敬请投资者重点关注本次发行的发行方式、发行流程、网上网下申购及缴款、回拨机制、中止发行及弃 购股份处理等方面，并认真阅读今日刊登的《纳百川新能源股份有限公司首次公开发行股票并在创业板 上市初步询价及推介公告》（以下简称"《初步询价及推介公告》"）。具体内容如下： １、本次网下发行申购日与网上申购日同为２０２５年１２月８日（Ｔ日），其中，网下申购时间为 ９：３０－１５：００，网上申购时间为９：１５－１１：３０，１３：００－１５：００。投资者在 ２０２５年１２月８日（Ｔ日）进行网上和网下申购时无需缴付申购资金。 ２、所有拟参与本次初步询价且符合相关条件的网下投资者，须按照相关要求在２０２５年１２月１日 （Ｔ－５日）中午１２：００前注册并录入相关信息，同时及时上传核查材料，注册及提交核查材料请 登录浙商证券投资者平台（网址：ｈｔｔｐｓ：／／ｔｈｆｘ．ｓｔｏｃｋｅ．ｃｏｍ．ｃｎ／ｋｃｂ －ｗｅｂ）。 登录新浪财经APP 搜索【信披】查看更多考评等级 保荐人（主承销商）：浙商证券股份有限公司 纳百川新能源股份有限公司（以下简称"纳百川""发行人"或"公司"）首次公开发行股票并在创业板上市 （以下简称"本次发行"）的申请 ...

Core Viewpoint - The article highlights the innovative and entrepreneurial environment in Hunan Xiangjiang New Area, which is attracting and retaining young talent through practical measures and supportive policies [1][10]. Talent Attraction and Retention - Xiangjiang New Area is leveraging its strong industrial foundation to provide diverse job opportunities for young talent, fostering innovation and entrepreneurship [4][5]. - The area has established a comprehensive talent attraction and retention mechanism, including seed funds, venture loans, and industry funds tailored to different stages of entrepreneurial projects [7][8]. Industrial Ecosystem - The region focuses on creating a robust industrial ecosystem by integrating local advantages in engineering machinery, intelligent networking, and new materials, collaborating with leading companies to strengthen the industrial chain [3][5]. - The establishment of a "computing power infrastructure + innovation platform + ecological support" system is pivotal in attracting talent to the rapidly growing "AI+" industry [3][5]. Supportive Policies - Xiangjiang New Area has introduced ten supportive policies for university student entrepreneurship, including free office space and various forms of financial assistance to reduce the burden on entrepreneurs [8][10]. - The "Red Maple Plan" and "Willow Branch Action" provide targeted financial support for successful project incubation and entrepreneurship [7][8]. Success Stories - Successful entrepreneurs, such as Gu Shanzhi and Su Xing, have utilized local resources and support to establish innovative companies, contributing to the region's technological advancements [4][11]. - The area has seen the establishment of numerous high-tech enterprises and the creation of significant job opportunities, with over 500 jobs generated from incubated startups [8][10].

Core Viewpoint - Li Auto's third-quarter revenue fell by 36.2% year-on-year, resulting in a net loss of 624 million yuan, a stark contrast to a net profit of 2.8 billion yuan in the same period last year, highlighting significant delivery declines and pressures during the transition period [1][16][19]. Financial Performance - Total revenue for Q3 was 27.4 billion yuan, down 36.2% year-on-year and 9.5% quarter-on-quarter, primarily due to reduced vehicle deliveries [16]. - Vehicle sales accounted for 25.9 billion yuan, a decrease of 37.4% year-on-year and 10.4% quarter-on-quarter [16]. - Gross profit for Q3 was 4.5 billion yuan, down 51.6% year-on-year and 26.3% quarter-on-quarter, with a gross margin of 16.3% compared to 21.5% in the same period last year [16][19]. - Operating expenses were 5.6 billion yuan, a decrease of 2.5% year-on-year but an increase of 7.8% quarter-on-quarter [17][19]. - The company reported an operating loss of 1.2 billion yuan, compared to an operating income of 3.4 billion yuan in the same period last year [19]. Strategic Direction - CEO Li Xiang announced a return to a "startup management model" to navigate the challenges of the next decade, moving away from a professional manager system [1][6][8]. - The focus will shift towards redefining products as "embodied intelligent robots," emphasizing AI's understanding of the physical world and proactive service capabilities [1][10][11]. - The self-developed M100 AI chip is expected to be delivered by 2026, aiming to transform vehicles from passive functions to proactive automated services [1][22][41]. Technological Development - Li Auto is developing a full-stack self-research capability in electric drive systems, including self-developed silicon carbide power chips and power modules [2][24]. - The company plans to mass-produce its self-branded 5C battery next year, focusing on ultra-fast charging capabilities [2][25]. - The next-generation platform and chip development has already commenced, with expectations of achieving performance-cost ratios exceeding current high-end chips by three times [1][41]. Product Strategy - The L series will undergo significant upgrades by 2026, featuring an 800V high-voltage platform and 5C ultra-fast charging technology, aiming to regain leadership in range-extended products and significantly increase pure electric penetration [2][24][33]. - The company is committed to enhancing user experience by focusing on the core value of products rather than merely competing on specifications [9][10].

