公司2025H1 营收31.7 亿元，同比+71.9%，系新定点客户持续放量，出货同比增长99.2%，归母净利润 2.2 亿元，经营性盈利0. 87亿元，首次实现转正。 量方面，25H1 公司实现同比99.2%出货增速，新定点客户持续放量带动2025 年、2026 年全年有望实现 19、30GWh 出货，同比提升59%、59%，增速远超行业平均水平。 利方面，我们复盘公司电池单位盈利转正过程认为：规模化带来研发、管理费用摊销下降是核心因素， 其次是稼动率提升带来的单位折旧下降。2025、2026 年预计出货量持续提升、稼动率将从25H1 的 62.9%增至76.2%、86.3%，单位盈利中枢有望逐步上移。 机构：中信建投证券 研究员：许琳/屈文敏 核心观点 1） 出货：新定点客户持续放量，带动公司今年上半年出货同比增长99.2%至7.82GWh，市占率从2022 年的0.03%提升至2%。 第二增长曲线：航空电池实现量产交付，量利提升有望打造第二增长曲线公司是中国动力电池行业中首 家同时获得 AS9100D 航空航天质量管理体系认证 和 中国民航局（CAAC）适航认证 的动力电池企 业，也是苏州市首批低空经济 ...

招银国际发布研报称，中国乘用车零售销量和批发销量在2025年均有望实现历史新高，强于市场在去年 底的预期。2026年，考虑到"以旧换新"补贴和购置税减免优惠退坡，汽车行业或将呈现更为复杂的格 局，相较于部分投资者对行业销量放缓的担忧，更应该关注2026年中国汽车行业的竞争烈度与电池涨价 风险。整车板块首选吉利汽车(00175)，基本面扎实、估值具有吸引力。 招银国际主要观点如下： 汽车行业韧性或强于市场预期 尽管面临置换补贴退坡和新能源车购置税优惠减半，该行预计2026年中国乘用车零售销量同比有望基本 持平，同时得益于出口的增长，批发量或同比增长2.9%。相较于大部分投资者的预期，该行对中国汽 车销售韧性的判断更为积极，且不排除若2026上半年汽车销量疲软，政府出台新刺激政策的可能性。在 大量新车型推动下，该行预计2026年中国新能源乘用车的零售销量将同比增长15.5%至1,493万台，市占 率提升至61.8%。新能源乘用车批发量预计同比增长18.5%至1,850万台(市占率59.2%)，主要受益于中国 新能源车出口量有望保持较高增长(同比增40%)，也将拉动海外新能源渗透率的提升。 考虑到2026年新车型发 ...

新能源车竞争将于2026年进入下半场 依据有三：1）新势力与传统车企的估值溢价或开始收窄；2）竞争维度将从造车延伸至AI领域（如 Robotaxi和机器人）；3）外资品牌加速推出新能源车型，对中国市场理解加深。鉴于赢家格局尚未定 型，2026年区间交易和逆向投资或是优选策略。 投资建议 汽车行业韧性或强于市场预期 尽管面临置换补贴退坡和新能源车购置税优惠减半，该行预计2026年中国乘用车零售销量同比有望基本 持平，同时得益于出口的增长，批发量或同比增长2.9%。相较于大部分投资者的预期，该行对中国汽 车销售韧性的判断更为积极，且不排除若2026上半年汽车销量疲软，政府出台新刺激政策的可能性。在 大量新车型推动下，该行预计2026年中国新能源乘用车的零售销量将同比增长15.5%至1,493万台，市占 率提升至61.8%。新能源乘用车批发量预计同比增长18.5%至1,850万台（市占率59.2%），主要受益于中 国新能源车出口量有望保持较高增长（同比增40%），也将拉动海外新能源渗透率的提升。 2026行业趋势研判：鏖战升级、PHEV逆袭、电池涨价 考虑到2026年新车型发布数量或创历史新高，该行判断中国汽车行业 ...

