We came across a bullish thesis on Nordson Corporation on Value investing subreddit by SniperPearl. In this article, we will summarize the bulls’ thesis on NDSN. Nordson Corporation's share was trading at $226.95 as of September 30th. NDSN’s trailing and forward P/E were 28.55 and 20.53 respectively according to Yahoo Finance. UBS Shrugs Abbott Laboratories' (ABT) Diagnostic Weakness Affirms ‘Buy’ Rating Nordson Corporation, a 70-year-old industrial stalwart, has quietly built a reputation as a consisten ...

新华财经上海10月21日电（林郑宏）A股上市公司三季报本周进入发布高峰，10月20日晚间，包括中国移动、科大讯飞、中国船舶、宁德时代等多家行业龙 头公司发布三季报，其中创业板"一哥"宁德时代交出靓丽答卷，显示今年前三季度公司实现营业收入2830.72亿元，同比增长9.28%；归母净利润达490.34亿 元，同比增长36.2%，基本每股收益4.1元。 单季度数据来看，第三季度宁德时代实现单季营业收入1041.86亿元，同比增长12.9%，环比增长10.62%；归母净利润185.49亿元，同比增长41.21%，环比增 长12.26%。 产能利用率饱和预计明年电池和储能业务均将保持较高增长 据悉，目前宁德时代钠离子电池已在部分商用车试点，乘用车也在合作开发，年底会有产品落地，明年开始出货并逐渐放量，具体取决于终端销售情况。新 产品推动速度快，但需与客户做大量验证工作。 公司管理层进一步表示，如果公司要做下一代的钠电池，可能在能量密度等各方面性能又会提升，长期发展要看其产品开发的情况。钠电池不是去替代锂电 池，而是提升和拓展了电动车的边界。 多家海外投行和国内券商上调"宁王"目标价 得益于三季报靓丽业绩，宁德时代21 ...

Core Insights - The battery installation volume for pure electric vehicles (EVs) reached 504 GWh in the first half of 2025, marking a 37% year-on-year increase. Among the top 10 companies by installation volume, 6 are Chinese, holding a 69% market share, which is a 4 percentage point increase from the previous year [1][3]. Group 1: Market Dynamics - Chinese companies dominate the EV battery market, with significant contributions from companies like CATL, which is expanding its production capacity outside China, including a €7.3 billion factory in Hungary and a new factory in Indonesia [3]. - The global shift towards Chinese-made batteries is evident as major automakers like Tesla and Volkswagen are increasingly using these batteries in their EVs, driven by lower costs [1][3]. Group 2: Battery Technology - There are two main types of batteries used in EVs: ternary batteries and lithium iron phosphate (LFP) batteries. Ternary batteries are favored for their ability to enhance driving range, while LFP batteries are cheaper and have a lower risk of fire [5]. - The adoption of LFP batteries is growing outside China, with companies like Tesla and Mercedes-Benz incorporating them into their vehicles [5]. Group 3: Competitive Landscape - Japanese companies are facing challenges in the EV battery market, with Panasonic being the only Japanese firm in the top 10. Most of its products are supplied to Tesla, with some to Mazda and Subaru [7]. - Korean battery manufacturer LG Energy Solution has signed a contract worth 5.9442 trillion KRW for LFP batteries, believed to be for Tesla [5]. - Japanese automakers are at a crossroads regarding their battery strategies, contemplating whether to collaborate with Chinese firms or invest in building independent supply chains [7].

