每经头条（nbdtoutiao）——绕开光刻机"卡脖子"，中国新型芯片问世！专访北大孙仲：支撑AI训练和 具身智能，可在28纳米及以上成熟工艺量产 （记者 王晓波） 每经AI快讯，赛力斯（SH 601127，收盘价：120.36元）12月29日晚间发布公告称，公司第五届第二十 九次董事会会议于2025年12月29日以现场与通讯表决的方式召开。会议审议了《关于增加2025年度日常 关联交易预计的议案》等文件。 2024年1至12月份，赛力斯的营业收入构成为：汽车行业占比97.13%，其他业务占比2.87%。 截至发稿，赛力斯市值为2097亿元。 ...

Group 1 - The "Building a Strong Country Road - Achievements Exhibition of China's Manufacturing during the 14th Five-Year Plan" showcases over 300 exhibits, highlighting the remarkable achievements of China's manufacturing sector during this period [1] - The AITO M9 is the only selected electric vehicle at the exhibition, symbolizing the historical leap of China's automotive industry from "catching up" to "leading" [2] - The exhibition emphasizes the rapid development of China's new energy vehicle industry, with production and sales expected to exceed 13 million units in 2024, maintaining its position as the global leader for ten consecutive years [2] Group 2 - The AITO M9 has achieved cumulative deliveries of over 900,000 units, with 260,000 units delivered since its launch, dominating the luxury car market for 20 consecutive months [3] - The AITO M9 ranks first in the domestic hybrid SUV resale value and has consistently held the top position in the resale value of plug-in hybrid models for four months [3] - The vehicle adheres to the "Five High" standards of high safety, high reliability, high quality, high performance, and high value, enhancing the user experience [3] Group 3 - The AITO M9's market leadership is attributed to the core technological breakthroughs in intelligence, electrification, and connectivity by Seres [4] - Seres showcases innovative technologies such as the multi-in-one super range extender system and high-integration seven-in-one electric drive system at the exhibition [5] - The new generation of Seres super range extender system features a 15% reduction in fuel consumption, a 90% decrease in noise perception frequency, and a thermal efficiency of 44.8%, leading the industry in mass-produced range extenders [5] Group 4 - Seres plans to continue its "software-defined vehicle" approach, deepening the integration of intelligence and electrification to enhance user experience and lead the new phase of high-quality development in China's new energy vehicle industry [6]

证券代码：601127 证券简称：赛力斯 公告编号：2025-110 本次增加日常关联交易预计事项在提交董事会审议前已经独立董事专门会 议审议通过。独立董事认为，本次增加日常关联交易预计属于公司正常经营行为， 交易遵循公平、公正、公允的原则，符合《上海证券交易所股票上市规则》相关 法律、法规及《赛力斯集团股份有限公司章程》的规定，不存在损害公司及股东、 特别是中小股东利益的行为。全体独立董事一致同意前述议案并将该议案提交董 赛力斯集团股份有限公司 关于增加 2025 年度日常关联交易预计的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本事项不需提交股东会审议。 日常关联交易对公司的影响：赛力斯集团股份有限公司（以下简称"公 司"）本次增加与深圳引望智能技术有限公司（以下简称"引望"）日常关联交易 为公司日常生产经营所需，符合公司业务发展需要，符合公司和全体股东的利益， 不存在损害公司及其他股东、特别是中小股东利益的情况，对公司独立性没有影 响。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 ...

证券代码：601127 证券简称：赛力斯 公告编号：2025-109 （一）审议通过《关于增加 2025 年度日常关联交易预计的议案》 本议案在提交董事会审议前已经独立董事专门会议审议通过，全体独立董事 一致同意该议案，并同意将该议案提交董事会审议。 具体内容详见公司同日披露在上海证券交易所网站（www.sse.com.cn）的《关 于增加 2025 年度日常关联交易预计的公告》。 表决结果：11 票同意，0 票弃权，0 票反对，1 票回避。其中关联董事张正 萍回避表决。 特此公告。 赛力斯集团股份有限公司 第五届董事会第二十九次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 赛力斯集团股份有限公司（以下简称"公司"）于 2025 年 12 月 27 日发出 第五届董事会第二十九次会议的通知，于 2025 年 12 月 29 日以现场与通讯表决 的方式召开。会议由董事长召集并主持，会议应出席董事 12 名，实际出席董事 12 名。全体董事一致同意豁免本次会议通知时限。本次会议的召集、召开及 ...

