Group 1 - The company, Ningde Times (300750.SZ), successfully issued its first phase of green technology innovation bonds for 2026, with a total issuance amount of RMB 5 billion [1] - The bonds have a term of 3+2 years and a coupon rate of 1.70%, with interest paid annually and principal repaid in a lump sum at maturity [1] - The raised funds were received on February 9, 2026 [1]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints - In 2025, the number and scale of existing public - funds increased, and the ETF market was much more popular. The new - issuance quantity and share of ETFs increased significantly, with annual growth rates of 114.79% and 119.10% respectively, far exceeding the 37.00% increase in the total number and - 0.69% change in the total share of public funds [2][17]. - In Q4 2025, stock - type, bond - type, and hybrid - type funds generally showed a decrease in stock positions and an increase in bond positions. Public funds shifted from Hong Kong stocks and the Science and Technology Innovation Board to the Growth Enterprise Market [3]. - In Q4 2025, the industries with a relatively large increase in the active position - adjustment ratio were non - banking finance, non - ferrous metals, and communications, while those with a relatively large decrease were electronics, media, and biomedicine. There was an obvious shift from growth and consumption styles to the cyclical style [4]. - Since 2025, the scale of FOF funds has increased against the trend, and the proportion of bond - type funds in the top - five heavy - position funds of FOF in the Q4 2025 report is relatively high [6]. 3. Summary by Directory 3.1 Public Fund Market Overview 3.1.1 Fund Market Composition and Issuance - As of the end of Q4 2025, there were 13,618 public funds in the market, with an increase of 1,259 this year. In terms of quantity, they were mainly composed of hybrid, bond, and stock - type funds, accounting for 35.33%, 29.32%, and 25.33% respectively. The total scale was 37.67 trillion yuan, an increase of 4.84 trillion yuan compared to the end of 2024, with a 12.85% increase in Q4 2025. In terms of scale, they were mainly composed of money - market, bond, and stock - type funds, accounting for 39.84%, 29.50%, and 16.06% respectively [14]. - From 2021 to 2025, the number and share of newly - issued public funds showed a downward trend, but they increased in 2025. In Q4 2025, 406 public funds were newly issued, with a total issuance share of 280.081 billion shares. In terms of quantity, stock - type funds accounted for 47.29%, and in terms of share, stock - type and bond - type funds accounted for 31.70% and 31.24% respectively [15]. - In 2025, the new - issuance volume and share of ETFs increased significantly. In Q4 2025, the quarterly growth rates of the cumulative number and share of ETFs were 5.81% and 12.17% respectively, exceeding the 2.38% and 3.15% growth rates of public funds. The annual growth rates of the new - issuance quantity and share of ETFs in 2025 were 114.79% and 119.10% respectively, far higher than those of public funds [17]. 3.1.2 Investor Structure - According to the semi - annual report of public funds in 2025, the proportion of institutional holders changed little compared to 2024. The increase in the proportion of institutional investors was mainly reflected in QDII funds and hybrid - type funds, while the proportion of institutional investors in bond - type and hybrid funds increased slightly. The proportion of individual investors increased mainly in alternative investment funds and FOF funds, and also increased in money - market funds [20]. - As of mid - 2025, the holding net values of institutional and individual investors were 16.51 trillion yuan and 17.71 trillion yuan respectively, accounting for 48.25% and 51.75%. Since H2 2017, the proportion held by individual investors has been slightly higher than that by institutional investors [23]. 