Core Insights - SAIC Motor Corporation reported a slight year-on-year decline in vehicle production and sales for November, but both cumulative production and sales for the year have achieved double-digit growth, driven primarily by the performance of new energy vehicles, SAIC Maxus, and Zhiji Auto [2] Production and Sales Data - In November, SAIC Motor's total vehicle production was 463,300 units, a decrease of 4.84% from 486,854 units in the same month last year; cumulative production for the year reached 4,222,198 units, up 18.84% from 3,552,698 units [2][3] - Total vehicle sales in November were 460,818 units, down 3.75% from 478,767 units year-on-year; cumulative sales for the year reached 4,108,067 units, an increase of 16.38% from 3,529,993 units, marking a steady growth trend [2][3] Segment Performance - New energy vehicles produced 207,168 units in November, a year-on-year increase of 23.85%; cumulative production for the year was 1,547,412 units, up 40.99% from 1,097,512 units [6] - In November, SAIC Maxus achieved a production increase of 62.15% to 24,642 units, with cumulative production of 203,919 units, up 22.27% [5] - Zhiji Auto saw a remarkable production increase of 104.92% in November, producing 16,324 units, with cumulative production of 72,424 units, up 19.01% [6] Overseas Performance - In November, SAIC's overseas sales reached 107,210 units, a 13.87% increase from 94,153 units year-on-year; cumulative overseas sales for the year were 969,397 units, up 3.40% from 937,493 units [7]

Core Insights - In November 2025, Great Wall Motors reported a total sales volume of 133,216 units, representing a year-on-year increase of 4.57%, while cumulative sales for January to November reached 1,199,652 units, up 9.26% compared to the previous year [2][3] Sales Performance - The Haval brand sold 75,383 units in November, down 3.83% year-on-year, but cumulative sales for the year reached 692,101 units, an increase of 11.13% [3][4] - WEY brand showed remarkable growth with November sales of 12,763 units, up 81.14% year-on-year, and cumulative sales of 89,055 units, a significant increase of 93.94% [4][5] - The Great Wall Pickup recorded sales of 16,011 units in November, a slight increase of 1.00% year-on-year, with cumulative sales of 166,322 units, up 3.40% [4][5] - The Ora brand experienced a decline, with November sales of 4,821 units, down 16.97% year-on-year, and cumulative sales of 40,155 units, a decrease of 31.40% [4][5] - Tank brand sales increased to 24,135 units in November, up 19.55% year-on-year, with cumulative sales of 211,584 units, a modest increase of 1.18% [5] Production Data - In November, total production was 134,201 units, nearly unchanged from 134,207 units in the same month last year, while cumulative production for January to November reached 1,194,517 units, up 8.51% year-on-year [2][3] - Haval brand's production in November was 77,489 units, down 7.80% year-on-year, with cumulative production of 675,266 units, an increase of 5.62% [3][4] - WEY brand's production surged to 12,214 units in November, up 94.65% year-on-year, with cumulative production of 91,760 units, a growth of 99.28% [4] - The Great Wall Pickup's November production was 15,079 units, down 7.91% year-on-year, with cumulative production of 167,535 units, up 7.35% [4][5] - Ora brand's production fell significantly to 3,018 units in November, down 50.62% year-on-year, with cumulative production of 39,256 units, a decrease of 28.01% [4][5] - Tank brand's production increased to 26,277 units in November, up 24.07% year-on-year, with cumulative production of 220,011 units, a growth of 7.66% [5] New Energy and Overseas Sales - New energy vehicles sold 40,113 units in November, with cumulative sales for January to November reaching 364,731 units, indicating a steady expansion of the new energy segment [6] - Overseas sales amounted to 57,309 units in November, with cumulative sales of 448,648 units for the year, reflecting a steady increase in market penetration [6]

Core Insights - Qingwei Intelligent, an AI chip company based in Beijing, has completed a C-round financing of over 2 billion RMB and is preparing for an IPO, aiming to establish itself as a benchmark in the non-GPU reconfigurable computing architecture sector [1][3] Financing and Investment - The financing round was led by Beijing state-owned enterprise Jingneng Group, with participation from multiple institutions including Beichuang Investment, Jiantou Investment, Wuyuefeng Science and Technology Innovation, and Chengdu Science and Technology Investment [3] - The funds will primarily be used for the R&D of next-generation reconfigurable chip core technologies, large-scale deployment of intelligent computing scenarios, and the recruitment and training of high-end technical talent [3] Technology and Product Development - Qingwei Intelligent has developed the TX81 reconfigurable AI chip, which utilizes "C2C computing grid technology" to achieve high bandwidth and low latency data flow [3] - The REX1032 training and inference integrated server, powered by this chip, can reach a computing power of 4 PFLOPS and supports trillion-parameter large model deployments, offering approximately 50% cost reduction and 3 times efficiency improvement compared to traditional solutions [3] Market Position and Commercialization - The company's products are compatible with major large models such as DeepSeek, Qwen, and SenseTime's Riri New, and it has established large-scale intelligent computing clusters in various regions including Zhejiang, Beijing, and Anhui [3] - Qingwei Intelligent has received over 20,000 orders for reconfigurable computing cards and is projected to rank sixth in domestic AI acceleration card shipments by mid-2025, placing it in the top tier of domestic computing acceleration cards [3] Leadership and Recognition - The founder and CEO of Qingwei Intelligent, Wang Bo, has recently been awarded the title of "2025 China IC Design Industry Annual Entrepreneur," recognized for his forward-looking layout and continuous advancement in the localization of new architecture AI chips [4]

