Core Insights - The year 2025 marks the beginning of large-scale development in the electric vehicle battery swapping industry, although challenges such as non-standard battery specifications and model compatibility hinder growth [1][6] - CATL's "Chocolate" battery swapping business aims to establish 1,020 swapping stations within a year, setting a record for infrastructure development speed in the industry [1][3] Group 1: Industry Development - By December 30, 2025, a total of 1,020 battery swapping stations will be built across key economic regions in China, including Beijing-Tianjin-Hebei, Yangtze River Delta, Sichuan-Chongqing, and the Guangdong-Hong Kong-Macao Greater Bay Area [3] - CATL plans to expand its network to 3,000 stations by 2026, covering over 140 cities and initiating the construction of highway swapping stations to address long-distance travel energy needs [3][9] Group 2: Standardization and Technology - Standardization is identified as the cornerstone for the large-scale development of battery swapping models, with CATL promoting standardized battery blocks that enable a 99-second battery swap compatible with multiple brands and models [1][6] - In 2026, CATL plans to introduce sodium-ion batteries, which can operate effectively in extreme temperatures, further enhancing the battery swapping technology [7] Group 3: Business Model and Ecosystem - The "separation of vehicle and battery" business model is being promoted to lower the initial purchase cost for consumers, allowing for a more extensive adoption of battery swapping [8] - CATL is collaborating with various stakeholders, including automakers and e-commerce platforms, to implement this model in private and commercial vehicle markets [8][9]

Core Insights - CATL has launched the Tianxing II light commercial series solutions, including the mass-produced sodium-ion battery for light commercial vehicles, marking a significant step in the industry [1][3] Group 1: Product Launch and Features - The Tianxing II light commercial low-temperature version is the first mass-produced sodium-ion battery in the light commercial vehicle sector, with a capacity of 45 kWh [3] - The battery retains over 92% usable capacity at -20°C and can still charge at -30°C, demonstrating superior cold resistance [3] - Safety tests show that the sodium-ion cells do not catch fire or explode under extreme conditions, maintaining functionality even after being cut [3] Group 2: Market Position and Future Plans - CATL is a pioneer in sodium-ion battery development, having introduced its first generation in July 2021, with a single cell energy density of 160 Wh/kg [5] - The company plans to expand sodium-ion battery applications into passenger vehicles, with the first model set to be produced in Q2 of this year [3][5] - The sodium-ion battery market is projected to exceed 100 GWh in shipments and reach a market size of 100 billion yuan within the next 3-5 years [6] Group 3: Comparison with Lithium-ion Batteries - Sodium-ion batteries have advantages in resource availability, cold resistance, and safety compared to lithium-ion batteries, which are currently dominant in the market [5] - However, sodium-ion batteries face challenges such as lower energy density (175 Wh/kg) and fewer charge cycles (2000-3000) compared to lithium batteries [6] - Despite these challenges, CATL aims to make sodium batteries more economically viable than lithium batteries within 2-3 years [6] Group 4: Additional Product Offerings - The Tianxing II light commercial series also includes long-range, supercharging, and high-temperature supercharging versions, with various features such as 800 km range and rapid charging capabilities [7] - CATL has introduced a battery management app called "Battery Manager" to help users monitor battery lifecycle usage [7]

有关负责人表示，未来宁德时代将持续技术创新，肩负起行业领军者的责任，持续引领AI从"赋 能"到"创造"，携手全球伙伴共同塑造一个更智能、更绿色、更富韧性的可持续发展未来。 MINDS奖项由世界经济论坛旗下人工智能卓越中心设立，从战略、人才、数据、技术及治理五个核心 维度在全球范围内严格遴选能够以负责任方式推动AI转型的标杆组织，是全球范围内衡量组织智能化 转型领导力的重要标尺。 中化新网讯 1月19日，在瑞士达沃斯举行的世界经济论坛第56届年会上，宁德时代凭借"增强智能重塑 下一代锂电池设计"项目（简称"智能电芯设计"），获"AI驱动产业转型全球标杆"MINDS奖项。 获奖项目由宁德时代首席制造官与工程研发体系联席总裁倪军教授及晋文静博士团队牵头。通过深度学 习超10万个电池案例、600TB测试数据及海量新能源车后市场数据，宁德时代构建的智能电芯设计平 台，可根据用户自定义性能指标，在数秒内生成设计建议、数分钟交付虚拟电芯，性能预测准确率达 95%，设计人效较传统设计提升30%，实现了从"依赖实验试错"向"数据驱动正向设计"的研发范式跨 越。 ...

