Investment Rating - The report initiates coverage on CATL H-shares with a Buy rating and sets a target price of HK$425. The A-share target price is raised to Rmb391 from Rmb362 [1][5]. Core Viewpoints - CATL is transforming into a leader in new energy technology and solutions, well-positioned to benefit from long-term growth in the global electric vehicle (EV) and energy storage system (ESS) battery markets [1][5]. - Despite a slowdown in global battery demand growth, the effective utilization ratio in the battery industry is expected to improve due to slower capacity expansion, with CATL's capacity utilization projected to exceed the industry average [2][10]. - The impact of US tariffs and geopolitical risks on CATL is expected to be limited due to its low exposure to the US market [3][18]. - Margins in the ESS battery segment are anticipated to rebound in the latter half of 2025 as sales to overseas markets increase [4][20]. Summary by Sections Addressing Investor Concerns - **Global Battery Demand Growth**: Expected to slow to 25% in 2025 and 26% in 2026, down from 40% in 2023 and 30% in 2024. The global battery effective utilization ratio is projected to rise to 58%/59% in 2025/26 from 57% in 2024 [2][10]. - **Impact of US Tariffs**: CATL's battery shipments to the US fell to 2-3% of total shipments in 1Q25, indicating limited exposure and impact from tariffs [3][18]. - **Unit GP and EBIT Pressure**: CATL's margins are expected to recover in 2-4Q25E with an increase in overseas sales, which typically have higher margins [4][20]. Company Description - CATL is the largest battery producer globally, specializing in rechargeable lithium-ion batteries for EVs and ESS, with a sales volume of 381GWh for EVs and 93GWh for ESS in 2024, reflecting a year-on-year growth of 19% and 35% respectively [41]. Investment Strategy - The report emphasizes CATL's strategic positioning in the new energy sector and its potential to capitalize on the growing demand for EVs and ESS, reinforcing its status as a top pick in the battery supply chain [5][29]. Valuation - The target price for CATL A-shares is set at Rmb391, based on a 16.6x EV/EBITDA for 2025, while the H-share target price of HK$425 implies a 28.2x P/E for 2025 and 22.4x for 2026 [5][29].

以下文章来源于睿兽Pro ，作者Bestla 睿兽Pro . 创业邦旗下横跨一二级市场的科创数据平台。实时投资数据、追踪产业创新。找数据、做分析、链资 源，就上睿兽分析。 全球投融资周报 睿兽分析每周整理当周最值得关注的国内外热门投融资事件，帮助大家及时了解全球市场动向。 一级市场投融资概览 根据睿兽分析监测数据，本周国内一级市场披露的融资事件79个， 与上周相比减少61个， 其中已披 露融资金额的事件37个， 总融资规模为45.99亿元人民币， 平均融资金额为1.24亿元人民币。 行业分布 从融资事件数量来看，本周智能制造、人工智能、医疗健康领域融资最活跃。分别为智能制造16个、 人工智能10个、医疗健康5个。 从已披露金额事件的融资规模来看，人工智能最高，融资总规模约为7.97亿元人民币。其中具身智能 机器人研发商 「魔法原子」 完成数亿元人民币A轮融资。 魔法原子是一家具身智能机器人研发商，专注于通用机器人和具身智能技术研发与落地应用，其产品 包括通用人形机器人和仿生四足机器人等，覆盖工业、商业及家庭等多个场景。 其次是智能制造行业，已披露融资总额为6.13亿元人民币。其中高端光学量测与检测设备研发商 ...

Market Overview - On May 23, A-shares experienced a collective pullback, with the Shanghai Composite Index down 0.94% closing at 3348.37 points, the Shenzhen Component down 0.85% at 10132.41 points, and the ChiNext Index down 1.18% at 2021.50 points [1] - The trading volume in the Shanghai and Shenzhen markets reached 115.56 billion, an increase of 52.9 billion compared to the previous day [1] - The market saw more stocks decline than rise, with over 1100 stocks increasing and more than 50 hitting the daily limit up [1] Sector Performance - Precious metals, chemical pharmaceuticals, and medical services sectors showed the highest gains, while shipping ports, gaming, trade, internet services, and diversified finance sectors faced the largest declines [1] - The market's cautious sentiment was reflected in the trading patterns, with significant fluctuations observed in micro-cap stocks and the North Exchange [3][5] Notable Stocks - Wangzi New Materials saw a significant price increase of nearly 60% since May 15, driven by developments in controllable nuclear fusion projects [7] - The stock experienced high volatility, with daily trading ranges exceeding 20% on May 21 and 16.01% on May 23, indicating strong market speculation and liquidity risks [7] - Heng Rui Pharmaceutical's H-shares debuted on the Hong Kong Stock Exchange, surging approximately 37% at one point, with a market capitalization exceeding 380 billion HKD [9][11] Investment Sentiment - Analysts remain cautiously optimistic about the market's future, suggesting a continuation of index fluctuations and sector rotations [9] - The pharmaceutical sector is expected to regain stability and growth, supported by ongoing innovations and favorable policies [12] - The biotechnology ETF saw an increase of over 1%, reflecting positive sentiment in the biopharmaceutical industry [12]