Core Viewpoint - The exhibition "Building a Strong Nation Road - Achievements of China's Manufacturing during the 14th Five-Year Plan" showcases significant advancements in China's manufacturing sector, particularly in high-end and intelligent manufacturing, with the AITO M9 electric vehicle highlighted as a key exhibit alongside other major national technological achievements [1] Group 1: Exhibition Highlights - The exhibition features over 300 exhibits, presenting the development achievements of Chinese manufacturing in recent years [1] - The AITO M9, designed by Seres in collaboration with Huawei, represents a breakthrough for domestic brands in the high-end value chain, having delivered over 260,000 units since its launch [1] - The AITO M9 has maintained sales leadership in the 500,000-level luxury car market for 20 consecutive months [1] Group 2: Industry Data - China's new energy vehicle sector has experienced rapid growth during the 14th Five-Year Plan, with production and sales expected to exceed 13 million units in 2024, marking the tenth consecutive year of leading the global market [1] Group 3: Technological Innovations - Seres showcased several core technological achievements at the exhibition, including a multi-in-one super range extension system and a highly integrated seven-in-one electric drive system [2] - The new generation Seres super range extension system, featured in the AITO vehicle, boasts a thermal efficiency of 44.8%, achieving over 3.6 kWh of electricity generation per liter of fuel, while significantly reducing overall fuel consumption and noise perception [2]

Group 1 - The "Building a Strong Nation Road - Achievements of China's Manufacturing during the 14th Five-Year Plan" exhibition opened, showcasing over 300 exhibits across six major sectors including high-end manufacturing and green manufacturing [1] - The exhibition highlights the achievements of China's manufacturing sector during the 14th Five-Year Plan period [1] Group 2 - The AITO M9, co-designed by Seres and Huawei, is the only electric vehicle featured in the exhibition, emphasizing its significance in the new energy vehicle sector [3] - Seres also showcased its multi-in-one super range extension system and high-integration seven-in-one electric drive assembly at the exhibition [3] - As of now, the total deliveries of the AITO series have exceeded 900,000 units, with the AITO M9 alone delivering over 260,000 units since its launch [3]

Group 1 - The Hong Kong IPO market is projected to raise HKD 286.3 billion (approximately USD 36 billion) in 2025, surpassing Nasdaq and reclaiming the top position globally in fundraising [1] - A significant contribution to the IPO scale expansion comes from 19 A-share listed companies that successfully listed in Hong Kong, raising a total of HKD 139.993 billion, accounting for nearly half of the total new stock fundraising [2] - Major companies like CATL, Hengrui Medicine, and Haidilao have collectively raised HKD 1,033.2 billion, highlighting the trend of leading enterprises seeking internationalization and risk diversification through Hong Kong listings [2] Group 2 - The "hard technology" sector saw 88 companies listed in 2025, benefiting from the Hong Kong Stock Exchange's favorable regulations for biotech and specialized technology companies, creating a notable listing surge [3] - New consumption brands, including Mixue and Saturday's Fortune, have found success in the Hong Kong market, with 14 out of 19 consumer companies experiencing oversubscription rates exceeding 100 times [3] - The influx of international capital into Hong Kong stocks is driven by the appeal of "verifiable growth stories" and "scarcity," enriching the investment landscape with new business models and growth narratives [3] Group 3 - The IPO market in Hong Kong experienced a decline in the first-day loss rate to approximately 28.83%, the lowest in five years, with 18 new stocks doubling in price on their debut [4] - The net inflow of southbound funds reached HKD 1.41 trillion, setting a historical record, indicating a positive feedback loop between market sentiment and liquidity [4] - Forecasts for 2026 suggest around 160 new stocks will be listed, with fundraising expected to exceed HKD 300 billion, maintaining Hong Kong's status as a global fundraising leader [4]

