行业龙头成首选 港交所官网数据显示，2025年，国际投资者的市场参与度进一步提升且更加多元化，主要投资者类型包 括公募基金、私募基金、战略投资基金、对冲基金及主权财富基金等。以紫金黄金国际的IPO为例，共 有26名全球基石投资者（包括来自北美、亚洲、欧洲和中东的优质投资者）参与认购，其认购份额占发 售股份的约一半。 在刘伯伟看来，国际投资者看好港股并非偶然，而是多重积极因素叠加形成。"市场的转折点大约始于 2025年春节前后，后续因宁德时代（300750）（宁德时代新能源科技股份有限公司）等标志性IPO的成 功而彻底点燃。"刘伯伟提到，此前两年，市场陷入对投资亏损的担忧中，2025年，局面发生了根本转 变：一方面，市场对中国经济的预期改善；另一方面，宁德时代等龙头项目带来的可观收益，让投资者 重拾信心。 "今年的一系列IPO成功案例具有示范意义。"刘伯伟表示，目前，参与港股IPO的国际投资者构成愈发 多元化，涵盖了美国、欧洲、中东、新加坡等多元化的机构投资者，而非单一来源的推动。 国际投资者将资金押注在哪些企业？刘伯伟提到，国际投资者的偏好非常清晰：行业龙头是首选。"无 论是港股IPO申购还是二级市场表现，都 ...

Group 1 - FTSE Russell announced the new candidate stocks for the FTSE China 50 Index, which include China Aluminum (601600)(02600), Hansoh Pharmaceutical (03692), Huatai Securities (601688)(06886), JD Health (06618), and New China Life Insurance (601336)(01336) [1] - On December 3, FTSE Russell announced adjustments to the FTSE China 50 Index, FTSE China A50 Index, FTSE China A150 Index, FTSE China A200 Index, and FTSE China A400 Index, effective after the market close on December 19, 2025 [2] - The adjustments will include the addition of China Hongqiao (01378), CATL (300750)(03750), and Heng Rui Medicine (600276)(01276) to the FTSE China 50 Index, while removing CITIC Securities H-share (06066), Great Wall Motor H-share (02333), and Li Auto-W (02015) [2]

Core Viewpoint - The article discusses the current state of the A-share market, highlighting the negative consumer sentiment and its impact on retail sales growth, as well as the performance of various sectors including commercial aerospace and energy [3][16]. Consumer Sentiment and Retail Sales - As of September 2025, consumer capability and willingness to spend have contributed 4.98% and -0.48% respectively to retail sales growth, indicating that subsidy policies have not effectively improved consumer sentiment [3]. - The contribution of subsidized goods to retail sales has increased significantly, with subsidized goods accounting for 57.0% of retail sales in the first ten months of 2025, compared to 48.9% in 2024 [3]. Market Performance - On December 3, 2025, the A-share market saw a collective decline, with the Shanghai Composite Index down 0.51%, Shenzhen Component down 0.78%, and ChiNext down 1.12% [16]. - The total trading volume across the three markets reached 168.37 billion yuan, an increase of 76.3 billion yuan from the previous day, with over 3,800 stocks declining [16]. Sector Analysis - The coal sector showed strength, with companies like Dayou Energy and Antai Group hitting the daily limit due to increased seasonal demand amid cold weather [16]. - The commercial aerospace sector experienced mixed performance following the ZQ-3 rocket's successful launch but failed first-stage recovery, leading to volatility in related stocks [10][16]. Investment Recommendations - The article suggests focusing on the commercial aerospace sector, particularly companies involved in rocket propulsion, satellite internet applications, and satellite manufacturing, as the industry is expected to accelerate due to favorable policies and technological advancements [11].

