Group 1 - Hunan YN's stock price increased by 5.39% to 42.65 CNY per share, with a trading volume of 621 million CNY and a turnover rate of 3.83%, resulting in a total market capitalization of 32.448 billion CNY [1] - The stock has risen for three consecutive days, with a cumulative increase of 12.54% during this period [1] - Hunan YN specializes in lithium-ion battery cathode materials, focusing on research, production, and sales, with its main products being lithium iron phosphate and ternary materials [1] Group 2 - The main revenue source for Hunan YN comes from phosphate cathode materials, accounting for 98.04% of total revenue, while other materials contribute 1.96% [1] - Southern Fund's Southern CSI 500 ETF increased its holdings in Hunan YN by 972,600 shares, now holding 6.7279 million shares, which is 1.75% of the circulating shares [2] - The ETF has generated a floating profit of approximately 14.6668 million CNY today and 30.3428 million CNY during the three-day increase [2]

Group 1 - Hunan YN's stock price increased by 5.34% to 38.45 CNY per share, with a trading volume of 251 million CNY and a turnover rate of 1.71%, resulting in a total market capitalization of 29.253 billion CNY [1] - Hunan YN is a major domestic supplier of lithium-ion battery cathode materials, focusing on the research, production, and sales of lithium-ion battery cathode materials, with its main products including lithium iron phosphate and ternary materials [1] - The company's main business revenue composition is 98.04% from phosphate cathode materials and 1.96% from other supplementary materials, primarily used in power batteries and energy storage batteries for electric vehicles and energy storage applications [1] Group 2 - E Fund's Chuangye ETF (159915) is among the top ten circulating shareholders of Hunan YN, having reduced its holdings by 271,900 shares in Q2, now holding 9.901 million shares, which accounts for 2.58% of the circulating shares [2] - The E Fund Chuangye ETF has achieved a year-to-date return of 36.86%, ranking 723 out of 4222 in its category, and an annual return of 88.26%, ranking 456 out of 3789 [2]

Group 1 - The stock price of Hunan YN fell by 3.39% to 35.00 yuan, with a trading volume of 6.52 billion yuan [1] - Hunan YN specializes in the research, production, and sales of lithium-ion battery cathode materials, including lithium iron phosphate [1] - The company participated in a conference addressing the "anti-involution" movement, indicating a strong industry resistance to vicious price competition [1] Group 2 - In the first half of the year, Hunan YN achieved a revenue of 14.358 billion yuan, representing a year-on-year growth of 33.17% [1] - The sales volume of phosphate cathode materials reached 480,800 tons, with a year-on-year increase of 55.38% [1] - The company expects an annual shipment volume of approximately 1 million tons [1] Group 3 - On August 27, the net outflow of main funds was 40.1893 million yuan, with a cumulative net outflow of 108 million yuan over the past five days [1]

民生证券股份有限公司 关于广东道氏技术股份有限公司 募集资金投资项目重新论证并暂缓实施事项的核查意见 民生证券股份有限公司（以下简称"民生证券"、"保荐人"）作为广东道 氏技术股份有限公司（以下简称"道氏技术"、"上市公司"、"公司"）的保 荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上 市规则》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等有 关法律、法规和规范性文件的规定，对公司募集资金投资项目重新论证并暂缓实 施事项进行了审慎核查，并发表如下核查意见： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意广东道氏技术股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可〔2023〕224号）同意，公司 于2023年4月7日向不特定对象发行可转债26,000,000张，募集资金总额为人民币 述募集资金已于2023年4月13日到账，并由立信会计师事务所（特殊普通合伙） 出具了"信会师报字[2023]第ZI10164号"《验资报告》。 二、募集资金投资项目情况 截至2025年6 ...

