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].

"第十九届深圳国际金融博览会暨2025中国金融机构年会"近日在深圳举行。在分论坛"2025中国证券业 投资银行高峰论坛"上，中国银河（601881）证券执委会委员吴鹏发表主题演讲表示，预计港股的强劲 表现将延续至2026年，中资投行正迎来由科技驱动经济、消费接棒成新增长线、国资与基石投资者给予 支持的三大机遇。 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，实际上是跨国金融机构未来可以成功的基石。"他表示，在这方面，银河证券积极推动文化交流， 通过举行文化融合培训班，让海内外高管共同学习生活等方式，在实现业务交流的同时，也推动了文化 交流。通过类似的人才交流和经验分享，可以有效建立起畅通的沟通协作与工作机制，有助于迎接未来 更为严峻的国际化发展挑战。 基于此，吴鹏认为当前中资投行正迎来三大机遇，即由科技与创新企业驱动经济、消费行业接棒成为新 的增长主线、国资与基石投资者也会给予积极支持。 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 ...

销量方面，公司11月合计销量为58,113辆，同比增长36.34%；本年累计销量453,147辆，较去年同期累计同比小幅下降0.52%。公告提示，本次披露数据为产 销快报数据，最终数据以2025年审计数据为准。 | 产品名称 | | | 产量 | | | | 销量 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 本月 | 本月同比 | 本年累计 | 累计同比 | 本月 | 本月同比 | 本年累计 | 累计同比 | | 新能源汽车 | 55,081 | 42.02% | 417,765 | 5. 51% | 55. 203 | 49. 84% | 411, 288 | 5. 58% | | 其中:赛力斯汽车 | 51, 284 | 51.22% | 383, 725 | 4.97% | 51, 677 | 59.73% | 376, 668 | 4. 85% | | 其他车型 | 3.796 | -40. 50% | 42. 599 | -30. 23% | 2.910 | -49.68% | 41.859 | -36. 53% | ...

近日， 清华大学—赛力斯汽车 电池创新技术联合研究中心 （以下简称"联合研究中心"） 在北京成立。 ▲揭牌现场。（企业供图） 赛力斯集团董事长（创始人）张兴海表示，希望联合研究中心能够建设成为电池及安全技术的"攻坚高地"、创新成果的"转化枢纽"以及高端人才的"培育 基地"，为我国新能源汽车产业发展和动力电池技术的持续进步提供坚实支撑。 近日， 清华大学—赛力斯汽车 电池创新技术联合研究中心 （以下简称"联合研究中心"） 在北京成立。 经过多年发展，我国新能源汽车市场已经进入技术驱动的新阶段。联合研究中心主任、清华大学车辆学院教授欧阳明高介绍，该中心将依托清华大学在电 池安全和人工智能领域的全球学术影响力，构建"理论—技术—产品"的产学研创新模式，贯通从基础研究到高端产品定义的创新链条，助力中国在全球新 能源科技竞争中持续保持引领地位。 经过多年发展，我国新能源汽车市场已经进入技术驱动的新阶段。联合研究中心主任、清华大学车辆学院教授欧阳明高介绍，该中心将依托清华大学在电 池安全和人工智能领域的全球学术影响力，构建"理论—技术—产品"的产学研创新模式，贯通从基础研究到高端产品定义的创新链条，助力中国在全球新 能源 ...

崔东树提到，随着年末新能源车辆购置税免税政策到期，11月车市步入年末抢购阶段，叠加厂商"双十 一"促销活动，市场热度应该持续攀升。但截至月中，全国大多数省份置换更新与以旧换新补贴出现不 同程度的调整，加剧了消费者的观望情绪，也为十一月车市带来较大的冲击。部分厂商及时调整新能源 生产节奏，降低库存风险。 智通财经APP获悉，乘联分会秘书长崔东树发文称，根据月度初步乘联数据综合预估：11月1-30日，全 国乘用车厂商新能源批发172万辆，同比增长20%，环比增长7%。今年以来累计批发1,378万辆，同比增 长29%。 他表示，随着近期主力车企的电动化突破和部分爆款新品的推出，带动11月车市结构性高增长。11月吉 利汽车、奇瑞汽车、零跑汽车、赛力斯汽车、东风汽车、极狐汽车和智己汽车等厂商新能源批发销量创 出历年各月历史新高，而上汽乘用车、蔚来汽车、广汽丰田、东风日产、长安马自达和北京现代等车企 也创出历年各月历史月度次新高的优异表现。由于11月比亚迪汽车出口环比增4.8万，带动出口新能源 环比暴增明显，推高了新能源乘用车的总体销量较强。 根据乘联分会最新数据，全国乘用车市场2025年10月新能源销量万辆以上厂商的批 ...

