1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The lithium salt market shows strong supply and demand. After the holiday, the downstream restocking enthusiasm exceeded expectations, with increased market volatility. The supply of lithium carbonate continued to reach new highs, and the demand also hit a new weekly high, but the inventory remained at a high level [4][5]. - The supply - demand situation of industrial silicon is currently acceptable, but there are uncertainties in the future. The production is expected to decline in November, and the demand is also uncertain due to the potential "production - limit and sales - control" plan in the downstream [6]. - For polysilicon, high profits drive high production, but the terminal demand is weak, leading to obvious inventory accumulation. However, there are still expectations of production - control policies, resulting in a situation of strong expectation and weak reality [7][8]. 3. Summary by Directory 3.1 First Part: Spot Price 3.1.1 Plate Strategy Recommendation - **Carbonate Lithium 01**: With strong supply and demand but a weakening atmosphere, it is expected to oscillate weakly. The upstream should seize the opportunity to sell and hedge when the price rises, and downstream cathode material enterprises should focus on low - price stockpiling or buying hedges. The support level is 68,000 - 70,000, and the pressure level is 75,000 - 76,000 [14]. - **Industrial Silicon 11**: There is an increasing expectation of production cuts on the demand side, but the price has support below. It is expected to oscillate within a range. Currently, short - term long positions can be considered within the range. The support interval is 8,200 - 8,300, and the pressure interval is 9,200 - 9,300 [14]. - **Polysilicon 11**: The situation of strong expectation and weak reality continues. It is expected to oscillate at a high level. Early long positions can consider gradually realizing profits or holding cautiously. The support interval is 47,000 - 48,000, and the pressure interval is 52,000 - 53,000 [14]. - **Arbitrage Recommendation**: There are no good arbitrage opportunities recently [14]. 3.1.2 Futures and Spot Price Changes | Variety | Closing Price | Daily Change Rate | Trading Volume | Open Interest | Open Interest Change | Warehouse Receipts | | --- | --- | --- | --- | --- | --- | --- | | Carbonate Lithium | 74,940 | 3.05% | 268,890 | 177,951 | - 10,572 | 30,456 | | Industrial Silicon | 8,605 | 0.41% | 209,588 | 131,649 | - 10,732 | 50,291 | | Polysilicon | 52,575 | 3.48% | 266,129 | 78,885 | - 1,229 | 8,130 | [15] 3.2 Second Part: Fundamental Situation 3.2.1 Carbonate Lithium Fundamental Data - **Production and Inventory Situation**: This week, the production of lithium carbonate reached 21,066 tons, an increase of 431 tons from the previous week, hitting a new weekly high. The total sample inventory was 132,658 tons, a decrease of 2,143 tons from the previous week, with an accelerated de - stocking speed but still at a high level. The weekly apparent demand was 23,209 tons, also a new weekly high [4]. - **Downstream Situation**: Downstream material factories adopted a cautious and wait - and - see attitude, and the overall market trading activity was dull [4]. 3.2.2 Industrial Silicon Fundamental Data - **Production and Inventory Situation**: The total production of industrial silicon is expected to remain high in October and gradually decline in November. The Southwest will enter the dry season in November, and some factories may reduce production, while large factories in Xinjiang have the expectation of increasing production [6]. - **Downstream Situation**: The traditional peak season demand is acceptable, with the production of the polysilicon segment continuing to increase. However, due to the expected "production - limit and sales - control" plan in the industry, the demand has great uncertainty [6]. 3.2.3 Polysilicon Fundamental Data - **Production and Inventory Situation**: Driven by high profits, the production of polysilicon will exceed expectations in October. However, due to weak terminal demand, obvious inventory accumulation has occurred. As of October 10th, the national polysilicon sample inventory was 253,900 tons, a week - on - week increase of 11,700 tons [7][8]. - **Downstream Situation**: The downstream has gradually started production cuts, and the national photovoltaic new installed capacity in August was only 7.36GW, a new low this year [7].

Group 1 - The core point of the news is that Daoshi Technology's stock price dropped by 5.06% to 24.57 CNY per share, with a trading volume of 1.136 billion CNY and a turnover rate of 6.61%, resulting in a total market capitalization of 19.22 billion CNY [1] - Daoshi Technology, established on September 21, 2007, and listed on December 3, 2014, is primarily engaged in the production and sale of building ceramics, glaze materials, and related technical services and product design, as well as commercial factoring and new energy materials [1] - The company's revenue composition includes: Other 47.44%, Lithium battery materials 34.70%, Carbon materials 9.00%, and Ceramic materials 8.85% [1] Group 2 - From the perspective of Daoshi Technology's top ten circulating shareholders, GF Fund's ETF reduced its holdings by 136,800 shares in the third quarter, now holding 3.2933 million shares, which is 0.48% of the circulating shares, resulting in an estimated floating loss of approximately 4.3142 million CNY [2] - The GF CSI 1000 ETF was established on July 28, 2022, with a latest scale of 30.718 billion CNY, achieving a year-to-date return of 26.9% and a one-year return of 37.27% [2]

