KWEICHOW MOUTAI(SH:600519) Di Yi Cai Jing·2025-09-25 11:09Core Viewpoint - The market capitalization of CATL has surpassed that of Kweichow Moutai, marking a significant shift in the economic landscape from traditional consumption and manufacturing to new energy and hard technology sectors [1][7]. Group 1: Market Performance - On September 25, CATL's A and H shares surged, with A shares reaching a high of 402.59 CNY and H shares hitting 535.5 HKD, leading to a market cap exceeding 1.83 trillion CNY [2][3]. - In just nine trading days, CATL's market capitalization increased by approximately 310 billion CNY, reflecting a rise of over 20% from 325 CNY to above 392 CNY [2][3]. - As of September 25, CATL's total market capitalization was approximately 1.8066 trillion CNY, slightly above Kweichow Moutai's 1.802 trillion CNY [2]. Group 2: Catalysts for Growth - The strong performance of CATL's stock is attributed to a combination of market rumors, favorable policies, and solid financial results [3]. - Recent reports indicate a significant increase in orders for CATL, with a more than 50% month-on-month surge in September, and a projected net profit of 86 billion CNY by 2026 [3][4]. - Policy support includes the National Development and Reform Commission's plan to achieve a new energy storage capacity of over 180 GW by 2027, primarily using lithium-ion battery technology [4]. Group 3: Institutional Support - CATL is a popular stock among institutional investors, with 2,589 funds holding a total of 593 million shares, representing 13.47% of the circulating shares [5]. - The trend of increasing institutional holdings has been evident, with significant additions to the top shareholders list in 2023 [5]. Group 4: Economic Paradigm Shift - The competition between CATL and Kweichow Moutai symbolizes a broader transition from traditional to new economic paradigms, with CATL representing the new economy focused on technology and sustainability [7]. - The rise of technology-driven companies in the market reflects a global trend where tech firms dominate market capitalizations, as seen in the U.S. and Japan [7][8].