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公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。 董事長、執行董事兼總經理 曾毓群先生 中國寧德，2026年3月31日 （股份代號：3750） 董事會會議召開日期 寧德時代新能源科技股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本 公司將於2026年4月15日（星期三）舉行董事會會議，藉以（其中包括）考慮及批准 本公司及其附屬公司截至2026年3月31日止三個月之第一季度業績及其發佈。 承董事會命 寧德時代新能源科技股份有限公司 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） 於本公告日期，董事會成員包括董事長兼執行董事曾毓群先生、執行董事潘健先 生、李平先生、周佳先生、歐陽楚英博士及吳映明先生；及獨立非執行董事吳育 輝博士、林小雄先生及趙蓓博士。 ...

Industry Information - Chinese automakers have achieved the highest global sales, surpassing Japan for the first time in 25 years, with total sales nearing 27 million units, a year-on-year increase of approximately 10% [9] - The Ministry of Industry and Information Technology is conducting research on the recycling and utilization system for used power batteries from new energy vehicles [9] - Wuxi Runbei Technology has invested 560 million yuan in a new energy vehicle parts project, expected to generate annual revenue of 500 million yuan upon reaching full production [11] - The export of finished vehicles through the Horgos port has seen a historical high, with a year-on-year increase of 13.9% in the first two months of the year [12] - CATL has established a new technology company in Nanning with a registered capital of 10 million yuan [13] - The price of lithium carbonate has continued to rise, with battery-grade lithium carbonate increasing by 7.1% month-on-month [13] - Chongqing Jiangjin has signed multiple hydrogen energy and new energy vehicle parts projects, including a 1 billion yuan investment in a hydrogen fuel cell production base [13] - Huawei's HarmonyOS is expected to have over 2,459 sales outlets and 1,459 service outlets by the end of the year [12] Policy Information - The Guangdong province is planning to build 810 charging piles in public institution parking lots, with a total investment of approximately 720 million yuan [24] - The Inner Mongolia Tongliao development plan emphasizes the construction of parking spaces and charging piles to enhance urban mobility [25] - The Tianjin Municipal Development and Reform Commission has issued a plan to increase the service capacity of electric vehicle charging facilities, aiming to build over 500,000 charging facilities by the end of 2027 [28] Company Information - Xiaomi's automotive business revenue has exceeded 1 billion yuan for the first time in 2025, marking a year-on-year growth of 223.8% [36] - Li Auto has announced a stock repurchase plan of up to 1 billion USD, reflecting confidence in its strategic roadmap [37] - BYD is accelerating its entry into the Canadian market, planning to open about 20 stores in its first year [36] - XPeng Motors has established a Robotaxi division, planning to launch passenger demonstration operations in the second half of the year [33] - A new battery platform has been launched by Huawei, focusing on enhancing safety and efficiency in new energy vehicles [17]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In 2026, the global lithium resources are near a tight balance. With the expansion of the demand base, the available inventory days will show a downward trend, and the lithium price center should rise marginally [105][116]. - In Q2 2026, both supply and demand of lithium carbonate will increase. It is still expected to reduce inventory, but the reduction amplitude may decline compared to Q1. In Q3, if the supply from Zimbabwe and Jianxiaowo resumes, inventory may accumulate, but inventory reduction is expected again at the end of the year due to export rush [105][116]. - The price of lithium carbonate in Q2 2026 may fluctuate widely between 125,000 - 250,000 yuan/ton, with a center around 140,000 - 180,000 yuan/ton. It is recommended to pay attention to the opportunity of buying on dips after a correction [116]. 3. Summary According to Relevant Catalogs 3.1 Market Review - In Q4 2025, the explosion of energy - storage demand and the less - than - expected resumption of production at Jianxiaowo drove the rapid increase of lithium carbonate prices. In Q1 2026, the market continued to rise sharply and then entered a wide - range shock [7]. - In early and mid - January 2026, due to multiple factors such as Trump's attack on Venezuela, cathode material manufacturers' joint production cut to support prices, the implementation of the export tax - rebate cancellation policy, and the resurgence of the Jiangxi mining license issue, the market price soared from 125,000 yuan/ton at the beginning of the month to a high of 189,000 yuan/ton, a 51% increase [7]. - From mid - to late January to early February 2026, due to exchange macro - regulation and Trump's nomination of Wash, which triggered concerns about balance - sheet reduction, the market price dropped to a minimum of 124,000 yuan/ton by early February, a 34% decline [7]. - After the Spring Festival to late February 2026, downstream demand recovered after the Spring Festival, and SMM inventory decreased significantly for several consecutive weeks. On February 25th, Zimbabwe announced a suspension of all lithium ore exports, and the next day the market price jumped up, reaching a maximum of 188,000 yuan/ton, with a 52% increase in this stage [7]. - Since late February 2026, after the US - Israel's strike on Iran on February 28th and Iran's closure of the Strait of Hormuz, the non - ferrous metals sector fell collectively. Subsequently, the market price fluctuated widely between 140,000 - 170,000 yuan/ton. Recently, the continuous postponement of Zimbabwe's resumption time has again raised market concerns about supply [7]. 3.2 Supply Analysis 3.2.1 Global Lithium Resource Production - In 2025, the global lithium resource production was about 1.675 million tons LCE. In 2026, it is expected to be about 2.207 million tons LCE, with an increase of 532,000 tons [8][9]. - In Q1 - Q4 2026, the global lithium resource production is expected to be 478,000 tons, 527,000 tons, 590,000 tons, and 613,000 tons LCE respectively [8]. 3.2.2 Regional Supply - **Australia**: The annual production of Australian mines will increase by 60,000 tons to 520,000 tons LCE. Some mines have adjusted their production guidance upwards, while some mines are currently shut down or plan to restart [8][10][12]. - **America**: The annual production of American spodumene will increase by 11,000 tons to 84,000 tons LCE, and the annual production of American salt lakes will increase by 84,000 tons to 510,000 tons LCE [8][9][15]. - **Africa**: The annual production in Africa will increase by 140,000 tons to 380,000 tons LCE. The main increments come from pre - built mines, and some new mines are planned to be put into production [8][9][16]. - **China**: The annual production of Chinese spodumene will increase by 55,000 tons to 132,000 tons LCE, the annual production of Chinese salt lakes will increase by 100,000 tons to 260,000 tons LCE, and the annual production of Chinese mica will increase by 50,000 tons to 195,000 tons LCE [8][9][24]. 3.2.3 Supply Disruptions - On February 25th, Zimbabwe announced a suspension of all raw ore and lithium concentrate exports. It is expected to affect the monthly supply by 12,000 tons LCE, and the resumption time is still to be determined [22]. 3.3 Demand Analysis 3.3.1 New Energy Vehicle Market - **China**: In 2025, the domestic sales of Chinese passenger cars were 12.996 million, with a penetration rate of 54%. In 2026, it is expected to be 13.37 million, with a penetration rate peak of 65%. The domestic sales of Chinese commercial vehicles were 863,100 in 2025, and it is expected to be 1.232 million in 2026, with a penetration rate peak of 47% [42][46]. - **Europe**: It is expected that the high - growth trend in 2026 will continue, with a year - on - year increase of 30% to 5.27 million vehicles [54]. - **North America**: It is estimated that the sales of new energy vehicles in North America will decline by 10% to 1.57 million vehicles in 2026 [55]. 3.3.2 Energy - Storage Market - **China**: In 2024 - 2025, the winning bids for new energy storage in China were 171 GWh and 420 GWh respectively, with year - on - year increases of 52% and 145%. In 2025, the new installed capacity was 197 GWh, with a year - on - year increase of 84%. In 2026, it is expected to continue to grow [68]. - **USA**: In 2025, the new installed capacity of energy storage in the US was 50.99 GWh, with a year - on - year increase of 40%. It is expected to increase by 27% and 3% in 2026 - 2027 [73]. - **Europe**: In 2025, the new installed capacity of electrical energy storage in Europe was 27 GWh, with a year - on - year increase of 45%. It is expected to increase by 46% and 42% in 2026 - 2027 [73]. 3.3.3 Cathode Material and Cell Market - In January - February 2026, the production of lithium iron phosphate cathode materials was 745,000 tons, a year - on - year increase of 55%; the production of ternary cathode materials was 152,000 tons, a year - on - year increase of 48% [86]. - In January - February 2026, the production of power cells was 222 GWh, a year - on - year increase of 31%; the production of energy - storage cells was 119 GWh, a year - on - year increase of 91% [86]. 