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赛力斯冲刺港股IPO:海外营收占比不足3% "重营销、轻研发"问界品牌含金量几何?
Xin Lang Zheng Quan· 2025-09-29 10:17
炒股就看金麒麟分析师研报,权威,专业,及时,全面,助您挖掘潜力主题机会! 出品:新浪财经上市公司研究院 作者:昊 9月25日,赛力斯发布公告称,公司发行境外上市外资股(H股)获中国证监会备案,拟发行不超过3.31亿股境外上市普通股并在香港联交所上市。这意味 着,赛力斯赴港IPO进入冲刺阶段。 根据公告,赛力斯本次香港IPO募资金额将主要用于研发投入、多元化新营销渠道投入、海外销售及充电网络服务,以提升公司的全球品牌知名度,以及用 作营运资金及一般公司用途。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 不仅研发支出金额显著偏低,除2023年外,赛力斯研发投入占同期营收的比例,也明显低于理想汽车。 事实上,赛力斯在电池、电机、电控以及数据等新能源核心技术方面,长期依赖华为和宁德时代等公司,作为老牌传统车企的"技术空心化"问题突出。 而华为与赛力斯的合作模式又强化了"华为技术主导" 的市场认知。相关调查显示,有超7成问界消费者因"华为技术"下单,而非赛力斯自身品牌。这种认知 惯性使得赛力斯问界难以摆脱"代工厂"标签。 赛力斯最早跟华为合作并推出问界品牌,占据先发优势。不过,相较于理想汽车,赛力 ...
中国汽车市场一周行业信息快报——2025年9月第5期
Zhong Guo Zhi Liang Xin Wen Wang· 2025-09-29 10:05
Group 1: Industry Dynamics - In the last week of September, the domestic automotive market saw significant developments including policy releases, market sales, quality supervision, and corporate actions [1] - The Ministry of Industry and Information Technology reported that the penetration rate of passenger cars equipped with combined driving assistance systems exceeded 60% [1][3] - From January to July, the sales of new passenger cars with combined driving assistance systems reached 7.76 million units, marking a penetration rate of 62.6%, an increase of 5.7 million units and 40 percentage points compared to the same period in 2021 [3] Group 2: Policy and Standards - The Ministry of Industry and Information Technology is soliciting public opinions on the mandatory national standard for "Automotive Door Handle Safety Technical Requirements" and three amendments to existing standards, with a deadline for feedback set for November 22, 2025 [4] - The Ministry of Commerce and eight other departments issued guidelines to promote the development of digital consumption, including trials for the access and road use of intelligent connected vehicles [3] Group 3: Market Performance - The China Passenger Car Association reported that retail sales of passenger cars from September 1 to 21 reached 1.191 million units, a year-on-year increase of 1% and an 8% increase compared to the previous month [6] - During the same period, retail sales of new energy vehicles reached 697,000 units, a year-on-year increase of 10% and an 11% increase compared to the previous month, with a cumulative retail of 8.267 million units for the year, up 24% year-on-year [6] Group 4: Quality Supervision - The State Administration for Market Regulation announced its first special inspection of the quality of new energy vehicle products to prevent low-price and low-quality risks in the industry [6] Group 5: Corporate Actions - Seres announced that it received approval from the China Securities Regulatory Commission for the issuance of H-shares, planning to issue up to 331,477,235 shares for listing on the Hong Kong Stock Exchange [8][9] - Mercedes-Benz and Momenta announced a collaboration to develop a new generation of intelligent driving assistance systems, which will debut in the new electric CLA model this autumn [11]
一周一刻钟,大事快评(W126):海外投资者关注点汇总
Shenwan Hongyuan Securities· 2025-09-29 08:45
Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [11]. Core Insights - Recent communications with overseas investors reveal a difference in perception compared to domestic investors, with overseas investors focusing more on the long-term global competitiveness of Chinese automotive companies rather than short-term domestic market fluctuations. They view investments in companies like BYD as a hedge against their local automotive industry [4][5]. - There is a strong interest from overseas investors in new technological trends within the Chinese automotive industry, particularly in smart driving and robotics. Positive feedback has been noted regarding the advanced driving assistance features from brands like Xpeng and Li Auto, suggesting potential valuation growth for companies with core technologies and global capabilities [5]. - The report suggests a positive outlook for strong automotive manufacturers capable of successful international expansion and component manufacturers with product and cost advantages [5]. Summary by Sections Overseas Investors - Overseas investors are more concerned with the long-term competitiveness and globalization strategies of Chinese automotive companies, particularly BYD, which is expected to maintain a market cap above 750 billion RMB unless there are significant changes in its global strategy [4]. Technological Trends - The report highlights the growing interest in smart driving technologies among overseas investors, who have provided positive feedback on the driving assistance technologies of brands like Xpeng and Li Auto. This trend is expected to create new valuation opportunities for companies with strong technological capabilities [5]. Investment Recommendations - The report recommends focusing on two main themes: technology and state-owned enterprise reform. Specific recommendations include: 1. Strong domestic manufacturers like BYD, Geely, and Xpeng [5]. 2. Companies aligned with the trend of smart technology, such as Jianghuai Automobile and Seres, with a focus on Li Auto, Kobot, Desay SV, and Jingwei Hirun [5]. 3. State-owned enterprise consolidations, recommending attention to SAIC Motor, Dongfeng Motor, and Changan Automobile [5]. 4. Component manufacturers with strong performance growth and overseas expansion capabilities, recommending Fuyao Glass, New Spring, Fuda, Shuanghuan Transmission, and Yinlun [5].
乘用车板块9月29日涨0.67%,海马汽车领涨,主力资金净流出8.12亿元
Zheng Xing Xing Ye Ri Bao· 2025-09-29 08:39
从资金流向上来看,当日乘用车板块主力资金净流出8.12亿元,游资资金净流入3.29亿元,散户资金净流 入4.83亿元。乘用车板块个股资金流向见下表: | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002594 | 比亚迪 | 9809.90万 | 1.48% | 519.35万 | 0.08% | -1.03亿 | -1.56% | | 000572 海马汽车 | | 222.08万 | 2.64% | -773.26万 | -0.92% | -1448.82万 | -1.72% | | 600733 北汽蓝谷 | | 1945.04万 | 2.30% | -1811.01万 | -2.14% | -134.02万 | -0.16% | | 601238 广汽集团 | | 942.50万 | 4.29% | -399.58万 | -1.82% | -542.92万 | -2.47% | | 601633 长城汽车 ...
赛力斯(601127):国际化战略迈出关键一步,融资助力海外渠道建设
Huaxin Securities· 2025-09-29 07:17
2025 年 09 月 29 日 国际化战略迈出关键一步,融资助力海外渠道建 设 买入(维持) 事件 分析师:林子健 S1050523090001 linzj@cfsc.com.cn | 基本数据 | 2025-09-26 | | --- | --- | | 当前股价(元) | 157.22 | | 总市值(亿元) | 2568 | | 总股本(百万股) | 1633 | | 流通股本(百万股) | 1510 | | 52 周价格范围(元) | 88.8-157.22 | | 日均成交额(百万元) | 4387.78 | 市场表现 -20 0 20 40 60 80 100 (%) 赛力斯 沪深300 资料来源:Wind,华鑫证券研究 相关研究 1、《赛力斯(601127):24Q3 业绩 亮眼,问界品牌高端乘用车市场持 续突破》2024-11-07 2、《赛力斯(601127):2024 年半 年报点评:M9 带动毛利率提升,入 股引望深化合作》2024-08-27 3 、 《 赛 力 斯 ( 601127 ) : 2023&2024Q1 业绩超预期,持续看好 问界品牌盈利能力》2024-06-27 —赛力 ...