出品丨虎嗅汽车组 作者丨李赓 头图丨视觉中国 （注：头图为前天在港交所发言的宁德时代创始人、董事长兼CEO曾毓群） 前天早上，宁德时代再次完成了个大里程碑：正式登陆港交所，获授全新港股代码03750。上市首 日，宁德时代股价表现强劲，涨幅达16.43%，市值一度攀升至1.39万亿元。 作为2023年迄今全球最大IPO、过去四年最大香港IPO。宁德时代这次上市募资净额约为353亿港 元，在基石认购吸引了中石化、科威特投资局、高瓴资本、高毅资产、瑞银、橡树资本、未来资产、 加拿大皇家银行、太保、泰康、博裕、景林等一批全球知名公司和资本参与认购。 虽然很顺利，但这次的公开募资行为，显然与宁德时代这些年大众心目中的"有钱"人设形成了鲜明 对比。 根据公开的财务资料数据，宁德时代的"货币资金 （现金银行存款） "从2022年至今一直保持增长， 今年一季度已经来到超过3200亿元。部分体现宁德时代经营趋势和现金情况的"自由现金流 （满足所 有运营和资本支出需求后，能够自由支配的现金流量） "指标更是屡创新高，今年一季度来到超过 1500亿元。 为什么宁德时代这么有钱，还需要再次募资？募资背后宁德时代自己是怎么考量的？宁德 ...

Group 1 - The core viewpoint of the article highlights a surge in H-share listings by leading A-share companies, with significant capital inflow into the Hong Kong market, driven by international investors' re-evaluation of Chinese assets [1][2] - The recent IPO boom in Hong Kong has raised a total of HKD 145 billion in the past year, marking a 2.7 times increase year-on-year, with major contributions from companies like Ningde Times and Midea Group [2] - The previous IPO wave in Hong Kong, initiated by Alibaba's return in November 2019, lasted nearly three years, indicating a cyclical trend in capital movements and market sentiment [1][2] Group 2 - The top ten IPOs in Hong Kong predominantly come from mainland China, contributing 75% of the total fundraising, showcasing the dominance of A-share companies in the Hong Kong market [2] - The Hong Kong Stock Exchange experienced over HKD 1 trillion in IPO financing from 2019 to 2021, with 2019 being the peak year with 183 IPOs raising HKD 312.7 billion [2] - The recent market rally in Hong Kong, with an increase of nearly 5000 points since April 9, suggests a positive outlook for the medium to long term, driven by continued capital inflow and the entry of more quality companies [1]

Core Viewpoint - CATL has successfully completed its IPO on the Hong Kong Stock Exchange, raising approximately HKD 353 billion, marking it as the largest IPO globally in 2023 and the largest in Hong Kong in the past four years [2][3] Group 1: Financial Performance and Fundraising - On its first trading day, CATL's stock price surged by 16.43%, with its market capitalization reaching up to CNY 1.39 trillion [1] - Despite having over CNY 320 billion in cash and a record high free cash flow of over CNY 150 billion in Q1 2023, CATL opted for additional fundraising [6][7] - The majority of the raised funds (90%) will be allocated to the construction of its projects in Hungary, with a total planned investment of EUR 4.9 billion (approximately HKD 430 billion) [10][12] Group 2: Strategic Expansion and Investment Needs - CATL's construction costs for battery plants in Europe are significantly high, with costs per GWh reaching USD 143 million (approximately CNY 1.03 billion) for the German plant and EUR 6.8 million (approximately CNY 5.57 million) for the Hungarian plant [12][14] - The company aims to establish at least 200 GWh of additional production capacity in Europe, requiring an estimated investment of CNY 120-160 billion [15] - CATL is also expanding its battery swap business, which necessitates substantial funding for infrastructure development [20][22] Group 3: Market Position and Competitive Landscape - CATL has maintained a stable market share of around 37% in the global battery market, despite facing increased competition and a trend of profit growth without revenue growth [28][29] - The company is diversifying its strategies to capture new growth opportunities, including overseas expansion and technological advancements in battery development [30][31] - The dual listing in Hong Kong is expected to enhance CATL's international visibility and compliance, attracting global investors and facilitating future growth [24]

