智通财经APP获悉，12月9日，香港交易及结算所有限公司宣布推出香港交易所科技100指数。港交所科 技100是集团推出的首只港股指数。 据悉，该指数在编制规则中明确设置流动性硬指标与研发成长性软门槛：成分股需满足过去六个月日均 成交额不低于2000万港元，且过去两年研发投入占比超3%或营收年增超5%。 根据港交所公告，港交所科技100指数是一只追踪香港交易所上市市值最大的100家科技公司表现的宽基 股票指数。其成分股涵盖人工智能、生物科技与制药、电动汽车与智能驾驶、信息科技、互联网及机器 人六大创新主题，依据《上市规则》第18A章上市的生物科技公司或第18C章上市的特专科技公司亦符 合纳入资格。 在编制方法上，港交所方面表示，在评估公司是否符合科技主题时，主要考虑因素包括其核心业务性 质、收入分布及行业分类。指数采用流通市值加权法计算，每只成份股的比重上限设定为12%。指数成 份股每半年(6月及12月)调整一次，数据截止日期分别为每年4月及10月的最后一个交易日。 这一门槛设计便于挑选出具备市场热度和成长性确定的科技标的，也将进一步推动港股相关产品在中国 内地市场的发展，契合南向资金对科技板块的配置需求，满足 ...

121家企业不满10岁即上市：深圳上市公司何以"少年感"十足? 作者：秦新安 ▪ 郑栩彤 上周(12月1日至5日)，深圳企业再掀上市高潮，仅港股市场就有7家深圳科创企业集中递表。其中，乐 动机器人、曦华科技、基本半导体皆为不满10岁的"15后"公司，拟冲刺"A+H"上市的"非洲之王"传音控 股(688036.SH)也只有12岁(A股上市时为6岁)。 事实上，近年来深圳产生了一大批"少年上市公司"。官方统计数据显示，截至目前，深圳已有121家企 业在成立不到十年时就成功上市，包括A股87家、港股34家。其中不乏比亚迪(002594.SZ，01211.HK)、 大族激光(002008.SZ)、影石创新(688775.SH)、奥比中光(688322.SH)、越疆机器人(02432.HK)等知名企 业。 深圳何以盛产年轻生猛的"少年上市公司"？第一财经记者多方采访发现，这与深圳多年积累形成的创新 资源红利转化、政策持续托举及金融资本助推分不开。 一位区域经济研究专家对记者分析，作为经济特区和改革创新之城，深圳长期致力于发展高科技产业， 吸聚了大量创新人才和创业企业，构筑起庞大的上市资源"塔底"；深圳政府一贯重视扶持企 ...

Group 1: Domestic Passenger Car Market Performance - In November, the retail volume of passenger cars in China was 2.225 million units, a year-on-year decrease of 8.1% and a month-on-month decline of 1.1% [1] - Cumulative retail sales from January to November reached 21.483 million units, reflecting a year-on-year growth of 6.1% [1] - The market growth pattern shows fluctuations, with a trend of "high in the front and stable later," indicating a return to normal growth [1] Group 2: New Energy Vehicle (NEV) Market Dynamics - In November, 22 manufacturers achieved monthly NEV wholesale sales exceeding 10,000 units, contributing 94.2% to total NEV sales, with leading brands being BYD, Geely, and Chery [2] - The "second-generation" NEV brands are showing strong growth, with their market share reaching 14.65%, up by 1.1 percentage points year-on-year [2] - The export of NEVs from Chinese brands reached 1.78 million units from January to November, a staggering increase of 139% year-on-year, with NEVs accounting for 40.6% of total exports [3] Group 3: Pricing and Promotion Trends - In November, the number of models with price reductions was 19, a decrease from the previous year, while the average discount for new energy vehicles rose to 10.1%, an increase of 3.1 percentage points year-on-year [4] - The average price reduction for new energy vehicles from January to November was 24,000 yuan, equivalent to 11.7% of the vehicle price [5] - The overall inventory in the industry increased by 60,000 units in November, contrasting with a decrease of 220,000 units in the same month last year [5] Group 4: Future Market Outlook - The expiration of the new energy vehicle purchase tax exemption at the end of the year is expected to boost sales in December, but may lead to challenges in 2026 due to reduced incentives [6] - Analysts predict that total passenger car wholesale sales will grow by approximately 2.9% in 2026, with NEVs being the main growth driver [7] - The competition in the market is expected to intensify with the introduction of 173 new models in 2026, over 90% of which will be NEVs or offer NEV options [7]

