消息面上，11月27日，国新办举行国务院政策例行吹风会，介绍增强消费品供需适配性进一步促进消费 政策措施有关情况。商务部市场运行和消费促进司负责人杨枿表示，商品消费是促消费惠民生的重要领 域，下一步商务部将推进汽车流通消费改革试点，扩大二手车流通，拓展汽车改装、租赁、赛事、房车 露营等汽车后市场，全链条扩大汽车消费。 汽车股多数上扬，截至发稿，奇瑞汽车(09973)涨3.61%，报31.58港元；广汽集团(02238)涨3.52%，报 3.53港元；零跑汽车(09863)涨3.27%，报52.05港元；北京汽车(01958)涨3.02%，报2.05港元；小鹏汽车- W(09868)涨1.46%，报83.3港元。 光大证券发布研报称，2025年底旺季、购置税退坡或带动年底订单再创新高，重点关注车型周期。该行 预计2026E国内乘用车零售销量同比微降、新能源乘用车出口仍有望维持高速增长，带动全年乘用车批 发销量同比表现相对稳定。中信建投（601066）指出，汽车行业具备顺周期、成长及出海三条投资方 向，26年政策预期走弱下行业顺周期属性弱化，建议淡化内需总量预期，聚焦行业格局及产业趋势变 化。 ...

消息面上，11月27日，国新办举行国务院政策例行吹风会，介绍增强消费品供需适配性进一步促进消费 政策措施有关情况。商务部市场运行和消费促进司负责人杨枿表示，商品消费是促消费惠民生的重要领 域，下一步商务部将推进汽车流通消费改革试点，扩大二手车流通，拓展汽车改装、租赁、赛事、房车 露营等汽车后市场，全链条扩大汽车消费。 光大证券发布研报称，2025年底旺季、购置税退坡或带动年底订单再创新高，重点关注车型周期。该行 预计2026E国内乘用车零售销量同比微降、新能源乘用车出口仍有望维持高速增长，带动全年乘用车批 发销量同比表现相对稳定。中信建投指出，汽车行业具备顺周期、成长及出海三条投资方向，26年政策 预期走弱下行业顺周期属性弱化，建议淡化内需总量预期，聚焦行业格局及产业趋势变化。 智通财经APP获悉，汽车股多数上扬，截至发稿，奇瑞汽车(09973)涨3.61%，报31.58港元；广汽集团 (02238)涨3.52%，报3.53港元；零跑汽车(09863)涨3.27%，报52.05港元；北京汽车(01958)涨3.02%，报 2.05港元；小鹏汽车-W(09868)涨1.46%，报83.3港元。 ...

港股汽车股普遍上涨，其中，广汽集团涨超4%，零跑汽车、北京汽车涨3.5%，奇瑞汽车涨2.4%，小鹏 汽车涨2%，理想汽车、吉利汽车、华晨中国均有涨幅。 消息上，国新办今日举行国务院政策例行吹风 会，商务部市场运行和消费促进司负责人杨枿表示，商品消费是促消费惠民生的重要领域，下一步商务 部将推进汽车流通消费改革试点，扩大二手车流通，拓展汽车改装、租赁、赛事、房车露营等汽车后市 场，全链条扩大汽车消费。 有分析称，这项政策的核心在于疏通汽车消费的"毛细血管"和"大动脉"， 从整个汽车生命周期的各个环节入手，解决"买车烦、用车难、卖车亏"的痛点，从而真正激发消费潜 力。这比简单的"价格战"或购置税减免更具可持续性。 小鹏汽车-W(09868.HK)：单三季度销量同比增长149% 打造物理AI未来出行全新范式 小鹏汽车- W(09868.HK)：2025Q3综合毛利率亮眼 多重增长可期 港股异动丨汽车股普涨 零跑汽车涨3.5% 奇瑞汽 车涨2.4% 商务部推全链条扩大汽车消费 港股异动丨零跑汽车大涨超7%，获纳入恒生科技指数 港股异 动丨汽车股普涨 零跑汽车涨3.5% 奇瑞汽车涨2.4% 商务部推全链条扩大汽车消费 ...

智通财经获悉，零跑汽车(09863)早盘涨近4%，截至发稿，涨3.87%，报52.35港元，成交额1.06亿港 元。 消息面上，近日，零跑汽车公布，公司被纳入恒生科技指数成份股，于2025年12月8日起生效。公司认 为，此次获纳入恒生科技指数成份股，是公司在科技创新、研发投入、收入增长、市值和流动性等方面 所得到的来自于资本市场的重要认可，将有效拓宽公司的投资者基础，吸引更广泛的市场关注，并提升 公司股份交易流动性。这不仅有助于更好的实现公司投资价值，也将进一步增强品牌影响力。 本文源自：智通财经网 值得一提的是，据DoNews汽车11月25日消息，2025年11月，零跑汽车在巴西及智利两国接连上市，并 登陆巴西圣保罗车展，正式进军南美市场。以巴西为起点，零跑将在南美地区推出覆盖纯电及增程的全 系电动产品，并依托Stellantis成熟的经销商网络与售后体系，为南美用户提供创新技术与本地化服务深 度融合的电动出行解决方案。未来，零跑将在阿根廷、哥伦比亚、厄瓜多尔等市场陆续展开业务，逐步 完成南美核心市场布局。 ...

