Core Viewpoint - After the end of the IPO lock-up period for CATL (03750.HK), the stock price adjusted by 9% over the past two days, with the HA premium narrowing to 15% [1] Valuation and Growth - Based on a price-to-earnings ratio of 22 times and 18 times for the fiscal years 2026 and 2027, CATL's H-share valuation appears more attractive compared to its projected 31% compound annual growth rate in earnings from 2025 to 2027 [1] - The target price for CATL's H-shares is maintained at HKD 685, with the rating upgraded from "Outperform" to "Highly Confident Outperform" [1]

Core Insights - On November 21, shareholders of CATL (03750) transferred shares from Goldman Sachs (Asia) Securities to Citibank, with a market value of HKD 29.05 billion, accounting for 3.86% of the company [1] Group 1: Shareholder Activity - Nearly 50% of CATL's H-share IPO lock-up shares were released on November 20, with approximately 77.5 million shares facing potential sell-off [1] - Huang Shilin, a co-founder and the third-largest shareholder of CATL, plans to transfer 45.6324 million shares through an inquiry-based transfer, representing 1% of the total share capital as of November 13, 2025 [1] - The initial inquiry transfer price is set at HKD 376.12 per share, potentially allowing Huang Shilin to cash out HKD 17.163 billion [1] Group 2: Market Implications - Morgan Stanley indicated that some strategic investors, such as Sinopec, are unlikely to sell their shares, but the release of lock-up shares may exert pressure on the stock price due to CATL's current share price being 107% higher than the IPO price and a 23% premium of H-shares over A-shares, which is rare in dual-listed shares [1]

Core Insights - The top three companies with the highest short positions as of November 14 are Vanke Enterprises (02202), COSCO Shipping Holdings (01919), and ZTE Corporation (00763) with short ratios of 17.68%, 16.49%, and 16.03% respectively [1][2] - The companies with the largest absolute increase in short positions include GCL-Poly Energy (03800), Dongfang Electric (01072), and Hansoh Pharmaceutical (01276), with increases of 1.99%, 1.54%, and 1.35% respectively [1][2] - The companies with the largest absolute decrease in short positions are Ganfeng Lithium (01772), ZTE Corporation (00763), and Samsonite (01910), with decreases of -2.53%, -1.02%, and -0.95% respectively [1][2] Top 10 Short Positions - The top 10 companies with the highest short ratios include Vanke Enterprises (02202) at 17.68%, COSCO Shipping Holdings (01919) at 16.49%, and ZTE Corporation (00763) at 16.03% [2] - Other notable companies in the top 10 include Heng Rui Pharmaceutical (01276) at 15.64% and Ping An Insurance (02318) at 13.66% [2] Changes in Short Positions - The companies with the largest increases in short ratios include GCL-Poly Energy (03800) from 6.87% to 8.86%, Dongfang Electric (01072) from 8.67% to 10.21%, and Heng Rui Pharmaceutical (01276) from 14.30% to 15.64% [2] - Conversely, the companies with the largest decreases in short ratios include Ganfeng Lithium (01772) from 11.32% to 8.79%, ZTE Corporation (00763) from 17.05% to 16.03%, and Samsonite (01910) from 6.67% to 5.72% [2][3]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks, indicating significant discrepancies between H-shares and A-shares [1] Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with a premium rate of 918.87%, followed by Sinopec Oilfield Service (01033) at 304.05% and Hongye Futures (03678) at 298.14% [1] - The top three stocks with the highest deviation values are Northeast Electric (72.50%), Beijing Jingcheng Machinery Electric (00187) (65.68%), and Sinopec Oilfield Service (51.01%) [1] Group 2: Bottom AH Premium Rates - The stocks with the lowest AH premium rates include CATL (03750) at 0.74%, China Merchants Bank (03968) at 0.92%, and Midea Group (00300) at 6.26% [1] - The bottom three stocks with the lowest deviation values are China Eastern Airlines (00670) (-6.33%), Jiangsu Ninghu Expressway (00177) (-6.04%), and Anhui Wanan Expressway (00995) (-5.20%) [1] Group 3: Additional Insights on Premium and Deviation - The article provides a detailed table of the top ten and bottom ten AH stocks based on premium rates and deviation values, showcasing the significant differences in market valuation between H-shares and A-shares [1][2] - The premium rates and deviation values are calculated based on the current rates compared to the average rates over the past 30 days, indicating potential investment opportunities or risks [2]

