昨日 美股 1. 携程网(TCOM.US)涨0.96%， 携程宣布，与现场娱乐公司Live Nation Asia宣布建立多年的战略合作伙 伴关系，将旅游和现场音乐体验整合到亚洲的关键市场。 10. 丰田汽车(TM.US)涨1.44%。 丰田日前宣布，计划最早在2027年推出首款搭载量产全固态电池技术的 车型，目标是在续航、充电速度和性能上全面领先。 免责声明及一般披露提示：本报告仅作一般综合数据之用，旨在贝塔投研及其关联机构之用户作一般阅览及数据参 考，并未考虑接获本报告之任何人士之特定投资目标、投资产品偏好、风险承受能力、财务状况及特别需求投资者若 基于此报告做出投资前，必须咨询独立专业顾问的意见。任何因使用或参考本报告提及内容或信息做出投资决策的人 士，需自行承担风险。贝塔投研毋须承担因使用本报告所载数据而可能直接或间接引致之任何责任或损失。本报告所 载信息及数据基于已公开的资料，仅作参考用途，贝塔投研力求但不保证相关信息及数据的可靠性、准确性和完整 性。本报告中所提及之信息或所表达之观点，在任何司法管辖权下的地方均不可被作为或被视作证券出售邀约或证券 点击蓝字，关注我们 今日上午港股 1. 新奥能源( ...

行业评级 领先 9 月新能源车渗透率升至 57.8%，看好四季度销量冲刺提振车市表现 估值概要 交银国际研究 行业更新 2025 年 10 月 14 日 汽车行业月报 资料来源： FactSet 、交银国际预测 ^ 截至 2025 年 10 月 13 日收盘价 李柳晓, PhD, CFA joyce.li@bocomgroup.com (852) 3766 1854 此报告最后部分的分析师披露、商业关系披露和免责声明为报告的一部分，必须阅读。 下载本公司之研究报告，可从彭博信息：BOCM 或 https://research.bocomgroup.com 行业与大盘一年趋势图 资料来源 | 公司名称 | 股票代码 | 评级 | 目标价 | 收盘价 | | -----每股盈利----- | ----市盈率---- | | | ----市账率---- 股息率 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | FY25E | | | FY26E FY25E FY26E FY25E FY2 ...

Core Viewpoint - The humanoid robot industry is projected to become a trillion-dollar market, with significant growth expected in China by 2025, marking the beginning of a new era for humanoid robots [2][3]. Market Size Forecast - By 2045, the humanoid robot market in China is expected to reach 10 trillion RMB, while global annual revenue for humanoid robots could exceed 5 trillion USD by 2050 [3]. - NVIDIA's CEO highlighted that the AI-enhanced robot industry represents a new 10 trillion USD market opportunity [3]. Technological and Industrial Maturity - The current state of the robot industry is likened to the prelude of the smartphone and electric vehicle revolutions, with advancements in AI and robotics driving automation and intelligence [4]. - Key components of robots are becoming increasingly localized and modular, significantly reducing costs while scaling production [4]. Leading Enterprises and Innovation - Prominent companies like Yushun, Zhiyuan, and UBTECH are emerging, fostering a vibrant ecosystem of innovation that accelerates the transition from technological innovation to industrial growth [4]. - Component manufacturers are experiencing increased production volumes due to rising demand [4]. Synergy with Intelligent Connected Vehicles - The automotive industry, particularly in intelligent connected vehicles, shares numerous synergies with the humanoid robot sector, enhancing hardware, software, and application scenarios [5]. - Similarities in foundational hardware between autonomous vehicles and humanoid robots facilitate mutual empowerment in technology [6]. Software and Supply Chain Collaboration - Algorithms used in humanoid robots and autonomous vehicles show significant overlap, particularly in path planning and motion control [6]. - Over 50% of supply chain resources are shared between the automotive and humanoid robot industries, especially in sensors and chips [7]. Cost Reduction and Production Efficiency - The adoption of high-quality, low-cost components from the automotive sector is expected to significantly lower production costs for humanoid robots [7]. - The automotive industry's advanced automated production methods can enhance the efficiency and consistency of humanoid robot manufacturing [7]. Sales Channels and After-Sales Service - The automotive sales and service networks can effectively support the distribution and maintenance of humanoid robots, addressing reliability concerns [9]. - The transition from B2B to B2C and B2H sales models for humanoid robots is anticipated, with automotive dealerships potentially playing a key role [9]. Integration into Automotive Production - Humanoid robots are already being integrated into automotive production lines, performing various tasks and enhancing efficiency [10][11]. - Companies like Tesla are leading the way in applying humanoid robots in manufacturing, achieving significant improvements in speed and accuracy [11]. Future Applications and Scenarios - Humanoid robots are expected to extend their roles beyond manufacturing to include tasks such as driving assistance and logistics in challenging environments [12].