Core Insights - The domestic passenger car retail market in China experienced a decline in November, with retail volume at 2.225 million units, down 8.1% year-on-year and a slight decrease of 1.1% month-on-month. Cumulatively, from January to November, retail sales reached 21.483 million units, reflecting a year-on-year growth of 6.1% [1] - The market dynamics show a pattern of "high at the beginning, stable later, and pressure in the fourth quarter," influenced by high base figures from the previous year and a gradual return to normal growth [1] - The "old-for-new" subsidy policy significantly supported market growth earlier in the year, but its impact is diminishing as subsidies are phased out, leading to a decrease in daily subsidy applications [1] Passenger Car Market Performance - In November, the wholesale sales of new energy vehicles (NEVs) saw 22 manufacturers surpassing 10,000 units, contributing 94.2% to total NEV sales, indicating a concentration in the market [2] - Major domestic brands like BYD, Geely, and Chery led the sales, with respective volumes of 475,000, 188,000, and 112,000 units [2] - The "second-generation" new energy brands are gaining momentum, with their market share reaching 14.65%, up 1.1 percentage points year-on-year [2] Export Trends - November marked a record high for passenger car exports at 601,000 units, a significant year-on-year increase of 52.4%. Domestic brands accounted for 525,000 units of this total [3] - Cumulatively, from January to November, exports of domestic brand NEVs reached 1.78 million units, a staggering increase of 139% year-on-year, with NEVs making up 40.6% of total exports [3] - The structure of NEV exports is improving, with the share of plug-in hybrid vehicles rising from 26% to 42% year-on-year [3] Promotional Activities and Market Dynamics - The anticipated year-end "tail effect" in the market did not materialize, although promotional activities remain strong, particularly for traditional fuel vehicles and NEVs [4] - In November, the average promotional discount for traditional fuel vehicles was stable at 24%, while NEVs saw an increase in promotional intensity, averaging 10.1% [4] - The average price reduction for new NEVs from January to November was 24,000 yuan, equating to 11.7% of the vehicle price [4] Inventory and Market Outlook - Due to weak retail performance in November, overall industry inventory increased by 60,000 units, contrasting sharply with a decrease of 220,000 units in the same month last year [5] - The inventory warning index for automotive dealers rose to 55.6%, indicating a decline in industry prosperity [5] - Looking ahead, the expiration of the NEV purchase tax exemption is expected to boost December sales but may create pressure for 2026, potentially leading to a "micro-growth" phase in the domestic market [6] Future Projections - Analysts predict that total passenger car wholesale sales will grow by approximately 2.9% in 2026, with NEVs expected to drive this growth with a projected increase of 19% [7] - The competitive landscape is set to intensify with 173 new models expected to launch, over 90% of which will be NEVs or offer NEV options [7] - The domestic market may enter a deep adjustment phase in 2026, with globalization becoming a critical factor for future automotive company trajectories [7]

11月分析:年初判断的国内零售增速呈现"前低中高后平"的走势已成定局。"双新政策"起到了稳定车市 和调节增长幅度的作用。下半年价格"反内卷"有效地得到了遏制。今年的插混车在国内外两个市场出现 极大反差，即国内放慢增速、出口加速增长。11月，新能源乘用车在国内零售渗透率已达59.4%，其在 自主品牌中的新能源车渗透率达79.6%；其在豪华车中的新能源车渗透率达38.8%。11月，乘用车出口 (含整车与CKD)呈现同环比双增长态势。 | 单位:辆 | | | | | | | --- | --- | --- | --- | --- | --- | | NO• | 自 厂商 | 2025.11 | 环比 | 同比 | 份额 | | 1 | 比亚迪汽车 | 474,921 | 8.7% | -5.8% | 15.8% | | 2 | 吉利汽车 | 310,428 | 1.1% | 24.1% % | 10.4% | | 3 | 奇瑞汽车 | 262,475 | -3.1% | -3.6% | 8.8% | | 4 | 长安汽车 | 179,650 | -0.8% | -4.5% | 6.0% | | 5 | 汽大众 | ...

点 击 蓝 字 关 注 我 们 本文全文共603 字，阅读全文约需 2 分钟 据中国汽车流通协会乘用车市场信息联席分会最新销量数据统计，2025年11月份国内狭义乘用车市场 零售 销量达222.5万辆，同比下降8.1%，环比下降1.1%；1-11月份累计销量2148.3万辆，同比增长6.1%。 | 11月销量 | | 1-11月累计销量 | | --- | --- | --- | | 222.5万辆 | | 2148.3万辆 | | 同比 8.1% | | 同比16.1% | | 环比 J 1.1% | | | | 各车型大类 | | | | 11月销量 | | 1-11月累计销量 | | #4 | 100.7万辆 | 983.1万辆 | | 同比↓ 10.0% 环比↓ 1.5% | | 同比↑5.3% | | MPV | 8.6万辆 | 95.3万辆 | | 同比↓ 16.8% 环比↑ 1.0% | | 同比↑0.1% | | SUV | 113.2万辆 | 1069.9万辆 | | 同比 5.6% 环比 0.9% | | 同比↑7.3% | | NEV | 132.1万辆 | 1147.2万辆 | | 同 ...