Core Viewpoint - CATL's stock has dropped over 4%, currently trading at 463.6 HKD, with a trading volume of 2.109 billion HKD, amid concerns over the unlocking of nearly 50% of its H-share IPO locked shares [1] Group 1: Stock Performance - CATL's stock price has decreased by 4.02% as of the latest report [1] - The current trading price represents a 107% premium over the IPO price, and a 23% premium compared to its A-share price, which is unusual for dual-listed shares [1] Group 2: Share Unlocking and Potential Selling Pressure - Approximately 77.5 million shares are facing potential sell-off due to the unlocking of H-share IPO locked shares starting November 20 [1] - Morgan Stanley indicated that some strategic investors, such as Sinopec, are unlikely to sell their shares, but the unlocking will still exert pressure on the stock price [1] Group 3: Major Shareholder Activity - Major shareholder Huang Shilin plans to transfer 45.6324 million shares through an inquiry-based transfer, representing 1% of the total share capital as of November 13, 2025 [1] - The preliminary inquiry transfer price is set at 376.12 HKD per share, which would allow Huang Shilin to cash out approximately 17.163 billion HKD [1] - Huang Shilin is a co-founder of CATL and currently holds 10.21% of the company's shares, making him the third-largest shareholder [1]

Core Viewpoint - The recent stock price decline of CATL (Contemporary Amperex Technology Co., Limited) is primarily driven by the significant share reduction by co-founder Huang Shilin, which has raised concerns in the market despite the company's overall strong market position and future growth potential in the energy storage sector [3][4][11]. Group 1: Share Reduction Impact - On November 20, CATL's stock dropped over 6% as approximately half of the shares held by cornerstone investors were unlocked, involving around 77.5 million shares [3]. - Huang Shilin announced plans to reduce his stake by approximately 45.6 million shares, representing 1% of the total share capital, valued at about 18.4 billion yuan based on the closing price on that day [4][11]. - The share transfer was conducted through an inquiry-based method, which is typically used in the STAR Market and GEM, aimed at minimizing direct market impact [4][10]. Group 2: Market Reactions and Institutional Interest - The inquiry transfer received 55 valid bids, with institutional investors showing strong interest, subscribing over 3.2 times the offered shares at a price of 376.12 yuan per share, resulting in Huang Shilin cashing out approximately 17.163 billion yuan [6][10]. - Despite the structured transfer, CATL's stock still experienced a decline, with a total market value loss of 84 billion yuan in A-shares and over 250 billion HKD in H-shares over two days [11][12]. Group 3: Company Performance and Strategic Direction - CATL's revenue growth has been sluggish, with a year-on-year increase of only 9.28% in the first three quarters, contrasting sharply with competitors like Zhongxin Innovation and Yiwei Lithium Energy, which saw growth rates of 49.89% and 32.17%, respectively [30]. - The company's market share in the power battery sector has been declining, dropping from 52.1% in 2021 to 41.7% in the first three quarters of this year [31]. - CATL is increasingly focusing on its energy storage business, which is projected to account for 27.6% of revenue in 2024, surpassing the power battery segment for the first time [26][27]. Group 4: Future Growth Strategies - CATL is investing in the battery swapping business as a strategic direction, with plans to establish 1,000 battery swap stations by the end of this year and a long-term goal of 30,000 stations [31]. - The company is also expanding its manufacturing capabilities, with new plants in Hungary, Spain, and Indonesia set to begin operations soon [28].

今天，宁德时代H股（HK03750）盘中下跌，最大跌幅一度超过了8%。 值得注意的是，宁德时代A股（SZ300750）今天跌得并不算多，跌幅在3%左右。 同一家公司，按理说A股和H股的涨跌应该大致差不多。但细心的投资者会发现，近一段时间，宁德时代的H股比A股表现差多了。10月3日以来，宁德时代 H股从高点614港元跌到今天，累计最大跌幅超过23%，而A股基本上还保持在高位震荡。 出现如此大的反差，最重要的原因是，宁德时代有大量H股IPO基石投资者锁定股，正好在今天，也就是其H股上市半年后解禁流通。 今年是港股IPO的"大年"，不仅新上市公司数量多，而且融资额大，吸引的基石投资者也很多。接下来的一个多月，港股市场将迎来一个较为明显的"解禁 潮"，那些上市将满半年的新公司，都将出现基石投资解禁股带来的潜在"抛压"，兄弟们要小心应对。 除了宁德时代外，接下来值得关注的还有三花智控（HK02050）和恒瑞医药（HK01276），两家公司解禁日都是11月23日（23日为周日，实际可流通是24 日）。大家可以看看，这两只H股近期都是一直阴跌，而恒瑞医药H股今天最多跌了5%。而这两家公司，基石投资的盈利也是比较丰厚的。 接 ...

