来源：光明网 5月20日，宁德时代在香港联合交易所主板挂牌上市，成为国内首家同时在A股和H股上市的动力电池公 司，也成为近年来港股市场规模最大的IPO项目之一。 本次发行是首个以"仅设定价格上限"方式完成定价的"先A后H"上市项目，所设价格上限较定价当日A股 收盘价零折扣。 本次港股上市从启动到完成仅用时128天。投资者涵盖了来自15个国家和地区的主权基金、产业资本、 长线机构、保险资金及多策略基金等。港股上市开盘即高开，开盘价296.00港元/股，较发行价上涨 12.55%。 在构建零碳电力体系方面，宁德时代正全力以赴研究零碳电网技术，包括电力电子、柔性调控、虚拟电 厂等技术，打造新型零碳电力系统，让零碳科技惠及千家万户。 "今年，我们所有电池工厂将实现碳中和。"曾毓群表示，宁德时代正在探索一体化零碳解决方案，与多 方合作打造零碳岛，共建零碳产业园，打造全域零碳示范城市。 当前，宁德时代已在全球设立了六大研发中心，全球研发人员超过2万名。今年2月，宁德时代香港研究 院正式启动运营。曾毓群表示，过去十年，宁德时代投入了超过700亿元研发经费，拥有专利及在申请 专利超43000项，连续五年新增专利数行业第一。 ...

Core Viewpoint - Ningde Times officially listed on the Hong Kong Stock Exchange, becoming the first domestic power battery company to be listed on both A-shares and H-shares, marking a significant milestone in its global capital market integration [1][3]. Group 1: Listing Details - The company submitted its prospectus in February and received approval from the Hong Kong Stock Exchange in April, completing the listing process in just over three months [3]. - A total of 135 million shares were issued at a price of 263 HKD per share, representing approximately 3% of the total share capital as of the end of Q1 [3]. - The net fundraising amount is approximately 35.3 billion HKD (about 32.5 billion RMB), making it the largest fundraising globally this year and the highest in over four years for the Hong Kong market [3]. Group 2: Market Performance - As of May 20, the stock price in Hong Kong reached 296.6 HKD, an increase of 12.89%, while the A-share price was 257.31 RMB, showing a decrease of 1.03% [3]. Group 3: Investor Participation - 23 institutional investors, including Sinopec, Kuwait Investment Authority, and Hillhouse Capital, subscribed to 57.1% of the issued shares, with Sinopec and Kuwait Investment Authority contributing the highest amounts of 3.87 billion HKD each [3]. Group 4: Strategic Focus - The chairman stated that the Hong Kong listing allows the company to integrate more broadly into the global capital market and is a new starting point for promoting a global zero-carbon economy [3]. - Ningde Times is recognized as a leader in power and energy storage batteries, holding the top position in power battery installation for eight consecutive years and leading the energy storage battery market for four years [3]. Group 5: Fund Utilization - 90% of the raised funds will be allocated to the construction of the first and second phases of the Hungary project, with the remaining funds used for working capital [4]. - The Hungary project has a planned capacity of 72 GWh and a total investment of approximately 4.9 billion euros [4]. - The company’s first overseas production base was established in Germany, which helps mitigate trade risks and expand into the European and American markets [4].

Core Viewpoint - CATL's listing on the Hong Kong Stock Exchange marks a significant step towards integrating into the global capital market and advancing the zero-carbon economy [1] Group 1: Global Zero-Carbon Transportation - The global zero-carbon transportation market is projected to be worth trillions, with investments in electric transportation expected to exceed $3 trillion annually by 2030 [1] - CATL is developing a comprehensive product matrix to meet diverse user needs and lead innovation in the electric vehicle sector [1][2] - The company is promoting battery swapping and standardization to enhance the integration of transportation and energy networks, aiming to establish a nationwide heavy-duty truck battery swapping network by 2030 [2] Group 2: Global Zero-Carbon Electricity - By 2050, global electricity consumption is expected to increase by 75%, with renewable energy investments exceeding $10 trillion over the next 25 years [4] - CATL is researching zero-carbon grid technologies to address current challenges in grid flexibility and energy storage [4] Group 3: Global Industrial Energy Transition - 195 countries have set carbon reduction targets, with annual investments reaching $4.5 trillion starting in 2030 to achieve net-zero emissions [5] - CATL aims for all its battery factories to achieve carbon neutrality this year and is collaborating with various sectors to promote the energy transition in traditional industries [5] - The company has invested over 70 billion yuan in R&D over the past decade, holding more than 43,000 patents, and has established six R&D centers globally [5]

