Core Viewpoint - CATL (Contemporary Amperex Technology Co., Limited) is set to launch its IPO on the Hong Kong Stock Exchange on May 20, 2025, marking a significant event in the market with strong backing from top-tier cornerstone investors, reflecting confidence in its leading position in the global new energy sector [1][3]. Group 1: IPO Details - CATL officially submitted its A1 application to the Hong Kong Stock Exchange on February 11, 2025, and received the overseas issuance listing approval from the China Securities Regulatory Commission on March 25, 2025, achieving the fastest record for overseas issuance approval in recent years [1]. - The cornerstone investors, including Sinopec, Kuwait Investment Authority (KIA), and Hillhouse Capital, have committed a total of HKD 20.371 billion, with a pricing range of HKD 263 per share, indicating strong market confidence in CATL's global leadership in the new energy sector [1][3]. Group 2: Market Position and Performance - In 2024, CATL maintained a global market share of 36.8% in power batteries, ranking first for eight consecutive years, and held a 40% share in energy storage battery shipments, also leading the market [4]. - The company's domestic power battery installation volume reached 246.01 GWh, with a market share of 45.08%, significantly outpacing its closest competitor, BYD, by 20 percentage points [4]. Group 3: Financial Performance - CATL reported a revenue of CNY 362 billion and a net profit of CNY 50.745 billion for the full year of 2024, reflecting a year-on-year growth of 15.01%. In Q1 2025, net profit increased by 32.85%, with a gross margin of 24.4% [8]. - As of September 2024, the company had cash reserves of CNY 281.8 billion, providing a strong financial foundation for global expansion [8]. Group 4: Business Strategy and Innovations - CATL's battery swapping business is seen as a core growth driver, with solutions for passenger and commercial vehicles already in place, and partnerships with major automakers to launch over 30 battery-swappable models [9]. - The company has made significant advancements in ultra-fast charging technology, with the introduction of the Shunxing PLUS battery capable of achieving 80% charge in just 10 minutes, addressing user range anxiety [13]. Group 5: Global Expansion and Sustainability - CATL has established 13 production bases globally, including in Germany and Hungary, with an annual production capacity of 646 GWh, and plans to allocate 90% of IPO proceeds to enhance local supply capabilities in Europe [14]. - The company leads the industry in carbon neutrality efforts, with 74.51% of its core operations powered by zero-carbon electricity and a high recycling rate for battery materials [14]. Group 6: Market Outlook - Despite strong fundamentals, there are differing opinions on CATL's valuation, with current A-share price earnings ratio around 16 times, lower than the previously predicted 50 times [14]. - The company is navigating potential challenges from competitors and geopolitical risks through strategic partnerships and joint ventures [15].

Financial Performance - In 2024, the company achieved a revenue of CNY 5.364 billion and a net profit of CNY 757 million, with a basic earnings per share of CNY 1.0498 [3] - In Q1 2025, the company reported a revenue of CNY 1.536 billion and a net profit of CNY 135 million, with a basic earnings per share of CNY 0.1868 [4] Rare Metals Business - The rare light metal (cesium and rubidium salt) segment generated a revenue of CNY 1.395 billion in 2024, a year-on-year increase of 24.16%, with a gross profit of CNY 1.092 billion, up 50.98% [5] - The cesium and rubidium fine chemical business contributed CNY 728 million in revenue, while the formic acid cesium business generated CNY 667 million [5] Copper Production Plans - The company aims to complete a copper production capacity of 60,000 tons per year by 2025, focusing on the Kitumba copper mine [6] - The Kachihishi copper mine has an estimated copper metal content of 60,000 tons and has been sold to a third party for further project funding [6] Geochemical Resources - The Tsumeb smelter in Namibia contains 746.21 tons of germanium with an average grade of 253.51 g/t, and a multi-metal recycling project is underway to enhance resource value [7] - The project aims to produce 33 tons of germanium ingots, 11 tons of industrial gallium, and 10,900 tons of zinc ingots annually [7] Future Growth Drivers - The company plans to develop a competitive landscape driven by new energy metals, bulk metals, and rare strategic metals, with a focus on lithium and copper [8] - The lithium salt sales reached 39,477 tons in 2024, a 164% increase year-on-year, supported by resource advantages and cost-reduction strategies [9]

Group 1 - The 2025 Saudi Arabia Electric Vehicle and Energy Storage Exhibition (EVS Saudi Arabia 2025) opened in Riyadh, showcasing over 100 exhibitors from various countries, including China, France, Germany, Sweden, and Malaysia, across an exhibition area exceeding 10,000 square meters [1] - Major automotive brands such as Tesla, BMW, Volvo, and local Saudi companies like SASCO and EVIQ participated, highlighting the growing importance of the electric vehicle and energy storage sectors in the region [1] - The exhibition serves as a platform for discussions on future trends in electric vehicles, energy storage technologies, and smart industries, with multiple forums scheduled during the event [1] Group 2 - As part of Saudi Arabia's Vision 2030 strategy, the electric vehicle and energy storage industries are critical for the country's economic transformation and energy structure optimization [2] - The Saudi government aims to significantly increase the domestic electric vehicle market share by 2030 through policy support, infrastructure development, and local R&D initiatives [2] - The Saudi Electric Vehicle Association emphasized the government's commitment to energy transition and the development of a robust charging network to provide greener transportation options [2] Group 3 - The Middle East International Exhibition Group aims to facilitate cooperation between Middle Eastern and global electric vehicle enterprises, positioning the exhibition as a starting point for deep integration of the global EV supply chain with the local market [2] - Several Chinese companies signed strategic cooperation agreements with local Saudi institutions during the exhibition, focusing on electric vehicles, power batteries, and energy storage technologies, laying the groundwork for future technology sharing and market expansion [2]