Market Performance - The ChiNext Index rose by 2.14%, closing at 3044.69 points, with a total trading volume of 529 billion yuan, an increase of 868 million yuan compared to the previous trading day [1] - Among the tradable ChiNext stocks, 407 stocks closed higher, with 15 stocks rising over 10%, including Yue Wannianqing, Kaichun Co., and Sanwei Tiandi, which hit the daily limit [1] - The average turnover rate for the ChiNext today was 4.13%, with 43 stocks having a turnover rate exceeding 20% [1] High Turnover Stocks - In the high turnover stocks, 23 stocks increased in price, with Kaichun Co., Huaren Health, and Saiwei Electronics leading the gains at 20.01%, 20.00%, and 16.27% respectively [2] - Conversely, stocks like Jianglong Shipbuilding, Fuchun Co., and Hongxiang Co. saw declines of 12.43%, 11.11%, and 9.43% respectively [2] Industry Analysis - The highest number of stocks with a turnover rate exceeding 20% belonged to the media and computer sectors, each having 7 stocks listed [3] - Among the high turnover stocks, 7 were featured on the Dragon and Tiger List, with institutional investors appearing in 6 of them [3] Fund Flow - A total of 17 high turnover stocks experienced net inflows of main funds, with Huaren Health, Kaichun Co., and Dali Kaipu seeing the highest net inflows of 140 million yuan, 122 million yuan, and 104 million yuan respectively [4] - The stocks with the largest net outflows included Tianhai Defense, BlueFocus, and Zhidema, with outflows of 332 million yuan, 331 million yuan, and 224 million yuan respectively [4] Performance Forecasts - Among the high turnover stocks, only one stock announced its full-year performance forecast for 2025, with a projected net profit increase of 2.76% for Nannetwork Digital, estimating a net profit of 586 million yuan [4]

截至收盘，创业板成长指数上涨3.1%，创业板指数上涨2.1%，实现3连阳，创业板中盘200指数下跌0.5%，创业板ETF（159915）全天成交额约55亿元，该 产品最新规模近千亿元，在创业板所有ETF产品中位居第一。 每日经济新闻 ...

Market Overview - The market experienced slight declines, with the Shanghai Composite Index turning negative in the afternoon, while the ChiNext Index surged over 2% [1][2]. Stock Performance - A total of 1,692 stocks rose, 76 stocks hit the daily limit up, and 3,593 stocks declined [3]. - Pharmaceutical stocks showed strong performance, with companies like Guangji Pharmaceutical and Peking University Pharmaceutical hitting the daily limit up. E-commerce platforms reported significant increases in flu medication sales, with a more than 500% month-on-month growth in the number of buyers for antiviral drugs [3]. Sector Movements - CPO and other computing hardware stocks strengthened, with Zhongji Xuchuang rising over 10% to reach a historical high. The consumer sector also saw gains, with companies like Guoguang Chain and Sanjiang Shopping hitting the daily limit up, following a government plan to enhance consumer goods supply and demand adaptability [4]. - Conversely, the military industry sector faced collective adjustments, with stocks like Jiuzhiyang and Jianglong Shipbuilding dropping over 10% [5]. Federal Reserve News - Reports indicate that Kevin Hassett, the Director of the National Economic Council, is a leading candidate to become the next Federal Reserve Chairman, which could lead to a shift in monetary policy towards further interest rate cuts [6][7]. - Following the news of Hassett's candidacy, U.S. Treasury prices rose, and the yield on 10-year U.S. Treasury bonds fell below 4% for the first time in a month [8]. ETF Performance - Food and Beverage ETF (515170) saw a decline of 1.54% over the past five days, with a market capitalization of 10.9 billion and a net inflow of 36.88 million [12]. - Gaming ETF (159869) increased by 3.51% over the past five days, with a market capitalization of 7.81 billion and a net outflow of 360 million [12]. - Sci-Tech 50 ETF (588000) decreased by 2.19% over the past five days, with a market capitalization of 53.21 billion and a net outflow of 600 million [12]. - Cloud Computing 50 ETF (516630) rose by 2.01% over the past five days, with a market capitalization of 3 billion and a net inflow of 1.528 million [12].

