【环球网财经综合报道】临近岁末，香港首次公开募股（IPO）市场的火热势头丝毫未减，行业普遍预期这股强劲活 力将至少延续至2026年。数据显示，今年前11个月，港股市场共有91家企业成功上市，得益于一系列大型IPO项目的 驱动，合计募集资金高达2598.89亿港元。这一数字不仅标志着港交所时隔四年，IPO筹资额再度突破2000亿港元大 关，更使其一举超越全球其他交易所，登顶2025年全球IPO募资额榜首，创下历史新高度。其中，宁德时代、紫金黄 金国际、三一重工和赛力斯等巨头均跻身今年全球十大IPO项目之列。 在这场资本盛宴中，中资券商的角色愈发举足轻重，已然占据港股IPO承销市场的主导地位。今年以来，共有38家保 荐机构参与香港新股发行，其中超过半数为中资背景。中金公司、中信证券和华泰证券强势占据承销榜单前三名，其 保荐项目数量显著领先于传统外资大行，重塑了市场格局。 五大特征勾勒市场全貌，巨量 IPO 与万倍认购同现 Wind数据揭示，2025年前11个月港股IPO市场呈现出五大鲜明特征。首先是大型IPO成为核心驱动力，且A股公司贡献 显著。年内已涌现1家募资超300亿港元及7家募资超100亿港元的大型项目， ...

近日，富时罗素宣布对旗下中国股票指数系列进行季度审核调整，涉及富时中国50指数、富时中国A50指数、富时中国A150指数等，所有变动将 于12月22日起生效。 公告显示，富时中国50指数将纳入三家公司，分别是中国宏桥、宁德时代、恒瑞医药。同时，三家公司将被剔除，分别是中信建投证券、长城汽 车、理想汽车。 富时中国50指数的储备名单包括中国铝业、翰森制药、华泰证券、京东健康、新华保险。 据悉，富时罗素是伦敦证券交易所集团旗下公司，为全球机构投资者提供指数和数据解决方案。此次季度调整反映了中国股票市场市值和流动性 的变化。这些指数被国际投资者广泛追踪，是投资中国市场的重要基准。 富时中国A50指数将纳入洛阳钼业、阳光电源，删除江苏银行、顺丰控股。 富时中国A50指数的备选股名单包括江苏银行、顺丰控股、赛力斯、胜宏科技和万华化学。若在下次季度审核前有成分股被删除，这些公司将被 纳入指数。 孟磊预计，由于名义GDP增速提升和PPI跌幅收窄推升企业营收增速，且支持政策的推出以及"反内卷"的推进带动利润率复苏，2026年全部A股盈 利增速有望从今年的6%进一步升至8%。 11月27日，摩根大通发布2026年展望，预计20 ...

新华财经上海12月4日电（李一帆）2025年是中国汽车工业从"规模引领"迈向"技术引领"的关键一年。随着11月新能源汽车渗透率首次突破60%，大模型"上 车"等智能化技术全面铺开，市场从高速增长转向高质量发展，竞争逻辑也从"价格内卷"逐渐回归"价值创造"。与此同时，中国汽车在全球市场持续突破， 出口量质齐升，本土化布局深化，展现出从产品出海到生态出海的全面升级。 销量规模向上，利润空间承压 2025年的中国汽车市场呈现出一种矛盾的局面，销量与市场份额持续攀升，但利润空间却不断收窄。今年1-10月，中国汽车销量达2765万辆，同比增长 12%，高于全球汽车销量增长速度。同时，中国汽车占比全球的市场份额升至34.9%，10月单月份额更是触及38%的高点。比亚迪、吉利、奇瑞三家车企跻 身全球销量前十，标志着中国汽车全球影响力的提升。 然而，1-10月中国汽车行业收入88778亿元，同比增长7.9%；行业利润率仅为4.4%，10月单月利润率甚至降至3.9%，达到近期低点。相对于下游工业企业利 润率6%的平均水平，汽车行业更是明显偏低。这种"增产不增收"的现象，显示出行业在规模扩张与盈利质量之间的失衡。 一方面，"价格 ...

国以才立，业以才兴，创新之道，发展之要，首在聚才。 党的二十届四中全会审议通过"十五五"规划建议中明确提出，加快高水平科技自立自强，引领发展新质生产力，统筹教育强国、科技强国、人才强国建 设。 人才培养需要久久为功、群策群力。张弛认为，站在汽车行业新一轮革命和产业创新的交汇点，产业界、教育界、企业界等多方力量需进一步发挥合 力，把握人才培养规律，洞察汽车行业趋势，夯实产教融合根本，共同描绘未来汽车人才培养的新蓝图，推动汽车行业高质量发展。 智能化、网联化创新技术在汽车产业和汽车产品上的迅速普及，使汽车产业对跨学科复合型创新人才的需求日益迫切。论坛现场，中国汽车工程学会会 士、清华大学车辆与运载学院院长王建强专门针对智能网联汽车技术发展与人才培养挑战的话题进行了观点分享，他强调，任何单一学科知识体系都无法满 足未来智能网联汽车的知识技能需求，以车辆工程为主干知识体系的多学科复合型人才是未来的发展方向。从原有的机械工程、动力工程，扩展到交叉学 科，要构建交叉融合的基础理论体系。产业变革对复合型人才需求迫切，作为高校必须从未来前瞻技术需求出发，深度推动车辆工程学科改革，培养面向未 来发展的创新人才。 聚焦在全球汽车 ...

