Group 1: Industry Overview - The rapid development of China's new energy vehicle industry is significantly changing the automotive landscape and impacting capital market trends [1] - Power batteries are crucial components of new energy vehicles, with CATL emerging as a trillion-yuan market giant due to its strong performance in this sector [1] Group 2: CATL's Performance - CATL's stock price surged 27 times within three years after its successful A-share listing in 2018, reaching a historical peak in 2021 [1] - In May 2025, CATL successfully listed on the Hong Kong stock market, marking a significant step in its globalization strategy [1] - In June 2024, CATL's installed capacity reached 339.3 GWh, a year-on-year increase of 31.7%, with a market share of 37.9%, maintaining its position as the global leader [3] Group 3: Competitor Analysis - In contrast to CATL, EVE Energy has struggled in recent years, with its stock price plummeting nearly 70% since its peak at the end of 2021 [3] - EVE Energy's market share in the power battery sector dropped to approximately 3.4% in 2024, ranking fifth among domestic manufacturers [6] - EVE Energy is currently facing financial challenges, with a cash balance of 13.435 billion yuan and a funding gap of 4 billion yuan for overseas factory investments [6] Group 4: EVE Energy's IPO and Future Plans - EVE Energy has submitted an H-share listing application to the Hong Kong Stock Exchange, aiming to raise funds for overseas factory construction and operational capital [5] - The company's asset-liability ratio is higher than the industry average, indicating significant repayment pressure [6] - Despite efforts to increase capacity and market share, EVE Energy's declining position in the market highlights the challenges it faces in a competitive landscape [6]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report suggests a short - term wait - and - see approach or a strategy of lightly shorting on price increases. The macro - situation shows that the US PPI in June reached a nearly one - year low, with flat month - on - month growth. The tariff effect has not yet appeared. In terms of fundamentals, the Indonesian government's PNBP policy restricts supply and raises costs, while the supply of Philippine nickel ore is increasing but domestic port inventories are decreasing, leading to a tight raw material situation. On the smelting side, high raw material prices and falling nickel prices are causing losses for some non - integrated smelters, leading to production cuts. On the demand side, stainless steel mills are reducing production due to compressed profits, and the demand for ternary batteries is decreasing despite the rising production and sales of new energy vehicles. Currently, supply and demand are both weak, domestic social inventories are rising significantly, and overseas inventories are accumulating again. Technically, the market is in a range - bound adjustment, and attention should be paid to the MA60 pressure level [3]. 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 119,880 yuan/ton, down 670 yuan. The 08 - 09 month contract spread is - 160 yuan/ton, down 20 yuan. - The LME 3 - month nickel price is 14,990 US dollars/ton, down 225 US dollars. The main contract position of Shanghai nickel is 53,426 lots, down 702 lots. - The net long position of the top 20 futures holders of Shanghai nickel is - 16,072 lots, down 927 lots. The LME nickel inventory is 207,288 tons, up 708 tons. - The inventory of nickel in the Shanghai Futures Exchange is 25,047 tons (weekly), up 125 tons. The total LME nickel cancelled warrants are 10,038 tons, up 720 tons. - The warehouse receipt quantity of Shanghai nickel is 20,958 tons, down 91 tons [3]. 3.2 Spot Market - The SMM 1 nickel spot price is 120,450 yuan/ton, down 1,650 yuan. The average spot price of 1 nickel plate in the Yangtze River is 120,250 yuan/ton, down 1,750 yuan. - The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged. The bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged. - The average price of battery - grade nickel sulfate is 27,900 yuan/ton, unchanged. The basis of the NI main contract is 570 yuan/ton, down 980 yuan. - The LME nickel (spot/3 - month) premium is - 207.51 US dollars/ton, up 3.3 US dollars [3]. 3.3 Upstream Situation - The monthly import volume of nickel ore is 392.72 million tons, up 101.31 million tons. The total port inventory of nickel ore is 896.49 million tons (weekly), up 24.65 million tons. - The average monthly import price of nickel ore is 73.42 US dollars/ton, down 5.44 US dollars. The tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, unchanged [3]. 3.4 Industry Situation - The monthly production of electrolytic nickel is 29,430 tons, up 1,120 tons. The total monthly production of ferronickel is 2.39 million metal tons, up 0.22 million metal tons. - The monthly import volume of refined nickel and alloys is 17,687.58 tons, down 1,058.97 tons. The monthly import volume of ferronickel is 84.82 million tons, up 3.13 million tons [3]. 3.5 Downstream Situation - The monthly production of 300 - series stainless steel is 178.47 million tons, down 3.96 million tons. The total weekly inventory of 300 - series stainless steel is 62.44 million tons, up 1.85 million tons [3]. 3.6 Industry News - The US Bureau of Labor Statistics data shows that the US PPI in June increased by 2.3% year - on - year, significantly lower than the expected 2.5%, the lowest year - on - year increase since September 2024. The month - on - month growth was 0%, lower than the expected 0.2%. - Trump said that the scale and trade volume of the countries receiving tariff letters are not large; the US and India are close to reaching an agreement; an agreement may be reached with the EU, and it is too early to discuss the prospects of the US - Canada agreement. Trump also said he plans to impose "slightly more than 10%" tariffs on at least 100 countries. - Li Qiang said to study the implementation of key policies to strengthen the domestic large - cycle and standardize the competition order of the new energy vehicle industry [3].

