Group 1 - Tax incentives have significantly reduced tax burdens for private enterprises, allowing them to invest in R&D for lithium battery cathode materials [1] - In the first five months of this year, the added value of private enterprises in Changxing County's industrial sector increased by 9.3% year-on-year [1] - The combination of tax refunds and equipment upgrades has enabled companies to invest over 10 million yuan in upgrading their production lines, leading to increased capacity and reduced energy consumption [1] Group 2 - Changxing County's tax bureau has opened a "tax refund green channel" for export enterprises, processing over 2 billion yuan in export tax refunds for 689 companies in 2024 [2] - Companies with good tax credit ratings are leveraging their compliance to enhance market competitiveness, as seen with Huzhou Enchuang Intelligent Equipment Co., Ltd., which received low-interest loans for expanding production [2]

Core Viewpoint - The article highlights the upcoming 2025 Fifth Electric Two-Wheeler Battery Swap Conference and Lightweight Power Battery Technology Summit, focusing on advancements in battery technology and the electric two-wheeler industry, with significant participation from key industry players [1][10]. Group 1: Event Details - The conference will take place on July 10-11 at the Dingshilou International Hotel in Bao'an, Shenzhen, and will feature discussions on high-rate, ultra-fast charging, new materials, and innovative processes in battery technology [1]. - Over 300 influential companies in the battery swap and electric two-wheeler sectors are expected to attend, with more than 600 executives participating in discussions on industry development [1]. Group 2: Company Overview - Multi-Fluorine New Energy Technology Co., Ltd. was established in December 2010 and has a registered capital of 1.66163 billion yuan, with a production facility covering 145,000 square meters and over 2,000 employees [1][2]. - The company specializes in the research and production of new power batteries and materials, with products widely used in electric bicycles, electric vehicles, and various energy storage applications [1][2]. Group 3: Technological Capabilities - The company has a strong R&D team, including PhDs and experienced engineers, and has filed over 200 patents, equipped with advanced testing and analysis equipment [3][4]. - It has developed core technologies for battery materials, including innovations in molecular structure and advanced non-woven fabric separators, significantly enhancing battery performance [4]. Group 4: Product Development - The company is actively pursuing breakthroughs in sodium-ion battery technology, having begun development in 2017, and has unique sodium salt systems in the industry [4]. - Multi-Fluorine has established long-term partnerships with leading domestic automotive manufacturers, applying its self-developed battery products across various sectors [4][5]. Group 5: Industry Commitment - The company is committed to making lithium batteries accessible to households and focuses on green energy development, reinforcing its competitive edge in the new energy battery sector [5].

Group 1 - The State Council, led by Li Qiang, held a meeting to discuss the implementation of the national science and technology conference spirit to accelerate the construction of a strong technology nation [1] - The central bank aims to enhance support for technological innovation and boost consumption while exploring institutional arrangements to maintain capital market stability [2] - The Shanghai and Shenzhen stock exchanges announced an adjustment of the price fluctuation limit for risk-warning stocks on the main board from 5% to 10% [3] Group 2 - Xiaomi's official account reported that within 18 hours of opening sales, the Xiaomi YU7 has surpassed 240,000 units in locked orders [4] - The domestically produced GLP-1 weight loss drug, Masitide, has been approved for long-term weight control in adults with obesity or overweight [5] - Tianfeng Securities noted that the company's price-to-book ratio is higher than the industry median [6] - Aijian Group, which has seen three consecutive trading limit increases, stated that it has not engaged in any stablecoin-related business [6] - Times Wan Heng, which has seen two consecutive trading limit increases, focuses on the research, production, and sales of new energy batteries [6] - Jinsong New Materials is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws [6]

证券代码：300530 证券简称：领湃科技 湖南领湃科技集团股份有限公司 投资者关系活动记录表 1 编号：2025-001 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 □√ 业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 通过全景网（http://ir.p5w.net）参与本次 2024 年度业绩说 明会的投资者 时间 2025 年 6 月 24 日 15：00 至 17：00 地点 全景网（http://ir.p5w.net）互动平台 上市公司接待人 员姓名 公司董事长谭爱平先生、董事兼董事会秘书周华佗先生、财务 负责人申菊女士、独立董事雷振华先生。 投资者关系活动 主要内容介绍 为方便广大投资者进一步了解公司的经营情况，加强与中 小投资者的沟通交流，公司在全景网举办 2024 年度业绩说明 会。本次年度业绩说明会采用网络远程的方式举行，具体交流 主要内容如下： 1、谭董您好！我们看到贵公司对固态电池相关技术给予 了高度关注，并投入资源进行技术储备，请问后续对于固态电 池的发展将如何开展？ 尊敬的投资者您好。公司始终关注市场技术动态，注重自 身技术研发 ...

