Core Viewpoint - The report highlights a significant increase in the installation volume of power batteries for new energy passenger vehicles in China, with a week-on-week growth of 25.53% in the 37th week, driven by major players like CATL, BYD, and Zhongxin Innovation [1] Group 1: Industry Overview - The top three companies in terms of installation volume are CATL, BYD, and Zhongxin Innovation, with market shares of 42.36%, 28.35%, and 6.97% respectively [1] - The market concentration ratios (CR3, CR5, CR10) are 77.68%, 85.14%, and 95.95%, showing slight changes week-on-week [1] Group 2: Company Performance - CATL's installation volume increased by 22.97%, primarily driven by the sales of models such as Xiaomi SU7, Xingyuan, and Lantu Zhiyin, with week-on-week sales growth of 63%, 33%, and 194% respectively [3] - BYD's installation volume rose by 31.37%, benefiting from the rebound in Xiaomi's sales, particularly the Xiaomi YU7, which saw a week-on-week increase of over 1600 units [4] - Zhongxin Innovation recorded the fastest growth among the top 10 manufacturers at 36.32%, attributed to increased sales of models like XPeng G6, G7, and Leap C10 [5] - LG Energy Solution has also seen a rapid increase in installation volume, supported by Tesla's sales, particularly with the launch of Model Y L, moving from eighth to fifth place in rankings [7] Group 3: Market Dynamics - The rankings of the top six companies in weekly installations remained unchanged, while companies like Honeycomb Energy and Jiyou Tongxing dropped one position, and Jiangsu Zhengli and Yiwei Lithium Energy moved up one position [8]

Action | 17 Sep 2025 03:47:36 ET │ 13 pages CALB Group Co Ltd (3931.HK) Model Update; TP Raised to HK$33.4/sh, Maintain Buy CITI'S TAKE We update our CALB model post 1H25 result and revise up our 2025/26/27E earnings forecasts by 28%/22%/18% to Rmb1,721/2,640/3,583mn mainly to factor in mgmt. guidance and higher battery sales volume assumptions. Our TP of HK$33.40 (previously HK$19.90) is based on a 2026E P/E of 20.6x, the global battery producers' average. We believe the strong ESS battery demand and comme ...

Group 1: Industry Overview - The dual drivers of policy and demand are expected to highlight companies with resource advantages, technological barriers, and regional collaboration advantages in the lithium battery industry [1] - The global lithium battery demand is projected to maintain a compound annual growth rate (CAGR) of over 25% from 2025 to 2030, with the market size anticipated to exceed 1.5 trillion yuan [1] - The Ministry of Industry and Information Technology (MIIT) has emphasized the strategic importance of the lithium battery industry, signaling a focus on preventing low-level redundant construction and optimizing industrial layout [1] Group 2: Policy Support - The MIIT and the State Administration for Market Regulation have issued a growth action plan for the electronic information manufacturing industry, targeting an average growth rate of 7% for major electronic equipment manufacturing from 2025 to 2026, with the lithium battery sector contributing to an overall revenue growth of over 5% [2] - The automotive industry growth plan aims for approximately 32.3 million vehicle sales in 2025, including around 15.5 million new energy vehicles, providing a substantial market opportunity for the lithium battery sector [2] - Recent initiatives to stabilize payment terms for battery suppliers are expected to enhance order predictability and support capacity planning [2] Group 3: Market Demand - The current demand in the power battery, energy storage, and new energy vehicle markets is exceeding expectations, providing a solid foundation for the lithium battery industry [2] - The acceleration of solid-state battery industrialization is anticipated to create new growth points for the lithium battery sector [2] Group 4: Technological Advancements - The solid-state battery industry is entering a "technology verification period," with several automakers planning to achieve mass production by around 2027, which will drive structural growth in high-end lithium resource demand [3] - Companies like CATL are achieving significant technological breakthroughs, with pilot line yields exceeding 90%, accelerating the industrialization process [3] Group 5: Investment Insights - Investment suggestions highlight the ongoing demand for energy storage and commercial vehicles, with expectations for both volume and price increases in 2025-2026, focusing on leading battery companies such as CATL and Yiwei Lithium Energy [3] - New technologies like solid-state batteries are expected to reshape the competitive landscape, with companies that have technological advantages likely to see early rebounds [4] Group 6: Company Performance - Tianqi Lithium is positioned as a global leader in metal lithium production, with a capacity of 600 tons and an additional 1,000 tons under construction, indicating significant market potential as solid-state batteries gain traction [6] - Ganfeng Lithium has achieved mass production of energy storage cells and is expanding its presence in the solid-state battery market, indicating strong growth prospects [6] - Contemporary Amperex Technology Co., Ltd. (CATL) is experiencing robust demand in both electric vehicle and energy storage system markets, leading to upward revisions in earnings forecasts [7]

