Core Insights - The release of the Cyrus Magic Cube Technology Platform 2.0 marks a significant upgrade in the company's technology system, aiming to establish itself as a leading brand in high-end and intelligent vehicles in China [1][3] - The platform emphasizes AI-driven smart electric vehicles, enhancing features such as smart energy, intelligent chassis, EEA architecture, and smart space [1] - Since its collaboration with Huawei in 2021, the company has developed advanced smart technologies, including the Qian Kun intelligent driving and Harmony cockpit, enhancing vehicle connectivity and AI capabilities [2] Group 1 - The Magic Cube Technology Platform 2.0 is designed to create a more emotional, intelligent, safe, and reliable mobile companion for users [1] - The cumulative delivery of the AITO series vehicles has surpassed 900,000 units, indicating strong market acceptance [1] - The company has established a solid technological moat through innovations like the Magic Cube Technology Platform and Super Range Extension technology [3] Group 2 - The company raised a net amount of HKD 14.016 billion through its IPO on the Hong Kong Stock Exchange, with approximately 70% of the funds allocated for research and development [3] - The AI-enabled smart range extension technology solution integrates high-pressure architecture for optimal vehicle performance and efficiency [2] - The company aims to lead the luxury new energy vehicle sector and drive higher quality development in the Chinese automotive industry [3]

汽车 汽车 2025 年 11 月 23 日 投资评级：看好（维持） 行业走势图 -10% 0% 10% 19% 29% 38% 2024-11 2025-03 2025-07 汽车 沪深300 数据来源：聚源 汽车研究团队 傅昌鑫（分析师） 证书编号：S0790525090005 徐剑峰（分析师） 证书编号：S0790525090004 王镇涛（研究员） 证书编号：S0790124070021 相关研究报告 《零跑汽车年度累计销量已超 50 万 台，优必选人形机器人启动批量交付 —行业周报》-2025.11.16 《小鹏发布第二代 VLA 大模型，潍柴 动力签定 SOFC技术协议—行业周报》 -2025.11.9 《同源性优势明显，机器人打开车企 成长空间—2026 年度汽车行业投资策 略》-2025.11.1 邓健全（首席分析师） 证书编号：S0790525090003 赵悦媛（联席首席分析师） 证书编号：S0790525100003 赵旭杨（分析师） 证书编号：S0790523090002 小鹏汽车第 100 万台整车下线，广州车展车企竞逐具 身智能新赛道 ——行业周报 | 邓健全（分析师） | 赵悦媛 ...

Core Viewpoint - The collaboration between China Aerospace Science and Technology Corporation's subsidiary, Aerospace Rainbow, and other companies aims to establish a new company focused on the drone industry in Chongqing, leveraging advanced drone technology and capital from various stakeholders [1][2][3]. Group 1: Company Overview - Aerospace Rainbow is a leading player in the domestic drone sector, with its "Rainbow" drones possessing complete independent intellectual property rights and core technologies that have reached an international leading level [2]. - The company has developed a dual business model focusing on new materials and drone research and manufacturing, expanding its product line to include medium and large reconnaissance and strike drones [2]. Group 2: Joint Venture Details - The new joint venture, Chongqing Saihong Technology Co., Ltd., will have a registered capital of 901.41 million yuan, focusing on the research and manufacturing of low-altitude logistics and manned aircraft [1]. - Aerospace Rainbow will contribute tilt-rotor technology to the joint venture, acquiring approximately 43.64% of the equity [1][3]. Group 3: Stakeholder Composition - The major shareholders of Chongqing Saihong include Chongqing Saihang, which will hold 55.46%, and other investors such as Seres, Ganfeng Lithium, and state-owned enterprises from Chongqing [3][4]. - There is potential for future equity adjustments, with Chongqing Douliang possibly acquiring part of Aerospace Rainbow's shares [4]. Group 4: Strategic Importance - The establishment of the joint venture aligns with national strategies for low-altitude economic development, aiming to enhance the application of drone technology in various sectors [2][5]. - The collaboration is expected to facilitate the transformation of technological achievements into market applications, supporting the creation of a world-class special aircraft industry [2].

