Group 1 - The establishment of Times Qiji Power Technology (Linfen) Co., Ltd. has been officially registered, with a legal representative named Zhang Yan and a registered capital of 20 million RMB [1] - The company's business scope includes operations related to electric vehicle charging infrastructure, battery leasing, recycling and repurposing of used power batteries from new energy vehicles, rental of charging control equipment, energy storage technology services, battery sales, and sales of battery accessories [1] - Times Qiji Power Technology is wholly owned by Times Qiji New Energy Technology (Shenzhen) Co., Ltd., which is a subsidiary of CATL (Contemporary Amperex Technology Co., Ltd.) [1]

个股方面，1月20日，有1630股获融资净买入，净买入金额在5000万元以上的有70股。其中，30股获融 资净买入额超1亿元。宁德时代获融资净买入额居首，净买入8.11亿元；融资净买入金额居前的还有海 格通信、世纪华通、浙文互联、通富微电、人民网、紫金矿业、视觉中国、贵州茅台等股。 Wind统计显示，1月20日，申万31个一级行业中有4个行业获融资净买入，其中，电力设备行业获融资 净买入额居首，当日净买入8.05亿元；获融资净买入居前的行业还有传媒、食品饮料等。 ...

Core Viewpoint - Ningde Times conducted two block trades on January 20, totaling 110,600 shares and a transaction amount of 38.67 million yuan, with a transaction price of 349.60 yuan per share [1] Group 1: Block Trade Summary - The total transaction amount for the two block trades was 38.67 million yuan, with both transactions executed at a price of 349.60 yuan [1] - Over the past three months, Ningde Times has recorded a total of 34 block trades, amounting to 8.04 billion yuan [1] - The block trades involved institutional proprietary seats on both the buy and sell sides [1] Group 2: Stock Performance - The closing price of Ningde Times on January 20 was 349.60 yuan, reflecting a 0.20% increase, with a daily turnover rate of 0.83% and a total transaction amount of 12.47 billion yuan [1] - The net inflow of main funds for the day was 321 million yuan, while the stock has seen a cumulative decline of 2.62% over the past five days, with a total net outflow of 4.08 billion yuan [1] - The latest margin financing balance for the stock was 22.55 billion yuan, showing a decrease of 170 million yuan over the past five days, representing a decline of 0.75% [1]

Group 1 - On January 20, 2026, CATL (宁德时代) executed a block trade of 110,600 shares, with a transaction value of 38.6658 million yuan, accounting for 0.31% of the total trading volume for the day [1] - The transaction price was 349.6 yuan, which remained unchanged compared to the market closing price of 349.6 yuan [1] - The block trade included two separate transactions: one for 72,000 shares valued at 25.171 million yuan and another for 38,600 shares valued at 13.494 million yuan, both executed by institutional investors [2]

Core Viewpoint - The report highlights the premium rates of AH shares, with Northeast Electric, Zhejiang Shibao, and Junda Co. leading in premium rates, while CATL, China Merchants Bank, and Hansoh Pharmaceutical have the lowest premium rates [1]. Premium Rate Rankings - The top three AH shares by premium rate are: - Northeast Electric (00042) with a premium rate of 815.25% - Zhejiang Shibao (01057) with a premium rate of 386.24% - Junda Co. (02865) with a premium rate of 369.87% [1]. - The bottom three AH shares by premium rate are: - CATL (03750) with a premium rate of -12.69% - China Merchants Bank (03968) with a premium rate of -0.92% - Hansoh Pharmaceutical (01276) with a premium rate of -0.12% [1]. Deviation Values - The top three shares by deviation value are: - Junda Co. (02865) with a deviation value of 138.55% - Goldwind Technology (02208) with a deviation value of 35.44% - Sanhua Intelligent Control (02050) with a deviation value of 18.71% [1]. - The bottom three shares by deviation value are: - Northeast Electric (00042) with a deviation value of -39.75% - Chenming Paper (01812) with a deviation value of -27.60% - China Life (02628) with a deviation value of -19.12% [1]. Additional Premium Rate and Deviation Data - The report includes detailed tables showing the premium rates and deviation values for various AH shares, indicating significant variations among different companies [2].

