Core Viewpoint - Honor and BYD have signed a strategic cooperation agreement to deepen collaboration in the AI smart mobility sector, focusing on user-centric intelligent travel experiences [1][2]. Group 1: Strategic Cooperation Details - The cooperation will focus on three main areas: core technology and functionality implementation, channel ecosystem and user rights, and joint communication and user engagement [1]. - Honor and BYD's collaboration began with NFC car key technology in 2023 and has expanded to include areas such as in-car fast charging and vehicle interconnectivity [2]. Group 2: Industry Trends - The partnership between terminal manufacturers and automotive brands is becoming increasingly common, with examples including Huawei and Seres, Xiaomi, Apple, and OPPO collaborating with various automotive companies [3]. - The shift from traditional automotive roles to ecosystem builders is being accelerated by the evolution of cars into mobile smart terminals and the rapid advancement of AI technology [3].

关注 「电动车公社」 和我们一起重新思考汽车 《今日新闻》将会每天给大家带来几条当日重磅新闻，并附上社长的简单评论。关注 「电动车公社」，新能源圈大事小事 看我们就够啦～ 1、 仰望U9 Xtreme通过纽北圈速认证 今日新闻要点： 成为纽北最速量产电动车 近日， 仰望U9 Xtreme通过纽北圈速认证，成为纽北最速量产电动车，成绩为6分59.157秒。 仰望U9 Xtreme 通过纽北圈速认证，成为纽北最速量 产电动车； 外观设计上，新车相比仰望U9更加赛化，机盖采用了双贯穿风道设计，前唇、侧裙、尾翼的尺寸均十分巨大，能进一步增加下压力。 腾势首款概念跑车现身纽北； 2、 腾势首款概念跑车现身纽北 性能方面，新车基于1200V超高压平台打造，搭载 易 四方及云辇-X智能全主动车身控制技术，其中易四方的分布 式四电驱能够 以每秒超100次的频率对每个车轮进行独立精准的扭矩矢量控制，实现 轮端扭矩矢量分配， 主动创造出转向所需的横摆力 相对于仰望U9，作为性能跑车的腾势Z定位也许会更加亲民。有了仰望的赛道经验和调校水平，腾势Z想必能不负众望。从目前的消息来看， 它会搭载云辇M 智能磁流变车身控制系统、全栈自研线 ...

Group 1 - Honor and BYD have signed a strategic cooperation agreement to enhance their technological collaboration and ecosystem development, focusing on AI integration and high-precision Bluetooth car keys [1] - BYD's data advantage and its emphasis on "scalability" and "affordability" are expected to make intelligent driving features a key consideration for car buyers, potentially leading to a competitive effect that encourages other automakers to follow suit [1] Group 2 - Zhongke Chuangda is focusing on the development of intelligent driving software platforms, tools, and services, aiming to become a core technology provider and solution supplier in the intelligent driving sector [2] - Wanjitech has developed a roadside intelligent perception system that integrates LiDAR, millimeter-wave radar, and AI cameras to achieve low-latency information transmission for vehicle and cloud interaction [2]

Core Insights - BYD has achieved significant growth in the UK electric vehicle market, selling 11,271 vehicles in September 2025, which is ten times the sales from the same month last year, making the UK its largest market outside of China [1][2] Group 1: BYD's Success Factors - Generous subsidies from the Chinese government have contributed to BYD's growth, alongside its efficient operational model that could revolutionize the automotive industry [2] - BYD has secured critical materials like lithium and tungsten for electric vehicle production and manufactures its own batteries, reducing dependency on external suppliers [3] - The company has invested in large-scale gigafactories and R&D, particularly in battery technology, enhancing its competitive edge [3] Group 2: Competitive Pricing Strategy - BYD's aggressive pricing strategy is exemplified by the BYD Dolphin Surf, priced at £18,650, which is less than half the cost of Tesla's entry-level Model 3, priced around £39,000 [4] Group 3: Industry Challenges for Established Brands - Established car manufacturers are struggling to adapt, often ignoring customer needs and relying on past successes, leading to overconfidence and a lack of foresight [5][7] - Many companies focus on premium vehicles for wealthy customers, which limits their market and fails to address broader consumer demands [7][10] - The automotive industry is experiencing a need for innovation and adaptability, similar to the evolution of high jump techniques in athletics, where established companies cling to outdated models [9][10] Group 4: Recommendations for Established Car Manufacturers - To remain competitive, established carmakers should shift from a transactional approach with suppliers to a collaborative model that fosters joint investment in innovation [10] - Developing new capabilities in technology, particularly in battery systems, is crucial for traditional manufacturers to keep pace with companies like BYD [11] - Addressing customer needs and improving the overall experience, including collaboration with local authorities on charging infrastructure, is essential for overcoming consumer hesitations regarding electric vehicles [12]

