Core Insights - The lithium battery industry is entering a robust "reversal cycle" driven by global energy transition and AI computing power, supported by strong policies from China, the US, and Europe [1][2] - Key materials like lithium hexafluorophosphate and lithium iron phosphate are experiencing rapid price rebounds, with leading companies achieving full production and sales [1] - By 2026, the global demand gap for lithium battery materials is expected to widen, favoring companies with technological barriers, cost advantages, and early overseas capacity [1] Industry Demand Drivers - The surge in storage demand, particularly from AI data centers (AIDC), is a significant driver of industry recovery, with AIDC's storage needs projected to increase from 16.5 GWh in 2024 to 209.4 GWh by 2030, a tenfold growth [2] - Policy reforms in China and the extension of storage tax credits in the US until 2036 are enhancing the economic viability of storage solutions, leading to a "rush to install" [2] Market Projections - Global electric vehicle sales are projected to reach 24.85 million units in 2026, a 17% year-on-year increase, while global storage battery shipments are expected to grow by 70% to 551 GWh in 2025, maintaining a 40% growth rate in 2026 [5] - Total global demand for dynamic storage is anticipated to reach 2482 GWh in 2026, reflecting a 26% year-on-year increase [5] Supply-Side Dynamics - The industry is shifting from a "passive destocking" phase to an "active restocking" phase, with a significant improvement in capacity utilization expected from the second half of 2025 [8] - Key materials are experiencing a pricing rebound, with lithium hexafluorophosphate prices rising from 45,000 CNY/ton to 100,000 CNY/ton, and expected average contract prices to reach around 80,000 CNY/ton by 2026 [8] Company Capacity Expansion - Major companies are expanding their effective production capacities significantly from 2023 to 2026, with notable increases from firms like BTR and Sanyou [9] - The total effective production capacity across key players is projected to grow from 219.8 million tons in 2023 to 495.9 million tons in 2026, indicating a strong supply response to rising demand [9]

Group 1 - The core viewpoint of the news is that Enjie Co., Ltd. has seen a significant stock price increase of 5.59%, reaching 55.38 CNY per share, with a trading volume of 1.672 billion CNY and a turnover rate of 3.79%, resulting in a total market capitalization of 54.395 billion CNY [1] - Enjie Co., Ltd. is primarily engaged in the production of various packaging and printing products, lithium battery separators, aluminum-plastic films, and water treatment membranes, with lithium battery separators accounting for 83.64% of its main business revenue [1] - The company was established on April 5, 2006, and went public on September 14, 2016, indicating a relatively young presence in the market [1] Group 2 - Dongwu Fund has a significant holding in Enjie Co., Ltd., with its Dongwu Anxiang Quantitative Mixed A Fund holding 46,600 shares, representing 5.49% of the fund's net value, making it the ninth largest holding [2] - The Dongwu Anxiang Quantitative Mixed A Fund has achieved a year-to-date return of 28.05%, ranking 2337 out of 8136 in its category, and a one-year return of 20.8%, ranking 3606 out of 8058 [2] - The fund manager, Tan Jing, has been in the position for 1 year and 158 days, with the fund's total asset size at 1.217 billion CNY during this period [2]

Core Viewpoint - Enjie Co., Ltd. has shown significant stock price fluctuations and trading activity, with a year-to-date increase of 67.24% but a recent decline of 11.75% over the past five trading days [1] Group 1: Stock Performance - As of November 25, Enjie Co., Ltd. shares rose by 2.00% to 53.50 CNY per share, with a trading volume of 7.31 billion CNY and a market capitalization of 525.49 billion CNY [1] - The stock has experienced a year-to-date increase of 67.24%, a decline of 11.75% in the last five trading days, a rise of 30.58% over the last 20 days, and an increase of 65.94% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent instance on October 31, where it recorded a net buy of 320 million CNY [1] Group 2: Company Overview - Enjie Co., Ltd. was established on April 5, 2006, and went public on September 14, 2016, located in Yuxi City, Yunnan Province [2] - The company's main business includes packaging printing products, lithium battery separators, aluminum-plastic films, and water treatment membranes, with lithium battery separators accounting for 83.64% of revenue [2] - As of September 30, 2025, the company had 123,100 shareholders, an increase of 22.09% from the previous period, with an average of 6,565 circulating shares per shareholder, a decrease of 18.81% [2] Group 3: Financial Performance - For the period from January to September 2025, Enjie Co., Ltd. achieved a revenue of 9.543 billion CNY, representing a year-on-year growth of 27.85%, while the net profit attributable to shareholders was -86.32 million CNY, a decrease of 119.46% year-on-year [2] - The company has distributed a total of 2.825 billion CNY in dividends since its A-share listing, with 1.874 billion CNY distributed over the past three years [3] Group 4: Shareholder Structure - As of September 30, 2025, the fourth largest circulating shareholder is Quan Guo Xu Yuan Mixed A (016709), holding 30.5742 million shares, an increase of 3.1429 million shares from the previous period [3] - The fifth largest shareholder is Hong Kong Central Clearing Limited, holding 29.277 million shares, a decrease of 1.3124 million shares from the previous period [3] - The tenth largest shareholder is Penghua CSI Segmented Chemical Industry Theme ETF Link A (014942), which is a new shareholder holding 8.757 million shares [3]