防飞溅片是一种防护罩，用于保护表面、设备及周围区域免受焊接、切割、研磨和其他高温工业过程中产生的熔融金属液滴、火花和热量的侵袭。 防飞溅片通常由阻燃耐热材料制成，例如玻璃纤维、硅布或经过处理的织物，能够承受极端温度，防止烧穿并最大程度地降低火灾风险。其主要特 性包括高耐热性、在机械应力下的耐久性、低导热性以及抗撕裂和磨损。它们通常重量轻但坚固耐用，易于悬垂或悬挂，并提供各种尺寸以适应不 同的工作环境。常见的关键特性还包括耐化学性、易于操作的柔韧性以及符合热工防护安全标准。通过在热源和易损表面或人员之间建立物理屏 障，防飞溅片有助于维护工作场所安全，减少设备损坏，并提高工业环境中的运营效率。 根据 QYResearch 最新调研报告显示，预计 2031 年全球 防飞溅片 市场规模将达到 1.86 亿美元，未来几年年复合增长率 CAGR 为 5.19% 。 全球范围内， 防飞溅片 主要生产商包括 Asahi Kasei Corporation 、 Auburn Manufacturing, Inc 、江南玻纤等，其中前五大厂商占有大约 13.23% 的市 场份额。目前，全球核心厂商主要分布在亚太和欧美地区。 就产 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - The accumulation of lithium carbonate inventory is accelerating, but the number of warehouse receipts is relatively small, and the volatile pattern may continue [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: The closing prices of the 2509 and 2511 contracts of lithium carbonate increased, with the 2509 contract closing at 64,400 and the 2511 contract at 64,080. The trading volume and open interest of the 2509 contract decreased, while the trading volume of the 2511 contract decreased and the open interest increased slightly. The warehouse receipt volume was 13,281 hands, showing a decrease compared to previous periods [1]. - **Base - related Data**: The basis between spot and futures contracts showed different changes. For example, the spot - 2509 was - 1,100, and the 2509 - 2511 was 320 [1]. - **Raw Material and Lithium Salt Data**: The prices of lithium spodumene concentrate and lithium mica increased, while the prices of battery - grade lithium carbonate and industrial - grade lithium carbonate also increased. The price of battery - grade lithium hydroxide decreased slightly [1]. - **Industry Chain Consumption - related Data**: The prices of some materials such as ternary materials and lithium hexafluorophosphate showed different trends, with some increasing and some remaining stable or decreasing [1]. 3.2 Macroeconomic and Industry News - **Price and Production Data**: The SMM battery - grade lithium carbonate index price was 63,485 yuan/ton, with a daily increase of 266 yuan/ton. The weekly output of lithium carbonate was 18,813 tons, an increase of 690 tons from the previous week, and the industry inventory was 140,793 tons, an increase of 2,446 tons from the previous week [2]. - **European Union Policy**: The EU will allocate 852 million euros (about 7.16 billion yuan) to develop electric vehicle batteries, which is part of the "IF24 Battery" plan. The selected projects are expected to be put into operation before 2030, reducing about 91 million tons of greenhouse gas emissions and achieving an annual production capacity of about 56 GWh of electric vehicle battery cells [3]. 3.3 Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral trend [3].

Core Viewpoint - The establishment of the "Dragon Project" in Indonesia marks a significant step for CATL in expanding its battery production capacity, positioning Indonesia as a key player in the electric vehicle battery sector in Southeast Asia [2][3]. Group 1: Project Overview - The "Dragon Project" is a joint investment initiative involving CATL, Indonesian state-owned enterprises Antam and IBC, with a total investment of approximately $6 billion (around 42.9 billion RMB) [2]. - The project aims to produce batteries sufficient for 300,000 electric vehicles annually, with plans to add photovoltaic energy storage battery production lines, potentially increasing total capacity to 40 GWh if approved [2]. Group 2: Production Capacity and Timeline - The initial production capacity of the factory is set at 6.9 GWh, expected to be completed and operational by the end of 2026, with plans to gradually expand to 15 GWh [3]. - In 2024, CATL plans to establish a joint venture with IBC, investing $1.2 billion to build a 15 GWh battery factory in Karawang, West Java [3]. Group 3: Strategic Importance - The investment is anticipated to significantly enhance Indonesia's capacity in the electric vehicle battery sector, making it the largest producer in the ASEAN region [3]. - CATL is also seeking approximately $1 billion in loans to support the construction of this battery factory, indicating a strong commitment to the project [3].