此外，摩根士丹利将2025年内地汽车销售上调6%至2990万辆，意味按年升9%，因预期刺激政策到期前 将出现提前购车潮，以及近期多款新车型上市有望推动第四季批发销售。大摩将禾赛目标价上调至35美 元，予"增持"评级。(格隆汇) 禾赛(HSAI.US)盘前涨超7%，报23.62美元。消息面上，禾赛宣布，2025年度第100万台激光雷达已于9 月底正式生产下线。禾赛成为全球首个年产量突破百万台的激光雷达企业，将以"年百万级"超大规模量 产交付能力继续引领激光雷达行业标准。这一里程碑也标志着禾赛科技阶段性实现了其创业以来的首个 企业愿景，即"2025年让全球1%的车辆具备三维感知能力。" ...

Group 1 - Debon Logistics has launched a logistics line connecting China to six Middle Eastern countries, including the UAE and Saudi Arabia, with tailored customs and delivery solutions for various product categories [5][6] - Temu has partnered with e-commerce platform Base.com to enhance operational efficiency for cross-border sellers in markets like the UK and the US, offering streamlined order fulfillment and inventory management [5][6] - SHEIN plans to open its first physical stores in France in November, marking its first foray into brick-and-mortar retail after focusing primarily on online sales [6] Group 2 - TikTok is testing a self-operated e-commerce feature called "Trendy Beat" in the UK, aiming to sell products directly sourced by TikTok, enhancing its e-commerce strategy [6] - Xiaomi is accelerating its European expansion by opening flagship stores in Germany and Spain, with plans to sell electric vehicles by 2027 [7] - BYD has officially rolled out its 14 millionth new energy vehicle in Brazil, with the Brazilian president becoming a car owner, highlighting BYD's dominance in the Brazilian market [8] Group 3 - Hesai Technology has become the first company globally to produce over one million lidar units annually, maintaining a leading market share in the ADAS sector [8] - Natural堂 has completed a new financing round, raising 300 million RMB, with a valuation exceeding 7 billion RMB, and plans for an IPO in Hong Kong [9] - Anlan Power has secured angel funding to develop electric smart jet skis, targeting markets in North America, Europe, and emerging regions [9] Group 4 - Dap Bio has completed a Series B financing round to accelerate the global commercialization of its high-end life science instruments, focusing on drug discovery and synthetic biology [9] - Saudi Arabia will implement new freight regulations requiring advance declaration of cargo through the FASAH platform, effective October 29, 2025, to enhance logistics efficiency [11] - The trend of Chinese innovative drugs going global continues, with notable partnerships and licensing agreements, reflecting the global recognition of China's R&D capabilities [12]

Core Insights - Mobileye is currently unprofitable, with an expected operating loss between $436 million to $512 million for the full year, but it has approximately $1.7 billion in cash and cash equivalents, rising free cash flow, and minimal debt, positioning it to navigate industry challenges [1] - The company is enhancing its growth through strategic partnerships with automakers like ZEEKR, Porsche, Mahindra, and Volkswagen, focusing on Advanced Driver Assistance Systems (ADAS) [2][3] - Mobileye's technology is aimed at improving automotive safety and productivity, with a growing adoption of multicamera setups to support hands-free driving [3][4] Company Overview - Mobileye Global (NASDAQ: MBLY) specializes in developing and deploying ADAS and autonomous driving technologies, offering comprehensive software and hardware solutions for automakers [4] - The company is viewed as a solid investment opportunity in the robotaxi sector, particularly for investors looking to avoid the volatility associated with Tesla [4][6] Market Potential - The robotaxi ride-share market is projected to grow at a 90% compound annual growth rate from 2025 to 2030, indicating significant investment opportunities in this sector [5] - The driverless vehicle market is expected to be worth trillions of dollars within a decade, highlighting the immense growth potential for companies like Mobileye [6][16] Competitive Landscape - The number of robotaxis and driverless vehicles is anticipated to increase significantly, from approximately 1,500 currently to about 35,000 by 2030, suggesting a robust market for ADAS technologies [16][17] - Mobileye, along with Aptiv and Hesai, is positioned as a key player in advancing driverless vehicles and ADAS, making them attractive options for investors [17]

近期，禾赛科技宣布，2025 年度第100万台激光雷达已于9月底正式生产下线，成为全球首个年产量突 破百万台的激光雷达企业。此外，截至2025年Q2，禾赛科技在 ADAS 和机器人领域的累计交付量已超 过137万台；2025年全年规划年产能超200万台，预计年交付量120万至150万台。 ...

