A 股市值超万亿元的"宁王"今天在港交所正式上市！ 截至收盘，宁德时代的港股股价上涨16.43%，股价最高为311港元/股，而此前公布H股发售价26 3港元/ 股。 公司收盘市值1.39万亿港元（约合1.28万亿元 人民币）。 「IPO全观察」栏目聚焦首次公开募股公司，报道企业家创业经历与成功故事，剖析公司商业模式和经 营业绩，并揭秘VC、CVC等各方资本力量对公司的投资加持。 作者丨 薛皓皓 编辑丨 关 雎 图源丨宁德时代 匈牙利项目的该规划电池产能为 100 GWh ，是为了靠近奔驰、宝马、 大众等整车厂 客户，更好地响应 欧洲市场需求。 根据股份配发结果公告，本次港股募集资金总额 356.57 亿港元（约合近 329 亿元），提前锁定 2025 年港 股 募 资金额之最。 并且，这次港股 上市 已吸引能源巨头、主权财富基金、顶级市场机构在内的基石投资者的约 204 亿港元 （约合 188 亿元）认购，其中包括中石化、科威特投资局、高 瓴 资本、高毅资产、未来资产、加拿大皇 家银行等。 港股 上市 所募资金的 90% 将投向海外工厂建设，主要用于匈牙利的新能源电池产业基地一期和二期建 设。该基地于 202 ...

来源：环球网 2025年5月20日，宁德时代新能源科技股份有限公司于香港联交所成功上市，成为A+H双平台上市企 业，并创下多项IPO市场纪录。中信集团通过多种金融工具深化与宁德时代合作，并协同旗下各板块资 源，为宁德时代全球化布局与可持续发展提供全方位赋能。 中信建投证券全力做好绿色金融、科技金融等"五篇大文章"，紧扣"要出国、找中信" "来中国、找中 信"服务品牌，以香港为国际化发展的桥头堡与主阵地，通过资本市场服务助力绿色企业、科技企业、 民营企业提升核心竞争力、加速企业出海等国际化进程。宁德时代作为新能源代表企业，本次融资有助 于推动"科技—产业—金融"良性循环，是中信助力新能源企业出海的又一标杆项目。 中信综合金融板块充分发挥"综合金融"的优势，在中信金控牵引下，坚定做好科技金融、绿色金融大文 章，推出"股贷债保"联动科技金融服务体系，"五位一体"绿色金融服务体系，通过多种金融工具深化与 宁德时代合作，为其提供综合金融服务。 2022年，宁德时代成为中信金控战略客户，中信企业家办公室客户。 展望未来，中信将继续秉持专业精神，深耕新能源领域，助力更多优秀企业走向世界舞台，向着"双 碳"目标携手共进，共同 ...

作为新华区"一体两翼"战略中先进制造业的核心阵地，高新技术产业园区将重点项目建设视为经济发展 的"强引擎"。为保障项目高效落地，新华区构建起"县级领导包联、专班推进、定期研判"的全链条工作 体系。每周准时召开园区建设、项目建设暨招商引资工作推进会，对重点项目进度、任务及问题进 行"过筛子"式梳理，明确责任主体与时间节点，确保事事有人管、件件有着落。项目分包领导坚持每周 深入一线督导调研，现场协调解决建设难题，推动项目建设蹄疾步稳。 在协同保障方面，新华区多部门打破壁垒、协同作战。该区财政局提前谋划资金调配方案，确保项目建 设资金及时到位；区环保局主动对接，指导企业做好环保设施建设；区自然资源和规划局科学规划用 地，加快审批流程。此外，园区超前谋划，编制成片开发方案和城市开发边界调整方案并上报省、市审 批，为中国平煤神马集团60吉瓦时储能及动力电池等重大项目预留充足发展空间。一系列组合拳让园区 项目建设驶入"快车道"。 园区内，河南恒一锂能科技有限公司二期厂房涂布车间，崭新的全自动化负极涂布机运转如飞。厂房 外，6辆货车整齐排列在物流通道上。工人熟练地操控叉车，将一箱箱圆柱形锂电池成品稳稳装载上 车。"当前，市 ...

将投中网设为"星标⭐"，第一时间收获最新推送 融资申购额超过2822亿港元。 作者丨 鲁智高 来源丨 投中网 "宁王"正式登陆港股了。 5 月 20 日，宁德时代在港上市。 截至发稿，他们的市值超过1.35万亿港元。 此次 IPO ，中国石化、科威特投资局、高瓴、高毅资产、 UBS 资管、橡树资本、韩国未来资产、加拿大皇家银行、中国太 保、泰康、博裕资本、景林、洛阳科创、中邮理财等 23 名基石投资者共拿出约 26.28 亿美元（约 205.49 亿港元）。 在招股期间，这家公司的公众认购倍数超过 120 倍，融资申购额超过 2822 亿港元。从目前的认购结果来看，宁德时代募资 金额将达到 410 亿港元，不仅成为继快手之后香港市场规模最大的上市项目，同时还有望成为 2025 年全球最大 IPO 。 "宁王"赴港上市 曾毓群身价超3000 亿 在宁德时代发展过程中，曾毓群扮演着灵魂人物的角色。 出生在福建宁德一个农村家庭的曾毓群， 17 岁考入上海交通大学船舶工程系。虽然在本科毕业后被分配到福建一家国企，但 3 个月后看到广东电子产业发展机遇的他选择加入日企 TDK 旗下的东莞新科磁电厂，一做便是十年。 直到 ...

