香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 Contemporary Amperex Technology Co., Limited 寧德時代新能源科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3750） 海外監管公告 關於回購公司A股股份的進展公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列寧德時代新能源科技股份有限公司（「本公司」）於深圳證券交易所網站 （ http://www.szse.cn /）及巨潮資訊網( www.cninfo.com.cn )所發布之《寧德時代新能 源科技股份有限公司關於回購公司A股股份的進展公告》，僅供參閱。 承董事會命 寧德時代新能源科技股份有限公司 董事長、執行董事兼總經理 曾毓群先生 中國•寧德，二零二五年十月十日 於本公告日期，本公司董事會成員包括執行董事曾毓群先生、潘健先生、李平 先生、周佳先生、歐陽楚英博士及趙豐剛先生；及獨立非執行董事吳育輝 ...

未平仓空仓比减少最大的10只股票 | 股票名称 | 上一次空仓比 | 最新空仓比 | | 减少值↓ | | --- | --- | --- | --- | --- | | 协鑫科技(03800) | 11.76% | 8.59% | -3.16% | | | 东方电气(01072) | 6.78% | 4.75% | -2.03% | | | 锦欣生殖(01951) | 10.61% | 9.85% | -0.76% | | | 长飞光纤光缆(06869) | 7.03% | 6.28% | -0.75% | | | 上海电气(02727) | 2.25% | 1.52% | -0.72% | | | 金山云(03896) | 4.26% | 3.54% | -0.72% | | --- | --- | --- | --- | | 比亚迪电子(00285) | 5.75% | 5.07% | -0.68% | | 耀才证券金融(01428) | 5.63% | 4.98% | -0.65% | | 中国中免(01880) | 6.83% | 6.18% | -0.65% | | 中远海运国际(00517) | ...

智通财经APP获悉，截止10月10日收盘，东北电气(00042)、浙江世宝(01057)、安德利果汁(02218)分列 AH溢价率前三位，溢价率分别为757.14%、233.74%、229.63%；宁德时代(03750)、恒瑞医药(01276)、 招商银行(03968)分列AH溢价率末三位，溢价率分别为-9.58%、-1.10%、4.00%。其中长飞光纤光缆 (06869)、浙江世宝(01057)、中芯国际(00981)的偏离值位居前三，分别为29.31%、17.26%、16.66%；另 外，东北电气(00042)、上海电气(02727)、秦港股份(03369)的偏离值位居后三，分别 为-57.47%、-19.08%、-12.84%。 备注：以上数据由智通机器人根据港交所数据，经过人工智能运算后自动生成，并不保证数据100%准 确；偏离值为当前溢价率与该股过去30天平均溢价率的差值。 前十大AH股偏离值排行 | 股票名称 | H股(港元) | A股 | 溢价率 | 偏离值↓ | | --- | --- | --- | --- | --- | | 长飞光纤光缆 | 45.120 | 98.24 | 160.79 ...

Group 1: Hong Kong Stocks - Nocera Biotech (09969) fell over 8% after announcing a licensing collaboration with Zenas for three self-immune pipeline products [1] - Pop Mart (09992) rose over 2% as new products sold out immediately, with Morgan Stanley optimistic about the company's sales momentum [1] - Bluec (00325) increased over 8% after launching new "building block cars" and "building block figures" at the WF2025 exhibition [1] - Huaxin Cement (06655) rose over 7% after announcing a name change to "Huaxin Building Materials" and a restricted stock incentive plan [1] - Mixue Group (02097) gained over 5% after announcing an investment of nearly 300 million in the fresh beer industry, potentially opening up long-term growth opportunities [1] - CATL (03750) dropped nearly 6% as the cornerstone lock-up period is set to expire on the 19th of next month, with both Morgan Stanley and others downgrading the company's H-share rating [1] - Dazhong Public Utilities (01635) rose over 9%, stating that its operations are normal and previously mentioned its stake in Shenzhen Capital Group [1] - Jinli Permanent Magnet (06680) increased nearly 1%, forecasting a year-on-year increase of 157%-179% in net profit attributable to shareholders for the first three quarters [1] Group 2: Gold Stocks - Gold stocks opened lower collectively, with China Gold International (02099) down over 7%, Zijin Mining International (02259) down over 1%, Shandong Gold (01787) down over 6%, and Chifeng Jilong Gold Mining (06693) down over 6% due to easing geopolitical tensions leading to a pullback in precious metals [2] Group 3: US Stocks - AMBO Education (AMBO.US) surged 61.06% after announcing the launch of a real-time translation platform, WeSpeak, for enterprises [3] - CenturyLink (VNET.US) fell 3.13% as Goldman Sachs included it in a "strong buy" list for the Asia-Pacific region [3] - UiPath (PATH.US) rose 18.81% after announcing multiple collaborations with major tech companies like NVIDIA, OpenAI, Google, Microsoft, and Snowflake [3] - Tuniu (TOUR.US) decreased by 0.51%, despite a double-digit increase in user travel during this year's "Double Festival" holiday compared to last year [3] - Tesla (TSLA.US) fell 0.72% after reports that production of its humanoid robot, Optimus, has been paused [3] - Toyota (TM.US) dropped 2.97% after a recall of over 390,000 vehicles in the US due to software errors [3] - Lloyds Bank (LYG.US) decreased by 3.67% as it may need to increase provisions following a compensation plan for mis-sold auto loans [3] - Ferrari (RACE.US) fell 14.99%, reaching a six-month low as long-term profit guidance fell below expectations [4] - TSMC (TSM.US) decreased by 1.52%, projecting a consolidated revenue of approximately NT$330.98 billion for September 2025, a 1.4% decrease quarter-on-quarter but a 31.4% increase year-on-year [4] - PepsiCo (PEP.US) rose 4.23% with Q3 net revenue increasing by 2.7% to $23.94 billion, and core EPS of $2.29, both exceeding expectations [4]

