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。 ...

Core Viewpoint - The stabilization period for the global offering of Seres (09927.HK) has ended on November 30, 2025, as per the Securities and Futures (Stabilizing Prices) Rules in Hong Kong [1] Group 1: Stabilization Actions - During the stabilization period, a total of 16,292,800 H-shares were over-allocated, representing approximately 15.0% of the total shares available for subscription under the global offering [1] - The stabilization agent purchased a total of 16,292,800 H-shares in the market, also equivalent to about 15.0% of the initially available shares for subscription, with prices ranging from HKD 109.60 to HKD 131.50 per share [1] - The last purchase during the stabilization period occurred on November 28, 2025, at a price of HKD 116.30 per share [1] Group 2: Oversubscription Rights - The overall coordinator did not exercise the over-allotment option during the stabilization period, and this option expired on November 30, 2025 [2]

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司對 本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 本公告不得直接或間接於或向美國（包括其領土及屬地、美國任何州以及哥倫比亞特區）發佈、 刊發或派發。本公告並不構成或組成在美國境內或於任何其他司法管轄區購買或認購證券的任 何要約或招攬的一部分。本公告所述證券並無亦不會根據《1933年美國證券法》（經不時修訂） （「美國證券法」）或美國任何州或其他司法管轄區的證券法登記。證券不得在美國境內提呈發 售、出售、質押或以其他方式轉讓，惟獲豁免遵守美國證券法登記規定及符合任何適用的州 證券法則另作別論，或除非符合美國證券法項下的S規例，否則不得在美國境外提呈發售、出 售、質押或以其他方式轉讓。證券不會在美國公開發售。 除本公告另有界定者外，本公告所用詞彙與賽力斯集團股份有限公司（「本公司」）發佈的日期為 2025年10月27日的招股章程（「招股章程」）所界定者具有相同涵義。 根據香港法例第571W章《證券及期貨（穩定價格）規則》第 ...

Investment Rating - The report maintains a "Recommended" rating for the automotive industry, indicating a positive outlook for the sector [5]. Core Insights - The automotive industry experienced an overall increase of 3.3% during the week from November 24 to November 30, with significant developments including Changan's plan to establish a robotics subsidiary and Leap Motor's announcement of a sales target of 1 million units for 2026, marking it as the first new force car company in China to set such a target [1][9][28]. Market Performance - The automotive sector's performance was strong, with the Shanghai Composite Index rising by 1.4%, the Shenzhen A Index by 3.5%, and the ChiNext Index by 4.5% during the same week [2][10]. - Within the automotive industry, all secondary segments saw gains, particularly the automotive services and parts sectors, which rose by 3.9% and 3.7% respectively [13][10]. Individual Stock Performance - Notable stock performances included Tianpu Co., which surged by 35.3%, and Chaojie Co., which increased by 28.4% [3][16]. - Among covered stocks, GAC Group saw a rise of 21.7%, while Kanglongda experienced a decline of 6.0% [19][3]. Industry Developments - Changan Automobile plans to invest 225 million yuan to establish a robotics company, aiming to enhance its capabilities in intelligent automotive technology [9][25]. - Great Wall Motors is set to establish its first complete vehicle factory in Europe, targeting an annual production capacity of 300,000 units by 2029 [26]. - Avita has submitted an application for listing on the Hong Kong Stock Exchange, aiming for a second-quarter 2026 IPO [27]. Investment Recommendations - The report recommends focusing on companies with strong sales performance or potential blockbuster vehicles, such as BYD, Seres, Great Wall Motors, and Jianghuai Automobile [9]. - For commercial vehicles, it highlights Yutong Bus, China National Heavy Duty Truck Group, and Weichai Power as key investment opportunities [9].

