Core Viewpoint - China State Construction Engineering Corporation (CSCEC) has won the bid for the construction of a high-performance lithium battery base in Xiamen, Fujian, which will enhance the local new energy industry chain and establish Xiamen as a significant lithium battery production hub [1] Group 1: Project Overview - The project covers a total construction area of approximately 1.21 million square meters [1] - It includes the construction of battery cell factories, battery cell capacity factories, module factories, module assembly warehouses, and supporting facilities [1] - The project aims to create a complete lithium battery production and supporting system, contributing to the development of new productive forces and generating more local employment opportunities [1] Group 2: Economic Impact - Upon completion, the project will leverage industrial policies and regional advantages to further stimulate the economic vitality of Xiamen Torch High-tech Zone [1] - It will promote the clustering and high-end development of the regional new energy industry [1] - The initiative is expected to help Xiamen build an internationally influential new energy storage industry innovation hub, accelerating the city's transformation into a new energy industry innovation city and injecting strong momentum into its economy [1]

Group 1 - The core viewpoint of the articles indicates that the A-share market is experiencing a rebound, particularly in the new energy sector, with lithium batteries, energy storage, and CPO concepts leading the gains [1] - According to Galaxy Securities, the current valuation levels of A-shares are generally aligned with overall performance, but there are significant differences across industries. The overall market valuation remains within a reasonable range, with some industries being overvalued while others are undervalued but showing clear profit improvements [1] - Guohai Securities emphasizes the importance of monitoring the potential for index breakthroughs and upward shifts in the second half of the year, driven by liquidity and valuation. A global monetary and fiscal easing is anticipated, with growth expected to outperform value, leading to a potential global economic recovery next year [1] Group 2 - Investment recommendations from Guohai Securities highlight the need to focus on technology growth while also considering "anti-involution" investment opportunities. The report points out that "China's advantages" and reform dividends are becoming evident, with numerous opportunities in new productive forces [3] - The sectors suggested for attention include TMT (Technology, Media, and Telecommunications), military industry, and pharmaceuticals, with thematic focus on stablecoins, nuclear fusion, robotics, and solid-state batteries. The financial sector is also deemed worthy of attention during the index breakthrough period [3] - The push for "anti-involution" is expected to boost the performance of upstream resource sectors and enhance the overall quality dividend success rate, suggesting investment opportunities in dividend expansion [3]

Core Insights - The lithium battery industry is gaining momentum due to a new action plan issued by the Ministry of Industry and Information Technology and the State Administration for Market Regulation, which aims for an average revenue growth of over 5% in the electronic information manufacturing sector from 2025 to 2026 [1][2] Industry Growth Drivers - The lithium battery sector remains a key driver for revenue growth in the electronic information manufacturing industry [2] - There has been a significant increase in demand for lithium batteries this year, driven by the growth in electric vehicle (EV) sales and energy storage needs [2][3] - The global sales of new energy vehicles reached 9.1 million units in the first half of the year, a 28% year-on-year increase, with China contributing over half of the sales [4] Demand Sources - The current surge in lithium battery demand is primarily attributed to the needs of power batteries and energy storage batteries [3] - The demand for power batteries is bolstered by the notable increase in new energy vehicle sales, which are supported by improved vehicle performance and reduced battery costs [4] Energy Storage Demand - The demand for energy storage batteries has exceeded expectations, with global battery storage system installations reaching 86.7 GWh in the first half of the year, a 54% increase year-on-year [5] - The transition from mandatory storage to market competition in China has stimulated new market demands for energy storage [5] Technological Advancements - The commercialization of solid-state batteries is being accelerated by policy support, market demand, and technological breakthroughs, with potential applications in electric vehicles and consumer electronics [5] - CATL has indicated that while scientific issues in solid-state battery development are largely resolved, there are still engineering challenges to overcome before commercialization [5] Capacity Expansion - Major lithium battery manufacturers are actively expanding their production capacity in response to market demand, with CATL reporting a capacity utilization rate of 89.86% in the first half of the year [6][7] - CATL has multiple capacity expansion projects underway, with a total of 235 GWh of battery system capacity under construction as of mid-year [7] Financial Performance - The lithium battery sector in the A-share market has shown signs of recovery, with a reported revenue of 1.13 trillion yuan and a net profit of 679.51 billion yuan in the first half of the year, representing year-on-year increases of 13.78% and 28.07%, respectively [9] - Despite the recovery, there is a noted performance divergence within the sector, with certain segments like cathodes and anodes performing better than lithium mining and separators [9]

