日韩股市大跌 11月14日，亚太股市主要股指集体低开。其中日经225指数跌1.3%，韩国KOSPI指数跌2.74%。 A股方面，早盘震荡分化，截至午盘，沪指跌0.16%，深成指跌1.1%，创业板指跌1.74%。沪深两市半日 成交额1.23万亿，较上个交易日缩量257亿。全市场超2800只个股上涨。 板块方面，海南、燃气、医药、福建等板块涨幅居前，存储芯片、CPO等板块跌幅居前。 具体来看，福建板块持续拉升，平潭发展（000592）、中国武夷（000797）等10余股涨停。海南板块快 速走强，海马汽车（000572）11天7板。流感概念股延续强势，金迪克5天3板，众生药业（002317）走 出3天2板。银行板块逆势上扬，工行、农行再创历史新高。 零售板块短线拉升，东百集团（600693）8天6板，家家悦（603708）、国光连锁（605188）、中百集团 （000759）、三江购物（601116）、汇嘉时代（603101）等纷纷走高。消息面上，国家统计局发布的数 据显示，10月份，社会消费品零售总额为46291亿元，同比增长2.9%。其中，除汽车以外的消费品零售 额42036亿元，增长4.0%。1—10月份，社 ...

Group 1 - Dexmal has completed a series A+ financing round worth several hundred million yuan, with Alibaba as the sole investor [1] - The previous A round was led by NIO Capital, with participation from various investors, raising nearly 1 billion yuan in total across both rounds [2] - The funds will primarily be used for the research and development of intelligent robot software and hardware technologies [2] Group 2 - Dexmal, established in March 2025, focuses on the research and implementation of embodied intelligence software and hardware technologies [2] - The core team possesses top academic backgrounds in AI and over 10 years of experience in scaling AI-native products [2] - The company has developed an end-to-end multimodal embodied intelligence model (MMLA) that integrates various sensor technologies and models for intelligent generalization across different scenarios and tasks [2] Group 3 - Dexmal has open-sourced a VLA toolbox called Dexbotic based on PyTorch and launched an open-source hardware product, DOS-W1, which significantly lowers the barriers to using robots [2] - The open-source initiatives enhance the convenience of robot maintenance and modification [2]

Core Insights - Dexmal, a company specializing in embodied intelligence, has completed a Series A+ financing round amounting to several hundred million yuan, with Alibaba as the sole investor [1] - The previous Series A round was led by NIO Capital, with participation from several other investors, raising nearly 1 billion yuan across both rounds [1] - The funds will primarily be used for the research and development of software and hardware technologies for embodied intelligent robots [1] Company Overview - Dexmal was established in March 2025 and has developed a one-stop VLA toolbox called Dexbotic, along with a robot hardware platform named DOS-W1 [1] - The company has also launched a large-scale real machine evaluation platform called RoboChallenge, focusing on advancing the embodied intelligence robotics industry through software, hardware, and standards [1] - The team has accumulated substantial practical experience in the field of AI logistics robots [1]

Core Insights - Morgan Stanley has significantly reduced its holdings in NIO, Xpeng, and Li Auto while increasing its investment in Geely's premium electric vehicle brand Zeekr, indicating a shift in institutional confidence towards Zeekr [1] - Zeekr's new flagship SUV, Zeekr 9X, launched in September, has seen strong sales, leading to price surges in both domestic and international markets [1] - The brand's recent models, including the refreshed 001 and 7X, have exceeded sales expectations, contributing to Zeekr's strong market performance [1] - Zeekr 009 has maintained its position as the best-selling luxury electric MPV in markets such as Hong Kong, Thailand, and Malaysia [1] - The company's strategic initiatives in the second half of the year, including product upgrade announcements and enhanced customer service commitments, have positively impacted its Net Promoter Score (NPS) and market reception [1]

