Core Viewpoint - Jiangsu Huasheng Lithium Electric Materials Co., Ltd. is actively managing its financial resources by investing idle funds in wealth management products and engaging in foreign exchange derivative trading to mitigate risks associated with currency fluctuations [1][2][3] Company Announcements - The company plans to use a maximum of 100 million yuan of idle self-owned funds for purchasing wealth management products, ensuring that normal operations and fund safety are not affected [1][3] - The company intends to conduct foreign exchange derivative trading with a limit not exceeding 2.5 million USD or equivalent in other currencies, using self-owned funds, to hedge against exchange rate risks [2][3] - Both the wealth management and foreign exchange derivative trading initiatives have been approved by the company's third board meeting and do not require submission to the shareholders' meeting for approval [2][3]

据公开资料，盟固利成立于2009年，主要从事锂离子电池正极材料的研发、生产与销售。2023年8月，公司在深交所创业板上市。 上市当年，盟固利营收及归母净利润同比分别下滑27.03%、35.01%。2024年，该公司业绩再次下滑，净亏损7166.57万元。最新财报显示，2025年前三季 度，盟固利实现营收16.3亿元，同比增长24.22%；归母净利润732.71万元，同比下滑18.87%。 二级市场上，截至2025年12月31日收盘，盟固利跌1.17%，报21.93元/股，总市值100.8亿元。 ↓↓↓ 2025年12月31日，盟固利（301487）公告称，公司收到天津证监局出具的行政监管措施决定书。 经查，盟固利2023年三季报、2023年年报、2024年年报、2025年一季报存在会计差错。其中，公司2023年三季报、年报收入均多计4380.53万元，净利润 均多计112.83万元，2024年年报和2025年一季报净利润分别少计36.48万元、62.43万元，违反了《上市公司信息披露管理办法》(证监会令第182号)第三条 第一款规定；2025年半年报存在会计差错，净利润少计76.35万元，违反了《上市公司信息 ...

中国船级社青岛分社工业产品处处长胡光富说，创为科技锂电池综合安全系统已全部完成104项大类、 247项分项的试验验证，中国船级社在完成报告审核后向其发放了"船用锂电池综合安全系统"型式认可 证书。 烟台黄渤海新区工业信息化和科技创新局局长赵玲说，船舶锂电池火灾防控领域技术研究提升了电池水 上应用安全试验验证能力，将推动新能源安全防控技术创新与产业升级，助力航运业安全、绿色、可持 续发展。（记者王志） 2025年12月31日，中国船级社向烟台创为新能源科技股份有限公司发放了"船用锂电池综合安全系统"型 式认可证书，标志着我国电动船舶锂电池安全防控技术实现新突破，将为电动船舶安全保驾护航。 近日，在中国船级社与创为科技共建的锂离子电池水上应用火灾防控安全试验基地，在中国船级社、海 事部门、科研院校等百余名专家见证下，创为科技成功完成船用动力锂电池热失控预警及火灾抑制实体 效用试验的最后两项关键试验。 创为科技董事长、高可靠储能安全山东省工程研究中心主任张立磊介绍，他们自主研发的船舶锂离子蓄 电池包火灾防控智能装置，不仅能对热失控早期状况精准探测和智能诊断，还能提前预警，并与智能灭 火系统联动。 图为烟台创为新能源 ...