点 击 蓝 字 关 注 我 们 目 录 行业信息 政策信息 10、六部门: 推动农村消费品提质升级 支持企业深入农村开展名优产品巡展和新能源 汽车 1、联发科天玑座舱芯片 P1 Ultra 发布: 4nm 制程 2、京东集团南京研发中心开工建设 3、全球首发单芯片舱驾融合方案量产落地 4、宁德时代与宜宾市人民政府签署战略合作协议 5、小米发布跨域智能大模型 MiMo-Embodied 6、机构：第三季全球新能源车新车销售量达 539万辆,年增 31% 7、禾赛重磅发布自研 RISC-V 激光雷达主控芯片费米 C500 8、2025 广州车展 新能源车占比占比高达 57.9% 9、华为乾崑智驾公布 ADS Max 超阶版的亮点 10、LG 化学宣布开发出全固态电池商用化核心技术 11、国家信息中心经济师徐长明：自主品牌汽车五年后海外销售占比将达 30% 12、Stellantis、宁德时代西班牙合资工厂开工建设, 2030 年全面投产 13、新势力车企收缩商超店 转向 4S 店与加盟模式 14、国家发改委：截至今年 10 月底我国电动汽车充电基础设施(枪)总数达 1864.5 万个 15、重庆：要把"Al+智能 ...

点 击 蓝 字 关 注 我 们 本文全文共 3289 字，阅读全文约需 11 分钟 目录 国内新闻 1.工信部:鼓励中国光伏、锂电池、新能源汽车等优势企业"走出去" 2.上汽产投人形机器人领域投资已涵盖本体、具身智能等 5.清华大学-赛力斯汽车有限公司电池创新技术联合研究中心揭牌 6.内蒙古乌海半固态锂电池储能项目成功并网发电 7.全新MG4购置税跨年补贴方案升级 托底补贴延至12月28日 3.创维汽车与Kaly Emotors签署框架合作协议 8.尚界H5推出跨年购置税补贴方案 4.极氪于12月1日起在德国销售三款车型 国外新闻 1.美国确认对韩15%关税税率追溯至11月1日生效 2.南非11月新车销量增长12.5% 3.意大利11月新车销量同比持平 4.本田10月全球汽车产量下滑11% 商用车 1. 四川:计划年内实现普货车辆智能年审 2. 广东深圳:继续实施便利部分中型厢式货车通行政策 3. 全球首条"零碳无人货运走廊"战略启动 4. 远程进军Robovan领域 国内新闻 1 工信部:鼓励中国光伏、锂电池、新能源汽车等优势企业"走出去" 时间:2025.12.2 来源:财联社 12月1日，《中国日报》刊 ...

点 击 蓝 字 关 注 我 们 本文全文共 691 字，阅读全文约需 2 分钟 11月新能源乘用车市场预判 随着年末新能源车辆购置税免税政策到期，11月车市步入年末抢购阶段，叠加厂商"双十一"促销活动，市 场热度应该持续攀升。但截至月中，全国大多数省份置换更新与以旧换新补贴出现不同程度的调整，加剧了消 费者的观望情绪，也为十一月车市带来较大的冲击。部分厂商及时调整新能源生产节奏，降低库存风险。 根据乘联分会最新数据，全国乘用车市场2025年10月新能源销量万辆以上厂商的批发销量占总体新能源 乘用车当月销量的93.4%。根据月初步汇总数据，这些10月新能源销量万辆以上厂商企业的11月销量为161万 辆。目前绝大部分厂商销量基本都已经锁定，因此按照上月结构占比结合本月数据，测算11月的全国新能源乘 用车批发销量为172万辆。 综上，根据月度初步乘联数据综合预估：11月1-30日，全国乘用车厂商新能源批发172万辆，同比增长 20%，环比增长7%。今年以来累计批发1,378万辆，同比增长29%。 注:乘联快报数据为初稿，与厂商终稿数据可能有差异，请不要与历史终稿数据直接对比，以防误导。 11月乘用车主力厂商新能源批 ...

