Core Viewpoint - The liquid lithium battery market for electrolytic copper foil, rolled copper foil, and 3D current collectors is projected to reach $20.17 billion by 2030, with a compound annual growth rate (CAGR) of 11.8% from 2024 to 2030 [1][12]. Market Overview - The electrolytic copper foil is the dominant product type, accounting for approximately 49% of the market share [6]. - The automotive sector is the primary demand source, representing about 55% of the market [9]. Key Players - Major manufacturers in the global liquid lithium battery copper foil market include Longdian Huaxin, Jiujiang Defu Technology, Guangdong Jiayuan Technology, Changchun Group, SK Nexilis, Nord New Materials, LOTTE Chemical, Hubei Zhongyi Technology, JX Advanced Metals, and Guangdong Chaohua Technology [4]. Market Drivers and Challenges - Key drivers include the rapid development of new energy vehicles and energy storage systems, increasing demand for high-performance lithium batteries, and the recognition of 3D current collectors for enhancing battery energy density and safety [12]. - Challenges include fluctuations in copper prices, technical difficulties in processing high-end ultra-thin copper foil, and the long verification cycles for new products in the industry [12]. Opportunities - The demand for high-performance current collector materials is expanding due to the growth of solid-liquid hybrid batteries and high-energy-density liquid lithium batteries. Innovations in electrolytic and rolled copper foil technologies present significant opportunities [12].

Group 1 - The overall market showed positive performance on September 5, with all three major indices rising: Shenzhen Component Index increased by 3.89%, Shanghai Composite Index rose by 1.24%, and ChiNext Index surged by 6.55% [1] - The Shanxi sector also experienced an upward trend, with an overall increase of 1.40% influenced by the broader market [1] Group 2 - Shanxi Coal and Coking Company (stock code: 000983) was the top performer in the Shanxi sector, with a rise of 4.44% [2] - Huaxiang Co., Ltd. (stock code: 603112) and Lu'an Environmental Energy Development Co., Ltd. (stock code: 601699) also showed significant gains, increasing by 4.27% and 4.15% respectively [2] Group 3 - Shanxi Coal and Coking Company is the largest coking coal production base in China, with a comprehensive business model involving coal production, sales, washing, power generation, and mining services [3] - The company has established strategic partnerships with major firms such as Baosteel and Huaneng International, and its products are sold across more than 20 provinces in China and exported to countries like Japan and Germany [3] Group 4 - Huaxiang Co., Ltd. was established in 1999 and became the first private enterprise in Shanxi to be listed on the main board of the Shanghai Stock Exchange in 2020 [4] - The company specializes in metal material forming and precision processing, serving various industries including engineering machinery, home appliances, and automotive parts [4] Group 5 - Lu'an Environmental Energy Development Co., Ltd. was listed on the Shanghai Stock Exchange in 2006, raising 1.98 billion yuan with a high initial offering price, establishing a strong market presence as a high-value and high-growth coal enterprise [5]

Group 1 - The company achieved operating revenue of 772 million yuan in the first half of 2025, representing a year-on-year increase of 23.74%, and a net profit attributable to shareholders of 75 million yuan, up 33.61% year-on-year [1] - The company focused on advancing the application and industrialization of advanced copper alloy materials in sectors such as commercial aerospace, medical imaging equipment, artificial intelligence data centers, semiconductors, and controllable nuclear fusion [1] - Research and development expenses totaled 42.4 million yuan in the first half of 2025, an increase of 30.73% year-on-year, indicating a commitment to innovation and product development [1] Group 2 - The company is expanding production capacity in emerging downstream fields, with a total investment of 47.23 million yuan in the first phase of the liquid rocket engine thrust chamber materials project, which has a planned total investment of 230 million yuan [2] - New projects include the construction of a facility for producing 30,000 sets of medical imaging equipment and the initiation of a project for producing 20 million sets of optical module chip bases and housings [2] - The company adjusted its revenue forecasts for 2025-2027, expecting operating revenues of 1.562 billion, 1.902 billion, and 2.287 billion yuan, with corresponding net profits of 157 million, 191 million, and 278 million yuan, maintaining a "buy" rating due to continuous growth drivers [2]

