Core Viewpoint - DBS has raised its 12-month target for the Hang Seng Index to 30,000 points, reflecting a forecasted price-to-earnings ratio of 13 times for the next year, with a bullish scenario predicting 36,500 points and a bearish scenario at 23,000 points [1] Group 1: Market Outlook - The forecasted earnings growth is 11.7%, with a price-to-earnings ratio of 13 times, which is above the 5-year average by 1.25 standard deviations [1] - There is no clear preference between H-shares and A-shares, as both markets offer different opportunities, such as AI-related companies in Hong Kong and beneficiaries of anti-involution in mainland China [1] - Recent market volatility is not expected to hinder the bullish trend in Hong Kong, as valuations still have moderate upside potential and earnings growth remains robust [1] Group 2: Investment Themes - The investment theme for the next year remains focused on technology, which is expected to benefit from policy support, ongoing AI development, reduced risks of an AI bubble, and more attractive valuations compared to global peers [1] - Financial stocks are also viewed positively due to stable capital inflows [1]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of November 27, with Northeast Electric (00042) leading with a premium rate of 864.29% [1] - The article also lists the stocks with the highest and lowest deviation values, indicating significant discrepancies between A-shares and H-shares [1] AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042): 864.29% - Hongye Futures (03678): 269.82% - Sinopec Oilfield Service (01033): 264.86% [1] - The bottom three stocks with the lowest AH premium rates are: - Ningde Times (03750): -5.40% - China Merchants Bank (03968): -1.65% - Heng Rui Medicine (01276): -0.38% [1] Deviation Value Rankings - The stocks with the highest deviation values are: - Vanke Enterprises (02202): 30.48% - Dazhong Public Utilities (01635): 24.57% - Shandong Xinhua Pharmaceutical (00719): 22.88% [1] - The stocks with the lowest deviation values are: - Sairis (09927): -17.06% - China National Airlines (00753): -13.21% - China Life (02628): -13.18% [1] Additional Insights - The article provides detailed tables showing the premium rates and deviation values for the top and bottom AH stocks, indicating market trends and potential investment opportunities [2]

Core Viewpoint - The Hong Kong stock market is experiencing a significant surge in IPOs, surpassing major exchanges like the NYSE and NASDAQ, and is on track to become the leading global market for new stock fundraising by 2025. For Chinese companies, listing in Hong Kong is shifting from a necessity to a proactive choice [1]. Group 1: IPO Trends and Market Dynamics - In the first ten months of this year, 81 companies have gone public in Hong Kong, raising a total of 215.977 billion HKD, with over half of this amount contributed by 14 A-share companies [1]. - The fundraising amount in Hong Kong for the first ten months is close to the total for the years 2022, 2023, and 2024 combined, indicating a significant improvement in market liquidity compared to previous years [1][3]. - The listing cycle has drastically shortened, with companies like CATL completing the process in under six months, a significant reduction from previous timelines [4]. Group 2: Factors Driving the Surge - The surge in Hong Kong IPOs is driven by three main factors: the spillover effect from A-share IPO policies, the return of Chinese concept stocks seeking safer options, and the concentration of large transactions boosting fundraising scales [3]. - The acceleration of the listing process is attributed to faster approval times and a more efficient inquiry process from regulatory bodies, with some projects completing the necessary approvals in as little as five to six months [4][5]. Group 3: Regulatory Improvements and Market Conditions - Enhanced cooperation between regulatory bodies in mainland China and Hong Kong has streamlined the listing process, reducing redundancy in inquiries and improving overall efficiency [5]. - Recent reforms in Hong Kong have optimized listing rules for technology companies and allowed unprofitable advanced manufacturing and green technology firms to go public, further facilitating the listing process [5]. Group 4: Valuation Trends and Future Outlook - The valuation of Hong Kong stocks has improved, with the AH premium index showing a significant decrease of nearly 23% from the previous year, although some leading companies still exhibit price discrepancies between A and H shares [7]. - The ongoing trend of "A+H" listings is expected to continue, particularly among high-growth sectors such as technology and renewable energy, as companies seek to optimize their financing structures and enhance their international presence [9].

智通财经APP获悉，香港联交所最新数据显示，11月21日，摩根大通增持宁德时代(03750)68.3542万 股，每股作价465.0978港元，总金额约为3.18亿港元。增持后最新持股数目约为1115.12万股，持股比例 为7.15%。 ...

