Macro Dynamics - The central bank aims to promote the internationalization of the RMB and enhance the level of capital account openness, focusing on financial market system construction and high-level opening-up [2] - The development of a "technology board" in the bond market is emphasized to support private technology enterprises and investment institutions in issuing bonds [2] - The report highlights the need for a multi-tiered bond market and the high-quality development of the panda bond market [2] REITs Projects - The National Development and Reform Commission has recommended a total of 105 REITs projects to the China Securities Regulatory Commission, with 83 projects already issued and listed [3] - These projects cover 10 industries and 18 asset types, with a total fund issuance amount of 207 billion yuan, expected to drive new project investments exceeding 1 trillion yuan [3] Manufacturing Industry - The Ministry of Industry and Information Technology has issued a notice to accelerate the systematic layout and high-level construction of pilot platforms in the manufacturing sector [4] - The focus is on strengthening pilot platforms based on strategic positioning, technical advantages, and future potential, with a pathway from reserve platforms to national-level manufacturing pilot platforms [4] Environmental Policy - South Korea has approved a new greenhouse gas reduction plan, aiming for a 53% to 61% reduction from 2018 levels by 2035, exceeding the initial target of 50% to 60% [5] Financial Institutions - China Construction Bank will implement new trading rules for personal gold accumulation business starting November 15, 2025, to protect investor rights [6] - The new rules will consider international and domestic gold price trends, market liquidity, and other factors for customer pricing [6] Market Data - The ChiNext index fell over 1% on November 11, with the consumer sector showing volatility and several stocks hitting the limit up [8] - The total financing balance in the two markets increased by 7.67 billion yuan as of November 10, with the Shanghai Stock Exchange reporting 1.26 trillion yuan and the Shenzhen Stock Exchange 1.22 trillion yuan [9] Company Dynamics - TBEA Co., Ltd. reported a full order book for its transformers, with production cycles typically ranging from 3 to 6 months [11] - Multiple silicon wafer companies have reduced prices due to a tightening demand from battery manufacturers, leading to panic selling among second and third-tier silicon wafer companies [12] - The first humanoid robot 7S store in China opened in Wuhan, showcasing a comprehensive service system [14] - The South Korean e-commerce platform Weimi Shop has declared bankruptcy, with debts exceeding 2 billion yuan and around 108,000 victims affected [15]

Core Viewpoint - The stock performance of Seres Holdings (港股代码09927.HK, A股代码601127.SH) has declined significantly following its IPO, with shares trading below the initial offering price shortly after listing [1] Group 1: Stock Performance - Seres Holdings' A-shares closed at 133.84 CNY, down 3.47%, while its Hong Kong shares closed at 110.00 HKD, down 4.84%, with an intraday low of 109.00 HKD [1] - The stock opened at 128.9 HKD on its debut, indicating an immediate drop below the offering price [1] Group 2: IPO Details - The total number of shares offered globally by Seres Holdings was 108,619,000 H-shares, subject to adjustments based on over-allotment [1] - The final offering price was set at 131.50 HKD, raising a total of 14,283.40 million HKD, with net proceeds amounting to 14,016.41 million HKD after deducting estimated listing expenses of 266.99 million HKD [1] Group 3: Key Investors - Major cornerstone investors include Chongqing Industry Mother Fund, Linyuan Fund, Huatai Capital Investment, and various subsidiaries of GF Fund Management [1] - New China Asset Management, a significant investor, is 99.6% owned directly and indirectly by New China Life Insurance Co., Ltd. [1]

