Group 1 - Investment managers are likened to "explorers" in the capital market, requiring both strategic vision and data-driven insights to navigate industry opportunities [1] - The construction of a career capability pyramid involves three core dimensions: financial analysis, industry trend detection, and negotiation skills [1] - The CDA data analyst certification is becoming essential for investment professionals, enhancing their ability to analyze data amidst traditional financial analysis [2] Group 2 - The analysis of cash flow statements is critical, as demonstrated by a smart home company that showed accounting profits but negative operating cash flow, indicating flaws in its business model [2] - The use of Monte Carlo simulations in dynamic financial modeling helps quantify investment return ranges under different market conditions [2] - The importance of obtaining certifications like CPA is emphasized as it equips professionals with essential skills in financial analysis and corporate valuation [2] Group 3 - The transition from executor to decision-maker involves establishing a research framework and gaining practical experience through tasks like due diligence and market analysis [2] - Utilizing tools like Tableau for dynamic valuation models can visually represent changes in internal rate of return (IRR) based on varying growth rate assumptions [2] - The ultimate certifications for investment professionals include CFA and EMBA, which provide a global perspective on capital operations [2] Group 4 - The ability to clean and visualize data using Python is highlighted as a key skill for making informed decisions [3] - Machine learning algorithms can be applied to supply chain data for risk modeling, enhancing investment decision-making [3] - The implementation of CDA certification has led to significant improvements in data analysis depth and reduced investment decision cycles [3] Group 5 - Building a personal capability matrix is crucial, as each new skill acts as a lever for career advancement [3] - A three-year growth roadmap is suggested, focusing on completing CPA and CDA certifications while preparing for CFA [3] - Continuous evolution in skills is emphasized as a key factor for clarity in career advancement within the capital market [3]

（原标题：A股股价破新高，H股溢价，"宁王"再掀资本热浪?） 21世纪经济报道记者费心懿 全球动力电池及储能电池出货冠军宁德时代（300750.SZ；3750.HK）在港股二次上市之后，A/H股股价均大幅增长。9月15日，其股价涨幅超 9%，市值创下新高。 9月16日，宁德时代A股成交额继续保持活跃，超100亿元。 截至9月16日，宁德时代A股市值1.63万亿元人民币，H股市值1.78万亿港元，对应1.62万亿元人民币。 "宁链"强势上涨 这一波股价新高不仅刷新了宁德时代自身的市值纪录，更在资本市场引发连锁反应。 宁德时代股价的突破性上涨，首先在动力电池产业链引发强烈共振。9月15日当天，电池指数（申万）盘中涨幅一度超过8%，形成板块性行情。 在直接供应商群体中，这种带动效应尤为显著。与宁德时代签订60亿元采购协议的龙蟠科技（603906.SH）16日开盘一字涨停，主营电池材料的 天赐材料（002709.SZ）15日涨停，锂电铜箔龙头中一科技（301150.SZ）一度20CM涨停封板。 这种产业链传导效应背后，是市场对宁德时代产能扩张计划的积极回应。根据券商研究所数据，宁德时代对2026年的要货指引上修至11 ...

21世纪经济报道记者费心懿 全球动力电池及储能电池出货冠军宁德时代（300750.SZ；3750.HK）在港股二次上市之后，A/H股股价 均大幅增长。9月15日，其股价涨幅超9%，市值创下新高。 9月16日，宁德时代A股成交额继续保持活跃，超100亿元。 截至9月16日，宁德时代A股市值1.63万亿元人民币，H股市值1.78万亿港元，对应1.62万亿元人民币。 "宁链"强势上涨 这一波股价新高不仅刷新了宁德时代自身的市值纪录，更在资本市场引发连锁反应。 宁德时代股价的突破性上涨，首先在动力电池产业链引发强烈共振。9月15日当天，电池指数（申万） 盘中涨幅一度超过8%，形成板块性行情。 在直接供应商群体中，这种带动效应尤为显著。与宁德时代签订60亿元采购协议的龙蟠科技 （603906.SH）16日开盘一字涨停，主营电池材料的天赐材料（002709.SZ）15日涨停，锂电铜箔龙头中 一科技（301150.SZ）一度20CM涨停封板。 这种产业链传导效应背后，是市场对宁德时代产能扩张计划的积极回应。根据券商研究所数据，宁德时 代对2026年的要货指引上修至1100GWh，同比增长46%。 外资投行摩根大通9月14日 ...