新汽车生态合作，报名中国版CES！ 撰文 | 张 南 编辑 | 黄 大路 设计 | 张小 萌 议程 (包含并不限于以下嘉宾,名单按姓氏笔画为序) 世界新汽车技术合作'含态分会 > © © al S a F E技术合作生态交流会 World New Auto Technology Collaboration Ecosystem Summit 新汽车技术合作生态展 EXHIBITION 第十届铃轩奖盛典 AWARDS 星期五 星期六 苏州知音温德姆至尊酒店 12/4/2025 (12:00-24:00) 凭购票电子二维码到苏州知音温德姆至尊酒店一层签到 并领取入场凭证以及会议资料 DAY1 (12/5/2025) 上午(09:00 正式开始) 主会场:行业专场 一、开幕致辞 可世界新汽车生态协会理事长、轩辕同学校长 第 尤 峥 东风汽车集团有限公司副总经理 郑 衡 衡 汽集团副总经理 陶海龙 上汽大众总经理 吴周涛 北京现代董事长 二、主题演讲 方向:当下企业或行业所面临的新汽车技术合作现状和供应链 发展问题与展望 嘉 宾: 蒋文虎 中国一汽总经理助理、红旗运营委员会副总裁 王 波 吉利汽车副总裁、中央采购总经理 ...

Core Viewpoint - The release of the Cyrus Magic Cube Technology Platform 2.0 marks a significant upgrade in the development of AI-driven smart electric vehicles, aiming to establish the brand as a leader in high-end and intelligent automotive solutions in China [1][3]. Group 1: Technology and Innovation - The new platform emphasizes panoramic intelligence and smart safety, upgrading aspects such as smart energy, intelligent chassis, EEA architecture, and smart space [1]. - The platform integrates AI technology to create a more emotional, intelligent, safe, and reliable mobility experience [3]. - The platform supports a high-pressure architecture that enhances the integration of range extension and electric drive, optimizing vehicle performance for economic efficiency [6]. Group 2: Safety and User Experience - The platform features a five-layer, fifteen-fold battery safety system, along with advanced technologies for noise reduction and vibration suppression, ensuring a quiet driving experience [7]. - The intelligent chassis has been upgraded to provide flexible control, comfort, and safety redundancy, incorporating advanced technologies for road and curve prediction [9]. - A comprehensive intelligent safety system is established, focusing on life protection, vehicle body protection, health care, and privacy protection [15]. Group 3: Market Position and Performance - Since its launch, the Wanjie brand has released several models, achieving over 900,000 users, with the Wanjie M9 and M8 leading their respective sales categories [18]. - The total mileage of assisted driving has exceeded 4.45 billion kilometers, indicating a significant increase in user confidence and safety [18]. - The brand's commitment to safety is demonstrated by 2.39 million AEB activations, preventing potential collisions [18]. Group 4: Ecosystem and Collaboration - The company is building an advanced intelligent testing system and collaborating with industry partners to create a comprehensive automotive ecosystem, enhancing data operations and computational capabilities [17]. - The platform's design allows for modular support across various vehicle types and sizes, promoting flexible production and adaptability to different user scenarios [13].

