Core Viewpoint - The company, Delong Holdings (德尔股份), has successfully passed various safety tests for its solid-state batteries, indicating a high level of safety and reliability in its products [1]. Summary by Categories Safety Testing - The company's solid-state batteries have undergone third-party testing for puncture, heating, and overcharging, achieving the necessary UN38.3 certification for international shipping of lithium batteries [1]. Material Composition - The high safety level of the solid-state batteries is attributed to the avoidance of flammable materials during the manufacturing process, which enhances the overall safety of the batteries [1]. Technology Route - The company primarily utilizes an oxide electrolyte technology route, which inherently possesses high chemical and mechanical stability, further contributing to the safety of the batteries [1].

Core Viewpoint - CATL has successfully completed its annual goals for both passenger and commercial vehicle battery swap stations, exceeding expectations in both segments [1] Group 1: Battery Swap Stations - The "Chocolate Battery Swap" network for passenger vehicles has established 1,020 stations, surpassing the annual target [1] - The "Qiqijie Battery Swap" network for commercial vehicles has built 305 stations, also exceeding its annual goal [1] - The battery swap network now covers key economic areas and logistics routes across the country [1] Group 2: Future Plans - By 2026, the "Chocolate Battery Swap" plan aims to establish over 3,000 stations across more than 140 cities, with a simultaneous launch of a highway network and an open franchise plan, targeting a long-term goal of 30,000 stations [1] - The "Qiqijie Battery Swap" plan aims to have 900 stations by 2026, expanding its routes to a "five horizontal and five vertical" network, with a long-term goal of an 180,000 km "eight horizontal and ten vertical" national battery swap green network by 2030, covering 80% of the national trunk transport capacity [1]

证券日报网讯 12月30日，同兴科技（003027）在互动平台回答投资者提问时表示，目前，公司研发的 钠电正极材料已通过公司中试线试生产，具有低比表面积、高加工性能、高电化学性能、高安全性等综 合优势，但目前暂未大规模量产，请投资者注意风险。 ...

（文章来源：证券日报） 证券日报网讯 12月30日，孚能科技在互动平台回答投资者提问时表示，公司固态电池进展及经营情况 请以公司公告为准。 ...

Core Viewpoint - CATL is redefining its position in the industry chain from a battery manufacturer to a system player focusing on "power assets, automotive intelligence entry, and physical AI coupling" through a series of seemingly scattered investments [4][17]. Investment in Hydropower Project - CATL has invested in a hydropower project in Sichuan, partnering with State Power Investment Corporation and Sichuan Tieneng Power Development Co., with a total installed capacity of 1.15 million kilowatts and a dynamic total investment of 15.273 billion yuan [4][6]. - The project is expected to yield an internal rate of return of approximately 5.95% based on certain assumptions, with CATL's direct investment estimated at around 458 million yuan [4][5]. Strategic Shift and Regulatory Support - The investment in the hydropower station is not merely a financial investment but aligns with the national policy encouraging private enterprises to invest in energy infrastructure, thus providing a clearer pathway for private capital in large energy projects [5]. - CATL signed a strategic cooperation agreement with the State Power Investment Corporation in 2021, covering various energy sectors including wind, solar, and hydropower [5]. Energy and Carbon Neutrality Goals - CATL aims to achieve core operational carbon neutrality by 2025 and value chain carbon neutrality by 2035, responding to the EU's new battery regulations that require digital battery passports for electric vehicle batteries starting February 18, 2027 [8]. - The investment in the hydropower project allows CATL to secure a more stable and traceable green electricity supply, which is crucial for meeting these sustainability requirements [8]. Expansion into Automotive Intelligence - CATL's recent investments extend beyond energy assets; it is also entering the automotive domain by investing in automotive domain control chip development through a partnership with Unisoc [9]. - This move positions CATL deeper into the automotive intelligence supply chain, betting on the second growth curve for car manufacturers beyond electrification [9]. Semiconductor and AI Investments - CATL has been actively investing in semiconductor and key chip sectors, including power semiconductor companies and chip design firms, to enhance its supply chain control and product definition capabilities [10][9]. - The company is also investing in AI-related technologies, such as a recent investment in a robotics company to enhance manufacturing efficiency and integrate AI into production processes [12][13]. Systematic Layout and Competitive Advantages - CATL's investments in hydropower, automotive chips, and AI reflect a systematic approach to building competitive advantages in energy control, automotive intelligence, and manufacturing efficiency [14][17]. - This strategy is similar to other industry players like Tesla and BYD, who are also focusing on integrating energy systems with advanced technologies [15][16].

