Summary of Key Points Core Viewpoint - The company has successfully completed the first vesting period of its 2024 restricted stock incentive plan, allowing 264 eligible participants to receive a total of 354.9651 million shares, which represents 0.4688% of the company's total share capital [3][12][19]. Group 1: Incentive Plan Overview - The incentive plan involves the issuance of restricted stock to directors, senior management, and key personnel, with a total of 1,514.506 million shares initially planned for distribution [2][16]. - The vesting price for the restricted stock was adjusted from 17.43 yuan per share to 16.855 yuan per share due to changes in the plan [10][11]. Group 2: Vesting Conditions and Performance Metrics - The first vesting period for the restricted stock is set from July 3, 2024, to July 2, 2026, with a vesting ratio of 30% for the first year [13][14]. - The performance targets for the first vesting period include a sales growth rate of at least 25% for phosphate cathode materials compared to 2023 sales figures [6][12]. Group 3: Share Distribution and Impact - The total number of shares distributed in this vesting period is 354.9651 million, impacting the company's total share capital, which will increase from 757,253,070 shares to 760,802,721 shares [15][18]. - The distribution of shares will not significantly alter the company's control structure or financial performance [18][19]. Group 4: Compliance and Approval - The plan has undergone necessary approvals and has been verified by legal and financial advisors, confirming compliance with relevant regulations [19][20]. - The company has ensured that all vesting conditions have been met, allowing for the distribution of shares to eligible participants [12][19].

Battery - Tianpeng Power announced the launch of the world's first mass-produced solid-state cylindrical battery with an energy density of 350Wh/kg, utilizing revolutionary materials and structural design [2] Materials - Mingtai Aluminum plans to enter the new energy battery materials sector, focusing on high-end, green, and intelligent strategies to enhance profit margins through high-value-added products [4] - Shanghai Xiba intends to bid for the lithium sulfide business assets of Yuyuan New Materials, which are crucial for producing sulfide solid electrolytes [6][8] - Huayou Cobalt expects a net profit increase of 55.62% to 67.59% for the first half of the year, projecting profits between 2.6 billion to 2.8 billion yuan [10] - Yinglian Co. anticipates a staggering net profit growth of 360.57% to 460.70%, with expected profits between 23 million to 28 million yuan [12] - Taihe New Materials has recently begun trial production of its commercialized aramid separator products for lithium batteries [13] Equipment - Liyuanheng has started delivering full solid-state battery production line equipment to leading domestic clients, marking a significant step in the industrialization of solid-state batteries [18] Listing - Tianqi Materials plans to publicly issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategic layout [15][16]

Group 1 - Wanyi Technology and Hefei Comprehensive National Science Center Energy Research Institute signed an agreement to establish a joint laboratory for the research and development of key vacuum measurement equipment for nuclear fusion [1] - The joint laboratory will focus on developing tritium-compatible leak detection technology and vacuum measurement equipment resistant to neutron radiation and electromagnetic interference [1] - This collaboration is expected to accelerate the development of the domestic vacuum equipment industry and enhance Wanyi Technology's competitive advantage in the nuclear fusion sector [1] Group 2 - Dangsheng Technology has developed high ionic conductivity sulfide solid electrolytes with controllable micro-nano particle sizes, achieving stable production and scalability [2] - Multiple electrolyte products have received certification and integration from leading battery manufacturers and automotive companies, indicating a significant breakthrough in solid-state electrolyte technology [2] - This advancement is expected to improve battery performance and accelerate the development of the electric vehicle industry, solidifying Dangsheng Technology's leading position in the market [2] Group 3 - JinkoSolar's subsidiary achieved a record conversion efficiency of 27.02% for its 182N-type high-efficiency monocrystalline silicon cells, certified by a third-party testing center [3] - The N-type TOPCon high-efficiency photovoltaic modules also received certification, with a maximum conversion efficiency of 25.58%, setting a new record for similar products globally [3] - These breakthroughs in conversion efficiency highlight JinkoSolar's innovation capabilities and are expected to enhance the competitiveness of its products, promoting the adoption of solar energy and contributing to global energy transition [3]

