1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - Long - term supply and demand are both increasing, the surplus pattern remains unchanged. The upside of nickel prices is limited, while the downside is supported by costs. Maintain a sideways view on Shanghai nickel, and consider going long when the price retraces to the cost line during the peak seasons. For stainless steel, industry demand remains weak, and steel enterprises adjust short - term changes through production and inventory. The pattern of wide - range sideways movement at the bottom is hard to change [67][68] 3. Summary by Relevant Catalogs 3.1行情回顾 - Not elaborated in the report 3.2全球供需平衡 - From 2020 to 2025E, global primary nickel supply and demand are both increasing. In 2025E, primary nickel supply is expected to be 3690000 tons, and demand is expected to be 3580000 tons, showing a supply - surplus situation [3] 3.3新能源产业链 3.3.1中国新能源汽车产销数据 - In July 2025, new - energy vehicle production and sales were 1.243 million and 1.262 million respectively, with year - on - year growth of 26.3% and 27.4%. From January to July 2025, cumulative production and sales were 8.232 million and 8.22 million respectively, with year - on - year growth of 39.2% and 38.5% [9][10] 3.3.2动力电池 - In July 2025, the total production of power and other batteries was 133.8GWh, with a month - on - month increase of 3.6% and a year - on - year increase of 44.3%. Sales were 127.2GWh, with a month - on - month decrease of 3.2% and a year - on - year increase of 47.8%. The installed capacity of power batteries was 55.9GWh, with a month - on - month decrease of 4.0% and a year - on - year increase of 34.3% [14] 3.3.3硫酸镍价格稳中有升 - In July 2025, China's nickel sulfate physical output was 194700 tons, and metal output was 42800 tons. In August 2025, it is expected to be 43000 metal tons, with a month - on - month increase of 0.28%. Battery - grade nickel sulfate is priced at 27200 yuan/ton, up 200 yuan/ton from last week, and electroplating - grade nickel sulfate is priced at 28250 yuan/ton, unchanged from last week [17] 3.4不锈钢产业链 3.4.1镍矿 - Nickel ore prices and freight rates remained unchanged from last week. On August 21, 2025, the total nickel ore inventory at 14 ports in China was 12.0585 million wet tons, a 10.11% increase. In July 2025, nickel ore imports were 5005800 tons, with a month - on - month increase of 15.16% and a year - on - year increase of 43.63% [20][23] 3.4.2镍铁 - Nickel iron prices were stable with a slight increase. In July 2025, China's nickel pig iron actual output was 22900 tons of metal, with a month - on - month decrease of 1.69% and a year - on - year decrease of 10.63%. In July 2025, China's nickel iron imports were 836000 tons, with a month - on - month decrease of 19.7% and a year - on - year increase of 1.8% [26][29][32] 3.4.3不锈钢 - The price of 304 stainless steel decreased by 37.5 yuan/ton on average in four regions this week. In July, stainless steel crude steel output was 3.2108 million tons. On August 22, the national stainless steel inventory was 1.0917 million tons, a 1.28 - million - ton increase [40][45][48] 3.5纯镍市场 3.5.1电解镍产量 - In July 2025, China's refined nickel output was 36151 tons, with a month - on - month increase of 4.74% and a year - on - year increase of 24.57%. In August 2025, it is estimated to be 37760 tons, with a month - on - month increase of 4.45% and a year - on - year increase of 33.38% [56] 3.5.2精炼镍进出口量 - In July 2025, China's refined nickel imports were 38164.223 tons, with a month - on - month increase of 124.36% and a year - on - year increase of 798.94%. Exports were 15545.572 tons, with a month - on - month increase of 53.27% and a year - on - year increase of 3.43% [59] 3.5.3库存情况 - LME inventory decreased by 1914 tons to 209748 tons. SHFE inventory decreased by 19 tons to 26943 tons. The total social inventory of Shanghai nickel was 39937 tons, a 1349 - ton decrease from last week [62]

