锂电产业链又现股权绑定。 10月31日晚间，盛新锂能（002240）发布定增预案，拟向深圳盛屯集团有限公司(以下简称"盛屯集 团")、中创新航、华友控股集团有限公司(以下简称"华友控股集团")发行股份募集资金，发行价格为 17.06元/股，募集规模不超过32亿元，将用于补充流动资金及偿还债务。 拆分来看，盛屯集团认购金额为11.28亿元，中创新航、华友控股集团认购金额分别为9.45亿元、11.28 亿元，二者在发行完成后，都将成为盛新锂能持股5%以上股东。 值得一提的是，前述三名发行对象均来头不小。其中盛屯集团为盛新锂能控股股东；中创新航为国内头 部电池厂商，在动力及储能领域市场份额均排名前列；华友控股集团拥有华友钴业（603799）、安徽华 创新材料股份有限公司、浙江友山新材料科技有限公司(以下简称"友山科技")等多家控参股公司的大型 投资集团，涉及镍资源开发、有色冶金、电池材料、回收利用等锂电材料一体化产业链及相关投资业 务。 数据显示，中创新航2024年度动力电池装车量同比增长16.6%，装车量排名全球第四、国内第三，储能 电芯出货量排名全球第五。华友钴业正极材料及三元前驱体产销规模排位居前；友山科技2 ...

Core Viewpoint - Greeenme is a leading player in the recycling of waste batteries and cobalt-nickel resources, showcasing strong financial performance and growth potential in the industry [1][2][6]. Group 1: Company Overview - Founded on December 28, 2001, and listed on the Shenzhen Stock Exchange on January 22, 2010, Greeenme is the largest global enterprise in waste battery and cobalt-nickel resource recycling [1]. - The company focuses on the recycling of waste cobalt-nickel resources and electronic waste, as well as the production and sales of cobalt-nickel powder materials and plastic-wood profiles [1]. Group 2: Financial Performance - In Q3 2025, Greeenme achieved a revenue of 27.498 billion yuan, ranking second in the industry, only behind Zhongwei Co., which had a revenue of 33.297 billion yuan [2]. - The company's net profit for the same period was 1.313 billion yuan, ranking third in the industry, with the first and second places being Putailai and China Baoneng, respectively [2]. Group 3: Financial Ratios - As of Q3 2025, Greeenme's debt-to-asset ratio was 64.96%, higher than the industry average of 51.96% [3]. - The gross profit margin for Q3 2025 was 12.67%, which, although lower than the previous year's 13.56%, remained above the industry average of 10.89% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.76% to 418,000, while the average number of circulating A-shares held per shareholder decreased by 2.68% to 12,200 [5]. Group 5: Business Growth and Innovations - Greeenme's nickel-cobalt self-supply reached a record high, effectively mitigating the impact of cobalt raw material bans from the Democratic Republic of Congo [6]. - The company reported a revenue of 10.226 billion yuan from its new energy battery materials business in H1 2025, showing a year-on-year growth of 0.56% [6]. - Greeenme is expected to achieve net profits of 1.630 billion yuan, 2.317 billion yuan, and 3.444 billion yuan for the years 2025, 2026, and 2027, respectively, indicating significant growth potential [6]. Group 6: Market Position and Future Outlook - Greeenme's integrated layout and continuous growth in the Indonesian nickel project are expected to strengthen its competitive advantage [7]. - The company maintains its profit forecast for 2025 and has introduced a new profit forecast for 2026, reflecting confidence in its growth trajectory [7].

[Table_Stock] 当升科技（300073） [Table_Rating] 买入（维持） [◼Table_Summary] 投资摘要 [行业Table_Industry] : 电力设备 日期: shzqdatemark 2025年10月30日 | 最新收盘价（元） | 71.82 | | --- | --- | | 12mth A 股价格区间（元） | 34.81-71.82 | | 总股本（百万股） | 544.29 | | 无限售 A 股/总股本 | 92.96% | | 流通市值（亿元） | 363.39 | [Table_QuotePic] 最近一年股票与沪深 300 比较 -17% -6% 5% 16% 27% 38% 49% 60% 72% 10/24 01/25 03/25 06/25 08/25 10/25 当升科技 沪深300 | | | | | | 我们预测 2025-2027 年公司营业收入分别为 102.99/133.72/154.69 亿 元，同比增速分别为 35.6%、29.8%、15.7%，归母净利润分别为 6.92/8.66/9.81 亿元， 同比增速分别为 46.6% ...

