每经记者 黄婉银 实习生 刘姝 每经编辑 魏文艺 ｜2025年3月31日 星期一｜ 点评：宁德时代计划在港交所募资高达50亿美元，成为近年来最大IPO之一。这表明市场对其未来增长的信心。投资者应关注其上市进程及行 业动态，以把握潜在投资机会。 NO.3 中国联通与阿里巴巴签署战略合作协议 3月28日，中国联通（HK00762，股价8.63港元）与阿里巴巴（HK09988，股价131.00港元）在杭州举行战略合作签约仪式。双方将在智算基础 设施、网络智慧运营、云市场、AI智能终端、产业智能化升级等方面展开深入合作，推动中国联通"元景"与阿里巴巴"通义千问"AI模型的技术 协同创新，共同探索AI技术与千行百业深度融合，打造智慧城市、智慧文旅、自动驾驶、智慧物流等领域的联合解决方案。 点评：中国联通与阿里巴巴签署战略合作协议，聚焦AI技术和智能基础设施，展现出两家公司在智慧城市等领域的协同潜力。这一合作或将推 动相关行业的创新发展。投资者应关注此合作对两家公司未来业绩的积极影响。 NO.4 江苏宏信超市香港公开发售超额认购46倍 NO.1 香港证监会就IPO等多项优化建议展开咨询 3月28日，香港证监会展开咨询，就 ...

Group 1 - The core point of the article is that Contemporary Amperex Technology Co., Ltd. (CATL) has applied for a patent related to battery cells, which aims to enhance the reliability of battery units [1][3] Group 2 - The patent application, titled "Battery Cell, Battery, and Power Equipment," was published under CN 119695072 A and was filed on September 2024 [1] - The battery cell includes an electrode assembly with a positive electrode sheet made of nickel-containing compounds, which allows for reversible extraction and embedding of metal ions [1] - The shell of the battery cell is designed to withstand tensile strength between 100 MPa and 1200 MPa at a temperature of 500°C, with specific distance requirements from the weld seam [1] Group 3 - CATL was established in 2011 and is primarily engaged in the manufacturing of electrical machinery and equipment [2] - The company has a registered capital of approximately 4398.81 million RMB and a paid-in capital of 400 million RMB [2] - CATL has invested in 131 companies and participated in 443 bidding projects, holding 620 trademark records and 5000 patent records [2]

一、保荐人及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐人及保荐代表人对其真实性、准确性、完整性承担法律 责任。 2、本机构及本人自愿接受中国证监会对保荐总结报告书相关事项进行的任 何质询和调查。 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 中信建投证券股份有限公司 关于宁德时代新能源科技股份有限公司 向特定对象发行股票并在创业板上市之保荐总结报告书 中信建投证券股份有限公司（下称"中信建投证券"、"保荐人"、"保荐机构" 或"本机构"）作为宁德时代新能源科技股份有限公司（以下简称"宁德时代"、 "发行人"、"上市公司"或"公司"）2022 年向特定对象发行股票的保荐人，持 续督导期限截至 2024 年 12 月 31 日。目前，持续督导期已经届满，中信建投证 券根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市公司自律监管 指引第 13 号——保荐业务》等法规和规范性文件的相关规定，出具本保荐总结 报告书。 二、保荐人基本情况 1、保荐人名称：中信建投证券股份有限公司 2、注册地址：北 ...

中信建投证券股份有限公司 关于宁德时代新能源科技股份有限公司 2024 年度持续督导跟踪报告 | 保荐机构名称：中信建投证券股份有限公司 | 被保荐公司简称：宁德时代 | | --- | --- | | 保荐代表人姓名：吕晓峰 | 联系电话：010-56051802 | | 保荐代表人姓名：张帅 | 联系电话：010-56051435 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次 | 次 0 | | 数 | | | 2.督导公司建立健全并有效执行规章制度 | | | 的情况 | | | （1）是否督导公司建立健全规章制度（包 | 是 | | 括但不限于防止关联方占用公司资源的 | | | 制度、募集资金管理制度、内控制度、内 | | | 部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 次 12 | | （2）公司募集资金项目进展是否与 ...