Group 1 - The stock price of Huizhou EVE Energy Co., Ltd. experienced an abnormal fluctuation, with a cumulative closing price increase exceeding 30% over three consecutive trading days from September 3 to September 5, 2025 [1] - The company conducted an investigation regarding the stock price fluctuation and confirmed that there are no undisclosed significant information or major matters under planning that could affect the stock price [1][2] - The board of directors confirmed that there are no matters that should have been disclosed according to the Shenzhen Stock Exchange's rules that have not been disclosed, nor any information that could significantly impact the company's stock and its derivatives [1]

Core Viewpoint - The lithium battery sector is experiencing a phase of recovery driven by global energy transition and electrification trends, with expectations for a cyclical rebound in the industry by the first half of 2025 [1][2]. Industry Recovery - Recent strength in lithium battery stocks indicates a stage of recovery in the industry, with inventory levels decreasing and downstream demand improving, particularly in the electric vehicle (EV) and energy storage markets [2]. - In the first half of the year, China's EV sales reached 6.937 million units, a year-on-year increase of 40.3%, which has positively impacted the power battery market [2]. - The power battery shipment volume in China for the first half of the year was 477 GWh, reflecting a year-on-year growth of 49% [2]. - The energy storage market saw a "rush to install" trend, with energy storage battery shipments reaching 265 GWh, a significant year-on-year increase of 128% [2]. Policy Support - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued a growth action plan for the electronic information manufacturing industry for 2025-2026, projecting an average growth rate of over 5% for the lithium battery sector [3]. - The plan aims to promote high-quality development in the photovoltaic and lithium battery industries while managing competition effectively [3]. Positive Performance Indicators - Some listed companies in the lithium battery supply chain have shown improved profitability, particularly in the anode materials segment, which has emerged from its adjustment phase [4]. - In the first half of the year, China's anode material shipments reached 1.29 million tons, a year-on-year increase of 37% [4]. - Notable performance includes Ningbo Shanshan Co., Ltd., which reported revenue of 9.858 billion yuan, a year-on-year increase of 11.78%, and a net profit of 207 million yuan, reflecting a dramatic year-on-year increase of 1079.59% [4]. Short-term Demand Outlook - September and October are traditionally peak demand months for lithium batteries, with projected battery production in China reaching 152 GWh in September, a month-on-month increase of 13.4% and a year-on-year increase of 38.2% [5]. - The industry is expected to maintain a positive trend, driven by continuous demand growth and technological innovations such as solid-state batteries [5]. Supply and Demand Dynamics - Current supply levels of battery-grade lithium carbonate are balanced with growing downstream demand, although there may be potential for price declines in the medium to long term [6]. - The key to future development for lithium battery companies lies in maintaining supply chain efficiency while advancing technological innovations and exploring new market opportunities [6].

证券日报网讯 9月5日晚间，亿纬锂能发布公告称，公司股票交易价格于2025年9月3日至2025年9月5日 连续三个交易日内收盘价格涨幅偏离值累计超过30%，属于股票交易异常波动。经核查，公司前期披露 的信息不存在需要更正、补充之处；公司未发现近期公共媒体报道了可能或已经对公司股票交易价格产 生较大影响的未公开重大信息。 （编辑 姚尧） ...

