热门中概股里，阿里巴巴、台积电、蔚来至多涨1.8%，新东方、理想、小马智行跌超1%，文远知行跌 4.6%。ETF中，ASHS涨1.4%，CQQQ涨0.8%，KWEB涨0.2%。 (本文来自第一财经) 来源：第一财经 ...

北京时间10月30日凌晨，美联储公布利率决议，如期降息25个基点，将联邦基金利率目标区间下调到3.75%至4.00%之间。 同时，美联储决定从12月1日起结束缩减资产负债表（缩表）的计划。 本次美联储利率决议遭遇"鹰鸽双飞"的罕见局面，美联储理事斯蒂芬·米兰连续第二次会议支持降息50个基点，堪萨斯城联 储主席施密德则主张维持利率不变。 受联邦政府"停摆"影响，官方经济统计数据缺失，也让美联储未来的货币政策走向变得扑朔迷离。美联储主席鲍威尔在货 币政策新闻发布会上"放鹰"，称在缺乏数据的情况下，可能有必要更加谨慎，12月降息远非"板上钉钉"。 上述言论发布后，交易员下调了对美联储12月降息的押注，主要资产盘中全线跳水。截至收盘，道指跌0.16%，纳指涨 0.55%，标普500指数平盘报收。美股大型科技股多数收涨，英伟达大涨近3%，总市值站稳5万亿美元上方。伦敦金现盘中 重返4000美元大关后再度失守，现报3929.655美元/盎司，日内跌0.56%。 美联储如期降息并宣布停止缩表 鲍威尔称12月降息并非必然 北京时间10月30日凌晨，美联储公布最新利率决议，宣布将联邦基金利率目标区间下调25个基点到3.75%至 ...

小马智行（Pony AI Inc.）是一家于开曼群岛注册成立的L4级自动驾驶科技公司，拟在香港联交所双重主要上市（股份代号：2026），其美国存托股份已在 纳斯达克上市（代码：PONY）。公司聚焦自动驾驶出行服务、自动驾驶卡车服务及技术授权与应用三大核心业务，是中国唯一一家在四座一线城市获得面 向公众的自动驾驶出行服务全部所需监管许可的企业。 一、全球发售核心信息 全球发售共计4195.57万股发售股份，其中香港公开发售419.56万股，国际发售3776.01万股，最高公开发售价为每股180港元（含相关费用），股份面值 0.0005美元。定价日预计不晚于2025年11月4日，香港公开发售采用全电子化申请流程，投资者可通过白表eIPO服务或香港结算EIPO渠道申请，最低认购100 股，应缴款项18181.54港元起。预计上市日期为2025年11月6日，所得款项净额约71.94亿港元，拟50%用于技术规模化商业化、40%投入研发、10%补充营运 资金。 二、业务布局与运营表现 公司业务覆盖三大板块：自动驾驶出行服务运营超720辆出租车，累计自动驾驶里程超4860万公里，2025年以来每车日均订单逾15单，注册用户 ...

Group 1 - Pony AI Inc. (NASDAQ:PONY) has seen a significant stock increase of 11.13% to $21.87 following the announcement of its initial public offering (IPO) in Hong Kong, which could raise up to $1 billion [1][3] - The company plans to issue over 41.95 million shares, with 4.19 million shares allocated for Hong Kong investors and 37.76 million shares for international investors, with a potential overallotment of up to 7.2 million additional shares [2] - The offer price is expected to be set at no more than HK$180 ($23.17), with the final price to be determined on November 3, 2025, and shares will be traded under the stock code "2026" [3] Group 2 - Proceeds from the IPO will be utilized for advancing Level 4 autonomous driving technology in key markets, with remaining funds allocated for research and development and general corporate purposes [4] - Pony AI has already secured $120 million in cornerstone investments from institutional investors, including $100 million from Uber Technologies Inc. [4]

作者：龙翔 编辑：文筠 近日，自动驾驶公司小马智行（02026.HK，PONY.US）启动港股招股，计划11月6日挂牌上市，成为港交所"科企专线"政策下，首家以保密形式申请双重 上市的自动驾驶企业。值得注意的是，小马智行此次港股最高募资75.52亿港元，超2024年纳斯达克上市3.78亿美元的募资2.5倍。 但从财务数据看，小马智行仍呈现"高营收增长与亏损同步扩大"的特征。财报显示，小马智行2025年上半年营收3543.4万美元，同比增长43.3%，但净亏 损9064万美元，同比扩大75%，单季2025Q2营收2100万美元，同比增长75.9%、净亏损5300万美元，同比扩大70.9%。 那么，小马智行距离盈利还有多远？ 市场普遍认为，要判断一家公司是否能够盈利，需从营收增长质量、亏损扩大原因、成本结构变化、商业化进展四大维度拆解，并结合公司所在行业的特 征，如自动驾驶行业的"重研发、长周期、规模化后盈利"综合判断。 观察小马智行财报可以发现，其业绩增长动力来自核心业务，非一次性收入，其营收增长由三大业务协同驱动。 2025年上半年，小马智行自动驾驶货运（RoboTruck）营收1730万美元（占比48.8% ...

