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]

Domestic News - The Ministry of Commerce will promote automotive circulation consumption reform trials to expand automotive consumption across the entire chain, including used car circulation and automotive aftermarket services such as modifications and rentals [7] - As of the end of October this year, the total number of electric vehicle charging infrastructure (guns) in China reached 18.645 million, a year-on-year increase of 54.0% [8] - Chongqing aims to integrate "AI + intelligent driving" as a key component of its automotive industry development, enhancing policy support and resource integration for advanced autonomous driving technology [9] - Hefei has launched a new round of consumption vouchers, offering a maximum subsidy of 10,000 yuan for individuals purchasing new vehicles that meet the National VI emission standards [10] - Seres has successfully completed the industry's first "vehicle-police-medical" linkage technology verification, enhancing emergency rescue efficiency through real-time accident information sharing [12] - Avita Technology has submitted a listing application to the Hong Kong Stock Exchange, reporting a revenue of 12.208 billion yuan for the first half of 2025, a year-on-year increase of 98.5% [13] - Changan Automobile's indirect controlling shareholder has completed a business change registration, with no impact on the company's operations [14] - Leap Motor announced a sales target of 1 million units for 2026, becoming the first new force car company in China to set such an ambitious annual sales goal [15] International News - In October, UK automotive production fell by 23.8% year-on-year, largely due to a cyberattack on Jaguar Land Rover [16] - South Korea plans to commercialize fully autonomous vehicles by 2027, establishing a demonstration city for over 100 autonomous vehicles and easing regulatory restrictions [18] - Environmental organizations are urging the EU to reject car manufacturers' requests to allow the use of biofuels post-2035, citing supply shortages and inadequate carbon neutrality [19] - Russia's largest car manufacturer, Avtovaz, plans to return to a five-day workweek starting January 1, 2026, as production prospects improve [20] Commercial Vehicles - GAC's Lingcheng won the "Annual New Energy Tractor" award, highlighting its strong performance and energy efficiency in the new energy commercial vehicle market [21] - Beijing Heavy Truck has celebrated the production of its 20,000th vehicle, marking a significant milestone and indicating strong market recognition [22] - Shanxi Province has adjusted its subsidy policy for the scrapping and updating of old operating trucks, implementing a new registration and lottery system for subsidies [23] - ZF's new hybrid transmission has completed real vehicle testing, showing significant emissions reduction and lower total cost of ownership while meeting modern fleet operational needs [24]

Core Viewpoint - Avita, a high-end electric vehicle brand under Changan Automobile, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the first central enterprise new energy stock in Hong Kong [2] Group 1: Company Growth and Market Position - Avita has achieved a "three years, four cars" layout, with four main models and two limited edition models, covering the mainstream high-end market priced between 200,000 to 700,000 RMB [2] - The company has seen consistent monthly sales exceeding 10,000 units in recent months, with total sales surpassing 100,000 units from January to October [2][4] - Avita's revenue is projected to grow significantly, with expected revenues of 5.645 billion RMB and 15.195 billion RMB for 2023 and 2024 respectively, marking a year-on-year increase of 169.16% [4] Group 2: Strategic Goals and Future Plans - Avita aims to achieve global sales of 400,000 units by 2027 and 800,000 units by 2030, with a long-term goal of 1.5 million units by 2035 [5] - The company plans to focus on enhancing product supply and strengthening its foundational capabilities to achieve scale effects [5] - Avita has completed four rounds of financing, raising over 19 billion RMB, with the IPO funds intended for product development, brand building, and operational support [5][8] Group 3: Partnership with Huawei - Avita has established a strategic partnership with Huawei, with plans for Huawei's products and technologies to be first launched on Avita vehicles [6] - The two companies plan to jointly launch 17 models by 2030, including five upgraded models in 2026 [7] Group 4: Global Expansion - Avita is expanding its presence internationally, having entered over 34 countries and regions since September 2024, with plans to establish over 160 sales channels by 2030 [8] - The brand maintains a high-end positioning in overseas markets, exemplified by the Avita 11's starting price of 1.56 million RMB in Singapore [8]

