Market Overview - The Shanghai Composite Index rose by 0.14% on January 22, with 22 out of the 28 sectors experiencing gains. The top-performing sectors were building materials and defense, with increases of 4.09% and 3.23% respectively. Conversely, the beauty care and banking sectors saw declines of 0.76% and 0.43% respectively [1] Capital Flow Analysis - The main capital flow showed a net outflow of 21.612 billion yuan across the two markets. However, 12 sectors experienced net inflows, with the telecommunications sector leading at a net inflow of 8.019 billion yuan and a daily increase of 2.83%. The defense sector also performed well, with a net inflow of 5.713 billion yuan and a daily increase of 3.23% [1] Electric Power Equipment Sector Performance - The electric power equipment sector declined by 0.11%, with a net outflow of 7.206 billion yuan. Out of 365 stocks in this sector, 188 rose, 172 fell, and 4 hit the daily limit up while 1 hit the limit down. Notably, 128 stocks had net inflows, with 12 stocks receiving over 100 million yuan in net inflows, led by KOTAI Power with 431 million yuan [2] Top Gainers in Electric Power Equipment - The top gainers in the electric power equipment sector included: - KOTAI Power: +11.20%, 21.69% turnover, 431.07 million yuan inflow - LONGi Green Energy: +2.15%, 2.53% turnover, 353.53 million yuan inflow - Zhongchao Holdings: +10.04%, 4.61% turnover, 353.51 million yuan inflow [2] Top Losers in Electric Power Equipment - The top losers in the electric power equipment sector included: - CATL: -1.15%, 1.08% turnover, -1.444 billion yuan outflow - TBEA: -2.36%, 8.66% turnover, -991 million yuan outflow - Sungrow Power: -1.05%, 3.64% turnover, -909 million yuan outflow [3]

宁德时代 首席技术官高焕表示，宁德时代计划在未来两到三年做到 钠电池 比现在的 锂电池 更具经济 性。 ...

此行后，小摩对短期锂价更为乐观，但对中期走势则更趋谨慎。锂云母成本可降至如此之低，令该行印 象深刻，且预计未来成本将进一步下降。该行看到了短期锂业股的交易机会，即股价将追赶上碳酸锂价 格的涨势。在小摩看来，锂价预计将维持高位，因投资者推迟了对矿山重启的预期。 智通财经APP获悉，摩根大通发布研报称，上周该行在宜春举办了实地考察，参观了锂精炼厂/尾矿设 施并与当地专家会面。主要留意到：(1)宁德时代(03750)旗下枧下窝锂矿区的重启时间表仍不确定，在 其重启前，锂价将维持在高位。(2)来自锂云母一体化矿山的碳酸锂成本已下降至每吨6万元人民币。(3) 当前价格正在诱发更多供应，且回收量将在2028年显著跃升。 ...

Group 1: Core Insights - The report from Huazhong Securities indicates that the U.S. energy storage capacity is steadily increasing, with an expected installation of 52.5 GWh by 2025 [1] - The next five years are identified as a critical window for data center expansion, with energy storage expected to be a key solution for electricity shortages in U.S. data centers before 2030 [1][3] Group 2: Current Status of U.S. Energy Storage - In the first 11 months of 2025, the U.S. added 36.23 GWh of large-scale energy storage, with contributions from emerging states like Arizona, in addition to Texas and California [1] - U.S. energy storage can be categorized into three types: arbitrage-driven, capacity contract-driven, and load-driven [1] Group 3: Advantages of Energy Storage in the AI Era - The mismatch between power supply and transmission construction, coupled with the retirement of traditional energy sources, has led to increased demand from data centers [2] - Energy storage can serve multiple roles, including acting as a dispatchable unit on the grid side and as flexible load on the user side, enhancing reliability and reducing dependency on diesel generators [2] Group 4: Economic Viability of Energy Storage - According to Lazard's 2025 report, the cost of solar-plus-storage in the U.S. ranges from $0.05 to $0.13 per kWh, making it economically advantageous compared to nuclear, coal, and gas power [2] - Data centers utilizing four-hour storage can achieve an internal rate of return (IRR) of 20.5%, with a payback period of only 4.76 years [2] Group 5: Future Projections and Strategic Importance - Energy storage is expected to become a core solution for electricity shortages in U.S. data centers, with projections indicating that installations may exceed 110 GWh by 2027 [3] - The ability to bypass long grid connection queues and connect to distribution networks or behind-the-meter (BTM) solutions is highlighted as a significant advantage for energy storage [3] Group 6: Recommended Stocks - The report recommends several companies as potential investment opportunities: Sungrow Power Supply (300274.SZ), Shuneng Electric (300827.SZ), Canadian Solar (688472.SH), and CATL (300750.SZ, 03750) [4]

