Core Viewpoint - The 2026 Future Industries New Materials Expo (FINE 2026) aims to lead global innovation in new materials, emphasizing their critical role in the transformation of high-tech industries and the future economy [1][2]. Group 1: Event Overview - FINE 2026 will take place from June 10 to 12, 2026, at the Shanghai New International Expo Center, featuring a total exhibition area of 50,000 square meters and over 800 exhibitors [2][12]. - The expo will include more than 300 strategic and cutting-edge technology reports, showcasing innovations applicable to various industries such as AI, aerospace, smart vehicles, and renewable energy [2][21]. Group 2: Focus Areas - The event will focus on five common demands of future industries: advanced semiconductors, advanced batteries, lightweight materials, low-carbon sustainability, and thermal management [2][10]. - Six thematic exhibition areas will be established, including advanced semiconductors, advanced batteries and energy materials, thermal management, lightweight and sustainable materials, new materials technology innovation, and future smart terminals [12][15]. Group 3: Participation and Audience - FINE 2026 is expected to attract over 100,000 professional visitors, including representatives from major companies such as BYD, Huawei, and Tesla, as well as over 5,000 industry investors [35][34]. - The event will also feature 30+ forums and 300+ expert reports, focusing on trends in technology, investment strategies, and advanced manufacturing techniques [21][23]. Group 4: Strategic Importance - The expo is positioned as a key platform for technology transfer and industry innovation, facilitating connections between enterprises and industry funds, government parks, and project resources [2][10]. - The timing in June is highlighted as a strategic opportunity to capture business prospects for the second half of the year, leveraging Shanghai's advantages as a major international exhibition platform [10][34].

Core Viewpoint - Donut Lab claims to have developed the world's first mass-producible all-solid-state battery, set to be launched at CES 2026, marking a significant milestone in the electrification of vehicles [1] Group 1: Battery Features - The all-solid-state battery has an energy density of 400Wh/kg, exceeding the current top lithium-ion batteries (250-300Wh/kg) by over 33%, allowing for doubled range in the same volume and a 25%-30% reduction in weight [2] - The battery supports full charge in just 5 minutes, addressing the "charging anxiety" of electric vehicles, and does not have the 80% charging limit typical of traditional lithium batteries [3] - It boasts a cycle life of up to 100,000 charge-discharge cycles, significantly surpassing the 5,000 cycles of traditional lithium-ion batteries, enabling a lifespan of over 10 years under normal use [5] - The battery maintains over 99% capacity in extreme temperatures ranging from -30°C to 100°C, making it suitable for diverse climates without additional heating or cooling systems [6] - Safety is enhanced as the battery does not catch fire even when damaged, and it is made from readily available materials, making it less susceptible to geopolitical issues [7]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of EVE Energy Co., Ltd. 惠州億緯鋰能股份有限公司 (the "Company") (A joint stock company incorporated in the People's Republic of C ...

Core Insights - Value investors often use the price-to-earnings (P/E) ratio to identify value stocks, but for loss-making companies with negative P/E ratios, the price-to-sales (P/S) ratio is utilized to assess their true value [1] - The price-to-book (P/B) ratio, while less commonly used, serves as an effective tool for identifying low-priced stocks with high return potential [1] P/B Ratio Calculation - The P/B ratio is calculated as market capitalization divided by book value of equity, helping to identify low-priced stocks with promising growth prospects [2] - A P/B ratio of less than one indicates that a stock is undervalued, while a ratio greater than one suggests it may be overvalued [5][6] Understanding Book Value - Book value represents the total value remaining for shareholders if a company were to liquidate its assets after settling all liabilities [3] - It is calculated by subtracting total liabilities from total assets, often equating to common stockholders' equity [4] Limitations of P/B Ratio - The P/B ratio is particularly relevant for industries like finance and manufacturing but can be misleading for companies with significant R&D expenses or high debt [8] - A P/B ratio of less than one may indicate weak returns on assets or overstated assets, while a ratio above one could suggest the stock is a takeover target [7] Screening Parameters for Low P/B Stocks - Stocks with a P/B ratio lower than the industry median are considered attractive for potential gains [11] - Additional screening includes P/S and P/E ratios below industry medians, a PEG ratio less than 1, and a minimum stock price of $5 [12][13][14] Recommended Low P/B Stocks - AES Corporation (AES) is a global power company with a projected 3-5 year EPS growth rate of 11.2% and a Zacks Rank of 2 [15] - BorgWarner (BWA) specializes in clean technology for vehicles, with a projected EPS growth rate of 10.2% and a Zacks Rank of 2 [16] - EnerSys (ENS) manufactures industrial batteries, holding a Zacks Rank of 1 and a projected EPS growth rate of 15.0% [17] - PG&E Corporation (PCG) is California's largest utility, with a projected EPS growth rate of 15.9% and a Zacks Rank of 2 [18] - Keros Therapeutics (KROS) is a biotech firm with a projected EPS growth rate of 36.5% and a Zacks Rank of 1 [19]