Industry Overview - The 2025 Suining International Lithium Battery Industry Conference highlighted the Ministry of Industry and Information Technology's (MIIT) commitment to deepening supply-side structural reforms and consolidating the industry's advantages [1] - The global lithium battery demand is expected to maintain a compound annual growth rate (CAGR) of over 25% from 2025 to 2030, with the market size projected to exceed 1.5 trillion yuan [1] Policy Support - The MIIT and the State Administration for Market Regulation issued a plan for the electronic information manufacturing industry, targeting an average growth rate of 7% for major electronic device manufacturing from 2025 to 2026, which includes lithium batteries [2] - The automotive industry plan aims for approximately 32.3 million vehicle sales in 2025, with around 15.5 million being new energy vehicles, providing a significant market for lithium batteries [2] Market Demand - Current demand in the power battery, energy storage, and new energy vehicle markets is exceeding expectations, providing a solid foundation for the lithium battery industry [2] - The acceleration of solid-state battery industrialization is expected to create new growth points for the lithium battery sector [2] Technological Advancements - The solid-state battery industry is entering a "technology verification period," with several automakers planning to achieve mass production by around 2027 [3] - Solid-state batteries have a significantly higher lithium consumption per unit compared to traditional liquid batteries, which will drive structural growth in high-end lithium resource demand [3] Investment Insights - Investment suggestions highlight the ongoing demand for energy storage and commercial vehicles, with expectations for both volume and price increases in 2025-2026 [3] - Companies such as CATL, Yiwei Lithium Energy, and Xinwangda are recommended for their leadership in the battery sector, while materials companies like Tianqi Lithium and Puli Technology are also noted [3] Market Recovery - The lithium battery sector is experiencing a price bottoming and production expansion slowdown, leading to a gradual recovery in market sentiment [4] - The upcoming traditional peak season and cost-reduction measures are expected to stabilize industry profitability and provide upward elasticity [4] Company Developments - Tianqi Lithium has a production capacity of 600 tons of lithium metal and is building an additional 1,000 tons, positioning itself as the second-largest globally [6] - Ganfeng Lithium has achieved mass production of energy storage cells and is expanding its presence in the solid-state battery market [6] - Zhongchu Innovation is experiencing strong demand for its energy storage batteries, with significant improvements in cost-effectiveness and yield rates [7] - CATL is operating at full capacity for both electric vehicle and energy storage system production, with strong demand particularly in overseas markets [7]

Market Analysis - The A-share market experienced a slight upward movement, with the Shanghai Composite Index facing resistance around 3876 points before stabilizing in the afternoon [1] - The average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are 15.74 times and 48.91 times, respectively, indicating a suitable environment for medium to long-term investments [1] - The total trading volume on the two exchanges reached 23.673 trillion yuan, above the median of the past three years [1] Industry Monthly Report: Telecommunications - The telecommunications industry index outperformed the CSI 300 index in August 2025, rising by 33.78% compared to the Shanghai Composite Index's 7.97% increase [1] - Cumulative telecommunications revenue from January to July 2025 reached 1,043.1 billion yuan, reflecting a year-on-year growth of 0.7% [1] Industry Monthly Report: 5G and Digital Integration - As of July 2025, 5G mobile phone users accounted for 62.7% of total mobile phone users, with a monthly data usage (DOU) of 20.91 GB per user, up by 12.9% year-on-year [2] - The proportion of gigabit and above fixed broadband users reached 33.3% of total users, highlighting the focus on key sectors such as industrial manufacturing and digital government [2] Industry Monthly Report: Lithium Battery and New Energy Vehicles - The lithium battery sector index increased by 13.23% in August 2025, outperforming the CSI 300 index [2] - New energy vehicle sales in China reached 1.395 million units in August, marking a year-on-year increase of 26.82% and a month-on-month increase of 10.54% [2] - The installed capacity of power batteries in August was 52.50 GWh, reflecting a year-on-year growth of 32.42%, with CATL, BYD, and Zhongxin Innovation leading the market [2] Industry Monthly Report: Semiconductor Sector - The semiconductor industry showed strong performance in August 2025, with the domestic semiconductor index rising by 23.84%, significantly outperforming the CSI 300 index [2] - The integrated circuit segment surged by 31.47%, while discrete devices and semiconductor materials rose by 16.29% and 15.24%, respectively [2] - Year-to-date, the semiconductor industry index has increased by 36.16% [3]

