来源：瑞恩资本RyanbenCapital 2025年11月17日，来自贵州铜仁的A股上市公司中伟新材(02579.HK，A股简称中伟股份(300919.SZ))成 功在香港联合交易所主板挂牌上市。 中伟新材是次IPO全球发售1.042254亿股H股(占发行完成后总股份的10%)，每股下限定价34.00港元，募 集资金总额约35.44亿港元，募资净额约34.33亿港元。 中伟新材，成立于2014年，作为一家新能源材料公司，主要从事于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、生产及销售，以及新能源金属产品。中伟股份是锂离子电池用镍系和钴系 正极活性材料前驱体(pCAM)的全球领导者，自2020年起连续五年出货量排名第一，于2024年按销售价 值计，镍系pCAM及钴系pCAM分别占市场份额的20.3%及28.0%。按2024年全部pCAM产品的销量计， 中伟新材全球排名第一，占市场份额的21.8%。中伟新材已建立了一套从上游新能源金属开采、冶炼和 精炼至新能源材料生产再到回收的一体化运营，能够提供全面的产品矩阵，包括镍系、钴系、磷系、钠 系和其他创新新能源电池材料，以及新能源金属产品。 截至 ...

Core Viewpoint - The company Zhongwei New Materials has successfully listed on the Hong Kong Stock Exchange, marking a new journey in the global new energy battery materials market, with significant investor recognition reflected in a 16.5 times oversubscription during the public offering phase [1] Industry Outlook - The new energy materials sector is poised for long-term growth driven by the increasing demand from electric vehicles and energy storage solutions, with the global market for electrochemical energy storage expected to grow at a compound annual growth rate (CAGR) of 45% from 2024 to 2030 [9][10] - The penetration rate of electric vehicles is projected to continue growing at a CAGR of over 20.9% from 2024 to 2030, which will significantly boost the demand for nickel and phosphorus battery materials [8][10] Company Strengths - Zhongwei New Materials has established a strong competitive edge through its deep focus on the new energy materials sector, creating a product matrix of nickel, cobalt, phosphorus, and sodium, supported by a "technology + market" dual barrier [3] - The company has maintained the highest global shipment volume of nickel and cobalt-based precursor materials for lithium batteries for five consecutive years, with market shares of 20.3% and 28.0% respectively in 2024 [3] - The company has formed deep partnerships with key global battery manufacturers such as CATL, LG Energy Solution, and Samsung SDI, ensuring stable supply chains and customer retention [4] Financial Performance - Zhongwei New Materials has demonstrated strong revenue growth, with revenues projected to rise from 30.34 billion in 2022 to 40.22 billion in 2024, alongside improvements in profit margins for core products [5] - The gross margin for nickel materials is expected to increase from 12.5% in 2022 to 19.9% in 2024, while cobalt materials are projected to rise from 5.7% to 10.6% [5] Strategic Development - The company is leveraging a vertical integration strategy to enhance resource allocation and cost control, which positions it well to navigate global supply chain challenges and resource price fluctuations [5] - Zhongwei New Materials is expanding its production bases in regions such as Guizhou, Hunan, and Guangxi, as well as overseas in Indonesia, South Korea, and Morocco, to better serve domestic and international markets [5] Future Prospects - The successful listing and capital raise are expected to accelerate the company's growth trajectory and enhance its global market share and influence [11] - With the ongoing evolution of the global new energy industry and the optimization of energy structures, Zhongwei New Materials is well-positioned to capitalize on diverse market demands and solidify its status as a leading player in the sector [11]

Core Viewpoint - Zhongwei New Materials Co., Ltd. successfully listed on the Hong Kong Stock Exchange, marking the largest IPO in the new energy materials sector in nearly three years [1] Group 1: IPO Details - The global offering was priced at HKD 34 per share, with a total issuance scale of approximately HKD 3.54 billion (before the green shoe option) [1] - The international placement was oversubscribed by 4.08 times, while the Hong Kong public offering was oversubscribed by 27.90 times [1] Group 2: Strategic Goals - The company aims to become a global leader in new materials science, aligning with its "New Four Modernizations" strategy focused on global development [1] - The listing is a significant step towards integrating into international capital markets, enhancing the company's global brand image and service capabilities [1] - The move also aims to bring high-quality Chinese enterprises into the view of international investors [1]