Core Viewpoint - The 2025 (10th) Qidian Lithium Battery Industry Annual Conference and the Lithium Battery Golden Ding Award Ceremony will focus on the theme "New Cycle, New Technology, New Ecology," discussing the evolution of the lithium battery industry over the past decade and its future development [2]. Event Background and Significance - The Qidian Lithium Battery Industry Annual Conference is a significant annual event that has been held for nine consecutive years, attracting over 1,000 participants each year from the entire lithium battery supply chain [2]. - The 2025 event marks the 10th anniversary of the conference and the Qidian Research Institute, aiming to provide a platform for industry exchange and collaboration [2]. Event Details - Event Name: 2025 (10th) Qidian Lithium Battery Industry Annual Conference and the Lithium Battery Golden Ding Award Ceremony - Event Date: December 18-19, 2025 - Location: Venus Royal Hotel, Shenzhen - Scale: Over 1,200 offline participants and 30,000 online viewers [2][4]. Highlights of the Event - The conference will feature over 1,200 guests discussing industry development, nine specialized forums, and more than 60 prominent speakers addressing core issues [4]. - The 10th Lithium Battery Golden Ding Award will be held concurrently, recognizing outstanding contributions to the lithium battery industry [4][7]. - The event will also include the 2025 China New Energy Entrepreneurs Club Council meeting, facilitating direct connections among industry leaders [4]. Specialized Forums and Topics - The agenda includes specialized sessions on various topics such as high-energy density technologies, battery materials, and safety challenges in the lithium battery sector [5][6]. - Notable discussions will cover advancements in soft-pack batteries, solid-state battery technology, and the future of energy storage solutions [5][6]. Award Information - The Golden Ding Award aims to encourage innovation in the lithium battery industry and recognize brands that contribute significantly to its development [7]. - The application period for the awards is from September 1, 2025, to November 25, 2025, with the final winners announced between December 1 and December 10, 2025 [8][9]. Participation and Registration - Registration for the event is priced at 2,888 yuan per person, which includes access to the conference, meals, and industry white papers [10].

两融数据显示，该股最新融资余额为215.74亿元，近5日增加8.89亿元，增幅为4.30%。（数据宝） 12月3日宁德时代大宗交易一览 | 成交量（万 | 成交金额（万 | 成交价格 | 相对当日收盘折溢价 | 买方营业部 | 卖方营 | | --- | --- | --- | --- | --- | --- | | 股） | 元） | （元） | （%） | | 业部 | | 8.44 | 3174.12 | 376.08 | 0.00 | 中信证券股份有限公司北 | 机构专 | | | | | | 京分公司 | 用 | （文章来源：证券时报网） 进一步统计，近3个月内该股累计发生56笔大宗交易，合计成交金额为42.05亿元。 证券时报·数据宝统计显示，宁德时代今日收盘价为376.08元，下跌1.05%，日换手率为0.33%，成交额 为52.95亿元，全天主力资金净流出4.12亿元，近5日该股累计上涨0.87%，近5日资金合计净流出3.82亿 元。 宁德时代12月3日大宗交易平台出现一笔成交，成交量8.44万股，成交金额3174.12万元，大宗交易成交 价为376.08元。该笔交易的买方营业部为中信证券股份 ...

电力设备行业资金流入榜 沪指12月3日下跌0.51%，申万所属行业中，今日上涨的有6个，涨幅居前的行业为交通运输、有色金 属，涨幅分别为0.69%、0.63%。跌幅居前的行业为传媒、计算机，跌幅分别为2.86%、2.26%。电力设 备行业今日下跌1.02%。 资金面上看，两市主力资金全天净流出578.83亿元，主力资金净流入的行业仅有3个，有色金属行业净 流入资金44.07亿元；煤炭行业净流入资金2.35亿元；交通运输行业净流入资金533.07万元。 主力资金净流出的行业有28个，计算机行业主力资金净流出规模居首，全天净流出资金91.85亿元，其 次是电子行业，净流出资金为81.63亿元，净流出资金较多的还有电力设备、通信、传媒等行业。 电力设备行业今日下跌1.02%，全天主力资金净流出61.40亿元，该行业所属的个股共364只，今日上涨 的有72只，涨停的有5只；下跌的有282只。以资金流向数据进行统计，该行业资金净流入的个股有91 只，其中，净流入资金超亿元的有5只，净流入资金居首的是航天机电，今日净流入资金2.87亿元，紧 随其后的是大金重工、龙蟠科技，净流入资金分别为2.81亿元、1.93亿元。电力设 ...

