Core Viewpoint - In 2026, 25 new cross-border trade facilitation measures will be promoted nationwide to enhance cross-border logistics efficiency and support the development of new business models such as cross-border e-commerce [1] Group 1: Cross-Border Trade Facilitation Measures - In 2025, a special action for cross-border trade facilitation was conducted in 25 cities, resulting in significant outcomes, including a 5.6 times increase in cross-border e-commerce overseas warehouse exports during the action period [4] - The new measures will include support for expanding exports of electric vehicles and lithium batteries, facilitating small parcel exports, and promoting convenient customs clearance for "medicinal and food homologous" imported goods [7] - More than half of the new measures focus on promoting goods and related industries, aiming to further enhance the quality and efficiency of China's foreign trade [9] Group 2: Regulatory Changes and Support - The cancellation of overseas warehouse enterprise registration for cross-border e-commerce and the implementation of "tax refund upon departure" will streamline processes [6] - The optimization of the regulatory model for exporting lithium batteries will support the healthy development of "new three types" of trade [6] - The establishment of a whitelist for pilot enterprises and products in comprehensive bonded zones will assist in the high-quality development of the automotive industry [7]

Group 1 - The core viewpoint of the news is that Puxin Technology has seen a significant increase in its stock price, with a rise of 5.14% to 28.24 CNY per share, and a total market capitalization of 603.32 billion CNY as of the report date [1] - Puxin Technology, established on November 6, 2012, specializes in the research, production, and sales of negative materials for new energy batteries, graphite processing, membranes, automation equipment, and other related products [1] - The company's revenue composition includes 77.26% from new energy battery materials and services, 26.08% from new energy automation equipment and services, and 7.85% from industrial investment and trade management [1] Group 2 - Morgan Fund has a significant holding in Puxin Technology, with the Morgan Research Driven Stock A fund holding 49,800 shares, representing 3.39% of the fund's net value, making it the sixth-largest holding [2] - The Morgan Research Driven Stock A fund has a total size of 39.41 million CNY and has achieved a year-to-date return of 6.61%, ranking 2157 out of 5525 in its category [2] - Over the past year, the fund has generated a return of 37.27%, ranking 2121 out of 4208, and since its inception, it has achieved a return of 24.27% [2]

Group 1 - The company, Rongbai Technology, received an inquiry letter from the Shanghai Stock Exchange regarding a business contract signed with CATL on January 13, 2026 [2] - Following the inquiry, the company is actively organizing its management and relevant parties to prepare responses as required [2] - Due to the need for further verification of certain matters mentioned in the inquiry letter, the company's stock will continue to be suspended for one additional day on January 15, 2026 [2]

Core Viewpoint - The company is adapting to the cancellation of export tax rebates by focusing on high-quality development and leveraging its global supply chain, particularly through its operations in Vietnam [1] Group 1: Company Response to Policy Changes - The company views the adjustment of export tax rebates as a supply-side reform that accelerates resource concentration towards technologically advanced and cost-efficient enterprises [1] - In the short term, the company plans to meet customer delivery needs while engaging in cost-sharing discussions with clients [1] - The operation of the Vietnam factory is seen as a strategic move to mitigate potential trade barriers and enhance regional manufacturing capabilities [1] Group 2: Long-term Strategy and R&D Investment - The company is committed to deepening its focus on high-quality development in response to external environmental changes [1] - The policy direction encourages the cultivation of internationally competitive enterprises, prompting the company to increase R&D investments in high-voltage anodes, high-silicon anodes, and solid-state technologies [1] - By enhancing product value and service capabilities for major clients, the company aims to transform short-term challenges into sustainable global competitiveness [1]

Core Viewpoint - The adjustment of export tax policies is seen as a supply-side reform that accelerates the concentration of industry resources towards technologically advanced and cost-effective companies, guiding the new energy industry from scale expansion to high-quality development [1] Group 1: Company Strategy - The company plans to leverage its buffer to meet customer delivery demands in the short term while actively communicating with clients about cost-sharing [1] - The operation of the Vietnam production base is crucial for avoiding potential trade barriers and is an important pillar for building a global supply chain and diversifying risks [1] Group 2: Long-term Vision - The company is committed to deepening its path of high-quality development in response to external environmental changes, which aligns with policy directions that encourage the cultivation of internationally competitive enterprises [1] - The company will continue to increase R&D investment in high-voltage anodes, high-silicon anodes, solid-liquid, and all-solid-state technologies to enhance product added value and improve comprehensive capabilities in serving major clients [1]

Core Viewpoint - Pu Tai Lai (603659.SH), a company listed on A-shares from Shanghai Pudong New District, announced plans to issue H-shares and apply for listing on the main board of the Hong Kong Stock Exchange to enhance its global strategy and capital strength [2][9]. Group 1: Company Strategy - The company aims to leverage international capital market advantages to create a diversified capital platform and improve its overseas financing capabilities [2][9]. - The issuance of H-shares is intended to strengthen the company's capital strength and overall competitiveness, enhance brand image, and accelerate overseas business development [2][9]. Group 2: Business Overview - Pu Tai Lai is a comprehensive solution provider and platform enterprise for key materials and automation equipment in the new energy battery sector, with main businesses including anode materials, coated separators, PVDF and binders, nano-alumina, aluminum-plastic packaging films, and composite current collectors [2][9]. - The company also provides automation equipment and coating processing services for the new energy battery industry [2][9]. Group 3: Market Position - As of January 9, 2026, the company's total market capitalization is approximately 59.2 billion RMB [4][11]. - The company was listed on the Shanghai Stock Exchange on October 3, 2017 [4][11].

