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 ...

Group 1 - The article highlights the top three and bottom three AH premium rates for various companies, with Northeast Electric (00042) leading at 881.82% and Ningde Times (03750) at -10.13% [1] - The top three companies with the highest deviation values are Red Star Macalline (01528) at 23.82%, Fudan Zhangjiang (01349) at 18.61%, and China People's Insurance Group (01339) at 15.55% [1] - The bottom three companies with the lowest deviation values include Changfei Optical Fiber (06869) at -30.48%, GAC Group (02238) at -18.85%, and First Tractor Company (00038) at -17.07% [1] Group 2 - The top ten AH stocks by premium rate include companies like Zhejiang Shibao (01057) at 277.56% and Hongye Futures (03678) at 267.67% [1] - The bottom ten AH stocks by premium rate feature companies such as China Merchants Bank (03968) at 0.14% and Hengrui Medicine (01276) at 1.30% [1] - The article provides detailed tables showing the premium rates and deviation values for both top and bottom AH stocks, indicating significant variations in market performance [2]

Group 1 - The core viewpoint of the article indicates that the domestic power battery installation volume in November continues to grow, with exports remaining stable [1] - According to the China Automotive Power Battery Industry Innovation Alliance, the domestic power battery installation volume reached 93.5 GWh in November 2025, representing a year-on-year increase of 39.2% and a month-on-month increase of 11.2% [1] - The report suggests that battery production in December will continue to grow month-on-month, presenting an opportunity for investment in the lithium battery sector following recent adjustments [1] Group 2 - Data from Xinluo Lithium Battery indicates that the planned battery production for domestic sample enterprises in December is 148.8 GWh, reflecting a month-on-month increase of 2.3%, while overseas sample enterprises plan for 23.8 GWh, showing a month-on-month decline of 2.6% [1] - The industry fundamentals are described as robust, with ongoing production increases, suggesting that the recent sector pullback may provide a window for investment [1] - The report highlights the importance of focusing on companies with cost and technological advantages, particularly mentioning CATL (Ningde Times) as a leader in overseas expansion [1]

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。 海外監管公告 關於2021年股票期權與限制性股票激勵計劃之股票期權首次及預留授予 第四個行權期自主行權的提示性公告 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之股票期權首次 及預留授予第四個行權期自主行權的提示性公告》，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 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，二零二五年十二 ...

Core Insights - The Chinese power battery industry experienced strong production and sales in November, with a positive trend in pricing across the supply chain driven by policy guidance and a "de-involution" trend [1][3] Group 1: Industry Performance - In November, the installed capacity of power batteries in mainland China reached 93.5 GWh, reflecting a year-on-year increase of 39.2% and a month-on-month increase of 11.2% [2] - The export of batteries remained robust, with a total export of 32.2 GWh in November, marking a year-on-year increase of 46.5% and a month-on-month increase of 14.1% [2] - Lithium iron phosphate batteries accounted for 80.5% of the total installed capacity, with a total of 75.3 GWh, showing a year-on-year increase of 40.7% [2] Group 2: Pricing Trends - The National Development and Reform Commission held a meeting to curb irrational price competition, aiming to return to rational pricing and ensure reasonable profit levels [3] - Prices across the supply chain have generally risen, with lithium hexafluorophosphate reaching 180,000 yuan per ton and battery-grade lithium carbonate exceeding 95,500 yuan per ton [3] - A notice from Suzhou Dejia Energy Technology indicated a 15% price increase for all battery products starting December 16 due to rising raw material costs [3] Group 3: Production Plans - The planned battery production for December in mainland China is 148.8 GWh, reflecting a month-on-month increase of 2.3% [4] - The production of separator materials increased by 2.6%, while the production of electrolyte saw a 1.4% increase, indicating strong downstream demand [4] - The lithium battery sector has experienced a correction, with the Wande Lithium Battery Index down approximately 12% from its peak, providing a potential investment opportunity [4] Group 4: Investment Recommendations - The industry remains fundamentally strong, and the recent adjustments in the lithium battery sector may offer a window for investment [4] - Companies with cost and technological advantages, particularly CATL (宁德时代), are recommended for attention due to their leading position in the market [4]

Core Insights - The article highlights the top and bottom AH share premium rates, indicating significant discrepancies between H-shares and A-shares for various companies [1][2][3]. Group 1: Top AH Share Premium Rates - Northeast Electric (00042) leads with a premium rate of 900.00%, followed by Hongye Futures (03678) at 271.51% and Beijing Machinery (00187) at 270.90% [1][2]. - The top three companies with the highest deviation values are Beijing Machinery (29.68%), Guanghe Tong (28.56%), and Northeast Electric (27.53%) [1][4]. Group 2: Bottom AH Share Premium Rates - The companies with the lowest AH share premium rates include Heng Rui Medicine (01276) with an unspecified rate, Ningde Times (03750) at -10.42%, and China Merchants Bank (03968) at 0.30% [1][3]. - The bottom three companies with the lowest deviation values are First Tractor (00038) at -18.79%, Zhejiang Shibao (01057) at -17.76%, and GAC Group (02238) at -17.40% [1][5]. Group 3: Detailed Premium and Deviation Data - The detailed premium and deviation data for the top ten AH shares shows significant premiums for companies like Sinopec Oilfield Service (01033) at 265.22% and Fudan Zhangjiang (01349) at 254.87% [2]. - The bottom ten AH shares include companies like WuXi AppTec (02359) with a premium of 5.28% and Weichai Power (02338) at 6.70% [3].