Group 1 - The Hang Seng Index rose by 0.61% and the Hang Seng Tech Index increased by 1.15% [1] - Xiaomi Group-W's stock price increased by 4.6%, surpassing 40 HKD [1] - Lei Jun invested over 100 million HKD to acquire 2.6 million shares of Xiaomi Group [1] Group 2 - Hesai Technology's stock surged nearly 14% following the announcement of its self-developed RISC-V lidar main control chip, Fermi C500 [1]

来源：第一财经 恒指报25875.36点，涨0.62%，恒生科技指数报5609.71点，涨1.16%。硬件设备、有色金属、医药、半 导体板块涨幅居前，电信、食品饮料板块走低。哔哩哔哩涨超5%，小米集团涨超4%，百度集团涨超 3%，禾赛大涨近14%，文远知行涨2%。（AI生成） ...

Group 1 - Fubo Group (03738) increased by over 9% after launching AI music detection services on November 21 [1] - Hard Egg Innovation (00400) rose nearly 8% as it reported a revenue of approximately RMB 3.332 billion for Q3 2025, a year-on-year increase of about 22.1% [1] - ZTO Express (02057) saw a rise of over 4% following a report indicating a Q3 revenue and adjusted net profit growth of 11% and 7% year-on-year, respectively [1] - Qiniu Intelligent (02567) increased by 5% due to its core advantage in integrated MPaaS technology, supporting one-stop audio and video solutions [1] Group 2 - HAPO Pharmaceuticals-B (02142) rose nearly 5% after announcing an expanded collaboration with AstraZeneca for new generation biotherapies [2] - Junshi Biosciences (01877) increased by over 5% after achieving primary research endpoints in a clinical study for its drug JS001sc [2] - Dazhong Public Utilities (01635) rose over 8% following the announcement of the successful IPO of Moer Thread, marking a record high issuance price in the A-share market [2] Group 3 - Airline stocks faced declines, with China Eastern Airlines (00670) dropping nearly 6% and China Southern Airlines (01055) down nearly 3% due to a significant increase in flight cancellations to Japan [3] Group 4 - Alibaba-W (09988) increased by over 3% after its app surpassed 10 million downloads within a week of public testing [4] - Xiaomi Group-W (01810) rose over 5% as its founder invested over HKD 100 million to increase his stake to 23.26%, reflecting confidence in the company's growth potential [4] Group 5 - U.S. storage stocks saw collective gains, with SanDisk (SNDK.US) up 13.33% and Western Digital (WDC.US) up 8.43%, following a bullish outlook from Bank of America [5] - Qudian (QD.US) rose 10.3% after reporting a Q3 diluted earnings per ADS of RMB 2.47, exceeding last year's figure [5] - WeRide (WRD.US) surged 14.72% with a 144% year-on-year revenue growth to RMB 171 million for Q3, attributed to fleet expansion [5] Group 6 - Lotus (LOT.US) fell 1.57% after reporting a narrower loss of USD 0.10 per share for Q3, with sales declining to USD 137 million [6] - Chinese concept stocks mostly rose, with HSAI (HSAI.US) up 18.08% and Alibaba (BABA.US) up 5.1%, driven by significant partnerships in the ADAS sector [6] Group 7 - Major tech stocks in the U.S. saw gains, with Google A (GOOGL.US) up 6.31% and Tesla (TSLA.US) up 6.82%, following advancements in AI technology [7]

