Core Insights - The core viewpoint of the articles is that Seres has achieved significant sales growth in the electric vehicle market, driven by its innovative Seres Cube technology platform, which enhances user experience and meets diverse consumer needs [1][2]. Group 1: Sales Performance - In October, Seres reported a record high sales volume of 51,456 electric vehicles, representing a year-on-year increase of 42.89% [1]. - Cumulative sales from January to October reached 356,085 vehicles, indicating strong market performance [1]. Group 2: Technological Innovation - The Seres Cube technology platform is characterized by "intelligent safety, diverse power, versatile space, and smart leadership," integrating safety, power, chassis, and software for an enhanced driving experience [1]. - As the world's first full-stack multi-power compatible platform, it supports three major new energy power forms: supercharging, pure electric, and super hybrid, providing flexible and efficient electric mobility solutions [1]. Group 3: Platform Versatility - The Seres Cube platform showcases excellent expandability in vehicle models and sizes, accommodating various consumer needs from B-class to D-class vehicles, including sedans, SUVs, and MPVs [2]. - It can incorporate luxury features such as queen seats, active suspension, dual-chamber air springs, and rear-wheel steering, enhancing comfort and handling [2]. Group 4: Smart Features - The platform employs a full vehicle SOA service architecture, adhering to the "software-defined vehicle" approach, supporting full-scenario connectivity, multi-dimensional display technology, and smart privacy protection [2]. - It enables seamless OTA upgrades, ensuring that vehicles become "smarter and fresher" over time [2]. Group 5: Competitive Advantage - The Seres Cube technology platform establishes a solid technical foundation for the AITO series and strengthens Seres' core competitiveness in the high-end new energy market [2]. - It facilitates rapid product iteration and efficient implementation, helping Seres build a long-term technological moat and strategic position in the industry [2].

Core Viewpoint - Haowu Co., Ltd. (000757) announced that its manufacturing business revenue is solely derived from crankshafts and motor shafts, with no involvement in diesel engines or parts [1] Group 1: Financial Performance - The gross margin for the company's crankshaft products is projected to be 23.47% in 2024 and 21.94% in the first half of 2025 [1] Group 2: Major Clients - Key customers include Chery, Li Auto, Dongfeng Xiaokang (Sailis), BYD, Dong'an Power, Wuling Liuji, Beiqi Foton, GAC, Jianghuai Automobile, Changan, Kubota, Mitsubishi Japan, Proton, and Geely [1]

Core Viewpoint - The article discusses the strong growth in the sales of new energy passenger vehicles in October, driven by favorable market conditions and the introduction of new electric models by major manufacturers [1][2]. Group 1: Market Performance - Despite having only 18 working days in October, the wholesale sales of new energy passenger vehicles still saw a slight month-on-month increase [1]. - October is traditionally a peak sales season, and the combination of the National Day holiday and expectations regarding the adjustment of the new energy vehicle purchase tax exemption policy has stimulated consumer demand [1]. - The overall wholesale sales of new energy passenger vehicles are projected to reach 1.61 million units in October, representing a year-on-year growth of 16% and a month-on-month growth of 7% [2]. Group 2: Manufacturer Performance - Major manufacturers such as Geely, Changan, and NIO achieved record high wholesale sales of new energy vehicles in October, contributing to a significant increase in overall market performance [2]. - The data indicates that manufacturers with wholesale sales exceeding 10,000 units accounted for 93.8% of the total new energy passenger vehicle sales in September [2]. - The cumulative wholesale sales from January to October are estimated to be 12.054 million units, reflecting a year-on-year growth of 30% [2]. Group 3: Sales Data - The top manufacturers in October included Xiaomu Auto with 40,000 units, SAIC Passenger Cars with 37,288 units, and Li Auto with 31,767 units, among others [6]. - The overall performance of second-tier manufacturers has also been notably strong, contributing to the upward trend in new energy vehicle sales [2].