Group 1: Economic Data - The GDP data for various provinces in China shows significant disparities, with Jiangsu leading at 137,008 billion yuan, followed by Guangdong at 141,634 billion yuan, and Shanghai at 53,927 billion yuan [1][2] - Beijing has a GDP of 49,843 billion yuan with a population of 21.83 million, resulting in a per capita GDP of 22.8 million yuan [1] - The lowest GDP recorded is for Ningxia at 2,203 billion yuan, with a population of 729 thousand [2] Group 2: Corporate Developments - Zhong Shanshan, founder of Nongfu Spring, has become the richest person in China for the fourth time, with a wealth increase of 190 billion yuan, totaling 530 billion yuan [6] - Nvidia's market capitalization has approached 5 trillion dollars, driven by a nearly 50% increase in stock price this year, following significant announcements at the GTC conference [7] - Apple has reached a market capitalization of over 4 trillion dollars, becoming the third company to achieve this milestone [8] Group 3: Regulatory and Compliance Issues - The State Post Bureau has conducted an administrative interview with ZTO Express, highlighting issues with service quality and compliance, and requiring improvements [3] - Meituan has denied rumors of being fined by JD.com, stating that the claims are untrue [11][12] Group 4: Market Trends - The price of gold jewelry has dropped significantly, with some brands falling below 1,200 yuan per gram [3] - The wholesale price of Feitian Moutai has fallen below 1,700 yuan per bottle for the first time, marking a decline of over 31% from its initial price [12] Group 5: Technology and Innovation - Google plans to restart a nuclear power plant in Iowa to supply energy for its AI infrastructure, indicating a strategic move to meet growing power demands [17] - OpenAI has completed a capital restructuring, with Microsoft holding a 27% stake in the newly formed OpenAI Group PBC [15]

Key Points - The rumor regarding Midea being fined 5 million by JD.com has been confirmed as false, indicating possible platform manipulation [4] - Xiaomi has made significant organizational adjustments, with Lei Jun leading a new automotive department and Chen Kai taking over Xiaomi Home [8][9] - The 2025 Q3 earnings report for Xiaomi is anticipated to show a profit of 722 million yuan for its electric vehicle segment, with another institution predicting a profit of 1 billion yuan [9] - Zhong Shanshan has regained the title of China's richest person with a wealth increase of 190 billion yuan, while Lei Jun's wealth surged by 196 billion yuan due to Xiaomi's automotive growth [11] - Meta's AI department has undergone major layoffs, with around 600 employees affected, attributed to the underperformance of the Llama4 model against Chinese competitors [30][31] - Apple's service revenue is projected to exceed 100 billion USD for the first time in fiscal year 2025, driven by strong growth in services like iCloud and Apple Pay [31][32] - The European new car market saw a 10.7% year-on-year increase in September, with BYD's sales skyrocketing by 398%, while Tesla's market share declined [36] - Tesla's Full Self-Driving (FSD) subscription rate is only 12%, with related revenue down compared to the previous year, highlighting challenges in customer adoption [37]

Group 1: Tesla's Executive Compensation Plan - Tesla's chairman, Robyn Denholm, warned shareholders that CEO Elon Musk may leave if his 10-year compensation plan is not approved, which could grant him stock worth approximately $1 trillion [1] - The compensation plan includes challenging phased goals, with Musk potentially receiving 12% of Tesla's stock if he meets all 12 targets, leading to a projected company valuation of $8.5 trillion [1] - Approval of this plan may enhance investor confidence in Tesla's future, while rejection could raise concerns about the company's long-term growth potential [1] Group 2: Automotive Subsidy Policy Adjustments - Shenzhen's automotive replacement subsidy program has been halted due to reaching its budget limit for 2025, indicating the effectiveness of the policy in stimulating consumption [2] - Sichuan province announced a lottery system for automotive replacement subsidies, ensuring fairness while managing limited funds [2] - These policy adjustments reflect strong demand for vehicle replacements, suggesting manufacturers may need to increase promotional efforts to maintain sales growth and address potential inventory pressures [2] Group 3: Xiaoma Zhixing's IPO - Xiaoma Zhixing has initiated its IPO process in Hong Kong, with plans to list on November 6, offering approximately 41.96 million shares at a maximum price of 180 HKD per share [3] - The company has secured cornerstone investors totaling $120 million, indicating strong market confidence in its growth prospects, particularly in the Robotaxi sector, which saw a revenue increase of 178.8% [3] - The dual listing structure (U.S. and Hong Kong) is expected to enhance liquidity and provide a financial foundation for market expansion and technological development [3] Group 4: Hongmeng Zhixing's Milestone - Hongmeng Zhixing announced the delivery of its one-millionth vehicle, achieving this milestone in just 43 months, showcasing rapid growth in the electric vehicle market [4] - The company also reported that its AITO M9 model has set a record for luxury vehicles priced over 500,000 RMB, with total deliveries exceeding 250,000 units in 21 months [4] - This achievement highlights Hongmeng Zhixing's increasing competitiveness in smart driving and related technologies, potentially boosting confidence in the electric vehicle industry as a whole [4]

小马智行(PONY.US)涨超10%，报21.7美元。文远知行(WRD.US)涨超2%，报11.4美元。 据外媒援引知情人士透露，优步计划投资小马智行和文远知行的香港上市交易，进一步加深与这两家无 人驾驶出租车企业的合作关系。其他潜在投资方还包括东南亚最大网约车和配送平台Grab、新加坡国有 投资公司淡马锡控股以及德国博世。(格隆汇) ...

优步曾参与小马智行和文远知行的美国IPO投资，博世集团也对文远知行进行了投资。今年5月，优步 宣布额外向文远知行投资1亿美元。同时，优步今年早些时候与小马智行合作进军中东市场，并已与文 远知行在阿布扎比开展合作。 智通财经APP获悉，周二，小马智行(PONY.US)股价走高，截至发稿，该股涨超9.4%，报21.55美元。文 远知行(WRD.US)涨超3%，报11.54美元。消息面上，优步(UBER.US)正计划参与小马智行-W(02026)与 文远知行-W(00800)在中国香港的首次公开募股(IPO)。此举将深化这家网约车巨头与中国两家自动驾驶 出租车企业的合作关系。 ...