3.4 Inventory Analysis - **Overseas**: The inventory days of Australian mines have dropped to about 1 month [91]. - **Domestic**: As of the end of February, the lithium ore inventory of domestic sample lithium salt plants was 114,000 tons LCE, with inventory days of 1.4 months, and the mine inventory was only 8,000 tons LCE. The inventory of domestic spodumene is about 140,000 tons LCE, and the inventory days have dropped to about 2 months [91]. - **Market Inventory**: The overall/upstream/downstream/mid - stream SMM inventory as of March 26th was 99,000/17,000/46,000/36,000 tons respectively, with inventory days of 27.9/4.9/13.1/10 days respectively. There is also off - balance - sheet inventory, but its magnitude has a large variance [92]. 3.5 Profit Analysis - For new energy vehicle enterprises, when the lithium carbonate price rises to 206,800 yuan/ton, the net profit of leading new energy vehicle enterprises will reach zero. High costs may lead to negative demand feedback in the long run [111][112]. - For the energy - storage market, after the implementation of the capacity - price mechanism policy, taking Shanxi Province as an example, the internal rate of return (IRR) of energy storage can reach 7.85%. If the energy storage only needs to meet the minimum rate of return of 6.5%, the acceptable increase in the cell price is 0.05 yuan/Wh, and the acceptable increase in the lithium carbonate price is 100,000 yuan/ton [115].

Core Viewpoint - The article highlights the upcoming 2026 (Second) Starting Point Lithium Battery Cylindrical Technology Forum and the release of the Top 20 Cylindrical Battery Rankings, emphasizing advancements in technology and market leadership in the cylindrical battery sector. Group 1: Event Details - The event is themed "All-Ear Technology Leap, Leading the Large Cylindrical Market" and will take place on April 10, 2026, at the Venus Hall, Venus Royal Hotel, Shenzhen [4] - The event is organized by Starting Point Lithium Battery and Starting Point Research Institute SPIR, with several prominent companies sponsoring and participating [4] Group 2: Company Developments - Ganfeng Lithium announced the establishment of a joint venture, Green Energy Shipping Company, to explore green applications in lithium batteries and shipping [4] - Ganfeng Lithium plans to increase its investment in Ganfeng Lithium Battery by up to 1 billion RMB [5] - Contemporary Amperex Technology Co., Ltd. (CATL) has established Taiyuan Times Battery Service Technology Co., Ltd., focusing on AI applications and IoT services [5] - Guoxuan High-Tech has received certification for its PACK laboratories from Volkswagen Group, becoming the Chinese battery company with the most certifications in this testing system [6] - Hicharge Energy signed a strategic cooperation agreement with Brawn Capital to focus on renewable energy projects, aiming for 3GWh of long-duration energy storage projects by 2030 [6] - Xiaomi's battery factory project in Beijing is set to begin construction in June 2024, indicating rapid progress towards production [7] - Liyuanheng announced the termination of its East China headquarters project due to changes in the macroeconomic environment and competition in the new energy sector [8] - Guokai Energy has launched a 20GWh energy storage cell project in Sichuan with a total investment of 5.5 billion RMB [9] - Huasheng Lithium achieved a revenue of 869 million RMB in 2025, a 72.21% increase year-on-year, and turned a profit [10] - Yalv Group signed a procurement contract for lithium ore products, committing to purchase approximately 600,000 tons over five years [14] Group 3: Market Trends - The price of battery-grade lithium carbonate has increased, with spot prices reaching 171,600 RMB per ton, indicating a rise in market demand [12] - The cylindrical battery sector is experiencing significant growth, with companies like Penghui Energy and Tianpeng Power planning to ramp up production and sales in 2025 [15]

