格隆汇12月1日｜深交所发布关于深港通下的港股通标的证券名单调整的公告。因赛力斯在香港市场价 格稳定期结束且相应A股上市满10个交易日，根据《深圳证券交易所深港通业务实施办法》的有关规 定，港股通标的证券名单发生调整并自2025年12月01日起生效。 ...

每经AI快讯，12月1日，深交所公告，港股通标的证券名单调整，调入赛力斯（601127）(09927)，12月 1日起生效。 ...

12月1日，深交所发布关于深港通下的港股通标的证券名单调整的公告。因赛力斯（09927）在香港市场 价格稳定期结束且相应A股上市满10个交易日，根据《深圳证券交易所深港通业务实施办法》的有关规 定，港股通标的证券名单发生调整并自2025年12月01日起生效。 MACD金叉信号形成，这些股涨势不错！ ...

深交所：港股通标的证券名单调整，调入赛力斯，12月01日起生效。 ...

Core Insights - Leap Motor aims to achieve an ambitious sales target of 1 million vehicles annually by 2026, nearly doubling its previous target, following the successful completion of 500,000 units ahead of schedule in 2025 [1][2] - The company has faced challenges such as the reduction of subsidies for electric vehicle purchases, intensified market competition, and a market valuation significantly lower than other new energy vehicle companies [1][4] Sales Milestones - Leap Motor took five years to reach 500,000 units sold, but only 343 days to move from 500,000 to 1 million [2] - The company has maintained its position as the monthly sales champion among new energy vehicle manufacturers for eight consecutive months, with delivery volumes exceeding 60,000 and 70,000 units in September and October, respectively [2] Financial Performance - In the first half of the year, Leap Motor achieved its first positive net profit, becoming the second new energy vehicle company to do so after Li Auto [3] - For Q3 2025, the company reported a net profit of 150 million yuan and revenue of 19.45 billion yuan, marking a 97.3% year-on-year increase, with a gross margin of 14.5% [3] Market Challenges - The reduction of government subsidies is expected to increase vehicle prices, posing a challenge for Q4 sales, although long-term recovery is anticipated [4] - The competitive landscape is intensifying, with brands like Geely and NIO launching products in the 100,000 to 300,000 yuan price range, creating a "sandwich" effect for Leap Motor [4] Market Valuation - Leap Motor's market capitalization is approximately 75.4 billion HKD, significantly lower than competitors like Xpeng (160.7 billion HKD) and Li Auto (145.2 billion HKD) [5] - The CEO of Leap Motor suggests that the company's stock is more suited for value and long-term investment rather than short-term speculation [5] International Expansion - Leap Motor has recently entered the South American market, launching in Brazil and Chile, and has established a global presence in 35 countries, with overseas sales accounting for about 8.8% of total sales [6] - The company aims to transition from "quantity" to "quality" by enhancing brand value and profitability while focusing on core technology development and market segmentation [6] Strategic Focus - Industry experts emphasize the need for Leap Motor to establish a significant business moat, highlighting that future success will depend on maintaining market share and achieving sustainable growth rather than just increasing sales volume [7]

Core Viewpoint - The article discusses the challenges and controversies surrounding hardware upgrades for smart vehicles, particularly focusing on the recent crowdfunding initiative by Zeekr for its models 001 and 009, highlighting the dissatisfaction among car owners regarding additional costs and the perceived inadequacy of the upgrades [5][8][11]. Group 1: Zeekr's Crowdfunding Initiative - Zeekr has launched a crowdfunding project for hardware upgrades on the 2024 models 001 and 009, requiring significant changes to the existing systems [5]. - The cost for 001 owners is set at 13,500 yuan with a target of 3,000 participants, while 009 owners need to pay 18,500 yuan with a target of 1,500 participants [5]. - Despite the perceived reasonable pricing, many car owners express dissatisfaction, feeling that they are being asked to compensate for the manufacturer's shortcomings [5][8]. Group 2: Industry-Wide Upgrade Challenges - The automotive industry faces widespread issues regarding hardware upgrades, with many owners feeling frustrated by the disparity between new models and their existing vehicles [8][11]. - Complaints about system performance and upgrade promises not being fulfilled are common, with a significant number of complaints reported in October alone [10]. - The complexity and high costs associated with hardware upgrades often lead to a lack of transparency, causing further dissatisfaction among consumers [11][22]. Group 3: Economic Considerations for Owners - Many car owners are weighing the costs of upgrades against the potential benefits, with some believing that purchasing a new vehicle may be more cost-effective than upgrading existing hardware [20][23]. - The presence of third-party accessories at lower prices also diminishes enthusiasm for original factory upgrades, as they may not fully meet compatibility and warranty standards [22]. - The ongoing tension between manufacturers and consumers regarding upgrade costs and expectations is likely to persist as the industry evolves [23].

