21世纪经济报道记者董静怡上海报道 过去一周（5.19-5.25），出海领域发生哪些动态？ 行业一览 欧盟、日本计划对小包裹收税 据报道，欧盟计划取消价值低于150欧元（约170美元）的小包裹免税政策，去年欧盟市场大约有46亿件 这样的包裹，其中超过90%来自中国。这些包裹经由跨境电商平台卖到欧洲。直接寄给消费者的小包裹 将被征收2欧元的税，发到欧洲本地仓库的包裹将被征税0.5欧元。日本也有同样计划，此前价值低于1 万日元（约合495.56人民币）的进口商品免征关税和消费税，2026年详细税收新政出来后，这样的免费 政策可能被取消。 海关总署：今年前4月中国对中东欧国家进出口规模创历史同期新高 海关总署发布数据显示，今年前4个月，我国对中东欧国家进出口贸易规模达3296.8亿元，同比增长 5.6%，对中东欧国家进出口规模创历史同期新高。2024年，中国与中东欧国家双边贸易总值为1422.7亿 美元，较上年同期增长6.3%，高于中国进出口整体增速2.5个百分点，展现出强劲发展势头。 商务部：中国连续16年保持非洲第一大贸易伙伴国地位 商务部部长助理唐文弘在国新办新闻发布会上表示，2024年，中非贸易额达到了29 ...

暗盘资金一眼洞悉庄家意图>> A股、H股宁德时代（300750）盘中均跌超4%。 ...

行业整体策略：宁德时代引领中国科技制造向上 宁德时代在港交所挂牌后，有望带动中国科技制造业在全球的重估；锂电、光伏强周期 环节有望在下半年见底；新能源+人形机器人调整后仍是机会。 太平洋近日发布新能源+AI行业周报（第9期）：近期，广西发布136号文相关实施细则 及方案，明确存量新能源项目机制电价按燃煤基准价0.4207元/千瓦时执行，区分存量与增 量项目建立可持续发展价格结算机制，推动新能源上网电量全面进入电力市场。 以下为研究报告摘要： 报告摘要 新能源汽车产业链核心观点：中下游新周期已开启 1、广西136号文配套落地，全面入市真正开启。近期，广西发布136号文相关实施细则 及方案，明确存量新能源项目机制电价按燃煤基准价0.4207元/千瓦时执行，区分存量与增 量项目建立可持续发展价格结算机制，推动新能源上网电量全面进入电力市场。 AI+新能源、风电等产业链核心观点：重视新市场的突破。 1、高压直流在数据中心应用是趋势，中恒电气等受益。近期，英伟达宣布从2027年起 推动数据中心电力基础设施向800V高压直流（HVDC）过渡，以应对AI算力需求带来的功 率密度、能源效率等挑战。 2、新能源+人形机器人持续 ...

Industry Insights - The production of new energy vehicles in China reached over 4.4 million units from January to April, with a market penetration rate of 43%, leading to a significant increase in second-hand vehicle supply and a notable price drop for several models in May, including those from Tesla, BYD, Zeekr, and Xiaomi [9] - The first quarter of 2025 saw Xiaopeng Motors reclaim the title of sales champion among new energy vehicle manufacturers, delivering 94,008 vehicles, a year-on-year increase of 330.8% [15] - BYD's stock price hit a new high, with a year-to-date increase of over 40%, and its sales of pure electric vehicles in Europe surpassed those of Tesla for the first time [14] - The recent revision of regulations regarding government dining has negatively impacted the stock prices of several liquor companies, with notable declines observed in companies like Wuliangye and Shanxi Fenjiu [12] Company Developments - Ningde Times made a strong debut on the Hong Kong stock market, with shares opening at 263 HKD and reaching a peak of 307.6 HKD, marking a 16.96% increase and establishing it as the largest IPO globally this year [13] - Huaxi Biological criticized the market's portrayal of the hyaluronic acid industry, claiming it has faced misinformation and manipulation that undermines its competitive position [16] - The establishment of a new company for High合汽车, with a registered capital of approximately 143 million USD, indicates a shift in ownership structure, now involving foreign investment [18][19]

