一、证券市场回顾 沪深两市的融资融券余额为24538.31亿元，其中融资余额24375.6亿元，融券余额162.71亿元。两市融资融券余额较前一周减少310.35亿元。分市场来看，沪 市两融余额为12506.07亿元，相较前一周减少148.54亿元；深市两融余额12032.24亿元，相较前一周减少161.82亿元。 南财金融终端数据显示，上周(11月17日-11月21日,下同)，上证综指周内下跌3.9%，收于3834.89点，最高3992.4点；深证成指周内下跌5.13%，收于12538.07 点，最高13251.78点；创业板指周内下跌6.15%，收于2920.08点，最高3137.07点。在全球市场中，主要指数均下跌。纳斯达克综指下跌2.74%，道琼斯工业 指数下跌1.91%，标普500下跌1.95%。亚太地区，恒生指数下跌5.09%，日经225指数下跌3.48%。 二、新股申购情况 上周有2只新股发行,详情见下表： | 股票代码 | 股票简称 | 申购日期 | | --- | --- | --- | | 001280.SZ | 中国钩业 | 20251121 | | 920035.BJ | 精创电气 | ...

Core Viewpoint - After the end of the IPO lock-up period for CATL (03750.HK), the stock price adjusted by 9% over the past two days, with the HA premium narrowing to 15% [1] Valuation and Growth - Based on a price-to-earnings ratio of 22 times and 18 times for the fiscal years 2026 and 2027, CATL's H-share valuation appears more attractive compared to its projected 31% compound annual growth rate in earnings from 2025 to 2027 [1] - The target price for CATL's H-shares is maintained at HKD 685, with the rating upgraded from "Outperform" to "Highly Confident Outperform" [1]

Group 1 - A-shares opened higher on November 24, 2025, with active sectors including 6G, optical communication, AI applications, BC batteries, and computing hardware [1] - The A500 index fell by 0.09% as component stocks showed mixed performance, with GAC Group hitting the 10% limit up, Zhangjiang Hi-Tech rising by 7.30%, and Guangqi Technology increasing by 4.94% [1] - Recent adjustments in the A-share technology sector were influenced by high volatility in the US AI sector and discussions around an "AI bubble," leading to downward pressure on major indices [1] Group 2 - According to Huatai Securities, recent market fluctuations are attributed to external disturbances, with the current market adjustment showing initial signs of support around the mid-September market center [1] - The top ten weighted stocks in the CSI A500 index include CATL, Kweichow Moutai, China Ping An, and others, accounting for 19.36% of the index [2] - A500 ETF by Harvest closely tracks the CSI A500 index, providing balanced exposure to quality core assets across various industries [2]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **global energy storage** industry, with a focus on **China's electric vehicle (EV) battery market** and key players like **CATL** and **BYD** [1][2]. Key Companies and Their Performance - **CATL** holds a **43.00%** market share in China's EV battery installations for October, with a total of **36.14 GWh** installed, reflecting a **42.1%** year-on-year increase and a **10.7%** month-on-month rise [1]. - **BYD** ranks second with a **21.29%** market share, having installed **17.89 GWh** in October, up from **21.07%** in September [1]. - **Lithium iron phosphate (LFP)** batteries dominate the market, accounting for **80.3%** of total installations with **67.5 GWh** in October, marking a **43.7%** year-on-year increase [1]. Strategic Developments - CATL's co-founder plans to reduce his shareholding by **1%**, approximately **45.63 million shares**, valued at around **RMB 18.44 billion**, to invest in the energy storage sector [1]. - CATL and **GAC Group** have signed a **10-year strategic cooperation agreement** to enhance their battery swap business, launching the **Aion UT Super** compact hatchback utilizing CATL's battery swap technology [1]. - CATL has commenced mass production of its **5th-generation LFP batteries**, achieving advancements in energy density and cycle life [1]. - **Ronbay** will supply **60%** of CATL's cathode powder for sodium-ion batteries, indicating a deepening partnership [1]. Market Trends and Challenges - **Longi Green Energy** is pivoting towards energy storage by acquiring a majority stake in **PotisEdge**, a lithium-ion battery maker, amid struggles in the solar sector [2]. - Predictions suggest that **solid-state batteries** may not be commercially viable in China until after **2030**, with current technologies being more practical [2]. - The demand for energy storage is surging both domestically and internationally as power grids adapt to increased renewable energy integration [2]. Regulatory and Operational Insights - CATL is negotiating with the Spanish government to allow **2,000 Chinese workers** for its **€4.1 billion** manufacturing plant in Zaragoza, emphasizing the need for experienced technicians [4][6]. - The joint venture with **Stellantis NV** is set to produce lithium-iron phosphate batteries, with production expected to start by the end of **2026** [4]. Financial Metrics and Market Performance - The report includes various financial metrics for key companies, such as **CATL**'s market cap of **246.8 billion CNY** and a P/E ratio of **25.8x** [8]. - The performance of lithium and battery component prices is also highlighted, with **LiCO** spot prices at **$12,117/tonne** and **LiOH** at **$11,060/tonne** [7]. Conclusion - The energy storage sector is experiencing significant growth driven by advancements in battery technology and increasing demand for renewable energy solutions. Key players like CATL and BYD are leading the market, while strategic partnerships and regulatory negotiations are shaping the industry's future.