Core Viewpoint - Citigroup has updated the valuation model for Zhongxin Innovation航, raising the company's profit forecasts for 2025 to 2027 by 28%, 22%, and 18% respectively, with expected net profits reaching 1.721 billion, 2.64 billion, and 3.583 billion RMB [1] Group 1 - The upward revision is primarily based on management guidance and higher assumptions for battery sales volume [1] - Citigroup has increased the target price for Zhongxin Innovation航 from HKD 19.9 to HKD 33.4 while maintaining a "Buy" rating [1] - Strong demand for energy storage system batteries and commercial electric vehicle batteries is expected to significantly support Zhongxin Innovation航's battery shipment growth from 2025 to 2027 [1]

Core Viewpoint - Citi updated its valuation model for Zhongxin Innovation after the company announced its half-year results, raising profit forecasts for 2025 to 2027 by 28%, 22%, and 18% to 1.721 billion, 2.64 billion, and 3.583 billion yuan respectively, primarily due to management guidance and higher battery sales assumptions [1] Group 1 - The target price for Zhongxin Innovation was raised from 19.9 HKD to 33.4 HKD, maintaining a "Buy" rating [1] - Strong demand for ESS batteries and commercial EV batteries is expected to support Zhongxin Innovation's battery shipment growth from 2025 to 2027 [1]

CALB Group Co., Ltd. 中創新航科技集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3931） 2025年度第二次臨時股東大會及其任何續會之代表委任表格 本人╱吾等（附註1） 地址為（附註2） 持有中創新航科技集團股份有限公司（「本公司」） 股H股（附註3）， 為本公司的股東，現委任（附註4）大會主席或 （其地址為） 為本人╱吾等之代理人，代表本人╱吾等出席2025年10月10日（星期五）下午二時正假座中華人民共和國常州市金 壇區江東大道1號中創新航科技集團股份有限公司VIP1會議室舉行的2025年度第二次臨時股東大會（「臨時股東大 會」）或其任何續會，並於該會依照下列指示就日期為2025年9月18日的臨時股東大會通告所列的決議案投票；如無 作出指示，則本人╱吾等之代理人可酌情投票或棄權。 | | 普通決議案（附註5） | 贊成（附註6） | 反對（附註6） | 棄權（附註6） | | --- | --- | --- | --- | --- | | 1. | 審議並批准關於選舉肖文女士為公司第二 | | | | | | 屆董事會獨立非執行董事的議案。 | | | | ...

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通告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 普通決議案 1. 審議並批准關於選舉肖文女士為公司第二屆董事會獨立非執行董事的議案。 承董事會命 中創新航科技集團股份有限公司 CALB Group Co., Ltd. 中創新航科技集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3931） 2025年度第二次臨時股東大會通告 茲通告中創新航科技集團股份有限公司（「本公司」）謹訂於2025年10月10日（星 期五）下午二時正假座中華人民共和國常州市金壇區江東大道1號中創新航科技集團股 份有限公司VIP1會議室舉行2025年度第二次臨時股東大會（「臨時股東大會」）。於會上 將審議及批准下列普通決議案。 中國常州 2025年9月18日 於本通告日期，董事會成員包括執行董事劉靜瑜女士及戴穎先生；非執行董事胡婧 女士、李建存先生及謝潔平女士；獨立非執行董事吳光權先生、王蘇生先生及陳澤桐 先生。 – 1 – 附註： – 2 – 1. 本公 ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢持牌證券交易商、銀行經理、律 師、專業會計師或其他專業顧問。 閣下如已將名下所有中創新航科技集團股份有限公司股份出售或轉讓，應立即將本通函連同隨 附的代表委任表格送交買主或承讓人，或經手買賣或轉讓的銀行、持牌證券交易商或其他代理 商，以便轉交買主或承讓人。 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通函的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本通函全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 CALB Group Co., Ltd. 中創新航科技集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3931） 建議委任獨立非執行董事 及 2025年度第二次臨時股東大會通告 董事會函件載於本通函第3至7頁。 本公司謹訂於2025年10月10日（星期五）下午二時正假座中國常州市金壇區江東大道1號中創新 航科技集團股份有限公司VIP1會議室舉行臨時股東大會，臨時股東大會通告載於本通函第8至9 頁。 欲委任代表出席臨時股東大會的股東，務請按代表委任表格上印 ...