Market Overview - A-shares have surged past the 3800-point mark, while the Hang Seng Index rose by 1.43%, indicating a market rebound despite previous declines [1] - The People's Bank of China announced a 1 trillion yuan reverse repo operation to inject liquidity into the market, signaling a supportive stance [1] - The overall production in the lithium battery sector is expected to increase by 15%-20% in Q3, particularly in the energy storage segment [1] Lithium Battery Sector - Zhongchuang Innovation (03931) saw a significant increase of over 18%, with other stocks like Tianneng Power (00819) and Longpan Technology (02465) also rising by over 12% [2] - The production of hexafluorophosphate reached a historical high in August, with a month-on-month increase of over 5% [2] - Ganfeng Lithium (01772) and Tianqi Lithium (09696) both experienced gains exceeding 12% due to activated upstream lithium salt prices [2] Pharmaceutical Sector - Hengrui Medicine (01276) announced an exclusive licensing agreement with Braveheart Bio for a small molecule inhibitor project, with an upfront payment of $75 million [3] - The total amount of business development transactions for Hengrui Medicine this year has surpassed $15 billion [3] - Stone Four Pharmaceutical (02005) saw an increase in shareholding by its executive chairman, indicating confidence in the company's prospects [3] Technology and Innovation - Nvidia announced the next-generation Rubin chip, planning to integrate 12-inch silicon carbide substrates into new GPU packaging by 2027, marking a material revolution [2] - Tianyue Advanced (02631), a leader in silicon carbide substrates, experienced a surge of over 18% following this announcement [2] Oil and Gas Sector - OPEC+ is set to hold an online meeting to decide on October's oil production, with potential plans to withdraw 1.65 million barrels per day from reductions [4] - The oil shipping market is expected to see improved conditions by Q4 2025 due to OPEC+ increasing production [4] Consumer Goods and Retail - China Tobacco Hong Kong (06055) has expanded its exclusive distribution agreements for cigars to a global market, indicating strong growth in its tobacco business [5] - The company is expected to benefit from emerging businesses in e-cigarettes and capital operations [5] Gold Mining Sector - Zijin Mining (02899) is recognized for its significant investments in Serbia, contributing to the recovery of the local mining industry [6] Travel and Tourism - The introduction of a visa-free policy for Russian citizens traveling to China is expected to boost tourism, particularly benefiting travel companies like Trip.com Group (09961) and Tongcheng Travel (00780) [7] Aviation Industry - Xirui (02507) reported a revenue of $594 million, a year-on-year increase of 25.1%, and a net profit of $64.97 million, up 82.5% [8] - The company has a strong order backlog, supporting production for the next 1.5 years, indicating robust future performance [8][9]

证券日报网讯中科电气9月5日在互动平台回答投资者提问时表示，公司锂电负极材料产品已批量应用于 客户的多个项目，项目具体情况属于商业秘密。 （文章来源：证券日报） ...