文莱《婆罗洲公报》10月15日报道，作为全球领先的电动汽车和可再生能源企业，比亚迪（002594） （BYD）正加快在文莱汽车市场的布局，计划设立品牌体验中心及售后服务中心，以进一步提升本地 客户服务体验。 比亚迪亚太区汽车销售事业部总经理刘学亮近日访问文莱期间透露，上述两家中心将设于进步汽车有限 公司（Maju Motors）的新址内，后者是比亚迪在文的唯一授权经销商。刘表示，今年比亚迪在文莱推 出了插电式混动汽车，让当地消费者对其技术有了全新认识。主力车型"海狮6"反响热烈，文莱市场对 汽车科技的接受度和支持度都非常高，PHEV发展潜力巨大。 预计将于2026年完工的新体验中心与售后中心将成为文莱规模最大的设施。同时，由比亚迪与梅赛德 斯-奔驰合作打造的豪华新能源品牌"腾势"（Denza）也将于今年正式进入文莱市场，以满足不同层次的 消费需求。 进步汽车总经理曾祁宏表示，目前已有超过700辆比亚迪汽车在文莱道路上行驶，其中以'海狮6'为主， 希望到年底该数量突破1000辆。 ...

Core Viewpoint - The China Securities Regulatory Commission has announced the revised "Corporate Governance Guidelines for Listed Companies," which will take effect on January 1, 2026, emphasizing the establishment of sustainability committees in companies [1]. Group 1: Establishment of ESG Committees - As of October 21, at least 659 companies in the A-share market have established sustainability/ESG committees over the past three years, with private enterprises making up over half of this number [2][3]. - The distribution of companies establishing ESG committees includes 332 private companies (50.38%), 147 local state-owned enterprises (22.31%), and 115 central state-owned enterprises (17.45%) [3][4]. - ESG committees are generally positioned as strategic advisory bodies to the board, focusing on long-term development strategies, major investment decisions, and sustainable development [4]. Group 2: Financial and Stock Performance - Among the 659 companies with ESG committees, nearly 80% have seen their stock prices rise this year, with the highest increase exceeding 12 times [2][6]. - The average market capitalization of these companies is approximately 37.5 billion yuan, with China Mobile, Industrial Fulian, and BYD being the top three companies by market cap [6][7]. - In terms of revenue growth, 367 companies reported year-on-year increases in 2024, representing 55.69% of the total, while this number rose to 389 companies (59.03%) in the mid-2025 report [9][10]. Group 3: Return on Equity (ROE) Analysis - In 2024, 555 companies reported a positive ROE, accounting for 84.22%, with notable performers including Jinbo Biological, Zhengdan Co., and Dongpeng Beverage [12][13]. - The number of companies with positive ROE increased to 565 (85.74%) in the mid-2025 report [12][13]. - The establishment of ESG committees is correlated with improved financial performance, although some companies still exhibit poor results due to superficial implementation of ESG principles [14].

