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 ...

Group 1 - The high-tech industrial park in Xinhua District, Pingdingshan, Henan Province is experiencing a surge in production as companies strive to meet their second-quarter targets, reflecting a strong economic drive [1][2] - Henan Hengyi Lithium Energy Technology Co., Ltd. is ramping up production with new automated equipment, indicating robust market demand for lithium batteries [1] - The park's management emphasizes the importance of targeted efforts to unlock enterprise development potential, providing comprehensive support through policy, funding, and talent cultivation [1] Group 2 - The high-tech industrial park is viewed as a core area for advanced manufacturing under the "one body, two wings" strategy, with a focus on key project construction as a driver for economic growth [2] - A comprehensive work system has been established to ensure efficient project implementation, including weekly meetings to monitor project progress and address issues [2] - Various departments within the district are collaborating to facilitate project construction, ensuring timely funding and addressing environmental and planning needs [2]

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 ...

Investment Rating - The industry investment rating is maintained as "Leading the Market" [12] Core Viewpoints - The battery production in April 2025 reached 118.2 GWh, showing a year-on-year growth of 49.0% [5] - Battery sales also increased significantly, with a year-on-year growth of 73.5%, indicating strong demand [5] - Exports of batteries grew by 64.2% year-on-year, reflecting the industry's expanding international market [5] - The top three companies in battery installation volume are CATL, BYD, and Zhongchuang Xinhang, with market shares of 39.44%, 26.35%, and 7.02% respectively [5] Summary by Sections Production and Sales Data - In April 2025, the total battery production was 118.2 GWh, with a slight month-on-month decrease of 0.03% but a significant year-on-year increase of 49.0% [5] - The production of lithium iron phosphate batteries accounted for 80.0% of the total, with a year-on-year growth of 68.6% [5] - Battery sales reached 118.1 GWh in April, with a month-on-month increase of 2.3% and a year-on-year increase of 73.5% [5] Export Performance - Total battery exports in April were 22.3 GWh, with a year-on-year increase of 64.2% [5] - The export volume of power batteries was 14.5 GWh, representing 64.8% of total exports, with a year-on-year growth of 53.6% [5] Market Dynamics - The demand for batteries remains strong, supported by the production and sales data [11] - The competitive landscape is stable, with leading companies like CATL and BYD maintaining their market positions [5][11] - The report suggests a positive outlook for the industry, with recommendations to focus on leading companies such as CATL and Zhongke Electric [11]

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].

Core Insights - The Hong Kong stock market has seen a significant increase in IPO activity, with 17 companies listed in Q1 2024, raising a total of 18.7 billion HKD, nearly four times the amount from the same period in 2023 [2] - The Hong Kong Stock Exchange (HKEX) is enhancing its appeal to mainland companies through systematic institutional innovations and process optimizations, including the introduction of a "special line" for technology companies [2][4] - A seminar titled "潮起香江 聚势共赢" will be held in May 2025 to discuss the integration of Shenzhen and Hong Kong capital markets and the opportunities for mainland companies to leverage the Hong Kong market for international expansion [1][3] Group 1: Market Trends - The HKEX continues to attract mainland enterprises, with 130 companies currently in the listing application process as of April 30, 2024 [2] - Notable upcoming listings include CATL, which plans to issue 118 million shares to raise approximately 30.7 billion HKD [2] - The seminar aims to address how Shenzhen technology companies can utilize both markets and resources for global development [3] Group 2: Challenges and Opportunities - A survey conducted prior to the seminar identified key challenges faced by mainland companies in the IPO process, including unfamiliarity with Hong Kong's listing rules, high costs, and differences in accounting standards [4][5] - Companies expressed a desire for support in understanding listing policies, sharing experiences, and connecting with Hong Kong capital market resources [5] - The seminar will provide a platform for expert insights and direct consultations with HKEX representatives to address these challenges [6][7] Group 3: Seminar Structure - The seminar will feature a comprehensive agenda, including expert interpretations of market trends and policies, interactive Q&A sessions, and one-on-one consultations with HKEX officials [6] - Successful companies like SF Express and Jingtai Technology will share their experiences in navigating the IPO process [6] - Participants will also have the opportunity to visit the Hong Kong financial market and engage with key financial institutions [6]