销量方面，公司11月合计销量为58,113辆，同比增长36.34%；本年累计销量453,147辆，较去年同期累计同比小幅下降0.52%。公告提示，本次披露数据为产 销快报数据，最终数据以2025年审计数据为准。 | 产品名称 | | | 产量 | | | | 销量 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 本月 | 本月同比 | 本年累计 | 累计同比 | 本月 | 本月同比 | 本年累计 | 累计同比 | | 新能源汽车 | 55,081 | 42.02% | 417,765 | 5. 51% | 55. 203 | 49. 84% | 411, 288 | 5. 58% | | 其中:赛力斯汽车 | 51, 284 | 51.22% | 383, 725 | 4.97% | 51, 677 | 59.73% | 376, 668 | 4. 85% | | 其他车型 | 3.796 | -40. 50% | 42. 599 | -30. 23% | 2.910 | -49.68% | 41.859 | -36. 53% | ...

Core Viewpoint - Anpei Long (301413.SZ) announced plans to invest up to RMB 200 million in low-risk financial products using idle funds in 2026, pending shareholder approval [1][3]. Investment Strategy - The investment will focus on conservative, stable, and balanced financial products with low risk and high liquidity, avoiding high-risk investments or illegal uses [3]. - The company will prioritize products issued or managed by reputable financial institutions to ensure fund safety [3]. Financial Management - The total balance of outstanding financial products held by the company and its wholly-owned subsidiaries at any time must not exceed RMB 200 million, allowing for rolling use of funds within this limit [3]. - The investment period will last from the date of shareholder approval until December 31, 2026, with flexibility in purchasing and redeeming based on the company's funding plans [3]. Company Profile - Anpei Long specializes in smart sensors, with products including pressure, torque, temperature, gas sensors, and thermistors, widely used in automotive, smart home, photovoltaic energy storage, and industrial control sectors [3]. - The company has been recognized as a national-level "specialized and innovative" small giant enterprise [3]. Financial Goals - The company aims to enhance fund utilization efficiency and generate investment returns for the benefit of the company and its shareholders while ensuring daily operational funding needs and safety [3].

（文/罗叶馨梅）12月2日，宏微科技（688711.SH）在投资者互动平台回应相关提问时表示，公司自主研发的GaN 100V/7m型号产品已适配机器人核心驱动 需求，目前处于向下游厂商送样阶段，尚未进入量产。公司称，将根据客户验证进展和市场需求，安排后续量产计划。 宏微科技介绍，氮化镓（GaN）作为第三代半导体材料，具备高开关频率、导通损耗和开关损耗较低等特点，适用于对功率密度、转换效率和响应速度要求 较高的应用场景。在工业机器人、电机伺服系统等领域，功率器件需要在有限空间内实现更高功率输出，GaN器件的高频、高效特征与此类需求相匹配。 此次披露的GaN 100V/7m型号产品，额定电压覆盖部分直流母线和电机驱动场景，导通电阻控制在毫欧级别，面向机器人核心驱动等细分市场。公司表示， 产品目前正在下游厂商样机阶段验证，主要用于评估在系统效率、热管理和尺寸等方面的综合表现。 公开资料显示，宏微科技主营功率半导体芯片及功率模块，产品覆盖MOSFET、IGBT、整流器件及相关模块，应用场景包括工业控制、新能源发电与储 能、电机驱动、家电和消费电子等。公司近年来在第三代半导体方向持续投入研发，布局GaN等新型功率器件， ...

