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、 ...

赛力斯公告，公司参与投资的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）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。天津融创为中新融创全 资子公司，变更后基金整体规模不变，合伙协议其他条款不变。本次基金管理人变更将优化基金管理， 不会对基金后续运作产生不利影响。 ...

软件架构上，平台从"分布式区域控制"升级为"中央车控+区域控制"，支持大模型应用与端到端演进，实现敏锐感知、聪明决策与高效执行。智慧空间则采 用平台化、模块化设计，支持轿车、SUV等多种车型与尺寸，依托全域智慧场景引擎，覆盖通勤、休憩等九大场景，实现空间弹性扩展。 安全始终是问界的核心关注点，平台构建了涵盖生命保护、车身防护、健康呵护与隐私守护的四大智能安全体系，采用航空级材料打造轻质高强车身，通过 主被动融合技术实现多姿态自适应防护，并以"智慧健康管家"升级座舱体验，全方位保障用户安全与隐私。 11月21日，赛力斯（601127）魔方技术平台2.0在广州国际车展正式亮相，标志着问界技术体系迈入全新阶段，也是问界冲击"中国高端+智能化第一品牌"的 关键实践。 分享会上，赛力斯汽车总裁何利扬表示："全新魔方技术平台2.0以全景智慧为引领，以智能安全为底座，对智慧能源、智能底盘、EEA架构和智慧空间进行 了全新升级，是面向AI驱动的智慧电动汽车平台！" 面对汽车产业智能化转型的浪潮，AI技术正成为重塑汽车行业格局的核心驱动力，赛力斯魔方技术平台2.0为打造有情感、更智慧、更安全、可信赖的移动 智能体和生活伴侣构筑 ...

Core Viewpoint - Seres (601127) officially launched the Magic Cube Technology Platform 2.0 at the Guangzhou International Auto Show, positioning it as an "AI-driven smart electric vehicle platform" focusing on five key areas: intelligent safety, smart energy, intelligent chassis, EEA architecture, and smart space [1] Group 1: Technology Features - The platform integrates Huawei's QianKun intelligent driving and HarmonyOS cockpit, supporting dual SIM dual communication, satellite communication, and Huawei's Star Flash technology [1] - It features an 800V high-voltage architecture and an eight-in-one electric drive design, supporting 5C ultra-fast charging with two range-extending power options of 1.5T and 2.0T [1] - The intelligent chassis system incorporates road preview and corner prediction technologies, along with XYZ fusion control and ADS response mechanisms, featuring dual backup steering and braking redundancy [1] Group 2: Safety and Reliability - Seres has established four safety systems covering life protection, body protection, health care, and privacy protection, validated through comprehensive testing and over 100,000 test cases [1] - The electronic architecture has transitioned from distributed to "central vehicle control + regional control," supporting large model deployment and end-to-end evolution [1] Group 3: Market Performance - The AITO series has surpassed 900,000 cumulative users, with the M9 and M8 models ranking first in their respective market segments, achieving sales of 500,000 and 400,000 units [1] - The total mileage for assisted driving has exceeded 4.45 billion kilometers [1]

Core Insights - The 2025 Guangzhou Auto Show has officially opened, showcasing the launch of the SIRUIS Magic Cube Technology Platform 2.0, marking a significant upgrade in the evolution from software-defined to AI-defined vehicles [1][3] Group 1: Technology Platform Upgrade - The new Magic Cube Technology Platform 2.0 is led by panoramic intelligence and is built on intelligent safety, featuring upgrades in smart energy, intelligent chassis, EEA architecture, and smart space [3] - The platform has transitioned from a "distributed regional control" electronic architecture to a "central vehicle control + regional control" model, supporting large model applications and end-to-end evolution [3] Group 2: Strategic Collaborations - Since 2021, SIRUIS has partnered with Huawei to co-develop and mass-produce a full-stack of Huawei's intelligent technology, including the Qian Kun smart driving and Harmony cockpit [3] - The company has initiated comprehensive network connectivity, including dual SIM dual communication, 360° satellite communication, and Huawei's Star Flash, ensuring real-time online capabilities [3] Group 3: AI Integration - The Magic Cube Technology Platform 2.0 emphasizes multi-domain integration and a service-oriented software architecture, enabling sharp perception, intelligent decision-making, and efficient execution [3]

Core Viewpoint - The release of the Cyrus Magic Cube Technology Platform 2.0 marks a significant upgrade aimed at establishing the brand as a leader in high-end and intelligent vehicles in China, focusing on high safety, reliability, performance, quality, and value for users [1][19]. Group 1: Technology and Innovation - The new platform emphasizes AI-driven smart electric vehicles, enhancing smart energy, intelligent chassis, EEA architecture, and smart space [1][3]. - The platform integrates advanced AI capabilities to create a more emotional, intelligent, safe, and reliable mobile companion [3]. - The platform's architecture has evolved from distributed regional control to a centralized control system, supporting large model applications and end-to-end evolution [10]. Group 2: Product Features and Performance - The smart range-extended electric technology solution offers high integration with a high-voltage architecture, ensuring optimal vehicle operation and energy efficiency [6]. - The intelligent chassis features include road preview and curve prediction technologies, enhancing safety and comfort through dual backup systems [8]. - The platform supports multiple vehicle types and flexible production, allowing for a wide range of configurations and use cases [12]. Group 3: Safety and User Experience - The brand prioritizes safety as the ultimate luxury, implementing a comprehensive intelligent safety system covering life protection, vehicle body protection, health care, and privacy protection [15][14]. - The company has developed a robust testing system with over 100,000 test cases to ensure high reliability and user satisfaction [17]. - The brand has achieved significant user engagement, with over 900,000 cumulative users and leading sales in its vehicle segments [19][21]. Group 4: Future Outlook - The company aims to continue user-centric development through deep collaboration with strategic partners, focusing on innovation and rapid product iteration in the AI and automotive sectors [21].