谈及企业出海的大趋势，陆琛健表示，过去三年，具备国际业务的新发行人数量逐步上涨，今年有超过 一半的发行人是有国际业务的计划，或者说国际业务的收入。他们在港股市场上面募集的资金，很多都 是用在海外的扩张。 专题：南方财经论坛2025年会 由南方财经全媒体集团主办、21世纪数字传媒主要承办的"南方财经论坛2025年会"于12月5-6日在广州 南方财经大厦举办，主题为"共识的力量——创新涌动，中国资产重估"。香港交易所环球上市服务部副 总裁陆琛健出席并演讲。 他举例表示，比如新股王宁德时代，在今年5月份上市，大多数的募集资金是用在其欧洲的一个电池工 厂项目。还有一些龙头企业，例如海天味业，也把部分A+H的IPO融资额用在了全球销售渠道，还有其 在东南亚供应链的搭建。 "所以，出海是个大主题，香港港交所为内地企业提供了一个首选的资金平台。" 陆琛健特别提到，宁德时代、海天味业，还有恒瑞等，其实都有一个共同点—— A+H上市。截止到 2025年第三季度，在过去一年里面有14家已经完成A+H上市。"截止到9月30日，A1的申请表里面有超 过77家已经递表，目前还更多。所以，A+H对港股今年无论是交易量，还有新股募资额的贡 ...

Summary of Conference Call Notes Industry or Company Involved - The report focuses on the evolving export control policies between China and the United States, particularly in the context of strategic competition and geopolitical tensions. Core Points and Arguments 1. **Current State of US-China Relations**: The relationship has seen a temporary easing, but the long-term strategic competition remains unchanged, with high risks of tightening export control policies [1][10][21]. 2. **Export Control Risks**: Despite a pause in the implementation of new rare earth regulations announced in October, existing measures from April remain effective, indicating a strategic tightening rather than a complete abandonment of control [1][12][23]. 3. **Three Scenarios for US-China Relations**: - **Baseline Scenario**: A one-year "ceasefire" agreement is expected to marginally benefit the economy and stock market, with a potential 10 basis point increase in actual GDP growth due to tariff reductions [1][15]. - **Pessimistic Scenario**: An early breakdown of the ceasefire could lead to increased tariffs and non-tariff barriers, resulting in a decline in the MSCI China index's forward P/E ratio below 12 times [2][17]. - **Optimistic Scenario**: A framework agreement could improve economic conditions, with the MSCI China index potentially exceeding a forward P/E ratio of 14 times [2][20]. 4. **Impact on Key Sectors**: The AI and technology sectors are expected to face short-term pressures but may benefit from China's push for technological self-sufficiency in the medium term [18][19]. 5. **Geopolitical Strategy**: China is likely to use export controls as a strategic tool in its geopolitical negotiations, particularly in critical materials like rare earths, to counter US technology restrictions [11][24][25]. Other Important but Possibly Overlooked Content 1. **Long-term Strategic Competition**: The ongoing competitive dynamics between the US and China suggest that temporary agreements may not lead to lasting resolutions, with periodic tensions expected to continue [11][22]. 2. **China's Export Control Framework**: The evolution of China's export control laws indicates a shift towards a more structured and strategic approach to managing critical materials, which could impact global supply chains [26]. 3. **Market Sentiment and Valuation**: The report suggests that improved market sentiment could stabilize valuations, with the MSCI China index maintaining a forward P/E ratio in line with emerging markets [15][20]. 4. **Technological Self-sufficiency Challenges**: China's current low self-sufficiency rates in critical technology sectors, such as EDA software, highlight vulnerabilities that could be exacerbated by US export controls [27]. This summary encapsulates the key insights from the conference call, providing a comprehensive overview of the current landscape and future implications for investors and stakeholders in the context of US-China relations and export controls.

