9月16日晚，广州工控集团旗下A股上市公司孚能科技（代码：688567）发布公告显示，9月15日，公司 参加了广州工控集团上市公司2025年半年度集体投资者会议。会上公司表示，计划于今年底完成全固态 电池的交付。计划首批交付电池为公司第一代硫化物全固态电池，能量密度达400Wh/kg。 孚能科技在公告中披露，在半固态电池领域，公司已获得广汽、东风、三一重卡、一汽解放等整车企业 客户项目定点，并与美国某头部eVTOL客户、小鹏汇天、上海时的、沃飞长空、零重力等低空经济领 域客户进行深度合作，同时已与多家头部人形机器人客户、全球头部物流无人机客户接洽需求并实现送 样。 全固态电池的研发及产业化方面，孚能科技称，公司全固态电池整体进度已经由实验室走向中试生产交 付阶段，目前正加快推进0.2GWh的硫化物全固态电池中试线的建设工作，并计划于今年底完成全固态 电池的交付。 产品迭代方面，孚能科技称，2025年推出并即将交付第一代硫化物全固态电池，采用高镍三元正极与高 硅负极，能量密度达400Wh/kg。2026年将推出第二代硫化物全固态电池，目前已完成技术开发，正极 材料升级至富锂锰基/高镍正极，采用锂金属负极，能量密 ...

Core Insights - The city of Liyang in Jiangsu province has transformed from a cement and steel industry base to a hub for the power battery industry, achieving an output value exceeding 100 billion yuan [1] Group 1: Industry Development - A "3-kilometer industrial circle" for power batteries has formed in Liyang, encompassing over 100 upstream and downstream enterprises, including Jiangsu Times, SAIC Times, and Putailai [3] - Liyang has established a complete industrial chain for power batteries, covering everything from anodes and cathodes to control systems, separators, and structural components [3] Group 2: Technological Innovation - The city hosts 14 innovation platforms that have collectively achieved breakthroughs in 37 key core technologies, showcasing its strength in technological research and development [3][6] - Liyang's innovation model differs from traditional research institutions, featuring a structure where innovation platforms hold shares, R&D personnel have equity stakes, and government and social capital are involved [6] Group 3: Future Strategies - To maintain its competitive edge in the increasingly fierce power battery industry, Liyang plans to focus on next-generation batteries and the energy storage sector [9] - The city aims to build a smart energy network and develop technologies for lithium batteries that support the endurance of low-altitude flying vehicles, leveraging its first-mover advantage in the power battery sector [9]

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 positive market sentiment in the battery industry [1][3]. Company Performance - On September 15, CATL's stock price surged over 9%, achieving a market capitalization of 1.63 trillion RMB in A-shares and 1.78 trillion HKD in H-shares, equivalent to approximately 1.62 trillion RMB [1]. - The trading volume for CATL's A-shares exceeded 10 billion RMB on September 16, indicating robust market activity [1]. Industry Impact - CATL's stock price increase has triggered a strong positive response across the battery supply chain, with related companies like Longpan Technology and Tianci Materials experiencing significant stock price gains [3][4]. - The battery index saw a peak increase of over 8% on September 15, highlighting a sector-wide rally driven by CATL's performance [3]. Market Forecasts - Morgan Stanley upgraded CATL's H-share rating from neutral to overweight, citing a notable increase in the demand for energy storage batteries and a corresponding rise in prices, leading to a 10% upward revision in profit forecasts for 2025-2026 [4]. - CATL's guidance for battery supply has been revised upwards to 1,100 GWh by 2026, representing a 46% year-on-year increase [3]. Policy and Demand Drivers - The National Development and Reform Commission and the National Energy Administration have set ambitious targets for new energy storage installations, aiming for over 180 million kW by 2027, which is expected to drive significant investment in the sector [6]. - The cancellation of mandatory storage requirements has led to increased market activity and investment attractiveness in the energy storage sector, with a reported 264% year-on-year increase in the bidding market size for energy storage systems [7]. Supply Chain and Production - CATL is actively expanding its production capacity and controlling costs to ensure stable supply, with plans for full production resumption at its lithium mine [9][10]. - The company is focusing on cost reduction across the entire supply chain, which is expected to enhance its competitive edge even in a low-price environment for lithium carbonate [10].

