格隆汇10月28日｜今日八马茶业(6980.HK)、剑桥科技(6166.HK)、三一重工(6031.HK)、滴普科技 (1384.HK)上市，赛力斯(9927.HK)、明略科技-W(2718.HK)申购。 ...

Group 1 - Company officially announced the commencement of its Hong Kong IPO, with the offering period lasting until October 31, and plans to list on November 5 under the stock code "9927" [1][3] - The IPO aims to issue 100.2 million H-shares, with 10.02 million shares available for public offering in Hong Kong and approximately 90.18 million shares for international placement, potentially raising a net amount of HKD 12.9249 billion at the maximum offer price of HKD 131.50 per share [3] - The raised funds will be allocated for R&D, diversified marketing channels, overseas sales, charging network services, and general corporate purposes [3] Group 2 - Since the collaboration with Huawei in 2021, the company has launched several high-end smart electric vehicle models, including the AITO M5, M7, M8, and M9, benefiting from Huawei's technology [3] - Concerns have arisen regarding the company's reliance on Huawei, especially as Huawei partners with more automotive companies, which may dilute the unique advantages of the AITO brand [3] - The company reported a total vehicle sales of 276,200 units in the first three quarters of 2025, a year-on-year decline of 5.72%, with September sales reaching 41,200 units, a year-on-year increase of 15.14% [5] Group 3 - The company’s sales and revenue figures are currently strong, making the timing of the Hong Kong listing advantageous for enhancing financial strength and brand internationalization [7] - In September, another automotive company, Chery, successfully listed in Hong Kong, raising HKD 9.14 billion at an offer price of HKD 30.75 per share, indicating a positive market environment for automotive IPOs [7]

Core Viewpoint - Seres is set to become the first luxury new energy vehicle company to list in both A-share and H-share markets, with its IPO in Hong Kong expected to raise approximately HKD 12.92 billion [1][2] Group 1: IPO Details - Seres plans to issue 100.2 million H-shares, with 10.02 million shares available for public offering in Hong Kong and approximately 90.18 million shares for international placement [1][2] - The IPO subscription period runs until October 31, with the listing date scheduled for November 5 under the stock code "9927" on the Hong Kong Stock Exchange [1] Group 2: Fund Utilization - Approximately 70% of the raised funds will be allocated to research and development, while 20% will be used for diversifying new marketing channels, overseas sales, and charging network services [1][4] - The R&D investment will focus on enhancing core technology capabilities, upgrading the magic cube technology platform, improving intelligent cockpit and assisted driving technologies, and exploring AI applications in the automotive industry [4] Group 3: Financial Performance - Seres reported a revenue growth of 305.04% year-on-year for 2024, with a net profit of CNY 5.946 billion, marking its first profitable year in five years [3] - The sales revenue from the AITO brand, which includes models like the M9, M8, M7, and M5, accounted for 90.9% of Seres' total revenue in 2024, indicating a high dependency on this brand [3] Group 4: Competitive Landscape - The partnership with Huawei has significantly benefited Seres, but it also poses risks due to the increasing competition as Huawei expands its ecosystem with new brands [3][4] - The unique advantages of the AITO brand are diminishing as more competitors emerge within the Huawei ecosystem, leading to potential challenges in maintaining market share [4]

10月27日，赛力斯集团股份有限公司（以下简称"赛力斯"）开启港股招股，招股期持续至10月31日，计划于11月5日在港 交所主板挂牌，上市后将成为又一家"A+H"两地上市的豪华新能源车企。 具体来看，赛力斯预计募资净额129.249亿港元，计划用于公司研发投入、多元化新营销渠道投入、海外销售及充电网络服 务，以及用作营运资金及一般公司用途。 同样，千里科技拟赴港上市，旨在深化全球化战略布局，加快海外业务发展，提升公司国际化品牌形象。千里科技董事长 印奇曾表示，"A+H"是千里科技国际化的一个很重要的布局，千里科技希望成为一个国际性的AI科技平台。 在詹军豪看来，目前国内新能源车企扎堆赴港上市，还受益于政策的推动。"相关监管部门鼓励龙头企业赴港上市，利用 两个市场、两种资源规范发展。"詹军豪表示，"赴港上市能帮助车企拓宽融资渠道，提升国内外影响力，同时也能推动车企完 善架构、提升决策水平、增强抗风险能力，为长远发展筑牢根基。" 新能源车企掀起赴港上市热潮。9月25日，奇瑞汽车股份有限公司在香港联合交易所主板挂牌上市。10月2日，岚图汽车科 技股份有限公司（以下简称"岚图汽车"）正式向香港联交所递交上市申请。10 ...

