据香港交易所披露，摩根大通（JPMorgan）对宁德时代新能源科技股份有限公司 - H股的多头持仓比例 于2025年11月25日从7.63%增至8.09%。 ...

Core Viewpoint - The company, Funeng Technology, is positioned as a leading player in the all-solid-state battery market, with plans to deliver products to major clients and a focus on strategic partnerships in the new energy vehicle sector [1] Group 1: Product Development and Client Engagement - Funeng Technology has completed sample deliveries of its sulfide all-solid-state batteries to a prominent humanoid robot client, receiving positive feedback on product performance and safety [1] - The company plans to deliver 60Ah sulfide all-solid-state batteries by the end of this year, indicating a proactive approach to meet client demands [1] - Funeng Technology has garnered interest from several well-known new energy vehicle manufacturers, positioning itself to secure early partnerships with leading clients in the industry [1]

Core Viewpoint - TianNeng Co., Ltd. announced the postponement and termination of certain fundraising projects, reallocating surplus funds to permanently supplement working capital [1][2][3] Group 1: Project Adjustments - The "Huzhou South Taihu Base 10GWh Lithium Battery Project" and the "TianNeng Sodium-Ion Battery Pilot Line Technical Transformation Project" have their expected operational dates postponed to December 2027 [1][2] - The "Large Lithium Battery R&D Platform Construction" project is terminated, with surplus funds of 146.26 million yuan (including interest of 5.97 million yuan) to be used for working capital [1][2] Group 2: Corporate Governance - The third board meeting and supervisory board meeting approved the proposals regarding project adjustments and fund reallocations, pending approval from the shareholders' meeting [2][3] - The sponsor, CITIC Securities, provided a clear verification opinion on the matters [2][3] Group 3: Financial Overview - TianNeng Co., Ltd. raised a total of 4.873 billion yuan during its IPO, with a net amount of 4.730 billion yuan after deducting issuance costs [4] - The final net fundraising amount exceeded the original plan by 1.135 billion yuan [4]

Group 1 - The core viewpoint of the article is the announcement of the environmental impact report for the construction project of a solid-state energy storage battery production facility by Huko Pure Lithium New Energy Co., Ltd. in Jiangxi Province, China [2] - The project has an investment of 150 million yuan and aims to produce 1 GWh of solid-state batteries, with a construction period of 12 months [2] - The facility will be located in the Hushan Technology Innovation Experimental Zone, covering an area of 68,092.25 square meters, and will include main engineering, auxiliary engineering, storage and transportation engineering, public engineering, and environmental protection engineering [2] Group 2 - Huko Pure Lithium New Energy Co., Ltd. was established in 2024 and is a wholly-owned subsidiary of Beijing Pure Lithium New Energy Technology Co., Ltd., focusing on battery manufacturing and sales [2]

证券研究报告[Table_First] | 行业深度 固态电池系列 3：全固态电池工程化核 心难点在哪？ 报告要点 全固态电池工程化核心难点在于压力的处理。从第一性原理角度看，离子传 导的前提是材料接触，依赖于一定压力下实现，这分为初始压力、堆叠压力。 电池充放电中的膨胀在全固态时代下成为难点，且负极材料迭代方向上是膨 胀性更大的硅基/金属锂，对电池的稳定运行带来更大挑战。 等静压是全固态电池初始加压关键，潜力较大。全固态电池生产工艺中，核心 在前段的极片辊压、中段的等静压、后段的高压化成等环节，其中等静压可实 现较大、均应的压力，是致密化方案核心，其关键在连续化生产、设备大型化 等，当前处于完善期。 低堆叠压力是保持全固态电池良好运行关键，本质是对界面问题的改善，主 要通过材料、结构设计两方面实现。从材料上看，一方面，在硫化物电解质之 外掺杂材料改善界面控制，另一方面采用硫化物基复合电解质等是潜力较大 方案，从而实现电池"减压"运行。从结构设计上看，电池外部压强和轻量化 之间的平衡是关键。 全固态预计以 2027 年示范性装车为节点，消费类（EV tol 和人形机器人等） 场景或将在此前开启示范应用。 从投 ...

Core Viewpoint - Hunan YN's revenue is heavily reliant on lithium-ion battery cathode materials, indicating a focused business strategy in the energy sector [1] Company Summary - Hunan YN's revenue composition for the first half of 2025 shows that lithium-ion battery cathode materials account for 98.04% of total revenue, while other businesses contribute only 1.96% [1] - The company engaged with investors on November 28, 2025, with key representatives participating in the discussions [1] Industry Summary - The news highlights a broader trend in the financial market regarding the scarcity of medium to long-term large certificates of deposit, with a notable decline in availability despite low interest rates [1]

