Core Viewpoint - The lithium industry is subject to significant price fluctuations, and companies must adhere to supply and demand principles rather than engage in speculative practices. It is essential for domestic companies to adapt to local markets when expanding internationally, rather than simply replicating domestic models [2]. Group 1 - The lithium market has experienced two major price cycles over the past thirty years, highlighting the importance of understanding industry dynamics [2]. - Companies should focus on the essence of business rather than being influenced by short-term price movements, which can lead to "resource gambling" [2]. - Domestic competition in the lithium sector is intense, but companies must integrate into local markets when operating abroad to succeed [2].

G高工锂电修 2025年11月18-20日 深圳前海华侨城JW万豪酒店 码 上 报 名 楚能与锂电行业均处于起步阶段, 未来会持续深耕。在全球与国内经济中, 新能源产业的前景和市场,无其他行业可 媲美。行业"卷"只是竞争方式,无"卷 "则无机会,"卷"能让我们做出更具竞 争力的产品,推动行业进步。无需质疑行 业未来与市场容量,目前仍处起步期,市 场还有巨大空间,甚至能实现一倍到两倍 的持续增长。 来源：高工锂电15周年策划《高朋会》2025.05 激荡十五载 瞭望新征程 ２０２５第十五届高工锂电年会 暨十五周年庆典＆高工金球奖颁奖典礼 代德明 楚能新能源 董事长 ...

Core Viewpoint - The recent export controls on lithium batteries and related manufacturing equipment by the Ministry of Commerce and the General Administration of Customs reflect China's commitment to managing high-end technology and key equipment while ensuring the stability of global supply chains [1][2]. Industry Development Perspective - The export controls target the core segments of China's lithium battery industry, including high energy density batteries and related production equipment, where Chinese companies like CATL, BYD, and Zhongxin Innovation have established technological advantages [2]. - The management of weight energy density, materials, and process equipment through export controls aims to protect core technologies from outflow and encourages companies to enhance independent innovation and collaborative development across the entire supply chain [2]. - This policy shift promotes a transition from scale expansion to technology-driven growth, enhancing international bargaining power and supply chain leadership in the context of accelerating global competition in the new energy sector [2]. International Perspective - China's export controls align with the responsible behavior of a major power, as controlling dual-use and high-tech products is a common global practice aimed at preventing potential risks and maintaining regional and global peace [2]. - The precise management of technology indicators and categories avoids a one-size-fits-all approach while ensuring that compliant trade continues, reflecting China's institutional confidence and responsibility in global supply chain governance [2]. Innovation and Upgrading - The export controls are expected to drive innovation and upgrading within the industry, as companies enhance their core technology levels and market competitiveness through a comprehensive "R&D—pilot testing—mass production—application" system [3]. - The policy will create a safety barrier for the high-end lithium battery industry, providing momentum for technological innovation and industrial upgrading [3]. - The organic combination of policy guidance, technological innovation, and market-driven forces positions China's lithium battery industry for high-quality development, contributing to global energy transition and green development [3].

Group 1: Macro and Strategy - The September fiscal data shows a marginal recovery in general public budget revenue, with a year-on-year growth of 2.6%, up from 2% in the previous period, driven mainly by VAT and a significant increase in stamp duty revenue [9][10] - Government fund budget revenue turned positive in September, with a year-on-year growth of 5.6%, while expenditure growth slowed to 0.4%, indicating a potential for fiscal policy to support economic recovery [10][11] - The central government announced a new policy of 500 billion yuan in financial tools and 500 billion yuan in local debt limits to stimulate the economy, which is expected to have a positive impact in the fourth quarter [11] Group 2: Industry and Company Insights - The modern investment banking sector is evolving, with a focus on cross-border asset management, particularly in Hong Kong, which has a substantial asset management scale of 35.14 trillion HKD [18][19] - The telecommunications industry is experiencing rapid advancements in satellite internet deployment, with 116 satellites launched to date, enhancing communication capabilities [22][23] - The lithium battery industry is witnessing a significant price increase in lithium hexafluorophosphate, which has risen over 50% since mid-July, driven by tight supply and increasing demand [35]

