Group 1 - Xiaomi's smartphone shipment reached 13.3 million units in Q1 2025, a 40% year-on-year increase, regaining the top position in market share at 19% after ten years [1] - The company attributes its success to government subsidies and a strategic focus on integrated products across vehicles and home appliances [1] Group 2 - Seres is applying for a Hong Kong IPO, projecting a revenue of 145.1 billion yuan in 2024, representing a 305.5% year-on-year growth, with a gross margin of 23.8% and a net profit of 5.9 billion yuan [3] - The IPO aims to raise funds, with 70% allocated for R&D, 20% for marketing and overseas sales, and 10% for operational expenses [3] Group 3 - Douyin has introduced regulations to combat "malicious marketing accounts," targeting ten types of violations and implementing a "health score" system for account management [4] Group 4 - Pop Mart's app topped the US App Store shopping chart, with significant demand in various international locations, leading to a market capitalization of 231.39 billion HKD, surpassing luxury brand Kering [5] Group 5 - Several small and medium-sized banks have lowered their fixed deposit rates, with some rates falling below those of larger banks, indicating a trend of interest rate inversion for different deposit terms [6] Group 6 - In Q1 2025, China's gold ETF holdings increased by 23.47 tons, a 327.73% year-on-year growth, bringing the total holdings to 138.21 tons by the end of March [8]

Domestic News - The National Development and Reform Commission plans to issue targeted car purchase quotas for long-term lottery families and car-free families to boost consumption [2] - The Ministry of Industry and Information Technology has released key points for automotive standardization work by 2025, focusing on the development of standards for automotive chips [4] - The National Energy Administration reported that approximately 24,000 fuel cell vehicles have been promoted in China, with over 540 hydrogen refueling stations established [5] - The Henan provincial government has introduced policies to support the automotive industry, including subsidies for production and trade enterprises, and plans to build 5,000 charging stations by mid-2025 [6] International News - Kia Motors reported a record high quarterly revenue of 28.02 trillion KRW in Q1 2025, a 6.9% year-on-year increase, despite a 14.8% decline in net profit [7] - Denso is negotiating with suppliers and customers, including Toyota, to share the costs of raw materials to mitigate the impact of U.S. tariffs [8] Corporate News - Seres Group has submitted an IPO application to the Hong Kong Stock Exchange, focusing on the research, manufacturing, and sales of new energy vehicles [9] - BYD's "Shenzhen" vehicle transport ship has commenced its first export voyage, carrying over 7,000 electric vehicles to Brazil [10] - Nissan is reportedly planning to close its Wuhan factory by March 2026 due to declining production capacity amid market competition [11] - Xiaomi Auto will provide free roadside assistance during the May Day holiday, along with other travel services [12] - Geely Auto released its 2024 ESG report, highlighting an 18% reduction in carbon emissions per vehicle compared to 2020 and a 92% increase in new energy vehicle sales [13] - Leap Motor's founder has increased his stake in the company, with total investments exceeding 600 million HKD, reflecting strong confidence in the company's future [14]

