Core Viewpoint - Institutions remain optimistic about the technology sector as the main investment line for 2026, focusing on areas such as AI, embodied intelligence, solid-state batteries, semiconductors, and controllable nuclear fusion [4][5]. Summary by Category Market Outlook - The current A-share market is expected to show upward momentum in 2026, with valuations considered relatively reasonable compared to global equity markets [3][6]. - Institutions predict a "slow bull" market in 2026, driven by macroeconomic recovery and positive policy adjustments [6][7]. Investment Themes - The three main investment directions identified are technology leadership, domestic demand recovery, and cyclical recovery, with a strong focus on the five major technology sectors [5][6]. - Specific sectors such as AI, solid-state batteries, and semiconductors are highlighted as having significant growth potential, particularly in the context of new productivity [5][10]. Performance Metrics - Year-to-date, indices related to solid-state batteries and nuclear fusion have increased by over 55%, while AI and semiconductor indices have risen by over 30% [7]. - The net profit growth for the five major technology sectors has significantly improved, with AI and semiconductor sectors seeing net profit increases exceeding 50% year-on-year in the first three quarters [7][10]. Company Insights - A total of 24 technology companies are identified as having the potential for dual recovery in valuation and profit, with specific criteria for selection including a forecasted P/E ratio discount of over 30% and expected net profit growth exceeding 30% [10][11]. - Notable companies include Weijie Chuangxin, Hongdu Aviation, and New Xiangwei, which are projected to have substantial profit growth in the coming years [10][11][13].

国家知识产权局信息显示，赛力斯汽车有限公司取得一项名为"动力仿真方法、系统、计算机设备和存 储介质"的专利，授权公告号CN119849122B，申请日期为2024年12月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 天眼查资料显示，赛力斯汽车有限公司，成立于2012年，位于重庆市，是一家以从事汽车制造业为主的 企业。企业注册资本1063727.9999万人民币。通过天眼查大数据分析，赛力斯汽车有限公司共对外投资 了10家企业，参与招投标项目26次，财产线索方面有商标信息525条，专利信息4281条，此外企业还拥 有行政许可140个。 财经频道更多独家策划、专家专栏，免费查阅>> ...

随着11月进入尾声，各家车企均陆续发布了2025年前三季度财报。在主要财务指标中，盈利能力是市场 关注的焦点，特别对于车企而言，单车利润是广受热议的话题。 近日，第一财经记者统计了16家在A股和港股上市的主流车企、新势力以及头部跨国车企。数据显示， 作为豪华车企，奔驰是统计车企中单车利润最高的，每卖一辆车可赚近2.4万元；其次是全球车企"盈利 王"丰田汽车，单车利润可达1.6万元，前三季度净利润超1250亿元。 排在第三的是中国车企赛力斯，单车利润超1.5万元，这也是统计车企中自主品牌单车盈利最高的企 业，而且超过了特斯拉的单车利润1.4万元。 在统计的16家车企中，只有上述4家企业单车利润超过了1万元，占比25%。而且，值得注意的是，这四 家车企中，有两家是新能源车企，其中赛力斯今年前三季度的新能源汽车的销售占比接近九成，特斯拉 是纯电车企。这也说明新能源汽车不赚钱这个结论其实已经不成立。 受到美国汽车关税、电动化转型、裁员成本增加等因素影响，跨国车企的盈利指标今年几乎都遭受了不 同程度地损伤。以奔驰为例，今年前三季度的净利润为38.78亿欧元，而去年同期为78.06亿欧元，同比 跌幅超过了50%。奔驰单车 ...

