Core Viewpoint - The article highlights the strategic expansion of CATL (Contemporary Amperex Technology Co., Limited) in Jiangsu province, emphasizing its establishment of new subsidiaries and partnerships to strengthen its presence in the electric vehicle battery market [4][6][10]. Group 1: Company Expansion - CATL has established a new subsidiary, Suzhou Times New Energy Technology Co., Ltd., with a registered capital of 2 billion yuan, indicating a significant investment in Jiangsu [4][5]. - The company has been actively expanding in Jiangsu, with multiple subsidiaries and projects, including Suzhou Times New Energy and Suzhou Times New An Energy Technology Co., Ltd., which focuses on battery and electric vehicle components [9][10]. - CATL's investments in Jiangsu are part of a broader strategy to create a comprehensive ecosystem for electric vehicle production, including research, manufacturing, and service capabilities [10][12]. Group 2: Strategic Partnerships - CATL has formed strategic partnerships with local governments in Jiangsu, such as a deep collaboration with the Suzhou government to promote the development of the new energy and smart vehicle industry cluster [10][12]. - The company has also engaged in strategic cooperation with Nanjing city to support the construction of a "zero-carbon city," further solidifying its commitment to sustainable energy solutions [10][12]. Group 3: Infrastructure Development - CATL is developing a "R&D-manufacturing-service-ecosystem" model in Suzhou, which includes a 50 billion yuan investment project aimed at producing various electric vehicle components [9][10]. - The company has established a significant presence in multiple cities within Jiangsu, including Nanjing, Changzhou, and Yancheng, focusing on battery manufacturing and energy solutions [8][10][12]. Group 4: Future Prospects - The article suggests that Jiangsu is becoming a key province for CATL's investments, second only to Fujian, with plans for further expansion and development in the region [7][10]. - CATL's ongoing projects and partnerships are expected to enhance its competitive position in the global electric vehicle battery market, aligning with the industry's shift towards sustainable energy solutions [10][12].

Core Viewpoint - The lithium battery industry is experiencing a recovery, particularly in the lithium iron phosphate (LFP) sector, driven by breakthroughs in high-voltage solid-state LFP technology and increased production activities across various projects [4][10][12]. Industry Developments - Gansu Jinlin Lithium's 100,000-ton cathode material project has commenced production with an investment of 3.135 billion yuan, aiming for a comprehensive layout in upstream materials for new energy [4]. - Wanhua Chemical has announced three LFP projects with a total investment exceeding 12 billion yuan and a combined capacity of 1.05 million tons, indicating significant expansion in LFP production [5]. - Inner Mongolia Times Fulin's 500,000-ton LFP project has begun foundation work, with a total investment of 6 billion yuan, reflecting strong ties with CATL [6][7]. - Geely's Jiangxi Yiyuan LFP project has officially started production, marking a new phase in Geely's upstream materials strategy, with an initial capacity of 40,000 tons [8]. - Tianli Lithium's subsidiary in Sichuan has resumed production after maintenance, with plans for a total capacity of 80,000 tons in the future [9]. Market Trends - The demand for LFP is expected to surge, with a projected shipment of 2.575 million tons in the first three quarters of 2025, representing a year-on-year increase of 60.8% [10]. - The global energy storage market is anticipated to grow significantly, with a forecasted shipment of 610 GWh in 2025, a 75% increase year-on-year, and lithium batteries will dominate this market [11]. Technological Advancements - The industry is shifting towards high-end LFP technology, with a focus on high-voltage solid-state LFP, which is expected to enhance performance in both energy storage and power batteries [11][12]. - The scarcity and strategic value of phosphate, a key component in LFP production, are becoming increasingly recognized, with potential benefits for phosphate chemical companies [13].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 寧德時代新能源科技股份有限公司（「本公司」） 呈交日期: 2026年3月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03750 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 155,915,300 | RMB | | 1 RMB | | 155,915,300 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 155,915,300 | RMB | | 1 RMB | | 155,915,300 | | 2. 股份分類 | 普通股 | 股份類別 | A ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 重新提交 致：香港交易及結算所有限公司 公司名稱: 寧德時代新能源科技股份有限公司（「本公司」） 呈交日期: 2026年3月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03750 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 155,915,300 | RMB | | 1 RMB | | 155,915,300 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 155,915,300 | RMB | | 1 RMB | | 155,915,300 | | 2. 股份分類 | 普通股 | 股 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 寧德時代新能源科技股份有限公司（「本公司」） 呈交日期: 2026年3月5日 本公司乃於中華人民共和國註冊成立的股份有限公司。 FF301 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03750 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 155,915,300 | RMB | | 1 RMB | | 155,915,300 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 155,915,300 | RMB | | 1 RMB | | 155,915,3 ...

