| | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系活动类别 | 媒体采访 业绩说明会 | | | 新闻发布会 路演活动 | | | 现场参观 其他 | | 活动参与人员 | 深圳市国诚投资咨询有限公司：张文俊、边立之 | | | 公司董事、董事会秘书、副总经理：张江山 | | | 公司证券事务代表：王英 | | 时间 | 2025 年 11 月 24 日 | | 地点 | 公司会议室 | | 形式 | 现场调研 | | | 一、公司的基本情况 | | | 公司成立于 1999 年，并于 2009 年上市，总部位于 | | | 浙江省台州市，是一家全球领先的含氟精细化学品制造 | | | 商，是行业内少数几家横跨无机及有机氟化工行业的企 | | | 业。以含氟技术为核心，公司已经覆盖的业务包括新型 | | | 材料（新能源锂电及氟化液材料）、医药、植物保护及 | | | 贸易业务等，且在上述行业公司均以丰富的产品类型覆 | | 交流内容及具体问答记 | 盖上中下游产业链。 | | 录 | 公司在浙江、内蒙古、福建、广东等地区布局了多 | | | 个生产基地，现有、在 ...

周期论剑｜跨年周期策略展望 20251123 摘要 尽管当前市场普遍谨慎，但我们仍坚决看好中国市场前景。首先，从调整幅度 来看，上证指数回撤 5%，创业板回调 12%，科创 50 下跌近 20%，恒生科技 下跌约 22%。这种调整时间和空间与历次牛市主线回调期间相当，恐慌抛售风 险已充分释放。其次，随着进入 12 月份，对政策端催化作用的预期增加，有 望建立新的经济增长预期。此外，近期监管举措积极，如中金公司合并信息发 钢铁行业需求逐渐见底，供给端受反内卷政策及供应收缩影响下降，西 芒杜铁矿投产有望降低成本，明年资本开支将大幅下降，看好钢铁龙头 公司的逢低布局机会。 电煤中长期合同定价机制市场化改革，增强了煤炭企业在周期底部的盈 利确定性。三产中的新兴产业业态是煤炭需求端的核心驱动力，看好 26 年以后的整体需求端。 布、16 只硬科技 ETF 迅速获批等，都显示出稳定资本市场的决心。最后，美 联储 12 月降息概率从 30%-40%升至 70%以上，这些因素使得市场在下周进 入较好的布局阶段。 市场投资风格是否会发生变化？应如何布局？ 市场投资风格将从之前关注杠铃策略或单纯估值扩张转向质量策略和紧急投资 策 ...

Core Viewpoint - The company, Lidong Group, currently does not engage in products related to ethylene carbonate and lithium carbonate [2] Company Information - Lidong Group responded to an investor inquiry on November 19, indicating that it has no involvement in ethylene carbonate and lithium carbonate products at this time [2]

Group 1: Fiscal Data - National general public budget revenue from January to October reached 186,490 billion yuan, a year-on-year increase of 0.8% [1][2] - Tax revenue amounted to 153,364 billion yuan, growing by 1.7% year-on-year, while non-tax revenue decreased by 3.1% to 33,126 billion yuan [1][2] Group 2: Renewable Energy - The Qiongjie Wind Power Project in Tibet officially commenced operation on November 17, becoming the highest-altitude wind farm in China at 5,370 meters above sea level, with a total installed capacity of 60 MW [3] - The project consists of 12 wind turbine units, each with the largest capacity in Tibet [3] Group 3: New Energy Vehicles - In October 2025, the export of new energy vehicles reached 256,000 units, a month-on-month increase of 15.4% and a year-on-year increase of 99.9% [2] - From January to October 2025, new energy vehicle exports totaled 2,014,000 units, reflecting a year-on-year growth of 90.4% [2] Group 4: Lithium Battery Materials - Prices of various lithium battery materials have risen, with ethylene carbonate increasing by 23.26%, lithium hexafluorophosphate by 5.93%, and electrolyte by 4.93% [4] - The lithium battery supply chain is experiencing a price surge due to strong downstream demand, particularly in energy storage systems [4] Group 5: Nuclear Fusion - A procurement project by Fusion New Energy (Anhui) has been announced, with a total value exceeding 2 billion yuan, involving key components for nuclear fusion systems [6] - The global commercial nuclear fusion industry is projected to reach a cumulative financing total of 9.766 billion USD by mid-2025, indicating significant growth potential [6] Group 6: Quantum Technology - The 2025 Quantum Technology and Industry Conference will be held from November 20 to 21, expecting participation from over 4,000 individuals and 600 organizations [7] - Quantum computing is recognized as a disruptive technology, with advancements in various technical routes, including superconducting and ion trap technologies [7] Group 7: Corporate Announcements - Trina Solar's subsidiary signed contracts for a total of 2.66 GWh of energy storage product sales across North America, Europe, and Latin America [8] - Shengyi Technology plans to raise no more than 2.6 billion yuan for projects related to AI computing and smart manufacturing [8] - *ST Songfa's subsidiary signed contracts for the construction of two large oil tankers, with contract values exceeding 2 billion to 3 billion USD and 4 billion to 6 billion USD, respectively [9]

