Core Insights - The article highlights the top and bottom AH share premium rates as of June 10, with Northeast Electric (00042) leading at a premium rate of 958.82% and Ningde Times (03750) at the bottom with -1.75% [1][2]. Group 1: Top AH Share Premium Rates - Northeast Electric (00042) has a premium rate of 958.82% with H-share priced at 0.255 HKD and A-share at 2.25 CNY [2]. - Hongye Futures (03678) follows with a premium rate of 271.39%, H-share at 3.390 HKD and A-share at 10.51 CNY [2]. - Andeli Juice (02218) ranks third with a premium rate of 268.02%, H-share at 15.980 HKD and A-share at 49.1 CNY [2]. Group 2: Bottom AH Share Premium Rates - Ningde Times (03750) has a premium rate of -1.75%, with H-share at 299.600 HKD and A-share at 245.75 CNY [2]. - WuXi AppTec (02359) has a premium rate of 5.05%, H-share at 74.000 HKD and A-share at 64.9 CNY [2]. - China Merchants Bank (03968) has a premium rate of 5.13%, H-share at 50.900 HKD and A-share at 44.67 CNY [2]. Group 3: Top Share Deviation Values - BYD Company (01211) leads with a deviation value of 202.33%, H-share at 135.600 HKD and A-share at 353.13 CNY [2]. - Longpan Technology (02465) follows with a deviation value of 30.49%, H-share at 6.910 HKD and A-share at 15.33 CNY [2]. - Yanzhou Coal Mining (01171) has a deviation value of 11.04%, H-share at 8.250 HKD and A-share at 12.79 CNY [2]. Group 4: Bottom Share Deviation Values - China Shipbuilding Defense (00317) has the lowest deviation value at -46.55%, H-share at 13.360 HKD and A-share at 24.9 CNY [3]. - Zhejiang Shibao (01057) follows with -37.20%, H-share at 4.650 HKD and A-share at 11.93 CNY [3]. - Junshi Biosciences (01877) has a deviation value of -35.39%, H-share at 24.600 HKD and A-share at 37 CNY [3].

Investment Rating - The report initiates coverage with an "Outperform" rating for CATL, with a target price of HK$382 [2][6]. Core Insights - CATL has maintained its position as the global leader in power lithium batteries since 2017, achieving an installed power battery capacity of 339.3 GWh in 2024, with a market share of 37.9% [3][51]. - The company has a comprehensive supply chain layout that mitigates risks associated with raw material price volatility, securing control over critical mineral resources through various investment strategies [4][52]. - Heavy investment in R&D has led to the continuous development of competitive products, including the Kirin Battery and Tianheng Energy Storage System, enhancing the company's market leadership [5][53]. - Revenue forecasts for 2025-2027 are projected at RMB 460.9 billion, RMB 570.9 billion, and RMB 676.9 billion, with net profits of RMB 55.8 billion, RMB 73.1 billion, and RMB 87.3 billion respectively [6][54]. Summary by Sections Company Overview - CATL was established in 2011 and became the global leader in power lithium batteries in 2017, with significant milestones including its listing on the Hong Kong Stock Exchange in 2025 [10][12]. Financial Performance - The company experienced rapid revenue growth from RMB 29.61 billion in 2018 to RMB 328.59 billion in 2022, with a CAGR of approximately 82.52% [12][15]. - In Q1 2025, CATL reported revenue of RMB 84.705 billion, a year-on-year increase of 6.18% [12]. Industry Landscape - The global demand for lithium batteries is driven by the increasing penetration of electric vehicles, with global sales of new energy vehicles expected to reach 22.4 million units by 2025 [23][24]. Supply Chain and Innovation - CATL's integrated supply chain strategy includes investments in upstream resources and partnerships for battery materials, enhancing its competitive edge [4][39]. - The company has established a circular economy model through its Brunp Integration Park, focusing on resource recycling and sustainability [4][42]. Valuation and Forecast - The DCF valuation model supports a target price of HK$382 for CATL, reflecting strong growth potential in the renewable energy sector [6][54].

