转自：智通财经 【宁德时代H股跌超6% 基石投资者限售股今日解禁】智通财经11月20日电，截至发稿，宁德时代 (03750.HK)跌6.56%。消息面上，宁德时代近50%的H股IPO基石投资者锁定股份于11月20日解禁，合共 大约7750万股。里昂研报称，对宁德时代的前景感到乐观，并预期目前的能源储存系统热潮将可持续至 明年。 ...

消息面上，宁德时代近50%的H股IPO基石投资者锁定股份于11月20日解禁，合共大约7750万股。里昂 研报称，对宁德时代的前景感到乐观，并预期目前的能源储存系统热潮将可持续至明年。该行认为，宁 德时代相较其他电池企业属被低估，且其IPO禁售期即将结束，一旦其股价回调，届时将逢低买入。小 摩近期则将宁德时代H股目标价由600港元下调至575港元，即使考虑到H股较A股有约10%的估值溢价， 较最新收盘价亦只有6%上涨空间，评级"中性"。 智通财经APP获悉，宁德时代(03750)逆势跌超6%，截至发稿，跌6.25%，报480港元，成交额19.5亿港 元。 ...

Core Viewpoint - The article highlights the significant inflow of southbound capital into the Hong Kong stock market, driven by the increasing presence of high-quality Chinese companies and the attractiveness of valuations, which is expected to support a long-term "slow bull" market trend in Hong Kong stocks [3][10][16]. Group 1: Southbound Capital Inflow - As of November 10, southbound capital's cumulative net purchase of Hong Kong stocks exceeded 5 trillion HKD, continuing to grow [3]. - By November 19, southbound capital net inflow through the Stock Connect reached 65.91 million HKD, bringing the total net purchase for the year to over 1.34 trillion HKD, a 66% increase compared to the total inflow of 807.8 billion HKD in 2024 [5][6]. - The proportion of southbound capital in the total trading volume of the Hong Kong market has steadily increased from 15.6% at the beginning of 2024 to 23.6% in the third quarter of 2025 [6]. Group 2: Investment Trends and Sector Focus - The composition of southbound capital has shifted significantly, with technology and dividend-paying stocks becoming the primary focus, moving away from the banking sector, which previously dominated [7][8]. - The top ten holdings of southbound capital are now split between technology and high-dividend stocks, with Tencent Holdings and Alibaba being major players [8]. - Insurance funds and public funds are the main contributors to southbound capital, with insurance holdings surpassing 1 trillion RMB by the end of the third quarter [9]. Group 3: Future Growth Potential - Analysts predict that the southbound capital inflow could increase by 1.4 trillion RMB (approximately 1.54 trillion HKD) by the end of next year, with a potential growth of 10 trillion RMB (about 11 trillion HKD) over the next five years [11][13]. - The continuous inflow of long-term capital is expected to enhance market liquidity and optimize the capital market structure, supporting a sustainable "slow bull" market [13][14]. Group 4: Quality of Listed Companies - The article notes that more high-quality Chinese companies are choosing to list in Hong Kong, which enhances the market's attractiveness to both domestic and foreign investors [15][17]. - As of November 19, 2025, 88 companies have gone public in Hong Kong, raising a total of 250.5 billion HKD, a 172.44% increase from the previous year [17]. - The increasing number of globally competitive companies listed in Hong Kong is expected to attract more capital inflow, creating a positive feedback loop [18].

Core Insights - The Hong Kong stock market is becoming a crucial platform for global investors to share in the growth dividends of China's core assets, with significant inflows of southbound capital [1][12] - As of November 10, southbound capital's cumulative net purchases of Hong Kong stocks exceeded 5 trillion HKD, continuing to grow [1] - The influx of long-term mainland funds, primarily from insurance and public offerings, is expected to support a "slow bull" market in Hong Kong [1][8] Southbound Capital Inflows - As of November 19, southbound capital net inflows through the Stock Connect reached 65.91 million HKD, bringing the total for the year to over 1.34 trillion HKD, a 66% increase compared to the total inflow of 807.8 billion HKD in 2024 [2] - Cumulative net inflows since the launch of the Stock Connect have surpassed 5 trillion HKD [2][3] Market Dynamics - Southbound capital has become a core driver of liquidity in the Hong Kong stock market, with its share of total market turnover rising from 15.6% at the beginning of 2024 to 23.6% by the third quarter of 2025 [3] - The total market value of southbound capital holdings exceeded 6.3 trillion HKD by the end of the third quarter, representing a year-on-year increase of over 90% [3] Sector and Stock Preferences - The allocation of southbound capital has shifted significantly, with the banking sector previously dominating but now more evenly distributed across industries, including media, pharmaceuticals, and technology [3][4] - The top ten holdings of southbound capital are now characterized by a "technology + dividend" strategy, with Tencent Holdings and Alibaba being major beneficiaries [4] Fund Composition - Insurance funds and public funds constitute the majority of southbound capital, with insurance holdings surpassing 1 trillion RMB (approximately 1.4 trillion HKD) by the end of the third quarter [7] - Public fund holdings reached 1.01 trillion RMB, accounting for about 18% of total southbound capital [7] Future Projections - Predictions indicate that southbound capital could see an additional inflow of 1.4 trillion RMB (approximately 1.54 trillion HKD) by the end of next year, with a potential total increase of 10 trillion RMB (approximately 11 trillion HKD) over the next five years [8] - The continuous inflow of long-term capital is expected to enhance market fundamentals and support a "slow bull" market [8][9] Market Valuation and Asset Supply - The Hong Kong stock market is viewed as having significant allocation value, with lower valuation levels compared to other major global markets [11] - The influx of quality companies listing in Hong Kong is creating a virtuous cycle, enhancing market liquidity and attracting more capital [12][13] Historical Context - Historical analysis indicates that periods of outperformance in the Hong Kong stock market have been driven by the scarcity of assets, with current trends reflecting similar dynamics as seen in previous advantageous periods [14]

