1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The market characteristics of technology and non - ferrous metals in overseas markets during the National Day holiday are expected to continue in the A - share market after the holiday. In October, during the disclosure period of the third - quarter reports, attention should be paid to convertible bond opportunities in sub - sectors with performance realization, including optical modules, storage, lithium - battery, and non - ferrous metals sectors [1][10][15]. - In October, the convertible bond market's 100 - yuan premium rate is expected to fluctuate in the range of 30% - 37%. On one hand, it is difficult for the valuation to break through the end - of - August high; on the other hand, the convertible bond valuation has support due to the upward - trending A - share market [2][16]. 3. Summary According to the Table of Contents 3.1 10 - month Convertible Bond Outlook: Valuation Range Fluctuation, Optimistic about Technology & Non - ferrous Metals - During the National Day holiday, there were continuous catalysts in the overseas AI chain. South Korea's two memory chip giants reached a preliminary supply agreement with OpenAI's Star Gate project, and AMD signed a chip supply agreement with OpenAI, which is expected to increase the company's annual revenue by tens of billions of dollars. Meanwhile, the "shutdown" of the US government pushed up the gold price, and COMEX gold broke through the $4000 mark [1][10]. - In October, attention should be paid to convertible bond opportunities in sub - sectors with performance realization, such as optical modules, storage, lithium - battery, and non - ferrous metals sectors. Specific individual bonds are recommended, including Jiayuan Convertible Bonds in the optical module sector, Tianci, Yiwei, Dianhua, and Guanyu Convertible Bonds in the lithium - battery sector, and Bo 23 Convertible Bonds in the non - ferrous metals sector [1][15]. - In October, the convertible bond market's 100 - yuan premium rate is expected to fluctuate in the range of 30% - 37%. The end - of - August convertible bond valuation was relatively high, and it is difficult to break through this high in October, but there is support for the valuation due to the upward - trending A - share market [2][16]. 3.2 September Market Review 3.2.1 Equity Market - In September, the A - share market fluctuated upward, with the Shanghai Composite Index once challenging the 3900 - point mark. The market trading was active, with an average daily trading volume of 2.42 trillion yuan, an increase of 109.38 billion yuan compared to August. The growth and cyclical styles were dominant, while the financial and consumer styles performed poorly [20]. - The lithium - battery sector led the rise, and the non - ferrous metals sector also performed well. The military and large - financial sectors performed poorly [25]. 3.2.2 Convertible Bond Market - In September, the convertible bond market showed a fluctuating trend. The monthly increase of the CSI Convertible Bond Index was +2.0%, underperforming the Wanquan A Index. The trading volume of the convertible bond market decreased compared to August, with an average daily trading volume of 79.76 billion yuan, a decrease of 12.52 billion yuan [28]. - In terms of industry performance, the convertible bonds of the electronics, non - ferrous metals, and automobile sectors led the rise. Individual bonds such as Jize, Guanzhong, and Huicheng Convertible Bonds led the increase, while Borei, Tianlu, and Tongguang Convertible Bonds led the decline [33]. 3.3 Convertible Bond Valuation - In September, the convertible bond valuation showed a range - fluctuating characteristic. The end - of - September 100 - yuan premium rate of the convertible bond market was 33.9%, an increase of 1.71 percentage points compared to the end of August, and was at a high percentile level since 2018 and 2021 [36]. - Different par values had corresponding conversion premium rates, which also increased compared to the end of August and were at high percentile levels [36]. 3.4 Convertible Bond Supply and Demand 3.4.1 Convertible Bond Supply - In September 2025, the issuance scale of convertible bonds increased both year - on - year and month - on - month. Two new convertible bonds were issued, with a total scale of 3.5 billion yuan [49]. - As of September 30, two convertible bonds waiting to be issued obtained regulatory approval, with a total scale of 5.479 billion yuan. Five public convertible bond board plans were added, with a total scale of 4.199 billion yuan [53][55]. 3.4.2 Convertible Bond Demand - The share of the Convertible Bond ETF decreased in September. As of September 30, the share decreased by 342 million units to 4.484 billion units, and the circulation scale decreased by 3.426 billion yuan to 60.573 billion yuan [57]. 3.5 Clause Tracking 3.5.1 Redemption - As of September 30, 16 convertible bonds were confirmed for forced redemption, 11 were not to be redeemed, and 10 might trigger forced redemption [61]. 3.5.2 Downward Revision - As of September 30, six convertible bonds were confirmed for downward revision, 20 announced no downward revision for the time being, five proposed downward revision (three of which had completed the downward revision), and 10 might trigger downward revision [62].

