Group 1 - Zhongwei Co., Ltd. has successfully listed on the Hong Kong Stock Exchange on November 17, with the stock code 02579 and the abbreviation Zhongwei New Materials [2] - The global offering of H shares consists of 104,225,400 shares, with 10,422,600 shares for public offering in Hong Kong and 93,802,800 shares for international offering. The estimated net proceeds from the global offering, assuming no exercise of the over-allotment option, is approximately HKD 3.43261 billion [2] - Zhongwei Co., Ltd. specializes in the research, production, and sales of new energy battery cathode materials and precursors, focusing on new materials and new energy sectors, which are part of the national strategic emerging industries [2] Group 2 - The company has established a comprehensive presence in the global battery supply chain, creating a high-quality core customer system that covers "vehicle, battery, and cathode" [3] - Zhongwei Co., Ltd. has formed stable partnerships with leading domestic and international clients, including Tesla, Samsung SDI, LG Chem, CATL, BYD, SK On, and others [3]

Summary of Fuxiang Pharmaceutical Conference Call Company Overview - Fuxiang Pharmaceutical is the largest supplier of sulbactam and the second-largest supplier of tazobactam globally, focusing on the production of antibiotic intermediates and active pharmaceutical ingredients since 2002 [2][5][22]. Industry Insights - The demand for energy storage and power batteries has significantly increased, leading to a rise in prices for VC (Vinyl Carbonate) and FEC (Fluoroethylene Carbonate) products, supported by government policies [2][3]. - The VC additive market has seen a collective shutdown for maintenance by key players, impacting supply by approximately 20,000 tons [8][10]. Key Points Production Capacity and Expansion Plans - Fuxiang plans to expand VC production capacity to 10,000 tons and FEC to 5,000 tons by Q2 2026, with environmental facilities already prepared for rapid expansion [2][4]. - Current VC production capacity is 8,000 tons, with a cost control below 50,000 yuan per ton, while market prices have surged to around 140,000 yuan [3][14]. Financial Performance and Cost Management - The price of LPA (a key raw material) has decreased from 280,000-300,000 yuan per ton to 160,000-170,000 yuan, significantly improving the gross margins for sulbactam and tazobactam [5][22]. - The company has implemented new processes to reduce costs by approximately 15% and has proprietary technology that is significantly cheaper than external sourcing [24][25]. Market Demand and Product Development - Fuxiang maintains an optimistic outlook on the downstream demand for sulbactam and tazobactam, with annual growth projected in the single digits [22]. - The introduction of new drugs has driven growth in the raw material intermediates market [22]. Microbial Protein and Agricultural Projects - Fuxiang is the first company in China to achieve industrialization of filamentous fungal protein at a scale of over 1,000 tons, with plans to expand to 20,000 tons by 2026 [6][27]. - The company is also developing a water-soluble fertilizer project, expected to yield significant benefits upon completion [28][29]. Competitive Landscape - The competitive landscape in the VC additive market is intense, with Fuxiang's main customers including Tianqi Materials and New Zobang, although specific sales proportions were not disclosed [13]. - The company is well-positioned to respond to market fluctuations due to its existing infrastructure and rapid approval processes for expansion [16][17]. Future Outlook - The company anticipates a new price equilibrium in the market, with strategies in place to maintain competitiveness regardless of price fluctuations [18]. - Fuxiang is closely monitoring developments in solid-state battery materials but currently has no active projects in that area [30]. Additional Insights - The microbial protein market is expected to grow due to its nutritional advantages over plant proteins, including zero cholesterol and low sugar content [30]. - The company has made significant investments in patent protection and certifications to support its strategic direction in microbial protein and other innovative products [7].

| 中伟新材 | 19 . | | --- | --- | | HK2579 HK AH | | | 34.000 市值(348.11亿 量比 33.400 | | | 32.000 流通 34.81亿 换 12.28% | | | -0.600 -1.76% # 34.000 市盈™ 24.21 额 4.24 Z | | | A股 50.20 1.23% H/A溢价率 -39.36% 溢价分析 | | | 分时 日K 周K 月K 五日 更多▼ (0) | | | 均价:33.096 最新:33.400 -0.600 -1.765% | | | 36.000 +5.88% 卖133.420 4200 | | | 买133.400 8000 | | | 明4 ▼ 200 14:5633.500 | | | 14:5633.520 0 | | | 0.00%- -34.000 14:5633.500 400 | | | 14:5733.500 200 | | | 14:5733.500 1600 | | | 14:5733.480 400 | | | 14:5733.460 200 | | | 14:5733.4 ...