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [2][4]. Core Viewpoints - The automotive market is expected to improve in 2026 due to the continuation of the "trade-in" subsidy and measures against excessive competition [4][15]. - The central economic work conference in 2025 emphasized the optimization of the "two new" policies, which include large-scale equipment updates and trade-in subsidies [4][15]. - The National Development and Reform Commission has highlighted the importance of regulating competition in the automotive market, particularly for new energy vehicles and related industries [4][15]. Industry Dynamics - **Industry News**: Beijing has issued the first L3 level special license plates for autonomous driving vehicles, marking a significant milestone in the automotive industry's shift towards intelligent vehicles [16][18]. - **New Models**: New models launched include Great Wall Motors' Wei brand Blue Mountain and Dongfeng's Fengxing Lightning [30][31]. Market Performance - The automotive sector outperformed the CSI 300 index by 0.79 percentage points, with a sector increase of 2.74% from December 22 to December 26, 2025 [4][33]. - The price-to-earnings (PE) ratio for the automotive sector is 29.2 times, reflecting an increase from the previous week [39]. Data Tracking - **Monthly Data**: In November 2025, retail sales of passenger vehicles reached 2.2254 million units, a year-on-year decrease of 8.11% [40][54]. - **Weekly Data**: From December 15 to 21, 2025, retail sales of passenger vehicles totaled 536,000 units, a year-on-year decline of 11% [109]. Investment Recommendations - The report suggests focusing on companies with strong new product cycles such as Great Wall Motors, Seres, SAIC Motor, and XPeng Motors [4][5]. - It also recommends companies involved in supply chains and advanced technologies like Longsheng Technology and Junsheng Electronics [4][5].

Group 1 - The passenger car sector experienced a decline of 0.33% on December 29, with Haima Automobile leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] - Major stocks in the passenger car sector showed mixed performance, with GAC Group rising by 0.61% and Haima Automobile falling by 10.22% [1] Group 2 - The net outflow of main funds in the passenger car sector was 435 million yuan, while retail investors saw a net inflow of 469 million yuan [1] - Specific stock fund flows indicated that BYD had a main fund net inflow of 158 million yuan, but a net outflow from speculative funds of 214 million yuan [2] - Haima Automobile faced a significant main fund net outflow of 171 million yuan, with retail investors contributing a net inflow of 186 million yuan [2]

Group 1 - The global technology competition is intensifying, with disruptive technologies at the core of the "future industries" becoming a prominent part of China's economic landscape, as highlighted in the "14th Five-Year Plan" [1][2] - The total financing in related fields has approached 70 billion yuan this year, with specific sectors like nuclear fusion and 6G seeing index increases of over 80% [1][4] - The future industries are transitioning from "concept validation" to "commercialization," becoming a leading force in driving economic and social transformation [1] Group 2 - The "14th Five-Year Plan" outlines a clear blueprint for future industries, focusing on seven key areas including quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and 6G [2] - Local governments are actively responding with supportive policies, such as Beijing's "Create the Future" initiative, which has supported 83 potential enterprises and facilitated over 2 billion yuan in financing [2] - Various cities like Shenzhen and Shanghai are implementing financial measures to support high-quality development in future industries, establishing a solid foundation for growth [2] Group 3 - The capital market's enthusiasm for future industries is evident, with IPOs and refinancing processes accelerating significantly, totaling nearly 70 billion yuan as of December 26, 2025 [4] - Notable fundraising includes 14 billion yuan from China Nuclear Power in the nuclear fusion sector and over 8 billion yuan from companies in the embodied intelligence sector [4] - The overall profitability of future industries is expected to improve, with a median net profit forecast of over 650 billion yuan for 381 companies in 2025, reflecting a year-on-year increase of over 20% [5] Group 4 - Market funds are actively seeking undervalued potential stocks, with over 40 companies showing a decrease in shareholder numbers, indicating a concentration of shares [6] - Companies like Fuzhijun Technology and Zhongyuan Neipei have seen significant reductions in shareholder numbers, suggesting increased market attention [6] - Some companies, despite underperforming in the market, are positioned in sectors like embodied intelligence and quantum technology, presenting potential investment opportunities [6]