Core Insights - The strong performance of the Hong Kong stock market is expected to continue until 2026, driven by technology, consumer sectors, and support from state-owned enterprises [1][2] - The Hong Kong market has been one of the best-performing globally, with the Hang Seng Index outperforming major indices like NASDAQ and CSI 300 [1] - Factors such as the depreciation of the US dollar, inflow of southbound capital, supportive national policies, and a thawing of US-China relations are key drivers of the market's rise [1] Market Performance - The primary market in Hong Kong has seen significant growth in IPOs and refinancing this year, indicating a favorable environment for investors, issuers, and investment banks [2] - The market structure has become more balanced, with active financing in consumer and healthcare sectors alongside technology [2] - Investor enthusiasm is high, with noticeable increases in both public and international subscription multiples compared to last year [2] Future Outlook - The current bullish trend in the Hong Kong market is not seen as a short-term phenomenon, with expectations for a more favorable market environment in 2026 [2] - Large IPO projects are anticipated to enhance investor interest and optimism [2] - The three main opportunities for Chinese investment banks include leadership from technology and innovation enterprises, consumer sectors taking over as a growth driver, and active support from state-owned and cornerstone investors [2] Internationalization Challenges - Despite the opportunities, challenges such as stricter US regulations on Chinese stocks, government controls on AI and chip industries, lower liquidity compared to US markets, and potential global economic slowdowns pose risks [3] - The lack of international talent, particularly outside Greater China, is a significant challenge for Chinese investment banks [6] - Cultural integration is highlighted as a critical factor for the success of multinational financial institutions, with efforts being made to promote cultural exchange and training [6] Company Development - Galaxy Securities has made significant strides in internationalization through its entities, Galaxy International and Galaxy Overseas, focusing on markets in Southeast Asia [5] - Galaxy International ranks among the top five Chinese brokers in IPO sponsorship and has completed several notable projects [5] - The company has established strong research capabilities in ASEAN, covering 35 markets and providing reports for over 600 companies [5]

吴鹏首先回顾了2025年以来港股市场的整体表现。他指出，截至当下，港股可以认为是全球表现最好的市场之 一，恒生指数年内涨幅优于纳斯达克、沪深300等全球主要市场指数。其中，科技与消费是港股市场年内表现 最为突出的板块。在他看来，随着基本面修复，企业盈利超预期，港股估值表现和ROE基本匹配。同时，中国 在AI与硬科技领域的突破共同构成了上涨的底层逻辑。 他特别强调了美元贬值与南向资金流入的影响，"美元贬值的态势比较明显，全球的资产将向外流动，特别是 向有着很深厚底蕴以及吸引力的中国市场流入。"此外，"反内卷"等国家政策的大力支持与中美关系的阶段性 缓和，都是驱动港股市场上涨的主要因素。 港股一级市场年内表现亦非常亮眼，IPO和再融资规模都有明显增长。在吴鹏看来，无论对投资者、发行方还 是投行从业者而言，今年都是非常好的年份。市场结构也更加均衡，从去年科技板块的一枝独秀，到今年消费 与医疗板块的融资均表现活跃。同时，投资者的认购热情高涨，公开认购与国际认购倍数均较去年有明显增 长，非机构投资者也占据了较大比重。 展望未来，吴鹏认为，港股此轮火热行情并非短期现象，这一趋势会持续到2026年。这主要受科技股当前估值 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Views - The report highlights the successful establishment of the first large-capacity all-solid-state battery production line in China, which is expected to address key issues in electric vehicle range and safety [24] - The Ministry of Commerce plans to promote reforms in automotive circulation and consumption, aiming to expand the entire automotive consumption chain [24] - The report notes that the A-share automotive sector outperformed the market, with a weekly increase of 3.24%, while the Shanghai and Shenzhen 300 Index rose by 1.64% [3][9] Summary by Sections Market Performance - The A-share automotive sector outperformed the market, with a weekly increase of 3.24%, ranking 11th among A-share Shenwan first-level industries [3][9] - Key stocks leading the performance include GAC Group and BYD in the passenger vehicle sector, and King Long and CIMC Vehicles in the commercial vehicle sector [6][21][22] Industry News - The establishment of the first large-capacity all-solid-state battery production line marks a significant advancement in battery technology [24] - The Ministry of Commerce is set to implement automotive circulation consumption reform trials to boost overall automotive consumption [24] - Anhui Province has initiated a new round of consumer subsidies for automotive purchases, providing varying amounts based on vehicle price [24] - Leap Motor has achieved its 2025 sales target of 500,000 vehicles ahead of schedule and aims for 1 million vehicles in 2026 [24] - A new automotive consumption promotion policy has been launched in Hangzhou, offering subsidies and vouchers for new car purchases [24] Key Data Tracking - The report includes tracking of key upstream data such as steel, aluminum, natural rubber, and lithium carbonate prices, which are crucial for the automotive supply chain [27][28]

