Investment Rating - Industry rating: Recommended [3] Core Views - The report anticipates a strong fluctuation in lithium prices in the short term, supported by a backdrop of price reassessment across key metals [1] - The Indonesian government plans to reduce nickel and coal production in 2026, which, combined with Vale's suspension of nickel mining, is expected to tighten supply and support nickel prices [1] - The cobalt market is expected to remain structurally tight, with prices likely to rise further due to ongoing supply constraints [2][5] - The antimony market is showing signs of recovery in exports, which may lead to domestic prices converging with higher international prices [6][18] - The lithium market is experiencing a continuous destocking trend, with prices expected to remain strong due to stable demand from the electric vehicle and energy storage sectors [8][19] - The rare earth market is tightening due to new export restrictions from Vietnam, which may further support prices [20] - The tin market faces uncertainties in supply due to ongoing issues in the Democratic Republic of Congo and Indonesia's export controls [21] Summary by Sections Nickel and Cobalt Industry Update - Indonesia's government plans to cut nickel production by approximately 34% in 2026, reducing the target to 250 million tons from 379 million tons in 2025 [1] - Vale's Indonesian operations have halted nickel mining, contributing to supply tightness [1] - The cobalt market is expected to face structural supply constraints, with prices projected to rise due to a decrease in available export quotas from the Democratic Republic of Congo [2][5] Antimony Industry Update - Domestic antimony prices are expected to rise as supply remains tight, particularly with winter mining activities slowing down [6][18] - The Chinese government has implemented export controls that may further tighten supply and support higher domestic prices [6][18] Lithium Industry Update - The average price of battery-grade lithium carbonate has increased to 118,600 CNY/ton, reflecting a 16.76% rise [8] - Continuous destocking in the lithium market is expected to support prices, with demand from the electric vehicle sector remaining robust [8][19] Rare Earth Industry Update - New export restrictions from Vietnam are expected to tighten global rare earth supply, supporting prices [20] - China continues to dominate the rare earth supply chain, with significant production capacity compared to other countries [20] Tin Industry Update - The tin market is facing uncertainties due to supply issues in the Democratic Republic of Congo and Indonesia's export controls [21] - Recent increases in tin imports from Myanmar may help alleviate some supply concerns, but overall uncertainty remains [21]

格林美：公司已建成5万吨磷酸铁锂黑粉回收利用示范线。 ...

Group 1 - The company has achieved ton-level shipments of high-nickel ternary cathode materials and lithium-rich manganese-based cathode materials [1]

每经AI快讯，有投资者在投资者互动平台提问：去年四季度公司印尼生产计划是多少？ 格林美（002340.SZ）1月4日在投资者互动平台表示，公司已建成镍金属产能达15万吨/年（含参股产 能），第四季度公司继续围绕年度经营目标及市场情况，高效组织生产，维持稳定的产出效率，具体经 营情况请关注公司定期报告。 （文章来源：每日经济新闻） ...

Group 1 - The core relationship between the company and LG Chem is that LG Chem is a global core strategic customer of the company [2] - The company primarily supplies key battery materials such as high-nickel ternary precursors to LG Chem [2] - The partnership between the company and LG Chem is characterized by a long-term stable cooperation aimed at serving the electrification needs of leading global automotive manufacturers [2]

Core Viewpoint - The company confirmed that its nickel resource project in Indonesia is progressing normally and orderly during October and November 2025, and there are currently no plans for a spin-off listing [2] Group 1 - The company responded to investor inquiries regarding the operational status of its Indonesian project in late 2025, indicating that production will be normal [2] - The company stated that it does not have any plans for a spin-off listing at this time [2] - Investors are encouraged to pay attention to the company's announcements for further updates [2]

每经AI快讯，有投资者在投资者互动平台提问：请问贵公司铜库存量如何？ （文章来源：每日经济新闻） 格林美（002340.SZ）1月4日在投资者互动平台表示，公司从动力锂电池与报废汽车、电子废弃物等业 务中回收的金属铜，主要作为金属原料直接对外销售。目前，该部分铜的库存量在公司总库存中占比有 限，不构成重大影响。 ...