Core Insights - The report highlights a significant growth in electric vehicle (EV) sales across nine European countries in October 2025, with a total of 257,000 new energy vehicles sold, representing a year-on-year increase of 38.7% and a penetration rate of 31.5%, up by 7.7 percentage points [1][2] Summary by Region - **Germany**: In October 2025, BEV sales reached 52,000 units, up 47.7% year-on-year, while PHEV sales were 31,000 units, up 60.0%. Germany plans to restart its EV subsidy program in January 2026, which is expected to support sales [2][3] - **United Kingdom**: BEV sales in October 2025 were 37,000 units, a 23.6% increase year-on-year, and PHEV sales were 18,000 units, up 27.2%. The UK has resumed EV subsidies and is under pressure from ZEV assessment targets, which may lead to continued sales growth [2][3] - **France**: Following the implementation of the social leasing plan on September 30, 2025, BEV sales surged to 34,000 units in October, marking a 63.2% year-on-year increase and achieving a record penetration rate of 24.4% [3] - **Italy**: In October 2025, BEV sales were 6,000 units, up 25.1%, while PHEV sales reached 10,000 units, a significant increase of 128.6%. The EV subsidy in Italy was officially launched on October 22, which is expected to boost future sales [3] - **Spain**: Spain saw BEV sales of 9,000 units in October 2025, a remarkable increase of 90.1%, and PHEV sales of 13,000 units, up 145.6%. The country has experienced rapid growth in EV sales since the beginning of 2025 [3] Investment Recommendations - The report suggests investment opportunities in lithium batteries, lithium materials, battery structural components, power/electric drive systems, automotive safety components, and charging infrastructure, with specific companies recommended for each category [4]

Group 1 - The chemical sector experienced a decline on November 24, with the chemical ETF (516020) showing a drop of 0.9% by the end of the trading day, after hitting a low of over 2% during the session [1] - Key stocks in the lithium battery, phosphate, and fluorine chemical sectors saw significant declines, with Enjie Co. down 5.83% and Hongda Co. down 4.34%, among others [1][3] - Despite the recent pullback in popular sectors like lithium batteries, institutions remain optimistic about the long-term trends in these sectors, with expectations of improved supply-demand dynamics by 2026 [1][3] Group 2 - The chemical ETF (516020) has shown a year-to-date increase of 23.73%, outperforming major indices such as the Shanghai Composite Index (14.47%) and the CSI 300 Index (13.04%) [3][4] - Recent trading data indicates that the chemical ETF has seen net subscriptions in 7 out of the last 10 trading days, with a total net subscription amount exceeding 500 million [5] - As of November 21, the price-to-book ratio of the chemical ETF's underlying index was 2.28, indicating a relatively low valuation compared to the past decade [6] Group 3 - Analysts suggest that the chemical industry is poised for further optimization in supply-demand dynamics, with leading companies expected to gain market share due to better management and energy control [7] - The chemical ETF (516020) tracks the CSI Sub-Industry Chemical Index, covering various sub-sectors, with nearly 50% of its holdings in large-cap leading stocks [7] - The report emphasizes the potential for investment opportunities in high-quality supply chain companies with strong cost control and technological differentiation [1][7]

云南恩捷新材料股份有限公司 关于股东部分股份解除质押的公告 证券代码：002812 股票简称：恩捷股份 公告编号：2025-194 本公司及全体董事保证本公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 云南恩捷新材料股份有限公司（以下简称"公司"）于近日接到公司持股5% 以上股东玉溪合益投资有限公司（以下简称"合益投资"）的通知，获悉合益投 资将其持有的部分公司股份办理了解除质押手续，具体事项如下： 一、股东部分股份解除质押的基本情况 | 股东名称 | 是否为控股股东 | 本次解除质 | 占其所持 | 占公司总 | | 质押 | | 质押 | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 或第一大股东及 其一致行动人 | 押股份数量 （股） | 股份比例 | 股本比例 | | 起始日 | | 解除日 | | | | 合益投资 | 是 | 3,000,000 | 2.51% | 0.31% | 2024 | 年 11 月 | 28 日 | 2025 年 | 11 | 华能贵诚信 ...