Group 1: Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core View - The report suggests a temporary wait - and - see approach, with a reference price range of 26.0 - 26.5. The macro - economic situation shows the US June PPI hitting a near - one - year low, and Trump's tariff plans and trade agreement announcements. In terms of fundamentals, although Myanmar's Wa State has restarted mining license approvals, actual ore output will not occur until the fourth quarter, and the Congo's Bisie mine plans to resume production in phases. Currently, tin ore processing fees remain at historical lows. On the smelting side, Yunnan faces raw material shortages and cost pressures, while Jiangxi's scrap recycling system is under pressure with low operating rates. On the demand side, after the photovoltaic industry's rush to install, some producers' operating rates have declined, and the electronics industry is in a slack season with a strong wait - and - see attitude. Recently, tin prices have dropped, but downstream procurement willingness is still low, and domestic inventories have decreased slightly while LME de - stocking has slowed and the premium has declined. Technically, there is a divergence between long and short positions at a low level of holdings, and the price has broken below the MA60 support, increasing the downward pressure [3]. Group 3: Summary by Directory 1. Futures Market - The closing price of the main futures contract for Shanghai tin is 261,920 yuan/ton, down 2,040 yuan; the 3 - month LME tin price is 33,260 US dollars/ton, down 300 US dollars. The 8 - 9 month contract closing price for Shanghai tin is - 170 yuan/ton, down 40 yuan; the main contract position volume for Shanghai tin is 22,969 lots, up 221 lots. The net position of the top 20 in futures for Shanghai tin is 610 lots, up 261 lots. LME tin total inventory is 1,980 tons, down 115 tons; Shanghai Futures Exchange tin inventory is 7,097 tons, down 101 tons; LME tin cancelled warrants are 420 tons, down 150 tons; Shanghai Futures Exchange tin warrants are 6,777 tons, down 70 tons [3]. 2. Spot Market - The SMM1 tin spot price is 261,900 yuan/ton, down 1,700 yuan; the Yangtze River Non - Ferrous Market 1 tin spot price is 263,570 yuan/ton, down 970 yuan. The basis of the Shanghai tin main contract is - 360 yuan/ton, down 1,720 yuan; the LME tin premium (0 - 3) is - 115 US dollars/ton, down 6 US dollars [3]. 3. Upstream Situation - The import volume of tin ore and concentrates is 12,100 tons, down 2,900 tons. The average price of 40% tin concentrate is 254,700 yuan/ton, down 600 yuan; the processing fee of 40% tin concentrate by Antaike is 10,500 yuan/ton, unchanged. The average price of 60% tin concentrate is 258,700 yuan/ton, down 600 yuan; the processing fee of 60% tin concentrate by Antaike is 6,500 yuan/ton, unchanged [3]. 4. Industry Situation - The monthly output of refined tin is 14,000 tons, down 1,600 tons; the monthly import volume of refined tin is 3,762.32 tons, up 143.24 tons [3]. 5. Downstream Situation - The price of 60A solder bar in Gejiu is 171,130 yuan/ton, down 1,040 yuan. The cumulative output of tin - plated sheets (strips) is 160,140 tons, up 14,450 tons; the monthly export volume of tin - plated sheets is 140,700 tons, down 33,900 tons [3]. 6. Industry News - The US June PPI year - on - year growth was 2.3%, the lowest since September 2024, with a month - on - month growth of 0%. Trump said he plans to impose "slightly more than 10% tariffs" on at least 100 countries and mentioned trade agreements. Li Qiang said to study the implementation of key policies for strengthening the domestic large - cycle and regulate the competition order of the new energy vehicle industry [3]. 7. Key Focus - There is no news today [3].

