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 | ...

此前，恒生指数有限公司于2022年11月18日宣布，该公司股份已获纳入恒生综合指数及其分类指数(包 括恒生综合中型指数)。 零跑汽车(09863)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。恒生科技指数代表 经筛选后最大30间与科技主题高度相关的香港上市科技公司。 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。 ...

恒指涨0.92%，恒生科技指数涨1.13%。零跑汽车涨超3%，该股纳入恒生科技指数，12月8日起生效。蔚 来涨超4%，百度集团涨超2%。 (本文来自第一财经) ...

Core Viewpoint - The expectation for a rate cut by the Federal Reserve in December has increased, leading to a rise in Hong Kong stock indices, with the Hang Seng Index closing up 1.97% at 25,716.5 points, and a total trading volume of 302.64 billion HKD [1] Group 1: Market Performance - The three major indices in Hong Kong collectively rose, with the Hang Seng Index gaining over 2% at one point during the day [1] - The Hang Seng Technology Index increased by 2.78%, closing at 5,545.56 points [1] - The trading volume for the day reached 302.64 billion HKD [1] Group 2: Blue-Chip Stocks - Alibaba-W (09988) saw a significant increase of 4.67%, closing at 154.5 HKD, contributing 104.44 points to the Hang Seng Index [2] - Kuaishou-W (01024) rose by 7.11%, while NetEase-S (09999) increased by 5.87%, contributing 21.51 points and 26.03 points to the index respectively [2] Group 3: Sector Performance - Technology stocks rebounded, with Kuaishou rising over 7% and NetEase nearly 6% [3] - AI applications are gaining traction, with notable increases in stocks related to AI, such as Chuangmeng Tiandi (01119) up 9.38% and Innovation Qizhi (02121) up 8.83% [3] - Military stocks performed strongly, with China Shipbuilding Defense (00317) rising by 13.07% [4] Group 4: Automotive Sector - The automotive sector saw widespread gains, with GAC Group (02238) increasing by 12.03% and Beijing Automotive (01958) rising by 5.91% [5] - The Guangzhou Auto Show featured 93 new car launches, with nearly 60% being new energy vehicles [6] Group 5: Lithium and Semiconductor Stocks - Lithium stocks continued to decline, with Ganfeng Lithium (01772) down 5.66% [7] - Semiconductor stocks showed weakness, with Hua Hong Semiconductor (01347) falling by 4.91% [7] Group 6: Notable Stock Movements - Innovation Industry (02788) debuted with a significant increase of 32.76%, closing at 14.59 HKD [9] - Silver诺医药-B (02591) surged by 31.15% after being included in the Hang Seng Composite Index [10] - Miniso (09896) faced pressure post-earnings, with a decline of 4.84% despite a revenue increase of 28.2% [11]

来源：智通财经 近期，零跑汽车业绩表现强劲。11月17日，零跑汽车发布2025年三季度财报。 11月24日，零跑汽车（09863.HK）盘中一度大涨超7%，截至智通财经发稿，公司报50．2港元/股，上 涨了6.27%。 当天，公司发布公告，恒生指数有限公司已于11月21日宣布将该公司纳入恒生科技指数成份股。这一调 整将于12月5日收市后实施，并于12月8日正式生效。 恒生科技指数由恒生指数有限公司编制，覆盖经筛选后、与科技主题高度相关的香港上市科技公司，成 份股数量上限为30只。 公告显示，此次调整意味着零跑汽车在市值规模、流动性表现及业务科技属性等维度，达到了恒生科技 指数的纳入标准。 零跑汽车在公告中指出，被纳入恒生科技指数，有助于提升公司在二级市场的关注度，并可能带来更为 多元的投资者结构变化。从历史表现来看，此类指数调整往往会引发部分被动资金跟随配置，对股票交 易活跃度形成正向影响。 早在2022年11月18日，零跑汽车已被纳入恒生综合指数及其分类指数（包括恒生综合中型指数）。 财报显示，零跑汽车2025年第三季度营收达194.5亿，同比大幅增长97.3%。这一增长主要得益于整车及 备件交付量的提升， ...

(本文来自第一财经) 广汽集团涨超11%，零跑汽车涨超5%，蔚来涨超3%，小鹏汽车、比亚迪股份涨超2%。 ...

智通财经APP获悉，根据TrendForce集邦咨询最新调查，2025年第三季全球新能源车（NEV）新车销售 量达539万辆，年增31%。其中，纯电动车（BEV）销量达371 万辆 ，年增48%；插电混合式电动车 （PHEV）销量为167万辆，年增4%。 | Rank | BEV | Market Share | PHEV | Market Share | | --- | --- | --- | --- | --- | | ना | BYD | 15.4% | BYD | 27.9% | | ਨੂੰ | Tesla | 13.4% | AITO | 6.8% | | s | SAIC-GM-Wuling | 6.1% | Chery | 6.6% | | 4 | Geely | 6.0% | Geely | 6.2% | | 15 | Leapmotor | 4.1% | Li Auto | 4.5% | | 6 | Xpeng | 3.1% | Changan | 3.4% | | 7 | Volkswagen | 2.9% | Lynk & Co. | 3.3% | | B | Xiaomi | 2.9% ...

值得注意的是，早在2022年11月18日，零跑汽车已被纳入恒生综合指数及其分类指数（包括恒生综合中 型指数）。此次再进一步进入恒生科技指数，也意味着其在资本市场的指数体系定位出现升级。 零跑汽车在公告中指出，被纳入恒生科技指数，有助于提升公司在二级市场的关注度，并可能带来更为 多元的投资者结构变化。从历史表现来看，此类指数调整往往会引发部分被动资金跟随配置，对股票交 易活跃度形成正向影响。 凤凰网科技讯 11月21日，零跑汽车发布公告称，公司已被纳入恒生科技指数成份股，将于2025年12月8 日正式生效。恒生科技指数由恒生指数有限公司编制，覆盖经筛选后、与科技主题高度相关的香港上市 科技公司，成份股数量上限为30只。 公告显示，此次调整意味着零跑汽车在市值规模、流动性表现及业务科技属性等维度，达到了恒生科技 指数的纳入标准。对于一家以智能电动汽车为核心业务的车企而言，进入该指数体系，也被视为其在资 本市场"科技标签"进一步强化的信号。 ...