Core Viewpoint - The report highlights the AH premium rates of various companies, indicating significant discrepancies between their A-shares and H-shares, with Northeast Electric (00042) leading with a premium rate of 864.29% [1] AH Premium Rate Rankings - The top three companies with the highest AH premium rates are: - Northeast Electric (00042): 864.29% - Andeli Juice (02218): 227.40% - Hongye Futures (03678): 225.67% [1] - The bottom three companies with the lowest AH premium rates are: - Ningde Times (03750): -12.07% - Heng Rui Medicine (01276): -3.97% - Zijin Mining (02899): 4.14% [1] Deviation Value Rankings - The top three companies with the highest deviation values are: - Northeast Electric (00042): 74.37% - Changfei Optical Fiber (06869): 24.77% - Zhaoyan New Drug (06127): 22.94% [1] - The bottom three companies with the lowest deviation values are: - Longpan Technology (02465): -25.07% - Qin Port Shares (03369): -19.33% - COSCO Shipping Energy (01138): -15.04% [1] Detailed AH Stock Premium and Deviation Data - The report provides detailed tables showing the premium rates and deviation values for the top and bottom AH stocks, indicating significant variations in market perception and valuation between A-shares and H-shares [1][2]

Summary of Key Points Group 1: Stock Performance - As of September 22, 105 stocks reached their 52-week highs, with notable performers including Yunzhihui Technology (01037) at 96.97%, Kaisa Capital (00936) at 50.00%, and Xincheng Power (01148) at 48.33% [1] - The closing prices and peak prices for these stocks were as follows: Yunzhihui Technology at 0.620 with a peak of 0.650, Kaisa Capital at 0.850 with a peak of 1.350, and Xincheng Power at 0.445 with a peak of 0.445 [1] - Other significant stocks that reached new highs include Global Printing (08448) at 32.65% and New Fengtai Group (01771) at 28.57% [1] Group 2: Stock Price Changes - The report includes a detailed list of stocks that achieved new highs, with varying rates of increase, such as YG Trade (00375) at 12.00% and Zhaobangji Life (01660) at 10.87% [1] - The data also highlights stocks with lower performance, such as the lowest performers like Midis (08307) with a decline of 75.73% and China Information Technology Equity at -23.14% [3] - The report provides a comprehensive overview of stock performance, including both highs and lows, indicating market volatility and investor sentiment [3][4]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of September 22, with Northeast Electric (00042) leading at 831.03% and CATL (03750) at -13.26% [1][2]. AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042): H-share at 0.290 HKD, A-share at 2.25 CNY, premium rate of 831.03%, deviation value of 43.11% [1]. - Andeli Juice (02218): H-share at 16.540 HKD, A-share at 45.25 CNY, premium rate of 227.69%, deviation value of -1.28% [1]. - Hongye Futures (03678): H-share at 4.200 HKD, A-share at 11.38 CNY, premium rate of 224.52%, deviation value of -11.54% [1]. - The bottom three stocks with the lowest AH premium rates are: - CATL (03750): H-share at 511.000 HKD, A-share at 370.05 CNY, premium rate of -13.26%, deviation value of 1.89% [1]. - Heng Rui Medicine (01276): H-share at 90.000 HKD, A-share at 71.05 CNY, premium rate of -5.44%, deviation value of -4.32% [1]. - Zijin Mining (02899): H-share at 29.540 HKD, A-share at 25.37 CNY, premium rate of 2.88%, deviation value of -3.50% [1]. Deviation Value Rankings - The top three stocks with the highest deviation values are: - Northeast Electric (00042): premium rate of 831.03%, deviation value of 43.11% [2]. - Changfei Optical Fiber (06869): premium rate of 130.35%, deviation value of 26.09% [2]. - China Foreign Transportation (00598): premium rate of 67.13%, deviation value of 18.35% [2]. - The bottom three stocks with the lowest deviation values are: - Longpan Technology (02465): premium rate of 61.72%, deviation value of -25.04% [3]. - Qin Port Co. (03369): premium rate of 53.16%, deviation value of -21.72% [3]. - Longyuan Power (00916): premium rate of 163.85%, deviation value of -19.33% [3].

Group 1 - Citic Securities raised the target price for CATL's H-shares by 25.2%, from HKD 535 to HKD 670 [1] - The target price for A-shares was also increased, maintaining a "outperform" rating for both A-shares and H-shares [1] - The company reported that both electric vehicle and energy storage system (ESS) production are operating at full capacity, with strong demand, particularly in the overseas ESS market [1] Group 2 - Earnings per share forecasts for 2026 and 2027 were increased by 9%, primarily due to a 10% upward revision in battery shipment forecasts [1] - Citic Securities extended the valuation to 2027 and assumed a 25% premium for H-shares over A-shares [1]