呈交日期: 2026年3月5日 I. 法定/註冊股本變動 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 重新提交 致：香港交易及結算所有限公司 公司名稱: 寧德時代新能源科技股份有限公司（「本公司」） | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03750 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 155,915,300 | RMB | | 1 RMB | | 155,915,300 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 155,915,300 | RMB | | 1 RMB | | 155,915,300 | | 2. 股份分類 | 普通股 | 股 ...

Group 1 - The core viewpoint of the article emphasizes the collaboration between Rio Tinto and CATL to explore opportunities in electrification, supply chain, and circular economy within the context of low-carbon transition [1][2][3] - The memorandum signed between the two companies focuses on advancing electrification applications in mining operations and exploring commercial pathways for battery material recycling and critical mineral resource circular development [2][3] - CATL will leverage its advantages in battery technology, system integration, and new energy solutions to help Rio Tinto enhance operational efficiency and promote carbon reduction and electrification processes [3] Group 2 - Rio Tinto is a leading global mining and metals company with over 150 years of history, involved in the exploration, extraction, and processing of minerals such as iron ore, copper, aluminum, and lithium [3] - The partnership aims to create globally demonstrative zero-carbon mining solutions to assist in the deep transformation of the global energy system [3]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - Macro - level factors, including the stabilization and recovery of PPI and abundant global liquidity, form dual core benefits driving the rise of the natural resources index. The resource ETF Bosera (510410), which tracks the Shanghai Securities Natural Resources Index, can effectively capture investment opportunities through balanced allocation in various resource sectors [3][6]. - Different resource sectors have their own favorable factors. For example, gold benefits from central bank strategic gold purchases, rigid supply, and the interest - rate cut cycle; silver is supported by industrial demand and low inventory; lithium and cobalt face supply contraction and demand growth; rare earths are supported by quota control and strategic attributes; coal supply is tightening while demand shows resilience; and crude oil prices are supported by demand recovery and supply control [3][7][8][9]. 3. Summary by Relevant Catalogs 3.1 Natural Resources Industry Fundamental Analysis - **PPI and Global Liquidity**: PPI and global macro - liquidity are important external factors affecting the natural resources index. During the PPI upward phase, resource product prices rise, improving corporate performance and driving the index up. Global liquidity affects commodity prices through multiple channels, and in a period of abundant liquidity, it can push the index higher [16][18]. - **Gold**: In 2026, gold is in a dual resonance period of "long - term credit reshaping" and "medium - term liquidity easing", showing an upward trend. The recent price adjustment is not a signal of a trend reversal. Central bank gold purchases, investment demand, and supply constraints all support the price of gold [23]. - **Silver**: The sharp fluctuations in the silver market are a necessary process from "speculation - driven" to "value re - evaluation". Industrial demand from "photovoltaic + AI" and low inventory levels form a solid price bottom. It is recommended to pay attention to the key support around $75 per ounce [34][35][38]. - **Copper**: Supply - side rigidities, such as mine production limitations and smelter profit compression, make copper prices prone to rise and difficult to fall. The supply in the first half of 2026 is expected to be tighter [44][45]. - **Aluminum**: Domestic and overseas electrolytic aluminum production capacity is restricted, while demand is expected to improve. The industry is in a tight - balance state, and domestic electrolytic aluminum enterprises' profits are expected to expand [52][55][59]. - **Lithium**: The supply - demand fundamentals of the lithium industry have reversed. Supply growth is slowing down, while demand from energy storage and power is increasing. The lithium market is expected to shift from surplus to shortage, and lithium prices are likely to rise [66][73][75]. - **Cobalt**: Congo - Kinshasa's implementation of export quotas will lead to a shortage of cobalt in the next two years. Enterprises with their own cobalt mines will benefit relatively, and the supply uncertainty is increasing [89][95]. - **Nickel**: The nickel industry is currently at the bottom. Although the supply has been increasing, the downward space of nickel prices is limited. With the improvement of macro - demand and the implementation of Indonesian policies, nickel prices may rise [107][108][124]. - **Rare Earths**: Rare earths have significant strategic attributes. Domestic supply control is strengthening, and global trade frictions have increased their strategic value. Prices and valuations are expected to rise [127][135][136]. - **Tungsten**: Tungsten has strong supply rigidities due to resource and policy constraints. The supply is tight, and the price has increased significantly. In the future, new supply may slow down, and tool price increases will support the tungsten price [146][147][156]. - **Coal**: The supply of coal is tightening in the short and long term, while demand shows resilience. The coal price is expected to rise, but the decline in electricity prices may suppress the long - term price center [158][163][173]. - **Oil**: The supply of U.S. shale oil is limited, and OPEC has a strong willingness to cut production to support prices. Global oil demand is expected to continue to recover, and the oil price center is expected to be between $60 - $65 per barrel in 2026 [178][184][195]. 3.2 Shanghai Securities Natural Resources Index - The Shanghai Securities Natural Resources Index selects resource - related securities in Shanghai Stock Exchange. It has a balanced distribution in various resource sub - sectors, which can capture investment opportunities in different resource sectors and reduce risks [201][206]. - Historically, the index's revenue and net profit growth have fluctuated, but it shows strong resilience. Currently, it shows a bottom - reversal trend, and its revenue and net profit growth are expected to recover in 2026 - 2027 [206][207]. - Compared with other broad - based indexes, the Shanghai Securities Natural Resources Index has advantages in different time intervals [213]. 3.3 Bosera Natural Resources ETF (510410) - Bosera Natural Resources ETF closely tracks the Shanghai Securities Natural Resources Index. It uses a full - replication method for passive investment with strict risk - control targets [214]. - As of February 13, 2026, the ETF has achieved good returns and has a scale of 1.057 billion yuan, with good market liquidity. Its fund manager has rich financial experience, and the fund management company has a large asset - management scale [216].

