Investment Rating - The industry is rated as "Outperform" compared to the market [3]. Core Insights - The demand for power and energy storage batteries is strong, with an increase in average prices for storage cells and systems [3][4]. - In November 2025, domestic battery production reached 176.3 GWh, a year-on-year increase of 49.66% and a month-on-month increase of 3.34% [3]. - The production of lithium iron phosphate (LFP) cathode materials in November 2025 was 268,900 tons, up 29.43% year-on-year and 0.75% month-on-month, with a capacity utilization rate of 62.53% [3]. - The price of industrial-grade lithium carbonate rose to 116,000 CNY/ton as of December 26, 2025, with a weekly increase of 14.85% [3]. - The average price of LFP (power type) reached 45,100 CNY/ton, increasing over 15% since December 19, 2025 [3]. - The average price of square LFP energy storage cells remained stable, with slight increases noted in December 2025 [3]. - In November 2025, the monthly loading volume of LFP batteries was 75.3 GWh, a year-on-year increase of 43.62% and a month-on-month increase of 11.56% [3]. - The export volume of Chinese power batteries in November 2025 was 21.2 GWh, a year-on-year increase of 69.60% [3]. Summary by Sections Production - In November 2025, the production of LFP cathode materials and batteries showed significant growth compared to the same period in 2024 [3][4]. Prices - Prices for key materials such as lithium carbonate and LFP have seen substantial increases, indicating a tightening supply [3][4]. Domestic Demand - The domestic demand for batteries is robust, with record loading volumes and increased tender capacities for new energy storage projects [3][4]. Overseas Demand - The export market for Chinese power batteries is expanding, with notable year-on-year growth in November 2025 [3][4].

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 - The company, 多氟多 (002407.SZ), announced the election of 周小平 as a representative director of the eighth board of directors during the employee representative meeting scheduled for December 29, 2025 [1] Group 1 - 周小平 was elected as a representative director of the eighth board of directors, which consists of eight directors elected by the shareholders' meeting [1] - The term of 周小平 aligns with the term of the eighth board of directors [1] - 周小平 meets the qualifications and conditions for directorship as stipulated in the company's articles of association and relevant laws and regulations [1]

格隆汇12月29日丨多氟多(002407.SZ)公布，公司于2025年12月29日召开职工代表大会，会议选举周小 平女士为公司第八届董事会职工代表董事，周小平女士与经公司股东大会选举产生的八名董事共同组成 公司第八届董事会，任期与公司第八届董事会任期一致。周小平女士符合《公司章程》等相关法律法规 规定的关于董事任职的资格和条件。 ...

证券日报网讯 12月29日，多氟多发布公告称，公司2025年12月29日召开第二次临时股东大会，审议通 过《关于修订的议案》《关于制定、修订部分公司治理制度的议案》《调整2025年度日常关联交易额度 及2026年度日常关联交易预计的议案》等多项议案。 （编辑 丛可心） ...

每经头条（nbdtoutiao）——绕开光刻机"卡脖子"，中国新型芯片问世！专访北大孙仲：支撑AI训练和 具身智能，可在28纳米及以上成熟工艺量产 （记者 王晓波） 截至发稿，多氟多市值为404亿元。 每经AI快讯，多氟多（SZ 002407，收盘价：33.97元）12月29日晚间发布公告称，公司第八届第一次董 事会会议于2025年12月29日在公司科技大厦五楼会议室以现场方式召开。会议审议了《关于第八届董事 会战略与可持续发展、审计、提名、薪酬与考核四个专门委员会委员组成的议案》等文件。 ...

Group 1 - The main point of the news is that there has been a significant outflow of capital from various sectors, with a total net outflow of 482.76 billion yuan from the Shanghai and Shenzhen markets on December 29, 2023 [1] - Among the sectors, the power equipment industry experienced the highest net outflow, exceeding 77 billion yuan, while the electronic and non-ferrous metal industries also saw substantial outflows of over 54 billion yuan each [1] - In terms of individual stocks, four popular stocks had net outflows exceeding 10 billion yuan, including Zhongji Xuchuang, Sunshine Power, Duofluo, and Tianji Co., with Zhongji Xuchuang leading at a net outflow of 16 billion yuan [4][6] Group 2 - The leading stocks in terms of capital inflow included 74 stocks with net inflows exceeding 1 billion yuan, with 16 stocks seeing inflows over 3 billion yuan, notably Tuowei Information with 16.63 billion yuan [2] - The launch of the National Venture Capital Guidance Fund aims to focus on early-stage projects in sectors such as integrated circuits, artificial intelligence, aerospace, and future energy, with a total government investment of 100 billion yuan expected to leverage a trillion yuan in total funding [3] - The tail-end trading session on December 29 saw a net outflow of 77.92 billion yuan, with notable outflows from lithium battery and precious metal stocks, including Ganfeng Lithium and Tianqi Lithium [7][9]

