Company Overview - Jingrui Electronic Materials Co., Ltd. is located in Suzhou, Jiangsu Province, established on November 29, 2001, and listed on May 23, 2017. The company specializes in high-purity chemicals, photoresists and supporting materials, functional formulation materials, lithium battery materials, pharmaceutical intermediates, pre-electronic grade materials, and other products, widely used in the semiconductor and new energy industries [1] Financial Performance - As of the latest report, Jingrui's stock price dropped by 5.15% to 11.98 CNY per share, with a trading volume of 9.82 billion CNY and a turnover rate of 7.88%, resulting in a total market capitalization of 128.54 billion CNY [1] - The revenue composition of the company is as follows: high-purity chemicals 58.69%, photoresists 13.79%, lithium battery materials 13.68%, industrial chemicals 9.61%, energy 4.01%, and others 0.23% [1] Fund Holdings - According to data from the top ten heavy stocks of funds, one fund under GF Fund holds a significant position in Jingrui. The GF Xinyuan Mixed A Fund (002135) held 102,400 shares in the second quarter, accounting for 1.91% of the fund's net value, ranking as the tenth largest heavy stock. The estimated floating loss today is approximately 66,600 CNY [2] - The GF Xinyuan Mixed A Fund was established on November 2, 2016, with a latest scale of 39.49 million CNY. Year-to-date returns are 12.77%, ranking 5371 out of 8184 in its category; the one-year return is 25.21%, ranking 5154 out of 7971; and since inception, the return is 12.44% [2] Fund Management - The fund manager of GF Xinyuan Mixed A is Zeng Gang, who has a cumulative tenure of 17 years and 113 days. The total asset scale of the fund is 4.829 billion CNY, with the best fund return during the tenure being 78.5% and the worst being -3.7% [3]

Group 1 - The company, Ganfeng Lithium, has made significant progress in the research and development of solid-state batteries, establishing a comprehensive layout that includes key components such as sulfide electrolytes, oxide electrolytes, and metallic lithium anodes [1] - The energy density of the solid-state batteries has reached 420Wh/kg, with samples achieving 500Wh/kg passing safety tests including puncture and 200℃ thermal box tests, and the cycle life has exceeded 800 times [1] - The first 500Wh/kg level 10Ah product has achieved small-scale production [1] Group 2 - Investors have shown interest in the company's solid-state battery development stage, noting that many manufacturers are preparing for mass production [3]

成都华微(688709.SH)公告称，公司研发的4通道12位40G高速高精度射频直采ADC芯片近日成功发布。 该芯片在已有多通道高速高精度ADC基础上，提升了采样速率、带宽等技术指标，填补了国内外同类 型产品空白，达到国际领先水平。该芯片采用全自主正向设计，拥有完全自主知识产权，突破了多项关 键技术，并已向部分客户送样并收到意向订单。 扬子晚报网9月2日讯(记者范晓林)今天是周二，昨天天普股份（605255）7连板，德创环保（603177）5 连板，建业股份（603948）4连板，三维通信（002115）、兆新股份（002256）3连板，北交所荣亿精密 30cm2连板。创业板指领涨，沪指窄幅震荡。沪深两市全天成交额2.75万亿，较上个交易日缩量483亿。 盘面上，市场热点较为杂乱，全市场超3200只个股上涨。板块方面，黄金概念、CPO、创新药、存储芯 片等板块涨幅居前。消息面上，多家国际金融机构看涨黄金行情，贵金属板块值得期待。 A.利好精选 2连板华海药业（600521）：公司积极推进仿制药到创新药的第三次转型升级存在临床试验进度不达预 期等风险 华海药业(600521.SH)发布股票交易异常波动公告称，公 ...

Market Overview - On September 1, the market experienced fluctuations, with the ChiNext Index leading gains while the Shanghai Composite Index showed narrow fluctuations. The total trading volume in the Shanghai and Shenzhen markets was 2.75 trillion yuan, a decrease of 48.3 billion yuan compared to the previous trading day. By the close, the Shanghai Composite Index rose by 0.46%, the Shenzhen Component Index increased by 1.05%, and the ChiNext Index surged by 2.29% [1]. Strong Performing Sectors - The top-performing sectors included: - Gold, with a significant increase of 12% [1] - Lithium batteries, which rose by 18% [1] - Domestic semiconductor stocks, gaining 20% [1] - Performance growth sectors, which saw a rise of 34% [1] - Computing power related sectors, increasing by 12% [1] New Highs in Sectors - Sectors reaching new highs included: - Chips, which saw a rise to 96, an increase of 37 [1] - Communications, which increased to 59, up by 16 [1] - Lithium batteries, reaching 56, an increase of 9 [1] - Pharmaceuticals, which rose to 43, an increase of 22 [1] - Chemicals, which reached 39, an increase of 9 [1]

