丨 2025年10月9日星期四丨 NO.1奥立维被任命为Stellantis中国及亚太区负责人 10月8日，Stellantis集团宣布对其领导团队架构进行调整，集团中国市场现任战略负责人及资深顾问奥 立维被任命为中国及亚太区负责人，并担任集团领导团队成员；安巴托将担任玛莎拉蒂品牌CEO。 点评：特斯拉推出低价版车型，此举将重塑电动汽车市场竞争格局。对特斯拉而言，产品线向下延伸有 望提振销量表现，但需关注其毛利率变化。该策略或引发新能源车企价格体系调整，中低端市场竞争将 更趋激烈。这一动向预示新能源汽车行业进入新一轮洗牌期。 点评：博泰车联与商汤科技的战略合作，为智能汽车产业链注入新动能。双方在AI座舱、大模型等前 沿领域的深度融合，将强化其技术护城河，提升市场竞争力。此举有望加速智能座舱解决方案的商业化 落地，对汽车科技板块形成正面催化，资本市场对智能网联汽车领域的关注度将进一步提升。 NO.3崔东树：2025年中国汽车经销商急需政策支持 10月7日，乘联分会秘书长崔东树发文称，2025年，中国汽车流通市场呈现持续走强的态势，新能源车 市场快速增长。但由于总体产能提升较快，燃油车面临持续萎缩的压力，导致供给 ...

每经记者｜裴健如 每经编辑｜余婷婷 丨 2025年10月9日 星期四 丨 点评：博泰车联与商汤科技的战略合作，为智能汽车产业链注入新动能。双方在AI座舱、大模型等前 沿领域的深度融合，将强化其技术护城河，提升市场竞争力。此举有望加速智能座舱解决方案的商业化 落地，对汽车科技板块形成正面催化，资本市场对智能网联汽车领域的关注度将进一步提升。 NO.3 崔东树：2025年中国汽车经销商急需政策支持 10月7日，乘联分会秘书长崔东树发文称，2025年，中国汽车流通市场呈现持续走强的态势，新能源车 市场快速增长。但由于总体产能提升较快，燃油车面临持续萎缩的压力，导致供给较大，但燃油车需求 受阻带来巨大压力，尤其是市场竞争激化带来终端价格严重倒挂的状态。当前汽车经销商的新车销售出 现大面积亏损，普遍存在现金流赤字经营和资金链断裂风险加剧的情况。期待相关部门尽快行动起来， 研究出台汽车经销领域阶段性金融纾困政策措施。 点评：当前汽车流通领域呈现结构性矛盾。新能源赛道扩容与燃油车产能过剩形成鲜明对比，经销商普 遍面临价格倒挂与资金链紧绷的双重考验。这一局面将加速汽车渠道体系整合，具备新能源品牌资源与 资金优势的头部经销商或 ...

技术创新是AI企业的核心竞争力，商汤科技通过全链条技术布局，已形成难以复制的竞争壁垒。这种壁垒并非单一技术的领先，而是"算力基础设施-大模型 研发-行业应用落地"的生态协同效应。 在大模型技术领域，商汤的"日日新"大模型已确立国内领先地位，据沙利文2024年底发布的权威报告：商汤科技GenAI技术栈市场综合能力位居国内第一。 在全球范围内，商汤也仅次于亚马逊云，其多模态推理、资源优化等核心技术优势显著。 据商汤发布的2025年中期业绩，总收入同比增长36%，达24亿元；生成式AI收入连续第三年高速增长，增长73%；经调整净亏损11.62亿元，同比下降50%； 贸易应收回款额32亿元；毛利9.08亿元，毛利率38.5%。截至2025年上半年，商汤集团总现金储备132亿元，高于上两个报告期。 这些数据背后，是技术生态的深度布局、业务结构的战略升级与财务状况的持续优化。在AI行业加速渗透的浪潮中，商汤科技正以"大装置-大模型-应用"的 三位一体战略，构建起可持续的增长逻辑，其未来发展值得期待。 三位一体战略，构建竞争护城河 编辑 | 虞尔湖 出品 | 潮起网「于见专栏」 在全球AI产业竞争白热化的赛道上，据商汤集团 ...

【经营业绩】 绿城中国(03900)前9个月总合同销售金额约1785亿元，同比下降4.6% 保利置业集团(00119)前9个月实现合同销售金额约395亿元，同比下降1.7% 龙资源(01712)：芬兰JOKISIVU钻探发现高品位结果 诺诚健华(09969)与ZENAS BIOPHARMA达成全球战略合作及许可协议 中国置业投资(00736)拟与光谱数字及上海区赋合作推动香港实体资产业务的发展 微创机器人-B(02252)：图迈腔镜手术机器人全球订单逾百台 【重大事项】 博泰车联(02889)与商汤智能科技订立合作框架协议 共同推动人工智能在智能网联汽车等相关领域的融 合与应用 中国春来(01969)董事会主席侯春来捐赠AI及区块链技术 合景泰富集团(01813)9月预售额为7.45亿元，同比增加23.5% 弘阳地产(01996)前9个月累计合约销售金额为37.78亿元 同比减少43.36% ...