证券研究报告 | 行业简评报告 2025 年 10 月 27 日 特斯拉三季报电话会：预计 Optimus Gen 3 明年 Q1 发布 人形机器人周报 20251027 中游制造/机械 重要事件： 人形机器人方面：（1）特斯拉 10 月 22 日三季报电话会中更新 Optimus V3 将于 2026 年 Q1 推出，并在年底启动一百万台量产线；（2）10 月 16 日优必 选中标广西具身智能数据采集及测试中心 1.26 亿订单，订单涵盖人形机器人； （3）赛力斯已于 10 月 13 日通过港股主板上市聆讯；（4）10 月 24 日，京东 物流宣布未来 5 年采购 300 万机器人，100 万无人车，10 万无人机；（5）1-9 月我国工业机器人产量 59.48 万台，同比增长 29.8%。 无人物流车方面：（1）10 月 23 日新石器宣布完成逾 6 亿美元 D 轮融资，创 下中国自动驾驶领域最大规模私募融资记录；（2）10 月 21 日九识智能宣布完 成 1 亿美元 B4 轮融资，B 轮融资累计已达 4 亿美元。 机器狗方面：（1）五八智能已于近期成功完成 5 亿元 A 轮融资，并于 10 月 23 日 ...

Major Events - Silyus (09927) starts its public offering with cornerstone subscriptions amounting to $826.5 million, with 70% of the funds allocated for R&D [1] - Dipo Technology (01384) sees a public offering in Hong Kong oversubscribed by 7569.83 times, raising approximately HK$609.8 million from the global offering [1] - Bama Tea (06980) experiences a public offering in Hong Kong oversubscribed by 2680.04 times, with a share price set at HK$50 [1] - Cambridge Technology (06166) has its public offering in Hong Kong oversubscribed by 338.7 times, with a share price of HK$68.88 [1] - Sany Heavy Industry (06031) reports a public offering in Hong Kong oversubscribed by 52.93 times, netting approximately HK$13.307 billion from the global offering [1] - Kangzhe Pharmaceutical (00867) signs a distribution agreement with Novartis for ophthalmic drugs [1] - Postal Savings Bank of China (01658) is approved to establish a financial asset investment company [1] - Meidong Automotive (01268) invests $20 million to subscribe for shares in Silyus [1] - China Aluminum (02600) plans to increase capital in Yunnan Aluminum Foil by a total of 906.45 million yuan through cash or asset contributions from subsidiaries [1] - China Coal Energy (01898) subsidiary intends to acquire the remaining 30% stake in a new energy company for 115 million yuan [1] - China Software International (00354) successfully signs a project for the Wuhan Cybersecurity Base Intelligent Computing Center, promoting AI industry development in Wuhan [1] - China Gold International (02099) is included in the Hang Seng Hong Kong Chinese Enterprises Index [1] - Beike-W (02423) has its MSCI ESG rating upgraded to "AA" [1] Operating Performance - China National Pharmaceutical Group (01099) reports a net profit of approximately 5.307 billion yuan for the first three quarters, a year-on-year increase of 0.53% [2] - Qingdao Beer Co. (00168) announces a net profit of 5.274 billion yuan for the first three quarters, up 5.7% year-on-year [2] - Yuehai Investment (00270) reports a net profit of 4.067 billion HKD for the first three quarters, a 13.2% increase year-on-year [2] - China Southern Airlines (01055) posts a net profit of 2.307 billion yuan for the first three quarters, a year-on-year growth of 17.4% [2] - Zhongchuang Zhiling (00564) announces a net profit of 3.645 billion yuan for the first three quarters, up 19.17% year-on-year [2] - China Aluminum (02600) reports a net profit of 10.872 billion yuan for the first three quarters, a 20.65% increase year-on-year [2] - Heng Rui Pharmaceutical (01276) announces a net profit of 5.751 billion yuan for the first three quarters, a year-on-year increase of 24.5% [2] - Jihong Co. (02603) reports a net profit of 216 million yuan for the first three quarters, a significant increase of 60.11% year-on-year [2] - China Foreign Transport (00598) announces a net profit of 2.679 billion yuan for the first three quarters, down 5.17% year-on-year [2] - China Coal Energy (01898) reports a net profit of 12.485 billion yuan for the first three quarters, a decline of 14.6% year-on-year [2] - Fuyao Glass (06865) announces a net profit of 638 million yuan for the first three quarters, down 50.79% year-on-year [2] - Fenmei Packaging (00468) reports a profit attributable to equity holders of 76.982 million yuan for the first nine months, a decrease of 59.13% year-on-year [2] - CanSino Biologics (06185) announces a net profit of 14.44 million yuan for the first three quarters [2] - Wuzhou Real Estate (00230) reports a contract sales amount of approximately 3.22 billion yuan for the first nine months, a year-on-year decline of about 24.2% [2] Retail Performance - Anta Sports (02020) reports a low single-digit positive growth in retail sales for its Anta brand products in the third quarter [3]