今年以来，赛力斯的发展稳中有进。数据显示，10月，赛力斯新能源汽车销量5.15万辆，同比增长42.89%，前十月累计销量达到35.6万辆。今年前三季 度，赛力斯营收1105亿元，同比增长3.67%，归母净利润达到53.12亿元，同比增长31.56%。 张正萍表示，"智能化"已成为问界重要品牌标签之一，辅助驾驶功能已深度融入用户日常出行场景。截至目前，问界辅助驾驶已为用户保驾护航超44.5 亿公里。特别是在今年中秋、国庆期间，问界辅助驾驶里程占比达40%。 面对AI技术对汽车产业的深刻变革，张正萍强调，赛力斯正全力推进"人工智能+"的产业化落地，致力于将产品打造为有情感、更智慧、可信赖的"移动 智能体"，推动汽车产业从电动化向智能化加速跃迁。 赛力斯方面表示，未来，赛力斯将继续锚定高端智能电动汽车主航道，持续深化与产业链伙伴的战略协作，以技术创新推动新能源汽车产业迈向高质量 发展新阶段。 11月28日，由福耀集团主办的2025第三届CARG汽车玻璃论坛举行。赛力斯集团总裁张正萍应邀出席并发表演讲。 张正萍表示，作为"链主"企业，赛力斯与产业链伙伴开展深度合作，构建了高效的协同机制。赛力斯正积极推动产品集成化、智 ...

未来，赛力斯将继续锚定高端智能电动汽车主航道，持续深化与产业链伙伴的战略协作，以技术创新推动新能源汽车产业迈向高质量发展新阶段。 赛力斯集团总裁张正萍发表演讲。（受访者供图，央广网发） 张正萍表示，作为"链主"企业，赛力斯与产业链伙伴开展深度合作，构建了高效的协同机制。赛力斯正积极推动产品集成化、智造集聚化与产业集群 化，致力于构建世界级的新能源汽车高端产业链，塑造中国汽车产业集群在全球市场的整体竞争力。 张正萍表示，"智能化"已成为问界重要品牌标签之一，辅助驾驶功能已深度融入用户日常出行场景。截至目前，问界辅助驾驶已为用户保驾护航超44.5 亿公里。特别是在今年中秋、国庆期间，问界辅助驾驶里程占比达40%。 面对AI技术对汽车产业的深刻变革，张正萍强调，赛力斯正全力推进"人工智能+"的产业化落地，致力于将产品打造为有情感、更智慧、可信赖的"移动 智能体"，推动汽车产业从电动化向智能化加速跃迁。 央广网北京11月28日消息（记者 殷雨婷）11月28日，由福耀集团主办的2025第三届CARG汽车玻璃论坛举行。赛力斯集团总裁张正萍应邀出席并发表演 讲，分享赛力斯"智慧重塑豪华"的成长之路。 ...

证券之星消息，11月28日乘用车板块较上一交易日上涨1.57%，广汽集团领涨。当日上证指数报收于 3888.6，上涨0.34%。深证成指报收于12984.08，上涨0.85%。乘用车板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601238 | 广汽集团 | 9.25 | 9.99% | 229.12万 | 20.63亿 | | 000572 | 步写汽车 | 9.04 | 5.12% | 237.01万 | 20.91亿 | | 600733 | 北汽蓝谷 | 7.84 | 3.57% | 142.28万 | 11.06亿 | | 000625 | 长安汽车 | 11.94 | 2.40% | 62.42万 | 7.40亿 | | 002594 | 比亚迪 | 95.17 | 0.93% | 21.94万 | 20.81亿 | | 600104 | ┣汽集团 | 14.97 | 0.74% | 45.61万 | 6.80亿 | | 601633 | 长城汽车 | 21. ...