Core Viewpoint - The competition in the electric vehicle (EV) industry has shifted from product competition to infrastructure competition, focusing on charging efficiency as a critical factor for consumer experience and market dominance [1][3]. Group 1: Charging Network Models - BYD's fast charging network emphasizes broad coverage, where the value of each charging station is determined by its proximity and availability to users [5][6]. - NIO and CATL's battery swapping network focuses on compatibility and standardization, creating a platform that enhances user experience and reduces costs for car manufacturers [7][8]. - The fast charging network operates on a linear, one-dimensional externality model, while the battery swapping network benefits from cross-side network effects, leading to exponential growth as more users and manufacturers join [9][10]. Group 2: Cost Structures and Expansion Strategies - BYD's fast charging network has a clear cost model, allowing for rapid expansion through existing infrastructure, resulting in a high-speed growth characteristic [11][12]. - The battery swapping network requires significant capital investment in battery assets, leading to a slower, more cautious expansion strategy focused on high-density user areas [13][14]. Group 3: Capital Market Interest - The capital market is drawn to both fast charging and battery swapping models due to their distinct paths to infrastructure financialization, each representing significant asset transformation potential [15][20]. - Fast charging networks can be viewed as stable cash flow-generating assets, while battery swapping networks offer a more complex financialization opportunity through battery lifecycle management and data utilization [18][22]. Group 4: Competitive Landscape and Future Outlook - Both fast charging and battery swapping networks are expected to coexist, serving different market segments and user needs, with fast charging dominating the mainstream market due to its convenience [23][24]. - The future of the EV infrastructure will depend on standard-setting entities, with CATL's push for interoperability standards potentially reshaping the competitive landscape [26][25]. - The dual role of fast charging as a broad user service and battery swapping as a high-end service ecosystem will create a complementary relationship within the national energy strategy [27][29].

Core Viewpoint - The article emphasizes the rising value of HALO (Heavy Assets Low Obsolescence) assets, particularly in the context of AI's rapid evolution, highlighting that these assets are essential for the infrastructure supporting AI and cannot be easily disrupted by it [4][10]. Group 1: Definition and Characteristics of HALO Assets - HALO assets are defined as heavy assets with low obsolescence, characterized by high capital investment, long construction cycles, strong regulatory barriers, and inelastic demand [5][8]. - Storage energy systems are identified as a prime example of HALO assets, fulfilling the criteria of high capital input and long-term stability [6][9]. Group 2: Importance of Energy Storage - Energy storage serves as a critical buffer for the power system, stabilizing fluctuations from renewable energy sources and ensuring reliable power supply for data centers [14]. - The return period for energy storage projects can exceed 10 years, providing both capacity and energy revenue streams, making them attractive to investors [14]. Group 3: Criteria for Identifying True HALO Assets - Not all energy storage systems qualify as HALO assets; the key differentiator is their longevity and quality, particularly in terms of battery performance [15][16]. - The core issues affecting lithium battery storage include degradation rates, safety performance, and revenue stability [17]. Group 4: Benchmarking Against Industry Leaders - CATL (Contemporary Amperex Technology Co., Limited) is highlighted as a benchmark for HALO assets due to its low obsolescence risk and high barriers to replication, establishing a competitive advantage in the market [19][20]. - CATL's batteries have demonstrated industry-leading performance, maintaining over 90% capacity after 15 years, which challenges the conventional 10-year depreciation cycle [23]. Group 5: Financial Attributes and Market Trends - The financial characteristics of HALO assets are becoming increasingly significant, with a focus on their financing potential and asset securitization [37][39]. - The introduction of capacity pricing policies and the development of market trading mechanisms have enhanced the predictability of cash flows from energy storage projects, paving the way for asset securitization [40][41]. Group 6: Market Dynamics and Future Outlook - The demand for HALO assets is expected to grow as AI technology advances, with a shift in valuation from traditional manufacturing metrics to infrastructure-based metrics focusing on cash flow and internal rate of return (IRR) [43]. - The article suggests that the HALO asset label represents both a value reassessment and an industry reshuffle, where companies lacking core technology will be phased out, while leading firms like CATL will drive high-quality development [44][45].

