Group 1 - The core viewpoint of the article is that the introduction of the new national subsidy policy in mainland China for 2026 will alleviate market concerns regarding the sustainability of subsidies for electric passenger vehicles, ensuring continued growth in the electric vehicle battery industry [1] - The new subsidy policy links the subsidy amount to vehicle prices, differing from the fixed subsidy of 2025, but maintains similar subsidy caps and eligible vehicle models [1] - The continuation of subsidies is expected to secure high single-digit growth for the electric vehicle battery industry in 2026, with strong performance in electric trucks and energy storage systems further enhancing industry profitability [1] Group 2 - If strong demand leads to sustained increases in battery material prices, the company believes that CATL (宁德时代) will be able to pass on cost pressures through pricing strategies [1] - The target price for CATL's A-shares is set at 490 RMB, with an "overweight" rating, positioning it as a top choice in the industry [1]

媒体记者从全国汽车标准化技术委员会获悉，12月30日，固态电池首个国家标准——《电动汽车用固态 电池 第1部分：术语和分类》公开征求意见。 征求意见稿明确了固态电池的相关术语、分类、编码等基础内容，标志着固态电池技术开始由实验室走 向产业化。 智通财经APP获悉，据高工产业研究院(GGII)不完全统计，2025年我国锂电产业链全环节公开投资项目 (含锂电池及主要材料、固态电池、钠电池)超282个，总投资额超8200亿元，同比增长超74%。 随着固态电池技术的快速发展，概念股备受机构关注。统计显示，四季度以来共有22只概念A股获得机 构调研，其中16股调研机构家数在10家及以上。 近日，媒体记者从全国社会保障基金理事会相关人士处获悉，全国社会保障基金理事会曾对多家固态电 池企业开展过调研与考察。 招商证券研报表示，传统锂电方面，储能需求爆发，带动电池扩产加速。 2025年，产业链上下游围绕固固界面问题，在材料端、制造端等提出多种解决方案，包括在电解质中引 入碘离子、等静压设备的持续迭代、ALD技术实现界面改性等。随着工艺成熟和降本持续推进，固态 电池量产进程有望加速。 固态电池目前正处于由实验室、小试走向中试交 ...

Core Viewpoint - The global IPO market is expected to fully recover by 2025, primarily supported by a fundamental shift in the global liquidity environment as major central banks, led by the Federal Reserve, begin to lower interest rates after a period of aggressive rate hikes since 2022 [2] Group 1: Market Dynamics - The Hong Kong stock market has regained its position as the top global IPO fundraising market, with total IPO fundraising expected to reach HKD 2787.03 billion (approximately USD 359 billion), surpassing the Nasdaq's USD 258 billion, marking the highest level since 2021 [6] - The influx of capital from both domestic and international investors has created a dual-driven dynamic in the Hong Kong market, providing significant liquidity support for large IPO projects [2][4] - The number of IPO applications processed by the Hong Kong Stock Exchange has surged to 331, up from 84 at the beginning of the year, indicating a potential acceleration in IPO transactions towards the end of the year [4][19] Group 2: Notable IPOs - The largest IPO in Hong Kong this year was by Contemporary Amperex Technology Co., Ltd. (宁德时代), raising HKD 310.06 billion (approximately USD 39.88 billion) with a cumulative increase of 89.28% since listing [12] - Other significant IPOs include Zijin Mining's spin-off, which raised HKD 249.84 billion (approximately USD 32.14 billion), and the listing of Seres, which raised HKD 131.76 billion (approximately USD 16.95 billion) [12] Group 3: Future Outlook - The IPO market is expected to become more crowded in 2026, with a significant number of companies, particularly in the technology and innovation sectors, preparing for potential listings [16][18] - Major companies like SpaceX and AI leaders such as OpenAI and Anthropic are anticipated to initiate IPO processes, which could lead to the largest IPO wave in history [18] - The Hong Kong market may face challenges due to a backlog of IPO applications, which could exacerbate competition in the global IPO landscape [19][20]

Group 1 - The top three AH premium rates are held by Northeast Electric (00042) at 864.29%, Zhejiang Shibao (01057) at 460.57%, and Hongye Futures (03678) at 286.19% [1][2] - The bottom three AH premium rates are recorded by Ningde Times (03750) at -12.08%, China Merchants Bank (03968) at -4.45%, and Heng Rui Medicine (01276) at 1.09% [1][2] - Zhejiang Shibao (01057), Goldwind Technology (02208), and Zhaoyan New Drug (06127) have the highest deviation values at 162.73%, 44.98%, and 18.82% respectively [1][2] Group 2 - The lowest deviation values are seen in GAC Group (02238) at -23.87%, Northeast Electric (00042) at -19.61%, and Chenming Paper (01812) at -15.51% [1][2] - The top ten AH stocks by premium rate include companies like Fudan Zhangjiang (01349) at 253.76% and Andeli Juice (02218) at 230.43% [2] - The bottom ten AH stocks by premium rate include Weichai Power (02338) at 9.59% and WuXi AppTec (02359) at 10.14% [2]

香港联交所最新数据显示，12月22日，贝莱德增持宁德时代（03750）33.6215万股，每股作价约 505.5117港元，总金额约为1.7亿港元。增持后最新持股数目约为794.68万股，持股比例为5.10%。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新数据显示，12月22日，贝莱德增持宁德时代（03750）33.6215万股，每股作价约 505.5117港元，总金额约为1.7亿港元。增持后最新持股数目约为794.68万股，持股比例为5.10%。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 ...

智通财经APP获悉，香港联交所最新数据显示，12月22日，贝莱德增持宁德时代(03750)33.6215万股， 每股作价约505.5117港元，总金额约为1.7亿港元。增持后最新持股数目约为794.68万股，持股比例为 5.10%。 ...

