to raise up to 650 million yuan for various projects [1] - The share issuance will not exceed 30% of the company's total share capital prior to the issuance, amounting to approximately 30.34 million shares [1] - The issuance price will be no less than 80% of the average trading price of the company's shares over the 20 trading days prior to the pricing date [1] Group 2 - The funds raised will be allocated to three main projects: a smart manufacturing project for lightweight power batteries with a total investment of approximately 519 million yuan, an AI-driven reliability analysis and R&D project for new energy batteries with an investment of 52.07 million yuan, and a working capital supplement project with an investment of 140 million yuan [1] - As of January to December 2024, the company's revenue composition shows that the electrical machinery and equipment manufacturing industry accounts for 92.27%, while other businesses account for 7.73% [1] - The current market capitalization of Bolivian is 3.1 billion yuan [2]

Core Viewpoint - The A-share market is experiencing rapid style changes, indicating a shift in risk appetite among investors, with structural opportunities still present despite overall market weakness [2][8]. Market Dynamics - In the morning session on October 23, A-shares saw significant fluctuations, with Agricultural Bank initially rising over 2% before dropping more than 1%, impacting the performance of dividend assets [2][4]. - The market remains weak overall, with the new energy sector leading the rebound, particularly in lithium and photovoltaic stocks, with companies like Shengxin Lithium Energy rising by 8% [2][4]. Policy and Industry Insights - The Ministry of Industry and Information Technology emphasized the importance of technological innovation in the new energy battery sector, suggesting a focus on solid-state batteries and metal-air batteries [5]. - Recommendations include enhancing supply chain resilience and encouraging R&D in lithium resource recovery and application in various industries [5]. Lithium Price Trends - The price of battery-grade lithium carbonate increased by 1,500 yuan to an average of 77,600 yuan per ton, marking a rebound after a period of fluctuation [6]. - The price of industrial-grade lithium carbonate also saw increases, with a 2.81% rise compared to October 14 [6]. Future Market Outlook - Analysts suggest that structural opportunities may persist, with potential shifts towards sectors like brokerage and agriculture in the near future [8]. - The current market shows significant differentiation between growth and value styles, with growth stocks, particularly in TMT, outperforming value indices by 81% [8][9]. - Historical patterns indicate that style switching in bull markets is often triggered by changes in fundamental expectations and valuation disparities [8].