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]

Core Viewpoint - The company, Greeenmei (002340.SZ), has submitted an application for issuing overseas listed shares (H shares) and listing on the main board of the Hong Kong Stock Exchange on September 22, 2025 [1] Group 1 - The application for H shares listing has been officially filed with the Hong Kong Stock Exchange [1] - The application materials for this issuance and listing have been published on the Hong Kong Stock Exchange's website on the same day [1]

每经AI快讯，盛新锂能（SZ 002240，收盘价：18.16元）9月22日晚间发布公告称，公司第八届第二十 二次董事会会议于2025年9月22日在四川省成都市武侯区桂溪街道锦云西一巷成都交易所大厦14楼公司 会议室以现场与通讯表决相结合方式召开。会议审议了《关于全资子公司收购启成矿业股权暨增加与关 联方共同投资的议案》等文件。 2025年1至6月份，盛新锂能的营业收入构成为：新能源材料占比100.0%。 截至发稿，盛新锂能市值为166亿元。 每经头条（nbdtoutiao）——报价太低遭严防，投标企业还得"解释清楚"，一场国家组织的大型采购， 为何引发全行业关注 （记者 张喜威） ...

期货研究院 新能源产业链周度策略 New Energy Industry Chain Weekly Report 能源化工团队|有色贵金属与新能源团队 | 作者： | 魏朝明 | | --- | --- | | 从业资格证号： | F3077171 | | 投资咨询证号： | Z0015738 | | 联系方式： | 010-68578971 | | 作者： | 胡彬 | | --- | --- | | 从业资格证号： | F0289497 | | 投资咨询证号： | Z0011019 | | 联系方式： | 010-68576697 | 投资咨询业务资格：京证监许可【2012】75号 成文时间：2025年09月20日星期六 更多精彩内容请关注方正中期官方微信 摘要 碳酸锂： 【市场逻辑】 现货方面，SMM电池级碳酸锂指数价格73534元/吨，环比上一工 作日上涨70元/吨；电池级碳酸锂7.27-7.43万元/吨，均价7.35万元 /吨，环比上一工作日上涨50元/吨；工业级碳酸锂7.065-7.185万 元/吨，均价7.125万元/吨，环比上一工作日上涨50元/吨，现货成 交价格持续震荡上行态势。当前正值行业 ...

Group 1 - The core viewpoint of the article is that Hunan Salt Industry Group, through its subsidiary Xue Tian Salt Industry, is strategically extending from traditional salt production into the new energy materials sector, focusing on lithium, sodium, and solid-state battery materials to create a second growth curve [1][2][3] - The company has achieved a scale of 1 billion yuan in its new energy materials business, accounting for approximately 10% of the group's total revenue, indicating a gradual emergence of this sector as a new pillar [1] - The company is building a new energy materials industry chain centered around salt resources, including processes from salt to soda ash to battery-grade soda ash and sodium-ion battery cathode materials [1] Group 2 - The company has established a sodium battery research institute in collaboration with Central South University, focusing on the R&D and industrialization of sodium-ion battery layered oxides and polyionic cathode materials [2] - The subsidiary Meite New Materials has achieved ton-level sales of sodium battery cathode materials and has completed the R&D of high-voltage cathode materials for solid-state batteries, which are expected to enter mass production soon [2] - The company has made significant market progress, with Meite New Materials capturing a 30% market share in the electronic cigarette battery materials segment and expanding cobalt lithium production capacity to 7,500 tons per year [2] Group 3 - The transformation path of Hunan Salt Industry demonstrates that traditional enterprises can leverage their resource advantages and industrial foundations to achieve deep integration with emerging fields through chain extension and collaborative innovation [3] - With the release of production capacity and industry opportunities, the company is expected to form significant competitiveness in the new energy materials sector, transitioning from a leader in the salt industry to an important player in the new materials field [3]