公司于 2025 年 12 月 29 日召开职工代表大会，会议选举周小平女士为公司 第八届董事会职工代表董事，周小平女士与经公司股东大会选举产生的八名董事 共同组成公司第八届董事会，任期与公司第八届董事会任期一致，周小平女士的 简历详见公司于同日发布的《关于完成董事会换届选举及聘任高级管理人员、证 券事务代表、内部审计负责人的公告》（公告编号：2025-099）。周小平女士符合 《公司章程》等相关法律法规规定的关于董事任职的资格和条件。 证券代码：002407 证券简称：多氟多 公告编号：2025-097 多氟多新材料股份有限公司 关于选举职工代表董事的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 多氟多新材料股份有限公司（以下简称"公司"）于 2025 年 12 月 29 日召开 2025 年第二次临时股东大会，审议通过了《关于修订<公司章程>的议案》，根据 修订后的《多氟多新材料股份有限公司章程》（以下简称《公司章程》）规定，公 司董事会由 9 名董事组成，其中职工代表董事 1 名。董事会中的职工代表由公司 职工通过职工代表大会、职工大会或者其他形 ...

证券代码：002407 证券简称：多氟多 公告编号：2025-099 多氟多新材料股份有限公司 关于完成董事会换届选举及聘任高级管理人员、证券事务代表、内部审 计负责人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 多氟多新材料股份有限公司(以下简称"公司")于 2025 年 12 月 29 日分别召开 2025 年第二次临时股东大会与职工代表大会，选举产生了公司第八届董事会董事成 员与职工代表董事；于同日召开第八届董事会第一次会议，分别审议通过了选举董 事长、副董事长、董事会专门委员会委员及召集人、聘任高级管理人员、证券事务 代表、内部审计负责人等相关议案。 一、公司第八届董事会组成情况 公司第八届董事会由 9 名董事组成，其中非独立董事 6 名，独立董事 3 名，具 体如下： 非独立董事：李世江先生、李云峰先生（董事长）、李凌云女士（副董事长）、 杨华春先生、程立静先生、周小平女士（职工代表董事）。 独立董事：陈晓岚女士、于清教先生、谢香兵先生（会计专业人士）。 公司第八届董事会成员均具备担任上市公司董事的任职资格，公司第八届董事 会任期自公司 2 ...

河南怀川律师事务所关于 多氟多新材料股份有限公司 2025年第二次临时股东大会的 法律意见书 本所作为多氟多新材料股份有限公司（以下简称"贵公司"）聘 请的专项见证法律顾问，应贵公司之请求，特委派本所经办律师列席并 见证了贵公司于2025年12月29日（星期一，下同）下午14时30分召开 的2025年第二次临时股东大会（以下简称"本次股东大会"）的现场 会议。 本所经办律师依法审核、验证了贵公司本次股东大会召集、召开的 有关程序、召集人及出席和列席本次股东大会人员的主体资格、本次股 东大会审议的《议案》、本次股东大会所涉《议案》的表决程序及表决 结果等事项。在此基础上，本所特针对贵公司本次股东大会的合法、合 规、真实及有效性出具本《法律意见书》。 本《法律意见书》是根据现行适用的《中华人民共和国公司法》 （以下简称《公司法》）和《上市公司股东大会规则》（以下简称 《规则》）等法律、行政法规、行政规章和规范性文件及现行适用的 河南怀川律师事务所 《法律意见书》 《多氟多新材料股份有限公司章程》（以下简称《章程》）的有关规定 和要求而出具。 河南怀川律师事务所 《法律意见书》 致：多氟多新材料股份有限公司 河南怀 ...