Group 1 - The company held its 13th meeting of the second board on June 20, 2025, via telecommunication, with all 9 directors participating, complying with the Company Law and the Articles of Association [2][14] - The board approved the proposal to cancel 104,965 shares of the second category of restricted stock due to the departure of 12 incentive targets and non-compliance of one target with the incentive criteria [2][15][42] - The board also approved the adjustment of the grant price for the 2024 restricted stock incentive plan from 17.012 yuan per share to 16.855 yuan per share [7][61][64] Group 2 - The board recognized that the conditions for the first vesting period of the 2024 restricted stock incentive plan have been met, allowing for the allocation of 3,549,651 shares to 264 eligible incentive targets [8][30][47] - The total number of restricted stocks granted under the incentive plan is 15,145,060 shares, with the first grant not exceeding 12,382,100 shares [27][41] - The vesting conditions include performance assessments based on net profit and sales growth of phosphate-based cathode materials over the years 2024 to 2026 [33][34][35]

Summary of Key Points Core Viewpoint The announcement details the achievement of the first vesting conditions for the 2024 restricted stock incentive plan of Hunan YN Energy Battery Materials Co., Ltd, allowing 264 eligible participants to receive a total of 3.549651 million shares, which represents 0.4688% of the company's total share capital. Group 1: Incentive Plan Overview - The incentive plan involves the issuance of restricted stock to eligible participants, with a total of 1,514.506 million shares initially planned, of which 1,238.210 million shares were designated for the first grant [1][2][10] - The vesting price for the restricted stock was adjusted from 17.43 yuan per share to 16.855 yuan per share [9][10] Group 2: Eligible Participants and Share Distribution - A total of 264 individuals are eligible for the first vesting period, with the distribution of shares as follows: - Chairman Tan Xinqiao: 1.21988 million shares - General Manager Zhao Huaqiu: 0.36597 million shares - Other executives and core personnel received the remaining shares [2][12][14] Group 3: Vesting Conditions and Performance Targets - The first vesting period is set from July 3, 2025, to July 2, 2026, with a vesting ratio of 30% for the first grant [12][14] - Performance targets for the first vesting period include a sales growth rate of at least 25% for phosphate cathode materials compared to 2023 [5][12] Group 4: Compliance and Approval - The board of directors and the supervisory board have approved the vesting conditions, confirming that all legal and regulatory requirements have been met [15][18] - The independent financial advisor has also confirmed that the conditions for the first vesting period have been satisfied [18]

Core Viewpoint - Guizhou Province is focusing on ecological priority and green development, achieving significant improvements in ecological civilization and economic growth with a higher "green content" in its economy [1][8]. Group 1: Ecological Development - From 2020 to 2024, Guizhou's forest area increased from 10.8363 million hectares to 11.1478 million hectares, with forest coverage rising from 61.5% to 63.3% [1]. - The proportion of the green economy in GDP increased from 42% to 48% during the same period [1]. - Guizhou has planted 605 million trees over the past 11 years, establishing a continuous green barrier [2]. - The province has shifted its focus from expanding forest area to improving quality through restoration and nurturing of degraded forests [2]. Group 2: Resource Utilization - Guizhou is rich in mineral resources, with 49 types of minerals ranking in the top ten nationally, and has discovered 137 types of minerals [6]. - The "rich mine and precise mining" strategy aims to maximize economic, ecological, and social benefits while minimizing resource consumption [6]. - The phosphorous chemical industry in Guizhou has seen significant growth, with the value of the phosphorous chemical and new energy battery materials industry