Core Insights - Huayou Cobalt Co., Ltd. experienced a 5.05% increase in stock price, reaching 65.97 CNY per share, with a trading volume of 4.603 billion CNY and a turnover rate of 3.76%, resulting in a total market capitalization of 125.295 billion CNY [1] Company Overview - Huayou Cobalt, established on May 22, 2002, and listed on January 29, 2015, is located in the Tongxiang Economic Development Zone, Zhejiang Province. The company specializes in the research and manufacturing of new energy lithium battery materials and cobalt new materials [1] - The revenue composition of Huayou Cobalt includes: nickel products (34.54%), cathode materials (16.28%), trading and others (15.55%), nickel intermediates (14.91%), copper products (5.95%), ternary precursors (5.25%), lithium products (4.18%), and cobalt products (3.33%) [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Chuangjin Hexin holds a significant position in Huayou Cobalt. The Chuangjin Hexin Resource Theme Selected Stock A (003624) held 638,400 shares in the third quarter, accounting for 5.14% of the fund's net value, making it the fourth-largest holding. The estimated floating profit for today is approximately 2.0237 million CNY [2] - The Chuangjin Hexin Resource Theme Selected Stock A (003624) was established on November 2, 2016, with a current scale of 372 million CNY. Year-to-date returns are 67.61%, ranking 280 out of 4,216 in its category; the one-year return is 51.99%, ranking 710 out of 3,885; and since inception, the return is 276.33% [2] Fund Manager Performance - The fund managers for Chuangjin Hexin Resource Theme Selected Stock A (003624) are Li You and Huang Chao. Li You has a cumulative tenure of 9 years, managing assets totaling 4.582 billion CNY, with the best fund return during his tenure being 262.31% and the worst being -42.15% [3] - Huang Chao has a cumulative tenure of 2 years and 173 days, managing assets totaling 819 million CNY, with the best fund return during his tenure being 61.64% and the worst being 59.67% [3]

Core Viewpoint - Huayou Cobalt's stock price has shown significant growth this year, with a year-to-date increase of 114.55%, reflecting strong performance in the energy metal sector, particularly in cobalt and lithium materials [1][2]. Company Overview - Huayou Cobalt Co., Ltd. is located in Tongxiang Economic Development Zone, Zhejiang Province, and was established on May 22, 2002. The company was listed on January 29, 2015, and specializes in the research and manufacturing of new energy lithium battery materials and cobalt new materials [1]. - The company's main business revenue composition includes: nickel products (34.54%), cathode materials (16.28%), trading and others (15.55%), nickel intermediates (14.91%), copper products (5.95%), ternary precursors (5.25%), lithium products (4.18%), and cobalt products (3.33%) [1]. Financial Performance - For the period from January to September 2025, Huayou Cobalt achieved operating revenue of 58.941 billion yuan, representing a year-on-year growth of 29.57%. The net profit attributable to shareholders was 4.216 billion yuan, with a year-on-year increase of 39.59% [2]. - Since its A-share listing, Huayou Cobalt has distributed a total of 3.876 billion yuan in dividends, with 2.835 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of Huayou Cobalt shareholders reached 257,100, an increase of 31.78% from the previous period. The average number of circulating shares per person decreased by 15.22% to 7,328 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 148 million shares, a decrease of 1.6723 million shares from the previous period [3].

