本周观点 分歧之下的选择，云厂商和超预期标的： 传媒：游戏需求依然旺盛，短期缺乏新游释放，关注重点游戏测试及上线进展及因此带动的相关公司流水增长。 投资逻辑 分歧之下的选择，云厂商和超预期标的。1）北美三季报进入尾声，整体来看消费类公司的数据承压，而 AI 科技 类的分化在延续，市场对 AI 泡沫的讨论还在蔓延，短期波动或加剧，一方面相信科技的迭代能力，另一方面又 担心估值泡沫，担心投入和产出不成正比，从我们的观察研究来看，科技龙头的估值尚未出现明显溢价，产业的 投入预计尚处于中期阶段，AI 基建依然不足&下游应用正在开启，微软、Google、meta 等资本开支大厂的自由现 金流依旧强劲，静态估值和现金流没有压力，我们依然建议重点关注云厂商作为基建和应用的前景表现。建议关 注腾讯、京东、百度、阿里等中概龙头陆续的三季报。2）PDD、博彩行业我们认为持续配置的价值高，二梯队的 互联网垂直赛道我们注重成长性和良好市场格局，还是建议关注互联网医疗平台。3）我们对耀才等交易平台资 产持续看多，也关注 Coinbase 的超级应用的逻辑。对于瑞幸咖啡的看多逻辑不变，行业 10 月下旬后陆续转淡， 交易高频数据和博弈三 ...

截至月份: 2025年10月31日 狀態: 新提交 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 致：香港交易及結算所有限公司 公司名稱: 途虎養車股份有限公司(*僅供識別) （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11月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09690 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,431,050,420 | USD | | 0.00002 | USD | | 48,621.01 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 2,431,050,420 | USD ...

随着早期新能源车型陆续脱保，预计2025年超300万辆新能源车将"脱保"，未来八年预计近2000万辆动 力电池将超出质保期。这意味着一个千亿级的后服务市场正以前所未有的速度敞开大门。 巨大的售后市场潜力正吸引着电池厂、主机厂、汽服连锁等众多势力竞相涌入，新能源售后市场"卡位 战"已然打响。 其中，宁德时代以"技术权威"横向输出，比亚迪以"整车品牌"纵向控制，而途虎则是"售后服务平台"的 广泛整合，聚焦爆发中的保外服务蓝海。 然而，当新能源产业利润正从制造端向服务端加速迁移，究竟谁能更精准地捕捉脱保用户的真实需求？ 谁又能主导这场价值重构，成为后半场真正的赢家？ 三股势力布局路径各异 宁德时代：以技术驱动"开放赋能" 目前该模式已在上海、青岛、厦门、西安、长沙、深圳6城试点区域维修中心，实现电池"维修—替换— 回收"全链路内部循环，强化技术控制力与售后闭环。 但它的局限性在于其"封闭性"：该体系仅服务于比亚迪品牌车型，市场天花板由其整车销量决定，成长 空间相对有限。同时，对于车主而言，在质保期内基本被锁定在官方体系内，选择权较少，且自建网络 的重资产模式也带来了较高的运营成本。 途虎养车：聚焦保外市场平台化整合 ...

Core Insights - The county-level market in China is emerging as a new competitive arena for the automotive service industry, with a projected doubling of car wash and beauty stores by 2025 [2][4] - The automotive aftermarket is expected to reach a scale of 2 trillion yuan, with the penetration rate of new energy vehicles exceeding 50%, making the lower-tier market a critical growth area [2][4] Demand Drivers - The increasing number of vehicles, with a projected total of 353 million by the end of 2024, is driving demand, particularly in third and fourth-tier cities, which contribute nearly 60% of the growth [3] - The average age of vehicles in county areas has surpassed 5 years, leading to a surge in demand for car washing, beauty, and basic maintenance services [3] Industry Dynamics - Independent small repair shops are struggling, with 54% of single auto repair shops expected to see negative growth in customer visits by 2024, while chain brands are capitalizing on their advantages in procurement and standardized services [3][4] - The service gap in the lower-tier market presents a significant opportunity for chain brands to fill [3][4] Policy and Trends - The Chinese Chain Operation Association has identified "downward expansion" as one of the four main lines for the aftermarket, with local governments promoting the standardization of automotive after-services [4] - The impending "warranty expiration wave" for over 3 million new energy vehicles by the end of 2025 will create a spike in demand for battery maintenance and testing services in county markets [4] Company Strategy - Tuhu, a leading player in the automotive aftermarket, is leveraging its "system strength" rather than merely expanding its store count, focusing on a deep-rooted service network and standardized offerings [5][6] - As of June 2025, Tuhu operates 7,205 service stations, with a coverage rate of 70% in counties with over 20,000 passenger vehicles [5][6] Operational Excellence - Tuhu emphasizes detail-oriented standardization to alleviate customer concerns about service quality, ensuring that all core products are sourced directly from reputable brands [6] - The company has established partnerships with 135 educational institutions to train over 1,200 new energy vehicle technicians annually, ensuring skilled labor availability in county markets [6] Market Adaptation - Tuhu's strategy includes lowering entry barriers for franchisees and adapting services to meet local demands, such as expanding light beauty service capabilities to 5,700 stores by 2024 [7][8] - The introduction of digital tools, such as an intelligent pricing system, enhances operational efficiency and customer engagement in county markets [8] Industry Implications - Tuhu's approach signifies a new paradigm for the automotive service industry, demonstrating that the lower-tier market can be profitable and scalable [9] - The company's comprehensive standardization across supply chain, services, talent, and digitalization sets a replicable model for other chain enterprises in the industry [9]

