The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Guangzhou Great Power Energy & Technology Co., Ltd. 廣 州 鵬 輝 能 源 科 技 股 份 有 限 公 司 (A joint stock company incorporated ...

Core Viewpoint - The article highlights the positive performance forecasts for companies involved in the production of large cylindrical batteries, driven by the growing demand in the electric vehicle and energy storage markets [3]. Group 1: Company Performance - Multiple companies, including DLF, Boliv, and Penghui Energy, have reported turning losses into profits, particularly in the large cylindrical battery segment [3]. - DLF noted a significant increase in sales of lithium hexafluorophosphate and new energy batteries, with 95% of its battery shipments in 2025 being large cylindrical products [3]. - Boliv's performance improvement is attributed to the growth in electric motorcycle and two-wheeler battery swap businesses, alongside a recovery in the European electric bicycle market [3]. - Penghui Energy expects a net profit of 80 million to 110 million yuan, with its large cylindrical batteries achieving full production and sales [3]. Group 2: Market Dynamics - The large cylindrical battery has become a core product for these companies, with applications expanding beyond traditional passenger vehicles to include light-duty power and energy storage markets [4]. - DLF's large cylindrical battery business has become a significant growth driver, contributing 25.3% to total revenue with a growth rate of 75.4% [4]. - The global home energy storage system shipment is projected to reach approximately 35 GWh in 2025, marking a nearly 50% year-on-year increase, indicating a strong recovery in the home storage market [5]. Group 3: Application and Technology - In the home storage market, large cylindrical batteries are replacing small cylindrical ones, enhancing efficiency and capacity [5]. - The electric motorcycle sector is increasingly adopting large cylindrical batteries due to their high voltage, capacity, and performance, which align with the demand for enhanced safety and cost-effectiveness [6]. - Companies like Lihua Power and Bick Battery are actively developing large cylindrical batteries for various applications, including new energy vehicles and small energy storage [6]. Group 4: Strategic Advantages - The large cylindrical battery serves multiple applications, allowing battery manufacturers to streamline production lines and offer diverse options to customers [7].

证券代码：300438 证券简称：鹏辉能源 公告编号：2026-016 广州鹏辉能源科技股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 重要内容提示： 根据中国证券监督管理委员会《上市公司股权激励管理办法》、深圳证券交易所、 中国证券登记结算有限责任公司深圳分公司的有关规定，广州鹏辉能源科技股份有限公 司（以下简称"公司"）完成了2025年股票期权激励计划（以下简称"本激励计划"） 预留授予登记工作。现将有关事项说明如下： 一、本激励计划简述 关于2025年股票期权激励计划预留授予登记完成的公告 （一）激励方式 本激励计划采取的激励形式为股票期权。 （二）股票来源 本激励计划涉及的标的股票来源为公司向激励对象定向发行的公司A股普通股股票。 （三）授予数量 本激励计划拟向激励对象授予的股票期权总量不超过1,560.00万份，约占本激励计 划草案公告时公司股本总额50,334.34万股的3.10%。其中，首次授予不超过1,460.00万 份，约占本激励计划草案公告时公司股本总额50,334.34万股的2.90%，占拟授予权益总 额的93.59%；预留 ...

Core Viewpoint - Penghui Energy's stock has experienced a decline of 16.31% year-to-date, with significant drops in recent trading periods, indicating potential challenges in market performance [1]. Group 1: Stock Performance - As of January 29, Penghui Energy's stock price was 44.54 CNY per share, with a trading volume of 5.93 billion CNY and a market capitalization of 224.19 billion CNY [1]. - The stock has seen a decrease of 0.76% over the last five trading days, 19.46% over the last 20 days, and 9.56% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Penghui Energy reported a revenue of 75.81 billion CNY, representing a year-on-year growth of 34.23% [2]. - The net profit attributable to shareholders for the same period was 1.15 billion CNY, showing an increase of 89.33% compared to the previous year [2]. Group 3: Shareholder Information - As of December 19, the number of shareholders for Penghui Energy was 52,200, a decrease of 3.32% from the previous period [2]. - The average number of circulating shares per shareholder increased by 3.43% to 7,746 shares [2]. Group 4: Dividend Information - Since its A-share listing, Penghui Energy has distributed a total of 2.52 billion CNY in dividends, with 99.25 million CNY distributed over the last three years [3]. Group 5: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the sixth-largest circulating shareholder, holding 8.30 million shares, an increase of 5.43 million shares from the previous period [3]. - Southern CSI 1000 ETF was the seventh-largest circulating shareholder, holding 3.22 million shares, a decrease of 27,900 shares from the previous period [3].

