Core Viewpoint - The report from Changjiang Securities indicates that Seres' Q3 performance slightly missed expectations, with profitability under pressure year-on-year [1] Financial Performance - In Q3, the company achieved revenue of 48.133 billion, with year-on-year and quarter-on-quarter growth of +15.8% and +11.3% respectively [1] - The total sales of the Wanjie model reached 123,900 units in Q3, reflecting a year-on-year increase of +25.1% and a quarter-on-quarter increase of +16.0% [1] - The net profit attributable to shareholders for Q3 was 2.371 billion, showing a year-on-year decrease of -1.7% but a quarter-on-quarter increase of +8.1% [1] Growth Drivers - The financing in the Hong Kong market is empowering the company, with trends in domestic sales and overseas expansion on the rise [1] - The robotics segment is expected to initiate a second growth curve for the company [1] - The company is anticipated to leverage its rich underlying data elements from intelligent manufacturing scenarios, combined with the capabilities of the Volcano Engine software, to achieve breakthroughs in embodied intelligent manufacturing and industrialization [1] Investment Rating - The report maintains a "Buy" rating for Seres [1]

Market Performance - The new energy vehicle index (885431.TI) decreased by 0.82% from November 10 to November 14, outperforming the CSI 300 index by 0.26% [1] - The best-performing sector within the automotive industry was the automotive complete vehicle index (881125.TI), which rose by 0.42% [1] - In the new energy vehicle battery sector, the power battery recycling index (885944.TI) had the highest weekly increase of 1.49% [1] Company Stock Prices - The closing prices for various new energy vehicle companies as of November 14 are as follows: - Haima Automobile: 10.94 CNY [4] - JAC Motors: 47.87 CNY [4] - BYD: 98.37 CNY [4] - Changan Automobile: 12.23 CNY [4] - Great Wall Motors: 22.7 CNY [4] - Seres: 135.2 CNY [4] - GAC Group: 7.75 CNY [4] - BAIC Blue Valley: 7.82 CNY [4] Industry Data - In October, the production of new energy vehicles reached 1,772,000 units, a year-on-year increase of 21.1%, with cumulative production of 13,015,000 units, up 33.1% [37] - The sales volume for new energy vehicles in October was 1,715,000 units, reflecting a year-on-year increase of 20%, with cumulative sales of 12,943,000 units, up 32.7% [37] - Exports of new energy vehicles totaled 250,000 units in October, a year-on-year increase of 99.9%, with cumulative exports reaching 2,010,000 units, up 90.4% [37] - The wholesale sales of new energy vehicles in October were 1,621,000 units, a year-on-year increase of 18.6% and a month-on-month increase of 8.5% [37] Battery Data - The installed capacity of power batteries in October was 84,100 MWh, a year-on-year increase of 42.1% and a month-on-month increase of 10.7% [37] - Cumulative installed capacity reached 578,000 MWh, with a year-on-year increase of 42.4% [37] - The installed capacity of ternary material power batteries was 16,500 MWh, up 35.8% year-on-year, while lithium iron phosphate power batteries reached 67,500 MWh, up 43.7% year-on-year [37] Company Sales Performance - BYD's new energy vehicle sales in October were 441,706 units, a month-on-month increase of 11.47% but a year-on-year decrease of 12.13% [37] - Leap Motor's new energy vehicle deliveries were 70,289 units, a month-on-month increase of 5.45% and a year-on-year increase of 84.11% [37] - Seres sold 51,456 new energy vehicles in October, reflecting a month-on-month increase of 15.17% and a year-on-year increase of 42.89% [37]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [8]. Core Insights - The report emphasizes that intelligence will be a key theme in the market for 2026, with investment opportunities extending beyond smart driving to areas like Robotaxi. A data closed loop is identified as the core starting point for achieving full-stack self-research, which differs fundamentally from mere data collection [1][3]. - The establishment of a data closed loop is crucial for filtering effective information from massive data, enabling machines to understand data, feedback to correct models, and perform OTA updates for secondary verification. This requires not only data ownership but also the ability to identify data gaps and utilize data to enhance models [1][3]. - The report suggests that the scale of the data closed loop team (e.g., whether it reaches a hundred members) and related investments should be key indicators for assessing a company's commitment and capability for self-research [1][3]. Summary by Sections Data Closed Loop - The report highlights that when algorithm models are truly driven by PB-level data, it will create a competitive barrier that is difficult to replicate. Even if competitors acquire model architectures or poach key personnel, lacking a substantial underlying data accumulation will hinder their ability to replicate similar algorithm capabilities in the short term [2][4]. - Building a solid data closed loop is expected to provide companies with a certainty of competitive advantage for six months to a year. Companies like Xiaopeng, Li Auto, and Huawei are noted to have established a leading advantage in the smart driving sector, with a high degree of technical moat [2][4]. Investment Recommendations - The report recommends focusing on domestic strong alpha manufacturers such as BYD, Geely, and Xiaopeng, as well as companies that represent the trend of intelligence like Huawei's HarmonyOS. Attention is also drawn to companies like JAC Motors and Seres, with specific recommendations for Li Auto, Kobot, Desay SV, and Jingwei Hengrun [2]. - For state-owned enterprise integration, the report suggests monitoring SAIC Motor, Dongfeng Motor Group, and Changan Automobile. Additionally, it highlights component companies with strong performance growth and capabilities for overseas expansion, recommending Fuyao Glass, New Spring, Fuda, Shuanghuan Transmission, and Yinlun [2].

