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].

5月16日，宁德时代公告称，公司H股将于5月20日进行买卖。 | 證券代號 | 證券簡稱 | 買賣單位 | | --- | --- | --- | | --- | -- | FOR BOOK | | 3750 | 寧德時代 | 100H股 | 目前，宁德时代成为市场热议股票。富途牛牛数据显示，宁德时代的综合热度、搜索热度、资讯热度均排名首位。 5月15日，宁德时代港股公开发售结束，融资认购倍数超120倍，认购金额突破2800亿港元，位居近半年港股新股冻资榜第3位，仅次于蜜雪集团和布鲁 可。 【导读】宁德时代港股IPO认购火爆，认购金额超2800亿港元 中国基金报记者邱德坤 在宁德时代港股IPO的基石投资者认购中，科威特投资局、中石化、高瓴资本排名前三，计划申购股份数量占比分别为12.50%、12.50%、5%。 | 老虎国际 | | --- | | 149.13亿 | | 华泰国际 | | 60.02亿 | | 招银国际 | | 45.00亿 | | 华盛证券 | | 28.00亿 | | 长桥证券 | | 27.48亿 | | 真他 | | 20 8717 | 来源：富途牛牛 宁德时代港股IPO认购火爆 自 ...

Core Viewpoint - The diaphragm is a critical component in power batteries, essential for preventing short circuits and overheating, and the industry is poised for significant growth driven by the global push for carbon neutrality and supportive government policies [1][18]. Industry Overview - The power battery diaphragm is a porous film that separates the positive and negative electrodes in batteries, preventing short circuits and facilitating lithium-ion migration. It is categorized into dry-process and wet-process diaphragms based on production methods [3][4]. - The global lithium battery diaphragm market is expected to see a substantial increase, with China's diaphragm shipment volume projected to grow by 28.60% year-on-year in 2024, reaching 22.75 billion square meters [1][21]. Industry Policies - The Chinese government has implemented various supportive policies to foster the development of the new energy vehicle industry, which in turn boosts the diaphragm sector. Key policies include enhancing battery safety standards and promoting the integration of new energy vehicles with the power grid [5][6]. - Local governments, such as those in Guizhou and Chongqing, have also introduced initiatives to support the diaphragm production and technology advancements [5][7]. Industry Development History - The Chinese diaphragm industry began in the early 2000s, with significant advancements in technology and production capacity occurring after 2010. By 2014, Chinese manufacturers started supplying major automotive companies, marking a shift towards global competitiveness [8][17]. Industry Chain - The diaphragm industry chain includes upstream raw materials like polyethylene and polypropylene, with domestic production increasingly meeting the needs of diaphragm manufacturers. The midstream involves diaphragm production, while the downstream consists of battery manufacturers [10][12]. Market Dynamics - The competition in the diaphragm industry is intensifying, with major players expanding capacity and facing price competition. Key companies include Enjie, Cangzhou Mingzhu, and Xingyuan Materials, with wet-process diaphragms gaining a larger market share [23][25]. Future Trends - The industry is moving towards high-performance materials and technological upgrades, focusing on thinner and higher porosity diaphragms. There is also a trend towards vertical integration and regional industrial clusters to enhance supply chain security [29][30]. - Companies are increasingly looking to expand globally and participate in standard-setting to enhance their competitive edge in international markets [31][32].

值得关注的是，在新能源汽车快速发展的背景下，发动机企业也开始积极探索新能源产品的研发与生产，以拓展新的业务领域和增长点。例如，潍柴动力坚 持"燃料电池、混合动力、纯电动"多路线并举，抢占新能源动力市场先机，新能源整车整机战略逐步落地。据悉，2025年3月，潍柴弗迪（烟台）新能源动 力产业园首台电池产品下线，该产业园由潍柴和比亚迪联合打造，是目前全球最大的商用车专用电池生产基地之一；4月，潍柴动力旗下陕汽重卡在潍柴 （烟台）新能源产业园，发布全自主新能源"智汇"重卡品牌。云内动力在新能源动力方面，也持续加大混动、增程式、双燃料、氢燃料电池等新能源产品的 开发推广，持续推进"智能农机项目"、"L4自动驾驶物流配送车项目"等新兴业务，助力公司转型升级。 4月一过，随着2024年报陆续出炉，汽车零部件上市公司的业绩披露情况成为市场关注的焦点，也展现出行业转型期的复杂生态。在全球汽车产业格局 深度重塑的过去一年，零部件行业加速"洗牌"。 从整个汽车行业来看，以旧换新政策的实施极大地激发了市场的消费活力。在这一波市场增长中，新能源汽车的表现格外引人注目。2025年1～3月，我国新 能源汽车产销累计完成318.2万辆和30 ...

