Core Viewpoint - The report from Changjiang Securities indicates that Tianqi Materials is expected to maintain high growth in electrolyte shipments in Q3 2025, benefiting from a tight supply environment and gaining market share [1] Group 1: Market Performance - The price of 6F has accelerated significantly since October, which is expected to impact electrolyte prices positively [1] - The company's profitability is projected to improve significantly in Q4 2025, with further elasticity in 6F prices anticipated during the tight supply cycle in 2026 [1] Group 2: Business Segments - The company aims to strategically increase the penetration rate of LIFSI, which is expected to enhance its market share in electrolytes and LIFSI [1] - The phosphate iron business is anticipated to reach a supply-demand inflection point in 2026, potentially contributing to profitability recovery and growth [1] Group 3: Future Prospects - The solid-state battery business is progressing positively, with lithium sulfide samples expected to be sent out, aiming for customer breakthroughs and capacity reserves in 2026 [1] - The UV insulation adhesive has significant value potential, likely to further enhance profitability, with the solid-state battery business to be valued separately based on long-term potential [1] Group 4: Financial Projections - The company's projected net profit attributable to shareholders for 2025 and 2026 is expected to be 1.2 billion and 5.1 billion respectively, with corresponding PE ratios of 67X and 16X [1]

第一名 长江证券研究团队 （首席分析师：陈佳；团队成员：顾熀乾、高一岑、卜凡星） 第二名 广发证券研究团队 专题：2025分析师大会：资本市场"奥斯卡"启幕 11月28日，2025分析师大会暨第七届新浪财经"金麒麟"最佳分析师颁奖盛典隆重召开。逾300名权威学 者、公私募掌舵人、上市公司董事长、顶级基金经理、首席分析师齐聚上海，共同探讨中国资本市场的 未来机遇。 同时，第七届新浪财经金麒麟最佳分析师评选结果隆重揭晓。 第七届新浪财经金麒麟农林牧渔行业"最佳分析师"荣誉榜如下： （首席分析师：钟凯锋；团队成员：张心怡） 第六名 申万宏源证券研究团队 （首席分析师：吕昌；团队成员：盛瀚、朱珺逸、胡静航） 责任编辑：郭栩彤 第四名 天风证券研究团队 （首席分析师：陈潇；联席首席：吴立；团队成员：黄建霖、陈炼、林毓鑫、戴飞、周新宇） 第五名 华源证券研究团队 （首席分析师：雷轶；团队成员：冯佳文、顾超） （首席分析师：钱浩；团队成员：郑颖欣、周舒玥、李雅琦） 第三名 浙商证券研究团队 ...

Group 1 - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Award Ceremony took place on November 28, gathering over 300 authoritative scholars, public and private fund leaders, listed company chairpersons, top fund managers, and chief analysts in Shanghai to discuss future opportunities in the Chinese capital market [1] Group 2 - The results of the 7th Sina Finance Golden Unicorn Best Analyst selection were announced, with the following rankings in the coal industry: - 1st place: Changjiang Securities Research Team (Chief Analyst: Xiao Yong; Team Members: Zhao Chao, Ye Ruzhen, Zhuang Yue, Wei Siyu) - 2nd place: Guosheng Securities Research Team (Chief Analyst: Zhang Jinming; Team Members: Liu Liyu, Gao Ziming) - 3rd place: GF Securities Research Team (Chief Analyst: Shen Tao; Co-Chief: An Peng; Team Members: Song Wei, Zhang Yunhan) - 4th place: Tianfeng Securities Research Team (Chief Analyst: Zhang Xianxian; Team Members: Huang Kai, Zhu Taoyu, Jiang Meidan, Li Zezhao) - 5th place: Minsheng Securities Research Team (Chief Analyst: Zhou Tai; Team Members: Li Hang, Wang Shanshan, Lu Jiaqi) - 6th place: Dongfang Caifu Securities Research Team (Chief Analyst: Li Miao; Team Members: None) [2]

