高端汽车消费正从"符号消费"到"价值消费"的理性回归。全景智慧旗舰SUV——问界M9的畅销，有望重塑中国高端汽车市场的竞争格局。 在刚刚过去的广州车展，赛力斯（601127）汽车官方宣布，问界全系交付已突破90万辆大关，持续领跑高端新能源汽车市场。其中，问界M9表现尤为亮 眼，累计交付突破26万辆，创下50万元级车型交付新纪录，展现出强劲的市场号召力。 销量口碑双丰收 在50万元以上价位的高端汽车市场，曾经长期由少数国际品牌主导，国产车型鲜少能够突破重围。而问界M9的强势表现正改变这一格局。 公开资料显示，2025年1-10月，问界M9以10.06万台的累计销量，成为50万元级豪华SUV车型销量标杆，重新定义了该细分市场的竞争格局与价值标准。这 一成绩标志着国产高端新能源车首次在高端市场实现规模化突破，从曾经的边缘选择逐步走向主流舞台。值得一提的是，问界M9的成功不仅体现在销量 上，还表现在对传统豪华品牌用户的吸引上。在市场认可度上，问界M9实现了高销量、高口碑、高保值三大维度的同时领先。 杰兰路调研数据显示，近50%问界M9车主来自传统豪华品牌的增换购，单车均价达55万元。2024下半年-2025上半年新能 ...

天眼查资料显示，重庆赛力斯凤凰智创科技有限公司，成立于2023年，位于重庆市，是一家以从事软件 和信息技术服务业为主的企业。企业注册资本122225万人民币。通过天眼查大数据分析，重庆赛力斯凤 凰智创科技有限公司参与招投标项目1次，专利信息2649条，此外企业还拥有行政许可2个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，重庆赛力斯凤凰智创科技有限公司申请一项名为"车辆续航里程确定方法、 装置、车辆及介质"的专利，公开号CN121043639A，申请日期为2025年8月。 专利摘要显示，本申请涉及新能源汽车领域，公开了一种车辆续航里程确定方法、装置、车辆及介质， 该方法通过基于车辆的模型架构构建一个动态仿真模型，根据动态仿真模型模仿车辆在各工况下行驶所 输出的仿真数据，仿真数据包括平均速度、最大速度、平均巡航速度与怠速时间比中的至少一种；以仿 真数据为基础建立能耗预测模型，将能耗预测模型的预测结果作为训练数据，以训练用于预测里程的里 程计算模型；将里程计算模型迁移到目标车辆进行优化，获得最终的里程计算模型，以确定目标车辆的 续航里程。本 ...

该行认为，2026年新能源购置税减免政策调整有望刺激消费者今年年底前集中购车，叠加车企年末冲量 及春节前建库需求，有望对冲部分提高置换补贴门槛的影响。但在第四季集中放量后，明年首季或回到 季节性淡季，建议投资者把握结构行情且保持审慎，关注短期波动。 交银国际发布研报称，中国11月新能源车销量整体延续增长，其中零跑汽车(09863)与鸿蒙智行创月度 新高。虽11月部分省份置换更新及以旧换新补贴提高门槛，但受惠于2026年购置税调整，以及各车企年 底促销活动，新能源汽车行业整体维持高景气。 建议关注小鹏汽车-W(09868)增程车型陆续上市，及海外本地化生产落地带动销量和毛利率提升;吉利汽 车(00175)私有化极氪后推动内部资源整合;赛力斯（601127）(09927)问界系列进一步拓展高端市场并提 升盈利。 ...

Summary of Hu Guang Co., Ltd. Conference Call Company Overview - **Company**: Hu Guang Co., Ltd. - **Industry**: Automotive and Robotics Key Points Financial Performance and Projections - As of November, the fundamental recovery is accelerating, with new models such as Wanjie CM7, Jikrypton 9X, and Ledo L90 showing good sales trends, expected to positively impact Hu Guang's revenue and profit [2][4] - For 2026, Hu Guang's overall revenue is conservatively estimated to increase by approximately 2 billion (20 million) CNY, bringing total revenue to over 11 billion (110 million) CNY, primarily driven by the brands Sairisi, Jikrypton, and Ledo [2][5] - The company aims to optimize costs and expenses through quality improvement measures, with a projected net profit margin of 8.5% to 9% for 2026, indicating an expected performance growth of nearly 50%, corresponding to a current valuation of only about 14 times [2][5] Robotics Business Development - Hu Guang's strategic layout in the robotics business exceeds market expectations, focusing not only on mechanical harnesses but also on complete machines and core components, having secured orders related to the Zhi Yuan body OEM business [2][6] - The company has developed a humanoid robot prototype (Demo) and is conducting auxiliary work tests in factories, planning to enhance efficiency through increased automation [2][6] - Future plans include significant development of the complete robotics business to empower subsequent overseas strategies and collaboration with more external software companies to enhance capabilities in complete machines and core components [3][7] Market Position and Future Focus - Hu Guang has become a leading enterprise in the domestic automotive harness sector, with a market share close to 10%, and future development will focus on overseas markets through automated production lines [2][7] - The company plans to leverage local government resources in Kunshan and Suzhou for industrial incubation, indicating a strong support system for its growth initiatives [2][6] Quarterly Performance Expectations - For Q4 2025, Hu Guang expects revenue to reach between 3.1 billion (31 million) and 3.2 billion (32 million) CNY, with net profit levels between 250 million (2.5 million) and 300 million (3 million) CNY, marking a historical high for the company in a single quarter with a sequential growth of over 80% [4]

