格隆汇1月28日丨三人行(605168.SH)公布，经财务部门初步测算，预计2025年年度实现归属于母公司所 有者的净利润为18,100.00万元到20,900.00万元，同比增加46.79%至69.50%。预计2025年年度实现归属 于母公司所有者的扣除非经常性损益的净利润为18,900.00万元到24,700.00万元，同比增加-19.63%到 5.04%。 报告期内，公司积极开拓新客户，优化业务结构，成功开拓覆盖金融、消费、智能终端、汽车等多个领 域的多个客户，包括兴业银行、中粮集团、TCL、赛力斯、郑州日产、北京现代、捷途汽车等优质新客 户，着力稳定营收规模。公司在保障高质量发展的同时，始终坚持以AI创新技术赋能业绩增长，通过 AI技术的应用实现人员效能提升，实现了财务表现上的降本增效。此外，公司聚焦高成长性领域，成 功布局多家发展前景广阔、经营状况稳健的行业标杆企业，投资价值逐步释放，例如华鹰航空等投资项 目在报告期内实现了投资增值，不仅增厚了公司当期收益，更助力公司构建起多元化的盈利格局，为公 司长期可持续发展奠定了坚实基础。 ...

本报讯 （记者陈潇）纵观纽约湾区、旧金山湾区、东京湾区、粤港澳大湾区，"湾区必临海"的认知在 全球化叙事中持续了数百年。 然而，随着世界经济发展重心的东移，亚洲内陆经济正以前所未有的速度崛起。如果说滨海湾区是海洋 时代的产物，那么以大江大河为纽带、以强大内陆市场为腹地、以立体开放通道链接全球的"内陆大湾 区"，则成为陆海融合时代的必然趋势和创新范式。 在这一历史性探索中，重庆被赋予了无可替代的战略角色。2026年1月，重庆主城核心区航道等级从Ⅲ 级跃升至Ⅰ级；同月，西南地区新年首趟中欧班列在重庆兴隆场编组站顺利发车。重庆从地理意义上的 内陆腹地跃升为全国首个兼具"水、陆、空、生产服务型、商贸服务型"五型国家物流枢纽的城市，形成 了具有湾区特质的发展模式和开放效应，一个带动西部、辐射全国、链接全球的"内陆大湾区"已然成 型。 世界级湾区具有创新性、开放性、协同性和外溢性等显著特征，通常表现为国际贸易、产业、科创和金 融中心。而重庆正围绕新质生产力，构筑起支撑"内陆大湾区"崛起的"四梁八柱"。 产业是骨骼。重庆拥有中国41个工业大类中的39个，正聚力打造"33618"现代制造业集群体系。以长 安、赛力斯（6011 ...

Core Viewpoint - The company expects a significant increase in net profit for 2025, driven by new client acquisition and AI technology implementation [1] Financial Performance - The projected net profit attributable to shareholders for 2025 is estimated to be between 181 million and 209 million yuan, representing a year-on-year increase of 46.79% to 69.50% [1] - The projected net profit excluding non-recurring gains and losses is expected to be between 189 million and 247 million yuan, with a year-on-year change of -19.63% to 5.04% [1] Business Strategy - The company has actively expanded its client base and optimized its business structure, successfully acquiring clients across various sectors including finance, consumer goods, smart terminals, and automotive [1] - Notable new clients include Industrial Bank, COFCO Group, TCL, Seres, Zhengzhou Nissan, Beijing Hyundai, and Jietu Automobile [1] Innovation and Efficiency - The company emphasizes the use of AI innovation technology to enhance performance and achieve cost reduction and efficiency improvement [1] - The application of AI technology has led to increased personnel efficiency and improved financial performance [1] Investment and Growth - The company focuses on high-growth sectors and has successfully invested in several robust industry benchmark enterprises, such as Huaying Aviation, which have contributed to investment appreciation [1] - These investments not only enhance current earnings but also help establish a diversified profit structure, laying a solid foundation for sustainable long-term development [1]

