Market Overview - The Hong Kong stock market opened lower but rebounded, with the Hang Seng Index closing up 0.22% at 26,446.56 points and a total turnover of HKD 290.2 billion [1] - The Hang Seng China Enterprises Index rose 0.21% to 9,384.76 points, while the Hang Seng Tech Index increased by 0.91% to 6,043.61 points [1] Blue Chip Performance - WuXi Biologics (02269) led blue-chip stocks, rising 6.47% to HKD 38.84, contributing 13.66 points to the Hang Seng Index [2] - Other notable blue-chip performers included Li Auto-W (02015) up 4.56% and Nongfu Spring (09633) up 4.11% [2] Sector Highlights - The large technology stocks mostly rose, with Alibaba up over 2% and Kuaishou up 1% [3] - The lithium battery sector saw significant gains, with CATL (03750) surging 7% to a new high [3] - The pharmaceutical sector also performed well, with Jiangsu Hengrui Medicine (02617) skyrocketing 115% [3] Policy and Industry Developments - The National Development and Reform Commission and the National Energy Administration announced a plan to achieve a new energy storage capacity of over 180 million kilowatts by 2027, with an investment of approximately RMB 250 billion [4] - The Ministry of Industry and Information Technology released a plan for the automotive industry aiming for 32.3 million vehicle sales in 2025, with a focus on new energy vehicles [6] Stock Movements - Jiangsu Hengrui Medicine (02617) experienced a dramatic increase of 115.58%, reaching HKD 415 [8] - Lion Group (02562) surged 25.34% to HKD 19.24 after announcing a binding investment agreement in AI and blockchain [9] - Shanghai Fudan (01385) faced pressure, dropping 3.77% to HKD 37.82, following its inclusion in the U.S. entity list [11]

Company Highlights -药捷安康, a biopharmaceutical company focused on innovative therapies for cancer, inflammation, and cardiovascular metabolic diseases, has recently been added to the Hong Kong Stock Connect list, allowing southbound funds to invest in its shares [4] - On September 10,药捷安康 announced that its core product, Tinengotinib (TT-00420), received clinical approval from the National Medical Products Administration of China for a Phase II trial in treating HR+/HER2- recurrent or metastatic breast cancer [4][6] - The stock of药捷安康 surged by 115% on the day, reaching a peak price of 431.4 HKD, and has increased over 30 times since its IPO price of 13.15 HKD, with a market capitalization exceeding 120 billion HKD [5] Industry Insights - 宁德时代 (CATL) saw its A-shares rise by 14%, reaching a historical high of 371.52 HKD, while its H-shares also hit a new high of 476.8 HKD, closing at 465 HKD with a 7.44% increase [6] - According to Pacific Securities, 宁德时代 maintains a leading global market share with a gross margin of 25.58% in the first half of 2025, supported by steady production growth and an expanding product matrix [7] - The report indicates that 宁德时代's battery system capacity reached 345 GWh, with an additional 235 GWh under construction, positioning the company well to meet customer demand [7] Market Trends - The Hong Kong stock market experienced a slight upward trend, with the Hang Seng Index closing at 26,446.56 points, up 0.22%, and the Hang Seng Tech Index rising by 0.91% [2] - Southbound funds continued to show strong buying interest, with a net purchase amount exceeding 14 billion HKD on the first trading day of the week [9] - The market outlook suggests that the Hong Kong stock market may perform strongly following the Federal Reserve's potential interest rate cuts, with historical data indicating an average increase of 35.4% in the Hang Seng Index over the following 12 months [11]

Core Viewpoint - CATL's stock price surged over 5%, reaching a new high of 476.8 HKD, driven by an upward revision of its 2026 demand guidance to 1100 GWh, representing a 46% year-on-year increase [1] Group 1: Company Performance - CATL's stock increased by 6.52% to 461.00 HKD, with a trading volume of 2.508 billion HKD [1] - The company expects production capacity to expand by over 300 GW in the next two years to meet market demand [1] Group 2: Industry Trends - The demand growth is primarily fueled by overseas demand for power batteries and energy storage batteries [1] - Recent favorable policies in the new energy sector include initiatives from the China Automobile Industry Association and the Ministry of Industry and Information Technology, aimed at stabilizing growth in the automotive industry [1]