Group 1: Industry Overview - The dual drivers of policy and demand are expected to highlight companies with resource advantages, technological barriers, and regional collaboration advantages in the lithium battery industry [1] - The global lithium battery demand is projected to maintain a compound annual growth rate (CAGR) of over 25% from 2025 to 2030, with the market size anticipated to exceed 1.5 trillion yuan [1] - The Ministry of Industry and Information Technology (MIIT) has emphasized the strategic importance of the lithium battery industry, signaling a focus on preventing low-level redundant construction and optimizing industrial layout [1] Group 2: Policy Support - The MIIT and the State Administration for Market Regulation have issued a growth action plan for the electronic information manufacturing industry, targeting an average growth rate of 7% for major electronic equipment manufacturing from 2025 to 2026, with the lithium battery sector contributing to an overall revenue growth of over 5% [2] - The automotive industry growth plan aims for approximately 32.3 million vehicle sales in 2025, including around 15.5 million new energy vehicles, providing a substantial market opportunity for the lithium battery sector [2] - Recent initiatives to stabilize payment terms for battery suppliers are expected to enhance order predictability and support capacity planning [2] Group 3: Market Demand - The current demand in the power battery, energy storage, and new energy vehicle markets is exceeding expectations, providing a solid foundation for the lithium battery industry [2] - The acceleration of solid-state battery industrialization is anticipated to create new growth points for the lithium battery sector [2] Group 4: Technological Advancements - The solid-state battery industry is entering a "technology verification period," with several automakers planning to achieve mass production by around 2027, which will drive structural growth in high-end lithium resource demand [3] - Companies like CATL are achieving significant technological breakthroughs, with pilot line yields exceeding 90%, accelerating the industrialization process [3] Group 5: Investment Insights - Investment suggestions highlight the ongoing demand for energy storage and commercial vehicles, with expectations for both volume and price increases in 2025-2026, focusing on leading battery companies such as CATL and Yiwei Lithium Energy [3] - New technologies like solid-state batteries are expected to reshape the competitive landscape, with companies that have technological advantages likely to see early rebounds [4] Group 6: Company Performance - Tianqi Lithium is positioned as a global leader in metal lithium production, with a capacity of 600 tons and an additional 1,000 tons under construction, indicating significant market potential as solid-state batteries gain traction [6] - Ganfeng Lithium has achieved mass production of energy storage cells and is expanding its presence in the solid-state battery market, indicating strong growth prospects [6] - Contemporary Amperex Technology Co., Ltd. (CATL) is experiencing robust demand in both electric vehicle and energy storage system markets, leading to upward revisions in earnings forecasts [7]

9月19日—20日，2025遂宁国际锂电产业大会召开。据报道，工信部将深化供给侧结构性改革，巩固产 业链优势。面向中长期新型电池产业发展趋势，研究编制《"十五五"新型电池产业发展规划》，加强产 业发展统筹规划和系统布局。积极探索区域协调发展模式，引导各地区因地制宜，差异化、特色化开展 锂电池产业规划布局。 业内表示，工信部此次表态不仅明确了国家层面对该产业的战略重视，更释放了防范低水平重复建设、 优化产业布局的清晰信号。 数据显示，2025-2030年全球锂电池需求复合增长率将维持在25%以上，市场规模有望突破1.5万亿元， 在政策与需求的双重驱动下，具备资源优势、技术壁垒和区域协同优势的企业将脱颖而出。 政策上，9月5日，工业和信息化部、国家市场监督管理总局联合印发《电子信息制造业2025—2026年稳 增长行动方案》，明确提出"2025年至2026年，规模以上计算机、通信和其他电子设备制造业增加值平 均增速在7%，加上锂电池、光伏及元器件制造等相关领域后电子信息制造业年均营收增速达到5%以 上"。这一政策为锂电池行业提供了明确的发展目标和政策支持，无疑增强了市场对行业长期发展的信 心。 日前，工信部等八部 ...