Group 1 - The passenger car sector experienced a decline of 0.81% on January 28, with Seres leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] - BYD's stock price increased by 1.67% to 93.34, while several other major automakers like Great Wall Motors and SAIC Motor saw declines of 1.04% and 1.25% respectively [1] Group 2 - The passenger car sector saw a net outflow of 1.029 billion yuan from institutional investors, while retail investors contributed a net inflow of 762 million yuan [1] - Specific stocks like SAIC Motor and Great Wall Motors experienced significant net outflows from institutional investors, with amounts of -12.24 million yuan and -24.21 million yuan respectively [1] - In contrast, Haima Automobile and BYD saw net inflows from retail investors of 40.35 million yuan and 28.6 million yuan respectively [1]

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 陈达美股投资 来源：雪球 第一个将IPO比喻成抽血的人值一个诺贝尔经济文学奖，因为事实就是如此，如果一个市场的IPO抽血太狠，这个市场就是会倾向于不长个。 整个2025年港股市场IPO，117个新股上市，一共募资2867亿港币，折合368亿美元，创四年新高。许多文章与报道说2025年的港股全球IPO第一， 这是直接粘贴复制AI、不做事实核查的fake news，因为美股2025年全年IPO募资是在700亿美元以上；如果港股IPO是大盘鸡的话，那美股就是大 盘鹅。 但考虑到港股总体量大概6.4万亿美元，而美股是近70万亿，你做一下除法，新股募资/总市值，可得美股为10个bps，而港股高达57.5个。如果这可 以看成某个市场IPO的强度值的话，那这方面阿港显然冠绝环宇。 这就好比，你只有7只鹅，而隔壁老王家有70只；结果拔了一年鹅毛，一算，你拔下来的鹅毛至少是老王家的一半，等于以一敌五，此时求你家大 鹅的心理阴影面积。如果故意拔鹅罪能判刑，那你至少是个无期。也难怪2025年最后两个月，你家鹅被拔得陷入了重度抑郁之中，行情 ...

中国经济网北京1月28日讯 赛力斯（港股代码09927.HK）港股收报97.25港元，跌幅1.419%，赛 力斯港股盘中最低至96.00港元，创港股上市以来新低。赛力斯港股上市累计跌幅26.05%。 赛力斯2025年11月5日在港交所上市，开盘即破发，报128.9港元。配发结果公告显示，赛力斯全 球发售的发售股份数目为108,619,000股H股（经计及发售量调整权获部分行使以及视乎超额配股权行 使与否而定），香港发售股份数目为10,861,900股H股，国际发售股份数目为97,757,100股H股（经计 及发售量调整权获部分行使以及视乎超额配股权行使与否而定）。 赛力斯的联席保荐人、整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人为中国国 际金融香港证券有限公司、中国银河国际证券（香港）有限公司，联席全球协调人、联席账簿管理人及 联席牵头经办人为华泰金融控股（香港）有限公司。 赛力斯的最终发售价为131.50港元，所得款项总额为14,283.40百万港元，扣除按最终发售价计算 的预计应付上市开支266.99百万港元，所得款项净额为14,016.41百万港元。 赛力斯的基石投资者为重庆产业母基金、林 ...

赛力斯智能安全行业首创以场景定义安全的理念，构建覆盖生命保护、车身防护、健康呵护、隐私守护 四大安全领域的智能安全体系，为用户提供全方位的安全守护。在智能制造方面，赛力斯建设了三座超 级工厂，其中赛力斯超级工厂（龙兴）拥有超3000台机器人的智能协同，实现关键工序的100%自动 化；工厂内率先应用了万吨级一体化压铸机，可将原本87个零件集成为1个零件，有效提升了生产效率 和产品质量。 其实面向"十五五"，赛力斯已经体现做好了相应的技术准备。作为一家技术科技型企业，赛力斯长期深 耕电动化与智能化核心技术领域，以技术创新培育新质生产力，打造了赛力斯魔方技术平台2.0、赛力 斯智能安全、赛力斯超级增程、赛力斯超级工厂等一系列技术创新成果，构建起强大"技术护城河"。 其中，赛力斯魔方技术平台2.0以全景智慧为引领，以智能安全为底座，对智慧能源、智能底盘、EEA 架构和智慧空间进行全新升级，是面向AI驱动的智慧电动汽车平台。全新一代赛力斯超级增程系统基 于"赛翼（C2E）增程架构"与"RoboREX智能控制技术"打造，具备"静谧无感、高集成、高效率"三大行 业领先优势，增程器一升油可发电3.65度，最高热效率达44.8 ...

