Contemporary Amperex Technology Co Ltd Class A

Vnet Group reported second quarter 2026 results with total net revenues up 14.2% year-over-year to RMB 2.78 billion, driven by a 29.3% increase in wholesale revenues to RMB 1.10 billion. The company secured 347 megawatts of new orders in the quarter, bringing year-to-date wholesale orders to 862 megawatts, and its wholesale capacity in service surpassed 1 gigawatt for the first time, reaching 1,007 megawatts. Adjusted EBITDA rose 25.4% to RMB 918.3 million, and adjusted net income turned positive at RMB 7.4 million. Vnet also announced a strategic cooperation agreement with CATL to jointly develop a three-layer integrated compute energy ecosystem, and reiterated its full-year 2026 guidance for total net revenues of RMB 11.5 billion to RMB 11.8 billion and adjusted EBITDA of RMB 3.55 billion to RMB 3.75 billion.

Jiayuan Technology released its 2026 semi-annual report. In the first half of the year, it achieved operating revenue of 7.513 billion yuan, up 89.57% year on year. Net profit attributable to shareholders of the listed company was 382 million yuan, an increase of 940% compared with the same period last year. The company said the sharp rise in performance was mainly due to the continued improvement in downstream new energy industry sentiment, which drove steady growth in copper foil market demand. Copper foil product production and sales rose significantly, capacity utilization improved markedly, the proportion of high value-added products increased, and product gross margin rose from the same period last year. In addition, the company benefited from increased fair value changes and investment income from companies it invested in, which also had a relatively large positive impact on profit levels. During the reporting period, the company's total research and development investment was 308 million yuan, up 61.95% year on year, and it achieved technological breakthroughs in high-performance products such as RTF copper foil, HVLP copper foil, and carrier copper foil in the electronic circuit copper foil field. As of the end of the reporting period, the company's production capacity had reached more than 155,000 tonnes, and it signed a cooperation framework agreement with CATL, planning to give priority to guaranteeing copper foil product demand of no less than 626,000 tonnes of capacity from 2026 to 2028.

InnovestX Securities views AI as still a key driver for Chinese tech, as hyperscalers accelerate capital spending to support data centers and AI computing, while foreign chip technology restrictions push China to build a domestic supply chain. The firm expects the share of AI server system production in China to reach more than 90% by 2030, up from about 70% in 2025, and the share of chip production for AI inference to rise to more than 50% from below 10% over the same period. Capital expenditure estimates for Chinese hyperscalers Alibaba, Tencent, ByteDance and Baidu have been revised up by 28%, 74%, 67% and 82% respectively, reflecting an acceleration in expanding AI and data processing capabilities. Mr. Sittichai Duangrattanachaya, Head of Investment Strategy at InnovestX Securities, said at the economic and investment seminar "Final Call 2026" that the next phase of the AI game is not about investing in the trend, but about finding winners in each layer of the ecosystem, from chips to data centers and energy. Investors should shift from buying the AI theme to selecting companies that genuinely benefit from AI. He recommended three groups of Chinese stocks: China Internet and Tech such as Tencent, Alibaba and GDS; China Semiconductor such as SMIC, Hua Hong and NAURA; and China Non-Tech such as CATL, HKEX and AIA.

As of 5 p.m. on August 20, 498 companies listed on the Shenzhen Stock Exchange had released their 2026 half-year reports. Among them, 313 companies posted year-on-year profit growth in the first half, accounting for more than 60 percent. A total of 157 companies saw growth of more than 50 percent, and 112 companies more than doubled their earnings. The sectors with high growth were mainly concentrated in five areas: basic chemicals, power equipment, electronics, machinery equipment, and nonferrous metals. In basic chemicals, Do-Fluoride New Materials reported net profit attributable to shareholders of 512 million yuan in the first half, up 897.19 percent year on year. Huachang Chemical posted net profit of 123 million yuan, up 1,026.90 percent. Hebang Biotechnology reported net profit of 380 million yuan, up 634.30 percent. In power equipment, CATL posted net profit attributable to shareholders of 43.28 billion yuan in the first half, up 42.0 percent year on year. In electronics, Yunhan Xin Cheng achieved operating revenue of 2.746 billion yuan, up 90.66 percent, with net profit attributable to shareholders of 166 million yuan. In nonferrous metals, Tin Industry Company achieved operating revenue of 31.573 billion yuan, up 49.68 percent, and net profit attributable to shareholders of 1.504 billion yuan, up 41.60 percent. In machinery equipment, Ding Tai High-Tech achieved operating revenue of 1.943 billion yuan, up 114.85 percent, and net profit attributable to shareholders of 679 million yuan, up 325.12 percent. Industry insiders noted that the overall performance of Shenzhen-listed companies that have disclosed half-year reports is improving, and the five major sectors have become concentrated areas of high profit growth, reflecting a positive trend of recovery in the real economy's industrial cycle and continuously strengthening momentum in emerging industries.