Core Viewpoint - The development of solid-state batteries in Zhuhai is gaining momentum, with a strategic action plan aimed at establishing a competitive industry cluster by 2030, focusing on key materials, technologies, and significant innovation projects [1][2]. Group 1: Action Plan and Goals - Zhuhai's action plan aims to tackle key materials and technologies for solid-state batteries by 2027, establishing industry standards and fostering a competitive industry cluster [1]. - By 2030, the plan envisions significant breakthroughs in the solid-state battery industry, including improved technology levels and mass product delivery [1]. - The plan emphasizes the cultivation of high-energy-density semi-solid (over 350Wh/kg) and all-solid-state batteries (over 400Wh/kg) for large-scale production [1]. Group 2: Industry Landscape and Key Players - Zhuhai has 47 large-scale enterprises in the lithium battery sector, projected to achieve a production value of 28.525 billion yuan in 2024, covering the entire supply chain [3]. - The action plan identifies three key local companies: Zhuhai Guanyu, Zhuhai Xinjie Energy Technology, and Zhuhai High Energy Times, each focusing on different aspects of solid-state battery technology [3][4]. - Zhuhai Guanyu has made significant advancements in solid-state battery technology, achieving an energy density of 350Wh/kg [3]. - Zhuhai Xinjie has established the first 200MWh lithium metal solid-state battery production line in China, with an energy density of 480Wh/kg [4]. - Zhuhai High Energy Times has built a mass production trial line, focusing on ultra-high energy density and extreme temperature operation [4]. Group 3: Market Potential and Trends - The market for solid-state batteries is expected to grow significantly, with solid-state lithium-ion batteries anticipated to be commercialized by 2027 and mass-produced by 2030, potentially reshaping the industry landscape [2][5]. - The demand for solid-state batteries in the electric vehicle sector is currently five times that of energy storage batteries, with future growth potential in both sectors [5]. - The solid-state battery technology is at different maturity levels, with hybrid solid-state batteries at 7-8, semi-solid batteries approaching 8, and all-solid-state batteries at 4 [5][6]. Group 4: Strategic Initiatives and Collaborations - Zhuhai is leveraging its lithium battery industry foundation to develop a comprehensive solid-state battery ecosystem, integrating upstream production equipment and materials [7]. - The city is also focusing on creating application scenarios for solid-state batteries, particularly in energy storage and AI data centers [9]. - AI is being utilized to enhance the research and development of solid-state battery materials, with expectations for significant advancements in the next 2-3 years [8].

Core Viewpoint - CATL reported a complex financial performance in 2024, with total revenue of 362 billion yuan, a year-on-year decline of 9.7%, marking the first annual revenue decrease in the company's history. However, net profit increased by 15.01% to 50.7 billion yuan, demonstrating strong profitability despite revenue challenges [1][3]. Revenue and Profit Analysis - Total revenue for 2024 was 362 billion yuan, down from 401 billion yuan in 2023 [2]. - The revenue breakdown shows that the electric machinery and equipment manufacturing sector contributed 356.5 billion yuan (98.48% of total revenue), while the mining and smelting sector contributed 5.5 billion yuan (1.52%) [2]. - The average selling price of CATL's power battery systems decreased by 25.26% from 0.889 yuan/Wh in 2023 to 0.664 yuan/Wh in 2024, despite an 18.85% increase in sales volume to 381 GWh [3]. Market Position - CATL maintained its position as the global leader in power and energy storage batteries, with a market share of 37.9% in the power battery sector and 36.5% in the energy storage sector in 2024 [2]. Cost Control and Innovation - The increase in net profit was attributed to effective cost control and technological innovation, with CATL leveraging lower raw material prices to enhance profitability [4]. - The company has implemented strategies such as controlling upstream enterprises and adjusting raw material inventory cycles to mitigate risks [4]. Research and Development - CATL has launched several innovative battery products, including the Kirin, Shenxing, and Xiaoyao batteries, aimed at enhancing energy density and fast charging capabilities [5]. Growth Strategies - CATL is actively pursuing a second growth curve focusing on battery swapping, energy storage, and international markets. The company plans to build a significant battery swapping network in collaboration with NIO [6]. - The energy storage battery segment saw a 34.32% increase in sales volume to 93 GWh in 2024, becoming the largest profit contributor for the company [6]. International Expansion - CATL is expanding its international presence with six R&D centers and thirteen manufacturing bases globally, including operational factories in Germany and Hungary [7]. - The company plans to raise approximately 50 billion yuan through a Hong Kong IPO to support overseas capacity expansion and international business development [7].

