政策层面为格林美等企业的赴港上市提供了有力支持。中国证监会2024年4月发布的《5项资本市场对港 合作措施》明确表示，支持内地行业龙头企业赴香港上市，利用两个市场、两种资源规范发展。在海外 上市不确定性增加的背景下，港交所降低H股最低发行门槛，境内企业赴港的融资渠道进一步疏通。 在内地企业赴港上市的热潮下，动力电池回收企业格林美也计划开启"A+H"双融资模式。8月24日晚， 格林美（002340.SZ）发布公告称，公司已先后召开董事会、监事会，审议并通过了赴港发行H股并在 香港联交所主板上市的相关议案，这标志着其H股上市筹划工作正式启动。 格林美成立于2001年，总部位于深圳，其核心业务聚焦于"电池材料"与"电池回收"两大板块。近年来， 随着动力电池退役潮来临，格林美的电池回收业务快速增长。数据显示，格林美年废旧电池年处理能力 达数十万吨，回收处理退役动力电池占中国总量的10%以上，年回收的镍资源占中国原镍开采量的20% 以上，是目前全球最大的动力电池回收企业。 早在2010年，格林美在深交所挂牌上市，2022年，其在瑞士交易所发行GDR(全球存托凭证)。而此次赴 港上市，格林美在公告中表示，这主要是为了满足 ...

Group 1 - As of August 26, 2025, the stock price of CATL is 289.50 CNY, down 0.27% from the previous trading day, with a trading volume of 6.649 billion CNY [1] - The opening price for the day was 287.02 CNY, with an intraday high of 290.99 CNY and a low of 285.58 CNY, resulting in a volatility of 1.86% [1] - CATL's main business includes the research, production, and sales of power battery systems, energy storage systems, and battery materials, making it a global leader in the power battery supply industry [1] Group 2 - On that day, CATL experienced two block trades totaling 100,700 shares, with a transaction amount of 23.3915 million CNY and an average transaction price of 232.29 CNY, which is a discount of 19.76% compared to the closing price [1] - In terms of capital flow, CATL saw a net outflow of 724 million CNY from main funds on August 26, with a cumulative net outflow of 169 million CNY over the past five days [1]

以8月25日收盘价计算，彩客新能源目前市净率（TTM）约0.42倍，市销率（TTM）约0.35倍。 市净率(LF)历史分位(%) (100 90 80 70 60 -58.67 53a52 52.6 50 50-06 40 30 2945 25.98 2203 20 10 0 2019-12-37 | 1-12-37 -12-37 2n- 制图数据来自恒生聚源数据库 公司主要从事染料中间体、颜料中间体、农药中间体及电池材料的生产和销售业务，以及环保技术谘询业务，业务主要分为五大分部。颜料中间体分部用于 颜料生产的颜料中间体产品的生产业务；染料中间体分部用于染料相关产品生产的染料中间体产品的生产业务；农药中间体分部用于农药中的产品的生产业 务；电池材料分部电池材料之生产及销售业务；环保技术谘询分部环保业务。 100 - % 50 39.66 19:16 0 -5.68 - 4.43 -711 -29.87 -50 -100 -150 - -200 2021 2022 2020 2023 2024 2025H1 →〇- 营业收入同比增长率 →○- 归母净利润同比增长率 制图数据来自恒生聚源数据库 营收、净利半年度 ...

Summary of Shengquan Group's Conference Call Company Overview - **Company**: Shengquan Group - **Industry**: Advanced materials, specifically in synthetic resins, electronic materials, and battery materials Key Financial Performance - **H1 2025 Performance**: - Revenue reached 5.351 billion yuan, a year-on-year increase of 15.67% [3] - Net profit attributable to shareholders was 501 million yuan, up 51.19% year-on-year [3] - Non-recurring net profit was 481 million yuan, a 51.13% increase [3] - Gross margin improved to 24.82%, up 1.66 percentage points [3] - Net margin increased to 9.75%, up 2.43 percentage points [3] - Total assets stood at 16.28 billion yuan, with total liabilities of 5.805 billion yuan, resulting in a debt-to-asset ratio of 35.65% [3] Revenue Contributions by Segment - **Synthetic Resin Segment**: Contributed 2.81 billion yuan in revenue [2] - **Advanced Electronic Materials and Battery Materials**: Revenue of 846 million yuan, a 32% increase [2] - **Biomass Industry**: Revenue of 516 million yuan, a 26.47% increase [2] - **Casting Auxiliary Materials**: Approximately 1 billion yuan in revenue [2] - **Profit Contributions**: - Casting segment contributed over 300 million yuan [6] - Electronic materials contributed approximately 150-200 million yuan [6] - Battery materials contributed over 10 million yuan [6] Expansion Plans - **Convertible Bonds**: Company plans to issue up to 2.5 billion yuan in convertible bonds, with 2 billion yuan allocated for green energy battery material projects, including 10,000 tons of silicon-carbon anode materials and 15,000 tons of porous carbon production lines [5] - **Production Capacity Expansion**: - Current capacity for electronic packaging materials is 1,500-1,800 tons [7] - Plans to add a new production line by the end of the year to increase capacity by approximately 500 tons [7] - Additional capacity for OPE, PPO, hydrocarbons, and epoxy resins for chip packaging is expected to be operational by Q2-Q3 2026 [8] Market Trends and Demand - **Infrastructure Material Demand**: Rapid growth in demand for infrastructure materials, with PPU sales volume expected to double compared to 2024 [9] - **Low Dielectric Materials**: Increasing demand in high-speed and server applications [12] - **Domestic Packaging Development**: Anticipated growth in domestic packaging materials, with current sales to key clients [14] Challenges and Strategic Initiatives - **Biomass Project**: Currently operating at a 70% capacity utilization rate, but facing losses due to low pulp prices [23] - **Cost Control Measures**: Formation of a loss-reduction team to enhance capacity utilization and develop high-value products [23] - **Competitive Landscape**: Despite some competitors facing losses, Shengquan maintains a gross margin above 22% due to brand strength and cost control [19][20] Conclusion - **Overall Outlook**: The company is positioned for continued growth with strong financial performance, strategic expansion plans, and a focus on high-demand materials in the advanced materials sector. The management remains optimistic about maintaining growth momentum in the second half of 2025 [25]

