01 A股重要指数样本股调整 登录新浪财经APP 搜索【信披】查看更多考评等级 11月28日，中证指数网站发布关于沪深300、中证500、中证1000、中证A500等指数定期调整结果的公告称，此次调整为指数样本的定期 调整，将于12月12日收市后正式生效。 其中沪深300指数更换11只样本，华电新能、东山精密、指南针、胜宏科技等调入指数。中证500指数更换50只样本，和而泰、华虹公 司、东方雨虹、天合光能等调入指数。中证1000指数更换100只样本，仕佳光子、永鼎股份、王府井、德科立等调入指数。中证A50指数 更换4只样本，华工科技、光启技术、中际旭创、胜宏科技等调入指数。中证A100指数更换6只样本，东方财富、胜宏科技、中科曙光、 赛力斯等调入指数。中证A500指数更换20只样本，国泰海通、芯原股份、指南针等调入指数。 中证指数公告称，上交所与中证指数有限公司决定调整上证50、上证180、上证380、科创50等指数样本，于12月12日收市后生效。其中 上证50指数更换4只样本，上汽集团、北方稀土、中科曙光等调入指数。上证180指数更换7只样本，国投资本、中天科技、瑞芯微等调入 指数。上证380指数更换38只 ...

Group 1: Economic Indicators - In November, the manufacturing PMI was reported at 49.2%, an increase of 0.2 percentage points from the previous month, indicating slight improvement in economic conditions [2] - The non-manufacturing business activity index for November was 49.5%, a decrease of 0.6 percentage points from the previous month, suggesting a contraction in the services sector [2] - The comprehensive PMI output index for November was 49.7%, down 0.3 percentage points from the previous month, reflecting overall economic weakness [3] Group 2: State-Owned Enterprises - From January to October, state-owned enterprises reported total operating revenue of 683,529.3 billion yuan, a year-on-year increase of 0.9%, while total profits decreased by 3.0% to 34,214.4 billion yuan [4] Group 3: Regulatory Developments - The People's Bank of China reiterated its commitment to prohibiting virtual currency activities and emphasized the need for ongoing efforts to combat illegal financial activities related to virtual currencies [5] - The Ministry of Industry and Information Technology is accelerating the introduction of targeted policies to regulate irrational competition in the power and energy storage battery industry [19] Group 4: Corporate News - Tianfeng Securities is under investigation by the China Securities Regulatory Commission for suspected violations related to information disclosure and illegal financing [20] - Anshi China has requested Anshi Netherlands to engage in sincere negotiations regarding control issues and to halt overseas capacity expansion [21] - Guizhou Moutai has elected Chen Hua as the chairman of its board and plans to invest up to 122 million yuan in a power supply system renovation project [22] Group 5: Market Developments - The Shanghai Futures Exchange announced that starting January 1, 2026, certain trading limits will not apply to futures company members and foreign participants [17] - JinkoSolar expects its energy storage system shipments to double next year, with a projected global demand exceeding 400 GWh [29]

2025 年 11 月 30 日 班牙/行业高 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 邵翼 A0230524120001 shaoyi@swsresearch.com 政策交易逐渐升温，T 再催化 -2025/11/24-2025/11/28 汽车周报 本期投资后了 请务必仔细阅读正文之后的各项信息披露与声明 申万宏源研究微信服务号 观点：我们认为机器人产业链相关公司股价经过前期数周调整，当前隐含的预期较低, ○ 但产业端进展仍在持续：海外，随着马斯克万亿薪酬获批、2026 年人形机器人量产在 即,短期或看到 T 链相关公司定点落地;国内, 宇树 ipo 辅导完成,国产机器人链条也 有望迎来催化。我们建议首先关注包括特斯拉、小鹏等的科技领先企业,及其相关的机 器人产业链公司,如恒勃、双环、隆盛、福达、银轮等。同时对业绩有支撑、估值相对 较低目有提升潜力的公司,推荐关注科博达、星宇、继峰、松原等;以及业绩恢复,估 值具备明显性价比的敏实、宁波华翔等。与此同时，央国企改 ...

Core Viewpoint - Huang Xin, former head of intelligent driving products and experience at NIO, expressed strong dissatisfaction with the concept of L3 autonomous driving, questioning the accountability and responsibility associated with it [3][4]. Group 1: Critique of L3 Autonomous Driving - Huang Xin does not agree with the concept of L3 autonomous driving, raising concerns about who is responsible for accidents that occur during its operation [3]. - He questioned whether the responsibility for accidents includes both civil and criminal liability, emphasizing the need for clarity in these matters [3]. - Huang criticized the marketing tactics that promote L3 without addressing the legal implications, describing such behavior as morally reprehensible [4]. Group 2: Background on Huang Xin - Huang Xin is a seasoned expert in China's intelligent driving sector, having held significant positions at both XPeng and NIO [6]. - He joined XPeng in 2018 as the director of autonomous driving products, overseeing key projects like navigation-assisted driving and memory parking [6]. - In March 2022, he became the head of intelligent driving products and experience at NIO, reporting directly to CEO Li Bin and leading the strategic development of NIO's intelligent driving features [6]. - Huang Xin has been reported to have left NIO since October [6].