自11月5日成功登陆港股以来，赛力斯（601127）以140.16亿港元的净募资额刷新国内车企IPO纪录，并 获得22家基石投资者超1700亿港元的热烈追捧。依托"A+H"双资本平台，赛力斯正加速推进全球化战略 布局，开启国际化新征程。 西部证券（002673）最新研报认为，H股上市开启全球化征程，同时公司新能源销量快速增长，协同火 山引擎开展具身智能合作，维持"买入"评级。 此次赛力斯港股上市所募资金中，部分将用于车型研发与渠道建设，有望帮助问界品牌在国际市场树立 认知，加快全球化步伐。西部证券研报指出，港股资金七成直投研发，技术护城河有望加深。公司相继 推出了赛力斯魔方技术平台、赛力斯超级增程、赛力斯智能安全等创新技术成果，构建起技术护城河。 截至目前，问界累计交付已突破85万辆，问界M9、M8分别占据50万级与40万级豪华车市场销量榜首； 全新问界M7上市仅41天，大定订单突破9万辆，持续验证其市场号召力。 赛力斯正积极布局具身智能领域，推动人工智能与汽车产业深度融合，致力于构建下一代智能出行生 态，有望形成公司第二增长曲线。西部证券也指出，未来赛力斯将进一步扩大其在豪华新能源赛道的领 先优势，引领中国 ...

截至目前，问界累计交付已突破85万辆，问界M9、M8分别占据50万级与40万级豪华车市场销量榜首； 全新问界M7上市仅41天，大定订单突破9万辆，持续验证其市场号召力。 更具前瞻性的是，赛力斯正积极布局具身智能领域，推动人工智能与汽车产业深度融合，致力于构建下 一代智能出行生态，有望形成公司第二增长曲线。西部证券也指出，未来赛力斯将进一步扩大其在豪华 新能源赛道的领先优势，引领中国汽车行业迈向更高质量发展的新阶段。 当前，市场对赛力斯港股上市的讨论已超越"打新"层面，更多聚焦于其商业模式闭环与全球竞争力的深 度解析。有投资者指出，超1700亿港元的融资认购，反映了国际资本对"中国智造"实力与品牌溢价的广 泛认可。赛力斯正站在重塑"中国豪华车"乃至"全球豪华车"市场格局的关键节点，资本市场的持续看 好，正是对一家技术科技驱动型车企长期价值的坚定投票。 本报讯 （记者冯雨瑶）自11月5日成功登陆港股以来，赛力斯（601127）以140.16亿港元的净募资额刷 新国内车企IPO纪录，并获得22家基石投资者超1700亿港元的热烈追捧。依托"A+H"双资本平台，赛力 斯正加速推进全球化战略布局，开启国际化新征程。西部证 ...

