Core Viewpoint - CATL's debut on the Hong Kong Stock Exchange with a first-day increase of 16.43% has injected confidence into the capital market, marking a record for Chinese companies going public in Hong Kong and achieving an 18% premium over A-shares, which is unprecedented in domestic stock trading history [1][3]. Group 1: Listing and Market Performance - CATL's stock price rose nearly 30% by May 21, 2023, surpassing A-share prices, becoming the third H-share company to do so after BYD and China Merchants Bank [1]. - The premium rate of 18% for CATL's H-shares compared to A-shares is significantly higher than that of BYD (4.83%) and China Merchants Bank (2.6%) [3]. Group 2: Financial Performance and Global Strategy - In Q1 2025, CATL reported revenue of 847 billion RMB and a net profit exceeding 139 billion RMB, with a year-on-year growth of over 30% [4]. - The company aims to use 90% of the funds raised from the IPO for the construction of its projects in Hungary, enhancing local supply capabilities and solidifying its global leadership in the new energy sector [5]. Group 3: European Expansion and Production Facilities - CATL's choice to establish a factory in Hungary is driven by its central location in Europe, allowing rapid response to major automotive clients and benefiting from a mature local supply chain [7]. - The company has already set up three production bases in Europe, with the German factory operational and profitable, while the Hungarian factory is expected to commence production within the year [7]. Group 4: Market Position and Competition - CATL's market share in domestic battery installations has decreased from a peak of 52.1% in 2021 to 44.5% in 2023, indicating increasing competition from new entrants like BYD and others [10]. - The company's overseas revenue has grown from 4.37% in 2019 to 30.48% in 2024, reflecting its strategic shift towards international markets [11]. Group 5: Technological Advancements and Product Development - CATL has developed a comprehensive product matrix, including innovations like the Kirin battery and sodium-ion batteries, addressing various market needs [12][13]. - The company is also promoting battery swapping technology and aims to establish a nationwide network for heavy-duty vehicles by 2030 [12]. Group 6: Commitment to Sustainability - CATL is positioning itself as a zero-carbon technology company, with plans to convert all its factories into "zero-carbon factories" and to provide integrated zero-carbon solutions [14]. - The company has achieved high MSCI ESG ratings and is actively involved in promoting responsible consumption through initiatives like the "battery passport" standardization [13][14].

Group 1: Industry Overview - The U.S. government plans to intensify restrictions on the Chinese technology sector, potentially including subsidiaries of sanctioned Chinese companies, requiring prior government approval for transactions with these subsidiaries. This regulation may be announced as early as June [1] - The ongoing trade tensions and tariff reductions are seen as a second round of pressure from the U.S. aimed at stalling China's development. However, this may inadvertently provide more opportunities for domestic technology industries in China, fostering their growth [1] Group 2: Semiconductor Industry - The global silicon carbide market is experiencing intense price competition, with leading companies like Wolfspeed and Renesas considering exiting the electric vehicle silicon carbide business due to losses. In contrast, domestic companies such as Tianyue Advanced are achieving profitability, indicating a positive outlook for China's silicon carbide industry [2] - The major market for automotive silicon carbide is primarily in China, and the price competition is improving the cost-effectiveness of silicon carbide compared to silicon-based devices, suggesting a long-term increase in the domestic silicon carbide industry's prosperity [2] Group 3: Advanced Manufacturing - In May 2025, China's heavy truck market sold approximately 83,000 units, a year-on-year increase of about 6%, indicating a positive impact from the domestic truck replacement policy [5] - Sales of new energy heavy trucks are expected to exceed 15,000 units in May, representing a year-on-year growth of approximately 190%, with a domestic penetration rate surpassing 23%. This suggests that the application of new energy in the heavy truck sector has reached an economic viability threshold [5] - The rapid increase in electric truck sales is anticipated to drive further growth in lithium battery sales, indicating significant investment opportunities in the next 2-3 years as the industry undergoes major changes [5]

Core Viewpoint - Jianghuai Commercial Vehicles launched a strategic new product and the "Chasing Light Plan" to drive high-quality development in the commercial vehicle industry, showcasing 61 years of technological accumulation and innovation [2][3]. Group 1: Industry Trends and Challenges - The commercial vehicle industry is undergoing a cyclical adjustment, shifting from an incremental market to a stock market, with intensified homogenization and price wars [3]. - Jianghuai Commercial Vehicles emphasizes creating comprehensive value solutions for users as the key to sustainable development in the commercial vehicle sector [3]. Group 2: Product Development and Technological Advancements - Jianghuai Commercial Vehicles will focus on three main modules: fuel, hybrid, and pure electric, promoting breakthroughs in intelligent, connected, energy-saving, lightweight, and electrification technologies [6][9]. - The company is enhancing its product lineup across various segments, including fuel products like the Shailing S series and new energy products covering logistics scenarios from 0-300+ km [6][8]. Group 3: Strategic Initiatives and User Engagement - Jianghuai Commercial Vehicles is launching a 1 billion yuan "Chasing Light Fund" to reward users with comprehensive benefits for high-mileage vehicles [21]. - The company aims to build a value community in the commercial vehicle industry by integrating global resources and offering diversified financial services [17][19]. Group 4: Commitment to Sustainable Development - Jianghuai Commercial Vehicles has delivered nearly 5 million vehicles globally, contributing to the sustainable development of the logistics and transportation industry [10]. - The company is committed to continuous innovation and product iteration to meet user needs and support the sustainable development of the logistics sector [10].

