Core Viewpoint - The recent week saw a quiet IPO market in Hong Kong, with three companies submitting applications and one company halting its IPO due to ongoing disputes, while several A-share companies announced preparations for Hong Kong IPOs [1][2]. A-Share Dynamics - Shenzhen Beixin Life Technology Co., Ltd. successfully passed its IPO review on July 18, aiming to raise 0.952 billion yuan, marking it as the second company this month to adopt the fifth set of standards for the Sci-Tech Innovation Board [2]. - Beixin Life focuses on innovative medical devices for cardiovascular disease diagnosis and treatment, and is recognized as a national high-tech enterprise [2]. Newly Listed Companies 1. **Viliant Biotech-B (09887.HK)** - Listed on July 17, raising approximately 1.01 billion HKD, becoming the first "B" labeled new stock in the Hong Kong innovative drug sector [3]. - The company has completed eight rounds of financing, totaling 1.084 billion yuan, and focuses on developing new therapies for cancer and autoimmune diseases [3]. 2. **Lianqi Technology (06610.HK)** - Listed on July 16, raising about 5.89 billion HKD, with projected revenue of 3.64 billion yuan and net profit of 1.34 billion yuan for 2024 [4][5]. - The company specializes in high-performance, low-power interconnect solutions for cloud computing and AI infrastructure [4]. 3. **Xingyuan Material (01908.HK)** - Listed on July 15, raising approximately 3.31 billion HKD, and is the leading manufacturer of lithium-ion battery separators globally [6]. - The company has seen its market share grow from 11.0% in 2020 to 14.4% in 2024, with significant clients including LG Energy, Samsung SDI, and CATL [6]. 4. **Lao Xiang Ji (09981.HK)** - Listed on July 15, raising about 1.55 billion HKD, and is the largest Chinese fast-food brand by transaction volume in 2024 [7][8]. - The company operates a mix of direct and franchise models, with a total of 1,564 stores across nine provinces and 58 cities as of April 30, 2025 [7][8]. Companies Submitting Applications 1. **WeDoctor Holdings** - Submitted its application on July 16, with Morgan Stanley as the exclusive sponsor, ranking second in China's online medical service market by revenue [9]. - The company aims to enhance grassroots medical institutions' capabilities through AI applications [9][10]. 2. **Hive Energy** - Submitted its application on July 15, with CITIC International and Citigroup as joint sponsors, ranking sixth globally and third domestically in battery installation volume for 2024 [11][12]. Market Dynamics - The Shanghai Stock Exchange announced the termination of an IPO application by Wendoli Sunshade Materials [13]. - As of July 18, 2025, there are 34 companies that have passed the IPO review but have not yet received approval from the China Securities Regulatory Commission [13].

Core Viewpoint - The Chinese new energy vehicle (NEV) industry demonstrated robust growth in the first half of 2025, with production and sales reaching approximately 7 million units, reflecting year-on-year increases of 41.4% and 40.3% respectively, and a market penetration rate of 44.3% [2] Group 1: Market Performance - In the first half of 2025, domestic sales of NEVs reached about 5.88 million units, a year-on-year growth of 35.5%, while exports surged to 1.06 million units, marking a staggering increase of 75.2% [2] - The dual-driven demand from both domestic and international markets indicates a strong resilience and competitive edge of the Chinese NEV industry on a global scale [2] Group 2: Battery Industry Growth - The NEV market expansion has significantly boosted the power battery industry, with cumulative production of batteries reaching approximately 697 GWh, a year-on-year increase of 60.4%, and sales hitting about 659 GWh, up 63.3% [3] - Power batteries accounted for 485.5 GWh of the total sales, representing 73.7% of the market, with a year-on-year growth of 51.6% [3] Group 3: Structural Changes in Battery Installation - The commercial vehicle segment emerged as a surprising growth highlight, with domestic sales of new energy commercial vehicles reaching 354,000 units, a year-on-year increase of 55.9%, and exports of 49,000 units, which skyrocketed by 230% [4] - The demand for power batteries in commercial vehicles is driven by the dual push from the logistics industry's low-carbon transition and urban public transport electrification policies [4] - The trend of battery type differentiation is intensifying, with lithium iron phosphate batteries accounting for 81.4% of total installations, growing by 73% year-on-year, while ternary batteries saw a decline of 10.8% [4][5] Group 4: Export Performance and Globalization - Plug-in hybrid vehicle exports reached 390,000 units, a remarkable year-on-year increase of 210%, significantly outpacing the growth of pure electric vehicles [5] - The global demand for transitional electrification solutions, particularly in Europe, is driving the growth of plug-in hybrid models, presenting differentiated growth opportunities for supporting battery companies [5] - Cumulative exports of power and other batteries reached 127.3 GWh, a year-on-year increase of 56.8%, with power battery exports at 81.6 GWh, accounting for 64.1% of total exports, and growing by 26.5% [5] Group 5: Overall Industry Outlook - The collaborative growth of the NEV and power battery industries in the first half of 2025 is a result of technological advancements and market maturation, benefiting from the global energy transition [6] - The industry must remain vigilant against potential risks such as overcapacity and raw material price fluctuations, while continuing to innovate in emerging battery technologies like solid-state and sodium-ion batteries [7]

