2025年12月8日星期一 ➢ 美通胀指标支持降息；中日对峙。A 股日内拉升。上证指数收盘涨0.7%报 3902.81点，深证成指涨1.08%，创业 板指涨1.36%。保险带领大金融行业 全涨，贵金属全涨。港股震荡走强， 香港恒生指数收盘涨 0.58% 报 26085.08 点 ， 恒 生 科 技 指 数 上 涨 0.84%，恒生中国企业指数上涨1.01%。 保险午后拉涨，油气领跌。大市成 交额2104.726港元。外盘方面，欧洲 三大股指收盘涨跌不一，美国三大 股指小幅收涨，道指涨0.22%，标普 500指数涨0.19%报6870.4点，纳指涨 0.31%。美联储关注的通胀指标核心 PCE价格符合预估，巩固本周降息预 期。日本防卫省指责中国战斗机首 次将火控雷达锁定日方军机，两国 紧张局势继续升温。 | 60.08 | 0.69 | -11.56 | | --- | --- | --- | | 4243.00 | 0.00 | 51.77 | | 11620.50 | 1.49 | 32.53 | | 2897.50 | -0.22 | 13.56 | | 1105.25 | -1.25 | 6.80 | ...

Group 1: New IPOs - Two new stocks are available for subscription today: Nabichuan on the ChiNext and Youxun on the Sci-Tech Innovation Board [1][2] - Nabichuan is a leading manufacturer of liquid cooling plates for electric vehicle batteries, with clients including CATL, NIO, Changan, Mercedes-Benz, and Seres [2][3] - Youxun is recognized as a "national champion" in the optical communication sector, focusing on the research, design, and sales of optical communication front-end transceiver chips [2][4] Group 2: Financial Performance - Nabichuan's projected revenues for 2022, 2023, and 2024 are 1.031 billion, 1.136 billion, and 1.437 billion yuan, respectively, with net profits of 113 million, 98 million, and 95 million yuan [2][3] - Youxun's expected revenues for 2022, 2023, and 2024 are 339.1 million, 313.1 million, and 410.6 million yuan, with net profits of 81.4 million, 72.1 million, and 77.9 million yuan [2][4] - For 2025, Nabichuan anticipates a revenue growth of 20.86% and a net profit growth of 9.72% compared to the previous year [2][3] - Youxun expects a revenue increase of 15.70% to 20.57% and a net profit increase of 18.15% to 25.86% for 2025 [2][4] Group 3: Market Position and Valuation - Nabichuan's IPO price is set at 22.63 yuan, with a public offering price median of 23.06 yuan and a P/E ratio of 28.70, compared to the industry average of 28.71 [3][4] - Youxun's IPO price is 51.66 yuan, with a public offering price median of 52.90 yuan and a P/E ratio of 60.27, against an industry average of 58.09 [4]

国内新闻 商务部：促进大宗耐用商品消费，推进汽车流通消费改革试点 近日，商务部党组书记、部长王文涛接受采访表示，推动商品消费扩容升级。促进大宗耐用商品消费，推进汽车流通消费 改革试点，全链条扩大汽车消费，促进家电更新消费。培育壮大升级类商品消费，释放绿色、智能等消费潜力。支持特色商品 消费，促进国货"潮品"、外贸优品、国际精品消费，推动"人工智能+消费"。 广西"十五五"规划建议：全力打造制造业十大现代化支柱产业 《中国共产党广西壮族自治区委员会关于制定国民经济和社会发展第十五个五年规划的建议》发布。其中提出，全力打造 制造业十大现代化支柱产业。提质升级有色金属及关键金属材料、先进钢铁材料、现代绿色化工、人工智能及新一代信息技 术、机械及高端装备制造、新能源汽车及电池、食品加工、林产加工及纸业、生物医药及健康、绿色建材等产业，着力打造万 亿元产业集群，新增一批千亿元产业。培育壮大具身智能、低空经济、生物制造、氢能等产业。 上海发布"人工智能+交通运输"十大核心成果 12月7日，在上海举行的"'人工智能+交通运输'上海发布 2025"活动上，上海发布了"人工智能+交通运输"十大核心成果，多 维度展现行业融合发展 ...

