“加价也排不了单”！万亿宁王被疯抢背后

Core Viewpoint - CATL (Contemporary Amperex Technology Co., Limited) has seen significant stock price increases following its secondary listing in Hong Kong, with market capitalization reaching new highs, reflecting strong investor confidence and market dynamics in the battery sector [1][4]. Group 1: Stock Performance and Market Reaction - On September 15, CATL's stock price surged over 9%, leading to a market capitalization of approximately 1.63 trillion RMB for A-shares and 1.78 trillion HKD for H-shares, equivalent to about 1.62 trillion RMB [1]. - The stock price increase triggered a strong response in the battery supply chain, with the battery index rising over 8% on the same day, and suppliers like Longpan Technology and Tianci Materials hitting their daily price limits [5][6]. - CATL's stock performance has activated investment enthusiasm across the entire new energy sector, with related indices also showing significant gains [7]. Group 2: Demand and Supply Dynamics - CATL has revised its 2026 demand forecast upwards to 1100 GWh, a 46% increase year-on-year, indicating robust market demand for its products [6]. - The company is experiencing a surge in orders for energy storage batteries, with some manufacturers reporting that they cannot fulfill orders even at increased prices [14]. - The recent policy changes in China, including the "New Energy Storage Scale Construction Action Plan," aim to significantly boost the installed capacity of new energy storage systems, further driving demand for CATL's products [10][11]. Group 3: Financial and Investment Insights - Morgan Stanley upgraded CATL's H-share rating from neutral to overweight, citing a significant increase in the value chain of Chinese batteries and a strong demand for energy storage batteries [7]. - CATL received a net inflow of 5.37 billion RMB in funds on September 15, ranking second in the electric equipment sector for capital inflow [8]. - The premium of CATL's H-shares over A-shares stands at 16.75%, a rare occurrence among leading companies, indicating strong investor interest [8]. Group 4: Production and Cost Management - CATL is actively expanding its production capacity and implementing cost control measures to ensure stable supply, including plans for lithium mine resumption and full-load production [15][16]. - The company is focusing on maintaining cost competitiveness even in a low-price environment for lithium carbonate, which is crucial for its long-term profitability [16].