Core Insights - Zhongwei New Materials Co., Ltd. officially listed on the Hong Kong Stock Exchange on November 17, becoming the first "A+H" stock in the new energy materials industry and the first "A+H" listed company in Guizhou Province [1][4] - The successful listing marks a new stage in the development of Zhongwei and highlights the achievements of the Dalong Development Zone in nurturing leading enterprises and developing new functional material industry clusters [1][4] Company Development - Since its establishment in 2014, Zhongwei has synchronized its development with the Dalong Development Zone, leveraging the zone's location advantages, industrial foundation, and comprehensive service support [4] - The company has significantly increased its investment in technological innovation and expanded its production capacity, establishing a leading product matrix covering nickel-based, cobalt-based, phosphorus-based, and sodium-based new energy materials [4] - Zhongwei's output of nickel and cobalt precursors has ranked first globally for five consecutive years, while its phosphorus precursors and sodium battery materials are among the industry's top tier [4] Industry Position - The successful listing of Zhongwei on the Hong Kong Stock Exchange exemplifies the industrial cluster effect of the Dalong Development Zone [6] - The development zone has focused on the new energy sector, with Zhongwei as the "chain leader," linking quality enterprises like Xinmei Materials and Hongxing Manganese to form a complete industrial chain [6] - The production capacity of ternary precursors in the development zone has reached 150,000 tons, accounting for approximately 12% of the global market, while high-purity manganese sulfate production capacity stands at 130,000 tons, representing 50% of the national market [6] Future Outlook - Moving forward, the Dalong Development Zone will continue to collaborate with Zhongwei, focusing on innovation to optimize the industrial ecosystem and enhance resource support [8] - The aim is to upgrade the new energy industry to higher quality and added value, contributing to the new industrialization of Guizhou [8]

来源：市场资讯 （来源：华泰国际官微） 本次发行引入9名基石投资者合计认购约2.14亿美元，约占鞋前发行规模的47%，包括贵州新型工业化 基金、厦门国贸、中创新航、东圣先行科技、North Rock、高毅资产、湖南兴湘新兴产业母基金、蓝思 科技、欣旺达等战略投资者、长线基金和多策略基金，为优化投资者结构及成功发行奠定坚实基础，其 中华泰协助公司转化的基石投资人金额在所有承销商中排名第一。 中伟新材立志成为全球领先的新材料科学公司。本次上市是贯彻新四化战略之"发展全球化"，协同客户 全球化、资源全球化之资本全球化布局的重要举措，通过融入国际资本市场、利用国际资本平台赋能， 中伟新材将进一步提升全球化品牌形象与服务能力。同时，也让中国优质企业进一步走进国际投资者的 视野。 2025年，是华泰服务中伟新材的第十年，作为公司的长期战略合作伙伴，华泰始终与公司携手前行，提 供全周期、跨市场的资本市场服务。自2016年与公司建立战略合作以来，华泰作为保荐人协助公司完成 上市前多轮私募股权融资、2020年注册制改革中深交所创业板IPO上市以及2021年50亿元向特定对象发 行股票融资、2022年43亿元向特定对象发行股票融 ...

智通财经APP讯，中伟股份(300919.SZ)公告，公司发行的1.04亿股H股股票(行使超额配售权之前)于 2025年11月17日在中国香港联交所主板挂牌并上市交易。 ...

