Group 1 - Hong Kong's new stock fundraising has exceeded HKD 60 billion this year, ranking first globally, with a significant increase of over 6 times compared to the same period last year [1] - The upcoming listing of CATL (宁德时代) on May 20 is expected to be the largest IPO globally this year, further boosting market confidence and highlighting the rapid development of the renewable energy sector [1][2] - The strong performance of Hong Kong's stock market, particularly in the new stock market, reflects its attractiveness as an international financial center [1] Group 2 - CATL's H-share price is set at HKD 263, with 17.68 million additional shares to be issued, representing approximately 15% of the total shares available for subscription [2] - The listing of CATL is a significant milestone for the global renewable energy market, enhancing Hong Kong's position in this sector and increasing CATL's international influence [2] Group 3 - MetaLight has passed the listing hearing for the Hong Kong Stock Exchange, aiming to list on the main board, despite facing losses in recent years [3] - The company's revenue has shown steady growth, indicating strong market demand and potential for expansion in the public transportation digital services sector [3] Group 4 - Midea Group and ZTO Express will be included in the Hang Seng Index, reflecting structural changes in the Hong Kong stock market and the growing importance of the consumer and logistics sectors [4] - BYD will be added to the Hang Seng Tech Index, highlighting strong growth in technology and renewable energy sectors [4] Group 5 - Ferretti reported a net profit of EUR 2.39 million in Q1 2025, a 7.7% increase from Q1 2024, driven by strong performance in the custom yacht segment [5] - The increase in new orders by 1.5% year-on-year indicates sustained demand in the high-end yacht market despite global economic challenges [5] Group 6 - The Hang Seng Index closed at 23,345.05, with a decline of 0.46% on May 16, reflecting a slight downturn in the market [6] - The Hang Seng Tech Index and the National Enterprises Index also experienced minor declines of 0.31% and 0.49%, respectively [6]

Group 1 - The core viewpoint of the article highlights the successful H-share listing of CATL, aiming to raise up to HKD 41 billion (USD 5.3 billion) with a subscription rate exceeding 120 times, indicating strong investor interest [1][3] - Major cornerstone investors include Sinopec (Hong Kong), Hillhouse Capital, Kuwait Investment Authority, and others, with Sinopec and Kuwait Investment Authority planning to subscribe for 12.50% of the shares each [1][2] - CATL's strategy for the H-share listing is to enhance its global presence and capitalize on the energy transition, with 90% of the IPO proceeds allocated to the construction of projects in Hungary [3] Group 2 - Sinopec and CATL have established a partnership in various sectors, including battery swapping and energy products, with plans to build a nationwide battery swapping network by 2025 [2] - CATL has maintained its position as the world's largest battery manufacturer for eight consecutive years, with a market share of 38.3% as of Q1 2025 [2][3] - In 2024, CATL's revenue is projected to reach CNY 362.01 billion, with a net profit of CNY 50.75 billion, showcasing its strong financial performance compared to Sinopec [3]

Core Viewpoint - The article highlights the launch of the new generation of ultra-fast charging batteries by the company, showcasing its leadership in battery technology innovation and its commitment to advancing the electric vehicle industry [1][17]. Product Matrix Overview - The company unveiled the 4.0 series of ultra-fast charging batteries, which includes the world's first 1400A flash charging battery, capable of charging 150 km in just 1 minute [4][6]. - The new product line aims to provide a comprehensive solution for electric vehicles, with a focus on low-cost, high-power batteries that can compete with traditional fuel vehicles [1][16]. Technical Innovations - The 4.0 series features advanced technologies such as high space utilization with the new generation Tianqing structure, modular design, and integrated liquid cooling systems, enhancing safety and efficiency [5][11]. - The company has achieved a significant reduction in charging time, with the latest iteration allowing for a full charge in approximately 5 minutes, marking a shift towards equal charging capabilities for electric and fuel vehicles [6][17]. Performance Metrics - The flagship product, the Xincheng 2.0, boasts a peak power of 6C and a range exceeding 800 km, setting a new standard for ultra-fast charging and long-range capabilities [4][8]. - The company’s batteries maintain a high energy density of over 200 Wh/kg, with a mass integration rate exceeding 80%, contributing to both rapid charging and extended range [8][11]. Market Positioning - The company has established itself as a leader in the high-power hybrid electric vehicle (HEV) market, achieving the highest sales volume of hybrid lithium batteries in China for four consecutive years [16]. - The new ultra-fast charging battery technology is positioned to enhance the penetration of electric vehicles in the market, aiming to make advanced battery technology accessible to a broader range of consumers [17].

