Core Viewpoint - The company Seres, previously known as Xiaokang, has transformed into a significant player in the new energy vehicle sector after becoming closely associated with Huawei, achieving profitability within a year after substantial losses [1][2]. Company Overview - Seres is set to launch its IPO in Hong Kong from October 27 to October 31, with a maximum offering price of HKD 131.50, which is lower than market expectations [2][3]. - The company has a robust backing with 23 cornerstone investors committing approximately USD 826 million (around HKD 642 million), accounting for about half of the total shares offered [9]. Financial Performance - Seres has invested nearly CNY 30 billion in R&D, aligning with national policies promoting high-end manufacturing and technology-driven growth [4]. - The company has shown a significant revenue increase of 305% year-on-year for 2024, although it experienced a slight decline in revenue in the first half of the year [6][10]. - The gross margin has improved dramatically from 7.2% to 26.5%, indicating strong profitability potential in the high-end vehicle market [6]. Market Position and Competition - The competitive landscape in the new energy vehicle sector is intense, with major players like BYD, Li Auto, and NIO posing significant challenges [5][6]. - Seres' sales have been inconsistent, and the company faces pressure to maintain growth, especially with the upcoming M8 model launch [7]. Future Prospects - The company is exploring opportunities beyond vehicles, including partnerships in robotics with ByteDance, although this segment currently has no revenue [8]. - The long-term outlook for Seres is optimistic, contingent on the overall growth of the new energy vehicle and embodied intelligence industries in China over the next five years [10].

Core Viewpoint - Seres has launched its IPO on the Hong Kong Stock Exchange, aiming to raise approximately HKD 12.92 billion (around RMB 11.83 billion) with a base offering of 100.2 million H-shares, marking a significant milestone for the company and potentially becoming the largest car company IPO in Hong Kong this year [1][4]. Group 1: IPO Details - The IPO period runs from October 27 to October 31, with the listing date set for November 5 under the stock code "9927" [1]. - The offering includes 10.02 million shares for public sale in Hong Kong and approximately 90.18 million shares for international placement, subject to adjustments [1][3]. - The maximum offer price is set at HKD 131.50 per share, with expected net proceeds of HKD 12.92 billion if the over-allotment option is not exercised [1]. Group 2: Financial Performance - In 2024, Seres achieved total revenue of RMB 145.11 billion, a year-on-year increase of 305.47%, with a net profit attributable to shareholders of RMB 5.946 billion [4]. - The company reported a gross margin of 23.8% for its electric vehicles, making it the fourth profitable electric vehicle manufacturer globally after Tesla, BYD, and Li Auto [4]. - For the first half of 2025, Seres recorded total revenue of RMB 62.36 billion, with a net profit of RMB 2.941 billion, reflecting an 81.03% year-on-year growth [4]. Group 3: Strategic Investments and Partnerships - The IPO has attracted 22 cornerstone investors, including notable funds such as Chongqing Industry Mother Fund and Schroders, indicating strong market interest [3]. - The funds raised from the IPO will be allocated to R&D, new marketing channels, overseas sales, charging network services, and general corporate purposes [3]. - In June 2023, Seres completed a strategic investment round totaling RMB 5 billion, further strengthening its financial position [5].

Domestic News - From October 20 to 26, the number of freight trucks on national highways reached 59.042 million, a month-on-month increase of 1.59% [2] - During the same period, the postal express collection volume was approximately 4.563 billion pieces, up 15.69% month-on-month, while the delivery volume was about 4.401 billion pieces, increasing by 11.59% month-on-month [2] - From January to September, the total profit of industrial enterprises above designated size reached 537.32 billion yuan, a year-on-year increase of 3.2% [3] - In the same period, the automotive manufacturing industry saw profits grow by 3.4% year-on-year, with operating revenue increasing by 7.8% and operating costs rising by 8.6% [3] International News - Canada has initiated anti-dumping and countervailing investigations on truck bodies originating from China, following a request from local manufacturers [6] - The products involved are truck bodies designed for road transport, with external lengths ranging from 8.5 feet to 32 feet [6] - Ansem Semiconductor has issued supply interruption warnings to Japanese automotive parts manufacturers, indicating potential chip supply shortages [7] - The supply chain disruption could have a cascading effect on Japanese automakers, including Toyota, Honda, and Nissan [7] Automotive Industry News - Toyota's global vehicle sales in September reached 879,314 units, reflecting a year-on-year increase of 3.1% [8] - Honda's global vehicle production for September was 310,275 units, marking a year-on-year increase of 3.8%, with production in China rising by 25.7% [10] - Dongfeng Motor Group announced leadership adjustments, appointing Wang Jun as the new deputy general manager [11] - Chery Automobile introduced a tax subsidy plan, offering up to 15,000 yuan per vehicle to offset tax adjustments for eligible users [12] - Seres announced that its H-shares will be listed on the Hong Kong Stock Exchange on November 5, with a maximum issue price of 131.50 HKD per share [13] - Unity China signed a strategic cooperation agreement with Leap Motor to develop next-generation smart cockpit interactive experiences [14] - XPeng Motors has successfully entered the Baltic states and Cambodia, planning to launch six models in Cambodia and establish a sales network in the Baltic region [15] - EVE Energy announced that its shareholders plan to transfer up to 40.7768 million shares, representing 2% of the total share capital [16]