Group 1 - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards Ceremony took place on November 28, gathering over 300 authoritative scholars, public and private fund leaders, listed company chairpersons, top fund managers, and chief analysts in Shanghai to discuss future opportunities in the Chinese capital market [1] - The results of the 7th Sina Finance Golden Unicorn Best Analyst selection were announced [2] Group 2 - The top analysts in the Robotics and High-end Manufacturing sectors were recognized, with the first place awarded to the Guangfa Securities Research Team, led by Chief Analyst Dai Chuan and Co-Chief Analyst Sun Boyang, along with team members [3] - The second place was awarded to the Changjiang Securities Research Team, led by Chief Analyst Zhao Zhiyong, with several team members [3] - The Zhejiang Merchants Securities Research Team secured third place, led by Chief Analyst Qiu Shiliang, with a large team of contributors [3] - Other notable rankings include Dongwu Securities in fourth place, Guotai Haitong Securities in fifth, Guojin Securities in sixth, Tianfeng Securities in seventh, Guosheng Securities in eighth, and Shenwan Hongyuan Securities in ninth place, each with their respective chief analysts and team members [3]

Core Insights - The 7th Sina Finance "Golden Unicorn" Best Analyst Awards ceremony was held on November 28, 2025, in Shanghai, gathering over 300 industry leaders to discuss future opportunities in the Chinese capital market [1]. Group 1: Event Overview - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards ceremony took place, featuring participation from scholars, fund managers, and company executives [1]. - The results of the 7th Sina Finance "Golden Unicorn" Best Analyst selection were announced [2]. Group 2: Best Analysts in Construction and Building Materials - The top analysts in the construction and building materials sector were recognized, with the following rankings: 1. Changjiang Securities Research Team (Chief Analyst: Fan Chao) [3] 2. GF Securities Research Team (Chief Analyst: Xie Lu) [3] 3. Guosheng Securities Research Team (Chief Analyst: He Yaxuan) [3] 4. Guotai Junan Securities Research Team (Chief Analyst: Bao Yanxin) [3] 5. Tianfeng Securities Research Team (Chief Analyst: Bao Rongfu) [3] 6. Zhongtai Securities Research Team (Chief Analyst: Sun Ying) [3] 7. Caitong Securities Research Team (Chief Analyst: Bi Chunhui) [3] 8. Guojin Securities Research Team (Chief Analyst: Li Yang) [3]

Group 1 - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards Ceremony took place on November 28, gathering over 300 authoritative scholars, public and private fund leaders, listed company chairpersons, top fund managers, and chief analysts in Shanghai to discuss future opportunities in the Chinese capital market [1] - The results of the 7th Sina Finance Golden Unicorn Best Analyst selection were announced [2] Group 2 - The top analysts in the innovative pharmaceutical sector were recognized, with the first place awarded to the Industrial Securities Research Team led by Chief Analyst Sun Yuanyuan [3] - The second place was awarded to the CITIC Construction Investment Securities Research Team, led by Chief Analyst Yuan Qinghui [3] - The third place went to the Guotai Junan Securities Research Team, led by Chief Analyst Yu Wenxin [3] - Other notable rankings include Tianfeng Securities in fourth place, Dongwu Securities in fifth, Guosheng Securities in sixth, Huachuang Securities in seventh, GF Securities in eighth, and Changjiang Securities in ninth [3]

Core Insights - The 7th Sina Finance "Golden Unicorn" Best Analyst Awards ceremony was held on November 28, 2025, in Shanghai, gathering over 300 influential figures from academia, public and private equity, listed companies, top fund managers, and chief analysts to discuss future opportunities in China's capital market [1][2]. Group 1: Best Analysts in Fixed Income Research - The top fixed income research team was awarded to the Zheshang Securities Research Team, led by Chief Analyst Qin Han and Co-Chief Analyst Du Jian, with a team comprising eight members [3]. - The second place was awarded to the Huachuang Securities Research Team, led by Chief Analyst Zhou Guannan, with a team of seven members [3]. - The third place went to the Industrial Securities Research Team, led by Chief Analyst Zuo Dayong and Co-Chief Analyst Xiao Yu, with a team of six members [3]. - The fourth position was secured by the Caitong Securities Research Team, led by Chief Analyst Sun Binbin, with a team of five members [3]. - The fifth place was awarded to the Huaxi Securities Research Team, led by Chief Analyst Liu Yu, with a team of ten members [3]. - The sixth position was taken by the Shenwan Hongyuan Securities Research Team, led by Chief Analyst Huang Weiping, with a team of five members [3]. - The seventh place was awarded to the Tianfeng Securities Research Team, led by Chief Analyst Tang Haiqing, with a team of ten members [3]. - The eighth position was secured by the Changjiang Securities Research Team, led by Chief Analyst Zhao Zenghui, with a team of three members [3].