Core Viewpoint - CATL has launched the "Tianxing II Light Commercial All-Scenario Customization Series Solutions" and the industry's first intelligent battery management application "Battery Butler" to enhance the efficiency and profitability of light commercial vehicles through a comprehensive ecosystem of hardware, software, and services [1][14]. Group 1: Product Innovations - The Tianxing II series offers customized solutions for various operational scenarios including urban distribution, intercity transport, last-mile delivery, and cold-region transportation, addressing the need for precision in power configuration [3][16]. - The Tianxing II Light Commercial Super Charging version features significant upgrades in cold resistance, power output, and lifespan, allowing for a 30% reduction in charging time from 20% to 80% in just 30 minutes and a 30% increase in discharge power [5][18]. - The Long Range version of the Tianxing II battery boasts a capacity of 253 kWh, enabling a real-world range of 800 kilometers, and includes a 10-year warranty with zero capacity loss in the first year [6][19]. - The High-Temperature Super Charging version supports peak charging rates of 4C, allowing for a 60% charge in just 18 minutes, and features a unique self-regulating technology to reduce energy consumption by 5% [8][21]. - The Low-Temperature version is the first mass-produced sodium-ion battery in the light commercial sector, maintaining over 92% usable capacity at -20°C and ensuring safety under extreme conditions [8][21]. Group 2: Intelligent Management Solutions - The "Battery Butler" app provides users with real-time monitoring of battery lifecycle, maximizing profitability and enabling precise management of assets [10][23]. - The app includes proactive risk alerts and connects users directly to CATL's service network for rapid support, ensuring operational reliability [10][23]. - It offers three charging modes tailored to different scenarios, enhancing user flexibility during peak operational periods [10][23]. Group 3: Battery Swapping Solutions - CATL has introduced a battery swapping solution with three standard battery packs (20-42kWh, 25-56kWh, 35-81kWh) that cater to all light commercial vehicle models, enhancing purchase options for logistics drivers [12][25]. - The company emphasizes innovation driven by real-world scenarios and user needs, aiming to reshape the ecosystem of the light commercial vehicle industry [12][25]. Group 4: Future Directions - CATL plans to continue focusing on scenario-based solutions, transforming cutting-edge technology into sustainable and replicable solutions in collaboration with industry partners [14][27].

Core Viewpoint - The report highlights the current AH premium rates of various stocks, indicating significant disparities between H-shares and A-shares, with some stocks showing extremely high premiums while others exhibit negative premiums [1][2]. Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with an AH premium rate of 815.25%, followed by Zhejiang Shibao (01057) at 363.71% and Beijing Jingcheng Machinery Electric (00187) at 272.95% [1][2]. - The top ten stocks with the highest AH premium rates include Sinopec Oilfield Service (01033) at 270.11% and Hongye Futures (03678) at 263.50% [2]. Group 2: Lowest AH Premium Rates - The stocks with the lowest AH premium rates include CATL (03750) at -11.21%, followed by Hengrui Medicine (01276) at -2.51% and China Merchants Bank (03968) at -1.68% [1][2]. - Other notable stocks with low premiums include WuXi AppTec (02359) at 2.25% and Midea Group (00300) at 7.52% [2]. Group 3: Premium Deviation Values - The stocks with the highest deviation values include Goldwind Technology (02208) at 30.93%, followed by Andeli Juice (02218) at 22.80% and CanSino Biologics (06185) at 21.10% [1][2]. - Conversely, the stocks with the lowest deviation values include Yangtze Optical Fibre and Cable (06869) at -26.96%, Nanhua Futures (02691) at -26.55%, and Northeast Electric (00042) at -26.34% [1][3].

Core Insights - The company aims to make lithium-ion batteries more economical in the next 2 to 3 years, focusing on technological innovations that address real operational pain points in the new energy light commercial vehicle sector [1][4] - The electric logistics market, particularly intercity freight, presents a significant opportunity, with current electrification rates below 12% despite over 45% of light trucks being used for this purpose [1][2] Technological Innovations - The company has developed a hybrid battery system that balances energy density between lithium iron phosphate and ternary lithium batteries, achieving 800 km of real-world range while keeping cost increases minimal [2] - The newly launched sodium-ion battery, with a capacity of 45 kWh, retains over 92% usable capacity at -20°C and can be charged even after being frozen at -30°C, addressing low-temperature operation challenges [2][3] Market Opportunities - The domestic market for new energy light commercial vehicles is projected to exceed 900,000 units by 2026, indicating a major opportunity for large-scale electrification [4] - The company plans to establish 3,000 battery swap stations by the end of 2026, enhancing the infrastructure needed for electric logistics [5] Competitive Landscape - The competition in the new energy commercial vehicle battery market is intensifying, with second-tier battery manufacturers gaining market share as main manufacturers seek cost-effective solutions [6] - The company emphasizes value competition over price competition, focusing on transforming cutting-edge technology into practical, replicable solutions for users [6] Strategic Goals - The company aims to achieve cost parity between sodium-ion and lithium-ion batteries within 2 to 3 years, while also enhancing the energy density of sodium batteries to match current lithium iron phosphate levels [3] - The company is committed to providing a comprehensive value system for users, including battery health transparency and lifecycle management to enhance the resale value of electric vehicles [3][5]

January 22, 2026 12:30 PM GMT Contemporary Amperex Technology Co. Ltd. | Asia Pacific Sodium Era is Coming CATL is strategically moving away from lithium to lower cost sodium ion batteries. We believe the new release of sodium ion products marks the coming of the sodium era, given its launch- and-mass-production-immediately model. First release of sodium ion battery as a powertrain for light trucks. Sodium-ion batteries are emerging as a promising alternative to lithium batteries following CATL's release of ...