智通财经APP获悉，锂业股集体走低，截至发稿，赣锋锂业(01772)跌7.7%，报47.12港元；天齐锂业 (09696)跌6.83%，报45.28港元；宁德时代(03750)跌6.24%，报548.5港元。 消息面上，近期锂业供需两端博弈激烈。兴业期货表示，对碳酸锂而言，需要注意的是，需求的好转也 伴随着供应的持续释放，庞大的锂盐冶炼产能增强了碳酸锂的供给弹性。现阶段碳酸锂周度产量已突破 2万吨，单周产出位于历史高位；其中，辉石料碳酸锂产量接近1.3万吨，辉石提锂产线的增产弥补了前 期因青海盐湖及枧下窝矿停产造成的盐湖料及云母料的产出减量。与2024年相比，当前周产相较于去年 均值提升7796吨，增幅达61.29%。 该行指出，自8月中下旬以来，上游去库、下游主动补库的库存结构性变化已反映出实际需求的增长较 为积极，且宜春矿企储量核实报告递交审核一事仍将扰动10月中上旬市场对资源端的预期，事件落地前 锂价走势存在支撑；针对四季度，枧下窝矿即将复产，供应增长压力再度增高，供给增速预计高于需求 增长，碳酸锂价格走势仍将承压，价格波动中枢7-7.5万元/吨。 ...

消息面上，近期锂业供需两端博弈激烈。兴业期货表示，对碳酸锂而言，需要注意的是，需求的好转也 伴随着供应的持续释放，庞大的锂盐冶炼产能增强了碳酸锂的供给弹性。现阶段碳酸锂周度产量已突破 2万吨，单周产出位于历史高位；其中，辉石料碳酸锂产量接近1.3万吨，辉石提锂产线的增产弥补了前 期因青海盐湖及枧下窝矿停产造成的盐湖料及云母料的产出减量。与2024年相比，当前周产相较于去年 均值提升7796吨，增幅达61.29%。 该行指出，自8月中下旬以来，上游去库、下游主动补库的库存结构性变化已反映出实际需求的增长较 为积极，且宜春矿企储量核实报告递交审核一事仍将扰动10月中上旬市场对资源端的预期，事件落地前 锂价走势存在支撑；针对四季度，枧下窝矿即将复产，供应增长压力再度增高，供给增速预计高于需求 增长，碳酸锂价格走势仍将承压，价格波动中枢7-7.5万元/吨。 锂业股集体走低，截至发稿，赣锋锂业（002460）(01772)跌7.7%，报47.12港元；天齐锂业（002466） (09696)跌6.83%，报45.28港元；宁德时代（300750）(03750)跌6.24%，报548.5港元。 ...

摩根士丹利则表示，将宁德时代A股目标价由425元人民币升至490元人民币，重申"增持"评级；H股目 标价由465港元升至585港元，评级由"增持"降至"与大市同步"，并将首选标的由H股转为A股。该行预 期未来五年内地储能行业将由低质量转向高质量发展，预计宁德时代在国内储能行业的市占率将由现时 约10%，于未来三年内提升至超过50%。 宁德时代(03750)再跌超6%，截至发稿，跌5.81%，报551港元，成交额6.22亿港元。 消息面上，摩根大通此前将宁德时代港股评级由"增持"下调至"中性"，称当前估值较为合理；同时将目 标价上调13%至600港元。分析师在报告中写道，持有已发行港股近50%的基石投资者的禁售期将于11 月19日届满，或将带来一定抛压并形成技术性价格上方压力。新的目标价基于对2026年盈利预测给予30 倍市盈率。 ...