Regulatory Developments - The China Securities Association is seeking opinions on guidelines aimed at preventing securities practitioners from engaging in illegal trading activities, including insider trading and market manipulation [1] - The guidelines are intended to strengthen the management of industry personnel and promote a culture of compliance within the financial sector [1] Macro News - The Chinese Foreign Ministry confirmed that there have been no recent communications between the leaders of China and the United States, contradicting claims made by former President Trump [2] Industry Dynamics - The Ministry of Industry and Information Technology released key points for automotive standardization work for 2025, focusing on advanced technology standards and new areas such as artificial intelligence and solid-state batteries [3] - The National Medical Products Administration issued quality management regulations for online sales of medical devices, effective from October 1, 2025, to enhance industry accountability [5] Company News - Zhengzhou Coal Machine Company plans to change its name to "Zhongchuang Zhiling (Zhengzhou) Industrial Technology Group Co., Ltd." to better reflect its strategic direction [6] - Seres plans to go public in Hong Kong with a projected revenue of 145.1 billion yuan for 2024, a year-on-year increase of 305.5%, and aims to become a leading luxury electric vehicle brand [6] - Unigroup plans to issue H-shares and list on the Hong Kong Stock Exchange, considering the interests of existing shareholders [6] - Saitex New Materials announced that its chairman will voluntarily forgo salary, and several executives will reduce their salaries by 20% for the remainder of 2025 [7] - Jiayuan Technology's chairman is under investigation, and the company has arranged for the vice chairman to assume responsibilities during this period [7] - Lifan Technology is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [8] - Baidu's stock will be suspended for one day and will be renamed "*ST Baidu" due to negative net profit for 2024 [9] - Nanchuan Co. will also change its stock name to "ST Nanchuan" following a negative audit report [10] - Weitai will change its stock name to "*ST Weitai" and suspend trading for one day due to risk warnings [11] - ST Xinchao expects to miss the deadline for its annual report, which may lead to trading suspension [12] - XCMG plans to repurchase shares worth between 300 million and 600 million yuan [14] - SF Holding intends to repurchase shares worth between 500 million and 1 billion yuan [15] - Midea Group received a commitment from China Bank for a stock repurchase loan of up to 1 billion yuan [15] - Yitu Co. plans to repurchase up to 10% of its H-shares [16] - Beiqi Blue Valley reported a net loss of 953 million yuan in Q1 2025, despite a 150.75% increase in revenue [17] - Zhonggang Luoyang reported a 117% increase in net profit in Q1 2025, driven by revenue growth [18] - Yanghe Distillery's Q1 2025 net profit decreased by 39.93% due to market conditions [19] - CICC reported a 65% increase in net profit in Q1 2025, attributed to increased investment income [20] - WuXi AppTec's Q1 2025 net profit increased by 89.06% [21] - Lao Fengxiang's Q1 2025 net profit decreased by 24% due to declining sales [22]

NO.1 赛力斯向港交所递交上市申请 4月28日，港交所文件显示，赛力斯集团股份有限公司向港交所提交上市申请书。今年3月底，赛力斯就宣布拟赴港上市，其彼时表示，发行H 股股票并上市是为了深入推进全球化战略布局，打造国际化资本运作平台，提高综合竞争力。H股募资将用于新能源汽车技术研发、海外市场 拓展及供应链优化。 点评：此次赴港上市旨在打造国际化资本运作平台，提高综合竞争力。H股募资将用于新能源汽车技术研发、海外市场拓展及供应链优化，这 将有助于赛力斯在全球新能源汽车市场中占据更有利的位置。 NO.2 昭衍新药一季度业绩同比扭亏为盈 4月28日，昭衍新药（HK06127，股价15.26港元）公布2025年第一季度业绩，公司实现营业收入约2.87亿元，同比减少11.54%；归属于上市公司 股东的净利润约4111.95万元，同比扭亏为盈；基本每股收益0.05元。公告称，净利增长主要系上年同期生物资产公允价值变动损失较多所致。 点评：尽管昭衍新药一季度营业收入有所下降，但净利润实现扭亏为盈，主要得益于上年同期生物资产公允价值变动损失的减少。这表明公司 在成本控制和运营效率方面取得了一定成效。 NO.3 耀才证券金融复 ...

Group 1 - The core viewpoint of the article is that Seres Group is seeking to list on the Hong Kong Stock Exchange to enhance its global strategy and financial capabilities [2][3] - Seres has transformed its business from components to vehicle manufacturing and electric vehicles, launching the "Wenjie" brand in collaboration with Huawei, with four models introduced [2] - In 2024, Seres is projected to achieve a revenue of 145.176 billion yuan, a year-on-year increase of 305.04%, and a net profit attributable to shareholders of 5.946 billion yuan, with a gross margin of 26.21% for electric vehicles [2] Group 2 - The company plans to allocate 70% of the IPO proceeds to research and development, 20% to diversify marketing channels and enhance global brand recognition, and 10% for working capital and general corporate purposes [2] - Experts believe that the IPO will help Seres alleviate high debt pressure and accelerate research and market expansion, positioning it as a key step in its globalization strategy [3] - The listing is aimed at creating an international capital operation platform to enhance the company's overall competitiveness [3]