Group 1 - The U.S. government has launched a new national initiative called the "Genesis Project" aimed at transforming scientific research through artificial intelligence (AI) [1] - The initiative will involve the Department of Energy creating an AI experimental platform that integrates supercomputers and unique data assets to support scientific modeling and robotics [1] - This initiative aligns with a previous AI policy blueprint released by President Trump, which encourages investment in automated cloud computing laboratories across various scientific fields [1] Group 2 - U.S. stock markets experienced a rebound, with the Dow Jones rising by 0.44%, the S&P 500 increasing by 1.55%, and the Nasdaq gaining 2.69% [3] - Major tech stocks saw significant gains, with Tesla up nearly 7%, Google rising over 6%, and Amazon increasing by nearly 3% [5] - The Nasdaq Golden Dragon China Index surged by 2.82%, with individual stocks like Hesai Technology rising over 18% and Pony.ai increasing over 12% [5] Group 3 - Federal Reserve officials have indicated a potential interest rate cut, with one official suggesting a decrease in December [6] - Fed Governor Waller noted that most private sector data indicates a weak job market, advocating for a rate cut in December [7] - Waller emphasized that January will present challenges as a significant amount of data will be released to assess the need for further rate cuts [7]

记者丨曾静娇 见习记者张嘉钰 编辑丨谭婷 美股大型科技股集体上涨。万得美国科技七巨头指数涨2.89%，特斯拉涨近7%，谷歌涨超6%，英伟达 涨超2%。 美股存储概念股集体走强，闪迪收涨超13%，西部数据、美光科技、希捷科技涨超6%。 据智通财经报道，美国顶级投行摩根士丹利分别上调了对闪迪和美光的目标价，理由是内存市场的"全 线短缺正在加剧"，并认为近期半导体股票的抛售"似乎并不合理"。此外，当地时间11月24日闪迪被纳 入标普500指数。 当地时间11月24日，美国三大股指全线收涨，道指涨0.44%，标普500指数涨1.55%，纳指涨2.69%。 | 美股指数 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 46448.27 | 22872.01 | 6705.12 | | +202.86 +0.44% +598.93 +2.69% +102.13 +1.55% | | | | 中国金龙 | 纳指100期货 | 标普500期货 | | 7726.23 | 24962.75 | 6725.00 | | +211.92 +2.82% +657.25 +2.70 ...

Core Insights - Chinese concept stocks saw a pre-market rally, with notable gains in companies like Hesai (HSAI.US) up over 9%, Bilibili (BILI.US) and Pony.ai (PONY.US) nearly 7%, and NIO (NIO.US) and NetEase (NTES.US) over 4% [1] - The Hang Seng Tech Index rose significantly by 2.87% during the day [1] - Hesai Technology has secured partnerships with its two major ADAS clients, Xiaomi and Li Auto, for full model cooperation by 2026, with plans for 100% laser radar standardization [1] - Alibaba's Tongyi Qianwen app achieved over 10 million downloads within a week of its launch, becoming the fastest-growing AI application [1] - Despite a recent pullback in global tech stocks, several foreign investment banks, including Morgan Stanley, JPMorgan, and UBS, have expressed bullish views on Chinese stocks, with Morgan Stanley predicting further gains by 2026 [1] Company Highlights - Hesai Technology's laser radar will be standard in all models of its major clients, indicating strong demand and potential revenue growth [1] - Alibaba's rapid success with its AI app reflects the growing interest and investment in AI technologies within the Chinese market [1] Industry Trends - The positive outlook from major foreign investment banks suggests a potential recovery and growth phase for Chinese stocks, contrasting with the global tech stock pullback [1] - The strong performance of the Hang Seng Tech Index indicates a favorable environment for technology companies in China [1]

如果您希望可以时常见面，欢迎标星收藏哦~ 来 源 ： 内容来自 禾赛科技 。 11 月 24 日，全球激光雷达领导者禾赛科技（NASDAQ: HSAI； HKEX: 2525）在上海禾赛麦克 斯韦全球研发智造中心举办 2025 技术开放日活动。禾赛科技联合创始人及首席科学家孙恺博士 以"激光雷达的鱼与熊掌：拉高上限还是守住下限"为主题，重磅发布基于 RISC-V 架构的激光雷 达专用高性能智能主控芯片费米 C500，同时发布全球唯一「光子隔离」安全技术，和 256 线安全 激光雷达 ATX 焕新版。目前，「光子隔离技术」已全系搭载至禾赛 ATX、ETX 等主激光雷达， 具备超越行业的安全性与可靠性，做到了物理层面的极致"零误报"。 累计交付 1.85 亿颗， 全栈自研完成最后一块拼图 禾赛激光雷达专用高性能智能主控芯片费米 C500，补齐了禾赛第四代芯片平台全栈自研的最后一 块拼图。费米 C500 采用自主可控的 RISC-V 架构，保障供应链安全与技术迭代自主性。其单芯 片集成 MCU、FPGA、ADC 于一体，是全球首款片上融合功能安全与网络安全双重认证的激光雷 达专用主控芯片，从硬件层满足车载场景对可靠 ...