Market Overview - The Hong Kong stock market indices experienced declines, with the Hang Seng Tech Index falling by 0.69%, reaching a new low since early September. The Hang Seng Index and the Hang Seng China Enterprises Index decreased by 0.38% and 0.26%, respectively [1][2]. Technology Sector - Major technology stocks mostly declined, with Xiaomi dropping nearly 5%, Kuaishou down over 1%, and slight declines in JD.com, Meituan, Baidu, and Tencent. Alibaba saw an increase of over 1% [2][4][5]. New Energy Vehicle Sector - Stocks in the new energy vehicle sector fell, including Li Auto, NIO, Chery, Beijing Automotive, BYD, and Leap Motor [6]. Semiconductor Sector - Semiconductor stocks experienced declines, with companies like Shanghai Fudan, Jingmen Semiconductor, and Zhongxing Communications reporting losses [7][8]. Gold Sector - Gold stocks led the market gains, with China Gold International rising over 8%. Other gold-related stocks also saw increases, driven by expectations of significant gold purchases by global central banks [9][10]. Military Industry - Military stocks performed well, with China Shipbuilding Industry rising over 9%. Analysts expect the military industry to enter an upward cycle, supported by recent quarterly reports indicating a narrowing decline in performance [11][12]. Oil Sector - Oil stocks saw an uptick, with China Petroleum & Chemical Corporation increasing nearly 3%. This rise is attributed to recent increases in crude oil futures prices [13]. Lithium Battery Sector - Lithium battery stocks gained, with Tianqi Lithium rising nearly 3%. The market for lithium carbonate has shown significant recovery, with prices expected to rise further due to increasing demand [15][16]. Market Sentiment - The market sentiment remains cautious, with expectations of continued adjustments in the Hong Kong stock market due to weak macro liquidity and corporate earnings forecasts. Investors are advised to wait for clearer signals from U.S. monetary policy and mainland economic data before seeking rebound opportunities [21].

Core Insights - The article highlights the top and bottom AH share premium rates as of November 19, with Northeast Electric (00042) leading at 847.37% and CATL (03750) at -8.50% [1][2]. Premium Rate Rankings - The top three AH share premium rates are: - Northeast Electric (00042): 847.37% - Hongye Futures (03678): 281.60% - Sinopec Oilfield Service (01033): 278.48% [2] - The bottom three AH share premium rates are: - CATL (03750): -8.50% - China Merchants Bank (03968): 0.33% - Heng Rui Medicine (01276): 3.61% [2] Deviation Value Rankings - The highest deviation values are: - Hongye Futures (03678): 31.12% - Sinopec Oilfield Service (01033): 29.24% - Zhejiang Shibao (01057): 28.97% [1][2] - The lowest deviation values are: - Ganfeng Lithium (01772): -15.34% - COSCO Shipping Energy (01138): -11.82% - China Eastern Airlines (00670): -11.38% [1][3]

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]

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2021年股票期權與限制性股票激勵計劃第四個歸屬期歸屬結果 暨股份上市的提示性公告 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 )所發佈之《寧德時代新能 源科技股份有限公司關於2021年股票期權與限制性股票激勵計劃第四個歸屬期歸 屬結果暨股份上市的提示性公告》，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，二零二五年十一月十八日 於本公告日期，本公 ...

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2021年股票期權與限制性股票激勵計劃 部分股票期權註銷完成的公告 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 )所發佈之《寧德時代新能 源科技股份有限公司關於2021年股票期權與限制性股票激勵計劃部分股票期權註 銷完成的公告》，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，二零二五年十一月十八日 於本公告日期，本公司董事會成員包括執行董事曾毓群先 ...