Core Insights - The forum "Ningde Empowerment: All-domain Electric" aims to explore new application scenarios for power batteries beyond the popular topic of "new energy power batteries" [1] - The event highlights China's strategic shift from being a technology follower to an ecological leader in the new energy sector, providing a valuable practical model for global green transformation [1] Group 1: Electric Vehicles and Logistics - Heavy-duty trucks are identified as a crucial area for electric vehicles, with the "distributed drive + distributed brake" technology supporting road trains seen as a solution for trunk logistics [2] - The integration of Ningde Times' standard battery swap modules is expected to upgrade highway networks into a "flexible railway network," enhancing single-trip capacity by 200%, reducing driver costs by 50%, and lowering energy consumption by 27% [2] - The global market for heavy-duty electric trucks is projected to reach 3 million units by 2030, driving the value of the vehicle, electricity, and charging industry chain to exceed 1 trillion [2] Group 2: Marine Applications - Electric yachts are highlighted as a significant breakthrough in the all-domain electric sector, with China's entertainment vessels numbering only 25,000 [2] - With policy support, affordable electric yachts priced around 200,000 yuan are expected to activate a water consumption demand of 140 million people, creating a market worth 2.8 trillion [2] - The operational costs of electric yachts are only 20% to 30% of those of fuel-powered boats, enabling the creation of multifunctional "water spaces" for living, working, and tourism [2] Group 3: Ecosystem Development - The concept of "ecological magnet" is introduced, where Ningde Times acts as an industry magnet while the government plays the role of a gardener, nurturing technology and facilitating ecosystem connectivity [2] - The ultimate goal is to shift the global industry chain from survival competition to ecological win-win scenarios [2]

Group 1 - In 2024, China has 372 unicorn companies with a total valuation exceeding $1.2 trillion, with 11 super unicorns contributing over 40% of this valuation, totaling $538.5 billion [1] - 53 companies became new unicorns in 2024, with notable mentions including Honor, Yangtze Memory Technologies, and Yiwang Intelligent, which also entered the super unicorn category [1] - The report highlights the strong innovation capabilities of unicorn companies, with 288 companies holding a total of 27,200 valid invention patents and 95 companies applying for 1,627 PCT patents [3] Group 2 - The integrated circuit sector remains the largest category for unicorns, with 56 companies and a total valuation of $161.8 billion, and it produced 12 new unicorns in 2024 [2] - The geographical distribution shows that "Beijing, Shanghai, and Shenzhen" are the main hubs for unicorn companies, with 75, 59, and 42 companies respectively [3] - Shenzhen leads the nation in new unicorns, with 13 new companies, accounting for 25% of the total new unicorns in China [6] Group 3 - Shenzhen's unicorn companies have a total valuation of $159.9 billion, with 4 super unicorns contributing 56% of this valuation [4] - Over 80% of Shenzhen's unicorns are global companies, expanding through overseas factories and marketing networks [6] - The distribution of unicorns in Shenzhen shows that Nanshan District has the highest concentration with 20 companies, making up 48% of the total [7]

