Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The report regularly tracks the latest private exchangeable bond (private EB) projects from public channels, including basic elements such as project status, scale, and underlying stocks. It also reminds that the issuance terms and progress may change, and the final prospectus and relevant underwriters should be referred to [1]. 3. Summary by Related Catalogs New Projects This Week - Chongqing Xiaokang Holding Co., Ltd.'s 2025 private placement of science - innovation exchangeable corporate bonds for professional investors received exchange feedback, with a proposed issuance scale of 3 billion yuan and the underlying stock being Seres (601127.SH), and the exchange update date was May 29, 2025 [2]. - Guangdong Shengyi Technology Co., Ltd.'s 2025 private placement of exchangeable corporate bonds for professional investors was accepted by the exchange, with a proposed issuance scale of 2 billion yuan and the underlying stocks being Shengyi Electronics/Lianrui New Materials (688183.SH/688300.SH), and the exchange update date was May 28, 2025 [2]. Project Status Table - Multiple private exchangeable bond projects have passed the review, including those of Shudao Investment Group Co., Ltd., China Pingmei Shenma Group Co., Ltd., etc. Some projects are in the feedback stage, such as those of Chongqing Xiaokang Holding Co., Ltd., Jiangsu Shenghong Technology Co., Ltd., etc. And the project of Guangdong Shengyi Technology Co., Ltd. is in the acceptance stage [3].

以下文章来源于新财富杂志 ，作者姬婧瑛 新财富杂志 . 《新财富》杂志专注以权威评价、深度研究，揭示资本的选择与逻辑，促进市场信息透明，改善资源配 置效率。 "内卷"和"价格战"无助于中国车企的国际化征途，盈利支撑的研发投入下，品质与服务才是强者的磨刀 石。 昨日，中汽协点名"某车企"意图发动价格战，工信部有关负责人发声，将采取措施，引发车圈巨震。 5月31日，中汽协发布《关于维护公平竞争秩序 促进行业健康发展的倡议》。 倡议指出，5月23日以来，某车企率先发起大幅降价活动，多家企业跟进效仿，引发新一轮"价格战"恐慌。无 序"价格战"加剧恶性竞争，将进一步挤压企业利润空间，进而影响产品质量和售后服务保障，不仅阻碍行业自 身健康发展，也将危害消费者权益，并带来安全隐患。为此，中汽协提出四点倡议，包括优势企业不为垄断市 场，挤压其他主体生存空间等。 （上下滑动，浏览全文） 关于维护公平竞争秩序，促进行业健康发展的倡议 近年来，我国新能源汽车产业快速发展，新能源汽车新车销售占比已经超过40%。当前，行业 整体运行呈现稳中向好态势，市场活力持续释放。我们也看到，一段时间以来，行业盈利水平 下降，以无序"价格战"为主要 ...

Market Performance - During the trading days from May 26 to May 30, all three major A-share indices experienced declines, with the Shanghai Composite Index down by 0.03%, the Shenzhen Component Index down by 0.91%, and the ChiNext Index down by 1.4% [1] - On Friday, the Shanghai Composite Index fell by 0.47% to close at 3347 points, while the Shenzhen Component Index decreased by 0.85% to 10041 points [3] Stock Performance - A total of 32 stocks saw a price increase of over 30% this week, with Luqiao Information leading at a 94.2% increase. Other notable gainers included Shutai Shen with over 60% and several others exceeding 50% [4][5] - Conversely, only three stocks experienced a decline of over 20%, with Lijun Co. leading the drop at 21.89% [4][5] Trading Activity - 82 stocks had a turnover rate exceeding 100% during the week, with Xintiandi topping the list at 247.65%. Other high turnover stocks included Xue Ren Co. and Wangzi New Materials, both exceeding 200% [6][7] - The sectors with high turnover rates included pharmaceuticals, machinery, and light manufacturing [6] Fund Flows - The textile, environmental protection, and coal industries attracted significant capital inflows, while the electric equipment, automotive, machinery, electronics, and computer sectors saw net sell-offs exceeding 5 billion yuan [8] - Stocks with the highest net inflows included Shenghong Technology, Haige Communication, and Hushen Co., with net inflows of 6.76 billion yuan, 5.08 billion yuan, and 4.92 billion yuan, respectively [9] Margin Trading - A total of 1722 stocks received net buying through margin trading, with 597 stocks having net purchases exceeding 10 million yuan. BYD led with a net buying amount of 15.17 billion yuan [10][11] Institutional Research - 435 listed companies were researched by institutions this week, with Zhongwei Company receiving the most attention from 212 institutions [12][13] - 72 stocks were newly favored by institutions, with Sairis receiving a "strong buy" rating and a target price of 184.93 yuan [14][15]