Core Viewpoint - The report indicates that China's electric vehicle battery installation capacity is expected to see significant growth this year, driven by strong electric vehicle sales and increasing demand for energy storage systems [1] Industry Summary - In December, China's electric vehicle production increased by 12.3% year-on-year, reaching 1.72 million units, while the battery installation capacity grew by 30% [1] - The demand for energy storage systems is anticipated to become a major growth driver for batteries this year [1] - A policy adjustment regarding export VAT refunds, effective April 1, may lead to increased shipping demand, further boosting total shipments for the year [1] - The industry maintains a positive outlook, reaffirming a buy rating for Contemporary Amperex Technology Co., Ltd. (CATL) [1]

（原标题：宁德时代发生2笔大宗交易 合计成交5896.71万元） 两融数据显示，该股最新融资余额为225.13亿元，近5日增加2.42亿元，增幅为1.09%。（数据宝） 1月19日宁德时代大宗交易一览 | 成交量 （万股） | 成交金额 （万元） | 成交价格 （元） | 相对当日 收盘折溢价 （%） | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | 19.66 5541.37 | | 281.86 | -19.21 | 金元证券股份有限公司四川分公司 | 中信证券股份有限公司北京建外大街证券营业部 | | 1.00 | 355.34 | 355.34 | | 1.85 光大证券股份有限公司宁波柳汀街证券营业部 | 光大证券股份有限公司宁波柳汀街证券营业部 | | | | | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 | | | 宁德时代1月19日大宗交易平台共发生2笔成交，合计成交量20.66万股，成交金额5896.71万元。以折溢价进行统计，今日有1笔为折价交易，折价 率最高达19.21%。今日溢价成交的共有1笔，溢价率 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 第1笔成交价格为355.34元，成交1.00万股，成交金额355.34万元，溢价率为1.85%，买方营业部为光大 证券股份有限公司宁波柳汀街证券营业部，卖方营业部为光大证券股份有限公司宁波柳汀街证券营业 部。 第2笔成交价格为281.86元，成交19.66万股，成交金额5,541.37万元，溢价率为-19.21%，买方营业部为 金元证券股份有限公司四川分公司，卖方营业部为中信证券股份有限公司北京建外大街证券营业部。 进一步统计，近3个月内该股累计发生32笔大宗交易，合计成交金额为80亿元。该股近5个交易日累计下 跌3.53%，主力资金合计净流出49.75亿元。 责任编辑：小浪快报 1月19日，宁德时代收跌0.97%，收盘价为348.90元，发生2笔大宗交易，合计成交量20.66万股，成交金 额5896.71万元。 ...

Group 1 - The article highlights the top three and bottom three AH premium rates for various companies, with Northeast Electric (00042) leading at 815.25% and Ningde Times (03750) at -11.36% [1] - The top three companies with the highest deviation values are Junda Co., Ltd. (02865) at 129.73%, Goldwind Technology (02208) at 38.82%, and Sanhua Intelligent Control (02050) at 18.64% [1] - The bottom three companies with the lowest deviation values include Northeast Electric (00042) at -42.57%, Chenming Paper (01812) at -21.05%, and Nanhua Futures (02691) at -20.64% [1] Group 2 - The top ten AH stocks by premium rate include Zhejiang Shibao (01057) at 384.97% and Junda Co., Ltd. (02865) at 355.07% [2] - The bottom ten AH stocks by premium rate include China Merchants Bank (03968) at -0.84% and Hengrui Medicine (01276) at -4.80% [2] - The deviation values for the bottom ten AH stocks show significant negative values for Northeast Electric (00042) and Chenming Paper (01812), indicating a potential mispricing in the market [2]

Core Viewpoint - Citigroup's report indicates that CATL (300750) faces multiple headwinds entering 2026, raising investor concerns about its growth prospects, including a slowdown in Chinese electric vehicle sales, rising lithium prices, and a reduction in battery export VAT rebates. However, the firm maintains a "highly confident outperform" rating for CATL's A/H shares with a target price of 685 RMB / 500 HKD [1]. Group 1 - The slowdown in Chinese electric vehicle sales is already anticipated in market expectations and reflected in growth forecasts, thus not surprising the market as negative news [1]. - Strong growth momentum in energy storage batteries is expected to partially offset the negative impact from the slowdown in electric vehicle batteries [1]. - CATL indicated during a company visit in November that battery shipments in Q1 2026 may remain flat compared to the previous quarter, implying a year-on-year growth rate of 60% [1]. Group 2 - Citigroup estimates that the reduction in battery export VAT rebates will have a negligible impact on CATL's profitability, approximately 2%, suggesting that this policy should not affect China's battery exports [2]. - CATL's A/H shares are currently trading at a projected P/E ratio of 17x/22x for 2026, which Citigroup believes reflects most of the market's concerns [2]. - With a forecasted compound annual growth rate of 31% in earnings per share from 2025 to 2027, the risk-reward profile for CATL appears attractive [2]. - Historically, CATL's A shares traded at an average P/E ratio of 19x from 2022 to 2025 during a down cycle in the battery industry, and with a new upcycle driven by structural growth in energy storage batteries approaching, a revaluation above the historical average is warranted [2].