As of 5 p.m. on August 17, a total of 124 A-share listed companies had announced cash dividend plans for the first half of 2026, with combined proposed cash payouts of 101.885 billion yuan including tax. China Mobile led with a proposed payout of 54.426 billion yuan, while CATL and Hikvision each proposed more than 5 billion yuan. The chemicals sector was the most active in paying dividends, followed by machinery and equipment and electronics. Huatai Securities noted that A-share dividend patterns are shifting from single cash payouts to a two-way return of cash dividends plus share buybacks, and that dividend strategies offer both a margin of safety and income certainty, making them a core allocation theme over the medium to long term. At the midday close on August 18, the CSI Dividend Index rose 0.20 percent, and the Bosera Dividend ETF gained 0.34 percent to trade at 1.46 yuan.

Bernstein said global electric vehicle demand recovered in the second quarter, with the U.S. market showing signs of stabilization after a weak start to the year. Global passenger xEV sales, covering battery electric and plug-in hybrid vehicles, reached 1.98 million units in June, up 9% year over year, with China accounting for 51% of the total, Europe 27%, the rest of the world 15%, and North America 7%. U.S. sales fell to 136,000 units in June, down 4% year over year, but have posted five consecutive months of growth from January lows. Chinese sales rose 6% month over month to 1.02 million units but declined 11% from a year earlier following subsidy reductions, while European volumes grew 34% to 539,000 units and rest-of-world sales doubled to 288,000. Pure battery electric sales rose 20% to 1.42 million units while plug-in hybrid sales fell 12%, and BYD led manufacturers with 283,000 units despite a 25% decline, followed by Tesla at 208,000 units, up 19%. Battery demand outpaced vehicle sales as automakers opt for larger packs, with lithium-ion demand rising 22% to 112 GWh and CATL's year-to-date market share climbing to 39% from 36% in 2025.

CICC said CATL and Techtronic Industries could be included in the index as part of the Hang Seng Tech Index reform. In a list of Hong Kong and China related articles distributed on the afternoon of the 17th, it was also reported that Power Assets Holdings and CK Infrastructure significantly increased interim net profit on gains from selling their UK businesses, that CATL will invest 4.1 billion yuan in the parent company of Hangzhou Zhongheng Electric, and that Alibaba Group will sell its gaming business brand Lingxi Games to Trustar Capital. In addition, China's industrial production rose 4.5 percent year on year in July, retail sales rose 0.6 percent, fixed asset investment fell 6.7 percent in the January to July period, property sales fell 13 percent, and investment fell 19 percent. A Reuters report that the United States is asking countries to choose sides in the AI development race with China was also introduced.

The trial production plan for the 6,666.6-tonne-per-year VC project of Inner Mongolia Yongtai Chemical, a wholly owned subsidiary of Yongtai Technology, has passed expert review and officially met the conditions for trial production, which will now commence. The project is part of the company's annual 25,000-tonne VC and 5,000-tonne FEC projects. After it comes on stream, the company's total VC capacity will increase from 10,000 tonnes per year to 16,700 tonnes per year, a rise of about two-thirds. The company previously started production at another 5,000-tonne-per-year VC line in November 2025 and signed a supply agreement with CATL for a total of 90,000 tonnes of VC from 2027 to 2029. The company expects net profit attributable to the parent of 265 million to 330 million yuan in the first half of the year, up 350.68% to 461.22% year on year.

Zhongheng Electric's controlling shareholder, Hangzhou Zhongheng Technology Investment Co., Ltd., has received a 4.1 billion yuan capital increase from CATL. CATL plans to subscribe to 14.41176471 million yuan of newly increased registered capital in Zhongheng Technology Investment for 4.09985882353 billion yuan, of which 3.51185882353 billion yuan will be paid in cash, and its 241.815 million yuan registered capital in Shidai Tianyuan will be valued at 588 million yuan as a capital contribution. After the transaction is completed, CATL will hold a 49% equity stake in Zhongheng Technology Investment, while Zhu Guoding and his concert party Bao Xiaoru will hold a combined 51% stake, with the controlling shareholder and actual controller remaining unchanged. The company stated that this capital increase is conducive to promoting business synergy and strategic cooperation between CATL and Zhongheng Electric.