Core Insights - The Chinese automotive industry is in a competitive race for intelligent driving, with the "14th Five-Year Plan" emphasizing the need for smart and integrated development, accelerating the transition to intelligent and green manufacturing [1][2] - AI capabilities are becoming a new valuation anchor for automotive companies, shifting the focus from mechanical performance to intelligent experiences, with significant implications for investment and market perception [2][4] - The industry is witnessing a shift from hardware competition to software competition, with companies either developing their own chips or forming closer ties with chip manufacturers to define the next generation of computing architecture [4][7] Industry Trends - The integration of AI with manufacturing is expected to create new business models, such as "software-defined vehicles" and service-oriented manufacturing, as highlighted in the "14th Five-Year Plan" [2][4] - The competition in intelligent driving is characterized by a "computing power arms race," with companies investing heavily in AI capabilities both in the cloud and on vehicles [2][3] - The automotive sector is evolving into a comprehensive industry that integrates advanced technologies from AI, energy, chips, and digital services, reflecting a significant transformation in its operational landscape [7][9] Technological Developments - The computational power of in-vehicle intelligent chips is advancing from 500-600 TOPS to over 2500 TOPS, enabling more complex real-time decision-making [3] - The relationship between automotive and chip industries is becoming increasingly symbiotic, with the potential for vehicles to act as distributed computing nodes in the digital economy [8] - The emergence of personalized insurance and services based on user driving behavior data indicates new revenue streams and business opportunities within the automotive sector [8] Strategic Collaborations - The current competitive landscape features three main collaboration models: Huawei's full-stack solutions, Momenta's technology supply approach, and self-research strategies by companies like BYD and Li Auto [7] - The integration of intelligent driving technology is not only reshaping the automotive industry but also connecting it with other sectors, such as robotics, as seen with the development of humanoid robots by companies like Tesla and XPeng [6][7]

Core Insights - The Chinese automotive industry is in a competitive race towards intelligent driving, with the "14th Five-Year Plan" emphasizing the need for smart and integrated development, accelerating the transition to intelligent and green manufacturing [1][2] - AI capabilities are becoming a new valuation anchor for automotive companies, shifting the focus from mechanical performance to intelligent experiences, with significant implications for investment and market perception [2][4] - The industry is witnessing a shift from hardware competition to software competition, with companies increasingly focusing on self-developed chips and partnerships with major chip manufacturers [3][4] Group 1 - The "14th Five-Year Plan" aims to promote technological upgrades and the digital transformation of manufacturing, leading to the emergence of new business models such as "software-defined vehicles" [2][4] - The competition in intelligent driving is characterized by a "computing power arms race," with companies needing substantial AI computing resources to develop and train intelligent driving models [2][3] - The automotive industry is evolving into a comprehensive sector that integrates advanced technologies from AI, energy, chips, and digital services, reflecting a deep interconnection with various industries [7][8] Group 2 - The relationship between automotive and chip industries is becoming increasingly symbiotic, with new business models and value growth points emerging from this integration [8] - Companies are exploring the potential of utilizing excess computing power from vehicles as distributed computing nodes within the broader digital economy [8] - The competitive landscape is marked by different collaboration models, with companies like Huawei providing full-stack solutions, while others focus on self-research to maintain control over core technologies [7][8]

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [70]. Core Insights - In October, the wholesale sales of narrow passenger vehicles reached 2.93 million units, a year-on-year increase of 7% and a month-on-month increase of 4% [2]. - The penetration rate of new energy vehicles exceeded 55%, with wholesale sales of electric vehicles at 1.62 million units, marking an 18% year-on-year increase [8]. - The report highlights potential investment opportunities in companies such as Geely Automobile and BYD, with a focus on Geely's low valuation for the upcoming year [4]. Summary by Sections Industry Overview - In October, the production of narrow passenger vehicles was 2.95 million units, reflecting an 11% year-on-year increase and a 4% month-on-month increase [2]. - The report estimates that retail sales for October were approximately 2.34 million units, showing a 3% year-on-year increase [8]. Sales Performance - The wholesale sales of new energy vehicles in October were 1.62 million units, with a penetration rate of 55%, which is a 5 percentage point increase year-on-year [8]. - The report indicates that the wholesale sales of domestic car manufacturers reached 2.14 million units in October, a 12% year-on-year increase [8]. Pricing and Inventory - The industry discount rate slightly increased in late October, with an average discount rate of 9.6%, reflecting a 0.1 percentage point increase month-on-month [8]. - The total inventory is estimated to be around 3.1 million units, with fuel vehicle inventory at approximately 850,000 units, indicating a higher overall inventory compared to the same period last year [8]. Future Outlook - The report anticipates that the fourth quarter will see a seasonal inventory reduction, with retail sales expected to reach 7.73 million units, a 6% year-on-year increase, while wholesale sales are projected to be 8.67 million units, a 1% year-on-year decrease [8]. - Potential catalysts for recovery in the automotive sector include better-than-expected retail sales post-Spring Festival and improved export performance [8].

