Core Insights - In September, a total of 335 companies on the Sci-Tech Innovation Board were investigated by institutions, with 17 companies receiving over 100 inquiries each [1] - The most investigated companies included Juhe Materials, Maiwei Bio, Juguang Technology, Lankai Technology, and Jingzhida, with inquiry counts of 370, 340, 305, 231, and 194 respectively [1] - Key sectors attracting attention were semiconductors, automation equipment, photovoltaic equipment, specialized equipment, and bioproducts [1] Company Developments - Juhe Materials announced plans to acquire SK Enpulse's blank mask business for 68 billion KRW, aiming to enhance its strategic layout and address domestic semiconductor material shortages [2][3] - Maiwei Bio formed a partnership with Aditum Bio to establish Kalexo Bio and secured a global exclusive licensing agreement for a cardiovascular siRNA drug [2] - Zhongkong Technology introduced the concept of "industrial embodied intelligence," aiming to integrate autonomous intelligence into the entire production process [3] Sector Focus - Institutions showed significant interest in companies within the chip interconnection, optical interconnection, battery, and energy storage sectors [4] - Lankai Technology is advancing its MXC chip and PCIe Retimer chip, which are crucial for AI server applications, enhancing bandwidth and reducing latency [5][6] - Xiatuo New Energy is focusing on solid-state battery materials and has achieved stable production of oxide solid-state electrolytes [7][8] Financial Performance - Hai Moxing reported a 350 million CNY inventory impairment in the first half of the year but expects improvement in the coming quarters [9] - Mei Ai Technology anticipates a long-term increase in overall gross margin, driven by a higher proportion of consumable products and expanding overseas market share [10] - Jingchen Co. noted a significant increase in inventory due to a surge in orders, with a record shipment volume in the second quarter [10]

Group 1 - The CINE2025 Solid-State Battery Exhibition and Industry Annual Conference is scheduled for November 6-8, 2025, in Guangzhou, with over 200 exhibitors and 20,000 professional attendees expected [2] - EVE Energy's Hungary base has officially entered the key phase of construction with the arrival of electromechanical equipment, aiming to supply large cylindrical batteries to BMW's Debrecen factory by 2026, creating over 1,000 jobs [4] - Chuangneng New Energy has commenced construction on an 80GWh lithium battery project in Yichang, which is expected to generate over 6,000 jobs and an annual output value of 22 billion yuan [5] Group 2 - Chuangneng New Energy has launched a new 588Ah energy storage battery, with a planned production capacity of over 200GWh, expected to begin small-scale production in Q2 2026 [6] - CATL's market capitalization surpassed Kweichow Moutai, reaching a peak of 1.83 trillion yuan on September 25, 2023 [7][8] - Zhaoke Energy has completed an angel round of financing, focusing on the research and production of large cylindrical lithium batteries [9] Group 3 - Ganfeng Lithium plans to introduce strategic investors to raise up to 2.5 billion yuan for its subsidiary, Jiangxi Ganfeng Lithium Technology [10] - EVE Energy's 628Ah energy storage battery has been successfully commercialized in a 400MWh energy storage project [11] - Honeycomb Energy delivered a 30MWh liquid-cooled energy storage system to Slovenia, showcasing its technological innovation [12][13] Group 4 - Tibet Mining's 10,000-ton battery-grade lithium carbonate project has officially entered production, utilizing an environmentally friendly process [15] - Shengxin Lithium Energy plans to acquire a 21% stake in Sichuan Qicheng Mining for 1.456 billion yuan to enhance its lithium resource supply [16] - A 4.9 billion yuan lithium iron phosphate battery project has been launched in Shandong Province [17][18] Group 5 - Xiaomi's Yu7 electric vehicle has surpassed 40,000 deliveries, with new customization options announced [33] - Chery Automobile has officially listed on the Hong Kong Stock Exchange, raising 9.14 billion HKD [34][35] - Ideal Auto's i6 model will feature a new 5C lithium iron phosphate battery, emphasizing the maturity of this battery technology [31]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The fundamentals of lithium carbonate may feature stable supply and positive demand expectations. The raw material end shows strong price - holding sentiment from overseas mines and traders, with increased purchasing sentiment from domestic producers. The supply is steadily increasing slightly, while the demand is approaching the end of pre - holiday stocking, leading to more cautious buying attitudes and reduced trading activity in the spot market. The option market sentiment is bullish, and the implied volatility slightly increases. Technically, the 60 - minute MACD shows double lines above the 0 - axis with expanding green columns. The operation suggestion is to conduct light - position oscillating trading and control risks [2]. 