2015年，四川省宜宾市煤炭和白酒产业产值占全市规上工业超四成；2025年前三季度，宜宾动力电 池、晶硅光伏及智能终端产业产值占全市规上工业近一半。十年来，"共抓大保护、不搞大开发"理念 在"万里长江第一城"宜宾落地生根，当地产业支柱持续从"黑白"向"蓝绿"转变。 金沙江与岷江在宜宾交汇并入长江，依水而建的宜宾，素有"万里长江第一城"之称。冬日午 后，三江口远山滴翠，江水滔滔，鱼群翻涌，红嘴鸥盘旋飞舞，市民纷纷驻足观赏。 变中育新。近年来，宜宾一手抓传统产业转型升级，黑色逐渐消退、白色更加靓丽；一手抓新兴产 业筑巢引凤，站上以动力电池、晶硅光伏为主的绿色新能源产业新舞台，抢滩以智能终端、信息服务为 主的数字经济新蓝海。 "2025年前三季度，全市动力电池产业实现产值860.7亿元，同比增长14.6%，全年有望突破1300亿 元。"宜宾市经济合作和新兴产业局副局长岳鹏介绍，同期，晶硅光伏产业增加值同比增长35.1%，规 模以上高技术制造业增加值同比增长13.5%。 产业支柱焕新，生态屏障更牢。如今，宜宾已构建起上下游联动、水岸协同、干支流共治的水环境 治理格局。2015年至2025年，宜宾长江干流Ⅱ类水体比例由 ...

Core Insights - The 19th Listed Company Value Forum was held in Yibin, Sichuan Province, highlighting the city's economic growth and strategic importance in the region [1] - Yibin's GDP is projected to exceed 400 billion yuan in 2024, with a tax revenue of 602.6 billion yuan, showcasing its strong economic performance [1] - The city is focusing on developing a financial ecosystem that supports new productivity and industrial development, emphasizing the role of capital markets [1] Group 1 - Yibin is recognized as a hub for various industries, including high-quality liquor, power batteries, crystalline silicon photovoltaics, and digital economy [2] - The city has established an industrial investment fund group with a total scale exceeding 60 billion yuan, and has launched over 19 billion yuan in initial fund cooperation [2] - Yibin's commercial bank has successfully listed in Hong Kong, achieving a market value exceeding 11 billion yuan [2] Group 2 - The city is actively transforming traditional industries while fostering future industries such as new energy storage, digital energy, artificial intelligence, and new energy vehicles [2] - Yibin has created a new bond issuance pattern with one AAA-rated enterprise, seven AA+ rated enterprises, and twenty AA rated enterprises, indicating a robust financial landscape [2] - The Listed Company Value Forum serves as a significant opportunity for Yibin to connect with quality resources in the capital market and accelerate industrial upgrades [2]

长江首城宜宾，依托独特区位优势与前瞻政策布局，突破白酒、煤炭的"一白一黑"路径依赖，大力拓展数字经济 新蓝海、绿色新能源"一蓝一绿"产业带，为城市产业升级注入全新动能。 2024年，宜宾市经济总量超过4000亿元，位居四川省第三，外界普遍看好宜宾市未来排名将进一步提升。 传统与新兴产业双向奔赴、协同发展，让"中国酒都"加速崛起，迈向动力电池产业的"万亿高地"，在产业变革浪潮 中书写"宜宾方案"。 政策精准滴灌 激活产业发展动能 宜宾坐拥"万里长江第一城"区位，长江航道直达东海，为大件货物运输提供天然优势；作为西部陆海新通道重要 节点，通过铁路、公路与沿海港口无缝衔接，货物出海时间大幅缩短，成为西南内陆连接东南亚的"桥头堡"。 新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 证券时报记者 唐强 充分发挥"链主"企业"强磁场"效应，宜宾已累计引进动力电池上下游配套项目120余个，规划产能300GWh，已建 成210GWh，构建起"上游原材料—新能源汽车—电池回收"绿色全产业链闭环，成为全国动力电池产业链最全、配 套能力最强的地区之一。同时，在动力电池检验检测方面，已落户宁德时代宜宾研究院项目，一期已于2 ...

