Group 1 - The core point of the news is the performance and market position of Duofuduo New Materials Co., Ltd., which saw a stock price increase of 5.1% to 17.52 CNY per share, with a total market capitalization of 20.856 billion CNY [1] - Duofuduo's main business segments include lithium hexafluorophosphate and electronic chemicals (34.97%), fluorine-based new materials (30.39%), lithium-ion batteries (25.30%), electronic information materials (5.55%), and others (3.80%) [1] Group 2 - Among the top shareholders of Duofuduo, the Huatai-PineBridge CSI New Energy Vehicle Industry Index Fund (LOF) A (501057) increased its holdings by 761,300 shares in Q2, bringing its total to 7.5903 million shares, representing 0.7% of the circulating shares [2] - The fund has achieved a year-to-date return of 47.35% and a one-year return of 79.19%, ranking 905 out of 4220 and 929 out of 3824 respectively [2] Group 3 - The fund manager of Huatai-PineBridge CSI New Energy Vehicle Industry Index Fund (LOF) A is Guo Beibei, who has been in the position for 10 years and 58 days, with a total fund asset size of 44.242 billion CNY [3] - The best return during Guo Beibei's tenure is 140.73%, while the worst return is -58.47% [3]

Core Viewpoint - The company is advancing its research and development in silicon-based anode materials for solid-state batteries, specifically focusing on silicon-carbon and silicon-oxygen technologies [2] Group 1 - The company has completed pilot testing of its asphalt-based silicon-carbon anode products and is currently sending samples to customers [2] - The company is actively promoting the feasibility study for the silicon-carbon project and will disclose any progress in accordance with legal regulations [2]

1. Report Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Views of the Report - After the Fed cut interest rates by 25bp as expected, the market quickly digested the expectation and turned to shock. With the approaching holiday, the activity of the capital market decreased, and short - term style switching and partial withdrawal would occur [2]. - Without incremental negative news, the 1.8 - 1.83% range may be the high - level range for the 10 - year Treasury bond yield, but in the absence of strong positive factors, the short - term decline in interest rates is also limited [2]. - As the end of the quarter approaches, the liquidity of derivative contracts for gold tightens, and the risk of volatility is relatively large. The silver price is driven by both financial and industrial attributes, with high upward elasticity [2]. - The shipping index on the EC (European line) is rising on the disk, and the steel exports support the black valuation, with steel prices continuing to fluctuate [2]. - The geopolitical risk premium drives the oil price up, but the expected recovery of supply in the Kurdish region limits the rebound height, with short - term shock as the main trend [2]. - The supply of urea remains loose in the short term, and the demand side lacks strong drivers, so the market is weak [2]. - For agricultural products, the supply prospects of overseas sugar are broad, and new cotton is gradually coming onto the market, increasing supply pressure [2]. 3. Summaries According to Related Catalogs Financial Stock Index - TMT continues to lead the market, and most stock indices close higher. It is recommended to sell put options on the MO2511 contract with an execution price near 6600 when the index pulls back to collect premiums [2]. Treasury Bond - The MLF is renewed with an increased amount, and the overall trend of Treasury bond futures is volatile. It is recommended to operate within the range for the unilateral strategy and pay attention to quick entry and exit. For the basis spread strategy, the basis of the TL contract fluctuates at a high level, and one can appropriately participate in the basis narrowing strategy [2]. Precious Metals - For gold, maintain the idea of buying on dips or buying out - of - the - money call options. For silver, keep a low - buying strategy as its price fluctuates above $43 [2]. Black Steel - Steel exports support the black valuation, and steel prices continue to fluctuate. Try short - buying on pullbacks and narrow the spread between the January contract of hot - rolled coil and rebar [2]. Iron Ore - The decline in shipments, the increase in molten iron, and the replenishment demand support the high - level shock of iron ore prices. The 2601 contract of iron ore is regarded as volatile, with a reference range of 780 - 850 [2]. Coal - The coal prices in coal - producing areas are stable with a slight upward trend. It is recommended to short the coking coal 2601 contract at high prices, with a reference range of 1150 - 1250, and short the coke 2601 contract at high prices, with a reference range of 1650 - 1800 [2]. Energy and Chemical Crude Oil - The geopolitical risk premium drives the oil price up, but the expected recovery of supply in the Kurdish region limits the rebound height. It is recommended to adopt a unilateral band - trading strategy, with the WTI operating range at [60, 66], Brent at [64, 69], and SC at [471, 502] [2]. Other Chemicals - For various chemicals such as urea, PX, PTA, etc., different trading strategies are proposed according to their supply - demand situations, such as short - selling urea on rallies, and paying attention to the pressure levels for PX and PTA long positions [2]. Agricultural Products - For different agricultural products like soybeans, pigs, corn, etc., different trends and trading suggestions are given. For example, for sugar, conduct short - selling on rebounds; for cotton, short in the short term [2]. Special Commodities - For glass, due to news - driven factors, the glass futures market has risen sharply, and it is recommended to watch cautiously. For rubber, the impact of the typhoon is limited, and the rubber price has fallen slightly, so it is recommended to watch [2]. New Energy - For polysilicon, the market sentiment is repaired, and the futures market rebounds, so it is recommended to watch temporarily. For lithium carbonate, driven by the sector sentiment, the futures market strengthens slightly, and the main contract is expected to operate in the range of 70,000 - 75,000 yuan [2].