Group 1: Industry Overview - In November, 509 overseas institutions conducted research on 109 listed companies, with a focus on the electronics and machinery equipment sectors, which had 22 and 15 companies researched respectively [1] - The A-share electronics industry saw a 15% year-on-year increase in total revenue and a 46% increase in net profit attributable to shareholders in Q3 [2] - The electronics industry is experiencing structural differentiation, with significant growth in semiconductor, computing, and consumer electronics leading companies, while other sectors are seeing a slowdown [2] Group 2: Company Highlights - Aopu Technology received attention from 58 overseas institutions, revealing a partnership with a leading robotics company to develop high-precision logistics automation solutions [2] - BeiGene reported a 40% year-on-year increase in product revenue, reaching $1.4 billion in Q3, supported by an efficient global commercialization team [3] - Huasheng Lithium Battery, a leader in lithium battery electrolyte additives, has seen its stock price rise significantly, driven by increasing prices of key raw materials [3] Group 3: Market Performance - The average stock price increase for companies researched by overseas institutions since November has been 0.99%, with 45 companies experiencing price increases [3] - Notable stock price increases include Huasheng Lithium Battery at 184.61%, Suzhou Tianmai at 34.04%, and Purun Co. at 22.97% [3] - As of November 14, 14 stocks received over 100 million yuan in net financing, with BOE Technology, HNA Holding, and Suzhou Tianmai leading in net buy amounts [4]

记者丨董鹏 编辑丨巫燕玲 11月17日，碳酸锂期货异动，多个合约集体涨停。 截至当日收盘，主力2601合约上涨9%，最新价升至9.52万元/吨，超过今年8月的高点创出年 内新高。 受此带动，锂矿股也成为当天A股市场的领涨品种，大中矿业、盛新锂能等多只锂矿股涨停的 同时，大涨后的天齐锂业就此重返千亿市值。 | 名称 | 现价 | 涨跌幅 | 5日涨跌幅 | | --- | --- | --- | --- | | 盛新锂能 | 35.93 c | 10.01% | 26.38% | | 雅化集团 | 24.98 c | 10.00% | 20.04% | | 中矿 资源 | 69.08 c | 10.00% | 12.99% | | 国城矿业 | 27.74 c | 9.99% | 32.60% | | 美国股份 | 6.28 c | 9.98% | 13.97% | | 天齐锂业 | 62.20 c | 9.87% | 8.16% | | 西藏城投 | 14.25 c | 9.62% | 11.33% | | 永兴材料 | 56.28 c | 8.86% | 10.33% | "如果明年需求增速超过30%，甚至 ...

Core Viewpoint - Lithium carbonate futures experienced significant price increases, with multiple contracts hitting the daily limit, driven by strong demand and market sentiment [1][6][11]. Industry Summary - As of the close on November 17, the main 2601 contract rose by 9%, reaching a price of 95,200 yuan/ton, marking a new annual high [2]. - Lithium mining stocks surged, with companies like Ganfeng Lithium and Tianqi Lithium returning to a market capitalization of over 100 billion yuan [2]. - Ganfeng Lithium's chairman indicated that if demand growth exceeds 30% to 40% next year, prices could potentially surpass 150,000 yuan/ton or even 200,000 yuan/ton due to supply constraints [3][5]. - The lithium battery industry has shown signs of improvement, with lithium salt inventories declining for 13 consecutive weeks, driven by high operating rates in downstream sectors [4][7]. - The price of lithium carbonate in the domestic market reached an average of 86,200 yuan/ton on November 17, up by 980 yuan/ton from the previous trading day [13]. - The average price of battery-grade lithium carbonate for Q3 was 73,000 yuan/ton, while it has increased to 78,000 yuan/ton in Q4 so far [14]. - Companies with integrated lithium extraction processes, such as Tianqi Lithium and Yongxing Materials, are expected to see improved profitability in Q4 due to stable costs [15][16]. - The price of imported lithium spodumene has increased by 55 USD/ton as of November 17 [17]. - Market sentiment has been bolstered by rising prices in other lithium battery components, such as lithium hexafluorophosphate, which surged from 61,000 yuan/ton to around 160,000 yuan/ton [9]. - The futures market saw a significant increase in trading volume, with a total open interest reaching a historical high of 1.118 million contracts on November 17 [10]. - The gap between futures and spot prices has widened significantly, indicating potential adjustments needed in the market [18][19].