exceeding 50 billion yuan in just over three years [7]. Group 3: Tourism and Cultural Development - Guizhou has integrated traditional culture into tourism, with the "Guizhou Qingjiu Cup" dragon boat festival attracting 253,900 visitors and generating 234 million yuan in revenue during the Dragon Boat Festival [9]. - The province's tourism sector has shown strong recovery, with a 10.4% increase in visitor numbers and a 13.3% increase in total tourism expenditure in 2024 [9][10]. Group 4: Digital Economy - Guizhou is advancing its digital economy strategy, with a focus on artificial intelligence and data market opportunities, achieving a 60.1% level of integration between information technology and industrialization [12]. - The province has 48 national key data centers, with over 90% being intelligent computing resources, positioning itself as a leader in data infrastructure [13].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In the context of continued tariff conditions and global geopolitical tensions, the equity market may continue to experience index fluctuations, waiting for the progress of the technology industry to drive a new round of upward technology market. The convertible bond market showed strong resilience last week, with a slight increase in valuation. After the successive announcements of early redemptions of Hangyin and Nanyin convertible bonds, the problem of bottom - position allocation in the convertible bond market has become more urgent. Attention can be paid to underlying stocks with better fundamentals among the convertible bonds with positive YTM. If large - balance convertible bonds have their ratings downgraded, it may be a good opportunity to increase positions in convertible bonds. When selecting bonds, one can take advantage of the inconsistent driving factors of the dividend and technology sectors to reduce portfolio volatility and look for targets driven by performance and/or valuation, starting from three aspects: performance - driven, event - catalyzed, and dividend and defensive [3][19]. Summary by Relevant Catalogs Market Focus from June 9th to June 13th Stock Market - The equity market showed an overall fluctuating pattern last week. Against the backdrop of intensified global geopolitical conflicts, the prices of gold and crude oil rose significantly, and the introduction of export control measures related to rare earth permanent magnets drove the non - ferrous metals and petroleum and petrochemical sectors to perform well. Affected by the suspension of trade - in subsidy activities in some regions, consumer sectors such as food and beverage and household appliances adjusted significantly. Most Shenwan primary industries closed down last week, with non - ferrous metals (+3.79%), petroleum and petrochemical (+3.50%), agriculture, forestry, animal husbandry and fishery (+1.62%), media (+1.55%), and pharmaceutical and biological (+1.40%) leading the gains; food and beverage (-4.37%), household appliances (-3.26%), building materials (-2.77%), and computer (-2.52%) performing poorly [1][9][10]. Bond Market - The bond market strengthened overall last week. The inflation in May remained low, the year - on - year export declined to 4.8%, the capital cost continued to decline, the overnight capital interest rate reached a new low this year, and the intensified geopolitical conflicts and the decline in market risk appetite all benefited the bond market. The yield of the 10 - year treasury bond closed at 1.64% on Friday, down 1.07bp from the previous week [1][10]. Convertible Bond Market - Most convertible bond issues closed down last week. The CSI Convertible Bond Index decreased by 0.02% for the whole week, the median price decreased by 0.63%, the arithmetic average parity calculated decreased by 0.95% for the whole week, and the overall market conversion premium rate increased by 0.61% compared with the previous week. In terms of individual bonds, Jinling (football concept), Jinji (reactive dyes), Haibo (steel structure engineering), Liande (display module equipment), and Zhite (aluminum formwork for construction) convertible bonds led the gains; Zhengyu (automobile shock absorbers and components & early redemption announced), Huati (intelligent transportation system), Haomei (aluminum profiles), and Tianyang (financial IT) convertible bonds led the losses. Most industries in the convertible bond market closed down last week, with communication (-4.42%), media (-3.67%), automobile (-1.63%), and computer (-1.58%) experiencing relatively large declines, while