Core Viewpoint - The Munich Auto Show this year was less sensational compared to two years ago, despite a significant increase in Chinese exhibitors, indicating a shift in the European electric vehicle market dynamics [1][2][6]. Group 1: Market Dynamics - The penetration rate of pure electric vehicles in Europe has remained around 15%, while Chinese electric vehicle sales in Europe have doubled [5]. - Chinese electric vehicle manufacturers and suppliers are more proactive in developing electric vehicles in Europe than local European brands [6]. - The introduction of the NP3.0 battery technology by CATL at the Munich Auto Show signifies a strategic move to enhance safety and reliability in electric vehicles [6][9]. Group 2: NP3.0 Technology - NP3.0, which stands for "No Propagation," aims to prevent thermal runaway in batteries, ensuring that incidents do not escalate [9][12]. - The NP3.0 technology has evolved from previous versions, focusing on maintaining power supply stability for over one hour during thermal runaway events [12][15]. - Key innovations include flame-retardant electrolytes, nanocoating for structural stability, and insulation pads to prevent chain reactions among battery cells [18][20]. Group 3: Phosphate Lithium Battery Strategy - CATL aims to promote lithium iron phosphate (LFP) batteries in Europe, leveraging their cost advantages and safety features [30][41]. - The market share of LFP batteries has surpassed that of ternary lithium batteries in China, with LFP accounting for 81.5% of total battery installations from January to August 2023 [41]. - The shift towards LFP batteries in Europe is seen as a way to lower the cost of electric vehicles, addressing consumer concerns about pricing [45][46]. Group 4: Competitive Landscape - The European electric vehicle market presents a significant opportunity for Chinese battery manufacturers, particularly in the context of the ongoing electrification transition [46][48]. - Chinese companies dominate the LFP material supply chain, holding a 62.5% market share globally [49]. - The potential shift of European automakers towards LFP batteries could lead to deeper integration with the Chinese supply chain, positioning CATL as a key player in the European market [53][54]. Group 5: Future Implications - The entry of Chinese electric vehicle manufacturers into the European market could reshape the global automotive industry landscape [62]. - The competition among Chinese, Japanese, and Korean battery manufacturers will intensify as they vie for market share in Europe [69].

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 ...

Core Viewpoint - CATL (Contemporary Amperex Technology Co., Limited) has seen significant stock price increases following its secondary listing in Hong Kong, with a market capitalization reaching new highs, reflecting strong investor confidence and market dynamics in the battery industry [1][3]. Group 1: Stock Performance and Market Reaction - On September 15, CATL's stock price surged over 9%, leading to a market capitalization of 1.63 trillion RMB for A-shares and 1.78 trillion HKD for H-shares, equivalent to approximately 1.62 trillion RMB [3]. - The stock price increase triggered a strong response in the battery supply chain, with related companies like Longpan Technology and Tianci Materials experiencing significant stock price gains [4]. - CATL's upward price movement has activated investment enthusiasm across the entire new energy sector, with indices reflecting a positive market sentiment [6]. Group 2: Demand and Supply Dynamics - CATL has revised its 2026 demand guidance for battery production to 1100 GWh, representing a 46% year-on-year increase, indicating robust growth expectations [4]. - Morgan Stanley has raised its profit forecasts for CATL by approximately 10% for 2025-2026, citing unexpected demand for energy storage batteries leading to supply constraints and price increases [5]. - The company is actively expanding its production capacity and controlling costs to ensure stable supply, with plans for lithium mine resumption and full-load production [12]. Group 3: Policy and Market Trends - The National Development and Reform Commission and the National Energy Administration have set a target for new energy storage installations to exceed 180 million kW by 2027, driving significant investment in the sector [8]. - Recent policy changes, including the cancellation of mandatory storage requirements, have led to increased market activity and investment attractiveness in energy storage projects [10]. - The market for energy storage systems has seen a substantial increase in bidding activity, with a reported 264% year-on-year growth in the first half of 2025 [10]. Group 4: Competitive Positioning - CATL is viewed as one of the most competitively priced battery stocks globally, with analysts highlighting its strong market position compared to Japanese and Korean companies [6]. - The company’s ability to manage upstream resources and maintain cost control is seen as a key factor in sustaining its long-term profitability and high valuation [12].

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]