CATL has secured another 3 GWh overseas energy storage order in Australia, while domestic brain-computer interface technology is being rapidly deployed in the medical field. On the evening of August 14, CATL's official WeChat account announced that the second phase of the Supernode energy storage project in Australia, developed by Quinbrook, has officially entered commercial operation. Financing of 469 million Australian dollars for the third phase was completed simultaneously. Once the third phase is built, total storage capacity will exceed 3 GWh, making it the largest operating battery energy storage project in Australia's National Electricity Market. CATL is the sole supplier for the project. In brain-computer interfaces, Tongji Hospital completed the country's first high-throughput single-neuron-level fully invasive brain-computer interface surgery. Hangzhou Nuochip Electronics achieved China's first high-resolution visual brain-computer GCP clinical trial. Weihai Municipal Hospital affiliated with Shandong University completed an implantable brain-computer interface surgery at a prefecture-level hospital. On the policy front, Zhejiang Province issued 18 measures to promote industry-academia-research collaboration in brain-computer interfaces. China Securities believes the global brain-computer interface industry is still in an early window period. Zheshang Securities expects the global market to grow from 2.41 billion US dollars in 2025 to 12.11 billion US dollars in 2035. More than 30 A-share brain-computer interface concept stocks exist, and 12 have a trailing price-to-earnings ratio below 40 times. Among them, 37 Interactive Entertainment ranks lowest at 13.58 times.

The Matthew effect in the power battery industry has become more pronounced. CATL posted attributable net profit of 43.284 billion yuan in the first half, up 41.98 percent year on year, averaging about 240 million yuan in net profit per day. According to SNE Research, CATL held a 40.2 percent global market share in power battery usage from January to May 2026, up 2.2 percentage points year on year, and ranked first globally in energy storage battery shipments. By contrast, second-tier manufacturers are seeing profit margins keep shrinking. Gotion High-tech expects first-half attributable net profit of 1.2 billion to 1.55 billion yuan, with non-recurring gains and losses contributing about 1.1 billion to 1.4 billion yuan. Zenergy New Energy launched A-share listing tutoring just 15 months after its Hong Kong listing, while SVOLT Energy Technology has raised a cumulative 23 billion yuan and is steadily advancing IPO filing preparations. Facing cost pressure, second-tier companies are seeking breakthroughs through energy storage and overseas markets. SVOLT has set a target for overseas shipments to account for 63 percent by 2028.

On the evening of August 14, multiple listed companies on the Shanghai and Shenzhen stock exchanges issued announcements covering major matters, half-year results, shareholding changes, and large orders. Keda Manufacturing terminated its purchase of a 51.55 percent stake in Tefu International. Zhongheng Electric's controlling shareholder, Zhongheng Technology Investment, received a capital increase of 4.1 billion yuan from CATL, subscribing to 14.4118 million yuan of new registered capital, and the two sides signed a strategic cooperation agreement. Huashi Technology plans to buy a 30 percent stake in Aoxing Technology for 300 million yuan. Haitong Development's wholly owned subsidiary plans to invest no more than 600 million yuan to build two 62,000 deadweight ton multipurpose heavy-lift vessels. Zhiyang Innovation plans to raise no more than 904 million yuan through a private placement. Fuleide plans to raise no more than 1.176 billion yuan through convertible bonds. In half-year results, Kweichow Moutai posted first-half net profit of 44.517 billion yuan, down 1.95 percent year on year. Satellite Chemical posted net profit of 6.226 billion yuan, up 126.94 percent. Shengyi Technology posted net profit of 3.287 billion yuan, up 130.42 percent. Ping An Bank posted net profit of 25.696 billion yuan, up 3.3 percent, and plans to pay a dividend of 2.49 yuan per 10 shares. China Communications Construction signed new contracts worth 902.949 billion yuan in the first half, down 8.89 percent year on year. In addition, Fuwei Shares received a seat project nomination from a joint-venture brand customer, with an estimated total life-cycle sales value of 2.86 billion yuan. A subsidiary of Shaanxi Construction Engineering won the bid for a 1.156 billion yuan Yunjing Intelligent Computing Center project. A subsidiary of Zhejiang Construction Investment won the bid for a project worth 2.497 billion Hong Kong dollars.