高压级联储能系统主要用于大型储能电站，不仅能够有效应对极端温差、高湿等复杂环境挑战， 还能够实现超过90%的长时循环效率，具有高安全性、高经济性和高效率等优点。此次发运的 35kV 50MW/100MWh高压级联储能系统具有单机容量大、能量转化效率高、安全性高、造价 低、系统协调控制简单、电池寿命长以及极强电网支撑能力等优点，为双高电力系统保驾护航。 以全栈自研技术赋能新能源革命，开启储能规模化应用新篇章！4月16日，明阳集团首套 35kV 50MW/100MWh 高压级联储能系统成功下线。该产品历时2个月，完成产品各项功 能、性能、满载运行、过载运行及老化试验等，成功发往项目现场。 20辆重型卡车组成的储能系统车队集中启运，体现了明阳集团在新能源储能领域实现"技术研发- 智能制造-工程交付"全链路闭环能力。未来，明阳集团将力争打造覆盖内蒙古乃至全国领先的储 能产业集群，为构建新型电力系统注入硬核支撑。 相关阅读 新突破！明阳集团高压级联储能系统成功下线 ESIE 2025百余款储能电芯产品亮相，解码三大核心趋势 暂别亦是新程！ESIE 2025储能展会在京闭幕 从规模化发展迈向全面商业化！第13届储能国际峰 ...

Core Viewpoint - The overall sentiment for 2025 is optimistic, with expectations of significant economic improvement compared to 2024, driven by clear policy shifts and a recovering real estate market [2][67]. Group 1: Economic Outlook - The economic "feel" in 2025 is expected to be better than in 2024, with a clear turning point in policies [67]. - The real estate sector is anticipated to stabilize, particularly in first-tier cities, which are closely tied to market confidence and asset values [16][69]. - The real estate market has seen a significant reduction in inventory, with over 7.5 billion square meters removed in the past three years [15][14]. Group 2: Market Trends - The investment landscape is shifting, with a focus on small-cap technology growth stocks, which are expected to gain traction as market conditions stabilize [18][22]. - Dividend investments are seen as having absolute returns but lacking relative returns in a more optimistic market environment [25]. - The semiconductor industry is viewed as a high-risk area due to high valuations and significant stock price volatility [82][83]. Group 3: Case Studies - The case of "胖东来" (Pang Dong Lai) illustrates a customer-centric business model that emphasizes trust and collaboration with suppliers and employees, which is seen as a sustainable competitive advantage [6][30]. - The analysis of the U.S. internet development provides insights into the current AI landscape, questioning whether companies like NVIDIA will face challenges similar to those experienced by Cisco in the past [8][46]. Group 4: Sector Analysis - The public utility sector is undergoing significant changes due to the rise of renewable energy, which is expected to alter profit models and market positions [91]. - The consumer sector remains challenging, with a need for substantial policy support to revitalize growth [93][95]. - The Hong Kong market is being approached with caution, focusing on high-quality growth stocks that can withstand international scrutiny [102][104].

。。 金句回顾 第一大预测：这是一个新周期、新时代，顺应新趋势， 把握新机遇，勇敢再出发，一切发生皆有利于我。 正心正念，坚持做长期正确的事，最终就会开花结果。 悲观者正确，乐观者前行，世界终将属于长期乐观主义者。 团队比平台重要，同行的人和沿途的风景，比要去的远方重要。 唯有长期乐观主义才能穿越周期。 比勤奋更重要的是顺势而为。 成功=勤奋+顺势 你永远无法获得认知以外的成功。 2025|毕典经济 泽平宏观 度的土壤。 4 / 房地产能止步 l有什么影响? 未来将有哪些新趋势? 车? 经济会 干而吗? 住来自未来的新机遇? 欧和胡 ii 国家发展需要技术创新,技术创新 需要制度的土壤,企业家也需要制 第二大预测：全球开启降息周期，特朗普 2.0 搅动全球，世界经济增长分化，制度经济学为各国发展带来希望。 所有的宏观经济政策并不复杂，就是为了当下老百姓的就业、吃饭服务。 经济长期看制度、中期看技术、短期看政策。 外部越紧，内部要越松。 包容性制度促进经济繁荣，掠夺性制度导致经济贫困。 经济学是一门伟大的学科，因为她试图拯救世界。 市场经济和法治精神是经济增长的源泉。 有效率地保护产权的制度是促进经济增长的关键 ...