Core Viewpoint - Avita Technology has filed for an IPO on the Hong Kong Stock Exchange, but faces significant challenges including low sales completion rates, high debt levels, and safety concerns related to recent vehicle fires [1][2][14]. Sales and Revenue Performance - Avita's sales and revenue have shown significant growth over the past two years, with revenues increasing from 0.28 billion in 2022 to 151.95 billion in 2025 [3]. - Despite this growth, the company has struggled to meet its sales targets, achieving only 73% of its 2024 goal of 100,000 units and 53.8% of its 2025 target of 220,000 units [3][4]. Profitability and Cost Structure - Avita's gross margin is significantly lower than competitors like Seres, primarily due to its reliance on Changan Automobile for manufacturing and a high sales expense ratio of 19.98% in 2024 [4][6]. - The company has incurred substantial losses, with cumulative losses exceeding 10 billion from 2022 to mid-2025 [6]. Pricing Strategy and Market Competition - The average selling price of Avita vehicles has been declining, dropping below 200,000 in 2024, which increases competitive pressure from both external rivals and internal brands like Deep Blue and Changan Qiyuan [8][10]. - New models, Avita 07 and Avita 06, have not performed well in the market, with the latter experiencing a significant drop in monthly sales to around 3,000 units [11]. Safety Concerns - Avita has faced multiple safety incidents, including three vehicle fires within six months, raising concerns about its safety architecture and impacting investor confidence ahead of the IPO [13]. Financial Health and Future Outlook - Despite raising over 19 billion through four rounds of financing since 2021, Avita's debt ratio remains high at 76%, making additional fundraising critical [14].

Group 1 - Huakang Clean has won a bid for the Keqiao Future Medical Center purification system project with a contract value of 176 million yuan, accounting for 10.29% of the company's expected revenue for 2024 [1] - Pulike plans to acquire a 4.04% stake in Zhongpu Biological for 17.5143 million yuan, which will increase its ownership to 51.01% and grant control over Zhongpu Biological, which is currently operating at a loss [1] - Guangzhou Port expects a 14.7% year-on-year increase in container throughput for November, reaching 2.399 million TEUs [2] Group 2 - Heng Rui Medicine's application for the marketing authorization of injectable remimazolam has been accepted by the National Medical Products Administration [3] - TBEA has established an asset-backed special plan for accounts receivable with a total subscription amount of 1.7215 billion yuan, which will officially commence on December 2, 2025 [3] - Guomai Culture reported an estimated loss of approximately 40 million yuan from its investment in the film "The Stars of the Three Kingdoms," which is expected to exceed 10% of the company's audited net profit for 2024 [4] Group 3 - Binhai Group has successfully acquired a residential land use right for 1.361 billion yuan, with a construction area of 26,000 square meters [4] - Weichip Bio has received approval from the China Securities Regulatory Commission for a specific stock issuance [5] - China Electric Research plans to sell its entire stake in Guoji Capital for 11.2505 million yuan [6] Group 4 - Sanyou Medical has signed a strategic cooperation and distribution agreement with CGBio of South Korea, obtaining exclusive distribution rights for a product used in spinal fusion and trauma repair [7] - Shengbang Security has received a government subsidy of 1.5 million yuan, accounting for 35.92% of the company's audited net profit for the most recent fiscal year [8] - Design Institute has won 17 projects with a total bid amount of approximately 278 million yuan [9] Group 5 - Xinyu Guokai has appointed Zhang Deyuan as the new deputy general manager [10] - Wanfu Bio has obtained a medical device registration certificate for a combined test kit for respiratory viruses [11] - Guomint Technology has received approval from the CSRC for its H-share issuance [12] Group 6 - Lianlong has been approved to issue up to 2 billion yuan in medium-term notes for technological innovation [14] - ST Zhongqing has announced the resignation of its deputy general manager due to personal reasons [16] - Weisheng Information has won contracts totaling 65.3271 million yuan for projects with the State Grid and Southern Grid [17] Group 7 - Yikang Pharmaceutical has received approval for clinical trials of its aerosol inhalation agent YKYY018 [18] - Suneng Co. has received approval from the CSRC for a public bond issuance of up to 2 billion yuan [20] - Yutong Bus reported an 8.62% year-on-year increase in sales for November, totaling 4,058 units [21] Group 8 - Furan De plans to reduce its shareholding by up to 3% through various trading methods [23] - Beiqi Blue Valley's subsidiary reported a 112.71% year-on-year increase in vehicle sales for November [24] - Yonggui Electric has won a logistics procurement project worth 17.8992 million yuan [25] Group 9 - Aihua Group plans to acquire 100% of Aihua New Power for 20.356 million yuan [26] - Chip Origin has announced plans for a combined reduction of up to 1.15% of its shares by four shareholders [27] - China Electric Environmental Protection has signed a contract worth 125.7 million yuan for a water treatment project [27] Group 10 - Meiyang Jixiang has reported uncertainty regarding the evaluation results of its mineral resource reserve application [28] - Tanshan plans to acquire 51% stakes in Beitelai and Shanghai Tongtu for a total of 6.78 billion yuan [29] - Northern International has received approval for a specific stock issuance from the CSRC [30] Group 11 - China Mobile has received approval for the transfer of state-owned shares to China National Petroleum Corporation [31] - Wolong New Energy plans to invest 804 million yuan in an independent energy storage demonstration project [33] - CATL plans to invest 500 million yuan in a private equity fund focusing on technology and healthcare sectors [34]