Fund Position Monitoring - The median position of ordinary equity funds is 91.51%, and for mixed equity funds, it is 90.42%, showing a slight decrease compared to the previous quarter. The current positions are at historical percentiles of 92.19% and 95.31% respectively [1][6] - The average Hong Kong stock allocation for ordinary equity funds is 11.89%, down by 1.1% from the previous quarter, while for mixed equity funds, it is 14.56%, down by 2.54% [11][6] - The number of funds investing in Hong Kong stocks is 243 for ordinary equity funds and 1692 for mixed equity funds, with a total allocation ratio of 59.59% [11][9] Fund Holding Concentration Monitoring - The proportion of heavy-weight stocks in equity allocation is 55.03%, remaining stable compared to the previous period. The total number of stocks held by fund managers increased to 2467 from 2379, indicating greater diversity in stock holdings [10][6] Sector Allocation Monitoring - The disclosed allocation weights for the main board, ChiNext, and Sci-Tech Innovation Board are 49.04%, 20.96%, and 13.89% respectively, with a significant decrease in Hong Kong stock allocation to 16.11% [21][23] - The allocation to large cycle sectors increased by 4.3% to 26.13%, while technology and pharmaceutical sectors saw reductions of 2.94% and 1.59% respectively [23][21] Industry Allocation Monitoring - The top three industries by allocation weight are electronics (23.01%), communication (11.08%), and electric power equipment and new energy (9.28%) [26][25] - The industries with the most active increases in allocation are non-ferrous metals (1.22%), basic chemicals (1.13%), and non-bank financials (0.81%), while the most reduced allocations are in computing (-1.34%), media (-0.98%), and national defense and military industry (-0.75%) [27][25] Individual Stock Allocation Monitoring - The stocks with the highest absolute market value allocations are Zhongji Xuchuang (768 billion), Xinyi Sheng (638 billion), and Ningde Times (630 billion) [30][29] Performance Fund and Billion Fund Industry Allocation Monitoring - The top three industries allocated by performance funds are communication (32.74%), electronics (27.73%), and non-ferrous metals (12.72%) [34][35] - The top three industries allocated by billion-scale funds are electronics (27.21%), communication (13.47%), and pharmaceuticals (10.45%) [34][35]

Core Viewpoint - The competition in the electric vehicle (EV) market in 2025 is characterized by "one leader and many strong players, differentiation among new forces, technology-driven advancements, accelerated overseas expansion, and ecological integration" [2] Group 1: Market Dynamics - The market competition is intensifying, with automakers and battery companies increasingly collaborating across technology, supply chains, capital, and standards to address market challenges and technological changes [2] - The establishment of joint ventures remains a common strategy in the industry, exemplified by the rapid progress of the 4 billion yuan, 15GWh capacity battery factory by CATL and BAIC [2][4] Group 2: Joint Ventures and Production Capacity - CATL holds a 51% stake in the newly established Beijing Times Power Battery Co., which is set to be built in two phases and aims for production by 2026, serving major clients like BAIC and Xiaomi [4][5] - The factory is located in Beijing's Yizhuang Economic Development Zone, a core area for the automotive industry, which generates over 200 billion yuan annually, accounting for nearly 60% of Beijing's automotive output [5] Group 3: Strategic Collaborations - CATL's strategy includes not only battery manufacturing but also expanding into battery swapping and industry chain collaboration, with plans to establish around 40 battery swap stations in Beijing by the end of 2025 [6] - The company has formed deep partnerships with various automakers, ensuring stable battery supply while enhancing customer loyalty and market share [7][17] Group 4: Market Position and Challenges - In 2025, CATL maintained its leading position in the power battery market with a domestic installed capacity of 333.57GWh and a market share of 43.42%, despite a slight decline in market share compared to the previous year [16] - The company supplied batteries for 445 vehicle models from 37 automakers, representing 38% of the total models announced, with a notable increase in collaboration with automakers [16][19] Group 5: Future Outlook - CATL is transitioning from a battery supplier to an "energy + chassis solution provider," collaborating with automakers on battery recycling and vehicle-to-grid (V2G) interactions, exploring new business models and growth points [19] - Despite fluctuations in market share, CATL continues to maintain deep collaborations with numerous automakers, extending its cooperation model beyond simple product supply to include technology collaboration and ecological co-construction [19]

