Core Viewpoint - The stock price of CATL (03750.HK) surged significantly due to upgrades in ratings and positive earnings forecasts from international investment banks, reaching new highs in both Hong Kong and A-shares [1] Group 1: Stock Performance - CATL's stock price in Hong Kong rose nearly 10%, while A-shares saw an increase exceeding 14% [1] - Both markets achieved record high stock prices [1] Group 2: Analyst Ratings and Forecasts - JPMorgan upgraded CATL's Hong Kong stock rating from neutral to overweight [1] - Analysts led by Rebecca Wen raised CATL's earnings forecast by approximately 10% due to unexpected demand for energy storage systems and positive production plans for the third quarter [1] - This adjustment resulted in CATL achieving the highest valuation among its peers on Wall Street [1]

中信建投则认为，锂电板块已兑现2025年市场需求超预期的逻辑，当前板块核心矛盾转向2026年需求预 期能否在20%增速基础上进一步上修。后续关注三大信号：一是四季度储能招标情况，其将映射2026年 装机数据；二是11月底电池企业招标对应2026年的要货预期，尽管当前部分电池企业已经给出2026年指 引将大幅超市场预期，但置信度仍被质疑，后续以价为基础的谈量具备可信度；三是2026年汽车以旧换 新等政策延续情况以及锂电排产信息。当前尽管有较大预期差，但经济性带动下的储能超预期或将在明 年加速，关注度提升的情况下第二波行情随时可能出现。 消息面上，9月11日，摩根士丹利发布报告指出，随着宁德时代在欧洲市场取得突破，而规模较小的竞 争对手在关键的储能领域陷入盈利困局，加之当前大热的固态电池技术被视为短期炒作，宁德时代的领 先优势将得以延续，其估值在同行中已具备显著吸引力，已经成为了"行业中最便宜的"。 智通财经APP获悉，锂电池板块涨幅居前，截至发稿，中创新航(03931)涨8.59%，报29.06港元；宁德时 代(03750)涨4.9%，报454港元；赣锋锂业(01772)涨3.79%，报35.06港元；天齐锂业 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 Contemporary Amperex Technology Co., Limited 寧德時代新能源科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3750） 海外監管公告 關於2022年股票期權與限制性股票激勵計劃 第三個歸屬期歸屬結果暨股份上市的提示性公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列寧德時代新能源科技股份有限公司（「本公司」）於深圳證券交易所網站 （ http://www.szse.cn /）及巨潮資訊網( www.cninfo.com.cn )所發佈之《寧德時代新能 源科技股份有限公司關於2022年股票期權與限制性股票激勵計劃第三個歸屬期歸 屬結果暨股份上市的提示性公告》，僅供參閱。 承董事會命 寧德時代新能源科技股份有限公司 董事長、執行董事兼總經理 曾毓群先生 中國•寧德，二零二五年九月十二日 於本公告日期，本公司 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 Contemporary Amperex Technology Co., Limited 寧德時代新能源科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3750） 海外監管公告 關於2022年股票期權與限制性股票激勵計劃部分 股票期權註銷完成的公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列寧德時代新能源科技股份有限公司（「本公司」）於深圳證券交易所網站 （ http://www.szse.cn /）及巨潮資訊網( www.cninfo.com.cn )所發佈之《寧德時代新能 源科技股份有限公司關於2022年股票期權與限制性股票激勵計劃部分股票期權註 銷完成的公告》，僅供參閱。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、注销基本情况 承董事會命 寧德時代新能源科技股份有限公司 董事長、 ...

Group 1 - HHLR Advisors, Ltd. reduced its holdings in Contemporary Amperex Technology Co., Limited (宁德时代) by 597,800 shares at an average price of HKD 426.7 per share [1] - The total amount from the reduction was approximately HKD 255 million [1] - After the reduction, HHLR Advisors' latest shareholding is 7,725,400 shares, representing a holding percentage of 4.95% [1]