Group 1 - The collaboration between Seres and Huawei is described as a "chemical reaction" that can lead to exponential changes in the automotive industry, particularly in the development of smart electric vehicles [2] - Seres has been working with Huawei since 2021 as the first car manufacturer to partner with Huawei's HarmonyOS, and the collaboration is expected to deepen and expand in the future [2] - Safety in smart electric vehicles is emphasized as a core issue, with the need to address new safety challenges arising from the transition to intelligent and electric vehicles [4] Group 2 - Zhang Xinghai, chairman of Seres, highlighted that smart safety is crucial for the development of new automotive productivity and is a fundamental pursuit in the automotive industry [4] - As of May 28, the AITO Wenjie vehicles have prevented potential collisions over 1.7 million times through their automatic emergency braking system, providing proactive services over 120,000 times [4] - The overall insurance costs for Wenjie models have decreased by 20%, with expectations for further reductions [4][5] Group 3 - Looking ahead, smart safety is seen as a foundational element for driving innovation in automotive technology and industry integration [5] - Seres plans to fully integrate technologies such as artificial intelligence, digital twins, and large models to promote the deep integration and evolution of technological innovation and smart safety [5]

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for nine companies, including Seres, regarding their overseas listing applications [1] - Seres submitted its listing application to the Hong Kong Stock Exchange on April 28, 2025, with CICC and China Galaxy International as joint sponsors [1] - The CSRC has requested Seres to clarify its subsidiaries' operations in value-added telecommunications and insurance agency businesses, as well as to provide legal opinions on these matters [1] Group 2 - Seres is primarily engaged in the research, manufacturing, sales, and services of new energy vehicles and core components [2] - The company has successfully launched four models: Wanjie M5, M7, M8, and M9, with significant market performance [2] - According to a Frost & Sullivan report, Wanjie brand achieved an 82% Net Promoter Score (NPS) in the second half of 2024, leading the new energy vehicle reputation rankings, and total deliveries reached 387,100 units, a 268% year-on-year increase [2]

Investment Rating - The report gives a "Strong Buy" rating for the company with a target price of 184.93 CNY, indicating a potential upside of 37% from the closing price on May 29, 2025 [2][11]. Core Viewpoints - The collaboration with Huawei has entered a harvest period, significantly improving the company's profitability. The sales of the "Wenjie" brand have positioned the company among the top new force brands in the market, leading to a substantial turnaround in profitability [8][11]. - The company has established a competitive advantage through the "6+1" capability framework, which includes product definition, R&D, channel management, supply chain, manufacturing, marketing, and management capabilities, supported by Huawei's empowerment [11][12]. Financial Overview - The company is projected to achieve total revenue of 145.18 billion CNY in 2024, with a year-on-year growth rate of 305%. The net profit is expected to reach 5.946 billion CNY, reflecting a growth of 342.7% [3][11]. - Forecasts for 2025-2027 indicate continued growth, with revenues of 171.78 billion CNY, 187.10 billion CNY, and 209.04 billion CNY, respectively, and net profits of 10.069 billion CNY, 12.562 billion CNY, and 14.865 billion CNY [3][11]. Current Market Position - The "Wenjie" brand has achieved significant market share, with models like M9 and M7 ranking first and second in their respective segments. The M8 model is expected to achieve monthly sales of 18,000 to 20,000 units, potentially becoming a new sales champion in its segment [8][10][11]. - The company has transitioned from traditional fuel vehicles to new energy vehicles, with the "Wenjie" brand accounting for 78% of total sales in 2024 [25][26]. Competitive Advantages - The partnership with Huawei has enhanced the company's brand and technological capabilities, particularly in smart driving and intelligent cockpit systems, which are critical for high-end market positioning [10][12]. - The company's product matrix includes a range of high-end models, with the "Wenjie" brand focusing on the premium segment, leveraging Huawei's expertise in consumer electronics to meet user demands effectively [52][53].