【导读】黄金概念股集体大涨，长风药业上市首日大涨161.02% （原标题：首日！飙涨161%） 中国基金报记者 格林 10月8日，港股三大指数集体下跌。恒生指数收跌0.48%，报26829.46点，恒生科技指数收跌0.55%，恒生国企指数收跌0.52%。全日大市成交额为 1738亿港元。 国庆中秋长假整体来看，恒生指数累计跌0.08%，恒生科技指数累计涨0.81%，恒生国企指数累计跌0.31%。 港股贵金属板块集体大涨 10月8日，港股贵金属板块大涨。截至收盘，赤峰黄金涨13.26%；中国白银集团涨12.50%；龙资源涨6.08%；山东黄金涨7.61%；紫金矿业涨 0.29%。 消息面上，10月8日，现货黄金突破4000美元/盎司大关，续创新高，年内涨幅超52%。 摩根大通发布研报称，季度名义黄金需求每增加100亿美元，可推动价格按季上涨约3%。以此推算，规模达29万亿美元的美国国债市场中即便仅 少量资金转移至黄金，就足以推动金价突破5000美元/盎司。 西部证券研报表示，当前美元信用裂痕持续，金价将开启长期牛市。未来，美联储独立性将持续受到损害。黄金的储备价值彰显，目前处于第三 波主升浪行情早期。 上市首日 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 商汤集团股份有限公司 (於開曼群島註冊成立以不同投票權控制的有限公司) 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 第 1 頁 共 10 頁 v 1.1.1 | 1. 股份分類 | 不同投票權架構公司普通股 | | 股份類別 | B | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00020 | | 說明 | | | | | | | | 多櫃檯證券代號 | 80020 | RMB | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | | 1,992,000,000,000 | USD | 0.000000025 | USD | | 49,800 | | 增加 / 減少 ...

Core Insights - The strategic partnership between Botai Vehicle Networking Technology and SenseTime marks a significant step towards the integration of AI in smart cockpit technology, indicating a new phase in China's intelligent connected vehicle industry [1][2] Group 1: Strategic Collaboration - Botai and SenseTime will focus on the deep integration of AI large models in smart cockpits, while also investing in humanoid robots and integrated cockpit-driving solutions [1] - The collaboration aims to create a platform-level AI agent that offers a comprehensive solution from software to cloud services, enhancing the user experience in smart cockpits [1][2] Group 2: Technological Advancements - The partnership will leverage AIDC infrastructure and self-developed AI inference and training chips to reconstruct the smart cockpit experience across multiple dimensions, including personalized interaction and safety [2] - A high-efficiency collaborative mechanism for "end-side large models" will be established, forming an integrated smart connected vehicle platform [2] Group 3: Humanoid Robotics Development - The collaboration will combine SenseTime's advanced visual perception algorithms with Botai's expertise in hardware design and mass production to develop a new generation of flexible and intelligent humanoid robots [2] - These robots are expected to excel in scenarios such as smart cockpit services and vehicle maintenance, potentially transforming the robotics industry [2] Group 4: Ecosystem Development - The companies will work together to create a full-stack solution focusing on integrated cockpit-driving, vehicle-road collaboration, and international expansion [3] - The integration of driving decisions with cockpit experiences will be enhanced through AI-generated personalized features, promoting unified interaction among people, vehicles, and the environment [3]

Market Overview - The Hong Kong stock market experienced a significant decline on October 8, with major indices dropping over 1%, including the Hang Seng Technology Index which fell more than 2% [1][2]. Stock Performance - The Hang Seng Index closed at 26,669.99, down 287.78 points or 1.07%, while the Hang Seng Technology Index ended at 6,478.81, down 71.49 points or 1.09% [2]. - Notable declines were observed in AI-related stocks, with SenseTime dropping over 4%, Alibaba and Baidu falling over 3%, and Kingsoft and JD.com decreasing over 2% [3][4]. Sector Analysis - The nuclear power sector showed strength, with China National Nuclear Corporation rising over 18% and China General Nuclear Power Corporation increasing over 9% [6]. - Gold stocks surged, with Chifeng Jilong Gold Mining rising over 14%. Spot gold prices reached $4,020, marking a 0.9% increase and a new historical high [6]. Gold Market Outlook - Goldman Sachs raised its gold price forecast for December 2026 to $4,900 per ounce, up from a previous estimate of $4,300, citing expected net purchases of gold by central banks [6]. - UBS also released a bullish report on the gold market, predicting prices could reach $4,200 per ounce by mid-2026, driven by a weaker dollar and increased ETF investments [6]. New Listings - Changfeng Pharmaceutical saw a significant opening day increase of over 218%, closing up nearly 180%. The company focuses on inhalation technology and treatments for respiratory diseases [8]. Investment Sentiment - Analysts suggest that the Hong Kong market is being driven by increased foreign capital inflow, with expectations of a sustained bull market in both A-shares and Hong Kong stocks [9].

Core Viewpoint - 博泰车联's stock price increased by over 12% following the announcement of a strategic partnership with SenseTime to promote AI integration in smart connected vehicles [1] Group 1: Company Developments - 博泰车联's share price rose by 11.88%, reaching 199.7 HKD, with a trading volume of 13.32 million HKD [1] - The company signed a cooperation framework agreement with SenseTime on October 7, 2025, to establish a long-term strategic partnership focused on resource complementarity and mutual benefits [1] - The cooperation framework agreement is effective immediately and has a duration of two years [1] Group 2: Industry Collaborations - On September 28, Porsche announced a deep collaboration with 博泰车联 to develop a new generation of in-car infotainment systems specifically for the Chinese market, set to be featured in multiple Porsche models by 2026 [1] - 博泰车联 is recognized as a leading supplier of smart cockpit solutions in China [1]

Core Viewpoint - The company, Botai Carlink (02889), has entered into a strategic cooperation framework agreement with Shanghai SenseTime Technology Co., Ltd. to promote the integration and application of artificial intelligence in the field of intelligent connected vehicles [1] Group 1 - The cooperation framework agreement is based on the principles of "resource complementarity, advantage sharing, and win-win cooperation" [1] - The agreement is effective from the date of signing and has a duration of two years [1]