Core Viewpoint - The article discusses the narrowing of the AH premium, highlighting the significant reduction in the discount rate for companies listed in both A-shares and H-shares, particularly noting Dongpeng Beverage's recent listing as having the second-lowest discount rate since 2015 [1][4]. Group 1: AH Premium Dynamics - Dongpeng Beverage's H-share discount rate at 14% is significantly lower than the average of approximately 33% since 2015 [1]. - The overall AH premium index has decreased from a near ten-year high of 161.36 points in February 2024 to 119.44 points by February 2026, returning to levels seen in 2019 [1]. - The narrowing of the AH premium is attributed to improved liquidity in the Hong Kong market, driven by increased participation from southbound funds, a weak dollar environment, and improved profitability in Hong Kong stocks [3][4]. Group 2: Southbound Fund Influence - Southbound funds have become a stabilizing force in narrowing the AH premium, with their market participation exceeding 30% in August 2025 [4]. - In 2025, net inflows from southbound funds reached a record high of 1.4 trillion HKD, with over 120 billion HKD net inflows recorded by February 2026 [4]. - The influx of southbound funds has improved liquidity in the Hong Kong market, reducing the liquidity gap between A-shares and H-shares [4]. Group 3: Valuation Disparities - Some leading companies have experienced a phenomenon where H-share prices exceed A-share prices, known as "premium inversion," with notable examples including CATL and China Merchants Bank [5][6]. - The preference of foreign investors for globally competitive stocks leads to higher valuations for certain companies, impacting the AH premium [6]. - The valuation divergence between large-cap leading stocks and smaller-cap stocks reflects a "Matthew Effect," where larger companies attract more investment and liquidity [7][10]. Group 4: Market Structure Changes - The article notes that the AH premium is influenced by sector-specific dynamics, with significant variations observed across industries [10]. - The introduction of new listing rules allowing growth companies to list in Hong Kong may further alter the perception of AH premiums [11]. - The potential expansion of the dual-counter model allowing mainland investors to trade Hong Kong stocks in RMB could further narrow the valuation discount between A-shares and H-shares [11].

Core Viewpoint - The article discusses the narrowing of the AH premium, highlighting the significant reduction in the discount rate for companies listed in both A-shares and H-shares, with a focus on the factors driving this trend and the implications for market dynamics [1][3]. Group 1: AH Premium Dynamics - The AH premium has decreased significantly, with the recent listing of Dongpeng Beverage showing a discount rate of only 14%, the second lowest since 2015, compared to an average of about 33% [1]. - The Hang Seng A-share premium index has declined from a near ten-year high of 161.36 points in February 2024 to 119.44 points by February 2026, returning to levels seen in 2019 [1]. Group 2: Factors Influencing Premium Narrowing - The core reason for the narrowing AH premium is the recovery of liquidity discounts in the Hong Kong market, driven by increased participation from southbound funds, a weak dollar environment, and improved earnings in the Hong Kong market [3]. - Southbound funds have reached a record net inflow of 1.4 trillion HKD in 2025, with over 120 billion HKD net inflow recorded in early 2026, indicating a strong trend of capital flow into the Hong Kong market [5]. Group 3: Market Structure and Investor Behavior - The participation of southbound funds has increased from 20% at the beginning of 2024 to around 35%, enhancing the pricing power of mainland investors in the Hong Kong market [6]. - The liquidity gap between A-shares and H-shares has narrowed due to the influx of southbound funds, which have improved the liquidity conditions in the Hong Kong market [5]. Group 4: Valuation Disparities and Market Preferences - Some leading companies have experienced a phenomenon where H-shares are priced higher than A-shares, with notable examples including CATL and China Merchants Bank, indicating a preference for globally competitive firms by foreign investors [7]. - The article notes a "Matthew Effect" in the market, where larger companies enjoy better valuations, while smaller companies face greater discounts, with smaller IPOs often seeing discounts of around 50% compared to larger firms [10][11]. Group 5: Future Trends and Market Adjustments - The trend of narrowing AH premiums and structural differentiation is expected to continue, with high-quality leading stocks potentially experiencing a "premium inversion" becoming a norm [12]. - Adjustments in listing rules allowing growth companies to list in Hong Kong may attract more high-growth firms to global investors, further influencing the AH premium dynamics [12].

