金十数据整理：每日港股市场要闻速递（5月20日 周二） 2. 阿里健康(00241.HK)：截至2025年3月31日止，实现营收305.98亿元人民币，同比增长13.2%；经调整 后利润净额19.5亿元人民币，同比增幅35.6%。 3. 零跑汽车(09863.HK)：一季度收入100.2亿元人民币，同比增长187.1%；毛利率创历史新高，达 14.9%。 重要新闻 1. 中国央行将一年期、五年期LPR均下调10个基点。 个股新闻 1. 宁德时代(03750.HK)今日港交所挂牌，昨日的暗盘收涨8.29%，报284.8港元，成交4.6亿港元。按一手 100股算，账面赚2180港元。 6. 顺丰控股(06936.HK)4月速运物流业务、供应链及国际业务合计收入为239.15亿元，同比增长 12.42%。 7. 交个朋友(01450.HK)与百度优选战略合作，罗永浩5月23日晚首播。 8. 中国平安保险(集团)股份有限公司增持农业银行(01288.HK)7446.738万股，每股作价5.0717港元，总 金额约3.78亿港元。 4. 阿里影业(01060.HK)：截至2025年3月31日止，实现营收67.02亿元人 ...

Group 1: Company Developments - Jihong Co., Ltd. (吉宏股份) has launched its IPO in Hong Kong, with subscription ending on May 22. The share price ranges from HKD 7.48 to HKD 10.68, aiming to raise approximately HKD 725 million at the upper price point [1] - Pige Biopharmaceuticals (派格生物医药) has also initiated its IPO, with a share price set at HKD 15.60 and a global offering of 19.2835 million shares. The company focuses on innovative therapies for chronic diseases, particularly in the metabolic disorder sector [4] - Jianbei Miao Miao (健倍苗苗) expects a significant increase in annual profit, projecting a rise of no less than 50% for the year ending March 31, 2025, driven by effective brand management and strong sales performance in its core brands [5] Group 2: Market Trends - The successful IPOs of Jihong Co. and Pige Biopharmaceuticals may stimulate renewed interest in the cross-border e-commerce and biotechnology sectors within the Hong Kong stock market [1][4] - The strong performance of CATL (宁德时代) in the dark market, with an increase of 8.29% to HKD 284.8, reflects high market expectations for its upcoming IPO, indicating robust interest in the renewable energy sector [3] Group 3: Market Performance - The Hang Seng Index closed at 23,332.72, with a slight decline of 0.05% on May 19, indicating a mixed sentiment in the market [6] - The Hang Seng Tech Index and the National Enterprises Index also experienced minor declines of 0.50% and 0.09%, respectively, suggesting a cautious market environment [6]

据港交所披露，上周（5月12日至5月18日）共有2家公司递表，3家通过聆讯，4家公司招股，1家公司上 市。 2家公司递表：东方妍美、诺比侃科技递表 1 ）东方妍美 ( 成都 ) 生物技术股份有限公司（简称 " 东方妍美 " ） 5月12日，东方妍美递表港交所，建银国际担任其独家保荐人。 据招股书介绍，东方妍美主要从事再生医学医疗器械及特医食品研发、生产及商业化。截至2025年5月5 日，公司拥有13款主要再生医学材料注射剂候选产品(均属第三类医疗器械)，包括核心产品XH301及用 于治疗女性压力性尿失禁的候选产品XH321，相关13款候选产品中的两款候选产品已进入注册审评阶 段。 经营业绩方面，2023年和2024年，东方妍美营业收入分别为人民币1288.2亿和1452.0亿元，同期净亏损 分别为人民币6350.1万和6938.3万元。 2 ）诺比侃人工智能科技 ( 成都 ) 股份有限公司（简称 " 诺比侃科技 " ） 5月14日，诺比侃科技递表港交所，中金公司担任其独家保荐人。 招股书显示，诺比侃科技专注于人工智能技术和数字孪生等先进技术，在AI+交通、AI+能源及AI+城 市治理等领域的产业化应用。公司主 ...