Core Insights - Chery Automobile reported a total sales volume of 255,809 units in November, a slight decrease of approximately 2% compared to 260,309 units in the same month last year [3] - Cumulative sales for the year reached 2,399,073 units, reflecting an 11% increase from 2,169,588 units in the previous year [3] Brand Performance - **Chery Brand**: November sales were 165,511 units, a 1% increase from 164,225 units year-on-year. Cumulative sales for the year reached 1,543,069 units, up 7% from 1,443,055 units [1][2] - **Exeed Brand**: November sales dropped to 12,021 units, down 24% from 15,898 units year-on-year. Cumulative sales for the year were 109,466 units, a 15% decrease from 128,438 units [2] - **Jetour Brand**: November sales were 55,088 units, a 13% decline from 63,040 units year-on-year. However, cumulative sales for the year increased by 14% to 573,739 units from 502,367 units [2] - **iCAR Brand**: This brand showed significant growth, with November sales reaching 11,428 units, a 99% increase from 5,745 units year-on-year. Cumulative sales for the year were 90,451 units, up 63% from 55,508 units [2] - **Zhijie Brand**: November sales were 11,761 units, a 3% increase from 11,401 units year-on-year. Cumulative sales for the year reached 82,348 units, a substantial 105% increase from 40,220 units [2] Future Outlook - By November 2025, Chery's sales of new energy vehicles are projected to reach 110,017 units, significantly contributing to overall sales. Additionally, export sales are expected to be high at 131,851 units, indicating strong performance in overseas markets [2]

Core Viewpoint - The company announced a strategic shift by divesting its stake in the subsidiary Lingzhi Yunchuang Technology Co., Ltd. to focus on its core optical business, moving away from the wheel-based medical service and logistics delivery robot sector [2][3]. Group 1: Transaction Details - The transaction consists of two parts: a share transfer and a capital increase, which are interdependent [2]. - The share transfer involves the full subsidiary Lianyi Helite Technology Co., Ltd. selling its stake in Lingzhi Yunchuang, with a transfer price of 14.3 million yuan for a registered capital of 5.6746 million yuan [2]. - Following the capital increase, the registered capital of Lingzhi Yunchuang will rise from 10 million yuan to 12.36 million yuan, with Lianyi Helite's ownership dropping from 100% to 34.9951%, while Wan Ce Zhizao will hold 65.0049% [2]. Group 2: Business Transition - Post-transaction, the company will transfer all non-Lingzhi Yunchuang medical robot-related R&D results, design materials, intellectual property, unfulfilled contracts, and customer relationships to Lingzhi Yunchuang [3]. - Lingzhi Yunchuang, established on May 11, 2024, has a registered capital of 10 million yuan and focuses on the development and sales of intelligent robots, particularly in the medical service and logistics sectors [3]. Group 3: Financial Performance - Lingzhi Yunchuang has reported losses in recent years, with 2024 revenues of 206,200 yuan and a net loss of 3.2282 million yuan, resulting in total assets of 4.466 million yuan and a net asset deficit of 938,200 yuan [3]. - For the period from January to July 2025, Lingzhi Yunchuang generated revenues of 152,480 yuan and a net loss of 623,920 yuan, with total assets of 7.514 million yuan and a net asset deficit of 597,400 yuan as of July 31 [3]. Group 4: Legal and Ownership Status - As of the announcement date, Lingzhi Yunchuang's ownership is clear, with no pledges or restrictions on rights, and it does not involve any major disputes [4].

Core Viewpoint - Longxin General has completed the transfer of its entire stake in CMD, marking a strategic decision to mitigate uncertainties in CMD's future development and focus on its own strategic direction [2][3] Group 1: Transaction Details - Longxin General has transferred 67% of its stake in CMD to minority shareholders for a consideration of €1 million [2] - The company has fully received the payment for the stake transfer and has paid the termination fee to CMD [3] - All related agreements, including the termination agreement, have been signed and executed according to the framework agreement [3] Group 2: Strategic Implications - The completion of this transaction signifies the end of Longxin General's involvement with CMD, allowing the company to concentrate on its strategic development [3] - The decision to divest CMD was made to avoid potential risks associated with CMD's uncertain future under the current shareholding structure [2]

近日，吉利汽车控股有限公司发布最新销量公告，披露公司旗下各品牌及新能源车型、出口业务的销售数据。数据显示，公司11月及本年度累计销量均实现 显著同比增长，其中新能源车型表现尤为突出，插电式混动汽车（PHEVs）同比增幅超170%。 新能源汽车板块成为本次销量公告的最大亮点，纯电与插混车型均实现大幅增长。其中，纯电动汽车（BEVs）本月销量102,602部，较去年同期91,333部同 比增长12%，本年度累计销量994,674部，较去年同期499,525部同比近乎翻倍，增幅达99%。 插电式混动汽车（PHEVs）增长更为迅猛，本月销量85,196部，较去年同期31,120部同比暴涨174%；本年度累计销量538,829部，较去年同期277,504部同比 增长94%，成为新能源板块增长的重要支撑。 出口方面，公告定义出口为中华人民共和国（包括香港、澳门特别行政区及台湾地区）以外的国家和地区。本月吉利汽车出口销量42,091部，较去年同期 34,447部同比增长22%；本年度累计出口销量379,787部，较去年同期387,472部小幅下降2%，整体出口业务保持稳健发展态势。 旗下核心品牌中，吉利品牌持续领跑，本月销 ...