Focus Events - Spot gold has fallen below $4000 per ounce, down 3.15% to $3981.98 per ounce, with COMEX gold futures down 3.40% to $3997.00 per ounce. The cumulative decline since the high of $4381.484 per ounce on October 20 exceeds 5% [1] Regulatory Developments - The China Securities Regulatory Commission (CSRC) released 23 practical measures to enhance the protection of small and medium investors in the capital market, focusing on investor protection during the IPO and delisting processes, and promoting a diversified dispute resolution mechanism [2] - CSRC Chairman Wu Qing announced plans to introduce a refinancing framework to broaden support channels for mergers and acquisitions, urging listed companies to improve governance and increase shareholder returns through dividends and buybacks [6] - The CSRC issued a new plan to optimize the Qualified Foreign Institutional Investor (QFII) system, providing equal treatment for foreign public funds and domestic public funds regarding short-term trading [8] Industry Dynamics - The automotive industry reported a profit margin of 4.5% for the first nine months of 2025, with production reaching 24.05 million units, a year-on-year increase of 11%. Revenue was 782.35 billion yuan, up 7.8%, while costs rose by 8.6% to 688.67 billion yuan [10][11] - Domestic gasoline and diesel prices were reduced due to falling international oil prices, with a decrease of 265 yuan per ton for gasoline and 255 yuan per ton for diesel, translating to a reduction of approximately 0.21 to 0.22 yuan per liter [12] Company News - Reader Media announced that its two former chairmen are subject to administrative regulatory measures due to insufficient independence in decision-making processes [4] - Xibu Mining won the exploration rights for a large copper-gold mine in Anhui province for 8.609 billion yuan, with confirmed copper ore reserves of 121.803 million tons [14] - Xuchang Electric plans to accept a 122.3 million yuan entrusted loan from its controlling shareholder at an interest rate of 2.3% for three years [15] - Qianwei Central Kitchen reported a 4.27% year-on-year increase in third-quarter revenue, totaling approximately 4.92 billion yuan, with a net profit of 53.775 million yuan [16] - North Rare Earth reported a 280% year-on-year increase in net profit for the first three quarters, driven by increased sales volume and higher product prices [19][20] - The company Yihui Lithium Energy set a preliminary transfer price of 72.20 yuan per share, reflecting a 6.1% discount from the closing price [25]

Key Points - The article discusses the recent developments in the Chinese capital market, including new stock listings, regulatory updates, and economic indicators [2][4][8][10]. Group 1: New Stock Listings - Four new stocks are listed today, including three unprofitable companies on the Sci-Tech Innovation Board, marking the first batch of newly registered companies in the Sci-Tech Growth Layer [7]. - The new stocks include DeLiJia with an issue price of 46.68 CNY per share and a subscription limit of 9,500 shares, and ZhongCheng Consulting with an issue price of 14.27 CNY per share and a subscription limit of 630,000 shares [7]. Group 2: Regulatory Updates - The China Securities Regulatory Commission (CSRC) released opinions on enhancing the protection of small and medium investors in the capital market, aiming to improve investor protection mechanisms [8]. - The CSRC also published a plan to optimize the Qualified Foreign Institutional Investor (QFII) system, introducing a green channel and simplified processes for certain foreign investors [10]. Group 3: Economic Indicators - From January to September, the total profit of large-scale industrial enterprises in China reached 53,732 billion CNY, a year-on-year increase of 3.2% [10]. - The profit breakdown shows that state-owned enterprises experienced a slight decline of 0.3%, while private enterprises saw a growth of 5.1% [10]. Group 4: Financial Forum Insights - At the 2025 Financial Street Forum, the People's Bank of China announced plans to resume public market operations for government bonds, indicating a positive outlook for the bond market [8]. - The Financial Regulatory Administration emphasized its commitment to preventing systemic financial risks and improving the efficiency of financial regulation [9].