Group 1 - The core viewpoint of the news is that Xiamen Tungsten New Energy experienced a 5% drop in stock price, reaching 80.17 CNY per share, with a trading volume of 606 million CNY and a turnover rate of 1.47%, resulting in a total market capitalization of 40.461 billion CNY [1] - Xiamen Tungsten New Energy Materials Co., Ltd. was established on December 20, 2016, and listed on August 5, 2021. The company specializes in the research, production, and sales of lithium-ion battery cathode materials [1] - The main business revenue composition of Xiamen Tungsten New Energy includes lithium cobalt oxide at 50.32%, ternary materials (including lithium iron phosphate and others) at 45.89%, hydrogen energy materials at 3.07%, and other supplementary materials at 0.72% [1] Group 2 - From the perspective of the top ten holdings of funds, Guojin Fund has one fund heavily invested in Xiamen Tungsten New Energy. The Guojin Xinyue Economic New Momentum A (010375) held 32,700 shares in the second quarter, accounting for 3.02% of the fund's net value, ranking as the tenth largest holding [2] - The Guojin Xinyue Economic New Momentum A (010375) was established on November 18, 2020, with a latest scale of 31.2297 million CNY. Year-to-date returns are 17.29%, ranking 4941 out of 8171 in its category; the one-year return is 38.85%, ranking 3982 out of 8004; and since inception, it has a loss of 1.18% [2] Group 3 - The fund manager of Guojin Xinyue Economic New Momentum A (010375) is Wang Xiaogang, who has been in the position for 2 years and 274 days. The total asset scale of the fund is 234 million CNY, with the best fund return during his tenure being 27.79% and the worst being 11.76% [3]

据悉，业绩增长的背后是晖阳新能源优化成本控制体系，提升企业生产效率，从原来的全部石墨化外委 加工到自有石墨化工序生产比例逐步增加，从而降低生产成本，产生利润。待全部采用自有石墨化工序 比例达 100 %时，生产成本会进一步下降。为支撑公司生产效率提升，完善及细化产业链，晖阳新能源 同步推进产能建设。公司于今年9月在黔西南州安龙县开启"2万吨高端负极材料生产线"的建设，项目达 产后，将显著提升公司供给能力，并有望进一步增厚未来利润。 晖阳新能源(EPOW.US)周四收涨38.27%，报1.12美元。消息面上，晖阳新能源2025年7月单月销售 3790 万元(人民币，下同)，净利润 297 万元;8月实现销售3455 万元，净利润 116万元。7月和8月净利润共计 413万元。 ...

Core Viewpoint - The company has announced guarantees for its subsidiaries to support their operational financing needs, which are deemed necessary and reasonable for maintaining overall corporate interests [2][5][6]. Group 1: Guarantee Details - The company has provided a joint liability guarantee of RMB 100 million (10,000.00 million) to its wholly-owned subsidiary, Wuxing Aluminum, for a loan from Bank of China [2][8]. - Additionally, the company has provided a joint liability guarantee of RMB 50 million (5,000.00 million) to its overseas subsidiary, Dingheng New Materials, for a loan from CITIC Bank [2][9]. - The guarantee period for both subsidiaries is three years from the debt performance deadline, and there are no counter-guarantees involved [2][4]. Group 2: Internal Decision-Making Process - The guarantees were approved during the 17th meeting of the 6th Board of Directors on April 28, 2025, and at the annual shareholders' meeting on May 20, 2025 [3]. - The chairman of the company is authorized to sign and execute the relevant guarantee documents within the limits set by the shareholders' meeting [3]. Group 3: Necessity and Reasonableness of Guarantees - The guarantees are intended to meet the refinancing needs of the subsidiaries, enhance decision-making efficiency, and align with the company's overall interests [5]. - The company maintains sufficient control over the subsidiaries, allowing for effective monitoring and management, which minimizes guarantee risks [5][6]. Group 4: Cumulative Guarantee Situation - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to approximately RMB 3.155641 billion (315,564.10 million), representing 47.31% of the company's latest audited net assets [7]. - There are no overdue external guarantees reported as of the announcement date [7].