Core Insights - Shenzhen has produced a number of globally impactful companies, showcasing a shift from "Made in China" to "Created in China" [2] - The 45th anniversary of Shenzhen Special Economic Zone marks a significant milestone in its rapid modernization and brand development [2][3] - The "Shenzhen Brand Development White Paper (1980-2025)" outlines the evolution of Shenzhen's brands and their internal logic and success factors [3][5] Group 1: Brand Evolution - Shenzhen's brand journey reflects a transition from manufacturing to innovation, with key phases including the emergence of local brands in the 1980s and 1990s, and the rise of autonomous brands in the early 2000s [7][10] - The current phase is characterized by cluster upgrades, with companies like Tencent, BYD, and DJI leading in various sectors [8][10] - As of now, Shenzhen has cultivated 1,220 notable local brands, including 13 billion-level brands and 7 trillion-level brands, with Tencent, Ping An, and Huawei each exceeding a brand value of 490 billion [10][11] Group 2: Economic Contributions - The 1,220 notable brands contribute 47.97% of the city's sales, 42.05% of tax revenue, and 32.87% of exports, serving as the backbone of Shenzhen's high-quality economic development [11] - These brands span critical sectors such as electronics, renewable energy, biomedicine, high-end equipment, financial services, and digital economy, forming a robust industrial structure [11] Group 3: Brand Development Factors - Shenzhen's brand success is attributed to a unique ecosystem supported by policy innovation, technological advancement, and collaborative industrial frameworks [15][16][19] - The government has played a crucial role in creating a conducive environment for brand growth through targeted policies and regulatory frameworks [16] - Innovation drives brand competitiveness, with companies investing over 10% of their annual revenue in R&D, fostering a comprehensive innovation ecosystem [17] Group 4: Global Expansion and Responsibility - Shenzhen brands have established clear pathways for international expansion, evolving from processing trade to localized operations and global standardization [20] - Social responsibility is ingrained in the corporate strategy, enhancing brand value and sustainability through practices like tax compliance and community support [21] Group 5: Future Outlook - The release of the white paper is a significant step in documenting Shenzhen's brand journey and providing strategic guidance for future brand development [31] - Shenzhen's brands are expected to continue thriving in emerging sectors like digital and low-altitude economies, contributing to the global narrative of Chinese brands [33][34]

Group 1 - Tesla's "roof rights protection" female car owner has been restricted in spending, with a court order involving an amount of 172,300 yuan [2] - The price of gold jewelry has significantly dropped, with some stores reporting a decrease of 42 yuan in a single day, which is considered unusual [3] - Tesla's global production reached its 9 millionth electric vehicle at the Shanghai Gigafactory [7] Group 2 - Xiaomi's Lei Jun announced a New Year's Eve live stream where engineers will disassemble a car live [6] - SoftBank has completed a total investment commitment of $40 billion in OpenAI, with the last payment of approximately $22 billion made recently [6] - L&F, a South Korean battery materials manufacturer, saw its stock price drop by 11% after a significant reduction in orders from Tesla, from $2.91 billion to $738,600 [12] Group 3 - Manus has announced its upcoming integration with Meta, continuing to operate in Singapore while enhancing its product offerings [5] - Ningde Times has entered the hydropower station business by establishing a joint venture for the development of a hydropower project [9] - Baidu Smart Cloud has launched a comprehensive AI solution for the consumer electronics industry, covering everything from chips to applications [22]

