公司作为有限合伙人参与本次基金投资，主要是借助专业投资机构优势，通过专业化投资管理团队，拓 展投资渠道，挖掘业务合作和发展机会，并获取合理投资回报，符合公司发展及股东利益。 智通财经APP讯，宁德时代(03750)发布公告，公司于2025年12月1日与博裕天枢(宁波)自有资金投资有 限责任公司、宁波市甬元投资基金有限公司等合作方签署了《博裕新智新产(宁波)股权投资合伙企业(有 限合伙)有限合伙合同》(以下简称"《有限合伙合同》")，公司作为有限合伙人之一参与投资"博裕新智 新产(宁波)股权投资合伙企业(有限合伙)"(以下简称"基金"、"合伙企业")，于基金完成首次交割后，基 金认缴出资金额为人民币40.01亿元，其中公司作为有限合伙人认缴出资人民币5亿元，持有基金 12.497%的认缴比例。 ...

格隆汇12月1日丨宁德时代(03750.HK)公告，宁德时代新能源科技股份有限公司(以下简称"公司"或"宁 德时代")于2025年12月1日与博裕天枢(宁波)自有资金投资有限责任公司、宁波市甬元投资基金有限公司 等合作方签署了《博裕新智新产(宁波)股权投资合伙企业(有限合伙)有限合伙合同》(以下简称"《有限 合伙合同》")，公司作为有限合伙人一参与投资"博裕新智新产(宁波)股权投资合伙企业(有限合伙)"(以 下简称"基金"、"合伙企业")，于基金完成首次交割后，基金认缴出资金额为人民币400,100万元，其中 公司作为有限合伙人认缴出资人民币50,000万元，持有基金12.497%的认缴比例。 ...

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 關於參與投資博裕新智新產（寧波）股權 投資合夥企業（有限合夥）的公告 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參與投資博裕新智新產（寧波）股權投資合夥企業（有限 合夥）的公告》，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，二零二五年十二月一日 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 ...

智通财经APP获悉，香港联交所最新数据显示，11月25日，摩根大通增持宁德时代(03750)71.5651万 股，每股作价468.0704港元，总金额约为3.35亿港元。增持后最新持股数目约为1261.37万股，持股比例 为8.09%。 ...

Core Insights - The explosive growth of AI computing power is driving the demand for energy storage in AI Data Centers (AIDC), marking a significant shift in the energy landscape [1][3][5] - AIDC energy storage is expected to transition from demand explosion to large-scale deployment by 2025, becoming a key driver for the energy storage market [2][5] Industry Growth - Global data center energy storage capacity is projected to increase from 4 GWh in 2020 to 16.5 GWh in 2024, with a compound annual growth rate (CAGR) of 43.0%, and further to 209.4 GWh by 2030, with a CAGR of 52.7% from 2024 to 2030 [1] - In China, energy storage capacity is expected to grow from 2.9 GWh in 2020 to 8 GWh in 2024, with a CAGR of 29.2%, and to 101.6 GWh by 2030, with a CAGR of 52.8% from 2024 to 2030 [1] Technological Advancements - AIDC requires high reliability and stability in power supply, leading to advancements in energy storage technology towards high power and reliability [2][4] - The role of energy storage is evolving from a backup power source to a core infrastructure component for AIDC [5][6] Market Dynamics - Major tech companies like Google, Meta, Microsoft, and Amazon are increasing capital expenditures focused on AIDC infrastructure, while domestic giants like Alibaba and Tencent are also ramping up investments [3][6] - The demand for energy storage in AIDC is characterized as rigid, driven by the high energy consumption and reliability requirements of AI computing [5][6] Competitive Landscape - Companies such as Ningde Times, Sunshine Power, and Haibo Si Chuang are accelerating their investments in AIDC energy storage, recognizing it as a significant growth driver [6][9] - The market is currently dominated by lead-acid batteries, but lithium batteries are expected to capture a larger market share by 2030, with projections of 73.5% for lithium and 14.5% for lead-acid in China [7] Policy Support - The Chinese government is actively promoting the integration of new energy storage solutions for data centers, emphasizing the need for reliable power supply and energy quality [5][8] - Policies are being established to support the green transformation of AIDC, further enhancing the role of energy storage in stabilizing power supply [4][5] International Expansion - Companies are looking to expand into international markets, with North America, Southeast Asia, Europe, the Middle East, and Australia identified as key target regions for AIDC energy storage solutions [9] - The demand for AIDC energy storage is particularly strong in regions with less stable power supply, highlighting the global opportunity for energy storage solutions [9]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of December 1, with Northeast Electric (00042) leading with a premium rate of 881.82% [1] - The article also lists the stocks with the highest and lowest deviation values, indicating significant discrepancies between their A-shares and H-shares [1] Summary of Top AH Premium Rates - Northeast Electric (00042) has the highest AH premium rate at 881.82%, followed by Hongye Futures (03678) at 274.55% and Sinopec Oilfield Service (01033) at 269.74% [1] - The top ten stocks with high premium rates include Zhejiang Shibao (01057) at 261.98% and Chenming Paper (01812) at 245.83% [1] Summary of Bottom AH Premium Rates - The stocks with the lowest AH premium rates include Ningde Times (03750) at -5.03%, China Merchants Bank (03968) at -1.36%, and Heng Rui Medicine (01276) at 1.50% [1] - Other notable mentions in the bottom list include Weichai Power (02338) at 6.45% and Midea Group (00300) at 7.66% [1] Summary of Deviation Values - The stocks with the highest deviation values are Guanghe Communication (00638) at 31.56%, Dazhong Public Utilities (01635) at 23.38%, and Beijing Jingcheng Machinery Electric (00187) at 20.11% [1] - Conversely, the stocks with the lowest deviation values include Jiangsu Ninghu Expressway (00177) at -13.73%, Junsheng Electronics (00699) at -12.81%, and China Life (02628) at -11.45% [1]