Report Industry Investment Rating - No information provided Core Viewpoints - Downstream demand is mainly driven by rigid purchases, with no improvement in stocking willingness. Social inventories continue to accumulate, raw material inventories in downstream sectors are at a high level, and warehouse receipt inventories are sufficient. In the short term, the futures price is expected to be affected [3] Summary by Relevant Catalogs Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 68,850 yuan/ton, down 950 yuan/ton; the average price of SMM industrial - grade lithium carbonate is 67,100 yuan/ton, down 950 yuan/ton [1] - The closing prices of lithium carbonate futures contracts 2505, 2506, 2507, 2508, and 2509 are 67,100 yuan/ton (-2.07%), 66,960 yuan/ton (-2.19%), 66,960 yuan/ton (-2.11%), 68,100 yuan/ton (-1.84%), and 68,320 yuan/ton (-1.81%) respectively [1] Lithium Ore - The average price of lithium spodumene concentrate (CIF China) (Li20: 5.5% - 6%) is 779 yuan/ton, down 14 yuan/ton; the average price of lithium mica (Li20: 1.5% - 2.0%) is 915 yuan/ton, down 25 yuan/ton; the average price of lithium mica (Li20: 2.0% - 2.5%) is 1560 yuan/ton, down 30 yuan/ton; the average price of phospho - lithium - aluminum stone (Li20: 6% - 7%) is 6625 yuan/ton; the average price of phospho - lithium - aluminum stone (Li20: 7% - 8%) is 7725 yuan/ton, down 75 yuan/ton [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 32,390 yuan/ton, down 230 yuan/ton; the average price of ternary material 811 (polycrystalline/power type) is 146,600 yuan/ton, down 70 yuan/ton; the average price of ternary material 523 (single - crystal/power type) is 117,425 yuan/ton, down 250 yuan/ton; the average price of ternary material 613 (single - crystal/power type) is 123,865 yuan/ton, down 90 yuan/ton [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 1750 yuan/ton; the price spread between battery - grade lithium carbonate and the main contract is 1890 yuan/ton, up 270 yuan/ton; the price spread between the near - month and the first - continuous contract is 140 yuan/ton, down 60 yuan/ton; the price spread between the near - month and the second - continuous contract is 140 yuan/ton, down 60 yuan/ton [2] Inventories - The total inventory (weekly, tons) is 131,864 tons, up 259 tons; the smelter inventory (weekly, tons) is 52,400 tons, up 270 tons; the downstream inventory (weekly, tons) is 42,823 tons, up 1089 tons; the other inventory (weekly, tons) is 36,641 tons, down 1100 tons; the registered warehouse receipt inventory (daily, tons) is 32,847 tons, up 1292 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 72,573 yuan/ton, and the profit is - 4671 yuan/ton; the cash cost of purchasing lithium mica concentrate is 74,053 yuan/ton, and the profit is - 7815 yuan/ton [3] Industry News - Huayou Cobalt will take over a 60 - billion - yuan battery project in Indonesia, replacing LG Energy Solution as the strategic investor [3] - Galan Lithium rejected a $150 - million acquisition offer from Huayou Cobalt and Renault Group, believing the offer was "opportunistic and undervalued" [3]

1月22日，日产汽车宣布在日本北九州市建设下一代电动汽车电池工厂。该工厂将生产下一代 磷酸铁锂（LFP）电池，年产能为5吉瓦时，预计投资1533亿日元，计划最早于2028年将其安 装在轻型电动汽车上。 据多家媒体报道，11月7日，日产汽车宣布将把全球产能削减20%，同时裁员9000人，主要缘 于在美国和中国市场销售状况不佳。 圆柱电池巡访： ☆走进国轩高科 ☆走进利维能 ☆走进诺达智慧 ☆走进中泽科技 ☆走进苏州力神 ☆走进睿恩新能源 ☆走进天鹏电源 ☆走进中比新能 源 ☆走进天能集团 ☆走进新能安 ☆走进浙江锋锂 ☆走进华立源 ☆走进鹏辉能源 ☆走进欣旺达锂威 ☆走进深圳中基 ☆走进博力威 ☆走进恒泰科技 圆柱电池论坛： 行业首届圆柱电池技术论坛定档2025年2月28日，深圳举办！ 报道指出，除了下调年度利润预期和裁员措施外，日产汽车正采取包括降低销售、综合及行政 开支，降低成本，优化资产组合等措施，希望以此扭转业绩。 日产社长内田诚表示："市场环境极为严峻。我们的核心车型销售没有达到预期。"内田诚宣 布，他为业绩恶化承担责任，自愿减薪50%。 12月23日，日产汽车和本田汽车宣布正式启动合并，"大体框架已 ...