Summary of AIDC-driven ESS Battery Expert Call Industry Overview - The focus of the call was on AIDC-driven ESS (Energy Storage Systems) batteries, highlighting the rapid growth in demand due to AI-driven data centers, electrification, and changes in power supply architecture [2][6][7]. Key Companies Discussed - **Sungrow**: Potential for re-rating due to direct sales to data centers on new use cases [2]. - **CATL**: Recognized as a global leader in ESS batteries [2]. - **LGES**: Well-positioned to capture opportunities in the US ESS market [2]. Core Insights - **Global ESS Battery Shipments**: Expected to exceed 600 GWh in 2025, representing over 70% year-on-year growth. GGII forecasts a 20% growth in 2026 to 750 GWh, with a long-term CAGR of 20% from 2025 to 2030, reaching 1.5 TWh [5][6]. - **Chinese Market Growth**: Chinese shipments projected to reach 580 GWh in 2025, up 76% year-on-year. Q3 2025 shipments were 165 GWh, a 65% increase year-on-year [5]. - **Overseas Market Expansion**: 2025 is seen as a pivotal year for overseas ESS markets, with strong order momentum from regions like the Middle East, Australia, Southeast Asia, and Europe. Chinese manufacturers exported 11 GWh to Eastern Europe in Q3 [5][6]. Demand Drivers - **AIDC ESS Demand**: Currently only 2% of global ESS battery shipments (15 GWh), but expected to grow at an 82% CAGR to 300 GWh by 2030, driven by increased electricity consumption in data centers [6][7]. - **Data Center Power Supply Changes**: The shift from traditional UPS systems to advanced solutions like 800V HVDC is transforming ESS systems from optional to necessary [7]. Competitive Landscape - Major Chinese players such as Huawei, CATL, Sungrow, and Hithium are leading in AIDC ESS solutions. The competition with Japanese and Korean players is intensifying in the US due to IRA policy [7]. - Chinese manufacturers are expected to capture a significant market share outside the US due to advantages in product quality, cost, and service [7]. Future Outlook - GGII anticipates a nearly 100% green energy mix for AIDC power generation by 2030, with significant implications for the ESS market [6]. - The integration of long-duration ESS systems is expected to become standard practice in AIDC facilities, enhancing energy efficiency and meeting long-duration power requirements [7]. Additional Insights - The report highlights the importance of policy-driven demand and supportive measures in China as key factors for the surge in shipments [5]. - The competitive dynamics in the AIDC ESS industry are still evolving, with ongoing developments from key players summarized in the report [7][17].

证券分析师 曾朵红 证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 储能锂电需求旺盛、明年盈利修复可期 2025 年 11 月 24 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 行业走势 相关研究 -19% -13% -7% -1% 5% 11% 17% 23% 29% 35% 41% 2024-11-25 2025-3-25 2025-7-23 2025-11-20 电力设备 沪深300 《锂电需求旺盛涨价诉求强、AIDC 潜 力可观》 2025-10-19 《动储产销两旺，量利双升，继续强 推》 2025-10-12 东吴证券研究所 1 / 48 请务必阅读正文之后的免责声明部分 ◼ 电气设备 9617 下跌 10.54%，表现弱于大盘。核电跌 7.06%，新能源汽车跌 7.34%，风电跌 7.41%，发电设 备跌 8.09%，电 ...

每经AI快讯，有投资者在投资者互动平台提问：公司和宁德时代合作的主要产品有哪些，毛利率有多 少，目前在售宁德订单有多少？ 华自科技（300490.SZ）11月24日在投资者互动平台表示，公司为其提供锂电后段化成、分容智能生产 设备，目前锂电生产设备在手订单充足，业绩情况请以公司披露的定期报告为准。 （记者 胡玲） ...

