Market Overview - On September 25, the Hong Kong stock market showed mixed results, with the Hang Seng Index down 0.13% and the Hang Seng Technology Index up 0.89% [1][2] - The total market turnover was HKD 314.9 billion, with a net inflow of HKD 11.046 billion from southbound funds [1] Sector Performance - The internet technology sector saw more gainers than losers, with notable increases in stocks such as Xiaomi Group (+4.48%), JD Group (+3.46%), Bilibili (+2.33%), and Baidu (+2.33%) [2] - The lithium battery sector performed strongly, led by CATL, which rose by 5.14% [3] - The non-ferrous metals sector also experienced a significant increase, with Luoyang Molybdenum rising by 11.73% [5][7] Company Highlights - CATL is set to launch a new 8-series high-nickel battery next year, which will be used in leading new energy vehicles, further solidifying its position in the power battery and energy storage sectors [3] - Xiaomi Group's stock surged by 4.48%, with a trading volume of HKD 19.308 billion, as the company plans to optimize vehicle delivery cycles, potentially reducing the time from order to delivery by up to two months [8][10] Analyst Insights - Analyst reports indicate that the recent supply disruption at Freeport-McMoRan's Grasberg copper mine could lead to a loss of 500,000 tons of copper supply over the next 12 to 15 months, which is expected to drive copper prices higher [7] - At the 2025 Fortune Global 500 Summit, an investment manager stated that it is too early to declare a bubble in technology stocks, citing improving cash flows and earnings growth among major U.S. tech companies [11]

Market Overview - The Hong Kong stock market opened mixed on September 25, with the Hang Seng Index rising initially but closing down 0.13% at 26,484.68 points. The Hang Seng Tech Index increased by 0.89% to 6,379.19 points, while the National Enterprises Index rose slightly by 0.01% to 9,444.22 points [1] - The Hang Seng Index reached a high of 26,640.53 points during the day before retreating, with a total turnover exceeding 314.8 billion HKD. The southbound trading (Hong Kong Stock Connect) saw a net inflow of over 11 billion HKD [1] Sector Performance - Most sectors experienced declines, with notable increases in biopharmaceuticals, new energy vehicles, and wind power stocks. Conversely, sectors such as real estate, gold, banking, insurance, brokerage, gas, and coal saw significant declines [1] Individual Stock Movements - Notable stock movements included: - Delin Holdings up 11.65% - Hang Seng Bank down 3.13% - Yimai Sunshine up 14.08% - Huilyang Technology up 4.11% - Goldwind Technology up 5.25% - ZTE Corporation up 4.80% - Cloudtop New Medicine up 4.48% - Zhenjiu Lidu down 4.13% - Jingji Group surged 160.53% - Zijin Mining up 5.13% - Chery Automobile up 3.80% - JD Group up 3.46% - China Everbright Holdings up 25.89% - Yunfeng Financial down 6.60% [1] Top Traded Stocks - The top three traded stocks included: - Alibaba down 1.15% with a turnover exceeding 30 billion HKD - Xiaomi Group up 4.48% with a turnover exceeding 19.3 billion HKD - Tencent Holdings up 0.23% with a turnover exceeding 11.3 billion HKD [2]