In the first half of this year, overseas markets became the largest destination for global energy storage cells for the first time, with their share exceeding 50% for the first time in the same period in history. InfoLink Consulting data shows that global energy storage cell shipments totaled 467.84 GWh in the first half, up 94.76% year on year, of which overseas market shipments were 248.73 GWh, accounting for 53.2% of the global total. SNE Research statistics show that energy storage cell shipments in North America and Europe grew 83% and 74% year on year respectively, with market shares of 16.5% and 15.8%, while large projects in emerging markets such as the Middle East and Australia accelerated into the execution phase. China's market share fell to 43.9% from 50.5% in the same period last year, with shipments of 202.5 GWh, up 49% year on year, still the world's largest single market. The top ten companies in global energy storage cell shipments are all Chinese companies, with CATL firmly in first place with 125 GWh of shipments and a 27.1% market share, followed by Hithium and EVE Energy in second and third. Although LG Energy Solution ranked only eleventh, its first-half shipments surged 357% year on year to 12 GWh, rapidly approaching the top ten. ICCSINO predicts that global energy storage cell shipments for the full year 2026 could reach 1,200 GWh.

On the evening of August 12, multiple listed companies on the Shanghai and Shenzhen stock exchanges issued major announcements. Antong Holdings announced that its single largest shareholder, Sinotrans Container Lines, plans to reorganize the board of directors. If the relevant proposals are approved by the shareholders' meeting, the company's controlling shareholder will change from Fujian Zhaohang Logistics Management Partnership to Sinotrans Container Lines, and the actual controller will change from having no actual controller to China Merchants Group. Speed Wireless Technology plans to raise no more than 1.096 billion yuan through a private placement, for projects including server cooling modules, lightweight radio frequency components for smart glasses, and low-orbit satellite communication antennas and modules. Hybio Pharmaceutical signed a cooperation agreement with Shenzhen Salubris Pharmaceuticals for the blood glucose control indication of semaglutide injection, under which the two parties will cooperate in development, registration, production, and commercialization in China. CATL plans to participate as a limited partner in the Hainan Times Green Industry Investment Fund, with a committed capital contribution of 2.475 billion yuan, holding a 49.5% stake in the fund. Sinosun Technology announced that Jinghexing plans to acquire a 14.18% stake in the company held by Xinjiang Chaojun for 539 million yuan. After the transaction is completed, Jinghexing will become the controlling shareholder, and Qu Jialin will become the actual controller. The company's shares will resume trading on August 13. In terms of financial results, Yihai Kerry Arawana reported a net profit of 2.294 billion yuan in the first half of the year, up 30.69% year-on-year; Shanghai Pudong Development Bank reported a net profit of 30.951 billion yuan in the first half, up 4.08% year-on-year; Baofeng Energy reported a net profit of 9.728 billion yuan in the first half, up 70.14% year-on-year; Quectel Wireless Solutions reported a net profit of 602 million yuan in the first half, up 27.84% year-on-year.

The Chinese government has systematically deployed national team funds to support the stock market after concerns over AI stock valuations triggered severe volatility in recent weeks. China Reform Holdings and China Chengtong Holdings used 60 billion yuan, or 8.9 billion dollars, through a relending facility backed by the central bank to stabilize the market ahead of the IPO of CXMT, a memory chip maker, which is China's largest IPO this year. China Securities Regulatory Commission Chairman Wu Qing met with investors on July 20, while dozens of companies including CATL announced share buyback programs, sending CXMT's share price up more than fivefold after its first trading day on July 27. Data from Wind Information shows that ETFs tracking the Shanghai STAR 50 and Shenzhen ChiNext indices saw record combined net purchases of 73.7 billion yuan, or 10.9 billion dollars, in July, reflecting that the national team is rebalancing its portfolio by increasing its allocation to technology stocks. Analysts view this intervention as aimed at building long-term confidence rather than merely stemming falling share prices.

