Core Viewpoint - A-shares have lower trading costs and better market liquidity compared to H-shares, with a current premium of about 20% for A-shares as indicated by the Hang Seng AH Premium Index (HSAHP) being above 120. However, certain companies like CATL have shown a reverse phenomenon where H-shares are priced higher than A-shares [2][4]. Group 1: Market Dynamics - The phenomenon of H-shares trading at a premium over A-shares is attributed to the smaller market capitalization of H-shares compared to A-shares, leading to relative scarcity in liquidity [5]. - Among the six companies exhibiting this "inversion," three are newly listed, resulting in lower liquidity for H-shares, which can lead to inflated prices due to concentrated holdings by large institutions [5][6]. - As institutional investors gradually exit their positions, the liquidity of H-shares is expected to increase, potentially narrowing the premium of H-shares over A-shares [5]. Group 2: Characteristics of A-H Share Companies - Companies with inverted pricing typically share common traits: they are large enterprises with stable operating histories and solid financials, often in traditional industries like finance and energy [6]. - The valuation of these companies tends to be higher in the A-share market, reflecting differing expectations from overseas investors regarding future growth potential [6][8]. Group 3: Foreign Investment Preferences - Foreign investors prefer industry leaders that have a competitive edge in the market, which are often scarce in the international market [8]. - These leading companies usually possess strong brand recognition, stable profitability, and good governance structures, aligning with foreign investors' long-term investment criteria [8][9]. - The preference for H-shares over A-shares is also influenced by the perceived monopolistic characteristics of certain companies, which can lead to higher valuations in the H-share market [9].

作者丨陈欣 出品丨鳌头财经 当全球汽车产业迈入"电动化向智能化"跃迁的关键周期，资本市场的估值逻辑正从规模导向转向价值深耕。 2025年11月27日，阿维塔科技正式向港交所递交IPO申请，以"第一家向港交所提交IPO申请的央企新能源车企"的身份，在新能源汽车赴港上市热潮中划 出独特轨迹。 作为新长安集团高端化战略的核心载体，阿维塔依托长安汽车、华为、宁德时代组成的"CHN铁三角"生态，在短短数年内实现了从品牌创立到销量破万、 营收倍增、全球化布局的跨越式发展。 阿维塔科技赴港递交IPO申请之举，不仅是企业打通国际化资本通道的战略选择，更以央企市场化改革的创新实践，重塑了行业对央企新能源品牌的价值 认知，为中国智能电动汽车产业从"规模领先"向"价值引领"转型提供了标杆范本。 在行业竞争从单一产品比拼升级为生态能力较量的当下，阿维塔的资本征程，正书写着央企新能源价值重塑的全新篇章。 资本筑基：市场化运作激活央企增长潜能 新能源汽车产业高投入、长周期的发展特性，决定了资本运作的深度，直接关乎企业的竞争格局。阿维塔突破传统央企发展模式，以市场化资本逻辑构建 多元生态，既守住了央企的战略定力，又释放了市场化的创新活力， ...

Core Viewpoint - The phenomenon of "AH share premium inversion" is observed in six companies, where H-shares are priced higher than A-shares, attributed to low liquidity and foreign investors' preference for industry leaders [1][2]. Group 1: Market Dynamics - The Heng Seng AH Share Premium Index (HSAHP) remains above 120, indicating a 20% premium of A-shares over H-shares [1]. - The six companies experiencing this inversion include CATL, China Merchants Bank, Hengrui Medicine, Weichai Power, WuXi AppTec, and Midea Group [2]. - The market sees a preference for newly listed stocks in the H-share market, which have lower liquidity, leading to higher valuations [2]. Group 2: Liquidity and New Listings - The "inversion" stocks are characterized by a high proportion of newly listed shares, with three of the six companies listed for less than a year [2]. - The market capitalization of H-shares is often significantly smaller than that of A-shares, contributing to the liquidity scarcity and price inversion [2]. - As institutional investors gradually exit their IPO allocations, the liquidity in the H-share market is expected to increase, potentially narrowing the premium [2]. Group 3: Foreign Investment Preferences - Foreign investors show a strong preference for industry leaders that have established market positions and stable financials [3][4]. - These companies typically operate in traditional sectors such as finance, energy, and infrastructure, which have predictable profit models [3]. - The preference for H-shares is also driven by the perception of higher growth potential and better governance structures in these companies [4]. Group 4: Examples of Inversion - BYD and China Merchants Bank are highlighted as typical examples of companies where H-shares occasionally exhibit a premium over A-shares [5]. - The presence of monopolistic characteristics in H-shares can attract foreign investment, as these companies are often seen as irreplaceable in the global market [5].