Core Viewpoint - The lithium carbonate futures market experienced a "V-shaped" reversal in 2025, transitioning from supply surplus in the first half to demand-driven growth in the second half, with prices reaching 120,000 yuan/ton by December 30, 2025 [2]. Supply and Demand Dynamics - Supply: The low prices previously suppressed new project investments and led to the permanent exit of high-cost production capacities. Future lithium ore supply growth is expected to slow down, with a projected compound annual growth rate (CAGR) of 15-20% over the next five years [6]. - Demand: Strong growth in lithium battery demand is anticipated, with a projected CAGR of 25-30% over the next five years, particularly driven by explosive growth in energy storage and AI data centers [6]. - Cost: Rising environmental and compliance costs are expected to increase lithium mining and extraction costs domestically, while international costs may rise due to resource nationalization in countries like Argentina and Chile [6]. Inventory and Market Conditions - Inventory: As demand accelerates, inventory levels across the supply chain are expected to tighten, with historical low levels anticipated in the second half of 2025 [7]. - Technical Substitution: Although sodium-ion battery technology shows potential for cost reduction, lithium batteries are expected to remain the dominant technology for the next 3-5 years [7]. Broader Commodity Trends - Other Commodities: The price trends of other commodities such as gold, copper, and aluminum are also in a long-term bull market, influenced by global quantitative easing and geopolitical factors [8]. - Related Materials: Prices of lithium battery-related materials, including copper foil and electrolytes, are also on the rise, impacting lithium carbonate prices [9]. Contrasting Views on Market Outlook - Bearish Perspective: The bearish view argues that global lithium resource capacity is increasing rapidly, leading to a long-term supply surplus. The expected CAGR for lithium ore capacity is 20-25% over the next five years [11]. - Cost Dynamics: The overall cost curve is expected to decline due to the exit of high-cost production and technological advancements, with cash costs for certain projects potentially dropping to 40,000-60,000 yuan/ton [11]. - Demand Concerns: The anticipated high growth in end-user demand, particularly in energy storage, may be overstated, with a projected CAGR of only 15-20% for global lithium battery demand over the next five years [11]. Future Projections - The overall outlook from the research institute suggests a bullish stance on lithium carbonate prices, with expectations for prices to stabilize between 150,000-200,000 yuan/ton in the long term, driven by sustained demand and limited supply [13].

Core Viewpoint - The article discusses the performance of stocks categorized as "猛兽股" (beast stocks), focusing on those with a price increase of over 4 times within a year, and highlights the emergence of two distinct trading patterns: the traditional trend model and the volume accumulation model [1][2]. Group 1: Stock Selection Criteria - The selection formula for identifying beast stocks is based on a specific calculation involving the highest high and lowest low over a defined period [1]. - A total of 99 stocks were identified in the market, with 40 stocks filtered through an earnings pre-selection pool, although the specific list is not provided [2]. Group 2: Market Trends and Patterns - The current bull market has seen a significant increase in the volume accumulation model, with a ratio of approximately 6:4 compared to the traditional model [2]. - The volume accumulation model results in steeper price increase slopes and shorter time frames for achieving similar gains, with some stocks completing significant price movements in just days or weeks [2]. - The rise of quantitative trading is closely linked to the volume accumulation model, which emphasizes high-frequency trading and rapid turnover, previously dominated by speculative funds [2]. Group 3: Differences Between Trading Models - The traditional trend model is closely tied to earnings growth, while the volume accumulation model shows little correlation with earnings performance [2][5]. - Stocks selected under the traditional model are fundamentally different from those in the volume accumulation model, reflecting divergent views on the importance of fundamentals versus short-term market sentiment [4][5]. Group 4: Commonalities and Market Implications - Both trading models exhibit a common principle of minimal drawdowns during trends, with only a small fraction of the selected stocks experiencing significant pullbacks [5]. - The average drawdown for potential bull stocks in 2025 is lower than in previous years, theoretically making it easier to hold positions [5]. - The emergence of the volume accumulation model presents both challenges and opportunities for investors, suggesting a need for diversification in investment strategies [5].