Core Viewpoint - The company, Seres, has seen its Hong Kong stock rise over 1% in the dark market, indicating positive investor sentiment ahead of its H-share listing [1] Group 1 - The final price for the H-share issuance is set at HKD 131.50 per share [1] - H-shares are scheduled to be listed and begin trading on the Hong Kong Stock Exchange on November 5, 2025 [1] - The stock is currently trading at HKD 133.5 in the dark market [1]

智通财经APP获悉，赛力斯(09927)将于11月5日(周三)在香港挂牌。截至发稿，利弗莫尔证券暗盘交易显示报价135.1港元，较招股价131.50港元上涨2.74%， 每手100股，不计手续费，每手赚360港元。 | 16:16 | | | .Il ? C2 | | --- | --- | --- | --- | | 赛力斯 | | | | | нк 09927 暗盘 | 首页 | | | | 行情 评论 | 板块 | 券商持仓 | 实时数: | | 成交 23.97万股 135.100 | | 最高 135.200 | 今开 130.000 | | 换手 0.24% +2.74% +3.600 | | 最低 130.000 | 总市 135.37亿 | | 16:16 价 135.100 +2.74% 均 134.327 分时量 21.93万股 | | | | | 135.100 | | 2.74% | 十档 | | 135.100 | 2.74% | 十档 | 成交 | | --- | --- | --- | --- | | | | 136.100 | | | | | 136.000 | | | | | ...

Core Viewpoint - Company Saisir has set the final price for its H-share public offering at HKD 131.50 per share, with the shares expected to be listed on the Hong Kong Stock Exchange on November 5, 2025 [1] Group 1: H-Share Public Offering - Saisir submitted its application for listing in Hong Kong in April this year and received approval from the China Securities Regulatory Commission in September for overseas listing [3] - The company plans to issue no more than 331 million overseas listed ordinary shares and commenced international placement and public offering in Hong Kong on October 27 [3] Group 2: Sales Performance - In October, Saisir's sales of new energy vehicles reached 51,456 units, marking a year-on-year increase of 42.89% and setting a new historical high [5] - Cumulative sales from January to October have reached 356,085 units [5] Group 3: Financial Performance - For the first three quarters, Saisir reported revenue of CNY 110.534 billion and a net profit attributable to shareholders of CNY 5.312 billion, reflecting a year-on-year growth of 31.56% [7] - The public offering in Hong Kong has seen enthusiastic market response, with the subscription expected to be over 100 times oversubscribed, raising more than HKD 120 billion in subscription amounts [7]

Core Viewpoint - The article highlights the unique survival logic of Seres in the electric vehicle sector, showcasing its strong financial performance and strategic capital market actions, including a significant investment in Huawei and plans for a Hong Kong IPO [1][11]. Financial Performance - In the first three quarters of 2025, Seres reported revenue of 110.5 billion yuan, a year-on-year increase of 3.67%, and a net profit of 5.312 billion yuan, a substantial year-on-year increase of 31.56% [1][2]. - The third quarter saw revenue of 48.13 billion yuan, a year-on-year increase of 15.75%, but net profit slightly decreased by 1.74% year-on-year, indicating short-term operational pressure [1][2]. - The net profit growth rate of 31.56% significantly outpaced the revenue growth rate of 3.67%, with the adjusted net profit also increasing by 26.7% year-on-year, outperforming the industry average [2][3]. Strategic Partnership - Seres completed a payment of 11.5 billion yuan for a 10% stake in Huawei's subsidiary, reflecting a strategic move to deepen its partnership with Huawei, which is crucial for technology access and market growth [3][4]. - The collaboration with Huawei has led to the successful launch of high-end models, such as the AITO series, which have seen over 40% year-on-year sales growth in the first three quarters of 2025 [3][4]. - The partnership allows Seres to gain priority access to Huawei's latest driving technologies, enhancing its competitive edge in the high-end electric vehicle market [5][6]. Capital Market Actions - Seres plans to raise 12.9 billion HKD through its Hong Kong IPO, aimed at supplementing liquidity and supporting its global expansion strategy [6][8]. - The dual listing strategy (A+H shares) is designed to broaden financing channels and reduce reliance on a single market, with the Hong Kong market being more favorable for long-term growth potential [6][8]. - The IPO has attracted significant interest from cornerstone investors, indicating strong market confidence in Seres' business model and growth prospects [6][10]. Industry Context - Seres' approach contrasts with traditional automakers like BYD and Geely, which rely on scale effects; instead, Seres focuses on high-end positioning and technology partnerships [2][3]. - The company’s average revenue per vehicle reached 286,000 yuan, exceeding the industry average by 112,000 yuan, supporting its long-term profitability [3][4]. - The article emphasizes the importance of balancing technology partnerships with independent innovation, as Seres aims to mitigate risks associated with over-reliance on Huawei [6][12].