Investment Rating - The report maintains a "Recommended" rating for the automotive industry, particularly focusing on the humanoid robot sector [2][6]. Core Insights - The automotive industry is accelerating its layout in embodied intelligence, driving a dual advancement in the automotive and robotics industries. Companies like Xiaomi, Changan, BYD, and others are heavily investing in humanoid robotics, leveraging their technological expertise and supply chain capabilities to reduce costs and facilitate rapid production [3][5][6]. - The humanoid robot sector has shown significant market performance, with the Huaxin humanoid robot index rising by 5.36% this week and a cumulative return of 90.3% year-to-date [14][17]. - Key companies in the humanoid robot supply chain are recommended for investment, including New Spring Co., Shuanglin Co., and others, due to their high-value components and growth potential in the market [6][7]. Summary by Sections 1. Humanoid Robot Sector Market Performance - The Huaxin humanoid robot index increased by 5.36% this week, with a year-to-date return of 90.3% [14]. - Within the humanoid robot sector, components such as motors and joints have shown strong performance, with increases of 6.7% and 6.0% respectively [17][21]. 2. Automotive Sector Market Performance and Valuation Levels - The CITIC automotive index rose by 3.3%, outperforming the broader market by 1.7 percentage points [29]. - The automotive sector's PE ratio is at 31.4, placing it in the 34.4% percentile over the past four years, while the PB ratio is at 3.0, in the 95.3% percentile [44]. 3. Industry Data Tracking - From November 1 to 23, the average daily retail of passenger cars in China decreased by 11% year-on-year, totaling 1.384 million units [50]. - The average price of aluminum has decreased recently, indicating fluctuations in raw material costs that could impact the automotive industry [58]. 4. Company Announcements - Notable announcements include BYD's investment in robotics and partnerships with academic institutions to advance humanoid robot technology [4][27]. - Companies like Kaidi Co. and Chang'an have made significant moves in expanding their robotics capabilities, indicating a trend towards integrating robotics into their operations [67][68].

赛力斯：香港上市超额配售权未行使。 ...

Core Viewpoint - The stabilization period for the global offering of Seres (09927) has ended on November 30, 2025, which is 30 days after the deadline for submitting the application for public offering in Hong Kong [1] Summary by Relevant Sections - **Stabilization Actions**: During the stabilization period, the stabilization agent, China International Capital Corporation Hong Kong Securities Limited, and its affiliates took the following actions: (1) An overallotment of 16.2928 million H-shares was made, representing approximately 15.0% of the total shares available for subscription under the global offering, adjusted for the exercise of the over-allotment option but before the exercise of the overallotment right [1] (2) A total of 16.2928 million H-shares were continuously purchased in the market at prices ranging from HKD 109.60 to HKD 131.50 per H-share [1] - **Final Purchase Details**: The last purchase during the stabilization period occurred on November 28, 2025, at a price of HKD 116.30 per H-share [1] - **Overallotment Rights**: The overall coordinator, representing the international underwriters, did not exercise the overallotment rights during the stabilization period, and these rights expired on November 30, 2025 [1]

此外，整体协调人(代表国际包销商)于稳定价格期内并无行使超额配股权，而超额配股权已于2025年11 月30日失效。 智通财经APP讯，赛力斯(09927)发布公告，有关全球发售的稳定价格期已于2025年11月30日(即递交香 港公开发售申请截止日期后第30日)结束。 稳定价格操作人中国国际金融香港证券有限公司、其联属公司或代其行事的任何人士于稳定价格期内采 取的稳定价格行动如下： (1)国际发售中超额分配合共1629.28万股H股，相当于全球发售项下可供认购 的发售股份总数的约15.0%(经计及发售量调整权获部分行使后但于超额配股权获行使前);(2)于稳定价格 期内，于市场上连续购入合共1629.28万股H股，价格介于每股H股109.60港元至131.50港元。于稳定价 格期内，稳定价格操作人、其联属公司或代其行事的任何人士于2025年11月28日于市场上最后一次购 入，价格为每股H股116.30港元。 ...