Key Points - The National People's Congress highlighted investments by State Grid in Portugal and a joint venture between China National Petroleum Corporation and Shell in Australia, emphasizing technology sharing and economic development [2] - The newly introduced Ecological Environment Code is China's second law named as a "code," representing a systematic integration and enhancement of existing environmental laws [2] - A member of the National Committee expressed intentions to promote Chinese products and technologies globally, contributing to the renewable energy sector [3] - The National Energy Administration is advancing rural wind and solar energy development, aiming to enhance electricity supply and promote renewable energy heating solutions [4] - In January, 5,690 new renewable energy projects were registered in China, with 66 wind and 5,618 solar projects, indicating robust growth in the sector [5] - The credit index for Chinese enterprises remained stable at 161.79 in January, reflecting a good credit level across various industries [6] - The Three Gorges South Line lock has commenced its scheduled maintenance for 2026, marking the ninth planned maintenance since its operation began [6] - European economists are concerned that disruptions in Middle Eastern oil and gas supplies could lead to significant inflation and economic downturns [7] - A major oil field in southern Iraq has suspended production due to shipping disruptions caused by the closure of the Strait of Hormuz [7] - The Tarim Oilfield has produced over 500 billion cubic meters of natural gas, playing a crucial role in ensuring national energy security and promoting a low-carbon energy structure [8]

Core Viewpoint - The article highlights the significant progress made by Hong Kong in enhancing its status as an international financial center, with notable achievements in IPO activities and economic rankings [2][3][4]. Group 1: Economic Developments - Hong Kong's position as an international financial center has been solidified, ranking third in the Global Financial Centers Index [2]. - The IPO scale in Hong Kong has doubled year-on-year, making it the top global market for IPOs [2]. - The business environment in Hong Kong is characterized by high efficiency and openness, with the highest economic freedom ranking globally [2]. Group 2: IPO Market Insights - In 2025, eight large IPOs are expected in Hong Kong, with four of them entering the global top ten for fundraising: CATL, Zijin Mining International, Sany Heavy Industry, and Seres [3]. - Each of these eight large IPOs is projected to raise over 10 billion HKD, contributing to approximately 50% of the total fundraising [4]. - A total of 19 A-share listed companies, including Naxin Microelectronics, are set to list in Hong Kong, raising around 140 billion HKD, which accounts for nearly half of the total IPO fundraising in the market [4].