social services (+8.88%), non - bank finance (+1.37%), agriculture, forestry, animal husbandry and fishery (+0.79%), and banks (+0.78%) performing well. The total trading volume of the convertible bond market last week was 346.489 billion yuan, with an average daily trading volume of 69.298 billion yuan, showing an increase compared with the previous week [2][10][13][14][18]. Views and Strategies from June 16th to June 20th - The equity market may continue to fluctuate, waiting for the technology industry to drive a new round of upward market. The convertible bond market showed strong resilience last week, with a slight increase in valuation. After the early redemptions of Hangyin and Nanyin convertible bonds, attention can be paid to underlying stocks with better fundamentals among the convertible bonds with positive YTM. If large - balance convertible bonds have their ratings downgraded, it may be a good opportunity to increase positions. When selecting bonds, one can take advantage of the inconsistent driving factors of the dividend and technology sectors to reduce portfolio volatility and look for targets from three aspects: performance - driven, event - catalyzed, and dividend and defensive [3][19][20]. Valuation Overview - As of June 13th, 2025, for equity - biased convertible bonds, the average conversion premium rates of convertible bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 39.18%, 27.52%, 18.77%, 13.77%, 8.02%, and 4.3% respectively, at the 79%/57%, 72%/46%, 65%/36%, 69%/46%, 58%/30%, and 64%/28% percentile values since 2010/2021. For debt - biased convertible bonds, the average YTM of convertible bonds with parities below 70 yuan was 0.43%, at the 12%/3% percentile values since 2010/2021. The average implied volatility of all convertible bonds was 30.27%, at the 51%/27% percentile values since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was - 17.65%, at the 12%/18% percentile values since 2010/2021 [21]. Primary Market Tracking Newly Announced Issuances Last Week (June 9th - June 13th) - Luwei Convertible Bond (118056.SH): The underlying stock is Luwei Optoelectronics (688401.SH), belonging to the electronics industry. The convertible bond issuance scale is 615 million yuan, with a credit rating of AA -. The funds after deducting issuance fees will be used for semiconductor and high - precision flat - panel display mask expansion projects, acquisition of minority shareholders' equity in Chengdu Luwei, and supplementing working capital and repaying bank loans. - Dianhua Convertible Bond (127109.SZ): The underlying stock is Xiangtan Dianhua (002125.SZ), belonging to the power equipment industry. The convertible bond issuance scale is 487 million yuan, with a credit rating of AA. The funds after deducting issuance fees will be used for a project to produce 30,000 tons of spinel - type lithium manganate battery materials and supplementing working capital. - Anke Convertible Bond (123257.SZ): The underlying stock is Anke Innovation (300866.SZ), belonging to the electronics industry. The convertible bond issuance scale is 1.105 billion yuan, with a credit rating of AA+. The funds after deducting issuance fees will be used for R & D and industrialization projects of portable and household energy storage products, new - generation intelligent hardware products, warehousing intelligent upgrading, full - link digital operation center, and supplementing working capital [30][31][32]. Upcoming Listings - Hengshuai Convertible Bond (123256.SZ) is expected to be listed on June 17th. The underlying stock is Hengshuai Co., Ltd. (300969.SZ), belonging to the automobile industry. The convertible bond issuance scale is 328 million yuan, with a credit rating of A+. The funds after deducting issuance fees will be used for a project to build a new automobile parts production base in Thailand, an expansion project of an annual production of 19.54 million automobile micro - motors and cleaning and cooling system components and R & D center expansion, and R & D center expansion [33][34]. Issuance Progress - Last week, the exchange approved the registration of 1 company (Libote), and the general meetings of shareholders passed the proposals of 2 companies (Xianghe Industry and Lianrui New Materials). As of now, there are 82 convertible bonds to be issued, with a total scale of 129.19 billion yuan, including 8 that have been approved for registration with a total scale of 14.43 billion yuan and 4 that have passed the listing committee review with a total scale of 2.93 billion yuan [35].

