Electrical Components and Equipment

CATL

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1120 | Dolphin Research Focus: 🐬 Macro/Industry 1. The U.S. September non-farm payrolls are set to be released tonight. This is the first monthly employment report issued by the U.S. Bureau of Labor Statistics since the release of August data in September, filling the gap in official employment data caused by the previous government shutdown. The market generally expects an increase of 54,000 in non-farm payrolls for September, with the unemployment rate remaining at 4.3%. However, this data is significantly lagging, and the U.S. Bureau of Labor Statistics has clearly stated that it will not release the October non-farm report. 2. According to foreign media reports, &#34;China is considering introducing new real estate stimulus policies,&#34; leading to intraday fluctuations in real estate stocks today...

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US Sep. Payroll to Due Tonight, Property “Rumors” Spark Rally | Daily News Recap

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1023 | Dolphin Research Focus: 🐬 Macro/Industry 1. Last night, the National Press and Publication Administration announced the approval information for domestic online games in October 2025, issuing a total of 166 licenses, including 159 for domestic online games and 7 for imported online games. The number of approved licenses in October remains at a high level. 🐬 Individual Stocks 1. $JD.com(JD.US) According to the JD.com application, JD.com, in collaboration with CATL and GAC Group, officially announced the name of the 'National Good Car' model. The new car is named 'Aion UT super', positioned as a pure electric small car...

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JD's 'National Good Car' auctioned at a sky-high price; Alibaba's Quark AI glasses near pre-sale｜Today's Important News Recap

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1021 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. U.S. President Trump and Australian Prime Minister Albanese signed a critical minerals agreement at the White House. The core of the agreement includes each party investing $1 billion within six months to support mining and processing projects, establishing a price floor mechanism, and introducing indirect participation from Japan. The focus is on resources such as rare earths, gallium, and graphite, aiming to counter China's influence in the rare metals sector. This move is a key step for the West in restructuring the resource supply chain, attempting to break China's dominant advantage in the smelting and processing stages. However, Australia's shortcomings in processing technology and high costs are difficult to resolve in the short term...

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Game Boosts Bilibili's Surge; Amazon AWS Services Experience Major Outage | Today's Important News Recap

Financial Analysis

Conference Minutes

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The following are the Minutes of the 3Q25 earnings call of CATL organized by Dolphin Research. For the earnings interpretation, please refer to &#34;Full Capacity Expansion! Has the King of Ning Finally Made It?&#34; 1. Review of Core Financial Information 2. Detailed Content of the Earnings Call 2.1 Management Statements 1. Domestic Capacity: Jining, Shandong (only Jining base...)

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CATL (Minutes): Demand is strong, profitability does not rely on price increases

On the evening of October 20, 2025, $CATL(300750.SZ) announced its third-quarter results for 2025. Here are the key points: 1) Did the revenue side significantly miss expectations? In the third quarter, $CATL(03750.HK) reported operating revenue of 104.2 billion, while the market consensus on Bloomberg was over 120 billion, with actual revenue falling more than 10% below market expectations. However, according to Dolphin Research's calculations, one reason could be that Ningde's products did not increase in price along with the rise in raw materials such as lithium carbonate; another reason could be that the proportion of energy storage in shipments has increased...

Expanding production capacity comprehensively! Has Ning Wang finally made it?

CATL Quick Interpretation: The third quarter appears very contradictory, evidently because the company does not provide revenue guidance but does guide profit ranges. As a result, third-quarter revenue fell far short of market expectations, while profits were basically in line with expectations.From a revenue perspective, this is not the first time the company has fallen short of market expectations. The market's expectations were based on the increase in prices of battery raw materials such as lithium carbonate since July, which should have driven up the unit price of CATL's shipments. Additionally, the domestic power battery shipment volume saw a year-on-year increase of 36% in the third quarter, and the market expected CATL to keep up with this growth.However, in reality, after CATL reduced prices to boost shipments in the second quarter, in the third quarter, amidst an industry inflation trend, it maintained prices. As a result, although total revenue was insufficient, the profit per watt was maintained, and total profits were preserved.Given the current market, it is actually more favorable for CATL to maintain its market share. From this perspective, these results are not a negative surprise but rather an expected outcome.However, there are several positive signals for the industry and CATL itself:a. The price of lithium carbonate has returned to normal, and the company's asset impairment remains low relative to revenue;b. The company's contract impairments are also decreasing, subtly indicating that the industry's supply-side clearing process is nearing completion;c. Inventory is reaching new highs. Considering that the company's inventory structure is mainly composed of in-transit and finished products, and the current capacity utilization rate is relatively high, the revenue certainty implied by the inventory is high.In other words, although third-quarter revenue was not as high as expected, the positive operational signals, coupled with the company's increased production guidance for 2026 to 1TWh, are encouraging.The overall industry trend is improving, and as the industry leader, CATL naturally benefits from the dividends. $CATL(300750.SZ)$CATL(03750.HK)

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1020 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. In the latest interview, Trump continued to release signals of easing and hinted that the door is still open. Additionally, according to media reports, the Trump administration is quietly relaxing several tariff policies. This statement temporarily alleviated market concerns about the escalation of trade friction and is expected to boost risk asset sentiment. However, caution is needed regarding the repetitiveness of his strategy, and subsequent developments need to be observed for detailed implementation and continuity of execution. 2. Data released by the National Bureau of Statistics shows that the domestic gross domestic product for the first three quarters of 2025 was 101.5 trillion yuan, calculated at constant prices...

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Nvidia's Blackwell chip is about to be mass-produced in the United States; tariff easing signals continue to be released | Today's important news review

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1017 | Dolphin Research Focus: 🐬 Macro/Industry 1. Shares of two U.S. regional banks plummeted due to loan fraud and bad debt issues, with the regional bank index posting its worst performance since April. Risk aversion sentiment pushed up U.S. Treasury and gold prices. The event highlights potential risks in the credit market, and concerns about 'more risk points' will suppress sentiment in financial stocks, while reinforcing expectations for the Federal Reserve to maintain an accommodative stance. 🐬 Individual Stocks 1. $Micron Tech(MU.US) Micron Technology's U.S. stock fell in after-hours trading. According to reports, Micron will stop selling server chips to Chinese data centers...

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Micron to Stop Selling Server Chips to Chinese Data Centers; Meta Plans to Raise $30 Billion to Build Data Centers | Today's Important News Recap