机械ETF（516960）跟踪的是细分机械指数（000812），该指数聚焦于机械设备行业，从市场中选取涉 及专用设备、通用机械等领域的优质上市公司证券作为指数样本，以反映机械设备行业相关上市公司证 券的整体表现和发展趋势。 （文章来源：每日经济新闻） 国金证券指出，8月国内储能装机稳步回升，同/环比增长58%/63%，1～8月累计装机同比+36%，美国 市场受ITC法案调整影响，8月并网量同增47%但环比回落28%。锂电行业10月排产环比增长3%～9%， 电池、负极、电解液等环节同比增幅超40%，需求端持续扩张。碳酸锂、氢氧化锂价格月涨幅达20%， 电芯及电解液价格同步上行，仅铁锂材料因供应链调整小幅下跌。固态电池技术进入关键窗口期，2025 年下半年起复合集流体将逐步量产，全固态电池中试线加速布局，预计2026～2027年实现示范装车。行 业库存周期已进入补库阶段，部分环节供需格局改善，叠加新技术突破，产业链景气度呈现多元化提 升。 ...

Core Viewpoint - The lithium battery industry is experiencing significant growth, with production and prices of key materials expected to rise due to increasing demand and the upcoming peak season [1][5]. Industry Changes - Lithium carbonate and lithium hydroxide prices increased by 20% in September, reaching 78,000 CNY/ton and 71,000 CNY/ton respectively [2]. - In August, wholesale sales of new energy passenger vehicles in China reached 1.18 million units, a year-on-year increase of 22% [2]. Market Performance - Since September 2025, the lithium battery sector has outperformed major indices, with the lithium copper foil segment leading with a 43% increase [3]. - The overall trading volume in the lithium battery sector has been rising, driven by active trading in energy storage and humanoid robotics [3]. Sales Insights - In August, new energy vehicle sales in China, Europe, and the U.S. were 118,000, 200,000, and 170,000 units respectively, with year-on-year growth rates of 22%, 42%, and 15% [4]. - Domestic energy storage installations in China reached 12.6 GWh in August, a year-on-year increase of 58% [4]. Production Forecast - For October, lithium battery production is expected to increase by 3% to 9% month-on-month, with year-on-year growth of 21% to 50% [5]. - The cumulative production forecast for lithium carbonate, batteries, and other components from January to October 2025 is expected to grow by 27% to 58% [5]. Price Trends - Prices for lithium battery materials are rising, with lithium carbonate and lithium hydroxide seeing a monthly increase of 20%, while iron-lithium materials are experiencing a slight decline [5]. Technological Developments - The second half of 2025 marks a critical period for solid-state batteries and composite current collectors, with significant orders expected for pilot lines and equipment [5]. Investment Recommendations - The industry is recommended to focus on leading companies in niche markets and those involved in solid-state technology, including CATL, EVE Energy, and Keda Technology [7].

| | 锂云母 | | | | 电硕-工候价差 元/吨 | = 工业级碳酸锂-平均价 一 电池级碳酸锂-平均价 | | --- | --- | --- | --- | --- | --- | --- | | | (Li20:1.5%-2.0%) | 1125 | | -15 | | TT/ H | | | 锂云母 | | | | | | | | (Li20:2.0%-2.5%) | 1855 | | -20 | | 碳酸锂注册仓单(吨) | | | 磷锂铝石 (Li20:6%-7%) | 6080 | | -70 | | | | | 磷锂铝石 | 7190 | | -95 | | | | | (Li20:7%-8%) | | | | | | | | 正极材料 | 平均价 | | 涨跌 | | | | | 磷酸铁锂(动力型) | 33640 | | | | | | | 三元材料811(多晶/动力型) | 150350 | | 1000 | | | | | 三元材料523 (单晶/动力型) | 122350 | | 600 | | | | | 三元材料613(单晶/动力型) | 127350 | | 700 | ...