（文章来源：证券日报） 证券日报网讯 2月9日，宁德时代在互动平台回答投资者提问时表示，公司及时追踪重要原材料市场供 求和价格变动，保障原材料供应及优化采购成本，并通过长协、预付款等多种措施保障供应链安全及稳 定，平滑成本波动。 ...

Group 1 - The core viewpoint of the news is the strategic partnership between CATL's subsidiary, Times Intelligent, and Horizon Robotics, focusing on the intelligent upgrade needs of the new energy vehicle sector [1][4]. - Times Intelligent will provide its Rock Solid chassis series products and technology, while Horizon will contribute its full-scene assisted driving products and solutions, aiming to create a comprehensive intelligent system from the underlying architecture to top-level applications [4]. - Times Intelligent specializes in integrated intelligent chassis product development and technical services, with its core product being the Rock Solid chassis, which significantly enhances the efficiency of battery integration and battery-electric drive system conversion [4]. Group 2 - Horizon Robotics focuses on passenger vehicle assisted driving solutions, integrating advanced algorithms, dedicated software, and cutting-edge processing hardware to provide core technologies for automotive intelligence [4]. - Horizon has become the first domestic intelligent driving technology brand to exceed a shipment volume of 10 million units, with its product solutions widely adopted by 27 global automotive companies (42 automotive brands) [4].

Core Insights - The global electric vehicle (EV) battery usage is projected to reach approximately 1,187 GWh in 2025, representing a year-on-year growth of 31.7% from the previous year [2][3]. Group 1: Market Leaders - CATL remains the global leader in battery usage with 464.7 GWh in 2025, showing a growth of 35.7% year-on-year. Its clientele includes major global brands such as Tesla, BMW, and Mercedes [4]. - BYD ranks second with a battery usage of 194.8 GWh, reflecting a 27.7% increase. The company is expanding its market presence, particularly in Europe, where its battery usage surged by 201.4% to 14.9 GWh [4]. - LG Energy Solution holds the third position with 108.8 GWh, marking an 11.3% growth. The company supplies batteries to Tesla and other automakers, although it faces challenges due to contract terminations and production issues [5][6]. Group 2: Competitive Landscape - The combined market share of South Korean battery manufacturers (LG Energy Solution, SK On, and Samsung SDI) has decreased by 3.3% to 15.4% [5]. - SK On's battery usage reached 44.5 GWh, growing by 12.3%. However, the company faces challenges due to the discontinuation of the Ford F-150 Lightning and a slowdown in the North American EV market [6]. - Samsung SDI's battery usage declined by 6.9% to 28.9 GWh, with its primary clients including BMW and Rivian. The company is experiencing mixed performance due to varying sales of its clients' EV models [5][6]. Group 3: Future Outlook - The electric vehicle battery market is expected to see increased demand, but regional disparities and competitive pressures may lead to greater volatility in company performance [7]. - The Chinese market is characterized by intense price competition, particularly with lithium iron phosphate (LFP) batteries, which may exert downward pressure on prices [7]. - The North American market faces uncertainties in EV demand, which could impact the production capacity and shipment volumes of South Korean battery manufacturers [7].

（文章来源：证券日报） 证券日报网讯 2月9日，宁德时代在互动平台回答投资者提问时表示，公司洛阳基地二期项目的进度总 体按计划推进。当前全球市场需求旺盛，公司正稳步推进产能释放，以满足全球客户订单交付需求。 ...

证券代码：300750 证券简称：宁德时代 公告编号：2026-007 为进一步完善公司法人治理结构，健全公司长效激励约束机制，吸引和留住 优秀人才，充分调动其积极性和创造性，有效提升核心团队凝聚力和企业核心竞 争力，将股东、公司和核心团队三方利益结合在一起，使各方共同关注公司的长 远发展，确保公司发展战略和经营目标的实现。公司董事会根据相关法律、法规 及规范性文件的规定，拟定了公司《2026 年 A 股员工持股计划（草案）》及其 摘要。 具体内容详见公司于深圳证券交易所网站（http://www.szse.cn/）及巨潮资讯 网（http://www.cninfo.com.cn）上同日披露的公司《2026 年 A 股员工持股计划（草 案）》及其摘要。 表决结果：9 票同意，0 票反对，0 票弃权。 1 宁德时代新能源科技股份有限公司 第四届董事会第十三次会议决议公告 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、董事会会议召开情况 宁德时代新能源科技股份有限公司（以下简称"公司"）于 2026 年 2 月 6 日 以书面方式向公司全体董事发出会议通知及 ...

