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]

Market Overview - A-shares experienced a mixed performance with the Shanghai Composite Index rising by 0.05% to 3962.04, while the Shenzhen Component fell by 0.15% to 13155.62, and the ChiNext Index increased by 0.17% to 3139.53, indicating a slight recovery after initial declines [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.14 trillion yuan, a decrease of 79.9 billion yuan compared to the previous trading day [1] Sector Performance - The electric grid equipment sector saw significant gains, with stocks like Moen Electric and China Energy Electric achieving consecutive trading limits, while the consumer sector also performed well with multiple stocks hitting trading limits [4] - Conversely, the storage chip sector faced declines, with stocks such as Fudan Microelectronics dropping over 4% [4] New Investor Activity - In October, the number of new A-share accounts opened was 2.31 million, a decrease of 21.36% from September's 2.94 million [6] - Year-to-date, the total number of new A-share accounts reached 22.46 million, reflecting a year-on-year increase of 10.57% [6] Cryptocurrency Market - The cryptocurrency market faced significant downturns, with Bitcoin dropping below $99,000, leading to over 480,000 liquidations and a total loss of $2 billion in the past 24 hours [9][10] - The liquidation amounts included $1.53 billion in the last 12 hours and $2.1 billion in the last 24 hours, indicating a severe impact on traders [10] Economic Indicators - The China Warehousing Index for October was reported at 50.6%, an increase of 1 percentage point from the previous month, suggesting a steady improvement in economic activity [4] - The People's Bank of China announced continued liquidity release in the market, contributing to a relatively strong performance in A-shares [4]

Core Viewpoint - The company LeShuShi is set to launch its IPO on November 10, 2023, with a pricing range of HKD 24.2-26.2 per share, aiming to raise between HKD 22.0-23.8 billion, and potentially up to HKD 27.4 billion with the green shoe option. Despite institutional interest, the company faces multiple operational risks including slow market expansion and declining performance growth [1][2][3]. Group 1: IPO Details - The IPO will consist of 90.88 million shares, with a total fundraising target of HKD 22.0-23.8 billion, and a potential green shoe option raising it to HKD 25.3-27.4 billion [1]. - The cornerstone investors include 15 institutions investing a total of USD 139 million, representing 49.1% of the base offering size, marking the highest cornerstone ratio for projects in the HKD 20-30 billion range in 2024 [3][4]. - Notably, there are no industry participants among the cornerstone investors, which may limit the company's support in supply chain integration and market channel expansion [3][4]. Group 2: Financial Performance - Revenue growth has slowed, with projections showing a drop from 28.6% in 2023 to 10.5% in 2024, and a slight recovery to 15.5% in early 2025, raising concerns about sustainability [5][6]. - The gross margin has fluctuated, dropping from 34.9%-35.3% in 2023-2024 to 33.6% in early 2025, primarily due to declining prices of baby hygiene products [6][7]. - Net profit increased significantly from USD 18.39 million in 2022 to USD 64.68 million in 2023, but growth slowed to USD 33.1 million in early 2025, with a net profit margin decrease from 20.9% in 2024 to 19.3% [8][9]. Group 3: Operational Risks - The company faces significant inventory management issues, with inventory turnover days averaging 140-152 days, compared to industry leaders like Procter & Gamble and Kimberly-Clark at around 60 days [9]. - Customer concentration is low, with the top five customers accounting for only 5.2%-6.3% of revenue, indicating weak customer loyalty and potential sales instability [9]. - The company has not rectified outstanding social security and provident fund payments totaling USD 200,000, raising compliance concerns and potential regulatory risks [11]. Group 4: Valuation Concerns - The IPO valuation corresponds to a price-to-earnings ratio of 19.6, which is slightly lower than Procter & Gamble's 23.2 but significantly higher than Kimberly-Clark's 13.2, raising questions about growth sustainability [12][13]. - Given the company's reliance on a single market and slow expansion in emerging markets, the current valuation may lack sufficient growth support, leading to potential valuation adjustments if performance does not meet expectations [12][13].

