赛力斯：香港上市超额配售权未行使。 ...

Core Viewpoint - The stabilization period for the global offering of Seres (09927) has ended on November 30, 2025, which is 30 days after the deadline for submitting the application for public offering in Hong Kong [1] Summary by Relevant Sections - **Stabilization Actions**: During the stabilization period, the stabilization agent, China International Capital Corporation Hong Kong Securities Limited, and its affiliates took the following actions: (1) An overallotment of 16.2928 million H-shares was made, representing approximately 15.0% of the total shares available for subscription under the global offering, adjusted for the exercise of the over-allotment option but before the exercise of the overallotment right [1] (2) A total of 16.2928 million H-shares were continuously purchased in the market at prices ranging from HKD 109.60 to HKD 131.50 per H-share [1] - **Final Purchase Details**: The last purchase during the stabilization period occurred on November 28, 2025, at a price of HKD 116.30 per H-share [1] - **Overallotment Rights**: The overall coordinator, representing the international underwriters, did not exercise the overallotment rights during the stabilization period, and these rights expired on November 30, 2025 [1]

此外，整体协调人(代表国际包销商)于稳定价格期内并无行使超额配股权，而超额配股权已于2025年11 月30日失效。 智通财经APP讯，赛力斯(09927)发布公告，有关全球发售的稳定价格期已于2025年11月30日(即递交香 港公开发售申请截止日期后第30日)结束。 稳定价格操作人中国国际金融香港证券有限公司、其联属公司或代其行事的任何人士于稳定价格期内采 取的稳定价格行动如下： (1)国际发售中超额分配合共1629.28万股H股，相当于全球发售项下可供认购 的发售股份总数的约15.0%(经计及发售量调整权获部分行使后但于超额配股权获行使前);(2)于稳定价格 期内，于市场上连续购入合共1629.28万股H股，价格介于每股H股109.60港元至131.50港元。于稳定价 格期内，稳定价格操作人、其联属公司或代其行事的任何人士于2025年11月28日于市场上最后一次购 入，价格为每股H股116.30港元。 ...

Core Viewpoint - The stabilization period for the global offering of Seres (09927.HK) has ended on November 30, 2025, as per the Securities and Futures (Stabilizing Prices) Rules in Hong Kong [1] Group 1: Stabilization Actions - During the stabilization period, a total of 16,292,800 H-shares were over-allocated, representing approximately 15.0% of the total shares available for subscription under the global offering [1] - The stabilization agent purchased a total of 16,292,800 H-shares in the market, also equivalent to about 15.0% of the initially available shares for subscription, with prices ranging from HKD 109.60 to HKD 131.50 per share [1] - The last purchase during the stabilization period occurred on November 28, 2025, at a price of HKD 116.30 per share [1] Group 2: Oversubscription Rights - The overall coordinator did not exercise the over-allotment option during the stabilization period, and this option expired on November 30, 2025 [2]

Core Viewpoint - Institutions remain optimistic about the technology sector as the main investment line for 2026, focusing on areas such as AI, embodied intelligence, solid-state batteries, semiconductors, and controllable nuclear fusion [4][5]. Summary by Category Market Outlook - The current A-share market is expected to show upward momentum in 2026, with valuations considered relatively reasonable compared to global equity markets [3][6]. - Institutions predict a "slow bull" market in 2026, driven by macroeconomic recovery and positive policy adjustments [6][7]. Investment Themes - The three main investment directions identified are technology leadership, domestic demand recovery, and cyclical recovery, with a strong focus on the five major technology sectors [5][6]. - Specific sectors such as AI, solid-state batteries, and semiconductors are highlighted as having significant growth potential, particularly in the context of new productivity [5][10]. Performance Metrics - Year-to-date, indices related to solid-state batteries and nuclear fusion have increased by over 55%, while AI and semiconductor indices have risen by over 30% [7]. - The net profit growth for the five major technology sectors has significantly improved, with AI and semiconductor sectors seeing net profit increases exceeding 50% year-on-year in the first three quarters [7][10]. Company Insights - A total of 24 technology companies are identified as having the potential for dual recovery in valuation and profit, with specific criteria for selection including a forecasted P/E ratio discount of over 30% and expected net profit growth exceeding 30% [10][11]. - Notable companies include Weijie Chuangxin, Hongdu Aviation, and New Xiangwei, which are projected to have substantial profit growth in the coming years [10][11][13].