Group 1 - The article discusses Trump's decision to impose additional tariffs on India while refraining from similar actions against China, suggesting a strategic choice to avoid escalating tensions with China [3][21] - India's exports to the U.S. have significantly slowed, dropping from double-digit growth to less than three percent, indicating a weakening trade relationship [3][19] - The U.S. maintains tariffs on Chinese goods, with the White House citing an "observation period," which can be extended indefinitely, reflecting a cautious approach towards China [3][21] Group 2 - India imports two million barrels of oil daily from Russia, primarily for domestic use, while China processes a significant portion of its Russian oil for export, highlighting differences in energy strategies [4][18] - The potential impact of U.S. tariffs on Chinese refineries could lead to a spike in global fuel prices, directly affecting U.S. inflation, which is a concern for the Trump administration [5][21] - China's financial leverage, including its holdings of U.S. Treasury bonds and its role in the dollar clearing network, provides it with significant bargaining power [6][32] Group 3 - The article emphasizes the asymmetrical vulnerabilities in the U.S.-China-India dynamic, where India's reliance on low-margin pharmaceutical sectors limits its ability to compete with China's manufacturing capabilities [11][19] - The U.S. pharmaceutical, electronics, and automotive industries have a high dependency on China, complicating any potential shifts to India [8][19] - India's manufacturing sector struggles with foundational issues, making it difficult to replace Chinese supply chains effectively [11][19] Group 4 - The article highlights the psychological aspect of Trump's tariff strategy, using India as a scapegoat to project a tough stance on China without triggering a market backlash [9][21] - India's "Make in India" initiative faces challenges due to a lack of foundational capabilities in critical sectors like semiconductors and precision machinery [11][19] - The geopolitical landscape is shifting, with China's Belt and Road Initiative enhancing its influence in the Indian Ocean, while India's strategic position remains precarious [16][23] Group 5 - The article notes that the U.S. is cautious about imposing severe sanctions on China due to the potential backlash on its own economy, while India is left to bear the brunt of U.S. tariff policies [21][32] - The capital markets reacted differently to the tariff news, with the Indian rupee depreciating and foreign capital exiting, while the Chinese yuan remained stable [19][46] - The contrasting paths of China and India in terms of industrial strategy and infrastructure development are highlighted, with China focusing on heavy industry and technology while India remains reliant on services [19][41]

Core Points - The China Securities New Energy Vehicle Industry Index rose by 2.22% to 2233.36 points, with a trading volume of 56.581 billion yuan [1] - The index has increased by 6.73% over the past month, 6.70% over the past three months, and 12.35% year-to-date [1] - The index includes 50 listed companies involved in various aspects of the new energy vehicle industry, reflecting the overall performance of leading companies in this sector [1] Index Composition - The top ten weighted companies in the index are: CATL (10.04%), Huichuan Technology (9.23%), BYD (8.03%), Changan Automobile (4.73%), Sanhua Intelligent Control (4.71%), Huayou Cobalt (4.44%), EVE Energy (4.23%), Tianqi Lithium (3.34%), Ganfeng Lithium (3.23%), and Gree Environmental (2.53%) [1] - The index is primarily composed of companies listed on the Shenzhen Stock Exchange (83.86%) and the Shanghai Stock Exchange (16.14%) [1] Industry Breakdown - The industry composition of the index shows that 58.17% is in the industrial sector, 22.85% in consumer discretionary, 17.81% in materials, and 1.17% in information technology [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Public funds tracking the new energy vehicle sector include several ETFs from Ping An and Huatai-PineBridge [2]