Core Viewpoint - Huawei is expanding its presence in the electric vehicle market through its new "Jing" series in collaboration with automotive companies, aiming to differentiate itself from its existing "Jie" series while leveraging its technological strengths in the industry [1][6]. Group 1: New Product Launches - On November 20, Huawei and Dongfeng Motor officially launched the new electric vehicle brand "Yijing," with the first SUV model expected to be released in Q3 2026, available in both pure electric and range-extended versions [1]. - In September, the "Qijing" brand was announced, developed in partnership with GAC Group, targeting the high-end smart electric vehicle market, with its first model, a shooting brake, set to launch in June 2026 [1]. Group 2: Competitive Landscape - The "Jing" series faces significant pressure as the "Jie" series has already established a strong market presence, covering a price range from 150,000 to 1.5 million yuan [2]. - Huawei's internal debate centers around two distinct approaches to vehicle manufacturing: one focusing on direct vehicle production and the other on providing technological support to existing car manufacturers [2][3]. Group 3: Business Models - Huawei's collaboration with car manufacturers includes three main models: component supplier, Huawei Inside (HI) model, and the "Jie" series, which involves deeper engagement in vehicle development and sales [2][4]. - The "Jing" series is seen as an upgrade to the HI model, emphasizing collaboration in product definition, development, and marketing, breaking traditional industry practices [4][5]. Group 4: Market Performance - Huawei's smart automotive solutions business reported revenue of 26.353 billion yuan in 2024, marking a 474.4% year-on-year increase and achieving profitability for the first time [6]. - The "Jie" series has achieved a cumulative delivery of over 1 million units in just 43 months, setting a record for new force brands in the electric vehicle market [6][7]. Group 5: Future Outlook - The competition between the "Jie" and "Jing" series will determine the future landscape of the electric vehicle market, with the need for differentiation becoming increasingly critical [5][7]. - As more automotive companies embrace Huawei's technology, the pressure on new entrants in the electric vehicle sector is expected to intensify [7].

Core Viewpoint - FTSE Russell announced changes to the FTSE China 50 Index and related indices, effective after market close on December 19, 2025, which will impact the inclusion and exclusion of certain stocks [1][4]. Group 1: Index Changes - The FTSE China A50 Index will include Luoyang Molybdenum (603993) and Sungrow Power Supply (300274), while excluding Jiangsu Bank (600919) and SF Holding (002352) [1]. - The list of potential candidates for inclusion includes Jiangsu Bank, SF Holding, Siasun Robot & Automation (601127), Shenghong Technology (300476), and Wanhua Chemical (600309) [1]. Group 2: Company Performance - Luoyang Molybdenum reported a net profit of 5.608 billion yuan for Q3, a 96.4% year-on-year increase, attributed to strong copper production and sales, along with rising copper prices [1]. - Sungrow Power Supply has seen its stock price increase by over 140% this year, while Luoyang Molybdenum's stock has risen nearly 165%, with Luoyang Molybdenum reaching a historical high recently [1]. Group 3: Market Outlook - Foreign institutions are optimistic about the A-share market in 2024, with UBS forecasting an increase in overall A-share earnings growth from 6% this year to 8% in 2026 [5]. - Investment themes for 2026 include technological self-reliance and consumer spending, with a focus on high-potential sectors amid ongoing "anti-involution" trends [6]. - Significant foreign capital inflow into the Chinese stock market has been observed, with $50.6 billion flowing in during the first ten months of 2025, surpassing the total for 2024 [6].

Core Insights - The wholesale sales of new energy passenger vehicles in China reached 1.72 million units in November, representing a year-on-year increase of 20% and a month-on-month increase of 7% [2] - Cumulative wholesale sales for the year have reached 13.78 million units, showing a year-on-year growth of 29% [2] Company Performance - The top five companies in new energy vehicle sales are all domestic brands: BYD (474,921 units), Geely (187,798 units), Chery (111,346 units), SAIC-GM-Wuling (110,470 units), and Changan Automobile (110,000 units) [2] - Tesla ranks sixth with sales of 86,700 units, followed by Leap Motor at seventh with 70,327 units, and Seres with 51,677 units [2] Joint Venture Brands - Among joint venture brands, GAC Toyota sold 10,616 units, FAW Toyota sold 3,492 units, SAIC Volkswagen sold 6,187 units, and FAW Volkswagen sold 2,802 units [2] - GAC Honda sold 2,172 units, Dongfeng Honda sold 1,175 units, SAIC General sold 10,670 units, and Dongfeng Nissan sold 8,794 units [2] - BMW Brilliance sold 2,985 units [2]

