摘要 宁德时代 2025 年上半年营收 1,788 亿元，毛利率达 25%，规模净利 率 17%。下半年排产紧张，保障营收增长和利润率稳定。研发费用率保 持较高水平，达 5.6%，支撑固态电池、钠电池、换电站等新技术发展。 宁德时代积极拓展海外市场，德国工厂预计 2025 年实现盈亏平衡，匈 牙利工厂具成本优势，有望提升出货速率。与福特、通用等北美客户合 作，通过合资建厂和技术授权模式灵活应对国际市场需求。 欧洲主要车企逐步增加宁德时代订单比例，为未来发展提供积极指引。 欧洲新电池法推动宁德时代在欧洲动力电池市场突破，公司在技术、产 能和法规适应性方面准备充分。 宁德时代在北美市场采用 LRS 合作模式，控制风险并快速拓展市场。同 时，公司还在全球范围内进行上游原材料布局，确保供应链稳定。 宁德时代连续四年保持全球储能领域第一，储能订单饱满，出货量不断 增加。2023 年储能营收占总营收 14.9%，预计 2024 年更高。未来将 在工商业和大规模储能方向维持 20%左右的营收占比。 Q&A 宁德时代 20250917 兴业证券对宁德时代的整体观点是什么？ 兴业证券认为，宁德时代作为全球锂电池行业的龙头企业， ...

智通财经APP获悉，香港最新施政报告发布，市场当前静待美联储9月议息会议结果，港股今日高开高 走，恒科指大涨超4%刷新近四年新高。截止收盘，恒生指数涨1.78%或469.88点，报26908.39点，全日 成交额为3602.84亿港元；恒生国企指数涨2.24%，报9596.77点；恒生科技指数涨4.22%，报6334.24点。 银河证券指出，展望后市，建议关注业绩增速较高，但估值整体仍然处于中低水平的可选消费、医疗保 健等板块；政策利好增多或政策利好持续发酵的板块，例如AI产业链、"反内卷"行业、消费行业等；在 海内外不确定性因素的扰动下，分红水平较高的金融板块有望为投资者提供较为稳定的回报。 蓝筹股表现 百度集团-SW(09888)领跑蓝筹。截至收盘，涨15.72%，报131港元，成交额88.97亿港元，贡献恒指 35.75点。招商局集团与百度9月15日签署战略合作协议。据悉，双方将围绕大模型、云计算等前沿人工 智能技术，在科创产业、交通物流、综合金融、地产园区等领域开展合作。值得一提的是，百度自研芯 片昆仑芯此前斩获中国移动10亿级大单，此外，市场对其人工智能和自动驾驶领域也持续看好。 其他蓝筹股方面，海 ...

Core Insights - The article highlights the top and bottom AH share premium rates as of September 17, with Northeast Electric (00042) leading at a premium of 831.03% and Ningde Times (03750) at the bottom with -10.11% [1][2][3] Group 1: Top AH Share Premium Rates - Northeast Electric (00042) has the highest premium rate of 831.03% with a deviation value of 44.04% [2][4] - Andeli Juice (02218) follows with a premium rate of 236.50% and a deviation value of 8.97% [2] - Hongye Futures (03678) ranks third with a premium rate of 223.11% and a deviation value of -13.14% [2] Group 2: Bottom AH Share Premium Rates - Ningde Times (03750) has the lowest premium rate at -10.11% with a deviation value of 6.07% [3] - Heng Rui Medicine (01276) has a premium rate of -1.06% and a deviation value of 0.46% [3] - Midea Group (00300) shows a premium rate of 3.86% with a deviation value of -2.87% [3] Group 3: Top Deviation Values - Northeast Electric (00042) leads in deviation value at 44.04% with a premium rate of 831.03% [4] - Zhaoyan New Drug (06127) has a deviation value of 22.30% with a premium rate of 97.55% [4] - Zhejiang Shibao (01057) follows with a deviation value of 21.80% and a premium rate of 216.26% [4] Group 4: Bottom Deviation Values - Fudan Zhangjiang (01349) has the lowest deviation value at -22.95% with a premium rate of 195.69% [5] - Longyuan Power (00916) shows a deviation value of -21.66% with a premium rate of 163.60% [5] - Liaogang Co. (02880) has a deviation value of -20.47% with a premium rate of 105.66% [5]