Core Insights - ByteDance's Volcano Engine team has initiated a high-profile recruitment for a "Senior Algorithm Expert (Embodied Intelligence)" focused on humanoid robotics, with a monthly salary range of 95,000 to 120,000 RMB, indicating a significant push into the cutting-edge humanoid robot sector [1][2] Group 1 - The recruitment is specifically targeted at developing operational algorithms for humanoid robots, highlighting ByteDance's intention to create an integrated intelligent system with advanced models and complex operational capabilities [1] - The offered salary significantly exceeds the industry average, reflecting ByteDance's commitment to attracting top talent in a field where such expertise is scarce [1] - Candidates are required to have a master's or doctoral degree in relevant fields such as computer science, automation, or artificial intelligence [1] Group 2 - Previously, ByteDance's robotics efforts were primarily focused on AGV (Automated Guided Vehicles) for logistics and warehousing, but this new recruitment marks a strategic shift towards more versatile and interactive humanoid platforms [2] - ByteDance has also partnered with Seres Group to explore the mass production and application of humanoid robots, indicating a broader strategic initiative in this domain [2]

Core Insights - The main focus of the news is the significant outflow of capital from various stocks, with specific amounts listed for each company, indicating a trend of investor withdrawal from these stocks [1][2][3] Group 1: Stock Performance and Capital Outflow - The top stock with the highest capital outflow is 福龙马, with an outflow of 10.11 billion yuan, despite a price increase of 5.05% [2] - 赛力斯 experienced a capital outflow of 9.18 billion yuan, with a decline in stock price of 4.09% [2] - 比亚迪 saw an outflow of 8.15 billion yuan and a decrease in stock price of 2.53% [2] - 北方稀土 had a capital outflow of 6.12 billion yuan, with a stock price drop of 3.22% [2] - 中际旭创 reported an outflow of 4.35 billion yuan and a slight decline of 1.07% in stock price [2] Group 2: Industry Breakdown - 福龙马 belongs to the environmental protection industry, while 赛力斯 and 比亚迪 are part of the automotive sector [2] - 北方稀土 is categorized under rare metals, and 中际旭创 is in the communication equipment sector [2] - 平潭发展, despite a capital outflow of 4.32 billion yuan, saw a price increase of 7.12%, indicating potential resilience in the agricultural and livestock industry [2] - Other notable companies with significant outflows include 包钢股份 in the steel industry and 昆仑万维 in the internet services sector [2][3]

2025年11月4日 目 录 CONTENTS 证券研究报告 人形机器人的2026："1-10"时刻开启 机械行业2026年度投资策略 姓名：孟鹏飞（分析师） 证书编号：S0790522060001 邮箱：mengpengfei@kysec.cn 1 2026：海内外共振，人形机器人即将开启"1-10"时刻 2 特斯拉：关注V3量产时间线，聚焦"供应链确定性"和"技术升级" 3 国产机器人：资本化提速，掘金"整机"和"生态链" 4 投资建议 5 风险提示 1.1 特斯拉迭代加速，V3定型渐近 我们对特斯拉机器人后续节奏展望： 图表：特斯拉为马斯克设计10年期薪酬计划（部分） 数据来源：每日经济新闻 1、12月中旬V3图纸有望冻结，同时推动供应链加速国内+海外产能建设 2、2026年2月底到3月量产版本定型并批量下单 3、2026年8月供应商确定，开启大规模制造准备 4、2026年3-8月硬件收敛，技术路线确定 5、2026年10月量产，机器人开始规模化走下产线 数据来源：特斯拉官网、凤凰网科技、 中国机器人网、人形机器人发布等、开源证券研究所 特斯拉人形机器人历次迭代 时间 2021.09 2022.04-2 ...

