Core Viewpoint - The event "China Manufacturing Enterprises Media Meeting" highlighted the achievements of China's manufacturing sector, particularly in the context of the "14th Five-Year Plan," showcasing the integration of advanced technologies in manufacturing and the rise of the new energy vehicle (NEV) industry [1][10]. Group 1: Achievements in the NEV Sector - The AITO M9, a product of Seres Group and Huawei's collaboration, was featured alongside major national projects, emphasizing the recognition of both the brand and the Chinese NEV industry [3]. - The AITO brand has successfully positioned itself in the luxury market, with the M9 leading sales in the 500,000 yuan luxury car segment, demonstrating the capability of domestic brands to compete with international luxury brands [6]. Group 2: Strategic Focus and Innovation - Seres Group is committed to a strategy of "smart redefinition of luxury," aiming to meet consumer demands for both intelligence and luxury in vehicles, which has led to the launch of four models that have gained market acceptance [4]. - The company is integrating artificial intelligence (AI) across its entire value chain, from R&D to sales and service, to enhance operational efficiency and innovation [7]. Group 3: Future Outlook and Market Position - By 2025, China's NEV production and sales are projected to exceed 16 million units, maintaining its position as the global leader for 11 consecutive years, supported by national policies and user recognition [9]. - The milestone of producing one million units of the AITO brand marks a significant step in Seres' high-end strategy, with plans to continue aligning with national policies to enhance product quality and user experience [9].

Core Viewpoint - The relationship between the automotive industry's prosperity (sales growth) and the valuation of the automotive sector is complex, influenced by both declining total growth and rapid advancements in AI technology [1][7]. Group 1: Relationship Between Valuation and Prosperity - There is a relationship between automotive sector valuation and industry prosperity, with valuation leading prosperity by about one month [1][10]. - Historically, years of high sales growth have correlated with improved automotive sector performance, indicating a long-term positive correlation between valuation and prosperity [7][10]. - The correlation between valuation and prosperity has weakened since 2019, indicating a decoupling effect where high prosperity does not necessarily drive high valuation [2][15]. Group 2: Decoupling and Asymmetrical Effects - The decoupling effect suggests that prosperity is a sufficient but not necessary condition for valuation, meaning high valuation can exist without high prosperity [2][15]. - Asymmetrical effects indicate that while high prosperity can drive valuation increases, low prosperity does not necessarily lead to valuation declines, allowing for structural opportunities to support valuation [29][30]. Group 3: Three-Cycle Determinism - The automotive industry is influenced by three cycles: macroeconomic, industrial technology, and policy cycles, which together affect the industry's fundamentals and valuation [2][33]. - The shift in dominant cycles from macroeconomic and policy cycles to industrial technology cycles has led to a redefinition of valuation logic, focusing on quality upgrades rather than scale expansion [34][45]. Group 4: Future Outlook Post-2025 - The automotive industry is expected to enter a phase of low growth normalization, with total sales remaining stable and structural opportunities emerging from AI technology and smart vehicles [3][21]. - Valuation is anticipated to remain stable despite fluctuations in sales growth, indicating a continued decoupling trend [21][25].

本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、业 绩不稳定、退市风险高等特点,投资者面临较大的市场风险。投资者应充分了解 科创板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 易思维（杭州）科技股份有限公司 Isvision（Hangzhou）Technology Co.,Ltd. （浙江省杭州市滨江区江南大道 1088 号） 首次公开发行股票并在科创板上市 招股意向书 （深圳市福田区福田街道福华一路 119 号安信金融大厦） 保荐人（主承销商） 易思维（杭州）科技股份有限公司 招股意向书 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风 险。 1-1-1 易思维（杭州）科技 ...

曾建平强调，人工智能技术正在加速渗透制造业全链条。面向未来，制造业的转型升级和高质量发展， 最关键的动能、最具革命性的力量，都将源于人工智能。 中新社北京1月22日电 (记者 刘文文)从"爱达·魔都号"扬帆深蓝、"嫦娥六号"九天揽月，到CR450刷新陆 地极速、国产大飞机C919展翅腾空……一系列代表中国制造顶尖水平的"大国重器"，近日齐聚国家博 物馆"筑基强国路——中国制造'十四五'成就展"，生动展现近年来中国制造业在规模、速度与高度上的 全方位跨越。 最新发布的《2025中国制造强国发展指数报告》显示，2024年，中国进入全球制造强国第二阵列，成功 实现制造强国建设"第一步走"战略目标，成为继美国、德国、日本后第四个迈入全球制造强国行列的国 家。 中国记协于21日在北京举办"新闻茶座"，以"智造未来 链动世界"为主题，邀请业界专家与境内外记 者，共同探讨中国制造的升级之路。 中国制造业经历了由小变大、由弱变强的蜕变，不断实现里程碑式的突破。从近二十年来对外贸易产品 的迭代，便能清晰窥见制造业的升级轨迹。出席"新闻茶座"的国家制造强国建设战略咨询委员会副秘书 长曾建平指出，过去中国的出口以加工贸易、纺织服装 ...

