值得关注的是，就在10月14日，京东汽车、时代电服和广汽刚刚宣布联合推出一款"国民好车"。该车计划在 京东"双11"期间正式发布，并在京东平台开启独家销售。宁德时代巧克力京东自营旗舰店数据显示，截至记 者发稿，该车一周时间已有9449人预约。 针对所谓的"国民好车"，京东汽车方面曾表示，该车重点聚焦性能安全、外形时尚、续航能力、价格亲民四 大方面，力求实现最优平衡，推出一款大家能够买得起、能满足大家90%以上生活通勤需求的"国民好车"。 同时，三方还将通过推动汽车产品从生产到服务的全链条智能化升级，让买车像买手机一样方便。 具体分工方面，京东将主要作为汽车消费渠道，广汽推动汽车生产落地，而时代电服巧克力换电主要提供新 能源运营服务。时代电服表示，将与京东深化巧克力换电站建设与运营方面的合作，共同拓展新能源汽车补 能生态。通过整合京东平台的专属月租、换电权益和装饰、养车的多样化权益，实现车店分离模式下整车销 售、租赁、以旧换新等全流程线上化，提升巧克力换电车型在C端乘用车市场渗透率。 据头豹研究院预测，新能源汽车换电市场规模正在显著增长，市场规模预计从2023年的124.33亿人民币元增 至2025年的1749 ...

Group 1 - China's GDP grew by 5.2% year-on-year in the first three quarters, exceeding the government's target of around 5% and laying a solid foundation for achieving the annual goal [1] - The Producer Price Index (PPI) showed a narrowing decline for the second consecutive month in September, while the core Consumer Price Index (CPI) rose by 1.0%, indicating improved market vitality [1] - The turnover of goods and passengers increased by 4.8% and 4.4% year-on-year respectively, reflecting the positive impact of market governance on economic recovery [1] Group 2 - The value added of high-tech manufacturing above designated size increased by 9.6% year-on-year, with significant growth in industrial robots (29.8%), 3D printing equipment (40.5%), and industrial control computers (98.0%) [2] - The value added of digital product manufacturing above designated size grew by 9.7% year-on-year, indicating a strong development of new productive forces [2] - The stock trading volume in the Shanghai and Shenzhen markets increased by 106.8% year-on-year, contributing to the "innovation bull" phenomenon [2] Group 3 - Performance improvements were noted in technology companies, particularly in sectors such as semiconductors, artificial intelligence, and consumer electronics, aligning with macroeconomic structural trends [3] - Leading companies like Cambricon Technologies reported a revenue of 4.607 billion yuan, a year-on-year increase of 2386.38%, while CATL saw revenue and profit growth of 12.9% and 41.21% respectively [3] - Morgan Stanley's report indicated that the risk clearing in China's financial system is nearing completion, with industrial profits gradually improving and PPI's year-on-year decline continuing to narrow [3] Group 4 - Despite a slowdown in growth, structural and endogenous factors are improving, suggesting stronger momentum for the economy [4] - There is a need to accelerate the implementation of existing policies, cultivate domestic demand, and effectively address irrational market competition to promote the transition between new and old growth drivers [4]

Group 1 - The Hong Kong IPO market has raised over 190 billion HKD this year, ranking first globally among exchanges [1][2] - A total of 11 A-share companies with a market capitalization exceeding 100 billion CNY have successfully listed on the Hong Kong Stock Exchange [1][2] - The trend of A-share companies listing in Hong Kong is driven by policy support and a recovering capital market, indicating a new upward cycle for the A+H listing model [1][3] Group 2 - As of October 21, there are 303 companies queued for listing on the Hong Kong Stock Exchange, with over 70% being mainland enterprises [2][3] - Among the queued companies, 78 are already listed on A-shares, including major firms like Luxshare Precision, Sungrow Power Supply, and Muyuan Foods [2][3] - The technology sector dominates the queued listings, with nearly 60% of the companies coming from electronics, computing, communication, and power equipment industries [2] Group 3 - The influx of A+H listed companies is expected to enhance the liquidity and pricing efficiency of the Hong Kong market, improving its industry structure and international competitiveness [3][4] - Analysts predict that the A+H listing trend will attract more capital to Hong Kong, reinforcing its position as a key investment window for Chinese assets and an offshore RMB center [4] - Deloitte forecasts that over 80 new stocks will be listed in Hong Kong this year, with total fundraising expected to reach between 250 billion to 280 billion HKD [4]

