Group 1 - The Shenzhen Stock Exchange hosted the 2025 Global Investor Conference from May 19 to 20, focusing on "New Quality Productivity: Investment Opportunities in China - Open Innovation in the Shenzhen Market" [1] - Irene Goh, Head of Multi-Asset Investment at Aberdeen Investment, highlighted that technology is the primary productivity driver, reshaping the global macroeconomic landscape [1] - China accounts for over 50% of new global patent applications, demonstrating its commitment to innovation and advanced technology [1] Group 2 - China produced 70% of the world's solar panels and nearly 60% of global electric vehicle battery capacity, significantly impacting global supply chains [1] - The strong production capacity in China has substantially reduced product costs, benefiting global consumers, especially in developing countries [1] - China's R&D investment is 2.5% of GDP, which is half of the global average, attracting foreign investment and multinational companies to collaborate with domestic universities [2]

Group 1 - Recent easing of tariff policies and normalization of trade policies may drive markets back to pre-2025 conditions, with a positive outlook on U.S. stocks, particularly small and mid-cap stocks, as well as investment-grade bonds in Europe and the U.S. due to attractive yields and improving macro conditions [1] - The Chinese market has largely recovered to levels seen before the "Liberation Day" tariffs were announced in early April, with sectors such as electric vehicle batteries, construction machinery, home appliances, and pet food companies likely to benefit [1] - Rapid progress in U.S.-China trade negotiations has surprised the market, alongside the recent U.S.-U.K. trade agreement, indicating the White House's intention to alleviate trade tensions faster than expected [1] Group 2 - The recent volatility in U.S. local policies has led to market tensions, prompting a downgrade of U.S. assets, but a reversal of these fund flows may now be observed [2] - Reduced tariff uncertainty has lowered the likelihood of an economic recession, with investors potentially looking past the current downturn and anticipating a recovery in the U.S. economy and assets [2] - The U.S. government appears to be shifting its policy direction towards easing tariffs and focusing on growth-promoting measures such as tax cuts [2]

Core Viewpoint - CATL (Contemporary Amperex Technology Co., Limited) has officially launched its Hong Kong IPO, aiming to raise between $4 billion to $5 billion, primarily to fund its projects in Hungary, thereby enhancing its local supply capabilities and solidifying its leadership in the new energy sector [2][3]. Group 1: IPO Details - As of May 12, CATL's A-share price increased by 3.52% to 257 CNY, with a total market capitalization of 1.13 trillion CNY [2]. - The IPO price range for the Hong Kong listing is set at a maximum of 263 HKD per share, closely aligned with CATL's A-share closing price of 248.27 CNY on May 9, which converts to approximately 267.31 HKD [2]. - CATL plans to issue 118 million shares in this IPO, with options for additional shares, potentially raising a total of $4 billion to $5 billion if fully exercised [2]. Group 2: Investment Allocation - Approximately 90% of the funds raised from the IPO will be directed towards the first and second phases of the construction of the Hungarian project, which aims to enhance local supply capabilities [2][3]. - The Hungarian project, announced in August 2022, involves a total investment of up to 73.4 billion euros (approximately $82.4 billion) and is expected to become the largest electric vehicle battery factory in Europe, with a planned capacity of 100 GWh [3]. Group 3: Strategic Intent - CATL's move to list in Hong Kong is part of a broader strategy to advance its global expansion and establish an international capital operation platform, despite having over 321.3 billion CNY in cash as of the end of Q1 this year [3]. - The IPO has attracted significant interest from cornerstone investors, with subscriptions totaling up to 203.71 billion HKD, including major entities such as Sinopec, KIA, Hillhouse Capital, and UBS Asset Management [3]. Group 4: Industry Context - The trend of new energy companies seeking listings in Hong Kong has been growing, driven by the need for international capital and the expansion into overseas markets [4]. - Other companies in the new energy sector, such as Zhongwei Co., Gree Green, and Haitian Energy, have also initiated preparations for their Hong Kong IPOs, indicating a competitive landscape [5].

公司是全球最大的电动汽车电池制造商，并透过赴港二次上市，吸引全球投资者。据市场估算，其集资额 可能在50亿美元至77亿美元间。若实际集资额接近区间上限，将超越 快手 （1024.HK）2021年62亿美元的 上市规模，成为香港股市近年最大规模的新股发行项目。 About Us Bamboo Works 咏竹坊 专注于报道中概股新闻。 用高质量的中英文内容帮助中国企业讲好中 国股事，触达全球投资者。 电动汽车电池制造商 宁德时代新能源科技股份有限公司 （300750.SZ）通过香港交易所上市聆讯，将成为 港交所近年来规模最大的新股发行项目之一。 宁德时代于周二向港交所网站上传了更新版上市文件，包括其2025年第一季度最新财务数据。数据显示， 公司当季营收同比增长6.2%至847亿元，较上年同期的798亿元实现增长；季度利润同比增长31.9%至149亿 元，较去年同期的113亿元显著提升。 我们的报道也通过全球各大财经平台进行分发。日均触达200,000人次的全球投资者。 Our stories are syndicated to major financial media outlets to engage 2 ...