消息面上，摩根大通此前将宁德时代港股评级由"增持"下调至"中性"，称当前估值较为合理；同时将目 标价上调13%至600港元。分析师在报告中写道，持有已发行港股近50%的基石投资者的禁售期将于11 月19日届满，或将带来一定抛压并形成技术性价格上方压力。新的目标价基于对2026年盈利预测给予30 倍市盈率。 摩根士丹利则表示，将宁德时代A股目标价由425元人民币升至490元人民币，重申"增持"评级；H股目 标价由465港元升至585港元，评级由"增持"降至"与大市同步"，并将首选标的由H股转为A股。该行预 期未来五年内地储能行业将由低质量转向高质量发展，预计宁德时代在国内储能行业的市占率将由现时 约10%，于未来三年内提升至超过50%。 智通财经APP获悉，宁德时代(03750)再跌超6%，截至发稿，跌5.81%，报551港元，成交额6.22亿港 元。 ...

Summary of CATL Conference Call Company Overview - **Company**: CATL (Contemporary Amperex Technology Co., Limited) - **Industry**: New Energy Vehicles and Energy Storage Key Points Industry and Market Trends - **Electric Vehicle Demand**: Expected to grow by 25% in 2025, reaching 22.6 million units, with corresponding battery demand growth exceeding 50% [2][3] - **Battery Sales Growth**: Anticipated sales growth of over 60% year-on-year for batteries, with future growth rates for batteries projected at around 30%, outpacing the growth of electric vehicles [2][3] - **Energy Storage Demand**: Despite the cancellation of mandatory storage policies, demand remains strong, particularly in data centers and renewable energy projects, leading to a supply shortage [2][5] Company Performance - **Market Share**: CATL holds approximately 42% of the domestic market share, with a slight year-on-year decline, while global market share reached 37.5% as of July, showing a slight increase [2][5] - **Profitability**: In Q2, the net profit per watt-hour was approximately 0.1 RMB, with net cash flow from operations being 1.5 to 2 times the profit, indicating strong profitability [2][6] - **Sales Projections**: Expected sales of 600-700 GWh in 2025, with net profit projected to exceed 65 billion RMB. For 2026, sales could reach 800-900 GWh, with net profit potentially exceeding 80 billion RMB, and possibly reaching 100 billion RMB considering price increases [2][6] Technological Advancements - **Battery Technology**: CATL continues to lead in battery technology with products like the Shenxing supercharging battery, Kirin battery, and Xiaoyao battery, which are expected to capture more high-end market share [4][7] - **Solid-State Battery Development**: A dedicated R&D team of over 1,000 people has been established to focus on solid-state battery technology, with confidence in maintaining a competitive edge in the next 5-10 years [8] Pricing Strategies - **Price Adjustments**: Recent price increases in the battery sector include adjustments in commercial vehicle pricing, recovery of customer rebates, and cost transfers due to export tax policy changes [11] - **Energy Storage Pricing**: Domestic energy storage cell prices remain stable, while overseas prices are rising, with expectations for energy storage cell sales to increase from over 90 GWh to at least 130 GWh in 2025 [11] Competitive Positioning - **Supply Chain Integration**: CATL's strong supply chain capabilities enhance its competitive edge, attracting new equipment and material suppliers [9][10] - **Differentiated Competition**: In the energy storage sector, CATL focuses on integrated solutions overseas while primarily selling bare cells domestically, which is expected to improve ASP (average selling price) [10][13] Future Outlook - **Core Catalysts**: Key future developments include advancements in solid-state battery technology and the introduction of sodium-lithium hybrid batteries, which are expected to improve market share [15][16] - **Market Dynamics**: The ongoing supply shortages in the industry may lead to price increases in the energy storage segment, while the valuation of CATL remains attractive at around 20 times earnings, indicating no bubble risk [17] Conclusion - **Investment Recommendation**: Given the strong competitive position, growth potential, and current valuation, CATL is considered a key investment opportunity in the new energy sector, with projected profits for 2026 expected to reach at least 80-85 billion RMB, and potentially exceeding 90 billion RMB in optimistic scenarios [17]

| 股票名称 | H股(港元) | A股 | 溢价率 | 偏离值↓ | | --- | --- | --- | --- | --- | | 长飞光纤光缆 | 46.900 | 100.92 | 157.74% | 28.93% | | (06869) | | | | | | 浙江世宝(01057) | 5.080 | 13.88 | 227.36% | 12.23% | | 红星美凯龙(01528) | 1.370 | 2.83 | 147.45% | 11.20% | | 昭衍新药(06127) | 21.600 | 35.86 | 98.84% | 9.95% | | 中远海发(02866) | 1.140 | 2.61 | 174.56% | 9.32% | | 中远海控(01919) | 11.960 | 14.38 | 43.98% | 8.57% | | 中国海洋石油 | 18.800 | 26.47 | 68.67% | 6.60% | | (00883) | | | | | | --- | --- | --- | --- | --- | | 中国人寿(02628) | 21.860 | 39. ...