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, expecting the industry index to outperform the market index by more than 10% in the next six months [50]. Core Insights - The lithium battery industry has achieved significant year-on-year and quarter-on-quarter net profit growth over the past two quarters, indicating a performance turning point. The upcoming traditional peak season for the downstream new energy vehicle market is expected to boost demand for power batteries. The overall demand for lithium batteries is anticipated to enter a peak season, with a month-on-month increase in September's lithium battery pre-production [3][45]. - The report highlights the continuous improvement in the fundamentals of leading companies across the industry chain, particularly those with technological and cost advantages. The ongoing industrialization of solid-state batteries is expected to bring incremental demand for materials and equipment in the industry chain [45]. - Key companies to watch include CATL (300750), EVE Energy (300014), Enjie (002812), Tianqi Technology (688116), and Xianlead Intelligent (300450) [45]. Market Review - As of September 4, 2025, the lithium battery index has risen by 11.57% over the past two weeks, outperforming the CSI 300 index by 9.78 percentage points. The index has increased by 18.79% this month and 24.27% year-to-date, surpassing the CSI 300 index by 11.68 and 13.34 percentage points, respectively [4][13]. Price Changes in the Lithium Battery Supply Chain - As of September 4, 2025, the average price of battery-grade lithium carbonate is 74,700 CNY/ton, down 10.32% over the past two weeks. The price of lithium hydroxide (LiOH 56.5%) is 71,900 CNY/ton, down 0.55% [6][27]. - The price of lithium iron phosphate remains stable at 34,300 CNY/ton, while NCM523, NCM622, and NCM811 have seen price declines of 2.51%, 2.81%, and 2.02%, respectively [30]. - The price of electrolyte lithium hexafluorophosphate has increased by 1.25% to 56,500 CNY/ton, while the prices of phosphoric acid lithium electrolyte and ternary electrolyte have risen by 0.60% and 0.47%, respectively [33]. Industry News - Major global battery manufacturers are expected to produce a total of 153 GWh in September, representing a year-on-year increase of 39% and a month-on-month increase of 7%, with nearly 84% of this production coming from Chinese companies [44]. - EVE Energy's solid-state battery research institute in Chengdu has officially opened, with the "Longquan No. 2" solid-state battery successfully rolling off the production line. The facility is expected to have an annual production capacity of nearly 500,000 cells [44]. - Gotion High-Tech reported a 48% year-on-year increase in shipments in the first half of the year, with strong product demand and high capacity utilization [44].

Market Overview - On September 5, the A-share market closed with a total of 108 stocks hitting the daily limit, with 96 stocks after excluding 12 ST stocks, resulting in a limit-up rate of 86.4% [1] Top Gainers - Shenghong Technology had a limit-up order amount exceeding 1 billion yuan, with a closing price of 295.80 yuan and a limit order volume of 3.49 million hands [2][3] - Qingshan Paper had the highest limit order volume at 609,900 hands, followed by Anzheng Fashion, Tiantong Co., and Luxiao Technology with limit order volumes of 316,700 hands, 239,100 hands, and 213,600 hands respectively [2] Industry Highlights Lithium Battery Sector - Multiple stocks in the lithium battery sector hit the limit, including Duofluo, Enjie, Putailai, Tianci Materials, Tianhong Lithium, and Xian Dao Intelligent [6] - Duofluo's lithium battery segment shipped approximately 3.2 GWh in the first half of the year, with a projected 50% increase in the second half, aiming for an annual shipment of 8.5 GWh [6] - Enjie has released a second-generation 5μm high-strength base film, enhancing battery energy capacity by reducing non-active material volume [6] - Putailai has made significant breakthroughs in solid-state battery equipment and has delivered to leading domestic and international clients [6] Photovoltaic Sector - Stocks such as Tongrun Equipment, Tiantong Co., Jinlang Technology, and Deyue Co. also hit the limit [7] - Tongrun Equipment focuses on providing comprehensive photovoltaic and energy storage system solutions [7] - Tiantong Co. produces electronic materials widely used in automotive electronics, communication electronics, and photovoltaic wind power [8] - Jinlang Technology specializes in photovoltaic inverters and distributed photovoltaic generation [9] PCB (Printed Circuit Board) Sector - Stocks like Guanghua Technology, Shiyun Circuit, Dongshan Precision, and Shenghong Technology saw limit-ups [10] - Guanghua Technology's PCB chemicals are applicable in various electroplating processes [10] - Shiyun Circuit plans to invest 1.5 billion yuan in a new PCB manufacturing base [11] - Dongshan Precision ranks second globally in flexible circuit boards and third in PCBs according to Prismark research [12] Institutional Activity - Shenghong Technology saw net purchases exceeding 1.1 billion yuan from the deep stock connect, leading the net buying list [13][14] - Other notable net purchases included Fangzheng Technology and Jinlang Technology, with net buying amounts of 495 million yuan and 433 million yuan respectively [14]