Core Viewpoint - Longpan Technology (02465) has seen a stock price increase of over 5%, currently at HKD 9.49, with a trading volume of HKD 76.914 million, following the announcement of a plan to issue A-shares to specific investors to raise up to RMB 2 billion [1] Group 1: Fundraising and Projects - Longpan Technology plans to raise a total of up to RMB 2 billion through a specific share issuance, with the net proceeds intended for two high-performance phosphate cathode material projects of 110,000 tons and 85,000 tons, as well as to supplement working capital [1] - The 110,000 tons high-performance phosphate cathode material project will be operated by Longpan Technology's subsidiary, Shandong Liyuan, with the funds to be used for capital increase in its subsidiary, Changzhou Liyuan, which will then provide further capital increase or loans to Shandong Liyuan [1] - The project will be located in Juancheng County, Heze City, Shandong Province, and aims to establish a new production line with an annual capacity of 110,000 tons of high-performance phosphate cathode materials [1] Group 2: Market Position and Strategy - Longpan Technology believes that the recent capacity expansions by battery manufacturers such as CATL, BYD, and Chuangneng New Energy will create opportunities for the company to supply these manufacturers with high-performance phosphate cathode materials [1] - The fundraising project is expected to enhance the company's supply capacity for high-performance phosphate cathode materials and further increase its market share in this segment [1]

此次协议的签署，标志着双方合作领域的进一步深化，将全面推进动力领域的战略协同与技术创新，携手 迈向零碳交通未来。同时，本次合作也是中国新能源汽车产业链协同创新、加速商乘并举电动化转型的生 动实践。展望未来，楚能将继续推进核心科技突破与产业深度融合，为国家"双碳"战略目标的实现贡献产 业力量，为中国智造在全球新能源汽车赛道上的持续领跑注入强劲动能。 近日， 楚能新能源与东风柳州汽车有限公司签署动力电池开发合作协议。 根据协议， 楚能将在未来五年内向东风柳汽提供超过30GWh的多款乘用车、商用重卡电池产品。 同时， 双方还将建立联合研发机制，整合优势资源，聚焦高能量密度、轻量化、梯次利用、商用CTP等前瞻性动 力技术开发，共同探索更安全、更高效、更绿色的出行解决方案。 作为国内新能源电池领域的领先企业，楚能与东风汽车的合作渊源深厚。自2023年起，楚能便通过技术创 新突破，为东风集团多款车型提供高安全、长寿命的动力电池解决方案。2024年，楚能凭借稳定的交付能 力和过硬的产品品质，荣获东风 "突出贡献奖""优秀生态服务合作伙伴奖"，持续赢得客户认可。 进固态电池群 ，加小编微信：13248122922 注：添加好 ...

Group 1: Economic Performance in Shandong - Shandong's major economic indicators for January to July are better than the national average, indicating overall stable economic operation [1] - Industrial production in Shandong saw a growth of 7.8% in the same period, with 35 out of 41 industries experiencing growth, particularly in chemicals, agricultural products, and electrical machinery [1] - The private economy remains active, with a 10.1% increase in the added value of private industrial enterprises, and private trade units' retail sales growing by 8.6% [1] Group 2: Talent Policies in Qingdao Free Trade Zone - Qingdao Free Trade Zone has introduced 15 new talent policies aimed at accelerating the construction of a talent aggregation hub [2] - The policies include financial rewards for top talents, with up to 360 million yuan for leading talents and 150 million yuan for project funding [2] - The initiative is expected to enhance innovation and support industrial upgrades in the region [2] Group 3: Lithium-ion Battery Production - Shandong's lithium-ion battery production increased by 35.7% year-on-year in the first half of the year, indicating a rapid development phase for the new energy battery industry [3] - The province is focusing on building a complete industrial chain for new energy batteries, supported by significant projects from companies like Xinwangda and CATL [3] Group 4: Strategic Cooperation between Hisense and Fuyao Technology University - Hisense Group and Fuyao Technology University have signed a strategic cooperation framework to enhance collaboration in talent cultivation and technological innovation [4][5] - A joint innovation center for embodied intelligent robots will be established to address global manufacturing needs and promote the integration of research and production [5] Group 5: Tianyue Advanced's Listing - Tianyue Advanced Technology Co., Ltd. has officially listed on the Hong Kong Stock Exchange, marking Shandong's first "A+H" listed company of the year [6] - The listing is part of the company's internationalization strategy, aiming to leverage resources from both capital markets for development in technology and market expansion [6] - As of August 20, Shandong has 71 companies listed on the Hong Kong Stock Exchange, with a growing number of firms preparing for IPOs [6]

