CATL(SZ:300750) Zhong Guo Neng Yuan Wang·2025-05-26 00:57Group 1: Core Insights - The report highlights the strong performance of CATL after its listing on the Hong Kong stock market, with a closing increase of 16.43% on May 20 and a further 10% the next day, indicating that high-quality companies can achieve better pricing in more liquid markets [1][3] - The report expresses optimism about the future performance of globally competitive Chinese manufacturing companies in the H-share market, particularly in light of CATL's value re-evaluation impacting the overall lithium battery sector [1][3] Group 2: Industry Summaries - In the photovoltaic and energy storage sector, April saw a significant increase in domestic installations, driven by demand ahead of the SNEC event, with expectations for continued strong performance in May [2] - The Danish government has restarted a previously paused 3GW offshore wind project, introducing new bidding rules and substantial subsidies, which is expected to enhance demand in the European offshore wind market [2] - In April, the export value of major electrical equipment reached $6.99 billion, a year-on-year increase of 31%, with transformers and high-voltage switches seeing increases of 32% and 55% respectively, indicating robust growth in the electrical equipment sector [3] - The hydrogen and fuel cell sector experienced a significant decline in insurance volume for hydrogen vehicles, down 78.32% year-on-year, although policies promoting hydrogen vehicle applications are expected to accelerate growth [4] Group 3: Key Events - The National Development and Reform Commission emphasized the need to address excessive competition in the energy sector, while the Energy Bureau reported significant year-on-year increases in new photovoltaic and wind power installations for April [6] - Notable developments include BYD signing a large energy storage contract in Latin America and the successful launch of a 3MW PEM electrolyzer hydrogen production project [6]