Core Viewpoint - The EU's Carbon Border Adjustment Mechanism (CBAM) will officially enter its "charging period" on January 1, 2026, initially covering six product categories: steel, cement, aluminum, fertilizers, electricity, and hydrogen. By 2028, the scope is expected to expand to approximately 180 downstream products, including washing machines and automotive parts, creating a comprehensive "green bill" that impacts both raw materials and finished products [1][2][4]. Group 1: CBAM Implementation and Scope - The CBAM's product coverage and execution timeline have become clearer, with a transitional phase from 2023 to 2025 focusing on carbon data research, leading to formal implementation in 2026 [2][3]. - The CBAM will charge for direct and indirect emissions from cement and fertilizers, while steel, aluminum, and hydrogen will not incur charges for indirect emissions [3][4]. - The EU plans to expand the CBAM to include downstream products related to steel and aluminum, with a total of 180 new products expected to be added by 2028 [3][4]. Group 2: Impact on Chinese Enterprises - Chinese enterprises exporting to the EU will need to establish differentiated carbon emission data management systems to comply with CBAM, particularly focusing on direct and indirect emissions [7][10]. - The introduction of a 50-ton annual import exemption threshold will significantly reduce the compliance burden for small and medium-sized enterprises, with approximately 90% of importers expected to be exempt from CBAM obligations [4][5]. - Major Chinese suppliers of steel and aluminum, such as China Aluminum and Nanshan Aluminum, may not be significantly impacted by CBAM due to their limited export volumes and ability to track production data [6][10]. Group 3: Carbon Footprint Regulations - The EU has introduced new battery regulations that require carbon footprint labeling, which will become another compliance requirement for exporting companies [8][9]. - The carbon footprint label will consist of four components, including a declaration of the battery's lifecycle carbon footprint, although the specific accounting methodology is still not defined [9][10]. Group 4: Strategic Responses and Advantages - Chinese companies are encouraged to adapt to EU standards and establish low-carbon supply chains to mitigate compliance risks while actively participating in international carbon rule-making [10][11]. - China's proactive approach to low-carbon transformation, including significant progress in energy structure and early adoption of low-carbon practices in industries like steel, positions it favorably against stricter EU regulations [10][11].

