Group 1 - The article highlights the top three companies with the highest AH premium rates: Northeast Electric (00042) at 785.25%, Zhejiang Shibao (01057) at 433.39%, and Hongye Futures (03678) at 275.07% [1] - The bottom three companies with the lowest AH premium rates are Ningde Times (03750) at -12.17%, Hengrui Medicine (01276) at -1.77%, and China Merchants Bank (03968) at -0.48% [1] - The article also lists the top three companies with the highest deviation values: Zhejiang Shibao (01057) at 104.40%, Goldwind Technology (02208) at 57.76%, and Nanjing Panda Electronics (00553) at 27.70% [1] Group 2 - The companies with the lowest deviation values include Northeast Electric (00042) at -95.85%, Chenming Paper (01812) at -26.90%, and Nanhua Futures (02691) at -19.11% [2] - The top ten AH stocks by premium rate include Sinopec Oilfield Service (01033) at 266.67% and Fudan Zhangjiang (01349) at 242.24% [1] - The bottom ten AH stocks by premium rate include WuXi AppTec (02359) at 4.34% and Weichai Power (02338) at 7.12% [1]

智通财经APP获悉，国金证券发布研报称，截至2025年12月26日，碳酸锂报价10.7万元/吨，较上月上涨 16%；氢氧化锂报价8.9万元/吨，较上月上涨11%。锂电排产上看，2026年1月，电池/正极/负极/隔膜/电 解液预排产累计同增29%-52%，其中隔膜、电解液同比超50%；各环节排产环比小幅下调，主要系受春 节假期小幅影响，但淡季不淡，产业链基本保持满负荷生产，需求端持续扩张。正值旺季，锂电材料价 格见涨，正极材料、电解液、资源品皆有所上涨，六氟磷酸锂下行，月跌幅达15%。 国金证券主要观点如下： 新能源车：11月销量延续分化，中欧高景气与美国退补冲击持续。11月中国/欧洲十国/美国新能源车销 量分别达到157/30/8万辆，同比增长19%/39%/-42%，渗透率达57%/29%/6%。中国欧洲分别累计增速 （30%/33%）持续超预期，国内高增主要系换新政策支持，欧洲则得益于政策如西班牙补贴延长、挪威 抢装及新车效应等。美国因联邦7500美元抵免政策于9月底终止，销量同比大幅下滑。 锂电排产：1月淡季不淡，环比变动-13%-2%，同比增长33%-63%。2026年1月，电池/正极/负极/隔膜/ ...

FF301 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12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 寧德時代新能源科技股份有限公司（「本公司」） 呈交日期: 2026年1月7日 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) | 03750 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 155,915,300 | RMB | | | 1 RMB | | 155,915,300 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 155,915,300 | RMB | | | 1 RMB | | 155,915,300 | | ...

对于宁德时代而言，虽然是次合约规模相较于其本身业务量并非特别显著，但该行相信与思源电气合 作，将进一步巩固宁德时代在储能市场的布局。 该信息由智通财经网提供 小摩指，虽然思源电气现有的储能业务规模较小，但其市场份额正持续扩大。公司与电网及可再生能源 营运商的关系，有助交叉销售电力设备及储能解决方案。另外，公司在超级电容(super-capacitors)方面 的业务基础，亦有助其开发差异化的储能产品。 智通财经APP获悉，摩根大通发布研报称，现予思源电气(002028.SZ)目标价180元人民币，宁德时代H 股(03750)目标价650港元，宁德时代A股(300750.SZ)目标价520元人民币，均予"增持"评级。 思源电气与宁德时代签署为期三年的储能合作备忘录，目标合作电量50吉瓦时。小摩认为，是次合作反 映思源电气有意拓展其储能系统业务，若相关产能可全面落实，每年将带来约200亿元人民币收入。 ...

Group 1 - Morgan Stanley has set a target price of 180 RMB for Suyuan Electric (002028.SZ) and 650 HKD for CATL H-shares (03750), with a target price of 520 RMB for CATL A-shares (300750.SZ), all rated as "Overweight" [1] - Suyuan Electric and CATL have signed a three-year memorandum of understanding for energy storage cooperation, aiming for a collaboration of 50 GWh [1] - Morgan Stanley believes this cooperation indicates Suyuan Electric's intention to expand its energy storage system business, potentially generating approximately 20 billion RMB in annual revenue if the related capacity is fully realized [1] Group 2 - Although Suyuan Electric's current energy storage business scale is relatively small, its market share is continuously expanding [1] - The company's relationships with grid and renewable energy operators facilitate cross-selling of power equipment and energy storage solutions [1] - Suyuan Electric's foundation in super-capacitors also aids in the development of differentiated energy storage products [1] Group 3 - For CATL, while the scale of this contract is not particularly significant compared to its overall business volume, the collaboration with Suyuan Electric is expected to further solidify CATL's position in the energy storage market [1]

摩根大通发布研报称，现予思源电气（002028）(002028.SZ)目标价180元人民币，宁德时代（300750） H股(03750)目标价650港元，宁德时代A股(300750.SZ)目标价520元人民币，均予"增持"评级。 思源电气与宁德时代签署为期三年的储能合作备忘录，目标合作电量50吉瓦时。小摩认为，是次合作反 映思源电气有意拓展其储能系统业务，若相关产能可全面落实，每年将带来约200亿元人民币收入。 小摩指，虽然思源电气现有的储能业务规模较小，但其市场份额正持续扩大。公司与电网及可再生能源 营运商的关系，有助交叉销售电力设备及储能解决方案。另外，公司在超级电容(super-capacitors)方面 的业务基础，亦有助其开发差异化的储能产品。 对于宁德时代而言，虽然是次合约规模相较于其本身业务量并非特别显著，但该行相信与思源电气合 作，将进一步巩固宁德时代在储能市场的布局。 ...