当选院士不仅是一份崇高的荣誉，更是一份沉甸甸的责任，广大民企科技工作者要自觉把学术追求融入 建设科技强国的伟大事业。在创新格局上，民企科技工作者要坚持面向世界科技前沿、面向经济主战 场、面向国家重大需求、面向人民生命健康，不断向科学技术广度和深度进军。在具体科研工作中，则 要立足企业创新优势，积极牵头承担国家重大科技专项和重点研发计划；积极参加学术研究和交流，推 动学科交叉融合及相关学科发展。 近日，2025年两院院士增选工作启动，一个细节引发关注：本年度，中国工程院院士增选总名额不超过 100名，其中8个名额主要用于支持民营科技领军企业的候选人。从前几年的"鼓励参选"到如今"设立专 项"，既打破了院士增选的传统格局，更彰显了国家对民企科学家创新贡献的高度认可。 华为的5G技术，让中国在全球通信标准制定中赢得了重要话语权；大疆的无人机，重新定义了全球消 费级无人机市场格局；宁德时代的动力电池，助力中国新能源汽车产业领跑全球……近年来，民营企业 跑出了令人瞩目的"中国速度"。这些成绩，正是民企科学家们用智慧和汗水浇灌的"创新之花"。不过， 由于学术评价体系等方面的原因，大量民企科技人才长期徘徊在学术荣誉体系的边 ...

固态电池迈向产业化。 2025年汽车产业的技术发展进入新阶段，在智能化技术向前之际，电动化的新电池技术也取得了新进 展。CIBF 2025中国深圳电池展上，固态电池产业化、技术难点等成为业内关注焦点。 对比液态电池，固态电池的安全性、能量密度、使用寿命等均有提升。中国电动汽车百人会旗下车百智 库最新调研报告《全固态电池有望引领新一轮电池革命》认为，当前液态锂离子电池能量密度已接近上 限（约350Wh/kg），而全固态电池能量密度有望突破500 Wh/kg，在产品性能上具备"技术颠覆"的潜 力。因此，固态电池一直被各大动力电池厂商、新能源车企视为下一代电池的重要开发方向，但仍需要 攻克技术、高成本等问题 贝特瑞集团研究院固态电池项目负责人杨成林表示，固态电池面临的问题包括成本过高（全固态电芯成 本达到5元/Wh）、运行压力高（全固态电芯运行所需压力在兆帕级）等。 但近一年来，随着技术工艺的不断迭代，固态电池所需原材料成本出现明显下降。杨成林表示，比如固 态电解质所需的硫化锂，在大批量采购的情况下，目前的售价可以达到1000元/千克。 随着原材料成本的下探，产业链相关厂家对固态电池量产的速度也在加速。国轩高科于5 ...

根据宁德时代披露的全球发售信息，发行价格区间上限为每股 263港元，折价率很可能不到10%。有机构投资者认为，此次 折价可能偏低，这在赴港上市的A股上市公司中并不多见。 作者：老盈盈 封图：图虫创意 新能源龙头企业宁德时代的赴港上市计划，进入最后冲刺阶段。 2025年5月12日，宁德时代宣布正式启动国际配售簿记，预计于5月20日在香港联交所主板挂牌并 开始上市交易。 这宗2025年以来港股最大IPO（首次公开发行），在香港市场开启了一场资本盛宴。 在香港机构人士眼中，今年以来，香港市场上演了一轮又一轮的上市热潮，宁德时代是其中最高的 一波"热浪"。 一位多次参与港股打新的个人投资者对经济观察报记者表示， 宁德时代此次发行的折价可能创下 A/H股折价的新低， 一手入场券达26,565港元，价格比较贵了。按照目前的折价，扣掉中签金额 1%左右的费用，可能连5%的价差收益都赚不到，而且还要承受一定的风险。如果招股结束到上市 前两个交易日（5月16日和5月19日）其A股股价都在下跌，那么宁德时代港股上市首日的股价大概 率也会下跌，有可能把不到5%的价差收益也跌没了，甚至亏损。虽然有破发方面的担忧，但这位 个人投资者还 ...