【导读】万亿宁德时代今日港股上市，曾毓群强调零碳科技公司定位 中国基金报记者邱德坤 5月20日，宁德时代在港交所主板上市，开盘价为296港元/股，较发行价上涨12.55%；截至发稿，涨幅超17%。 | HK 宁德时代 | | --- | | 03750 L2 ▼ | | 207 800 今井 296.000 最高 308.000 最低 291.000 | | 17.03% 44.800 换手 13.38% 总量1814万股 金额 53.50亿 | | 总值201.31万亿 市盈 23.42 市净 4.78 曲家 | | A股报价: 263.96 1.52% 2 (H/A)比价=1.08 > | | 分时 五日 間K 目K 申务▼ | | 均价: 294.928 最新: 307.800 44.800 17.03% | | 47 140/ 324 309 600 1300(12) 308.000 卖8 309.400 600 (4) | | 雪7 309.200 600 (4) 卖6 309.000 5.9 万 (49) | | 卖5 308.800 4700(19) | | 卖4 308.600 ૨૦૦ (૨) ...

Core Viewpoint - The successful listing of CATL in Hong Kong has generated significant market enthusiasm, with the stock price surging over 16.96% on its opening day, reflecting strong investor interest and confidence in the company's future prospects [1][10]. Group 1: Listing Performance - CATL's listing process was notably swift, taking just over three months from application to official listing, with a public subscription rate exceeding 120 times and total financing surpassing 282.2 billion HKD [6][7]. - The final offering price was set at 263 HKD per share, with the global offering netting approximately 35.3 billion HKD [7][11]. - The public offering accounted for only 7.5% of the total shares, indicating that the majority of shares were allocated to institutional investors [9]. Group 2: Market Impact and Government Support - The listing has been recognized as a significant event for the Hong Kong stock market, attracting global attention and enhancing market liquidity, as stated by Hong Kong's Financial Secretary [12][13]. - CATL's successful IPO is seen as a reflection of investor confidence in the Hong Kong market, which has been buoyed by strong performance and a favorable economic environment [12]. Group 3: Strategic Goals and Future Plans - Approximately 90% of the funds raised will be directed towards the construction of CATL's factory in Hungary, aimed at enhancing local production capabilities to meet the growing demand for batteries in Europe [20]. - The company is positioning itself as a leader in the global zero-carbon economy, with significant investments in research and development, and aims to leverage its technological advancements to drive the transition to renewable energy [16][19]. - CATL's strategic partnerships, including a notable collaboration with Sinopec, are focused on building a comprehensive battery swap network, further solidifying its market position [14][16].

《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 ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：宁德时代 01 全球零碳交通 万亿级市场正在爆发 全球交通体系正在重构，新能源车和换电生态迎来爆发期，低空经济、电动船舶等领域方兴未 艾。预计到2030年，电动交通领域的年投资将超3万亿美元。 5月20日，宁德时代在香港联合交易所主板挂牌上市（股票代码为03750.HK）。 宁德时代此次港股上市，全球发售股份总数为绿鞋前1.35亿股，发行价格为263.00港元/股。本次 发行是首个以"仅设定价格上限"方式完成定价的"先A后H"上市项目，所设价格上限较定价当日A 股收盘价零折扣。本次港股上市从启动到完成仅用时128天。投资者涵盖了来自15个国家和地区 的主权基金、产业资本、长线机构、保险资金及多策略基金等。港股上市开盘即高开，开盘价 296.00港元/股，较发行价上涨12.55% 。 上市仪式上，宁德时代董事长兼CEO曾毓群发表《创新全球零碳科技，推动全球零碳经济》主题 讲话， 并从全球零碳交通、全球零碳电力以及全球产业新能源化三个领域，分别介绍了全球零碳 经济的市场前景以及宁德时代零碳科技的布局。 面对全球交 ...

【文/观察者网 潘昱辰 编辑/高莘】5月20日，宁德时代在香港联合交易所主板挂牌上市（股票代码为03750.HK）。截至20日中午，宁德时代股价大涨 14.07%，报300港元。 | 宇德时代 | | 3750.HKHK | | | | | --- | --- | --- | --- | --- | --- | | 300.000 市值 300.000 2 ਵਿੰ 291.000 | | | 流通 | 1.4万亿 405亿 | 量比 换 | | 37.000 14.07% 开 296.000 PE " | | | | 23.10 | 额 | | A股 300750.SZ 260.38 0.15% | | | | 溢价率(A/H) -5.8 | | | 分时 围K | 日K | | 目K | 五日 | 臣之 | | 均价:293.571 最新:300.000 37.000 14.068% | | | | | | | 800.000 | | | | 14.07% 卖1 | 300 | | | | | | | 299 星1 | | | | | | | 明显 | | | | | | | 11:02 299 | | | ...