Group 1 - The core point of the news is that Huayou Cobalt experienced a decline of 5.02% in its stock price, reaching 61.43 CNY per share, with a trading volume of 4.954 billion CNY and a turnover rate of 4.22%, resulting in a total market capitalization of 116.672 billion CNY [1] - Huayou Cobalt, established on May 22, 2002, and listed on January 29, 2015, is primarily engaged in the research and manufacturing of new energy lithium battery materials and cobalt new materials [1] - The company's main business revenue composition includes: nickel products (34.54%), cathode materials (16.28%), trading and others (15.55%), nickel intermediates (14.91%), copper products (5.95%), ternary precursors (5.25%), lithium products (4.18%), and cobalt products (3.33%) [1] Group 2 - From the perspective of major fund holdings, one fund under Zheshang Securities Asset Management has a significant position in Huayou Cobalt, specifically the Zheshang Zhijiang Phoenix ETF (512190), which held 140,100 shares in the second quarter, accounting for 8.84% of the fund's net value, making it the third-largest holding [2] - The Zheshang Zhijiang Phoenix ETF (512190) was established on August 5, 2019, with a latest scale of 58.662 million CNY, and has achieved a year-to-date return of 39.76%, ranking 1194 out of 4218 in its category [2] - The fund manager of Zheshang Zhijiang Phoenix ETF is Zhou Wenchao, who has been in the position for 4 years and 187 days, with the fund's total asset size at 251 million CNY, achieving a best return of 67.07% and a worst return of 1.31% during his tenure [3]

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：企业公告 10月23日，天津国安盟固利新材料科技股份有限公司（"盟固利"）与蜂巢能源科技股份有限公司（"蜂巢能源"）在无锡蜂巢能源全球研发创新中心就双方在 锂电领域的合作意向达成一致，蜂巢能源高级副总裁张放南与盟固利董事兼总经理朱武作为代表共同签署了战略合作框架协议，蜂巢能源董事长杨红新与盟固 利董事长钱建林共同见证了本次签约仪式。 蜂巢能源是全球领先的能源互联科技公司， 2025年以来，蜂巢能源以97.1%的同比增速稳居全球增速榜首，装机量已跻身全球前十。盟固利则在中高镍、超 高镍、固态电池相关材料等领域深耕多年，具备较高的研发能力与基础。 本次战略合作，双方将围绕正极材料、前沿技术研发合作、磷酸铁锂及磷酸铁、矿 权及锂盐等方面开展全面深入的合作，达成战略伙伴关系。 相信双方的战略合作将快速地推进现有锂电产品的迭代和升级，高效地打通产业链上下游关键节点，全面准 确地丰富 双方产品线，共同推动全球新能源产业 的发展。 会议详情： 会议主办： 鑫椤资讯 会议时间： 2025年11月12-13日（12号报到） 会 ...