Group 1: Capital Market Reforms - The People's Bank of China has suspended government bond trading due to significant supply-demand imbalances and accumulated market risks, but plans to resume operations as the bond market is currently stable [1] - The Financial Regulatory Administration will promote the merger and restructuring of small financial institutions and enhance the disposal of non-performing assets to ensure the stability of the financial system [1] - The China Securities Regulatory Commission has introduced 23 specific measures to strengthen the protection of small and medium investors, enhancing market stability and investor confidence [2] Group 2: Economic Developments - During the recent China-US economic talks, both sides agreed to further clarify specific details and follow domestic approval procedures [3] - The Chinese Premier emphasized the need for enhanced market connectivity and regional economic integration amid rising unilateralism and protectionism [4] Group 3: Stock Market Performance - The Shanghai Composite Index rose by 1.18%, reaching a high of 3999.07 points, marking the highest level since August 2015, with 12 out of 31 industry sectors surpassing their opening points from that time [6] Group 4: Pharmaceutical Industry - The 11th batch of national drug procurement has included 55 varieties, focusing on various treatment areas, with new rules aimed at ensuring clinical stability and quality [7] Group 5: Corporate Announcements - The Guizhou provincial government has recommended Chen Hua as the new chairman of Kweichow Moutai Group [8] - Northern Rare Earth reported a net profit of 1.541 billion yuan for the first three quarters, a year-on-year increase of 280% [19] - Hengli Petrochemical's net profit for the third quarter reached 1.972 billion yuan, up 81.47% year-on-year [19]

Core Viewpoint - Seres is set to become the first luxury new energy vehicle company to list in both A-share and H-share markets, with its IPO in Hong Kong expected to raise approximately HKD 12.9249 billion, primarily for R&D and market expansion [1][4][12] Group 1: IPO Details - Seres has initiated its Hong Kong IPO with a base issuance of 100.2 million H-shares, aiming for a net fundraising of HKD 12.9249 billion [1][4] - The IPO period runs until October 31, with the listing date scheduled for November 5 under the stock code "9927" [3][4] - The company has attracted 22 cornerstone investors, including notable funds and financial institutions [4] Group 2: Financial Performance - Seres reported a revenue increase of 305.04% year-on-year for 2024, with a net profit of CNY 5.946 billion, marking its first profitable year in five years [6] - The sales revenue from the Wanjie brand accounted for 90.9% of Seres' total revenue in 2024, indicating a high dependency on this brand [6][7] Group 3: Competitive Landscape - The automotive market is experiencing rapid technological advancements, with companies like BYD and Geely intensifying competition in intelligent driving solutions [8] - Seres faces challenges from increasing competition within the Huawei ecosystem, as more brands are emerging with similar technological backing [7][8] Group 4: R&D and Market Strategy - Approximately 70% of the funds raised from the IPO will be allocated to R&D, focusing on enhancing core technology and innovation capabilities [9][10] - Seres plans to expand its product lineup and enhance its international market presence, with specific allocations for overseas model adaptations and marketing channels [11][12] Group 5: Diversification and Future Prospects - Beyond automotive, Seres is exploring opportunities in diversified fields, including a partnership with Huoshan Engine for AI applications [12] - The company aims to establish a localized manufacturing and operational network in international markets, including Europe and the Middle East [11][12]