临近年末，港股IPO的活跃仍在继续，行业普遍预期这一活跃态势将至少延续至2026年。 Wind数据显示，今年前11个月，港股市场共有91家企业完成IPO，受益于大型IPO项目，合计募集资金 2598.89亿港元，不仅是港交所时隔四年，IPO筹资额再度突破2000亿港元大关，更是一举登顶全球交易 所募资额榜首，创下募资规模新高度。其中，宁德时代(03750)、紫金黄金国际(02259)、三一重工(06031) 和赛力斯(09927)均跻身今年全球十大IPO项目。 值得关注的是，中资券商在港股IPO承销市场的角色日益突出。今年以来，共有38家保荐机构参与香港新 股发行，其中超过半数为中资券商。中金、中信、华泰占据榜单前三，承销项目数量显著领先于传统外 资大行。 安永近期发布的《中国内地和香港IPO市场报告》指出，预计2026年港股IPO市场将保持稳健增长，结构 进一步深化。上市主体方面，除A+H模式继续受到追捧外，中概股回归与特专科技公司，尤其是人工智 能、生物医药等前沿领域企业将成为重要的上市来源。 港股IPO募资总额近2600亿港元，居全球第一 Wind数据显示，今年前11个月，香港交易所共迎来91家新上市公 ...

Core Insights - The article discusses the emergence of the new brand "Blue Electric" under the company Seres, which aims to complement its existing "AITO" brand and target a different market segment [2][4]. Group 1: Brand Development - Seres has launched the Blue Electric brand to reduce dependency on its partnership with Huawei and to establish a more independent development path [4]. - The AITO brand primarily targets the market segment above 250,000 yuan, while Blue Electric aims to fill the mainstream market gap between 100,000 to 250,000 yuan, offering better cost performance [4]. Group 2: Product Launch - The third-generation Blue Electric E5 PLUS has been introduced, featuring two models with a starting price of 139,800 yuan, and a limited-time trade-in price of 119,800 yuan [6]. - The vehicle is positioned as a mid-size SUV with dimensions of 4760mm in length, 1865mm in width, and 1710mm in height, along with a wheelbase of 2785mm [8]. Group 3: Design and Features - The E5 PLUS features a modern design with a closed front face, LED daytime running lights, and a spacious interior equipped with a 15.6-inch floating central control screen and a Dolby surround sound system [10][12]. - Unique interior features include innovative scenarios such as "luxury master bedroom" and "sunshine terrace," along with a multifunctional kitchen integrated into the trunk [14][16]. Group 4: Performance and Technology - The E5 PLUS is powered by a 1.5L engine within the Seres Super Electric Hybrid system, offering both front-wheel and all-wheel drive options, with a maximum power of 270kW and a peak torque of 470Nm [20]. - The vehicle boasts a pure electric range of 230km, with real-world tests showing an impressive 266km range, achieving a rate of 115% [22]. Group 5: Market Positioning - The E5 PLUS is positioned as a cost-effective alternative to the AITO M9, highlighting its unique selling points such as being the only model under 120,000 yuan with a 230km electric range and the only hybrid all-wheel drive under 150,000 yuan [24].

Core Insights - The global sales of new energy passenger vehicles reached 17.36 million units from January to October 2025, representing a year-on-year increase of 30% [1][8] - In October 2025, global sales of new energy passenger vehicles were 2.11 million units, showing a year-on-year increase of 17% but a month-on-month decrease of 3% [1][8] - The market share of new energy vehicles in China is projected to be 68% by 2025, with a significant share of 75% in October 2025 [1][25] - The penetration rate of new energy vehicles globally is expected to reach 25.2% by the fourth quarter of 2025, with China leading at 49% [1][20] Global Market Performance - The contribution of China to the global increase in new energy vehicles from January to October 2025 is 68%, while Germany and the UK contribute 5% and 4% respectively [2][23] - The overall penetration rate of new energy vehicles in the world has been rapidly increasing, reaching 13% in 2022, 16% in 2023, and projected to reach 19.5% in 2024 [1][20] Regional Insights - The U.S. new energy vehicle sales reached 1.4 million units from January to October 2025, with a growth rate of 10%, but saw a significant drop in October with sales of 93,000 units, down 32% year-on-year and 51% month-on-month [18][1] - In Europe, new energy vehicle sales for the same period reached 2.91 million units, a year-on-year increase of 28% [19][1] Company Performance - BYD continues to lead the global market with a share of 22.3% in 2025, while Tesla's share has declined to 8.6% [26] - Geely and Changan are showing strong performance in the new energy sector, while traditional automakers like Volkswagen and BMW are facing challenges [27][26] Export Trends - The share of Chinese autonomous new energy vehicles in overseas markets increased from 8.7% in 2024 to 13.8% in 2025, with a notable rise to 17.7% in October 2025 [12][1]