Core Viewpoint - The penetration rate of new energy vehicles in the passenger car sector has surpassed 50%, and the transition to new energy in the commercial vehicle sector is accelerating, highlighted by CATL's recent product launch for light commercial vehicles [1]. Group 1: Product Launch and Features - CATL launched customized battery products and solutions for light commercial vehicles, including the industry's first mass-produced sodium-ion battery [2][3]. - The sodium-ion battery has a capacity of 45 kWh, suitable for various models like small vans and micro trucks, with exceptional low-temperature performance, maintaining 90% usable capacity at -40°C [3]. - Other battery versions include a supercharging version that can charge from 0% to 80% in 30 minutes at -15°C, a long-range version with a maximum capacity of 253 kWh and a range of 800 km, and a high-temperature supercharging version that can charge from 0% to 60% in 18 minutes [3]. Group 2: Market Impact and Predictions - Since the launch of the Tianxing light commercial series in July 2024, CATL has partnered with 46 automakers, resulting in 678 models and over 210,000 units shipped [4]. - The company predicts that sales of new energy light commercial vehicles will exceed 900,000 units by 2026, aided by a battery swapping model that reduces initial vehicle purchase costs by 10% and operational costs by another 10% [4]. - Industry analysts note that addressing issues like range limitations, charging efficiency, and environmental adaptability in battery products will enhance the penetration of electric light commercial vehicles in logistics [4].

1月22日，宁德时代（300750）(03750)于广州发布天行II轻商行业全场景定制化系列解决方案，本次发 布的天行II系列覆盖城配、城际、末端城配&自备、寒区四大核心场景，包括超充版、长续航版、高温 超充版以及低温版四款动力电池产品。 本次发布会同时推出行业首款"电池管家"天行版App，具备健康检测、故障预警与三种充电模式等功 能，实现从电池使用到维护的全流程数字化管控，进一步提升运营效率与安全性。 宁德时代物流业务部执行总裁陈光强在发布会上表示，2026年新能源轻型商用车销量预计将突破90万 台。宁德时代通过"车电分离"换电模式，已实现用户初次购车成本降低10%、使用成本再降10%，为小 卡与VAN类车型带来显著增长空间。他指出，宁德时代乘商兼容一体的超级换电站，将成为城市交能 融合的基础设施，助力绿色智慧物流与新型零碳城市建设。 自2024年7月天行轻商系列发布至今，宁德时代已携手46家车企展开合作，累计完成678款车型公告落 地，总出货量突破21万台。随着天行II系列的发布与钠电池实现规模化量产，宁德时代在新能源商用车 全场景解决方案方面的布局更加坚实，也为物流行业迈向低碳化与智能化注入了强劲动能。 ...

智通财经APP获悉，1月22日，宁德时代(03750)于广州发布天行II轻商行业全场景定制化系列解决方 案，本次发布的天行II系列覆盖城配、城际、末端城配&自备、寒区四大核心场景，包括超充版、长续 航版、高温超充版以及低温版四款动力电池产品。 值得注意的是，轻商低温版动力电池采用行业首款量产钠电池，该款钠电池45度电匹配中小VAN、小 微卡多种车型，在零下30℃电芯完全冻透下，可即插即充；在零下40℃，电池依然保有90%可用电量， 显著提升寒区运营可靠性。 本次发布会同时推出行业首款"电池管家"天行版App，具备健康检测、故障预警与三种充电模式等功 能，实现从电池使用到维护的全流程数字化管控，进一步提升运营效率与安全性。 宁德时代物流业务部执行总裁陈光强在发布会上表示，2026年新能源轻型商用车销量预计将突破90万 台。宁德时代通过"车电分离"换电模式，已实现用户初次购车成本降低10%、使用成本再降10%，为小 卡与VAN类车型带来显著增长空间。他指出，宁德时代乘商兼容一体的超级换电站，将成为城市交能 融合的基础设施，助力绿色智慧物流与新型零碳城市建设。 自2024年7月天行轻商系列发布至今，宁德时代已携手4 ...