Core Viewpoint - The strategic cooperation agreement between Tianqi Co., Ltd. and EVE Energy aims to establish a comprehensive closed-loop system for lithium battery manufacturing, application, reverse recycling, and regeneration, enhancing the resilience of the industry chain and promoting sustainable development [1][4]. Group 1: Strategic Cooperation Framework - Both companies will integrate their resources and information channels across the entire lithium battery recycling industry chain, establishing an efficient and stable information-sharing mechanism to enhance market insight and decision-making efficiency [2]. - The collaboration will focus on building a global recycling network, leveraging Tianqi's existing overseas recycling resources to facilitate compliant recycling and disposal of used lithium batteries in international markets [2][4]. Group 2: Innovation and Pricing Mechanism - The companies will explore and establish an innovative pricing mechanism for key recycled materials, aiming to reflect the green low-carbon value of recycled materials and align with global carbon neutrality policies [3]. - Tianqi Co., Ltd. commits to prioritizing the procurement of EVE Energy's new A-grade batteries for its products, ensuring a stable long-term procurement cooperation mechanism [3]. Group 3: Market Position and Future Outlook - The partnership underscores the market recognition and unique competitiveness of Tianqi's lithium battery recycling business, enhancing the certainty of product marketability through EVE Energy's extensive downstream application network [5]. - With the opening of overseas markets for black powder imports, Tianqi plans to upgrade its capacity for ternary recycling to meet the growing demand for recycled materials from downstream customers [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [1][6]. Core Views - The company, Tianai Technology (688116), is a leading global producer of carbon nanotube conductive agents, with a focus on carbon nanotube conductive pastes and powders. The company reported a revenue of 654 million yuan for H1 2025, a year-on-year increase of 1.08%, and a net profit attributable to shareholders of 117 million yuan, also up by 1.07% year-on-year [3][5]. - The company has begun mass shipments of single-walled carbon nanotubes, with strong downstream demand expected to enhance profitability. It holds a 53.2% market share in China's carbon nanotube conductive paste market, maintaining its industry leadership [3][5]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 654 million yuan, with a net profit of 117 million yuan. The gross margin was 35.04%, down by 1.7 percentage points year-on-year, while the net margin was 17.72%, a slight decrease of 0.06 percentage points [3]. - For Q2 2025, the revenue was 319 million yuan, a year-on-year decrease of 6.08%, but the net profit showed a slight increase of 0.79% quarter-on-quarter, attributed to improved gross margins and increased investment income [3]. Market Position and Product Development - The company has a unique integrated advantage in producing carbon nanotube powders and pastes and is one of the few globally capable of large-scale production of single-walled carbon nanotubes. The performance advantages of its products are significant in enhancing battery performance, particularly in high-capacity density and fast-charging technologies [3][5]. - The report anticipates rapid growth in demand for lithium batteries and new battery technologies, which will drive the demand for new conductive agents. The company's production capacity for single-walled carbon nanotubes is expected to increase, further boosting profitability [1][5]. Earnings Forecast - The earnings forecast for the company indicates total revenue projections of 1.45 billion yuan for 2024, increasing to 1.96 billion yuan in 2025, and reaching 3.30 billion yuan by 2027. The net profit is expected to grow from 250 million yuan in 2024 to 769 million yuan in 2027 [5]. - The report estimates earnings per share (EPS) of 1.00 yuan for 2025 and 1.51 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 51 and 34, respectively [5].

Core Viewpoint - The strategic cooperation agreement between Tianqi Co., Ltd. and Yiwei Lithium Energy aims to establish a comprehensive closed-loop system for lithium battery manufacturing, application, reverse recycling, and regeneration, enhancing the resilience of the industry chain and promoting sustainable development [2][5]. Group 1: Strategic Cooperation Framework - Both companies will integrate their resources and information channels across the entire lithium battery recycling industry chain, establishing an efficient and stable information-sharing mechanism to enhance market insight and decision-making efficiency [3]. - The collaboration will focus on building a global recycling network, leveraging Tianqi's existing overseas recycling resources to facilitate compliant recycling and disposal of used lithium batteries in international markets [4]. Group 2: Market and Product Development - Tianqi Co., Ltd. commits to prioritizing the procurement of new A-grade batteries produced by Yiwei Lithium Energy for its core power solutions, establishing a long-term stable procurement cooperation mechanism [5]. - The partnership aims to create a differentiated pricing mechanism for recycled materials, reflecting the green low-carbon value of the lithium battery recycling industry and aligning with global carbon neutrality policies [4][5]. Group 3: Competitive Advantage and Market Position - The cooperation highlights the market recognition and unique competitiveness of Tianqi's lithium battery recycling business, enhancing the certainty of product demand through Yiwei's extensive downstream application network [6]. - With the anticipated increase in demand for recycled materials, Tianqi plans to upgrade its capacity for ternary lithium battery recycling to meet the high demand from downstream customers [6].

