新能源汽车革命下催生了动力锂电池产业的发展和万亿“宁王”的诞生。本文以宁德时代作为动力锂电池产业主导型企业的代表和研究对象，运用文献研究、案例研究、定性及定量分析等方法，在战略节奏理论（朱恒源、杨斌等，2018）分析框架下重点研究两个问题：（1）产业主导型企业可以通过其对产业的认知和影响力实施哪些股权市场经营策略；（2）产业主导型企业的股权市场经营策略可以如何帮助其进一步强化产业主导地位。 本文首先梳理了产业主导型企业的定义，并基于此对宁德时代作为产业主导型企业的地位进行了论证，进而在战略节奏理论分析框架下对我国动力锂电池产业的发展阶段进行了梳理和划分。在动力锂电池产业不同发展阶段的框架下，进一步对宁德时代自成立至2022年期间在股权市场上的主要融资行为和投资行为进行了梳理和分析，结合统计分析的结果发现，宁德时代在小众市场、大众市场阶段的投融资行为与策略有着明显的差异：就融资而言，小众市场阶段公司更多选择产业投资人或战略投资人以获得产业资源，且估值水平相对较低，在大众市场阶段更多选择财务投资人以获得财务性资源，且融资窗口选择在了产业爆发带来估值高企的阶段；就投资而言，小众市场阶段公司以合资建厂等战略投资的方式锁定和团结最广泛、最有潜力的客户群体，在小众到大众市场的过渡阶段，更多以产业基金作为投资主体以参股型财务投资方式布局上游原材料，达到投资价值洼地资产和填补产业链结构洞环节的双重目的，在大众市场阶段以全资或绝对控股的方式投资建设产能，以战略投资的方式布局下一代技术研发和下游新的应用场景。 宁德时代通过在不同市场阶段实施不同的投融资经营策略，助力其构建了对上游原材料的控制力、对下游客户的重要影响力和粘合力，以及自身在技术研发、产能规模上的绝对领先力，有力地强化了公司的竞争优势和产业主导地位。 本文的研究对企业家和投资人均具有启发。企业家在分析判断自身在产业链中所处的位置后，有针对性地采取有效的股权市场经营策略，准确、及时构建与供应商和客户的战略合作关系，获得与产业链共同成长的机会。对于投资者而言，基于对产业发展节奏的认识和把握，跟随产业主导型企业的股权市场经营策略，构建与之相适应的投资标的组合、入场和退出时间的选择的投资策略，往往能够获得较好的投资收益。
The Era of electric vehicles (EVs) has given rise to the development of the lithium battery industry and the emergence of Contemporary Amperex Technology Limited (CATL), the world’s biggest manufactory for EV batteries. This paper focuses on analyzing CATL, as a leading enterprise in the lithium battery industry by leveraging literature review, qualitative and quantitative analysis, and event study methods within the analytical framework of Strategic Rhythm theory (Zhu Hengyuan, Yang Bin, et al., 2018) to explore two core issues: (1) The multiple equity market strategies implemented by the industrial leading enterprise based on the interpretation and influence over the industry; (2) How the equity market strategy helps the industrial leading enterprise strengthen industrial dominance.This paper firstly defines the ‘industrial leading enterprise’ and argues the leading enterprise status of CATL, and then demonstrates the developmental stage of China‘s lithium battery under the framework of Strategic Rhythm. This paper further analyzes the main financing and investment case of CATL in the equity market from its establishment to 2022 in the context of different development stages of the lithium battery.The results of statistical analysis illustrate significant differences in CATL’s investment and financing strategies in the niche market and mass market stages: （1）In terms of equity financing, CATL united with more industrial investors or strategic investors to obtain industrial resources in the niche market stage with relatively low equity price. In the mass market stage, the company preferred financial investors to acquire financial resources, and the financing window was the time when the industry grew explosively and brought high valuation of the company. （2）In terms of investment, in the niche market stage, the company incorporated with the broadest and most potential customer groups through strategic investment such as joint venture. In the transition stage from the niche market to the mass market, the company invested raw materials companies by minority acquisitions to achieve the dual purpose of gaining profit from undervalued companies and filling the structural holes in the industrial chain. On the other hand, in the mass market stage, CATL constructed production capacity by means of investing wholly-owned or absolute holding companies, and motivated next-generation technologies and new application scenarios by strategic investments.By implementing different investment and financing strategies in various market stages, CATL built the controls of raw materials, the crucial influence and adhesion of customers, and its absolute leading force in R&D and capacity scale, which had advantageously strengthened the company‘s competitive advantage and industrial dominance.The research outcomes are inspiring to both entrepreneurs and investors. After analyzing and judging the position in the industrial chain, entrepreneurs should adopt effective equity market strategies, build strategic cooperative relations with suppliers and customers accurately and timely, and obtain opportunities to grow up with the industrial chain synchronously. As to investors, considerable returns and achievement can be gained based on the understanding and grasp of the industrial development rhythm, following the strategy of industrial leading enterprises, building an investment portfolio and choosing the entry and exit timing to adapt to the investment strategy.