Core Insights - The article highlights the top and bottom AH share premium rates as of November 20, with Northeast Electric (00042) leading at 847.37% and Ningde Times (03750) at -3.01% [1][2] Premium Rate Rankings - The top three AH share premium rates are: - Northeast Electric (00042): 847.37% - Zhejiang Shibao (01057): 283.92% - Hongye Futures (03678): 283.88% [2] - The bottom three AH share premium rates are: - Ningde Times (03750): -3.01% - China Merchants Bank (03968): -0.06% - WuXi AppTec (02359): 4.92% [2] Deviation Value Rankings - The highest deviation values are: - Beijing Jingdian (00187): 45.70% - Zhejiang Shibao (01057): 37.82% - Sinopec Oilfield Service (01033): 32.35% [1][2] - The lowest deviation values are: - China Eastern Airlines (00670): -13.61% - Ganfeng Lithium (01772): -12.40% - China Life (02628): -11.44% [1][3]

今天，宁德时代H股（HK03750）盘中下跌，最大跌幅一度超过了8%。 值得注意的是，宁德时代A股（SZ300750）今天跌得并不算多，跌幅在3%左右。 同一家公司，按理说A股和H股的涨跌应该大致差不多。但细心的投资者会发现，近一段时间，宁德时代的H股比A股表现差多了。10月3日以来，宁德时代 H股从高点614港元跌到今天，累计最大跌幅超过23%，而A股基本上还保持在高位震荡。 出现如此大的反差，最重要的原因是，宁德时代有大量H股IPO基石投资者锁定股，正好在今天，也就是其H股上市半年后解禁流通。 宁德时代H股的招股价是263港元，即便是按照今天盘中最低价467.2港元计算，基石投资者也只用了半年时间就赚了77%。毫无疑问，宁德时代H股是今年 港股市场最成功的IPO案例，不论是募集资金总额，还是其上市后的表现，还有宁德时代本身的基本面，都极大提升了整个港股市场的吸引力。有分析认 为，不久之后的12月，宁德时代H股可能会被纳入恒生科技指数成分股，从而可能触发被动资金流入。但基石投资者丰厚的收益，再加上相对A股的明显溢 价，其H股面临的短期抛压还是非常明显。 今年是港股IPO的"大年"，不仅新上市公司数量多，而且 ...

Group 1 - The Hang Seng Index rose by 0.14%, gaining 36 points to close at 25,867 points, while the Hang Seng Tech Index fell by 1.01% with a trading volume of HKD 143.6 billion in the morning session [1] - Real estate stocks surged amid market expectations for new supportive policies, with Sunac China rising over 10%, Country Garden up over 5%, and Vanke Enterprises increasing by 5.67% [2] - Beike-W saw a rise of 5.15%, driven by substantial profits from its home decoration rental business, with the buyback amount reaching a near two-year high in a single quarter [3] Group 2 - China’s banking sector showed signs of recovery in the morning, with major banks advancing in their mid-term dividend distributions, including Minsheng Bank up by 3.56%, Postal Savings Bank up by 2.7%, and Bank of China up by 1.93% [3] - Kingsoft Cloud rose over 4% post-earnings, with Q3 industry cloud revenue showing both year-on-year and quarter-on-quarter growth, and a solid foundation in government cloud services [4] - Maoyan Entertainment fell over 2% due to reports of a significant increase in the ticket refund rate for the movie "Demon Slayer" [5] Group 3 - Trip.com Group fell over 3% despite exceeding expectations in its Q3 financial report, with institutions predicting resilience in domestic business revenue for Q4 [6] - XPeng Motors declined over 4%, denying rumors regarding the production of thousands of autonomous driving taxis [7] - Contemporary Amperex Technology Co., Ltd. (CATL) dropped over 8% as cornerstone investors' lock-up period expired today [8]