随着更多A股龙头企业加入"A+H"阵营，双融资平台正成为国际化进程中的标配。 撰稿小豹，全文2500字，欢迎点击文首订阅豹速科技财经。 9月30日，新诺威、科兴制药、科泰电源三家A股上市公司不约而同公告筹划赴港上市。 至此，仅9月单月，已有25家A股公司宣布赴港计划。 Wind数据显示，截至10月2日，还有76家A股上市公司已向港交所递表，排队等待聆讯。 面对国际资本市场格局的重构，中国企业正以"A+H"双平台为支点，撬动全球资源整合的新杠杆。 1 热潮涌动： 港股IPO市场的"中资时刻" 2025年的港股市场，正迎来一场中资企业上市的盛宴。 港交所网站显示，截至9月30日，今年受理的新申请高达286家，是去年的两倍有余。 今年前三季度，港股共迎来66只新股IPO上市，新股首发募集资金累计约1823亿港元。 这一数字已超过2024年全年的两倍。 "过去一年，香港交易所见证了中国科技力量的集中爆发，也见证了全球投资热情重回港股市场。"港交所行政总裁陈翊庭在9月初出席2025港交所未来科 技峰会时表示。 截至8月底的融资总额达1345亿港元，较2024年同期增长接近6倍，远超全球新股融资额的同比增幅。 在这轮热潮 ...

Core Insights - Hesai Technology (HSAI) reported significant growth in Q2 2025, achieving a revenue of 710 million RMB, a year-on-year increase of over 50%, marking five consecutive quarters of revenue growth [1] - The company turned a profit in Q2 2025, with a net profit of 44.1 million RMB, a turnaround from a net loss of 72.1 million RMB in the same period last year, indicating improved operational efficiency and cost control [1] Revenue and Profitability - In Q2 2025, Hesai's revenue reached 710 million RMB, reflecting a growth of over 50% year-on-year [1] - The company achieved a net profit of 44.1 million RMB in Q2 2025, compared to a net loss of 72.1 million RMB in the same quarter of the previous year [1] Delivery and Market Position - Hesai delivered a total of 352,095 LiDAR units in Q2 2025, representing a year-on-year increase of 306.9% [2] - The ADAS (Advanced Driver Assistance Systems) segment was the core revenue driver, with a delivery increase of 275.8%, totaling 303,600 units [2] - Hesai maintained the top market share in the automotive LiDAR sector, with a 33.0% market share in the first half of 2025, consistent with its Q1 2025 ranking [2] Industry Trends - The domestic LiDAR installation volume is projected to exceed 1.5 million units in 2024, with a year-on-year increase of 179.7%, and is expected to reach 2.5 million units in 2025 [3] - The penetration rate of LiDAR in new energy passenger vehicles reached 17% in June 2025, indicating a significant shift from "early adopters" to "early majority" [5][6] Product Development and Innovation - Hesai's ATX automotive-grade compact long-range LiDAR has gained widespread market recognition and is becoming a standard safety component in various vehicle models [8] - The company reported a remarkable increase in robot product deliveries, with 48,531 units delivered in Q2 2025, a year-on-year surge of 743.6% [8] - Hesai has established deep collaborations with companies in the robotics sector, indicating successful application of automotive-grade LiDAR technology in new fields [8] International Expansion - In H1 2025, Hesai made significant strides in international market expansion, entering the Toyota supply chain and securing new model contracts for production in 2026 [10] - The company is also advancing projects with a top European automaker, laying the groundwork for large-scale production in 2026 [10] Competitive Landscape - Hesai has been recognized as the only Chinese company to achieve multiple "global first" accolades in the LiDAR sector for four consecutive years, holding a 33% market share in the global automotive LiDAR market [10] - The global automotive LiDAR market is projected to grow to $861 million in 2024, with a year-on-year increase of 60% [10]

关注 「电动车公社」 《今日新闻》将会每天给大家带来几条当日重磅新闻，并附上社长的简单评论。关注「电动车公社」，新能源圈大事小事 看我们就够啦～ 今日新闻要点： 从禾赛"2025年让全球1%的车辆具备三维感知能力"的愿景来看，这一目标算是超额完成了。在这背后，一方面离不开禾赛自身的生产制造能力、品质把控能 力以及最关键的激光雷达7大核心零部件的自研能力，也同样离不开智能电动车行业对辅助驾驶及主动安全的重视，和大量用户真金白银的支持。 2、 捷豹路虎停产复工 筹集35亿英镑贷款 近日，捷豹路虎继全球停工一个多月后正式复工。英国官方已宣布向其提供15亿英镑担保贷款，5年内还清；此外 花旗集 团 、三菱日联金融集团和渣打银行 也已经同意向其提供为期18个月的20亿英镑信贷融资， 以应对从8月31日遭受黑客组织" Scattered Lapsus$ Hunters "入侵以来，停工停产以造成的经济 损失。 1、 禾赛成为全球首个年产过百万的激光雷达企业 近日，禾赛科技宣布其年度第100万台激光雷达已于9月底正式下线，也因此成为全球首个年产过百万的激光雷达企业。 和我们一起重新思考汽车 禾赛成为全球首个年产过百万的激光 ...