New Stock Offerings - Delijia has a subscription code of 732092 with an issue price of 46.68 yuan per share and a subscription limit of 0.95 million shares [1] - Zhongcheng Consulting has a subscription code of 920003 with an issue price of 14.27 yuan per share and a subscription limit of 630,000 shares [1] Financial Market Updates - The People's Bank of China has suspended government bond trading due to market risk accumulation but plans to resume operations as the bond market stabilizes [2] - The China Securities Regulatory Commission (CSRC) will implement reforms for the Growth Enterprise Market to better serve emerging industries and innovative enterprises [2] - The Financial Regulatory Bureau emphasizes its commitment to preventing systemic financial risks and improving the efficiency of financial regulation [2][3] Economic Indicators - From January to September, profits of large-scale industrial enterprises reached 53,732 billion yuan, a year-on-year increase of 3.2% [4] - State-owned enterprises reported profits of 17,021.8 billion yuan, a slight decline of 0.3%, while private enterprises saw a profit increase of 5.1% to 15,131.7 billion yuan [4] Corporate News - Guizhou Moutai's chairman Zhang Deqin has resigned due to work adjustments [8] - Hongwei Technology's subsidiary signed a parts procurement contract with a leading domestic electric vehicle client [8] - Sichuan Gold reported a net profit of 160 million yuan for Q3, a year-on-year increase of 184.38% [8] - North Rare Earth reported a Q3 net profit of 610 million yuan, up 69.48% year-on-year [8] - Postal Savings Bank has been approved to establish a financial asset investment company with a registered capital of 10 billion yuan [8]

New Listings - During the period from October 21 to October 27, one company was listed on the Shanghai Stock Exchange main board and one on the Shenzhen Stock Exchange main board [2] - ChaoYing Electronics specializes in the research, production, and sales of printed circuit boards (PCBs), primarily for automotive electronics. The stock price surged by 397.60% on the first day of trading, closing at 83.01 CNY per share, a 386.01% increase from the issue price of 17.08 CNY, with a total market capitalization of approximately 36.3 billion CNY [3] - Marco Polo focuses on the research, production, and sales of building ceramics. The stock price increased by 128.80% on the first day, closing at 27.52 CNY per share, a 100.15% increase from the issue price of 13.75 CNY, with a total market capitalization of approximately 32.9 billion CNY [4] Companies Passing Review - From October 21 to October 27, two companies passed the review on the Shanghai Stock Exchange's Sci-Tech Innovation Board, and one on the Shenzhen Stock Exchange main board [5] - Jianxin Superconducting is engaged in the research, production, and sales of core components for medical MRI equipment, with its products accounting for about 50% of the cost of MRI equipment [6] - Muxi Co., Ltd. focuses on the independent research and development of high-performance GPU chips and computing platforms, primarily for AI training and inference, as well as general computing and graphics rendering [6] New Stock Applications - During the period from October 21 to October 27, one company submitted a listing application on the Shanghai Stock Exchange's Sci-Tech Innovation Board, while no companies submitted applications on the Shenzhen Stock Exchange [9] - HaoYing Technology is a comprehensive service provider for commercial big data, specializing in the research, production, and sales of drone power systems, with products also used in competitive vehicles [10][11] New Listings in Hong Kong - From October 21 to October 27, two companies were listed on the Hong Kong Stock Exchange main board [13] - JuShuiTan is the largest e-commerce SaaS ERP provider in China, with a market share of 24.4%. The stock price rose by 23.86% on the first day, closing at 34.96 HKD per share, a 14.25% increase from the issue price of 30.60 HKD, with a total market capitalization of approximately 14.9 billion HKD [14] - GuangHeTong is a wireless communication module provider, with its stock price dropping by 11.72% on the first day, closing at 19.96 HKD per share, a 7.16% decrease from the issue price of 21.50 HKD, with a total market capitalization of approximately 26.0 billion HKD [14] Companies Submitting Applications in Hong Kong - From October 20 to October 27, eight companies submitted listing applications on the Hong Kong Stock Exchange main board [20] - YuWang Bio is the largest supplier and exporter of human tetanus antitoxin in China, with a market share of 66.8% in terms of revenue for 2024 [39] - BiHua Co., Ltd. is a comprehensive chemical group focusing on technological innovation and green low-carbon development, with a leading position in several chemical products [26] - XieChuang Data is a data intelligence application software company, recognized as the second-largest domestic smart storage device manufacturer by revenue in 2024 [29] - ZhongWei Co., Ltd. specializes in new energy materials, focusing on the research and development of battery materials [33] - HeHui Optoelectronics is an AMOLED semiconductor display panel manufacturer, ranked third globally in large-size AMOLED panel shipments [36] - HaiChen Energy is a global new energy technology company, ranked third in the global energy storage market by lithium-ion battery shipments in 2024 [42]