Core Viewpoint - The ongoing equity battle for China Baoan has intensified, with Shaoguan High-tech increasing its stake to 18%, closely trailing behind Shenzhen State-owned Assets, which holds 18.58% [2][4][6]. Group 1: Shareholding Changes - Shaoguan High-tech acquired 25,792,106 shares of China Baoan from September 12 to September 24, 2025, representing a 1.00% increase in total shareholding [3][6]. - Following this transaction, Shaoguan High-tech's total shareholding rose to 464,258,571 shares, accounting for 18.00% of the total share capital [5][6]. Group 2: Market Reaction - Following the announcement of the share increase, China Baoan's stock price surged over 6%, bringing its market capitalization to 31.131 billion [2][6]. Group 3: Historical Context - The equity struggle for China Baoan began in 2020, with Shaoguan High-tech initially increasing its stake to 10% and later surpassing other shareholders to become the largest stakeholder by 2021 [4][7]. - The competition has evolved into a strategic battle between Shaoguan High-tech, backed by Guangdong's private investment platform, and Shenzhen State-owned Assets, which aims to maintain influence over local enterprises [7][8]. Group 4: Financial Performance - In the first half of the year, China Baoan reported total revenue of 10.839 billion, an increase of 8.07% year-on-year, and a net profit of 244 million, reflecting a 24.51% growth compared to the previous year [9].

据悉，业绩增长的背后是晖阳新能源优化成本控制体系，提升企业生产效率，从原来的全部石墨化外委 加工到自有石墨化工序生产比例逐步增加，从而降低生产成本，产生利润。待全部采用自有石墨化工序 比例达 100 %时，生产成本会进一步下降。为支撑公司生产效率提升，完善及细化产业链，晖阳新能源 同步推进产能建设。公司于今年9月在黔西南州安龙县开启"2万吨高端负极材料生产线"的建设，项目达 产后，将显著提升公司供给能力，并有望进一步增厚未来利润。 智通财经APP获悉，晖阳新能源(EPOW.US)披露最新经营数据，2025年7月单月销售 3790万元（人民 币，下同），净利润 297 万元；8月实现销售3455 万元，净利润 116万元。7月和8月净利润共计413万 元。 ...

Core Viewpoint - Greeenme's unique position in China's new energy industry is highlighted, focusing on its mission to eliminate pollution and recycle resources, evolving from electronic waste processing to a global leader in new energy materials and key metal resource recovery [1][2]. Group 1: Business Model and Market Position - Greenme's business model integrates "urban mining" and "new energy materials," aligning with the themes of carbon neutrality and resource security [2]. - The company is a leader in the recovery of nickel, cobalt, and tungsten resources in China, with its lithium-ion battery and scrapped vehicle recovery business being particularly significant [2]. - Greenme holds a top position in the domestic third-party retired lithium-ion battery recovery sector, accounting for over 10% of China's total recovery volume [2]. - The company focuses on producing key materials for ternary lithium batteries, ranking among the global leaders in both ternary precursors and cobalt oxide production [2]. Group 2: Financial Performance and Challenges - Greenme's total revenue is projected to grow from CNY 29.392 billion in 2022 to CNY 33.199 billion in 2024, reflecting a compound annual growth rate (CAGR) of approximately 6.3% [4]. - The revenue structure is shifting, with the share of revenue from new energy materials decreasing from 74.2% in 2022 to 60.0% in 2024, while the share from key metal resources, particularly nickel, is increasing from 16.9% to 30.4% [4]. - Despite steady revenue growth, the company's net profit shows significant volatility, primarily due to its reliance on the prices of commodities like nickel and cobalt, which are subject to global supply and demand fluctuations [5]. - The company recorded a non-financial asset impairment loss of CNY 830 million in 2023, largely due to inventory write-downs, indicating high sensitivity of profitability to external market factors [5]. Group 3: Capital Strategy and Global Expansion - Greenme's ongoing global expansion, particularly in nickel resource and ternary material base construction in Indonesia, has led to substantial capital expenditures, resulting in negative cash flow from investment activities [3][6]. - The upcoming H-share issuance aims to alleviate capital pressure, improve the company's balance sheet, and attract international long-term capital focused on green economy and ESG investments [3]. - The anticipated "retirement wave" of power batteries is expected to peak between 2027 and 2030, providing a significant growth market for Greenme, with a projected CAGR of 52.1% for retired electric vehicle batteries from 2024 to 2030 [7]. - The demand for high-nickel ternary precursors is expected to rise, with penetration rates increasing from 35.2% in 2024 to 70.0% by 2030, positioning Greenme to capitalize on this high-value growth trend [7]. Group 4: Strategic Outlook - Greenme's unique resource recycling model and technological barriers in new materials, particularly in the context of the "power battery retirement wave" and "resource security," provide long-term strategic investment value [8]. - However, the company's high-growth, high-investment strategy is accompanied by a high debt structure and potential liquidity risks, posing significant financial challenges in the short to medium term [8]. - The A+H listing represents a strategic move to balance global expansion with financial risks, necessitating careful evaluation of the company's long-term value against short-term risks [8].