Investment Rating - The report assigns a "Strong Buy" rating to the company with a target price of 184.93 CNY, representing a 37% upside from the current price of 135.08 CNY [5][12]. Core Views - The company is positioned for long-term growth through its collaboration with Huawei, which has significantly enhanced its competitive capabilities in the automotive sector. The report highlights the successful launch of the "AITO" brand and its models, which have gained substantial market traction [3][9][10]. Financial Overview - The company is projected to achieve total revenue of 145.18 billion CNY in 2024, with a staggering year-on-year growth rate of 305%. By 2027, revenue is expected to reach 209.04 billion CNY, with a consistent growth trajectory [3][39]. - Net profit is forecasted to be 5.95 billion CNY in 2024, increasing to 14.87 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of 18.3% [3][39]. - Earnings per share (EPS) are expected to grow from 3.64 CNY in 2024 to 9.10 CNY in 2027, indicating a strong improvement in profitability [3][39]. Current Market Position - The company has established a strong foothold in the high-end market segment, with its "AITO" brand models, particularly the M7 and M9, leading in their respective categories. The M7 and M9 have achieved significant market shares, with the M9 being the top seller in its segment [9][49][53]. - The report emphasizes the importance of brand and intelligent features as key competitive advantages, with the M7 and M9 models showcasing superior smart driving and cabin technologies [11][54]. Future Outlook - The company is expected to continue its upward trajectory, with projected sales of 550,000 units in 2025, 630,000 units in 2026, and 730,000 units in 2027, reflecting year-on-year growth rates of 11%, 14%, and 16% respectively [12][39]. - The report outlines a comprehensive analysis of the company's "6+1" competitive capabilities framework, which includes product definition, R&D, channel management, supply chain, manufacturing, and management capabilities, all of which are expected to contribute to sustained growth [10][12][13].

| 小米汽车 והו | 1711.05 | + +11.73 | 6.59 | | --- | --- | --- | --- | | 比亚迪 (BHD) | 1510.75 | + -37.94 | 49.04 | | 法拉利 | 862.02 | 1 +6.5 | 479.02 | | (人) 梅赛德斯奔驰 | 577.39 | + -2.44 | 59.96 | | (1) 大众汽车 | 553.4 | + -4.18 | 108.86 | 金十图示：2025年05月30日（周五）全球汽车制造商市值变化 E @ JIN10.COM 金十数据 | 一个交易工具 JIN10.COM t . | 宝马汽车 | 551.92 | + -8.86 | 89.16 | | --- | --- | --- | --- | | 通用汽车 | 467.16 | 1 +4.44 | 48.59 | | >< 玛鲁蒂铃木 | 456.47 | + +2.23 | 145.19 | | 保时捷 | 443.84 | 1 +6.34 | 49.27 | | ( 本田汽车 | 430.35 | ↑ +13.55 | 30.54 ...

Core Viewpoint - The automotive sector is experiencing fluctuations, with the China Securities Index Automotive Index showing a recent increase, but a decline over the year-to-date period [1][2]. Group 1: Index Performance - The China Securities Index Automotive Index rose by 1.32% to 11,712.13 points, with a trading volume of 33.351 billion yuan [1]. - Over the past month, the index increased by 2.09%, but it has decreased by 0.45% over the last three months and by 1.34% year-to-date [2]. Group 2: Index Composition - The top ten weighted companies in the index are BYD (18.62%), Seres (14.63%), SAIC Motor (10.69%), JAC Motors (9.78%), Changan Automobile (8.85%), Yutong Bus (5.4%), Great Wall Motors (4.66%), BAIC Blue Valley (3.99%), GAC Group (2.83%), and Foton Motor (2.18%) [2]. - The index is composed of 73.70% consumer discretionary and 26.30% industrial sectors [3]. Group 3: Market Segmentation - The Shanghai Stock Exchange accounts for 62.04% of the index holdings, while the Shenzhen Stock Exchange represents 37.96% [2]. Group 4: Fund Tracking - Public funds tracking the automotive index include GF China Securities Index Automotive A, GF China Securities Index Automotive C, and GF China Securities Index Automotive ETF [4].

Group 1 - The core viewpoint of the article indicates that while the company remains a leader in the new energy vehicle sector, it is no longer experiencing the same level of rapid growth as before, signaling a need for strategic adjustments [1] - In Q1, the company reported a revenue of 25.9 billion yuan, a year-on-year increase of 1.1%, maintaining its position as a leader among new energy vehicle manufacturers [1] - The average selling price of vehicles decreased to approximately 265,700 yuan, down 11.9% year-on-year, attributed to seasonal factors, previous price reductions, and changes in product mix [1] Group 2 - The company's gross profit for Q1 was 5.319 billion yuan, with a gross margin of 20.5%, showing a slight year-on-year decline of 0.1 percentage points [1] - Operating expenses for the quarter were 5 billion yuan, a decrease of 14% year-on-year, with reductions in both R&D and sales, general, and administrative expenses [1] - The company achieved a net profit of 647 million yuan, a year-on-year increase of 9.4%, although its adjusted net profit of 1.014 billion yuan represented a 20.5% decline [1] Group 3 - In terms of vehicle deliveries, the company delivered 92,864 vehicles in Q1, a year-on-year increase of 15.5%, aligning with its guidance for the quarter [4] - Despite maintaining a strong delivery volume, the company fell to third place in sales among new energy vehicle manufacturers, overtaken by competitors [5][7] - In April, the company delivered 34,000 vehicles, while competitors delivered 41,000 and 35,000 vehicles, further solidifying its third-place position in the market [7]