Group 1 - The core viewpoint of the news highlights the mixed performance in the new energy sector, with battery concept stocks leading gains while photovoltaic concept stocks experienced a pullback [1] - The China Carbon Neutrality Index rose by 0.9%, the National New Energy Battery Index increased by 0.4%, and the China New Energy Index saw a slight increase of 0.1%, while the China Photovoltaic Industry Index fell by 1.0% [1] - The Storage Battery ETF (159566) attracted significant investor interest, with a net subscription of 7 million units throughout the day [1] Group 2 - Huatai Securities emphasizes the importance of accelerating the construction of a new energy system during the 14th Five-Year Plan, which includes the development of new energy storage and the acceleration of smart grid construction [1] - The outlook remains positive for the development of new energy and the increase in electrification rates, with companies in the storage, wind power, and grid sectors expected to continue benefiting [1]

Core Viewpoint - The Hong Kong capital market is experiencing a record-breaking IPO boom in 2025, surpassing both the New York Stock Exchange and NASDAQ, with total fundraising exceeding HKD 200 billion, driven primarily by the return of ten A-share companies with market capitalizations exceeding RMB 100 billion [3][4]. Group 1: IPO Market Dynamics - In 2025, Hong Kong is expected to complete 114 new stock listings, raising approximately HKD 286.3 billion, marking a 63% increase in the number of new listings and more than doubling the fundraising amount compared to 2023 [4]. - The IPO boom in 2025 contrasts sharply with the low activity in 2023, where the total IPO fundraising was only about HKD 46 billion, the lowest in 20 years [4]. - The resurgence began in the second half of 2024, driven by regulatory changes and a rebound in market sentiment, including a significant increase in the Hang Seng Index and the Hang Seng Tech Index [4][8]. Group 2: Sector Focus and Key Players - The IPO wave is characterized by a focus on leading companies in sectors such as new energy, biomedicine, semiconductors, and intelligent driving, with the top ten IPOs raising a total of HKD 108.6 billion, accounting for 75% of the total fundraising [4][5]. - A-share hard technology companies are the main force behind the listings, with electric equipment, electronics, and biomedicine accounting for 50% of the sector distribution [5]. - Notable IPOs include CATL, which raised HKD 41 billion, and Hengrui Medicine, which achieved a pricing premium of about 3% compared to its A-share counterpart [5]. Group 3: Market Sentiment and Investment Trends - The average oversubscription rate for Hong Kong IPOs in 2025 reached 1,675.24 times, a significant increase from the previous year, indicating strong market enthusiasm [6]. - Despite the excitement, there are concerns about the rising first-day loss rate for new stocks, which has increased to 29%, higher than the previous year's 21% [6]. - The influx of southbound funds through the Hong Kong Stock Connect reached a record net inflow of approximately HKD 1.4 trillion in 2025, reflecting renewed confidence in Chinese assets [8]. Group 4: Regulatory Environment and Future Outlook - The China Securities Regulatory Commission has introduced a five-year plan to support leading companies in raising funds in Hong Kong, streamlining the overseas listing process [8][9]. - The Hong Kong Stock Exchange has implemented significant reforms, including a new IPO pricing mechanism and reduced listing thresholds for specialized technology companies [9]. - Looking ahead to 2026, several financial institutions predict that Hong Kong's IPO fundraising could reach HKD 300 billion, with continued strong inflows of domestic and international capital [10].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 2025年即将收官，回顾这一年，杠杆资金成为A股市场的主要推动力之一。 截至 12月26日，A股市场融资余额约为25265亿元，相比去年末的 18541亿元，增加超6700亿元，是市场主要的增量资金之一 。 资料来源：Choice 融资余额是指投资者通过券商的融资融券业务借入资金购买股票的金额，融资资金属于杠杆资金（因此，一般也用"杠杆资金"指代融资融券）， 具有助涨助跌的作用。通常而言， 融资余额规模走高，代表资金做多情绪浓厚，投资者愿意借入资金加杠杆投资。 0 1 " 杠杆资金 " 大举加仓 AI 算力、新能源、机器人等方向！ 那么，2025年的"杠杆资金"偏爱哪些行业呢？笔者梳理了融资余额的行业分布，根据Choice数据， 目前融资余额最高的行业是电子行业，融资 余额约为 3814亿元 。 电力设备紧随其后，融资余额超2260亿元。 此外， 非银金融、计算机、医药生物、机械设备、有色金属、通信、汽车、 基础化工 等8个行 业的融资余额均在1000亿元以上。 从融资变化来看，2025年 "杠杆资金" 融资净买入最多的行业是电子行业，融资净买入 ...