Core Viewpoint - The establishment of Times Qiji New Energy Technology (Huzhou) Co., Ltd. indicates a strategic expansion in the new energy sector by CATL, focusing on innovative energy solutions and electric vehicle infrastructure [1] Company Summary - Times Qiji New Energy Technology (Huzhou) Co., Ltd. has been registered with a capital of 5 million yuan [1] - The company is fully owned by Times Qiji New Energy Technology (Ningbo) Co., Ltd., a subsidiary of CATL [1] Industry Summary - The company's business scope includes research and development of emerging energy technologies, sales of electric vehicle battery swap facilities, online energy metering technology development, contract energy management, and battery sales [1]

活动现场，三方针对用户关注的问题逐一解答。关于"只能在广州、上海两地开票"的问题，京东汽车营 销负责人表示，在上海、广州两地开票，是三方为了让更多用户享受到政府补贴优惠，共同努力的结 果，并不影响各地上牌、保险等。对于部分用户希望开具其他地区发票的需求，目前三方已全力推进， 近期将新增更多城市，此外广州补贴也将延续到明年1月底，以上具体信息均可查看商品详情页。 为了尊重用户的选择，三方承诺对于自11月9日开始至23日支付定金5000元，在确认定制完成前（确认 定制包含用户需要逐一明确颜色、是否租电、发票提示、门店选择等）的用户，均可选择退款；对于在 11月24日（含）后选择立即定制的用户，在确认定制后48小时内均可选择退款。 北京商报讯（记者 蔺雨葳）12月1日晚，广汽埃安微信公众号发布的信息显示，针对广汽、宁德时代、 京东联手推出的埃安UT super，三方共同组织了一场"听劝"恳谈会。 ...

12月2日，在广汽、宁德时代、京东三方日前联合举办的用户恳谈会上，就埃安UT super上市争议对用 户造成的不便，广汽埃安对在12月31日前下定购买埃安UT super的用户加码赠送价值2600元的"无忧服 务包"，包含车身养护等。同时，广汽埃安与京东、宁德时代三方明确细化了退订规则、发票开具城市 扩容、客服体系强化等政策。 ...

北京商报讯（记者 蔺雨葳）12月1日晚，广汽埃安微信公众号发布的信息显示，针对广汽、宁德时代、 京东联手推出的埃安UT super，三方共同组织了一场"听劝"恳谈会。 活动现场，三方针对用户关注的问题逐一解答。对于租电版本，有的用户担心"399元家庭包设置3000公 里基础里程有时可能不够用"。对此，时代电服副总裁邓旭表示，3000公里的基础里程是基于大量实际 用车数据制定的，出发点就是想让大多数家庭用户"为真正用得上的里程付费"，把用车成本实实在在降 下来，不用为个性化或者偶发的需求多掏钱，让租比买更划算。 关于更多的需求，除了未用完里程可次月结转的政策外，三方也将于12月推出"50元享1000公里"的里程 增量包服务，进一步丰富用户出行场景的覆盖范围。 ...

会上，对于用户关心的"是否有天窗"的疑问，广汽集团埃安BU副总裁、埃安品牌首席用户官杨龙表 示，这是埃安社区上介绍三方合作生态内容出现的一张"天窗图片"，是内容审核的失误，在上市发布三 天后已发现并立刻修正，并对所有官方内容完成自查，对此深表歉意。 北京商报讯（记者 蔺雨葳）12月1日晚，广汽埃安微信公众号发布的信息显示，针对广汽、宁德时代、 京东联手推出的埃安UT super，三方共同组织了一场"听劝"恳谈会。 ...

证券研究报告 行业研究 / 行业点评 2025 年 12 月 02 日 陆嘉怡 S0820124120008 021-32229888-25521 lujiayi@ajzq.com 电力设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《数据中心能耗和功率提升推动供电架构革新， SST 市场空间广阔》2025-11-26 《储能锂电需求向好，锂电材料价格温和抬升》 2025-11-25 《10 月光伏出口环比下滑，储能需求旺盛》 2025-11-25 《动力和储能电池需求强劲，原材料和电芯价 格明显回升》2025-11-19 《电新行业 2025Q3 公募基金持仓分析》 2025-11-19 朱攀 S0820525070001 021-32229888-25527 zhupan@ajzq.com 联系人 行业及产业 动力和储能锂电需求向好，锂电材料价 格涨跌互现 ——锂电行业跟踪 强于大市 投资要点： 排产：10 月份锂电行业排产超预期。2025 年 1-10 月，国内电池和磷酸铁锂正极材料产量 明显高于 2024 年同期。2025 年 10 月，国内电池产量 ...

【#宁德时代曾毓群回应基层员工涨薪#：没错】宁德时代称，2026年1月1日起对1~6职级员工进行薪资 调整，基本工资上调150元，其他薪资结构及标准不变。同日傍晚，据中国企业家杂志报道，记者就此 事向宁德时代创始人、董事长曾毓群求证，曾毓群回应称"没错"。（21财经） ...