1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - Industrial silicon supply will contract next week as Sichuan, Yunnan and other regions enter the dry season, with increased production cuts and some enterprises halting production due to rising electricity prices, despite expected restarts in the Northwest [2] - On the demand side, organic silicon maintains a rigid demand for industrial silicon but consumption growth is limited; polysilicon currently supports industrial silicon procurement but may reduce demand due to rising costs and potential production cuts; aluminum alloy has stable demand for industrial silicon but limited price - pulling ability [2] - Although industrial silicon showed little movement today, the volume and price of downstream organic silicon are rising, which is expected to drive industrial silicon up, and it is recommended to go long at low prices [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 9,145 yuan/ton, down 50 yuan; the position of the main contract is 267,758 lots, up 5,622 lots; the net position of the top 20 is - 64,574 lots, down 473 lots; the warehouse receipts of GZEE are 45,387 lots, down 549 lots; the basis between the December and January industrial silicon contracts is 10 yuan, up 10 yuan [2] 3.2 Spot Market - The average price of oxygen - passing 553 silicon is 9,500 yuan/ton, unchanged; the average price of 421 silicon is 9,750 yuan/ton, unchanged; the basis of the Si main contract is 355 yuan/ton, up 50 yuan; the DMC spot price is 11,800 yuan/ton, unchanged [2] 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, unchanged; the average price of petroleum coke is 2,410 yuan/ton, unchanged; the average price of clean coal is 1,850 yuan/ton, unchanged; the average price of wood chips is 490 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of industrial silicon is 402,800 tons, an increase of 36,000 tons; the weekly social inventory of industrial silicon is 552,000 tons, an increase of 10,000 tons; the monthly import volume of industrial silicon is 1,939.85 tons, an increase of 602.27 tons; the monthly export volume of industrial silicon is 70,232.72 tons, a decrease of 6,409.29 tons [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC is 44,900 tons, an increase of 700 tons; the overseas market price of photovoltaic - grade polysilicon is 15.95 US dollars/kg; the average price of aluminum alloy ADC12 in the Yangtze River spot is 21,500 yuan/ton, an increase of 100 yuan; the weekly average price of photovoltaic - grade polysilicon is 6.5 US dollars/kg; the monthly export volume of unforged aluminum alloy is 23,495.34 tons, a decrease of 5,568.37 tons; the weekly operating rate of organic silicon DMC is 69.26%, an increase of 0.7%; the monthly output of aluminum alloy is 1.776 million tons, an increase of 141,000 tons; the monthly export volume of aluminum alloy is 23,495.34 tons, a decrease of 5,568.37 tons [2] 3.6 Industry News - China's cumulative installed capacity of operational power energy storage projects is 137.9 GW, accounting for 37.1% of the global market, with a year - on - year increase of 59.9%; the cumulative installed capacity of new - type energy storage is 78.3 GW, accounting for 47% of the global market, and lithium - ion batteries dominate, accounting for 97.1% of the cumulative installed capacity of new - type energy storage [2]

Core Viewpoint - The company has engaged in projects within the user-side energy storage sector, showcasing its capabilities in low-carbon building design and integrated engineering projects, but has not ventured into grid-side energy storage projects [1] Company Involvement in Energy Storage - The company has participated in various projects related to user-side energy storage, including: - Planning and consulting for the Low-Carbon Park of the Hefei Institute of Technology Innovation, Chinese Academy of Sciences - Design and construction integration for the Low-Carbon Building Local Project at Tiandu Shoujun Phase II (Huangshan Tourism Building) - The Excellence Energy-Saving Technology Light Storage and Charging Integration Project [1]

Core Viewpoint - The news highlights the recent trading performance and financial metrics of Zhejiang Nandu Power Supply Co., Ltd., indicating a decline in revenue and net profit, alongside significant trading activity in its stock. Group 1: Trading Performance - On September 17, Nandu Power's stock rose by 1.17% with a trading volume of 1.922 billion yuan [1] - The financing buy-in amount for Nandu Power on the same day was 213 million yuan, while the financing repayment was 229 million yuan, resulting in a net financing outflow of 15.41 million yuan [1] - As of September 17, the total balance of margin trading for Nandu Power was 1.386 billion yuan [1] Group 2: Financial Metrics - For the first half of 2025, Nandu Power reported a revenue of 3.923 billion yuan, a year-on-year decrease of 31.67% [2] - The net profit attributable to shareholders for the same period was -232 million yuan, reflecting a year-on-year decline of 225.48% [2] Group 3: Shareholder and Dividend Information - Since its A-share listing, Nandu Power has distributed a total of 684 million yuan in dividends, with 56.1 million yuan distributed over the past three years [3] - As of June 30, 2025, the number of shareholders for Nandu Power was 122,400, a decrease of 8.78% from the previous period [2] - The average number of circulating shares per shareholder increased by 9.66% to 6,968 shares [2]