Core Viewpoint - CATL is expanding its focus from electric vehicles to a comprehensive "electric society," aiming to integrate green transportation across land, sea, and air, with a particular emphasis on the emerging low-altitude economy, projected to reach a market size of 4 trillion yuan by 2035 [1][2]. Group 1: Low-altitude Economy Development - The low-altitude economy is currently in its early development stage, facing several constraints that need to be addressed [1]. - CATL is motivated to expand its battery applications into this new sector, leveraging its position as an industry leader to reshape the low-altitude economy and enhance the integration of renewable energy technologies across various sectors [1][2]. Group 2: Innovative Solutions - CATL has introduced the world's first zero-carbon water airport designed specifically for eVTOL aircraft, which features a large deck for takeoff and landing, and a cabin serving as a waiting area and maintenance room [4][6]. - This water airport is powered by a solar energy and battery system, enabling rapid charging for eVTOLs and supporting all-weather operations [4][6]. Group 3: Infrastructure and Efficiency - The zero-carbon water airport addresses traditional low-altitude infrastructure challenges such as site selection, slow deployment, and heavy maintenance, significantly improving efficiency and reducing overall costs [6][8]. - The proposed "sea and air integration" solution aims to fill the gap in low-altitude smart infrastructure, potentially creating the most intelligent and green low-altitude infrastructure network globally within the next 5-10 years [8]. Group 4: Application Scenarios - The "sea and air integration" solution is designed to meet various application needs, including marine energy platform operations, high-frequency commuting, marine tourism, emergency rescue, and mobile airport cluster operations [11]. - Initial demonstrations have shown that eVTOLs can drastically reduce travel times to offshore wind farms and oil platforms, enhancing operational efficiency by over ten times [12]. Group 5: Future Prospects - CATL plans to establish a flexible network of vessels and eVTOLs that can adapt to seasonal demands and project requirements, providing a level of operational flexibility not achievable with traditional infrastructure [13]. - The introduction of the "sea and air integration" solution signifies CATL's expansion of battery products from land vehicles to low-altitude aviation, with the potential for large-scale application [14].

Core Insights - The article highlights the top and bottom AH premium rates for various stocks, indicating significant discrepancies between H-shares and A-shares [1][2][3] Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with an AH premium rate of 831.03%, followed by Sinopec Oilfield Service (01033) at 267.57% and Hongye Futures (03678) at 266.67% [1][2] - Other notable stocks with high premium rates include Zhejiang Shibao (01057) at 263.21% and Fudan Zhangjiang (01349) at 237.83% [2] Group 2: Bottom AH Premium Rates - The stocks with the lowest AH premium rates include Ningde Times (03750) at -4.42%, China Merchants Bank (03968) at -1.39%, and Hengrui Medicine (01276) at 1.55% [1][2] - Additional stocks with low premium rates are WuXi AppTec (02359) at 5.00% and Weichai Power (02338) at 6.47% [2] Group 3: Top Deviation Values - The highest deviation values are seen in China Shipbuilding Defense (00317) at 27.44%, Shandong Xinhua Pharmaceutical (00719) at 22.88%, and Guanghetong (00638) at 22.39% [1][3] - Other stocks with significant deviation values include Nanjing Panda Electronics (00553) at 16.09% and Vanke Enterprises (02202) at 15.80% [3] Group 4: Bottom Deviation Values - Northeast Electric (00042) has the lowest deviation value at -25.74%, followed by Longpan Technology (02465) at -16.99% and Air China (00753) at -13.49% [1][3] - Additional stocks with low deviation values include Jiangsu Ninghu Expressway (00177) at -12.27% and China Life (02628) at -11.52% [3]

Core Insights - The article highlights the top and bottom AH share premium rates, with Northeast Electric (00042) leading at 831.03% and Ningde Times (03750) at -4.55% [1][2][3] Premium Rate Rankings - The top three AH share premium rates are: - Northeast Electric (00042): 831.03% - Hongye Futures (03678): 270.00% - Sinopec Oilfield Service (01033): 268.92% [1][2] - The bottom three AH share premium rates are: - Ningde Times (03750): -4.55% - China Merchants Bank (03968): -1.71% - Heng Rui Medicine (01276): 3.65% [1][3] Deviation Value Rankings - The top three stocks with the highest deviation values are: - China Shipbuilding Defense (00317): 53.01% - Guanghetong (00638): 25.36% - GAC Group (02238): 22.12% [1][4] - The bottom three stocks with the lowest deviation values are: - Longpan Technology (02465): -31.76% - Northeast Electric (00042): -23.74% - Ganfeng Lithium (01772): -14.15% [1][5]

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 中國國際金融股份有限公司關於寧德時代新能源科技股份有限公司 股東向特定機構投資者詢價轉讓股份的核查報告 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《中國國際金融 股份有限公司關於寧德時代新能源科技股份有限公司股東向特定機構投資者詢價 轉讓股份的核查報告》，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，二零二五年十一月二十四日 | 出让方名称 ...

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） 中國•寧德，二零二五年十一月二十四日 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、潘健先生、李平 先生、周佳先生、歐陽楚英博士及趙豐剛先生；及獨立非執行董事吳育輝博士、 林小雄先生及趙蓓博士。 证券代码：300750 证券简称：宁德时代 公告编号：2025-090 宁德时代新能源科技股份有限公司 海外監管公告 股東詢價轉讓結果報告書暨持股5%以上股東權益變動 觸及5%整數倍的提示性公告 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 ...

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。 中國•寧德，二零二五年十一月二十四日 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 簡式權益變動報告書 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簡式權益變動報告書》，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 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、潘健先生、李平先 生、周佳先生、歐陽楚英博士及趙豐剛先生；及獨立非執行董事吳育輝博士、 林小雄先生 ...