Industry Overview - The 2025 Suining International Lithium Battery Industry Conference highlighted the Ministry of Industry and Information Technology's (MIIT) commitment to deepening supply-side structural reforms and consolidating the industry's advantages [1] - The global lithium battery demand is expected to maintain a compound annual growth rate (CAGR) of over 25% from 2025 to 2030, with the market size projected to exceed 1.5 trillion yuan [1] Policy Support - The MIIT and the State Administration for Market Regulation issued a plan for the electronic information manufacturing industry, targeting an average growth rate of 7% for major electronic device manufacturing from 2025 to 2026, which includes lithium batteries [2] - The automotive industry plan aims for approximately 32.3 million vehicle sales in 2025, with around 15.5 million being new energy vehicles, providing a significant market for lithium batteries [2] Market Demand - Current demand in the power battery, energy storage, and new energy vehicle markets is exceeding expectations, providing a solid foundation for the lithium battery industry [2] - The acceleration of solid-state battery industrialization is expected to create new growth points for the lithium battery sector [2] Technological Advancements - The solid-state battery industry is entering a "technology verification period," with several automakers planning to achieve mass production by around 2027 [3] - Solid-state batteries have a significantly higher lithium consumption per unit compared to traditional liquid batteries, which will drive structural growth in high-end lithium resource demand [3] Investment Insights - Investment suggestions highlight the ongoing demand for energy storage and commercial vehicles, with expectations for both volume and price increases in 2025-2026 [3] - Companies such as CATL, Yiwei Lithium Energy, and Xinwangda are recommended for their leadership in the battery sector, while materials companies like Tianqi Lithium and Puli Technology are also noted [3] Market Recovery - The lithium battery sector is experiencing a price bottoming and production expansion slowdown, leading to a gradual recovery in market sentiment [4] - The upcoming traditional peak season and cost-reduction measures are expected to stabilize industry profitability and provide upward elasticity [4] Company Developments - Tianqi Lithium has a production capacity of 600 tons of lithium metal and is building an additional 1,000 tons, positioning itself as the second-largest globally [6] - Ganfeng Lithium has achieved mass production of energy storage cells and is expanding its presence in the solid-state battery market [6] - Zhongchu Innovation is experiencing strong demand for its energy storage batteries, with significant improvements in cost-effectiveness and yield rates [7] - CATL is operating at full capacity for both electric vehicle and energy storage system production, with strong demand particularly in overseas markets [7]

Core Viewpoint - The stock price of CATL (宁德时代) has experienced significant volatility, rising for seven consecutive days to reach a high of 521 HKD, amidst a backdrop of extreme overbought conditions and a positive industry outlook [1]. Technical Analysis - The current RSI for CATL is at 82, indicating severe overbought conditions, with technical indicators suggesting a "strong sell" signal at a high-risk level of 13 [1]. - Key support levels are identified at 461 HKD and 440 HKD, while resistance levels are at 519 HKD and 570 HKD, making these critical points for short-term trading [2]. - The moving average system shows a bullish arrangement, with MA10 at 453.07 HKD, MA30 at 427.58 HKD, and MA60 at 408.66 HKD, but there is a notable divergence from the current stock price, increasing the likelihood of a technical adjustment [2]. Derivative Market Performance - CATL-related derivatives have shown high volatility, with significant returns observed; for instance, HSBC's call option surged by 41% and Bank of China's call option rose by 42% following a 5.87% increase in the underlying stock [4]. - Investors are encouraged to consider various call options with different strike prices and leverage, such as UBS's call option with a strike price of 569.38 HKD and a leverage of 7 times [7]. Market Sentiment - Despite the overbought conditions, there remains a positive sentiment towards CATL's long-term prospects, with investors looking for opportunities to enter during potential pullbacks [1][10]. - The discussion around the lithium battery sector indicates a shift towards healthier market dynamics, reducing competitive pressures [1].

Group 1 - The top three companies with the highest short position ratios are ZTE Corporation (00763) at 15.37%, COSCO Shipping Holdings (01919) at 14.41%, and CATL (03750) at 13.38% [1][2] - The company with the largest increase in short position ratio is China Pacific Insurance (02601), which rose by 5.56% to 7.72% [2] - The companies with the largest decrease in short position ratio include Shandong Gold (01787), which decreased by 3.98% to 8.68%, and Kingsoft Cloud (03896), which decreased by 1.65% to 2.96% [1][3] Group 2 - The latest short position ratios for the top ten companies show that Zijin Mining (02899) has a ratio of 13.12%, Ping An Insurance (02318) at 12.68%, and MicroPort Medical (00853) at 11.92% [2] - The companies with the most significant increases in short position ratios also include Hengrui Medicine (01276) with an increase of 0.98% to 8.19% and Kanglong Chemical (03759) with an increase of 0.93% to 7.27% [2] - The companies with the most significant decreases in short position ratios also include Kangfang Biotech (09926) with a decrease of 1.02% to 3.89% and Shengye (06069) with a decrease of 0.99% to 1.83% [3]

Group 1 - As of September 19, 93 stocks reached their 52-week highs, with Huake Intelligent Investment (01140), Xincheng Power (01148), and Huashang Energy (00206) leading the increase rates at 22.30%, 20.00%, and 17.65% respectively [1] - The closing prices for the top three stocks that reached new highs are Huake Intelligent Investment at 0.170, Xincheng Power at 0.300, and Huashang Energy at 0.305 [1] - Other notable stocks that reached new highs include Handa Fu Holdings (01348) with a high rate of 16.89% and Meijiehui Holdings (01389) at 13.75% [1] Group 2 - The report also lists stocks that reached their 52-week lows, with Shanga Holdings (00412) experiencing the largest decline at -34.98%, followed by Huaying Construction (01582) at -21.47% [3] - The closing price for Shanga Holdings is 3.360, while Huaying Construction closed at 0.360 [3] - Other stocks with significant declines include China Information Technology Equity (08568) at -17.74% and Tai Hing Properties (00277) at -11.90% [3]