Ann: Positive metallurgical test work results for Manono, page-110

Google translated so may not completely spot on.

Power Equipment Industry: CATL Receives IPO Approvals

New energy vehicles: CATL received IPO approvals, and new energy vehicles accelerated into the track. On Friday (18th), the China Securities Regulatory Commission approved the initial application for the Ningde era on GEM. It is worth noting that its fund-raising amount has shrunk to less than RMB 6 billion.

According to the requirement of the number of new shares not less than 10%, the market value on the day of listing is estimated to be between RMB 50-60 billion. We believe that with the listing CATL, the unicorn will go to affect the relationship between supply and demand in the chain by unprecedented control, so as to realize the middle of the gross interest rate fast bottoms, battery link will speed up recovery.

Recently, the Ministry of Industry and Information Technology released the 308th Batch Production List, which includes 460 new energy models, which is an increase from 355 and 429 models in the 306 and 307 batches. Five new Weimar models have also appeared in the production list. In addition, Hezhong New Energy was recently incorporated into the list of qualified companies by the Ministry of Industry and Information Technology.

In the second half of the year, the new car forces will begin to exert force. Whether they can create explosions and impact on mainstream car companies needs to wait and see. Currently, we are optimistic about the new energy vehicle market, and maintain a production and sales forecast of 1 million vehicles throughout the year.

The annual installed capacity is 45-50Gwh. It is expected that the installed capacity will be 30-35GWh in the second half of the year. Investment suggestion: high nickel ternary anode is just like the 16/17 year diamond line for photovoltaics, the inevitable trend and the only choice of battery cost through technological progress to reduce variable costs, industry is exceeding expectations, the short-term devaluation High-nickel ternary cathode industry, debuting Shanshan sharesMedium-term and long-term, focus on decisive battery segment and subdivision field leader