Group 1: Record IPO and Market Response - Ningde Times successfully listed on the Hong Kong Stock Exchange on May 20, 2025, raising a net amount of HKD 35.331 billion (approximately USD 4.5 billion) with an initial share price of HKD 263, setting a record for the largest IPO in Hong Kong in nearly four years [1] - The IPO attracted participation from 23 top global institutions, securing a cornerstone subscription of USD 2.628 billion, which accounted for 57.13% of the shares offered, indicating strong global capital recognition of the company's technological strength and industry position [1] - On its first trading day, the stock price opened 13% higher, with a market capitalization exceeding HKD 1.4 trillion, making it one of the highest-valued new energy companies in the Hong Kong market [1] Group 2: Strategic Positioning and Vision - The chairman of Ningde Times, Zeng Yuqun, announced the company's new positioning as not just a battery manufacturer but also a provider of system solutions, aiming to become a zero-carbon technology company [2] - This strategic shift signifies a transition from a single product supplier to a comprehensive technology service provider, with a core goal of driving the global energy system's zero-carbon transformation through technological innovation [2][4] Group 3: Zero-Carbon Strategy Implementation - Ningde Times has committed to achieving carbon neutrality in core operations by 2025 and in the entire value chain by 2035, ahead of its South Korean counterparts by over 15 years [5] - As of May 2025, nine factories have received zero-carbon certification, with all factories expected to complete the zero-carbon transition within the year [5] Group 4: Global Expansion and Production Capacity - 90% of the funds raised from the IPO (approximately HKD 31.8 billion) will be invested in the construction of the Debrecen base in Hungary, which is Ningde Times' first overseas super factory with a planned total capacity of 72 GWh [6] - The first phase of the project has already invested EUR 700 million and is expected to start production in 2025, primarily serving major European automakers such as BMW, Mercedes-Benz, and Volkswagen [6] Group 5: Technological Innovations - Ningde Times is redefining industry boundaries with innovations such as the Kirin battery (CTP 3.0), the Shenzhou ultra-fast charging battery (4C rate), and the Xiaoyao dual-core battery (sodium-iron/iron-iron combination), with the second-generation Shenzhou battery achieving a peak charging rate of 12C [9] - The company has also launched the world's first mass-producible 9MWh large-capacity energy storage system, TENER Stack, designed to meet 99% of global transportation regulations [9] Group 6: Market Opportunities in Zero-Carbon Economy - Ningde Times' zero-carbon technology strategy encompasses three trillion-level markets: global zero-carbon transportation, global zero-carbon electricity, and the greening of traditional high-energy-consuming industries [11] - As of early 2025, the company holds a 38.3% global market share in power batteries, maintaining its position as the industry leader for nine consecutive years [11] Group 7: Industry Impact and Future Outlook - The IPO of Ningde Times is viewed as a milestone in the globalization of Chinese new energy enterprises, setting a benchmark for green transformation in the industry [12] - The company's vision of becoming a zero-carbon technology company is expected to create a trillion-level industrial ecosystem covering "mining-manufacturing-recycling-energy services" by 2030, positioning it as a core driver of global zero-carbon technology [12]

关注 「电动车公社」 和我们一起重新思考汽车 《今日新闻》将会每天给大家带来几条当日重磅新闻，并附上社长的简单评论。关注「电动车公社」，新能源圈大事小事 看我们就够啦～ 今日新闻要点： 1、 宁德时代港股挂牌上市 5月20日，宁德时代在香港联交所主板正式挂牌上市， 股票代码：03750.HK。 宁德时代董事长兼CEO曾毓群在上市仪式上表示："宁德时代不只是一家电池零部件制造商，也是系统解决方案提供者，更致力于成为一家零碳科技公司。在 全球新能源革命的大趋势下，零碳经济正快速崛起。宁德时代将成为全球零碳经济的开拓者。" 此前，宁德时代已经在A股上市，不过总体来说发行的股票数量并不算多。这轮港股挂牌上市，可以让宁德时代获得更多资本支持，为下一阶段进军全球市场 提供有力保障。 2、 本田发布2025全球事业规划 近日，本田发布2025年全球事业规划，重点涉及智能化、混合动力和纯电领域。 智能化方面，本田将自主开发全新一代ADAS，可在导航设定目的地后，协助驾驶员在普通道路（含城市道路）和高速公路上完成加速、转向操作，运用了 AD开发中积累的识别和行动规划技术，计划20 27年在北美和日本的纯电及混动车型上广泛搭载。 ...