香港交易所集团行政总裁陈翊庭表示："我们很高兴能推出香港交易所科技100指数，这是集团指数及数 据业务发展的一个重要里程碑。这支宽基指数涵盖了多个重塑港股市场格局的创新行业，也突显了香港 市场在推动这些新兴产业发展方面的关键角色。这一指数为投资者提供了一个有效且全面的投资工具， 帮助他们把握科技和新兴领域的投资机遇。" 此外，香港交易所同时宣布，已与中国内地资产管理公司易方达基金管理有限公司（易方达基金）签订 协议，授权其在中国内地推出追踪港交所科技100的交易所买卖基金（ETF）。 12月9日，港交所宣布，为进一步拓展指数业务，持续推动区内资本市场生态圈发展，集团于即日推出 「香港交易所科技100指数」(港交所科技100)，正力新能作为港股重点科技企业成功入选首批成分股。 充分体现了公司在发展潜力、市值、流动性、财务状况等方面满足严格标准获得官方认可，有助于企业 品牌声誉与市场公信力提升，并进一步助力公司提升股票流动性与交易活跃度。 据悉，港交所科技100是港交所正式推出的首只港股指数，为宽基股票指数，追踪100家在香港交易所上 市的市值最大的科技公司的表现，指数的成分股皆为港股通合资格股票，以满足国际和中 ...

招银国际发表研报，预计2025年中国乘用车零售销量和批发销量均将创下新高。展望2026年，该行预 计，尽管补贴削减，中国乘用车零售销量将基本持平，批发销量将同比增长2.9%；其中，新能源汽车 零售销量将同比增长15.5%，达到1493万辆，市场份额将达到61.8%，这主要得益于众多新车型的推 出，乘用新能源汽车批发销量将同比增长18.5%，达到1850万辆。同时，该行预计新能源汽车出口量将 同比增长40%，从而带动海外新能源汽车市场在2026年的销量增长。 该行将正力新能列为首选股之一，维持"买入"评级，目标价为18港元。该行认为正力新能是2025年上市 的次新股，尚存未被投资者充分挖掘的情形，并列出看好该股的四个关键原因：1）与大多数同行相 比，正力新能的历史包袱要轻得多。叠加管理层通过标准化电芯和平台化电池组等方式，多维度重点提 高生产效率，使其毛利率已达到行业领先水平，仅次于行业龙头。2）零跑汽车强劲的销售增长将助力 正力新能在2025年实现销售额和毛利率的提升，而客户结构的优化，包括广汽丰田、大众和上汽集团等 新客户车型的加入，将推动其销售增长，毛利率、净利润率进一步提升。3）随着储能电池市场前景更 ...

致：香港交易及結算所有限公司 公司名稱: 江蘇正力新能電池技術股份有限公司 呈交日期: 2025年12月3日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03677 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,485,293,739 | RMB | | 1 | RMB | | 1,485,293,739 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 1,485,293,739 | RMB | | 1 | RMB | | 1,485,293,739 ...

Group 1 - Lithium stocks showed a rebound, with Ganfeng Lithium rising 4.44% to HKD 61.1, Tianqi Lithium up 4.34% to HKD 55.34, and Longpan Technology increasing by 3.88% to HKD 15 [1][1][1] - The 15th High-Performance Lithium Battery Conference opened in Shenzhen on November 18, where the chairman of Gaogong Lithium Battery, Zhang Xiaofei, projected that China's lithium battery shipments will see over a threefold increase from 2025 to 2035 [1][1][1] - According to Gaogong Industry Research (GGII), the period from 2027 (or 2028) to 2030 will be crucial for the large-scale construction of GWh-level capacity in the all-solid-state lithium battery industry [1][1][1] Group 2 - CITIC Securities indicated that the sustained growth in energy storage demand will lead to a price increase across the entire lithium battery supply chain, significantly improving the supply-demand fundamentals of lithium carbonate [1][1][1] - Static forecasts suggest that global lithium resource supply will reach 2.089 million tons and consumption will be 2.004 million tons in 2026, resulting in a surplus of only 85,000 tons, which is a reduction compared to 2025 [1][1][1] - Considering the inventory buildup in the industry chain, a structural shortage of lithium is expected in 2026, with lithium prices shifting from being supply-driven to demand-driven [1][1][1]

Core Viewpoint - Lithium battery stocks are experiencing a rebound, with significant price increases observed in several companies, driven by optimistic industry forecasts and demand growth [1] Group 1: Stock Performance - Ganfeng Lithium (01772) increased by 4.44%, reaching HKD 61.1 - Tianqi Lithium (09696) rose by 4.34%, reaching HKD 55.34 - Longpan Technology (02465) saw a 3.88% increase, reaching HKD 15 - Zhengli New Energy (03677) increased by 2.73%, reaching HKD 9.41 - CATL (03750) rose by 1.69%, reaching HKD 512.5 [1] Group 2: Industry Outlook - The 15th High-Performance Lithium Battery Conference is taking place in Shenzhen, with expectations of over threefold growth in China's lithium battery shipments from 2025 to 2035 [1] - GGII's latest analysis indicates that the period from 2027 (or 2028) to 2030 will be crucial for the large-scale construction of GWh-level solid-state lithium battery capacity [1] Group 3: Market Dynamics - CITIC Securities highlights that the ongoing strength in energy storage demand will lead to a price increase across the entire lithium battery supply chain, significantly improving the supply-demand fundamentals for lithium carbonate [1] - Static forecasts predict global lithium resource supply will reach 2.089 million tons and consumption will be 2.004 million tons in 2026, resulting in a surplus of only 85,000 tons, which is a reduction compared to 2025 [1] - Considering inventory adjustments, a structural shortage of lithium is expected in 2026, shifting the price driver from supply pressure to demand-driven increases [1]