Core Insights - Zhongwei New Materials Co., Ltd. successfully listed on the Hong Kong Stock Exchange on November 17, marking the largest IPO in the new materials sector in Hong Kong in nearly three years [1] - The global offering was priced at HKD 34 per share, with a total issuance scale of approximately HKD 3.54 billion before the greenshoe option [1] - The international placement was oversubscribed by 4.08 times, while the Hong Kong public offering was oversubscribed by 27.90 times [1] Company Strategy - Zhongwei New Materials aims to become a global leader in new materials science, aligning with its "New Four Modernizations" strategy focused on global development [1] - The listing is a significant step in the company's capital globalization strategy, enhancing its global brand image and service capabilities [1] - The move also aims to bring high-quality Chinese enterprises into the view of international investors [1]

Core Viewpoint - Jingrui Electric Materials Co., Ltd. has shown a significant increase in stock price, reflecting positive market sentiment and potential growth in the semiconductor and new energy sectors [1][2]. Company Overview - Jingrui Electric Materials, established on November 29, 2001, and listed on May 23, 2017, is located in Suzhou, Jiangsu Province. The company specializes in high-purity chemicals, photoresists, functional formulation materials, lithium battery materials, pharmaceutical intermediates, and electronic-grade materials [1]. - The main revenue composition is as follows: high-purity chemicals (58.69%), photoresists (13.79%), lithium battery materials (13.68%), industrial chemicals (9.61%), energy (4.01%), and others (0.23%) [1]. Shareholder Insights - Guotai Fund's ETF, Guotai Zhongzheng Semiconductor Materials and Equipment Theme ETF (159516), has increased its holdings in Jingrui Electric Materials by 4.9362 million shares, now holding a total of 8.8061 million shares, which represents 0.82% of the circulating shares [2]. - The ETF was established on July 19, 2023, with a current scale of 8.299 billion. It has achieved a year-to-date return of 44.08%, ranking 736 out of 4216 in its category [2]. - The fund manager, Ai Xiaojun, has a tenure of 11 years and 312 days, with the fund's total assets amounting to 1690.29 billion. The best return during his tenure is 265.64%, while the worst is -46.54% [2].

Core Viewpoint - The stock price of Furui Co., Ltd. has experienced abnormal fluctuations, with a cumulative closing price increase exceeding 20.90% over two consecutive trading days, prompting an investigation by the board of directors [1][3]. Group 1: Company Performance - In the first three quarters of 2025, Furui Co., Ltd. achieved operating revenue of 3.841 billion yuan, a year-on-year decrease of 4.45% [4]. - The net profit for the same period was 296 million yuan, reflecting a year-on-year decline of 12.05% [4]. - The subsidiary, Furui New Energy, reported an operating revenue of 168 million yuan, accounting for 4.38% of the company's total revenue, indicating a limited impact on overall performance [4]. Group 2: Business Operations and Strategy - Furui Co., Ltd. is transitioning its home textile industry towards brand differentiation and high value-added products while actively engaging in the rapidly developing global new energy materials sector [5]. - The company has established a joint venture to optimize its industrial layout and is focusing on functional coating materials and lithium battery electrolyte additive projects [5]. - The production capacity for the refined VC project has reached 10,000 tons annually, with the company successfully achieving integrated production [5]. Group 3: Market Conditions and Risks - The lithium battery electrolyte additive market is currently at a low price point, with ongoing adjustments in supply and demand structures [5]. - The company anticipates a potential recovery in the market as outdated production capacity is phased out and downstream demand continues to grow [5]. - Furui Co., Ltd. has warned investors about the risks associated with irrational trading behavior and the potential for short-term price declines [4].

// 市场要闻 // 外交部发言人宣布，经中德双方商定，第四次中德高级别财金对话将于11月17日在北京举行。 财政部11月10日至11月19日将发行不超过477.1亿元电子式储蓄国债。其中，3年期最大发行额238.5亿元，票面年 利率为1.63%；5年期最大发行额238.6亿元，票面年利率为1.7%。 美联储将于北京时间11月20日公布货币政策会议纪要 。 这份文件将披露美联储官员对利率、通胀和经济前 景的讨论细节，为市场提供未来政策路径的线索。此外，英伟达将在北京时间11月20日凌晨披露财报。 11 月20日，1年期和5年期以上LPR将公布最新值。 此前公布的10月20日LPR显示，1年期LPR为3%，5年期 以上LPR为3.5%。两大报价均与前值保持一致。 11月21日，华为将发布AI领域的突破性技术，有望解决算力资源利用效率的难题。可将GPU（图形处理器）、 NPU（神经网络处理器）等算力资源的利用率，从行业平均的30%至40%提升至70%，显著释放算力硬件潜能。 2025迪拜航空展将于11月17日至21日举行 ，届时将有2架C919飞机和1架C909公务机"组团"亮相 。这是中国 自主研发的民用客机首 ...