公司第八期、第九期及第十期员工持股计划分别所持有的公司股票558,000股、776,900股及1,173,000股 已通过二级市场集中竞价方式全部出售完毕。根据公司《第八期员工持股计划（草案）》《第九期员工 持股计划（草案修订稿）》及《第十期员工持股计划（草案）》的相关规定，第八期、第九期及第十期 员工持股计划均实施完毕。 格隆汇9月25日丨亿纬锂能（维权）(300014.SZ)公布，公司第八期、第九期及第十期员工持股计划所持 有的公司股票均已全部出售完毕。历经数载，该几期员工持股计划中的全体参与员工的长期支持，是公 司发展历程中的珍贵财富，不仅体现了公司与员工风险共担、利益共享的原则，更有力地凝聚了团队共 识，促进了公司的持续健康发展。 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The lithium carbonate futures main contract showed a volatile and slightly stronger trend, with an increase of 0.93% at the close. The fundamentals suggest stable supply and positive demand expectations. The option market sentiment is bullish, and the implied volatility has slightly increased. Technically, the 60 - minute MACD shows the double - line above the 0 - axis with an expanding red column. The recommended operation is to go long on dips with a light position and control risks by paying attention to the trading rhythm [2]. 3. Summary According to Relevant Catalogs Futures Market - The main contract closing price was 74,040 yuan/ton, up 1,160 yuan; the net position of the top 20 was - 167,185 hands, down 8,304 hands. - The main contract open interest was 261,141 hands, up 487 hands; the spread between near - and far - month contracts was - 260 yuan/ton, down 80 yuan/ton. - The Guangzhou Futures Exchange warehouse receipts were 39,749 hands/ton, up 300 hands [2]. Spot Market - The average price of battery - grade lithium carbonate was 73,750 yuan/ton, down 100 yuan; the average price of industrial - grade lithium carbonate was 71,500 yuan/ton, down 100 yuan. - The basis of the Li₂CO₃ main contract was - 290 yuan/ton, down 1,260 yuan [2]. Upstream Situation - The average price of spodumene concentrate (6% CIF China) was 876 US dollars/ton, unchanged; the average price of amblygonite was 7,285 yuan/ton, up 75 yuan. - The price of lithium mica (2 - 2.5%) was 2,645 yuan/ton, unchanged [2]. Industry Situation - The monthly lithium carbonate output was 45,880 tons, up 1,280 tons; the monthly import volume was 21,846.92 tons, up 8,001.60 tons. - The monthly export volume was 368.91 tons, up 2.56 tons; the monthly enterprise operating rate was 46%, down 2 percentage points. - The monthly power battery output was 139,600 MWh, up 5,800 MWh [2]. Downstream and Application - The output and sales of new energy vehicles increased, with the monthly output at 1,391,000 vehicles, up 148,000 vehicles, and the monthly sales at 1,395,000 vehicles, up 133,000 vehicles. - The cumulative sales penetration rate of new energy vehicles was 45.53%, up 0.54 percentage points; the cumulative sales were 9,620,000 vehicles, up 2,583,000 vehicles. - The monthly export volume was 224,000 vehicles, down 10,000 vehicles; the cumulative export volume was 1.532 million vehicles, up 714,000 vehicles [2]. Option Situation - The total call open interest was 217,754 contracts, up 5,066 contracts; the total put open interest was 104,293 contracts, down 1,074 contracts. - The total open - interest put - call ratio was 47.89%, down 1.6458 percentage points; the at - the - money IV implied volatility was 0.43%, up 0.0225 percentage points [2]. Industry News - Whensheng Technology introduced its progress in solid - state lithium battery cathode materials, lithium - rich manganese - based materials, etc. - Cui Dongshu of the Passenger Car Association was optimistic about the automotive industry during the "15th Five - Year Plan" period, expecting a total output of 40 million vehicles. - Enjie Co., Ltd. announced that its pilot production line of lithium sulfide was completed and in the process of capacity ramping [2].

近期，市场整体呈现震荡走势，板块轮动活跃，后续演绎趋势以及布局思路，是投资者关心所在。 首创证券资产管理事业部权益投资经理刘悦认为，当下应按照长期、多头、慢牛的框架来思考这轮行情。在他 看来，市场调整主要系前期市场过高的追涨情绪，以及行情结构的严重分化所致。 刘悦当前负责主观多头方向的权益投资，截至9月19日，在管的多只资产管理计划近一年的收益表现良好。他 在接受券商中国记者专访时表示，截至目前，本轮行情仍以流动性驱动为主，赚钱效应使得场内水位逐步抬 升，部分高景气行业表现较为突出。而未来行情能否行稳致远，应当是由大多数行业EPS（每股盈利）的提升 来实现的。 他认为，到2026年中前后，A股有望迎来盈利拐点，基于基本面结构性改善的机会可能不断增加。而市场在调 整中孕育更大的动力，赚钱效应有望进一步提升。 近期市场调整的更多是斜率而不是方向 券商中国记者：近期市场出现一定程度的调整，对此您怎么看？ 刘悦： 最近，市场调整幅度加大、前期核心个股高位震荡、热点轮动加快。之所以出现这种现象，核心在于 两点： 一是场内外资金追涨热情过于高涨。从当下资本市场承载的使命看，要实现国家的进一步转型以及承载财富蓄 水池，当前 ...

Group 1 - The core viewpoint of the articles highlights the robust growth in the lithium battery sector, driven by increasing demand for electric vehicles and energy storage systems, leading to a favorable pricing environment for electrolyte products [1][2]. - Yongtai Technology has a current electrolyte production capacity of 150,000 tons per year, with production gradually ramping up and sales volume increasing year-on-year [1]. - The company's lithium battery and other materials segment achieved revenue of 871 million yuan in the first half of 2025, accounting for 33.38% of total revenue, representing a year-on-year growth of 105.74% [1]. Group 2 - In the first half of 2025, China's new energy vehicle sales reached 6.968 million units, reflecting a year-on-year growth of 41.4% [2]. - The demand for energy storage is benefiting from long-term domestic orders and the postponement of U.S. tariffs, leading to a sustained increase in demand [2]. - The introduction of new technologies, such as lithium battery "injection restoration," is expected to strengthen Yongtai Technology's market position in the lithium battery materials sector [2]. Group 3 - The new lithium additive, trifluoromethyl sulfonyl lithium, can extend battery life significantly and is currently being produced in small quantities for leading lithium battery companies [3]. - If 50% of the global lithium battery electrolyte demand in 2025 requires the addition of 3-5% of this new additive, the demand could reach approximately 30,000 to 50,000 tons, with a market potential exceeding 10 billion yuan [3].