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Report's Core View - Terminal demand is strong, social inventory is continuously being depleted, creating a short - term supply - demand mismatch that drives up prices. As prices rise, supply - side hedging positions are gradually released, with lithium mica lithium extraction as the main incremental supply. Due to rising ore prices, the cost support has shifted upward. In the short term, prices are likely to move upward under the supply - demand mismatch, but there is pressure. In the long - term, the pattern of supply surplus remains unchanged, and capacity clearance is still awaited [3]. 3. Summary by Relevant Catalog Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 75,400 yuan with a daily increase of 600 yuan; SMM industrial - grade lithium carbonate has an average price of 73,150 yuan with a daily increase of 600 yuan [1]. - For lithium carbonate futures contracts, the closing price of Li2511 is 78,920 yuan with a 1.26% increase; Li2512 is 79,420 yuan with a 1.4% increase; Li2601 is 79,520 yuan with a 1.33% increase; Li2602 is 79,100 yuan with a 1.28% increase; Li2603 is 79,100 yuan with a 1.18% increase [1]. Lithium Ore - The price of lithium spodumene concentrate (CIF China) is 881 yuan with a daily increase of 11 yuan; lithium mica (Li2O: 1.5% - 2.0%) is 1,175 yuan with a daily increase of 35 yuan; lithium mica (Li2O: 2.0% - 2.5%) is 1,940 yuan with a daily increase of 50 yuan; phospho - lithium - aluminum stone (Li2O: 6% - 7%) is 6,975 yuan with a daily increase of 225 yuan; phospho - lithium - aluminum stone (Li2O: 7% - 8%) is 8,250 yuan with a daily increase of 275 yuan [1][2]. Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 2,250 yuan/ton. The price spread between battery - grade lithium carbonate and the main futures contract is - 4,120 yuan with a change of 1,020 yuan; the spread between the near - month and the first - continuous contract is - 500 yuan with a change of - 80 yuan; the spread between the near - month and the second - continuous contract is - 600 yuan with a change of - 40 yuan [2]. Inventory - The total weekly inventory is 130,366 tons, a decrease of 2,292 tons. The weekly inventory of smelters is 33,681 tons, a decrease of 602 tons; the weekly inventory of downstream is 55,275 tons, a decrease of 2,460 tons; the weekly inventory of others is 41,410 tons, an increase of 770 tons. The daily registered warehouse receipts are 28,699 tons, a decrease of 60 tons [2]. Profit Estimation - The cash cost of externally purchased lithium spodumene concentrate is 76,653 yuan, with a profit of - 2,342 yuan; the cash cost of externally purchased lithium mica concentrate is 80,139 yuan, with a profit of - 7,835 yuan [3]. Industry News - Apian Capital Advisory, a UK private equity firm, is collaborating with the International Finance Corporation of the World Bank to launch a $1 - billion critical minerals, metals, and mining fund focused on emerging markets [3].

邵婉嫕 投资咨询从业资格号：Z0015722 shaowanyi020696@gtjas.com 二 〇 二 四 年 度 2025 年 10 月 26 日 碳酸锂：驱动明牌，基差走弱，关注上方压力 报告导读： 本周价格走势：盘面走强，基差走弱 碳酸锂期货合约价格偏强，突破 8 万元/吨。2511 合约收于 78920 元/吨，周环比上涨 3220 元/吨， 2601 合约收于 79520 元/吨，周环比上涨 3740 元/吨，现货周环比上涨 2050 元/吨为 75400 元/吨。SMM 期现基差（2511 合约）下跌 1170 元/吨至-3520 元/吨，富宝贸易商升贴水报价-340 元/吨，周环比下跌 150 元/吨。2511-2601 合约价差-600 元/吨，环比走弱 520 元/吨。 供需基本面：表观消费连续三周处于高位且增长 库存：碳酸锂库存较上周去库 2292 吨，至 130366 吨，10 月内去库速度扩大，表观消费处于增长状 态。期货仓单库存速度明显放缓，由下游接货预计向贸易商接货转变。 供应：碳酸锂周度产量和开工率再创新高，周度产量至 21308 吨，开工率 55.2%。本周最大的变数在 ...

Core Viewpoint - The company has disclosed its third-quarter financial report for 2025, ensuring the accuracy and completeness of the information provided, and has undertaken legal responsibilities for any misrepresentation or omissions [2][20]. Financial Data - The company confirmed that there are no adjustments or restatements required for previous accounting data [4]. - The third-quarter financial report has not been audited [3][14]. - The company reported that there are no non-recurring gains or losses applicable for the period [4]. Shareholder Information - The company has undergone a significant change in its shareholding structure, with a major shareholder planning to transfer 23,015,800 shares, representing 5.32% of the total share capital, although this transfer has since been terminated [7]. Corporate Actions - The company has approved a merger between its subsidiaries to streamline operations and improve efficiency [7]. - The company has initiated a project for urban renewal in Longgang District, which has been approved in its draft form, although the final outcomes and economic benefits remain uncertain [6]. Investment Projects - The company is investing in solid-state battery technology, with a total planned investment of 1.2 billion yuan for a production line project [11]. - Progress has been made in various aspects of the solid-state battery project, including successful customer testing and order acquisition for semi-solid batteries [12]. Governance Changes - An independent director has resigned, which may affect the composition of the board and the required proportion of independent directors [15][16].