Core Insights - The article highlights the top and bottom AH share premium rates as of September 17, with Northeast Electric (00042) leading at a premium of 831.03% and Ningde Times (03750) at the bottom with -10.11% [1][2][3] Group 1: Top AH Share Premium Rates - Northeast Electric (00042) has the highest premium rate of 831.03% with a deviation value of 44.04% [2][4] - Andeli Juice (02218) follows with a premium rate of 236.50% and a deviation value of 8.97% [2] - Hongye Futures (03678) ranks third with a premium rate of 223.11% and a deviation value of -13.14% [2] Group 2: Bottom AH Share Premium Rates - Ningde Times (03750) has the lowest premium rate at -10.11% with a deviation value of 6.07% [3] - Heng Rui Medicine (01276) has a premium rate of -1.06% and a deviation value of 0.46% [3] - Midea Group (00300) shows a premium rate of 3.86% with a deviation value of -2.87% [3] Group 3: Top Deviation Values - Northeast Electric (00042) leads in deviation value at 44.04% with a premium rate of 831.03% [4] - Zhaoyan New Drug (06127) has a deviation value of 22.30% with a premium rate of 97.55% [4] - Zhejiang Shibao (01057) follows with a deviation value of 21.80% and a premium rate of 216.26% [4] Group 4: Bottom Deviation Values - Fudan Zhangjiang (01349) has the lowest deviation value at -22.95% with a premium rate of 195.69% [5] - Longyuan Power (00916) shows a deviation value of -21.66% with a premium rate of 163.60% [5] - Liaogang Co. (02880) has a deviation value of -20.47% with a premium rate of 105.66% [5]

Core Viewpoint - Contemporary Amperex Technology Co., Limited (CATL) has seen its stock price rise over 60% this year, reaching a new high of 503.5 HKD, following the certification of its sodium-ion battery under the new national standard for electric vehicle batteries [1] Group 1: Company Developments - CATL's sodium-ion battery has become the first globally to pass the GB 38031-2025 certification, which aims to enhance the safety of electric vehicle batteries [1] - The new national standard will be implemented on July 1, 2026, focusing on preventing risks such as battery fires through stringent safety requirements [1] - The sodium-ion technology has matured, with CATL already in small-scale production and supply to automotive companies, expecting to replace 30% of lithium iron phosphate batteries in small or short-range vehicles [1] Group 2: Market Applications - The second-generation sodium-ion battery has been successfully integrated into various automotive brands, including Li Auto, Avita, Deep Blue, Changan Qiyuan, and Neta [1] - In the energy storage sector, sodium-ion batteries are increasingly being utilized in energy storage projects due to their non-flammable, environmentally friendly characteristics, high energy conversion efficiency, long cycle life, and potential cost advantages [1]

Group 1: Market Performance - The Hang Seng Index rose by 1.41%, gaining 373 points to close at 26,812 points, while the Hang Seng Tech Index increased by 3.49% [1] - The early trading volume in the Hong Kong stock market reached HKD 192.4 billion [1] Group 2: Company Highlights - Baidu Group-SW (09888) surged by 15.9%, leading the gains among Hang Seng Tech Index constituents [1] - Alibaba-W (09988) saw a rise of 5% [1] - NIO-SW (09866) increased by over 8%, reaching a nearly one-year high ahead of the new ES8 launch [3] - China Tobacco Hong Kong (06055) rose by over 7%, achieving a new high after signing exclusive agency agreements for global markets [4] - Shandong High-Tech Holdings (00412) jumped by 14% following the announcement of a USD 100 million stock buyback plan [5] - Lens Technology (06613) increased by 6.8%, attributed to strong pre-order demand for the iPhone 17 [6] - China Education Holdings (00839) surged by over 16%, with expectations of significant valuation recovery in the private higher education sector [7] - Youzan (08083) rose by over 14%, as the company announced it is exploring the possibility of transferring to the main board for listing [8] Group 3: Industry Insights - The AI large model security assessment results indicated that major products from Tencent, Baidu, Alibaba, and Zhiyuan Huazhang exhibited fewer vulnerabilities, reflecting a high level of security protection [1] - CATL (宁德时代) shares rose over 5%, with the stock price surpassing HKD 500, marking a new high since its listing, while the company highlighted five major challenges in the energy storage industry [2]