Core Viewpoint - CATL (Contemporary Amperex Technology Co., Limited) has seen significant stock price increases following its secondary listing in Hong Kong, with market capitalization reaching new highs, reflecting strong investor confidence and market dynamics in the battery sector [1][4]. Group 1: Stock Performance and Market Reaction - On September 15, CATL's stock price surged over 9%, leading to a market capitalization of approximately 1.63 trillion RMB for A-shares and 1.78 trillion HKD for H-shares, equivalent to about 1.62 trillion RMB [1]. - The stock price increase triggered a strong response in the battery supply chain, with the battery index rising over 8% on the same day, and suppliers like Longpan Technology and Tianci Materials hitting their daily price limits [5][6]. - CATL's stock performance has activated investment enthusiasm across the entire new energy sector, with related indices also showing significant gains [7]. Group 2: Demand and Supply Dynamics - CATL has revised its 2026 demand forecast upwards to 1100 GWh, a 46% increase year-on-year, indicating robust market demand for its products [6]. - The company is experiencing a surge in orders for energy storage batteries, with some manufacturers reporting that they cannot fulfill orders even at increased prices [14]. - The recent policy changes in China, including the "New Energy Storage Scale Construction Action Plan," aim to significantly boost the installed capacity of new energy storage systems, further driving demand for CATL's products [10][11]. Group 3: Financial and Investment Insights - Morgan Stanley upgraded CATL's H-share rating from neutral to overweight, citing a significant increase in the value chain of Chinese batteries and a strong demand for energy storage batteries [7]. - CATL received a net inflow of 5.37 billion RMB in funds on September 15, ranking second in the electric equipment sector for capital inflow [8]. - The premium of CATL's H-shares over A-shares stands at 16.75%, a rare occurrence among leading companies, indicating strong investor interest [8]. Group 4: Production and Cost Management - CATL is actively expanding its production capacity and implementing cost control measures to ensure stable supply, including plans for lithium mine resumption and full-load production [15][16]. - The company is focusing on maintaining cost competitiveness even in a low-price environment for lithium carbonate, which is crucial for its long-term profitability [16].

记者丨费心懿 编辑丨骆一帆 江佩佩 张嘉钰 全球动力电池及储能电池出货冠军宁德时代（300750.SZ；3750.HK）在港股二次上市之后，A/H股股价均大幅增长。9月15日，其股价涨幅超 9%，市值创下新高。 9月16日，宁德时代A股成交额继续保持活跃，超100亿元。 截至9月16日，宁德时代A股市值1.63万亿元人民币，H股市值1.78万亿港元，对应1.62万亿元人民币。 "宁链"强势上涨 这一波股价新高不仅刷新了宁德时代自身的市值纪录，更在资本市场引发连锁反应。 宁德时代股价的突破性上涨，首先在动力电池产业链引发强烈共振。9月15日当天，电池指数（申万）盘中涨幅一度超过8%，形成板块性行 情。 外资投行摩根大通9月14日发布的一份研报，将宁德时代-H的评级由中性上调为增持。其表示，过去一个月，中国电池价值链出现显著上涨。 自8月1日起至近期高点，二线电池制造商——亿纬锂能（300014.SZ）、国轩高科（002074.SZ）和中创新航（3931.HK）——股价上涨50%至 80%（沪深300指数上涨10%），而宁德时代同期表现相对逊色（A股上涨24%，H股上涨7%）。 摩根大通认为，宁德时代的储能电池需 ...

