Core Viewpoint - Seres (601127) made its debut on the Hong Kong Stock Exchange on November 5, with an initial offering price of HKD 131.5 per share, experiencing significant volatility during the trading session, including a drop of over 77% to HKD 30 per share before stabilizing at a closing price of HKD 128.9, down 1.98% from the opening price [1]. Company Performance - Seres has seen a remarkable increase in its stock price since Huawei's involvement in 2021, with shares rising from around RMB 15 to a peak of RMB 174.35, representing a more than tenfold increase [3][4]. - The company reported a net profit of RMB 5.312 billion for the first three quarters of the year, marking a substantial year-on-year growth of 31.56% [4]. Product Success - The collaboration with Huawei has led to the successful launch of several models, including the Aito M9, M7, M8, and M5, with total deliveries exceeding 800,000 units [4]. - The Aito M9 has become the best-selling luxury model in the RMB 500,000 segment, while the M8 has surpassed 100,000 units in deliveries, and the M7 achieved over 20,000 units in just 36 days post-launch [4]. Strategic Vision - The president of Seres emphasized the necessity of embracing new technologies such as artificial intelligence, stating that innovation is essential for meeting user demands and ensuring sustainable development [5]. - The company aims to balance safety and growth while continuing to enhance its core competitiveness in the high-end market through cross-industry collaboration and technological innovation [5].

Core Viewpoint - Company Sairus officially listed on the Hong Kong Stock Exchange with an opening market value of HKD 128.9 per share, experiencing a decline shortly after listing but recovering slightly by the time of reporting [1][4] Group 1: Listing and Market Performance - Sairus's stock price initially dropped to HKD 125, a decrease of 4.94% from the issue price, with a total market capitalization of HKD 217.7 billion [1] - By the time of reporting, the stock price had recovered to HKD 127.6, representing a decline of 2.97% from the issue price, with a total market capitalization of HKD 222.3 billion [1] Group 2: Fundraising and Financials - The company planned to issue 109 million shares at an issue price of HKD 131.5 per share, raising a total of HKD 14.283 billion, with a net fundraising amount of HKD 14.016 billion [4] - Of the raised funds, 70% will be allocated for production expansion, while 20% will be invested in channel development and overseas expansion [4] - For the first three quarters, Sairus reported revenue of CNY 110.534 billion, a year-on-year increase of 3.67%, and a net profit attributable to shareholders of CNY 5.312 billion, up 31.56% year-on-year [4] Group 3: Production and Sales Data - In October, the company produced 50,619 vehicles, a significant year-on-year increase of 50.54%, with a cumulative production of 332,441 vehicles for the year, showing a slight year-on-year increase of 0.24% [4] - October sales reached 48,788 vehicles, a year-on-year growth of 43.83%, while the cumulative sales for the year stood at 324,991 vehicles, reflecting a minor year-on-year decline of 0.58% [4]

【 导读 】 赛力斯港股上市后总市值接近2800亿港元，成为年内港股最大车企IPO 11月5日，赛力斯在港股上市。截至发稿，赛力斯总市值接近2800亿港元。 至此，赛力斯总市值超过9月25日上市的奇瑞汽车， 成为 2025年以来港股最大车企IPO。 赛力斯上市，意味着国内头部车企齐聚港股市场，助力港股整车板块市值再次提升。 中国基金报记者 邱德坤 香港公开发售认购额达超132倍 超20家基石投资者参与 11月4日，赛力斯港股配发结果出炉，发售价为131.50港元/股，不包括1%经纪佣金、 0.0027%香港证监会交易征费、0.00565%香港联交所交易费及0.00015%香港会财局交易 征费。 赛力斯港股IPO全球发售约1.09亿股H股，包括香港公开发售1086.19万股H股，认购额达 132.68倍；国际发售9775.71万股H股，认购额达8.61倍。 | 有效申請數目 | 202,321 | | --- | --- | | 受理申請數目 | 57.928 | | 認購額 | 132.68倍 | | 觸發回補機制 | 不適用 | | 香港公開發售項下初步可供認購的發售股份數目 | 10.020.000 | ...

此次IPO，赛力斯引入了包括重庆产业母基金、林园基金、华泰资本、广发基金、施罗德、中升、韩国 未来资产、中邮理财等22家基石投资者；合计认购规模高达约8.26亿美元，约合64.21亿港元，占此次 IPO规模的44.95%。 新京报贝壳财经讯（记者王琳琳）11月5日，赛力斯正式在港交所挂牌上市，股票代码"9927"，成为首 家"A+H"两地上市的豪华新能源车企。港股上市首日赛力斯破发，开盘价128.9港元/股。截至早市收 盘，股价为127.6港元/股，较发行价跌2.97%，总市值为2222亿港元。 赛力斯此次港股上市，发售股份总数为1.08亿股H股，其中香港发售股份数为1086.19万股H股，国际发 售股份数为9775.71万股H股；最终发售价格为每股H股131.50港元，募集资金所得款项总额142.83亿港 元，所得款项净额140.16亿港元，成为2025年港股最大车企IPO（首次公开募股）。 （文章来源：新京报） ...