Core Viewpoint - Despite a noticeable market correction this week, the outlook for the energy storage and lithium battery industries remains positive, driven by multiple catalysts at this moment [1] Group 1: Energy Storage Industry - The global resonance of the energy storage industry trend remains unchanged [1] - In China, the core driver is the comprehensive market entry of new energy, which is widening the peak-valley electricity price difference, along with the introduction of capacity electricity pricing policies that enhance the internal rate of return (IRR) for energy storage [1] - In the U.S., there is a significant power gap in data centers, making the combination of solar and storage an irreplaceable and rapidly scalable energy source [1] Group 2: Lithium Battery Industry - The lithium battery sector is currently experiencing multiple catalysts, with recent market declines attributed to speculations regarding export control policy interpretations [1] - The decline is mainly due to some funds cashing out, but the industry fundamentals remain optimistic amid the ongoing impact of U.S.-China relations [1] - The production season is strong, with materials and energy storage batteries in short supply, leading to continuous price increases; demand clarity for 2026 is becoming more evident, with significant growth in lithium battery production in Q3 compared to previous quarters [1] - The focus remains on materials, particularly 6F, lithium iron phosphate, and opportunities within the battery segment [1]

Core Insights - The new energy sector is experiencing a reversal in supply and demand dynamics, with positive changes on the supply side driven by market factors and "anti-involution" policies [1][2] - Investment opportunities are not only arising from supply improvements but also depend on sustained demand performance [1][3] Supply and Demand Dynamics - After a prolonged adjustment period, the new energy sector has shown significant strength this year, with prices and profits at low levels across various segments [2] - The supply-demand gap in the industry has been narrowing since last year, and there is a strong possibility of a supply shortage next year, leading to a sustained price increase cycle [2] - Recent stabilization in lithium carbonate prices is crucial for the new energy industry, as it is more market-driven compared to cobalt prices, which are influenced by non-market factors [2] Investment Strategy - The investment strategy focuses on high-end manufacturing and technology sectors, selecting companies with global competitiveness and supporting their growth over the long term [4] - The current investment portfolio is concentrated in new energy, electronics, machinery, and military industries, with a "two-end allocation" strategy that emphasizes technology and AI on one end and new energy and military on the other [4] - AI technology is accelerating its implementation across various sectors, contributing to actual revenue for some companies, indicating a continuous emergence of high-quality investment opportunities [4]

李填 博士 国轩高科 董事长 G高工锂电修 2025年11月18-20日 深圳前海华侨城JW万豪酒店 I 90 3 . 码 上 报 名 全球能源变革加速演进,格局重构 版图,人类能源文明正谱写新篇章。能源 技术创新从无灵光乍现的偶然,唯有长期 深耕才是必然。我始终坚信,要用"慢功 夫"做"难而正确"的事,用"真智慧" 解"无限可能"的题。身处百年变局,投 机取巧、不重科学终将被淘汰,唯有坚持 真理、聚焦实干方能跨越。国轩高科不惧 短期得失,不为乱象所惑。真正的科学探 索从不为掌声停留,思想引永远属于"无 人区"的拓荒者。 来源：2025全球科技大会国轩致辞2025.05 激荡十五载 瞭望新征程 ２０２５第十五届高工锂电年会 暨十五周年庆典＆高工金球奖颁奖典礼 ...

Investment Rating - The report suggests a positive outlook on sectors such as green hydrogen, ammonia, wind power, energy storage, and photovoltaic industries, indicating potential investment opportunities in these areas [2][3][4]. Core Insights - The report emphasizes the importance of policies related to renewable energy consumption, carbon reduction, and the development of related manufacturing industries during the 14th Five-Year Plan period in China [2]. - It highlights the shift from demonstration exploration to large-scale development in the hydrogen and fuel cell sector, driven by recent policy initiatives [3][6]. - The report notes that the wind power sector is expected to see increased activity due to tax policy adjustments, particularly benefiting offshore wind projects [3][13]. - The photovoltaic and energy storage sectors are experiencing recovery in profitability, with significant performance improvements expected in Q3 [15][18]. - The lithium battery sector is witnessing a continued rise in key raw material prices, indicating a high level of market activity and potential for further price increases [19][20]. Summary by Relevant Sections Hydrogen and Fuel Cells - Recent policies are systematically removing barriers to the development of green hydrogen and its derivatives, marking a transition to large-scale production [3][6]. - The introduction of mandatory consumption targets for non-electric renewable energy sources is expected to create a stable market demand for green hydrogen [6][7]. - Financial support mechanisms are being implemented to enhance project viability and stimulate supply-side improvements [7][8]. Wind Power - The adjustment of VAT policies for wind power is anticipated to have a limited negative impact on onshore projects while boosting offshore project development [12][13]. - The report indicates a robust growth trajectory for offshore wind installations, with significant bidding activity observed [13][14]. Photovoltaics and Energy Storage - The report notes a recovery in the photovoltaic supply chain, with upstream companies benefiting from improved pricing and profitability [15][16]. - It highlights the importance of monitoring the potential milestones in the anti-involution actions and the year-end installation trends [15][18]. Lithium Batteries - The report discusses the ongoing price increases in key lithium battery materials, particularly lithium hexafluorophosphate, indicating a supply-demand imbalance [19][20]. - It emphasizes the need to focus on leading companies in the lithium battery supply chain that are likely to benefit from these price trends [19][21]. Electric Grid - The report highlights the strong performance of companies like Si Yuan Electric, which has exceeded profit expectations due to increased overseas orders [30][31]. - It also notes the potential for significant growth in the electric grid sector driven by new bidding standards and increased capital expenditures [30][31].