Core Viewpoint - The Hong Kong technology sector is experiencing a strong rally, driven by multiple favorable factors including increased expectations for Federal Reserve interest rate cuts and improved market liquidity, alongside significant revenue growth in Alibaba's cloud business and a resurgence in AI focus [1]. Group 1: Market Performance - As of November 27, 2025, the CSI Hong Kong Stock Connect Technology Index (931573) has seen a strong increase, with notable gains in constituent stocks such as Huahong Semiconductor (up 5.36%), Kangfang Biotech (up 4.89%), and Li Auto (up 3.87%) [1]. - The Hong Kong Technology ETF (159751) has risen by 0.73%, marking its fourth consecutive increase, with the latest price reported at 1.1 HKD [1]. Group 2: Influencing Factors - The recent rally in the Hong Kong technology sector is attributed to the anticipated easing of monetary policy by the Federal Reserve, which is expected to enhance liquidity in the market [1]. - The combination of the Federal Reserve's halt on balance sheet reduction and the relaxation of SLR regulations is expected to limit liquidity pressure in the medium term [1]. Group 3: Index Composition - The CSI Hong Kong Stock Connect Technology Index comprises 50 large-cap technology companies with high R&D investment and revenue growth, reflecting the overall performance of leading technology stocks within the Hong Kong Stock Connect [1]. - As of October 31, 2025, the top ten weighted stocks in the index include Alibaba-W, Tencent Holdings, and SMIC, collectively accounting for 66.81% of the index [2].

值得一提的是，据DoNews汽车11月25日消息，2025年11月，零跑汽车在巴西及智利两国接连上市，并 登陆巴西圣保罗车展，正式进军南美市场。以巴西为起点，零跑将在南美地区推出覆盖纯电及增程的全 系电动产品，并依托Stellantis成熟的经销商网络与售后体系，为南美用户提供创新技术与本地化服务深 度融合的电动出行解决方案。未来，零跑将在阿根廷、哥伦比亚、厄瓜多尔等市场陆续展开业务，逐步 完成南美核心市场布局。 零跑汽车(09863)早盘涨近4%，截至发稿，涨3.87%，报52.35港元，成交额1.06亿港元。 消息面上，近日，零跑汽车公布，公司被纳入恒生科技指数成份股，于2025年12月8日起生效。公司认 为，此次获纳入恒生科技指数成份股，是公司在科技创新、研发投入、收入增长、市值和流动性等方面 所得到的来自于资本市场的重要认可，将有效拓宽公司的投资者基础，吸引更广泛的市场关注，并提升 公司股份交易流动性。这不仅有助于更好的实现公司投资价值，也将进一步增强品牌影响力。 ...

智通财经APP获悉，零跑汽车(09863)早盘涨近4%，截至发稿，涨3.87%，报52.35港元，成交额1.06亿港 元。 消息面上，近日，零跑汽车公布，公司被纳入恒生科技指数成份股，于2025年12月8日起生效。公司认 为，此次获纳入恒生科技指数成份股，是公司在科技创新、研发投入、收入增长、市值和流动性等方面 所得到的来自于资本市场的重要认可，将有效拓宽公司的投资者基础，吸引更广泛的市场关注，并提升 公司股份交易流动性。这不仅有助于更好的实现公司投资价值，也将进一步增强品牌影响力。 值得一提的是，据DoNews汽车11月25日消息，2025年11月，零跑汽车在巴西及智利两国接连上市，并 登陆巴西圣保罗车展，正式进军南美市场。以巴西为起点，零跑将在南美地区推出覆盖纯电及增程的全 系电动产品，并依托Stellantis成熟的经销商网络与售后体系，为南美用户提供创新技术与本地化服务深 度融合的电动出行解决方案。未来，零跑将在阿根廷、哥伦比亚、厄瓜多尔等市场陆续展开业务，逐步 完成南美核心市场布局。 ...

智能方面，零跑A10为全球首款10万内搭载激光雷达车型，配合高通8650高性能芯片可实现"车位到车 位"全场景智能辅助，涵盖城市NAP、高速领航、记忆泊车等；座舱采用高通8295P旗舰芯片，打造极致 流畅交互体验。三电方面，新车搭载油冷电驱总成，拥有500km CLTC超长续航，SOC30%-80%最快仅 需16分钟，"续航长、补能快"的特质可满足全场景出行需求。 商报讯(记者郭雨昕)11月21日，零跑汽车于广州国际车展揭幕全新A平台首款车型——零跑A10。新车 定位为"智能精品长续航SUV"，集500km CLTC超长续航、高通8295P+8650双旗舰芯片、车位到车位全 场景智能辅助、油冷电驱、88.1%空间得房率等越享配置，打破10万级市场"智能妥协、续航焦虑、空 间必挤"的行业困局，为主流家庭及追求品质的用户提供全场景不将就的出行解决方案。新车同步开启 盲订，并计划于2026年上半年开启交付。 零跑A10以"科技自然美学2.0"为设计理念，将创新科技与自然纯粹相融合，塑造出"纯粹、向上、愉 悦"的视觉语言。外观上，零跑A10以经典SUV比例为基础，融入情感化设计细节。车身长度超 4200mm，轴距超2 ...