Group 1 - The Hang Seng Index rose by 0.29%, gaining 75 points to reach 26,463 points, while the Hang Seng Tech Index increased by 1.11%. The early trading volume in Hong Kong was HKD 162 billion [1] - CRO concept stocks saw significant gains, with Kanglong Chemical (03759) rising over 8% due to accelerated clinical trial review and approval processes. Other notable performers included Zhaoyan New Drug (06127) up 7%, WuXi Biologics (02269) up 5.5%, and Kelaiying (06821) up 4.2% [1] Group 2 - Yaojie Ankang (02617) surged over 33% after being included in the Hong Kong Stock Connect list, effective from September 8 [2] - The lithium battery sector performed well, with Morgan Stanley issuing a positive report on CATL, as market attention shifts to lithium demand expectations for next year. Notable stock movements included Zhongxin Hang (03931) up 4%, CATL (03750) up 7%, and Ganfeng Lithium (01772) up 4% [2] Group 3 - Yunfeng Financial (00376) increased by over 19%, with its stock price doubling within the month following the approval of its virtual asset trading services [3] Group 4 - Ruipu Lanjun (00666) rose nearly 2%, driven by sustained high production levels at major battery manufacturers and a significant increase in the company's energy storage battery shipments [4] Group 5 - Hushang Ayi (02589) gained over 8% after being included in the Hong Kong Stock Connect list, with stable growth in store numbers during the first half of the year [5] - Brainstorm Cell Therapeutics-B (06681) saw a dramatic rise, initially up 83% to a record high, and closing up 36%, with a cumulative increase of over 130% since its inclusion in the Stock Connect list on September 8. The company is noted for developing the first medical-grade digital therapy product for cognitive disorders in China [5] Group 6 - Baiao Saitu-B (02315) increased by over 11% after signing an antibody selection rights evaluation agreement with Merck to advance antibody-drug conjugate lipid delivery solutions [6] Group 7 - Domestic property stocks collectively declined, with Shimao Group (00813) falling nearly 5% and Zhongliang Holdings (02772) dropping over 3% [7]

Market Performance - The Hang Seng High Dividend Yield Index fell by 0.38% as of September 15, 2025, with mixed performance among constituent stocks [2] - The China Securities Low Volatility 100 Index decreased by 0.18% on the same date, also showing varied stock performance [6] Key Stocks - Yanzhou Coal Mining Company led gains with a rise of 3.88%, while China Overseas Land & Investment fell by 2.79% [2] - Contemporary Amperex Technology Co., Ltd. (CATL) saw its stock price reach a historical high, increasing by 10.42% to 358.88 CNY per share [6][7] Fund Performance - The Bosera Hang Seng High Dividend ETF (513690) increased by 0.18%, with a recent price of 1.11 CNY and a weekly gain of 2.50% [2] - The Bosera Low Volatility 100 ETF (159307) decreased by 0.28%, with a current price of 1.08 CNY and a weekly increase of 0.46% [6] Liquidity and Trading Volume - The trading volume for the Bosera Hang Seng High Dividend ETF was 93.56 million CNY, with a turnover rate of 1.72% [2] - The Bosera Low Volatility 100 ETF had a trading volume of 13.32 million CNY, with a turnover rate of 1.03% [6] Economic Indicators - As of August 2025, the broad money supply (M2) was 331.98 trillion CNY, growing by 8.8% year-on-year [7] - The social financing scale stood at 433.66 trillion CNY, also reflecting an 8.8% year-on-year increase [7] Investment Trends - The demand for index funds is increasing, with non-monetary fund holdings among the top 100 institutions rising by 6.95% to 10.2 trillion CNY [8] - The market sentiment is improving, with expectations for continued growth in index fund sizes driven by both retail and institutional investments [9] Sector Insights - The battery industry is experiencing growth due to supportive policies and the establishment of global leaders in the sector [8] - The low volatility dividend strategy is gaining traction, with the Bosera Low Volatility 100 ETF showing significant inflows and growth in assets [13][14]

Core Viewpoint - The lithium battery sector is experiencing significant gains, driven by market developments and competitive dynamics, particularly with companies like CATL making strides in Europe while smaller competitors face profitability challenges [1] Group 1: Market Performance - As of the report, Zhongxin Innovation (03931) increased by 8.59% to HKD 29.06, CATL (03750) rose by 4.9% to HKD 454, Ganfeng Lithium (01772) climbed by 3.79% to HKD 35.06, and Tianqi Lithium (09696) also saw gains [1] Group 2: Industry Insights - Morgan Stanley's report highlights that CATL's breakthroughs in the European market are pivotal, while smaller competitors struggle in the energy storage sector [1] - CITIC Securities believes that the lithium sector has already priced in the market demand exceeding expectations for 2025, with the focus now shifting to whether the demand forecast for 2026 can be revised upwards from a 20% growth rate [1] Group 3: Future Signals - The industry is advised to monitor three key signals moving forward: the energy storage bidding situation in the fourth quarter, which will be crucial for assessing market dynamics [1]

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、 ...