【市场复盘】 本周二 (12月2日)，科创人工智能ETF华夏(589010) 跟随板块震荡调整，收跌1.68%，报1.346元。持仓股 方面分化显著，中科星图、晶晨股份逆势飘红，展现出个股韧性；芯原股份、寒武纪等权重股虽有回 调，但跌幅可控。值得关注的是，该ETF近期资金面表现强劲，昨日单日"吸金"近2亿元，近3个交易日 内合计净流入超3亿元，资金逆势大幅加仓迹象明显，叠加今日8.77%的高换手率，显示出市场资金正 利用调整机会积极进行筹码置换与布局。机器人ETF(562500) 下跌1.46%，日内呈现震荡整固走势，回 调或打开了相对舒适的配置窗口。持仓股方面，板块内部个股分化，海目星逆势领涨，中信重工、石头 科技等维持红盘；固高科技领跌超6%，拓斯达、云天励飞跌幅超3%。行情调整并未冷却市场热情，全 天成交额突破8.12亿元，交投维持高位。 1. 优必选宣布，近期与卓世科技在深圳正式签署战略合作框架协议。双方合作将聚焦"行业模型+具身 智能"核心方向，共同推动行业大模型+人形机器人在多个领域的解决方案落地，双方计划在未来5年内 达成1万台机器人部署及联合拓展数十亿商业化订单落地，据称在业内尚属首次。 2. ...

"我们基于AI大模型和深度强化学习技术对四足机器狗进行智慧赋能，摆脱了人为遥控的限制，实现了 多地形自适应调整。"在嘉陵江实验室智能机器人研究中心，科研人员肖登宇紧盯着实验数据说，"未 来，集群协同技术还能让多台机器人协同导航、交互避障，可应用于地下搜救、物流运输等场景。" 在重庆嘉陵江实验室的无人系统试验场，多台四足机械狗正小心翼翼地在模拟矿洞的崎岖地形上前行。 它们时而跨越障碍，时而俯身钻过矮洞，身上的传感器像触角般感知着周围环境。 今年10月，嘉陵江实验室成功入选国家知识产权局公示的首批产业知识产权运营中心认定名单，获批承 建数智装备产业知识产权运营中心。中心一边依托实验室科研资源为企业提供技术后盾；一边联合赛力 斯、宇树科技等龙头企业，探索"产业专利池+定向转化+伴随式服务"的运营模式，把"实验室"与"企业 车间"紧密联系起来。 下一步，嘉陵江实验室还将通过"揭榜挂帅"机制推动重点领域攻关。在近期重庆市经济信息委与重庆市 科技局联合公布的48个市级科技攻关"揭榜挂帅"项目中，嘉陵江实验室就发榜了"地下空间复杂环境智 能作业机器人"项目，旨在解决重庆地下空间环境闭塞、作业高风险等痛点，特别征集地下空间智 ...

长江商报消息 ●长江商报记者 黄聪 头部造车新势力交付量整体向好，月度"销冠"之争再度易主。 12月1日，鸿蒙智行发布的宣传海报显示，11月全系新车交付8.19万辆，同比增长89.61%。 长江商报记者发现，月销8万辆不仅创下了鸿蒙智行单月交付量历史新高，也再一次突破了造车新势力月度交付量 的"天花板"，超过零跑汽车夺得"销冠"。 同日，零跑汽车（09863.HK）公布11月的交付数据，其全系交付再度突破7万辆，达7.03万辆，同比增长超75%， 环比增长38辆，持续刷新月销纪录，并已连续9个月保持增长态势。 同时，11月，小米汽车交付量已跃居造车新势力第三位，继续维持在4万辆以上。 鸿蒙智行突破新势力交付"天花板" 新能源汽车交付量持续向好之时，造车新势力的"头把交椅"又有新变动。 中国汽车工业协会发布的数据显示，2025年1至10月份，我国新能源汽车产销量继续实现较高增长。其中，10月 份，新能源汽车月度新车销量首次超过了汽车新车总销量的50%。 进入11月，我国头部新能源车企纷纷亮出销量数据，总体势头喜人。 12月1日，鸿蒙智行发布的宣传海报显示，11月全系新车交付8.19万辆，同比增长89.61%，超 ...