据香港交易所披露，摩根大通（JPMorgan）对宁德时代新能源科技股份有限公司 - H股的多头持仓比例 于2025年11月27日从7.41%增至7.8%。 ...

Core Viewpoint - The new energy storage industry is seizing opportunities from power market reforms and digitalization, with key players collaborating to compile the "2025 Power Market and Digital Energy Storage Research Report" to be released at the upcoming summit [2]. Group 1: Industry Developments - In 2025, the industry is transitioning from technology announcements to large-scale production and delivery of 500Ah+ high-capacity battery cells and 6MWh+ energy storage systems [3]. - CATL's 587Ah energy storage cell has surpassed 2GWh in shipments, with an expected total shipment of 3GWh for the year [4][6]. - The new generation 6.X energy storage platform from CRRC Zhuzhou Institute has achieved mass production and delivery, utilizing the self-developed ∞Cell 587Ah high-capacity energy storage battery [5][8]. Group 2: Technological Advancements - The 6.25MWh battery cabin from CRRC Zhuzhou Institute has been successfully produced, featuring a 25% increase in energy density compared to the previous generation [10]. - The system's efficiency has improved from 86% to 88%, and it supports various electricity trading decision-making processes, enhancing asset utilization by over 20% [10]. - The 587Ah energy storage cell from CATL has an energy density of 434Wh/L and a round-trip energy efficiency (RTE) of 96.5%, with a lifecycle RTE that maintains minimal degradation [6]. Group 3: Market Trends - The industry is entering a phase of accelerated competition in large-capacity battery cells and systems, with CATL leading with 2GWh shipments and CRRC Zhuzhou Institute completing GWh-level deliveries [11]. - A variety of companies, including Envision, EVE Energy, and others, are either in mass production or have set clear timelines for mass production of large-capacity battery cells, with many expected to achieve this within the next two years [12]. - The large-capacity energy storage system market is rapidly expanding, with several companies announcing mass production of 6MWh+ systems this year [14].

Core Viewpoint - Contemporary Amperex Technology Co., Limited (CATL) has successfully shipped 2GWh of its 587Ah large-capacity energy storage cells, marking the entry of this product into large-scale commercial use. The company anticipates a total shipment of 3GWh for the year, indicating significant progress in the energy storage sector [1] Group 1: Product Development and Performance - The 587Ah cell has undergone three years of research and testing, achieving an initial energy conversion efficiency of 96.5% and a longer lifespan, which contributes to a lower cost per kilowatt-hour [1] - CATL has continuously defined industry standards, evolving from 280Ah and 314Ah cells to the current 587Ah model, establishing itself as a pioneer in energy storage technology [1] Group 2: Production Capacity and Efficiency - The production capacity at CATL's Jining base supports the daily output of over 220,000 units of the 587Ah large-capacity cells, with a maximum production rate exceeding 120 units per minute, averaging less than 2 seconds per cell [1] - The safety failure rate of the production process has reached a PPB level, further solidifying CATL's leading position in next-generation energy storage technology [1]

| 权益类证券大宗交易 (协议交易) | | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交星 | 成交全额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | | | | | 2025-12-03 | 300750 | 宁德时代 | 376.08 | 8.44 | 3,174.12中信证券股份有限 | | 机构专用 | | | | | | | | 公司北京分公司 | | 12月3日，宁德时代大宗交易成交8.44万股，成交额3174.12万元，占当日总成交额的0.6%，成交价376.08元，较市场收盘价 376.08元持平。 ...