Core Viewpoint - The largest domestic automotive IPO in China has successfully landed in Hong Kong, with the company Seres seeing its stock open at approximately HKD 120.5, down about 8.4% from the final issue price, resulting in a market capitalization of around HKD 215 billion, which is lower than its current A-share market value of approximately HKD 250 billion [1][2]. Group 1: IPO Details - Seres' final issue price was set at HKD 131.50 per share, consistent with the planned maximum issue price, and the public offering was oversubscribed by 132.68 times [2]. - The total fundraising amount reached HKD 14.283 billion, marking it as the largest automotive IPO in China for the year [2]. - The major shareholders include Chongqing Xiaokang Holdings with a 24.52% stake and Dongfeng Motor Corporation with a 20.04% stake [2][3]. Group 2: Financial Performance - Seres' projected vehicle sales from 2022 to 2024 are 267,200, 252,300, and 497,000 units respectively, with 2024's new energy vehicle sales expected to reach 426,900 units, a 182.84% increase from 2023 [4]. - The company reported revenues of CNY 34.056 billion and CNY 35.789 billion for 2022 and 2023, respectively, with a forecasted revenue of CNY 145.113 billion for 2024, representing a 305.5% year-on-year increase [7][10]. - The gross profit for 2022, 2023, and the first three quarters of 2024 is projected at CNY 27.28 billion, CNY 25.71 billion, and CNY 345.51 billion, respectively, with a significant increase in gross margin expected to exceed 20% in 2024 [10][11]. Group 3: Strategic Partnerships and Growth - The success of Seres is largely attributed to its collaboration with Huawei, which has significantly enhanced its market competitiveness [15][23]. - The company has invested CNY 11.5 billion to acquire a 10% stake in Huawei's subsidiary, indicating a deepening partnership [2][23]. - The introduction of the AITO brand and models like the M5 and M7 has led to a substantial increase in sales, with the M5 achieving record-breaking sales figures [20][21]. Group 4: Future Outlook and Investment Focus - Seres plans to allocate 70% of the IPO proceeds to research and development, 20% to new marketing channels and overseas sales, and the remaining 10% for operational expenses [27]. - The company is actively seeking to enhance its competitive edge through partnerships and innovative strategies, such as collaborating with ByteDance for smart technology [30].

Core Viewpoint - Seres has officially listed on the Hong Kong Stock Exchange, becoming the first luxury electric 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 globally 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 total financing subscriptions exceeding HKD 170 billion [3]. - Approximately 70% of the funds raised will be allocated to research and development, while around 20% will be used for diversifying new marketing channels, overseas sales, and charging network services [3]. - The issuance attracted 22 cornerstone investors, 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 Strategy - Seres has established a global presence, covering multiple countries in Europe, the Middle East, the Americas, and Africa, with successful market penetration in key European regions 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 launched the "Aito" brand in collaboration with Huawei, establishing a strong market presence with over 800,000 cumulative deliveries across four models [4][6]. - The company emphasizes software-defined vehicles and has developed several innovative technologies, including the Seres Magic Cube technology platform and Seres Super Range Extender, creating a robust technological moat [6]. - Seres collaborates with top domestic universities and tech companies to explore emerging fields like embodied intelligence, aiming to integrate AI into practical applications for safer and more intelligent mobility solutions [6].

Group 1 - Company Seres officially listed on the Hong Kong Stock Exchange on November 5, becoming the first luxury new energy vehicle company in China to achieve a dual listing in both A-share and H-share markets [1] - The IPO raised a net amount of HKD 14.016 billion, marking the largest IPO for a Chinese automotive company to date and the largest global automotive IPO in Hong Kong since 2025 [1] - The successful listing opens a new international financing platform for the company, injecting long-term development momentum and laying a solid foundation for future global strategic layout [1] Group 2 - The Hong Kong IPO was met with significant market enthusiasm, with the public offering being oversubscribed by 133 times and total financing subscriptions exceeding HKD 170 billion [1] - Approximately 70% of the funds raised will be allocated to research and development, while around 20% will be used for diversifying new marketing channels, overseas sales, and charging network services [1] - The issuance attracted 22 cornerstone investors, highlighting the capital market's recognition of Seres' high-quality development and growth potential, which will enhance the company's valuation and capital operation efficiency [1] Group 3 - Seres focuses on high-end smart electric vehicles, with its brand "Wenjie" having launched four models: Wenjie M9, M8, M7, and M5, with cumulative deliveries exceeding 800,000 units [2] - The company's global footprint has expanded to cover multiple countries across Europe, the Middle East, the Americas, and Africa, with successful market penetration in key European regions such as Norway, Germany, the UK, and Switzerland [2] - With the support of the "A+H" dual capital platform, Seres aims to continue driving technological innovation, enhancing brand value, and expanding its global market presence [2]