财务方面，于2022年、2023年及2024年，公司实现营业收入分别约为10.31亿元、11.36亿元、14.37亿元人民币；同期净利润 分别约为1.13亿元、9825.49万元、9542.88万元人民币。 纳百川在招股书中指出，2025年1-9月，预计公司营业收入较2024年1-9月增长22.26%至35.18%，归属于母公司所有者净利润 较2024年1-9月增长19.79%至33.10%，扣除非经常性损益后归属于母公司所有者的净利润较2024年1-9月增长20.34%至 32.14%。 12月8日，纳百川（301667）(301667.SZ)开启申购，发行价格为22.63元/股，申购上限为0.65万股，市盈率28.7倍，属于深交 所，浙商证券（601878）为其保荐机构。 招股书披露，纳百川专注从事新能源汽车动力电池热管理、燃油汽车动力系统热管理及储能电池热管理相关产品的研发、生 产和销售，主要产品包括电池液冷板、电池集成箱体、燃油汽车发动机散热器、加热器暖风等。 在新能源汽车动力电池热管理领域，公司于2012年起即与宁德时代（300750）开展合作研发，是宁德时代的战略供应商，产 品配套供应T公司、蔚来 ...

2025 年 12 月 08 日 开源晨会 1208 ——晨会纪要 | 沪深300 | 及创业板指数近1年走势 | | 吴梦迪（分析师） | | --- | --- | --- | --- | | 沪深300 | 创业板指 | | wumengdi@kysec.cn | | 60% | | | 证书编号：S0790521070001 | | 40% | | | 观点精粹 | | 20% 0% | | | 总量视角 | | -20% | | | 【策略】本轮春季躁动的共性&个性——投资策略专题-20251207 | | -40% | | | 投资思路——科技与周期两翼齐飞 | | 2024-12 | 2025-04 2025-08 | | 【金融工程】权益择时的多策略框架：从宏观驱动到微观验证——大类资产配置 | | 数据来源：聚源 | | | 研究系列（14）-20251207 | | 昨日涨跌幅前五行业 | | | 行业公司 | | 行业名称 | | 涨跌幅(%) | 【中小盘】空间科技系列深度（一）产业催化不断，可复用火箭迎来大发展—— | | 非银金融 | | 3.500 | 中小盘主题-2025120 ...

Core Insights - The delivery rankings of new car manufacturers have undergone significant changes in November, with a reshuffling of positions following the "golden September and silver October" period [1] Group 1: Delivery Rankings - Hongmeng Zhixing topped the delivery chart with 81,864 units, achieving a year-on-year growth of 90% and a month-on-month increase of 20% [2][3] - Leap Motor maintained its position as the "single brand champion" with 70,327 units delivered, marking its second consecutive month above 70,000 [4] - Xiaomi entered the top three with over 40,000 units, while BYD's Fangchengbao emerged as a dark horse with 37,405 units [5] Group 2: Competitive Landscape - In the second tier, brands like Xiaopeng (36,728 units) and NIO (36,275 units) are in close competition, with Ideal (33,181 units) and Deep Blue (33,060 units) also in the mix [5][21] - Zeekr accelerated its growth with 28,843 units, while Lantu broke the 20,000 mark for the first time [6] Group 3: Financial Performance and Market Challenges - Despite high delivery numbers, companies like Leap Motor face challenges in profitability, with a net profit of 150 million yuan in Q3, down 8% from the previous quarter [12][13] - Xiaomi's automotive division reported a 700 million yuan operating profit in Q3, making it the fastest to achieve profitability among new forces, yet its stock price has been under pressure due to negative publicity [14][15] - NIO's stock fell 20% in November after lowering its Q4 delivery guidance, indicating challenges in meeting profitability targets [24][30] Group 4: Strategic Adjustments - Xiaopeng is transitioning to a dual strategy of pure electric and range-extended vehicles, with plans to launch three new range-extended models in Q1 next year [19][20] - NIO is focusing on high-end models to improve overall gross margins, while also facing pressure to enhance profitability [22][26] - Ideal is adjusting its organizational structure and technology to address ongoing challenges, with a focus on ramping up production of its new electric model [28][30]

周度报告——新能源汽车 smingfTable_Title] 11 月国内新能源乘用车零售增速 7%， 年累计增速 20% ★ 动态跟踪 国内市场，11 月，乘用车零售 226.3 万辆，同比-7%，新能 源乘用车零售 135.4 万辆，同比 7%，新能源零售渗透率 59.8%； 1-11 月，国内乘用车、新能源零售分别累计 2,151.9 万辆、1,150.4 万辆，分别同比 6%、20%。 新 能 源 与 海外市场，10 月美国新能源汽车销量 9.4 万辆，同比下降 32.4%，环比下降 50.9%，1-10 月累计销量 142.5 万辆，同比增长 9.1%。新能源渗透率从 9 月的 15%骤降至 10 月的 7%。受到 9 月 30 日美联邦电动汽车税收抵免（7,500 美元）到期的影响，8、 9 月新能源汽车销量大幅前置，销量和渗透率连续创下历史新 高，10 月呈现断崖式下落，符合预期。展望后市，预期年累计 增速将继续回落，并向 0%趋近。去年四季度市场表现相对较强， 也对今年增速表现产生进一步拉低。 新 材 料 10 月欧洲市场新能源汽车销量 35.4 万辆，同比增长 36.4%， 1-10 月累计 ...

