Group 1: Report Information - Report Name: Nickel Daily Report [1] - Date: July 9, 2025 [2] - Research Team: Nonferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - The macro atmosphere has turned weak, and uncertainty has increased, leading to a decline in risk appetite. On the 8th, Shanghai nickel continued to be weak in the non - ferrous sector under the pressure of fundamental surplus, temporarily stabilizing above 120,000. The nickel industry chain shows weak performance in all links. Be cautious about the rebound space, reduce long positions on rallies, and adopt a rolling operation strategy [8] Group 4: Market Review and Operation Suggestions - **Macro and Market Conditions**: The macro atmosphere is weak, and risk appetite has declined. Shanghai nickel is weak in the non - ferrous sector under fundamental surplus pressure [8] - **Supply - Side Conditions**: Since the end of June, the support from the ore end has weakened, and the price of Indonesian domestic red clay nickel ore has loosened. The high - nickel iron price continued to fall, with the average price on the 8th dropping by 2.5 to 905 yuan/nickel point. Nickel iron plants' losses have intensified, and some have cut production. The steel mills are sluggish, with reduced production schedules and high inventories, and can only maintain the rigid demand for raw materials [8] - **Sulfuric Acid Nickel Situation**: Sulfuric acid nickel remained flat at 27,410. The recent rise in LME nickel prices has increased the immediate production cost of nickel salt plants. Some nickel salt plants have stopped production for maintenance due to losses, and some are holding up prices. The short - term price of sulfuric acid nickel is expected to remain stable [8] - **Operation Suggestions**: Be cautious about the rebound space of nickel, reduce long positions on rallies, and adopt a rolling operation strategy [8] Group 5: Industry News - Bulgaria officially launched the largest - scale operating battery energy storage system in the EU, with a capacity of 124 megawatts/496.2 megawatt - hours, located in the Balkan Industrial Park in the north - central city of Lovech [9] - A research team from Turkey's Odtu - Gunam Institute and Necmettin Erbakan University developed a TOPCon solar cell using nickel (Ni) contacts and almost no silver (Ag), with silver usage below 0.5 mg/watt, far lower than traditional silver - contact cells [11] - Renewable energy storage company Apatura obtained planning permission for a 100 - megawatt battery energy storage system (BESS) project near Kilwinning, North Ayrshire, Scotland [11]

Core Viewpoint - The acquisition of Powin by FlexGen highlights the competitive landscape and development trends in the U.S. energy storage market amidst industry turmoil and consolidation [1] Group 1: Powin's Financial Struggles - Powin, based in Oregon, is facing severe financial difficulties and has filed for Chapter 11 bankruptcy protection, with potential layoffs and operational halts by the end of July 2024 if no solutions are found [2] - The company attributes its financial challenges to industry headwinds, including uncertainties from U.S. import tariffs and the future of investment tax credit (ITC) incentives [2] - A temporary order from the New Jersey bankruptcy court allows Powin to access $2.75 million in debtor-in-possession (DIP) financing, with FlexGen designated as the lead bidder for this financing [2][3] Group 2: FlexGen's Acquisition Motivation - FlexGen aims to acquire Powin to leverage its extensive customer base and project portfolio in the U.S. and abroad, believing that Powin's product offerings can complement its own business [4] - FlexGen, originally a microgrid control specialist, has 15 years of field deployment experience and a proprietary energy management system (EMS) software platform, Hybrid OS [5] - Powin is a pioneer in the U.S. battery energy storage system integration field, with a focus on battery hardware integration and battery management system (BMS) development [5] - The acquisition would allow FlexGen to enhance its position in the energy storage value chain by expanding from software integration and operations to hardware integration, thereby increasing overall competitiveness [5] - Powin's global market presence in the U.S., Australia, Asia, and Europe would enable FlexGen to quickly penetrate these overseas markets and expand its market share [5] Group 3: Supplier Relationships - Both FlexGen and Powin are procurement partners of CATL, with FlexGen having signed a long-term supply agreement for 10 GWh of EnerC liquid-cooled storage containers in 2022 [6]

