Macro Strategy - The report suggests that the depreciation of the RMB against the USD may be a response to overseas risk events and a proactive measure to release risks in currency management, with a gradual approach expected in the depreciation process [1][12] - The expected range for USDCNY is projected to gradually rise to 7.40-7.50, indicating a controlled release of risks while maintaining a stable exchange rate [12] Fixed Income - The report on Weicai Convertible Bond indicates an expected listing price range of 112.72 to 125.13 RMB, with a subscription rate of 0.0046% and a conversion premium of approximately 35% [2][14] - The report on Anji Convertible Bond anticipates a listing price range of 109.63 to 122.00 RMB, with a subscription rate of 0.0037% and a conversion premium of around 28% [3][15] - The report on Qingyuan Convertible Bond expects a listing price range of 100.22 to 111.65 RMB, with a subscription rate of 0.0020% and a conversion premium of about 25% [3][17] Industry Analysis - The engineering machinery sector is entering an upward cycle, with a projected 2-3 years of growth ahead, supported by significant share buybacks from major companies like Sany Heavy Industry and XCMG [20][21] - The report highlights a 38% year-on-year increase in domestic excavator sales in Q1 2025, indicating strong market demand and potential for upward valuation adjustments [21] - The engineering machinery companies have low exposure to the US market, with Sany's exposure at approximately 3%, making the overall risk manageable [21] Company Insights - Pengding Holdings reported a revenue of 35.14 billion RMB and a net profit of 3.62 billion RMB for 2024, with significant growth in the automotive and server sectors [5][22] - The company is expanding its production capacity with a projected capital expenditure of 5 billion RMB in 2025, reflecting confidence in future market demand [6][22] - The report on Jerey Co. indicates a projected net profit of 3.03 billion RMB for 2025, with a focus on overseas expansion despite tariff risks [7][8]

过度扩产后，磷酸铁锂市场出现"不良反应"：自2023年以来，已有多个项目进入"停滞"状态。 起点锂电注意到，近日又一磷酸铁锂项目或将暂缓，上市公司拟终止投资。4月7日， 金浦钛业发布公告称， 全资子公司 南京钛白化工有限 责任公司（以下简称：南京钛白）将终止一项对外投资事项， 董事会已经审议通过。 公告显示，该 投资事项发生在2023年。当年7月， 南京钛白拟与兰州金川科技园有限公司、甘肃镍都产业投资基金（有限合伙）共同投资设 立参股公司， 在磷酸铁、磷酸铁锂产业链上展开深度合作。计划注册资本5亿元，其中金川科技园出资4亿元、南京钛白和镍都产业基金分别 出资5000万元。 同年8月，该合资公司正式成立， 名为甘肃金麟锂电新材料有限公司 ，注册资本为49000万元，法人代表为 胡家彦，经营范围包括 电子专 用材料制造；电子专用材料研发；电子专用材料销售；新材料技术研发等。 石油化工、新能源及电池制造、生物医用等现代工业和国民经济各领域。 金川集团在国内20个省（市、区）和海外30余个国家开展有色金属矿产资源开发及产业、科技、供应链合作，形成了金川镍钴、金川铜贵、 金川科技、金川新材、金川新能、金川科创六大板块， ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ■ 一、回购股份的基本情况 2025年3月24日，江苏华盛锂电材料股份有限公司（以下简称"公司"）召开了第二届董事会第十九次会 议，审议通过了《关于以集中竞价交易方式回购股份方案的议案》，同意公司使用自有资金及由农业银 行张家港分行提供的股票回购专用贷款以集中竞价交易方式回购公司已发行的部分人民币普通股股票。 本次回购资金总额不低于人民币5,000万元（含），不超过人民币10,000万元（含），用于员工持股计划 或股权激励，回购价格不超过人民币32.00元/股（含）。回购期限为自公司董事会审议通过本次回购股 份方案之日起12个月内。 具体内容详见公司分别于2025年3月25日、2025年4月1日在上海证券交易所网站（www.sse.com.cn）披 露的《江苏华盛锂电材料股份有限公司关于以集中竞价交易方式回购股份的预案》（公告编号：2025- 009）、《江苏华盛锂电材料股份有限公司关于以集中竞价交易方式回购公司股 ...