1. Report Industry Investment Ratings No information provided in the given content about the report industry investment ratings. 2. Core Views of the Report - The overall market is influenced by various factors including macro - economic events, policy changes, and supply - demand dynamics in different sectors. Different commodities have different outlooks based on their specific fundamentals [13][16][24]. - In the macro - economic aspect, the US government "stop - work" has ended, and China's social financing scale and related monetary indicators show certain trends. The global trade situation, especially regarding US - China trade in soybeans and China's rare - earth export policy, is also under the spotlight [9][10]. 3. Summary by Relevant Catalogs 3.1 Macro - Information - Trump signed a federal government temporary appropriation bill, ending a 43 - day government "stop - work". The US government's "stop - work" was estimated to have cost $1.5 trillion [9]. - Japan's Prime Minister made remarks about the Taiwan issue, and China warned that any Japanese military intervention in the Taiwan Strait would be regarded as an act of aggression [9]. - China agreed to buy about 12 million tons of US soybeans in November and December and at least 25 million tons per year for the next three years. China is designing a new rare - earth export licensing system [9]. - China's social financing scale increment in the first ten months was 30.9 trillion yuan, 3.83 trillion yuan more than the previous year. At the end of October, the year - on - year growth of social financing stock was 8.5%, and M2 was 8.2%, both down 0.2 percentage points month - on - month [10]. - The new energy vehicle purchase tax exemption policy is ending, and 17 mainstream car brands have launched purchase tax subsidy programs [10]. - The US failed to release the October CPI report, and the IMF predicted that the US Q4 GDP growth would be lower than the previous forecast of 1.9% [10]. - Fed officials had different views on interest - rate policies, with some opposing further rate cuts and others advocating maintaining the current rate [11]. 3.2 Macro - Finance 3.2.1 Stock Index Futures - Adopt a volatile mindset and stay on the sidelines for now. The A - share market opened lower and closed higher, with the Shanghai Composite Index rising 0.73% to 4029.5 points. Some pension insurance companies are adjusting their investment portfolios, and the CSRC will deepen investment - financing reforms [13]. 3.2.2 Treasury Bond Futures - Monetary policy implementation is in the process of being fulfilled, and bonds still have upward momentum. Pay attention to the rhythm. The money market is loose, and the bond market is affected by the strong performance of the equity market and the release of social financing data [14]. 3.3 Black Commodities - The black commodity market is likely to return to fundamental trading in the short - to - medium - term. The overall demand for building materials is weak, while the demand for coils is relatively stable. Steel mills' profits are low, and iron - water production is expected to decline. The prices of black commodities are likely to fluctuate at the bottom [16]. - Iron ore supply is expected to increase, and the price is expected to face downward pressure [17]. - Coking coal and coke prices may continue to decline in the short - term, affected by production policies and downstream demand [18]. - For ferroalloys, in the long - term, it is advisable to take a short - position approach when prices are high, and in the short - term, it is recommended to stay on the sidelines [19]. - For soda ash and glass, it is advisable to stay on the sidelines for now. Soda ash production and inventory have declined slightly, and some enterprises have raised prices. Glass inventory has increased slightly, and the market is waiting for demand improvement [22]. 3.4 Non - Ferrous Metals and New Materials - For zinc, it is recommended to hold short positions at high prices. The domestic zinc inventory has decreased, and the price has been fluctuating at a high level recently [24]. - For lithium carbonate, the short - term fundamentals are good, but the demand may weaken in Q1 next year. It is advisable to wait for price corrections to buy [25]. - For industrial silicon, the supply - demand contradiction is not prominent, and it is expected to fluctuate within a range [26]. - For polysilicon, the market is waiting for policy changes, and the price is expected to continue to fluctuate [27][28]. 3.5 Agricultural Products - Cotton is expected to fluctuate at a low level due to supply pressure and weak demand, but high costs provide some support [29]. - Sugar supply is expected to be in surplus globally, and domestic sugar prices are affected by import costs and production increases. It is advisable to stay on the sidelines before new sugar floods the market [31]. - For eggs, it is recommended to take a short - position approach for near - month contracts. The supply pressure is large, and the spot price is weak, but the long - term outlook is positive due to "capacity reduction" [33]. - Apples are expected to fluctuate strongly. The inventory is low, and the price is high. Future consumption trends will be the key factor [35]. - Corn prices may face pressure above. The spot price has rebounded, but the new - grain supply pressure is still accumulating [36]. - For jujubes, it is advisable to stay on the sidelines for now. The spot price in the sales area is weak, dragging down the futures price [37]. 3.6 Energy and Chemicals - Crude oil prices are expected to decline in the long - term due to supply surplus, and in the short - term, they will fluctuate weakly [39]. - Fuel oil prices will follow the trend of oil prices, with a supply - abundant and demand - flat situation [41]. - Plastics are expected to fluctuate weakly due to supply pressure, but production losses may provide some support [42]. - Rubber is expected to fluctuate strongly in the short - term, with support at the bottom and pressure at the top [42]. - Synthetic rubber prices may stop falling and rebound in the short - term, but it is still necessary to be cautious when going long [44]. - Methanol prices are expected to fluctuate weakly in the near - term and may rise in the far - term after a rebound driver appears [45]. - Caustic soda prices are expected to be stable at a low level, and it is advisable to take a long - position approach at a low valuation [46]. - Asphalt prices are expected to have a larger fluctuation range, and the focus will be on the price bottom after the "winter storage" game [47]. - The polyester industry chain is expected to be strong in the short - term due to positive export policies [48]. - LPG is expected to be strong in the short - term due to the approaching civil - use peak season, but bearish in the long - term due to abundant supply [49]. - Pulp is expected to fluctuate widely, with limited upward space [50]. - Logs are expected to be weak in the short - term, with the price under pressure [50]. - For urea, it is advisable to stay on the sidelines due to strong export - policy uncertainties [51].

| | | | | N | | --- | --- | --- | --- | --- | | 六米彩 | 成分 | 资讯 | 相关基金 | 月度收益 | | 名称 | | | 现价 | 涨跌幅 一 | | 百度集团-SW | | | 117.000 | -7.29% | | 9888.HK | | | | | | 蔚来-SW | | | 48.620 | -4.67% | | 9866.HK | | | | | | 杉町未言体 | | | 75.800 | -3.62% | | 1347.HK | | | | | | 阿里巴巴-W | | | 156.500 | -3.40% | | 9988.HK | | | | | | 『毕』『 | | | 205.800 | -3.29% | | 9626.HK | | | | | | 京东集团-SW | | | 120.700 | -2.97% | | 9618.HK | | | | | | 小鹏汽车-W | | | 102.900 | -2.83% | | 9868.HK | | | | | | 同程旅行 | | | 22.500 | -2.34% | | 078 ...