Summary of Conference Call Notes on China Specialty Chemicals and Lithium Industry Industry Overview - The focus is on the lithium battery supply chain, particularly in the context of the upcoming Chinese New Year (CNY) and the anticipated demand for energy storage systems (ESS) [1] - The sentiment is cautiously optimistic regarding the battery chain rally, suggesting that much of the positive outlook has already been priced in [1] Key Company Insights CATL (Contemporary Amperex Technology Co., Ltd.) - CATL is highlighted as a preferred investment choice for the first quarter of 2026 due to its defensive positioning amid uncertainties in production and electric vehicle (EV) demand [1] - The valuation for CATL-H is set at HK$621 per share, based on a target EV/EBITDA multiple of 17.3x for 2025, which is 0.15 standard deviations above its historical average [19] - The valuation for CATL-A is set at Rmb571 per share, also based on a target EV/EBITDA multiple of 17.3x for 2026 [21] - Risks associated with CATL include lower-than-expected EV demand, increased competition in the EV battery market, and higher raw material costs [20][21] Market Dynamics - Lithium carbonate (Li2CO3) and lithium hydroxide (LiOH) average selling prices (ASP) have increased week-over-week, with Li2CO3 priced at Rmb94,000 per ton and LiOH at Rmb82,500 per ton as of December 4, 2025 [2] - Production of Li2CO3 in China remained stable at 21,939 tons, with variations in output from different sources: brine (-4%), lepidolite (+2%), spodumene (+1%), and recycling (+2%) [2] - Total inventory of Li2CO3 decreased by 2% week-over-week to 113,602 tons, with downstream players' inventory increasing by 4%, while smelters' inventory decreased by 15% [2] Investment Recommendations - The report suggests a focus on battery-related companies with higher elasticity, particularly those involved in lithium, separators, electrolytes, cathodes, and tier-2 battery makers with significant ESS exposure [1] - The anticipated seasonal supply/demand mismatch in the battery value chain is expected to create opportunities in the traditional peak season from March to April [1] Conclusion - The lithium market is experiencing a cautious yet optimistic phase, with CATL positioned as a strong investment choice amid potential risks and uncertainties in the EV sector. The dynamics of lithium pricing and production are critical to monitor as the market approaches the peak demand season.

智通财经APP获悉，花旗发布研报称，这轮由强劲储能系统(ESS)预期推动的电池供应链上升已大致被 反映，并建议投资者在农历新年前保持审慎乐观态度。 该行认为明年首季应选择如宁德时代(03750)这 类防御性标的，因预期季节性因素及电动车需求疲软，令生产线前景存在不确定性。短期首选标的为宁 德时代，H股目标价621港元，宁德时代(300750.SZ)A股目标价571元人民币。 不过，该行认为电池、尤其是储能系统的增长前景在未来12个月内保持不变，并看好进入传统旺季(3月 及4月)时具备较高弹性的电池相关企业，例如锂、隔膜、电解液、正极材料，以及储能业务占比较高的 二线电池制造商，因预期电池价值链可能出现季节性供需错配。 ...

不过，该行认为电池、尤其是储能系统的增长前景在未来12个月内保持不变，并看好进入传统旺季(3月 及4月)时具备较高弹性的电池相关企业，例如锂、隔膜、电解液、正极材料，以及储能业务占比较高的 二线电池制造商，因预期电池价值链可能出现季节性供需错配。 智通财经APP获悉，花旗发布研报称，这轮由强劲储能系统(ESS)预期推动的电池供应链上升已大致被 反映，并建议投资者在农历新年前保持审慎乐观态度。 该行认为明年首季应选择如宁德时代(03750)这 类防御性标的，因预期季节性因素及电动车需求疲软，令生产线前景存在不确定性。短期首选标的为宁 德时代，H股目标价621港元，宁德时代(300750.SZ)A股目标价571元人民币。 ...

在物料行业中，该行较偏好铝，其后依次为铜、电池、黄金、电池材料、煤炭、水泥及钢铁。股份方 面，该行首选中国宏桥、中国铝业、紫金矿业和宁德时代，目标价分别为36港元、12.41港元/14.77元、 39港元/35.5元，及571元。 花旗发表研究报告指，行业数据显示，今年11月27日至12月3日期间，中国铝总产量为85.6万公吨，按 周持平，按年上升3%，当中铝坯(Aluminum Billet)产量为36.2万公吨，按周持平，按年上升7%。库存方 面，截至12月4日，铝坯加铝锭(Aluminum Ingot)总库存为87.8万公吨，按周下降1%，按年上升3%。库 存水平较2021年同期低，但较2022至24同期高。期内消耗量按周下降，但水平仍高于2022至2024年同 期。 ...