Core Insights - The company celebrated a significant milestone of achieving a cumulative shipment of 100GWh in energy storage products, marking its rise in global industry rankings from fifth in 2023 to second in the first half of 2025 [1][2]. Group 1: Strategic Focus and Innovation - The breakthrough of 100GWh is attributed to the company's differentiated strategy focused solely on energy storage, allowing it to concentrate resources on meeting storage demand and leading the industry with innovative products [2]. - The company has consistently introduced advanced technology products, including the world's first long-duration energy storage battery and system in 2023, and a high-capacity sodium-ion battery in 2024, demonstrating its commitment to product innovation and market leadership [2][3]. Group 2: Manufacturing Excellence - The company employs advanced manufacturing techniques, including predictive modeling and micron-level precision control, achieving a defect rate at the parts-per-billion (PPB) level, ensuring high-quality production [4]. - The integration of Gen AI and IoT technologies has enabled the company to optimize efficiency and traceability throughout the manufacturing process [4]. Group 3: Customer-Centric Services - The company has established a comprehensive operational system that spans the entire project lifecycle, ensuring high-quality delivery and service for energy storage projects [5]. - With a global service network covering over 20 countries, the company offers customized service packages and has achieved a 100% on-time delivery rate for project commissioning [5]. Group 4: Safety and Reliability - The company emphasizes safety in its operations, implementing rigorous safety controls across the entire supply chain, from production to recycling, ensuring stable performance in extreme conditions [6][7]. - The successful completion of the world's first open-door combustion test for its energy storage system under extreme conditions further validates the reliability of its products [7]. Group 5: Future Growth and Market Position - The company views the 100GWh shipment milestone as a new starting point, with plans to leverage its focus on long-duration energy storage to drive future growth in the global market [8]. - The establishment of a smart manufacturing base in Chongqing is expected to enhance production capabilities and support the company's strategic goals in the long-duration energy storage sector [8].

Group 1 - The core viewpoint of the article highlights that as of the end of July, the installed capacity of energy storage in Xinjiang's power grid reached 12.41 million kilowatts, representing a year-on-year growth of over 100% [1] - The article describes energy storage stations as large "power banks" that charge during low electricity demand periods and release energy during peak demand [1] - Xinjiang's energy storage is showing a trend of diversification, incorporating not only traditional methods like pumped storage but also new types such as lithium iron phosphate batteries, sodium-ion batteries, vanadium flow batteries, and compressed air storage [1]