Core Insights - The report highlights a positive outlook for the automotive and auto parts sector, particularly focusing on structural investment opportunities in components and the potential of AI and robotics in the industry [3] - Tencent Music's subscription growth and the increasing penetration of SVIP are driving revenue from non-subscription businesses, although there are slight adjustments to profit forecasts due to expected fluctuations in gross margins [4] Industry Research - The automotive sector is expected to experience a downward trend in Beta overall by 2026, with a focus on structural investment opportunities in auto parts [3] - Recommended stocks include NIO and Xpeng Motors for complete vehicles, while for auto parts, Fuyao Glass is highlighted for its strong performance and overseas expansion, along with Wuxi Zhenhua, Huguang Co., and Bojun Technology for their attractive valuations [3] - The report suggests monitoring human-shaped robots, recommending companies like Junsheng Electronics and Shuanglin Co. [3] Company Research - Tencent Music's subscription model is showing steady growth, with SVIP development boosting ARPPU, and non-subscription revenue streams such as advertising and live performances contributing positively [4] - The report anticipates fluctuations in gross margin due to the expansion of low-margin businesses like concerts, leading to a slight downward revision of the adjusted net profit forecast for 2025-2027 to CNY 9.7 billion, CNY 10.98 billion, and CNY 12.51 billion respectively, reflecting a decrease of 1.4%, 4.6%, and 3.7% from previous estimates [4]

11月14日，香港恒生指数开盘跌1.52%，恒生科技指数跌2.22%。 | 代码 | 名称 | 现价 | | 涨跌幅 | | --- | --- | --- | --- | --- | | HSI | 恒生指数 | 26660.31 -412.72 -1.52% | | | | HSTECH 恒生科技 | | 5848.48c -132.82 - -2.22% | | | | HSBIO | 恒生生物科技 | 16165.23c -238.26 - -1.45% | | | | HSCEI | 恒生中国企业指数 | 9439.21 c -159.85 - -1.67% | | | | HSCI | 恒生综合指数 | 4099.37c -63.34 -1.52% | | | 行业板块普跌，耐用消费品、有色金属、半导体、医药生物等板块跌幅居前。 大型科网股普遍走低，百度集团跌超7%，蔚来跌超4%，阿里巴巴、哔哩哔哩跌超3%，京东集团、小鹏汽车跌超2%。 | < W | 恒生科技(HSTECH) | | | | --- | --- | --- | --- | | | 5848.48 -132.82 -2.22% | ...

风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 百度跌超7%，蔚来跌超4%，华虹半导体、阿里巴巴等跌超3%。 ...

Core Viewpoint - The new national standard for automotive safety aims to address the issue of acceleration-related loss of control in electric vehicles by mandating a default acceleration time of no less than 5 seconds for passenger cars upon startup [1][2][3]. Group 1: New Regulations - The draft standard requires that passenger cars, upon each ignition, must default to a state where the acceleration time to 100 km/h is no less than 5 seconds [1]. - Electric and plug-in hybrid vehicles must have a pedal misapplication suppression feature that detects and limits power output when the vehicle is stationary or creeping [1]. - The design of car door handles is also addressed, requiring mechanical release functionality to ensure doors can be opened in emergencies without tools [1]. Group 2: Rationale Behind the Regulations - The requirement for a minimum acceleration time of 5 seconds is intended to reduce the risk of accidents caused by inexperienced drivers misusing high acceleration modes [2][8]. - The standard is based on the observation that most driving schools and conventional fuel vehicles have acceleration times exceeding 5 seconds, making it a reasonable benchmark for new drivers [2]. Group 3: Impact on the Automotive Industry - The new regulations primarily affect high-performance four-wheel drive vehicles, while most two-wheel drive models are unlikely to require significant adjustments [9]. - Automakers can meet the new standards through software adjustments, such as modifying default power output and throttle response logic, rather than extensive hardware changes [9]. - The regulations are seen as a necessary step to balance safety and performance, especially as high-performance electric vehicles become more accessible to less experienced drivers [7][9]. Group 4: Industry Response and Future Outlook - The automotive industry is experiencing a shift towards higher safety standards in response to rapid technological advancements in electric vehicles [10][11]. - The new regulations are part of a broader trend to ensure that safety measures keep pace with innovations in vehicle technology, including smart driving and fast charging [10]. - The overall goal is to promote sustainable development in the electric vehicle sector by enhancing safety, regulating the market, and improving user experience [11].