每经AI快讯，有投资者在投资者互动平台提问：贵公司负极材料主要客户有哪些？是否包括宁德时 代、亿纬锂能、国轩高科等电池厂商？ （记者 王晓波） 中科电气（300035.SZ）12月5日在投资者互动平台表示，公司锂电负极业务主要客户包括宁德时代、比 亚迪、中创新航、亿纬锂能、瑞浦兰钧、国轩高科、蜂巢能源、ATL、LGES、SK On、三星SDI等国内 外知名锂电厂商。 ...

近日，"宁德时代发布涨薪通知"瞬间登上各大热搜平台！ | 星送(To) | : 全体同事 | 参考编号(NO.) | HR-Memo-20251128-01 | | --- | --- | --- | --- | | 抄送(cc) | : 管理层 | 生效日期(Effective Date) | 2026-01-01 | | 发布人(From) | : 人力资源都 | 发布日期(Issued Date) | 2025-11-28 | | 主旨(Subject) | : 2026年1-6 职级员工薪资调整通知 | | | | 公司名称 | 调薪对象 | 调薪内容 | | --- | --- | --- | | 总额及独资分子公司(详见附件公司清单序号1~25) | JG1-6 | 基本工资上调 150元 | | 屏南时代电子科技有限公司(CETL-PN) | JG1-6 | 基本工资上调 100元 | | 屏南润能新材料科技有限公司(PNRY) | | | | 宁德时代(贵州)新能源科技有限公司(CATL-GZ) | JC1-3 | 基本工资上调 200元 | | | JG4-6 | 基本工资上请 150元 | ...

据介绍，宁德时代推出"船-岸-云"一体化解决方案如同为船舶运营提供"全屋定制"服务，从船上动力系 统、岸基补能网络到云端智能管理实现全链条整合。这一创新模式彻底终结了传统多供应商协作的痛 点，让30年运营周期中的各类挑战迎刃而解。 新浪科技讯 12月5日上午消息，在上海海事展期间，宁德时代旗下宁德时代电船科技有限公司正式发布 全球唯一的"船-岸-云"零碳航运及智慧港航一体化解决方案，并系统性展示了自2017年进入船舶领域以 来的阶段性成果与未来布局。 官方资料显示，2017年宁德时代开始船舶领域的布局，2019年第一艘电动船舶下水运行，截至今天宁德 时代电动船舶累计安全交付量近900艘，稳居全球电动船舶电池配套市场首位。 责任编辑：宋雅芳 新浪科技讯 12月5日上午消息，在上海海事展期间，宁德时代旗下宁德时代电船科技有限公司正式发布 全球唯一的"船-岸-云"零碳航运及智慧港航一体化解决方案，并系统性展示了自2017年进入船舶领域以 来的阶段性成果与未来布局。 据介绍，宁德时代推出"船-岸-云"一体化解决方案如同为船舶运营提供"全屋定制"服务，从船上动力系 统、岸基补能网络到云端智能管理实现全链条整合。这一创新 ...

11月市场震荡调整，11月下旬三大指数震荡下挫，其中科创板、创业板等科技成长板块调整幅度相对较大。拉长时间看，近6个 月（5月28日-11月27日，下同）A股震荡走强，其中创业板指涨52.2%，深证成指、上证指数分别涨28.38%、16%。 权益类理财产品上，南财理财通数据显示，截至11月27日，近6个月，理财公司权益类公募理财产品净值增长率均值为16.39%， 37只样本产品均上涨，其中华夏理财"天工日开理财产品1号(水电指数)"、光大理财"阳光红基础设施公募REITs优选1号"、中银 理财"慧富权益类红利策略180天持有期A"近6个月净值增长率不到2%，产品收益率垫底。 数据说明： 产品统计范围为理财公司权益类理财公募产品，统计截止日期为2025年11月27日，统计区间为近6个月。 榜单排名来自理财通AI全自动化实时排名，如您对数据有疑问，请在文末联系助理进一步核实。 | 10 स्व | 产品名称 | 净值增 管理人 长率 | 最大回撤 | 年化波动 网 | | --- | --- | --- | --- | --- | | | 理 阳光红新能源主题A | 光大理财 64.94% 12.61% | | ...