Summary of Contemporary Amperex Technology Co. Ltd. Conference Call Company Overview - **Company**: Contemporary Amperex Technology Co. Ltd. (300750.SZ) - **Industry**: China Energy & Chemicals - **Market Cap**: Rmb1,695,582 million - **Current Share Price**: Rmb373.20 (as of Nov 28, 2025) - **Price Target**: Rmb490.00, implying a 31% upside Key Financial Metrics - **Revenue Projections**: - 2025: Rmb410,628 million - 2026: Rmb500,706 million - 2027: Rmb612,448 million - **EBITDA**: - 2025: Rmb91,066 million - 2026: Rmb114,337 million - 2027: Rmb141,233 million - **Earnings Per Share (EPS)**: - 2025: Rmb15.38 - 2026: Rmb18.97 - 2027: Rmb23.75 - **P/E Ratios**: - 2025: 24.3 - 2026: 19.7 - 2027: 15.7 - **Free Cash Flow Yield**: 5.4% in 2025, projected to rise to 5.9% by 2027 Industry Insights - **China's Energy Storage System (ESS)**: - YTD cumulative winning bids reached approximately 290 GWh as of November, representing a 127% year-over-year increase - Monthly ESS winning bids showed volatility but indicated strong shipments expected in the next six months - High-quality ESS deployment is anticipated to gain market share Valuation Methodology - **Valuation Approach**: EV/EBITDA multiple of 17x for 2026E EBITDA, suggesting a 25x P/E for 2026E - **Earnings Growth**: Projected five-year earnings CAGR of 25%, consistent with historical PEG levels Risks - **Upside Risks**: - Faster-than-expected EV penetration and ESS application - Lower geopolitical risks - Better-than-expected margins - Higher-than-expected market share gains - **Downside Risks**: - Weaker EV penetration and ESS application - Competition from other battery manufacturers - Geopolitical risks affecting the battery supply chain Additional Notes - **Analyst Ratings**: The stock is rated as "Overweight" with a positive outlook on the industry being "In-Line" - **Market Dynamics**: The company is positioned well within the rapidly growing ESS market, with significant growth potential in the coming years This summary encapsulates the key points from the conference call, focusing on the company's financial outlook, industry trends, and associated risks, providing a comprehensive overview for potential investors.