Core Insights - The article highlights the premium rates of AH shares, with Northeast Electric (00042), Zhejiang Shibao (01057), and Junda Co., Ltd. (02865) leading the list with premium rates of 831.03%, 367.07%, and 320.34% respectively [1] - Conversely, CATL (03750), Heng Rui Medicine (01276), and China Merchants Bank (03968) have the lowest premium rates at -11.41%, -3.46%, and -1.49% respectively [1] Premium Rate Rankings - The top ten AH shares by premium rate include: - Northeast Electric (00042): H-share at 0.290 HKD, A-share at 2.25 CNY, premium rate of 831.03%, deviation value of -17.64% [1] - Zhejiang Shibao (01057): H-share at 5.770 HKD, A-share at 22.5 CNY, premium rate of 367.07%, deviation value of -14.31% [1] - Junda Co., Ltd. (02865): H-share at 25.760 HKD, A-share at 90.4 CNY, premium rate of 320.34%, deviation value of 77.25% [1] - The bottom ten AH shares by premium rate include: - CATL (03750): H-share at 472.200 HKD, A-share at 349.24 CNY, premium rate of -11.41%, deviation value of 0.38% [1] - Heng Rui Medicine (01276): H-share at 73.750 HKD, A-share at 59.44 CNY, premium rate of -3.46%, deviation value of -3.66% [1] - China Merchants Bank (03968): H-share at 46.300 HKD, A-share at 38.08 CNY, premium rate of -1.49%, deviation value of 0.47% [1] Deviation Value Rankings - The top three AH shares by deviation value are: - Longqi Technology (09611): H-share at 32.100 HKD, A-share at 48.16 CNY, premium rate of 79.72%, deviation value of 79.72% [1] - Junda Co., Ltd. (02865): H-share at 25.760 HKD, A-share at 90.4 CNY, premium rate of 320.34%, deviation value of 77.25% [1] - Goldwind Technology (02208): H-share at 15.400 HKD, A-share at 26.89 CNY, premium rate of 109.16%, deviation value of 20.91% [1] - The bottom three AH shares by deviation value are: - Yangtze Optical Fibre and Cable (06869): H-share at 52.050 HKD, A-share at 109.7 CNY, premium rate of 152.45%, deviation value of -18.19% [2] - Northeast Electric (00042): H-share at 0.290 HKD, A-share at 2.25 CNY, premium rate of 831.03%, deviation value of -17.64% [2] - Chenming Paper (01812): H-share at 0.820 HKD, A-share at 2.19 CNY, premium rate of 219.51%, deviation value of -15.59% [2]

Market Overview - The Hong Kong stock market indices opened high but closed lower, with the Hang Seng Index down 0.1% at 26,559.01 points, the Hang Seng Tech Index down 0.4%, and the National Enterprises Index down 0.34% [1][9][10] - Technology stocks showed mixed performance, with Baidu up over 4% and Bilibili up over 1%, while Xiaomi and NetEase fell over 1% [1][9] Oil Sector - Oil stocks strengthened, with PetroChina rising over 3% [1][9] - The International Energy Agency (IEA) raised its global oil demand growth forecast for this year to 930,000 barrels per day, up from a previous estimate of 860,000 barrels per day, citing improved global economic outlook and lower oil prices [2][10] - Despite the positive demand outlook, the IEA warned of potential oversupply that could offset geopolitical risks [2][10] Gold Sector - Gold stocks experienced a general decline, with Zhenfeng Gold dropping over 6% [1][5] - The international gold market faced a pullback, with gold prices falling below $4,800 per ounce [5][13] - Goldman Sachs raised its gold price forecast for December 2026 to $5,400 per ounce, driven by increased buying from central banks and exchange-traded funds [5][13] Lithium Battery Sector - Lithium battery stocks faced significant declines, with CATL falling over 4% [1][9] - A report from Citi highlighted several headwinds for CATL, including slowing electric vehicle sales in China, rising lithium prices, and cuts to export tax rebates [6][14] - Despite these challenges, Citi projected a compound annual growth rate of 31% for CATL's earnings per share from 2025 to 2027, suggesting attractive risk-reward potential [6][14] New Listings - Longqi Technology saw a strong debut, rising over 4% on its first trading day, with its public offering oversubscribed by approximately 1,149.76 times [1][9][15] - The final offer price was set at the upper limit of the range, between HKD 27.3 and HKD 31.2 [15][16]

