Core Viewpoint - SERES has officially listed on the Main Board of the Hong Kong Stock Exchange, becoming the first luxury new energy vehicle company in China to achieve "A+H" dual listing, raising a net amount of HKD 14.016 billion, marking the largest IPO for a Chinese car company to date and the largest global car IPO in Hong Kong since 2025 [5][7]. Group 1: IPO and Market Response - The IPO was met with significant market enthusiasm, with the public offering being oversubscribed by 133 times, raising over HKD 170 billion in financing [7]. - Approximately 70% of the funds raised will be allocated to R&D, while 20% will be used for diversified new marketing channels, overseas sales, and charging network services [7]. - The issuance attracted 22 cornerstone investors, indicating strong market recognition of SERES's high-quality development and growth potential, which will enhance the company's valuation and capital operation efficiency [7]. Group 2: Global Expansion and Market Position - SERES has established a global presence 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 [7]. - The dual capital platform will further drive SERES's technological innovation, brand value enhancement, and global market expansion [7]. Group 3: Product Development and Innovation - SERES focuses on high-end smart electric vehicles, having fully transitioned to the new energy vehicle sector in 2016 and launched the AITO brand in collaboration with Huawei in 2021 [8][10]. - The AITO brand has introduced four models: M9, M8, M7, and M5, with cumulative deliveries exceeding 800,000 units, reflecting strong market acceptance [8]. - SERES emphasizes software-defined vehicles and technological innovation, developing platforms such as the SERES Magic Cube Technology Platform and SERES Super Range Extender, establishing a solid technological moat [10].

Market Overview - The Hong Kong stock market opened lower today, with the Hang Seng Index down by 250.77 points, or 0.97%, at 25,701.63 points [1] - The Hang Seng Tech Index also opened lower, down 101.75 points, or 1.75%, at 5,716.54 points [2] Impact of US Market - Analysts indicated that the drop in the Hang Seng Index is primarily due to a significant decline in the US stock market the previous night, where the Dow Jones fell by 0.53% and the Nasdaq dropped over 2% [4] New Listings - The new energy vehicle company, Seres (09927.HK), faced a poor market debut, with its stock price falling nearly 10% from the issue price of 131.5 HKD to a low of 118 HKD [4] Sector Performance - The technology sector saw collective declines, with notable drops including Bilibili down over 5%, Kuaishou down over 3%, and Alibaba and Tencent both down over 2% [5] - Gold stocks continued to decline, with Zijin Mining International down over 3% [5] - The lithium battery sector also experienced declines, with Ganfeng Lithium down over 4% [5] Capital Flow Insights - According to CICC, the active performance of Hong Kong stocks this year is closely related to liquidity, driven by international funds seeking asset diversification and domestic funds looking for higher returns through southbound channels [6] - A noteworthy observation is that individual investors have played a significant role in the recent inflow of southbound funds, indicating potential variability in market impact [6] Regulatory Changes - UBS commented on the recent adjustment of the gold value-added tax deduction policy, suggesting it may lead to decreased liquidity in investment gold products and shift some demand towards gold ETFs [6] - The new tax costs in the gold jewelry consumption sector are expected to be largely passed on to consumers, potentially pressuring recent gold consumption demand [6]

Market Overview - The Hong Kong stock market opened lower today, with the Hang Seng Index at 25,701.63 points, down 250.77 points, a decline of 0.97% [1] - The Hang Seng Tech Index opened at 5,716.54 points, down 101.75 points, a decrease of 1.75% [1] Impact of US Market - Analysts noted that the drop in the Hang Seng Index was primarily influenced by a significant decline in the US stock market the previous night, where the Dow Jones fell by 0.53% and the Nasdaq dropped over 2% [3] New Listings - The new energy vehicle company, Seres (601127) (09927.HK), faced a poor market debut, with its stock price falling nearly 10% to a low of 118 HKD from the issue price of 131.5 HKD [3][4] Sector Performance - The technology sector saw collective declines, with Bilibili down over 5%, Kuaishou down over 3%, and Alibaba and Tencent both down over 2% [4] - Gold stocks continued to decline, with Zijin Mining International down over 3% [4] - The lithium battery sector also experienced declines, with Ganfeng Lithium (002460) down over 4% [4] Capital Flows - According to CICC, the active performance of Hong Kong stocks this year is closely related to liquidity, driven by international funds seeking asset diversification and domestic funds looking for higher returns through southbound channels [5] - Notably, individual investors have played a significant role in the recent inflow of southbound funds, indicating that personal investment potential may significantly impact future market trends [5] Regulatory Changes - UBS commented on the recent adjustment of the gold value-added tax deduction policy, suggesting it aims to enhance regulation of investment gold products, which may reduce liquidity and shift some investment demand towards gold ETFs [5] - The new tax costs in the gold jewelry consumption sector are expected to be largely passed on to consumers, potentially putting pressure on recent gold consumption demand [5]