Toyota Motor will begin production of next-generation batteries for hybrid vehicles in Japan from 2027 to 2028. At a financial results briefing on the 4th, General Manager of the Accounting Division Takanori Azuma revealed that the company will switch its domestic production lines, which have a capacity of 600,000 units, to high-performance, low-cost next-generation batteries. The next-generation batteries are expected to reduce costs by tens of thousands of yen per vehicle, and by 2030, Toyota plans to sequentially switch its battery production lines from nickel-metal hydride batteries to lithium-ion batteries while also boosting production capacity. Additionally, as a long-term plan, it was disclosed that China's leading automotive battery maker CATL will produce 200,000 hybrid vehicle batteries for Toyota in Indonesia. Toyota's global hybrid vehicle sales are projected to exceed 5 million units for the first time in 2026, and these initiatives aim to strengthen the competitiveness of its hybrids, leading to further demand and profit growth.

Ronbay Technology announced plans to invest 4.723 billion yuan to build an integrated project in Xiantao with an annual capacity of 300,000 tonnes of sodium-ion battery cathode materials. The construction period is expected to be 24 months, with phased construction and gradual commissioning in three stages: 50,000 tonnes in the first phase, 100,000 tonnes in the second, and 150,000 tonnes in the third. The first phase is scheduled from August 2026 to May 2027. In the first half of the year, the company shipped nearly a thousand tonnes of sodium-ion cathode materials, and the business unit has already reduced losses. It is expected to reach a shipment scale of around 10,000 tonnes in 2026. The market widely believes that 2026 will mark the start of mass production for sodium-ion batteries. As the top supplier of sodium-ion cathode powder to CATL, Ronbay Technology supplies no less than 60 percent of CATL's total procurement of sodium-ion cathode materials. Over the past year and a half, the company's cumulative investment in major domestic and international expansion projects has exceeded 10 billion yuan, and its asset-liability ratio has risen to 69.33 percent. For this expansion project, the proportions of self-owned funds, bank loans, and other self-raised funds in the total investment are approximately 20 percent, 43 percent, and 37 percent, respectively.

A fund manager at Janus Henderson Investors has revealed that global investors are beginning to diversify their portfolios away from US stocks, turning to increase weightings in European, Japanese, South Korean, and Chinese equities to reduce the risk of concentration in the Magnificent Seven mega-cap technology stocks. Julian McManus, a portfolio manager at Janus Henderson, which has around 480 billion dollars in assets under management, noted that the MSCI ACWI ex-US index has risen more than 8% since the start of the year, while the S&P 500 has gained 6.8%. He recommends bank stocks in Europe and Japan, as well as Samsung Electronics, Tencent, and CATL, among others. Meanwhile, Polka Mishra from Javelin Wealth Management continues to favour US stocks, citing the still-strong US economy and its leadership in AI technology.

CMOC announced plans to revise the annual caps under its continuing connected transaction agreements with CATL Group and KFM Group. The annual caps for product sales to CATL Group for 2026, 2027, and 2028 will be revised to 3.85 billion US dollars, 4.3 billion US dollars, and 5 billion US dollars, respectively. The annual caps for product purchases from KFM Group will be revised to 6.05 billion US dollars, 7.8 billion US dollars, and 14 billion US dollars, respectively. The above proposals are subject to shareholder approval.

Chinese listed companies announced share buyback plans totalling 67.6 billion yuan, or roughly 9.99 billion US dollars, in July, a level close to that seen during the 2025 trade war crisis, aimed at supporting share prices and restoring investor confidence battered by global sell-offs. Contemporary Amperex Technology, or CATL, the world's largest electric vehicle battery maker, proposed a buyback of up to 40 billion yuan, while Foxconn Industrial Internet announced a plan of up to 2 billion yuan. The accelerated buybacks come amid a sell-off in artificial intelligence stocks and concerns over the Chinese economy, with the CSI 300 Index falling more than 7 percent in July and the STAR 50 Index tumbling around 24 percent, its steepest decline since the index was launched in 2020. Analysts view the measures as providing short-term support to the market, but a sustainable recovery still hinges on earnings growth and the Chinese government's economic policies in the second half of the year.