Core Insights - CATL (宁德时代) successfully listed on the Hong Kong Stock Exchange with an initial price of 263 HKD per share, closing at 296 HKD, and achieving a market capitalization of 1.47 trillion HKD by May 23 [1][2] - The listing is seen as a significant milestone for CATL, marking its integration into the global capital market and supporting the transition to a zero-carbon economy [2] - The global electric vehicle infrastructure investment is projected to exceed 3 trillion USD annually by 2030, indicating a growing market for CATL's products [1] Company Developments - CATL's listing is characterized by the participation of sovereign funds and long-term capital from 15 countries, showcasing strong investor confidence [1] - The listing is noted for its rapid execution, completing in just 128 days, and is the largest IPO in Hong Kong in recent years [2] Industry Trends - The penetration rate of new energy vehicles is expected to rise, with the establishment of standardized battery swap networks and the expansion of applications in low-altitude economies and electric shipping [1] - The successful IPO of CATL reflects a broader trend of investment in the carbon neutrality sector, highlighting the importance of technological barriers and global market share in the battery industry [1]

Group 1: Recent IPOs - CATL, a lithium battery giant from Fujian, officially listed on the Hong Kong Stock Exchange, raising approximately HKD 35.657 billion with a market capitalization of HKD 1.47 trillion [1] - Zhi Yi Construction, a construction service provider from Hong Kong, successfully listed on NASDAQ, raising about USD 15 million with a market capitalization of USD 6.218 million [2] - Heng Rui Medicine, an innovative pharmaceutical company from Jiangsu, listed on the Hong Kong Stock Exchange, raising approximately HKD 9.89 billion with a market capitalization of HKD 381 billion [3] Group 2: Companies Filing for IPO - Wo De Tong, a cross-border logistics service provider from Wuhan, submitted an IPO application to the SEC for a NASDAQ listing [4] - Zi Yun Dong Fang, a consulting company from Hong Kong, filed for an IPO with the SEC, aiming to raise about USD 8 million [5] - Jin Dian Technology, a toy manufacturer from Hong Kong, submitted an IPO application to the SEC, planning to raise between USD 8 million and USD 10 million [6] - De Jun Construction, a civil engineering subcontractor from Hong Kong, filed for an IPO with the SEC, aiming to raise approximately USD 7 million [7] - Ultra High Point, an IT service company from Hong Kong, submitted an IPO application to the SEC, planning to raise about USD 10 million [8] - Kuai Lu Technology, a green travel technology service provider from Shandong, filed for an IPO on the Hong Kong Stock Exchange [9] - Fuwai Group, a life insurance company from Hong Kong, submitted an IPO application to the Hong Kong Stock Exchange [10] - Le Zi Tian Cheng, an IP toy company from Beijing, filed for an IPO on the Hong Kong Stock Exchange [11] - Ju Shui Tan, an e-commerce SaaS ERP provider from Shanghai, submitted an IPO application to the Hong Kong Stock Exchange [12] - Sany Heavy Industry, a leading engineering machinery company from Beijing, filed for an IPO on the Hong Kong Stock Exchange [13] Group 3: Upcoming IPOs - Ji Hong Co., a provider of paper packaging solutions, is set to offer 67.91 million shares, aiming to raise approximately HKD 617 million, with listing expected on May 27 [14] - Pai Ge Biotechnology, focused on chronic disease therapies, plans to offer 19.2835 million shares, aiming to raise about HKD 301 million, with listing expected on May 27 [15] - Shou Hui Technology, an online life insurance intermediary service provider, plans to offer 24.3584 million shares, aiming to raise approximately HKD 194 million, with listing expected on May 30 [16] Group 4: Regulatory Updates - The China Securities Regulatory Commission announced new regulations for major asset restructuring of listed companies, aimed at simplifying review processes and enhancing market confidence [17]