Group 1 - The Guangzhou Futures Exchange has introduced new futures and options for platinum and palladium, expanding its green energy metal offerings following industrial silicon, lithium carbonate, and polysilicon [1] - As of November 27, platinum futures had a trading volume of 66,700 contracts, an open interest of 7,600 contracts, and a transaction value of 29.231 billion yuan, while palladium futures had a trading volume of 34,200 contracts, an open interest of 2,700 contracts, and a transaction value of 13.049 billion yuan [1] - The listing of platinum and palladium futures and options is expected to help upstream and downstream enterprises in the platinum group metal industry manage risks, stabilize operations, and respond effectively to market fluctuations, thereby enhancing the efficiency of resource market allocation [1] Group 2 - The Guangzhou Futures Exchange aims to support the real economy and green development, aligning with the spirit of the 20th Central Committee and the China Securities Regulatory Commission's directives [2] - Since its establishment, the Guangzhou Futures Exchange has focused on serving green development, having previously launched futures and options for industrial silicon, lithium carbonate, and polysilicon, contributing positively to the green low-carbon transition [2] - The exchange is committed to strengthening market supervision, preventing market risks, and ensuring the safe and stable operation of the market to better serve green development and initiatives like the Guangdong-Hong Kong-Macao Greater Bay Area and the Belt and Road Initiative [2]

Core Insights - The 2025 World Power Battery Conference was held in Yibin, Sichuan, focusing on "New Horizons, New Ecology, New Opportunities" and aimed at promoting international exchange and cluster development in the global power battery and new energy vehicle industries [1] Group 1: Industry Development - Sichuan has become a major hub for the power battery industry, achieving significant growth with a production volume of 168.1 GWh in the first three quarters of this year, representing a 49.2% year-on-year increase, and is expected to exceed 200 GWh for the entire year [1] - Yibin's power battery industry has surpassed 100 billion yuan in output value for both 2023 and 2024, becoming the second billion-yuan industry in the region after liquor [2] Group 2: Project Signings and Economic Impact - A total of 180 projects were signed at the conference, with a total investment amounting to 86.13 billion yuan, covering key areas in green energy such as power batteries, new energy storage, photovoltaics, and smart connected vehicles [2] - The signed projects are expected to generate an annual output value exceeding 90 billion yuan, contribute over 5 billion yuan in tax revenue, and create nearly 30,000 new jobs, enhancing regional economic strength and attracting talent to the new energy sector [3] Group 3: Strategic Focus and Future Outlook - The conference highlighted the dual breakthroughs in leading enterprises and investment scale, with over 50 leading companies settling in Yibin, including significant projects worth over 1 billion yuan [3] - Sichuan Yibin aims to continue promoting the power battery industry towards higher value chains, contributing to the overall green transformation of economic and social development [3]

Core Insights - The 2025 World Power Battery Conference opened in Yibin, Sichuan, with 180 signed projects totaling 86.13 billion yuan, covering various sectors in green energy [1][3] Group 1: Industry Development - The conference attracted over 50 leading enterprises to settle in Yibin, including listed companies, high-tech firms, specialized and innovative enterprises, and gazelle companies [3] - There are 26 major projects with investments exceeding 1 billion yuan, accounting for nearly 50% of the total signed amount, indicating significant breakthroughs in industry leadership and investment capacity [3] Group 2: Economic Impact - Once fully operational, the projects are expected to generate an annual output value exceeding 90 billion yuan, contribute over 5 billion yuan in tax revenue, and create nearly 30,000 new jobs [3] - The conference aims to enhance regional economic strength and accelerate the gathering of talent in the new energy industry [3] Group 3: Conference Structure - The conference, hosted by the Sichuan Provincial Government, includes an opening ceremony, a plenary session, six thematic meetings, and multiple exhibitions and project signing activities [3]

Core Insights - The 2025 World Power Battery Conference opened in Yibin, Sichuan, focusing on "New Vision, New Ecology, New Opportunities" [1] - The conference aims to promote international exchange and development in the global power battery and new energy vehicle industries, having successfully held three previous editions [4] Group 1: Conference Highlights - The conference featured 180 signed projects with a total value of 86.13 billion yuan, covering key areas in green energy such as power batteries, new energy storage, and smart connected new energy vehicles [4] - Major projects worth over 1 billion yuan accounted for nearly 50% of the total signed amount, with 26 such projects [4] Group 2: Industry Performance - In the first three quarters of this year, China's power battery sales reached 786 GWh, with exports exceeding 129 GWh, representing year-on-year growth of 48.9% and 32.75% respectively [6] - Sichuan province, a major player in power battery production, reported a production volume of 168.1 GWh in the same period, with a year-on-year increase of 49.2%, and is expected to surpass 200 GWh for the entire year [6] Group 3: Yibin's Role in the Industry - Yibin is a key hub for the new energy vehicle and power battery industry chain in Sichuan, with an industrial output value exceeding 100 billion yuan in both 2023 and 2024, making it the second trillion-level industry in Yibin after liquor [6] - Yibin has attracted over 120 upstream and downstream supporting projects in the power battery sector, with a planned capacity of 300 GWh and 210 GWh already built [6] Group 4: Industry Ecosystem - Since 2019, CATL's subsidiary has established operations in Yibin, leading to the formation of a comprehensive industrial chain from upstream materials to downstream applications [9] - By 2024, Yibin's power battery production is projected to account for over 16% of China's total and 10% of the global market, indicating significant production capacity [9] Group 5: Participation and Exhibitors - The conference featured over 230 participating companies and institutions, covering the entire industry chain, including major players like CATL, Tesla, and BYD [9]

