9月22日，兴业银行南宁分行在总行的指导下，成功为一家新材料公司发放出口买方信贷融资7.129亿 元，用于支持其在印度尼西亚的新能源项目建设。这是兴业银行首笔独立承贷的出口买方信贷业务。该 行切实推动跨境金融与绿色金融深度融合，为提升企业在国内外的ESG（环境、社会、治理）表现、助 力广西建设面向东盟的金融开放门户作出积极贡献。 据介绍，一家新材料公司拟在印度尼西亚投建新 能源项目，并成立项目公司负责项目建设运营。在前期的走访调研中，兴业银行南宁分行了解到项目存 在跨境融资需求，立即组建融资工作专班，为企业量身定制跨境金融服务方案。此次贷款由中信保承 保，采用出口买方信贷模式，以项目未来经营收益作为还款来源。业务模式较好地契合境外项目"融资 +建设+运营"的一体化需求，有效缓解企业的资金压力，并提升中资企业在国际市场的竞争力。 随着共 建"一带一路"持续走深走实，中国企业在东南亚的投资布局日益广泛，亟须与之相匹配的跨境金融服 务。近年来，兴业银行南宁分行紧密跟随区域产业特色，持续加大对外向型经济的金融支持力度，为本 地企业开拓海外市场、参与国际竞争提供金融助力。 未来，兴业银行南宁分行将继续坚持服务国家战 略 ...

（文章来源：证券日报） 证券日报网讯 9月26日晚间，中伟股份发布公告称，本公司2025年半年度权益分派方案为：以公司现有 总股本剔除已回购股29，832，872.00股后的908，195，586.00股为基数，向全体股东每10股派2.800000 元人民币现金（含税），股权登记日为2025年10月9日，除权除息日为2025年10月10日。 ...

Core Viewpoint - Zhongwei New Materials Co., Ltd. is set to issue up to 190,364,600 overseas listed ordinary shares and list on the Hong Kong Stock Exchange, as announced by the China Securities Regulatory Commission on September 26 [1] Group 1: Company Overview - Zhongwei New Materials is an innovative company focused on new energy materials [3] - Since 2020, the company has been the global leader in the shipment volume of nickel and cobalt lithium-ion battery cathode active material precursors (pCAM) for five consecutive years [3] - By the first quarter of 2025, Zhongwei is expected to be the top supplier of phosphate pCAM in the global export market [3] Group 2: Business Focus and Operations - The company specializes in the research, development, production, and sales of new energy battery materials and new energy metal products [3] - Zhongwei aims to provide high-performance and environmentally friendly new energy materials across various sectors to achieve global low-carbon and energy transition [3] - The company has established an integrated operation system that covers upstream new energy metal mining, smelting, refining, production of new energy materials, and recycling [3]

Core Viewpoint - Zhongwei New Materials Co., Ltd. is planning to issue up to 190,364,600 overseas listed ordinary shares and list on the Hong Kong Stock Exchange, indicating its growth strategy and international expansion efforts [1][3] Group 1: Company Overview - Zhongwei New Materials is an innovative company focused on new energy materials, particularly in the lithium-ion battery sector [3] - The company has been the global leader in the shipment volume of nickel and cobalt-based lithium-ion battery precursor materials (pCAM) for five consecutive years since 2020 [3] - By the first quarter of 2025, Zhongwei is expected to be the top supplier of phosphate-based pCAM in the global export market [3] Group 2: Business Operations - The company is dedicated to the research, development, production, and sales of new energy battery materials and new energy metal products [3] - Zhongwei aims to provide high-performance and environmentally friendly new energy materials across various sectors, contributing to global low-carbon and energy transition efforts [3] - The company has established an integrated operation model that encompasses upstream new energy metal mining, smelting, refining, production of new energy materials, and recycling [3]

Group 1 - The China Securities Regulatory Commission has issued a notice regarding Zhongwei New Materials Co., Ltd.'s application for overseas listing, allowing the company to issue up to 190,364,600 ordinary shares for listing on the Hong Kong Stock Exchange [1] - Zhongwei New Materials is an innovative company focused on new energy materials, leading the global shipment of nickel and cobalt lithium-ion battery cathode active material precursors (pCAM) for five consecutive years since 2020 [3] - By the first quarter of 2025, Zhongwei is expected to be the top supplier of phosphate pCAM in the global export market [3] Group 2 - The company is dedicated to the research, development, production, and sales of new energy battery materials and new energy metal products [3] - Zhongwei aims to provide high-performance and environmentally friendly new energy materials across various sectors, contributing to global low-carbon and energy transition efforts [3] - The company has established an integrated operation model that encompasses upstream new energy metal mining, smelting, refining, production of new energy materials, and recycling [3]

