Industry Information - The 2025 Globalization and Sustainable Development Forum for the automotive industry released three key industry consensus points, emphasizing the integration of electric intelligence with ESG responsibilities, the importance of safety and user value in smart vehicles, and the necessity of sustainable development as a core requirement for the automotive industry [7] - Wuhan's 14th Five-Year Plan suggests accelerating the development of emerging industries such as embodied intelligence, high-end chips, quantum technology, and brain-computer interfaces [8] - As of November 2025, the total number of electric vehicle charging infrastructure in China reached 19.322 million, a year-on-year increase of 52.0%, with public charging facilities accounting for 4.625 million [9][10] - The total investment for the EVE Energy headquarters and Jin Yuan Robot AI Center project is approximately 1 billion yuan, focusing on sodium battery products and AI robotics [12] - Guangzhou aims to create a trillion-level smart connected new energy vehicle industry cluster as part of its 14th Five-Year Plan [13] - The "Shenzhen-Hong Kong Automotive Fast Pass Plan" has been officially implemented, streamlining the import process for electric vehicles [14] - The National Energy Administration is promoting the construction of charging piles in rural areas to support the growth of electric vehicles [15] - Huawei's ADS MAX 4.1 upgrade significantly enhances the experience in urban congestion scenarios [16] - The first batch of L3-level autonomous driving vehicle special license plates has been issued in Beijing, marking a milestone in the commercialization of autonomous vehicles [16] - By 2026, over 10,000 charging guns will be built in highway service areas across the country [16] - The National Energy Administration reported a 60.2% year-on-year increase in electricity consumption for charging and swapping services in November 2025 [18] - The first automotive intelligent chassis testing report was released, with BYD's Yangwang U7, NIO ES8, and Zhijie R7 recognized as benchmark models [20] - Hunan's electric vehicle exports exceeded 10 billion yuan for the first time, with a year-on-year growth of 105.3% [22] - Guangzhou's new energy vehicle production increased by 22.6% in the first 11 months of 2025 [22] - A total investment of 7.47 billion yuan was signed at the Ningde lithium battery new energy industry promotion conference, with an expected annual output value of 12.14 billion yuan [27] - The annual export of new energy vehicles from the Xiangyang Comprehensive Bonded Zone exceeded 10,000 units for the first time, marking a 350% year-on-year increase [27] - Inner Mongolia's Chifeng City has built 3,453 charging piles during the 14th Five-Year Plan period [29] Policy Information - The Guizhou Qiannan Prefecture government issued a plan for high-quality energy industry development from 2025 to 2027, focusing on expanding charging infrastructure [30] - The Henan Sanmenxia government released a plan for the construction of charging facilities in residential areas [31] - The Jiangsu province is adjusting its electric vehicle charging fee subsidy policy for 2026 [32] - The National Development and Reform Commission emphasized the need to regulate competition in the new energy vehicle, lithium battery, and photovoltaic industries to avoid "involution" [23][24]

Domestic News - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes accelerating the transformation and upgrading of traditional industries, focusing on intelligent, green, and integrated development to enhance the competitiveness of traditional industries globally [6] - The National Energy Administration calls for the construction of a high-quality charging infrastructure system, aiming for a "three-year doubling" action plan to improve service capabilities and safety in electric vehicle charging [7] - In November, China's electric vehicle exports surged by 87% year-on-year, reaching 199,836 units, with significant growth in Asia (71%) and Latin America (283%) [8] - Changan Automobile plans to raise no more than 6 billion RMB through stock issuance to enhance its R&D and market competitiveness in the new energy vehicle sector [9] - NIO has announced the launch of a battery swap station in Deqin, completing a battery swap route over 2,700 kilometers with 19 stations [12] - CATL has established a new energy technology company in Xishuangbanna, focusing on new energy technology research and sales [13] International News - The market share of imported cars in South Korea is expected to exceed 20% in 2025, driven by the surge in Tesla sales and high demand for premium brands [15] - TIERIV has received support from the Japanese government to build a large-scale autonomous driving data set, enhancing industry competitiveness through AI data collection [16] - Waymo is conducting autonomous taxi tests in London, showcasing its electric vehicles on the streets [17] - General Motors plans to launch its sixth-generation V8 engine in 2027, offering two displacement options of 5.7L and 6.7L [18] Commercial Vehicles - The first fully vehicle-compliant unmanned logistics vehicle is set to launch in early 2026, with several domestic manufacturers focusing on unmanned logistics solutions [21] - Dongfeng Motor has completed dual national standard certification for vehicle information security and software upgrades, positioning itself at the forefront of compliance in the industry [23] - Iveco's electric vehicle has been awarded the title of "Green and Efficient City Distribution Recommended VAN" at a recent industry event [24] - The Fei Die Qitu MX (air brake version) light truck has been launched in Shaanxi, expanding the product lineup to meet diverse transportation needs [26]