3.2 Stock - type Funds 3.2.1 Q4 Position Changes - In Q4 2025, compared with Q3, stock - type, bond - type, and hybrid - type funds generally showed a decrease in stock positions and an increase in bond positions, while FOF funds increased their stock positions, mainly in stock - type FOF funds, with an increase of 1.83 pct [25]. - The stock positions of four types of active funds (partial - stock hybrid, flexible allocation, common stock, and balanced hybrid) decreased, and their positions in Hong Kong stocks also decreased, but their bond positions increased [27][28]. 3.2.2 Sector Allocation - In Q4 2025, public funds shifted from Hong Kong stocks and the Science and Technology Innovation Board to the Growth Enterprise Market. The allocation market value of the Growth Enterprise Market increased by 2.65%, and the allocation ratio increased by 1.98%, reaching 18.61% at the end of Q4, second only to the main board [37]. 3.2.3 Industry and Style Allocation - In Q4 2025, 16 Shenwan primary industries had an increase in the active position - adjustment ratio, and 15 had a decrease. The industries with a relatively large increase were non - banking finance, non - ferrous metals, and communications, while those with a relatively large decrease were electronics, media, and biomedicine [43]. - There was an obvious shift from growth and consumption styles to the cyclical style in Q4 2025. The cyclical style had the largest increase in market - value proportion after removing the passive increase caused by the increase in Q4, with an active position - adjustment ratio increase of 2.06% [48]. 3.2.4 Individual Stock Allocation - As of the end of Q4 2025, the top 3 stocks in terms of market value of shares held were Zhongji Innolight, Xinyisheng, and Contemporary Amperex Technology, and the top 3 in terms of the proportion of market value of shares held to the floating market value were BeiGene - U, Reagent Biotech, and Ninebot Inc. - WD [4][49]. - In Q4 2025, the top 3 stocks with active position - increases were Ping An Insurance (Group) Company of China, Shandong Precision, and Tianhua New Energy, and the top 3 with active position - decreases were Foxconn Industrial Internet, Alibaba Group Holding Limited, and Semiconductor Manufacturing International Corporation [4]. 3.3 Bond - type Funds - As of the end of Q4 2025, there were 3,993 bond - type funds, an increase of 57 compared to the previous quarter, with a total scale of 11.11 trillion yuan, an increase of 373.431 billion yuan compared to the previous quarter. The increase in the scale was mainly due to the increase in the scale of passive index - type bond funds and hybrid bond - type secondary funds [63]. - In Q4 2025, except for convertible bond - type funds and enhanced index - type bond funds, the durations of other types of bond - type funds changed little. The durations of mixed - level - 1 bonds, mixed - level - 2 bonds, medium - and long - term pure - bond funds, and partial - bond hybrid funds showed a downward trend in the second half of 2025 after reaching a historical high at the end of Q2 2025 [5]. 3.4 FOF Funds - Since 2025, the scale of FOF funds has increased against the trend. In Q4 2025, the total scale of FOF funds increased by 50.699 billion yuan, with a faster growth rate than in Q3. The top 3 FOF funds in terms of scale proportion were partial - bond hybrid, partial - stock hybrid, and target - date FOF funds, accounting for 60.92%, 14.50%, and 11.01% respectively [70]. - Among the 43 FOF funds issued in Q4 2025, 41 were hybrid - type FOF funds. E Fund Ruyi Ying'an 6 - month Holding A had the largest issuance share of 3.164 billion shares [71]. - According to the top - ten heavy - position funds of FOF funds in the Q4 2025 report, the top - five heavy - position funds were all bond - type funds, and most of the FOF heavy - position funds were bond - type funds, with Haifutong CSI Short - term Financing Bond ETF having the highest total holding market value of 5.976 billion yuan [76].