Core Event and Market Positioning - Avita Technology officially submitted its IPO application to the Hong Kong Stock Exchange on November 27, 2025, aiming for a listing in the second quarter of 2026, marking it as the first state-owned enterprise in the new energy vehicle sector to pursue a Hong Kong IPO [2] Fundraising Scale and Use - The company plans to raise approximately $1 billion (78 billion HKD) for technology research and development, global channel expansion targeting 80 countries by 2030, brand building, and operational funding [3] Shareholder Structure and Strategic Cooperation - The "Golden Triangle" partnership includes Changan Automobile as the largest shareholder (40.99%), CATL as the second largest (14.1%), and Huawei as a technology partner, with Avita acquiring 10% of Huawei's subsidiary for 11.5 billion yuan, forming a capital link [4] Financial Performance and Business Progress - Revenue growth is explosive, with 2023 revenue at 5.645 billion yuan, projected to reach 15.195 billion yuan in 2024 (+169%), and 12.208 billion yuan in the first half of 2025 (+98.5%), with an annual target of over 30 billion yuan [6] - The gross margin improved from 6.32% in 2024 to 10.1% in the first half of 2025, with R&D investment increasing by 167% year-on-year [7] - Cumulative sales from January to October 2025 reached 104,000 units, with a record monthly sales of 13,500 units in October, achieving a 47% completion rate of the annual target of 220,000 units [8][9] Strategic Planning and Global Ambitions - Avita has entered 34 countries, including Thailand and the UAE, with plans to achieve sales of 400,000 units and revenue of 100 billion yuan by 2027, and to cover 80 countries with 800,000 units sold by 2030 [11] Industry and Regional Significance - Avita serves as a benchmark for intelligent manufacturing in Chongqing, promoting the region's transition from traditional manufacturing to smart manufacturing [12] - The company's IPO represents a critical step in the capital market for state-owned enterprises in the new energy sector, potentially establishing a new valuation benchmark for Huawei's ecosystem of automotive companies [12]

Core Insights - The forum focused on the theme "Standards Leading the Way: Digital Empowerment to Co-create New Models in the Automotive Aftermarket," highlighting the automotive glass industry's transition towards intelligent and ecological transformation through digital empowerment and standardization [2] Group 1: Industry Trends - The automotive glass sector is facing challenges such as high claims costs and limited consumer service options, despite China being the largest automotive market globally [2] - The establishment of the CARG data platform by Fuyao creates a unique "identity" for each piece of automotive glass, enabling comprehensive supply chain management from product development to delivery [2] - The automotive glass industry is encouraged to unify technology and rules to combat counterfeit products and promote sustainable development through collaboration among leading enterprises [3] Group 2: Technological Innovations - The development of smart electric vehicles is transforming automotive glass from a passive component to an interactive medium, necessitating advancements in safety, privacy, and sensing capabilities [3] - Future automotive glass is envisioned to integrate with AI technologies, potentially allowing it to perceive emotions and adjust interactions based on passenger states, marking a significant evolution in functionality [3] Group 3: Expert Contributions - Industry representatives shared insights on future trends in automotive glass, adhesive technology innovations, and the construction of ecological systems within the sector [4]

Core Viewpoint - Institutions remain optimistic about the technology sector as the main investment line for 2026, focusing on areas such as AI, embodied intelligence, solid-state batteries, semiconductors, and controllable nuclear fusion [4][5]. Summary by Category Market Outlook - The current A-share market is expected to show upward momentum in 2026, with valuations considered relatively reasonable compared to global equity markets [3][6]. - Institutions predict a "slow bull" market in 2026, driven by macroeconomic recovery and positive policy adjustments [6][7]. Investment Themes - The three main investment directions identified are technology leadership, domestic demand recovery, and cyclical recovery, with a strong focus on the five major technology sectors [5][6]. - Specific sectors such as AI, solid-state batteries, and semiconductors are highlighted as having significant growth potential, particularly in the context of new productivity [5][10]. Performance Metrics - Year-to-date, indices related to solid-state batteries and nuclear fusion have increased by over 55%, while AI and semiconductor indices have risen by over 30% [7]. - The net profit growth for the five major technology sectors has significantly improved, with AI and semiconductor sectors seeing net profit increases exceeding 50% year-on-year in the first three quarters [7][10]. Company Insights - A total of 24 technology companies are identified as having the potential for dual recovery in valuation and profit, with specific criteria for selection including a forecasted P/E ratio discount of over 30% and expected net profit growth exceeding 30% [10][11]. - Notable companies include Weijie Chuangxin, Hongdu Aviation, and New Xiangwei, which are projected to have substantial profit growth in the coming years [10][11][13].