Core Insights - The article discusses the growing importance of recycling used power batteries in China, highlighting the need for effective recovery and utilization systems to prevent environmental pollution and to harness valuable metals like lithium, cobalt, and nickel from retired batteries [6][8][9]. Industry Overview - China's new energy vehicle ownership has surpassed 40 million, with the first batch of power batteries entering a phase of large-scale retirement [6]. - The country has issued 22 national standards for power battery recycling, aiming to transform retired batteries into valuable resources rather than environmental burdens [6][12]. Recycling Methods - There are two main recycling methods for retired power batteries: 1. **Recycling for raw materials**: This involves disassembling, crushing, sorting, and smelting to extract metals [7]. 2. **Second-life utilization**: This includes testing, sorting, and reconfiguring batteries for use in other applications, such as emergency power supplies and energy storage devices [7]. Market Potential - The current recycling volume of power batteries has exceeded 300,000 tons, corresponding to a market size of over 48 billion yuan, with projections indicating the market could surpass 100 billion yuan by 2030 [9]. - The demand for lithium, cobalt, and nickel is expected to rise, with China projected to import approximately 5.25 million tons of lithium concentrate in 2024, a year-on-year increase of about 31% [8]. Challenges in Recycling - The recycling market faces significant challenges, including a lack of standardization and the presence of unregulated small workshops that profit from the recycling of batteries [10][11]. - Many legitimate recycling companies struggle with underutilized capacity and competition from informal channels that offer higher prices for retired batteries [11]. Regulatory Framework - The Chinese government has established a comprehensive regulatory framework, including 22 national standards that cover various aspects of battery recycling, from collection and transportation to physical processing and chemical regeneration [12][13]. - New standards aim to ensure safety, environmental protection, and efficiency in the recycling process, with specific guidelines for the handling and processing of retired batteries [12][13]. International Standards - China has made initial progress in international standardization for power battery recycling, with nearly 40 Chinese experts participating in international standard-setting organizations [14].

随着新能源汽车产业蓬勃发展，我国已经成为动力电池生产大国和使用大国。根据电池使用寿命推算， 我国即将迎来动力电池规模化退役阶段。据统计，2024年，国内动力电池退役总量约40万吨，回收量突 破30万吨，对应市场规模超480亿元，预计2030年国内市场规模将突破千亿元。 退役不是终点 在武汉动力电池再生技术有限公司厂房，工人与机器人正配合完成拆解工作，模组精细化产线有序运 转。"这是公司自主研发的智能柔性拆解系统，大幅提高了电池包的拆解效率。"武汉动力电池再生技术 有限公司董事长张宇平解释，动力电池尺寸较大，电池包在制作时使用了大量胶，人工拆解难度较大。 机器人通过技术识别，运用新型拆胶技术，实现电芯无损拆解。 "公司建立了高效的电池状态预测模型，拆解后根据电池健康状态进行梯次利用。"张宇平介绍，"新 生"后的退役电池放入储能柜，用于生活区照明、新能源汽车充电、实验室供电等场景，实现旧电池价 值最大化。 "动力电池退役不是终点，后续的合理回收和有效利用不仅是生态环境问题，更是关乎资源安全、产业 竞争力和可持续发展的关键议题。"中国循环经济协会会长朱黎阳表示。 退役动力电池具有双重属性。一方面，对电池的不恰当处理 ...

Core Viewpoint - The company, Greeenme, is strategically positioning itself in the battery recycling sector, projecting a gross margin of 7.47% for its battery recycling business by the first half of 2025 [2] Group 1: Business Strategy - The company has proposed a comprehensive value chain concept for the lifecycle of new energy, which includes battery recycling, residual energy reuse, raw material remanufacturing, material remanufacturing, and battery reassembly [2] - Greenme has established partnerships with over 1,000 automotive companies and battery manufacturers globally, enhancing its market presence [2] Group 2: Operational Achievements - The company has set up six battery recycling companies in China, all of which are included in the whitelist of the Ministry of Industry and Information Technology, ensuring a robust and compliant recycling network [2] - In the first three quarters of 2025, the company recycled and dismantled 36,643 tons of power batteries, marking a 59% year-on-year increase, indicating strong growth potential in the recycling sector [2]