拟发行2.2亿股，宁德时代港股上市获批 同时，宁德时代还在持续加码研发投入，2024年其研发费用高达186亿元，并推出了一系列创新产品， 如神行、麒麟、骁遥等，预计2025年神行和麒麟电池在公司相关产品中的出货占比将从去年的30%-40% 提升至60%-70%。 3月25日晚，宁德时代发布公告称，已取得中国证监会国际司出具的境外发行上市备案通知书。 从其最新财报来看，2024年，宁德时代实现营业收入3620.13亿元，同比下降9.70%；归母净利润为 507.45亿元，同比增长15.01%。其中，来自海外收入占比为三成，达1103.36亿元，同比下滑15.77%， 这主要是因为碳酸锂等原材料价格下降，公司产品价格相应调整，导致营业收入同比下降。 翻阅其上市历程来看，2024年底，宁德时代正式发布公告称，拟发行境外上市外资股（H股）股票，并 申请在港交所挂牌上市，随后今年2月11日向港交所正式递交申请，直至近日，其备案通知书落地。 在市场份额方面，SNE数据显示，2024年宁德时代动力电池和储能电池所占市场份额稳居榜首，占有率 分别为37.9%、36.5%。 业内人士表示，通过此次H股上市，宁德时代可有效储备资 ...

Core Insights - CATL has added over 6,000 patents in the past year, with a total of more than 16,000 patents authorized, marking a nearly 62% year-on-year increase [3][4] - The company has initiated supply chain due diligence in response to the EU Battery Regulation, which has come into effect, imposing stricter requirements on battery companies [8][9] - CATL's 2024 ESG report reveals a carbon emission of 5.9519 million tons of CO2 equivalent for operational scope, with a target for carbon neutrality by 2025 for core operations and by 2035 for the entire value chain [6][7] Patent and Legal Disputes - CATL has been involved in escalating patent disputes, particularly with Zhongxin Innovation, filing lawsuits for patent infringement and seeking compensation totaling 260 million RMB [4][5] - The company has won several cases against Zhongxin Innovation, receiving nearly 100 million RMB in compensation, although Zhongxin Innovation plans to appeal [4][5] Carbon Emission and Sustainability Efforts - The company reported a 5% increase in operational carbon emissions compared to 2023, but a reduction of over 20% in emission intensity [6][7] - CATL has achieved a recycling rate of 99.6% for nickel, cobalt, and manganese, and 93.8% for lithium, with a total of 128,700 tons of waste battery recycling in 2024 [7][8] Supply Chain Management - CATL has 799 direct material suppliers, with 97% based in mainland China, and has begun supply chain due diligence in line with the EU Battery Regulation [8][9] - The company has set zero-carbon electricity usage targets for core raw material suppliers, achieving a reduction in carbon footprints across various supplier categories [9][10] Financial Performance - In 2024, CATL reported revenue of 362.013 billion RMB, a decrease of 10% year-on-year, while net profit attributable to shareholders increased by 15% to 50.745 billion RMB [14] - The company holds a 37.9% global market share in power batteries and a 45.1% share in the domestic market, with a 48.6% year-on-year increase in energy storage battery shipments [14]