汽车行业周报 多家车企推购置税补贴方案，鸿蒙智行单月交付创新高 中游制造/汽车 11 月 30 日至 12 月 6 日，汽车行业整体上涨 1.3%。本周，部分新势力发布 11 月交付量。鸿蒙智行全系 11 月交付新车 81,864 台，同比增长 89.61%，创下单 月交付历史新高；零跑实现销量 70,327 台，持续刷新单月交付新纪录；小鹏汽 车 11 月交付新车 36,728 台，同比增长 19%；蔚来汽车 11 月交付新车 36,275 台，同比增长 76.3%；理想汽车 11 月交付新车 33,181 辆，环比有所提升。 ❑ 市场板块行情回顾 本周 CS 汽车+1.3%。本周（11 月 30 日至 12 月 6 日，下同）上证 A 指涨跌 幅为+0.4%，深证 A 指涨跌幅为+0.6%，创业板涨跌幅为+1.9%。本周各行业 板块多数上涨，涨幅较大的行业板块为 CS 有色金属（+5.1%）、CS 通信 （+3.7%）和 CS 国防军工（+3.5%），下跌的行业板块为 CS 传媒（-3.6%）、 CS 房地产（-2.1%）和 CS 食品饮料（-1.9%）。 汽车产业链各板块行情：本周，汽车行业二级板块全面 ...

2025 年 12 月 07 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 曹操出行发布 [Table_Title] Robotaxi 战略目标，2025 年前 11 个月汽车以旧换新超 1120 万辆 ——汽车行业周报 最近一年走势 | 行业相对表现 | | 2025/12/05 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 汽车 | -2.0% | -1.2% | 17.4% | | 沪深 300 | -0.9% | 2.8% | 16.9% | 相关报告 《汽车行业周报：阿维塔递交港股 IPO 申请，"蔚 小理"相继披露三季度财报（推荐）*汽车*戴畅》 ——2025-12-01 《汽车行业周报：广州车展开幕，小鹏 X9 增程版/ 享界 S9 新款上市，华为举办乾崑大会（推荐）* 汽车*戴畅》——2025-11-24 《汽车行业周报：10 月乘用车批发同比增 7.5%， 上汽智己 LS9 上市（推荐）*汽车*戴畅》—— 2025-11-18 年底多家车企发布购车 ...

Core Viewpoint - The delivery rankings of new car manufacturers have undergone significant changes in November, with a reshuffling of positions following the "golden September and silver October" period, highlighting the competitive landscape in the electric vehicle market [4][6]. Group 1: Delivery Rankings - Hongmeng Zhixing topped the delivery chart with 81,864 vehicles delivered, a year-on-year increase of 90% and a month-on-month increase of 20%, becoming the "alliance leader" among new forces [5][10]. - Leap Motor maintained its position as the "single brand champion" with 70,327 vehicles delivered, indicating a strong competitive dynamic between the top two players [6][17]. - Xiaomi entered the third position with over 40,000 vehicles delivered, while BYD's Fangchengbao emerged as a dark horse with 37,405 vehicles, intensifying competition in the 30,000 to 40,000 vehicle range [7][19]. Group 2: Market Dynamics - The second tier of manufacturers is characterized by fierce competition, with brands like Xiaopeng and NIO facing challenges in maintaining their delivery volumes amid strategic adjustments and market pressures [24][26]. - NIO delivered 36,275 vehicles in November, a year-on-year increase of 76.3%, but faced stock price declines due to lowered fourth-quarter delivery guidance [28][29]. - Li Auto's deliveries reached 33,181 vehicles, showing signs of recovery, but the company still faces challenges in scaling production and maintaining profitability [32]. Group 3: Financial Performance and Market Sentiment - Xiaomi's automotive division reported a significant operating profit of 700 million yuan in Q3, making it the fastest profitable new force, despite facing negative market sentiment due to various controversies [20][21]. - Leap Motor's stock price fell by 9% in November, raising concerns about its ability to balance scale and profitability, especially in competitive price segments [17][18]. - The overall market sentiment reflects a growing scrutiny on profitability and sustainability, with companies needing to demonstrate not just sales growth but also healthy financial performance to meet investor expectations [36][37].