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the main contract is 72,880 yuan/ton, down 780 yuan; the net position of the top 20 is - 158,881 hands, up 2,939 hands; the position volume of the main contract is 260,654 hands, up 4,747 hands; the spread between near - and far - month contracts is - 180 yuan/ton, down 20 yuan; the warehouse receipts of GZEE are 39,749 hands, up 300 hands [2]. 3.2 Spot Market - The average price of battery - grade lithium carbonate is 73,850 yuan/ton, unchanged; the average price of industrial - grade lithium carbonate is 71,600 yuan/ton, unchanged; the basis of the Li₂CO₃ main contract is 970 yuan/ton, up 780 yuan [2]. 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 0 dollars/ton, down 876 dollars; the average price of amblygonite is 7,210 yuan/ton, down 55 yuan; the price of lepidolite (2 - 2.5%) is 2,645 yuan/ton, unchanged [2]. 3.4 Industry Situation - The monthly output of lithium carbonate is 45,880 tons, up 1,280 tons; the monthly import volume is 21,846.92 tons, up 8,001.60 tons; the monthly export volume is 368.91 tons, up 2.56 tons; the monthly operating rate of lithium carbonate enterprises is 46%, down 2 percentage points; the monthly output of power batteries is 139,600 MWh, up 5,800 MWh; the price of lithium manganate is 32,000 yuan/ton, unchanged; the price of lithium hexafluorophosphate is 5.80 ten - thousand yuan/ton, up 0.05 ten - thousand yuan; the price of lithium cobalt oxide is 230,000 yuan/ton, unchanged; the price of ternary material (811 type): China is 146,000 yuan/ton, up 1,000 yuan; the price of ternary material (622 power type): China is 120,500 yuan/ton, up 1,000 yuan [2]. 3.5 Downstream and Application Situation - The price of ternary material (523 single - crystal type): China is 128,500 yuan/ton, up 1,500 yuan; the monthly operating rate of ternary cathode materials is 55%, up 3 percentage points; the price of lithium iron phosphate is 3.43 ten - thousand yuan/ton, unchanged; the monthly operating rate of lithium iron phosphate cathodes is 57%, up 6 percentage points; the current - month output of new energy vehicles (CPCA) is 1,391,000 vehicles, up 148,000 vehicles; the current - month sales volume of new energy vehicles (CPCA) is 1,395,000 vehicles, up 133,000 vehicles; the cumulative sales penetration rate of new energy vehicles (CPCA) is 45.53%, up 0.54 percentage points; the cumulative sales volume and year - on - year increase of new energy vehicles is 9,620,000 vehicles, up 2,583,000 vehicles; the current - month export volume of new energy vehicles is 224,000 vehicles, down 10,000 vehicles; the cumulative export volume and year - on - year increase of new energy vehicles is 1.532 million vehicles, up 714,000 vehicles; the 20 - day average volatility of the underlying is 26.58%, up 0.11 percentage points; the 40 - day average volatility of the underlying is 41.93%, up 0.09 percentage points [2]. 3.6 Option Situation - The total subscription position is 212,688 contracts, up 798 contracts; the total put position is 105,367 contracts, up 668 contracts; the total position put - call ratio is 49.54%, up 0.1287 percentage points; the at - the - money IV implied volatility is 0.41%, up 0.0117 percentage points [2]. 3.7 Industry News - In August 2025, China's new energy vehicle exports reached 315,000 vehicles, a growth of 83%. From January to August 2025, the export volume was 2.02 million vehicles, a year - on - year increase of 51%, higher than the 24% growth rate in the same period of 2024. The export growth is mainly driven by plug - in hybrid and hybrid vehicles, especially the strong export performance of plug - in hybrid pickups. The exports are mainly to the Middle East and developed markets, especially Western Europe and Asia. The Ministry of Industry and Information Technology will compile a new - era development plan for intelligent and connected new energy vehicles, and promote pilot projects for access and road - going of intelligent and connected vehicles and "vehicle - road - cloud integration" applications. The "Implementation Opinions on 'Artificial Intelligence + Transportation'" will be issued. Haimuxing (688559.SH) has achieved the "oxide + lithium - metal anode" technology route and completed the commercial cycle of lithium - metal solid - state batteries for low - altitude aircraft, with the equipment being delivered in batches [2].