11月17日，碳酸锂期货异动，多个合约集体涨停。 截至当日收盘，主力2601合约上涨9%，最新价升至9.52万元/吨，超过今年8月的高点创出年内新高。 受此带动，锂矿股也成为当天A股市场的领涨品种，大中矿业、盛新锂能等多只锂矿股涨停的同时，大涨后的天齐锂业就此重返千亿市值。 在此之前，锂价走势一直是投资者最关心的问题，不过鲜有上市公司给予明确回应，而赣锋锂业又作为全球前五的锂业巨头，其掌门人的公开表态影响力巨 大。 | 名称 | 现价 | 涨跌幅 | 5日涨跌幅 | | --- | --- | --- | --- | | 盛新理能 | 35.93 c | 10.01% | 26.38% | | 雅化集团 | 24.98 c | 10.00% | 20.04% | | 中矿资源 | 69.08 c | 10.00% | 12.99% | | 国城矿业 | 27.74 c | 9.99% | 32.60% | | 美国股份 | 6.28 c | 9.98% | 13.97% | | 天齐锂业 | 62.20 c | 9.87% | 8.16% | | 西藏城投 | 14.25 c | 9.62% | 11.33% ...

Core Viewpoint - The concept of price increases based on supply and demand has become a key logic for fund managers to outperform the market and identify potential high-growth stocks [1][2]. Group 1: Price Increase as a Signal for Investment - Price increases are viewed by fund managers as a sign of corporate expansion and competitive strength, often leading to excess returns [2]. - The price of Moutai liquor has risen from 499 RMB to approximately 1169 RMB from January 2011 to November 2023, significantly benefiting funds heavily invested in it [2]. - Companies like Bilibili, Meitu, and Tencent Music have also seen positive investment cycles due to membership price increases, with Meitu's net profit reaching 467 million RMB in the first half of the year, a 71.3% year-on-year increase [2]. Group 2: Risks of Price Decrease - The decline in prices can indicate either an industry recession or a competitive "elimination round," posing risks for non-leading companies [3]. - A notable example is the significant losses incurred by funds that invested heavily in Nayuki Tea during a price decline cycle, leading to its market value dropping to less than 2 billion HKD [3]. Group 3: Fund Flows and Market Trends - In a climate of rising risk aversion, companies with price increase expectations have become attractive investment targets [4]. - Recent data shows that the top-performing funds are concentrated in resource and new energy themes, with some funds achieving returns of up to 31% in a month due to price increases in related commodities [4]. Group 4: Sensitivity to Price Increase Logic - There has been a significant influx of funds into chemical ETFs, reflecting investor sensitivity to price increase logic, despite some ETFs experiencing net value losses earlier in the year [5]. - The asset size of the Jianxin Chemical ETF grew from 604 million RMB to 1.099 billion RMB from June to September 2023, indicating strong investor interest [5]. Group 5: Long-term Investment Strategies - Fund managers are focusing on sectors with price increase potential, such as non-ferrous metals, which are expected to see upward price trends due to supply constraints [6]. - The technology sector is also benefiting from price increases, with major memory suppliers planning to raise prices by up to 30% to meet the growing demand driven by AI [6]. Group 6: Caution in Competitive Industries - Some fund managers advocate for caution in industries experiencing price competition, such as the AI large model sector, where price reductions have been announced [7].

Group 1 - The price increase logic has become a key strategy for fund managers to outperform the market and identify potential stocks, especially during year-end risk aversion periods [1][2] - Fund managers view price hikes as a strong indicator of corporate expansion and competitive strength, leading to significant returns, as seen with Kweichow Moutai and other stocks like Bilibili and Tencent Music [2][3] - The price increase of Kweichow Moutai from 499 RMB to approximately 1169 RMB from January 2011 to November 2023 has provided substantial returns for funds heavily invested in it [2] Group 2 - The decline in prices within certain industries, such as the milk tea sector, signals potential risks and has led to significant losses for funds that invested heavily in stocks like Nayuki's Tea [3] - The strategy of observing price trends (both increases and decreases) is effective for assessing the profitability of companies across various industries [3][4] - Recent data shows that funds focused on resource themes and new energy have seen strong performance, with some funds achieving returns of over 31% in the past month [4][6] Group 3 - The recent surge in prices for chemical products, such as the 68% increase in the price of ethylene carbonate, reflects the strong correlation between price hikes and investor interest [5][6] - The influx of capital into chemical ETFs indicates a high sensitivity among investors to price increase logic, despite some ETFs experiencing net value losses earlier in the year [6] - Fund managers are optimistic about sectors like non-ferrous metals, anticipating upward price movements due to supply constraints and competitive advantages [7] Group 4 - The focus on price increase logic has led some fund managers to adopt a cautious approach towards industries facing price competition, such as the AI sector, where price cuts have been announced [8]