Core Viewpoint - The lithium battery industry is expected to reach a performance turning point in 2025, with many companies reporting improved earnings due to rising prices of key lithium materials and sustained demand from the electric vehicle and energy storage sectors [2][3]. Group 1: Industry Performance - Among 28 lithium battery companies that disclosed earnings forecasts, 11 are expected to see profit increases, and 6 are projected to turn losses into profits, indicating a recovery in the lithium battery materials sector [2]. - Key players in lithium materials, such as lithium carbonate and hexafluorophosphate, have reported significant quarter-on-quarter earnings growth, driven by price increases and ongoing demand from the electric vehicle and energy storage markets [2][3]. Group 2: Price Trends - The price of battery-grade lithium carbonate has shown a "V-shaped" recovery, rising from 73,000 yuan/ton to approximately 120,000 yuan/ton, with peaks reaching around 134,000 yuan/ton by the end of 2025 [4]. - The increase in lithium carbonate prices has significantly improved the profitability of lithium salt companies, with major firms like Ganfeng Lithium and Yahua Group reporting substantial profit increases [4][5]. Group 3: Company-Specific Insights - Ganfeng Lithium is expected to turn a profit in 2025, with projected net profits ranging from 1.1 billion to 1.65 billion yuan, compared to a loss of 2.074 billion yuan in the previous year [4]. - Yahua Group anticipates a net profit of 600 million to 680 million yuan in 2025, representing a year-on-year growth of 133.36% to 164.47% [4]. - Tianqi Lithium and other suppliers are also expected to report significant profit increases due to rising prices of hexafluorophosphate and lithium carbonate [5]. Group 4: Market Demand and Future Outlook - The demand for energy storage and electric vehicles remains strong, with global energy storage battery shipments expected to reach 640 GWh in 2025, a year-on-year increase of 82.9% [6]. - The continuation of domestic vehicle replacement policies and the resumption of electric vehicle purchase subsidies in Germany are expected to further boost demand [6]. - Analysts suggest that as long as the demand for new energy remains strong, the prices of key upstream products like lithium carbonate are likely to continue rising, leading to a new cycle of prosperity in the industry [7].

锂电新周期来了？ 具体来看，龙头股盐湖股份（000792.SZ）、雅化集团（002497.SZ）业绩预增，赣锋锂业 （002460.SZ）预计实现扭亏。盐湖股份预告归母净利润82.9亿元至88.9亿元，同比大增77.78%至 90.65%，其业绩增长的核心驱动力均指向两大主要产品氯化钾和碳酸锂的价格上升。 锂盐龙头赣锋锂业预计2025年实现扭亏，归母净利润达11亿元至16.5亿元，上年同期为亏损20.74亿元。 雅化集团业绩预喜，公司预计2025年归母净利润为6亿元至6.80亿元，同比增长133.36%~164.47%。华友 钴业（603799.SH）预计实现归母净利润58.5亿元至64.5亿元，同比增长40.8%至55.24%。 2025年锂电产业链迎来业绩拐点。据第一财经记者不完全统计，28家已披露业绩预告的锂电企业中，11 家预增，6家扭亏，其余为续亏和首亏。锂盐、碳酸锂、六氟磷酸锂等关键锂电材料环节的龙头企业， 普遍在去年第四季度实现业绩环比大增，主要系核心产品价格上涨叠加新能源汽车与储能需求保持增 长。 过去几年，锂电材料行业经历了跌价去库存的周期底部，企业盈利能力大幅回暖，表明锂电周期已步入 复苏 ...

Investment Rating - The industry investment rating is "Outperform the Market" [9] Core Insights - The UK has launched the "Warm Homes Plan" (WHP), which aims to upgrade housing facilities and reduce energy costs, with a public investment of £15 billion (over 140 billion RMB) to retrofit 5 million homes by 2030. This is the largest home energy retrofit project in the UK to date, targeting significant improvements in residential energy efficiency and promoting the widespread adoption of rooftop photovoltaics, energy storage, and heat pumps [4][5] - The Boiler Upgrade Scheme (BUS) will provide £7,500 subsidies for eligible applicants to install liquid circulation heat pumps, with an additional £2,500 for those choosing air-source heat pumps or other new products. The plan also includes £5 billion for low-income household support and £2 billion for consumer loans, which will cover heat pump installations [5] - The plan anticipates the installation of 3 million new home solar systems by 2030, tripling the number of households with solar power. It allocates at least £7 billion to support investments in solar + storage + heat pumps, with £5 billion designated for low-income households and £2 billion for consumer loans [7] - The UK aims to achieve an annual installation of over 450,000 heat pumps by 2030, supported by a £2.7 billion fund (approximately 26 billion RMB). The market for heat pumps is expected to grow rapidly, with sales projected to reach 84,000 units in 2024 [7][8] Summary by Sections Warm Homes Plan - The WHP is a significant initiative with a £15 billion investment to retrofit 5 million homes by 2030, enhancing energy efficiency and promoting renewable energy technologies [4][5] Boiler Upgrade Scheme - The BUS provides substantial subsidies for heat pump installations, encouraging the adoption of energy-efficient heating solutions [5] Solar and Energy Storage - The plan aims for 3 million new home solar installations by 2030, with significant funding allocated to support this growth, particularly for low-income households [7] Heat Pump Market - The UK government is committed to increasing heat pump installations, with a target of over 450,000 units annually by 2030, backed by a dedicated funding scheme [7][8]