近日，福布斯中国发布"2025创新力企业50强"榜单，赛力斯（601127）集团凭借其在智能电动车领域的持续创新与创新驱动的 市场优势成功入选，这一权威认可，标志着赛力斯已跻身中国最具创新活力的企业阵营。作为新质生产力代表的赛力斯，深耕 电动化、智能化核心技术,打造技术护城河，落地了赛力斯魔方技术平台、赛力斯超级增程、赛力斯超级工厂等一系列技术成 果，更秉持"安全是最大的豪华"理念，以领先的智能安全体系引领行业发展。 入选福布斯中国创新力企业50强，是对赛力斯技术实力的高度认可。未来，赛力斯将持续加码智能安全技术研发，以用户安全 为导向，携手行业伙伴共同进步，为用户打造更安全、更智能、更值得信赖的出行体验。 赛力斯智能安全是赛力斯围绕用户用车全场景，首创的以"场景定义安全"为理念的智能安全体系，其覆盖用户远程用车、行 车、泊车、事故前中后等190多项安全场景需求，构建了包括"生命保护""车身防护""健康呵护""隐私守护"四大安全领域在内的 智能安全体系。涵盖340多项安全功能。目前，该体系已全面搭载于问界系列车型并实现规模化量产，为用户提供全天候、全场 景的安全守护，据悉，智能安全体系已经为用户避免潜在碰撞2 ...

此次赛力斯港股上市所募资金中，部分将用于车型研发与渠道建设，有望帮助问界品牌在国际市场树立认知，加快全球化步伐。西部证券研报指出，港股资 金七成直投研发，技术护城河有望加深。公司相继推出了赛力斯魔方技术平台、赛力斯超级增程、赛力斯智能安全等创新技术成果，构建起坚实的技术护城 河。 截至目前，问界累计交付已突破85万辆，问界M9、M8分别占据50万级与40万级豪华车市场销量榜首；全新问界M7上市仅41天，大定订单突破9万辆，持续 验证其市场号召力。 自11月5日成功登陆港股以来，赛力斯以140.16亿港元的净募资额刷新国内车企IPO纪录，并获得22家基石投资者超1700亿港元的热烈追捧。依托"A+H"双资 本平台，赛力斯正加速推进全球化战略布局，开启国际化新征程。西部证券最新研报认为，H股上市开启全球化征程，同时公司新能源销量快速增长，协同 火山引擎开展具身智能合作，维持"买入"评级。 更具前瞻性的是，赛力斯正积极布局具身智能领域，推动人工智能与汽车产业深度融合，致力于构建下一代智能出行生态，有望形成公司第二增长曲线。西 部证券也指出，未来赛力斯将进一步扩大其在豪华新能源赛道的领先优势，引领中国汽车行业迈向更高 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company reported a revenue of 1105.34 billion yuan and a net profit attributable to shareholders of 53.12 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 31.56%. The Q3 performance was slightly below expectations, with profitability under pressure [2][4]. - The company is expected to achieve net profits of 88.41 billion yuan, 128.21 billion yuan, and 143.09 billion yuan for the years 2025, 2026, and 2027, respectively. The current market capitalization corresponds to PE ratios of 26.64, 18.37, and 16.46 for the same years [2][4]. Summary by Sections Q3 Performance - In Q3, the company achieved a revenue of 481.33 billion yuan, with year-on-year and quarter-on-quarter growth of 15.8% and 11.3%, respectively. The sales volume of the Wanjie model improved significantly, contributing to core revenue elasticity, with total sales of 123,900 units in Q3, reflecting a year-on-year increase of 25.1% [10]. - The net profit attributable to shareholders for Q3 was 23.71 billion yuan, with a slight decrease of 1.7% quarter-on-quarter but an increase of 8.1% year-on-year. The gross margin was 29.9%, up 4.4 percentage points year-on-year [10]. Strategic Developments - The company is enhancing its domestic sales and international expansion strategies, with a focus on launching new models and increasing market penetration. The recent launch of the new M7 model has seen strong initial demand, with over 40,000 orders within 24 hours [10]. - The company plans to utilize 20% of its IPO financing for new model development and 10% for enhancing overseas model adaptation and marketing channels, targeting markets in the Middle East and Europe [10]. Future Outlook - The company is expected to continue its growth trajectory, with a focus on diversifying its product matrix and exploring new business avenues, including robotics, which is seen as a new growth driver [10].