Core Insights - CATL is actively expanding its global production capacity to meet surging customer demand, reporting a Q3 revenue of 104.186 billion yuan, a 12.9% year-on-year increase, and a net profit of 18.549 billion yuan, up 41.21% year-on-year [1] - The battery production capacity is currently tight, especially in the energy storage market, with leading manufacturers operating at full capacity [1][4] - Major companies including CATL, BYD, and others have initiated new capacity expansions since Q2 of this year, driven by high demand for cylindrical batteries [1][3] Company Expansion Initiatives - CATL's new production lines at its Luoyang base are expected to add 30 GWh of capacity upon full operation, with ongoing construction for further phases [2] - The "High-Performance Lithium Battery Project" in Xiamen is set to produce approximately 80 GWh of intelligent new energy power battery capacity [2] - BYD and Guoxuan High-Tech are also expanding their production capabilities, with significant investments in new battery production lines [3] Market Demand and Trends - The demand for new energy vehicles (NEVs) in China has surged, with production and sales reaching 11.243 million and 11.228 million units respectively from January to September, marking a year-on-year growth of 35.2% and 34.9% [5] - The energy storage lithium battery shipment volume is projected to grow significantly, with a 65% year-on-year increase expected by Q3 2025 [5] - The market is experiencing a structural "chip shortage" in household energy storage batteries due to rapid demand growth and slow expansion of smaller manufacturers [5] Technological Advancements - The current round of capacity expansion is characterized by a focus on technology upgrades rather than just scale, with leading companies needing to establish new competitive advantages [4][5] - The introduction of larger capacity cells, such as the 314Ah and upcoming 500Ah+ cells, is driving the need for technological upgrades and the retirement of older production lines [6] - Companies are rapidly expanding to meet unexpected demand growth, with expectations that capacity will gradually ease in the coming quarters [6]

主要指数月度走势 主要指数占对应市场市值比例 沪深300十大权重 中证分类债券指数月度走势 沪深300 4516.88 4647.57 4327.51 4640.69 143.93 3.20% 25139 6630 沪深300行业指数月度表现 上证综指行业月度表现 □ 中证指数有限公司、上海证券报联合推出 主要股票指数月度表现 交易日数：22 权重最大10只股票 开盘 最高 最低 收盘 涨跌点数 涨跌幅 日均成交量 日均成交金额 (百万股) (亿元) 中证100 4283.85 4504.10 4120.93 4496.78 232.40 5.45% 11225 3631 中证800 4948.20 5116.30 4706.52 5108.27 184.40 3.74% 50297 11258 中证200 5459.90 5714.63 5116.02 5708.54 290.67 5.37% 13853 3313 中证500 7087.73 7428.03 6607.98 7412.37 368.43 5.23% 25158 4629 中证700 6198.66 6491.61 5793.56 6481. ...

◎记者 覃秘 10月20日晚，宁德时代举办线上业绩说明会，公司高管介绍，为应对客户激增的订单需求，公司正全力 推进全球产能建设。当天发布的三季报显示，公司第三季度实现营业收入1041.86亿元，同比增长 12.9%；实现归母净利润185.49亿元，同比增长41.21%。 "电池产能现在比较紧张，应该说，高端产能一直就紧张。"亿纬锂能相关负责人在接受上海证券报记者 采访时表示。记者调研了解到，最为紧张的是储能市场。在储能领域，头部电芯厂商的生产线持续满负 荷运转，第二梯队厂商的产能利用率普遍超过80%。 巨大的需求带来新一轮扩产行动。据记者不完全统计，今年二季度以来，宁德时代、比亚迪、亿纬锂 能、国轩高科等龙头企业纷纷启动新的产能建设。受益于大圆柱电池的供不应求，多氟多的电池产能从 2024年底的8.5GWh提升至2025年底的22GWh，2026年计划进一步扩产。 龙头企业加速扩产 宁德时代正全力推进全球产能建设。 9月30日，洛阳市伊滨区发布消息，宁德时代洛阳基地二期项目电芯工厂、电池包工厂近日正式投产。 该项目二期规划包括3条电芯产线、10条PACK产线，全面达产后年产能将增加30GWh。伊滨区此前发 布 ...