Group 1 - The core viewpoint of the article highlights the competitive landscape of the power battery industry, particularly focusing on the challenges faced by Yiwei Lithium Energy as it prepares for its IPO in Hong Kong amidst a tightening market dominated by giants like CATL and BYD [2][3][4]. - Yiwei Lithium Energy has been actively expanding its production capacity, with plans exceeding 300 GWh, but faces a declining market share, dropping to 2.3% in 2024, ranking fifth among domestic manufacturers and ninth globally [7][9][11]. - The company has experienced increasing net losses despite revenue growth, with a projected revenue of 48.615 billion yuan in 2024, a slight decrease of 0.35% year-on-year, and a net profit of 4.076 billion yuan, reflecting a marginal increase of 0.63% [11][12][20]. Group 2 - The article discusses the aggressive financing strategy of Yiwei Lithium Energy, which has raised over 26 billion yuan through multiple rounds of financing since 2020, indicating a strong push for market presence and capacity expansion [16][18]. - The company is also focusing on international markets, with significant investments planned for its production bases in Hungary and Malaysia, aiming to leverage high-margin opportunities abroad [15][30]. - The competitive environment is characterized by a "stock competition" phase, where market share is increasingly concentrated among top players, leaving second-tier manufacturers like Yiwei Lithium Energy with limited room for growth [24][31].

从个股来看，44股主力资金净流入均超1亿元，其中8股净流入均超3亿元。 多元金融股中油资本主力资金净流入10.44亿元，居首；该股早盘一度涨停，收盘涨幅回落至5.98%。 动力电池龙头宁德时代主力资金净流入5.07 亿元，居次席。 消息面上，高盛近期研报指出，预计宁德时代今年第二季度收入将达到1047亿元，纯利将达到156亿元，认为其估值具有吸引力，维持对宁德时代 A股和H股的"买入"评级。 （原标题：主力资金丨尾盘抢筹股出炉，3股最受青睐） 10个行业主力资金净流入。 据证券时报·数据宝统计，今日（7月18日）沪深两市主力资金净流出256.41亿元，其中创业板净流出121亿元，沪深300成份股净流出35.7亿元。 行业板块方面，申万一级有22个行业上涨，有色金属行业涨幅居首，达2.1%；基础化工、钢铁、煤炭和交通运输行业涨幅居前。下跌行业中，传 媒行业跌幅居首，为0.98%；电子、轻工制造、公用事业、通信和建筑材料行业均为微跌。 从资金流向来看，申万一级行业中，10个行业获主力资金净流入。有色金属行业净流入金额居首，为14.9亿元；非银金融和交通运输行业分别获 净流入4.37亿元、3.37亿元。环保、电力设 ...

Core Insights - In 2024, China has 372 unicorn companies with a total valuation exceeding $1.2 trillion, with 11 super unicorns contributing over 40% of this valuation, totaling $538.5 billion [4][5] - The report highlights that 53 companies have newly become unicorns, with notable entries like Honor, Yangtze Memory Technologies, and Yiwang Intelligent also qualifying as super unicorns [4][5] - The unicorns are distributed across 41 sectors, with integrated circuits, clean energy, innovative pharmaceuticals, and power batteries being the leading sectors, each having over 15 unicorns [5] Sector Analysis - The integrated circuit sector has maintained its position as the sector with the most unicorns for four consecutive years, housing 56 unicorns with a total valuation of $161.8 billion in 2024, including 12 new unicorns [5] - Other sectors such as robotics, enterprise digital operations, new retail, and artificial intelligence also show significant representation, each with over 10 unicorns [5] Regional Distribution - The "Beijing-Shanghai-Shenzhen" area is the primary hub for unicorn companies, with 75 in Beijing, 59 in Shanghai, and 42 in Shenzhen [5] - Shenzhen leads the nation with 42 unicorns, whose total valuation reaches $159.9 billion, with 4 super unicorns accounting for 56% of this valuation [7] Innovation and Financing - Unicorn companies demonstrate strong innovation capabilities, with 288 unicorns collectively holding 27,200 valid invention patents, and 95 companies applying for 1,627 PCT patents [5] - In terms of financing, RMB financing has increased to 74.3%, with state-owned capital participating in 60% of the investments, focusing on "bottleneck" technology areas [5] New Unicorns in Shenzhen - Shenzhen has produced 13 new unicorns in 2024, accounting for a quarter of the national total, with sectors including smart hardware, AR/VR, surgical robotics, and clean energy represented [8] - The leading area in Shenzhen for unicorns is Nanshan District, which has 20 unicorns, making up 48% of the city's total [8]