Group 1 - Wang Yi, the Foreign Minister, communicated with U.S. Secretary of State Rubio, expressing hope for mutual efforts to prepare for high-level interactions and create conditions for the development of China-U.S. relations [2] - The People's Bank of China will maintain a supportive monetary policy stance, resume open market operations for government bonds, and explore measures to support personal credit repair [2][3] - The National Bureau of Statistics reported that profits of industrial enterprises above designated size increased by 21.6% year-on-year in September, with high-tech manufacturing and equipment manufacturing showing rapid growth [3] Group 2 - The State Administration of Foreign Exchange will introduce nine new policy measures focusing on trade facilitation, including expanding cross-border trade pilot programs and optimizing foreign exchange fund settlement for new trade entities [3] - The Ministry of Finance reported that in September, central government revenue was 691.3 billion yuan, while expenditure was 1.5844 trillion yuan [4] - The 138th Canton Fair saw participation from nearly 240,000 overseas buyers from 223 countries and regions, marking a 6.8% increase compared to the previous session [4] Group 3 - The China Securities Regulatory Commission (CSRC) released a plan to optimize the Qualified Foreign Institutional Investor (QFII) system, enhancing its attractiveness to long-term foreign capital [5] - The CSRC also issued opinions on strengthening the protection of small and medium investors in the capital market, proposing 23 specific measures across various aspects [5] - A-share market saw significant gains, with the Shanghai Composite Index approaching the 4000-point mark, driven by strong performance in technology stocks [5][6] Group 4 - The Hong Kong Hang Seng Index closed up 1.05%, with notable gains in pharmaceutical and materials sectors, while Southbound funds recorded a net purchase of 2.873 billion HKD [6] - The Shanghai Stock Exchange announced the third advisory committee member list, including founders from various tech companies [6] - New listings on the STAR Market include He Yuan Bio, Xi'an Yicai, and Bibet, with a total of 758,000 investor accounts opening trading permissions for the STAR Growth Layer [6] Group 5 - QFII holdings in A-shares reached 1.018 billion shares, valued at approximately 21.283 billion yuan, with a focus on cyclical sectors like non-ferrous metals and electricity [7] - Five listed securities firms have disclosed their Q3 reports, showing growth in both revenue and net profit, indicating a recovery in brokerage and asset management businesses [7] Group 6 - The central bank's market operations led to a significant drop in bond yields, with the 30-year special government bond yield falling by 5.75 basis points [18] - The trading association emphasized the need for stricter supervision of funds raised through debt financing tools [18] - Hebei Province disclosed special bond issuance information, with 4.738 billion yuan allocated for land storage, marking a pilot area for non-self-examination [18] Group 7 - The U.S. stock market saw all three major indices rise, with the Dow Jones up 0.71% and the Nasdaq up 1.86%, driven by easing international trade tensions [16] - European stock indices also experienced slight increases, reflecting improved market sentiment following U.S.-China trade discussions [16] - The Nikkei 225 index in Japan closed above 50,000 points for the first time, indicating strong market performance [16] Group 8 - The international gold futures market saw a decline, with COMEX gold futures dropping by 3.40% [20] - Brent crude oil futures experienced a slight decrease, while U.S. oil futures rose marginally [20] - The OPEC+ group is expected to discuss a slight increase in oil production at their upcoming meeting [21]

点评：赛力斯的港股招股不仅将为其带来超过129亿港元的融资，推动其研发与市场拓展，也可能吸引 更多投资者关注这一快速增长的行业，反过来影响相关新能源车企的市场关注度与资金流入。同时，作 为首家"A+H"上市的新能源车企，赛力斯的成功或将促使更多企业考虑类似的上市路径，从而推动行业 整体向上发展。 NO.2王俊履新东风汽车副总经理、党委常委 10月27日，东风汽车集团有限公司召开领导班子(扩大)会议，决定由王俊正式担任东风汽车集团有限公 司副总经理、党委常委职务。 点评：王俊履新东风汽车副总经理一职，预示着公司领导层在战略和技术创新方面可能迎来新的视角与 动力。他在相关领域的经验或为东风汽车的市场拓展和品牌价值提升注入新的活力。在整体汽车行业转 型的背景下，东风汽车的战略调整势必引发市场对其未来发展的关注，对相关行业板块也可能产生积极 的预期。 | 2025年10月28日星期二| NO.1赛力斯开启港股招股 10月27日，赛力斯（601127）开启港股招股，招股期持续至10月31日，计划于11月5日正式以"9927"为 股票代码在港交所主板挂牌。赛力斯计划在本次IPO中基础发行规模1.002亿股H股，其中香港公 ...