Core Viewpoint - The A-share market has undergone a cyclical rise, with certain sectors and styles remaining undervalued, making Chinese assets attractive for global allocation in 2026. Key investment opportunities are identified in four main areas: globally competitive manufacturing leaders, industries with improving supply-demand dynamics, sectors with low valuations and potential for significant fundamental changes, and long-term high-return industries with mismatched valuations [2][4]. Group 1: Market Overview - The current A-share market is experiencing active trading volumes and turnover rates, but there is a notable differentiation among stocks, presenting both opportunities and risks. Some stocks are becoming expensive, while others, particularly in real estate and domestic demand, remain undervalued [3]. - The investment strategy for equities should focus on safety margins and certainty, avoiding blind speculation on volatility. The U.S. economy is not performing well, and potential monetary easing could occur in response to the upcoming mid-term elections, which may influence domestic fiscal policies [3]. Group 2: Investment Opportunities - Four key investment opportunities for 2026 are highlighted: 1. Long-term focus on globally competitive manufacturing leaders, including sectors like power equipment, batteries, electric vehicles, home appliances, chemicals, and machinery. Observations from Southeast Asia indicate a significant gap in infrastructure and supply chains compared to China, reinforcing confidence in China's manufacturing competitiveness [5]. 2. Industries with improving supply-demand dynamics, such as real estate, aquaculture, chemicals, and light industry, are expected to enhance their global market positions and profitability [5]. 3. Sectors with low valuations and potential for substantial fundamental changes, such as chemicals, are noted for their past performance shifts, similar to coal, steel, and non-ferrous metals in previous years [6]. 4. Long-term high-return industries with severe valuation mismatches, including airport and airline services, insurance, and non-liquor food sectors, are highlighted for their high return on equity (ROE) despite low stock attention [6]. Group 3: Risks and Considerations - Potential risks include persistent inflation and sector-specific risks. The undervaluation of the RMB may pressure export industries, and inflation could pose significant risks to the stock market in the latter half of the year. Additionally, long-term risks associated with AI, including its impact on labor and technological competition, warrant attention [6].

Core Viewpoint - The integration of batteries and automobiles has led to a significant fusion of the energy and transportation sectors, resulting in a large battery industry. However, the rapid development has also revealed common issues within the industry, indicating that future growth will face numerous challenges [1] Group 1: Industry Challenges - The automotive and battery sectors must collaborate to promote technological innovation and coordinated development, which is now an urgent necessity [1] - The upcoming establishment of a battery sub-association aims to address industry needs and will be formed in accordance with national management requirements [1] Group 2: Objectives of the Battery Sub-Association - The primary task of the new battery sub-association will be to coordinate the relationship between the automotive and battery industries [1] - The association aims to consolidate and expand the advantages of China's new energy vehicle industry, promoting high-quality development within the sector [1]