Group 1: Event Overview - The CINE2025 Solid-State Battery Exhibition and Industry Annual Conference will be held from November 6-8, 2025, at the Guangzhou Nansha International Convention Center, featuring over 200 exhibitors and 20,000 professional attendees [1] Group 2: Company Performance - Huayou Cobalt reported a revenue of 58.941 billion yuan for Q3 2025, a year-on-year increase of 29.57%, and a net profit of 4.216 billion yuan, up 39.59% [2][4] - In Q3 2025, Huayou Cobalt achieved a revenue of 21.744 billion yuan, marking a 40.85% increase year-on-year, with a net profit of 1.505 billion yuan, up 11.53% [4][5] - The company attributes its performance to integrated operations, rising cobalt prices, management reforms, and cost reduction efforts [4] Group 3: Market Context - The lithium battery industry experienced a turning point in the first half of 2025, with global electric vehicle sales increasing by 35% and domestic lithium battery installations exceeding 300 GWh, a 42% year-on-year growth [6][8] - The domestic lithium battery industry's capital expenditure saw a positive growth of 31.72% year-on-year, indicating a recovery in the market [8] Group 4: Cobalt Market Dynamics - Cobalt prices have risen significantly due to the Democratic Republic of Congo lifting its cobalt export ban, leading to a supply shortage [8][9] - Huayou Cobalt benefits from its early investments in Congolese mining resources, ensuring a stable and low-cost cobalt supply [9] Group 5: Future Prospects - Cobalt products are expected to continue contributing stable revenue and gross profit to Huayou Cobalt, becoming a key financial pillar [10] - The company has multiple nickel wet-process smelting projects in Indonesia, with a total production capacity of approximately 245,000 tons of nickel intermediate products [10][11] - Upcoming projects include a lithium sulfate project expected to be completed by the end of 2025 and a cathode material project in Hungary set to be completed in 2025 [12]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Views - The lithium hexafluorophosphate market is experiencing unexpected prosperity, and the supply-side reform in the photovoltaic sector is continuously advancing [1] - The report highlights significant improvements in the supply-demand dynamics of the lithium hexafluorophosphate market, with prices rising sharply due to the end of the oversupply situation [8] - The photovoltaic industry is seeing a notable recovery, with the average external price of granular silicon increasing by 27.9% quarter-on-quarter, indicating a positive trend in the sector [5] Summary by Relevant Sections Photovoltaics - The photovoltaic sector is in a "de-involution" phase, with significant effects from supply-side reforms. The average external price of granular silicon reached 42.12 RMB/kg, up 27.9% from Q2, while cash costs decreased by 4.5% [5] - The price of silicon materials has stabilized around 50 RMB/kg, and there are expectations for new policies to further support the industry [5] - Companies to watch include GCL-Poly Energy, Tongwei Co., and high-efficiency battery technology firms such as BAK Power, Aiko Solar, and LONGi Green Energy [5] Wind Power - The offshore wind sector is entering a bidding peak, with significant projects being approved and orders being won by companies like Orient Cable and Zhongtian Technology [6] - The onshore wind market remains robust, with a high level of bidding activity and increasing average prices for wind turbines [7] Energy Storage - Hebei Province has released a list of independent energy storage pilot projects totaling 13.82 GW/47.03 GWh, indicating a push for diverse energy storage technologies [7] - The SNEC ES+2025 International Energy Storage Exhibition showcased advancements in large-scale energy storage systems [7] Lithium Battery - Companies in the lithium battery supply chain are advancing solid-state battery technologies, with significant deliveries of semi-solid batteries reported [7] - The price of lithium hexafluorophosphate has surged over 20% in less than a month, reflecting a substantial improvement in the supply-demand balance [8] Power Equipment - The State Grid's fixed asset investment increased by 8.1% year-on-year, with expectations for continued growth in power infrastructure [9] - The first cross-grid electricity spot trading between Southern and State Grid marks a significant step towards a unified electricity market in China [10]