Group 1: Company Developments - Seres has launched its Hong Kong IPO, with a base issuance of 100.2 million H-shares, aiming to raise approximately HKD 12.9249 billion at a maximum price of HKD 131.50 per share, attracting 22 cornerstone investors [1] - Wang Jun has been appointed as the Vice General Manager and Party Committee Member of Dongfeng Motor Group, indicating potential strategic and technological innovations within the company [2] - Faraday Future has established Faraday Finance Inc. and submitted an application for an automotive finance license in California, aiming to enhance cash flow and reduce purchase barriers for its high-end models [3] Group 2: Industry Insights - Seres' IPO is expected to draw more investor attention to the rapidly growing electric vehicle sector, potentially influencing market focus and capital inflow for related companies [1] - The appointment of Wang Jun at Dongfeng Motor may lead to increased market interest in the company's future developments amid the automotive industry's transformation [2] - NIO has surpassed 90 million battery swap instances, indicating strong growth and user acceptance in the electric vehicle market, which may boost confidence in electric vehicle manufacturers [4]

Group 1 - Company officially announced the commencement of its Hong Kong IPO, with the offering period lasting until October 31, and plans to list on November 5 under the stock code "9927" [1][3] - The IPO aims to issue 100.2 million H-shares, with 10.02 million shares available for public offering in Hong Kong and approximately 90.18 million shares for international placement, potentially raising a net amount of HKD 12.9249 billion at the maximum offer price of HKD 131.50 per share [3] - The raised funds will be allocated for R&D, diversified marketing channels, overseas sales, charging network services, and general corporate purposes [3] Group 2 - Since the collaboration with Huawei in 2021, the company has launched several high-end smart electric vehicle models, including the AITO M5, M7, M8, and M9, benefiting from Huawei's technology [3] - Concerns have arisen regarding the company's reliance on Huawei, especially as Huawei partners with more automotive companies, which may dilute the unique advantages of the AITO brand [3] - The company reported a total vehicle sales of 276,200 units in the first three quarters of 2025, a year-on-year decline of 5.72%, with September sales reaching 41,200 units, a year-on-year increase of 15.14% [5] Group 3 - The company’s sales and revenue figures are currently strong, making the timing of the Hong Kong listing advantageous for enhancing financial strength and brand internationalization [7] - In September, another automotive company, Chery, successfully listed in Hong Kong, raising HKD 9.14 billion at an offer price of HKD 30.75 per share, indicating a positive market environment for automotive IPOs [7]

Core Viewpoint - Seres is set to become the first luxury new energy vehicle company to list in both A-share and H-share markets, with its IPO in Hong Kong expected to raise approximately HKD 12.92 billion [1][2] Group 1: IPO Details - Seres plans to issue 100.2 million H-shares, with 10.02 million shares available for public offering in Hong Kong and approximately 90.18 million shares for international placement [1][2] - The IPO subscription period runs until October 31, with the listing date scheduled for November 5 under the stock code "9927" on the Hong Kong Stock Exchange [1] Group 2: Fund Utilization - Approximately 70% of the raised funds will be allocated to research and development, while 20% will be used for diversifying new marketing channels, overseas sales, and charging network services [1][4] - The R&D investment will focus on enhancing core technology capabilities, upgrading the magic cube technology platform, improving intelligent cockpit and assisted driving technologies, and exploring AI applications in the automotive industry [4] Group 3: Financial Performance - Seres reported a revenue growth of 305.04% year-on-year for 2024, with a net profit of CNY 5.946 billion, marking its first profitable year in five years [3] - The sales revenue from the AITO brand, which includes models like the M9, M8, M7, and M5, accounted for 90.9% of Seres' total revenue in 2024, indicating a high dependency on this brand [3] Group 4: Competitive Landscape - The partnership with Huawei has significantly benefited Seres, but it also poses risks due to the increasing competition as Huawei expands its ecosystem with new brands [3][4] - The unique advantages of the AITO brand are diminishing as more competitors emerge within the Huawei ecosystem, leading to potential challenges in maintaining market share [4]