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[CATL Zeng Yuqun: Price wars in the energy storage industry are unsustainable and not worth the cost] On September 17, the 2025 World Energy Storage Conference was held in Ningde, Fujian. Zeng Yuqun, founder and chairman of CATL, said in his speech at the conference that price competition in the energy storage industry is extremely fierce. He mentioned that in the past three years, the price of energy storage systems has dropped by about 80%; recently, the winning bid price of a certain centralized procurement project was even lower than 0.4 yuan/Wh, seriously deviating from the cost. He believes that low prices will inevitably lead to reduced quantity and reduced configuration, which will bury quality safety risks in the industry. This will not only cause the gross profit of energy storage companies to shrink rapidly, but the key is that it is unsustainable and not worth the cost.

Yuan Ye, Deputy Director of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC): Central SOEs' Investment in Strategic Emerging Industries Reaches 8.6 Trillion Yuan Since the 14th Five-Year Plan. On September 17th, Yuan Ye, Deputy Director of the SASAC, stated at a press conference held by the State Council Information Office on the theme "High-Quality Completion of the 14th Five-Year Plan" that central SOEs are focusing on nine strategic emerging industries and six future industries, gradually building momentum. Since the 14th Five-Year Plan, central SOEs have invested 8.6 trillion yuan in strategic emerging industries, a significant increase compared to the 13th Five-Year Plan period. Development has significantly accelerated in areas such as integrated circuits, biotechnology, and new energy vehicles, with breakthroughs also achieved in cutting-edge fields such as humanoid robots and superconducting quantum computing. Support capabilities for industrial machine tools and new materials are continuously strengthening. Overall, a new pattern of industrial development has emerged, characterized by tiered expansion and coordinated progress.

The FTSE China A50 Index futures just broke through the 15200.00 mark and was last trading at 15201.00, up 0.78% on the day.

CATL's share price surged 5% to a new high, while its H-shares surpassed HK$500, also setting a new all-time high.

[2025 World Energy Storage Conference signed contracts with a total planned investment of 24.58 billion yuan] According to the organizers of the 2025 World Energy Storage Conference, during the preparations for this conference, Ningde City has newly connected 22 industrial projects with a total planned investment of 36.7 billion yuan, including 14 manufacturing projects, 2 scientific research projects, and 6 technological innovation projects. At the opening ceremony of the 2025 World Energy Storage Conference, a total of 18 projects were signed with a total planned investment of 24.58 billion yuan. The projects cover new batteries, new energy storage systems, new materials, zero-carbon parks, etc.

[HSBC Research lowers BYD's target price to HK$144 and maintains a "buy" rating] HSBC Research expects BYD Co., Ltd. (01211.HK) Group to accelerate growth next year due to major technology upgrades, while a better product mix and overseas sales will offset domestic unfavorable factors. The bank lowered BYD's earnings forecast for 2025 to 27 by an average of 20%, mainly reflecting the slowdown in sales growth, and lowered the sales forecast for the period from 5.4 million, 6.5 million and 7.6 million vehicles to 4.8 million, 5.6 million and 6.1 million vehicles respectively. The bank continues to give the company a "buy" rating, and the target price is lowered from HK$151 to HK$144.