Shang Hai Zheng Quan Bao·2025-09-30 03:14Core Viewpoint - Contemporary market dynamics indicate that CATL has surpassed Kweichow Moutai in market capitalization, reflecting a significant shift in investor sentiment towards technology-driven companies in China [1][4]. Group 1: Market Capitalization - As of September 30, CATL's market capitalization reached 1,818.4 billion yuan, while Kweichow Moutai's was at 1,809.0 billion yuan, marking a notable lead for CATL [1][2]. - CATL's stock price hit a historical high of 408.88 yuan per share, with an increase of 2.90% during trading [2]. Group 2: Historical Context - CATL first surpassed Kweichow Moutai in market capitalization on September 25, marking a historic moment in the A-share market [4]. - Following this initial surpassing, CATL's closing market value did not exceed Kweichow Moutai's from September 25 to September 29, leading to speculation about the sustainability of this lead [4]. Group 3: Market Trends - Analysts suggest that the current A-share market is experiencing a "structural bull market" in technology, with expectations of a potential transition to a "full bull market" driven by strong trends in the technology sector and a reallocation of market funds [4]. - The National Development and Reform Commission and the National Energy Administration have outlined plans for new energy storage, projecting an installed capacity of over 180 million kilowatts by 2027, which is expected to stimulate direct investments of approximately 250 billion yuan [4].