Market Overview - US stock markets experienced a decline, with the Dow Jones down 0.19%, Nasdaq down 0.95%, and S&P 500 down 0.55% [1] - Major tech stocks also fell, including Amazon down 3.04%, Nvidia down 2.82%, Tesla down 1.93%, Meta down 1.28%, Microsoft down 1.01%, Apple down 0.63%, and Google A down 0.34% [1] Company Developments - Lithium Americas saw a post-market surge of over 94% following reports that the Trump administration is considering holding shares in the company [2] - The US Department of Defense awarded a $245 million contract to a US antimony company [3] - Micron Technology reported that AI-driven demand is accelerating the shortage of DRAM supplies [5] - Microsoft announced the launch of a chip-integrated microfluidic cooling system [7] Industry Insights - The semiconductor industry is facing rising prices, with reports indicating that the price of the last generation 3nm CPUs has increased by approximately 20%, and the upcoming 2nm generation is expected to rise by over 50% [12] - TSMC has notified clients of price increases of about 5% to 10% for 5nm, 4nm, 3nm, and 2nm wafer foundry services [12] - The global semiconductor wafer production capacity is projected to grow from 31.5 million pieces per month in 2024 to 33.7 million pieces per month in 2025, driven by increasing chip demand [12] - The photovoltaic industry is seeing significant price control measures, with expectations for supply-side improvements through policy support and market-driven capacity exits [15] Investment Opportunities - Tether is seeking to raise up to $20 billion at a valuation of $500 billion [6] - Cloud AI and robotics sectors are gaining traction, with companies like CloudWalk and others showcasing advancements in AI-driven products and technologies [19][20] - The demand for high-end copper foil is surging due to AI server requirements, with a notable price increase of about 15% announced by Mitsui Mining [16] Upcoming Events - The Cloud Summit is set to open today, featuring Nvidia and discussions on robotics [13] - The Shanghai International Intelligent Robotics Conference will also take place today, with participation from various tech companies [13]

Mergers and Acquisitions - Hualing Cable plans to acquire control of San Bamboo Intelligent for no more than 270 million yuan, with San Bamboo being a leading provider of industrial connection product solutions in the industry [1] Share Buybacks - Shennma Co. intends to repurchase shares worth between 100 million and 200 million yuan [2] - Fenghuo Communication plans to repurchase shares worth between 75 million and 150 million yuan and will cancel the repurchased shares [2] Investment Cooperation and Operational Status - Yuntian Lifei's self-developed AI-driven product, Luka Doctor AI plush toy, is expected to launch by the end of 2025. The company is also developing the next-generation "brain" chip, DeepXBot series, to enhance humanoid robots' perception, cognition, decision-making, and control tasks [3] - Zhejiang Haideman is in the prototype trial phase for its humanoid robot and robotic dog projects [3] - Haimuxing is among the first in the industry to achieve the "oxide + lithium metal anode" technology route and has completed the commercial closed loop for lithium metal solid-state batteries, which are currently being delivered in batches [3] - Guomai Culture is investing in the film "The Starry Sky of the Three Kingdoms Part One," set to premiere on October 1 [3] - Visionox plans to use Suzhou Guoxian as the project company to carry out preliminary work for the Kunshan Global New Display Industry Innovation Center project [4] - Fola New Materials has collaborated with several domestic and international dexterous hand and humanoid robot companies [5] - Jiuwu High-Tech signed a procurement contract for a membrane treatment system worth 81.5 million yuan with Guotou Xinjiang Lithium Industry Co., Ltd. [6] - Wolker Materials' controlling subsidiary plans to invest 1 billion yuan in the construction of the Kote (Suzhou) New Materials Project [7] - Heng Rui Pharmaceutical's SHR7280 tablet application for marketing approval has been accepted by the National Medical Products Administration, with no oral GnRH antagonists approved in the domestic and international assisted reproductive fields [7] - Ganli Pharmaceutical signed a "Technology Transfer and Supply Agreement" with FZ and BIOMM for a production partnership plan in Brazil, with a total contract value expected to be no less than 3 billion yuan (including tax) [7] - Sinovac Biotech's human interferon α1b inhalation solution has been included in the list of breakthrough therapeutic varieties [8] - Baijin Medical's radiofrequency ablation system has entered the special review process for innovative medical devices [8] - Jiangbolong anticipates an increase in demand for server NAND market inventory in the second half of the year, with storage market prices expected to rise in the fourth quarter. The company's enterprise-level PCIe SSD and RDIMM products have begun bulk imports to leading domestic enterprises [8] - Jingzhida has completed its annual target ahead of schedule for the high-speed FT testing machine, with steady progress on the KGSD CP testing machine, continuously iterating and upgrading in conjunction with storage industry technology solutions [8] - Fuhuang Steel Structure signed a strategic cooperation agreement with the Twenty-Second Metallurgical Group [9] - Poly Development plans to issue company bonds not exceeding 15 billion yuan [10] - Shangwei New Materials has completed the transfer of shares and the controlling shareholder has changed to a holding platform established by an affiliate of Zhiyuan Robotics [11]

海目星：目前锂金属固态电池设备正在批量交付当中。 ...