Core Viewpoint - The UAE company Autocraft has signed a significant procurement agreement with Chinese eVTOL manufacturer TCab to purchase 350 E20 eVTOLs for a total amount of $1 billion, aiming to promote low-altitude tourism and air travel in the Middle East and North Africa [1][6] Group 1: Procurement Agreement - Autocraft's order of 350 E20 eVTOLs represents a major step for Chinese high-end manufacturing in international markets, highlighting the importance of battery technology in the eVTOL industry [1][6] - The deal positions Funeng Technology as the exclusive supplier of the second-generation semi-solid state batteries for the E20 model, emphasizing the critical role of battery technology [1][6] Group 2: Battery Technology - Funeng Technology's second-generation semi-solid state battery has an energy density of 330-350 Wh/kg and a cycle life exceeding 4000 times, which could support over 1000 kilometers of range in passenger vehicles [2][6] - The eVTOL industry faces challenges in battery selection, with manufacturers exploring dual technology routes to meet varying energy density needs [3][6] - The soft-pack battery format allows for higher energy density chemical systems, particularly beneficial for accommodating high silicon and lithium metal anode expansion [4][6] Group 3: Market Implications - The successful procurement signals a breakthrough in safety for semi-solid state soft-pack batteries, which have previously faced safety concerns with traditional liquid electrolytes [5][6] - The commercial value of the order is significant, with battery costs typically accounting for around 40% of the eVTOL's total value, potentially generating over 2.5 billion RMB in contracts for Funeng Technology [5][6] - The eVTOL market is becoming increasingly competitive, with companies like Joby Aviation expanding production capabilities to launch air taxi services by 2026 [6]

Group 1 - The retail sales of new energy passenger vehicles reached 1.111 million units in June 2025, representing a year-on-year growth of 29.7% and a month-on-month increase of 8.2% [1] - Cumulative retail sales from January to June 2025 amounted to 5.468 million units, showing a year-on-year increase of 33.3% [1] - Exports of new energy passenger vehicles in June reached 198,000 units, a significant year-on-year surge of 116.6%, accounting for 41.1% of total passenger vehicle exports, marking a 17.6 percentage point increase from the same period last year [1] Group 2 - As of June 30, 2025, the proportion of new energy vehicles in the total vehicle ownership in China reached 10.27% [1] - The National Development and Reform Commission highlighted the integration of artificial intelligence into daily life, with smart devices like smartphones, smart homes, and smart cars gaining popularity among consumers [1] - By the end of 2024, the total number of charging infrastructure units in China is expected to reach 12.818 million, effectively supporting the large-scale adoption of new energy vehicles [1] Group 3 - The top ten holdings of the fund "Qingguo Xuyuan Three-Year Holding Period Mixed A" are highly concentrated in the high-end manufacturing industry chain and Hong Kong technology sectors [2] - As of July 15, the fund achieved a return of 21.42% over the past year [2] - The fund's top ten stocks include leading companies in the power battery sector such as CATL and Keda Li, as well as major internet companies like Tencent and Meituan in the Hong Kong market [2] Group 4 - The Chinese new energy vehicle supply chain continues to grow rapidly, with low-end capacity being rapidly eliminated after two years of price declines, leading to marginal improvements in the industry [2] - It is recommended to focus on battery and structural component sectors that benefit from low upstream raw material prices and stable profitability [2] - The demand for electric vehicles in Europe remains strong, with June sales in eight countries reaching 207,000 units, reflecting a year-on-year growth of 19% [2]

中新网北京7月18日电 (单鹏)"在产业根基、科创生态以及政策东风支撑下，四川对国际资金的吸引力还 是非常强的，外资在四川的规模存量长期是中西部第一，而且融入了整个产业链。"近日，中国人民大 学长江经济带研究院院长、财政金融学院教授涂永红在北京参加第三届中国国际供应链促进博览会时表 示。 2017年11月，中国人民大学与四川省宜宾市签署合作协议，联合成立长江经济带研究院。涂永红2021年 进入长江经济带研究院工作。她在接受采访时说，通过对长江经济带110个城市进行比较研究，她发现 产业、金融、人才要素的聚集，让四川成为投资热土。 涂永红还看到，四川拥有让年轻人充分释放创造力的土壤，既有万亿级新兴产业，也有未来赛道，各类 产业园区和高新区，为创新创业搭好广阔舞台；在政策层面，四川的资金、人才认定、营商环境均处全 国前列，给人很强的归属感，"四川很多城市拥有乐观、包容的城市气质，年轻人来到这里后可以自由 生长，实现创业梦想。"(完) "投资四川就是投资未来。"她表示，在四川，技术、产业与资本形成良性循环，集聚效应和资源共享让 企业的价值成倍放大，获得更高的投资回报率。 四川为何适宜投资？涂永红认为，成渝地区正在成 ...