Core Insights - The domestic power battery recycling market is expected to exceed 300,000 tons in 2024, with a market size of 48 billion yuan, and is projected to surpass 100 billion yuan by 2030 [1][2] - The industry faces multiple challenges, including competition from informal recycling channels, price volatility of key metals, and the need for upgraded recycling processes due to rapid battery technology iterations [2][12] Market Overview - The market is currently in the early stages of a significant growth phase, with expectations of substantial increases in battery recycling volumes over the next three to five years [2] - As of now, there are 148 main recycling companies on the Ministry of Industry and Information Technology's whitelist, but the market lacks unified recycling channels for retired passenger vehicle batteries [2][12] Battery Lifecycle and Utilization - The lifespan of a power battery is typically 8 years or 150,000 kilometers, after which it can be recycled [3] - Retired batteries can either be "second-life" utilized in less demanding applications or "recycled" back into raw materials [4][5] Recycling Processes - "Second-life" utilization involves testing and reassembling batteries for use in applications like public transport and municipal lighting, where energy density requirements are lower [5][7] - Batteries that do not meet the health standards are sent for material recovery, extracting valuable metals like nickel, cobalt, and lithium [6][7] Market Dynamics - The recycling market is heavily influenced by the prices of lithium carbonate and other metals, which have seen significant fluctuations, impacting profitability [8][9] - The price of lithium carbonate peaked at 600,000 yuan per ton in November 2022 but has since dropped below 100,000 yuan per ton in 2023 [8][11] Industry Challenges - The industry is currently facing a supply-demand imbalance, with many compliant companies unable to compete with informal operations that offer higher prices [12][13] - The overall recycling sector is experiencing losses due to high operational costs and low metal prices, making it difficult for compliant companies to remain profitable [13][14] Regulatory Environment - China has established 22 national standards for battery recycling, aiming to create a standardized framework for the industry [18][19] - The government is working to improve the management policies and regulatory frameworks surrounding battery recycling to enhance market efficiency [19][20] Future Outlook - The battery recycling market is expected to grow as regulations and standards improve, and as companies innovate their technologies and processes [20] - The potential for profitability in the recycling sector may increase as the volume of retired batteries rises, leading to lower costs and improved economic viability [20]

Core Insights - The Chinese market is approaching a large-scale retirement phase for power batteries, necessitating significant efforts in battery recycling and utilization [1][2] - The action plan approved by the State Council aims to establish a standardized, safe, and efficient recycling system for power batteries [2] Industry Challenges - The power battery recycling industry is facing several challenges, including an imbalance between input and output, with production costs consistently exceeding sales prices, leading to overall industry losses [3][4] - The market is experiencing overcapacity, with over 180,000 companies involved in battery recycling, but the volume of retired batteries has not yet increased sufficiently to support this many players [4][5] - The presence of small workshops, which account for approximately 80% of the total recycling volume, complicates the market, as they often operate without proper regulations and can offer higher prices than compliant companies [8][11] Technical and Regulatory Issues - There is a lack of unified standards for retired battery assessment and residual value evaluation, which hampers technological advancement in material separation and recovery [6][13] - The recycling network is underdeveloped, with many collection points lacking the necessary infrastructure to handle battery recycling properly [14][15] - Current management policies lack enforceability, and the absence of a robust regulatory framework allows non-compliant entities to thrive [13][10] Market Dynamics - The recycling market is characterized by fierce competition, with small workshops often outbidding compliant companies due to lower operational costs [11][21] - The economic viability of the recycling industry remains uncertain, with only a few companies achieving profitability amid high procurement costs and fluctuating metal prices [19][21] - The future of the industry is expected to trend towards consolidation, with a focus on technological advancements and regulatory compliance to ensure sustainable growth [21][22] Future Outlook - The market for battery recycling is projected to grow significantly, with estimates suggesting that the domestic recycling volume will exceed 300,000 tons by 2024, corresponding to a market size of over 48 billion yuan [3][4] - The dual paths of cascade utilization and recycling are anticipated to coexist, with both sectors expected to expand as the demand for electric vehicles and energy storage solutions increases [17][18] - The industry is calling for national support and policy frameworks to facilitate the development of a comprehensive recycling ecosystem [22]