Group 1 - The chemical sector continues to experience a downward trend, with the Chemical ETF (516020) showing a decline of 0.39% as of the latest update, after a drop of over 2% during the day [1] - Key stocks in the lithium battery and phosphate chemical sectors have seen significant declines, with Enjie Co. down over 4%, and Hongda Co. and Chuanfa Longmang both down over 3% [1] - The Chemical ETF has shown a year-to-date increase of 24.89%, outperforming major A-share indices such as the Shanghai Composite Index (14.41%) and the CSI 300 Index (13.18%) [1][3] Group 2 - The basic chemical industry is expected to benefit from supply-side reforms driven by "anti-involution" policies, leading to an improved supply-demand balance and increased market share for leading companies [4] - The phosphoric and potash sectors are experiencing high demand, with stable prices for phosphate rock and steady growth in potash demand [4] - The valuation of the Chemical ETF is relatively low, with a price-to-book ratio of 2.28, indicating a favorable long-term investment opportunity [4] Group 3 - The Chemical ETF (516020) tracks the sub-sector chemical industry index, covering various segments of the chemical industry, with nearly 50% of its holdings in large-cap leading stocks [5] - Investors can also access the chemical sector through linked funds of the Chemical ETF, enhancing investment efficiency [5]

Group 1 - GAC Group has officially completed and put into production a pilot line for all-solid-state batteries in Guangzhou, which is the first in the industry to achieve mass production conditions for automotive-grade all-solid-state batteries with a capacity of over 60Ah [1] - The energy density of the newly developed all-solid-state batteries is nearly double that of existing batteries, enabling vehicles with a range of over 500 kilometers to potentially exceed 1000 kilometers [1] - GAC Group plans to conduct small batch vehicle trials in 2026 and gradually achieve mass production between 2027 and 2030 [1] Group 2 - Solid-state battery concept stocks have seen an average increase of 60.91% this year, with several stocks, including Haike New Source and Shanghai Xiba, rising over 100% [2] - Haike New Source's stock has surged by 314.68% this year, and the company has signed a strategic cooperation agreement with Kunlun New Material for the purchase of 59.62 thousand tons of electrolyte solvent [2] - Rongbai Technology plans to establish a 6000-ton pilot line in Xiantao by 2025 to validate new processes and equipment, with a goal to start production in North America and Europe by 2029 [2] Group 3 - Haopeng Technology has received attention from 23 institutions, and its BBU battery business is expected to continue growing due to increasing demand for AI computing and high-end backup power supplies [3] - Among solid-state battery concept stocks, 10 stocks are expected to see over 20% growth in net profit for 2025 and 2026, including companies like Enjie and Putailai [3] Group 4 - A table summarizes the market capitalization, number of rating agencies, and projected net profit growth rates for various solid-state battery concept stocks, indicating strong growth expectations for companies like CATL and Xiamen Tungsten [4]

证券代码：002812 股票简称：恩捷股份 公告编号：2025-193 债券代码：128095 债券简称：恩捷转债 云南恩捷新材料股份有限公司 关于注销部分募集资金专户的公告 本公司及全体董事保证本公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准云南恩捷 新材料股份有限公司非公开发行股票的批复》（证监许可[2022]1343 号）核准， 并经深圳证券交易所同意，云南恩捷新材料股份有限公司（以下简称"公司"）向 特定投资者非公开发行人民币普通股（A 股）股票 85,421,412 股，每股面值人民 币 1.00 元，发行价格为 87.80 元/股，募集资金总额 7,499,999,973.60 元，扣除与 发行有关的费用不含税人民币 46,453,872.58 元后，实际募集资金净额为人民币 7,453,546,101.02 元。 为规范公司募集资金管理和使用，保护中小投资者的权益，根据中国证监会 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《深 圳证券交易所股票上市规则》《深圳证券交 ...

（文章来源：证券日报） 证券日报网讯恩捷股份11月21日发布公告，在公司回答调研者提问时表示，公司目前在手订单充沛，产 能利用率较高，同时近期公司的下游客户需求和订单呈现稳定增长态势，在下游储能需求较为旺盛的基 础上，公司2025年出货量有望进一步增长。 ...