| HSAI 未赛 | | | | --- | --- | --- | | 15 430 + +0.400 +2.66% | | 收盘价 11/21 16:00 美东 | | 16.600↑ 1.170 +7.58% | | 盘前价 11/24 04:04 美东 | | 三 7 24 华 5 8 日 ♥ 白 ♥ 白 ♥ 白 ♥ 白 ♥ 白 一 白 一 白 | | ● 快捷交易 | | 最高价 15.550 | 开盘价 15.000 | 成交量 361.27万 | | 最低价 14.690 | 昨收价 15.030 | 成交额 5479.58万 | | 平均价 15.167 | 市盈率 M 34.67 | 总市值 24.09亿 … | | 振 幅 5.72% | 市盈率(静) 亏损 | 总股本 1.56亿 | | 换手率 2.87% | 市净率 1.936 | 流通值 19.43亿 | | 52周最高 30.850 | 委 比 29.03% | 流通股 1.26亿 | | 52周最低 4.700 | 量 比 0.86 | 每 手 1股 | | 历史最高 30.850 | 股息TTM -- | 换股比率 1.00 ...

（文章来源：第一财经） 11月24日，禾赛科技在上海禾赛麦克斯韦全球研发智造中心举办2025技术开放日活动。禾赛科技发布基 于RISC-V架构的激光雷达专用高性能智能主控芯片费米C500。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the industry [12] Core Insights - The report highlights significant growth in revenue and profitability for the company, with Q3 net income reaching $111.7 million, a year-on-year increase of 47.5% [5] - The company achieved a record net profit of $36 million in Q3, marking a substantial turnaround from previous losses, and has raised its full-year GAAP net profit forecast to between $49 million and $63 million [5] - The company has solidified its leading position in the long-range vehicle lidar market, maintaining a market share of 46% as of August, which is 1.5 times and 2.4 times that of its second and third competitors, respectively [6] Revenue and Profitability Performance - Q3 net revenue reached $111.7 million, up 47.5% year-on-year, with product revenue increasing by 57% due to a significant rise in ADAS shipments and sales of robotic lidar products [5] - The total lidar shipment for the quarter was 441,400 units, with ADAS lidar shipments reaching 380,800 units, a year-on-year increase of 193.1% [5] - The gross margin remained healthy at 42%, while operating expenses decreased by 23% year-on-year, showcasing effective cost management [5] Market Position and Customer Structure - The company has secured key orders in the global market, achieving 100% lidar design wins for two major ADAS customers' entire 2026 model lineup [6] - The company has established new supply agreements with leading autonomous taxi and truck companies, covering major markets in North America, Asia, and Europe [7] Product and Technology Layout - The company continues to drive product upgrades through technological leadership, with its high-end ETX lidar gaining recognition and securing design orders from top domestic new energy vehicle manufacturers [7] - The transition to L3 multi-lidar solutions is accelerating, with expectations that each L3 autonomous vehicle will require 3-6 lidar units, increasing the per-vehicle value to between $500 and $1,000 [7] Operational Efficiency and Capacity Building - The company has enhanced operational efficiency through AI-driven improvements in cost, cycle time, and quality, becoming the first lidar manufacturer to exceed an annual production of one million units [8] Investment Recommendations - The report suggests that the company is entering a positive cycle of scaling, profitability enhancement, and technological iteration, with a focus on high-end customer acquisition and global order fulfillment [9]