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the new materials industry [1][8]. Core Insights - The new materials sector underperformed the CSI 300 index in March, with a decline of 11.46%, lagging behind the CSI 300's drop of 4.64% by 6.81 percentage points [8][12]. - The overall market valuation for the new materials index is at a PE (TTM, excluding negative values) of 30.29, which is a decrease of 8.26% from the previous month, indicating a relatively high valuation compared to the overall A-share market PE of 17.84 [21][23]. - The report highlights the continuous growth in demand for new materials driven by advancements in manufacturing and the integration of technologies such as artificial intelligence, suggesting a favorable long-term outlook for the sector [8][21]. Summary by Sections Industry Performance Review - The new materials index's performance in March was weaker than the CSI 300, with a total trading volume of 25,626.40 billion yuan, reflecting a 55.45% increase from the previous month [12][8]. - Most stocks in the new materials sector experienced declines, with only 22 out of 170 stocks rising [17][16]. - The valuation of the new materials sector decreased in March, ranking 10th among 30 major industry sectors in terms of PE [21][23]. Important Industry Data Tracking - Global semiconductor sales reached $82.54 billion in January 2026, marking a year-on-year increase of 46.1% and a month-on-month increase of 3.7% [36][37]. - The export volume of superhard materials and products increased by 15.13% year-on-year in January and February 2026, with export value rising by 21.15% [44][8]. - In March, helium prices surged by 16.51%, while other rare gases showed mixed price movements [8][36]. Industry Dynamics - The report notes that the new materials sector is expected to gradually enter a prosperous cycle as downstream demand recovers and domestic substitution drives growth [8][21]. - The report emphasizes the importance of technological advancements and geopolitical factors that could influence the sector's performance [8][21].

Core Viewpoint - The article highlights the trading activities in the Shanghai and Shenzhen stock markets, focusing on the top traded stocks and sectors, as well as the performance of ETFs and significant capital flows in various sectors [1][3][6]. Group 1: Stock Market Trading - The total trading volume of the Shanghai and Shenzhen Stock Connect reached 246.27 billion, with Zijin Mining and CATL leading in trading volume for the Shanghai and Shenzhen markets respectively [1]. - The top ten stocks traded on the Shanghai Stock Connect included Zijin Mining (19.26 billion), China Aluminum (16.76 billion), and Zhaoyi Innovation (16.23 billion) [4]. - The top ten stocks traded on the Shenzhen Stock Connect included CATL (32.20 billion), Xinyi Technology (25.48 billion), and Zhongji Xuchuang (20.45 billion) [5]. Group 2: Sector Performance - The communication sector saw the highest net inflow of capital, amounting to 30.80 billion, with a net inflow rate of 2.63% [7]. - Other sectors with significant net inflows included agriculture and defense, while sectors like electric power and photovoltaic experienced notable outflows [6][8]. Group 3: ETF Trading - The top traded ETF was the Gold ETF from Huaan, with a trading volume of 10.05 billion, reflecting a 42.05% increase from the previous trading day [13]. - The ETF with the highest increase in trading volume compared to the previous day was the S&P Biotechnology ETF from Jiashi, which saw a 196.37% increase [14]. - The chemical ETF (159870) experienced a significant reduction in shares, decreasing by 8.965 billion shares last week, contributing to a total reduction of over 80 billion shares in the past five weeks [16]. Group 4: Institutional and Retail Activity - Institutional activity was noted with significant purchases in stocks like Shenjian Co. and Guanglian Aviation, with purchases of 1.35 billion and 1.28 billion respectively [17][18]. - Retail investors showed high activity, particularly in Pingtan Development, which saw substantial buying from multiple retail funds [19].

