Core Viewpoint - On November 21, Xiamen Tungsten New Energy experienced a decline of 9.09% with a trading volume of 763 million yuan, indicating significant market activity and investor sentiment shifts [1] Financing Summary - On the same day, the financing buy-in amount for Xiamen Tungsten New Energy was 50.65 million yuan, while the financing repayment reached 94.03 million yuan, resulting in a net financing outflow of 43.38 million yuan [1] - As of November 21, the total financing and securities lending balance for the company was 552 million yuan, with the current financing balance at 545 million yuan, accounting for 1.56% of the circulating market value, which is above the 80th percentile of the past year [1] - The securities lending data showed a repayment of 28,700 shares and a sell-out of 200 shares, with a sell-out amount of 13,900 yuan, while the securities lending balance was 7.17 million yuan, exceeding the 70th percentile of the past year [1] Business Performance - As of September 30, the number of shareholders for Xiamen Tungsten New Energy reached 24,600, an increase of 67.3%, while the average circulating shares per person decreased by 28.31% to 20,493 shares [2] - For the period from January to September 2025, the company reported a revenue of 13.06 billion yuan, reflecting a year-on-year growth of 32.15%, and a net profit attributable to shareholders of 552 million yuan, marking a 50.26% increase year-on-year [2] Dividend and Shareholding Structure - Since its A-share listing, Xiamen Tungsten New Energy has distributed a total of 839 million yuan in dividends, with 713 million yuan distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with both increasing their holdings compared to the previous period [3]

11月12日，湖南裕能跌5.1%，截至发稿，报76.87元/股，成交12.55亿元，换手率4.13%，总市值584.83 亿元。 资料显示，湖南裕能新能源电池材料股份有限公司位于湖南省湘潭市雨湖区鹤岭镇日丽路18号，成立日 期2016年6月23日，上市日期2023年2月9日，公司主营业务涉及公司是国内主要的锂离子电池正极材料 供应商,专注于锂离子电池正极材料研发、生产和销售。公司的主要产品包括磷酸铁锂、三元材料等锂 离子电池正极材料,目前以磷酸铁锂为主,主要应用于动力电池、储能电池等锂离子电池的制造,最终应用 于新能源汽车、储能领域等。主营业务收入构成为：磷酸盐正极材料98.04%，其他(补充)1.96%。 截至发稿，罗文杰累计任职时间12年208天，现任基金资产总规模1704.45亿元，任职期间最佳基金回报 151.94%， 任职期间最差基金回报-47.6%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 南方中证500ETF（510500）成立日 ...

Core Viewpoint - Hunan YN's stock price has increased by 16.72% over the past three days, reaching 64.66 CNY per share, with a market capitalization of 49.194 billion CNY [1] Group 1: Company Overview - Hunan YN New Energy Battery Materials Co., Ltd. is a major supplier of lithium-ion battery cathode materials in China, focusing on research, production, and sales of these materials [1] - The company primarily produces lithium iron phosphate and ternary materials, with lithium iron phosphate being the main product, used in power batteries and energy storage batteries for electric vehicles and energy storage applications [1] - The revenue composition of the company is 98.04% from phosphate cathode materials and 1.96% from other supplementary products [1] Group 2: Fund Holdings - Jin Xin Fund has a significant holding in Hunan YN, with its Jin Xin Shenzhen Growth Mixed A fund holding 482,100 shares, representing 2.95% of the fund's net value, ranking as the tenth largest holding [2] - The fund has realized a floating profit of approximately 1.4849 million CNY today and 4.2521 million CNY during the three-day price increase [2] - The Jin Xin Shenzhen Growth Mixed A fund was established on December 22, 2016, with a current size of 267 million CNY and has achieved a year-to-date return of 55.78% [2]

Group 1 - Hunan YN Energy's stock price increased by 5.16% to 58.44 CNY per share, with a trading volume of 1.467 billion CNY and a turnover rate of 6.72%, resulting in a total market capitalization of 44.461 billion CNY [1] - Hunan YN Energy, established on June 23, 2016, and listed on February 9, 2023, is a major supplier of lithium-ion battery cathode materials in China, focusing on the research, production, and sales of these materials [1] - The company's main products include lithium iron phosphate and ternary materials, primarily used in power batteries and energy storage batteries, with 98.04% of revenue coming from phosphate cathode materials [1] Group 2 - Among Hunan YN Energy's top ten circulating shareholders, Dongfang Fund's "Dongfang New Energy Vehicle Theme Mixed Fund" entered the list in the second quarter, holding 4.8192 million shares, which is 1.26% of the circulating shares, with an estimated floating profit of approximately 13.8311 million CNY [2] - The "Dongfang New Energy Vehicle Theme Mixed Fund," established on December 28, 2011, has a latest scale of 7.858 billion CNY, with a year-to-date return of 54.66% and a one-year return of 53.66% [2]