Group 1: Company Developments - Jihong Co., Ltd. (吉宏股份) has launched its IPO in Hong Kong, with subscription ending on May 22. The share price ranges from HKD 7.48 to HKD 10.68, aiming to raise approximately HKD 725 million at the upper price point [1] - Pige Biopharmaceuticals (派格生物医药) has also initiated its IPO, with a share price set at HKD 15.60 and a global offering of 19.2835 million shares. The company focuses on innovative therapies for chronic diseases, particularly in the metabolic disorder sector [4] - Jianbei Miao Miao (健倍苗苗) expects a significant increase in annual profit, projecting a rise of no less than 50% for the year ending March 31, 2025, driven by effective brand management and strong sales performance in its core brands [5] Group 2: Market Trends - The successful IPOs of Jihong Co. and Pige Biopharmaceuticals may stimulate renewed interest in the cross-border e-commerce and biotechnology sectors within the Hong Kong stock market [1][4] - The strong performance of CATL (宁德时代) in the dark market, with an increase of 8.29% to HKD 284.8, reflects high market expectations for its upcoming IPO, indicating robust interest in the renewable energy sector [3] Group 3: Market Performance - The Hang Seng Index closed at 23,332.72, with a slight decline of 0.05% on May 19, indicating a mixed sentiment in the market [6] - The Hang Seng Tech Index and the National Enterprises Index also experienced minor declines of 0.50% and 0.09%, respectively, suggesting a cautious market environment [6]

Core Viewpoint - Wanrun New Energy has signed a business cooperation agreement with CATL to supply approximately 1.32 million tons of lithium iron phosphate products from May 2025 to 2030, with a commitment from CATL to purchase at least 80% of the agreed amount monthly [1] Group 1: Company Overview - Wanrun New Energy, established in 2010, focuses on the research and production of new energy battery cathode materials and their precursors, becoming a leading player in the lithium iron phosphate cathode material sector in China [1] - The company's main products include lithium iron phosphate, iron phosphate, and sodium-ion battery cathode materials, widely used in power batteries for electric vehicles and energy storage [1] Group 2: Product Performance - In 2024, Wanrun New Energy's lithium iron phosphate product shipment reached 228,200 tons, representing a year-on-year growth of 39.07%, with both production capacity and sales scale ranking among the industry leaders [1] - High-density lithium iron phosphate is a high-performance cathode material that can achieve a packing density of over 2.6 g/cm³, with some advanced products exceeding 2.7 g/cm³, significantly enhancing battery energy density and fast charging performance [1] Group 3: Industry Trends - The demand for energy density optimization has become a focal point in the industry due to the increasing requirements for range and charging efficiency in electric vehicles [1] - The high-density lithium iron phosphate technology is viewed as a new competitive edge, with leading domestic companies having developed to the fourth generation of this technology and entering customer validation stages [1]

在中国电池企业在全球市场取得不俗表现的背景下，美国本土新能源产业对中国供应链的依赖和需求持 续上升。中国海关总署数据显示，2020年至2024年，美国连续5年稳居中国锂电池出口头号市场。2024 年，美国从中国进口的锂电池交易额创下历史新高，达到153.15亿美元，占中国锂电池出口总额的 25%。与市场需求旺盛相对应的，是美国本土企业的供给能力不足。从全球新能源电池企业的市值、产 能和技术实力来看，美国本土企业在与中资电池企业竞争中处于下风。这是"优胜劣汰"的市场竞争规律 使然，并不是美国捏造的所谓"中国试图取代美国霸权"叙事。然而，面对激烈的外部竞争，美国首要考 虑的不是修炼内功，而是通过立法恶意打压中国企业，动用国家机器为本国企业在竞争中取得优势。 5月15日，比亚迪在匈牙利布达佩斯正式宣布成立欧洲总部。这标志着中欧在新能源领域合作又向前迈 进了一大步，具有重要意义。当美国众议院以"国家安全"为名通过"脱离外国敌对电池依赖法案"，禁止 国土安全部从宁德时代等六家中企采购电池时，中欧正以"技术互补、市场共生、规则共建"的绿色合 作，为全球可持续发展开辟新路：零和博弈注定被时代抛弃，合作共赢才是唯一出路。 中 ...