Fixed Income/Banking - The credit yield for medium to long-term bonds has significantly decreased, with AA+ non-bank financial industry credit spreads widening by 10 basis points compared to last week [2][9][10] - The overall market for fixed-income financial products is optimistic, with a total scale of 29.90 trillion yuan, a slight decrease of 0.14 trillion yuan from the end of February 2026 [10] - The current credit spreads are at historically low levels, with short-term city investment bonds compressing to the 8th percentile since early 2024, indicating limited room for further compression [10] Transportation - The geopolitical situation has intensified its impact on oil transportation, with shipping rates for containers increasing by 7.0% this week [12][15] - The closure of the Strait of Hormuz by Iran has raised concerns about shipping routes, potentially increasing shipping demand significantly [14] - The express delivery sector is experiencing price increases due to rising operational costs, with companies like YTO Express and Shentong Express adjusting their pricing policies [18][24] Media - Major Hong Kong-listed companies have completed their 2025 annual reports, emphasizing their commitment to AI investments and the optimization of existing business operations through AI [28][30] - The gaming sector is expected to recover as new product cycles unfold, with companies like Tencent and NetEase being highlighted for their strong positions [28][29] - The AI application landscape is evolving, with significant competition among major platforms, suggesting a focus on companies that can effectively integrate AI into their business models [30][31] Automotive - China's new energy vehicle exports doubled year-on-year in January and February 2026, with a total export of 135.2 million units, indicating strong growth in the automotive sector [4] - The export of new energy vehicles in February 2026 reached 28.2 million units, reflecting a year-on-year increase of 1.1 times [4] Pharmaceuticals - The pharmaceutical index rose by 1.56%, outperforming the CSI 300 index by 2.97%, driven by strong performance from innovative drug companies [4] - The upcoming nationwide implementation of long-term care insurance is expected to boost the rehabilitation and nursing sectors [4] Public Utilities and Environmental Protection - The lithium battery sector is entering a peak season, with a year-on-year increase of 37.4% in battery sales for January and February 2026 [4] - Natural gas production in China increased by 2.9% year-on-year, while imports decreased by 1.1%, indicating a shift in supply dynamics [4] Home Appliances - The escalation of international tensions has led to rising energy prices, which is expected to accelerate the transition to energy storage solutions in Europe [5] - The demand for home energy storage systems is increasing as high electricity prices make self-generated power more economically viable [5]

Core Viewpoint - The 2026 cylindrical battery industry is poised for a dual wave of technological advancement and market explosion, driven by breakthroughs in all-tab technology and the rapid adoption of large cylindrical batteries in various applications [3][5]. Industry Trends and Growth - In 2025, China's cylindrical battery shipments are expected to grow by over 15% year-on-year, with large cylindrical batteries experiencing a growth rate exceeding 40% [5]. - Major companies like EVE Energy, Molicel, and Penghui Energy are facing continuous demand that outstrips supply, indicating a robust market environment [5]. - The integration of advanced technologies such as all-tab, high nickel, silicon-carbon, and sodium batteries is expanding the industry's growth potential [5]. Forum Highlights - The 2026 forum will focus on three core areas: cylindrical battery technology and applications, new materials and processes, and innovations in all-tab large cylindrical batteries [7]. - The event will feature the release of the "2026 China Cylindrical Battery White Paper" and a ranking of the top 20 companies in the industry, covering the entire supply chain from cells to equipment and materials [7]. Key Sessions - The forum will include specialized sessions addressing technological upgrades in 40-series and automotive-grade large cylindrical batteries, as well as discussions on innovative applications in energy storage and electric two-wheelers [7]. - A dedicated session on new materials will explore the large-scale production of high nickel cathodes and silicon-based anodes, along with breakthroughs in manufacturing processes [7]. - The all-tab large cylindrical battery session will tackle production challenges and explore the potential applications in emerging markets such as AI robotics and electric vehicles [7]. Industry Participation - The forum will gather leading companies across the cylindrical battery supply chain, including major sponsors and speakers from firms like Molicel, Penghui Energy, and others, creating a comprehensive platform for industry collaboration [9][18]. - Participation will also include downstream application companies and investment institutions, enhancing the networking opportunities within the industry [9][18]. Registration and Participation - Various registration options are available, including SVIP and VIP tiers, as well as a free entry option for those who promote the event on social media [10][19][21]. - The registration deadline is set for March 31, 2026, emphasizing the need for early sign-ups to secure participation [21].