固收：10 月转债投资思路？20251008 摘要 权益市场和可转债预计迎来第二轮上升行情，投资者正将估值中枢向 2026 年切换，经济复苏和反内卷逻辑或成定价关键因素。当前可转债 估值已充分反映股票预期，虽估值偏高，但考虑到股票预期强劲，预计 10 月成交量复苏，可转债指数有望创新高。 推荐关注锂电、电子算力等核心赛道的可转债，如沪深 300、创业板指 及 A500 成分股对应的标的，受益于资金流入和公募基金扩容。同时关 注溢价率较低但位于核心赛道的标的，如天赐、新宙邦等，这些股性强、 跟涨正股动能大的标的值得重点关注。 当前强赎概率较高，但股票上涨预期抵消了负面影响。在震荡向上的慢 牛趋势下，股市上涨将继续支撑股性可转换公司债券估值。同时，下修 概率有所上升，上市公司或提前下修进行市值管理。 股性转债仍是核心资产，虽有溢价，但上涨能力强且抗跌。锂电产业链 指向旺季景气上修，下半年盈利修复预期增强，全链预排产环比上升， 同比增幅约 40%。 Q&A 对于短期可转债市场的观点是什么？ 进入 10 月后，可转债市场逐步进入买点。从 9 月上证指数表现来看，整体呈 现高位震荡趋势，主要是消化前期盈利盘和赛道轮换， ...

指数表现：根据iFind数据，2025/9/22-2025/9/26期间，沪深300上涨1.07%，电力设备指 数上涨3.86%，跑赢沪深300指数2.79pct。 行业表现：根据iFind数据，2025/9/22-2025/9/26期间，31个申万一级行业中，电力设备 上涨3.86%，排第1位。申万三级行业，电力能源相关子板块中，锂电专用设备、光伏加工 设备、风电零部件涨幅位列前三位，分别上涨10.43%、6.40%、4.30%；光伏发电、火电设 备、火力发电跌幅位列前三位，分别下跌1.81%、1.49%、0.82%。 电力工业运行：根据能源局数据，2025年8月，全社会用电量为10154亿千瓦时，同比增 长5.00%；2025年1-8月，全社会用电量累计为68788亿千瓦时，同比增长4.60%。2025年1-8 月，新增发电装机容量34516万千瓦，同比增长64.40%。2025年1-8月，发电设备平均利用小 时2105小时，同比减少223小时。2025年1-8月，电网累计投资3796亿元，同比增长14.00%； 电源累计投资4992亿元，同比增长0.50%。 英大证券近日发布电力能源行业周报：根据iFi ...

国信证券近日发布锂电产业链双周评：本周末碳酸锂价格为7.36万元/吨，较两周前上涨 0.01万元/吨。相较两周前，负极、电解液报价下跌，三元正极、磷酸铁锂正极、六氟磷酸 锂报价上涨，隔膜报价稳定。本周方形三元动力电芯/铁锂动力电芯/储能用100Ah电芯/储能 用280Ah电芯报价为0.396/0.332/0.362/0.303元/Wh，较两周前增加0.002/0.000/0.000/0.000 元/Wh。 国内新能源车：8月国内新能源车销量139.5辆，同比+27%、环比+11%；国内新能源车 渗透率48.8%，同比+4.0pct，环比+0.2pct。1-8月国内新能源车销量962.0万辆，同比+37%。 美国新能源车：8月美国新能源车销量17.66万辆，同比+19%、环比+22%；新能源车渗 透率12.1%，同比+1.6pct、环比+1.6pct。1-8月美国新能源车销量111.36万辆，同比+7%。 【锂电材料及锂电池价格】 锂盐价格震荡，电芯报价上行。本周末碳酸锂价格为7.36万元/吨，较两周前上涨0.01万 元/吨。相较两周前，负极、电解液报价下跌，三元正极、磷酸铁锂正极、六氟磷酸锂报价 上涨，隔膜报 ...