Group 1: Technological Innovation - Technological innovation serves as a strong engine for industrial development, with companies in Hubei showcasing significant innovation capabilities [3] - Dongfeng Motor's global innovation center has filed 6,297 invention patents, achieving breakthroughs such as a thermal efficiency of 45.18% for the Mach power engine and a 0.6-second start-up technology at -40°C [5] - The Changjiang 3D Scientific Computing Center in Xiaogan operates 12 supercomputers with 100 times the efficiency of traditional supercomputers while consuming only 1/150 of the power, significantly reducing drug development costs and time [6] Group 2: Green and Low-Carbon Development - Hubei has adopted a green development approach, enhancing ecological value while achieving high-quality economic growth [9] - The ecological transformation of Liangzi Lake illustrates Hubei's green development, with water quality improving and ecological tourism revenue increasing by 28.6% [11] - The Jianghan Salt Chemical Industrial Park exemplifies a circular economy, achieving a resource utilization rate of 85% and reducing production costs by 20% [13] Group 3: Open Economy and Logistics - Hubei is enhancing its multi-modal transport system, establishing itself as a new inland open highland with a comprehensive transportation network [15] - The introduction of the "China-Europe (Central Asia) Railway" and the expansion of the cross-border logistics network have improved transportation efficiency and reduced costs [18] - Hubei's total import and export volume reached 402.31 billion yuan in the first half of the year, marking a year-on-year increase of 28.4%, significantly outpacing the national average [19]

Group 1 - The board of directors of Chongqing Wanli New Energy Co., Ltd. held its seventh meeting of the eleventh session on August 22, 2025, in accordance with the Company Law and the Articles of Association [1] - The meeting was attended by all six directors, and the resolutions passed included the approval of the 2025 semi-annual report, which was reviewed by the company's audit committee [1] - The voting results for the resolution were unanimous, with 6 votes in favor, 0 against, and 0 abstentions, indicating strong support for the report [1]

Core Insights - Deyang, a small city in Sichuan, has recently gained attention due to its strategic location near Chengdu and its unique economic development approach [1][4] - The city has transformed from an old industrial base to a key player in the Chengdu-Chongqing economic circle, leveraging resources from Chengdu without direct competition [4][11] - Deyang successfully integrates industrial development with cultural tourism, exemplified by the coexistence of heavy machinery manufacturing and the cultural significance of the Sanxingdui archaeological site [7][11] Economic Development - Deyang is positioned just 58 kilometers from Chengdu, with a high-speed train reducing travel time to 23 minutes, enhancing its logistical advantages [4] - The city has attracted technological resources, such as a laboratory established by a professor from Chengdu University of Electronic Science and Technology, which contributed to the production of the world's largest hydropower generator [4][9] - Local factories, including Dongfang Electric and China National Heavy Machinery Corporation, produce equipment that is in demand both domestically and internationally, including exports to Europe [4][9] Cultural Integration - Deyang combines industrial and cultural elements, with attractions like the Dongfang Turbine Factory allowing visitors to witness the manufacturing process of large machinery [7][11] - The city has capitalized on its agricultural strengths, particularly in rice production, while also advancing in sectors like renewable energy, with projects like the Xinwangda energy storage project seeing significant growth [11] Educational and Technological Collaboration - Deyang faces challenges in higher education but has initiated "flying cooperation" with prestigious universities like Tsinghua and Shanghai Jiao Tong to enhance local technical skills [9] - The establishment of a technology transfer center has facilitated over 140 collaborative projects between local factories and universities, leading to innovations in various industries, including winemaking [9][11] Urban Transformation - The city is repurposing old industrial sites into tourist attractions, such as the former heavy machinery factory in Shifang, which now features a display area for a 10,000-ton hydraulic press [13] - Recent plans aim to connect Deyang with neighboring cities like Suining and Nanchong to form an industrial belt, indicating a proactive approach to regional economic integration [13]