Group 1 - Hong Kong's capital market is experiencing a surge, with high-quality domestic companies like CATL and Hengrui Medicine listing in Hong Kong, enhancing its global financial center status [1] - The Hong Kong IPO market has regained its position as the largest globally, with a total fundraising amount of HKD 182.3 billion in the first three quarters of this year [2] - The "A+H" listing mechanism has been optimized, significantly contributing to the strength of Hong Kong's IPO market, with nearly half of the new stock financing coming from "A+H" listings this year [2][4] Group 2 - The number of new IPOs in Hong Kong is expected to exceed 80 by 2025, reflecting a recovery in market confidence and international capital's renewed interest in Chinese quality assets [3] - Major A-share companies are increasingly opting for dual listings in Hong Kong, with 16 A-share companies successfully listed this year, indicating strong momentum in the collaboration between mainland and Hong Kong markets [4] - Leading companies like CATL and Hengrui Medicine have raised significant funds through their Hong Kong listings, aiming to enhance their global competitiveness [4] Group 3 - The investor structure in Hong Kong's capital market is evolving, with cornerstone investors playing a crucial role in IPOs, participating in 86.36% of the completed IPOs in the first three quarters [5][6] - The participation of international capital in Hong Kong's market is increasing, with long-term funds from Europe, the Middle East, and emerging markets focusing on tech IPOs [6] - The China Securities Regulatory Commission is working to enhance collaboration between mainland and Hong Kong capital markets, aiming to improve the efficiency of overseas listing processes and expand the scope of cross-border capital flows [6][7]

证券时报记者 马静 当然，挑战也同样不容忽视。吴鹏列举了港股市场可能面临的多个方面挑战，包括美国对中概股监管趋 严、美国政府对芯片等新质生产力行业的进一步管控、港股的流动性依然弱于美股，以及潜在的全球经 济增长放缓与地缘政治冲突影响投资者风险偏好等。 面对港股发展的机遇和挑战，中资投行如何勇立潮头？吴鹏分享了银河证券的一些实践经验。据吴鹏介 绍，银河证券主要通过银河国际和银河海外两个实体展业，前者以香港为根据地，后者则辐射东南亚。 银河国际的IPO保荐业务已经跻身中资券商前五名，并在今年完成了赛力斯登陆港股等多个标杆性项 目。 "无论是开展国际业务，还是本土业务，在东盟的布局为银河证券提供了非常好的国际视角和基础。"吴 鹏称，目前银河证券正在积极开展国际、国内两条线发展，争取"合二为一"，为客户提供更加全面综合 的服务。从银河证券的实践来看，当前中资投行面临的首要挑战即国际人才欠缺，特别是大中华区以外 的国际人才储备不足。对此，银河证券采取了外部吸纳与内部培养有机结合的机制，并强化境外市场的 本地服务。 最后，吴鹏着重强调了文化挑战，并认为这是中资投行国际化发展的最大挑战。"文化方面的相融互 通，实际上是跨国 ...

Core Viewpoint - Hong Kong's capital market is experiencing a resurgence, with a significant influx of high-quality domestic companies listing in Hong Kong, enhancing its status as a global financial hub and attracting international capital [1][2]. Group 1: IPO Performance - Seris Group's IPO on November 5 raised $2.114 billion, marking the largest IPO for a Chinese automotive company and the largest in the global automotive sector this year [2]. - Hong Kong's IPO fundraising reached HKD 182.3 billion in the first three quarters of this year, reclaiming the top position among global exchanges after four years [2]. - The "A+H" listing mechanism has been optimized, contributing significantly to the strength of Hong Kong's IPO market, with nearly half of the new stock financing coming from "A+H" listings this year [2][4]. Group 2: Market Trends - The number of new IPOs in Hong Kong is expected to exceed 80 by 2025, driven by strong performance in the first three quarters and improved market liquidity [3]. - The participation of cornerstone investors in IPOs has been significant, with 86.36% of companies having cornerstone investors in the first three quarters, totaling HKD 74.191 billion [5][6]. Group 3: Strategic Moves by Companies - Leading A-share companies are increasingly opting for dual listings in Hong Kong, with 16 companies successfully listed this year, indicating strong momentum in the collaboration between mainland and Hong Kong markets [4]. - Companies like CATL and Heng Rui Pharmaceutical have raised substantial funds through their Hong Kong listings, aiming to enhance their global competitiveness and financing platforms [4]. Group 4: International Capital Involvement - The composition of cornerstone investors is becoming more diverse and international, with significant participation from long-term capital from Europe, the Middle East, and emerging markets [6]. - The China Securities Regulatory Commission is focused on enhancing collaboration between mainland and Hong Kong markets, aiming to improve the efficiency of overseas listing processes and expand the scope of cross-border capital flows [6][7].