10月20日晚间，宁德时代发布三季报，前三季度实现营收同比增长9.28%，实现归母净利润同比增长 36.2%，净利润增速远超营收增速。从单季度来看，公司第三季度盈利185亿元，环比增长12.26%，公 司净利润已连续2个季度环比提升。 超半数已发季报公司业绩环比增长 净利润环比增长，显示上市公司经营出现拐点，是判断公司未来业绩走向的重要参考。 据证券时报·数据宝统计，截至10月21日，在已正式发布三季报的140多只个股中，有70余只个股第三季 度净利润环比增长，占比过半。其中，第二季度实现盈利且第三季度净利润环比增幅超50%的个股有21 只，光莆股份、海通发展、翔丰华、美芯晟等8只个股环比增幅超100%。 光莆股份第三季度净利润2414万元，环比第二季度增幅超过4687%。不过，公司第三季度净利润环比大 增，主要由于第二季度的基数较低。 部分公司不但第三季度环比大增，前三季度的净利润增幅也超过20%。例如小商品城第三季度净利润环 比增长超99%，前三季度同比增长超48%。华东数控、大族激光前三季度同比增幅甚至超100%。 80股净利润连续两个季度增长 以海光信息为例，公司今年前三季度实现净利润19.61亿元， ...

转自：证券时报 人民财讯10月21日电，宁德时代10月20日在业绩说明会上表示，在国内储能136号文出台后，各省也相 继出台相关细则，国内储能市场迎来快速增长。目前公司产能饱和，正加速产能扩张力度，后续随着产 能逐步释放，公司国内储能产品出货情况将会改善。 ...

Group 1 - In the third quarter, northbound capital experienced a net outflow of approximately 159.3 billion, with significant selling in cyclical sectors such as banking and non-bank financials, while technology sectors like electronics and automotive saw inflows [4][9][10] - The top three sectors for northbound capital inflows were electronics (27.8 billion), automotive (19.1 billion), and electric equipment (13.1 billion), while the largest outflows were from banking (-60 billion), non-bank financials (-36.3 billion), and food and beverage (-32.8 billion) [4][10] - Notable individual stocks with the highest net purchases included BYD (17.8 billion), CATL (16.6 billion), and Northern Huachuang (14.2 billion), while the most sold stocks were Kweichow Moutai (-17.2 billion), Changjiang Electric Power (-12.5 billion), and Agricultural Bank of China (-10.9 billion) [4][12] Group 2 - The liquidity indicators showed a net inflow of 250.1 billion in ETFs, while financing capital turned to a net outflow of 128.1 billion, indicating a shift in market sentiment [3][28] - The issuance of public funds increased by 5.73 billion, reflecting a strong demand for equity investments despite the overall market conditions [3][28] - The market sentiment was characterized by a decrease in trading activity for financing funds, with the proportion of financing transactions in A-share trading declining to 12.4% [38][40] Group 3 - The sectors that attracted significant net inflows included non-ferrous metals, banking, and non-bank financials, with inflows of 61.5 billion, 85.9 billion, and 60 billion respectively [48][49] - Conversely, sectors such as telecommunications, basic chemicals, and transportation experienced notable net outflows [48][49] - The individual stocks with the highest net purchases in financing included Zijin Mining (+1.58 billion), Zhongjin Gold (+0.78 billion), and Beijing Junzheng (+0.75 billion), while the largest net sales were from Xinyi Semiconductor (-2.48 billion), Industrial Fulian (-1.02 billion), and Ping An Insurance (-0.81 billion) [50]

证券研究报告 | 2025年10月21日 公司 2025Q3 实现归母净利润 185.49 亿元，同比+41%、环比+12%。公司 2025 年前三季度实现营收 2830.72 亿元，同比+9%；实现归母净利润 490.34 亿元， 同比+36%；毛利率为25.31%、同比+0.34pct；净利率为18.47%，同比+3.52pct。 公司 2025Q3 实现营收 1041.86 亿元，同比+13%、环比+11%；实现归母净利 润 185.49 亿元，同比+41%、环比+12%；毛利率为 25.80%、同比-1.92pct、 环比+0.23pct；净利率为 19.13%，同比+4.12pct、环比+0.55pct。 公司电池销量快速提升，盈利能力表现强劲。我们估计 2025 年前三季度公 司动储电池销量超435GWh，同比增长超31%；其中Q3动储电池销量超165GWh， 同比增长超 31%、环比增长 14%。国内及欧洲新能源车需求持续向好，国内 以及海外储能订单饱满，带动公司电池销量持续走高。我们估计 2025Q3 公 司动储电池单位扣非净利约为 0.10 元/Wh、同环比基本持平。展望后续，公 司产能利用 ...