Investment Rating - The report initiates coverage with an "Outperform" rating for CATL [2][6]. Core Views - CATL has maintained its position as the global leader in power lithium batteries since 2017, with a market share of 37.9% in 2024, significantly outpacing competitors [3][51]. - The company has a comprehensive supply chain layout that mitigates risks associated with raw material price volatility, ensuring control over critical resources [4][52]. - Heavy investment in R&D has led to a continuous stream of innovative products, enhancing CATL's competitive edge in the market [5][53]. - The financial forecast indicates substantial revenue growth, with projected revenues of RMB 460.9 billion, RMB 570.9 billion, and RMB 676.9 billion for 2025, 2026, and 2027 respectively [6][54]. Summary by Sections Company Overview - CATL was established in 2011 and became the global leader in power lithium batteries in 2017, with significant milestones including its listing on the Hong Kong Stock Exchange in 2025 [10][12]. Market Position - The company achieved a power battery installed capacity of 339.3 GWh in 2024, with a market share increase to 37.9% [3][24]. - The global demand for electric vehicles is expected to drive further growth, with projections of 22.4 million units sold globally by 2025 [23]. Supply Chain and Risk Management - CATL has established a robust supply chain through various strategies, including investments in upstream resources and partnerships for battery materials [4][39]. - The company has developed a circular economy model through its Brunp Integration Park, enhancing its resource recycling capabilities [4][42]. Financial Performance - The report highlights a significant increase in revenue from RMB 296.11 billion in 2018 to RMB 3285.94 billion in 2022, with a projected revenue of RMB 847.05 billion in Q1 2025 [12][18]. - The net profit is expected to grow from RMB 55.8 billion in 2025 to RMB 87.3 billion in 2027, reflecting a strong profit margin [6][54]. Valuation - Based on a DCF valuation model, the target price for CATL is set at HK$382, indicating a favorable investment opportunity [6][54].

Core Insights - The article highlights the top and bottom AH share premium rates, indicating significant disparities among various companies in the market [1][2][3] Group 1: Top AH Share Premium Rates - Northeast Electric (00042) leads with a premium rate of 1020.33%, followed by Andeli Juice (02218) at 341.81% and Chenming Paper (01812) at 263.08% [1][2] - The top three companies with the highest deviation values are Andeli Juice (44.30%), Northeast Electric (39.74%), and Qingdao Bank (11.69%) [1][2] Group 2: Bottom AH Share Premium Rates - The companies with the lowest AH share premium rates include Ningde Times (03750) at -1.48%, China Merchants Bank (03968) at 6.19%, and BYD Company (01211) at 6.45% [1][2] - The bottom three companies with the lowest deviation values are Zhejiang Shibao (-77.86%), China Shipbuilding Defense (-38.64%), and Junshi Biosciences (-32.19%) [1][3] Group 3: Additional Insights on Premium and Deviation - The top ten AH stocks by premium rate also include Sinopec Oilfield Service (01033) at 261.90% and Fudan Zhangjiang (01349) at 239.41% [2] - The bottom ten AH stocks by premium rate feature WuXi AppTec (02359) at 9.53% and Chifeng Gold (06693) at 12.81% [2][3]