1. Report's Investment Rating for the Industry - No information provided regarding the industry's investment rating. 2. Core Views of the Report - Bullish on the equity market during the "Spring Rally". With the expected strengthening of underlying stocks and seasonal effects, there is a slight room for convertible bond valuations to increase. When selecting bonds, focus on the performance elasticity of the underlying stocks. For near - maturity convertible bonds, consider participating in the underlying stocks [27]. - In the stock market, in December 2025, the risk appetite was high. Looking ahead, the RMB appreciation expectation is strengthening, and with the end of the year - end ranking assessment of financial institutions, the "Spring Rally" is expected to gradually kick off. In January, if the market adjusts during the intensive performance forecast period, investors can buy on dips and focus on resources, AI computing power, batteries, polyester industry chain, AI edge devices, and securities [27]. - In the convertible bond market, in December 2025, the CSI Convertible Bond Index reached a new high since July 2015. Although the share of convertible bond ETFs continued to decline, the market premium rate increased. In the future, due to seasonal effects, some institutional investors may gradually increase their positions in January, and convertible bond valuations have a slight room for improvement [27]. 3. Summary of Each Section 3.1 2025 December Convertible Bond Market Review - **Stock and Bond Market Review**: In December, the equity market fluctuated upwards, and the bond market generally fluctuated. The Shanghai Composite Index rose for nearly 10 consecutive trading days in the middle and late - December, closing at 3963.68 on December 26, with a monthly increase of 1.27%. The 10 - year Treasury bond yield closed at 1.838% on December 26, up 0.10bp from the beginning of the month, and the 30 - year Treasury bond yield closed at 2.223%, up 3.32bp from the beginning of the month [4][8]. - **Convertible Bond Market Review**: The convertible bond market generally rose following the equity market. The premium rates of convertible bonds in all parity ranges increased, but convertible bond ETFs continued to face outflow pressure. Five convertible bonds announced downward revisions, one more than the previous month, and 10 convertible bonds announced forced redemptions, two less than the previous month. The CSI Convertible Bond Index closed at 493.2 on December 26, up 2.31% [5][8]. - **Industry Performance**: In the Shenwan industry classification, sectors such as national defense and military industry (+12.25%), communication (+10.55%), and non - bank finance (+8.27%) performed well, while sectors such as media (-4.77%), banks (-3.68%), and coal (-3.62%) declined [8]. 3.2 2026 January Convertible Bond Allocation Strategy - **Stock Market Outlook**: The RMB appreciation expectation is strengthening, and the "Spring Rally" is expected to start. In January, if the market adjusts during the performance forecast period, investors can buy on dips. Focus on resources, AI computing power, batteries, polyester industry chain, AI edge devices, and securities [27]. - **Convertible Bond Outlook**: Due to seasonal effects, some institutions may increase their positions in January. Convertible bond valuations have a slight room for improvement. When selecting bonds, relative - return funds should focus on high - probability sectors with a high - beta underlying stocks, and absolute - return funds should focus on high - odds sectors [27][28]. - **Bond Selection Suggestions**: For relative - return funds, focus on sectors such as lithium - battery materials, semiconductor equipment and materials, power semiconductors, high - quality auto parts, anti - involution industries, and securities. For absolute - return funds, focus on industry leaders with low valuations, sectors such as pig farming, power, and water supply, and convertible bond debt - to - equity conversion [28]. 3.3 2026 January "Top Ten Convertible Bonds" Portfolio | Convertible Bond Code | Convertible Bond Name | Underlying Stock Name | Industry | Balance (Billion Yuan) | Convertible Bond Price (Yuan) | Convertible Bond Parity (Yuan) | Conversion Premium Rate (%) | Rating | Recommendation Reason | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 113043.SH | Caitong Convertible Bond | Caitong Securities | Securities II | 37.99 | 133.52 | 109.71 | 21.70 | AAA | The securities sector will see a double - hit of valuation and profit in a bull market [30]. | | 123254.SZ | EVE Convertible Bond | EVE Energy | Battery | 49.98 | 167.64 | 134.65 | 24.51 | AA+ | The demand for energy storage is strong, and the shipment volume in the third quarter increased significantly year - on - year and quarter - on - quarter [30]. | | 113695.SH | Huachen Convertible Bond | Jiangsu Huachen | Power Grid Equipment | 4.60 | 160.16 | 122.10 | 31.17 | A+ | The company's new production capacity is put into operation just as the demand for energy storage is growing rapidly [30]. | | 113634.SH | Proya Convertible Bond | Proya | Cosmetics | 7.51 | 125.13 | 70.36 | 77.83 | AA | As a domestic beauty leader, its brand and product strength are outstanding, and its valuation at a historical low is expected to be restored [30]. | | 113616.SH | Will Semiconductor Convertible Bond | Will Semiconductor | Semiconductor | 24.32 | 124.07 | 78.35 | 58.36 | AA+ | The company is accelerating its introduction into intelligent driving and emerging markets and has launched new mobile phone products with strong competitiveness [30]. | | 118040.SH | Hongwei Convertible Bond | Hongwei Technology | Semiconductor | 4.30 | 149.72 | 116.17 | 28.88 | A | Power semiconductors benefit from the growth of power supply and energy storage demand [30]. | | 113674.SH | Huashe Convertible Bond | Huashe Group | Engineering Consulting Service II | 4.00 | 129.29 | 89.47 | 44.51 | AA | As a leader in infrastructure design, its main business is stabilizing, and intelligent design and low - altitude economy provide growth points [30]. | | 123222.SZ | Bojun Convertible Bond | Bojun Technology | Auto Parts | 2.44 | 224.63 | 194.72 | 15.36 | A+ | The growth of customer sales and the increase in ASP per vehicle drive up revenue and profit [30]. | | 113666.SH | Aima Convertible Bond | Aima Technology | Motorcycle and Others | 19.99 | 125.11 | 79.63 | 57.12 | AA | The new national standard may promote the market share of the two - wheeled vehicle leader [30]. | | 123247.SZ | Wankai Convertible Bond | Wankai New Materials | Plastics | 19.64 | 172.30 | 150.18 | 14.73 | AA | Under the "anti - involution" of bottle chips, the processing fee is expected to stabilize, and the company is entering the rPET blue - ocean market [30]. |

