Core Insights - The core achievement of Seres Group is winning the 2025 Effie Automotive Gold Award, highlighting its leading position in brand marketing and the growth of Chinese automotive brands in the global market [1][2] Group 1: Awards and Recognition - The Effie Awards, established in 1968 and known as the "Oscars of Marketing," focus on effectiveness in marketing practices, with the automotive category emphasizing innovative marketing models [1] - Seres Group's "Wenjie 2025 Spring Festival Marketing Series" has previously won multiple international awards, including the Grand Winner at the NYX Awards and the Platinum Award at the VEGA Digital Marketing Awards [1] Group 2: Marketing Strategy - The "Wenjie 2025 Spring Festival Marketing Series" centers on cross-industry integration, featuring a performance at the 2025 CCTV Spring Festival with 780 Wenjie M9 vehicles, showcasing a blend of technology, art, and sports [2] - This marketing campaign elevated brand storytelling to resonate with national confidence and contemporary spirit, transitioning from product promotion to value resonance [2] Group 3: Brand Positioning - As a proponent of high-end Chinese brands, Seres has redefined the competitive landscape for high-end electric vehicles in China and established a new benchmark for the value of Chinese automotive brands globally [2] - The company aims to continue driving brand elevation through technological innovation, showcasing the strength and value of Chinese manufacturing to the world [2]

Core Insights - The fifth Chongqing Capital Market High-Quality Development Conference emphasized the importance of listed companies in driving the capital market's high-quality development, urging them to take on responsibilities in governance, innovation, and investor relations [1] Group 1: Listed Companies in Chongqing - As of now, Chongqing has 78 A-share listed companies with a market capitalization of approximately 1.3 trillion yuan [2] - In the first three quarters of 2025, these companies achieved operating revenue of 572.13 billion yuan and net profit of 32.96 billion yuan, with over 40% of firms experiencing growth in both metrics [2] - Chongqing's listed companies exhibit a "124+N" characteristic, with a national leading R&D investment of 14.768 billion yuan in the first half of 2025, a year-on-year increase of 42.1% [2][3] Group 2: Key Performance Indicators - Chongqing's listed companies have the largest asset scale in Central and Western China, reaching 40.173 billion yuan by the end of the third quarter of 2025, a 7% year-on-year increase [3] - The refinancing scale of these companies reached 13 billion yuan in the first three quarters of 2025, marking a 125.9% increase year-on-year, ranking second in Western China [3] - The number of companies with over 50% of revenue from overseas is second in Western China, with 7 companies achieving this in the first half of 2025 [3] Group 3: Unique Industry Characteristics - Several companies in Chongqing have made significant achievements in their respective industries, such as Sanfeng Environment issuing the first "Belt and Road" technology innovation green corporate bond in the country [4] - Chongqing Rural Commercial Bank has the largest asset scale among rural commercial banks nationwide, while companies like Giant Network and Chongqing Beer lead in their respective sectors [4] Group 4: Two Rivers New Area Development - The Two Rivers New Area has 37 listed companies, contributing approximately 55.15% of the city's operating revenue and 49.35% of net profit, despite representing only 37% of the total number of listed companies [6] - Since the implementation of the "merger and acquisition six guidelines," Chongqing has seen active mergers and acquisitions, with 12 companies completing 14 transactions worth 35.276 billion yuan in the first three quarters of 2025, a 637% increase year-on-year [6][7] Group 5: Recommendations for Future Development - The report suggests optimizing policy supply and reducing transaction costs for successful mergers, including offering preferential policies for projects that land in Chongqing and exploring the establishment of a "merger loan risk compensation fund" [7]

2025年的汽车圈，正上演极具戏剧张力的人文景观：那些曾在闪亮展厅和聚光灯下稳如泰山的"老登"外资豪华车企，集体遭遇雪崩式坍塌。 最懂豪华车生意的人，有着最敏锐的市场嗅觉，洞察当前中国高净值客户向往的尊荣，早已超越皮质纹理流向无界智能交互，气缸的百年轰鸣正被新能源 的脉冲取代。 他们不约而同地将目光投向问界。精明的决策背后，是一本清晰的帐。 销量就是最好的证明。问界累计销量突破90万台，11月销量超51000台，创历史新高，且成为目前中国首个也是唯一一个销量和均价同时超过传统豪华品 牌的品牌，是名副其实的中国头部豪华品牌。 人们在年末一同见证了外资豪华车企大厦将倾。问界已于日前成为中国头部豪华品牌，余承东9日正式官宣，问界还将补齐"6"产品序列，鸿蒙智行首款旗 舰MPV也将落地。对传统燃油豪华的全方位围剿，正在夺走外资车企最后的氧气。 这场风暴不是偶然的掐架，而是一场中国汽车酝酿了70余年的制造业权力迭代——拆解建立在燃油技术壁垒、先发优势霸权上的旧权威，腾挪属于新价值 体系生存空间的精锐，正是鸿蒙智行旗下的问界品牌。 01 最懂卖豪车的人，集体抛弃BBA 在中国，经销商们曾经是外资豪华汽车品牌最可靠的战友和 ...