Core Insights - QuantumScape Corp. (QS) and SES AI Corp. (SES) are competing in the lithium-based battery market with differing strategies [1] - QuantumScape focuses on fully solid-state batteries for electric vehicles (EVs), while SES AI combines lithium-metal batteries with artificial intelligence [2] QuantumScape Overview - QuantumScape aims to deliver lighter, faster-charging, and safer solid-state batteries compared to lithium-ion technology, representing a significant breakthrough for EVs [5] - The company launched its Cobra manufacturing process in June 2025, which is 25 times faster than the previous Raptor system, facilitating large-scale production [6] - QuantumScape's shares have increased by approximately 104% year-to-date, indicating strong investor interest [3][7] - The company has begun delivering B1 samples produced with the Cobra process to automakers, with several major manufacturers evaluating these new cells [6] - Partnerships are crucial for QuantumScape, including a $131 million agreement with Volkswagen's PowerCo to support the QSE-5 pilot line [9] - QuantumScape recorded $12.8 million in customer billings for the first time in Q3, marking progress toward commercialization [10] SES AI Overview - SES AI is integrating AI with lithium-metal batteries, targeting higher energy density for various applications, including EVs and energy storage [12] - The company is in the early stages of commercialization and faces challenges in scaling production of lithium-metal batteries [12] - SES AI's Molecular Universe platform uses AI to optimize battery materials, with plans to monetize through software subscriptions and battery products [13] - The acquisition of UZ Energy allows SES to enter the energy storage systems market, targeting a $300 billion opportunity [14] - SES AI's revenues reached $16.4 million in the first nine months of 2025, with a full-year target of $20–$25 million [17] Comparative Analysis - QuantumScape's focused strategy on solid-state batteries provides clearer execution visibility compared to SES AI's broader approach, which includes multiple technologies and markets [18][19] - SES AI's diverse strategy increases execution risk, especially with limited revenues at this stage [18] - QuantumScape's recent manufacturing advancements and OEM support suggest a more straightforward path to market [19] - QuantumScape is currently rated as a better investment option compared to SES AI, which has a lower ranking [20]