Core Viewpoint - The report highlights the performance and trends in China's automotive manufacturing industry, focusing on export values and growth rates from 2019 to September 2025 [1] Group 1: Industry Overview - As of September 2025, the total export value of China's automotive manufacturing industry reached 87.8 billion yuan, showing a year-on-year decline of 0.9% [1] - Cumulatively, from January to September 2025, the export value amounted to 750.74 billion yuan, reflecting a year-on-year growth of 4.5% [1] Group 2: Companies Mentioned - The report includes several key companies in the automotive sector such as BYD, CIMC Vehicles, Dongfeng Motor, Yutong Bus, SAIC Motor, Changan Automobile, FAW Jiefang, Ankai Bus, China National Heavy Duty Truck, Zhongtong Bus, Seres, GAC Group, Great Wall Motors, and Lifan Technology [1] Group 3: Research and Analysis - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, a leading industry consulting firm in China, which specializes in providing in-depth industry research reports and investment analysis [1]

1. Report Industry Investment Ratings The document does not provide industry investment ratings. 2. Report's Core View The report presents the market trends and outlooks for various commodities on November 4, 2025, including precious metals, base metals, energy, chemicals, agricultural products, and livestock. It also analyzes the fundamental data and macro - industry news of each commodity, and gives the trend strength ratings for each commodity. 3. Summary by Commodity Precious Metals - **Gold**: Attention should be paid to risks in US banks. The trend strength is 0. The price of Comex gold 2512 was 4013.70 with a 0.01% increase [2][5]. - **Silver**: It is expected to rebound in a volatile manner. The trend strength is 1. The price of Comex silver 2512 was 47.910 with a - 0.70% decrease [2][5]. Base Metals - **Copper**: A decrease in LME inventory restricts price decline. The trend strength is 0. The price of the Shanghai copper main contract was 87,300 with a 0.33% increase [2][9]. - **Zinc**: It is expected to run strongly. The trend strength is 0. The price of the Shanghai zinc main contract was 22,565 with a 0.94% increase [2][12]. - **Lead**: A continuous decrease in overseas inventory supports the price. The trend strength is 0. The price of the Shanghai lead main contract was 17,420 with a 0.17% increase [2][15]. - **Tin**: Attention should be paid to macro - impacts. The trend strength is 1. The price of the Shanghai tin main contract was 285,760 with a 0.65% increase [2][18]. - **Aluminum**: It is expected to fluctuate strongly. The trend strength is 1. The price of the Shanghai aluminum main contract was 21,600 with a 300 increase compared to T - 1 [2][22]. - **Alumina**: There is support at the bottom. The trend strength is 0. The price of the Shanghai alumina main contract was 2789 with a - 4 decrease compared to T - 1 [2][22]. - **Nickel**: Accumulated inventory at the smelting end suppresses the price, while uncertainties at the ore end provide support. The trend strength is 0. The price of the Shanghai nickel main contract was 120,950 with a 360 increase compared to T - 1 [2][26]. - **Stainless Steel**: The steel price is expected to fluctuate in a narrow range at a low level. The trend strength is 0. The price of the stainless - steel main contract was 12,630 with a - 25 decrease compared to T - 1 [2][26]. Energy and Chemicals - **Crude Oil - related**: - **LPG**: Demand improvement is limited, and the futures valuation is high [2][49]. - **Fuel Oil**: It is expected to fluctuate strongly, but weaker than low - sulfur fuel oil in the short term [2][53]. - **Low - Sulfur Fuel Oil**: There was a short - term adjustment in the night session, and the spot high - low sulfur spread in the overseas market continued