Group 1: Lithium Battery Market Insights - The price of lithium carbonate reached 78,000 yuan/ton, a 20% increase from the previous month, while lithium hydroxide also rose to 71,000 yuan/ton, marking a 20% increase [1][2] - In August, the wholesale sales of domestic new energy passenger vehicles reached 1.18 million units, with year-on-year and month-on-month growth of 22% and 10% respectively; cumulative sales from January to August totaled 8.36 million units, reflecting a year-on-year increase of 35% [2][5] Group 2: Market Performance - Since September 2025, the lithium battery sector has shown active performance, with most segments outperforming the CSI 300 and SSE 50 indices; the lithium battery copper foil segment led with a 43% increase, while the low-altitude economy segment saw a decline of 1% [3] - The monthly transaction volume in lithium-related sectors has continued to grow, driven by active trading in energy storage and humanoid robotics sectors [3] Group 3: Energy Storage Developments - In August, domestic energy storage installations steadily increased to 12.6 GWh, with year-on-year and month-on-month growth of 36% and 63% respectively; cumulative installations from January to August reached 64.1 GWh, reflecting a year-on-year increase of 36% [6] - The U.S. energy storage installations in August were 3.5 GWh, with year-on-year growth of 46%, although there was a month-on-month decline of 28% [6] Group 4: Price Trends - Currently, lithium battery material prices are rising, with lithium carbonate and lithium hydroxide both experiencing a 20% increase; however, iron-lithium material prices have slightly decreased due to supply chain adjustments [7] Group 5: Investment Recommendations - In 2025, a new round of capacity expansion in lithium batteries, coupled with breakthroughs in solid-state technology, is expected to accelerate industry capital expenditure; key recommendations include leading companies in niche segments and those involved in solid-state technology, such as CATL, EVE Energy, and Keda Technology [8]

Core Insights - The recent investment promotion conference in Xianghuang Banner resulted in the signing of cooperation agreements with 11 companies, totaling 39.9 billion yuan, covering various sectors including green agricultural products, energy storage management, and cultural tourism [3][5][8] - Xianghuang Banner is transforming from a resource-dependent economy to a model of resource chain development and industrial integration, showcasing its development potential and attracting significant investment [3][4][5] Investment Opportunities - The local government has established a modern transportation network, including multiple highways and an operational A1-class airport, facilitating industrial development and cooperation [3][5] - The region boasts rich natural resources, including lithium, coal, and high-quality wind and solar energy, positioning it as a favorable location for new energy projects [4][5] Policy Environment - The local government offers multiple policy incentives for businesses, enhancing the investment climate and operational efficiency for companies [5][8] - Companies investing in Xianghuang Banner can expect substantial support in terms of tax benefits and land guarantees, which significantly reduce operational costs [8] Industry Development - Xianghuang Banner is focusing on seven key industrial chains, including lithium battery production, new energy equipment manufacturing, and green agricultural product processing, to drive high-quality economic growth [7] - The collaboration with Jiangxi Ganfeng Lithium Co., Ltd. aims to establish the first lithium resource industrial chain in Inner Mongolia, indicating a strategic shift towards industrial diversification [5][7]

Investment Rating - The report maintains a "Buy" rating for the electric equipment and new energy industry [1] Core Insights - The lithium battery sector is experiencing a seasonal demand increase, with lithium carbonate and lithium hydroxide prices rising by 20% in September [1][6] - In August, domestic wholesale sales of new energy passenger vehicles reached 1.18 million units, reflecting a year-on-year increase of 22% and a month-on-month increase of 10% [1][4] - The report highlights the importance of solid-state battery technology and its potential breakthroughs in addressing interface issues, which are critical for commercialization [3][18] Summary by Sections Monthly Research Insights - The report discusses solutions to solid-solid interface issues in solid-state battery manufacturing, emphasizing the need for breakthroughs in physical, chemical, and mechanical dimensions [3][13] Industry Sentiment Tracking and Review - New energy vehicle sales in August showed strong growth, with China, Europe, and the US leading the market [4][22] - Domestic energy storage installations in August reached 12.6 GWh, a year-on-year increase of 58% [5][28] - The report forecasts a significant increase in lithium battery production in October, with year-on-year growth expected to be between 21% and 50% [5][34] Price and Volume Analysis - Lithium battery material prices are on the rise, with lithium carbonate and lithium hydroxide prices increasing by 20% in September [6][35] - The report notes that the lithium battery supply chain is entering a replenishment phase, with inventory levels rising [39] New Technology Developments - Solid-state batteries and composite current collectors are entering a critical engineering and industrialization phase, with significant orders expected for 2025 [6][44] - The report identifies key investment opportunities in solid-state battery technology, particularly in dry processing and isostatic pressing equipment [18][21] Investment Recommendations - The report recommends focusing on leading companies in the lithium battery sector and those involved in solid-state technology breakthroughs, such as CATL and EVE Energy [7][21]