Core Insights - The State Intellectual Property Office of China has granted a patent to Seres Automotive Co., Ltd. for a technology titled "Power Simulation Method, System, Computer Equipment, and Storage Medium" with the authorization announcement number CN119849122B, applied for on December 2024 [1] Company Overview - Seres Automotive Co., Ltd. was established in 2012 and is located in Chongqing, primarily engaged in the automotive manufacturing industry [1] - The company has a registered capital of approximately 1,063.73 million RMB [1] - Seres Automotive has made investments in 10 companies and participated in 26 bidding projects [1] - The company holds 525 trademark registrations and 4,281 patent records, along with 140 administrative licenses [1]

Core Insights - The profitability of major automotive companies is a focal point, particularly the per-vehicle profit, with luxury brands like Mercedes-Benz and Toyota leading the rankings [1][2] - The data indicates a shift in the narrative around electric vehicles, with companies like Seres and Tesla showing significant per-vehicle profits, challenging the notion that electric vehicles are unprofitable [1] Group 1: Profitability Rankings - Mercedes-Benz has the highest per-vehicle profit at approximately 24,000 yuan, followed by Toyota at 16,000 yuan, and Seres, a Chinese brand, at over 15,000 yuan, surpassing Tesla's profit of 14,000 yuan [1] - Among the 16 companies analyzed, only four have a per-vehicle profit exceeding 10,000 yuan, representing 25% of the sample [1] Group 2: Performance of Domestic and Foreign Brands - The "Big Three" private Chinese automakers, Great Wall, BYD, and Geely, have per-vehicle profits of 9,355 yuan, 7,157 yuan, and 6,041 yuan, respectively [2] - Xiaomi's automotive division reported a third-quarter operating profit of 700 million yuan with a delivery volume of 108,000 vehicles, showing significant improvement from a previous loss of 60,000 yuan per vehicle [2] Group 3: Challenges Faced by Multinational Companies - Volkswagen's net profit dropped by 61.5% year-on-year to 3.4 billion euros, with per-vehicle profit falling to around 4,000 euros due to various challenges including tariffs and restructuring [2] - Mercedes-Benz's net profit for the first three quarters was 3.878 billion euros, down from 7.806 billion euros the previous year, with a per-vehicle profit decline from 44,000 yuan to 24,000 yuan [2] Group 4: Losses in Certain Companies - NIO reported a cumulative loss of nearly 15.7 billion yuan in the first three quarters, with a per-vehicle loss exceeding 60,000 yuan, although there is an improvement trend compared to the previous year [3] - BAIC Blue Valley incurred a cumulative loss of over 3.4 billion yuan, with a per-vehicle loss exceeding 30,000 yuan, also showing signs of improvement [3]

Group 1 - The core viewpoint of the articles highlights the strategic initiatives of the company in building a world-class high-end industrial chain for new energy vehicles, emphasizing deep collaboration with industry partners and efficient synergy mechanisms [1][3] - The company is focusing on product integration, intelligent manufacturing, and industrial clustering to enhance the overall competitiveness of China's automotive industry in the global market [1] - The company has reported significant growth in its new energy vehicle sales, with October sales reaching 51,500 units, a year-on-year increase of 42.89%, and cumulative sales for the first ten months totaling 356,000 units [3] Group 2 - The company has positioned "intelligence" as a key brand label, with its assisted driving feature having safeguarded over 4.45 billion kilometers for users, particularly during peak travel periods [3] - The company is committed to advancing the industrialization of "Artificial Intelligence +" technologies, aiming to transform its products into emotional, intelligent, and reliable "mobile intelligent entities" [3] - For the first three quarters of the year, the company reported revenue of 110.5 billion yuan, a year-on-year increase of 3.67%, and a net profit attributable to shareholders of 5.312 billion yuan, reflecting a growth of 31.56% [3]

Core Viewpoint - The company, Seres, is focused on building a world-class high-end electric vehicle industry chain through deep collaboration with industry partners and efficient synergy mechanisms [1] Group 1: Strategic Initiatives - Seres is actively promoting product integration, intelligent manufacturing clustering, and industrial agglomeration to enhance the overall competitiveness of China's automotive industry in the global market [1] - The company aims to anchor its strategy in the high-end smart electric vehicle sector and deepen strategic cooperation with industry partners to drive high-quality development in the new energy vehicle industry [1] Group 2: Technological Advancements - "Intelligentization" has become a key brand label for the company, with the assisted driving feature deeply integrated into users' daily travel scenarios [1] - As of now, the assisted driving feature has safeguarded users for over 4.45 billion kilometers, with a significant 40% of the driving distance during the recent Mid-Autumn and National Day holidays attributed to this feature [1] Group 3: AI Integration - The company is fully committed to advancing the industrialization of "Artificial Intelligence+" to transform products into emotional, intelligent, and trustworthy "mobile intelligent entities," accelerating the transition of the automotive industry from electrification to intelligentization [1]

Core Points - The passenger car sector experienced a rise of 1.57% on November 28, with GAC Group leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Passenger Car Sector Summary - GAC Group's stock closed at 9.25, with a significant increase of 9.99%, and a trading volume of 2.29 million shares, amounting to a transaction value of 2.063 billion yuan [1] - Other notable performers included: - BAW Blue Valley, which rose by 3.57% to close at 7.84, with a transaction value of 1.106 billion yuan [1] - Changan Automobile, which increased by 2.40% to close at 11.94, with a transaction value of 740 million yuan [1] - BYD, which saw a modest increase of 0.93% to close at 95.17, with a transaction value of 2.081 billion yuan [1] Fund Flow Analysis - The passenger car sector saw a net inflow of 1.125 billion yuan from main funds, while retail investors experienced a net outflow of 643 million yuan [1] - The overall fund flow indicates a mixed sentiment, with institutional investors showing confidence while retail investors withdrew [1]