Report Summary 1. Industry Investment Rating - No information provided in the report. 2. Core View - Downstream demand is mainly driven by rigid purchases, and the willingness to stock up has not increased. Social inventories continue to accumulate, raw material inventories in downstream sectors are at a high level, and warehouse receipt inventories are sufficient. In the short term, the futures price is expected to be affected by these factors [3]. 3. Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 68,250 yuan/ton, down 600 yuan/ton [1]. - SMM industrial - grade lithium carbonate has an average price of 66,500 yuan/ton, down 600 yuan/ton [1]. - The price difference between battery - grade and industrial - grade lithium carbonate is 1,750 yuan/ton, with no change [2]. Lithium Ore - Lithium spodumene concentrate (CIF China, Li20: 5.5% - 6%) has an average price of 776 yuan/ton, down 3 yuan/ton [1]. - Lithium mica (Li20: 1.5% - 2.0%) has an average price of 895 yuan/ton, down 20 yuan/ton; lithium mica (Li20: 2.0% - 2.5%) has an average price of 1,535 yuan/ton, down 25 yuan/ton [2]. - Phosphorus lithium aluminum stone (Li20: 6% - 7%) has an average price of 6,600 yuan/ton; phosphorus lithium aluminum stone (Li20: 7% - 8%) has an average price of 7,700 yuan/ton, down 25 yuan/ton [2]. Lithium Futures - The closing price of lithium carbonate 2505 is 66,100 yuan/ton, down 2.31%; lithium carbonate 2506 is 66,240 yuan/ton, down 1.75%; lithium carbonate 2507 is 66,260 yuan/ton, down 1.63%; lithium carbonate 2508 is 67,460 yuan/ton, down 1.52%; lithium carbonate 2509 is 67,660 yuan/ton, down 1.6% [1]. - The price difference between battery - grade lithium carbonate and the main contract is 1,990 yuan/ton, up 100 yuan/ton; the price difference between the near - month and the first - continuous contract is - 140 yuan/ton, down 280 yuan/ton; the price difference between the near - month and the second - continuous contract is - 160 yuan/ton, down 300 yuan/ton [2]. Cathode Materials - The average price of lithium iron phosphate (power type) is 32,255 yuan/ton, down 135 yuan/ton [2]. - The average price of ternary material 811 (polycrystalline/power type) is 146,550 yuan/ton, down 50 yuan/ton; ternary material 523 (single - crystal/power type) is 117,285 yuan/ton, down 140 yuan/ton; ternary material 613 (single - crystal/power type) is 123,815 yuan/ton, down 50 yuan/ton [2]. Inventory - The total inventory (weekly, tons) is 131,864 tons, up 259 tons; smelter inventory (weekly, tons) is 52,400 tons, up 270 tons; downstream inventory (weekly, tons) is 42,823 tons, up 1,089 tons; other inventory (weekly, tons) is 36,641 tons, down 1,100 tons [2]. - The registered warehouse receipt (daily, tons) is 33,477 tons, up 630 tons [2]. Profit Estimation - The cash cost of外购锂辉石精矿 is 72,369 yuan/ton, and the profit is - 5,061 yuan/ton; the cash cost of外购锂云母精矿 is 73,476 yuan/ton, and the profit is - 7,825 yuan/ton [3]. Industry News - On April 23, 2025, according to Reuters, Chinese Zhejiang Huayou Cobalt will replace South Korea's LG Energy Solution as the strategic investor in a major electric vehicle battery project in Indonesia [3]. - On April 3, 2025, Australian lithium mining company Galan Lithium (ASX code: GLN) rejected the joint acquisition offer of its Argentine Hombre Muerto West (HMW) and Candelas lithium projects from Zhejiang Huayou Cobalt and Renault Group. The 150 - million - dollar offer was considered "opportunistic and undervalued" by Galan's management [3].

一系列看似独立事件，形成的效应，乃至风暴正在对动储产业全球化趋势产业严重影响，甚至剧 烈冲击。 近日据多方外媒报道，韩国电动汽车 (EV) 电池制造商LG集团及其财团已正式撤回在印度尼西亚 建设电动汽车电池生态系统的计划投资。这一决定标志着该项目自2019年宣布以来，历经多年缓 慢进展后，最终未能落地。 据悉，该项目总投资额达77亿美元，原计划由LG Energy Solution （LG新能源） 、LG Chem （LG化学） 、LX International Corp （LX国际公司） 以及印度尼西亚国有企业共同推进，旨在 构建从原材料采购到电池生产的 "端到端价值链"。印尼作为全球最大的镍生产国，其丰富的镍资 源对电动汽车电池产业至关重要，因此该项目被视为LG集团在全球电池供应链布局中的关键一 环。 （消息来自 "环球网"） 事实上，这还只是动储产业全球化退潮的冰山一角。 据德国媒体4月中旬披露，由于国轩高科与市政府之间的法律纠纷，美国密歇根州梅科斯塔县计 划建设的电动汽车电池生产设施已停工。据了解，国轩计划在格林查特镇建设电池生产设施，该 项目预计投资约23.6亿美元，生产原定于2026年1月开始。 ...

该项目总投资额达77亿美元，原计划由LG Energy Solution（LG新能源）、LG Chem（LG化学）、LX International Corp（LX国际公司）以及印度尼西亚国 有企业共同推进，旨在构建从原材料采购到电池生产的"端到端价值链"。印尼作为全球最大的镍生产国，其丰富的镍资源对电动汽车电池产业至关重要，因 此该项目被视为LG集团在全球电池供应链布局中的关键一环。 【环球网科技综合报道】4月22日消息，据多方外媒报道，韩国电动汽车（EV）电池制造商LG集团及其财团已正式撤回在印度尼西亚建设电动汽车电池生 态系统的计划投资。这一决定标志着该项目自2019年宣布以来，历经多年缓慢进展后，最终未能落地。 尽管取消了印尼项目，但LG集团并未放弃对电动汽车电池业务的投入。据韩联社报道，LG集团计划在未来五年内在韩国投资106万亿韩元（约合人民币 5618亿元），用于研发和未来增长领域，包括电池和电池材料、新一代显示器、人工智能和数据、生物等领域的研发。（青山） 然而，随着全球电动汽车行业形势的变化，特别是电动汽车需求可能放缓的迹象显现，LG财团最终决定停止该项目。业内知情人士透露，LG新能源公司的 ...