Core Viewpoint - The Chinese market is entering a phase of large-scale retirement of power batteries, necessitating the establishment of a robust recycling system to ensure safe and efficient recovery of these batteries [1]. Group 1: Industry Challenges - The power battery recycling industry is facing significant challenges, including an imbalance between input and output, with production costs consistently exceeding selling prices, leading to overall industry losses [2][3]. - The market is experiencing oversupply, with over 300,000 tons of production capacity, while the actual demand for retired batteries has not yet materialized, resulting in chaotic competition and price instability [2][3]. - The presence of unregulated small workshops, which account for approximately 80% of the recycling volume, exacerbates the issue by lacking proper processing capabilities and contributing to environmental pollution [4][7]. Group 2: Regulatory and Technical Issues - Current regulations lack enforceability, and the absence of unified standards for retired battery assessment and material separation technology presents significant hurdles for the industry [3][7]. - The recycling network is underdeveloped, with many designated collection points failing to meet basic requirements for battery storage and handling [7][8]. - The lack of a comprehensive tracking system for battery life cycles and the need for stricter regulations are critical for improving the recycling process [6][9]. Group 3: Market Dynamics and Future Outlook - The market for power battery recycling is projected to exceed 48 billion yuan in 2024, with expectations to surpass 100 billion yuan by 2030, indicating a growing opportunity despite current challenges [1][2]. - The industry is expected to undergo consolidation, with a trend towards clustering as companies seek to adapt to modern market demands, although a clear oligopoly is unlikely due to the diverse nature of battery materials and recycling methods [12][13]. - The future of the recycling market is promising, contingent on the establishment of effective regulations and support from the government, which will facilitate the development of a sustainable recycling ecosystem [13].

Core Insights - The article highlights the performance of stocks with significant trading volumes and consecutive price increases, indicating strong market interest and potential investment opportunities in specific sectors [1][2]. Group 1: Stock Performance - The top stock by trading volume on the limit-up board is Hezhan Energy, with a total of 523,000 hands [1]. - ST Zhongdi achieved a remarkable 10 consecutive limit-ups, while other stocks like Shikong Technology and Yashichuangneng recorded 6 and 5 consecutive limit-ups, respectively [1]. - A total of 20 stocks had limit-up orders exceeding 10 million yuan, with Shikong Technology, Ruierte, and others exceeding 20 million yuan [2]. Group 2: Company Developments - Shikong Technology plans to acquire 100% of Shenzhen Jiahe Jingwei Electronic Technology Co., Ltd., which specializes in storage products, marking a significant expansion into a new industry [2]. - The company reported a third-quarter revenue of 71.01 million yuan, a year-on-year increase of 66.04%, but incurred a net loss of 49.02 million yuan [2]. - Hezhan Energy's trading volume reached 523,000 hands, with a focus on wind power and energy storage, despite reporting a year-on-year loss reduction in its third-quarter results [3]. Group 3: Sector Highlights - The lithium mining sector saw multiple stocks hitting the limit-up, including Xizang City Investment and Yongxing Materials, driven by strong lithium resource development and production plans [5]. - The battery recycling sector is gaining traction, with companies like Fulongma and Yuanda Environmental Protection actively engaging in lithium battery recycling and related services [6][7]. - Quantum computing is also highlighted, with companies like Geer Software and Shenzhou Information making strides in quantum technology and applications [7]. Group 4: Institutional Investment - Five stocks saw net purchases exceeding 100 million yuan, with Jiangte Electric leading at 277 million yuan, followed by other notable companies [8].

Core Viewpoint - The power battery recycling sector has shown a positive performance, with a 0.53% increase, ranking seventh among concept sectors, indicating growing investor interest and potential opportunities in this area [1][2]. Group 1: Market Performance - As of October 30, the power battery recycling concept saw 37 stocks rise, with notable gainers including Xinwangda (up 10.14%), Tianqi Lithium (up 9.67%), and Fangyuan Co. (up 9.05%) [1]. - The sector experienced a net inflow of 1.92 billion yuan, with 43 stocks receiving net inflows, and 11 stocks exceeding 100 million yuan in net inflow [2]. Group 2: Key Stocks - Tianqi Lithium led the net inflow with 1.382 billion yuan, followed by Huayou Cobalt (410 million yuan), Ganfeng Lithium (387 million yuan), and Fulongma (377 million yuan) [2]. - The highest net inflow ratios were observed in Kangsheng Co. (29.02%), Yuanda Environmental Protection (22.44%), and Tianqi Lithium (14.14%) [3]. Group 3: Sector Comparison - The power battery recycling sector's performance contrasts with other sectors, such as the military equipment restructuring concept, which fell by 2.91%, and the optical packaging concept, which decreased by 2.87% [2].

