Keda Manufacturing unit to invest RMB 4.5B in 500,000-ton graphite anode project

This is a capacity bet in a segment already facing heavy Chinese anode oversupply, so the signal is less about the headline number than about who is still willing to fund greenfield integrated capacity. The counterparty being a local banner government points to the continued role of regional incentives in underwriting battery-material expansion. Whether the agreement is actually signed and how the project is phased are the open questions.