Core Viewpoint - Six companies, including Wanan Robotics (6600.HK) and Yingxi Intelligent (3696.HK), successfully listed on the Hong Kong Stock Exchange on December 30, marking the completion of new stock issuances for the year, totaling 117 listings [1]. Group 1: New Listings - The six newly listed companies are Wanan Robotics, Yingxi Intelligent, Xunce, Meilian Holdings, and Linqingxuan [1]. - On their first trading day, only Wanan Robotics opened flat, while the other five stocks experienced gains, with Yingxi Intelligent leading at a 45.53% increase [1]. Group 2: Fundraising Statistics - The total amount raised by the 117 new stocks in Hong Kong for the year is approximately 285.693 billion HKD [1]. - CATL (宁德时代) topped the fundraising list with approximately 41.006 billion HKD, followed by other companies like Zijin Mining International and Sany Heavy Industry, each raising over 10 billion HKD [1].

Core Viewpoint - In 2025, the Hong Kong Stock Exchange (HKEX) is expected to lead the global IPO market with a projected fundraising total exceeding HKD 280 billion, marking a significant return to prominence after several years [1][2]. Group 1: IPO Market Dynamics - The HKEX is anticipated to host 117 new listings in 2025, averaging a new listing every two trading days [1]. - Major IPO projects are significantly contributing to the overall fundraising scale, with the top ten IPOs expected to account for a substantial portion of the total [3][4]. - Six of the top ten IPOs are "A+H" listed companies, collectively raising HKD 1,033.20 million, which represents 36.12% of the total IPO fundraising for the year [4]. Group 2: A-Share Influence - The "A-share" influence is increasing, with 19 A-share companies successfully listing in Hong Kong, raising a total of HKD 1,399.93 million, nearly half of the total new fundraising [6]. - The "A+H" listing model is becoming a preferred choice for many companies, driven by various strategic needs such as international expansion and risk diversification [6][8]. Group 3: Policy Support - Continuous policy support is fueling the IPO trend, including measures from the China Securities Regulatory Commission to encourage leading companies to list in Hong Kong [7][8]. - Recent optimizations to HKEX listing rules have made it easier for companies to meet public shareholding requirements, further lowering the barriers for listing [8]. Group 4: New Economic Forces - The IPO market is witnessing a strong emergence of "new economy" companies, particularly in sectors like AI and robotics, with six companies set to list simultaneously [10]. - The hard technology sector is a key driver, with significant representation in the IPO pipeline, including 20 companies in pharmaceuticals and 19 in software services [11]. Group 5: Consumer Brands - The "new consumption" sector is also thriving, with 19 companies from various consumer industries listing in 2025, many of which had previously attempted to list in the A-share market [13][14]. - High demand for these consumer brands is evident, with many experiencing subscription rates exceeding 100 times, indicating strong investor interest [13][14]. Group 6: Market Performance and Future Outlook - The IPO market is showing a notable improvement in profitability, with a record low IPO failure rate of 28.83% and significant first-day price increases for many new listings [16]. - Despite some recent volatility, forecasts for 2026 remain optimistic, with expectations of around 160 new listings and fundraising of at least HKD 300 billion [18]. - Long-term prospects suggest that the HKEX could solidify its role as a global pricing hub for Chinese assets, contingent on maintaining high-quality listings and robust capital flows [19].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is experiencing a resurgence in IPO activity, with an expected total fundraising amount exceeding HKD 280 billion in 2025, reclaiming its position as the global leader in IPO fundraising [1][4]. Group 1: IPO Market Dynamics - In 2025, HKEX is projected to have 117 new listings, averaging one IPO every two trading days [1]. - The total IPO fundraising amount is expected to reach HKD 286.3 billion (approximately USD 36 billion), surpassing Nasdaq's annual expectations [4]. - Six companies listed on both A-share and H-share markets contributed significantly to the fundraising, totaling HKD 1,033.2 million, accounting for 36.12% of the total IPO fundraising [4]. Group 2: A+H Listing Trend - Nineteen A-share companies successfully listed on the HKEX in 2025, raising a total of HKD 1,399.93 million, which constitutes nearly half of the total new stock fundraising in the Hong Kong market [5]. - The A+H listing model is becoming increasingly popular among companies, driven by various strategic needs such as international expansion and risk hedging [6]. - Regulatory support, including relaxed public holding requirements for A+H issuers, has facilitated this trend [6]. Group 3: New Economy and Technology Focus - The IPO market in 2025 is characterized by a strong influx of new economy companies, particularly in sectors like AI and robotics, indicating a broad appeal for innovative businesses [9]. - The healthcare and software service sectors are leading in the number of IPOs, with significant growth observed in companies like Paig Bio and autonomous driving firms [9][10]. - The introduction of specific listing rules for biotech and specialized technology companies has resulted in 88 listings since their implementation, showcasing the effectiveness of these regulations [10]. Group 4: Market Performance and Investor Sentiment - The IPO market has seen a notable increase in profitability, with a first-day IPO failure rate of approximately 28.83%, the lowest in five years [14]. - A record net inflow of HKD 1.41 trillion from southbound funds was observed, marking a 74.37% increase from the previous year [14]. - Despite the positive trends, there are concerns about market capacity and the potential for increased volatility as new listings surge [14]. Group 5: Future Outlook - Forecasts for 2026 suggest continued vibrancy in the IPO market, with expectations of around 160 new listings and fundraising of at least HKD 300 billion [15]. - The long-term vision for the HKEX includes becoming a global pricing hub for core Chinese assets, necessitating ongoing regulatory improvements and enhanced cross-border capital flow [15][16]. - Strengthening the link between mainland and Hong Kong markets through initiatives like ETF connectivity is essential for reinforcing Hong Kong's role as a global financial center [16].