纯电续航230km 第三代蓝电E5 PLUS车型图公布
Zhong Guo Zhi Liang Xin Wen Wang· 2025-09-29 04:40
Core Insights - The article discusses the launch of the third-generation Blue Electric E5 PLUS vehicle by Seres, featuring plug-in hybrid technology and an expected pure electric range of 230 km, with pre-sales anticipated to start in November [1]. Design and Features - The vehicle showcases a closed front design, a continuous headlight group, and traditional door handle shapes, along with exclusive "Moon Rhythm" wheels [3]. - The interior introduces a "Bean Bag" cockpit model and enhanced chip computing power for smarter human-vehicle interaction. New features include APA automatic parking and gear shift lane change capabilities, catering to various parking and driving scenarios. Additionally, a second-row entertainment screen is added, supporting digital amplification and Dolby sound system [3]. Powertrain and Performance - The vehicle is equipped with the Seres Super Electric Hybrid system, featuring an intelligent electric hybrid all-wheel drive system that improves traction on wet and slippery roads, enhancing driving safety. It also includes an FSD adaptive suspension system that automatically adjusts the suspension's stiffness. The pure electric range is confirmed to be 230 km [5].
3个行业获融资净买入 25股获融资净买入额超1亿元
Zheng Quan Shi Bao Wang· 2025-09-29 01:41
Wind统计显示,9月26日,申万31个一级行业中有3个行业获融资净买入,其中,通信行业获融资净买 入额居首,当日净买入10.53亿元;获融资净买入的行业还有传媒、汽车。 个股方面,9月26日有1413只个股获融资净买入,净买入金额在5000万元以上的有68股。其中,25股获 融资净买入额超1亿元。中际旭创获融资净买入额居首,净买入5.97亿元;融资净买入金额居前的还有 赛力斯、宁德时代、晶合集成、新易盛、剑桥科技、金风科技等股。 (文章来源:证券时报网) ...
25股受融资客青睐,净买入超亿元
Zheng Quan Shi Bao Wang· 2025-09-29 01:37
Summary of Key Points Core Viewpoint - As of September 26, the total market financing balance decreased to 2.41 trillion yuan, indicating a reduction in investor activity in the market [1]. Group 1: Market Financing Overview - The financing balance for the Shanghai Stock Exchange is 1.22 trillion yuan, down by 112.89 million yuan from the previous trading day [1]. - The financing balance for the Shenzhen Stock Exchange is 1.18 trillion yuan, down by 79.64 million yuan [1]. - The financing balance for the Beijing Stock Exchange is 76.57 million yuan, down by 1.02 million yuan [1]. Group 2: Individual Stock Performance - On September 26, 1,412 stocks received net financing purchases, with 373 stocks having net purchases exceeding 10 million yuan, and 25 stocks exceeding 100 million yuan [1]. - The top net purchase stock is Zhongji Xuchuang, with a net purchase of 599.70 million yuan, followed by Sairisi and Ningde Times with net purchases of 591.06 million yuan and 480.01 million yuan, respectively [1][2]. Group 3: Industry and Sector Analysis - The industries with the highest concentration of stocks receiving net purchases over 100 million yuan include electronics, power equipment, and communications, with 8, 5, and 3 stocks respectively [1]. - In terms of board distribution, 13 stocks on the main board, 6 on the ChiNext board, and 6 on the Sci-Tech Innovation board received significant net purchases [1]. Group 4: Financing Balance and Market Capitalization - The average financing balance as a percentage of market capitalization is 4.14% [2]. - Cambridge Technology has the highest financing balance at 34.33 billion yuan, accounting for 9.63% of its market capitalization [2]. - Other companies with high financing balance ratios include Huagong Technology, Jiangfeng Electronics, and Huicheng Co., with ratios of 6.47%, 6.35%, and 6.21% respectively [2].