Core Insights - The solid-state battery sector is experiencing increased activity, with Factorial Energy planning to go public in mid-2026 to raise $100 million for its battery technology [1][3] - The public listing is expected to enhance investor interest in the solid-state battery market and raise questions about the positioning of established players like QuantumScape and Solid Power [2] Factorial's Public Debut - Factorial will go public through a SPAC merger with Cartesian Growth Corporation III, valuing the company at approximately $1.1 billion and allowing it to avoid traditional IPO hurdles [3] - The company aims to start trading on Nasdaq under the ticker FAC around mid-2026 [3] Partnerships and Technology - Factorial collaborates with major automakers such as Mercedes-Benz, Stellantis, and Hyundai, which facilitates real-world testing and commercialization of its batteries [4] - The company's solid-state batteries promise higher energy storage, lighter weight, faster charging, and longer driving ranges compared to conventional lithium-ion cells [4] Performance Potential - In tests, a Factorial battery cell enabled a prototype vehicle from Mercedes to travel nearly 750 miles on a single charge, indicating significant potential for electric vehicles [5] - Factorial's batteries are expected to first appear in high-performance or luxury vehicles, with plans to expand into more affordable models over time [5] Industry Context - Solid-state batteries represent the next evolution in EV energy storage, offering improved safety and energy density compared to lithium-ion cells [6] - Despite their promise, challenges remain in scaling production, with high costs and complex manufacturing processes posing significant hurdles [7] Competitive Landscape - Factorial enters a competitive space that includes QuantumScape and Solid Power, both of which are also focused on solid-state battery development [8] - QuantumScape has made strides in manufacturing and testing, with its Cobra process being 25 times faster and more compact than previous systems, showcasing tangible progress [9] - Solid Power emphasizes collaborations with automakers like BMW and Ford, advancing pilot-scale production and focusing on operational efficiency [10][11] Investor Considerations - Investors are evaluating the three companies based on risk versus visibility, with QuantumScape providing a clearer roadmap but facing execution risks, while Solid Power has strong OEM ties and measured progress [12] - Factorial, being newer and less proven, benefits from strong partnerships and a significant capital injection from its SPAC merger, potentially accelerating early adoption of its technology [12] Overall Implications - Factorial's upcoming IPO is a significant development in the solid-state battery sector, potentially accelerating industry momentum and pushing automakers towards faster adoption of solid-state technology [13]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is experiencing a resurgence in IPO activity, with an expected total fundraising amount exceeding HKD 280 billion in 2025, reclaiming its position as the global leader in IPO fundraising [1][4]. Group 1: IPO Market Dynamics - In 2025, HKEX is projected to have 117 new listings, averaging one IPO every two trading days [1]. - The total IPO fundraising amount is expected to reach HKD 286.3 billion (approximately USD 36 billion), surpassing Nasdaq's annual expectations [4]. - Six companies listed on both A-share and H-share markets contributed significantly to the fundraising, totaling HKD 1,033.2 million, accounting for 36.12% of the total IPO fundraising [4]. Group 2: A+H Listing Trend - Nineteen A-share companies successfully listed on the HKEX in 2025, raising a total of HKD 1,399.93 million, which constitutes nearly half of the total new stock fundraising in the Hong Kong market [5]. - The A+H listing model is becoming increasingly popular among companies, driven by various strategic needs such as international expansion and risk hedging [6]. - Regulatory support, including relaxed public holding requirements for A+H issuers, has facilitated this trend [6]. Group 3: New Economy and Technology Focus - The IPO market in 2025 is characterized by a strong influx of new economy companies, particularly in sectors like AI and robotics, indicating a broad appeal for innovative businesses [9]. - The healthcare and software service sectors are leading in the number of IPOs, with significant growth observed in companies like Paig Bio and autonomous driving firms [9][10]. - The introduction of specific listing rules for biotech and specialized technology companies has resulted in 88 listings since their implementation, showcasing the effectiveness of these regulations [10]. Group 4: Market Performance and Investor Sentiment - The IPO market has seen a notable increase in profitability, with a first-day IPO failure rate of approximately 28.83%, the lowest in five years [14]. - A record net inflow of HKD 1.41 trillion from southbound funds was observed, marking a 74.37% increase from the previous year [14]. - Despite the positive trends, there are concerns about market capacity and the potential for increased volatility as new listings surge [14]. Group 5: Future Outlook - Forecasts for 2026 suggest continued vibrancy in the IPO market, with expectations of around 160 new listings and fundraising of at least HKD 300 billion [15]. - The long-term vision for the HKEX includes becoming a global pricing hub for core Chinese assets, necessitating ongoing regulatory improvements and enhanced cross-border capital flow [15][16]. - Strengthening the link between mainland and Hong Kong markets through initiatives like ETF connectivity is essential for reinforcing Hong Kong's role as a global financial center [16].

Core Viewpoint - QuantumScape (QS) is expected to continue its upward trajectory in 2026, driven by anticipated revenue generation and strategic partnerships in the solid-state battery market [1][3][4]. Group 1: Company Performance - QuantumScape shares have increased over 100% in 2025 and are up more than 200% from their year-to-date low in early April [1]. - Currently, shares are down approximately 40% from their October high, indicating potential valuation adjustments [2]. Group 2: Revenue and Market Growth - The company is projected to generate around $5 million in revenue in 2026, aided by licensing agreements with automakers like Volkswagen [3]. - The global solid-state battery market is expected to grow at a compound annual growth rate (CAGR) of over 56% through the end of the decade, providing significant growth opportunities for QuantumScape [3]. Group 3: Technological Edge and Industry Position - QuantumScape's "QSE 5" technology offers advantages such as faster charging and higher energy density compared to traditional lithium-ion cells, positioning the company for leadership in the evolving electric mobility sector [4]. - The current put-to-call ratio for QS stock is bullish at 0.33, indicating positive investor sentiment [5]. Group 4: Market Sentiment and Analyst Ratings - Despite the positive outlook, Wall Street analysts have a consensus rating of "Moderate Sell" for QuantumScape, with a mean target price of $9.89, suggesting a potential downside of about 10% [7][8].