Core Insights - The Hong Kong Stock Exchange (HKEX) achieved a record IPO fundraising total of HKD 285.69 billion in 2025, marking a 224% increase from 2024 and reclaiming the top position globally for IPO fundraising after four years [2] - A total of 119 companies went public in Hong Kong in 2025, representing a 68% year-on-year increase, with eight companies raising over HKD 10 billion each [2] - The strong performance of the IPO market was significantly driven by 19 A-share companies that raised a combined HKD 139.99 billion, nearly half of the total IPO fundraising for the year [2] Company Highlights - Contemporary Amperex Technology Co., Limited (CATL) emerged as the top fundraiser with HKD 41.01 billion, ranking second globally in IPO fundraising [2] - Other notable companies that made it to the global top ten IPO list include Zijin Mining International, SANY Heavy Industry, and Seres [2] - The successful IPOs in the technology and consumer sectors, including AI pharmaceuticals and robotics, indicate strong market demand for high-quality listings [3] Market Outlook - Institutions maintain an optimistic outlook for the 2026 Hong Kong IPO market, with projections from PwC estimating fundraising could reach between HKD 320 billion to HKD 350 billion, while Deloitte and Credit Suisse expect it to exceed HKD 300 billion [3]

智通财经APP获悉，截止1月5日收盘，东北电气(00042)、浙江世宝(01057)、弘业期货(03678)分列AH溢 价率前三位，溢价率分别为831.03%、410.57%、280.30%；宁德时代(03750)、招商银行(03968)、恒瑞 医药(01276)分列AH溢价率末三位，溢价率分别为-13.21%、-2.19%、0.61%。其中浙江世宝(01057)、金 风科技(02208)、长城汽车(02333)的偏离值位居前三，分别为94.61%、24.92%、18.99%；另外，南京熊 猫电子股份(00553)、东北电气(00042)、广汽集团(02238)的偏离值位居后三，分别 为-71.12%、-54.56%、-17.80%。 前十大AH股溢价率排行 | 股票名称 | H股(港元) | A股 | 溢价率 | 偏离值↑ | | --- | --- | --- | --- | --- | | 南京熊猫电子股份 | 6.750 | 13.44 | 138.52% | -71.12% | | (00553) | | | | | | 东北电气(00042) | 0.290 | 2.25 | 831.03% | ...

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 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、歐陽楚英博士及吳映明先生；及獨立非執行董事吳育輝博士、林 小雄先生及趙蓓博士。 证券代码：300750 证券简称：宁德时代 公告编号：2026-001 宁德时代新能源科技股份有限公司 关于回购公司 A 股股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 宁德时代新能源科技股份有限公司（以下简称"公司"）于2025年4月7日召开 第四届董事会第三次会议和第四届监事会第三次会议，审议通过了《关于回购公 司股份方案的议案》，同意公司 ...

Core Viewpoint - The 2025 IPO market shows significant recovery compared to the low point in 2024, with a total of 297 IPOs across A-shares, Hong Kong, and the US markets, marking a notable increase in activity [2][51]. Group 1: IPO Market Overview - The Hong Kong market emerged as the largest IPO market globally in 2025, with 117 companies listed, a nearly 70% increase from 69 in 2024 [2][52]. - A-shares also saw a recovery, with 113 companies listed, up 13% from 100 in 2024, raising a total of 131.77 billion yuan, a 95.6% increase from 673.53 billion yuan in 2024 [52]. - The US market for Chinese companies remained subdued, with only 67 companies listed, raising approximately 8.03 billion yuan, significantly lower than the 18.56 billion yuan in 2024 [53]. Group 2: Investment Institutions - The "TOP100" list for 2025 includes 17 institutions that made the list for the first time in six years, while 18 institutions have maintained their presence for six consecutive years [51]. - The average number of IPO projects per institution in the TOP100 was 4.85, up from 3.19 in 2024, indicating a recovery in market activity [51]. - The threshold for inclusion in the TOP100 was set at 2 IPO projects, compared to 1 in 2024 [51]. Group 3: Fundraising and Project Distribution - The total fundraising amount in the Hong Kong market reached 261.53 billion yuan, a 218.6% increase from 82.1 billion yuan in 2024 [52]. - The average fundraising size for IPOs in Hong Kong was 2.255 billion yuan, significantly higher than 1.19 billion yuan in 2024 [56]. - The top fundraising projects included Ningde Times, which raised 37.701 billion yuan, followed by Zijin Mining and Sany Heavy Industry [57]. Group 4: City and Industry Distribution - In 2025, 89 cities in mainland China and Hong Kong hosted IPO projects, with Shanghai leading at 27 projects, followed by Beijing with 21 and Shenzhen with 16 [58]. - The most active industries for IPOs were biomedicine (26 projects), hardware equipment (25 projects), and software services (22 projects), reflecting the focus on AI technology [61]. - The total fundraising in the electrical equipment sector reached 53.03 billion yuan, driven by leading companies like Ningde Times [61].