证券代码：300750 证券简称：宁德时代 公告编号：2026-008 宁德时代新能源科技股份有限公司 | 债券名称 | 宁德时代新能源科技股份有限公司 年度第一期绿色科技创新债券 2026 | | --- | --- | | 债券简称 | 26 宁德时代 MTN001(科创债) | | 债券代码 | 102680526 | | 发行总额 | 人民币 亿元 50 | | 发行价格 | 100 元/百元面值 | | 债券期限 | 年，附第 年末发行人调整票面利率选择权和投资人回售选择权 3+2 3 | | 发行利率 | 1.70% | | 付息频率 | 利息按年支付，到期一次性还本 | | 起息日 | 年 月 日 2026 2 9 | | 兑付日 | 2031 年 2 月 9 日 | | 信用评级 | 主体/债项：AAA/无 | | 信用评级机构 | 联合资信评估股份有限公司 | 1 | 簿记管理人 | 招商银行股份有限公司 | | --- | --- | | 主承销商 | 招商银行股份有限公司 | | 联席主承销商 | 中国银行股份有限公司、中信银行股份有限公司、中国建设银行股份有限 | | 公司 | | 公 ...

Core Viewpoint - Ningde Times is increasing its stake in the lithium battery supply chain by acquiring a 25% stake in Yongtai High-tech through Yongtai Technology, which will lead to a 100% ownership of Yongtai High-tech by Yongtai Technology and make Ningde Times a shareholder of Yongtai Technology [2][3]. Group 1: Transaction Details - Yongtai Technology plans to purchase the 25% stake in Yongtai High-tech held by Ningde Times through a share issuance and raise matching funds [2][3]. - Ningde Times previously invested 500 million yuan to acquire the 25% stake in Yongtai High-tech in 2021, valuing Yongtai High-tech at approximately 2 billion yuan [3]. - After the transaction, Yongtai Technology will fully control Yongtai High-tech, which specializes in lithium battery materials, including lithium hexafluorophosphate and lithium bis(fluorosulfonyl)imide [3][4]. Group 2: Business Expansion and Performance - Yongtai Technology's business encompasses various sectors, with a focus on new energy lithium batteries and fluorinated liquid materials [4]. - The company reported a significant increase in revenue and net profit, with revenue and net profit growing by 131.19% and 389.45% year-on-year, respectively [4]. - Yongtai Technology has an existing production capacity of 15,000 tons/year for electrolyte and is expanding its production capabilities for lithium salts [4]. Group 3: Industry Context and Strategic Moves - Ningde Times is actively securing raw materials in the lithium battery sector, evidenced by a recent five-year contract with Enchem for 350,000 tons of electrolyte, valued at approximately 7.268 billion yuan [7]. - The global lithium-ion battery shipment is projected to reach 2,280.5 GWh in 2025, a 47.6% increase year-on-year, driven by the growing demand for energy storage batteries [9]. - Ningde Times aims to enhance its market position by expanding its A-share holdings, which will include additional stakes in companies like Tianhua New Energy and Hunan Youneng [10][11].

Group 1 - The core point of the article is the appointment of Zhu Wei as the new president of Horizon Robotics, succeeding Chen Liming, and the significance of this leadership change in the context of the company's strategic direction and recent partnerships [1][4][11]. Group 2 - Zhu Wei, a graduate of the University of Science and Technology of China, has a diverse career background, including roles at Mercedes-Benz and as an executive at CATL, where he was responsible for passenger vehicle business [1][6][8]. - The recent collaboration between CATL and Horizon Robotics involves CATL supplying intelligent chassis and Horizon providing intelligent driving assistance systems, aimed at offering solutions to OEMs [2][4]. - Chen Liming, the former president, has transitioned to the role of vice chairman at Horizon, focusing on major strategic decisions for the company [4][11]. Group 3 - Zhu Wei's previous experience includes significant roles in multinational companies and a focus on overseas markets, which aligns with Horizon's recent emphasis on international expansion and establishing a European headquarters [11][12]. - The automotive industry is increasingly prioritizing internationalization, with companies recognizing that entering overseas markets is critical for survival rather than just growth [11].

Core Insights - Jiangsu Province has emerged as the leading region in China with five cities in the trillion-yuan GDP club, surpassing Guangdong, which has only four cities [2][11] - Nanjing's per capita GDP has exceeded 200,000 yuan for the first time, while Wuxi ranks third nationally, surpassing Shenzhen [2][8] - The total GDP of the 29 trillion-yuan cities exceeds 59.6 trillion yuan, accounting for 42.5% of the national economy [2] Economic Performance - Nanjing's GDP reached 1.94 trillion yuan in 2025, marking a significant growth driven by the integrated circuit industry and the production of new energy vehicles [6] - Wuxi's per capita GDP reached 217,000 yuan, ranking third among Chinese cities, driven by its strong IoT and integrated circuit industries [8][9] - Suzhou, Changzhou, and Nantong also show strong economic performance with significant contributions from their respective industries [10] Industry Development - Nanjing's economic growth is supported by the explosive growth of the integrated circuit industry, with over 300 supporting enterprises clustered around TSMC's factory [6] - Wuxi's IoT industry has surpassed 650 billion yuan, accounting for 1/8 of the national total, while its integrated circuit industry contributes 1/10 of the national output [9] - Suzhou's biopharmaceutical industry park has achieved a production value of over 350 billion yuan, and Changzhou's new energy vehicle production is significant [10] Regional Dynamics - All 13 cities in Jiangsu have GDPs exceeding 400 billion yuan, showcasing a balanced economic development across the province [10] - Jiangsu's economic model contrasts with Guangdong's, where there is a significant disparity in GDP among cities [11] - The integration of the Yangtze River Delta region has facilitated Jiangsu's industrial supply chain, with Jiangsu providing 45% of the intermediate goods for the region [11] Innovation and Competitiveness - Jiangsu's high-tech industry accounts for 52% of its total industrial output, with a strong emphasis on R&D investment [13] - The province has cultivated a complete industrial ecosystem, from basic research to large-scale production, fostering numerous "hidden champion" enterprises [16] - Jiangsu's pragmatic approach to economic development focuses on quality and efficiency rather than merely pursuing GDP growth [16]