Core Viewpoint - The company has established a 50,000-ton lithium iron phosphate recycling demonstration line, producing high-quality battery-grade lithium iron phosphate, which is competitive in performance and cost compared to directly produced commercial products [1]. Group 1: Production Capacity and Output - The company has built a demonstration line capable of recycling 50,000 tons of lithium iron phosphate black powder [1]. - The current annual output of lithium iron phosphate from the recycling line is not specified in the provided information [1]. Group 2: Product Performance and Market Position - The core performance of battery-grade lithium iron phosphate produced from recycled materials is comparable to that of commercially produced products [1]. - The company emphasizes advantages in production costs and the green premium associated with using recycled materials [1]. - Continuous research and development efforts will be made to adapt to market demands [1].

Core Viewpoint - The battery sector, particularly the battery 50 ETF (159796), has experienced a significant surge due to strong capital inflow and a rebound in component stocks, driven by the booming demand for energy storage solutions [1][3][5]. Group 1: Market Performance - As of December 30, the battery 50 ETF (159796) rose over 2%, recovering from previous declines with more than 85 million yuan in capital inflow [1]. - Key component stocks such as Sanhua Intelligent Control and Tianci Materials saw substantial gains, with Sanhua hitting the daily limit and Tianci rising over 3% [3][4]. Group 2: Industry Dynamics - The energy storage sector is experiencing a transformative shift, driven by the global energy transition and advancements in AI, leading to a significant increase in electricity demand [7]. - Domestic policies are evolving from mandatory energy storage to independent energy storage, enhancing the economic viability of storage projects [7]. - The demand for energy storage in China is projected to grow significantly, with a 118% year-on-year increase in project bidding data for the first ten months of 2025 [8]. Group 3: Future Projections - Global energy storage installations are expected to grow by over 60% next year, with a compound annual growth rate of 30-50% over the next three years [10]. - By 2025, the domestic energy storage installation capacity is anticipated to reach over 180 million kilowatts, nearly doubling within two and a half years [8]. Group 4: Investment Opportunities - The battery 50 ETF (159796) has a high concentration in the energy storage sector, with 27% of its index comprising energy storage components, positioning it well to benefit from the sector's growth [15]. - The ETF also includes a significant portion of solid-state battery technology, which is expected to see substantial advancements and market potential [15][17].

Core Viewpoint - Greeenme's stock price has shown a significant increase of 26.24% this year, with a recent rise of 3.55% over the last five trading days, indicating positive market sentiment and performance [1]. Company Overview - Greeenme Co., Ltd. is located in Shenzhen, Guangdong Province, and was established on December 28, 2001, with its stock listed on January 22, 2010. The company specializes in the recycling of waste cobalt and nickel resources, electronic waste, and the production and sales of cobalt and nickel powder materials and plastic-wood composites [2]. - The main revenue composition includes: ternary precursors (38.70%), nickel resources (15.73%), cobalt oxide (12.28%), trade and others (8.35%), cathode materials (7.26%), cobalt recovery (6.74%), tungsten resource recovery (6.01%), comprehensive utilization of power lithium batteries (3.06%), and comprehensive utilization of scrapped automobiles (1.87%) [2]. Financial Performance - For the period from January to September 2025, Greeenme achieved an operating income of 27.498 billion yuan, representing a year-on-year growth of 10.55%. The net profit attributable to shareholders was 1.109 billion yuan, reflecting a year-on-year increase of 22.66% [2]. - The company has distributed a total of 1.825 billion yuan in dividends since its A-share listing, with 1.002 billion yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, Greeenme had 423,200 shareholders, a decrease of 3.75% from the previous period. The average circulating shares per person increased by 3.89% to 12,016 shares [2]. - Major shareholders include Hong Kong Central Clearing Limited, holding 111 million shares (a decrease of 14.5245 million shares), and Southern CSI 500 ETF, holding 74.5979 million shares (a decrease of 1.4917 million shares). New shareholders include Guangfa National Certificate New Energy Vehicle Battery ETF, holding 52.7594 million shares [3].