上海市通力律师事务所 关于宁德时代新能源科技股份有限公司 2026年A股员工持股计划相关事宜的法律意见书 致:宁德时代新能源科技股份有限公司 上海市通力律师事务所(以下简称"本所")接受宁德时代新能源科技股份有限公司(以 下简称"公司"或"宁德时代")的委托,指派蔡若思律师、熊星律师(以下简称"本所律师") 作为公司的特聘专项法律顾问,根据《中华人民共和国公司法》《中华人民共和国证券法》 《关于上市公司实施员工持股计划试点的指导意见》(以下简称"《指导意见》")、《深圳 证券交易所上市公司自律监管指引第2号 -- 创业板上市公司规范运作》(以下简称"《第 2 号自律监管指引》")和有权立法机构、监管机构已公开颁布、生效且现行有效之有关法 律、法规和规范性文件(以下简称"法律、法规和规范性文件",为本法律意见书之目的,本 法律意见书所述的"法律、法规和规范性文件"不包括香港特别行政区、澳门特别行政区 以及台湾地区的法律、法规和规范性文件),就宁德时代实施 2026年 A 股员工持股计划(以 下简称"本次员工持股计划")相关事宜出具本法律意见书。 为出具本法律意见书,本所律师已经严格履行法定职责,遵循了勤勉尽责和 ...

宁德时代新能源科技股份有限公司 2026 年 A 股员工持股计划（草案）摘要 股票简称：宁德时代 股票代码：300750 宁德时代新能源科技股份有限公司 本公司及全体董事保证本持股计划及其摘要不存在虚假记载、误导性陈述或 重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 风险提示 1、本持股计划设立后将由公司自行管理，需公司股东会审议通过后方可实 施，本持股计划能否获得公司股东会批准，存在不确定性。 2、有关本持股计划的具体资金来源、出资比例、实施方案等属初步结果， 能否完成实施，存在不确定性。 3、若员工认购出资比例较低，则本持股计划存在不能成立的风险；若员工 认购出资资金不足，本持股计划存在低于预计规模的风险。 2026 年 A 股员工持股计划 （草案）摘要 二〇二六年二月 宁德时代新能源科技股份有限公司 2026 年 A 股员工持股计划（草案）摘要 声 明 4、本持股计划实施所产生的相关成本或费用的摊销可能对公司相关年度净 利润有所影响。 5、公司后续将根据规定披露相关进展情况，敬请广大投资者谨慎决策，注 意投资风险。 1 宁德时代新能源科技股份有限公司 2026 年 A 股员工持股计划 ...

宁德时代新能源科技股份有限公司董事会 关于2026年A股员工持股计划草案合规性说明 根据《中华人民共和国公司法》《中华人民共和国证券法》《关于上市公司实 施员工持股计划试点的指导意见》（以下简称"《指导意见》"）及《深圳证券交 易所上市公司自律监管指引第2号——创业板上市公司规范运作》（以下简称"《自 律监管指引第2号》"）等有关法律、法规及规范性文件和《宁德时代新能源科技 股份有限公司章程》的规定，结合公司实际情况，宁德时代新能源科技股份有限 公司（以下简称"公司"）制定了公司《2026年A股员工持股计划（草案）》（以下 简称"本持股计划"）。公司董事会经审慎分析及核查，现就本持股计划是否符合 《指导意见》等相关规定说明如下： 1、公司不存在《指导意见》《自律监管指引第2号》等有关法律、法规及规 范性文件的禁止实施员工持股计划的情形； 2、本持股计划内容符合《指导意见》《自律监管指引第2号》等有关法律、 法规及规范性文件的规定，程序合法、有效； 综上所述，董事会认为公司实施本持股计划符合《指导意见》《自律监管指 引第2号》等相关规定。 特此说明。 1 宁德时代新能源科技股份有限公司董事会 2026 年 2 ...