Group 1 - Wanyi Technology and Hefei Comprehensive National Science Center Energy Research Institute signed an agreement to establish a joint laboratory for the research and development of key vacuum measurement equipment for nuclear fusion [1] - The joint laboratory will focus on developing tritium-compatible leak detection technology and vacuum measurement equipment resistant to neutron radiation and electromagnetic interference [1] - This collaboration is expected to accelerate the development of the domestic vacuum equipment industry and enhance Wanyi Technology's competitive advantage in the nuclear fusion sector [1] Group 2 - Dangsheng Technology has developed high ionic conductivity sulfide solid electrolytes with controllable micro-nano particle sizes, achieving stable production and scalability [2] - Multiple electrolyte products have received certification and integration from leading battery manufacturers and automotive companies, indicating a significant breakthrough in solid-state electrolyte technology [2] - This advancement is expected to improve battery performance and accelerate the development of the electric vehicle industry, solidifying Dangsheng Technology's leading position in the market [2] Group 3 - JinkoSolar's subsidiary achieved a record conversion efficiency of 27.02% for its 182N-type high-efficiency monocrystalline silicon cells, certified by a third-party testing center [3] - The N-type TOPCon high-efficiency photovoltaic modules also received certification, with a maximum conversion efficiency of 25.58%, setting a new record for similar products globally [3] - These breakthroughs in conversion efficiency highlight JinkoSolar's innovation capabilities and are expected to enhance the competitiveness of its products, promoting the adoption of solar energy and contributing to global energy transition [3]

Core Viewpoint - The article discusses the challenges faced by *ST Hengli, including its impending delisting due to negative net profit and declining revenues, as well as the broader issues in the lithium battery industry where many companies are struggling to adapt and survive amidst increasing competition and market saturation [2][4][7]. Company Overview - *ST Hengli, listed on the Shenzhen Stock Exchange since 1996, primarily engages in automotive parts manufacturing and the processing of new energy battery materials [3]. - The company has faced multiple delisting threats throughout its history, being labeled as "ST" (special treatment) several times due to financial difficulties [3]. - In 2023, *ST Hengli reported a significant loss with revenues dropping to 79.54 million yuan, leading to a delisting risk warning [4]. Recent Developments - On June 18, 2024, *ST Hengli received a notice of administrative penalty and was informed of its stock entering a delisting preparation period due to failing to meet financial reporting requirements [2]. - The company attempted to mitigate its financial struggles by acquiring New Energy Co., Ltd. for 15 million yuan, aiming to enhance its revenue through this asset purchase [5]. Industry Context - The lithium battery industry is experiencing an adjustment period characterized by intensified competition and overcapacity, leading many cross-industry entrants to halt or terminate their investment projects [7]. - Since 2023, over 100 cross-industry lithium battery cases have been recorded, with many companies exiting the market, highlighting the difficulties of adapting to the industry's dynamics [8]. - The article emphasizes that companies should focus on their core business and adopt differentiated competition strategies to survive the cyclical adjustments in the industry [8].

Group 1 - The company held its 13th meeting of the second board on June 20, 2025, via telecommunication, with all 9 directors participating, complying with the Company Law and the Articles of Association [2][14] - The board approved the proposal to cancel 104,965 shares of the second category of restricted stock due to the departure of 12 incentive targets and non-compliance of one target with the incentive criteria [2][15][42] - The board also approved the adjustment of the grant price for the 2024 restricted stock incentive plan from 17.012 yuan per share to 16.855 yuan per share [7][61][64] Group 2 - The board recognized that the conditions for the first vesting period of the 2024 restricted stock incentive plan have been met, allowing for the allocation of 3,549,651 shares to 264 eligible incentive targets [8][30][47] - The total number of restricted stocks granted under the incentive plan is 15,145,060 shares, with the first grant not exceeding 12,382,100 shares [27][41] - The vesting conditions include performance assessments based on net profit and sales growth of phosphate-based cathode materials over the years 2024 to 2026 [33][34][35]