Core Viewpoint - Avita Technology (Chongqing) Co., Ltd. has submitted its IPO application in Hong Kong, aiming to raise funds primarily for product development, brand building, sales service network expansion, and operational funding [2] Group 1: Company Overview - Avita was established in 2018, focusing on original, intelligent new luxury electric vehicles, targeting the luxury electric vehicle market priced above 200,000 yuan [2] - The company is a collaboration between Changan Automobile, Huawei, and CATL, representing a typical model of "national team + tech giants + battery leaders" in the new energy vehicle industry [2] - Changan Automobile holds a 40.99% stake, making it the largest shareholder, while CATL holds 14.1% [2] Group 2: Financial Performance - Avita reported revenues of 5.645 billion yuan in 2023, projected to rise to 15.195 billion yuan in 2024, and reach 12.208 billion yuan in the first half of 2025, reflecting a year-on-year growth of 98.5% [3] - Vehicle sales revenue is the core pillar, expected to reach 14.417 billion yuan in 2024 and 11.490 billion yuan in the first half of 2025, with a year-on-year growth of 94.4% [3] - The company faced significant losses, with a loss of 1.585 billion yuan in the first half of this year and cumulative losses exceeding 11 billion yuan since 2022 [3] Group 3: Research and Development - Avita's R&D expenditure accounted for 6.8% of its revenue in the first half of this year, an increase of 1.7% from the previous year [4] - The company employs 3,666 staff, with 2,093 in R&D, representing 57% of the total workforce [4] - Avita aims to enter the annual sales club of one million units within five years, planning to launch five upgraded products in collaboration with Huawei by 2026 [4] Group 4: Product and Market Expansion - By the end of 2027, Avita plans to launch four new energy vehicles in collaboration with Yiwang, including two large SUVs and two large sedans [5] - The number of Avita's dealers reached 313 as of the first half of this year, with an increase of 54 from the end of last year, and the company plans to expand to over 80 countries and regions by 2030 [5]

Core Viewpoint - Avita Technology has submitted its listing application to the Hong Kong Stock Exchange, aiming to enhance its core competitiveness through fundraising for product development, brand building, and operational support [1][5]. Financial Performance - Projected revenues for Avita Technology are 5.645 billion yuan in 2023 and 15.195 billion yuan in 2024, representing a year-on-year growth of 169.16%. In the first half of 2025, revenue is expected to reach 12.208 billion yuan, a 98.52% increase compared to the same period in 2024 [1]. - Vehicle sales revenue is anticipated to be 11.49 billion yuan, while other business revenues, including driver assistance solutions and after-sales services, are expected to be 718 million yuan [1]. Funding and Valuation - The funds raised from the IPO will primarily be allocated to product and technology development, brand establishment, and sales network expansion [5]. - Avita Technology's valuation is approximately 26.017 billion yuan, based on a recent equity transfer agreement [5]. Shareholding Structure - The largest shareholders of Avita Technology are Chang'an Automobile and CATL, with significant investments from Huawei as well [8]. - Avita has completed payments totaling 11.5 billion yuan to Huawei for a 10% stake in a related company, which is expected to attract more investors [8]. Strategic Partnerships and Future Plans - Avita Technology has established a strategic partnership with Huawei and CATL, focusing on advanced technologies such as L3 autonomous driving solutions [8]. - The company aims to produce four co-created models with Huawei by 2026 and plans to expand this to 17 models by 2030 [8]. Sales Targets - Avita Technology targets global sales of 400,000 vehicles by 2027, with annual revenue reaching 100 billion yuan, and aims for 800,000 vehicles by 2030 and 1.5 million by 2035 [9]. - In October, Avita's sales reached 13,500 units, marking a 34% year-on-year increase and maintaining over 10,000 units sold for eight consecutive months [9].