Group 1: Economic Data - In August, the total social electricity consumption reached 1015.4 billion kWh, a year-on-year increase of 5%. The national manufacturing electricity consumption in the same month increased by 5.5% year-on-year, the highest this year [2] - The OECD's mid-term outlook report predicts that the global economic growth rate in 2025 will be 3.2%, an upward revision of 0.3 percentage points from the June forecast, and the 2026 forecast remains at 2.9%. The economic growth forecasts of the US, Eurozone, Japan, and the UK for this year have been slightly raised [2] - The preliminary value of the US S&P Global Manufacturing PMI in September was 52, in line with expectations, and the final value in August was 53. The preliminary value of the Services PMI was 53.9, and the preliminary value of the Composite PMI was 53.6, both lower than expected and at a three-month low [2] - In September, the arrival volume of imported soybeans in China remained high. The soybean crushing volume of major oil mills in the country has remained above 2.3 million tons for four consecutive weeks, and this week's crushing volume is expected to be around 2.4 million tons. As of September 19, the soybean meal inventory of major oil mills has exceeded 1.2 million tons, and it is expected to rise above 1.25 million tons by the end of September [2] Group 2: Project News - The first-phase lithium carbonate project of Luopu Xihai New Energy Materials Co., Ltd. was put into operation. The total investment of the project is 4.6 billion yuan. After the first phase reaches full production, it can process 300,000 tons of lithium concentrate annually and produce 30,000 tons of battery-grade lithium carbonate [3] Group 3: Plate Performance - Key focus: urea, Shanghai copper, soybean meal, crude oil, plastic [4] - Night trading performance: non-metallic building materials 2.58%, precious metals 32.68%, oilseeds 10.34%, soft commodities 2.53%, non-ferrous metals 18.74%, coal, coke, steel, and minerals 13.97%, energy 3.01%, chemicals 11.88%, grains 1.05%, agricultural and sideline products 3.23% [4] Group 4: Plate Position - The chart shows the position changes of commodity futures plates in the past five days [6] Group 5: Performance of Major Asset Classes | Category | Name | Daily Change (%) | Monthly Change (%) | Year-to-Date Change (%) | | --- | --- | --- | --- | --- | | Equity | Shanghai Composite Index, SSE 50 | -0.18, -0.09 | -0.94, -1.91 | 14.02, 8.74 | | | CSI 300 | -0.06 | 0.51 | 14.86 | | | CSI 500 | -0.61 | 1.94 | 25.41 | | | S&P 500 | -0.55 | 3.04 | 13.18 | | | Hang Seng Index | -0.70 | 4.31 | 30.40 | | | German DAX | 0.36 | -1.22 | 18.60 | | | Nikkei 225 | 0.00 | 6.50 | 14.03 | | | UK FTSE 100 | -0.04 | 0.39 | 12.85 | | Fixed Income | 10-year Treasury Bond Futures | -0.21 | -0.09 | -1.11 | | | 5-year Treasury Bond Futures | -0.13 | 0.10 | -0.86 | | | 2-year Treasury Bond Futures | -0.05 | -0.07 | -0.61 | | Commodity | CRB Commodity Index | 0.00 | -1.52 | 0.35 | | | WTI Crude Oil | 2.22 | -0.61 | -11.48 | | | London Spot Gold | 0.46 | 9.17 | 43.40 | | | LME Copper | 0.21 | 0.92 | 13.80 | | | Wind Commodity Index | 0.94 | 11.20 | 28.57 | | Other | US Dollar Index | -0.08 | -0.63 | -10.37 | | | CBOE Volatility Index | 0.00 | 4.82 | -7.20 | [8]