Core Insights - The article provides an update on the motorcycle industry data for October 2025, highlighting sales trends and market share changes among key players in the sector [2][4]. Motorcycle Sales Data - In October 2025, sales of motorcycles with displacement over 250cc reached 61,000 units, showing a year-on-year decrease of 0.2% and a month-on-month decline of 29.7%. Cumulative sales from January to October totaled 822,000 units, reflecting a year-on-year increase of 29.7% [2]. - For motorcycles with displacement between 250ml and 400ml, October sales were 36,000 units, down 8.5% year-on-year and 31.5% month-on-month, with cumulative sales of 445,000 units, up 26.7% year-on-year [3]. - Motorcycles with displacement between 400ml and 500ml sold 10,000 units in October, a decrease of 7.2% year-on-year and 33.5% month-on-month, with cumulative sales of 196,000 units, down 2.2% year-on-year [3]. - Sales of motorcycles with displacement between 500ml and 800ml reached 13,000 units in October, an increase of 33.2% year-on-year but a decrease of 24.1% month-on-month, with cumulative sales of 161,000 units, up 128.7% year-on-year [3]. - For motorcycles with displacement over 800cc, October sales were 2,000 units, up 98.1% year-on-year and 12.2% month-on-month, with cumulative sales of 20,000 units, up 70.5% year-on-year [3]. Market Share Analysis - Chuanfeng Power achieved sales of 11,000 units in October for motorcycles over 250cc, a year-on-year increase of 27.8%, capturing a market share of 18.8%, up 4.1 percentage points month-on-month. The cumulative market share for January to October stands at 20.2%, an increase of 0.4 percentage points compared to the full year of 2024 [4]. - Longxin General sold 11,000 units in October, marking a year-on-year increase of 62.7% and a market share of 18.2%, up 7.0 percentage points month-on-month. The cumulative market share for January to October is 14.5%, an increase of 0.2 percentage points compared to the full year of 2024 [4]. - Qianjiang Motorcycle's sales in October were 4,000 units, down 47.9% year-on-year, with a market share of 6.7%, down 6.1 percentage points month-on-month. The cumulative market share for January to October is 12.8%, a decrease of 3.9 percentage points compared to the full year of 2024 [4]. Investment Recommendations - The article suggests focusing on key players in the motorcycle industry, specifically recommending Chuanfeng Power and Longxin General as leading companies in the mid-to-large displacement segment [8].

天眼查资料显示，重庆赛力斯凤凰智创科技有限公司，成立于2023年，位于重庆市，是一家以从事软件 和信息技术服务业为主的企业。企业注册资本122225万人民币。通过天眼查大数据分析，重庆赛力斯凤 凰智创科技有限公司参与招投标项目1次，专利信息2647条，此外企业还拥有行政许可2个。 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。 财经频道更多独家策划、专家专栏，免费查阅>> 国家知识产权局信息显示，重庆赛力斯凤凰智创科技有限公司申请一项名为"防夹控制方法装置电子设 备及车辆"的专利，公开号 CN 120946215 A，申请日期为 2025 年 09 月。 专利摘要显示，本申请提供一种防夹控制方法、装置、电子设备及车辆，该方法通过获取预设检测窗口 中目标对象的电机驱动占空比调节值和电机速度变化值；根据电机驱动占空比调节值和预设占空比模糊 集合库确定占空比模糊等级数据，以及根据电机速度变化值和预设速度模糊集合库确定速度模糊等级数 据；基于占空比模糊等级数据、速度模糊等级数据和预设模糊规则确定防夹模糊等级，并确定防夹控制 概率；基于全部的防夹控制概率确定防夹控制状态，以对 ...