Core Insights - The 2025 World Power Battery Conference held in Yibin, Sichuan, successfully signed 180 projects with a total investment of 86.13 billion yuan, focusing on key areas of green energy such as power batteries, new energy storage, photovoltaics, and smart connected new energy vehicles [1] Group 1: Project Overview - The signed projects are expected to generate an annual output value exceeding 90 billion yuan and contribute over 5 billion yuan in annual tax revenue [1] - The initiatives will create nearly 30,000 new jobs upon full production [1] Group 2: Industry Impact - The conference attracted over 50 leading enterprises to settle in Yibin, including listed companies, high-tech firms, specialized and innovative enterprises, and gazelle companies [1] - There are 26 major projects with investments exceeding 1 billion yuan, accounting for nearly 50% of the total signed amount [1]

Core Viewpoint - The company reported a slight decline in Q3 net profit due to falling prices of synthetic resin products, but overall performance in the first three quarters shows growth in revenue and profit, indicating potential for recovery in the future [1][4]. Financial Performance - Q3 revenue reached 2.722 billion yuan, a year-on-year increase of 7.75% but a quarter-on-quarter decrease of 5.89% [1]. - Q3 net profit was 259 million yuan, up 3.73% year-on-year but down 12.10% quarter-on-quarter [1]. - For the first three quarters of 2025, revenue totaled 8.072 billion yuan, a year-on-year increase of 12.87%, with net profit at 760 million yuan, up 30.81% year-on-year [1]. Segment Performance - Advanced electronic materials and battery materials saw significant demand growth, with sales volume reaching 60,000 tons, a 19% year-on-year increase, and sales revenue of 1.2 billion yuan, up 32% [2]. - The synthetic resin sector maintained resilience, achieving sales volume of 590,000 tons, a 14% year-on-year increase, and sales revenue of 4.1 billion yuan, up 5% [2]. - Biomass products recorded sales volume of 170,000 tons, a 30% year-on-year increase, with sales revenue of 700 million yuan, up 25% [2]. Project Development - The company is advancing several key projects, including a 2,000 tons/year PPO/OPE resin project and a 1,000 tons/year carbon hydrogen resin project, expected to be operational by Q3 2026 [3]. - The biomass production base is running steadily, with expansion projects for xylitol expected to be operational by the end of 2025 and the second half of 2026 [3]. - The company plans to issue convertible bonds to invest in green energy battery material projects, which will enhance production capacity significantly [3]. Profit Forecast and Valuation - Due to short-term demand weakness, the net profit forecast for 2025 has been revised down to 1.09 billion yuan, a 9% decrease from the previous estimate [4]. - The company expects net profits for 2025, 2026, and 2027 to be 1.09 billion, 1.39 billion, and 1.61 billion yuan respectively, with corresponding EPS of 1.28, 1.64, and 1.90 yuan [4]. - A target price of 39.36 yuan has been set based on a 24x PE valuation for 2026, maintaining an "overweight" rating [4].

Core Insights - The 2025 World Power Battery Conference will be held in Yibin, Sichuan, on November 12-13, 2025, attracting around 800 experts, scholars, entrepreneurs, investors, and media from the global power battery industry [2][4] - The conference aims to promote the development of a complete ecosystem for power batteries in Yibin, contributing to green and low-carbon development [4][6] - Yibin has transformed its industrial landscape from traditional sectors to becoming a hub for the power battery industry, with significant investments and projects signed in previous conferences [5][9] Industry Development - The first World Power Battery Conference in July 2022 resulted in the signing of 48 projects worth 96.2 billion yuan, showcasing advanced technologies and products from 287 participating companies [5][6] - The second conference in June 2023 led to 64 projects signed, totaling 106.3 billion yuan, further solidifying Yibin's position in the power battery sector [6][7] - By 2024, Yibin's power battery production capacity reached 300 GWh, with nearly 120 signed projects and an investment of approximately 220 billion yuan [9][13] Economic Impact - Yibin's GDP reached 177.98 billion yuan in the first half of 2025, with a year-on-year growth of 5%, driven by the new energy sector [20][26] - The "4+4+4" modern industrial system has been established, with significant growth in smart connected vehicles and power batteries, showing increases of 55.7% and 15.6% respectively [20][26] - Yibin's power battery production is projected to contribute over 16% of China's total output in 2024, with a global share of 10% [20][21] Innovation and Collaboration - Yibin has established innovation platforms and research institutions to focus on cutting-edge technologies in the power battery sector, including solid-state batteries [22][25] - The city is actively promoting cross-regional cooperation and aims to achieve a total power battery production capacity of 400 GWh by 2030 [25][26] - Yibin's government emphasizes a supportive business environment, enhancing efficiency and reducing costs for enterprises, which is crucial for attracting investments [16][20]