证券研究报告 | 2025 年 05 月 16 日 | | --- | | | | 评级变动： 维持 行业涨跌幅比较 % 1M 3M 12M 新能源电池 5.78 -4.47 -5.61 沪深 300 3.94 -0.81 6.84 -18% -8% 2% 12% 22% 32% 2024-05 2024-08 2024-11 2025-02 新能源电池 沪深300 杨鑫 分析师 执业证书编号:S0530524050001 yangxin13@hnchasing.com 相关报告 1 AIDC 电池行业深度报告：AIDC 高景气，UPS 及 BBU 电池受益 2025-04-10 2 3 月电池月度数据点评：3 月电池产量 118.3GWh，同比增长 54.3%2025-04-14 3 新能源电池行业点评："海星"钠电发布，看 好未来应用趋势 2025-03-31 行业点评 新能源电池 4 月电池产量 118.2GWh，同比增长 49.0% | 重点股票 | 2024A | | 2025E | | 2026E | | 评级 | | --- | --- | --- | --- | --- | --- | --- ...

Group 1 - The China Securities New Energy Index decreased by 0.92% as of May 14, 2025, with mixed performance among constituent stocks, where EVE Energy led with a 2.99% increase, while Daqo New Energy experienced the largest decline [1] - The New Energy ETF (159875) saw a cumulative increase of 4.76% over the past week as of May 13, 2025 [1] - The New Energy ETF recorded a turnover rate of 1.07% and a transaction volume of 9.8887 million yuan, with an average daily transaction volume of 36.4878 million yuan over the past year, ranking it among the top two comparable funds [3] Group 2 - The New Energy ETF experienced a significant growth in scale, increasing by 13.7171 million yuan over the past week, and its new scale also ranked among the top two comparable funds [3] - The ETF's share increased by 64.5 million shares over the past six months, marking a significant growth and ranking it among the top two comparable funds [3] - The latest financing buy-in amount for the New Energy ETF reached 1.0637 million yuan, with a financing balance of 33.6237 million yuan, indicating continued interest from leveraged funds [3] Group 3 - The valuation of the index tracked by the New Energy ETF is at a historical low, with a latest price-to-book ratio (PB) of 2.09, which is lower than 82.86% of the time over the past three years, highlighting its attractive valuation [3] - The 17th Shenzhen International Battery Technology Exchange and Exhibition (CIBF2025) is scheduled to take place from May 15 to 17, 2025, showcasing new technologies such as solid-state, sodium, hydrogen fuel, and integrated solar storage solutions [3] Group 4 - Guohai Securities indicated that solid-state batteries meet the increasing performance demands in downstream sectors and have significant application expansion potential in emerging industries [4] - The top ten weighted stocks in the China Securities New Energy Index as of April 30, 2025, include CATL, LONGi Green Energy, Sungrow Power Supply, China Nuclear Power, and others, collectively accounting for 44.26% of the index [4]

Core Viewpoint - The performance of Jiangsu listed companies in 2024 shows a mixed picture, with total revenue reaching 3.45 trillion yuan, a slight increase of 0.4% year-on-year, while net profit decreased, indicating pressures but also resilience in operations [2][3]. Revenue and Profitability - Jiangsu listed companies achieved a total revenue of 3.45 trillion yuan in 2024, with a net profit of 238.12 billion yuan, reflecting a decline compared to the previous year [3]. - Over 60% of listed companies reported revenue growth, and nearly 80% were profitable, showcasing strong operational quality across various sectors [3]. Sector Highlights - Innovative pharmaceutical companies are entering a harvest phase, with Tai Zhou Ya Hong Pharmaceutical reporting a revenue of 202 million yuan, a staggering increase of 1365.55% year-on-year [3]. - Wuxi Di Zhe Pharmaceutical achieved a revenue of 360 million yuan, up 294.24%, driven by rapid commercialization [3]. Mechanical Equipment Sector - The mechanical equipment sector showed enhanced profitability, with over ten companies reporting net profit growth exceeding 100%, driven by energy-saving policies and strong demand [5]. - Yangdian Technology's net profit surged by 939.68%, highlighting the sector's robust performance [5]. Research and Development Investment - Jiangsu listed companies invested a total of 124.48 billion yuan in R&D in 2024, a 1.2% increase, with an average R&D expenditure of 180 million yuan [6]. - Over 200 companies reported having core technological capabilities, with R&D intensity reaching 3.6% overall and 7.4% for the Sci-Tech Innovation Board [6][7]. Mergers and Acquisitions - Mergers and acquisitions are becoming a key strategy for enhancing performance and competitiveness, with Jiangsu companies actively pursuing domestic and international acquisitions [9][10]. - Notable acquisitions include Longpan Technology's purchase of a battery company for approximately 100 million yuan and Nanwei Medical's acquisition of a 51% stake in a subsidiary for about 289 million yuan [9][10]. Cash Flow and Financial Health - The net cash flow from operating activities for Jiangsu listed companies reached 393.36 billion yuan, indicating strong financial health and the ability to support acquisitions [11].