Core Points - The company’s board of directors has approved a proposal to authorize the board to formulate a mid-term dividend plan for 2025, contingent upon meeting profit distribution conditions [1] - The specific dividend distribution plan was approved during the board meeting held on August 22, 2025 [1] Distribution Plan - The dividend will be distributed for the half-year of 2025 [2] - The total number of shares for the dividend calculation is 959,400,000, with a cash dividend of 0.04 RMB per share (before tax), totaling 38,376,000 RMB [2] Implementation Details - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch to shareholders registered by the end of the trading day on the record date [3] - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [3] - The company will directly distribute cash dividends to specific shareholders, Mr. Tao Anxiang and Mr. Tao Xing [3] Taxation Information - For individual shareholders and securities investment funds holding shares for over one year, the cash dividend of 0.04 RMB per share is exempt from personal income tax [5] - For shares held for one year or less, the company will not withhold personal income tax at the time of distribution, but tax will be calculated upon the transfer of shares [5] - Qualified Foreign Institutional Investors (QFIIs) will have a 10% corporate income tax withheld, resulting in a net cash dividend of 0.036 RMB per share [6] - Hong Kong investors will also have a 10% tax withheld, leading to a net cash dividend of 0.036 RMB per share [6] Contact Information - For inquiries regarding the dividend distribution plan, shareholders can contact the company’s secretariat office at 0523-84686986 [7]

Core Points - Japan's manufacturing sector has experienced a significant decline in profits due to the impact of U.S. tariff policies, with overall regular profits dropping by 11.5% year-on-year for two consecutive quarters [1][4][7] - The non-manufacturing sector, particularly in tourism and services, has shown resilience with a profit increase of 6.6% compared to the previous year [3][4] Manufacturing Sector Impact - The manufacturing sector's regular profits fell sharply, particularly in the transportation machinery sector, which includes the automotive industry, with a decline of 29.7% [4][7] - Other affected industries include steel, which saw a profit drop of 48.2%, and metal products, which experienced a 36.6% decrease [4][7] - The overall regular profit for the manufacturing sector was recorded at 35.8338 trillion yen, marking a historical high for the quarter, but the decline in specific sectors overshadowed this achievement [3][4] Tariff Effects - U.S. tariffs imposed on imported automobiles and key components have significantly impacted Japanese exports, with tariffs on passenger cars rising from 2.5% to 27.5% [7][9] - The steel industry faced additional challenges as U.S. tariffs on steel and aluminum products increased from 25% to 50%, leading to losses in the Japanese steel sector [7][8] - In July, Japan's exports to the U.S. fell by 10.1% year-on-year, with automotive exports specifically declining by 28.4% [8][9] Company-Specific Impacts - Major Japanese automakers reported substantial profit losses due to U.S. tariffs, with Honda's net profit plummeting by 50.2% in the latest quarter [11] - Toyota estimated a loss of 450 billion yen in operating profit due to tariffs, with an expected total loss of 1.4 trillion yen for the fiscal year [11] - Other automakers, including Mazda, Nissan, Subaru, and Mitsubishi, also reported significant losses, prompting them to revise their profit forecasts downward [11]

Group 1: Company Highlights - Zhongwang Software has officially completed the adaptation of Zhongwang CAD to Huawei's Harmony system for both tablet and computer multi-terminal use, showcased at the Huawei Harmony Computer Technology and Ecology Communication Conference [1] - Huaxiang Co., Ltd. reported a revenue of 1.98 billion yuan for the first half of the year, a year-on-year increase of 2.38%, and a net profit attributable to shareholders of 290 million yuan, a year-on-year increase of 25.66%. The profit growth outpaced revenue growth due to an increase in the proportion of high-margin precision parts to 80.8% and an improvement in gross margin to 23.3% [1] - Fudan Microelectronics is actively developing a product line of FPGA with a gross margin of approximately 75% expected by mid-2025. The company has completed reliability assessments for its next-generation 1xnm FinFET advanced process FPGA products, which are now in small-batch production [2] Group 2: Financial Performance - Huaxiang Co., Ltd. has seen a decrease in financial expenses primarily due to increased foreign exchange gains, with limited impact from the delisting of convertible bonds. The company plans to mitigate pressures from the decline in white goods production through increased automotive parts volume and cost reduction strategies [1] - Fudan Microelectronics has exceeded 10 million units in annual shipments of automotive MCUs by 2024, with significant year-on-year growth expected in the first half of 2025, primarily for body control and comfort systems [2] Group 3: Strategic Initiatives - Huaxiang Co., Ltd. is focusing on capital expenditures for "three park construction" and expanding its automotive and industrial equipment industrial park. The company is also exploring the robotics sector and plans to establish an industrial fund through external acquisitions [1] - Fudan Microelectronics is working on a product development roadmap for computing power ranging from 4 TOPS to 128 TOPS, with good progress on its first 32 TOPS computing power chip [2]