Core Insights - The automotive industry is entering a fourth stage focused on technological innovation and product enhancement, with an emphasis on adapting to global scenarios and participating in high-end international competition [1] Group 1: Industry Trends - By 2025, China's automotive power technology will transition from an economic optimization phase to a performance evolution phase, highlighting the differentiation in user needs and product positioning [2] - The emergence of large-displacement hybrid power systems is a significant characteristic of the automotive power sector in 2025, with companies showcasing distinct technological approaches based on vehicle positioning and user demands [2] - The industry is advocating for technology innovation aimed at enhancing product capabilities, with a focus on meeting diverse market demands through various power architectures [5] Group 2: Company Innovations - Chery Group's Kunpeng CDM-O super hybrid system is designed for luxury off-road vehicles, achieving a total power of 665 kW and a total torque of 1135 Nm, emphasizing strong performance and low fuel consumption [2] - BYD's horizontally opposed engine design enhances performance and NVH experience while addressing challenges in vehicle design and layout [3] - NIO's 900V electric drive system technology exemplifies the use of AI for technical innovation, improving user experience [4] - Ideal Auto employs a globally optimal design approach to enhance electric drive efficiency, focusing on user value in adopting new technologies and materials [3]

上市企业：比亚迪（002594）,长城汽车（601633）,上汽集团（600104）,广汽集团（601238）,一汽解放 （000800）,东风汽车（600006）,赛力斯（601127） 相关报告：智研咨询发布的《2026-2032年中国汽车行业市场深度评估及投资机会预测报告》 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据显示：2025年12月中国汽车产量为341万辆，同比下降2.8%；2025年中国汽车累计 产量为3477.8万辆，累计增长9.8%。 2020-2025年中国汽车产量统计图 ...

Core Insights - The "China Heart" annual power event has evolved over 20 years, marking a significant transition in China's automotive power technology from following to leading, focusing on user-centric value and innovation [2][4][9] Group 1: Event Overview - The 2026 "China Heart" annual power day was held in Wuxi, Jiangsu, with over 50 representatives from automotive companies and top academic experts gathering to announce the top ten engines and hybrid systems for 2025 [3] - The event is organized by "Automobile and Sports" magazine, in collaboration with Tianjin University and Shanghai Jiao Tong University, highlighting the importance of industry-academia collaboration [3] Group 2: Technological Advancements - The past 20 years have seen a shift from traditional fuel engines to diverse power solutions, including fuel, hybrid, and range-extended systems, showcasing the complete journey of Chinese brand engines from technology introduction to independent R&D [4] - The focus of innovation has shifted from parameter-driven to scenario-driven approaches, emphasizing real user needs over laboratory peak data [6] Group 3: Industry Collaboration - "China Heart" serves as a platform for deep collaboration between academia and industry, facilitating the rapid application of research results to meet industrial needs, which is crucial for breakthroughs in automotive power technology [4][8] - The initiative has led to a significant increase in the quality of domestic engines, with hybrid engines evolving to become efficient power components in line with China's dual carbon strategy [4] Group 4: Future Directions - The future of power systems is expected to be diverse, with pure electric, hybrid, range-extended, and zero-carbon fuel internal combustion engines coexisting, which will drive high-quality transformation in the industry [7] - The integration of electric and intelligent technologies is anticipated to redefine power performance, moving beyond traditional mechanical definitions to intelligent user-centric systems [7] Group 5: Talent Development - "China Heart" has been actively involved in talent cultivation by donating engines to top universities, fostering a new generation of professionals who understand technology, market, and user needs [8] - The initiative has created a positive cycle in the industry, where today's talent will become the backbone of future development, emphasizing the importance of industry-academia collaboration [8]