Group 1 - ST Pava announced a stock repurchase plan to stabilize its stock price, approved during the 25th meeting of the 3rd Board of Directors on June 11, 2025 [1] - The top ten unrestricted shareholders hold approximately 41.22 million shares, accounting for 25.93% of the total shares [1] - The largest shareholder is Zhejiang Zheshang Industrial Investment Fund, holding about 8.05 million shares, which is 5.06% of the total [1] Group 2 - For the year 2024, ST Pava's revenue composition shows that 99.12% comes from new energy battery materials, while other businesses account for only 0.88% [2] - The current market capitalization of ST Pava is 1.5 billion yuan [3]

Group 1 - The Fourth China-Africa Economic and Trade Expo will be held in Changsha from June 12 to 15, showcasing the achievements and potential of Yutang District's economic cooperation with Africa [1] - Xiangtan Steel Group is the largest production base for wide and thick plates globally, with a strong manufacturing level in various industries, including shipbuilding and engineering machinery [1] - Xiangtan Steel will promote special steel products used in shipbuilding, engineering machinery, and high-rise bridge construction at the expo [1] Group 2 - Xiangtan Electric Chemical Co., Ltd. is a leading producer of electrolytic manganese dioxide and other new energy battery materials, with products exported to over 20 countries [2] - The company will showcase various battery materials, including alkaline electrolytic manganese dioxide and nickel sulfate, targeting new energy power battery manufacturers [2] - The Xiangtan Central International Machinery Park will host a remanufacturing exhibition from June 13 to 15, featuring multiple local companies [2] Group 3 - Xiang Electric Group provides services for power, energy, mining, and other sectors, showcasing models of heavy equipment and smart energy solutions at the expo [3] - Xiangtan Danno Electronic Technology Co., Ltd. will present enamel kitchenware products, while Xiangtan Jiayuan Trading Co., Ltd. will display various types of tea exported to Europe and Africa [3] - The "Xinhua Zhai" brand will exhibit traditional pastries, contributing to the diverse offerings aimed at enhancing Yutang's foreign trade [3] - The event aims to help local companies expand into international markets and enhance brand influence, promoting high-quality regional economic development [3]

Core Viewpoint - China Nuclear Titanium Dioxide (中核钛白) announced the termination of its 2021 non-public stock issuance projects, specifically the "Water-soluble Monoammonium Phosphate Resource Recycling Project" and the "Annual Production of 500,000 Tons of Iron Phosphate Project," reallocating the remaining raised funds of 1.666 billion yuan to supplement working capital for daily operations and business development [1][8]. Group 1: Project Termination Reasons - The termination of the projects is attributed to significant changes in the supply-demand relationship in the downstream market for water-soluble monoammonium phosphate and iron phosphate, leading to a slowdown in demand growth and overall industry profitability falling below expectations [1][5]. - The gross profit margin for iron phosphate has dropped into negative territory due to severe homogeneity and low technical barriers in the midstream of the supply chain [1][6]. Group 2: Financial and Operational Details - In May 2021, the company planned to raise no more than 7.091 billion yuan for various projects, including the terminated ones, but by 2023, the actual net funds raised amounted to 5.249 billion yuan [2]. - As of April 30, 2025, the original total investment commitment for the iron phosphate project was 3.385 billion yuan, later adjusted to 2.524 billion yuan, with cumulative investment of 1.309 billion yuan [2]. Group 3: Market Environment and Competition - The iron phosphate industry has seen rapid capacity expansion since the second half of 2020, with many companies attempting to diversify into lithium battery materials, but increasing market competition and raw material price volatility have made this transition challenging [3][4]. - The domestic production of iron phosphate is projected to reach 2.0276 million tons in 2024, a 47.87% increase from 1.3712 million tons in 2023, while prices are expected to remain low, with a year-on-year decline of 20.67% [6][7]. Group 4: Strategic Decision-Making - The decision to terminate the projects was made based on business development needs and current market conditions, aiming to enhance fund utilization efficiency and optimize resource allocation, which is expected to support the company's long-term strategic development without harming shareholder interests [8].