11月5日，赛力斯（股票代码：09927.HK）在香港联合交易所主板正式挂牌上市。此举意味着赛力斯成为国内首家"A+H"两地上市的豪华新能源车企，此次募资净额140.16亿港元，是迄今为止 此次港股顺利上市，不仅开辟了全新国际融资平台为公司注入长期发展动能，为未来全球化战略布局奠定坚实基础，也将为中国整车企业出海提供"技术+资本"双轮驱动的全新范式。 自10月27日启动港股招股以来，赛力斯迅速引爆市场热情，认购热度持续高涨。赛力斯香港招股公开发售超额认购133倍，融资认购超1700亿港元。此次港股IPO募资所得约70%将用于研发投入 更值得关注的是，此次发行吸引了包括重庆产业母基金、林园基金、广发基金、施罗德、中邮理财、星宇香港等在内的22家基石投资者，凸显了资本市场对赛力斯高质量发展以及高成长价值的认 作为一家以新能源汽车为核心业务的技术科技型企业，赛力斯始终锚定高端智能电动汽车主航道。截至目前，问界品牌已推出问界M9、问界M8、问界M7、问界M5四款车型，问界系列累计交付超 在海外，目前赛力斯全球化版图已覆盖欧洲、中东、美洲及非洲的多个国家。其中，欧洲市场已成功拓展至挪威、德国、英国、瑞士等关键区域，标志 ...

Core Insights - The wholesale sales of new energy passenger vehicles in China reached 1.61 million units in October, marking a year-on-year increase of 16% and a month-on-month increase of 7% [1] - Cumulatively, from January to October, the total wholesale sales amounted to 12.054 million units, reflecting a year-on-year growth of 30% [1] Industry Performance - October is traditionally a peak sales month, benefiting from the "Golden September and Silver October" sales season, with the National Day holiday boosting consumer demand [4] - The anticipated adjustment of the tax exemption policy for new energy vehicles at year-end has also contributed to increased consumer urgency in purchasing [4] - The strong retail performance and continuous growth in exports have led to a sustained upward trend in wholesale sales of new energy vehicles [4] Manufacturer Highlights - Major manufacturers such as Geely, Changan, Chery, Leap Motor, and others achieved record high wholesale sales of new energy vehicles in October [4] - Companies like SAIC-GM-Wuling, SAIC Passenger Cars, and Beijing Hyundai also reported their second-highest monthly sales figures historically [4] - The overall sales of new energy passenger vehicles have been significantly boosted by strong export performance and excellent results from many second-tier manufacturers [4]

Core Viewpoint - Seres has officially listed on the Hong Kong Stock Exchange, becoming the first luxury new energy vehicle company in China to achieve a dual listing in both A-share and H-share markets, raising a net amount of HKD 14.016 billion, marking the largest IPO for a Chinese car company to date and the largest global IPO for a complete vehicle manufacturer since 2025 [1][3]. Group 1: IPO and Market Response - The IPO was met with significant market enthusiasm, with the public offering being oversubscribed by 133 times, resulting in financing subscriptions exceeding HKD 170 billion [3]. - Approximately 70% of the funds raised will be allocated to research and development, while 20% will be directed towards diversifying new marketing channels, overseas sales, and charging network services [3]. - The issuance attracted 22 cornerstone investors, including notable funds, indicating strong market recognition of Seres' high-quality development and growth potential, which will enhance the company's valuation and capital operation efficiency [3]. Group 2: Global Expansion and Market Presence - Seres has established a global presence in various regions, including Europe, the Middle East, the Americas, and Africa, with successful market penetration in key European countries such as Norway, Germany, the UK, and Switzerland [3]. - The dual capital platform is expected to further drive Seres' technological innovation, brand value enhancement, and global market expansion [3]. Group 3: Technological Innovation and Product Development - Seres focuses on high-end smart electric vehicles and has transformed into the new energy vehicle sector since 2016, launching the "Wenjie" brand in collaboration with Huawei in 2021 [4]. - The Wenjie brand has introduced four models, achieving over 800,000 cumulative deliveries, reflecting strong market acceptance [4]. - The company emphasizes software-defined vehicles and has developed several innovative technologies, including the Seres Magic Cube technology platform and Seres Super Range Extender, establishing a solid technological moat [6]. Group 4: Future Outlook - Seres aims to leverage technological innovation as a driving force, prioritize user needs, and expand its presence in the global market, reinforcing its leading position in the luxury new energy vehicle sector and guiding the Chinese automotive industry towards higher quality development [9].