Core Insights - The article highlights the top three companies with the highest short positions as of September 5, which are ZTE Corporation (00763), COSCO Shipping Holdings (01919), and CATL (03750) with short ratios of 14.96%, 14.17%, and 13.57% respectively [1][2] Group 1: Companies with Highest Short Positions - ZTE Corporation (00763) has a short position of 14.96%, down from 124 million shares to 113 million shares [2] - COSCO Shipping Holdings (01919) has a short position of 14.17%, increasing from 401 million shares to 408 million shares [2] - CATL (03750) has a short position of 13.57%, decreasing from 21.6451 million shares to 21.1551 million shares [2] Group 2: Companies with Largest Increase in Short Positions - Shandong Gold (01787) saw the largest increase in short position, rising by 3.06% from 9.61% to 12.66% [2] - Horizon Robotics-W (09660) increased by 2.33% from 3.27% to 5.60% [2] - BOE Technology Group (00710) increased by 1.62% from 3.80% to 5.41% [2] Group 3: Companies with Largest Decrease in Short Positions - Ganfeng Lithium (01772) experienced the largest decrease in short position, down by 1.84% from 12.46% to 10.63% [3] - ZTE Corporation (00763) decreased by 1.51% from 16.47% to 14.96% [3] - Crystal International Holdings (02228) decreased by 1.36% from 4.00% to 2.64% [3]

Group 1 - The top three companies with the highest AH premium rates are Northeast Electric (800.00%), Hongye Futures (236.64%), and Sinopec Oilfield Service (218.99%) [1][2] - The bottom three companies with the lowest AH premium rates are CATL (-10.06%), Hengrui Medicine (-0.53%), and Zijin Mining (3.16%) [1][2] - The companies with the highest deviation values are Zhaoyan New Drug (23.17%), Zhejiang Shibao (16.62%), and Liaogang Co. (15.03%) [1][2] Group 2 - The top ten AH stocks by premium rate include companies like Fudan Zhangjiang (214.13%) and Beijing Jingcheng Machinery Electric (210.43%) [2] - The bottom ten AH stocks by premium rate include Midea Group (6.02%) and China Merchants Bank (6.04%) [2] - The deviation values for the top ten AH stocks show significant variations, with Zhaoyan New Drug leading at 23.17% [3]

Summary of Contemporary Amperex Technology Co. Ltd. (CATL) Conference Call Industry Overview - The conference call focuses on the battery industry, particularly the energy storage system (ESS) and electric vehicle (EV) battery markets - Small battery manufacturers are struggling to achieve profitability in the ESS sector despite increased volumes, while their margins in the EV battery market are comparatively better but still limited in market share [1][2][10] Key Points on CATL's Performance - CATL has strengthened its position in the European EV battery market during the first half of 2025, gaining significant market share [2][9] - The company is expected to add 150-200 GWh of capacity annually from 2025 to 2027, compared to 150 GWh in 2024, to meet demand growth forecasts [5][10] - CATL's ESS strategy focuses on leveraging cost advantages and superior warranty provisions to pressure competitors into breakeven or loss positions [3][10] Competitive Landscape - Small battery makers are primarily cell/rack suppliers with low margins, while CATL is shifting towards higher-margin system products, including AC-side systems, due to new orders from the Middle East and Australia [10] - The competitive landscape remains challenging for small battery manufacturers, with many facing breakeven or losses despite strong demand [2][10] - The market is witnessing a rally in A-share battery supply chain stocks, driven by liquidity improvements, but the valuation of small battery makers is seen as irrational compared to CATL [4][10] Financial Metrics and Valuation - CATL's current market cap is approximately RMB 1,468.3 billion, with a price target of HK$ 465.00, indicating an 8% upside from the current price of HK$ 428.80 [7][10] - Projected revenue growth for CATL is expected to rise from RMB 362.0 billion in 2024 to RMB 603.8 billion by 2027, with EBITDA increasing correspondingly [7][10] - The company is rated as "Overweight" by Morgan Stanley, reflecting a positive outlook on its stock performance relative to the industry [7][10] Risks and Considerations - Potential risks include slower-than-expected EV penetration, geopolitical risks affecting the battery supply chain, and competition from other battery manufacturers [25][10] - The commercialization of solid-state batteries is viewed as more hype than opportunity, with CATL expected to maintain its leadership in this area [4][10] Conclusion - CATL is positioned strongly within the battery industry, particularly in the EV market, while small battery makers continue to face significant challenges in profitability and market share - The company's strategic focus on cost leadership and high-quality warranties is expected to sustain its competitive advantage in the evolving landscape of battery technology [3][10]

Core Insights - JPMorgan Chase & Co. increased its stake in Contemporary Amperex Technology Co., Limited (宁德时代) by purchasing 312,500 shares at an average price of HKD 429.9571 per share, totaling approximately HKD 134 million [1] - Following this transaction, JPMorgan's total holdings in the company rose to 9,635,143 shares, with the ownership percentage increasing from 5.97% to 6.17% [1]

Core Viewpoint - Contemporary Amperex Technology Co., Limited (CATL) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company plans to repurchase 1,018,600 A-shares at a total cost of RMB 321 million [1] - The buyback price per share is set between RMB 311.02 and RMB 316.04 [1]