Core Viewpoint - The article discusses the upcoming 2025 Fifth Electric Vehicle Battery Swap Conference and the growth of long-duration energy storage, particularly focusing on flow batteries and their market potential in China. Group 1: Event Details - The event theme is "Swap Battery City, Smart Two-Wheelers" and will take place on July 10-11, 2025, at the Shenzhen Baoan DENGXILU International Hotel [2] - The event is sponsored by various companies including Yadi Technology Group, Tailing Group, and others, indicating strong industry support [2] Group 2: Market Growth and Projections - In 2024, China's newly installed capacity of long-duration energy storage flow batteries is expected to reach 2.43 GWh, a year-on-year increase of 834.6% [2] - The projected new installed capacity for long-duration energy storage flow batteries in 2025 is 5.6 GWh, representing a year-on-year growth of 130.5% [3] Group 3: Technology and Cost Trends - The average bid price for long-duration energy storage flow battery systems (≥ 4h) in 2024 is 2.11 RMB/Wh, a decrease of approximately 20% from 2023 [5] - By 2026, the average bid price is expected to drop below 2.0 RMB/Wh, and by 2030, it may fall below 1.0 RMB/Wh [5] Group 4: Emerging Business Models - The introduction of an electrolyte leasing model has been noted, which can reduce initial investment costs by over 20% for projects [5] - The "flow + lithium" hybrid storage model is gaining traction, combining the rapid response of lithium batteries with the long-duration capacity of flow batteries [8] Group 5: Industry Trends - The trend of companies expanding overseas is becoming significant as the domestic new energy storage market becomes increasingly competitive [9] - The establishment of a closed-loop economy for vanadium resources is being developed, integrating raw materials, new materials, and new energy [8]

Core Viewpoint - In 2023, technology finance was highlighted as a key focus in the Central Financial Work Conference, emphasizing the need for financial institutions to support the transformation of scientific research into marketable products through innovative financing solutions [1]. Group 1: Financial Institutions' Role - Financial institutions are encouraged to direct funds towards early-stage technology companies, particularly those with high growth potential, to facilitate their development [2]. - Banks are expanding their focus from traditional industrial parks to universities and research institutions, aiming to assist technology companies in transitioning from laboratories to the market [2][5]. - The introduction of the "Technology Achievement Transformation Loan" by CITIC Bank aims to support early-stage technology companies that have not yet achieved stable revenue [5][6]. Group 2: Innovative Financing Solutions - The "Technology Achievement Transformation Loan" prioritizes technological capabilities and research team quality over traditional financial metrics like debt repayment ability [6]. - The loan product allows for non-collateralized financing options, accepting credit-based guarantees or guarantees from controlling shareholders [7]. - CITIC Bank has successfully provided loans to companies like Huashinuo, which focuses on innovative ophthalmic diagnostic and treatment systems, demonstrating the effectiveness of this financing model [7][8]. Group 3: Case Studies of Technology Companies - Huashinuo, a company specializing in ophthalmic technology, received a loan of 10 million yuan to support its commercialization efforts, highlighting the importance of financial backing in critical development phases [7]. - Another example is Xinhua Storage, a startup focused on zinc-nickel flow battery technology, which received a loan of 5 million yuan without collateral, using patent pledges as a form of credit enhancement [12]. - Both companies illustrate the evolving financial needs of technology firms as they progress through different stages of development, requiring tailored financial solutions [13][14]. Group 4: Comprehensive Financial Services - CITIC Bank aims to provide a comprehensive suite of financial services, including credit products, equity investment, and bond financing, to support technology companies throughout their growth [14]. - The bank's "启航计划" (Launch Plan) aims to assist 10,000 hard technology companies in their critical transition from concept to market over the next three years [14].