Core Viewpoint - Changan Automobile has announced that its associate company, Avita Technology, has submitted an application for a public offering and listing on the Hong Kong Stock Exchange, indicating a strategic move towards expanding its market presence in the high-end smart electric vehicle sector [1] Group 1: Company Information - Changan Automobile holds a 40.99% stake in Avita Technology, which specializes in the research and sales of high-end intelligent connected electric vehicles and components [1] - Avita Technology aims to create a new luxury travel experience for users, reflecting the growing demand for premium electric vehicles in the market [1] Group 2: Market Implications - The application for listing on the Hong Kong Stock Exchange signifies Avita Technology's ambition to enhance its capital base and visibility in the competitive electric vehicle market [1] - This move aligns with the broader industry trend of increasing investments in electric vehicle technology and infrastructure, as companies seek to capitalize on the shift towards sustainable transportation [1]

Core Viewpoint - Chang'an Automobile has announced that its associate company, Avita Technology, has submitted an application for a public offering and listing on the Hong Kong Stock Exchange, indicating a strategic move towards expanding its market presence in the high-end smart connected electric vehicle sector [1] Group 1 - Avita Technology is focused on the research and sales of high-end smart connected electric vehicles and components, aiming to create a new luxury travel experience for users [1] - As of the date of the announcement, Chang'an Automobile holds a 40.99% stake in Avita Technology, highlighting its significant investment in the company [1]

Core Viewpoint - Changan Automobile has announced that its affiliate, Avita Technology, has submitted an application for a public stock offering and listing on the Hong Kong Stock Exchange [1] Group 1: Company Information - Avita Technology specializes in the research and sales of high-end intelligent connected electric vehicles and components [1] - Changan Automobile holds a 40.99% stake in Avita Technology [1]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 重庆长安汽车股份有限公司（以下简称"本公司"）接到参股公司阿维 塔科技（重庆）股份有限公司（以下简称"阿维塔科技"）通知，阿维塔科技 于 2025 年 11 月 27 日向香港联合交易所有限公司（以下简称"香港联交所"） 递交了公开发行股票并在香港联交所主板挂牌上市（以下简称"本次发行并上 市"）的申请。 证券代码：000625(200625) 证券简称：长安汽车（长安 B） 公告编号：2025-74 重庆长安汽车股份有限公司 关于联营企业向香港联交所递交上市申请的公告 阿维塔科技主营业务为高端智能网联电动汽车及零部件的研发和销售，专 注于为用户打造新豪华出行体验。截至本公告披露日，公司持有阿维塔科技 40.99%的股权。 阿维塔科技本次发行并上市的申请资料于 2025 年 11 月 27 日刊登在香港 联交所网站（www.hkexnews.hk）。该申请资料版本为阿维塔科技按照香港证 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刊 发，为草拟版本，所载资料可能会适时作出更新及变动。 阿维塔 ...

11月27日晚间，阿维塔科技(重庆)股份有限公司(以下简称阿维塔)申报港股IPO，成为首家向港交所提交 上市申请的央企旗下新能源车企。 阿维塔定位新豪华智能电动汽车品牌，是新长安的高端化战略载体。自品牌成立以来，阿维塔已完成4 轮融资，当前估值超300亿元。 同时，阿维塔聚合长安汽车(11.750,0.09,0.77%)、华为、宁德时代(371.120,-0.08,-0.02%)三方的优势资 源，致力于实现"一个团队、一个目标、一套打法、一举成功"的融合发展。 招股书显示，阿维塔此次申报港股IPO，募集资金将用于产品开发及平台和技术开发、品牌建设和销售 服务网络拓展、补充营运资金等方面。 阿维塔多项经营数据公开 连续八个月销量超1万辆 阿维塔谋划港股IPO早有迹象。天眼查信息显示，2025年9月29日，阿维塔完成股改，市场主体类型 从"有限责任公司(外商投资、非独资)"变为"股份有限公司"。 | 一 子脂是 ■年出版社区本国工机 | | | 自公司 重考察 重关系 遵风红 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...