Core Insights - The article discusses the significant upgrade of the Seres Magic Cube Technology Platform to version 2.0, transitioning from software-defined to AI-defined, aimed at enhancing smart electric vehicles [2][4]. Group 1: Technology Platform Upgrade - The new Magic Cube Technology Platform 2.0 emphasizes panoramic intelligence and intelligent safety, with upgrades in smart energy, intelligent chassis, EEA architecture, and smart space [2]. - The platform's architecture has evolved from "distributed regional control" to "central vehicle control + regional control," supporting large model applications and end-to-end evolution, enabling sharp perception, smart decision-making, and efficient execution [4]. Group 2: Modular and Flexible Design - The platform's modular design allows it to support multiple vehicle types (sedans, SUVs, MPVs, off-road vehicles) and sizes (B-D class), facilitating flexible production [4]. - It also enhances support for active suspension, steer-by-wire, and multi-motor systems, allowing for more flexible spatial layouts and covering nine travel scenarios, including commuting and outdoor activities [4]. Group 3: Testing and Collaboration - The company has established an advanced intelligent testing system driven by scenarios, combining full-scene testing with simulation testing, utilizing over 100,000 test cases to deliver high-reliability products [5]. - Seres is actively collaborating with industry partners to build an automotive industry brain, achieving full-chain collaboration and innovative integration [5]. Group 4: Partnership with Huawei - The collaboration with Huawei since 2021 has been pivotal, leading to the development of comprehensive Huawei smart technologies, including advanced driver assistance systems that have attracted many users [5]. - As of now, the total mileage for the assisted driving feature has exceeded 4.45 billion kilometers, with an average daily increase of 11.75 million kilometers [5]. Group 5: Product Launch and User Base - The Wanjie brand has launched four major product series since its inception, with the Wanjie M9 and M8 leading in their respective sales categories [6]. - The cumulative user base for Wanjie has surpassed 900,000, indicating strong market acceptance and popularity [6].

Core Insights - The article highlights the latest advancements and product showcases of the AITO brand and Seres at the Guangzhou Auto Show, emphasizing the launch of the Seres Cube Technology Platform 2.0, which is designed for AI-driven smart electric vehicles [1][3]. Group 1: Product Showcase - AITO's full range of models, including the M9, M8, new M7, and new M5, were displayed at the auto show, achieving over 900,000 total deliveries [2]. - The AITO M9 has surpassed 260,000 cumulative deliveries, setting a new record for vehicles priced over 500,000 yuan, while the M8 has exceeded 130,000 deliveries, maintaining its position as the best-selling model in the 400,000 yuan category [2]. - The new M7 received over 90,000 pre-orders within 41 days, with total deliveries exceeding 350,000 units, marking it as a phenomenon in the market [2]. Group 2: Technological Advancements - The Seres Cube Technology Platform 2.0 was officially launched, featuring upgrades in smart energy, intelligent chassis, EEA architecture, and smart space, all underpinned by panoramic intelligence and smart safety [3]. - The platform integrates AI capabilities, connecting with the HarmonyOS ecosystem and enhancing the vehicle's ability to interact intelligently with its environment [3]. - The intelligent chassis has been upgraded to provide better handling, comfort, and safety, while the electronic architecture has evolved to support large model applications and end-to-end development [3]. Group 3: Safety and User Experience - Seres emphasizes that "safety is the greatest luxury," implementing a comprehensive intelligent safety system that has prevented potential collisions 2.39 million times [4]. - The company collaborates with industry partners to create a more efficient and precise smart operation system, enhancing the overall user experience [4]. - AITO has achieved a total of 90 million users, with smart range-extended electric vehicles accumulating over 21.4 billion kilometers, of which 70% are electric driving [5]. Group 4: Service and Brand Recognition - AITO has established a comprehensive smart service system that addresses user needs throughout the entire vehicle lifecycle, with 266,000 proactive service interactions recorded [7]. - The brand has been recognized for its high-quality service, ranking first in the brand development confidence index for the first half of 2025, with the M9 achieving the highest net promoter score among new energy vehicles [7]. - Continuous technological advancements and service optimizations position Seres as a leader in the high-quality development of the automotive industry, focusing on safety, quality, reliability, performance, and value [7].