Core Insights - The fifth Chongqing Capital Market High-Quality Development Conference highlighted new opportunities for listed companies through mergers and acquisitions [1] - The "Chongqing Listed Companies Development Report (2025)" was released, serving as a comprehensive resource for the development of listed companies in Chongqing [1] Group 1: Company Performance - As of now, there are 78 A-share listed companies in Chongqing with a total market capitalization of approximately 1.3 trillion yuan [1] - In the first three quarters of 2025, Chongqing listed companies achieved a total operating income of 572.13 billion yuan and a net profit of 32.96 billion yuan, with over 40% of companies reporting growth in both metrics [1] - Chongqing listed companies exhibited a "124+N" characteristic, with a notable focus on R&D investment [1] Group 2: Key Metrics - Chongqing ranked first in the nation for R&D investment among listed companies, with a total of 14.77 billion yuan in R&D spending in the first half of 2025, representing a year-on-year increase of 42.1% [2] - The proportion of private listed companies in Chongqing increased from 50.9% at the end of 2020 to 60.3%, the highest among the four direct-controlled municipalities [2] - The number of manufacturing listed companies in Chongqing reached 48, accounting for 61.5% of the total, surpassing Beijing's 39.4% and Shanghai's 56.7% [2] Group 3: Regional Comparisons - Chongqing's listed companies have the largest asset scale in Central and Western China, reaching 4.0173 trillion yuan by the end of the third quarter of 2025 [2] - The refinancing scale of Chongqing listed companies was the second largest in Western China, with 13 billion yuan raised through private placements and convertible bonds, a year-on-year increase of 125.9% [2] - The number of companies with over 50% of revenue from overseas operations ranked second in Western China, with 7 companies achieving 31.39 billion yuan in overseas revenue in the first half of 2025 [2] Group 4: Future Outlook - The Chongqing municipal government is committed to building a multi-level capital market as part of its strategy to enhance the Western financial center, promoting the "Thoroughbred" action for company listings [3] - The Western Financial Research Institute aims to strengthen collaboration with various stakeholders to enhance research on listed companies and capital market development [3] - The annual publication of the "Chongqing Listed Companies Development Report" will continue to improve the recognition and penetration of the "Chongqing Listed Companies" financial brand [3]

12月10日，以"并购重组新引擎上市公司新机遇"为主题的第五届重庆资本市场高质量发展大会在重庆市 两江新区成功举行。会上，《2025重庆上市公司并购重组研究报告》(以下简称《报告》)正式发布。该 报告通过系统梳理并购重组行业脉络、精准刻画重庆实践特征、科学提出优化路径，对重庆资本市场并 购重组进行了阶段性总结，为重庆产业升级与资本赋能提供参考。 上市渝企并购重组日益活跃，发展质量明显提升。《报告》显示，2025年前三季度，重庆共有12家上市 公司完成14单并购重组，交易金额达352.76亿元，同比大幅增长637%，展现出强劲发展势头。整体呈 现"三性"特征： 作为重庆首部聚焦上市公司并购重组的专题研究报告，《报告》由浙江大学经济学院党委书记兼副院 长、金融研究院执行院长，西部金融研究院学术委员王义中牵头并作序，浙江大学教授、西部金融研究 院学术委员杨柳勇现场发布。 全国并购重组呈现"三新"态势 《报告》显示，2025年前三季度，A股上市公司共完成并购重组687起，交易金额6115.93亿元，同比分 别增长18.65%、184.78%，其中重大重组事件119起，同比增长138%。整体来看，全国并购重组市场呈 现 ...

华为鸿蒙智行携手五大车企，以"生态共生"模式打破行业零和博弈。通过华为主导技术研发与产品定 义，合作伙伴聚焦制造，实现品牌差异化与高端突破。问界、智界等车型销量领先，技术反哺全产业 链，共同撬动豪华车市场定价权。这不仅是一次商业创新，更是中国汽车产业从"单兵竞争"迈向"协同 发展"的关键实践。 12月9日，央视新闻联合鸿蒙智行在上海外滩举办"超凡一步| 在一起 鸿蒙智行"年度直播，华为常务董 事、产品投资委员会主任、终端BG董事长余承东与五界"掌门人"聚首，通过6个分会场向公众展示了鸿 蒙智行五界取得的成果。 在长达五个多小时的直播中，五界"掌门人"毫不吝啬对鸿蒙智行和余承东的感激和赞美。 智界的奇瑞汽车董事长尹同跃说，华为是带动行业进步的伟大企业，毫无保留地赋能合作伙伴，推动奇 瑞整体向上；尊界的江汽集团董事长项兴初说，华为团队的极致要求带动江淮全面升级，全面超越传统 豪华车标准；问界的赛力斯（601127）集团董事长张兴海说，联合团队"胜利时举杯相庆，困境时拼死 相救"；享界的北汽集团董事长张建勇说，"余承东是最好的产品经理，我们欠他一封道歉信。" 五界掌门人为什么如此肯定鸿蒙智行？鸿蒙智行到底做了什么， ...