Group 1 - The company has engaged in the lithium battery electrolyte additive project through its subsidiary, Furui New Energy, which has been operational since 2022 [2] - The company is open to exploring further projects in the new energy sector in the future, with announcements to be made as developments occur [2]

Core Viewpoint - The supply of power batteries has eased by the end of 2025, but the shortage of energy storage batteries remains severe, leading to increased prices across the lithium battery supply chain [1][3][4]. Group 1: Battery Supply and Demand - Several car manufacturers have experienced delivery delays due to battery supply shortages, particularly affecting models like Li Auto's i6 and NIO's new ES8 [3][15]. - Reports indicate that from September to November 2025, some car companies sent personnel to battery manufacturers to secure battery supplies, highlighting the competitive nature of the market [3][17]. - The demand for power batteries surged during the traditional peak season, exacerbated by the need for manufacturers to stock up before year-end sales and the upcoming tax changes in 2026 [4][18]. Group 2: Energy Storage Battery Market - The energy storage battery market is facing a more severe shortage compared to power batteries, with many companies operating at full capacity and requiring prepayments for orders [5][19]. - The National Development and Reform Commission has set a target for new energy storage installations to reach 180 million kilowatts by 2027, which is expected to drive significant investment [5][19]. - Predictions indicate that global battery demand will exceed 2.5 TWh in 2026, with energy storage demand expected to grow by over 60% year-on-year [5][19]. Group 3: Price Trends in the Lithium Battery Supply Chain - The prices of lithium carbonate have surged, with futures exceeding 120,000 yuan per ton, marking a more than 100% increase from July's lows [6][22]. - The entire lithium battery supply chain is experiencing price increases, including key components like anode and cathode materials, separators, and copper foil [6][22]. - Companies are adjusting their pricing strategies in response to rising raw material costs, with some battery manufacturers announcing price hikes for their products [6][23]. Group 4: Company Performance and Strategic Partnerships - CATL's energy storage battery system revenue reached 28.4 billion yuan in the first half of 2025, accounting for nearly 16% of total revenue, with a gross margin of 25.52% [6][21]. - Major automotive companies are increasingly focusing on energy storage as a growth area, with BYD ranking third globally in energy storage system shipments [6][21]. - Strategic partnerships have been established between several car manufacturers and CATL, with agreements lasting up to 10 years to ensure stable supply chains [4][18].

Core Viewpoint - The battery industry is at a critical turning point, with CATL planning to widely apply sodium-ion batteries in various sectors by 2026, indicating a promising future for this technology [1] Group 1: Sodium-Ion Battery Development - CATL has received new national standard certification for its sodium-ion batteries, removing the last compliance barrier for manufacturers [2] - The introduction of the "AB battery system" combines lithium and sodium cells to enhance performance and reduce costs, addressing the limitations of sodium batteries [2] - Major competitors like BYD and EVE Energy are also advancing in sodium-ion battery production, indicating a competitive landscape [2] Group 2: Market Dynamics and Demand - The demand for sodium-ion batteries is expected to rise due to the growth of AI data centers, which require high-temperature stability and instant power supply [3][4] - The anticipated increase in lithium carbonate prices and the tight balance in the market for 2026 highlight the need for alternative battery solutions like sodium-ion [5] - The energy sector's next growth cycle will be driven by storage solutions, necessitating cost-effective alternatives to lithium batteries [5] Group 3: Long-term Industry Implications - The shift towards sodium-ion batteries represents a move towards a more resilient energy system, reducing reliance on lithium and stabilizing supply chains [6] - As acceptance of sodium-ion technology increases among manufacturers, the transition from testing to large-scale production is expected to occur [6] - The strategic focus on sodium-ion batteries aims to mitigate price volatility and ensure long-term stability in the energy market [6]