Core Viewpoint - Jiangxi Tongbo Technology Co., Ltd. (Tongbo Technology), a provider of electrolytic copper foil solutions, has filed for an IPO on the Hong Kong Stock Exchange, with its profitability largely supported by government subsidies exceeding its pre-tax profits during the reporting period from 2023 to the first three quarters of 2025 [1][5]. Financial Performance - Tongbo Technology's revenues for the years 2023, 2024, and the first three quarters of 2025 were 3.163 billion, 3.212 billion, and 2.849 billion yuan respectively, indicating a growth trend [4]. - The company's profits and total comprehensive income for the same periods were 63.06 million, 20.58 million, and 41.71 million yuan, showing instability in profitability [4]. - Government subsidies and grants for 2023, 2024, and the first three quarters of 2025 were 57.11 million, 109 million, and 27.42 million yuan, significantly higher than the pre-tax profits of 73.20 million, 21.35 million, and 44.10 million yuan respectively [5]. Operational Efficiency - Despite a low gross margin, Tongbo Technology maintained profitability due to substantial government support, with operating expenses decreasing from 145 million yuan in 2023 to 76.60 million yuan in the first three quarters of 2025, representing a decline from 4.6% to 2.7% of total revenue [5][6]. Customer Dependency - The company has a high dependency on its largest customer, with revenues from the top five customers accounting for 85.8%, 87.3%, and 82.0% of total revenue in 2023, 2024, and the first three quarters of 2025, respectively [10]. - The first major customer accounted for 48.5%, 62.2%, and 58.0% of total revenue during the same periods, indicating significant reliance [10][11]. Shareholder Structure - The local state-owned assets supervision and administration commission in Fuzhou has invested in Tongbo Technology, holding approximately 3.4% of the company’s shares after a capital injection of 100 million yuan [7][8]. - Notably, Ningde Times is an indirect shareholder of Tongbo Technology through its investment in Yibin Chengdao, which holds about 3.1% of the company [12].

宁德时代新能源科技股份有限公司 主体长期信用评级报告 1 www.lhratings.com 联合〔2025〕2565 号 联合资信评估股份有限公司通过对宁德时代新能源科技股份有 限公司的信用状况进行综合分析和评估，确定宁德时代新能源科技 股份有限公司主体长期信用等级为 AAA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 二〇二五年四月二十九日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受宁德时代新能源科技股份有限公司（以下简 称"该公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级 委托关系外，联合资信、评级人员与该公司不存在任何影响评级行为独立、 客观、公正的关联关系。 三、本报告引用的资料主要由该公司 ...

宁德时代新能源科技股份有限公司 2026 年面向专业投资者公开发行公司债券更名公告 2026 年 2 月 6 日，中国证监会"证监许可〔2026〕234 号"文件同意了宁德 时代新能源科技股份有限公司 2026 年面向专业投资者公开发行公司债券（以下 简称"本次债券"）的发行申请。 本次债券申报时命名为"宁德时代新能源科技股份有限公司 2026 年面向专 业投资者公开发行公司债券"，按照公司债券命名惯例，征得主管部门同意，本 次发行人拟发行的规模不超过人民币 50 亿元的公司债券名称确定为"宁德时代 新能源科技股份有限公司 2026 年面向专业投资者公开发行科技创新公司债券 （第一期）"（以下简称"本期债券"）。 本期债券名称变更不改变原签订的与本次公司债券发行相关的法律文件效 力，原签署的相关法律文件对更名后的公司债券继续具有法律效力。前述法律文 件包括但不限于《宁德时代新能源科技股份有限公司 2026 年面向专业投资者公 开发行公司债券之债券受托管理协议》等文件。 特此说明。 （以下无正文） 1 (本页无正文,为《宁德时代新能源科技股份有限公司 2026 年面向专业投资者 公开发行公司债券更名公告》之盖章 ...

宁德时 F (任所:福建省 新港路2号) 2026 年面向专业投资者公开发行科技创新 公司债券 (住所:中国(上 海)自由贸易试验区 商城路 618 号) 中信建投证券股份有限公司 A SECURITIES C (住所:北京市朝阳区安立路66号4号楼) 联席主承销商 (住所:北京市朝阳 区建国门外大街1 号 国贸大厦 2 座 27 层及 28 层) 11 中信证券 (住所:广东省深圳 市福田区中心三路 8 号卓越时代广场(二 期)北座) (第一期) 发行公告 牵头主承销商、簿记管理人、债券受托管理人 (住所:福建省福州 市鼓楼区鼓屏路 27 号 1#楼3 层、4 层、 5 华福亚芬 2 层) 6 兴业证券 发行人及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚 假记载、误导性陈述或者重大遗漏负连带责任。 (住所:福州市湖东 路 268 号) 重要提示 签署日期:2026年 2 月 9 日 1 国泰海通证券 1、宁德时代新能源科技股份有限公司（以下简称"发行人"或"公司"）面向专 业机构投资者公开发行（不超过）人民币 50 亿元（含 50 亿元）的公司债券（以 下简称"本次债券"）已于 2026 年 ...