Core Viewpoint - CATL's IPO in Hong Kong is set to be the largest global IPO of 2025, making Hong Kong the largest market for fundraising this year [1][2]. Fundraising and Investment Plans - The H-share IPO is expected to raise approximately HKD 31 billion, with the total potentially increasing to HKD 41 billion if the overallotment option and "green shoe" mechanism are exercised [2]. - 90% of the raised funds will be allocated to a factory project in Debrecen, Hungary, with an investment of EUR 7.3 billion to build a 100 GWh battery plant, effectively doubling Europe's battery production capacity if successful [3]. Regional Context and Strategic Importance - Debrecen, while Hungary's second-largest city, has a population of only 200,000, and the region is seen as a friendly environment for Chinese investments [3][4]. - Hungary is positioning itself as the "battery capital" of Europe, attracting major players like Samsung, SK On, BYD, and EVE Energy to invest in the area [8][9]. Project Development and Challenges - The construction progress of CATL's factory has been slow, with the project still in the foundational stages nearly three years after its announcement [10][15]. - Environmental concerns have led to protests against the factory, highlighting the challenges of balancing industrial development with local ecological considerations [22][25]. Labor Market and Local Support - The project is expected to create 9,000 jobs, but Debrecen's small population raises concerns about labor availability, necessitating potential work visa solutions [25]. - Hungarian government officials, including the Minister of Foreign Affairs, have expressed strong support for CATL's investment, viewing it as a significant opportunity for the country [27].

Core Viewpoint - CATL has announced an increase in the scale of the Zeyuan Fund to 10.128 billion yuan, with the company's shareholding ratio decreasing to 6.91% [1] Group 1: Fund Details - The Zeyuan Fund has completed its establishment and registration with the Asset Management Association of China [1] - The total scale of the Zeyuan Fund is 10.128 billion yuan, an increase of 5.042 billion yuan from the previous announcement of 5.086 billion yuan [1] - The new subscribed capital mainly comes from companies such as Ordos Innovation Investment Group Co., Ltd. and National Green Development Fund Co., Ltd. [1] Group 2: Company Investment - CATL's subscribed capital in the Zeyuan Fund is 700 million yuan, with its subscription ratio decreasing from 13.76% to 6.91% [1] - The fund primarily invests in the new energy and high-end manufacturing sectors [1]

Core Viewpoint - Ningde Times (300750) announced the completion of fundraising for the Fujian Times Zeyuan Equity Investment Fund Partnership, with a total fund size of 10.128 billion yuan, an increase of 50.42 million yuan compared to the previous announcement of 5.086 billion yuan [1] Summary by Relevant Sections - Fundraising Details - The total scale of the fund is 10.128 billion yuan, which is an increase of 50.42 million yuan from the previous scale of 5.086 billion yuan [1] - The company’s subscribed capital in the fund remains at 700 million yuan, but its subscription ratio has decreased from 13.76% to 6.91% [1] - Key Partners - Major partners of the Zeyuan Fund include Xiamen Puxian Private Equity Fund Management Partnership, Shenzhen Puxian Investment Co., Ltd., and Xiamen Industrial Guidance Equity Investment Fund Partnership [1]

证券代码：300750 证券简称：宁德时代 公告编号：2025-049 宁德时代新能源科技股份有限公司 关于参与投资产业投资基金的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、参与投资产业投资基金概述 宁德时代新能源科技股份有限公司（以下简称"公司"）于 2024 年 9 月 9 日 与厦门溥泉私募基金管理合伙企业（有限合伙）、深圳溥泉投资有限公司等合作 方签署了《福建时代泽远碳中和股权投资基金合伙企业（有限合伙）合伙协议》， 公司作为有限合伙人之一参与投资"福建时代泽远碳中和股权投资基金合伙企业 （有限合伙）"（拟设立，以下简称"泽远基金"），公司认缴出资额为人民币 70,000 万元，持有泽远基金首关规模的 13.76%的认缴出资比例。具体内容详见公司于 2024 年 9 月 9 日在深圳证券交易所网站（http://www.szse.cn/）及巨潮资讯网 （http://www.cninfo.com.cn）披露的《关于参与投资福建时代泽远碳中和股权投 资基金合伙企业（有限合伙）的公告》（公告编号：2024-054）。 二、参与投资产业投资 ...