Group 1 - The global IPO market is expected to recover significantly in 2025, primarily supported by a fundamental shift in the global liquidity environment as major central banks, led by the Federal Reserve, begin to lower interest rates after a period of aggressive rate hikes [2] - In the US stock market, private equity and venture capital are leading the financing of AI startups, with significant investments from firms like SoftBank into OpenAI, indicating a trend towards rapid IPOs to exit before potential market shifts [2] - The Hong Kong stock market is experiencing a dual-driven liquidity support from both domestic and international capital, which is crucial for large IPO projects [2] Group 2 - Despite volatility in global stock markets, the IPO market is thriving, particularly in Hong Kong, where the number of pending IPO applications has surged from 84 at the beginning of the year to 331, suggesting an acceleration in IPO transactions by year-end [3] - Hong Kong is leading in IPO fundraising, with a total expected to reach HKD 2787.03 million (approximately USD 35.9 billion), surpassing the Nasdaq's USD 25.8 billion, marking the highest level since 2021 [4] - If SPACs are included, the Nasdaq remains the top market for IPO fundraising, with a total of USD 46 billion [6] Group 3 - Other regions, such as India and Japan, are also seeing active IPO markets, with over 200 companies in India receiving approval or submitting IPO applications, the highest in 27 years, and Japan's IPO fundraising expected to reach JPY 1.2 trillion (approximately USD 770 million), the highest since 2018 [8] - The largest IPO in the US this year was Medline, raising USD 6.265 billion, followed by Venture Global and Coreweave, indicating strong interest in healthcare and energy sectors [9] - In Hong Kong, the largest IPO was by CATL, raising HKD 310.06 million (approximately USD 39.88 billion), reflecting strong demand for battery technology [10] Group 4 - The IPO market is expected to become more crowded in 2026, with a shift in focus from recovery to competition and differentiation, driven by high listing enthusiasm and urgent capital exit needs [13] - Major tech companies, including SpaceX and AI firms like OpenAI and Anthropic, are planning IPOs in 2026, which could lead to the largest IPO wave in history [14][15] - The backlog of IPO applications in Hong Kong is expected to exacerbate the crowded market situation, with a significant number of companies from various sectors, including biotech and AI, preparing to go public [16] Group 5 - Despite a shift towards a more accommodative global liquidity environment, capital is not flowing evenly across markets, with the US stock market, particularly the Nasdaq, maintaining a competitive edge in attracting large IPOs [17] - The competition for top projects between the US and Hong Kong markets may lead to a relative disadvantage for Hong Kong, despite local support from "southbound funds" [17] - Investors are advised to focus on high-quality assets with long-term competitive advantages in a crowded IPO market, emphasizing the importance of valuation discipline [18]

Group 1 - The top three companies with the highest short positions are Vanke Enterprises (02202), COSCO Shipping Holdings (01919), and Heng Rui Medicine (01276), with short ratios of 18.48%, 16.79%, and 15.54% respectively [1][2] - The companies with the largest absolute increase in short positions are CATL (03750), Lens Technology (06613), and UBTECH Robotics (09880), which increased by 2.35%, 2.34%, and 1.29% respectively [1][2] - The companies with the largest absolute decrease in short positions are Changfei Optical Fiber (06869), Mao Ge Ping (01318), and Meilan Airport (00357), which decreased by -1.26%, -0.68%, and -0.67% respectively [1][2] Group 2 - The latest short ratio for Vanke Enterprises (02202) is 18.48%, down from 19.04% previously [3] - The latest short ratio for COSCO Shipping Holdings (01919) is 16.79%, down from 16.79% previously [2] - The latest short ratio for Heng Rui Medicine (01276) is 15.54%, up from 3919.30 million shares to 4011.67 million shares [2]

Core Viewpoint - The report highlights the premium rates of AH shares, with Northeast Electric, Zhejiang Shibao, and Hongye Futures leading in premium rates, while CATL, China Merchants Bank, and Heng Rui Medicine are at the bottom of the list [1][2]. Premium Rate Summary - Northeast Electric (00042) has a premium rate of 847.37%, followed by Zhejiang Shibao (01057) at 428.73% and Hongye Futures (03678) at 283.73% [1]. - The lowest premium rates are observed in CATL (03750) at -11.13%, China Merchants Bank (03968) at -3.84%, and Heng Rui Medicine (01276) at 3.17% [1]. Deviation Value Summary - The highest deviation values are recorded for Zhejiang Shibao (01057) at 136.00%, Junda Co. (02865) at 40.42%, and Nanjing Panda Electronics (00553) at 24.71% [1][2]. - The lowest deviation values are seen in Northeast Electric (00042) at -35.46%, GAC Group (02238) at -26.23%, and Nanhua Futures (02691) at -17.44% [1][3]. Top and Bottom AH Shares - The top ten AH shares by premium rate include companies like Sinopec Oilfield Service (01033) with a premium rate of 271.43% and Fudan Zhangjiang (01349) at 250.53% [1]. - The bottom ten AH shares by premium rate include Weichai Power (02338) at 9.88% and WuXi AppTec (02359) at 10.47% [1].

Core Viewpoint - Daiwa's report indicates that CATL's Yichun Jianxiawo lithium mine is expected to resume production around the Lunar New Year, which may impact lithium supply dynamics in the market [1] Group 1: Company Insights - CATL's lithium production capacity is anticipated to increase next year, aligning with market expectations [1] - The current lithium futures prices are believed to reflect only short-term supply-demand balance improvements [1] Group 2: Industry Analysis - An increase in lithium supply is expected in the first half of next year, while demand may decline quarter-on-quarter in the first quarter [1] - The belief is that lithium prices will struggle to rise further at the beginning of next year due to these supply and demand dynamics [1]