Core Viewpoint - In the first quarter of 2025, a significant surge in the establishment of new energy companies occurred, with a total of 60 companies founded, amounting to a registered capital of 627 billion yuan, predominantly driven by state-owned enterprises and leading private firms like Ningde Times [1][4]. Group 1: State-Owned Enterprises - State-owned enterprises (SOEs) were particularly active, establishing 34 new companies, which accounts for 56.66% of the total [4]. - Major SOEs involved include China Coal, State Energy Group, and China General Nuclear Power Group, with significant capital contributions [5][6]. - Notable establishments include: - China Coal (Zhongshan) New Energy Co., Ltd. with a registered capital of 1.5 billion yuan [5]. - National Energy Group's Hami Integrated Innovation New Energy Co., Ltd. with a registered capital of 10 billion yuan [5][6]. Group 2: Private Enterprises - Leading private companies also made substantial contributions, enhancing the industry's dynamism [9]. - Noteworthy private firms include: - GCL-Poly Energy Holdings, which established Xuzhou Xinyao New Energy Technology Co., Ltd. with a registered capital of 16.57 billion yuan [10]. - Longi Green Energy, which partnered with Wuliangye to form Yibin Yingfa Derui Technology Co., Ltd. with a capital of 10 billion yuan [11]. Group 3: Ningde Times Activities - Ningde Times was particularly active, establishing 11 new energy-related companies in the first quarter of 2025 [12]. - Key establishments include: - Luoyuan Times New Energy Technology Co., Ltd. with a registered capital of 20 billion yuan, aimed at expanding production capacity [16]. - Multiple subsidiaries focusing on battery manufacturing, electric vehicle charging infrastructure, and energy technology research [14][15]. Group 4: Investment and Strategic Moves - The establishment of the Sichuan Energy Development Group, with a registered capital of 310 billion yuan, aims to create a leading energy enterprise integrating multiple energy sources [7]. - Guangdong Cangyue Direct Current Power Operation Co., Ltd. was formed with a capital of 110 billion yuan, focusing on cross-regional direct current transmission projects [8].

Core Viewpoint - Ningde Times has achieved a significant milestone by obtaining the overseas listing filing notice from the China Securities Regulatory Commission (CSRC) in just 25 days, marking a rapid advancement in its global strategy [1][2]. Group 1: Regulatory Approval and Strategic Value - The swift approval reflects the CSRC's strong recognition of Ningde Times' internationalization strategy, following the introduction of supportive policies for mainland leading enterprises to list in Hong Kong [2]. - The company has demonstrated high execution efficiency from the initial disclosure of its Hong Kong listing plan in December 2024 to the formal submission of its H-share issuance application in February 2025 [2]. Group 2: Fundraising and Global Expansion - Ningde Times plans to issue up to 220 million overseas ordinary shares, with the raised funds primarily allocated for overseas capacity expansion, international business development, and supplementing overseas working capital [3]. - The fundraising is expected to support major projects such as the Debrecen factory in Hungary (total investment of €4.9 billion) and the joint venture factory in Spain with Stellantis (total investment of €4.1 billion) [3]. Group 3: Technological and Market Leadership - Ningde Times holds a 37.9% global market share in power batteries for 2024, maintaining its position as the world's leading supplier for eight consecutive years, and a 36.5% market share in energy storage batteries for four years [4]. - The company has introduced groundbreaking products like the Shenhung PLUS battery (energy density of 205 Wh/kg) and the condensed state battery (energy density of 500 Wh/kg), driving industry technological advancements [4]. Group 4: Global Market Positioning - The company's international collaborations with automotive and energy storage clients in Japan, Germany, France, and the United States have resulted in overseas revenue accounting for over 30% of its total income [4]. - The Hong Kong listing is anticipated to enhance its international capital operation capabilities, attract more global investors, and diversify its shareholder structure [4]. Group 5: Demonstrative Effect and Industry Impact - The 25-day record set by Ningde Times serves as a model for other Chinese companies looking to list overseas, potentially accelerating their globalization processes [5]. - By listing in Hong Kong, Ningde Times is expected to strengthen its influence in the global power battery industry and facilitate the internationalization of Chinese renewable energy technology [6]. Group 6: Conclusion - The overseas listing filing represents a pivotal event in Ningde Times' globalization strategy, leveraging its technological strength, market position, and policy advantages to create a dual-circulation model of "Chinese technology + global resources" [7]. - With the successful fundraising and capacity expansion, Ningde Times is poised to continue leading in the global renewable energy sector and provide a new paradigm for the internationalization of Chinese enterprises [7].