| M | | | | --- | --- | --- | | | | Update | | December 19, 2025 03:33 AM GMT | | | | Contemporary Amperex Technology Co. Ltd. Asia | Morgan Stanley Asia Limited+ | | | Pacific | Jack Lu Equity Analyst | | | | Jack.Lu@morganstanley.com | +852 2848-5044 | | ESS Tariff and ITC Eligibility in | Kaylee Xu | | | | Equity Analyst | | | | Kaylee.Xu@morganstanley.com | +852 2239-1506 | | 2026 | Yiyi Wang Research Associate | | | | Yiyi.Wang@morganstanley.com | +852 3963-4169 | December 19, 2025 03:33 AM GMT Contemp ...

Core Insights - The A-share IPO market in 2025 showed significant growth, with 114 companies expected to go public, raising a total of 129.6 billion yuan, a 94% increase year-on-year [3][6] - The average first-day closing price increase for new stocks was 257%, marking the best performance in three years, with 32 stocks seeing first-day gains exceeding 300% [3][7] - The Hong Kong IPO market regained its position as the global leader, with 114 new listings expected, raising approximately 286.3 billion HKD, driven by a surge in technology companies [3][9] A-share Market Performance - The A-share market continued its momentum from 2024, with an increase in the number of new listings supported by policies such as the "New National Nine Articles" and the "1+N" series of capital market policies [5] - By December 19, 2025, 106 new stocks had been listed, raising 122 billion yuan, with projections for 114 listings by year-end [6] - The electronic, power equipment, automotive, basic chemicals, and machinery sectors were the main contributors to IPOs, accounting for about 65% of new listings [6] Investor Sentiment - The year 2025 was characterized as the "most profitable year for new stocks" in the last three years, with significant returns for investors [7] - Notable examples include the stock of Yuxun Technology, which saw a first-day price increase of 364.58%, resulting in profits exceeding 90,000 yuan for a single lot [7] Hong Kong Market Dynamics - The Hong Kong IPO market saw a resurgence, with 114 new listings and a financing amount that doubled compared to 2024 [9][10] - Eight large-scale IPOs raised over 10 billion HKD each, contributing significantly to the total financing [9] - The Hong Kong Stock Exchange implemented several reforms that positively impacted the market, including simplified listing procedures and a new pricing mechanism for IPOs [10]

新股发行量增质稳的同时，今年A股为投资人带来了满满的"打新幸福感"，成为近三年来"新股最赚钱 之年"。12月19日，光芯片企业优迅股份（688807.SH）挂牌科创板上市，开盘价240元，上涨 364.58%，中一签（500股）盈利超过9万元。 2025年A股IPO市场交出了一份亮眼成绩单。根据德勤中国资本市场服务部最新报告，全年预计有114家 A股公司完成上市，融资总额达1296亿元，同比增长94%，其中上交所融资额排名全球第五。 104只新股无一破发，平均首日收盘涨幅高达257%，为近三年来最佳表现。其中，首日涨幅超过300% 的"超级大肉签"多达32只，平均每三只新股中就有一只可能为打新者带来超过三倍的打新收益。 港股新股市场的表现更为亮眼，重回全球融资榜第一，预计全年114只新股上市，融资约2863亿港元， 其中科技企业占比超45%，成为新质生产力的集中展示窗口。从"闭眼打新"的A股新股狂欢，到国际化 布局的港股稳健，中国资本市场正以硬科技为引擎，构建起覆盖全球的优质企业上市生态。 A股IPO市场实现量价齐升新突破 2025年，A股市场的表现延续了2024年的势头，新股数量增加，主要系新"国九条"及资 ...

【窩輪透視】寧德時代5日振幅8.3%！高杠杆窩輪成反彈佈局首選？ 昨日（18日）寧德時代（03750）表現疲軟，全天收報494港元，單日下跌3.33%，成交額達16.08億港元。技術面來看，股價已低於短期均線（MA10： 504.53港元），同時處於MA30（503.45港元）及MA60（527.65港元）下方，呈現短期弱勢格局；RSI指數為46，處於中性偏弱區域，但技術指標綜合信號 為"買入"，信號強度達10。其中隨機震盪指標處於超賣區間併發出買入信號，VR成交比率指標、牛熊力量指標等也給出買入信號，反映市場或存在反彈潛 力。 新能源汽車電池股在12月18日普遍調整，寧德時代作為龍頭領跌，主要是受到供應鏈價格競爭加劇與市場需求放緩的擔憂影響。同業比亞迪股份（01211） 收報93.9港元，下跌1.42%，技術形態與寧德時代類似，股價處於均線下方，RSI為35，接近超賣區域，短期缺乏上漲催化劑；相關鋰材料股贛鋒鋰業 （01772）收報50.7港元，下跌2.31%，技術指標呈現"賣出"信號，反映行業基本面承壓；而吉利汽車（00175）逆市上漲1.39%，收報16.79港元，成為板塊 中少數亮點。整體而言，當日電 ...