资本市场折射了中国储能市场出海的另一个维度，港股成为企业全球产能布局的前哨站。 2025年，宁德时代、果下科技、中伟新材（300919）、正力新能、双登股份等储能企业成功登陆港交 所，阳光电源、海辰储能、亿纬锂能（300014）等企业也正在排队等待中。多家储能企业将赴港上市定 位为给全球化布局补充粮草的关键之举，并将赴港上市所募集的多数资金规划用于海外产能与渠道的建 设。 新京报贝壳财经讯"从总体规模来看，2025年是中国储能出海真正的爆发年。"1月22日，中关村储能产 业技术联盟理事长、中国科学院工程热物理研究所所长/研究员陈海生在CNESA DataLink2025年度储能 数据发布暨储能国际峰会暨展览会2026新闻发布会上表示。 据陈海生介绍，根据CNESA DataLink全球储能数据库的不完全统计，2025年中国储能企业新增海外订 单规模366GWh(吉瓦时)，同比增长144%，特别是2025年下半年订单迎来集中爆发；从订单辐射区域来 看，中国储能企业的订单覆盖了全球超过60个国家和地区，中东、南美、东南亚等新兴市场迎来潜力释 放。 从出海企业类型来看，出海的中国储能企业已超过70家，产业链全面出海 ...

Market Overview - The Shanghai Composite Index closed at 4122.58 points, up 0.14%, with a trading volume of 1201.8 billion yuan [1] - The Shenzhen Component Index closed at 14327.04 points, up 0.5%, with a trading volume of 1489.968 billion yuan [1] - The ChiNext Index closed at 3328.65 points, up 1.01%, with a trading volume of 686.176 billion yuan [1] - The STAR Market 50 Index closed at 1541.64 points, up 0.41%, with a trading volume of 114.5 billion yuan [1] - The total trading volume of the Shanghai and Shenzhen markets was 2691.768 billion yuan, an increase of 91.051 billion yuan compared to the previous trading day [1] Sector Performance - Strong sectors included construction materials, defense and military, oil and petrochemicals, telecommunications, coal, steel, chemicals, and environmental protection [2] - Active concepts included oil and gas services, helium, aircraft carriers, nanomaterials, commercial aerospace, 6G, glyphosate, controlled nuclear fusion, and marine economy [2] - Weak sectors included beauty and personal care, non-ferrous metals, precious metals, pharmaceuticals and biotechnology, insurance, and automotive [2] Individual Stock Performance - A total of 3373 stocks rose, while 1696 stocks fell, with 107 stocks remaining flat and 7 stocks suspended [2] - Among the stocks that hit the daily limit, 92 stocks rose to the limit, while 5 stocks fell to the limit [2] - The stock with the most consecutive limit-ups was Fenglong Co., with 17 consecutive limit-ups [5] Capital Flow - The net outflow of main funds in the Shanghai and Shenzhen markets was 10.442 billion yuan [6] - The communication sector saw the highest net inflow of main funds, amounting to 7.884 billion yuan [6] - The defense and military, non-bank financial, and machinery sectors also experienced significant net inflows of 2.916 billion yuan, 1.371 billion yuan, and 689 million yuan, respectively [6] Notable Stocks - 132 stocks received net inflows of over 1 billion yuan, with Xinyi Sheng receiving the highest net inflow of 2.193 billion yuan [8] - The stocks with the highest net outflows included Sanhua Intelligent Control, with a net outflow of 2.431 billion yuan [11] - Institutional investors net bought 16 stocks, with Hunan Baiyin being the most purchased stock at approximately 363.341 million yuan [14]