Core Insights - The rapid development of the new energy vehicle industry has positioned China as the largest producer and consumer of power batteries globally, leading to an impending wave of large-scale battery retirements that necessitates a standardized, safe, and efficient recycling system [1][2] Group 1: Market Overview - China is expected to enter a large-scale retirement phase for power batteries, with an estimated recovery volume exceeding 300,000 tons in 2024, corresponding to a market size of over 48 billion yuan, and projected to surpass 100 billion yuan by 2030 [2] - The implementation of battery recycling standards has significantly improved resource recovery rates and promoted the standardized and large-scale development of the industry [4] Group 2: Standardization Efforts - The State Administration for Market Regulation has released 22 national standards related to battery recycling, covering various aspects such as general recovery requirements, management specifications, disassembly standards, and recycling of lithium-ion waste [2][3] - A national technical committee for battery recycling standardization is being established to coordinate standards across the entire supply chain, addressing the needs of various sectors including automotive, marine, and energy storage [3] Group 3: Regional Initiatives - Fujian Province has pioneered the integration of battery recycling into local legislation, establishing a supportive policy framework and providing financial incentives for organizations involved in standard-setting and pilot projects [4] - Fujian has three institutions capable of conducting critical safety testing for batteries, with a key laboratory serving as a core platform for risk monitoring and technical evaluation across the industry [4] Group 4: Technological Advancements - Companies like CATL's subsidiary, Bangpu Recycling, have achieved high recovery rates of 99.6% for nickel-cobalt-manganese and 96.5% for lithium, with plans to process over 120,000 tons of waste batteries in 2024 [5] - Quanzhou Qingneng Company is expected to process 237 tons of retired batteries in 2024, generating a revenue of 23 million yuan while reducing carbon emissions by 238 tons, showcasing a replicable standardized model [5] Group 5: International Collaboration - China is actively participating in the formulation of international standards for battery recycling, with experts involved in developing performance evaluation methods and general guidelines for retired battery recycling [6][7] - The country has successfully proposed an IEC international standard for deep discharge guidelines in battery recycling, with nearly 40 Chinese experts engaged in relevant international technical organizations [7]

Investment Rating - The report maintains a "Recommended" rating for the new materials industry [1]. Core Insights - The new materials sector is positioned for accelerated growth due to rapid downstream demand, supported by policy backing and technological breakthroughs. It is identified as a foundational industry that underpins other sectors, including electronics, renewable energy, biotechnology, and environmental protection [4]. Summary by Sections 1. Electronic Information Sector - Focus areas include semiconductor materials, display materials, and 5G materials [5]. - The AI IaaS market in China is projected to grow by 122.4% year-on-year in the first half of 2025, reaching a market size of 19.87 billion yuan. The GenAI IaaS market is expected to grow by 219.3%, while OtherAI IaaS is projected to decline by 14.1% [6][23]. 2. Aerospace Sector - Key materials of interest are PI films, precision ceramics, and carbon fibers [8]. - A new assembly line for Airbus A320 aircraft in Tianjin is set to commence operations in early 2026 [9]. 3. New Energy Sector - Focus on photovoltaic materials, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [10]. - The domestic market for battery recycling is expected to exceed 100 billion yuan by 2030, with a projected recycling volume of over 300,000 tons in 2024 [10]. 4. Biotechnology Sector - Key areas include synthetic biology and scientific services [11]. - A development plan aims to enhance the quality of listed companies in Shenzhen, targeting a total market value exceeding 20 trillion yuan by 2027 [12]. 5. Energy Conservation and Environmental Protection Sector - Focus on adsorbent resins, membrane materials, and biodegradable plastics [13]. - A plan to establish an ecological environment rights trading platform in Hubei aims for completion by 2027 [14]. 6. Key Companies and Profit Forecasts - Notable companies include Ruihua Tai, Guangwei Composite, and others, with various EPS and PE ratios forecasted for 2024-2026 [15]. - For instance, Guangwei Composite is projected to have an EPS of 0.89 in 2024, with a PE ratio of 32.16 [15]. 7. Industry Dynamics - The new materials industry is expected to enter a prosperous cycle driven by downstream applications [14]. - The report emphasizes the importance of identifying companies with strong R&D capabilities and excellent management within the core supply chain [4].