资料显示，百杰瑞成立于2008年，公司专注于研发、生产和销售多品种锂盐、铯盐、铷盐等稀有碱金属产品。公司计划到2025年实现一个总 部中心，三大生产基地，进入锂盐全球制造商第一梯队。其中一个总部中心：公司管理总部，三大生产基地分别是：荆门高端锂盐生产基地、 宜都高端锂盐生产基地、武汉化工区工程技术基地。 （ 来源： 九派通、海融网） | 往 | 期 回 顾 | | | --- | --- | --- | | 01 | ｜ 一周锂电新闻汇总 | | | 02 | ｜ | 1-2月电池装机量TOP10配套主机厂分析 | | 03 | ｜ | 56亿元！邦普循环四代磷酸铁锂项目开工 | | 04 | ｜ | 2025起点轻型动力及两轮车换电大会7月10-11日无锡 | | | 举办 | | are 全球领导 的电子 2 2 2 台 服 务 内 容 FT 品牌服务 研究咨询 资本服务 政府服务 品牌 论坛 研究 数据 融资 Ibo 规划 招商 宣传 报告 调研 咨询 报告 服务 展会 服务 雷 销 会员 品牌 旋滑 豐拔 国专 政府 投资 定位 顾问 顾问 合作咨询 邱先生 189 3802 3176 2 12 2 ...

Meeting Overview - The second supervisory board meeting of Jiangsu Huasheng Lithium Battery Materials Co., Ltd. was held on April 2, 2025, combining in-person and remote attendance [1] - The meeting was chaired by Mr. Zhou Chao, with all three supervisors present, complying with relevant laws and regulations [1] Resolutions Passed - The supervisory board unanimously approved the proposal for a new project to build an annual production capacity of 60,000 tons of vinyl carbonate, with the first phase targeting 30,000 tons [1] - The board believes that this investment aligns with the company's strategic development plan and will significantly enhance the production capacity of core products, meeting high market demands and improving overall competitiveness [1]

近日， 灌云县临港产业区恒基负极材料前驱体一期项目煅烧车间的打桩工作已顺利完成。 江苏恒基土建工程师杨军锋介绍，该项目今年1月 动工，未来将同步推进4个罐仓基础土方开挖与筛分车间打桩工作，确保工程按计划稳步推进。 据了解，恒基负极材料前驱体项目由江苏恒基新材料科技有限公司投资建设，总投资约30亿元，分三期建设，总占地469.6亩， 预计共建4条 生产线，一期25万吨，二期25万吨，三期50万吨，共计100万吨。 其主要产品为负极材料前驱体及高密度煅后焦，是新兴储能材料、石墨电 极产品所必需的主要原料之一。该项目的原材料来源于石油化工厂炼油后的废渣"石油焦"。 SSBEE落电池展 CINE 物电回厨展 SSBE2025固态电池国际峰会暨展览会 CINE2025第二届钠电国际峰会暨展览会 起点锂电 >>起点固态电池 >>起点钠电 度商规模 = 业观众 2000- 下载 1 1 展 会 时 间 Time 2025.11.06 ▶ 11.08 展 会 地 点 Place 上 参 中国·深圳 Shenzhen, China 杨军锋详细介绍了项目一期的建设规划，占地100亩的一期区域将重点建设煅烧车间（包括厂房及罐式煅烧 ...

Core Viewpoint - The article highlights a decline in the production of ternary materials in both domestic and global markets, attributing this to weak demand and a shift towards lithium iron phosphate (LFP) batteries in China [2]. Group 1: Production Data - In January-February 2025, domestic ternary material production was 86,200 tons, a year-on-year decrease of 11.5% [2]. - Global ternary material production during the same period was 135,900 tons, reflecting a year-on-year decline of 7.0% [2]. Group 2: Demand Analysis - The demand for ternary materials has been relatively weak, influenced by high overseas demand in the previous year and subsequent declines due to tariffs and political changes in Europe and the U.S. [2]. - In the domestic market, the transition to lithium iron phosphate is accelerating, with a cumulative installation of power batteries in China reaching 73.6 GWh in January-February, a year-on-year increase of 46.5% [2]. - The cumulative installation of ternary batteries was 15.0 GWh, accounting for 20.4% of total installations, which represents a year-on-year decrease of 23.3% [2]. Group 3: Market Trends - Despite the overall weak demand for ternary materials, products like high-nickel voltage materials, represented by Nantong Ruixiang, are showing strong domestic order performance, with a production of 29,000 tons in January-February, a year-on-year increase of 13.3% [2]. - The demand for high-nickel voltage materials is expected to continue increasing, indicating a potential growth area within the market [2].