505股获融资买入超亿元,赛力斯获买入34.85亿元居首
Mei Ri Jing Ji Xin Wen· 2025-09-29 01:29
从融资净买入金额来看,有25只个股获融资净买入超亿元。其中,中际旭创、赛力斯、宁德时代融资净 买入金额排名前三,分别获净买入5.97亿元、5.91亿元、4.8亿元。 从融资买入额占当日总成交金额比重来看,有4只个股融资买入额占比超30%。其中品茗科技、佳电股 份、康为世纪融资买入额占成交额比重排名前三,分别为81.88%、33.52%、32.9%。 每经AI快讯,Wind数据显示,A股9月26日共有3719只个股获融资资金买入,有505股买入金额超亿元。 其中,赛力斯、新易盛、中际旭创融资买入金额排名前三,分别获买入34.85亿元、29.28亿元、28.15亿 元。 ...
周观点 | 赛力斯宣布境外上市进展 T链机器人催化密集【民生汽车 崔琰团队】
汽车琰究· 2025-09-28 10:18
Core Viewpoint - The automotive industry is experiencing significant changes driven by policies and market dynamics, with a focus on the growth of new energy vehicles and the impact of various subsidy programs on consumer demand [4][13][46]. Weekly Data - In the third week of September 2025, passenger car sales reached 516,000 units, up 13.4% year-on-year and 12.6% month-on-month. New energy vehicle sales were 300,000 units, up 31.9% year-on-year and 10.6% month-on-month, with a penetration rate of 58.2%, down 1.0 percentage points from the previous month [2][46]. Market Performance - The automotive sector underperformed the market, with the A-share automotive sector declining by 1.2% from September 22 to September 26, ranking 19th among sub-industries. Sub-sectors such as automotive parts, motorcycles, passenger cars, and commercial vehicles all saw declines ranging from 0.9% to 8.4% [3][35]. Investment Recommendations - The focus is on high-quality domestic brands that are accelerating in smart technology and globalization, with recommendations including Geely, Xiaopeng, Li Auto, BYD, Xiaomi, and others [4][16][19]. New Developments - Chery Automobile successfully listed on the Hong Kong Stock Exchange, raising HKD 9.14 billion, marking the largest IPO for a car company this year. Seres announced significant progress in its overseas listing plans, aiming to issue up to 331 million shares on the Hong Kong Stock Exchange [5][13]. - New models launched include the AITO M7, priced between CNY 279,800 and CNY 359,800, and the Ideal i6 SUV at a uniform price of CNY 249,800. BYD's second-generation Qin PLUS and Geely's Galaxy Star Yao 6 also saw new pricing strategies [5][13]. Policy Impact - The continuation of the vehicle replacement subsidy policy is expected to stimulate demand, with the inclusion of vehicles meeting the National IV emission standards in the subsidy program. The subsidy for scrapping and replacing eligible vehicles remains at CNY 20,000 for new energy vehicles and CNY 15,000 for fuel vehicles [15][41][42]. Robotics Sector - Tesla's upcoming Optimus V3 robot is anticipated to be a significant catalyst, with production targets set for hundreds of prototypes by the end of 2025 and a goal of reaching a million units in five years. The focus is on hardware advancements and the ongoing process of domestic robot manufacturers moving towards IPOs [6][20][21]. Liquid Cooling Technology - The liquid cooling market is projected to grow at a compound annual growth rate of 27.6% from 2024 to 2030, driven by the increasing demand for high-performance computing and AI technologies. Liquid cooling is becoming essential for high-density data center applications [23][25]. Motorcycle Market - The market for large-displacement motorcycles is expanding, with sales of 250cc and above motorcycles reaching 84,000 units in August 2025, up 23.6% year-on-year. Key players recommended include Chunfeng Power and Longxin General [26][28]. Heavy Truck Market - The heavy truck market is recovering, with sales of 92,000 units in August 2025, a year-on-year increase of 46.6%. The expansion of the scrappage subsidy program is expected to further stimulate demand [29][30].