Core Viewpoint - Rongbai Technology (688005.SH) expects to achieve a net profit of approximately 30 million yuan attributable to the parent company in the fourth quarter of 2025, marking a return to profitability for the quarter [1] Financial Performance Summary - The company anticipates a net profit attributable to the parent company for the full year of 2025 to be between -190 million yuan and -150 million yuan [1] - The expected net profit attributable to the parent company, after deducting non-recurring gains and losses, is projected to be between -220 million yuan and -180 million yuan [1]

Core Viewpoint - The article highlights the establishment of a new energy battery production base by Guokai Energy (Lanzhou New Area) Co., Ltd., which aims to produce 30GWh of new energy batteries annually, with an initial investment of 2.8 billion yuan for the first phase focusing on 10GWh of lithium iron phosphate energy storage cells [1][2]. Group 1 - The project is positioned as a benchmark for the new energy industry in the Lanzhou New Area, with a total planned capacity of 30GWh per year [1]. - The first phase of the project involves an investment of 2.8 billion yuan, specifically targeting the production of 10GWh of lithium iron phosphate energy storage cells [1]. - Guokai Energy (Lanzhou New Area) Co., Ltd. was established in August 2025, as a joint venture involving Guokai Energy and two state-owned enterprises, with shareholding ratios of 35%, 33%, and 32% respectively [1]. Group 2 - Upon production, the facility is expected to achieve large-scale output of 10GWh energy storage cells, which will stimulate demand for upstream materials such as lithium iron phosphate and graphite anodes [2]. - The project aims to create a tightly-knit industrial ecosystem through deep integration with the park's industries, significantly reducing the overall costs for battery companies in Northwest China [2]. - The dual advantages of cost and ecological benefits are anticipated to attract more enterprises, contributing to the formation of a new energy battery industry cluster centered in the Lanzhou New Area and radiating throughout Northwest China [2].

Group 1 - The core viewpoint is that the nickel market is experiencing upward momentum due to a combination of macroeconomic expectations, geopolitical risks, and strong demand from the new energy sector [2][3] - Nickel prices have shown significant increases, with LME nickel closing at $17,700, up $635 per ton, a rise of 3.72%, while domestic SHFE nickel futures also saw a substantial increase [1] - The supply side constraints are a fundamental support for prices, with major nickel-producing countries implementing tighter annual quota policies, leading to a slowdown in supply growth [3] Group 2 - The geopolitical situation in key resource areas, particularly in the Democratic Republic of Congo, has heightened concerns about the stability of the global nickel supply chain, contributing to price increases despite no direct impact on production [2][3] - Demand for nickel is being driven by the rapid growth in new energy applications, particularly high-nickel ternary batteries, which are benefiting from increased electric vehicle penetration and technological advancements [3] - The industry structure is becoming more concentrated, with leading companies enhancing their advantages through resource control and integrated layouts, while smaller capacities are being phased out, optimizing supply structure and enhancing pricing power [3]

Core Viewpoint - Puxin is advancing its globalization strategy by planning an IPO in Hong Kong to enhance its capital strength and competitiveness while expanding its overseas business [1][2]. Group 1: Globalization Strategy - Puxin is in the process of planning an overseas share issuance (H-shares) and applying for a listing on the Hong Kong Stock Exchange to leverage international capital market advantages [1][2]. - The company aims to enhance its overseas financing capabilities, improve its capital strength, and accelerate the development of its overseas business [1][2]. - Puxin has established sales service teams in Europe and other overseas regions to respond quickly to customer needs and provide localized solutions [4]. Group 2: Financial Performance - In the first three quarters of 2025, Puxin achieved a revenue of 10.83 billion yuan, representing a year-on-year growth of 10.06%, and a net profit of 1.7 billion yuan, up 37.25% year-on-year [2][3]. - The growth is attributed to the strong performance of the downstream power and energy storage battery markets, as well as the company's continuous innovation in research and development [2][3]. Group 3: Product Development and Market Position - Puxin has made significant progress in the separator equipment sector, achieving nearly 70% domestic substitution by breaking the monopoly of overseas suppliers, with the latest production line capacity reaching 200 million square meters per year [6][7]. - By 2025, the domestic substitution rate for separator equipment has exceeded 80% [7]. - The company has also signed a memorandum of cooperation with MOLL in Germany to support the development of sodium-ion batteries, marking a significant step in its overseas strategy [5].