Group 1 - The recent performance of Hong Kong and A-shares has been lackluster, with market movements heavily influenced by U.S. events, particularly Trump's tariff actions [1] - Trump's recent threats to impose tariffs on the EU and increase steel tariffs to 50% have created volatility in the markets, reflecting the uncertainty surrounding U.S. fiscal policy [1][2] - The 30-year U.S. Treasury yield remains above 5%, raising concerns about the stability of U.S. debt and its implications for the broader financial market [1][2] Group 2 - The new consumption sector in Hong Kong is gaining attention, characterized by a diverse range of companies from bubble tea to beauty products, indicating a broad interpretation of consumer spending [5][6] - Major internet companies in China, such as Meituan and Xiaomi, reported strong earnings, with Meituan exceeding revenue and profit expectations despite ongoing competition with JD.com [6] - PDD's financial performance has been mixed, with revenue growth but a significant drop in net profit, attributed to government subsidies and market conditions, leading to volatility in its stock price [6] Group 3 - The IPO market in Hong Kong has shown a positive trend, with a low first-day loss rate of 28.6% for new listings, the lowest since 2017 [7] - New stock performance varies significantly, with some companies like Ningde Times and Guanshi Shuduan showing substantial first-day gains, while others like Paige Biopharma experienced significant losses [8] - The strategy for participating in new stock offerings emphasizes quick exits within three days, suggesting a focus on short-term gains rather than long-term holdings [8][9]

点击蓝字 关注我们 目 录 行业信息 试 政策信息 1、峰谷电价浮动 60%! 贵州拟调整峰谷分时电价 2、浙江省财政厅等 5 部门关于下达 2025 年中央节能减排补助资金预算 (县域充换电 设施补短板试点具预拨奖励资金)的通知 1、宁德时代发布 75#标准化换电块 将建设八横十纵换电绿网 2、60GWh! 山东时代电池生产基地正式投产 3、北京增发 2 万个新能源小客车指标 4、前４月宁波口岸出口新能源汽车超 7 万辆 5、中国石化等新设能源科技公司 含集中式快速充电站业务 6、国轩高科集中发布六项技术,全固态已进入预量产阶段 7、国家统计局：4月"人工智能+"驱动作用增强 数字产业蓬勃发展 8、宁德时代登陆港交所,"A+H"加速全球化布局 9、黄仁勋：英伟达正在将其 AI 模型应用于自动驾驶汽车 10、国轩高科：公司 G 垣准固态电池已获主流车企认可并应用于多款全新车型的上车测 11、国芯科技合作安波福 推汽车核心芯片国产化 12、中国已有超 3000 万辆新能源汽车 纯电超 2000 万辆 13、巨湾技研完成充电新国标发布后的行业首次公开测试 14、高通与小米签署全新多年协议 15、蔚来能源与沈阳中德 ...

每经记者｜王海慜 李娜 每经编辑｜董兴生 随着宁德时代（HK03750，股价314.000港元，市值1.43万亿港元）上市，港交所IPO（首次公开募股） 募资规模重新成为世界第一。 尽管近几年市场几经起伏，但得益于中国新经济与科技企业持续成长，港交所2014~2024年IPO累计募 资规模在全球高居首位。 值得注意的是，这10年时间，港交所IPO公司的行业和地区分布结构变化，可以在一定程度上折射出中 国经济从投资拉动向创新引领的变迁。 据《每日经济新闻》记者观察，2025年以来，港股市场保持强势，指数涨幅在全球各重要市场中排名居 前。 近期，多家大型外资机构也纷纷表示看多中国资产。谈及后市表现，摩根大通首席亚洲及中国股票策略 师刘鸣镝建议逢低吸纳，"应该说，中国股票在2024年找到了底，2025年会继续向好"。另外，她坦言， 对于中国权益资产，目前更看好港股。"无论从业绩还是估值的角度，我觉得港股可能会更乐观。越来 越明显的是，现在内地投资人也喜欢到港股市场来买优质的成长股。" 大型IPO助力募资规模 日前，宁德时代正式登陆港交所，这笔2025年以来全球最大IPO，也令港交所2025年新股募资额超过 600亿 ...