此外，当升科技应收账款达23.29亿元，占全年归母净利润的493%，相比2024年中报的134.92%大幅提 升。 值得注意的是，2024年，当升科技锂电材料业务产能利用率80.16%，较上年下降约12个百分点，其中 常州基地二期项目产能释放后，多元材料实际产量仅占设计产能的58.9%。 尽管年报显示产能利用率下滑，公司仍在筹划通过定向增发募资8亿-10亿元补充流动资金，同时计划推 进欧洲芬兰基地一期6万吨产能建设，并在2025年继续新增8万吨磷酸（锰）铁锂产能。 全球锂电材料产能扩张潮下，行业已出现结构性过剩，公司新增产能若无法匹配客户需求，可能导致折 旧成本攀升，进一步削弱盈利能力，并引发市场对公司产能过剩风险的担忧。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 当升科技于3月31日发布2024年年报，全年实现营业收入75.93亿元，同比下滑49.80%；归母净利润4.72 亿元，同比下降75.48%。公司年报数据暴露出的业绩大幅下滑、产能利用率与扩产矛盾、应收账款风 险等多重潜在风险，需引起关注。 2024年，当升科技营收与净利润同比近乎"腰斩"，核心原因在于海外新能源汽车 ...

Macro Strategy - The report emphasizes that expanding consumer demand is more effective than capacity reduction policies in addressing low inflation, as service prices have dropped to historical lows, which is the core issue of the current price cycle [1][10] - If consumption policies are strengthened, service prices could rise by 2 percentage points, leading to a GDP deflator increase from -0.7% to +0.39%, which would be more beneficial than the effects of capacity reduction [1][10] - Historical comparisons indicate that the current price pressure is primarily demand-driven, with the second industry contributing only 48% to the current low inflation, significantly lower than previous years [1][10] Fixed Income Strategy - The report discusses the introduction of buying and selling government bonds as a new monetary policy tool in China, aimed at managing interest rate risks amid a declining yield environment [2][12] - It highlights that the People's Bank of China has primarily focused on buying government bonds to release liquidity, given the current low inflation environment [2][12] - The effectiveness of these operations will depend on the central bank's ability to provide clear forward guidance to shape market expectations [2][12] Company Analysis: Zhengfan Convertible Bonds - Zhengfan Convertible Bonds are expected to list at a price between 115.63 and 128.82 yuan, with a subscription rate of 0.0048% [3][15] - The bonds have a solid debt protection feature, with a conversion premium rate of approximately 25% anticipated on the first day of listing [3][15] - Zhengfan Technology has shown steady revenue growth, with a compound annual growth rate of 34.10% from 2019 to 2023, and a revenue of 38.35 billion yuan in 2023, reflecting a 41.78% year-on-year increase [3][15] Company Analysis: Kelun-Botai - Kelun-Botai's revenue for 2024 is projected at 19.3 billion yuan, a 25.5% increase year-on-year, with a gross profit of 12.74 billion yuan, up 67.8% [5][16] - The company is expected to see rapid growth in multiple products as they commercialize, with significant clinical data supporting their efficacy [5][16] - Revenue forecasts for 2025 and 2026 have been raised to 17.8 billion and 35.6 billion yuan, respectively, with an expected revenue of 58.9 billion yuan in 2027 [5][16] Company Analysis: China National Materials - China National Materials reported a total revenue of 461.27 billion yuan for 2024, a 0.7% increase, and a net profit of 29.83 billion yuan, up 2.3% [6][19] - The company has shown resilience in its Q4 performance, with overseas engineering and operation maintenance businesses performing well [6][19] - The company plans to distribute a cash dividend of 4.5 yuan per 10 shares, reflecting its commitment to shareholder returns [6][19]

内蒙古镕锂有两位股东，分别为湖南镕锂新材料科技有限公司（简称：镕锂新材）、长沙友合金属材料有限公司，持股比例分别为80%、 20%。 （ 来源：综合报道 ） 1、 排产提速！磷酸铁锂涨价 2、 韩国电池巨头斩获近100GWh大单 3、 派能科技首个海外工厂投产 4、 2025第七届起点钠电论坛3月28日举办 SEEME (2)FREMSIR 第七届起点钠电论坛暨钢电行业50强排行榜发布会 技术成公突破 市场爆发元年 2025年3月28日 深圳宝安登喜路国际酒店2楼国际厅 演讲及赞助单位 LJE 隐功科技 c 中国电子技术标准化研究 11 6 金钠科技 EAST % 事特 XE Power W 于1989年 | 股票代码:30037 (0) 回兴II(吊 Komaro 科迈罗 Y 瑞扬新能源 Claim 7只 如天机械 JNION {}[] FR TROOT GROUP C. LAKE - 国科炭美 国 将市区域经济合作局 A B & F & For to t == V 据"伊金霍洛新闻网"消息，近日，位于内蒙古鄂尔多斯蒙苏经济开发区的内蒙古镕锂电池材料有限公司高端石墨材料项目稳步推进，预计三月 底完成石墨化车 ...