格隆汇1月22日｜据21财经，宁德时代在广州发布天行 II 轻商行业全场景定制化系列解决方案。其中， 轻商低温版采用行业首款量产钠电池。该款钠电池45kWh适配中小VAN、小微卡多种车型，在零下 30℃，即使电芯完全冻透下，可即插即充；在零下20℃，电池依然保有92%以上的可用电量。 ...

Market Overview - The Shanghai Composite Index rose by 0.14% on January 22, with 22 out of the 28 sectors experiencing gains. The top-performing sectors were building materials and defense, with increases of 4.09% and 3.23% respectively. Conversely, the beauty care and banking sectors saw declines of 0.76% and 0.43% respectively [1] Capital Flow Analysis - The main capital flow showed a net outflow of 21.612 billion yuan across the two markets. However, 12 sectors experienced net inflows, with the telecommunications sector leading at a net inflow of 8.019 billion yuan and a daily increase of 2.83%. The defense sector also performed well, with a net inflow of 5.713 billion yuan and a daily increase of 3.23% [1] Electric Power Equipment Sector Performance - The electric power equipment sector declined by 0.11%, with a net outflow of 7.206 billion yuan. Out of 365 stocks in this sector, 188 rose, 172 fell, and 4 hit the daily limit up while 1 hit the limit down. Notably, 128 stocks had net inflows, with 12 stocks receiving over 100 million yuan in net inflows, led by KOTAI Power with 431 million yuan [2] Top Gainers in Electric Power Equipment - The top gainers in the electric power equipment sector included: - KOTAI Power: +11.20%, 21.69% turnover, 431.07 million yuan inflow - LONGi Green Energy: +2.15%, 2.53% turnover, 353.53 million yuan inflow - Zhongchao Holdings: +10.04%, 4.61% turnover, 353.51 million yuan inflow [2] Top Losers in Electric Power Equipment - The top losers in the electric power equipment sector included: - CATL: -1.15%, 1.08% turnover, -1.444 billion yuan outflow - TBEA: -2.36%, 8.66% turnover, -991 million yuan outflow - Sungrow Power: -1.05%, 3.64% turnover, -909 million yuan outflow [3]

Core Viewpoint - The latest quarterly reports reveal significant adjustments in the portfolios of renowned fund managers Zhu Shaoxing and Xie Zhiyu, highlighting their investment strategies and stock selections for Q4 2025. Group 1: Zhu Shaoxing's Investment Strategy - Zhu Shaoxing's fund, Fuqun Tianhui Select Growth, increased its holdings in Ningde Times and made a notable "reverse operation" by selling Zijin Mining in the first half of 2025 and repurchasing it in the second half [2][3] - As of the end of Q4 2025, the fund's net asset value was 22.484 billion yuan, with top ten holdings including Ningbo Bank, Jerry Holdings, Ningde Times, and Guizhou Moutai [3][4] - Zhu's portfolio adjustments indicate a focus on sectors benefiting from anti-involution policies, suggesting a positive outlook for the A-share market despite rising valuations [4][5] Group 2: Xie Zhiyu's Investment Strategy - Xie Zhiyu's fund, Xingquan Helun, reported a total fund size of 38.618 billion yuan, with significant new investments in stocks like Baiwei Storage, Tuojing Technology, and Huahai Qingke [6][7] - The fund increased its position in Ningde Times while reducing holdings in several other stocks, including East Mountain Precision and Lixun Precision [6][7] - Xie expressed optimism about the domestic supply chain's growing influence in international markets and highlighted opportunities in the storage and semiconductor sectors driven by AI-related capital expenditures [7][8]