1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Views of the Report - **Carbonate Lithium**: The current supply and demand of lithium salts are both strong, and the intensity of demand determines the height of the market. As the downstream replenishment rhythm slows down, beware of the risk of continuous price decline around the holidays. The subsequent arrangements of Yichun lithium mica mines and international macro factors during the holidays may disrupt the market. The market is in a wide - range volatile operation [4][5][6]. - **Industrial Silicon**: The short - term supply - demand contradiction is limited, and the inventory remains at a high level. Although the futures price may have an upward correction in the short term, the overall fundamentals are weak, and the upside space is limited [7][8]. - **Polysilicon**: The fundamentals have not changed significantly. The price has rebounded due to anti - low - price sentiment and supply - side reform expectations, but the downstream photovoltaic component sector is under pressure. If no substantial policies or production cuts occur in October, there is a significant risk of price decline [9][10]. 3. Summary by Directory 3.1 First Part: Spot Price 3.1.1 Plate Strategy Recommendation - **Carbonate Lithium 11**: Driven by news, with support at 68,000 - 70,000 and pressure at 78,000 - 80,000. It is expected to operate in a wide - range volatile manner. Upstream enterprises should seize the opportunity to sell and hedge when the price rises, and downstream cathode material enterprises should focus on low - price stocking or buying hedging [17]. - **Industrial Silicon 11**: The weak reality will limit the upside of the market. The support is at 8,200 - 8,300, and the pressure is at 9,400 - 9,500. The upside space is limited, and spot enterprises should actively seize the opportunity to sell and hedge [17]. - **Polysilicon 11**: The upside driven by sentiment is limited. Attention should be paid to the implementation of future policies and the actual situation of silicon material enterprises' self - disciplined production cuts. The support is at 48,000 - 49,000, and the pressure is at 53,000 - 54,000. It is expected to fluctuate at a high level. Consider selling slightly out - of - the - money put options at low prices and slightly out - of - the - money call options at high prices [17]. - **Arbitrage Recommendation**: There are no good arbitrage opportunities recently [17]. 3.1.2 Futures and Spot Price Changes | Variety | Closing Price | Daily Change Rate | Trading Volume | Open Interest | Open Interest Change | Warehouse Receipts | | --- | --- | --- | --- | --- | --- | --- | | Carbonate Lithium | 74,040 | 1.59% | 342,719 | 261,141 | 487 | 40,309 | | Industrial Silicon | 9,055 | 0.39% | 318,137 | 259,965 | - 10,966 | 50,066 | | Polysilicon | 51,365 | 0.89% | 184,786 | 105,474 | - 5,713 | 7,880 | [18] 3.2 Second Part: Fundamental Situation 3.2.1 Carbonate Lithium Fundamental Data - **Production and Inventory Situation**: This week, the production of carbonate lithium was 20,516 tons, an increase of 153 tons from the previous week, and it has remained above 20,000 tons for two consecutive weeks. The total sample inventory was 136,825 tons, a decrease of 706 tons from the previous week, and it has decreased for seven consecutive weeks, but the high - level inventory situation has not changed. The inventory of lithium salt enterprises has continued to transfer downstream, the inventory in the intermediate links has decreased, and the downstream inventory has continuously reached new highs [5]. - **Downstream Situation**: The pre - National Day stocking of downstream material factories is gradually coming to an end, and the market is becoming more cautious [4]. 3.2.2 Industrial Silicon Fundamental Data - **Production and Inventory Situation**: The short - term supply - demand contradiction is limited, and the inventory remains at a high level. There are rumors of production cuts in the southwest production area during the dry season, but the authenticity needs to be verified [7]. - **Downstream Situation**: The downstream polysilicon market has weakened recently, and there is a possibility of negative factors being transmitted upstream [7]. 3.2.3 Polysilicon Fundamental Data - **Production and Inventory Situation**: The fundamentals have not changed significantly. The price has rebounded due to anti - low - price sentiment and supply - side reform expectations, but the supply pressure is increasing as enterprises' production enthusiasm is high [9][10]. - **Downstream Situation**: The downstream photovoltaic component sector is under pressure. The cost of components has been rising continuously, but the terminal's acceptance of high - priced goods is low, and manufacturers have to cut prices to sell goods [10].

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]