Group 1 - Shenzhen Jingsen Source Technology Co., Ltd. opened its Chongqing branch on January 22, marking a strategic move to deepen its presence in the smart automotive parts sector and expand into the southwestern market [1] - The opening aligns with Chongqing's plan to develop a world-class intelligent connected new energy vehicle industry cluster, injecting new momentum into the high-quality development of the automotive industry in the Chengdu-Chongqing economic circle [1][3] - Chongqing is accelerating the aggregation of quality parts manufacturers and enhancing local supply rates, aiming to create a leading national parts industry cluster as part of the "Special Action Plan for the Enhancement of the Intelligent Connected New Energy Vehicle Parts Industry Cluster (2023-2027)" [3] Group 2 - Jingsen Source Technology aims to seize opportunities in the southwestern industrial development and improve its national industrial chain layout, having successfully transformed into a Tier 1 supplier of automotive parts [5] - The company has established a product portfolio driven by "smart entry systems" and "high-voltage interconnect products," serving major automotive manufacturers such as BYD, SAIC, BAIC, and others [5] - Jingsen Source holds over a hundred patent authorizations and has comprehensive industry certifications, positioning itself as a key supplier for various automotive components [5]

每一次技术变革都会引发产业结构调整，搅动区域经济格局。 汽车也不例外。 近日，来自重庆市经济信息委的消息称，2025年重庆汽车产业再攀新高，全年汽车产量达到278.8万 辆，增长9.7%，稳居城市第一位、省市第三位。 这意味着重庆将超过深圳，时隔九年重返"中国汽车第一城"宝座。 2025年6月29日，重庆，一排排新能源汽车整装待发。 城市竞争，不进则退。在新能源汽车国内新车销量占比突破50%以及出口规模持续领跑全球的背景下， 重庆能否守住第一？头部城市间的竞争又将进入怎样的阶段？ 目前，尽管全国其他主要汽车产业城市尚未完全公布2025全年的最终数据，重庆市经济信息委的主 动"官宣"可以看作是一次提前剧透。 重庆市发展和改革委员会党组书记、主任高健接受三里河专访时表示，重庆目前已形成长安汽车、赛力 斯集团两大龙头带动，10多家整车企业布局的整车体系，构建起3大系统、12大总成、56个部件全覆盖 的智能网联新能源汽车零部件产业集群。 在重庆两江新区汽车超级工厂内，机械臂以精确到毫米的动作旋转挥舞，新能源汽车从一块钢板到一台 整车下线，中间只需要4个步骤，耗时不过3分钟。 2025年，重庆新能源汽车产量达到129. ...

Core Insights - The 19th Asian Financial Forum will be held on January 26-27, 2026, in Hong Kong, focusing on the theme "Empowering Industries through Finance" and aiming to attract over 3,600 participants from more than 60 countries [1][2] - The forum will introduce the inaugural Global Business Summit, emphasizing the integration of finance with the real economy and supporting Hong Kong's role as an international financial and trade center [1][2] Group 1: Forum Structure and Themes - The forum will feature various sessions, including thematic discussions, policy dialogues, and workshops covering topics such as global economic outlook, investment strategies, asset and wealth management, trade financing, and financial technology [3][4] - The first day will include discussions led by financial leaders analyzing macroeconomic conditions and monetary policies, highlighting Hong Kong's advantages as an international financial hub [4][6] Group 2: Key Speakers and Discussions - Notable speakers include former European Commission President José Manuel Barroso and business leader Paul Polman, who will address global challenges and sustainable development strategies [5][6] - The "Global Economic Outlook" session will feature representatives from major financial institutions predicting economic trends for 2026 and discussing macroeconomic impacts [6][7] Group 3: Focus on Gold Market - The forum will include a dedicated session on gold trading, reflecting the rising demand for gold as a safe-haven asset and Hong Kong's ambition to establish itself as an international gold trading center [7][8] Group 4: Global Business Summit - The inaugural Global Business Summit will explore opportunities in high-growth industries such as AI, robotics, and biomedicine, focusing on how financial services can drive innovation and long-term growth [8][9] - Discussions will also cover strategies for Chinese companies expanding overseas and international firms entering the Chinese market [9][10] Group 5: Green Development and Investment Opportunities - The forum will feature a new FutureGreen zone, focusing on green finance and technology, aiming to connect funding with sustainable development initiatives [11][12] - The AFF Deal-making initiative will facilitate investment project matching, providing a platform for exploring investment opportunities across various sectors [12][13] Group 6: International Financial Week - The Asian Financial Forum will kick off the International Financial Week, which will include over 10 events addressing global financial topics and showcasing Hong Kong's vibrant city life [13]

