Core Viewpoint - The renewable energy sector, including solar, energy storage, and lithium battery industries, is experiencing a strong market performance, indicating a potential reversal in supply and demand dynamics after years of adjustment [1][2]. Group 1: Renewable Energy Sector Performance - The renewable energy sector has shown significant rebound since late October 2025, with prices and profitability at low levels, and signs of price increases across the supply chain [1]. - The solar energy collaboration between China and ASEAN has intensified, with cross-border electricity cooperation exceeding 750 billion kilowatt-hours, over 90% of which is green electricity [1]. - By the end of 2024, investments in hydro, wind, and solar projects between China and ASEAN are expected to grow more than fivefold compared to 2014, with installed capacity increasing 15 times [1]. Group 2: Solar Industry Insights - The solar industry is witnessing positive effects from the "anti-involution" policy, with upstream segments expected to significantly reduce losses in Q3 [1]. - The energy storage sector is experiencing robust demand both domestically and internationally, with a continuous increase in battery prices and a strong supply chain capable of price transmission [1][2]. Group 3: Lithium Battery Market Trends - Lithium hexafluorophosphate production is projected to increase by approximately 13.8% month-on-month in October 2025, with a further expected growth of 3.7% in November [2]. - The demand for lithium battery materials is supported by favorable conditions, with significant price increases anticipated for phosphoric iron lithium enterprises due to high operating rates and long-term contracts [2]. Group 4: ETF Performance - The photovoltaic ETF tracking the China Photovoltaic Leader 30 Index rose by 4.61%, with notable increases in constituent stocks such as Aters and TBEA [2]. - The carbon neutrality ETF increased by 1.67%, with significant gains in stocks like Aters and Hongfa [3]. - The energy storage battery ETF saw a strong rise of 4.10%, with constituent stocks like Jinpan Technology and Nandu Power experiencing substantial increases [3]. Group 5: Future Outlook - Traditional silicon battery efficiency is nearing theoretical limits, leading to a price war, while perovskite solar cells show potential for significant efficiency improvements and cost reductions, indicating a shift towards technological innovation in the solar industry [3].

Group 1 - Longpan Technology (603906) shares rose over 9%, currently up 8.48% at HKD 12.03, with a trading volume of HKD 202 million [1] - SMM analysis indicates that lithium hexafluorophosphate production is expected to increase by approximately 13.8% month-on-month in October 2025, with a further 3.7% growth anticipated in November [1] - The production of electrolytes is also expected to rise in October, with demand support continuing to increase in November [1] Group 2 - A third-party report shows that the price of ternary materials (5 series, digital type) for lithium battery cathodes increased slightly week-on-week from October 29 to November 4 [1] - Guosheng Securities notes that current iron phosphate enterprises maintain a high operating rate, primarily producing based on long-term contracts [1] - With favorable demand and cost conditions, there is potential for price increases in the future [1] Group 3 - On October 30, Longpan Technology released its Q3 2025 report, showing a revenue of CNY 5.825 billion, a year-on-year increase of 2.91% [1] - The company reported a net loss of CNY 110 million, significantly narrowing the loss by 63.52% year-on-year [1]

Group 1 - Longpan Technology (02465) saw its stock price increase by over 9%, currently trading at 12.03 HKD with a transaction volume of 202 million HKD [1] - SMM analysis indicates that the production of lithium hexafluorophosphate is expected to rise by approximately 13.8% month-on-month in October 2025, with a further expected increase of 3.7% in November [1] - The production of electrolytes is also projected to rise in October, with continued demand support expected in November [1] Group 2 - A third-party report shows a slight month-on-month increase in the price of ternary materials for lithium battery cathodes during the week of October 29 to November 4 [1] - Guosheng Securities notes that current iron phosphate lithium enterprises maintain a high operating rate, primarily producing based on long-term contracts [1] - The company reported its Q3 2025 results, achieving a revenue of 5.825 billion CNY, a year-on-year increase of 2.91%, and a net loss of 110 million CNY, significantly narrowing the loss by 63.52% year-on-year [1]