全球动力电池龙头企业宁德时代（股票代码：03750.HK）将于5月20日正式登陆港交所主板，成为首 家"A+H"双平台上市的中国锂电企业。此次IPO发行价定为每股263港元，募资规模约307亿港元（若行 使超额配售权可达353亿港元），成为2025年港股市场最大规模的IPO项目，并有望冲击全球年度IPO榜 首。中享证券认为，宁德时代此次港股上市不仅是其全球化战略的关键一步，更为中国高端制造业企业 走向国际资本市场提供了极具参考价值的战略范本。 一、上市决策的核心逻辑：战略先行，资本为器 宁德时代此次港股上市并非单纯融资行为，而是其全球化战略的必然选择。对拟上市企业而言，需明确 三大关键问题： 1.战略匹配性：是否与企业的国际化扩张、技术升级或产业链整合需求深度绑定？宁德时代选择港股， 直接获取外汇资金以规避汇率风险，精准匹配欧洲产能建设需求。 2.资本工具适配性：H股相较A股的灵活融资机制（如后续增发效率）、与国际投资者接轨的估值体 系，更利于技术密集型企业的长期价值释放。 3.抓住全球能源转型窗口期（2025年全球新能源车渗透率突破20%）、欧洲碳关税政策落地前夜上市， 最大化资本对战略的助推效应。上市不应 ...

重要新闻 1. 恒指季检结果公布，恒指纳入美的集团(00300.HK)、中通快递-W(02057.HK)；科指纳入比亚迪股份 (01211.HK)。 个股新闻 1. 宁德时代(03750.HK)：每股H股发售价定为263.00港元。 2. 阳光保险(06963.HK)附属阳光人寿拟出资200亿元投资试点基金份额。 3. 富力地产(02777.HK)4月总销售收入共约，13.6 亿元 同比增长76.62%。 金十数据整理：每日港股市场要闻速递（5月19日 周一） 4. 新华保险增持上海医药(02607.HK)24.8万股，每股作价约10.98港元。 5. 复星医药(02196.HK)：HLX1一线治疗不可切除的晚期肝细胞癌(HCC)患者于中国境内启动 I/III 期临 床试验。 6. 汇丰控股(00005.HK)：5月15日耗资2.91亿港元回购321.88万股。 7. 越秀交通基建(01052.HK)：前2月广州北二环高速路费收入累计1.53亿元，同比下降1.5%；2月路费收 入7074.6万元，环比下降14.4%，同比增长26.6%。 8. 山高新能源(01250.HK)：3月营运发电量约66.92万兆瓦时 ...

Group 1 - Ningde Times has set the H-share offering price at HKD 263.00 per share, with an additional issuance of 17,684,100 shares, representing approximately 15.0% of the total shares available for subscription [1] - The additional shares will be allocated based on an initial ratio of 7.5% for the Hong Kong public offering and 92.5% for the international offering [1] - The H-shares are expected to commence trading on the Hong Kong Stock Exchange on May 20, 2025, at 9:00 AM [1] Group 2 - Moody's has downgraded the U.S. credit rating from AAA to AA1, impacting market sentiment [2] - Major U.S. stock indices showed positive performance, with the Dow Jones up 331.99 points (0.78%) and the S&P 500 up 41.45 points (0.70%) [2] - The Nasdaq China Golden Dragon Index rose by 4.56% over the week, indicating a positive trend for Chinese concept stocks [2] Group 3 - The Hang Seng Index Company announced the quarterly review results, increasing the number of constituent stocks from 83 to 85, with BYD included in the Hang Seng Tech Index [3] Group 4 - The Central Committee of the Communist Party and the State Council have mandated that government procurement of vehicles should prioritize domestic and new energy vehicles [4] Group 5 - The revised regulations prohibit high-end dishes and alcohol in official work meals, emphasizing cost control in government receptions [5] Group 6 - The Financial Secretary of Hong Kong stated that global funds are increasingly flowing towards leading innovative technology companies and future industries [6] Group 7 - The China Securities Regulatory Commission encourages private equity funds to participate in mergers and acquisitions of listed companies, with adjustments to lock-up periods for investments [7][8] Group 8 - WuXi AppTec's subsidiary, Hanbang Technology, was listed on the Shanghai Stock Exchange on May 16, 2025 [9] Group 9 - Weichai Power expects significant growth in sales of its M-series large-bore engines and data center products, driven by strong industry demand [10] Group 10 - Shandong Xinhua Pharmaceutical is the largest producer of ibuprofen raw materials in China, with an annual production capacity exceeding 8,000 tons, accounting for 40% of global capacity [11] - The company holds a 62.66% market share in China and exports 60% of its total production, primarily to high-end markets in Europe and the U.S. [11]