Core Insights - The top three companies with the highest short positions as of November 21 are Vanke Enterprises (02202), COSCO Shipping Holdings (01919), and Heng Rui Medicine (01276), with short ratios of 19.60%, 16.49%, and 16.36% respectively [1][2] Summary by Category Top Short Positions - Vanke Enterprises (02202): Previous short position of 390 million shares, current short position of 433 million shares, resulting in a short ratio of 19.60% [2] - COSCO Shipping Holdings (01919): Maintained a short position of 475 million shares, with a short ratio of 16.49% [2] - Heng Rui Medicine (01276): Previous short position of 40.39 million shares, current short position of 42.24 million shares, leading to a short ratio of 16.36% [2] Largest Increases in Short Positions - China Hongqiao Group (01735): Increased short ratio from 0.04% to 2.61%, an increase of 2.58% [2][3] - Vanke Enterprises (02202): Increased short ratio from 17.68% to 19.60%, an increase of 1.92% [2][3] - Dongfang Electric (01072): Increased short ratio from 10.21% to 11.66%, an increase of 1.45% [2][3] Largest Decreases in Short Positions - Contemporary Amperex Technology Co., Ltd. (03750): Decreased short ratio from 13.64% to 10.74%, a decrease of 2.90% [3][4] - Sanhua Intelligent Controls (02050): Decreased short ratio from 10.21% to 8.93%, a decrease of 1.28% [3][4] - GCL-Poly Energy Holdings Limited (03800): Decreased short ratio from 8.86% to 7.67%, a decrease of 1.18% [3][4]

Core Insights - The article highlights the top and bottom AH share premium rates as of November 28, with Northeast Electric (00042) leading at 864.29% and CATL (03750) at -5.29% [1][2][3] Group 1: Top AH Share Premium Rates - Northeast Electric (00042) has the highest premium rate of 864.29%, with H-share priced at HKD 0.280 and A-share at CNY 2.25 [2] - Hongye Futures (03678) follows with a premium rate of 270.78%, H-share at HKD 3.320 and A-share at CNY 10.28 [2] - Sinopec Oilfield Service (01033) ranks third with a premium rate of 268.92%, H-share at HKD 0.740 and A-share at CNY 2.28 [2] Group 2: Bottom AH Share Premium Rates - CATL (03750) has the lowest premium rate at -5.29%, with H-share priced at HKD 472.000 and A-share at CNY 373.2 [3] - China Merchants Bank (03968) has a premium rate of -1.61%, H-share at HKD 52.300 and A-share at CNY 42.96 [3] - Heng Rui Medicine (01276) shows a premium rate of 0.75%, H-share at HKD 73.800 and A-share at CNY 62.07 [3] Group 3: Top AH Share Deviation Values - Guanghe Tong (00638) has the highest deviation value at 23.08%, with a premium rate of 95.88% [4] - Dazhong Public Utilities (01635) follows with a deviation value of 22.85% and a premium rate of 130.91% [4] - Shandong Xinhua Pharmaceutical (00719) ranks third with a deviation value of 20.46% and a premium rate of 197.76% [4] Group 4: Bottom AH Share Deviation Values - GAC Group (02238) has the lowest deviation value at -15.57%, with a premium rate of 167.63% [5] - China Southern Airlines (01055) shows a deviation value of -12.01% and a premium rate of 54.08% [5] - Jiangsu Ninghu Highway (00177) has a deviation value of -10.78% with a premium rate of 55.94% [5]

Core Viewpoint - DBS has raised its 12-month target for the Hang Seng Index to 30,000 points, reflecting a forecasted price-to-earnings ratio of 13 times for the next year, with a bullish scenario predicting 36,500 points and a bearish scenario at 23,000 points [1] Group 1: Market Outlook - The forecasted earnings growth is 11.7%, with a price-to-earnings ratio of 13 times, which is above the 5-year average by 1.25 standard deviations [1] - There is no clear preference between H-shares and A-shares, as both markets offer different opportunities, such as AI-related companies in Hong Kong and beneficiaries of anti-involution in mainland China [1] - Recent market volatility is not expected to hinder the bullish trend in Hong Kong, as valuations still have moderate upside potential and earnings growth remains robust [1] Group 2: Investment Themes - The investment theme for the next year remains focused on technology, which is expected to benefit from policy support, ongoing AI development, reduced risks of an AI bubble, and more attractive valuations compared to global peers [1] - Financial stocks are also viewed positively due to stable capital inflows [1]