Group 1: Industry Insights - The Ministry of Industry and Information Technology (MIIT) held a meeting on November 28 to discuss the regulation of the power and energy storage battery industry, focusing on promoting high-quality development and addressing irrational competition [1] - MIIT Minister Li Lecheng emphasized the need for targeted policy measures to combat "involution" competition, enhance capacity monitoring, and improve product quality supervision [1] - The meeting included high-level executives from major companies, indicating strong potential for subsequent actions and policy implementations [1] Group 2: Company Developments - Shengyang Co., Ltd. specializes in the design, R&D, manufacturing, and sales of energy storage batteries and systems, with its solid-state battery successfully completing safety verification and stability tests, now entering market application [3] - Nandu Power's current unshipped orders amount to approximately 8.9 billion, with large storage orders making up about 5.5 billion, indicating strong demand in both domestic and international markets [3] - Nandu Power also secured a 2.8 GWh order for independent energy storage projects, marking a significant milestone for the commercialization of solid-state battery technology [3] Group 3: Market Conditions - Huafu Securities noted that the lithium battery materials industry is facing challenges such as "leading companies making minimal profits while second-tier companies incur losses," primarily due to overcapacity from previous blind expansions [2] - It is expected that most sub-sectors within lithium battery materials will achieve rational and orderly expansion in the coming years, reducing the likelihood of significant overcapacity [2] - Some sub-sectors with low profitability and long return cycles may see price increases, indicating potential market adjustments [2]

Core Viewpoint - Enjie Co., Ltd. is planning to issue shares to acquire assets from Qingdao Zhongke Hualian New Materials Co., Ltd. and will raise matching funds for this transaction [2][4]. Group 1: Transaction Details - Enjie has signed a letter of intent with some major counterparties regarding the acquisition of shares in Qingdao Zhongke Hualian [2]. - The company will suspend its stock trading starting December 1, 2025, to protect investor interests due to uncertainties surrounding the transaction [2]. - The transaction plan is expected to be disclosed within 10 trading days [2]. Group 2: Company Overview - Qingdao Zhongke Hualian, established in November 2011, specializes in the R&D, production, and sales of wet lithium-ion battery separator production equipment [4]. - Enjie’s main products include membrane products (lithium battery separators, BOPP films), packaging printing products (cigarette labels, sterile packaging), and packaging products (specialty paper, holographic anti-counterfeiting aluminum, and others) [4]. - The lithium battery separators produced by Enjie are primarily used in the manufacturing of lithium batteries for new energy vehicles, 3C products, and energy storage [4]. Group 3: Financial Performance - For the first three quarters of 2025, Enjie reported revenue of 9.543 billion yuan, a year-on-year increase of 27.85% [4]. - The company experienced a net loss attributable to shareholders of 86.32 million yuan, a shift from profit to loss compared to the previous year [4]. - As of November 28, 2025, Enjie's stock price was 55.35 yuan per share, with a market capitalization of 54.4 billion yuan [4].

数据显示，西方银行在今年的香港股权交易中占据了绝对优势。摩根士丹利亚太区全球资本市场主管 Saurabh Dinakar表示："我们看到中国公司在香港的股权发行出现了相当强劲的转变。" 彭博的数据涵盖了IPO和已上市公司的后续股票发售。今年的大型交易包括全球最大电池制造商宁德时 代（CATL）46亿美元的股票增发，以及矿业公司紫金黄金（Zijin Gold）的IPO。这些交易的成功执 行，巩固了摩根士丹利和高盛在承销排行榜上的领先位置。 尽管中资券商在本土市场的影响力日益增强，但在今年香港股权资本市场的强劲复苏浪潮中，以摩根士 丹利和高盛为首的华尔街投行依然是最大的赢家，巩固了它们在亚洲金融中心交易舞台上的主导地位。 随着大量中国公司赴港融资，以及海外投资者对中国股票的兴趣重燃，香港资本市场正迎来显著复苏。 根据路透伦敦证券交易所集团（LSEG）的数据，今年迄今，在香港上市的股权资本市场（ECM）活动 总额已达到731亿美元，较2024年同期飙升232%，首次公开募股（IPO）的融资额有望创下四年来新 高。 在这场资本盛宴中，美国投行攫取了最大份额。据彭博汇编的数据，截至今年11月底，摩根士丹利在香 港的股票 ...

Group 1 - The Hong Kong stock market is experiencing a busy year-end with 88 new IPOs and total fundraising exceeding 250 billion HKD, leading globally in IPO activity [1] - 16 companies have achieved "A+H" listings this year, with CATL raising 41 billion HKD, breaking the norm by having H-shares priced 20-30% higher than A-shares [1] Group 2 - The role of company secretaries in Hong Kong is crucial for corporate governance and external communication, differing significantly from their counterparts in mainland China [2][3] - Hong Kong law mandates the appointment of a company secretary for company formation, with specific qualifications required by the Hong Kong Stock Exchange [4][5] - In Hong Kong, company secretaries must be individuals with recognized professional qualifications or relevant experience, while mainland China only requires a board secretary for listed companies [6][8] Group 3 - The core responsibilities of company secretaries in Hong Kong focus on compliance and procedural management, including managing board meetings and ensuring legal document submissions [9] - In contrast, mainland board secretaries have a broader role that includes actively communicating company value through investor relations and participating in capital operations [10] Group 4 - The fundamental difference between company secretaries and board secretaries lies in their value creation dimensions, with company secretaries focusing on risk prevention and compliance, while board secretaries emphasize value discovery and market trust [12][13] - As the IPO environment improves, the responsibilities of company secretaries and board secretaries are gradually merging, requiring professionals to adapt and enhance their skills [14][15]