Group 1: Market Performance - The Hang Seng Index rose by 1.41%, gaining 373 points to close at 26,812 points, while the Hang Seng Tech Index increased by 3.49% [1] - The early trading volume in Hong Kong stocks reached HKD 192.4 billion [1] Group 2: Company Highlights - Baidu Group-SW (09888) surged by 15.9%, leading the gains among Hang Seng Tech Index constituents [1] - Alibaba-W (09988) saw a rise of 5% [1] - NIO-SW (09866) increased by over 8%, reaching a nearly one-year high ahead of the new ES8 launch [2] - China Tobacco Hong Kong (06055) rose by over 7%, setting a new high after signing exclusive agency agreements for global markets [3] - Shandong High-Speed Holdings (00412) jumped by 14% following the announcement of a USD 100 million stock buyback plan [4] - Lens Technology (300433) (06613) increased by 6.8% due to strong pre-order demand for iPhone 17 [5] - China Education Holdings (00839) surged over 16% as private higher education sector shows signs of significant valuation recovery [6] - Youzan (08083) rose over 14% as the company explores the possibility of transferring to the main board for listing [6] Group 3: Industry Insights - The AI large model security assessment results indicate that major products from Tencent, Baidu, Alibaba, and others have shown fewer vulnerabilities, reflecting a high level of security [1] - Contemporary Amperex Technology Co., Ltd. (300750) (03750) saw its stock price exceed HKD 500, reaching a new high since its listing, while the CEO pointed out five major challenges in the energy storage industry [1]

Summary of Contemporary Amperex Technology Co. Ltd. Conference Call Company Overview - **Company**: Contemporary Amperex Technology Co. Ltd. (CATL) - **Industry**: Energy & Chemicals - **Stock Ticker**: 300750.SZ, 3750.HK - **Market Cap**: Rmb1,613,992 million [6] Key Points Manufacturing and Capacity - CATL's manufacturing lines are characterized by high complexity and intelligence, which create significant barriers to entry and enhance cost competitiveness [1][2] - The factory produces over 2.2 million cells per day, with more than 6,800 real-time quality control points ensuring high yield rates [2] - The company is targeting a total capacity of 1TWh for the next year, with current utilization rates exceeding 90% [3] Capacity Expansion Plans - CATL is constructing 250GWh of new capacity, aiming for 800GWh in 2025 and 1TWh in 2026 [3] - New overseas capacity is being developed in Hungary, Indonesia (2026), and Spain (2027), with expected profitability comparable to the domestic market [3] Energy Storage Systems (ESS) - The company's ESS products are designed to enhance project economics, yielding an internal rate of return (IRR) premium of approximately 14 percentage points over competitors globally and 7-8 percentage points in China [4] - CATL plans to shift its ESS product mix towards higher-margin AC system products in the coming years [4] Financial Performance and Projections - Revenue projections for the fiscal years ending December 2024, 2025, 2026, and 2027 are Rmb362,013 million, Rmb415,608 million, Rmb499,075 million, and Rmb603,807 million, respectively [6] - Expected EBITDA for the same years is Rmb79,515 million, Rmb91,475 million, Rmb113,544 million, and Rmb136,351 million [6] - The company anticipates a basic EPS of Rmb11.55 for 2024, increasing to Rmb22.22 by 2027 [6] Risks and Market Dynamics - Upside risks include faster-than-expected EV penetration, lower geopolitical risks, and better-than-expected margins [14] - Downside risks involve potential threats from other battery manufacturers and geopolitical risks affecting the battery supply chain [14] Valuation - The stock is rated as "Overweight" with a price target of Rmb425.00, indicating a potential upside of 20% from the closing price of Rmb354.70 on September 15, 2025 [6] Competitive Advantage - CATL's production lines consist of over 25,000 components, making it difficult for competitors to replicate their manufacturing capabilities [9] Additional Insights - The company is expected to produce a small batch of solid-state batteries by 2027, indicating a move towards advanced battery technologies [3] - The average daily trading value of CATL's stock is Rmb7,201 million, reflecting strong market interest [6] This summary encapsulates the key insights from the conference call, highlighting CATL's strategic initiatives, financial outlook, and competitive positioning within the energy and chemicals industry.

智通财经APP讯，宁德时代(03750)发布公告，2025年9月15日-2025年9月16日根据公司股东于2022年9月 5日批准采纳的股票期权与限制性股票激励计划(2022年股权激励计划)第三个归属期归属结果发行的A股 股份合计179.39万股。 ...

FF305 呈交日期： 2025年9月16日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 | A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) 300750 | 說明 | | A股股票於深圳證券交易所上市 | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1 ...

