Core Viewpoint - Hesai Technology (2525.HK) experienced a significant increase of over 11.5%, reaching a peak of 132.8 HKD, following its inclusion in the Hang Seng Composite Index effective December 8, 2023, reflecting strong market recognition of the company's business performance and value [1] Group 1: Index Inclusion - The inclusion in the Hang Seng Composite Index indicates high market recognition of Hesai's business performance and value [1] - This event is expected to enhance Hesai's investor base by potentially allowing inclusion in the Stock Connect program, attracting additional mainland capital [1] Group 2: Production Milestone - Hesai announced the production and delivery of its 2 millionth LiDAR unit in mid-November at its Maxwell manufacturing center, marking a significant industry milestone as the first company to achieve this production level [1] - The company has secured mass production contracts from over 24 OEMs for more than 120 vehicle models, with plans for deliveries scheduled between 2025 and 2027 [1]

Core Viewpoint - CATL's stock price has declined nearly 4% amid news of a significant share reduction by a major shareholder, raising concerns about potential selling pressure and market sentiment [1] Group 1: Shareholder Actions - CATL's co-founder and third-largest shareholder, Huang Shilin, plans to reduce his stake by transferring 45.6324 million shares, representing 1% of the total share capital [1] - The estimated market value of this share reduction is approximately 18.44 billion yuan based on the closing price of 404.12 yuan on the announcement day [1] - Even at a minimum transfer price of 70% of the market value, the shares would still be worth over 10 billion yuan [1] Group 2: Market Analysis - JPMorgan has advised caution regarding the actual constraints of CATL's recent 200GWh energy storage battery order from Haibosi [1] - Starting from November 20, nearly 50% of the H-share IPO locked shares will be unlocked, with about 77.5 million shares facing potential selling pressure [1] - Despite these concerns, CATL is expected to be included in the Hang Seng Tech Index, which may trigger passive fund inflows [1] Group 3: Price Target Adjustments - JPMorgan has lowered its price target for CATL from 600 HKD to 575 HKD, while the A-share target price is set at 480 yuan [1]