中国经济网北京1月22日讯 赛力斯（港股代码09927.HK）港股收报102.50港元，跌幅2.751%，创 港股上市以来新低。赛力斯港股上市累计跌幅22.05%。 赛力斯的基石投资者为重庆产业母基金、林园基金及华泰资本投资（与华泰背对背总回报掉期及林 园总回报掉期有关）、广发基金管理有限公司及广发国际资产管理有限公司（统称为"广发基金"）、 New China Asset Management、BESS Broadway、Sanhua (Hong Kong)、中升、Zhink International、Gold Wings、达安投资、Hichain Logistics HK、施罗德、Mirae Securities、New Alternative、中邮理财、Skyler International、星宇香港、中国美东、Ghisallo Fund、Jump Trading、 Jain Global Master Fund Ltd、China Alpha Fund。 其中，New China Asset Management由新华人寿保险股份有限公司（简称"新华保险"， 1336.HK，601336.SH）直 ...

从资金流向上来看，当日乘用车板块主力资金净流出15.34亿元，游资资金净流入5.13亿元，散户资金净 流入10.21亿元。乘用车板块个股资金流向见下表： 证券之星消息，1月22日乘用车板块较上一交易日下跌0.74%，赛力斯领跌。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。乘用车板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000572 | 出版中集 | 7.14 | 0.71% | 54.24万 | 3.85 Z | | 601238 | 广汽集团 | 8.21 | 0.37% | 21.83万 | · 1.79亿 | | 002594 | 比亚迪 | 94.12 | 0.02% | 29.10万 | 27.42 Z | | 000625 | 长安汽车 | 11.61 | -0.09% | 49.01万 | 5.69亿 | | 601633 | 长城汽车 | 21.50 | -0.46% | 15.87万 | 3.41 ...

Group 1 - In 2025, the Chinese M&A market saw a total of 5,086 announced transactions, a decrease of 20.27% year-on-year, while the total transaction amount reached 2,373.515 billion yuan, an increase of 29.08% [7] - The completed transactions in 2025 amounted to 3,342, a slight increase of 0.45% year-on-year, with a total transaction value of 1,485.131 billion yuan, up 54.41% year-on-year, indicating a structural optimization trend in the market [9][10] - The Guangdong province continued to lead the M&A market in China, benefiting from the dual innovation drive of the Guangdong-Hong Kong-Macao Greater Bay Area, with electronic information, traditional manufacturing, healthcare, and energy mining being the hot sectors [10][31][32] Group 2 - In 2025, private equity funds showed a recovery in exit numbers, with 469 exits, a year-on-year increase of 22.77%, and a total capital recovery of 64.215 billion yuan, up 8.54% year-on-year [17] - Notable exits included TCL Technology's acquisition of a 21.53% stake in Shenzhen Huaxing Optoelectronics for 11.562 billion yuan and Silex Group's acquisition of Chongqing Liangjiang New Area Longsheng New Energy for 3.509 billion yuan [20][21] Group 3 - In 2025, there were 20 M&A transactions exceeding 10 billion yuan, with the largest being China Shipbuilding Industry's acquisition of China Shipbuilding Heavy Industry for 115.15 billion yuan, marking a significant milestone in China's shipbuilding industry [23] - Major domestic M&A cases included Guotai Junan's merger with Haitong Securities for approximately 97.609 billion yuan and Shandong Hongchuang's acquisition of Shandong Hongtu for 63.518 billion yuan [24][25] Group 4 - The cross-border M&A market in 2025 saw a total of 144 transactions, with outbound M&A accounting for 79 and inbound M&A for 65, reflecting a year-on-year decline of 13.77% [26] - Notable cross-border transactions included Midea Group's acquisition of Teka Group for 8.287 billion yuan and Zijin Mining's acquisition of Newmont Golden Ridge for 7.315 billion yuan [27][29] Group 5 - The M&A market in 2025 was characterized by a structural differentiation of "quantity reduction and price increase," with a notable shift from quantity dividends to quality dividends [10] - The electronic information sector led the number of transactions with 579 deals, accounting for 17.32%, while the financial sector had the largest disclosed transaction value at 203.596 billion yuan, representing 13.71% of the total [34][36]