Core Insights - Jiangsu Liyang has become a billion-dollar power battery industry city, with a projected output of 151.53 billion yuan in 2024, accounting for approximately 1/7 of the national power battery sales [1][4] - The city has formed a "3-kilometer industrial circle" for power batteries, with over 100 upstream and downstream enterprises clustered together [3][4] Industry Development - Liyang's power battery production lines can produce one cell per second and one battery pack every 150 seconds, with five such lines already established [2] - In the first half of this year, Liyang's power battery production and sales accounted for 36.2% and 37.4% of Jiangsu's total, and 11.1% and 12.1% of the national total, respectively [2] - The city has achieved an average annual compound growth rate of 42% in the power battery industry over the past three years [4] Technological Advancements - Liyang has broken through 37 key core technologies and has 14 innovation platforms, including a collaboration with the Chinese Academy of Sciences [3][6] - The establishment of a physical research center has led to significant advancements, including the production line for sulfide solid electrolytes, filling a global gap [3][6] Strategic Initiatives - Liyang has actively engaged with leading companies like CATL to establish a complete industrial chain, which has attracted over 30 hard-tech companies through a 10 billion yuan investment fund [6][7] - The city is expanding into the "power + storage" new track, with plans for a new energy storage industrial park expected to generate an annual output value of about 5 billion yuan [8] Future Outlook - Liyang is developing a smart energy network and aims to create a zero-carbon parking lot and village, leveraging its advantages in the power battery industry [9] - The city is also focusing on reducing electricity costs for enterprises and enhancing the sustainability of its energy systems [9]

跌落测试是爱易科动力电池的又一大突出亮点。它模拟人体骨架结构，具有缓冲性能。其电池内部采用一体化大模组结构设计，在内部 关键受力点设置高强度缓冲节点，模拟人体骨骼的"应力锚点"，高强钢轧带构建类似人体肋骨的立体支护网稳固模组结构，大模组底部 高强导热结构胶固化，形成分导路径，网络连接各节点，避免单点过载，通过分解力的方式，将跌落时的重力变成落地时的多点支撑。 爱易科动力电池性能远超新国标要求。 近日，作为拥有超千万用户的商用车品牌，福田汽车自主研发的爱易科动力电池以全优成绩通过中汽研五项极端应用场景测试，这也使 得其成为国内第一个通过中汽研动力电池安全NESTA验证的商用车动力电池品牌，且电池性能标准超过新国标要求。爱易科动力电池究 竟有哪些硬核科技呢？ 远超新国标强度 爱易科轻松过"五关" 2025年4月，工信部发布的强制性国家标准《电动汽车用动力蓄电池安全要求》，给所有电池品牌设置了全新的门槛。尽管新国标明年 7月才实施，但对福田爱易科的动力电池来说，新国标只是起始线，它的目标是更强的性能和更高的安全。 据了解，在此次中汽研动力电池安全NESTA验证过程中，爱易科动力电池通过振动、浸水、跌落、外部火烧、热 ...

Core Viewpoint - Guoxuan High-Tech has achieved significant growth in revenue and net profit in the first half of the year, positioning itself as a leader in the solid-state battery sector with ambitious plans for future production and market share [1][2]. Company Overview - Guoxuan High-Tech's market capitalization exceeds 80 billion yuan, with a fourth place in China's power battery market share and seventh globally in energy storage battery market share [1]. - The company is set to become the global leader in energy storage base and UPS market share by 2024 [1]. Solid-State Battery Development - The company is actively pursuing solid-state battery technology, with its "Guan" quasi-solid-state battery production line reaching a critical mass production stage, expected to ramp up in the coming year [1][2]. - Guoxuan's chief scientist, Zhu Xingbao, has over 20 years of experience in solid-state battery research, focusing on overcoming mass production challenges [1][2]. Market Position and Competition - China has established a leading advantage in the solid-liquid hybrid battery sector, although there remains a gap compared to Japanese and Korean companies in full solid-state battery technology [2][11][16]. - The company anticipates that the quasi-solid-state battery will achieve market application and scale production by next year, while full solid-state batteries may not be fully realized until after 2030 [12]. Technical Innovations - The Guan quasi-solid-state battery features innovations in materials and structure, enhancing safety and thermal stability through a closed-cell membrane structure and in-situ regeneration technology for silicon electrodes [4][5][6]. - The company has made significant advancements in battery design, focusing on high energy density and cost-effectiveness, with a notable market share of 80% for lithium iron phosphate batteries in the current competitive landscape [3][4]. Production Capacity and Client Engagement - Guoxuan has established a production line for the Guan quasi-solid-state battery and is continuously upgrading existing production facilities to accommodate new technologies [7][8]. - The company is actively engaging with multiple leading domestic and international automotive manufacturers, with several high-end brands already in the testing phase of the Guan battery [8]. Industry Trends and Future Outlook - The industry is witnessing a shift towards solid-liquid hybrid batteries as a viable technology for electric vehicles, with expectations for increased energy density and safety performance [11][12]. - The competitive landscape indicates that while China leads in hybrid battery technology, ongoing investments and research are necessary to close the gap in full solid-state battery development compared to Japan and Korea [16][17].