Investment Highlights - This week's sector performance ranking: SW Commercial Passenger Vehicles (+0.8%) > SW Auto Parts (-0.2%) > SW Autos (-1.2%) > SW Commercial Freight Vehicles (-3.2%) > SW Passenger Vehicles (-3.4%) [4][13] - Top five stocks covered this week include Weichai Power, China National Heavy Duty Truck Group H, Naisite, NIO-SW, and Jifeng Co., Ltd. [4][13] Research Outcomes - The team released Q3 performance summaries and reports on Top Group, Xusheng Group, Guangyang Co., and Bertley, as well as a report on Xingyuan Zhuomei [5][13] Industry Core Changes 1. Tesla's $1 trillion compensation plan was approved, with performance targets including the delivery of 20 million vehicles, 10 million active FSD users, 1 million Robotaxi commercial operations, delivery of 1 million Optimus robots, and an adjusted annual EBITDA target of $400 billion [6][13] 2. XPeng's Technology Day introduced VLA 2.0, the first fully self-developed Robotaxi, the new generation humanoid robot IRON, and two flight systems [6][8][13] 3. Seres, Pony.ai, and WeRide officially listed on the Hong Kong Stock Exchange [6][8][13] Current Automotive Sector Configuration - The automotive industry is at a crossroads: the electric vehicle (EV) boom is nearing its end, while automotive intelligence is in a "dark before dawn" phase, and robotics innovation is in the 0-1 stage. Three main investment opportunities are present during this transition [9][15] - **AI Smart Vehicle Main Line**: Focus on Robotaxi/vans first, followed by C-end applications. Key downstream targets include: - Robotaxi perspective: Integrated models (Tesla, XPeng, Qianli Technology); technology providers + operational sharing models (Horizon Robotics, Baidu, Pony.ai, WeRide); transformation of ride-hailing/taxi services (Didi, Cao Cao Mobility, Ruqi Mobility, Dazhong Transportation, Jinjiang Online) [9][15] - Robovan perspective: Desay SV, Zhongyou Technology, Kaile Co., etc. [9][15] - C-end vehicle sales perspective: Complete vehicles (XPeng, Li Auto, Huawei, Xiaomi, etc.) [9][15] - **Upstream Supply Chain Key Targets**: - B-end vehicle OEMs: BAIC Blue Valley, GAC Group, SAIC Group, etc. [9][15] - Core suppliers: Testing (China Automotive Research, China Automotive Industry Group, etc.), chips (Horizon Robotics, Black Sesame Intelligence), domain controllers (Desay SV, Jingwei Hirain, Joyson Electronics, Coboda, etc.), sensors (Sunny Optical Technology, Hesai Technology, Suteng Juchuang), steer-by-wire chassis (Bertley, Naisite, Zhejiang Shibao), lights (Xingyu Co., Ltd.), glass (Fuyao Glass) [9][15] - **AI Robotics Main Line**: Preferred components (Top Group, Joyson Electronics, Xinquan Technology, Precision Forging Technology, Fuda Co., Ltd., Xusheng Group, Aikedi, etc.) [9][15] - **Dividend & Good Pattern Main Line**: Buses (Yutong Bus), heavy trucks (China National Heavy Duty Truck A-H, Weichai Power), two-wheelers (Chunfeng Power, Longxin General) [10][15]

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）直接及间接持股99.6%；Sanhua (Hong Kong)由浙江三花智能控制股份有限公司（简称"三 花智控"，002050.SZ，02050.HK）间接全资拥有；中 ...

Core Insights - In October 2025, the domestic narrow passenger car market retail sales reached 2.248 million units, a year-on-year decrease of 0.5% and a month-on-month increase of 0.2% [1] - Cumulatively, from January to October 2025, total sales reached 19.256 million units, reflecting a year-on-year growth of 8.0% [1] Group 1: Market Performance - October 2025 saw a slight year-on-year decline in retail sales of passenger cars due to a high base from the previous year, with a decrease of 0.9% [3] - New energy vehicles (NEVs) experienced a year-on-year growth of 7.3% in October, while conventional fuel vehicles saw a decline of 10% [3] - The cumulative growth rate of passenger cars has shown a gradual deceleration in the second half of the year [3] Group 2: Manufacturer Sales Rankings - BYD ranked first in retail sales from January to October 2025 with 2.838 million units sold, a decrease of 2.1% year-on-year, holding a market share of 14.7% [9] - Geely followed with 2.141 million units sold, marking a significant year-on-year increase of 56.2% and a market share of 11.1% [9] - In October 2025, BYD sold 295,871 units, down 14.8% month-on-month and 31.4% year-on-year, capturing a market share of 13.2% [8] Group 3: New Energy Vehicle Sales - In October 2025, BYD led the NEV wholesale sales with 436,856 units, a month-on-month increase of 11.1% but a year-on-year decrease of 12.7%, holding a market share of 27.0% [10] - Geely's NEV sales reached 177,882 units in October, reflecting a year-on-year increase of 63.6% [10] - From January to October 2025, BYD also led NEV sales with 3.656 million units, a year-on-year growth of 12.9% and a market share of 30.3% [11]