Group 1 - The top short-selling ratios are led by AIA Group (81299) and JD Health (86618) at 100.00%, followed by Baidu Group (89888) at 95.46% [1][2] - The highest short-selling amounts are recorded for Pop Mart (09992) at 1.3 billion, Alibaba (09988) at 1.26 billion, and Xiaomi Group (01810) at 1.064 billion [1][2] - The highest deviation values are for Baidu Group (89888) at 62.11%, Shenzhen Expressway (00548) at 37.02%, and SenseTime (80020) at 34.65% [1][2] Group 2 - The top ten short-selling ratios include AIA Group (81299) at 100.00%, JD Health (86618) at 100.00%, and Baidu Group (89888) at 95.46% [2] - The top ten short-selling amounts show Pop Mart (09992) leading with 1.3 billion, followed by Alibaba (09988) with 1.26 billion, and Xiaomi Group (01810) with 1.064 billion [2] - The top ten deviation values highlight Baidu Group (89888) at 62.11%, Shenzhen Expressway (00548) at 37.02%, and SenseTime (80020) at 34.65% [2]

Core Insights - CATL officially launched the Tianxing II light commercial vehicle series solutions and the industry's first intelligent battery management application, "Battery Butler" Tianxing version, focusing on the light commercial vehicle sector [2][3] Group 1: Product Launch and Features - The Tianxing II series aims to address core industry pain points, featuring a hybrid chemical system that combines ternary lithium and lithium iron phosphate, achieving a maximum single pack capacity of 253 kWh and a range of 800 kilometers [3] - The low-temperature version is the first mass-produced sodium-ion battery for light commercial vehicles, effectively solving range issues in cold northern climates [3][4] Group 2: Market Position and Strategy - CATL has established deep partnerships with 46 vehicle manufacturers, with cumulative shipments exceeding 210,000 units, indicating strong market recognition [4] - The company emphasizes the importance of reliable products and aims to empower industry partners while addressing user needs in various operational scenarios [5] Group 3: Market Growth and Opportunities - The global electric light commercial vehicle market is projected to grow at a compound annual growth rate of 25% from 2025 to 2032, with China playing a crucial role in driving sales [6] - By 2025, China's sales of new energy light commercial vehicles are expected to exceed 600,000 units, marking a significant milestone in the industry's transition to large-scale applications [6] - CATL plans to leverage its global brand influence and product quality to expand into overseas markets, focusing on regions with high demand for electric light commercial vehicles [6]

Core Viewpoint - CATL has launched the "Tianxing II Light Commercial All-Scenario Customization Solution" along with the "Battery Manager" Tianxing version, featuring the first light commercial super-mixed chemical system battery, which integrates ternary lithium and lithium iron phosphate materials [2][3]. Group 1: Product Features - The Tianxing II Light Commercial Long-Endurance Battery has a single pack capacity of 253 kWh, the largest in the light commercial sector, enabling a real-world range of 800 kilometers [5]. - The battery's warranty has been extended to 10 years or 1 million kilometers, incorporating self-healing lithium anode materials and self-repairing electrolyte technology to enhance battery lifespan [5]. - The super-mixed battery technology aims to overcome the energy density limitations of lithium iron phosphate while avoiding the high costs associated with pure ternary lithium batteries [3][4]. Group 2: Market Context and Strategy - The demand for longer range in electric vehicles is increasing, with projections indicating that by 2025, some extended-range models will feature batteries exceeding 60 kWh, and by 2026, several models, including the Leap D series, will reach around 80 kWh [3]. - CATL plans to first introduce the super-mixed battery in the commercial vehicle sector, as longer distances in intercity delivery require more economical solutions [4]. - The large-scale commercialization of the super-mixed battery is expected to begin in April 2026, marking a significant milestone for the technology [4][6]. Group 3: Technological Innovation - The development of the super-mixed battery involves complex technical challenges, including interface issues between ternary and lithium iron phosphate materials, voltage platform concerns, and electrolyte oxidation-reduction problems [3]. - This innovation complements CATL's previous "dual-core battery" approach, which focuses on the strategic arrangement of different chemical systems to achieve performance synergy [3][4]. - The emergence of super-mixed batteries provides a new developmental perspective for the power battery industry, allowing for the collaborative use of ternary lithium and lithium iron phosphate within the same cell [5].