Core Insights - Yibin is rapidly transforming its industrial landscape, moving from traditional industries to emerging sectors such as new energy storage and intelligent connected new energy vehicles [2][3] - The city has established a modern industrial system characterized by four leading industries (high-quality liquor, power batteries, crystalline silicon photovoltaics, digital economy), four traditional industries (machinery manufacturing, light industry textiles, energy chemicals, building materials), and four future industries (new energy storage, digital energy, intelligent connected new energy vehicles, general artificial intelligence assistance) [2] - Yibin's energy storage industry achieved a production value of 1 billion yuan in the first quarter, a significant increase from zero in the same period last year [2] Industry Developments - Sichuan Silia Fiber Technology Co., Ltd. has launched China's first T2T (textile-to-textile) recycling pilot production line for waste textiles, breaking foreign technology monopolies [2] - Yibin Yingfa Derui Technology Co., Ltd. is set to become the first company in Western China to mass-produce BC solar cells, with production expected to start by the end of May [2] - Yibin Tianyuan Lithium Battery New Materials Co., Ltd. has achieved industry-leading density in lithium iron phosphate cathode materials and supplies several leading power battery companies [2] Company Innovations - Yibin's companies are focusing on innovation and new materials, with Yibin Tianyuan Group transitioning to the new energy vehicle market by producing key components for power batteries [3] - Yibin Silia Group is expanding into the new materials sector with a green low-carbon new material project expected to generate 800 million yuan in revenue this year [3] - Yibin's enterprises are actively pursuing technological advancements, such as the collaboration between Yingfa Derui and Longi Green Energy to develop next-generation BC solar cells with an efficiency increase from approximately 27% to over 30% [3] Future Outlook - Yibin is planning to enhance its investment attraction efforts, focusing on emerging industries like low-altitude economy and embodied intelligence, with specialized teams established for forward-looking research [3] - The city aims to replicate its success in photovoltaic and power battery sectors across new emerging industries, indicating a strategic shift towards future-oriented economic development [3]

Core Viewpoint - Yibin is undergoing significant industrial transformation, shifting from traditional industries to emerging sectors like digital economy and new energy, aiming to enhance its economic growth and maintain its position as a key economic center in the region [1][2]. Group 1: Industrial Transformation - Yibin's government is focusing on developing "rooted industries" by transitioning from traditional sectors ("one black and one white") to new industries ("one blue and one green"), with key sectors like quality liquor and power batteries achieving annual output values exceeding 100 billion yuan [2]. - The city has signed 533 projects in the past three years, emphasizing the importance of project conversion into urban development momentum through strategic industry selection and robust investment attraction [3]. Group 2: Investment and Support Strategies - Yibin is actively attracting leading enterprises and high-growth companies, aiming to build a strong industrial ecosystem by linking enterprises and enhancing the supply chain [3]. - The city provides comprehensive support to enterprises, focusing on technological innovation and ensuring high survival rates for businesses through collaborative efforts in manufacturing, research, and application [3]. Group 3: Urban Development and Economic Role - Yibin is enhancing its urban functions and commercial offerings to create a vibrant city, as evidenced by initiatives like the distribution of "fuel vouchers" to boost local consumption [4]. - The city is committed to maintaining strategic confidence and addressing economic fluctuations, leveraging its educational institutions to inject vitality into industrial development [5]. - Yibin is addressing development gaps in urban and regional economies, focusing on collaborative industrial layouts to enhance overall competitiveness [6].