Group 1 - The "Building a Strong Nation Road - Achievements Exhibition of Chinese Manufacturing during the 14th Five-Year Plan" showcases over 300 exhibits, highlighting the remarkable achievements of China's manufacturing sector during this period [1] - The AITO M9 is the only selected electric vehicle in the exhibition, symbolizing the historical leap of China's automotive industry from "catching up" to "leading" [1][2] - The Chinese new energy vehicle (NEV) industry is projected to surpass 13 million units in production and sales in 2024, maintaining its position as the global leader for ten consecutive years [2] Group 2 - The AITO M9, designed by Seres in collaboration with Huawei, is displayed alongside major national projects, emphasizing the leading achievements of domestic brands in the transition to electrification and intelligence [2] - The AITO series has achieved cumulative deliveries exceeding 900,000 units, with the M9 alone surpassing 260,000 units since its launch, dominating the luxury car market for 20 consecutive months [2][3] - The AITO M9 ranks first in the domestic hybrid SUV resale value and has consistently held the top position in the plug-in hybrid vehicle resale value for four months [3] Group 3 - The AITO M9's market leadership is attributed to Seres' breakthroughs in core technologies related to intelligence, electrification, and connectivity [4] - The exhibition highlights innovative technologies such as the multi-in-one super range extender system and high-integration seven-in-one electric drive system, showcasing Seres' technological strength [4] - Seres has been a pioneer in range extender technology since 2016, with the latest generation of the super range extender system achieving a 15% reduction in fuel consumption and a thermal efficiency of 44.8% [4]

Core Insights - The "Building a Strong Nation Road - Achievements Exhibition of Chinese Manufacturing during the 14th Five-Year Plan" opened on December 29, showcasing over 300 exhibits across six major sectors, highlighting the achievements of Chinese manufacturing during this period [1] - The AITO M9 was the only selected electric vehicle at the exhibition, symbolizing the historical leap of China's automotive industry from "catching up" to "leading" [1][3] Group 1: Industry Development - The Chinese new energy vehicle (NEV) industry has experienced rapid growth during the 14th Five-Year Plan, with production and sales expected to exceed 13 million units in 2024, maintaining its position as the global leader for ten consecutive years [3] - The AITO M9 has achieved cumulative deliveries of over 900,000 units, with over 260,000 units delivered since its launch, and has been the sales champion in the 500,000-level luxury car market for 20 consecutive months [3] - The AITO M9 ranks first in the resale value among domestic extended-range hybrid SUVs and has consistently held the top position in the resale value of plug-in hybrid models for four months [3] Group 2: Technological Innovation - The exhibition featured innovative technologies from Seres, including a multi-in-one super range extender system and a highly integrated seven-in-one electric drive system, showcasing the company's commitment to technological advancement since 2016 [5] - The new generation Seres super range extender system offers industry-leading advantages, including a 15% reduction in comprehensive fuel consumption, a 90% decrease in noise perception frequency, and the ability to generate over 3.6 kWh of electricity from 1 liter of fuel, with a thermal efficiency of 44.8% [5] - Seres aims to continue its "software-defined vehicle" philosophy, enhancing the integration of intelligence and electrification to improve user experience and lead the development of China's NEV industry towards higher quality and standards [5]