Market Performance - The Hong Kong stock market showed weak performance on November 17, with the Hang Seng Index closing at 26,384.28 points, down 188.18 points, a decline of 0.71% [1] - The Hang Seng Tech Index closed at 5,756.88 points, down 55.92 points, a decrease of 0.96% [2] New Listings - Zhongwei New Materials (02579.HK) debuted but faced a decline, with an initial offering price of 34 HKD, experiencing a maximum drop of over 5% to a low of 32 HKD before closing at 33.96 HKD, down 0.12% [4][6] Sector Performance - In the technology sector, most stocks declined, with Lenovo dropping over 3%, Baidu down over 2%, and Bilibili and JD.com each falling over 1% [6] - Conversely, defense stocks performed well, with China Shipbuilding Defense rising over 3% [6] - Gold stocks generally fell, with Chifeng Jilong Gold down over 3% and Zijin Mining down over 2% [6] - Innovative pharmaceutical stocks also saw a pullback, with Lianbang Pharmaceutical dropping over 6% [6] Capital Flow - Despite market adjustments, southbound capital continued to buy, with a net purchase of over 8.4 billion HKD in Hong Kong stocks by the end of the trading day [7] Market Outlook - Galaxy Securities suggests that the risk appetite in the Hong Kong market will remain cautious, with a likelihood of continued volatility and faster rotation of market hotspots [9] - The firm also indicates that attention should be given to cyclical stocks benefiting from changes in supply and demand dynamics under the "anti-involution" policy, which may have rebound potential [9] - Jianyin International believes that the valuation repair phase for Hong Kong stocks is nearing completion, with future growth dependent on potential valuation expansion next year [9] - The performance of domestic stocks in Q3 has been mixed, and the market is expected to focus more on standout technology innovations, with the potential for downward pressure if tech earnings fall short of expectations [9]

Core Viewpoint - The company, 当升科技, has indicated that its lithium iron phosphate (LiFePO4) products are increasingly important for its revenue, particularly in the energy storage sector [1] Group 1: Business Development - The company has established deep cooperative relationships with domestic and international clients, including 中创新航, 中汽新能, 瑞浦兰钧, 宜春清陶, and Power Co [1] - The completion of the first phase of the Panzhihua project, which will produce 120,000 tons of lithium iron phosphate materials annually, is expected to further support the company's business growth and market share increase [1]

公司本次港股上市募资金额约36.28亿港元，据公司披露，约50%款项将用于韩国生产基地建设；约15% 款项将用于开阳磷矿开采开支；其余款项将用于公司新能源电池材料研发和数字化推进。 对于未来发展，中伟新材在招股书中指出，技术和研发是公司业务的核心，公司将继续以研发和技术进 步为基础，推动业务增长，致力于技术卓越，通过快速迭代、增强性能和提高成本效率不断改进公司的 产品。 中伟新材成功登陆港交所，实现"A+H"上市，不仅为公司打开融资渠道，借助国际资本力量强化全球一 体化布局，进一步提升产品竞争力；更是体现了公司积极参与国际资本市场竞争、展现核心价值的决 心，为国际投资者布局新能源优质资产提供新通路。 11月17日，中伟新材料股份有限公司（以下简称"中伟新材"或"公司"，股票代码02579.HK）在香港联合 交易所主板挂牌上市，成为继宁德时代后新能源行业第二家"A+H"企业。 中伟新材成立于2014年，专注于新能源材料前沿技术研发和产业生态建设，是全球知名的新能源材料企 业，主要从事以正极活性材料前驱体（pCAM）为核心的新能源电池材料的研发、生产与销售。截至 2024年，公司镍系和钴系pCAM市场份额分别为2 ...

受益于全球低碳和新能源转型以及AI革命为新能源材料行业带来的巨大发展机遇，公司下游电动汽 车、储能系统和消费电子产品市场持续扩张。根据弗若斯特沙利文数据，全球新能源电池市场出货量已 从2020年的260.6GWh增长至2024年的1393.2GWh，年复合增长率高达52.1%，预期到2030年将增长超3 倍，达到6019.1GWh。从业绩表现来看，公司2024年实现营收402.23亿元人民币，同比增长17.77%； 2025年前三季度公司实现营收332.97亿元人民币，连续三年同比增速超10%。随着全球低碳转型深入、 包括人形机器人与低空飞行器在内的新兴产业发展提速，公司超高镍材料等高能量密度解决方案展现出 愈发广阔的应用前景，有望为公司订单持续增长再添原动力。 公司本次港股上市募资金额约36.28亿港元，据公司披露，约50%款项将用于韩国生产基地建设；约15% 款项将用于开阳磷矿开采开支；其余款项将用于公司新能源电池材料研发和数字化推进。 中伟新材成功登陆港交所，实现"A+H"上市，不仅为公司打开融资渠道，借助国际资本力量强化全球一 体化布局，进一步提升产品竞争力；更是体现了公司积极参与国际资本市场竞争、展 ...