证券研究报告 | 季报点评 gszqdatemark 2025 11 29 年 月 日 蔚来-SW（09866.HK） 预计 Q4 扭亏、2026 年全年目标盈利 Q3 毛利率超预期，Q4 收入指引相对保守、季度维持扭亏为盈目标。公司 25Q3 交付 了 87071 台车，同比增长 40.8%、环比增长 20.8%，其中蔚来/乐道/萤火虫品牌分别 交 付 36928/37656/12487 辆车。销量的高增长带动 Q3 收入同比 /环比增长 16.7%/14.7%至 218 亿元，其中汽车销售同比/环比增长 15%/19%至 192 亿元。公司 Q3 毛利率 13.9%，同比/环比提升 3.2pct/3.9pct。其中，汽车毛利率同比/环比分别提 升 1.6pct/4.4pct 至 14.7%，改善主要来自公司全面降本措施及规模经济。服务及其他 毛利率同比提升 16.5pct 至 7.8%，主要来自降本增效带来的零部件、配件销售及车辆 售后服务毛利率提升。由于有效的组织优化、新产品及新技术不同开发阶段带来的设计 及开发费用下降，公司 Q3 研发费用降低至 24 亿元；由于新产品推出相关的销售及营 销活动，公司 ...

Group 1 - The Hong Kong fire in Tai Po has resulted in 128 deaths and 83 injuries, with 150 individuals still missing [1][3] - The National Disaster Reduction and Relief Committee and the Ministry of Emergency Management have coordinated to provide emergency equipment and supplies to support the aftermath of the fire [3] - The establishment of a Commercial Space Administration by the National Space Administration marks a significant step in the regulation and development of China's commercial space industry [3] Group 2 - The People's Bank of China held a meeting emphasizing that virtual currencies do not have the same legal status as fiat currencies and are considered illegal financial activities [3] - The first meeting of the Technology Finance Coordination Mechanism was held, focusing on enhancing the role of technological innovation in national development [4] - The AI industry in Beijing is projected to exceed 450 billion yuan in scale by 2025, with a significant year-on-year growth [6] Group 3 - The China Securities Regulatory Commission reported that several asset management companies have been removed from the queue for public fund management licenses, indicating a shift in the regulatory landscape [5][6] - NIO has successfully delivered its 20,000th new ES8 vehicle, reflecting strong demand in the electric vehicle market [12][13] - The Shanghai LEGO Land has surpassed one million visitors, showcasing the potential of the entertainment and tourism market in China [14][15] Group 4 - Sergey Brin, co-founder of Google, donated over $1.1 billion worth of stock, which may impact the company's equity structure and social responsibility image [16]

Group 1 - The Hong Kong fire in Tai Po has resulted in 128 fatalities and 83 injuries, with 150 individuals still missing as of November 29 [4] - The National Disaster Reduction and Relief Committee and the Ministry of Emergency Management have coordinated to provide emergency equipment and supplies to support the Hong Kong government's response efforts [4] Group 2 - The People's Bank of China held a meeting emphasizing that virtual currencies do not have the same legal status as fiat currencies and are considered illegal financial activities [4] - The meeting highlighted the risks associated with stablecoins, including their potential use in money laundering and fraud [4] Group 3 - The People's Bank of China and the Ministry of Science and Technology held a meeting to promote the integration of technology and finance, aiming to enhance the role of technological innovation in national development [5] - The meeting outlined the need for a financial system that supports technological innovation and encourages a virtuous cycle between technology, industry, and finance [5] Group 4 - The establishment of a Commercial Space Administration by the National Space Administration aims to promote high-quality development in China's commercial space industry [6] - This move is expected to benefit the entire industry chain [6] Group 5 - The China Securities Regulatory Commission reported that several brokerage asset management companies have completed their applications for public fund management licenses, indicating a significant shift in the asset management industry [6] - The deadline for brokerage firms to complete their public fund transformation is approaching, leading to intensified efforts in the sector [6] Group 6 - Beijing's artificial intelligence industry is projected to exceed 450 billion yuan by 2025, with a core industry scale of 215.2 billion yuan in the first half of 2025, reflecting a year-on-year growth of 25.3% [7] Group 7 - NIO has successfully delivered its 20,000th new ES8 vehicle, demonstrating strong demand in the electric vehicle market [14] - This achievement is expected to boost investor confidence in the brand [14] Group 8 - The Shanghai LEGO Land has welcomed over 1 million visitors, setting a record for the fastest LEGO park to reach this milestone globally, with plans for a second phase of expansion [15] - This reflects the potential of China's entertainment and tourism market [15] Group 9 - Sergey Brin, co-founder of Google, donated over $1.1 billion worth of Alphabet stock, which may impact the company's equity structure and social responsibility image [16]