Core Viewpoint - The domestic passenger car market in China experienced a slight retail sales decline in October 2025, with a year-on-year decrease of 0.5%, while cumulative sales from January to October showed an 8.0% increase compared to the previous year [1][3]. Sales Performance - In October 2025, the retail sales of passenger cars reached 2.248 million units, marking a 0.5% decrease year-on-year but a 0.2% increase month-on-month [1]. - Cumulative sales from January to October 2025 totaled 19.256 million units, reflecting an 8.0% year-on-year growth [1]. Manufacturer Rankings - In October 2025, BYD led the sales with 436,856 units, despite a year-on-year decline of 12.7% [4]. - Geely and Chery followed with significant increases in sales, with Geely showing a 35.5% year-on-year growth [4]. - For the January to October period, BYD maintained the top position with 3.656 million units sold, a 12.9% increase year-on-year [5]. New Energy Vehicle (NEV) Market - The NEV market showed a mixed performance, with pure electric vehicle sales significantly increasing, while range-extended and plug-in hybrid vehicles entered a slower growth phase [3]. - In October 2025, NEV retail sales saw a 7.3% increase year-on-year, contrasting with a 10% decline in conventional fuel vehicles [3]. Wholesale and Retail Rankings for NEVs - In October 2025, BYD again led the NEV wholesale rankings with 436,856 units, despite a 12.7% year-on-year decline [9]. - For the January to October period, BYD sold 3.656 million NEVs, capturing a 30.3% market share [10]. Market Trends - The overall growth rate of passenger vehicles has been gradually slowing down in the second half of the year, indicating a potential market saturation [3]. - The NEV market is experiencing structural differences, highlighting a divergence in consumer preferences and demand within the segment [3].

Market Overview - The passenger car sector experienced a decline of 1.43% on November 11, with Seres leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Individual Stock Performance - Changan Automobile closed at 12.28, down 0.49% with a trading volume of 500,100 shares and a turnover of 614 million yuan [1] - GAC Group closed at 7.87, down 0.63% with a trading volume of 313,800 shares and a turnover of 247 million yuan [1] - BYD closed at 98.71, down 0.68% with a trading volume of 319,900 shares and a turnover of 3.161 billion yuan [1] - SAIC Motor closed at 15.90, down 1.12% with a trading volume of 387,400 shares and a turnover of 618 million yuan [1] - Great Wall Motors closed at 23.39, down 1.43% with a trading volume of 197,900 shares and a turnover of 464 million yuan [1] - Haima Automobile closed at 9.95, down 1.97% with a trading volume of 5,272,500 shares and a turnover of 5.352 billion yuan [1] - BAIC Blue Valley closed at 7.92, down 2.10% with a trading volume of 1,067,000 shares and a turnover of 847 million yuan [1] - Seres closed at 133.84, down 3.47% with a trading volume of 351,600 shares and a turnover of 4.75 billion yuan [1] Capital Flow Analysis - The passenger car sector saw a net outflow of 2.048 billion yuan from institutional investors, while retail investors had a net inflow of 1.411 billion yuan [1] - Among individual stocks, Great Wall Motors had a net inflow of 37.614 million yuan from institutional investors, while GAC Group saw a net outflow of 8.811 million yuan [2] - BYD experienced a net outflow of 4.35 billion yuan from institutional investors, with retail investors contributing a net inflow of 303 million yuan [2] - Seres faced a significant net outflow of 1.029 billion yuan from institutional investors, while retail investors had a net inflow of 630 million yuan [2]