Economic Data - In the second quarter of this year, China's GDP reached 341,778 billion yuan, representing a year-on-year growth of 5.2% [2] - The value added of the primary industry was 19,459 billion yuan, growing by 3.8% year-on-year; the secondary industry added 127,147 billion yuan, with a growth of 4.8%; and the tertiary industry contributed 195,172 billion yuan, increasing by 5.7% [2] Artificial Intelligence - NVIDIA CEO Jensen Huang stated that China's AI models are "world-class" and that open-source AI from China is a catalyst for global progress [3] - Huang emphasized that models developed by companies like DeepSeek, Alibaba, and Tencent are among the best globally, and AI has become a fundamental infrastructure akin to electricity [3] Technology and Manufacturing - Samsung Display is reportedly set to produce the first foldable iPhone screen for Apple, with mass production of flexible foldable screens expected to start later this year to meet the demand for a 2026 launch [4] - TSMC has initiated plans to build a second chip factory in Japan, with construction expected to continue in the second half of this year [12] Automotive Industry - Chongqing's economic and information committee is seeking opinions on a plan to enhance the smart connected vehicle industry, focusing on AI, core software, and high-end components [5][6] - Stellantis announced the termination of its hydrogen fuel cell technology development project, stating that employees at production sites will not be affected by this decision [15] Market Developments - JD.com has replaced its "20-minute free delivery" service with a new compensation model offering a 4 yuan coupon for late deliveries, indicating a shift in customer service strategy [10] - ByteDance clarified that it has not submitted a purchase application for NVIDIA's H20 chips, countering reports of interest from the company [8] Investment and Financing - "AutoArk" announced successful completion of Pre-A and Pre-A+ financing rounds, while XPeng HuiTian confirmed a $250 million Series B financing to support its flying car development [18] - MiniMax is reportedly nearing completion of a $300 million financing round, with a post-financing valuation exceeding $4 billion [18]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core View of the Report - The lithium carbonate market is in a weak and volatile state, with the de - stocking of warehouse receipts continuing. The trend strength of lithium carbonate is 0, indicating a neutral market sentiment [1][3] Group 3: Summary by Related Catalogs 1. Fundamental Tracking - **Futures Market Data**: For the 2507 contract, the closing price was 59,720 yuan, down 100 yuan from T - 1; the trading volume was 26,690 lots, down 19,186 lots from T - 1; the open interest was 74,077 lots, down 6,326 lots from T - 1. For the 2509 contract, the closing price was 59,120 yuan, up 220 yuan from T - 1; the trading volume was 259,487 lots, down 70,833 lots from T - 1; the open interest was 356,954 lots, up 2,607 lots from T - 1. The warehouse receipt volume was 26,779 lots, down 1,014 lots from T - 1 [1] - **Base - related Data**: The basis of spot - 2507 was 230 yuan, down 350 yuan from T - 1; the basis of spot - 2509 was 830 yuan, down 670 yuan from T - 1; the basis of 2507 - 2509 was 600 yuan, down 320 yuan from T - 1 [1] - **Raw Material Data**: The price of lithium spodumene concentrate (6%, CIF China) was 617 dollars, down 3 dollars from T - 1; the price of lithium mica (2.0% - 2.5%) was 1,190 yuan, down 20 yuan from T - 1 [1] - **Lithium Salt Data**: The price of battery - grade lithium carbonate was 59,950 yuan, down 450 yuan from T - 1; the price of industrial - grade lithium carbonate was 58,350 yuan, down 450 yuan from T - 1; the price of battery - grade lithium hydroxide (micronized powder) was 63,920 yuan, down 250 yuan from T - 1 [1] - **Consumption - related Data**: The price of ternary material 523 (polycrystalline/consumer - type) was 105,110 yuan, up 150 yuan from T - 1; the price of ternary material 622 (polycrystalline/consumer - type) was 110,950 yuan, up 100 yuan from T - 1; the price of ternary material 811 (polycrystalline/power - type) was 142,750 yuan, up 120 yuan from T - 1 [1] 2. Macro and Industry News - The SMM battery - grade lithium carbonate index price was 59,990 yuan/ton, down 426 yuan/ton from the previous working day. The price range of battery - grade lithium carbonate was 5.93 - 6.06 million yuan/ton, with an average price of 5.995 million yuan/ton, down 450 yuan/ton from the previous working day. The price range of industrial - grade lithium carbonate was 5.785 - 5.885 million yuan/ton, with an average price of 5.835 million yuan/ton, down 450 yuan/ton from the previous working day [2] - Three international standards in the field of power energy storage led by China, namely "Power Energy Storage System - Part 2 - 3: Performance Testing of Power Energy Storage System", "Power Energy Storage System - Part 3 - 200: Design Principles of Electrochemical Energy Storage System", and "Power Energy Storage System - Part 4 - 2: Environmental Impact Assessment of Battery Failures", were recently released and implemented [3]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The fundamentals of lithium carbonate still maintain a situation of excessive supply and weak demand, with industrial inventories at a high level. The option market sentiment is bullish, and the implied volatility has slightly increased. The operation suggestion is to conduct short - selling transactions at high prices with a light position and pay attention to controlling risks [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the main contract is 59,120 yuan/ton, up 220 yuan; the net position of the top 20 is - 26,997 hands, up 8,898 hands; the position of the main contract is 356,954 hands, up 2,607 hands; the spread between near - and far - month contracts is 740 yuan/ton, down 220 yuan; the warehouse receipts of GZEE are 27,793 hands/ton, down 2,164 hands [2] Spot Market - The average price of battery - grade lithium carbonate is 59,950 yuan/ton, down 450 yuan; the average price of industrial - grade lithium carbonate is 58,350 yuan/ton, down 450 yuan; the basis of the Li₂CO₃ main contract is 830 yuan/ton, down 670 yuan [2] Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 689 US dollars/ton, down 8 US dollars; the average price of amblygonite is 6,465 yuan/ton, down 75 yuan; the price of lepidolite (2 - 2.5%) is 1,548 yuan/ton, down 28 yuan [2] Industry Situation - The monthly output of lithium carbonate is 42,100 tons, down 5,800 tons; the monthly import volume is 21,145.78 tons, down 7,190.11 tons; the monthly export volume is 286.74 tons, down 447.55 tons; the enterprise operating rate is 47%, down 6%. The monthly output of power batteries is 123,500 MWh, up 5,300 MWh [2] Downstream and Application Situation - The prices of some cathode materials such as ternary materials and manganese - acid lithium remain unchanged. The operating rates of ternary cathode materials and lithium iron phosphate cathode materials have increased by 2%. The monthly production of new energy vehicles is 1,270,000, up 19,000; the monthly sales are 1,307,000, up 81,000; the cumulative sales penetration rate is 43.99%, up 1.25; the monthly export volume is 212,000, up 12,000 [2] Option Situation - The total subscription position is 123,489, up 5,969; the total put position is 46,083, up 4,926; the put - call ratio of total positions is 37.32%, up 2.2962%; the implied volatility of at - the - money IV is 0.22%, up 0.0201% [2] Industry News - Three international standards in the field of power energy storage led by China have been released and implemented. The "2025 Automobile Industry Statistics Work Conference" was held in Xi'an. The automobile industry shows a stable and positive development trend, and new energy vehicles continue to grow rapidly [2] Technical Analysis - On the 60 - minute MACD, the double lines are below the 0 - axis, and the green bars are slightly converging [2]