Group 1: Industry Highlights - The domestic first large-capacity all-solid-state battery production line has been completed and is currently in small-batch testing, with reports indicating that it will be installed in vehicles by 2027, making 1000 km range for electric vehicles a possibility [4] - The Federal Reserve is managing interest rate cut expectations, with two officials calming the market after a significant drop, indicating a 69% probability of a rate cut in December, leading to a rebound in US stocks [5] - The lithium carbonate futures price has surged recently, prompting CATL to plan the earliest restart of an important lithium mine in Yichun next month, with significant gains in related market concept stocks [5] Group 2: Company Developments - Baillie Tianheng's self-developed dual-antibody ADC drug, iza-bren, has had its market application accepted, aimed at treating locally advanced or metastatic nasopharyngeal carcinoma [7] - Huawei has released Flex:ai AI container software, which utilizes computing power slicing technology to divide a single GPU/NPU computing power card into multiple virtual computing units, enabling simultaneous support for multiple AI workloads [8] - Longxin Storage has launched DDR5 and LPDDR5X memory products, with both product series reportedly ranking at the top tier in terms of speed and capacity in the industry [8] - JinkoSolar's Tiger 3 modules have officially entered mass production, with global orders reaching 15 GW [8] - Chang'an Automobile plans to gradually release prototype vehicles starting next year and will launch its first vehicle-mounted component robot in the first quarter of next year [8] - The company Nenghui Technology signed a contract with Company X for a total estimated price of 10 million yuan for new energy power battery assembly [8] - Guotai Microelectronics' major shareholder and its concerted actors plan to reduce their holdings by no more than 2.24% [8]

Group 1 - The concept of a "C7 license" for low-speed electric vehicles, commonly referred to as "old man joy," has been circulated, claiming trials in cities like Shanghai and Guangzhou by the end of the year, but local authorities have denied these claims [1] - Xiaomi clarified rumors regarding a fire incident in its automotive factory, stating it was a minor event caused by a mishap during equipment debugging, with no injuries reported and production quality unaffected [2] - North Automotive Group reported that its order delivery cycle is now stabilized within 30 days, and parts availability has significantly improved from 65% to 95% [3] Group 2 - North Automotive Group announced a legal victory against a competitor for unauthorized use of its brand names, emphasizing the importance of protecting its intellectual property rights [4] - GAC Group has launched a pilot production line for solid-state batteries, aiming for mass production of automotive-grade batteries by 2026 [5] - CATL and SAIC Commercial Vehicle have entered into a strategic partnership to enhance collaboration in the fields of new energy and intelligent commercial vehicles [6] Group 3 - Tesla is facing a lawsuit in Washington state related to a fatal accident, with claims that a design flaw in the door handle obstructed rescue efforts during a fire [7]

Core Viewpoint - The recent stock transfer of Ningde Times (300750) from Goldman Sachs (Asia) Securities to Citibank, valued at HKD 2.905 billion, indicates a significant shift in shareholder strategy amidst the unlocking of nearly 50% of its H-share IPO locked shares, which may exert pressure on the stock price [1] Group 1: Stock Transfer and Market Impact - On November 21, Ningde Times' shareholder transferred shares worth HKD 2.905 billion from Goldman Sachs (Asia) Securities to Citibank, representing 3.86% of the company [1] - Nearly 50% of Ningde Times' H-share IPO locked shares were unlocked on November 20, with approximately 77.5 million shares facing potential sell-off [1] - Morgan Stanley noted that some strategic investors, such as Sinopec, are unlikely to sell their shares, but the current H-share price is 107% higher than the IPO price, and the H-share is trading at a 23% premium to the A-share, which is rare for dual-listed shares, suggesting potential pressure on the stock price due to the unlocking [1] Group 2: Shareholder Actions - Shareholder Huang Shilin plans to transfer 45.6324 million shares through an inquiry-based transfer, representing 1% of the total share capital as of November 13, 2025 [1] - The preliminary inquiry transfer price is set at RMB 376.12 per share, which would allow Huang Shilin to cash out approximately RMB 17.163 billion [1] - Huang Shilin is a co-founder of Ningde Times and previously served as the vice chairman and deputy general manager, currently holding a 10.21% stake, making him the third-largest shareholder [1]