截止12月19日收盘，东北电气(00042)、浙江世宝(01057)、弘业期货(03678)分列AH溢价率前三位，溢价 率分别为900.00%、311.98%、272.19%；宁德时代(03750)、招商银行(03968)、恒瑞医药(01276)分列AH 溢价率末三位，溢价率分别为-11.29%、-1.47%、3.02%。其中浙江世宝(01057)、钧达股份(02865)、东 北电气(00042)的偏离值位居前三，分别为45.26%、31.98%、24.73%；另外，广汽集团(02238)、第一拖 拉机股份(00038)、长飞光纤光缆(06869)的偏离值位居后三，分别为-21.76%、-15.00%、-14.68%。 前十大AH股溢价率排行 后十大AH股溢价率排行 | 股票名称 | H股(港元) | A股 | 溢价率↑ | 偏离值 | | --- | --- | --- | --- | --- | | 宁德时代(03750) | 505.000 | 374 | -11.29% | -3.35% | | 招商银行(03968) | 51.050 | 41.99 | -1.47% | -0.68% | | 恒瑞 ...

December 18, 2025 03:47 AM GMT Contemporary Amperex Technology Co. Ltd. | Asia Pacific Truck Electrification - A New High Key Takeaways Exhibit 1: China's monthly electric heavy-duty truck sales and penetration rate 2024 2025 Units China eHDT monthly sales 30,000 25,000 20,000 15,000 10,000 5,000 China eHDT historical penetration rate Jul-25 Jan-25 Jul-24 Jan-24 Jul-23 Jan-23 Jul-22 40% 30% 20% 10% 0% Source: CPCA, Morgan Stanley Research Exhibit 2: China's monthly electric light-duty truck sales and penetr ...

智通财经APP获悉，截止12月18日收盘，东北电气(00042)、浙江世宝(01057)、弘业期货(03678)分列AH 溢价率前三位，溢价率分别为881.82%、313.67%、275.08%；宁德时代(03750)、招商银行(03968)、恒 瑞医药(01276)分列AH溢价率末三位，溢价率分别为-9.90%、0.30%、1.65%。其中浙江世宝(01057)、钧 达股份(02865)、红星美凯龙(01528)的偏离值位居前三，分别为49.12%、28.03%、27.57%；另外，广汽 集团(02238)、第一拖拉机股份(00038)、昭衍新药(06127)的偏离值位居后三，分别 为-18.06%、-15.99%、-13.79%。 前十大AH股溢价率排行 | 股票名称 | H股(港元) | A股 | 溢价率↓ | 偏离值 | | --- | --- | --- | --- | --- | | 东北电气(00042) | 0.275 | 2.25 | 881.82% | 8.77% | | 浙江世宝(01057) | 4.610 | 15.92 | 313.67% | 49.12% | | 弘业期货(036 ...

Group 1 - The core viewpoint is that after 2H25, China's provinces will successively implement capacity pricing policies, leading to excellent economic viability for independent energy storage under the "peak-valley arbitrage + capacity pricing + ancillary services" revenue model, with high demand expected to continue in the short term [1] - The European market is experiencing positive storage demand due to energy shortages and a lack of grid flexibility resources, with a shift in focus from household storage to large-scale and industrial storage [1] - The Australian electricity market is maturing, with large-scale storage projects accelerating, while household storage is being reinforced by high subsidies, ensuring medium to long-term demand [1] Group 2 - The AIDC (Automated Industrial Data Center) demand in the U.S. is expected to grow significantly, with projections indicating that by 2030, AIDC storage demand could reach 100-200 GWh, driven by the need for enhanced flexibility and interconnectivity [2] - The green methanol sector is seeing increased demand from the shipping industry, which is catalyzing the construction of numerous wind-solar-storage hydrogen-methanol integrated projects in China, thereby boosting storage demand [2] Group 3 - The strong demand for energy storage is leading to a tight supply of storage cells, with major companies experiencing full order books and production schedules extending into Q1 2026; however, relief is expected post-Q2 2026 as production capacity is released [3] - Major companies are building competitive barriers through overseas factories and technology licensing in response to local policy trends in Europe and the U.S., allowing them to benefit from high growth in overseas markets [3] Group 4 - Recommended companies for front-of-the-meter storage include CATL (300750.SZ, 03750), EVE Energy (300014.SZ), and Haibo Technology (688411.SH), while for behind-the-meter storage, recommended companies include Deye Technology (605117.SH), Airo Energy (688717.SH), and Pylon Technologies (688063.SH) [4]

航空股延续涨势，首都机场涨超7%。上海浦东、虹桥机场及北京首都机场陆续启动新一轮免税招标， 关键变化是引入外资参与者。国泰海通证券发布研报称，上海机场新一轮免税合同模式出现调整，按照 提成比例中值16%静态测算，新旧模式机场免税收入基本持平；若实际综合提成比例高于中值，新合同 将提升机场免税收入。 | 代码 | 名称 | 最新价 涨跌幅 √ | | | --- | --- | --- | --- | | 00694 | 北京首都机场股1 | 2.860 | 7.12% | | 00670 | 中国东方航空股 | 5.180 | 4.65% | | 00753 | 中国国航 | 6.980 | 3.71% | | 01055 | 中国南方航空股 | 5.750 | 3.23% | | 00293 | 国泰航空 | 11.880 0.42% | | 锂电池股跌幅居前，宁德时代跌超3%。由于储能和商用车需求超预期爆发，摩根大通将2030年全球锂 需求预测上调至350万吨（共识上限）。分析师认为，中期4-7%的供需缺口将迫使碳酸锂价格在明年底 冲向18000美元，较现货价高出约33%。因此该行全面看多，直言锂价已进入 ...

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2021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 )所發布之《寧德時代新能 源科技股份有限公司關於2021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。 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，二零二五年十二月十七日 於本公告日期，本公司董事會成員包括執行董事曾毓群先生 ...