SAIC Motor's MG brand officially opened pre-sales for the MG 07 on the evening of July 29, launching five variants with a starting pre-sale price of 125,900 yuan. The vehicle packs premium features such as a CATL battery offering 845 kilometers of range, a semi-solid-state battery with 650 kilometers of range, an 800-volt high-voltage platform, 5C fast charging, the Momenta R7 lidar intelligent driving solution, mCDC intelligent electromagnetic suspension, and a HeatMatrix active-cooling electric motor, bringing technologies previously reserved for luxury models down to the 120,000 to 160,000 yuan market and realizing SAIC's vision of technology equality. The MG 07 comes standard with mCDC intelligent electromagnetic suspension across the lineup, and all but the entry-level variant include an AI preview function that scans for speed bumps and manhole covers in advance and adjusts damping firmness in milliseconds. Its 18-in-1 active-cooling electric drive system, HeatMatrix, integrates thermal management into the motor, enabling unlimited launch control without heat degradation and solving the durability challenge of motor cooling. The car also features a VMC blowout stability control system and the Momenta R7 lidar-based advanced intelligent driving solution, supporting AES automatic evasive steering at 130 kilometers per hour at night. SAIC's nearly 190 billion yuan in R&D investment in intelligent electric technologies and over 24,000 valid patents form a technological moat, with its technology foundation fully entering the 2.0 era. In addition, SAIC is rolling out a pop-up store marketing model for the MG 07, with 100 pop-up stores set to open gradually across 59 cities nationwide, signaling a shift in its marketing approach.

CATL, China's leading automotive battery maker, reported second-quarter net profit of 22.5 billion yuan, up 36.5 percent from a year earlier, beating analyst estimates for a 29.7 percent increase. Revenue rose 56.9 percent to 147.8 billion yuan, accelerating from 52.5 percent growth in the previous quarter. Amid softening demand in the electric vehicle market, robust growth in the energy storage business underpinned results, with first-quarter shipments of energy storage lithium-ion batteries nearly doubling year-on-year and global market share rising to 29.9 percent. However, gross margins for energy storage batteries in the first half fell to 24.0 percent and for EV batteries to 20.6 percent, both down from a year earlier. CATL also announced plans for a share buyback of its yuan-denominated A-shares worth between 20 billion and 40 billion yuan.

On the morning of July 27, lithium battery stocks strengthened. Zidian Electronics hit the 20% daily limit two minutes after the market opened. Tianhong Lithium Battery, Lingpai Technology, and Xinwangda rose more than 5%, while CATL gained nearly 4%. In news, CATL announced on July 24 that it plans to use its own or self-raised funds to repurchase A-shares through centralized bidding. The total repurchase amount will be no less than 20 billion yuan and no more than 40 billion yuan, with a maximum repurchase price of 573 yuan per share. Wanlian Securities believes that driven by high downstream demand growth, the overall lithium battery industry sentiment is recovering. Current production scheduling is active, material prices are rising year-on-year, and the industry cycle is in an upward phase. It suggests actively focusing on profit recovery opportunities for leading stocks in the lithium battery materials sector.

CATL announced plans to use no less than 20 billion yuan and no more than 40 billion yuan of its own or self-raised funds to repurchase A-shares, with a maximum buyback price of 573 yuan per share. The repurchased shares will be cancelled to reduce registered capital. The company also disclosed that in the first half of 2026, it achieved operating revenue of 276.917 billion yuan, up 54.8 percent year on year, and net profit of 43.284 billion yuan, up 41.98 percent year on year. It plans to distribute a cash dividend of 14.11 yuan for every 10 shares. Sinomed expects net profit of 50.33 million yuan in the first half of 2026, an increase of 36.49 million yuan from the same period last year, representing a 263.66 percent year-on-year rise, mainly driven by volume growth in its coronary and neurological business segments. State Grid completed cumulative fixed-asset investment of over 310 billion yuan in the first half of 2026, up 12.6 percent year on year, as it accelerated construction of key projects including ultra-high voltage lines. The film Eight Immortals, co-produced by Happy Blue Ocean, has grossed 450 million yuan at the box office since its release on July 18, as of midnight on July 23, exceeding 50 percent of the company's audited operating revenue for the most recent fiscal year. Chippacking Technology said its packaging and testing orders are full, with current order backlog scheduled about 35 days out, and forecast that indicative orders can cover more than three months.

CATL announced plans to use its own or self-raised funds to repurchase its A-shares through centralized bidding. The total buyback amount will be no less than 20 billion yuan and no more than 40 billion yuan, with a maximum repurchase price of 573 yuan per share. All repurchased shares will be cancelled to reduce the company's registered capital. The buyback period will be within 12 months from the date of approval by the shareholders' meeting.