Core Viewpoint - Seres Group is transitioning from a loss-making phase to a profit-generating phase and has initiated the process for a secondary listing in Hong Kong, aiming to raise over $1 billion [2][3]. Group 1: Company Overview - Seres Group, formerly known as Xiaokang Co., was established in 1986 and successfully listed on the Shanghai Stock Exchange in 2016 [2]. - The company reported a revenue of 145.176 billion yuan in the previous year, marking a year-on-year increase of 305.04%, and a net profit of 5.946 billion yuan, indicating its first profit in five years [3]. Group 2: Product and Market Expansion - The company's vehicle business includes brands such as Ruichi, Blue Energy, AITO, and DFSK, with AITO being the core brand [3]. - The AITO brand has launched four models: M5, M7, M8, and M9, with M9 delivering over 150,000 units and M7 over 200,000 units last year [3]. - The newly released M8 model achieved over 30,000 pre-orders within 24 hours of its launch [3]. Group 3: Fundraising Purpose - The funds raised from the secondary listing will be allocated to product research and development, enhancing core technology capabilities, and expanding international market presence [4]. - The company plans to localize high-end brands in overseas markets and develop international electric vehicle models to meet local standards and customer needs [4]. - Seres aims to explore various methods for overseas network construction, including joint ventures, strategic partnerships, and acquisitions [4]. Group 4: Financial Position - Seres reported total liabilities of 82.458 billion yuan, a year-on-year increase of 87.22%, with a debt ratio of 87.38% [5]. - The company has been actively acquiring assets, including the purchase of the AITO trademark and design patents for 2.5 billion yuan and a 10% stake in Shenzhen Yiwang Intelligent Technology Co., Ltd. for 11.5 billion yuan [5].

Investment Rating - The report maintains a positive outlook on the automotive industry, indicating a "Buy" recommendation for specific companies within the sector [1]. Core Insights - Consumer demand is expected to rebound quickly post-auto show, with an increase in orders anticipated as consumer hesitation regarding pricing and product offerings diminishes [4]. - The report highlights the significant role of technology, particularly in high-level autonomous driving and robotics, as key attractions at the auto show, which could stimulate demand for mid-to-large SUVs [4]. - The report suggests that the automotive market is supported by improving export expectations and a favorable pricing policy, which will benefit strong brands and leading component manufacturers [4]. Industry Updates - Retail sales of passenger vehicles reached 386,000 units in the 16th week of 2025, reflecting a month-on-month increase of 11.88%. Traditional energy vehicles accounted for 183,000 units, up 13.66%, while new energy vehicles reached 203,000 units, up 10.33%, with a penetration rate of 52.59% [4]. - The automotive industry recorded a total transaction value of 385.447 billion yuan this week, with an industry index increase of 4.87%, outperforming the Shanghai Composite Index [16]. - The report notes that 234 automotive stocks rose while 56 fell, with the largest gainers being Hai Lian Jin Hui, Heng Bo Shares, and Zhejiang Rong Tai, which saw increases of 46.6%, 31.8%, and 30.5% respectively [22]. Market Conditions - The report indicates that the automotive industry index has risen significantly, ranking first among all sectors in the Shenwan Hongyuan classification, with a notable increase in stock performance compared to the previous week [16]. - The report also mentions that the automotive sector's price-to-earnings ratio stands at 25.34, placing it in the middle range among Shenwan's primary sectors [19]. Key Events - The Shanghai Auto Show attracted nearly 1,000 companies from 26 countries, showcasing over 1,300 vehicles, with new energy vehicles comprising approximately 70% of the exhibition [5]. - Tesla's Q1 2025 performance was below expectations, with revenues of $19.3 billion, a year-on-year decline of 9.2%, and a net profit drop of 70.6% [12][13]. Investment Recommendations - The report recommends focusing on companies leading in automotive intelligence and robotics, such as XPeng, Geely, BYD, and others, as well as state-owned enterprises undergoing reforms like Dongfeng Motor Group and SAIC Motor [4]. - It emphasizes the importance of technological advancements and state-owned enterprise integration as key investment themes [4].