Core Insights - The article discusses the recent developments in the robotics sector, particularly focusing on Tesla's Optimus and the T-chain companies, highlighting the anticipation surrounding the upcoming Tesla shareholder meeting on November 6 [2][10]. Group 1: Tesla and Optimus Developments - Tesla's Optimus is a key catalyst for the robotics sector, with significant attention on Elon Musk's $1 trillion compensation plan, which is crucial for his continued role as CEO [2][10]. - Tesla's board chair, Robin Denholm, has urged shareholders to support Musk's compensation plan, emphasizing his importance in leading Tesla's AI and autonomous driving initiatives [2][10]. - Despite delays in the release of Optimus Gen3, the supply chain has shown positive feedback, indicating that Tesla is making final preparations for mass production [2][10]. Group 2: T-chain Companies and Market Reactions - T-chain companies have been experiencing a decline despite the overall positive sentiment in the market, attributed to the anticipation of the shareholder meeting [2][10]. - Several T-chain companies have reported positive developments during their Q3 earnings calls, with key suppliers receiving orders and preparing for production [8][9]. - The article mentions specific companies like RT and TP, which have provided updates on their product progress and production timelines, indicating a clearer path towards mass production [8][9]. Group 3: Industry Trends and Competitors - Other automotive companies, such as Seres and Xpeng Motors, are also making strides in humanoid robotics, indicating a competitive landscape in the sector [12]. - The article notes that the fourth quarter is expected to bring numerous catalytic events for the robotics sector, suggesting a busy period ahead for industry players [14].

| | | | | 分时 五日 日K 周K 月K 季K 年K 120分 60分 30分 15分 5分 1分 | | | | | | 区间统计 | | 全屏显示 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 均价:126.4 最新:124.1 -7.4 -5.63% | | | | | | | | | | | | | | 145.0 | | | | | | | | | | | | 10.27% | | 141.6 | | | | | | | | | | | | 7.70% | | 138.3 | | | | | | | | | | | | 5.13% | | 134.9 | | | | | | | | | | | | 2.57% | | 131.5 | | | | | | HILL | | | | | | 0.00% | | 128.1 | | | | | | | | | | | | -2.57% | | 124.8 | | | | | | | | | | | | -5.13% | | 12 ...

Market Overview - The Hong Kong stock market opened lower today, with the Hang Seng Index at 25,701.63 points, down 250.77 points, a decline of 0.97% [1] - The Hang Seng Tech Index opened at 5,716.54 points, down 101.75 points, a drop of 1.75% [1] Impact of US Market - Analysts noted that the drop in the Hang Seng Index was primarily influenced by a significant decline in the US stock market the previous night, where the Dow Jones fell by 0.53% and the Nasdaq dropped over 2% [3] New Listings - The new energy vehicle company, Seres (09927.HK), faced a poor market debut, with its stock price falling nearly 10% to a low of 118 HKD from the issue price of 131.5 HKD [3][4] Sector Performance - Technology stocks collectively declined, with Bilibili down over 5%, Kuaishou down over 3%, and Alibaba and Tencent both down over 2% [4] - Gold stocks continued to fall, with Zijin Mining International down over 3% [4] - The lithium battery sector also saw most stocks decline, with Ganfeng Lithium down over 4% [4] Capital Flows - According to CICC, the active performance of Hong Kong stocks this year is closely related to liquidity, driven by international funds seeking asset diversification and domestic funds looking for higher returns through southbound channels [5] - Notably, individual investors have played a significant role in the recent inflow of southbound funds, indicating that while institutional capital may be limited, the potential and variability of individual investors could significantly impact the market [5] Regulatory Changes - UBS commented on the recent adjustment of the gold value-added tax deduction policy, suggesting it aims to enhance regulation of investment gold products, which may reduce liquidity and shift some investment demand towards gold ETFs [5] - The new tax burden is expected to be largely passed on to consumers in the gold jewelry sector, potentially putting pressure on recent gold consumption demand [5]