Core Insights - The city of Liyang has developed a robust power battery industry, achieving a production value of 151.53 billion yuan in 2024, with power battery sales accounting for approximately 1/7 of the national total [1][2] - Liyang has established a "3-kilometer industrial circle" for power batteries, facilitating efficient logistics and production among over 100 upstream and downstream enterprises [1][2] - The city has seen an average annual compound growth rate of 42% in its power battery industry over the past three years, with a total industrial output value of 43.05 billion yuan in the first half of 2023, representing a year-on-year growth of 21.5% [2][3] Industry Development - Liyang has built a complete industrial chain for power batteries, including production of anode and cathode materials, control systems, separators, and structural components [2][3] - The city has attracted 14 innovation platforms and has made breakthroughs in 37 key core technologies, including the development of a world-first production line for sulfide solid electrolytes [2][5] - Liyang's proactive approach in engaging with leading companies like CATL has been pivotal in establishing its power battery manufacturing base [3][4] Innovation and Research - The establishment of the Yangtze River Delta Physical Research Center has fostered a collaborative environment for research and production, enabling rapid transition from laboratory results to market-ready products [5][6] - Liyang has set up over 100 billion yuan in investment funds to support the incubation of over 30 hard-tech companies, promoting a new model of research and development that integrates government, academia, and industry [5][6] Future Prospects - Liyang is expanding into the "power + storage" sector, with plans to establish a new energy storage industrial park expected to generate an annual output value of approximately 5 billion yuan [7][8] - The city is also developing smart energy networks and microgrid scenarios, aiming to reduce electricity costs and enhance energy efficiency for local enterprises [8]

Core Viewpoint - Jiangsu Liyang has transformed into a billion-dollar power battery industry city, achieving significant production and sales in the new energy sector, particularly in power batteries, with a projected output of 151.5 billion yuan in 2024, accounting for approximately 1/7 of the national market [1][4]. Industry Development - Liyang has established a "3-kilometer industrial circle" for power batteries, with over 100 upstream and downstream enterprises clustered together, facilitating efficient logistics and production [3][4]. - The city has five lithium battery production lines, producing one battery cell every second and one battery pack every 150 seconds, with power battery production and sales accounting for 36.2% and 37.4% of Jiangsu's total, respectively [2][4]. Technological Advancements - Liyang has made significant strides in technology development, with 14 innovation platforms and breakthroughs in 37 key core technologies, including the establishment of a physical research center in collaboration with the Chinese Academy of Sciences [3][7]. - The city has successfully filled a global gap in the production line for sulfide solid electrolytes over 100 tons, breaking foreign monopolies [3]. Economic Growth - The power battery industry in Liyang has experienced an average annual compound growth rate of 42% over the past three years, with industrial output value reaching 43.05 billion yuan in the first half of the year, a year-on-year increase of 21.5% [4][6]. Strategic Initiatives - Liyang is expanding into the "power + energy storage" sector, with plans to establish a new energy storage industrial park by December 2024, aiming for an annual production capacity of 2.5 GWh and an output value of approximately 5 billion yuan [9]. - The city is also developing smart energy networks and microgrid scenarios, enhancing its infrastructure with solar power installations to reduce electricity costs for businesses [10].