Group 1: IPO Market Overview - The Hong Kong stock market is experiencing a new wave of IPO activity, with total fundraising reaching HKD 145 billion in the past year, a year-on-year increase of 2.7 times [1][2] - The top ten IPOs, primarily from mainland companies, contributed 75% of the total fundraising, with notable leaders being CATL and Midea Group [2][3] - As of May 21, 2025, 76 new stocks have been listed, with 23 companies going public this year alone, raising a total of HKD 653 billion [2] Group 2: Key Players and Fundraising - CATL and Midea Group led the fundraising efforts with HKD 410 billion and HKD 356.66 billion respectively, marking them as the top fundraisers for 2024 and 2025 [2][4] - Other significant players in the second tier include Horizon Robotics, SF Express, and China Resources Beverage, each raising over HKD 50 billion [2][4] - The third tier consists of consumer-related companies like Mixue Group and Chifeng Gold, raising between HKD 20 billion and HKD 40 billion [3][4] Group 3: Globalization and Strategic Moves - Chinese companies are accelerating their global expansion through the "A+H" dual capital market strategy, which is crucial for their international growth [5][6] - Leading companies in various sectors, including pharmaceuticals and consumer electronics, are planning to list in Hong Kong to enhance their global presence [6][7] - The automotive sector is also seeing increased activity, with companies like Seres and Chery Motors planning to raise funds through IPOs in Hong Kong [8] Group 4: Capital Inflows and Market Dynamics - The weakening US dollar has led to increased capital inflows into the Hong Kong market, as investors seek to buy Chinese assets [9][10] - The Hong Kong Monetary Authority has injected over HKD 1.16 billion into the market to support the Hong Kong dollar, reflecting strong demand for stocks [9] - The successful IPOs of companies like CATL have created a "money-making effect," encouraging more mainland companies to pursue listings in Hong Kong [10] Group 5: Regulatory Environment - The Hong Kong regulatory framework is evolving to facilitate the listing process for mainland companies, including the introduction of a "special line" for tech and biotech firms [11][12] - Recent changes have lowered the minimum requirements for H-share listings, making it easier for companies to access the Hong Kong capital market [12]

Investment Rating - The report indicates a strong market recognition of the company's value, as evidenced by its IPO performance and significant oversubscription rates [1][9]. Core Insights - The company has transitioned from a single battery supplier to a zero-carbon ecosystem builder, connecting transportation, energy, and industrial markets [1][33]. - The global energy transition investment scale is expected to double from $1 trillion in 2020 to $2 trillion by 2025, positioning the company favorably within this trend [9][20]. - The company has maintained a leading position in the global battery market, with a market share of 37.9% in 2023 and a projected compound annual growth rate (CAGR) of 25.3% for battery shipments from 2024 to 2030 [10][5]. Summary by Sections Section 1: IPO Performance - The company’s H-share was priced at 263 HKD, achieving a total market capitalization of 1.53 trillion HKD, with a 28.3% increase in stock price over two days [1]. - The IPO saw international placements oversubscribed by over 30 times and a 151 times oversubscription in the Hong Kong public offering, marking a record in recent years [1]. Section 2: Zero-Carbon Technology Investment - The report highlights a global shift towards zero-carbon technologies, with significant growth in electric vehicles and battery storage systems [2][5]. - The global penetration rate of new energy vehicles is expected to reach 55.7% by 2030, with a fivefold increase in sales from 2020 to 2024 [5]. Section 3: Battery and Energy Storage - The company’s revenue from power batteries reached 253 billion CNY in 2023, with a projected CAGR of nearly 60% from 2020 to 2024 [10]. - The company leads the global energy storage market with a 36.5% market share and a revenue of 57.3 billion CNY, reflecting a 133% CAGR over the past five years [18]. Section 4: Research and Development - The company has invested over 71.8 billion CNY in R&D over the past decade, with a record R&D expenditure of 18.6 billion CNY in 2024 [23]. - It holds over 43,000 patents, ranking as the second-highest in overseas patent applications among Chinese companies [23]. Section 5: Dividends and ESG Performance - The company has distributed nearly 60 billion CNY in cash dividends since its listing, with a dividend payout ratio exceeding 50% for two consecutive years [30]. - It achieved an AA rating in the MSCI ESG assessment for 2024, placing it in the top 5% globally, with a closed-loop recycling system for used batteries [31].