Core Insights - The new energy vehicle (NEV) market is experiencing significant shifts, with XPeng surpassing NIO and Li Auto to become the largest NEV company by market capitalization as of Q3 2025, valued at 160.2 billion yuan [2] - Li Auto, which previously achieved profitability through its "range extender + family" strategy, is losing its competitive edge as other companies enter the range extender market [2] - NIO, once the highest valued NEV company, is now focusing on core automotive products due to financial burdens from its expansive business model [2] - XPeng's recovery from internal management issues and high supply chain costs has led to a resurgence in sales and a renewed focus on advanced technologies like autonomous driving and robotics [3][4] Company Performance - XPeng's Q3 report shows a gross margin exceeding 20% for the first time, with a year-on-year revenue growth of 100% [3] - The company has launched popular models such as the XPeng P7+ and Mona M03, contributing to its improved performance [2] - XPeng's strategic partnerships, particularly with Volkswagen for autonomous driving technology, are expected to enhance its market position [4] Technological Ambitions - XPeng is focusing on autonomous driving, Robotaxi services, and humanoid robots, with plans to launch three Robotaxi models by 2026 [4] - The company aims to start mass production of advanced humanoid robots by the end of 2026, targeting various service applications [4] - XPeng's self-developed Turing chip has received procurement certification from Volkswagen, marking a significant milestone in its technology development [4] Competitive Landscape - The NEV sector is entering a new phase of competition centered around AI technologies, with Li Auto and NIO also announcing their AI commercialization strategies [4] - Li Auto plans to launch its first AI glasses in December, while NIO's self-developed Dimensity chip will open for external collaboration in Q4 [4] - XPeng's technological focus positions it favorably in the ongoing AI competition, although it faces challenges in commercializing its Robotaxi and humanoid robot initiatives [5] Strategic Direction - XPeng's management emphasizes a strategy of "steady progress" to ensure long-term success, indicating that strong vehicle sales will support its technological explorations [6]

宏观动态 打击虚拟货币交易炒作工作协调机制会议召开 11月28日，中国人民银行召开打击虚拟货币交易炒作工作协调机制会议。会议指出，近期，受多种因素 影响，虚拟货币投机炒作有所抬头，相关违法犯罪活动时有发生，风险防控面临新形势、新挑战。会议 强调，虚拟货币不具有与法定货币等同的法律地位，不具有法偿性，不应且不能作为货币在市场上流通 使用，虚拟货币相关业务活动属于非法金融活动。稳定币是虚拟货币的一种形式，目前无法有效满足客 户身份识别、反洗钱等方面的要求，存在被用于洗钱、集资诈骗、违规跨境转移资金等非法活动的风 险。 国家航天局设立商业航天司，持续推动商业航天高质量发展 据国家航天局11月29日消息，该局已于近期设立商业航天司，相关业务正在逐步开展，标志着我国商业 航天产业迎来专职监管机构，未来将持续推动我国商业航天高质量发展，产业链有望全线受益。近年 来，我国商业航天在政策牵引、技术突破与市场驱动下，以全产业链协同创新，完成了历史性的跨越。 国家航天局相关负责人介绍，当前我国商业航天企业数量超600家，在确保安全的前提下逐步释放商业 航天发展潜力。 取款超5万不再需要登记 据央视新闻报道，11月28日，人民银行 ...

★ 宏观动态 ★ 打击虚拟货币交易炒作工作协调机制会议召开 11月28日，中国人民银行召开打击虚拟货币交易炒作工作协调机制会议。会议指出，近期，受多种因素影响， 虚拟货币投机炒作有所抬头，相关违法犯罪活动时有发生，风险防控面临新形势、新挑战。会议强调，虚拟货 币不具有与法定货币等同的法律地位，不具有法偿性，不应且不能作为货币在市场上流通使用，虚拟货币相关 业务活动属于非法金融活动。稳定币是虚拟货币的一种形式，目前无法有效满足客户身份识别、反洗钱等方面 的要求，存在被用于洗钱、集资诈骗、违规跨境转移资金等非法活动的风险。 国家航天局设立商业航天司，持续推动商业航天高质量发展 据国家航天局11月29日消息，该局已于近期设立商业航天司，相关业务正在逐步开展，标志着我国商业航天产 业迎来专职监管机构，未来将持续推动我国商业航天高质量发展，产业链有望全线受益。近年来，我国商业航 天在政策牵引、技术突破与市场驱动下，以全产业链协同创新，完成了历史性的跨越。国家航天局相关负责人 介绍，当前我国商业航天企业数量超600家，在确保安全的前提下逐步释放商业航天发展潜力。 取款超5万不再需要登记 据央视新闻报道，11月28日，人民 ...