Group 1 - The core viewpoint of the articles highlights the ongoing rebound in the optical module and computing power sectors, driven by significant investments in AI infrastructure both domestically and internationally [1][2] - The Huaxia AI ETF (159381) has seen a substantial increase of over 7%, with key holdings like Zhongji Xuchuang rising over 14% and Xinyi Sheng increasing by over 10%, indicating strong market performance [1] - Alibaba's Q3 financial report revealed a 34% year-on-year revenue growth in its cloud intelligence group, reaching 39.82 billion yuan, surpassing market expectations, which underscores the growing demand for AI and cloud infrastructure [1] Group 2 - Continuous investment in computing power infrastructure is expected to maintain high prosperity in the sector, with AI driving infrastructure investment and the formation of business models [2] - The introduction of multimodal models is anticipated to further enhance the demand for computing and storage capabilities, presenting opportunities for performance upgrades and valuation increases within the AI industry chain [2]

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index down 0.15% to 3864 points, while the Shenzhen Component Index rose 1.02% and the ChiNext Index increased by 2.14% [1] - Total market turnover was 1.8 trillion yuan, a decrease of 29 billion yuan from the previous trading day, with nearly 3600 stocks declining [1] Sector Performance - The CPO (Cloud, Platform, and Other) concept remained active, with notable stock performances including a 13.25% increase for Zhongji Xuchuang, reaching a historical high, and increases of 8.66% for Xinyi and 6.24% for Tianfu Communication [1] - Various ETFs related to communication and artificial intelligence saw significant gains, with several exceeding 5% increases, including the Communication ETF and multiple AI-focused ETFs [1][2] ETF Highlights - The Communication ETF tracked by the communication equipment index has a combined weight of over 81% in "optical modules, servers, copper connections, and optical fibers" [3] - The ChiNext AI ETF includes major stocks such as Xinyi and Zhongji Xuchuang, with over 50% CPO content [4] AI Industry Insights - Recent favorable catalysts in the global AI sector have led to increased capital expenditures from domestic and international AI giants, with expectations for sustained high growth in the AI market [4] - Alibaba reported a 34% year-on-year growth in cloud revenue and triple-digit growth in AI-related product revenue for nine consecutive quarters, with a capital expenditure of 31.5 billion yuan for the quarter [4] - The Singapore National AI Strategy is shifting towards Alibaba's open-source architecture, indicating a significant expansion of Chinese open-source AI models globally [5] Chip and Technology Developments - Domestic AI chip advancements are progressing well, with Alibaba's self-developed AI inference chips and other domestic chips expected to reduce reliance on overseas computing power [5] - The AI computing power industry is experiencing high demand across various segments, with a focus on the transition from 800G to 1.6T technology [5][6] - Despite potential changes in the computing chip landscape, A-share related component manufacturers are expected to benefit regardless of competition outcomes [6]

Market Performance - On November 26, the stock market showed mixed results, with the ChiNext Index rising over 2% [1] Key Drivers - The ChiNext Index's 2.14% increase was primarily driven by multiple positive factors, including a reduction in geopolitical risks and improved market sentiment following a recent call between the leaders of China and the U.S. [2] - The call between the two leaders indicated a normalization of bilateral communication, which is expected to ease geopolitical tensions and enhance market confidence [2] Sector Focus - The technology sector, particularly in AI, has become a focal point for investment due to its relatively high visibility in terms of economic prospects [2] - Short-term catalysts, such as new storage technology releases and accelerated IPO processes for AI companies, have further intensified interest in the technology sector [2] Market Sentiment - Current market indicators suggest that sentiment may be at a relatively low level after recent adjustments, indicating limited downward space [3] - The market is expected to gradually enter a mid-term layout phase as policy signals become clearer towards the end of the year, with a focus on sectors with strong performance certainty [3] Technical Signals - A MACD golden cross signal has formed, indicating positive momentum for certain stocks [4]

Market Overview - The Shenzhen Component Index and the ChiNext Index both opened lower but rose throughout the day, with the ChiNext Index at one point increasing by over 3% [1] - At market close, the Shanghai Composite Index fell by 0.15%, while the Shenzhen Component Index rose by 1.02% and the ChiNext Index increased by 2.14% [1] Sector Performance - The computing hardware sector showed strong performance, with Dongxin Co., Ltd. hitting the daily limit up and Zhongji Xuchuang reaching a historical high [2] - The consumer sector experienced a late surge, with stocks like Haixin Food and Guangbai Co., Ltd. hitting the daily limit up [2] - Anti-influenza concept stocks were active, with Guangji Pharmaceutical achieving three consecutive limit ups and Peking University Medicine achieving two consecutive limit ups [2] Declining Sectors - The military industry sector weakened, with Jiuzhiyang falling over 12% [3] Trading Volume - The total trading volume for the Shanghai and Shenzhen markets was 1.78 trillion yuan, a decrease of 28.8 billion yuan compared to the previous trading day [4] Individual Stock Performance - Zhongji Xuchuang had a trading volume exceeding 32.9 billion yuan, leading the market, followed by Xinyi Sheng and Industrial Fulian [5]