Market Overview - On November 5, A-shares opened lower but rebounded, with the Shanghai Composite Index up 0.05% and the Shenzhen Component down 0.15% at midday. The total trading volume in the Shanghai and Shenzhen markets was 1.14 trillion yuan, a decrease of 79.9 billion yuan compared to the previous trading day [1][2]. Sector Performance - Sectors such as Hainan, electric grid equipment, consumer goods, and coal saw significant gains, while quantum technology, semiconductors, and gaming sectors experienced declines. Notably, electric grid equipment stocks surged, with companies like Moen Electric and China Energy Electric achieving consecutive gains, and TBEA hitting a new high [5]. - The Hainan sector remained active following the implementation of new duty-free policies on November 1, leading to increased shopping activity compared to previous years [5]. New Investor Activity - In October, the Shanghai Stock Exchange reported 2.31 million new A-share accounts, a decrease of 21.36% from September's 2.94 million. Year-to-date, the total number of new accounts reached 22.46 million, reflecting a year-on-year increase of 10.57% [9][10]. Cryptocurrency Market - The cryptocurrency market faced significant downturns, with Bitcoin dropping below $99,000 and over 480,000 traders liquidated, resulting in a loss of $2 billion in the past 24 hours [11][12].

Market Overview - A-shares opened lower but rebounded in early trading on November 5, with both the Shanghai Composite Index and the ChiNext Index turning positive [1] - The Shanghai Composite Index closed at 3962.04 points, up 0.05%, with a trading volume of 508 billion; the Shenzhen Component Index closed at 13155.62 points, down 0.15%, with a trading volume of 628.6 billion; the ChiNext Index closed at 3139.53 points, up 0.17%, with a trading volume of 283.1 billion [1] Sector Performance - Strong performance was observed in sectors such as Hainan, consumer concepts, and coal, with stocks like Haima Automobile and Anji Food hitting the daily limit [1][2] - Conversely, innovative drug and quantum technology sectors faced corrections, with stocks like Sanofi and Keda Guokong experiencing significant declines [1][2] Institutional Insights - CITIC Securities noted a nearly 5% year-on-year decline in global major copper mining companies' output in Q3 2025, with expectations of continued contraction in Q4 [3] - The firm anticipates a 50% widening of the global refined copper supply gap next year, with LME copper prices expected to exceed $10,000 per ton [3] - Huatai Securities highlighted the ongoing high growth trend in AI investments, suggesting that it is premature to declare a bubble in the sector [4] Economic Indicators - The China Warehousing Index for October 2025 was reported at 50.6%, a 1 percentage point increase from the previous month, indicating improved business activity [5] Company News - Seres officially listed on the Hong Kong Stock Exchange under the stock code "9927," marking the largest IPO of a Chinese car company in 2025 and globally for the year [6] - The company raised a net amount of 14.016 billion HKD from the issuance of 108.6 million shares at a price of 131.50 HKD per share, with a reported revenue of 110.534 billion CNY and a net profit of 5.312 billion CNY for the first three quarters, reflecting a year-on-year growth of 31.56% [6]

Market Overview - A-shares experienced a mixed performance with the Shanghai Composite Index rising by 0.05% to 3962.04, while the Shenzhen Component Index fell by 0.15% to 13155.62, and the ChiNext Index increased by 0.17% to 3139.53, reflecting a collective low opening followed by a recovery [1][2][3] - The total trading volume in the Shanghai and Shenzhen markets reached 1.14 trillion, a decrease of 799 billion compared to the previous trading day [1][3] Sector Performance - The electric grid equipment sector saw significant gains, with stocks like Moen Electric and China Energy Electric achieving consecutive gains, while TBEA hit a new high with a limit-up [5] - The Hainan sector remained active, with multiple stocks such as Intercontinental Oil and Gas and Hainan Airport hitting limit-ups, driven by the new duty-free policy implemented on November 1 [5] - Conversely, the storage chip sector faced declines, with stocks like Fudan Microelectronics dropping over 4% [5] New Investor Activity - In October, 2.31 million new accounts were opened on the Shanghai Stock Exchange, a decrease of 21.36% from September's 2.94 million [8] - Year-to-date, the total number of new accounts reached 22.46 million, reflecting a year-on-year increase of 10.57% [9] Economic Indicators - The China Warehousing Index for October was reported at 50.6%, indicating a 1 percentage point increase from the previous month, suggesting stable economic vitality [6] - The People's Bank of China announced a continuous release of mid-term market liquidity, contributing to market stability [6]