Core Insights - The 7th Sina Finance "Golden Unicorn" Best Analyst Awards ceremony was held on November 28, 2025, in Shanghai, gathering over 300 influential figures from academia, public and private equity, listed companies, top fund managers, and chief analysts to discuss future opportunities in China's capital market [1]. Group 1: Event Overview - The 7th Sina Finance "Golden Unicorn" Best Analyst Awards ceremony took place, highlighting the importance of analyst contributions in the financial sector [1][2]. - The event featured discussions on the future opportunities within the Chinese capital market, indicating a focus on growth and investment potential [1]. Group 2: Best Analysts in Home Appliance Sector - The top analysts in the home appliance industry were recognized, with the following rankings: 1. Guolian Minsheng Securities Research Team, led by Chief Analyst Guan Quansen [3]. 2. Changjiang Securities Research Team, led by Chief Analyst Chen Liang [3]. 3. Kaiyuan Securities Research Team, led by Chief Analyst Lv Ming [3]. 4. CITIC Construction Investment Securities Research Team, led by Chief Analyst Ma Wangjie [3]. 5. Zheshang Securities Research Team, led by Chief Analyst Zhang Yuntian and Co-Chief Analyst Ma Li [3]. 6. Guotai Junan Securities Research Team, led by Chief Analyst Cai Wenjuan [3].

Group 1 - The 7th Sina Finance "Golden Unicorn" Best Analyst Awards ceremony was held on November 28, 2025, in Shanghai, gathering over 300 authoritative scholars, fund managers, and company executives to discuss future opportunities in the Chinese capital market [1]. - The results of the 7th Sina Finance Golden Unicorn Best Analyst selection were announced [2]. Group 2 - The top macroeconomic research teams recognized in the awards include: 1. First place: Zheshang Securities Research Team, led by Chief Analyst Li Chao [3] 2. Second place: GF Securities Research Team, led by Chief Analyst Guo Lei [3] 3. Third place: Dongwu Securities Research Team, led by Chief Analyst Lu Zhe [3] 4. Fourth place: Orient Securities Research Team, led by Chief Analyst Sun Jinxia [3] 5. Fifth place: Changjiang Securities Research Team, led by Chief Analyst Yu Bo [3] 6. Sixth place: Huachuang Securities Research Team, led by Chief Analyst Zhang Yu [3] 7. Seventh place: Guosheng Securities Research Team, led by Chief Analyst Xiong Yuan [3] 8. Eighth place: Shenwan Hongyuan Securities Research Team, led by Chief Analyst Zhao Wei [3]

Group 1 - The 7th Sina Finance "Golden Unicorn" Best Analyst Award Ceremony was held on November 28, 2025, in Shanghai, gathering over 300 authoritative scholars, fund managers, and top analysts to discuss future opportunities in the Chinese capital market [1]. - The results of the 7th Sina Finance Golden Unicorn Best Analyst selection were announced [2]. Group 2 - The top analysts in the military industry category were recognized, with the following rankings: 1. First place: Guotai Junan Securities Research Team, led by Chief Analyst Meng Xiangjie [3] 2. Second place: Industrial Securities Research Team, led by Chief Analyst Shi Kang [3] 3. Third place: Changjiang Securities Research Team, led by Chief Analyst Wang Hejia [3] 4. Fourth place: CITIC Securities Research Team, led by Chief Analyst Li Taoyang [3] 5. Fifth place: Shenwan Hongyuan Securities Research Team, led by Chief Analyst Han Qiang [3] 6. Sixth place: Tianfeng Securities Research Team, led by Chief Analyst Wang Zeyu [3]