Market Overview - The new energy vehicle (NEV) index rose by 4.1% from December 22 to December 26, outperforming the CSI 300 index by 2.15% [1] - The best-performing sector within the automotive-related stocks was the electric motor index, which increased by 6.62% [1] - The lithium battery index, representing the battery-related segment, saw a rise of 5.55% during the same period [1] Company Performance - BYD closed at 100.01 CNY, while other notable companies included: - Haima Automobile at 8.82 CNY - Great Wall Motors at 22.78 CNY - Changan Automobile at 11.99 CNY - JAC Motors at 48.92 CNY - Seres at 120.67 CNY - GAC Group at 8.15 CNY - BAIC BluePark at 8.09 CNY [3] - In the electric motor sector, notable companies included: - Wolong Electric at 46.49 CNY - Fangzheng Electric at 13.68 CNY - Jiangte Electric at 10.1 CNY [4] Industry Data - In November, NEV production reached 1,880,000 units, a year-on-year increase of 20%, with cumulative production at 14,907,000 units, up 31.4% [36] - NEV wholesale sales were 1,706,000 units, reflecting an 18.7% year-on-year increase, while retail sales were 1,320,740 units, up 4.2% year-on-year [36] - The penetration rate for wholesale sales was 56.9%, and for retail sales, it was 59.3% [36] - The installed capacity of power batteries in November was 93,500 MWh, a 39.2% year-on-year increase [36] Lithium Prices - As of December 26, the average price of battery-grade lithium hydroxide was 107,600 CNY/ton, up 13,500 CNY/ton from December 19 [12] - The average price of battery-grade cobalt sulfate remained stable at 92,500 CNY/ton [14] - The average price of battery-grade nickel sulfate decreased by 650 CNY/ton to 26,900 CNY/ton [16] - The price of lithium iron phosphate increased by 6,000 CNY/ton to 45,100 CNY/ton [18] Battery Material Prices - The market price for ternary precursor 811 was 110,500 CNY/ton, down 2,000 CNY/ton [21] - The price for ternary materials 811 type rose by 4,500 CNY/ton to 171,500 CNY/ton [24] - The price of dry film for batteries remained stable at 0.42 CNY/sqm [27] - The price of lithium hexafluorophosphate was 180,000 CNY/ton, unchanged from the previous period [30]

每经头条（nbdtoutiao）——绕开光刻机"卡脖子"，中国新型芯片问世！专访北大孙仲：支撑AI训练和 具身智能，可在28纳米及以上成熟工艺量产 （记者 王晓波） 每经AI快讯，赛力斯（SH 601127，收盘价：120.36元）12月29日晚间发布公告称，公司第五届第二十 九次董事会会议于2025年12月29日以现场与通讯表决的方式召开。会议审议了《关于增加2025年度日常 关联交易预计的议案》等文件。 2024年1至12月份，赛力斯的营业收入构成为：汽车行业占比97.13%，其他业务占比2.87%。 截至发稿，赛力斯市值为2097亿元。 ...

Group 1 - The "Building a Strong Country Road - Achievements Exhibition of China's Manufacturing during the 14th Five-Year Plan" showcases over 300 exhibits, highlighting the remarkable achievements of China's manufacturing sector during this period [1] - The AITO M9 is the only selected electric vehicle at the exhibition, symbolizing the historical leap of China's automotive industry from "catching up" to "leading" [2] - The exhibition emphasizes the rapid development of China's new energy vehicle industry, with production and sales expected to exceed 13 million units in 2024, maintaining its position as the global leader for ten consecutive years [2] Group 2 - The AITO M9 has achieved cumulative deliveries of over 900,000 units, with 260,000 units delivered since its launch, dominating the luxury car market for 20 consecutive months [3] - The AITO M9 ranks first in the domestic hybrid SUV resale value and has consistently held the top position in the resale value of plug-in hybrid models for four months [3] - The vehicle adheres to the "Five High" standards of high safety, high reliability, high quality, high performance, and high value, enhancing the user experience [3] Group 3 - The AITO M9's market leadership is attributed to the core technological breakthroughs in intelligence, electrification, and connectivity by Seres [4] - Seres showcases innovative technologies such as the multi-in-one super range extender system and high-integration seven-in-one electric drive system at the exhibition [5] - The new generation of Seres super range extender system features a 15% reduction in fuel consumption, a 90% decrease in noise perception frequency, and a thermal efficiency of 44.8%, leading the industry in mass-produced range extenders [5] Group 4 - Seres plans to continue its "software-defined vehicle" approach, deepening the integration of intelligence and electrification to enhance user experience and lead the new phase of high-quality development in China's new energy vehicle industry [6]