Group 1 - The Hong Kong IPO market has raised funds amounting to 2.1 times the total for the entire year of 2024, with expectations for the Hong Kong Stock Exchange to regain the top position in IPO financing by 2025, projecting over HKD 300 billion in IPO fundraising for next year [1] - The trading volume of placement and convertible bond products has significantly increased year-on-year, with major blue-chip companies such as BYD, Xiaomi, Alibaba, China Pacific Insurance, Ping An Insurance, Chow Tai Fook Jewelry, and NIO completing large-scale transactions exceeding USD 1 billion [1] Group 2 - The primary market for Hong Kong stocks is showing a strong recovery, with influential companies actively responding to the national strategy to develop Hong Kong's capital market, leading to the execution of large-scale financing projects [2] - CATL's IPO raised USD 5.3 billion, becoming the largest IPO globally in 2023, and has facilitated other leading companies like Zijin Mining, Sany Heavy Industry, Seres, Hansoh Pharmaceutical, Sanhua Intelligent Controls, Haitian Flavoring and Food, and Chery Automobile to complete financing exceeding USD 1 billion, occupying four spots in the global top ten IPOs [2]

Group 1 - In November, China's automobile exports reached 728,000 units, marking a month-on-month increase of 9.3% and a year-on-year increase of 48.5%, with the total exports for January to November at 6.343 million units, up 18.7% year-on-year [1] - The importance of exports is highlighted, with expectations for a 12% growth in automobile export sales by 2026, while wholesale sales are projected to see a slight increase [1] - Companies recommended for investment include Great Wall Motors, Chery Automobile, Horizon Robotics, Seres, Xiaomi Group, Li Auto, Xpeng Motors, Geely Automobile, Yutong Bus, and Fuyao Glass, focusing on those with high export ratios and effective domestic high-end strategies [1] Group 2 - Dongguan Securities suggests that exports may become a new growth driver for capacity digestion and maintaining growth, with leading automakers expected to transition from merely exporting products to exporting production capacity through localized overseas production [2] - Recommended companies include BYD and Seres for their active overseas market expansion, as well as Fuyao Glass and Junsheng Electronics for their potential performance growth driven by increased penetration of intelligent driving configurations [2] - Yutong Bus is identified as a beneficiary of the "old-for-new" policy in the new energy bus sector [2]

12月9日 ， 冬日的上海黄浦江畔，雾气氤氲。在见证了百年风云的上海老市府大楼里，一场关于中国汽车未来的对话，正在让 "豪华"二字褪去浮华的表 皮。 商业世界里，最先感知到水温变化的，往往不是还在犹豫的看客，而是那些把身家性命都押在风口上的经销商。 曾经，老市府是历史的旁观者，看着时光在石柱间流转，见证了上海这座城市百年的沧桑与荣光；而今天，还是这个物理空间，一群中国实业家围坐一 堂，聊的是中国汽车的变革与新生。 在直播现场，一组令人咋舌的数据，成为了这个时代最生动的注脚。华为常务董事、产品投资委员会主任、终端 BG董事长余承东 透露，问界 M 9 累计交 付已超 2 6 万辆，今年春天刚上市的 M 8 ，已成为 4 0 万级销冠。 而鸿蒙智行全系更是仅用 43个月就突破百万台交付，创下中国新势力最快纪录。 同期，却是传统豪车品牌陷入 "降价保量"的困局 。它们 用 "半价豪车"的噱头换销量，却依旧难掩市场份额下滑的颓势。 豪车 市场，已然换了天地 。 境遇的反差， 撕开了行业的旧面纱：中国消费者终于不再为洋品牌 Logo支付溢价，转而用订单为智能体验和出行安全感投 票。 当 "买豪华SUV看问界"从一句口号 ...

证券研究报告 汽车 行业定期报告 hyzqdatemark 2025 年 12 月 10 日 投资评级： 看好（维持） 李泽 SAC：S1350525030001 lize@huayuanstock.com 游泽晨 youzechen@huayuanstock.com 板块表现： 看好高端车市场自主品牌崛起 ——汽车行业双周报（20251124-20251207） 证券分析师 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 市场空间：40 万元以上高端车市场空间稳定，看好纯电放量驱动新能源渗透率提升。 2018 年以来，绝大多数年份 40 万元以上高端车销量均保持在 70-120 万辆区间内， 在汽车总销量中占比基本在 5%以上，市场空间整体稳定。目前 40 万元以上高端车 的能源类型仍以 ICE 为主，2025 年 1-10 月累计销量中 ICE 占比为 52.9%，BEV 仅 15.0%。随着充电效率的提升和补能网络逐步完善，纯电车型有望凭借更大的空间、 更顺畅的驾驶体验和更高的能源转化效率等优势在高端市场快速放量，驱动新能源 渗透率进一步提升，预计 2026 年 40 万元以上高端车新能 ...