Core Viewpoint - In 2023, technology finance was highlighted as a key focus in the Central Financial Work Conference, emphasizing the integration of financial power to promote the transformation of technological achievements and the combination of innovation and capital [1]. Group 1: Financial Institutions and Technology Enterprises - Financial institutions are exploring ways to address the challenge of strong research but weak transformation in technology, with banks playing a crucial role in bridging the gap between research and market application [3][4]. - Banks are shifting their focus from traditional industrial parks to universities and research institutions, exemplified by CITIC Bank targeting these areas to support the commercialization of technology [5]. Group 2: Innovative Financial Products - The "Technology Achievement Transformation Loan" product was introduced to support early-stage technology enterprises by focusing on technological capabilities rather than traditional financial metrics [12][16]. - This loan product allows for non-collateralized lending, accepting credit-based or controlling shareholder guarantees as forms of credit enhancement [13]. Group 3: Case Studies of Technology Enterprises - Huashinuowei, a company focused on precise diagnosis and treatment in ophthalmology, received a loan of 10 million yuan to support its commercialization efforts, highlighting the importance of financial support in transitioning from laboratory to market [14][15]. - Xinhua Storage, a startup specializing in zinc-nickel flow battery technology, also benefited from a 5 million yuan credit line, utilizing patent pledges as collateral, showcasing the innovative financing solutions available for tech startups [22]. Group 4: Comprehensive Financial Services - CITIC Bank is leveraging its comprehensive financial services to provide a one-stop solution for technology enterprises, including investment, loans, and bond financing [25]. - The bank's "Sailing Plan" aims to support 10,000 hard technology enterprises over three years, indicating a strategic commitment to fostering innovation and growth in the tech sector [26].

Macroeconomic Group - The Federal Open Market Committee (FOMC) decided to maintain the federal funds rate at 4.25% - 4.50%, marking a pause in the rate cut cycle that began in September of the previous year, aligning with market expectations [3] - The FOMC's statement was revised to indicate that uncertainty has diminished but remains high, and it reiterated that net export fluctuations affect data while the economy continues to expand steadily [3] - The dot plot indicates that the median FOMC members expect two rate cuts in 2025, totaling 50 basis points, with the median rate forecast for 2025 at 3.9% [4][5] Industry Comprehensive Group - The price of DDR4 memory products has surged nearly 100% since January 2025, with current prices exceeding the June 2024 peak, while DDR5 prices have also increased significantly [9] - The rapid price increase in the storage market has led to substantial growth in the performance of domestic storage module manufacturers and distributors, particularly benefiting companies with high inventory levels such as Jiangbolong and Demingli [9] Advanced Manufacturing Group - Powin, a major battery storage system integrator in the U.S., filed for Chapter 11 bankruptcy, affecting several Chinese companies, including CATL and Qingdao CIMC Puwei [11] - The bankruptcy was attributed to soaring tariff costs and a weak business model lacking vertical integration, leading to significant debt risks for Chinese firms [11] - The U.S. energy storage market is expected to experience a short-term freeze, with Fluence reducing its annual revenue guidance by 27% [11] Consumption Group - The combined GMV of beauty products on Tmall and Douyin reached 29.96 billion yuan in May 2025, showing a slight year-on-year increase of 1.3%, with a notable divergence in performance between high-end and mass-market brands [14] - High-end domestic brands like Mao Ge Ping and Ke Li Jin saw significant sales growth, while mass-market brands like Proya and Winona faced declines [15] - The beauty consumption trend is shifting towards high-end, efficacy-driven products, with Douyin emerging as a new growth engine for high-end brands [15]