Group 1 - UBS Vice Chairman and Co-Head of Asia Corporate Clients, Li Zhengguo, forecasts that the Federal Reserve will initiate a rate cut cycle in July, expecting a total of three cuts throughout the year, which will positively impact the stock and bond markets [1] - Li maintains the annual target for the Hang Seng Index at 24,500 points, indicating a stable outlook for the index despite potential economic challenges [1] - If the U.S. maintains current tariffs of 20% and 10% in the third and fourth quarters, it could drag down China's GDP by 1-1.5 percentage points, leading to a revised GDP growth forecast of 3.7-4% for the year [1] Group 2 - UBS's Hu Linghan highlights three reasons why A-share companies prefer Hong Kong for overseas financing: narrowing AH share price differentials, increased support from foreign investors, and the high convenience of financing in Hong Kong [2] - The narrowing of AH share price differentials reflects improved market confidence in Hong Kong's liquidity, suggesting that future listings of leading companies may see reduced discounts compared to past levels of 30%-40% [1][2] - Hu notes that tariffs significantly impact the consumer sector, particularly for imported goods, while export-intensive industries may benefit from tariff delays, necessitating close monitoring of future policy changes [2]

Summary of CATL's Investor Call Company Overview - **Company**: Contemporary Amperex Technology Co Ltd (CATL) - **Industry**: Global Energy Storage, specifically in battery manufacturing - **Rating**: Outperform - **Price Target**: CNY 340.00 per share Key Points IPO Details - CATL is conducting a Hong Kong IPO with a potential listing size of US$4-5.3 billion, issuing approximately 118 million shares at a maximum price of HK$263 each, which represents a 1.4% discount to the A-share close on May 9 [1][11][13]. Technology and Market Position - CATL is recognized for its strong technology moat, attributed to significant R&D investments, which are expected to sustain industry-leading margins and returns on capital [2][28][35]. - The company is projected to achieve a compound annual growth rate (CAGR) of 20-25% through the end of the decade, with a market share of 37% in the battery sector [2][16]. Financial Performance - CATL reported RMB 22.6 billion in free cash flow for Q1 2025, translating to a 9.8% annualized free cash flow yield [3]. - The company has a robust balance sheet with RMB 304 billion in cash as of year-end 2024, and it trades at a forward P/E of 14x, which is considered undemanding given its growth outlook [3][4]. Market Dynamics - Total battery demand is expected to grow by 30% year-over-year in 2025, driven by strong EV sales in China and a recovery in European demand [17][19]. - CATL's market share in Europe increased to 39% in 2024, while it maintained a steady 42% share in China [48][44]. Competitive Landscape - CATL's R&D spending of US$7 billion over the past five years exceeds that of its closest competitors combined, reinforcing its leadership in battery technology [35][36]. - The company faces risks from potential overcapacity in the Chinese market, but consolidation trends favor industry leaders like CATL [43][44]. Future Outlook - Long-term battery demand is projected to reach 12,000 GWh by 2050, with CATL's forecasts suggesting even higher potential [19][24]. - CATL is expanding its production capacity in Europe, with a new plant in Hungary expected to begin operations by the end of 2025 [48][49]. Risks and Challenges - The U.S. market presents significant challenges due to geopolitical factors and high tariffs on battery imports, limiting CATL's revenue exposure to approximately 10% in 2024 [52][53]. - Despite these challenges, CATL is exploring opportunities through its License Royalty Service model and potential collaborations with U.S. automakers [53]. Additional Insights - CATL's leadership in fast charging technology is highlighted by its 2nd-Gen Shenxing Fast Charging Battery, which can achieve a charging speed of 2.5 km per second [39][41]. - The company is also focusing on customized battery solutions to meet diverse OEM requirements, differentiating itself from competitors [40]. This summary encapsulates the critical insights from CATL's investor call, emphasizing its market position, financial health, growth prospects, and the challenges it faces in the evolving battery industry.