Core Insights - BYD and Honor signed a strategic cooperation agreement to enhance smart travel experiences through the integration of BYD's DiLink ecosystem and Honor's vehicle connectivity solutions [1][3] Group 1: Strategic Cooperation Details - The collaboration will focus on three main areas: core technology and functionality, channel ecosystem and user rights, and joint communication and user engagement [3] - In terms of core technology, both companies will work on cross-end ecosystem integration, AI Agent integration, and high-precision Bluetooth car keys to drive technological advancements [3] - The channel cooperation model will involve "product co-display + data co-operation" to achieve platform-level rights interoperability [3] Group 2: Future Developments - Since 2023, BYD and Honor have made technological breakthroughs in mobile NFC car keys, allowing BYD owners to unlock vehicles using Honor smartphones [3] - By 2024, the partnership will expand to include in-car fast charging scenarios [3] - In 2025, the collaboration will deepen based on vehicle connectivity technology, with the Tengshi brand being the first to integrate Honor's vehicle connectivity system, followed by other BYD brands [3][4] Group 3: Innovation and User-Centric Approach - This strategic partnership represents a significant innovation in the smart travel sector, focusing on user needs and driven by AI technology [4] - The companies aim to enhance vehicle usage scenarios' safety and convenience through continuous development in areas like vehicle-to-mobile connectivity and digital keys [4]

Group 1: Alibaba (Code: 00988) - Technical analysis indicates a support level at 144.6 and a resistance level at 185.6, with strong rebound momentum from the support level, suggesting a short-term upward trend [1] - Recommended call warrants are 21370, 20017, and 15432, while bull warrants are 57383, 57470, and 57384 [1] Group 2: Meituan (Code: 03690) - Support level is at 88 and resistance level at 107.1, with a high probability of breaking through the resistance level, indicating an upward trend [1] - Recommended call warrants are 19971, 20069, and 20116, with bull warrants being 58005, 53778, and 53780 [1] Group 3: Xiaomi (Code: 01810) - Technical indicators show a support level at 39.8 and a resistance level at 56.4, with the price at the lower end of an upward channel, indicating a high safety margin and short-term upward trend [1] - Recommended call warrants are 16253, 13630, and 13979, while bull warrants are 67393, 67394, and 67402 [1] Group 4: AIA (Code: 01299) - Support level is at 68.6 and resistance level at 77.2, characterized by low volatility as a blue-chip stock, with a stable short-term upward trend [1] - Recommended call warrants are 18410, 17948, and 18411, with bull warrants being 61825, 53008, and 61274 [1] Group 5: Hong Kong Exchanges and Clearing (Code: 00388) - Technical analysis shows a support level at 399 and a resistance level at 460, with strong performance driven by active market trading, indicating a short-term upward trend [1] - Recommended call warrants are 27741, 15562, and 23503, while bull warrants are 62570, 56665, and 68548 [1] Group 6: BYD (Code: 01211) - Support level is at 95.8 and resistance level at 113.8, with the stock benefiting from the popularity of the new energy sector, indicating a short-term upward trend [1] - Recommended call warrants are 20458, 20495, and 20219, while bull warrants are 56780, 64027, and 63130 [1] Group 7: HSBC (Code: 00005) - Support level is at 94.3 and resistance level at 110.5, with a stable trend influenced by the valuation recovery in the banking sector, indicating a short-term upward trend [1] - Recommended call warrants are 19105, 18901, and 19104, while bull warrants are 65343, 66095, and 68629 [1] Group 8: China Construction Bank (Code: 00939) - Technical indicators show a support level at 7.38 and a resistance level at 8.26, characterized as a low valuation high dividend stock with strong safety attributes, indicating a short-term upward trend [1] - Recommended call warrants are 17265, 19572, and 20261, while bull warrants are 62134, 62178, and 57112 [1] Group 9: Industrial and Commercial Bank of China (Code: 01398) - Support level is at 5.55 and resistance level at 6.35, characterized by low volatility as a large-cap bank stock, indicating a clear short-term upward trend [1] - Recommended call warrants are 20585, 20618, and 16703, while bull warrants are 65682, 57199, and 58321 [1] Group 10: China Mobile (Code: 00941) - Technical analysis indicates a support level at 78.7 and a resistance level at 91.7, with strong earnings supporting the stock price as a leader in the telecommunications industry, indicating a short-term upward trend [1] - Recommended call warrants are 21277, 21344, and 28920, while bull warrants are 57975, 56130, and 63412 [1] Group 11: SMIC (Code: 00981) - Support level is at 58.5 and resistance level at 89.6, benefiting from favorable policies in the semiconductor sector, indicating high elasticity and a short-term upward trend [1] - Recommended call warrants are 13923, 20790, and 20292, while bull warrants are 61294, 61093, and 60800 [1] Group 12: Kuaishou (Code: 01024) - Support level is at 63.1 and resistance level at 88, with strong rebound momentum driven by stable demand in the short video sector, indicating a short-term upward trend [1] - Recommended call warrants are 17442, 17594, and 15122, while bull warrants are 59046, 59410, and 61399 [1] Group 13: JD.com (Code: 09618) - Technical indicators show a support level at 115.9 and a resistance level at 141.3, benefiting from the recovery in the e-commerce sector and positive earnings expectations, indicating a short-term upward trend [1] - Recommended call warrants are 19677, 19641, and 19529, while bull warrants are 56434, 55794, and 56562 [1] Group 14: Anta (Code: 02020) - Support level is at 81 and resistance level at 95.6, characterized as a leader in sports apparel, benefiting from consumer recovery, indicating a short-term upward trend [1] - Recommended call warrants are 13440, 13921, and 15902, while bull warrants are 54515, 54416, and 65820 [1] Group 15: Tencent (Code: 00700) - Technical indicators show a support level at 581 and a resistance level at 680, indicating a short-term upward trend with ample room for growth [1] - Recommended call warrants are 18949, 18902, and 13713, while bull warrants are 55125, 67093, and 55772 [1]