Group 1 - A new company, Hunan New Energy Materials Research Institute Co., Ltd., has been established with a registered capital of 40 million RMB [1] - The legal representative of the company is Liu Ganjiang, and its business scope includes new material technology research and development, promotion services, and investment activities using its own funds [1] - Shareholders of the company include Xiangtan Electric (002125), Hunan Yuneng (301358), Zhejiang Remote New Energy Commercial Vehicle Group Co., Ltd., and Xiangtan Electric Industrial Investment Holding Group Co., Ltd. [1]

Core Insights - A new company, Hunan Province New Energy Materials Research Institute Co., Ltd., was established on October 15, with a registered capital of 40 million RMB [1] Company Information - The legal representative of the company is Liu Ganjiang [1] - The business scope includes research and development of new material technology, promotion services for new material technology, and investment activities using its own funds [1] - Shareholders include Xiangtan Electric, Hunan Yuneng, Zhejiang Remote New Energy Commercial Vehicle Group Co., Ltd., and Xiangtan Electric Investment Holding Group Co., Ltd. [1]

Core Viewpoint - The company, Shida Shenghua (603026), anticipates a significant decline in net profit for the first three quarters of 2025, projecting a loss compared to the previous year [1] Financial Performance - The company expects a net profit attributable to shareholders to be between -49 million to -75 million yuan, a decrease of 6026.51 million to 8626.51 million yuan year-on-year, representing a decline of 534.97% to 765.77% [1] - After excluding non-recurring gains and losses, the expected net profit is projected to be between -53 million to -79 million yuan, down by 5555.16 million to 8155.16 million yuan compared to the same period last year, indicating a decrease of 2177.13% to 3196.10% [1] Market Conditions - The company attributes the poor performance to intense market competition, leading to a decline in prices for some products. In response, the company has increased its market investment and R&D efforts, resulting in higher operating expenses and reduced operating profit [1] Historical Performance - The company's net profit has been declining for three consecutive years, with figures from 2021 to 2024 showing a significant drop: 1.178 billion yuan, 891 million yuan, 19 million yuan, and 16 million yuan, respectively, nearly approaching zero [1]

Core Points - The announcement details the completion of a share reduction plan by a major shareholder of Wulian New Energy Materials (Hunan) Co., Ltd. [1] - The shareholder, Shenzhen Anyan Investment Partnership, held 96,460,945 shares, representing 5.00% of the company's total equity prior to the reduction [2] - The reduction plan allowed for the sale of up to 57,876,565 shares, or 3% of the total equity, within a specified timeframe [3] - As of October 14, 2025, the shareholder successfully reduced their holdings by 28,095,188 shares, accounting for 1.46% of the total equity [3][4] - The reduction was executed through centralized bidding and block trading methods [3] Shareholder Information - Shenzhen Anyan Investment Partnership had no concerted actions with other parties regarding the share reduction [3] - The shares being reduced were acquired prior to the company's initial public offering and were released from restrictions on August 11, 2022 [2] Reduction Plan Results - The actual reduction aligned with the previously disclosed plan, confirming that the minimum reduction quantity was met [5] - The reduction plan was not terminated early and was fully executed within the designated timeframe [5]

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：节选自贵州省化学工业协会 近日， 贵州磷化集团5万吨磷酸铁锂装置首批合格产品正式发货，标志着这一新能源材料项目成功实现从建设投产到市 场交付的全流程贯通， 为企业在新兴赛道的发展奠定了坚实基础。 5万吨磷酸铁锂项目，是磷化集团布局新能源材料赛道的关键一环。 此前，集团投资百亿的"磷硫钛铜铁锂氟"耦合循 环一体化项目已于今年4月开工建设，项目落地之后，磷化集团新能源产业将实现锂、铁、钛资源的自给自足。 近年来，集团围绕"磷、氟、锂"等关键元素，持续加大研发投入，积极布局正极材料、电解液等重点领域，致力于打 造具有竞争力的新能源电池材料产业集群。未来，磷化集团将继续聚焦新能源材料主赛道，加大科技创新投入，不断提 升产品性能与质量，持续降本增效。 会议详情： 会议主办： 鑫椤资讯 会议时间： 2025年11月12-13日（12号报到） 会议地点： 中国·上海 会议咨询： 13248122922(微信同） END ...