Group 1: Solar and Energy Stocks - Solar stocks showed recovery with New Special Energy (01799) up 4.99%, Flat Glass (06865) up 3.25%, Xinyi Solar (00968) up 3.75%, and GCL-Poly Energy (03800) up 2.27%. The China Photovoltaic Industry Association stated that rumors about a polysilicon storage platform were false, aiming to malign the industry [1][2] - Energy storage concept stocks rose against the trend, with Longpan Technology (02465) up 17.09%, Ruipu Lanjun (00666) up 15.2%, and Zhongxin Innovation (03931) up 9.22%. Lithium hexafluorophosphate prices have surged, with some market quotes reaching 150,000 yuan/ton, doubling since mid-October [1] Group 2: Oil and Gas Stocks - Oil stocks collectively declined, with CNOOC (00883) down 3.14%, CNOOC Services (02883) down 2.98%, PetroChina (00857) down 2.09%, and Sinopec (00386) down 1.79%. OPEC's monthly report indicated a slight oversupply in the oil market by 2026, contrasting previous predictions of sustained demand [2] Group 3: Steel and Mining Stocks - Steel stocks saw a midday surge, with Maanshan Iron & Steel (00323) up 7.09%, Ansteel (00347) up 2.26%, and Chongqing Iron & Steel (01053) up 2.13%. The Simandou project in Guinea, which has the potential to become the fifth-largest mine globally, has commenced production [2] Group 4: Airline and Transportation Stocks - Southern Airlines (01055) rose over 3.9% after reporting a 2.2% year-on-year increase in revenue for the first three quarters of 2025 [2] Group 5: Biotechnology and Pharmaceuticals - Gilead Sciences (01672) increased over 5.7% as it announced the clinical development of new drugs ASC36 and ASC35 [3] - Zai Lab (02509) rose over 8.4% after announcing plans for continued related transactions for the commercialization of QX001S from 2026 to 2028 [4] Group 6: Gold Stocks - Gold stocks collectively rose, with China Gold International (02099) up 5.99%, Jihai Resources (02489) up 7.3%, and Lingbao Gold (03330) up 4.47%. Gold prices have surpassed $4,100 and are testing the $4,200 resistance level [4] Group 7: US Market Movements - Major tech stocks in the US fell, with Meta Platforms (META.US) down over 2.8%, Tesla (TSLA.US) down over 2%, and Amazon (AMZN.US) down over 1.9% [5] - Eli Lilly (LLY.US) rose 2.95%, reaching a historical high, after announcing a deal to lower GLP-1 drug prices to $245 per month, potentially opening a new market of 30 million people [5] - The US airline service sector saw gains, with United Airlines (UAL.US) up 5.29% and American Airlines (AAL.US) up 3.62%, as the government is expected to reopen soon [5] Group 8: Nuclear Energy Stocks - US nuclear energy stocks rose, with Oklo (OKLO.US) up 6.67% as the government plans to finance new nuclear power plants to meet the energy demands of AI development [6] Group 9: Company-Specific Developments - On Holding (ONON.US) surged over 17.9% after reporting Q3 net sales of 794.4 million Swiss francs, exceeding market expectations [7] - AMD (AMD.US) rose 9% as it projected a 35% annual growth rate in revenue over the next three to five years, driven by AI chip demand [7]

Core Viewpoint - The Hong Kong stock market is witnessing a rise in energy storage concept stocks, indicating positive investor sentiment in this sector [1] Company Performance - Longpan Technology (02465.HK) increased by 12.88%, reaching HKD 14.99 [1] - Ruipulan Jun (00666.HK) rose by 7.47%, trading at HKD 16.26 [1] - Zhongchuang Xinhang (03931.HK) saw a gain of 5.14%, priced at HKD 33.98 [1] - Zhengli New Energy (03677.HK) experienced a 2.92% increase, with a share price of HKD 9.86 [1]