Core Insights - The "street vendor economy" sector experienced a decline of 1.02% on January 27, with Shanghai Jiubai leading the drop [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Market Performance - The following stocks in the street vendor economy sector showed significant price movements: - Zhuhai Zhongfu (000659) closed at 4.93, up 10.04% with a trading volume of 770,900 shares and a turnover of 357 million yuan [1] - Jihong Co. (002803) closed at 20.15, up 3.39% with a trading volume of 159,500 shares and a turnover of 316 million yuan [1] - Jiangling Motors (000550) remained unchanged at 18.41 with a trading volume of 73,600 shares and a turnover of 135 million yuan [1] Capital Flow - The street vendor economy sector saw a net outflow of 775 million yuan from institutional investors, while retail investors contributed a net inflow of 605 million yuan [2] - The following stocks had notable capital flows: - Zhuhai Zhongfu (000659) had a net inflow of 73.81 million yuan from institutional investors, but a net outflow of 49.64 million yuan from retail investors [3] - Xiaoshangpin City (600415) experienced a net inflow of 21.03 million yuan from institutional investors, with a net outflow of 36.95 million yuan from retail investors [3]

2026.01. 26 本文字数：2633，阅读时长大约4分钟 作者 | 第一财经 魏中原 近期A股春季行情中，化工板块表现亮眼，成为市场焦点。万华化学（600309.SH）、恒力石化（600346.SH）、华鲁恒升（600426.SH）等龙头股迭创 阶段新高，环氧丙烷等化工品价格持续上涨，带动相关个股表现强劲。数据显示，1月19日至23日，基础化工板块上涨7.29%，在申万31个行业中排名第 四，该行业1月以来累计涨逾13%，跑赢电子与通信。 在以科技为主线的本轮牛市行情中，资金开始拥抱化工现象背后，是化工行业从2021年高点后经过四年低迷，正逐步走出周期底部，迎来景气度反转。 随着上市公司2025年度业绩预告密集披露，化工板块的"春意"渐浓，多家龙头化工企业的"扭亏""预增"公告，如同预告着行业基本面的回暖，行业盈利回 升趋势明显，为板块估值修复提供了坚实支撑，市场正对化工板块进行重新定价。 除了上述龙头，一批公司在报告期内实现了惊人的增长弹性或彻底的困境反转。例如，农药行业的利民股份、利尔化学等公司均预计去年净利润增幅超过 100%。更有多家公司成功"扭亏为盈"，如康达新材（002669.SZ）、万凯新 ...

Core Viewpoint - The successful commissioning of the largest user-side energy storage project in China by Penghui Energy and Sichuan Zhongfu marks a significant step towards reducing electricity costs and enhancing power supply reliability for high-energy-consuming industries, setting a benchmark for green low-carbon transformation in the region [1][5]. Group 1: Project Overview - The energy storage project has a scale of 107.12MW/428.48MWh and is the first large-scale user-side energy storage project in the electrolytic aluminum industry [1][5]. - The project aims to significantly lower electricity costs, with an expected reduction of approximately 140 yuan per ton of electrolytic aluminum, leading to annual savings of over 60 million yuan [5]. Group 2: Technological Innovations - Penghui Energy developed a reliable and efficient energy storage solution, including the GreatCom liquid-cooled energy storage system and the GreatE intelligent operation system [3]. - The project utilizes a pioneering technology in the electrolytic aluminum sector—direct current access for energy storage—which, when combined with photovoltaic systems, reduces energy loss and enhances economic benefits [3]. Group 3: Environmental Impact - The project is expected to save approximately 19,700 tons of standard coal annually and reduce carbon dioxide emissions by about 52,000 tons [5]. - This initiative supports the strategic goal of establishing "China's Green Aluminum Capital" and reinforces the foundation for low-carbon, high-quality development in the region [5]. Group 4: Future Outlook - Penghui Energy plans to continue focusing on technological innovation in energy storage to contribute to the green transformation of various industries and the construction of a new power system, aiding in the steady achievement of carbon neutrality goals [5].