港股上午盘三大指数呈现低开高走行情，恒生科技指数涨幅领先，午间收涨1.11%再刷阶段高位，恒生 指数涨0.29%，国企指数涨0.34%，市场做多情绪继续活跃。盘面上，作为市场风向标的大型科技股集 体拉升转涨，阿里巴巴涨约3%，网易、小米涨超1%，快手、京东、美团、腾讯均有涨幅，惟百度跌近 2%；锂电池股涨幅明显，多重利好推动宁德时代股价飙升超7%，并且创下上市新高价，赣锋锂业、中 航创新、比亚迪股份跟涨；工信部发布汽车行业稳增长工作方案的同时，将持续优化促消费优惠政策， 汽车股集体上涨，蔚来汽车、理想汽车涨超5%领衔；生物医药股、煤炭股、脑机接口概念股、半导体 股多数表现活跃。另一方面，首8月全国房地产开发投资同比降12.9%，个人按揭贷款下降10.5%，内房 股集体走弱，影视股、重型机械股、餐饮股、中资券商股、濠赌股多数表现低迷。 ...

Market Performance - The Hong Kong stock market showed a low-open and high-rise trend in the morning session, with the Hang Seng Tech Index leading the gains, closing up 1.11% at a new high for the period [1] - The Hang Seng Index rose by 0.29%, while the National Enterprises Index increased by 0.34%, indicating continued active buying sentiment in the market [1] Sector Performance - Major technology stocks acted as market indicators, with Alibaba rising approximately 3%, and NetEase and Xiaomi both gaining over 1%. Other companies like Kuaishou, JD.com, Meituan, and Tencent also saw increases, while Baidu fell nearly 2% [1] - Lithium battery stocks experienced significant gains, driven by multiple positive factors, with CATL's stock soaring about 7% to reach a new high since its listing. Other companies like Ganfeng Lithium, AVIC Innovation, and BYD also followed suit [1] - The Ministry of Industry and Information Technology released a work plan to stabilize growth in the automotive industry, leading to a collective rise in automotive stocks, with NIO and Li Auto both increasing over 5% [1] - Biopharmaceutical stocks, coal stocks, brain-computer interface concept stocks, and semiconductor stocks mostly performed actively [1] Weakness in Certain Sectors - In contrast, real estate development investment in the first eight months fell by 12.9% year-on-year, and personal mortgage loans decreased by 10.5%, resulting in a collective decline in domestic property stocks [1] - Other sectors such as film and television, heavy machinery, catering, Chinese brokerage firms, and gaming stocks mostly showed weak performance [1]

有机构预计排产上修原因：1）需求超预期，持续高景气度，25年预计排产端720-730gwh，预计26年实际排产900-950gwh，增长30%；2）供应链24-25年 资本开支放缓，需引导供应链继续扩产，以满足26-27年需求，避免材料紧缺。 宁德时代A股盘中一度涨超14%报371.52元，创历史新高；H股一度涨超10%报476.8港元，亦创上市新高。 周末有消息称，宁德对供应商2026年排产指引上修至1.1TWh，对应50%+增长，大超市场预期。业内人士指出，这一举动直接确认并大幅强化了市场对未 来需求的乐观预期。此超预期的指引意味着2026年锂电需求高增长的确定性大幅提升，产业链中部分如六氟磷酸锂等关键材料环节的供需拐点有望提前 到来，呈现出显著的弹性期权价值。 ...

Group 1 - Private investment growth has faced pressure, with a continuous decline for three months and a year-on-year decrease of 2.3% from January to August [1][3] - Fixed asset investment (excluding rural households) increased by 0.5% year-on-year during the same period, indicating a broader economic context [1][3] - The decline in private investment is significantly influenced by the real estate sector, which saw a 16.7% drop in private investment, pulling down overall private investment growth by 4.5 percentage points [3] Group 2 - Excluding real estate development, private project investment showed a year-on-year increase of 3%, outpacing overall investment growth [3] - Manufacturing sector private investment grew by 4.2%, accounting for 40.6% of total private investment, with 16 out of 31 manufacturing industries experiencing double-digit growth [3][4] - Notable growth in private investment was observed in the automotive manufacturing and transportation equipment sectors, with increases of 22.6% and 16.2% respectively [3] Group 3 - Private enterprises are key players in innovation and have increased investment in emerging industries, contributing to a positive shift in the industry [4] - High-tech industries, particularly information services and professional technical services, saw private investment growth of 26.7% and 17.6% respectively from January to August [4] - Infrastructure private investment rose by 7.5%, surpassing the overall infrastructure investment growth rate by 5.5 percentage points, with significant contributions from the electricity, gas, and water supply sectors [4] Group 4 - The ongoing high-quality development in China is expected to create more space for private investment, particularly in green industries like new energy vehicles and solar power [5] - Private enterprises demonstrate resilience and adaptability, responding effectively to market demands and external challenges [5] - Strong policy support, including the implementation of the Private Economy Promotion Law, is enhancing the environment for private investment and encouraging stable growth [5]