Core Viewpoint - Contemporary Amperex Technology Co., Limited (CATL) has seen its stock price rise over 60% this year, reaching a new high of 503.5 HKD, following the certification of its sodium-ion battery under the new national standard for electric vehicle batteries [1] Group 1: Company Developments - CATL's sodium-ion battery has become the first globally to pass the GB 38031-2025 certification, which aims to enhance the safety of electric vehicle batteries [1] - The new national standard will be implemented on July 1, 2026, focusing on preventing risks such as battery fires through stringent safety requirements [1] - The sodium-ion technology has matured, with CATL already in small-scale production and supply to automotive companies, expecting to replace 30% of lithium iron phosphate batteries in small or short-range vehicles [1] Group 2: Market Applications - The second-generation sodium-ion battery has been successfully integrated into various automotive brands, including Li Auto, Avita, Deep Blue, Changan Qiyuan, and Neta [1] - In the energy storage sector, sodium-ion batteries are increasingly being utilized in energy storage projects due to their non-flammable, environmentally friendly characteristics, high energy conversion efficiency, long cycle life, and potential cost advantages [1]

Group 1: Market Performance - The Hang Seng Index rose by 1.41%, gaining 373 points to close at 26,812 points, while the Hang Seng Tech Index increased by 3.49% [1] - The early trading volume in the Hong Kong stock market reached HKD 192.4 billion [1] Group 2: Company Highlights - Baidu Group-SW (09888) surged by 15.9%, leading the gains among Hang Seng Tech Index constituents [1] - Alibaba-W (09988) saw a rise of 5% [1] - NIO-SW (09866) increased by over 8%, reaching a nearly one-year high ahead of the new ES8 launch [3] - China Tobacco Hong Kong (06055) rose by over 7%, achieving a new high after signing exclusive agency agreements for global markets [4] - Shandong High-Tech Holdings (00412) jumped by 14% following the announcement of a USD 100 million stock buyback plan [5] - Lens Technology (06613) increased by 6.8%, attributed to strong pre-order demand for the iPhone 17 [6] - China Education Holdings (00839) surged by over 16%, with expectations of significant valuation recovery in the private higher education sector [7] - Youzan (08083) rose by over 14%, as the company announced it is exploring the possibility of transferring to the main board for listing [8] Group 3: Industry Insights - The AI large model security assessment results indicated that major products from Tencent, Baidu, Alibaba, and Zhiyuan Huazhang exhibited fewer vulnerabilities, reflecting a high level of security protection [1] - CATL (宁德时代) shares rose over 5%, with the stock price surpassing HKD 500, marking a new high since its listing, while the company highlighted five major challenges in the energy storage industry [2]

Group 1: Market Performance - The Hang Seng Index rose by 1.41%, gaining 373 points to close at 26,812 points, while the Hang Seng Tech Index increased by 3.49% [1] - The early trading volume in Hong Kong stocks reached HKD 192.4 billion [1] Group 2: Company Highlights - Baidu Group-SW (09888) surged by 15.9%, leading the gains among Hang Seng Tech Index constituents [1] - Alibaba-W (09988) saw a rise of 5% [1] - NIO-SW (09866) increased by over 8%, reaching a nearly one-year high ahead of the new ES8 launch [2] - China Tobacco Hong Kong (06055) rose by over 7%, setting a new high after signing exclusive agency agreements for global markets [3] - Shandong High-Speed Holdings (00412) jumped by 14% following the announcement of a USD 100 million stock buyback plan [4] - Lens Technology (300433) (06613) increased by 6.8% due to strong pre-order demand for iPhone 17 [5] - China Education Holdings (00839) surged over 16% as private higher education sector shows signs of significant valuation recovery [6] - Youzan (08083) rose over 14% as the company explores the possibility of transferring to the main board for listing [6] Group 3: Industry Insights - The AI large model security assessment results indicate that major products from Tencent, Baidu, Alibaba, and others have shown fewer vulnerabilities, reflecting a high level of security [1] - Contemporary Amperex Technology Co., Ltd. (300750) (03750) saw its stock price exceed HKD 500, reaching a new high since its listing, while the CEO pointed out five major challenges in the energy storage industry [1]