to rise [2][53]. - **Chemicals**: - **PTA**: Demand is acceptable, but supply pressure still exists, and it is in a high - level volatile market [2][28]. - **MEG**: Supply pressure is large, and the trend is weak [2][28]. - **Rubber**: It is expected to fluctuate [2][30]. - **Synthetic Rubber**: The cost has collapsed, and it is running weakly [2][32]. - **Asphalt**: It fluctuates following crude oil [2][34]. - **LLDPE**: Unplanned maintenance has increased, and attention should be paid to import pressure [2][36]. - **PP**: It is expected to fluctuate in the medium term [2][37]. - **Caustic Soda**: Cost provides support, and it is in a volatile market [2][38]. - **Paper Pulp**: It is expected to fluctuate [2][40]. - **Glass**: The price of the original sheet is stable [2][42]. - **Methanol**: It is expected to run weakly [2][43]. - **Urea**: It is under pressure and fluctuating [2][45]. - **Styrene**: It is expected to fluctuate weakly [2][47]. - **Soda Ash**: There are few changes in the spot market [2][48]. Agricultural Products and Livestock - **Oils and Fats**: - **Palm Oil**: There is a lack of driving factors, and short - term support should be noted [2][61]. - **Soybean Oil**: The price of US soybeans has rebounded, and the spread between soybean oil and palm oil is expected to widen [2][61]. - **Grains and Oilseeds**: - **Soybean Meal**: US soybeans have reached a new high, and the domestic soybean meal may follow the rebound [2][63]. - **Soybean**: The start of state - reserve purchases has stabilized the market [2][63]. - **Corn**: It is expected to fluctuate [2][65]. - **Sugar and Cotton**: - **Sugar**: It is in a range - bound adjustment [2][66]. - **Cotton**: The impact of the price of seed cotton on cotton futures has weakened [2][67]. - **Livestock and Poultry**: - **Eggs**: They are expected to fluctuate and adjust [2][69]. - **Pigs**: The price center has further declined [2][70]. - **Peanuts**: Attention should be paid to the spot market [2][71].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [15]. Core Insights - The report highlights a mixed performance among key automotive companies, with some showing resilience and growth potential, particularly in high-end and international markets [3][4]. - The report emphasizes the importance of technological advancements and the integration of smart features in vehicles, which are expected to drive profitability [5][6]. - There is a notable focus on companies with strong performance in the robotics sector and those expanding their international presence, suggesting a trend towards diversification and innovation [8][9]. Summary by Sections Overall Performance - BYD reported a slight revenue decline but saw a recovery in ASP and gross margin, supported by international expansion and high-end product offerings [3][4]. - Great Wall Motors faced challenges due to scrappage tax and exchange rate impacts but is expected to benefit from new platform launches [4]. - Seres achieved strong gross margins driven by the M8 model, with further profit growth anticipated from the upcoming M7 model [4]. Component Manufacturers - Fuyao Glass experienced a 18.9% revenue increase and a 14.1% rise in net profit, with a focus on high-value products [5]. - Kobot's revenue grew by 11.8%, although net profit remained stable due to losses from consolidated businesses [5]. - Star Universe's revenue growth was bolstered by Seres, and the company is expanding into robotics [5][6]. Investment Recommendations - The report recommends focusing on leading domestic manufacturers like BYD, Geely, and XPeng, as well as companies involved in smart technology and robotics [3][5]. - It suggests monitoring state-owned enterprise consolidations and component manufacturers with strong growth potential, such as Fuyao Glass and Silver Wheel [3][5][6].