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 ...

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 ...

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].

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） ...

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].

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。 ...

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].

格隆汇9月28日｜据Choice数据，剔除新股和次新股，周五A股市场共有52家上市公司盘中股价创出历 史新高。这52家公司分别是：紫金矿业、阳光电源、洛阳钼业、赛力斯、华虹公司、ST华通、徐工机 械、浪潮信息、华工科技、晶合集成、杰瑞股份、华海清科、兴业银锡、科博达、科华数据、安集科 技、中科飞测、剑桥科技、纽威股份、电气风电、宁波华翔、北方铜业、华建集团、聚辰股份、应流股 份、精达股份、聚和材料、汇成股份、美湖股份、隆盛科技、菲林格尔、新坐标、*ST宇顺、统联精 密、赛微微电、亚翔集成、优优绿能、捷邦科技、*ST亚振、合锻智能、易德龙、和远气体、锦华新 材、金马游乐、智洋创新、唯特偶、品茗科技、佰奥智能、埃科光电、征和工业、太龙股份、通源环 境。 ...

Group 1 - The core viewpoint highlights the performance of the automotive sector, with passenger car sales reaching 516,000 units in the week of September 15-21, 2025, representing a year-on-year increase of 13.4% and a month-on-month increase of 12.6% [1] - New energy vehicle sales for the same week totaled 300,000 units, showing a year-on-year growth of 31.9% and a month-on-month increase of 10.6%, with a penetration rate of 58.2%, down 1.0 percentage points from the previous month [1] - The automotive sector underperformed the market, with a decline of 1.2% in the A-share automotive sector during the week of September 22-26, ranking 19th among Shenwan sub-industries, while the CSI 300 index rose by 0.8% [1] Group 2 - Key investment recommendations for passenger vehicles include companies such as Geely Automobile, Xpeng Motors, Li Auto, BYD, Xiaomi Group, Seres, Top Group, New Spring Co., Hu Guang Co., and Chuanfeng Power [2] - In the components sector, recommendations focus on intelligent driving and include companies like Top Group, Bertley, Yinlun Co., Junsheng Electronics, Hu Guang Co., Haoneng Co. (rights protection), New Spring Co., Aikodi, Shuanghuan Transmission, and Longsheng Technology [2] - For motorcycles, the recommendation is to focus on leading companies in the large-displacement segment, specifically Chuanfeng Power and Longxin General [2] Group 3 - The tire sector recommendations include Sailun Tire and Senkiren [3] - In the heavy truck segment, the recommendation is for China National Heavy Duty Truck Group, driven by the increasing demand for natural gas heavy trucks [4]

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, particularly focusing on quality domestic brands and emerging technologies [5]. Core Viewpoints - The automotive industry is undergoing significant transformation driven by smart electric vehicles and autonomous driving technologies, with a recommendation to focus on key players such as BYD, Geely, Xpeng, and others [10][11]. - The report highlights the importance of the T-chain in the robotics sector, particularly with Tesla's upcoming Optimus V3, which is expected to significantly impact the market [12][16]. - The report emphasizes the growth potential in the liquid cooling market, driven by the increasing demand for high-performance computing and AI technologies [20][22]. Summary by Sections Weekly Overview - The automotive sector underperformed the market, with a decline of 1.2% in the A-share automotive sector from September 22 to September 26, ranking 19th among sub-industries [32]. - Passenger car sales for the third week of September 2025 reached 516,000 units, a year-on-year increase of 13.4% and a month-on-month increase of 12.6% [44]. Passenger Vehicles - The report suggests that the continuation of vehicle replacement policies will stimulate domestic demand, with a focus on quality domestic brands like Geely, Xpeng, and BYD [13]. - The introduction of new models, such as the AITO M7 and Li Auto i6, is expected to drive sales growth in the high-end market segment [11][14]. Robotics - The report identifies the T-chain as a core focus area, with significant developments expected from Tesla's Optimus V3, which aims to produce hundreds of prototypes by the end of 2025 [12][16]. - The report also notes the acceleration of the domestic robotics sector's IPO processes, which could serve as a catalyst for market sentiment [19]. Liquid Cooling - The global liquid cooling market is projected to grow at a compound annual growth rate of 27.6% from 2024 to 2030, driven by the demand for high-performance computing [20]. - Liquid cooling technology is becoming essential for data centers, especially as AI computing power increases [22]. Motorcycles - The motorcycle market is experiencing rapid growth, particularly in the mid to large displacement segments, with sales of 250cc and above motorcycles reaching 84,000 units in August 2025, a year-on-year increase of 23.6% [23][24]. - The report recommends focusing on leading companies in the mid to large displacement motorcycle segment, such as Chunfeng Power and Longxin General [24]. Heavy Trucks - The heavy truck market is seeing a resurgence in demand, with sales of 92,000 units in August 2025, a year-on-year increase of 46.6% [26]. - The expansion of vehicle replacement subsidies is expected to further stimulate demand in the heavy truck sector [27]. Tires - The tire industry is benefiting from strong domestic and international demand, with leading companies expected to continue expanding their global presence [28][30]. - The report highlights the importance of technological advancements and product optimization in maintaining competitiveness in the tire market [29].