Core Viewpoint - The collaboration between Weilan Lithium and Yushu Technology marks a significant advancement in the integration of embodied intelligence and advanced energy storage solutions, highlighting the growing demand for high-performance batteries in the robotics sector [2][3]. Group 1: Collaboration Details - Weilan Lithium has confirmed its partnership with Yushu Technology, a leading global robotics company, to supply lithium batteries for their robots [1]. - The partnership signifies a deepening collaboration in the field of robotic power solutions, with Weilan Lithium providing customized 18650 high-rate cylindrical batteries that meet the dynamic performance needs of Yushu's quadruped and humanoid robots [2]. - By 2024, Weilan Lithium's batteries are expected to account for 60% of the battery supply in Yushu Technology's products, indicating a strong reliance on Weilan's technology [2]. Group 2: Market Implications - The collaboration is seen as a "strong alliance," enhancing Yushu Technology's product competitiveness by ensuring a stable and powerful energy source from a top-tier battery supplier [2]. - Weilan Lithium's entry into Yushu Technology's supply chain is a successful implementation of its "electric tools+" strategy, opening up broader market opportunities in rapidly growing sectors such as service robots, artificial intelligence, and automation [2]. - The demand for specialized power batteries is expected to surge due to the explosive growth of intelligent mobile robots transitioning from laboratories to industrial and everyday applications [3]. Group 3: Company Profiles - Weilan Lithium specializes in the research, production, and sales of high-performance cylindrical lithium-ion batteries, serving as a key supplier in the high-end electric tool market and actively expanding into new application areas such as clean appliances and energy storage [4]. - Yushu Technology focuses on the development and production of intelligent mobile robots, with its quadruped robots gaining significant influence across various sectors, including entertainment, education, and industrial inspection [5].

群益证券(香港)研报指出，亿纬锂能出货量保持较快增长，2025年上半年储能/动力电池出货量分别为 28.71GWh/21.48GWh，同比分别增37%和58.6%；下半年，公司动力电池有望保持稳步增长；储能电池 将迎来交付旺季，目前处于满产状态。随着产能利用率提升，"反内卷"政策推进，公司盈利水平有望逐 步改善。公司消费、储能、动力电池三大板块均处于扩张状态，今年以来产能利用率明显提升。此外， 公司的乘用车客户结构正在进一步优化，今年开始公司为零跑和小鹏爆款车型供货，2026年搭载公司大 圆柱电池的宝马新一代电动车也将全球上市。公司盈利水平有望逐步改善：6月底中央财经委会议强 调"反内卷"以来，锂电产业链价格开始止跌企稳。当前股价对应2025/2026/2027年P/E分别为34/22/17 倍，建议"买进"。 ...

巴菲特在投资股票时会研究股票的基本面，他希望能够长期持有。但是一旦发生三种情况，他会毫不犹 豫地卖掉。第一种是所投资的公司出现基本面恶化，比如当年他投资于航空股，但后来发生了疫情，航 空业受到重创，巴菲特果断卖掉；第二种是当估值过高产生泡沫时，巴菲特也会及时卖掉，他在过去两 年大幅减仓美股，其实也反映出对美股高估值的担忧；第三种是当在同行业中找到更好的公司，巴菲特 也会进行调仓换股，比如他曾经重仓配置的科技股是IBM，但后来他发现IBM在手机移动端并没有太大 机会，后来听从著名价值投资者段永平的建议，配置了苹果，从而获得了更好的回报。巴菲特的这种从 善如流的作风，也值得我们学习。 9月25日，创业板指数表现亮眼，全日上涨1.58%，盘中一度达到3266点，续创近三年新高。沪深两市 上午放量上涨，特别是科技板块继续领涨，有色金属板块表现活跃。游戏、AI应用、可控核聚变等板 块涨幅居前。值得一提的是，锂电板块大涨，锂电龙头股创历史新高，总市值一度超越茅台，具有重要 的信号意义。先前科技龙头大幅上涨，一度超过白酒龙头，这本身也意味着经济转型的趋势越来越明 显。随着动力电池交货旺季的到来，储能电池的需求进一步爆发，锂 ...

Market Overview - The A-share market experienced a volatile upward trend in the morning session, with a total trading volume of 15,558 billion yuan, an increase of 1,355 billion yuan compared to the previous day [1] - The major indices showed positive performance, with the CSI A500 index rising by 1.0%, the CSI 300 index increasing by 0.9%, the ChiNext index up by 2.2%, and the STAR Market 50 index gaining 1.8% [1] Sector Performance - Leading sectors included AI applications, controllable nuclear fusion, and non-ferrous metals, while sectors such as precious metals, port shipping, real estate, logistics, and banking faced declines [1] - In the Hong Kong market, there was also an upward trend, with non-ferrous metals and lithium battery sectors performing well, while the liquor and home appliance sectors saw declines [1] Index Details - The Hang Seng China Enterprises Index, which consists of 50 large-cap and actively traded stocks listed in Hong Kong, showed a rise of 0.6% at midday [4] - The index covers a wide range of industries, with consumer discretionary, financials, information technology, and energy sectors accounting for over 85% of its composition [4]