Core Viewpoint - Fuda Alloy Materials Co., Ltd. is actively engaging with investors through various initiatives, including a temporary shareholders' meeting and a half-year performance briefing, to enhance transparency and communication regarding its business strategies and performance [1][3][4]. Group 1: Shareholders' Meeting - The company plans to hold its first temporary shareholders' meeting on September 12, 2025, utilizing both on-site and online voting methods to facilitate participation [1]. - To better serve small and medium investors, the company will employ Shanghai Stock Exchange Information Co., Ltd. to provide reminder services for the shareholders' meeting, ensuring timely notifications for voting [2]. Group 2: Half-Year Performance Briefing - The half-year performance briefing was held on September 4, 2025, allowing the company to communicate with investors and address their concerns [4]. - Key executives, including the chairman and financial officer, participated in the briefing to discuss the company's performance and future strategies [4]. Group 3: Business Strategy and Growth - The company is pursuing a "3+3+3+N" strategic platform to enhance its business model, focusing on group, global, and digital development [5]. - Fuda Alloy is expanding into new business areas such as photovoltaic silver paste and precious metal recycling, aiming to strengthen its core business while exploring new growth opportunities [5]. - The company reported significant revenue growth in emerging markets, with sales in data centers increasing by 507.26% and in the automotive sector by 39.03% in the first half of 2025 [5]. Group 4: Acquisition Plans - Fuda Alloy is in the process of acquiring at least 51% of Zhejiang Guangda Electronics Co., Ltd., with due diligence and negotiations ongoing [5][6]. - The acquisition is expected to enhance the company's competitive position in the electrical contact materials sector and contribute positively to its overall performance [5][6]. Group 5: Future Outlook - The company aims for revenue growth of 27.31% and 37.94% in 2023 and 2024, respectively, with a strong focus on maintaining operational efficiency and expanding market share [5]. - Fuda Alloy has set ambitious goals for 2030, including significant revenue and market capitalization targets, supported by strategic investments and innovations [5].

Core Viewpoint - The company, Fuda Alloy Materials Co., Ltd., has announced the convening of its first extraordinary general meeting of shareholders in 2025, scheduled for September 2025, to discuss important matters [1] Group 1 - The company will utilize the Shanghai Stock Exchange Information Network Co., Ltd. to provide a shareholder meeting reminder service, ensuring that small and medium-sized investors can participate and vote [2] - Shareholders will receive proactive reminders via smart SMS based on the shareholder register as of the registration date, along with invitations and information about the agenda [2] - Investors can vote directly through the provided manual and have alternative voting options available in case of congestion on the voting platform [2]

证券日报网讯 9月4日晚间，嘉元科技发布公告称，公司分别于2025年7月31日召开第五届董事会第四十 九次会议审议通过了《关于取消监事会、变更注册资本、修订并办理工商变更登记的议案》、2025年8 月19日召开公司2025年第三次临时股东大会审议通过《关于取消监事会、变更注册资本、修订并办理工 商变更登记的议案》。近日，公司已完成工商变更登记和备案手续，并取得了梅州市市场监督管理局换 发的《营业执照》。 （文章来源：证券日报） ...

Financing & Review - In August 2025, 5 new stocks were issued on the North Exchange, raising a total of 1.22 billion yuan[6] - Cumulatively, 12 new stocks were issued from January to August 2025, with total fundraising amounting to 3.739 billion yuan[6] - As of the end of August, there are 13 companies that have passed the review but not yet registered, with a proposed fundraising of 2.610 billion yuan[6] Subscription & Issuance - The median first-day increase for the 5 new stocks listed in August was +271.09%, with individual increases of +369.54%, +340.71%, +271.09%, +263.98%, and +203.94%[4] - The theoretical subscription yield for individual new stocks in August ranged from +0.066% to +0.128%[4] - The cumulative theoretical yield for new stock subscriptions from January to August 2025 increased by +1.42%[4] Market Trends & Predictions - The average top subscription amount in August was 11.60 million yuan, with a median freezing fund range of 564.54 billion to 740.83 billion yuan[6] - The expected annual issuance of new stocks is estimated at 30, with a total fundraising of 7.5 billion yuan under a neutral assumption[7] - The anticipated first-day price increase for new stocks is projected at 300%, with various scenarios considered[7] Investment Analysis - The North Exchange is entering a normalized issuance period, with subscription yields appearing attractive[7] - The average yield increase for 5 new stocks listed in August is +0.11%, suggesting a potential annualized yield increase of +3.31% if 30 stocks are issued[7] - The North Exchange's strategic investment opportunities are highlighted, particularly in the context of the recent expansion of strategic placement investors[7]