Core Viewpoint - CATL's Hong Kong IPO has generated significant interest, with a subscription amount nearing 141.8 billion HKD and a subscription multiple of approximately 61 times, indicating a strong market demand for the offering [1][2]. Group 1: IPO Details - CATL's IPO is set to close on May 15, 2025, with the listing expected on May 20, 2025, following a successful launch on May 12, 2025 [4]. - The company plans to issue approximately 118 million H-shares, with 7.5% allocated for Hong Kong and 92.5% for international sales [4]. - The expected net proceeds from the IPO are around 30.718 billion HKD, with 90% earmarked for the construction of projects in Hungary and 10% for working capital and general corporate purposes [5]. Group 2: Market Context - The Hong Kong IPO market has shown signs of recovery in 2025, with 20 companies listed by May 13, 2025, and improved first-day performance compared to the previous year [1]. - The interest in CATL's IPO is notably higher than that of Midea Group's IPO last year, which had a subscription multiple of only 3.25 times [4]. Group 3: Financial Performance - In Q1 2025, CATL reported revenue of 84.7 billion RMB, a year-on-year increase of 6.2%, with battery sales exceeding 120 GWh, marking a growth of over 30% [7]. - The company's net profit for Q1 2025 reached 13.96 billion RMB, reflecting a year-on-year growth of 32.9% [7]. Group 4: Strategic Positioning - CATL is recognized as a leading provider of power battery systems, focusing on R&D, production, and sales for electric vehicles and energy storage systems [7]. - The company has established a strong global presence with six R&D centers and thirteen manufacturing bases, serving 64 countries and regions [5].

Group 1 - CATL (宁德时代) has launched its Hong Kong IPO, offering 118 million H-shares at a maximum price of HKD 263 per share, aiming to raise approximately HKD 31 billion [1] - The IPO is expected to enhance CATL's financing channels, given its position as a leading lithium battery manufacturer [1] Group 2 - Zhixing Technology (知行科技) plans to acquire a majority stake in Suzhou Xiaogongjian Robot Co., a national high-tech enterprise specializing in smart integrated joints and customized robotic arms [2] - This acquisition is anticipated to accelerate Zhixing Technology's technological accumulation and business expansion in the robotics sector, potentially creating new growth opportunities [2] Group 3 - Yuefeng Environmental Protection (粤丰环保) has received approval for its privatization proposal, which will allow the company to operate more flexibly without short-term market pressures [3] - The company will suspend share transfer registration starting May 21, 2025, to ensure the determination of eligible shareholder rights [3] Group 4 - Noli Shares (诺力股份) has submitted an IPO application for its subsidiary, Zhongding Intelligent, to be listed on the Hong Kong Stock Exchange [4] - The IPO is subject to various conditions, including approvals from regulatory bodies, and if successful, it could provide new funding and growth opportunities for Noli Shares [4] Group 5 - Mi Rui Group (觅瑞集团) has passed the listing hearing at the Hong Kong Stock Exchange, focusing on RNA technology for disease screening and diagnostic solutions [5] - The company reported revenues of approximately USD 17.76 million, USD 24.19 million, and USD 20.28 million for 2022, 2023, and 2024, respectively, with increasing losses attributed to R&D and market expansion [5] - With the growing demand for precision medicine, Mi Rui Group is positioned to achieve a turnaround in profitability, potentially delivering long-term value to investors [5] Group 6 - The Hang Seng Index closed at 23,549.46, up 2.98% on May 12, 2023, while the Hang Seng Tech Index rose by 5.16% to 5,447.35, and the National Enterprises Index increased by 3.01% to 8,559.23 [6]