Core Insights - The new energy storage market is experiencing a "gold rush" with significant advancements in technology and market growth [1][6] - CATL has positioned its energy storage business as a crucial second growth curve, alongside battery swapping and overseas markets [2][6] Company Developments - CATL announced the mass production and delivery of its 587Ah battery cell on June 10, marking a significant milestone in its energy storage technology [1] - At the Munich Battery Storage Exhibition, CATL unveiled the TENER Stack, a 9MWh ultra-large capacity energy storage system solution [2] - In 2024, CATL is projected to achieve a global market share of 36.5% in energy storage battery shipments, maintaining its position as the market leader for four consecutive years [2] Financial Performance - CATL's energy storage battery system sales are expected to reach 93GWh in 2024, generating approximately 57.29 billion yuan in revenue, which accounts for 15.83% of the company's total revenue [2] - The gross margin for CATL's energy storage batteries is projected to be 26.84% in 2024, surpassing the 23.94% gross margin of its power batteries for the first time [2] Industry Challenges - The energy storage sector faces challenges such as product lifespan verification and safety concerns, with many projects underperforming compared to their claimed specifications [3][6] - There have been at least 167 reported safety incidents related to energy storage systems globally, highlighting the risks associated with large-scale battery deployments [3] Market Trends - The lithium battery storage installation capacity is expected to exceed 78GW by the end of 2024, representing a year-on-year growth of over 147%, surpassing pumped hydro storage for the first time [6] - The total output value of China's new energy storage industry is projected to exceed 1 trillion yuan by 2025 and 3 trillion yuan by 2030 [6] Competitive Landscape - Companies like BYD, CATL, and others are aggressively competing for market share, with BYD leveraging its blade battery technology and system integration capabilities [6] - Policy reforms and market-driven changes are reshaping the industry, with new regulations promoting independent participation of energy storage in the electricity market [7]

Core Insights - India plans to provide a subsidy of 54 billion Indian Rupees for a 30 GWh battery storage project [1] Group 1 - The subsidy aims to promote the development of battery storage technology in India [1] - The initiative is part of India's broader strategy to enhance renewable energy capacity and reduce reliance on fossil fuels [1] - The project is expected to contribute significantly to the country's energy transition goals [1]

Group 1 - India plans to provide a subsidy of 54 billion Indian Rupees for a 30 GWh battery storage project [1]

Core Insights - The number of specialized and innovative "little giant" enterprises in China exceeds 14,000, with Jiangsu, Guangdong, and Zhejiang leading in quantity [3][5][25] - Financing events and amounts for these enterprises have significantly decreased, with a 55% drop in events and a 48.1% decline in disclosed financing amounts in Q1 2025 compared to the previous year [9][12] - The number of IPOs for these enterprises has increased, with 19 IPOs in Q1 2025, marking a 26.7% year-on-year growth [24][25] Group 1: Development Overview - As of March 31, 2025, there are 14,687 specialized and innovative "little giant" enterprises in China, with Jiangsu having 2,160, Guangdong 1,985, and Zhejiang 1,804 [5][25] - The top five cities with the highest number of these enterprises are Beijing, Shenzhen, Shanghai, Suzhou, and Hangzhou [5] Group 2: Financing Overview - In Q1 2025, there were 136 financing events for specialized and innovative "little giant" enterprises, a decrease of 55% year-on-year, with disclosed financing amounting to 9.85 billion RMB, down 48.1% [9][12] - Jiangsu, Beijing, Guangdong, Shanghai, and Zhejiang are the leading regions in financing activity, with Shanghai having the highest financing amount exceeding 9 billion RMB [12] Group 3: IPO Insights - The number of IPOs for specialized and innovative "little giant" enterprises in Q1 2025 was 19, reflecting a 26.7% increase year-on-year [24] - Among the 27 new IPOs in A-shares, 18 were specialized and innovative "little giant" enterprises, accounting for 66.7% [25] Group 4: M&A Activity - In Q1 2025, there were 29 disclosed M&A events involving specialized and innovative "little giant" enterprises, a significant increase of 262.5% year-on-year, with a total disclosed transaction amount of 5.16 billion RMB, up 26.8% [34] Group 5: Recent Developments - In March 2025, the Ministry of Industry and Information Technology and 15 other departments issued guidelines to enhance compliance awareness and management among small and medium-sized enterprises, including specialized and innovative "little giant" enterprises [39]