Group 1 - Hunan YN's stock price increased by 5.39% to 42.65 CNY per share, with a trading volume of 621 million CNY and a turnover rate of 3.83%, resulting in a total market capitalization of 32.448 billion CNY [1] - The stock has risen for three consecutive days, with a cumulative increase of 12.54% during this period [1] - Hunan YN specializes in lithium-ion battery cathode materials, focusing on research, production, and sales, with its main products being lithium iron phosphate and ternary materials [1] Group 2 - The main revenue source for Hunan YN comes from phosphate cathode materials, accounting for 98.04% of total revenue, while other materials contribute 1.96% [1] - Southern Fund's Southern CSI 500 ETF increased its holdings in Hunan YN by 972,600 shares, now holding 6.7279 million shares, which is 1.75% of the circulating shares [2] - The ETF has generated a floating profit of approximately 14.6668 million CNY today and 30.3428 million CNY during the three-day increase [2]

Group 1 - Hunan YN's stock price increased by 5.34% to 38.45 CNY per share, with a trading volume of 251 million CNY and a turnover rate of 1.71%, resulting in a total market capitalization of 29.253 billion CNY [1] - Hunan YN is a major domestic supplier of lithium-ion battery cathode materials, focusing on the research, production, and sales of lithium-ion battery cathode materials, with its main products including lithium iron phosphate and ternary materials [1] - The company's main business revenue composition is 98.04% from phosphate cathode materials and 1.96% from other supplementary materials, primarily used in power batteries and energy storage batteries for electric vehicles and energy storage applications [1] Group 2 - E Fund's Chuangye ETF (159915) is among the top ten circulating shareholders of Hunan YN, having reduced its holdings by 271,900 shares in Q2, now holding 9.901 million shares, which accounts for 2.58% of the circulating shares [2] - The E Fund Chuangye ETF has achieved a year-to-date return of 36.86%, ranking 723 out of 4222 in its category, and an annual return of 88.26%, ranking 456 out of 3789 [2]

Group 1 - The stock price of Hunan YN fell by 3.39% to 35.00 yuan, with a trading volume of 6.52 billion yuan [1] - Hunan YN specializes in the research, production, and sales of lithium-ion battery cathode materials, including lithium iron phosphate [1] - The company participated in a conference addressing the "anti-involution" movement, indicating a strong industry resistance to vicious price competition [1] Group 2 - In the first half of the year, Hunan YN achieved a revenue of 14.358 billion yuan, representing a year-on-year growth of 33.17% [1] - The sales volume of phosphate cathode materials reached 480,800 tons, with a year-on-year increase of 55.38% [1] - The company expects an annual shipment volume of approximately 1 million tons [1] Group 3 - On August 27, the net outflow of main funds was 40.1893 million yuan, with a cumulative net outflow of 108 million yuan over the past five days [1]