On the evening of July 24, several listed companies released positive announcements. CATL disclosed its 2026 semi-annual report, with first-half revenue reaching 276.917 billion yuan, up 54.8 percent year-on-year, and net profit attributable to the parent company of 43.284 billion yuan, up 41.98 percent year-on-year. It also plans to distribute a cash dividend of 14.11 yuan per 10 shares. At the same time, the company announced plans to buy back shares worth 20 billion to 40 billion yuan for cancellation and reduction of registered capital, with a maximum repurchase price of 573 yuan per share. Hikvision reported first-half revenue of 46.823 billion yuan, up 11.97 percent year-on-year, and net profit attributable to the parent company of 7.896 billion yuan, up 39.57 percent year-on-year, and plans to distribute a cash dividend of 5.5 yuan per 10 shares. Lens Technology's wholly-owned subsidiary, Lens International Hong Kong Limited, signed a memorandum of cooperation with Intel, with both parties focusing on TGV advanced packaging as a key discussion area. Sunwoda's subsidiary, Sunwoda Power, plans to introduce Sungrow and Tianqi Lithium Shehong Limited to jointly invest 805 million yuan for a capital increase. After the capital increase, Sunwoda's stake in Sunwoda Power will decrease from 27.18 percent to 26.38 percent, while retaining control. TCL Technology's acquisition of a 45 percent stake in Guangzhou Huaxing Semiconductor was approved by the Shenzhen Stock Exchange. Upon completion, TCL Technology will directly and indirectly hold 100 percent of Guangzhou Huaxing Semiconductor. In the first half, Guangzhou Huaxing Semiconductor achieved revenue of 7.926 billion yuan and net profit of 1.154 billion yuan, up 203.99 percent year-on-year. In addition, Sany Heavy Industry plans to buy back shares worth 400 million to 800 million yuan for an employee stock ownership plan. Rongda Photosensitive plans a private placement to raise no more than 591 million yuan. Dongfang Electronics plans to invest 2.47 billion yuan to build a smart energy innovation industrial park. Xiamen Tungsten plans to invest 26.5174 million yuan to acquire a 1.3483 percent stake in Jiangxi Jutong to enhance tungsten resource security. Dongcai Technology's project with an annual output of 20,000 tons of electronic materials for high-speed communication substrates is in the trial production stage. Demingli's controlling shareholder and chairman, Li Hu, has committed not to reduce his shareholding in the company within 12 months.

CATL announced that the company plans to use its own or self-raised funds to repurchase A-shares through centralized bidding. The total repurchase amount will be no less than 20 billion yuan and no more than 40 billion yuan, with a maximum repurchase price of 573 yuan per share. The repurchased shares will be cancelled to reduce the company's registered capital. The repurchase period is within 12 months from the date of approval by the shareholders' meeting.

On the evening of July 20, multiple listed companies on the Shanghai and Shenzhen exchanges disclosed positive news. SDIC Power's controlling subsidiary Yalong River Hydropower plans to establish a project company with CATL to invest in the construction of the Yagen Second-Level Hydropower Station, with a total dynamic investment of 33.394 billion yuan, including capital of 6.679 billion yuan. Raytron released an earnings forecast, expecting first-half net profit of 1.2 billion to 1.3 billion yuan, a year-on-year increase of 242% to 270%, mainly benefiting from high industry prosperity and capacity release. Raycus Laser's earnings flash report shows first-half net profit attributable to the parent company of 158 million yuan, up 116.73% year-on-year. In addition, several companies disclosed large contracts and share buyback or increase plans: Guoke Tiancheng signed a sales contract for uncooled infrared detectors and thermal imagers worth no less than 630 million yuan, Yangdian Technology's wholly-owned subsidiary signed an 860 million yuan computing power service contract, and Yushun Electronics' wholly-owned subsidiary signed a 731 million yuan computing power server leasing agreement. Huayou Cobalt plans to repurchase shares for 600 million to 1 billion yuan, Sany Heavy Industry's chairman proposed a share buyback of 400 million to 800 million yuan, and China State Construction's controlling shareholder plans to increase its shareholding by 500 million to 1 billion yuan. Hangdian Cable plans a private placement to raise no more than 2.88 billion yuan for projects such as high-end electronic circuit copper foil, and Donghua Software plans a private placement to raise no more than 2.029 billion yuan for projects including intelligent computing center construction. Sinocera announced a price increase for zirconia powder sales effective July 27, with an increase of about 10% to 40%. Jiuri New Materials' wholly-owned subsidiary Shandong Jiuri Chemical's ACMO Phase I project has entered trial production, with a total designed capacity of 1,500 tons per year, and the first phase of 500 tons per year has been put into production.