Summary of Contemporary Amperex Technology Co. Ltd. Conference Call Company Overview - **Company**: Contemporary Amperex Technology Co. Ltd. (CATL) - **Industry**: Energy & Chemicals - **Stock Ticker**: 300750.SZ, 3750.HK - **Market Cap**: Rmb1,613,992 million [6] Key Points Manufacturing and Capacity - CATL's manufacturing lines are characterized by high complexity and intelligence, which create significant barriers to entry and enhance cost competitiveness [1][2] - The factory produces over 2.2 million cells per day, with more than 6,800 real-time quality control points ensuring high yield rates [2] - The company is targeting a total capacity of 1TWh for the next year, with current utilization rates exceeding 90% [3] Capacity Expansion Plans - CATL is constructing 250GWh of new capacity, aiming for 800GWh in 2025 and 1TWh in 2026 [3] - New overseas capacity is being developed in Hungary, Indonesia (2026), and Spain (2027), with expected profitability comparable to the domestic market [3] Energy Storage Systems (ESS) - The company's ESS products are designed to enhance project economics, yielding an internal rate of return (IRR) premium of approximately 14 percentage points over competitors globally and 7-8 percentage points in China [4] - CATL plans to shift its ESS product mix towards higher-margin AC system products in the coming years [4] Financial Performance and Projections - Revenue projections for the fiscal years ending December 2024, 2025, 2026, and 2027 are Rmb362,013 million, Rmb415,608 million, Rmb499,075 million, and Rmb603,807 million, respectively [6] - Expected EBITDA for the same years is Rmb79,515 million, Rmb91,475 million, Rmb113,544 million, and Rmb136,351 million [6] - The company anticipates a basic EPS of Rmb11.55 for 2024, increasing to Rmb22.22 by 2027 [6] Risks and Market Dynamics - Upside risks include faster-than-expected EV penetration, lower geopolitical risks, and better-than-expected margins [14] - Downside risks involve potential threats from other battery manufacturers and geopolitical risks affecting the battery supply chain [14] Valuation - The stock is rated as "Overweight" with a price target of Rmb425.00, indicating a potential upside of 20% from the closing price of Rmb354.70 on September 15, 2025 [6] Competitive Advantage - CATL's production lines consist of over 25,000 components, making it difficult for competitors to replicate their manufacturing capabilities [9] Additional Insights - The company is expected to produce a small batch of solid-state batteries by 2027, indicating a move towards advanced battery technologies [3] - The average daily trading value of CATL's stock is Rmb7,201 million, reflecting strong market interest [6] This summary encapsulates the key insights from the conference call, highlighting CATL's strategic initiatives, financial outlook, and competitive positioning within the energy and chemicals industry.

智通财经APP讯，宁德时代(03750)发布公告，2025年9月15日-2025年9月16日根据公司股东于2022年9月 5日批准采纳的股票期权与限制性股票激励计划(2022年股权激励计划)第三个归属期归属结果发行的A股 股份合计179.39万股。 ...

FF305 呈交日期： 2025年9月16日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 | A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) 300750 | 說明 | | A股股票於深圳證券交易所上市 | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1 ...

Group 1: Hang Seng Index (HSI) - Investors are optimistic about the Hang Seng Index continuing to rise, with bull certificates having a redemption price of 25,330, while some investors are hedging with bear certificates at a redemption price of 26,600 [1] - The closing price on Monday was 26,446, above the upper Bollinger Band at 26,442, with a technical signal summarized as "sell," indicating a higher probability of a short-term decline [1] - Support levels are identified at 25,779 and 25,348, while resistance levels are at 26,700 and 27,500 [1] Group 2: Contemporary Amperex Technology Co., Limited (CATL) - CATL reached a new high, with investors speculating whether the stock could hit 500 HKD this month; the stock peaked at 476.8 HKD and closed at 465 HKD [7] - Technical analysis indicates resistance levels at 505 HKD and 510 HKD, with a summarized signal of "sell," suggesting potential for a decline [7] Group 3: BYD Company Limited - BYD's stock closed at 108.1 HKD, near the middle line of the Bollinger Band, with a technical signal summarized as "buy," indicating a slight bullish outlook [13] - Resistance levels are at 113.6 HKD and 118.3 HKD, while support levels are at 103.2 HKD and 97.9 HKD [14] Group 4: Alibaba Group Holding Limited - Alibaba's stock showed decent rebound strength, but technical analysis suggests a "sell" signal, with resistance levels at 159.8 HKD and 180 HKD [18] Group 5: Nongfu Spring Co., Ltd. - Nongfu Spring's stock reached a new high of 54.5 HKD, with technical analysis indicating a "sell" signal and support levels at 51.2 HKD and 49.3 HKD [23] Group 6: JD.com, Inc. - JD.com's stock closed at 131.7 HKD, with support levels at 125 HKD and 119 HKD; bear certificates have a redemption price of 141.5 HKD, with resistance levels at 137.3 HKD and 144.3 HKD [29]