Core Viewpoint - The article discusses the recent price changes in various new materials across different sectors, highlighting significant increases in certain materials like cobalt and sulfuric acid, while others remain stable or show slight declines. Group 1: Military Industry New Materials - The price of electrolytic cobalt is 345,000 CNY/ton, with a week-on-week increase of 3.9% [4] - The price ratio of electrolytic cobalt to cobalt powder is 0.94, down 5.9% week-on-week [4] - The price of carbon fiber remains stable at 83.8 CNY/kg, with a gross profit of -8.38 CNY/kg [4] Group 2: New Energy Vehicle Materials - The price of sulfuric cobalt has risen to 76,000 CNY/ton, reflecting a week-on-week increase of 16.92% [5] - The prices of lithium carbonate and battery-grade lithium hydroxide are 73,900 CNY/ton and 73,500 CNY/ton, with slight changes of +0.05% and -0.1% respectively [5] - The prices of lithium iron phosphate and 523-type cathode materials are 34,300 CNY/ton and 122,300 CNY/ton, with increases of 0% and 2.3% respectively [5] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is stable at 6.54 USD/kg [6] - The price of EVA is 11,100 CNY/ton, remaining at a low level since 2013 [6] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/square meter, unchanged from the previous week [6] Group 4: Nuclear Power New Materials - The price of uranium is projected to be 62.88 USD/pound in September 2025, with a week-on-week increase of 6.6% [6] Group 5: Consumer Electronics New Materials - The price of lithium cobalt oxide is 304.0 CNY/kg, with a significant week-on-week increase of 20.2% [7] - The price of four-cobalt oxide is 279,000 CNY/ton, reflecting a week-on-week increase of 9.41% [7] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 382.00 CNY/g, 1,925.00 CNY/g, and 1,185.00 CNY/g, with increases of 2.1% and 3.2% respectively [9]

Summary of Tianwei Technology Conference Call Company Overview - **Company**: Tianwei Technology - **Industry**: Carbon Nanotube Conductive Paste Key Points Industry and Market Context - Tianwei Technology is not directly affected by recent export control policies as its main product is carbon nanotube conductive paste, not restricted artificial graphite anode materials. The overseas sales proportion is small, limiting the impact of these controls [2][3] Product and Production Plans - The company is focusing on its Kansas factory, which is planned to produce 10,000 tons of paste annually, primarily for overseas clients like Panasonic, with production expected to start in 2026 [2][4] - Single-arm carbon nanotube products are experiencing rapid growth, expected to multiply by 2026 due to demand from fast-charging batteries, improved range, and silicon-carbon anode applications. The energy storage sector's long-cycle demand is also driving growth [2][5] - For 2026, Tianwei plans to stabilize multi-arm products while converting some capacity to single-arm, targeting 10,000 tons of pure single-arm products and 30,000 tons of separately compounded products, totaling 40,000 tons [2][7] Financial Performance and Projections - Multi-arm products have stable prices with a gross margin above 50%, while powder products boast a gross margin of 60-70%. The company anticipates continued strong growth in performance next year [2][8] - The average local price for powder exceeds 10,000 yuan per kilogram, with a price increase already implemented in 2025. Prices are expected to remain stable over the next two years [2][13] - The company’s annual production capacity is currently around 40 tons, with a partial release of 150 tons from the wood project in Q4. By mid-next year, the capacity is expected to reach 130-140 tons [2][14] Customer Demand and Market Dynamics - Major customers in the power sector, such as CR, Guoxuan, Zhongchuang, and Xinghang, are projected to require about 10,000 tons of related single products each. The new policies are expected to accelerate the adoption of single-cell batteries, potentially exceeding demand expectations [2][17] - The demand for high-performance materials is increasing due to enhanced requirements for range and energy consumption in electric vehicles. The demand for both power batteries and energy storage is growing rapidly, with power batteries remaining dominant [2][18][20] Competitive Landscape - The entry of new competitors in the market is unlikely in the short term due to high technological barriers and the significant time and resources required for research and development [2][16] - Current competitor Oksail faces challenges in expanding production due to funding issues exacerbated by the Russia-Ukraine conflict [2][15] Future Growth Areas - Tianwei is exploring new fields such as solid-state batteries and carbon-based chips, which are expected to have a market scale reaching hundreds of billions in the next 3-5 years [2][6] - The company is also focusing on sodium-ion batteries, electronic shielding materials, and flexible sensors, which may lead to increased demand [2][6] Profitability Outlook - The company expects to achieve a profit of 700-800 million yuan next year, surpassing market expectations, driven by high barriers to entry and rapid growth [2][25]

Group 1 - The core viewpoint of the news is that Daoshi Technology's stock has experienced a significant increase, with a 5.09% rise on October 13, reaching a price of 27.86 yuan per share, and a total market capitalization of 21.793 billion yuan [1] - Daoshi Technology has seen a cumulative increase of 12.19% over the past four days, indicating strong market performance [1] - The company's main business includes the production and sale of building ceramics, with revenue contributions from various segments: 47.44% from other materials, 34.70% from lithium battery materials, 9.00% from carbon materials, and 8.85% from ceramic materials [1] Group 2 - Among the top circulating shareholders, a fund under AVIC Fund, specifically the AVIC New Start Flexible Allocation Mixed A (005537), has entered the top ten, holding 6.7113 million shares, which is 0.98% of the circulating shares [2] - The fund has gained approximately 9.0603 million yuan in floating profit today and 19.3285 million yuan during the four-day increase [2] - The AVIC New Start Flexible Allocation Mixed A fund has achieved a year-to-date return of 81.04%, ranking 164 out of 8234 in its category [2]