Core Viewpoint - The Ministry of Industry and Information Technology has released a mandatory national standard for electric vehicle power batteries, which will take effect on July 1, 2026, requiring companies to complete technical upgrades by that date [1] Group 1: New Standard Overview - The new standard revises the 2020 version of the safety requirements for electric vehicle power batteries, enhancing safety requirements related to thermal diffusion and adding multiple safety testing items [3][5] - The requirement for thermal diffusion has been upgraded from providing an alarm signal five minutes before battery fire or explosion to ensuring "no fire, no explosion" [5] Group 2: Industry Response - Some companies have already begun improving product designs to meet the "no fire, no explosion" requirement prior to the release of the new standard [13] - According to a survey conducted in early 2024, 80% of companies in the industry have the technical capabilities to meet the thermal diffusion testing requirement of "no fire, no explosion" [15]

重要提示 如 闊下對本招股章程之任何內容有任何疑問,應尋求獨立專業意見。 Contemporary Amperex Technology Co., Limited 寧德時代新能源科技股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 全球發售 | 全球發售項下的發售股份數目 : 117,894,500股H股(視乎發售量調整權 | | --- | | 及超額配股權行使與否而定) | | 香港發售股份數目 : 8.842.100股H股(可予車新分配及視乎 | | 發售量調整權行使與否而定) | | 國際發售股份數目 : 109.052.400股H股(可予重新分配及視 | | 乎發售量調整權及超額配股權行使與 | | 否而定) | | 最高發售價 : 每股H股263.00港元,另加1.0%經 | | 紀佣金、0.0027％證監會交易徵 | | 費 · 0.00015% 會財局交易徵費及 | | 0.00565% 聯交所交易費(申請時以港 | | 元全額繳足) | | 商值 . 每股H股人民幣1.00元 | 股份代號 : 3750 聯席保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 (按英文 ...

定价折价低 根据5月12日宁德时代披露的全球发售信息，此次招股最高发售价定为每股H股263港元，折合人民币约244元/股。 经济观察报 记者 老盈盈 新能源龙头企业宁德时代的赴港上市计划，进入最后冲刺阶段。 2025年5月12日，宁德时代宣布正式启动国际配售簿记，预计于5月20日在香港联交所主板挂牌并开始上市交易。 这宗2025年以来港股最大IPO（首次公开发行），在香港市场开启了一场资本盛宴。 在香港机构人士眼中，今年以来，香港市场上演了一轮又一轮的上市热潮，宁德时代是其中最高的一波"热浪"。 此前，宁德时代和保荐人召开了几轮路演，与香港各路机构投资者会面，向投资者展示其盈利能力的韧性、在动力电池和储能电池领域的领先地位、持续的 创新技术和全球化的布局。 对于机构投资者而言，他们一直想知道的是，"宁王"此次发行价的折价到底有多少。根据宁德时代披露的全球发售信息，发行价格区间上限为每股263港 元，折价率很可能不到10%。有机构投资者认为，此次折价可能偏低，这在赴港上市的A股上市公司中并不多见。究其原因，与投资机构对宁德时代的充分 认可和其较强的市场话语权有关系。 根据宁德时代披露的全球发售信息，23家主权财 ...

Investment Rating - The report maintains an "Outperform" rating for the electric power equipment and new energy sector [1][5][4]. Core Views - The resumption of exports to the US is expected to accelerate following the recent US-China trade talks, benefiting the electric new energy sector, particularly in areas like the power battery supply chain and photovoltaic inverters [1]. - The AIDC power equipment sector is anticipated to see gradual performance improvements, driven by increased AI infrastructure investments from major internet companies [2]. - The wind power sector is showing signs of simultaneous growth in both volume and profit, with significant increases in domestic land wind bidding and delivery [2]. - The energy storage industry continues to grow, with leading companies like Sunshine Power and CATL maintaining steady growth despite performance disparities among other firms [3][79]. Summary by Sections AIDC Power Equipment - AIDC power equipment companies are expected to gradually realize their performance, with significant investments in AI infrastructure from major players like Alibaba and Tencent [2][12]. - Key companies to watch include Mingyang Electric, Igor, and Macromicro [2][12]. Wind Power - The wind power sector is experiencing a notable increase in both volume and profit, with domestic land wind projects seeing high growth in bidding and delivery [2][36]. - Key companies to focus on include Goldwind Technology, Yunda Co., and Oriental Cable [2][36]. Energy Storage - The energy storage sector is showing overall growth, with leading companies maintaining high capacity utilization rates [3][79]. - Companies to monitor include Sunshine Power, Yiwei Lithium Energy, and Shenghong Co. [3][79]. Key Company Earnings Forecasts - Several companies have been rated as "Outperform," including: - Goldwind Technology (28.58 CNY, 182 billion market cap, 2025E EPS 1.28) [4]. - Jinpan Technology (33.19 CNY, 152 billion market cap, 2025E EPS 1.81) [4]. - Macromicro (46.5 CNY, 254 billion market cap, 2025E EPS 1.14) [4]. - The report provides detailed earnings forecasts and valuations for these companies [4].