Core Points - The "Youth Automotive Service Talent Entrepreneurship Support Program" was organized by the China Youth Entrepreneurship and Employment Foundation to address the needs of young entrepreneurs in the automotive service sector [2][3] - The automotive industry in China is experiencing stable growth, with the new energy vehicle market expanding, creating new opportunities for youth employment and entrepreneurship [2] - By 2025, the total number of talents in energy-saving and new energy vehicles in China is expected to reach 1.2 million, with a talent gap of approximately 1.03 million [2] Group 1 - The meeting featured five representatives from different regions who shared their entrepreneurial experiences and feedback on their needs [2] - The foundation's support policies have effectively lowered industry entry barriers and alleviated operational pressures for young entrepreneurs [2] - The standardized operational system of Tuhu Car Service has simplified the process of opening a store, enabling entrepreneurs to achieve stable income [2] Group 2 - The Secretary-General of the China Youth Entrepreneurship and Employment Foundation emphasized the importance of maintaining confidence and social responsibility among young entrepreneurs [3] - Tuhu Car Service, in collaboration with the foundation, launched the support program offering substantial entrepreneurial subsidies, training, and mentorship [3] - Future plans include further assistance for young automotive service entrepreneurs and the continuation of the "New Youth Plan" to help more young people realize their entrepreneurial dreams [3]

Core Insights - The article highlights the debut of Kunlun Tires, a brand under Double Coin Group, at the Alashan Hero Meeting, showcasing its two main product lines aimed at off-road enthusiasts [1] - The company aims to address the dual challenges faced by off-road vehicle users, providing tailored solutions for both urban commuting and extreme off-road conditions [1][3] Product Overview - The Tianque Expedition HT series is designed for mainstream SUVs and off-road vehicles, emphasizing durability and multi-terrain adaptability while ensuring a quiet and comfortable ride [2] - The Tianque Expedition AT series focuses on extreme off-road performance, featuring enhanced tread design for superior grip and mud clearance capabilities [2] Technical Features - The HT series incorporates a 3D tread pattern for improved grip during emergency braking and features a water drainage system for enhanced safety in wet conditions [2] - The AT series includes a robust shoulder tread design to increase damage resistance and a unique tread pattern that facilitates traction on soft surfaces [2][3] Market Strategy - Kunlun Tires aims to enhance consumer engagement through interactive experiences at the Alashan Hero Meeting and plans to open multiple offline stores by the end of the year to meet one-stop tire selection needs [3] - The company is positioned to leverage the growing SUV market and the expanding community of off-road enthusiasts in China, building a differentiated competitive edge in the professional off-road tire segment [3]

Core Insights - The "Youth Automotive Service Talent Entrepreneurship Support Program" was launched by Tuhu Car Maintenance in collaboration with the China Youth Entrepreneurship and Employment Foundation to support young entrepreneurs in the automotive service sector [2][3] - The program provides substantial support including millions in entrepreneurship subsidies, training, and mentorship to help young automotive service talents [2] Group 1 - The meeting held on October 14 featured five representatives from Tuhu Car Maintenance who shared their entrepreneurial experiences and needs, highlighting the importance of the foundation's support in reducing industry entry barriers and alleviating operational pressures [2] - The standardized operational system of Tuhu Car Maintenance simplifies the process of opening a store, enabling young entrepreneurs to achieve stable income and realize their entrepreneurial dreams [2] - The foundation announced plans for a second phase of cooperation with Tuhu Car Maintenance to continue providing support for young automotive service talents [2] Group 2 - The Deputy Secretary-General of the China Youth Entrepreneurship and Employment Foundation emphasized the importance of maintaining confidence and a proactive attitude among young entrepreneurs, encouraging them to create more job opportunities while achieving personal and social value [3] - Tuhu Car Maintenance expressed its commitment to further assist young automotive service entrepreneurs and ensure the ongoing success of the "New Youth Plan" [3]

Core Viewpoint - Tuhu-W (09690) announced the resignation of Li Zhongcheng from multiple positions effective October 9, 2025, including co-secretary and authorized representative under the Hong Kong Stock Exchange listing rules [1] Group 1 - Li Zhongcheng will resign as co-secretary of the company [1] - He will also step down as the authorized representative under the Hong Kong Stock Exchange listing rules [1] - Additionally, he will cease to act as the legal process document agent for the company in Hong Kong [1] Group 2 - Huang Meifeng has been appointed as the new co-secretary, authorized representative, and legal process document agent effective October 9, 2025 [1] - Chen Zhe will continue to serve as another co-secretary [1]

Core Viewpoint - Tuhu-W (09690) announced the resignation of Li Zhongcheng from multiple positions effective October 9, 2025, and the appointment of Huang Meifeng as the new co-secretary and authorized representative [1] Group 1 - Li Zhongcheng has submitted his resignation as (i) co-secretary of the company; (ii) authorized representative under the Hong Kong Stock Exchange Listing Rules Section 3.05; and (iii) legal process document agent for receiving legal documents and notices in Hong Kong [1] - Huang Meifeng has been appointed as the new co-secretary, authorized representative, and legal process document agent effective October 9, 2025 [1] - Chen Zhe will continue to serve as another co-secretary of the company [1]

Core Viewpoint - Tuhu-W (09690.HK) announced the resignation of Li Zhongcheng from multiple positions effective October 9, 2025, and the appointment of Huang Meifeng to succeed him in these roles [1] Group 1 - Li Zhongcheng has submitted his resignation as co-secretary of the company [1] - Li Zhongcheng will also resign as the authorized representative under the Hong Kong Stock Exchange Listing Rules [1] - Li Zhongcheng will cease to act as the legal process document agent for the company in Hong Kong [1] Group 2 - Huang Meifeng has been appointed as the new co-secretary, authorized representative, and legal process document agent effective October 9, 2025 [1] - Chen Zhe will continue to serve as another co-secretary of the company [1]