Core Viewpoint - Seres Automotive Co., Ltd. has recently published a patent application for a "multi-scenario steering wheel folding control method, system, and vehicle terminal," indicating advancements in vehicle control technology aimed at enhancing user experience through flexible steering wheel functionalities [1] Summary by Relevant Categories Patent Details - The patent involves a method and system for controlling the folding of a steering wheel based on various scenarios, which quantifies the folding control parameters and organizes the control process accordingly [1] - It establishes a clear execution logic and collaborative relationship for folding parameters in different scenarios, transforming the folding control from a fixed action to a structured operational process [1] User Experience Enhancement - The technology aims to create tailored folding solutions based on specific scenario characteristics, thereby improving the flexibility of the steering wheel folding function across different vehicle applications [1] - This innovation is expected to significantly enhance user experience by providing targeted folding strategies that adapt to various usage contexts [1]

11月5日，香港恒生指数开盘跌0.97%，恒生科技指数跌1.75%。创新药、半导体板块走弱，华虹半导体跌逾3%，中芯国际跌逾2%。 | 代码 | 名称 | 现价 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | Hill | 恒生指数 | 25701.63 -250.77 -0.97% | | | HSTECH 恒生科技 | | 5716.54c -101.75 - -1.75% | | | HSBIO | 恒生生物科技 | 15184.10c -225.35 -1.46% | | | HSCEI | 恒生中国企业指数 | 9075.10c -98.11 - -1.07% | | | HSCI | 恒生综合指数 | 3949.32c -38.60 -0.97% | | 赛力斯上市首日开盘跌1.98%，截至发稿，跌幅超6%。 | 编辑丨瑜见 | | --- | ...

Market Overview - Legendary investors have significantly shorted AI growth stocks, leading to a sharp decline in US stocks and a collective drop in Asia-Pacific markets, with South Korea's market falling over 5% and triggering a trading halt [1] - Hong Kong's three major indices opened lower, with the Hang Seng Index down 0.97%, the Hang Seng Tech Index down 1.75%, and the National Enterprises Index down 1.07% [2] Sector Performance - Technology stocks, particularly in the AI and software sectors, experienced widespread declines, with companies like SMIC falling over 2% [3] - Despite the downturn, some companies like Giant Legend opened higher by 3.61% after announcing a significant order worth over 100 million yuan [4] Investment Insights - Analysts suggest that Hong Kong's stock market, particularly the Hang Seng Tech Index, remains undervalued compared to historical averages, indicating potential for valuation recovery [5] - The market is primarily driven by liquidity, with external liquidity uncertainties likely leading to short-term fluctuations [5] - Long-term prospects appear positive, with expectations of capital inflows from both southbound and foreign investments as the US enters a rate-cutting cycle [5][6] - The AI sector is anticipated to catalyze improvements in net asset return rates (ROE) for related stocks, potentially lifting market valuations [6] Future Projections - Morgan Stanley predicts that Hong Kong's stock market will continue to benefit from multiple favorable factors, with the current valuation still relatively low [8] - The market is expected to see a significant inflow of southbound funds, with estimates suggesting over 1.5 trillion yuan could flow into Hong Kong stocks next year [7] - Analysts highlight the importance of AI, new consumption, and innovative pharmaceuticals as key areas for investment in the upcoming market cycle [9] Company News - Companies like Seris have seen strong demand, with their public offering being oversubscribed by 132.68 times, indicating robust investor interest [12] - Yum China reported a total revenue of $8.974 billion for the first nine months, reflecting a year-on-year growth of 3% [13] - Yuexiu Property achieved a cumulative contract sales figure of 92.102 billion yuan in the first ten months, up approximately 1.2% year-on-year [14]

09:27 存储芯片板块集体低开，神工股份跌超8%，德明利、香农芯创跌超7%，佰维存储、大为股份、兆易创新纷纷低开。 盘面上，算力硬件产业链再度回调，存储器、CPO方向领跌。 09:36 韩国交易所暂停KOSDAQ期货程序化交易。 09:35 富时中国A50指数期货跌幅扩大至1%。 09:34 韩国股市持续大幅下挫，韩国综合指数跌幅扩大至6%。 09:34 港股大型科技股普遍走低，哔哩哔哩跌超6%，赛力斯跌超5%，小鹏汽车跌超4%，快手、蔚来跌超3%。 恒生指数低开0.97%，恒生科技指数跌1.75%。创新药、半导体、人工智能、机器人概念股表现不振，华虹半导体跌逾3%，中芯国际跌逾2%。 | HSTECH 恒生科技 | | I'v 2 | 5716.54c | -101.75 | -1.75% | | --- | --- | --- | --- | --- | --- | | મટા | 恒生指数 | m W | 25701.63 c | -250.77 | -0.97% | 09:19 日本股市持续下挫，日经225指数跌超3%。 09:15 人民币对美元中间价报7.0901，调贬16个基点。前一交易日中间价 ...