Group 1 - Oil stocks generally rose, with CNOOC (02883) up 4.32%, PetroChina (00857) up 3.33%, CNOOC (00883) up 2.98%, and Sinopec (00386) up 3.01%. International oil prices saw a slight increase, with WTI crude oil futures for February closing at $60.62 per barrel, up 0.43%, and Brent crude oil futures for March at $65.24 per barrel, up 0.49% [1] - CATL (03750) fell over 4%, down 4.4% as of the report. A report from Citi raised concerns about CATL's growth prospects due to slowing EV sales in China, rising lithium prices, and reduced export VAT rebates [1] - Kintor Pharmaceutical (02171) rose nearly 4% after announcing a clinical collaboration with Dispatch Bio to initiate a Phase I clinical trial in China by 2026 for a treatment method targeting solid tumors [1] Group 2 - Guoxia Technology (02655) surged over 7% following a strategic cooperation agreement with Shuneng Electric to enhance collaboration in the energy storage sector [2] - Kingsoft Biotech (01548) dropped over 6% after its affiliate Legend Biotech's stock fell more than 11%. Kingsoft reported that Legend's CARVYKTI had a net sales of approximately $555 million for Q4 [2] - Hong Kong real estate stocks saw a general rise, with Hysan Development (00014) up 5.17%, Sun Hung Kai Properties (00016) up 3.36%, and Wharf Real Estate (01997) up 4.02%. A report from Citi indicated a recovery in Hong Kong property prices, predicting a continued upward trend, albeit at a moderate pace due to tempered interest rate cut expectations [2] Group 3 - Baidu Group (09888) rose nearly 5%, with a cumulative increase of over 40% in the past two months. The company launched the official version of its Wenxin large model 5.0, featuring 2.4 trillion parameters [3] - Pacific Basin Shipping (02343) increased over 9%, reaching a new high of HKD 2.96, benefiting from a rise in the Baltic Dry Index, which increased by 74 points or 4.3% to 1803 points [3] - GDS Holdings (09698) rose nearly 3% after announcing the sale of shares in DayOne for $385 million, recovering approximately 95% of its investment principal with a return rate close to 6.5 times [4] Group 4 - The US stock market saw an expansion in gains, with the Nasdaq up 1%. Notable tech stocks like Intel (INTC.US) rose 11.72%, reaching a market cap of over $250 billion, the highest in four years [5] - The storage sector continued to strengthen, with Micron Technology (MU.US) up 6.61% and Western Digital (WDC.US) up 8.49%. Counterpoint Research indicated that the storage market has entered a "super bull market" phase, surpassing previous highs due to increased demand from AI and server capacity [5] - The Nasdaq Golden Dragon China Index surged 2%, with popular Chinese stocks like Bilibili (BILI.US) up 5.65% and Baidu (BIDU.US) up 8.17% [6]

每经AI快讯，宁德时代(03750.HK)午前跌超4%，截至发稿，跌4.65%，报463.4港元，成交额9.65亿港 元。 ...

Core Viewpoint - CATL (宁德时代) is facing multiple headwinds as it approaches 2026, raising investor concerns about its growth prospects, including a slowdown in electric vehicle sales in China, rising lithium prices, and reductions in battery export VAT rebates [1] Group 1: Stock Performance - CATL's stock dropped over 4%, specifically down 4.65%, trading at HKD 463.4 with a transaction volume of HKD 9.65 billion [1] Group 2: Analyst Insights - According to a report from Citi, CATL's A/H shares are currently trading at a projected P/E ratio of 17x/22x for 2026, which reflects most of the market's concerns [1] - The same report predicts a compound annual growth rate (CAGR) of 31% in earnings per share from 2025 to 2027, suggesting an attractive risk-reward profile [1]

智通财经APP获悉，宁德时代(03750)午前跌超4%，截至发稿，跌4.65%，报463.4港元，成交额9.65亿港 元。 里昂发布研报称，进入2026年，宁德时代正面临多项逆风，引发投资者对其增长前景的担忧，包括中国 电动车销售放缓、锂价上涨，以及电池出口增值税退税削减。该行认为，宁德时代A/H股目前交易于 2026年预估市盈率17倍/22倍，此水平已反映了市场的大部分担忧。考虑到该行预测其2025至2027年每 股盈利年均复合增长率达31%，风险回报具有吸引力。 ...