二、主要产品和原材料的价格变动情况 | 证券代码：603810 | 证券简称：丰山集团 | 公告编号：2025-053 | | --- | --- | --- | | 转债代码：113649 | 转债简称：丰山转债 | | 江苏丰山集团股份有限公司 2025 年上半年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 江苏丰山集团股份有限公司（以下简称"公司"）根据上海证券交易所《上 市公司行业信息披露指引第十三号—化工》要求，现将 2025 年上半年度主要经 营数据披露如下： | 主要产品 | 产量（吨） | 销量（吨） | 营业收入（万元） | | --- | --- | --- | --- | | 除草剂 | 8,269.17 | 7,390.74 | 37,130.50 | | 杀虫剂 | 3,621.53 | 3,741.83 | 13,530.82 | | 杀菌剂 | 284.16 | 274.70 | 1,620.41 | | 精细化工 | 8,405.72 | 7,301.77 | 4,393. ...

Group 1 - The core viewpoint of the reports indicates that the recent "anti-involution" policies are beneficial in curbing low-level repetitive construction in the chemical industry and are actively promoting a shift from homogeneous price wars to high-quality development [1][3] - The chemical industry is expected to see a recovery in its prosperity, with a focus on the revival of terminal product demand, increasing industry concentration, and investment opportunities in segments with industrial moats and potential cyclical rebounds, such as refining, ethylene, polyester filament, PVC, organic silicon, battery materials, glyphosate, and soda ash [1][2] Group 2 - The chemical industry has faced significant pressure since 2022 due to demand contraction and supply shocks, with the CCPI continuing to decline by 5.57% from early 2025 to July 24, 2025 [2] - From January to May 2025, the revenue of the chemical raw materials and chemical products manufacturing industry grew by 2.10% year-on-year, while total profits decreased by 4.70% [2] - The industry's capacity utilization rate was 71.90% in the second quarter of 2025, down by 1.60 percentage points from the first quarter [2] - The capital expenditure in the large chemical sector has significantly declined, with the capital expenditure growth rate for the oil and petrochemical/basic chemical sectors turning negative at -6.6% and -15.0%, respectively [2] Group 3 - The "anti-involution" policies are expected to reshape the petrochemical industry landscape, addressing the pressures of overcapacity and homogeneous competition [3] - Refining is experiencing a decline in operating rates due to demand downturn and electrification, with potential policy measures to reduce inefficient capacity and encourage integrated development [3] - The ethylene sector faces oversupply and competition, but controlling production and improving quality could alleviate supply-demand imbalances [3] Group 4 - In the battery materials sector, rapid capacity expansion amid growing demand has led to significant supply pressure, but "anti-involution" policies may guide healthier industry development [4] - The organic silicon industry is nearing the end of its capacity expansion phase, with recent supply disruptions and sustained demand growth expected to ease short-term supply pressures [4] - The "anti-involution" policies are anticipated to improve the supply landscape in the soda ash sector by accelerating the exit of outdated processes and capacities [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 Contemporary Amperex Technology Co., Limited 寧德時代新能源科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3750） 海外監管公告 於本公告日期，本公司董事會成員包括執行董事曾毓群先生、潘健先生、李平先 生、周佳先生、歐陽楚英博士及趙豐剛先生；及獨立非執行董事吳育輝博士、林 小雄先生及趙蓓博士。 宁德时代新能源科技股份有限公司 2025 年半年度报告 2025 年 7 月 宁德时代新能源科技股份有限公司 2025 年半年度报告全文 2025年半年度報告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列寧德時代新能源科技股份有限公司（「本公司」）於深圳證券交易所網站 （ http://www.szse.cn /）及巨潮資訊網( www.cninfo.com.cn )所發佈之《寧德時代新能 源科技股份有限公司 ...

Group 1: Production and Technology - Continuous production at Taihe Technology refers to automated, continuous input and output processes, offering advantages such as safety, lower investment, stable product quality, and reduced labor needs [1] - The annual production capacity of self-produced phosphorus trichloride is 240,000 tons, with significant technical advantages leading to lower production costs for downstream phosphorus-containing products [2] - Current projects for PEEK, PEN, and PPS are in the pilot testing stage, with PEEK samples already being sent out [2] Group 2: Research and Development - Taihe Technology has approximately 150 R&D personnel, excluding analysis, design, and engineering staff, with the lithium sulfide project team composed entirely of internally trained professionals [3] - The brain biofeedback device developed by Taihe Technology provides real-time feedback for meditation, enhancing user experience compared to existing products [2] Group 3: Incentive Mechanism - The incentive mechanism for executives includes performance indicators linked to business operations, with year-end bonuses based on the completion of these indicators [3] - Business personnel's compensation consists of a fixed salary plus year-end bonuses, determined by market development performance [3] Group 4: Future Growth Points - Future profit growth is expected to come from water treatment agents, electronic chemicals, new materials, battery materials (including sodium battery components and solid-state electrolyte raw materials), and ongoing and planned projects [4]