Group 1: Hang Seng Index (HSI) - Investors are optimistic about the Hang Seng Index continuing to rise, with bull certificates having a redemption price of 25,330, while some investors are hedging with bear certificates at a redemption price of 26,600 [1] - The closing price on Monday was 26,446, above the upper Bollinger Band at 26,442, with a technical signal summarized as "sell," indicating a higher probability of a short-term decline [1] - Support levels are identified at 25,779 and 25,348, while resistance levels are at 26,700 and 27,500 [1] Group 2: Contemporary Amperex Technology Co., Limited (CATL) - CATL reached a new high, with investors speculating whether the stock could hit 500 HKD this month; the stock peaked at 476.8 HKD and closed at 465 HKD [7] - Technical analysis indicates resistance levels at 505 HKD and 510 HKD, with a summarized signal of "sell," suggesting potential for a decline [7] Group 3: BYD Company Limited - BYD's stock closed at 108.1 HKD, near the middle line of the Bollinger Band, with a technical signal summarized as "buy," indicating a slight bullish outlook [13] - Resistance levels are at 113.6 HKD and 118.3 HKD, while support levels are at 103.2 HKD and 97.9 HKD [14] Group 4: Alibaba Group Holding Limited - Alibaba's stock showed decent rebound strength, but technical analysis suggests a "sell" signal, with resistance levels at 159.8 HKD and 180 HKD [18] Group 5: Nongfu Spring Co., Ltd. - Nongfu Spring's stock reached a new high of 54.5 HKD, with technical analysis indicating a "sell" signal and support levels at 51.2 HKD and 49.3 HKD [23] Group 6: JD.com, Inc. - JD.com's stock closed at 131.7 HKD, with support levels at 125 HKD and 119 HKD; bear certificates have a redemption price of 141.5 HKD, with resistance levels at 137.3 HKD and 144.3 HKD [29]

Market Overview - The Hong Kong stock market opened slightly higher on September 16, with the Hang Seng Index at 26,536 points, up 0.34%, and the Hang Seng Tech Index at 6,070 points, up 0.45% [1] Focus Companies - **Yaojie Ankang-B (02617.HK)**: The stock saw a maximum increase of over 60% in early trading, reaching a new high of 679.5 HKD. There was a net inflow of 143 million HKD from southbound funds yesterday. However, some analysts suggest that the stock may be overvalued and highly concentrated, advising ordinary investors to refrain from participation [3] - **Longpan Technology (02465.HK)**: Announced a procurement cooperation agreement with CATL for the sale of 157,500 tons of lithium iron phosphate cathode materials from Q2 2026 to 2031, with a total sales value exceeding 6 billion HKD. The stock opened over 14% higher [5] - **Ningde Times (03750.HK)**: Opened 2.8% higher at 478 HKD, reaching a new high since its listing [5] - **Yunfeng Financial (00376.HK)**: Announced a placement of 19.1 million new shares at 6.1 HKD per share, raising approximately 1.17 billion HKD. The stock fell over 10% in early trading [7] - **Hesai (02525.HK)**: Listed on the Hong Kong Stock Exchange today, opening with a rise of over 7% and later increasing to a 10% gain [9] Sector Performance - The technology sector showed mixed results, with Bilibili-W (09626.HK) up over 2% and JD Group-SW (09618.HK) down over 0.5%. Gold stocks generally rose, with Shandong Gold (01787.HK) increasing over 3%. The automotive sector was active, with Li Auto-W (02015.HK) up over 3%, and lithium battery stocks continued their upward trend, with Ningde Times rising over 2% [8] Market Outlook - According to China Merchants Securities, the Hong Kong market is primarily driven by liquidity, with expectations for a new round of increases due to improved liquidity conditions. Factors such as the Federal Reserve's interest rate cuts, easing of tight liquidity in the Hong Kong market, continuous inflow of southbound funds, and resolution of mid-term profit concerns are contributing to this outlook [8]

Core Viewpoint - CATL's stock price reached a new high, driven by multiple favorable factors and strong market performance in the new energy sector [1][5][10] Group 1: Stock Performance - On September 15, CATL's A-shares saw an intraday increase of over 14%, peaking at 371.52 CNY per share, with a closing increase of 9.14% [1] - In the H-share market, CATL's maximum intraday increase was 10.17%, closing with a rise of 7.44% [2] - The combined market capitalization of CATL's A and H shares reached approximately 1.63 trillion CNY, increasing by about 135.5 billion CNY in one trading day [2][5][6] Group 2: Factors Driving Stock Price Increase - The surge in CATL's stock price is attributed to several key factors, including: 1. The China Automobile Manufacturers Association's initiative on supplier payment norms [7] 2. The release of the action plan for accelerating green transformation in Fujian Province [8] 3. The new energy storage scale construction action plan set by the National Development and Reform Commission and the National Energy Administration [8] 4. The automotive industry growth plan aiming for 32.3 million vehicle sales in 2025, with 15.5 million being new energy vehicles [8] Group 3: Company Performance and Market Position - CATL's guidance for 2026 has been revised upward to 1,100 GWh, representing a year-on-year increase of 46% [9] - CATL holds the leading position in the global market for both power and energy storage batteries, with a 38.1% market share in power batteries as of May 2025 [12] - The company achieved a revenue of 178.89 billion CNY in the first half of 2025, a 7.27% increase year-on-year, and a net profit of 30.49 billion CNY, up 33.33% year-on-year [14] Group 4: Research and Development - CATL's R&D investment exceeded 10 billion CNY for the first time in the first half of 2025, totaling 10.10 billion CNY [15] - The company has over 21,000 R&D personnel and holds a total of 49,347 patents and pending applications [15]