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints - On the raw material side, the Indonesian government's PNBP policy issuance restrictions increase the cost of nickel resource supply, but the production of nickel iron in Indonesia has rebounded significantly, and the price of nickel iron has dropped recently, weakening the support of raw material costs [2] - On the supply side, steel mills are under increasing pressure of cost inversion and are in a loss state across the board, forcing them to increase production cuts. Domestic anti - involution measures may accelerate the alleviation of the oversupply situation, and stainless steel production is expected to decline further [2] - On the demand side, it has entered the traditional consumption off - season, with increased macro - market uncertainties and continued pressure on export demand. Downstream buyers are hesitant, with poor acceptance of high - priced goods. The domestic inventory reduction is not satisfactory, and attention should be paid to the inventory reduction effect brought about by subsequent production cuts [2] - Technically, there is a reduction in positions and differences between long and short sides. Attention should be paid to the support of MA10, and short - term consolidation is expected. It is recommended to wait and see for now [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the stainless steel futures main contract is 12,730 yuan/ton, with a daily increase of 60 yuan; the spread between the 08 - 09 contracts is 25 yuan/ton, with a daily increase of 5 yuan [2] - The net long position of the top 20 futures holders is - 9,161 lots, a daily decrease of 595 lots; the position of the main contract is 104,645 lots [2] - The warehouse receipt quantity is 110,572 tons, a daily decrease of 300 tons [2] 3.2 Spot Market - The price of 304/2B cut - edge coils in Wuxi is 13,300 yuan/ton, unchanged; the market price of scrap stainless steel 304 in Wuxi is 9,200 yuan/ton, unchanged [2] - The basis of the SS main contract is 250 yuan/ton, a daily decrease of 25 yuan [2] 3.3 Upstream Situation - The monthly electrolytic nickel output is 29,430 tons, an increase of 1,120 tons; the total monthly nickel iron output is 23,900 metal tons, an increase of 2,200 metal tons [2] - The monthly import volume of refined nickel and alloys is 17,687.58 tons, a decrease of 1,058.97 tons; the monthly import volume of nickel iron is 848,200 tons, an increase of 31,300 tons [2] - The daily SMM1 nickel spot price is 120,450 yuan/ton, a decrease of 1,650 yuan; the national average price of nickel iron (7 - 10%) is 900 yuan/nickel point, unchanged [2] - The monthly output of Chinese ferrochrome is 757,800 tons, a decrease of 26,900 tons [2] 3.4 Industry Situation - The monthly output of 300 - series stainless steel is 1.7847 million tons, a decrease of 39,600 tons; the weekly total inventory of 300 - series stainless steel is 624,400 tons, an increase of 18,500 tons [2] - The monthly stainless steel export volume is 458,500 tons, a decrease of 29,500 tons [2] 3.5 Downstream Situation - The cumulative monthly new housing construction area is 231.8361 million square meters, an increase of 53.4777 million square meters [2] - The monthly output of large and medium - sized tractors is 246,000 units, a decrease of 10,400 units; the monthly output of small tractors is 110,000 units, a decrease of 10,000 units; the monthly output of excavators is 258,000 units, a decrease of 2,000 units [2] 3.6 Industry News - The US PPI in June had a year - on - year increase of 2.3%, significantly lower than the expected 2.5%, the lowest since September 2024, with a month - on - month increase of 0% [2] - Trump said that the countries receiving tariff letters are small in scale and trade volume, the US and India are close to reaching an agreement, and there may be an agreement with the EU [2] - Li Qiang proposed to study the implementation of key policies to strengthen the domestic large - cycle and standardize the competition order of the new energy vehicle industry [2]

Industry Insights - The Chinese fiscal and tax digitalization industry is experiencing growth driven by both government and enterprise initiatives, with the implementation of the fourth phase of the Golden Tax Project expected to connect approximately 300,000 medium and large enterprises to the tax bureau's direct connection system, leading to continuous industry expansion [3] - The market size for digitalized fiscal and tax-related transactions is projected to grow from 5.1 billion RMB in 2019 to 34.3 billion RMB by 2028, representing a CAGR of 36.5% from 2023 to 2028, significantly higher than the 9.2% CAGR from 2019 to 2023 [3] - The report highlights the potential for leading service providers to increase market share as the fourth phase of the Golden Tax Project accelerates in 2024, with Baiwang Co., Ltd. positioned as a leader in the industry [3] Company Analysis - Tongcheng Travel (780 HK) is expected to achieve revenue of 4.6 billion RMB in Q2 2025, a year-on-year increase of 9.3%, with non-GAAP net profit projected at 738 million RMB, up 12.4%, aligning with previous forecasts and Bloomberg consensus [4][5] - Anta (2020 HK) has seen retail growth in July 2025 improve compared to Q2, although the brand's performance remains below expectations, with management maintaining a high single-digit growth target for FY25 despite potential short-term impacts from business reforms [6][7] - The company anticipates a controlled cost environment in FY25, aided by reasonable advertising and marketing expenditures, as well as increased bargaining power in rental negotiations due to rising vacancy rates [6] - Shengyi Technology (600183 CH) expects a net profit increase of 50%-56% to 1.4-1.45 billion RMB in H1 2025, driven by strong sales of copper-clad laminate products and PCB sales, which are projected to grow by 85%-97% year-on-year [9] - Zhongji Xuchuang (300308 CH) forecasts a net profit of 3.6-4.4 billion RMB for H1 2025, reflecting a year-on-year growth of 53%-87%, supported by strong demand for AI infrastructure and improved product mix [10]