Group 1: Market Overview - The main market saw a net outflow of 31.49 billion yuan, with the ChiNext board experiencing a net inflow of 10.634 billion yuan, while the CSI 300 index saw a net outflow of 12.34 billion yuan [1] - Among the 9 major industries, the petroleum and petrochemical sector had the highest increase of 1.58%, while the non-ferrous metals sector led the declines with a drop of 1.36% [1] Group 2: Industry Fund Flow - Six industries experienced net inflows of main funds, with the light industry manufacturing sector leading at 427 million yuan, followed by construction materials and home appliances, each exceeding 280 million yuan [1] - The electronics and power equipment sectors had the largest net outflows, each exceeding 4 billion yuan, while the computer, non-ferrous metals, and non-bank financial sectors also saw significant outflows [1] Group 3: Individual Stock Performance - Tianfu Communication, a CPO concept stock, saw a net inflow of 1.009 billion yuan, with a price increase of 7.08% and a trading volume exceeding 9.3 billion yuan [2] - New stock N Marco Polo had a net inflow of 642 million yuan, with a remarkable price increase of 128.8% [2] - BYD experienced the largest net outflow among popular stocks, totaling 1.064 billion yuan, followed by several other companies with outflows exceeding 500 million yuan [4] Group 4: End-of-Day Fund Flow - At the end of the trading day, the main funds saw a net outflow of 3.177 billion yuan, with the ChiNext board and CSI 300 index also experiencing net outflows [5] - Among individual stocks, Sanhua Intelligent Control had the highest net inflow at 132 million yuan, while Huanghe Xuanfeng saw a net inflow of 91.77 million yuan [7]

来源：活报告 摘要：天域半导体于2025年10月21日通过港交所聆讯，即将在香港主板上市，独家保荐人为中信证券。公司是一家碳化硅外延片供应商，2024年收入为5.2亿，毛损3.74亿元，净亏损5亿元 根据弗若斯特沙利文的资料，公司是中国首家技术领先的专业碳化硅外延片供应，主要专注于研发、量产及销售自主研发的碳化硅外延片，所提供的产品包括不同规格的碳化硅外延片，即4英吋 碳化硅外延片通常可用于终端应用场景，包括新能源行业（包括电动汽车、光伏、充电桩及储能）、轨道交通、智能电网、通用航空（如电动垂直起降航空器（「eVTOL」））及家电等行业，满 从2022年-2025年前五个月，4、6英寸碳化硅外延片销量占比下降，8英寸碳化硅外延片占比显著提升，由2022年的0到2025年前五月的9.8%。 | | | | 截至12月31日止年度 | | | | | 裁至5月31日止五個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | 2024年 | | 202 ...