在这届车展各家企业的发布会上，当提及智能辅助驾驶时，大家都会将话题指向一个共同的维度——安 全。 根据工业和信息化部的数据，预计2025年中国乘用车L2级辅助驾驶及以上新车渗透率将达到65%。这意 味着，约有超2000万的汽车将搭载智能辅助功能，市场进一步扩大的同时，对于安全的考验也越来越 大。 作为智能辅助安全领域头部玩家，鸿蒙智行又一次成为了市场和行业共同关注的焦点。 这几天，上海车展还在如火如荼地进行当中。 车圈 "界"热 对于车企而言，对鸿蒙智行的关注是自身智能化转型焦虑的外化表现。 奇瑞汽车董事长尹同跃曾表示："中国要想造好汽车离不开华为，中国汽车想要从汽车大国变成世界强 国，需要华为的加持赋能。" 车企们对鸿蒙智行的追逐，不仅是对华为技术与品牌影响力的认可，更是在 汽车智能化进程加速的当下，寻求突破与发展的主动抉择。 正是基于这样的初心，今年以来一些品牌不约而同地盯上了一个"界"字，或为新品牌选择一个"X界"的品 牌名，或是注册"X界"的商标。 比如，东风旗下神龙品牌官宣自家新能源定名为HEDMOS"示界"，阿维塔申请注册多枚"塔界""势界"商 标。甚至，当时还有消息称"华为近300人团队入驻阿维 ...

Group 1: Smartphone Market - Xiaomi has regained the top position in the Chinese smartphone market after ten years, with a shipment of 13.3 million units and a market share of 18.6%, representing a year-on-year growth of 39.9% [2] - Huawei shipped 11.2 million units with a market share of 15.7%, showing a year-on-year increase of 10% [2] - Apple experienced a decline, shipping 9.8 million units and a market share of 13.7%, down 10% year-on-year [2] Group 2: Corporate Developments - Apple is restructuring its teams, moving its robotics team to the hardware department, indicating dissatisfaction with its AI and machine learning leadership [3] - Cyberspace Group has submitted an application for listing on the Hong Kong Stock Exchange, with joint sponsors being CICC and China Galaxy International [4] - Warner Pharmaceuticals has received approval for its bismuth potassium citrate granules, which will enhance its market competitiveness [12] Group 3: Financial Performance - CICC reported a net profit of 2.042 billion yuan for Q1, a year-on-year increase of 64.85%, with revenues of 5.721 billion yuan, up 47.69% [9] - WuXi AppTec achieved a net profit of 3.672 billion yuan in Q1, marking a year-on-year growth of over 89% [10] - Shanghai Pharmaceuticals reported a net profit of 1.333 billion yuan in Q1, down 13.56% year-on-year [11] Group 4: Consumer Goods - Lao Feng Xiang reported a net profit of 613 million yuan in Q1, a decrease of 23.55% year-on-year, with revenues of 17.521 billion yuan, down 31.64% [13] - Three squirrels reported a net profit of 239 million yuan in Q1, a decline of 22.46% year-on-year, with revenues of 3.723 billion yuan, up 2.13% [16] Group 5: New Initiatives - China Petroleum & Chemical Corporation has commenced construction on a 30,000-ton carbon fiber project, expected to be completed by 2027, supporting the new materials industry [22][23] - ZTE is entering the companion robot market, planning to launch products focused on security monitoring and emotional companionship [6] Group 6: Market Trends - TikTok is implementing new regulations to combat malicious marketing accounts, introducing a health score mechanism for accounts [8] - The dining reservation volume for the upcoming holiday has surged, with Haidilao receiving over 25,000 reservations for the first day of the holiday [15]

关于向香港联交所递交 H 股发行上市的申请 并刊发申请资料的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 赛力斯集团股份有限公司（以下简称"公司"）已于2025年4月28日向香港联 合交易所有限公司（以下简称"香港联交所"）递交了发行境外上市外资股（H 股）并在香港联交所主板挂牌上市（以下简称"本次发行上市"）的申请，并于 同日在香港联交所网站刊登了本次发行上市的申请材料。该申请材料为公司按照 香港证券及期货事务监察委员会（以下简称"香港证监会"）及香港联交所的要 求编制和刊发，为草拟版本，其所载资料可能会适时作出更新及修订。 鉴于本次发行上市的发行对象仅限于符合相关条件的境外投资者及依据中 国相关法律法规有权进行境外证券投资的境内合格投资者，公司将不会在境内证 券交易所的网站和符合监管机构规定条件的媒体上刊登该申请资料，但为使境内 投资者及时了解该等申请资料披露的有关本次发行上市以及公司的其他信息，现 提供该申请资料在香港联交所网站的查询链接供查阅： 中文： 证券代码：601127 证券简称：赛力斯 公告编号：202 ...