Group 1 - The core investment logic revolves around understanding the underlying demand for products, such as Moutai being a social currency in China rather than just a beverage [2][3] - The shift in consumer behavior, with increased spending power among the public, has led to a rise in Moutai consumption during gatherings and business events [3] - Long-term holding of quality assets like Moutai can effectively dilute costs, making it a reliable investment compared to traditional savings [3] Group 2 - The investment in Pinggao Electric was based on recognizing the policy-driven opportunities and the industrial logic related to energy transmission amidst severe pollution issues [6] - The tire mold industry is characterized by consistent demand, as new cars require molds and old ones need replacement, indicating a clear growth potential for companies like Haomai [8] - The investment in China Shenhua and China Mobile during market panic highlighted the importance of focusing on core assets with high dividend yields and low valuations [13] Group 3 - The investment strategy has evolved from relying on luck to a more structured approach based on asset allocation and industry research, emphasizing the importance of investing in understandable and essential companies [16] - Companies with strong management and stable income sources, such as Standard Chartered, are seen as resilient investments due to their diversified revenue streams and consistent dividends [15]

复盘来看，今年国内乘用车市场零售累计增速从1~2月增长1.2%，3~6月增长15%，7~9月增速徘徊在6%左右， 10~11月回落到偏低状态，呈现四季度高基数的减速特征，基本符合乘联分会在今年年初所判断的"前低中高后 平"的走势。 乘联分会认为，今年调节车市增速的重要政策是"以旧换新"。截至10月22日，2025年汽车以旧换新补贴申请量突 破千万辆，前11个月申请量已达1120万辆。随着各地补贴大面积暂停，11月的日均补贴规模降到3万辆，增速调节 效果明显。 新能源车月销1万辆以上车企增至22家 与往年年底车市翘尾走势不同的是，今年11月国内乘用车市场销量同比出现下滑。 12月8日，乘联分会公布的最新数据显示，11月，全国乘用车市场零售销量约222.5万辆，同比下降8.1%，环比下 降1.1%；今年以来累计零售销量约2148.3万辆，同比增长6.1%。 "11月乘用车市场销量环比出现下降，是比较少见的。"乘联分会秘书长崔东树认为，今年上半年，我国乘用车市 场销量实现了13%的较快增长，下半年车市增长需要回到合理、稳定的状态。 图片来源：每经记者 张建 摄 随着众多车企在新能源车路线上"多线并举"策略的实施，1 ...

重磅喜讯！ 东莞又迎来一家百亿企业 谢岗镇比亚迪新能源汽车 关键零部件项目 年产值突破百亿元 成为东莞第19家 年产值破百亿的龙头企业 谢岗镇迎来首家百亿龙头企业 记者从谢岗镇获悉，2025年12月，该镇产业发展迎来里程碑时刻——比亚迪新能源汽车关键零部件项目年产值突破百亿元，不仅成为东莞市第19家年产值 超百亿元的龙头企业，更让谢岗镇跻身全市第11个拥有百亿工业龙头企业的镇街（园区），实现了年产值超百亿元企业"零的突破"。 从2022年首次落子谢岗，到此后的两度加码投资，比亚迪在谢岗构建起计划总投资105亿元、占地约126万平方米的产业布局。这一持续深耕的布局，既彰 显了比亚迪锚定大湾区的战略远见，也印证了东莞市委市政府推动产业立新柱的坚定决心，更见证了谢岗镇紧抓粤港澳大湾区协同发展的时代东风，以战 略区位为依托、以产业升级为引擎，在区域融合发展浪潮中加速崛起的强劲势头与奋进姿态。 1 谢岗镇地处东莞市最东端，坐落于"东莞第一峰"银瓶山脚下，接壤惠州、毗邻深圳，是东莞的"东大门"，辖区总面积达91.04平方千米。凭借"一镇连三 城"的优越区位，广梅汕铁路、莞惠城际、深惠城轨穿城而过，4条高速公路形成"井"字 ...

人民财讯12月9日电，据东莞发布消息，2025年12月，东莞比亚迪（002594）新能源汽车关键零部件项 目(简称"东莞比亚迪")年产值突破百亿元，成为全市第19家产值超百亿的龙头企业。 ...