金十数据5月26日讯，恒指今早低开低走，午后维持水下震荡态势持续下探，最低见23234.27点。恒生 科技指数午后一度跌逾2%。截至收盘，恒指收跌1.35%，报23282.33点，科指收跌1.7%，报5157.65点， 恒指大市成交额达2235.2亿港元（上一交易日为2036.71亿港元）。盘面上，美股核电板块大涨带动港股 核电板块表现突出，科网股走势分化，汽车股领跌大盘，医药股回调走弱。个股方面，中核国际 (02302.HK)收涨129.78%，同程旅行(00780.HK)收涨4.39%，名创优品(09896.HK)绩后收跌18.22%，比亚 迪股份(01211.HK)收跌8.6%，宁德时代(03750.HK)收跌2.61%，小米集团(01810.HK)收跌3.21%，恒瑞医 药(01276.HK)收跌2.63%。 港股收评：恒指水下震荡收跌1.35% 汽车整车板块表现疲软 ...

Core Viewpoint - Rongli Construction is actively positioning itself in the renewable energy sector in Hong Kong by forming strategic alliances and launching initiatives aimed at achieving zero carbon emissions and promoting smart city development [1][2][3]. Group 1: Company Initiatives - Rongli Construction has been expanding its renewable energy business since 2018, focusing on solar photovoltaic systems and electric construction machinery [3]. - The company has installed photovoltaic systems for over 400 schools and NGOs, demonstrating its commitment to sustainable development [3]. - The establishment of the Zero Carbon Smart Alliance signifies Rongli's ambition to lead in green construction and contribute to societal responsibilities [3][5]. Group 2: Strategic Partnerships - The collaboration with SANY Group and CATL (Contemporary Amperex Technology Co., Limited) enhances Rongli's capabilities in the renewable energy sector [2][12]. - SANY Group's electric vehicles are supported by Rongli's local resources, which will facilitate the establishment of charging infrastructure in Hong Kong [12]. - The partnership with CATL aims to create a battery recycling network, aligning with Hong Kong's climate action goals [9][14]. Group 3: Market Opportunities - The Hong Kong government has set ambitious targets for zero emissions by 2050, creating a favorable environment for companies like Rongli to capitalize on the growing demand for renewable energy solutions [4]. - The market for electric vehicles and charging infrastructure in Hong Kong presents significant growth potential, with plans to build over 20 smart battery swap stations by 2027 [7]. - The introduction of advanced technologies such as energy storage and rapid charging systems will enhance the efficiency of renewable energy usage in Hong Kong [7][9]. Group 4: Long-term Vision - Rongli Construction aims to increase the share of renewable energy generation in Hong Kong to 7% by 2030 through innovative solar solutions [6]. - The company envisions expanding its renewable energy initiatives beyond Hong Kong, leveraging its experience to enter global markets [14].

关注 「电动车公社」 和我们一起重新思考汽车 以下是上周新能源圈的新闻： 新车上市： 1、 全新小鹏P7"鹏翼版"谍照曝光 近日，有博主曝光了全新小鹏P7"鹏翼版"的谍照。 全新小鹏 P7 "鹏翼版"谍照曝光； 智己LS9谍照曝光； 比亚迪纯电K-Car 谍照曝光； 新款星 途 星纪元ES纯电版上市，售价18.98-26.98万元； 魏牌蓝山焕新款上市，售价29.98-32.68万元； 深蓝S09上市，售价23.99-30.99万元； 小米YU7正式发布； 吉利银河M9全球首发亮相； 多款新车登陆工信部； 公司动态： 宁德时代港股挂牌 上市； 本田发布2025全球事业规划； 小鹏汽车发布2025年一季度财报，业绩历史最强； 比亚迪多款车型推出一口价，海鸥售价低至5.58万元； 国内新闻： 北京面向无车家庭，再次增发2万新能源小客车指标； 发改委重拳整治内卷式竞争，汽车行业被点名； 新车上市 据悉，新车采用了此前老款鹏翼版的同款苹果绿配色， 配备在前款车型上备受好评的"鹏翼门"，配备电动开合的后尾翼，以及橙色的Brembo刹车卡钳。 对 初代小鹏P7来说，鹏翼版最大的意义，一是帅，二是提升品牌调性，也是 小鹏大 ...