Core Viewpoint - The company has decided to re-evaluate and temporarily suspend the implementation of its fundraising investment projects due to significant changes in the market environment and industry dynamics, particularly in the new energy sector [1][6][9] Fundraising Basic Situation - The company issued 26 million convertible bonds on April 7, 2023, raising a total of RMB 2.6 billion, which was received on April 13, 2023 [1][2] Fundraising Investment Project Status - The company has allocated funds for the annual production of 100,000 tons of ternary precursors, with an investment of RMB 2.579 billion, of which RMB 1.104 billion has been utilized, representing a progress rate of 42.80% as of June 30, 2025 [2][3] Reasons for Re-evaluation and Suspension - The ternary precursor project was initially planned to use RMB 1.706 billion, but only 18.67% has been invested as of June 30, 2025. The project will now be implemented in phases due to market changes, with 30,000 tons expected to be completed by May 2024 and the remaining capacity by December 31, 2025 [3][4] - The recycling research institute project, planned for an investment of RMB 99.2 million, has not yet utilized any funds, and its expected completion date has been postponed to December 31, 2025 [4][5] Market Environment Changes - The domestic electric vehicle market is experiencing a slowdown, and international markets are affected by political factors, leading to increased competition and uncertainty in the ternary precursor industry. The company believes that the current market conditions are not optimal for further investment in the remaining capacity of the ternary precursor project [6][7] Strategic Focus Shift - The company is shifting its strategic focus towards solid-state battery materials technology, prioritizing research and development in materials needed for solid-state batteries, while temporarily suspending the recycling research institute project [7][8] Future Arrangements - The company will assess market demand, project necessity, and expected returns to determine whether to continue with the ternary precursor and recycling research institute projects. If these projects are ultimately deemed unviable, the company will seek new investment projects aligned with its strategic goals [7][8] Impact on Operations - The temporary suspension of these fundraising investment projects is not expected to have a significant adverse impact on the company's current operations. In the long term, this decision is seen as beneficial for optimizing resource allocation and supporting the company's strategic development [8][9]

Core Viewpoint - Lithium manganese oxide (LiMn₂O₄) is a promising cathode material for lithium-ion batteries, offering advantages such as abundant resources, low cost, non-pollution, and good safety performance, but its poor cycling performance and electrochemical stability limit its industrialization [1][6]. Industry Overview - Lithium manganese oxide is characterized by its spinel structure and is categorized into two main types: manganese oxide for small lithium-ion batteries and for power batteries [2][4]. - As of June 2025, the price of lithium manganese oxide in China is 32,500 yuan per ton, a year-on-year decrease of 22.62% [6]. Industry Chain - The upstream of the lithium manganese oxide industry includes raw materials like manganese ore and lithium sources, while the midstream involves the production of lithium manganese oxide, and the downstream applications include power batteries, energy storage batteries, and 3C digital products [4]. Industry Status - The production capacity of lithium manganese oxide in China has been expanding rapidly, with leading companies like Boshikao and Xinxiang Hongli increasing investments and launching new production lines, leading to a significant increase in market supply [6][8]. - The operating rate of lithium manganese oxide in China was 35.91% in June 2025, a decrease of 1.12 percentage points month-on-month and 24.18 percentage points year-on-year [8]. Import and Export Dynamics - From January to May 2025, China imported 19.31 tons of lithium manganese oxide, a year-on-year increase of 147.18%, with an import value of 5.7292 million yuan, up 243.19% [10]. - In the same period, China exported 1,602.20 tons of lithium manganese oxide, a year-on-year increase of 85.80%, with an export value of 77.2702 million yuan, up 46.46% [10]. Key Enterprises - Boshikao holds a leading position in the lithium manganese oxide market, achieving an integrated production model from manganese ore to cathode materials, with a market share of 30% [12][13]. - Xiangtan Electric Chemical has a production capacity of 40,000 tons of lithium manganese oxide as of the end of 2024 and is expanding its capacity through a 487 million yuan convertible bond issuance [15]. Industry Development Trends - The industry is expected to accelerate technological iterations focusing on high voltage, single crystal, and pre-lithiation technologies, with domestic companies investing more in R&D to improve the localization rate of high-end products [17]. - The export volume of lithium manganese oxide is anticipated to increase, but challenges such as EU REACH regulations and UL certification will need to be addressed [18][19]. - Companies are increasingly adopting a full industry chain layout to enhance core competitiveness, integrating upstream resources and downstream recycling processes [20].

Core Viewpoint - The stock price of Xiamen Tungsten New Energy fell by 4.20% to 50.37 yuan on July 30, with a trading volume of 352 million yuan, indicating market volatility and investor sentiment [1] Company Performance - Xiamen Tungsten New Energy specializes in the research, production, and sales of lithium-ion battery cathode materials, which are widely used in the fields of new energy vehicles, energy storage, and consumer electronics [1] - The company's preliminary performance report for the first half of 2025 shows a revenue of 7.534 billion yuan, representing a year-on-year growth of 18.04%, and a net profit of 307 million yuan, reflecting a year-on-year increase of 27.76% [1] Market Activity - On July 30, the net outflow of main funds from the company amounted to 2.9381 million yuan, suggesting a potential shift in investor interest [1]