Group 1 - Shandong's economy shows overall stability with key economic indicators performing better than the national average, including a 6.0% increase in industrial technological transformation investment, which is 0.5 percentage points higher than the first half of the year [1] - The transformation efforts in Shandong have led to significant improvements in production efficiency, as exemplified by Shandong Lukang Ceramics Technology Co., which upgraded its facilities to increase annual production capacity to 4 million ceramic heat-resistant pots and enhance market share by 20% [1] - The province has been promoting technological transformation and enterprise transformation for seven consecutive years, focusing on maintaining stability while exploring new growth drivers amid increasing external pressures and internal challenges [1] Group 2 - Traditional industries such as chemicals, steel, and light textiles remain crucial pillars of Shandong's industrial sector, with 35 out of 41 industrial categories showing growth, resulting in an 85.4% growth rate across the sector [2] - Shandong is enhancing its industrial monitoring and support systems, utilizing leading indicators like prices and manufacturing PMI to address operational challenges promptly [2] - The province is also focusing on emerging industries such as laser equipment, new energy batteries, and artificial intelligence, integrating them into key industrial chains with increased policy support [2] Group 3 - The advancement of high-end manufacturing is accelerating, with Shandong focusing on innovation to meet market demands, resulting in a 10.5% increase in high-tech manufacturing value added, surpassing the overall industrial growth rate by 2.7 percentage points [3] - Efforts include enhancing the innovation ecosystem and promoting the sharing of core capabilities between leading enterprises and digital service providers [3] - The province is addressing bottlenecks in the transformation of key industries through initiatives like the "reveal and take charge" action and establishing pilot and application verification platforms [3] Group 4 - New demand and scenarios are being stimulated, with Shandong developing a comprehensive drone industry chain and exploring applications in logistics, emergency medical services, and urban management [4] - The smart connected vehicle industry is also expanding, integrating intelligent vehicles with smart infrastructure to create viable commercial models in various sectors [4] - In the first seven months, new energy vehicle manufacturing, aerospace equipment manufacturing, and computer manufacturing saw electricity consumption growth rates of 40.6%, 32.2%, and 32.1% respectively, indicating robust performance in these new growth areas [4]

Core Insights - The event held on August 21 in Zaozhuang focused on the integration and collaboration within the Shandong Province's new energy battery industry chain, highlighting its rapid growth and development [1] Industry Overview - In the first half of this year, the production of lithium-ion batteries in Shandong Province increased by 35.7% year-on-year, indicating an accelerated development phase for the new energy battery industry [1] - The new energy battery industry chain is one of the 19 key industrial chains prioritized by the provincial government, serving as a crucial support for the province's green, low-carbon, and high-quality development [1] Market Developments - Major projects such as XINWANDA, Fudi, and CATL have been established in Shandong, leading to the formation of a complete industry chain that includes battery manufacturing, key materials, and basic raw materials [1] - The industry scale in the province is expected to grow by over 20% year-on-year in 2024 [1] Collaborative Efforts - The event introduced the "Supply and Demand List of New Energy Battery Enterprises in Shandong Province" and the "Promotional Manual for Excellent Products in the New Energy Battery Field," which included over 200 supply and demand information entries and promoted more than 50 outstanding products and services from local enterprises [1]

Core Viewpoint - 莱尔科技 reported significant growth in revenue and profit for the first half of 2025, driven by its functional coating film and new energy battery collector businesses, indicating a strong market position and future potential in the new energy sector [1][2][3]. Financial Performance - The company achieved operating revenue of 384 million yuan, a year-on-year increase of 69.37% [1] - Net profit reached 19.93 million yuan, up 13.51% year-on-year [1] - The non-deductible net profit was 17.79 million yuan, reflecting a growth of 10.97% [1] - Basic earnings per share stood at 0.13 yuan [1] Business Segmentation - In 2024, the revenue composition was as follows: 79.52% from electronic components and specialized materials, 17.45% from new energy battery aluminum materials, and 3.03% from other businesses [1]. Market Expansion and Product Development - The company is a leader in the functional coating film sector and has successfully introduced new products for automotive electronics and new energy batteries, expanding its application in the electric vehicle market [2]. - The demand for functional coating films is expected to increase significantly as they replace traditional connection solutions in various applications [2]. - The new energy battery collector business saw explosive growth, with revenue increasing by 408.33% year-on-year in the first half of 2025 [2]. Future Strategy - The company plans to enhance its product offerings with differentiated solutions to meet evolving customer needs in the new energy sector [3]. - A fundraising initiative aims to raise up to 200 million yuan for new material projects and working capital, capitalizing on the long-term growth potential of the new energy battery industry [3]. Stock Performance - As of August 19, 2023, the company's stock price increased by 69.74% year-to-date, with a market capitalization of 5.267 billion yuan [4].