SDIC Power announced that its controlling subsidiary Yalong River Hydropower Development plans to establish a project company with CATL to invest in and build the Yagen II hydropower station. The project's total dynamic investment is 33.394 billion yuan, with capital of 6.679 billion yuan, installed capacity of 2.4 million kilowatts, expected annual power generation of about 8.645 billion kilowatt-hours, a construction period of 101 months, and the first unit is expected to be commissioned in 2035.

Shares of major Chinese solar cell and battery manufacturers rose after the Chinese government announced it will impose an excise tax on solar cells and lithium batteries. Longi Green Energy Technology Co. gained 2.4 percent, Jinko Solar Co. rose 1.8 percent, and Contemporary Amperex Technology Co. jumped 4.3 percent in Shenzhen trading and surged 3.4 percent in Hong Kong. Chinese authorities announced on Friday that a 2 percent excise tax will be levied on lithium-ion batteries starting September 2026, before rising to 4 percent in September 2027, while solar cells will be taxed at 2 percent from April 2027 and increase to 4 percent from April 2028. The Chinese government had previously exempted both products from excise tax in 2015, which led to rapid capacity expansion, resulting in oversupply and price wars, especially in the solar cell industry, which has suffered accumulated losses for more than two years. Recently, the Chinese government has stepped up efforts to curb overproduction by imposing stricter national efficiency standards for solar cell and polysilicon products.

A Chinese luggage maker's filing implies that artificial intelligence startup DeepSeek is valued at about 350.88 billion yuan, or $51.82 billion. Anhui Korrun said a fund it invested in deployed 2.9 billion yuan for an indirect 0.8265% stake in DeepSeek, giving Anhui Korrun a 0.0114% look-through stake. The disclosure offers rare public evidence about the pricing of DeepSeek's maiden external fundraising, which the low-profile company has never publicly detailed. DeepSeek rose to global prominence last year with its low-cost V3 and R1 models and had long relied on founder Liang Wenfeng's hedge fund High-Flyer for financing before reversing that strategy to fund more computing capacity and improve employee benefits. Reuters previously reported that DeepSeek was set to raise about 50 billion yuan from investors including Tencent and battery maker CATL, potentially valuing the company at between 350 billion and 400 billion yuan after the investment.

CATL recently signed a strategic cooperation agreement on sodium-ion energy storage with Dutch energy infrastructure company Alfen, planning to deploy a total of 5 GWh of TENER sodium-ion energy storage systems in Western European countries such as the Netherlands starting from 2027. This marks the company's first sodium-ion energy storage order in Europe. CATL stated that this cooperation extends its energy storage business from lithium-ion to next-generation sodium-ion technology, indicating that mainstream overseas customers are beginning to substantively include sodium-ion in their procurement choices. The joint deployment projects will allow both parties to accumulate localized application experience for sodium-ion in European power grids, accelerating global mass shipments. The TENER sodium-ion energy storage system is based on sodium-ion battery technology, offering advantages over lithium-ion in safety performance, operating temperature range, and sustainability. It does not rely on lithium resources, and its cost structure is less sensitive to lithium price fluctuations. Domestically, CATL signed a three-year, 60 GWh sodium-ion battery order with Hyperstrong in April this year. The country's first hundred-megawatt-hour-level sodium-ion battery energy storage station, the second-phase expansion of the Fuling sodium-ion battery energy storage station in Nanning, Guangxi, was put into operation in October 2025. In 2025, the company's energy storage battery sales reached 121 GWh, a year-on-year increase of 29.13 percent, with energy storage business revenue exceeding 62.4 billion yuan and a gross margin of 26.71 percent. In the first quarter of 2026, combined sales of power and energy storage batteries surpassed 200 GWh, with the energy storage business share rising to about 25 percent. Management attributes the rapid growth of the energy storage business to a dual explosion in domestic and international markets. Domestically, the positioning of the energy storage market and capacity pricing mechanisms are becoming increasingly clear, while overseas, the synergy between AI and data center computing power is driving allocation demand. To date, CATL has delivered over 3,000 energy storage projects globally and is expanding its Fuding sodium-ion production base with an additional 40 GWh of capacity, while the Shandong Jining base plans to add 160 GW of capacity.