Industry Information - CATL and Haibosich signed a 10-year strategic cooperation agreement to enhance their advantages in energy storage technology and smart manufacturing [9] - The price of lithium iron phosphate has rebounded by approximately 10% since October, driven by strong demand from automakers and battery manufacturers [9] - A breakthrough in the certification and review technology system for domestic automotive chips has been achieved, addressing the challenges of "dare not use, cannot use" [9][10] - As of the end of October, China's electric vehicle charging infrastructure reached 18.645 million units, a year-on-year increase of 54% [11] - A total investment of nearly 10 billion yuan has been signed for 16 key projects in the new energy industry in Changzhou [12] - In the first ten months, Beijing's new energy vehicle production increased by 150% year-on-year [12] - The new AITO M7 has surpassed 30,000 deliveries within 57 days of its launch [12] - Guoxuan High-Tech has officially started mass production of standard battery cells [12] - Huawei's advanced driving solution for L3 level is set to launch commercially, marking a significant step in autonomous driving technology [12][14] - In Liuzhou, the total vehicle sales reached 1.265 million units in the first three quarters, a year-on-year increase of 33.7% [15] Policy Information - Hebei Province has adjusted its time-of-use electricity pricing policy, optimizing charging costs for electric vehicles with a peak-to-valley price difference of 70% [16][18] - Chengdu plans to build over 500,000 electric vehicle charging piles and more than 200 battery swap stations by 2030 [21] - New regulations for electric vehicle charging infrastructure in Guangxi have been proposed to clarify responsibilities among stakeholders [21] - Beijing is increasing financial support for the purchase of new energy vehicles [21] - Shenzhen is providing subsidies of up to 5 million yuan for the construction of solar-storage charging and battery swap projects [21] - The Ministry of Industry and Information Technology has announced mandatory national standards for intelligent connected vehicle safety, marking a key step in autonomous driving regulation [21][25] - The Ministry of Finance and the Ministry of Industry and Information Technology are seeking public opinions on government procurement standards for new energy vehicles [21][26] Company Information - Leap Motor reported a total revenue of 31.562 billion yuan in Q3, a year-on-year increase of 9.1% [32] - Leap Motor achieved a net profit of 150 million yuan in Q3, delivering 173,900 vehicles [32] - Xiaomi's Ultra Club racing service has expanded to its 13th city, adding the Guangdong International Circuit [32] - Xiaomi's HAD autonomous driving system is set to upgrade to a new generation XLA architecture in Q4 [32] - Avita Technology signed a business cooperation framework agreement with the Chongqing branch of the Industrial and Commercial Bank of China [32] - NIO's Firefly right-hand drive model has entered mass production, with the first batch shipping to Singapore [34] - NIO has completed the battery swap route in the western Sichuan region, covering popular tourist areas [34] - BYD's sales in the UK have surpassed 50,000 units [34] - Leap Motor's first overseas model cooperation project with FAW has been launched, expected to go into production next year [34] - Xiaopeng Motors plans to launch seven new models next year, including three super electric range-extended products in Q1 [34] - Seres is actively expanding into overseas markets, focusing on high-end smart electric vehicles [34] - Xiaomi's third-quarter profit from electric vehicles and AI reached 700 million yuan [34] - GAC Aion has become the first company in the country to obtain a high-speed L3 testing license for vehicles in collaboration with Huawei [34] - NIO's ES6 model has reached a cumulative delivery of 300,000 units [34] - Geely and Renault have officially launched their strategic cooperation in Brazil, investing 3.8 billion reais (approximately 5.1 billion yuan) [34] - Xiaomi is expected to complete its annual delivery target of 350,000 vehicles ahead of schedule [34] - Tesla's global supercharging stations have exceeded 75,000 [34] - Xiaomi's 500,000th vehicle has officially rolled off the production line, marking a significant milestone [34] - Li Auto is accelerating product iteration and global expansion, moving away from a "cookie-cutter" design approach [34]

C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 2025 年 11 月 25 日 沈嘉婕 | H70455@capital.com.tw | | --- | | 目标价(港币) 65 | 公司基本资讯 | 产业别 | | | 汽车 | | --- | --- | --- | --- | | H 股价(2025/11/24) | | | 50.00 | | 恒生指数(2025/11/24) | | | 25,716.5 | | 股价 12 个月高/低 | | | 73.5/27.7 | | 总发行股数(百万) | | | 1,421.81 | | H 股数(百万) | | | 1,131.05 | | H 市值(亿元) | | | 347.61 | | 主要股东 | | | 陈爱玲(27.07%) | | 每股净值(元) | | | 9.73 | | 股价/账面净值 | | | 5.14 | | 一个月 | | 三个月 一年 | | | 股价涨跌(%) | 61.03% | -26.42 -13.79 | | 近期评等 | 出刊日期 | ...