Core Viewpoint - The stock of Furui Co., Ltd. (孚日股份) has experienced significant price fluctuations, with a cumulative increase of over 20.90% in the closing price over two consecutive trading days, prompting the company to issue an announcement regarding the abnormal trading situation [2][4]. Group 1: Stock Performance and Company Response - Furui Co., Ltd. confirmed that there are no corrections or supplements needed for previously disclosed information, and the current operational situation is normal without any significant changes in the internal or external business environment [4][5]. - The company stated that there are no undisclosed major information or events that could significantly impact the stock price during the period of abnormal trading [5][6]. - The board of directors emphasized the importance of rational trading and warned investors about potential risks associated with irrational speculation and short-term price declines [7]. Group 2: Financial Performance - In the first three quarters of the year, Furui Co., Ltd. achieved a revenue of 3.841 billion yuan, representing a year-on-year decrease of 4.45% [6]. - The net profit for the same period was 296 million yuan, down 12.05% year-on-year, with the subsidiary Furui New Energy reporting a loss of approximately 30.32 million yuan [6]. - The revenue from Furui New Energy, which focuses on lithium battery electrolyte additives, was 168 million yuan, accounting for 4.38% of the company's total revenue, indicating a limited impact on overall performance [6]. Group 3: Business Strategy and Market Outlook - Furui Co., Ltd. is actively transitioning its home textile industry towards brand differentiation and high value-added products while also focusing on the rapidly developing global new energy materials sector [7][8]. - The company has established a joint venture to enhance its new materials business and is currently prioritizing projects related to functional coating materials and lithium battery electrolyte additives [7]. - The market for electrolyte additives is expected to gradually recover as the supply-demand structure adjusts, with cost control and technological advancement being crucial for maintaining competitiveness [8].

郭晨凯 制图 数说北交所 截至当前，北交所上市公司的中小企业占比近八成，国家级专精特新"小巨人"企业占比超一半。开市以 来，这些企业累计融资超600亿元，平均每家2亿元，资本精准滴灌中小企业创新发展。 "历经四年探索，北交所已在市场特色、产业结构和制度功能上取得关键进展。"中国上市公司协会学术 顾问委员会委员程凤朝在接受上证报记者采访时谈道：其定位精准聚焦于占比超八成的专精特新企业； 产业布局通过五大集群实现了区域联动与"隐形冠军"的培育；同时，持续的制度改革有效增强了市场流 动性与融资功能，战略作用正日益凸显。 市场韧性彰显 制度创新纵深推进 今年以来，北证50指数累计上涨超过50%，上市公司总市值突破9000亿元，流动性与估值水平的同步提 升，充分反映了市场对我国中小企业成长潜力的坚定信心。 上市公司282家，中小企业占比近八成，国家级专精特新"小巨人"企业占比超一半 开市以来累计融资超600亿元，平均每家2亿元 上市公司总市值超9000亿元 开市以来累计分红198.60亿元，16家分红金额超过上市募集资金总额 ◎记者 张雪 2021年11月15日，北京证券交易所鸣锣开市，肩负起"打造服务创新型中小企业主 ...

Core Viewpoint - The price of lithium hexafluorophosphate (LiPF6), a key material for lithium-ion battery electrolytes, has surged over 200% in four months, with some market quotes exceeding 150,000 yuan per ton, driven by strong demand in the energy storage and power battery markets [1][3][15]. Industry Demand and Supply - A production facility in Huzhou, Zhejiang, reported a 50% year-on-year increase in electrolyte shipments by the end of September, with energy storage demand rising by 80% [3]. - The production capacity of a certain new energy materials company is currently at full capacity, with a designed capacity of 150,000 tons [5]. - The supply of lithium hexafluorophosphate is tight, with inventory levels dropping significantly from a typical 7 days of production supply to just 2-3 days [9][11]. Market Dynamics - The lithium hexafluorophosphate industry is highly concentrated, with the top five companies holding about 70% of the market share [11]. - After a period of low prices over the past two years, the rapid increase in demand has led to a supply-demand imbalance [13]. - The high technical barriers and long construction cycles for lithium hexafluorophosphate production make short-term capacity expansion challenging [15]. Future Outlook - Industry experts suggest that the tight supply situation may persist until 2026, with potential for further price increases [15]. - Analysts indicate that while the cost of fluorochemical and lithium salt may limit price increases, the average price next year is expected to be higher than this year [17].