Group 1 - The manufacturing industry is considered the foundation of the nation, with a focus on "new energy, intelligence, greening, and clustering" at the "2025 Special Vehicle and Emergency Industry Development Conference" held in Suizhou, Hubei [1][2] - The market size of China's safety emergency equipment industry is steadily growing, expected to exceed 920 billion yuan in 2024 and reach a trillion yuan level by 2025 [1][2] - Suizhou aims to leverage its advantages in special vehicle production to build a comprehensive safety emergency industry chain worth 100 billion yuan, focusing on "complete vehicle manufacturing + core components + application services" [1][2] Group 2 - The conference highlighted the importance of developing autonomous brands in special vehicles, general vehicles, and commercial vehicles, emphasizing the role of artificial intelligence in enhancing manufacturing capabilities [2] - The automotive industry is transitioning from a mere transportation tool to a mobile intelligent terminal, storage unit, and digital space, driven by a new round of technological revolution and industrial transformation [2][3] - The special vehicle industry is entering a new development stage, with a clear trend towards lightweight vehicles and significant changes in market demand structure [3] Group 3 - The conference also featured the launch of Suizhou's star products in the special vehicle sector, along with a promotional push for the "special vehicle + emergency" industry, resulting in the signing of 15 projects worth a total of 22 billion yuan [4] - The event was guided by the China Machinery Industry Federation and involved multiple organizations, showcasing the collaborative effort in promoting the special vehicle and emergency industry [4][5]

《每日经济新闻》记者在宁德时代港股上市现场看到，宁德时代董事长、CEO曾毓群和副董事长周佳共同敲锣。 曾毓群在发言时表示，全球零碳交通是一个万亿元级的市场，正在爆发。当前全球交通体系正在重构，新能源汽车以及换电生态正进入爆发阶段，低空经 济、电动船舶等领域方兴未艾。而零碳电力体系迎来了前所未有的机遇，也面临巨大挑战。众所周知，今年4月发生的西班牙大停电暴露了当前电网柔性调 控能力较弱、储能配备不足，尤其是缺乏构网型支撑等普遍问题。"我们正在全力以赴地研究零碳电网技术，包括电力电子柔性调控虚拟电厂的技术，要打 造出新型的零碳电力系统，让零碳科技惠及千家万户。" 曾毓群提到，全球产业新能源化是零碳经济的最大增量，今年宁德时代所有的电池工厂将实现碳中和，同时宁德时代也对外输出了技术和解决方案，推动钢 铁、水泥、化工等传统产业的新能源化。 每经记者｜黄婉银 每经编辑｜陈俊杰 5月20日，全球领先的动力电池和储能电池企业宁德时代正式在香港联交所主板挂牌上市。此次宁德时代港股IPO（首次公开募股）的发行价格为每股263.00 港元，共发行1.356亿股，每手100股。截至发稿，宁德时代股价涨幅为14.60%，报301.6 ...

·中美经贸高层会谈在瑞士日内瓦开始举行 【重点关注】 ·国家统计局：2025年4月份CPI环比由降转涨核心CPI涨幅稳定 ·4月中国中小企业发展指数小幅回落 ·宁德时代近日通过AS9100航空航天质量管理体系认证，该认证是由国际航空航天质量集团（IAQG） 制定的全球航空航天领域最高质量标准。 宁德时代方面表示，在国家大力发展低空经济的战略背景 下，该认证的获得，意味着宁德时代在无人机、eVTOL等新兴市场拥有了国际化资质保障，将进一步 推动全球新能源化进程。 ·工商银行积极承销和投资首批科技创新债券，在首批公告发行的36个科技型企业、股权投资机构类项 目中，工商银行担任主承销商项目12个，募集资金将投向半导体、集成电路、高端装备制造等领域，专 项支持科技创新领域。 ·宁德时代拿下航空业"通行证" 【国内要闻】 ·当地时间10日上午，中美经贸高层会谈在瑞士日内瓦开始举行。中共中央政治局委员、国务院副总理 何立峰作为中美经贸中方牵头人，当天与美方牵头人、美国财长贝森特举行会谈。 ·国家统计局数据显示，4月份，居民消费价格指数（CPI）环比由上月下降0.4%转为上涨0.1%，同比下 降0.1%，降幅与上月相同。核 ...