Core Viewpoint - The strategic cooperation agreement between Tianqi Co., Ltd. and Huizhou EVE Energy Co., Ltd. aims to establish a comprehensive closed-loop system for lithium battery manufacturing, application, reverse recycling, and regeneration, promoting sustainable development in the lithium battery industry [1] Group 1: Strategic Cooperation - The agreement is based on a shared consensus for low-carbon and sustainable development in the global lithium battery industry, focusing on resource sharing, technological collaboration, and market interaction [1] - Both companies will work together to create a global reverse supply chain system for lithium batteries, emphasizing a differentiated pricing mechanism for recycled materials to enhance market recognition of their green value [1] Group 2: Global Expansion and Market Position - The company is actively implementing a global strategy for lithium battery recycling, with established networks and crushing capacities in regions such as Japan, South Korea, Southeast Asia, and Europe, expecting a significant increase in the proportion of overseas recycled battery waste by the second half of 2025 [1] - The cooperation is expected to enhance the company's long-term market share in the global lithium recycling sector, especially in light of the EU's new battery regulations and the domestic policy changes regarding the import of recycled black powder [1]

Agreement Overview - Tianqi Automation Engineering Co., Ltd. signed a strategic cooperation framework agreement with Huizhou EVE Energy Co., Ltd. to establish a closed-loop system for lithium battery manufacturing, application, reverse recycling, and regeneration [1][4] - The agreement aims to enhance the resilience of the supply chain and promote sustainable development in the lithium battery industry [1][4] Partner Introduction - EVE Energy, established in December 2001 and listed on the Shenzhen Stock Exchange in 2009, specializes in the research, production, and sales of consumer batteries, power batteries, and energy storage batteries [2][3] - The company has a registered capital of approximately 2.045 billion RMB and operates in various sectors including battery manufacturing and new energy technology research [2] Main Content of the Agreement - The cooperation will integrate resources in lithium battery manufacturing, recycling, and supply chain systems, establishing an efficient information-sharing mechanism [3][4] - Both companies will collaborate to enhance global recycling network efficiency and utilize Tianqi's existing overseas recycling resources for compliant disposal of used lithium batteries [4][5] Impact on the Company - EVE Energy is recognized as a leading supplier in the global lithium battery market, ranking second in energy storage cell shipments in 2024 [6] - The partnership is expected to enhance Tianqi's market share in the global lithium recycling sector, especially with the implementation of the EU's new battery regulations and the opening of domestic lithium battery recycling [6][8] - The collaboration will significantly improve the market certainty of Tianqi's high-quality recycled materials within EVE's supply chain [7][8] Future Prospects - The agreement is valid for 10 years and can be renewed upon mutual consent [6] - Both companies will explore innovative pricing mechanisms for recycled materials, aiming to reflect the green value of the lithium battery recycling industry [5][6]

Group 1: Stock Suspension and Resumption - Shinko Co., Ltd. has resumed trading after the expiration of the tender offer period [1] - Zhonghuan Hailu has suspended trading due to plans for a change in control [1] Group 2: Mergers and Acquisitions - Su Da Weige plans to acquire up to 51% of Changzhou Weipu Semiconductor Equipment Co., Ltd. for no more than 510 million yuan [2] Group 3: Investment Cooperation and Business Conditions - Tianqi Co., Ltd. signed a strategic cooperation framework agreement with EVE Energy to build a closed-loop system for lithium battery manufacturing, application, reverse recycling, and regeneration [3] - Keli Sensor plans to acquire 45% of Huahong Technology for 122 million yuan [4] Group 4: Company Announcements - China Shipbuilding Industry Corporation's A-shares will be delisted on September 5 [5] - Samsung Medical's subsidiary signed a contract for an intelligent meter project in Egypt worth 58.8 million USD, approximately 419 million yuan [5] - Chengdu Huami released a 4-channel 12-bit 40G high-precision RF direct sampling ADC chip and has received intention orders [6] - Yuandong Bio's hydrochloride nafurafine orally disintegrating tablets received drug registration certification, making it the first domestic generic drug approved for market [6] - Fosun Pharma's subsidiary received FDA approval for its independently developed Duzhong injection [6] - Longi Green Energy aims to break even on gross profit and expenses in the fourth quarter [6] - Chint Electric terminated the plan to spin off its subsidiary Chint Aneng for listing on the Shanghai Stock Exchange [6] - BYD's new energy vehicle sales in August reached 373,626 units, slightly up from 373,083 units in the same period last year [6] - Xianghe Industrial signed several contracts with Zhongyuan Lida Railway Track Technology Development Co., Ltd. totaling 400 million yuan [6]