Core Viewpoint - Lithium manganese oxide (LiMn₂O₄) is a promising cathode material for lithium-ion batteries, offering advantages such as abundant resources, low cost, non-pollution, and good safety performance, but its poor cycling performance and electrochemical stability limit its industrialization [1][6]. Industry Overview - Lithium manganese oxide is characterized by its spinel structure and is categorized into two main types: manganese oxide for small lithium-ion batteries and for power batteries [2][4]. - As of June 2025, the price of lithium manganese oxide in China is 32,500 yuan per ton, a year-on-year decrease of 22.62% [6]. Industry Chain - The upstream of the lithium manganese oxide industry includes raw materials like manganese ore and lithium sources, while the midstream involves the production of lithium manganese oxide, and the downstream applications include power batteries, energy storage batteries, and 3C digital products [4]. Industry Status - The production capacity of lithium manganese oxide in China has been expanding rapidly, with leading companies like Boshikao and Xinxiang Hongli increasing investments and launching new production lines, leading to a significant increase in market supply [6][8]. - The operating rate of lithium manganese oxide in China was 35.91% in June 2025, a decrease of 1.12 percentage points month-on-month and 24.18 percentage points year-on-year [8]. Import and Export Dynamics - From January to May 2025, China imported 19.31 tons of lithium manganese oxide, a year-on-year increase of 147.18%, with an import value of 5.7292 million yuan, up 243.19% [10]. - In the same period, China exported 1,602.20 tons of lithium manganese oxide, a year-on-year increase of 85.80%, with an export value of 77.2702 million yuan, up 46.46% [10]. Key Enterprises - Boshikao holds a leading position in the lithium manganese oxide market, achieving an integrated production model from manganese ore to cathode materials, with a market share of 30% [12][13]. - Xiangtan Electric Chemical has a production capacity of 40,000 tons of lithium manganese oxide as of the end of 2024 and is expanding its capacity through a 487 million yuan convertible bond issuance [15]. Industry Development Trends - The industry is expected to accelerate technological iterations focusing on high voltage, single crystal, and pre-lithiation technologies, with domestic companies investing more in R&D to improve the localization rate of high-end products [17]. - The export volume of lithium manganese oxide is anticipated to increase, but challenges such as EU REACH regulations and UL certification will need to be addressed [18][19]. - Companies are increasingly adopting a full industry chain layout to enhance core competitiveness, integrating upstream resources and downstream recycling processes [20].

Core Viewpoint - The stock price of Xiamen Tungsten New Energy fell by 4.20% to 50.37 yuan on July 30, with a trading volume of 352 million yuan, indicating market volatility and investor sentiment [1] Company Performance - Xiamen Tungsten New Energy specializes in the research, production, and sales of lithium-ion battery cathode materials, which are widely used in the fields of new energy vehicles, energy storage, and consumer electronics [1] - The company's preliminary performance report for the first half of 2025 shows a revenue of 7.534 billion yuan, representing a year-on-year growth of 18.04%, and a net profit of 307 million yuan, reflecting a year-on-year increase of 27.76% [1] Market Activity - On July 30, the net outflow of main funds from the company amounted to 2.9381 million yuan, suggesting a potential shift in investor interest [1]

创业板投资风险提示：本次股票发行后拟在创业板市场上市，该市场具有较高的投 资风险。创业板公司具有创新投入大、新旧产业融合成功与否存在不确定性、尚处 于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场 风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风险因素，审慎 作出投资决定。 湖南裕能新能源电池材料股份有限公司 （湖南省湘潭市雨湖区鹤岭镇日丽路 18 号） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 湖南裕能新能源电池材料股份有限公司 招股说明书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 发行人及全体 ...

创业板投资风险提示：本次股票发行后拟在创业板市场上市，该市场具有较高的投 资风险。创业板公司具有创新投入大、新旧产业融合成功与否存在不确定性、尚处 于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场 风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风险因素，审慎 作出投资决定。 湖南裕能新能源电池材料股份有限公司 （湖南省湘潭市雨湖区鹤岭镇日丽路 18 号） 招股意向书 首次公开发行股票并在创业板上市 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 湖南裕能新能源电池材料股份有限公司 招股意向书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 发行人及全体 ...