Core Insights - DeepWay launched two new models, the Starry Sky II and Starry Path, at a spring product launch event in Hefei, China, highlighting their self-developed three-electric system and advancements in intelligence [2] - The commercial vehicle industry, particularly heavy trucks, is undergoing structural changes alongside overall market adjustments, with a strong emphasis on electrification [4][5] - The penetration rate of new energy heavy trucks has exceeded 20% in the first four months of the year, indicating a rapid shift towards electrification in the commercial vehicle sector [6] Industry Trends - The commercial vehicle market has seen a mild recovery, but overall scale remains below previous peaks due to changes in industrial structure and emerging industries [5] - The demand for road transportation is stable and expected to grow with the national economy, although the types and forms of transportation will adjust according to macroeconomic changes [5] - The rapid turnover rate of commercial vehicles, with an estimated 10%-12.5% of the existing fleet being updated annually, presents a significant opportunity for new energy vehicles [5] Competitive Landscape - The competition in the commercial vehicle sector is intensifying, with new entrants in the new energy heavy truck market and traditional manufacturers accelerating their strategies [8] - DeepWay views competition as a necessary phase for industry maturation and is committed to leveraging it for growth [8][9] Company Strategy - DeepWay's core competitive advantages include self-research and production of key components, an internationalization strategy aiming for over 60% of sales from overseas by 2030, and a focus on intelligent systems to enhance operational efficiency [9][10] - The company emphasizes the importance of artificial intelligence in logistics and transportation, aiming to improve operational efficiency and reduce costs through smart fleet management [11]

Financial Performance - The company achieved a revenue of CNY 7,432,576,105.61 in 2024, representing a year-on-year growth of 4.53% [4] - The net profit attributable to shareholders was CNY 462,883,318.15, with a net profit excluding non-recurring gains and losses of CNY 442,822,551.89 [4] - The company plans to distribute a cash dividend of CNY 2.00 per 10 shares, totaling CNY 247,136,126.80 [2] Strategic Development - The company aims to capture opportunities in high-end aluminum applications in sectors such as automotive, aerospace, marine engineering, and new energy [3] - A long-term development strategy is in place to enhance global market share and improve product offerings [3] - The company is focusing on technological innovation and optimizing product structure to build core competitiveness [6] Market Position and Industry Outlook - The company is a key supplier in the global automotive thermal management and lightweight system components market [8] - The automotive industry is undergoing a transformation towards efficiency, cleanliness, and smart technology, presenting new opportunities [8] - The company is positioned to leverage its advantages in automotive thermal management and lightweight materials to capitalize on industry trends [8] Challenges and Responses - The company faced delivery challenges due to reduced capacity from a subsidiary, which reported a revenue decline of 16.45% [7] - Ongoing projects include a high-performance aluminum alloy project and several automotive component manufacturing initiatives [7] - The company is actively working on enhancing its production capabilities to mitigate the impact of capacity reductions [5]

头豹市场研读 | 2025/03 观点摘要 近年来，中国客车品牌在海外市场快速扩张，展现出强劲的增长态势。2024年，中国10座及 以上客车出口量同比增长16%，多个品牌在东南亚、中东、非洲等市场占据重要份额。随着全球新能 源化浪潮兴起，中国客车企业凭借技术和成本优势，在国际市场竞争中逐步确立领先地位。然而， 面对复杂的国际形势和各国政策法规要求，中国客车出海之路仍面临诸多挑战。如何在全球化进程 中实现可持续发展？是技术创新还是本土化战略更为关键？ 本报告主要聚焦中国客车品牌的海外市场发展现状，深入分析全球客车市场格局，探讨了中 国客车企业的国际化路径与竞争策略，并对新能源客车出海机遇与挑战进行了系统研究，同时对未 来发展趋势做出预判。 头豹市场研究| 2025/03 www.leadleo.com 2025年中国客车海外市场发展报告： 全球化征程——中国客车品牌出海新 格局与战略机遇 2025 Bus Overseas Market Development Report 2025年中国バス海外市場発展レポー （精华版） 报告标签：一带一路、新兴市场、新能源客车、品牌输出 撰写人：马天奇 报告提供的任何内容（ ...

头豹市场研究| 2025/03 www.leadleo.com 2025年中国客车海外市场发展报告： 全球化征程——中国客车品牌出海新 格局与战略机遇 2025 Bus Overseas Market Development Report 2025年中国バス海外市場発展レポー （精华版） 报告标签：一带一路、新兴市场、新能源客车、品牌输出 撰写人：马天奇 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件 （在报告中另行标明出处者除外）。 ，任何人不得以任何方式擅自复制、再 造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究院保留采取法 律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、 商标，头豹研究院无任何前述名称之外的其他分支机构，也未授权或聘用其他任何第三方代表头豹研究院 开展商业活动。 头豹市场研读 | 2025/03 观点摘要 近年来，中国客车品牌在海外市场快速扩张，展现出强劲的增长态势。2024年，中国10座及 以上客车出口量同比增长16%，多个品牌在东南亚、中东、非洲等市场占 ...