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [1][43]. Core Insights - In October 2025, the penetration rate of new energy vehicles (NEVs) reached 51.6%, with production and sales of NEVs at 1.772 million and 1.715 million units respectively, marking year-on-year growth of 21.1% and 20% [1][39]. - The overall automotive production in China for October was 3.359 million units, a year-on-year increase of 12.1%, while sales reached 3.226 million units, up 8.8% year-on-year [1][39]. - The report anticipates a surge in NEV purchases before the policy changes in 2026, which will reduce tax incentives, leading to a potential buying frenzy at the end of 2025 [1][39]. Summary by Sections Automotive Industry Trends and Valuation Review - As of November 20, 2025, the Shenyin Wanguo automotive sector index increased by 2.02% over the past two weeks, outperforming the CSI 300 index by 0.13 percentage points [11]. - Year-to-date, the automotive sector has risen by 23.72%, surpassing the CSI 300 index by 4.44 percentage points [11]. Industry Data Tracking - In October, the automotive export volume was 666,000 units, reflecting a year-on-year increase of 22.9% [19]. - The dealer inventory warning index stood at 52.6%, indicating a slight increase year-on-year but a decrease month-on-month [19]. Industry News - The Ministry of Finance and the Ministry of Industry and Information Technology released a draft for public consultation on the "Government Procurement Demand Standards for New Energy Vehicles" [26]. - The National Energy Administration reported that as of the end of October, there were 18.645 million electric vehicle charging facilities in China, a 54% increase year-on-year [29]. Corporate News - The new model, the Xiangjie S9, was launched with a starting price of 309,800 yuan, featuring advanced technology and design [33]. - Xiaopeng Motors reported a third-quarter revenue of 20.38 billion yuan, a 102% year-on-year increase, with a total vehicle delivery of 116,007 units [36]. Investment Recommendations - The report suggests focusing on companies that enhance brand competitiveness through intelligent processes, such as Seres (601127) [39]. - It also highlights the smart driving industry chain, including Fuyao Glass (600660) and Junsheng Electronics (600699), as potential beneficiaries of increased smart driving configuration penetration [39].

Core Viewpoint - The stock price of Sais (Hong Kong stock code 09927.HK) closed at HKD 109.50, reflecting a decline of 4.95%, with a cumulative drop of 16.73% since its listing on November 5, 2025 [1] Group 1: IPO Details - Sais was listed on the Hong Kong Stock Exchange on November 5, 2025, opening below its initial offering price at HKD 128.9 [1] - The total number of shares offered globally was 108,619,000 H-shares, with 10,861,900 shares allocated for the Hong Kong offering and 97,757,100 shares for international offering [1] - The final offer price was set at HKD 131.50, raising a total of HKD 14,283.40 million, with net proceeds amounting to HKD 14,016.41 million after deducting estimated listing expenses of HKD 266.99 million [1] Group 2: Cornerstone Investors - Key cornerstone investors include Chongqing Industry Mother Fund, Linyuan Fund, Huatai Capital Investment, and several others such as New China Asset Management and BESS Broadway [2] - New China Asset Management is primarily owned by New China Life Insurance Co., holding 99.6% directly and indirectly [3] - Other notable investors include Sanhua (Hong Kong), which is wholly owned by Zhejiang Sanhua Intelligent Control Co., and Hichain Logistics HK, ultimately controlled by Jiangsu Haichen Logistics Co. [3]

证券代码：601127 证券简称：赛力斯 公告编号：2025-095 2019 年 9 月 23 日，赛力斯集团股份有限公司（以下简称"公司"）参与共 同发起设立广东融创岭岳智能制造与信息技术产业股权投资基金合伙企业（有限 合伙）（以下简称"融创岭岳""合伙企业"），并由中新融创资本管理有限公 司（以下简称"中新融创"）担任基金管理人。具体内容详见公司于 2019 年 11 月 19 日披露在上海证券交易所网站（www.sse.com.cn）的《关于参与投资设立 股权投资基金的公告》（2019-130）。 二、基金管理人变更情况 公司于近日收到融创岭岳通知，根据合伙企业管理的实际需要，经合伙人大 会决议通过，融创岭岳的基金管理人由中新融创变更为天津融创私募股权投资基 金管理有限公司（简称"天津融创"），具体情况如下： 天津融创为中新融创全资子公司，两者均从事私募股权投资基金管理业务， 在管基金的投资方向存在重叠，为防范利益冲突，更好地维护投资人利益，中新 融创决定不再从事基金管理业务，并将其在管基金的管理人变更为天津融创，变 更后基金整体规模不变，合伙协议其他条款不变，其他合伙人的权利和义务不受 影响。 三、 ...