Summary of Key Points Core Viewpoint The announcement details the achievement of the first vesting conditions for the 2024 restricted stock incentive plan of Hunan YN Energy Battery Materials Co., Ltd, allowing 264 eligible participants to receive a total of 3.549651 million shares, which represents 0.4688% of the company's total share capital. Group 1: Incentive Plan Overview - The incentive plan involves the issuance of restricted stock to eligible participants, with a total of 1,514.506 million shares initially planned, of which 1,238.210 million shares were designated for the first grant [1][2][10] - The vesting price for the restricted stock was adjusted from 17.43 yuan per share to 16.855 yuan per share [9][10] Group 2: Eligible Participants and Share Distribution - A total of 264 individuals are eligible for the first vesting period, with the distribution of shares as follows: - Chairman Tan Xinqiao: 1.21988 million shares - General Manager Zhao Huaqiu: 0.36597 million shares - Other executives and core personnel received the remaining shares [2][12][14] Group 3: Vesting Conditions and Performance Targets - The first vesting period is set from July 3, 2025, to July 2, 2026, with a vesting ratio of 30% for the first grant [12][14] - Performance targets for the first vesting period include a sales growth rate of at least 25% for phosphate cathode materials compared to 2023 [5][12] Group 4: Compliance and Approval - The board of directors and the supervisory board have approved the vesting conditions, confirming that all legal and regulatory requirements have been met [15][18] - The independent financial advisor has also confirmed that the conditions for the first vesting period have been satisfied [18]

Core Viewpoint - Guizhou Province is focusing on ecological priority and green development, achieving significant improvements in ecological civilization and economic growth with a higher "green content" in its economy [1][8]. Group 1: Ecological Development - From 2020 to 2024, Guizhou's forest area increased from 10.8363 million hectares to 11.1478 million hectares, with forest coverage rising from 61.5% to 63.3% [1]. - The proportion of the green economy in GDP increased from 42% to 48% during the same period [1]. - Guizhou has planted 605 million trees over the past 11 years, establishing a continuous green barrier [2]. - The province has shifted its focus from expanding forest area to improving quality through restoration and nurturing of degraded forests [2]. Group 2: Resource Utilization - Guizhou is rich in mineral resources, with 49 types of minerals ranking in the top ten nationally, and has discovered 137 types of minerals [6]. - The "rich mine and precise mining" strategy aims to maximize economic, ecological, and social benefits while minimizing resource consumption [6]. - The phosphorous chemical industry in Guizhou has seen significant growth, with the value of the phosphorous chemical and new energy battery materials industry exceeding 50 billion yuan in just over three years [7]. Group 3: Tourism and Cultural Development - Guizhou has integrated traditional culture into tourism, with the "Guizhou Qingjiu Cup" dragon boat festival attracting 253,900 visitors and generating 234 million yuan in revenue during the Dragon Boat Festival [9]. - The province's tourism sector has shown strong recovery, with a 10.4% increase in visitor numbers and a 13.3% increase in total tourism expenditure in 2024 [9][10]. Group 4: Digital Economy - Guizhou is advancing its digital economy strategy, with a focus on artificial intelligence and data market opportunities, achieving a 60.1% level of integration between information technology and industrialization [12]. - The province has 48 national key data centers, with over 90% being intelligent computing resources, positioning itself as a leader in data infrastructure [13].

证券研究报告 | 2025年06月15日 转债市场周报 转债呈现较强韧性，关注低价个券信用挖掘 核心观点 固定收益周报 上周市场焦点（6 月 9 日-6 月 13 日） 股市方面，上周权益市场整体呈现震荡格局，全球地缘冲突加剧的背景 下黄金、原油价格大幅上涨，稀土永磁相关出口管制措施推出等，带动 有色和石油石化板块表现居前，或受部分地区以旧换新补贴活动暂停等 消息影响，食饮、家电等消费板块调整幅度较大。 债市方面，上周债市总体走强，5 月通胀依然低迷、出口同比回落至 4.8%， 资金成本继续下行、隔夜资金利率创今年以来新低，以及地缘政治冲突 加剧、市场风险偏好有所回落等均对债市形成利好；周五 10 年期国债 利率收于 1.64%，较前周下行 1.07bp。 转债市场方面，上周转债个券多数收跌，中证转债指数全周-0.02%，价 格中位数-0.63%，我们计算的算术平均平价全周-0.95%，全市场转股溢 价率与上周相比+0.61%。个券层面，金陵（足球概念）、锦鸡（活性染 料）、海波（钢结构工程）、联得（显示模组设备）、志特（建筑铝膜） 转债涨幅靠前；正裕（汽车减震器与零部件&已公告强赎）、华体（智 能交通系统） ...