Core Viewpoint - CATL's recent IPO in Hong Kong marks a significant milestone, raising funds for international expansion amid increasing competition and market share pressures in the battery industry [1][2][3] Group 1: IPO Details - CATL officially listed on the Hong Kong Stock Exchange on May 20, with an opening increase of 12.55%, reaching HKD 296, compared to the issue price of HKD 263 [1] - The total market capitalization of CATL reached HKD 1.34 trillion, making it one of the largest IPOs in Hong Kong in recent years and potentially the largest globally for the year [1] - The IPO involved a global offering of 118 million shares, with a unique pricing strategy that set a price ceiling without discounting [1][4] Group 2: Investor Participation - The IPO attracted 23 cornerstone investors, including major entities like Sinopec and the Kuwait Investment Authority, with investments ranging from USD 30 million to USD 500 million [5] - The cornerstone investors collectively hold 57.13% of the shares offered in the IPO, indicating strong institutional interest [5] Group 3: Market Challenges - CATL faces increasing competition in the battery market, with its domestic market share declining from a peak of 52.1% in 2021 to 44.5% in 2023 [6][7] - The company's revenue growth has also slowed, with projections showing a decline in growth rates from 159% in 2021 to -9.7% in 2024 [7] - Automakers are diversifying their supply chains, reducing reliance on CATL, as seen with companies like BYD and Tesla seeking alternative suppliers [7][8] Group 4: Strategic Initiatives - CATL is exploring new growth avenues, including sodium-ion batteries and battery swapping models, to adapt to market changes [10][11] - The company aims to establish a network of battery swapping stations, with a target of 1,000 stations by 2025 and up to 40,000 in the long term [11] - The funds raised from the IPO will primarily support the construction of production facilities in Hungary, enhancing CATL's local supply capabilities in Europe [13][14] Group 5: Global Expansion and Localization - CATL's international strategy focuses on localizing operations to mitigate policy barriers and leverage local resources [14] - The company anticipates challenges in navigating EU regulations and geopolitical factors that may impact its overseas projects [12][14] - The success of CATL's international expansion, particularly in Hungary, will be crucial for maintaining its competitive edge in the global market [14]

Summary of the Conference Call for Fangda Special Steel Company Overview - **Company**: Fangda Special Steel - **Date**: Q1 2025 Conference Call Key Points Industry and Company Performance - Fangda Special Steel achieved a significant cost saving of nearly 30 million yuan in Q1 2025 through procurement optimization and energy recovery, with self-generated electricity increasing by 25.04% year-on-year [2][3] - The company produced 1.0276 million tons of steel in Q1, maintaining an average daily output of 10,000 tons, with sales reaching 1.0286 million tons [2][4] - The gross profit margin improved by 75.2% year-on-year, reaching 10.04%, driven by cost control measures [3][4] Financial Highlights - The net profit attributable to shareholders was 250 million yuan, a 168% increase year-on-year, while total profit reached 320 million yuan, up 184% [3] - Cost per ton decreased by 634 yuan, with total cost impact around 600 million yuan [2][8] Production and Sales Achievements - The company’s sales of construction materials increased by 4.73%, and engineering sales rose by 19.6% [2][5] - The market share for spring flat steel orders increased to 50% due to a proactive order acceptance strategy [12] Innovation and Strategic Partnerships - 2025 is designated as an innovation year, with 549 small improvements completed in Q1, generating benefits of 4.7178 million yuan [2][6] - Strategic collaborations with Huawei and CATL focus on AI models, zero-carbon economy, and new material research [6] Future Plans and Capacity Expansion - Fangda Special Steel aims to increase its special steel proportion to 50% within two to three years through new capacity and acquisitions [4][21] - The company plans to recruit 1,500 high-level talents over three years to enhance innovation capabilities [6][23] Market Conditions and Demand - The domestic heavy truck and excavator markets performed well in Q1 2025, with strong demand noted [11] - The demand for rebar and other mainstream products remained stable, with no significant recovery in the real estate sector [37] Cost Control and Efficiency - The company implemented effective cost control measures, resulting in a gross profit of approximately 150 million yuan despite a decline in sales prices [8][10] - The production volume was high, contributing positively to overall efficiency [9] Strategic Direction and Management Changes - The new chairman has streamlined internal operations and emphasized customer maintenance and industry collaboration to avoid price wars [13][14] - The company’s strategic focus remains on capacity expansion and mergers, with plans to increase production capacity from 20 million tons to 50 million tons in the next two to three years [16][17] Environmental and Regulatory Considerations - The company is adapting to new industry standards focusing on high-end, efficient, and green production [38] - Fangda Special Steel has completed relevant public disclosures regarding environmental compliance [39] Capital Expenditure and Future Investments - The company plans to increase capital expenditure over the next 3 to 5 years to support strategic transformation, including internal upgrades and new projects [41] - A significant investment of approximately 500 million yuan is allocated for a power generation project expected to commence operations by the end of 2025 [42] Conclusion - Fangda Special Steel is positioned for growth through strategic partnerships, innovation, and effective cost management, while navigating market challenges and regulatory changes [46]