Group 1 - A-shares experienced a strong upward trend on September 15, with the ChiNext Index leading the gains, particularly in the new energy sectors such as lithium batteries and energy storage [1] - The Tianhong ChiNext ETF (159977) saw an intraday increase of over 2.6%, reaching a new high since early 2022, with a trading volume exceeding 60 million yuan [1] - Key stocks in the ChiNext ETF included Hunan YN (301358) hitting the daily limit, and significant gains for companies like Ningde Times (300750) and Sunshine Power (300274), all showing increases of over 9% [1] Group 2 - The Tianhong ChiNext ETF (159977) has achieved six consecutive weekly gains, focusing on new productivity sectors, with top industries being power equipment, communication, and electronics [2] - The ETF's top ten weighted stocks include leading tech firms such as Ningde Times and Dongfang Wealth (300059), indicating a strong growth style [2] - A fund share split was announced for the Tianhong ChiNext ETF, with a ratio of 1:2, aimed at making the fund more accessible to small investors by lowering the unit net value [2] Group 3 - The downstream new energy vehicle market is entering a traditional peak season, with expectations for increased demand for power batteries and sustained high growth in energy storage [3] - The ongoing "anti-involution" trend is expected to accelerate the elimination of outdated production capacity, benefiting companies with technological and cost advantages [3] - Market analysts suggest that while there may be short-term fluctuations due to various domestic and international events, the long-term outlook remains positive, supported by improved liquidity and performance expectations [3]

Core Viewpoint - Despite the current complex domestic and international environment, there is potential for growth in private investment in China, supported by high-quality development, the resilience of private enterprises, and strong policy support [1] Group 1: High-Quality Development - The advancement of high-quality development in China provides significant space for the growth of private investment, with private enterprises playing a crucial role in driving innovation and development in green industries such as new energy vehicles, photovoltaics, and lithium batteries [1] - Private enterprises are also actively engaging in future industries like artificial intelligence and embodied robotics, further expanding the investment landscape [1] Group 2: Resilience and Vitality of Private Enterprises - Private enterprises in China demonstrate strong resilience and vitality, showing agility in responding to market demands and technological frontiers [1] - In the face of external challenges this year, private enterprises have adapted by exploring new markets and stabilizing production, showcasing their robust development resilience and innovative capabilities [1] Group 3: Policy Support - The implementation of the "Private Economy Promotion Law" signals strong support for the development of the private economy [1] - Various regions and departments are actively improving mechanisms to leverage government investment to stimulate social investment, optimizing the environment for private investment [1] - Continuous strengthening of funding and resource guarantees is beneficial for encouraging private investment and promoting its stable development [1]

2）9月12日，国家发改委、国家能源局关于印发《新型储能规模化建设专项行动方案（2025—2027年）》。方案指出，全国新型储能装机规模达到1.8亿千 瓦以上，带动项目直接投资约2500亿元，新型储能技术路线仍以锂离子电池储能为主。 一、行情 9月15日，锂电池、储能等板块集体大涨。百利科技2连板，天赐材料、尚太科技、洛凯股份等涨停，中一科技、海博思创、湖南裕能、万润新能张超10%， 富临精工、亿纬锂能、科达利、多氟多等大涨。 宁德时代盘中张超14%，刷新历史新高。 | 固态电池 | +0.67% | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | ■■ 宁德时代股价创历史新高；能源局印发《新型储能规模化建设专项行动方案（2025—2027年）》 | | | | | 股票名称 | 最新价 = | 涨跌幅 = | 涨停时间 = | 换手率 = | 流通市值 = | 解读 | | 天赐材料 | 30.84 | +9.99% | 09:33:57 | 3.91% | 427.10亿 | 公司半固态电解质及氧化物与硫化物 | | 002709 ...

Group 1 - The Hong Kong stock market indices collectively rose on September 15, with the lithium battery sector strengthening and new energy vehicle stocks performing actively [1] - The Hang Seng Technology Index ETF (513180) rose over 1.5%, with leading stocks including Bilibili, NIO, Hua Hong, Li Auto, BYD, and Alibaba [1] - The Hong Kong Stock Connect Automotive ETF (159323) saw an increase of over 2%, with top-performing stocks such as Zhejiang Shibao, Nexperia, and Ganfeng Lithium [1] Group 2 - Huatai Securities noted that the market has fully priced in a rate cut in September, with expectations of cumulative rate cuts of about three times by 2025, while the main divergence lies in whether a rate cut will occur in October [1] - The employment market's performance will be a crucial determining factor, with expectations of two rate cuts in 2025 unless the employment market slows more than anticipated, which could increase the probability of three cuts within the year [1] - Guotai Junan Securities highlighted that the dovish stance from Powell has led to a depreciation of the US dollar and a decline in US Treasury yields, alleviating liquidity pressure on the Hong Kong dollar [2]

该行相信电池股近期股价上升已反映明年平均售价上升2%至5%的预期。该行偏好宁德时代及国轩高 科，认为两者受惠周期性复苏及估值吸引。该行对宁德时代A股目标价为369元，评级"买入"，H股目标 价为470港元，评级"中性"；对国轩高科目标价为54.8元，评级"买入"。 高盛发表报告指，万得中国锂电池指数过去60个交易日升约四成，显著跑赢沪深300指数的18%升幅。 该行指，纵使短期电池市场紧张，对电池价格可持续上升保持审慎观点。该行的敏感度分析显示每加价 10%可带来明年盈利三成至六成上望空间，国轩高科、中创新航及亿纬锂能对价格敏感度相对较高。 ...

来源：智通财经网 锂电池板块涨幅居前，截至发稿，中创新航（03931）涨8.59%，报29.06港元；宁德时代（03750）涨4.9%，报454港元；赣锋锂业（01772）涨3.79%，报35.06港元；天齐锂业（09696 消息面上，9月11日，摩根士丹利发布报告指出，随着宁德时代在欧洲市场取得突破，而规模较小的竞争对手在关键的储能领域陷入盈利困局，加之当前大热的固态电池技术被视为短期炒作，宁 中信建投则认为，锂电板块已兑现2025年市场需求超预期的逻辑，当前板块核心矛盾转向2026年需求预期能否在20%增速基础上进一步上修。后续关注三大信号：一是四季度储能招标情况，其 责任编辑：杨赐 ...