而资本市场的助力，更为问界M9的长远发展增添了坚实底气。随着赛力斯成功登陆港股，公司实现 了"A+H"双资本平台布局，战略进一步清晰：将港股募集资金的30%专用于新车型研发，持续丰富高端 产品矩阵；同时，问界M9已开启海外拓展元年，港股上市将为国际化进程注入强劲动力。未来，公司 将聚焦东盟与中东等核心市场，凭借成熟的技术积累与渠道布局，推动问界M9等核心产品的海外扩 张，提升全球市场竞争力。 作为赛力斯（601127）与华为联合打造的科技旗舰，问界M9自启动大规模交付以来，累计交付已突破 26万台，持续稳居50万级豪华车市场销冠。今年3月，问界M9 2025款焕新上市，携十大亮点重构豪华 标准，为用户带来了全方位的极致出行体验。国海证券在研报中指出，问界精准锚定高净值客户人群， 通过问界M9等高端车型成功实现品牌向上突围。 凭借产品力、品牌力与资本市场的三重驱动，问界将持续巩固在高端新能源汽车市场的领跑地位，助力 中国汽车品牌加速实现全球高端市场的突破。 竞争日趋白热的2025年豪华车市场迎来年度收官阶段，问界M9再次创下50万级车型交付新纪录，不仅 标志着问界持续引领高端市场格局，更引发资本市场高度关注。今 ...

Group 1 - BYD, Xpeng, and other car manufacturers have donated a total of 4.1 million Hong Kong dollars to support fire rescue efforts in Tai Po, Hong Kong [1] - BYD announced a donation of 10 million Hong Kong dollars, while Xpeng and Seres each donated 5 million Hong Kong dollars [1] - GAC Group pledged 6 million Hong Kong dollars for emergency medical assistance, temporary housing, and post-disaster reconstruction for affected residents [1] Group 2 - Geely Holding Group, in collaboration with the Li Shufu Public Welfare Foundation, donated 10 million Hong Kong dollars for medical aid, emergency housing, and reconstruction efforts [1] - Chery Automobile donated 10 million Hong Kong dollars through the China Red Cross Foundation for urgent rescue efforts in the Tai Po disaster area [1] - The fire in Tai Po occurred on November 26, resulting in significant casualties, with rescue operations ongoing as of November 28 [1]

Core Viewpoint - The highest gross margin among Chinese new energy vehicle companies is held by Seres, which has achieved a gross margin of 30% in Q3 2025, driven by the strong sales of its Wanjie model [1][2]. Summary by Category Gross Margin Performance - Seres leads the industry with a gross margin of 30% in Q3 2025, marking a significant increase from 21.5% in Q1 2024 [1][2]. - Xiaomi's gross margin has also seen substantial growth, rising from 15.6% in Q1 2024 to 25.5% in Q3 2025, making it the fastest-growing among mainstream brands [1][2]. - Other new energy vehicle brands show varied performance: - Li Auto at 19.8% - NIO at 14.7% - Xpeng at 13.1% - Zeekr at 15.6% - Leap Motor at 14.5% in Q3 2025 [1][2][3]. - Tesla's gross margin has shown slight fluctuations, recorded at 15.5% in Q3 2025 [1][2]. Industry Dynamics - The current competitive landscape indicates that Xiaomi may pose the only significant challenge to Seres in terms of gross margin [1].

Core Insights - The article highlights the significant increase in gross margins among Chinese electric vehicle (EV) manufacturers, particularly noting the performance of Seres and Xiaomi [1]. Group 1: Gross Margin Performance - Seres leads the industry with a gross margin of 30% in Q3 2025, marking it as the only brand to surpass the 30% threshold among listed new EV brands [1][2]. - Xiaomi's gross margin has shown remarkable growth, rising from 15.6% in Q1 2024 to 25.5% in Q3 2025, making it the fastest-growing brand in terms of gross margin among mainstream manufacturers [1]. - Other brands such as Li Auto, NIO, and Xpeng have gross margins of 19.8%, 14.7%, and 13.1% respectively, while Zeekr and Leap Motor have also seen gradual increases, reaching 15.6% and 14.5% in Q3 2025 [1][2]. Group 2: Competitive Landscape - Tesla's gross margin has experienced slight fluctuations, standing at 15.5% in Q3 2025, indicating a relatively stable performance compared to the rapid growth of other brands [1]. - The current competitive landscape suggests that Xiaomi may pose a significant challenge to Seres in terms of gross margin performance moving forward [1].