Core Viewpoint - Company Seres has successfully listed on the Hong Kong Stock Exchange (HKEX) with an issue price of HKD 131.5, becoming a dual-listed company in both A-shares and H-shares markets, joining other Chinese automotive companies like NIO and BYD [2][27]. Financial Performance - On its first trading day, Seres' stock opened at HKD 128.9, a 2% drop from the issue price, with a maximum decline exceeding 5% [6]. - For Q3 2025, Seres reported a revenue increase of 15.75% year-on-year, but net profit decreased by 1.74% [8]. - In the first three quarters of 2025, total revenue reached CNY 110.5 billion, a 3.67% increase, while net profit was CNY 53.12 billion, up 31.56% [8][14]. Market Position and Strategy - Seres is uniquely positioned in the Chinese electric vehicle (EV) market due to its long-standing partnership with Huawei, which has significantly benefited its performance [10]. - The company achieved a remarkable revenue growth of 305.5% in 2024, reaching CNY 145.1 billion, and turned a net profit of CNY 59 billion, marking a turnaround from a loss of CNY 2.4 billion in 2023 [11]. - Despite a challenging start in 2025, with Q1 revenue down 27.91%, Seres is focusing on product development and market expansion, including plans for new models and increased R&D investment [13][19]. R&D and Innovation - In the first half of 2025, Seres invested CNY 5.198 billion in R&D, a 154.9% increase, and secured 6,826 patents, reflecting a commitment to innovation [19]. - The company has developed several advanced technologies, including a high-efficiency electric drive system and a new technology platform showcased at the 2025 China Automotive Engineering Society conference [20]. International Expansion - Seres aims to enhance its international presence, having already begun deliveries of its SERES 5 model in Europe and planning to expand into various global markets [29]. - The company is also focusing on localizing production and operations in international markets, with plans to introduce new models under the AITO brand [30][32]. Brand Development - The AITO brand is positioned to lead Seres' international expansion, although challenges exist in gaining recognition in overseas markets compared to its domestic success [33]. - Seres has seen increasing brand recognition, with its AITO models receiving high scores in brand confidence and customer recommendations [22]. Production Capacity - To support the growth of the AITO brand, Seres has established a highly automated super factory, enhancing production capabilities and achieving significant delivery milestones for its models [25]. - The company has delivered over 800,000 vehicles across its AITO brand, with notable sales figures for the AITO M9 and M8 models [25]. Conclusion - Overall, Seres is navigating a complex landscape of financial performance, market positioning, and international expansion, with a focus on innovation and brand development as it seeks to solidify its place in the global automotive market [26][29].

Core Viewpoint - Harbin Electric (01133) has seen its stock price surge over 500% this year, with a current increase of 6.23% to HKD 14.32, reflecting strong market performance and investor interest [1] Industry Summary - UBS has expressed a more optimistic outlook on China's electricity market demand, projecting an 8% growth from 2028 to 2030, which is double their previous forecast [1] - The firm has identified structural drivers such as artificial intelligence data centers, exports, and electrification as key factors influencing this demand growth [1] - The adjustments in UBS's forecast indicate increased confidence in the acceleration of electricity equipment and grid capital expenditures starting next year [1] Company Summary - Harbin Electric is highlighted as a preferred stock by UBS, benefiting from the anticipated growth in electricity demand and capital expenditures in the sector [1]

Core Viewpoint - Harbin Electric (01133) has seen its stock price surge over 500% this year, with a current increase of 6.23% to HKD 14.32, reflecting strong market performance and investor interest [1] Industry Summary - UBS has expressed a more optimistic outlook on China's electricity market demand, projecting an 8% growth from 2028 to 2030, which is double their previous forecast [1] - The firm has identified structural drivers such as artificial intelligence data centers, exports, and electrification as key factors influencing this demand growth [1] - The adjustments in UBS's forecast indicate increased confidence in the construction of AI data centers, accelerated growth in electricity exports, and a faster pace of electrification, which will benefit capital expenditures in power equipment and grid infrastructure starting next year [1] Company Summary - Harbin Electric is highlighted as a preferred stock by UBS, benefiting from the anticipated growth in the electricity sector driven by the aforementioned factors [1]

经全媒体集团 21世纪经济报道 21 21财经 T T 5 5 5 7 7 3 4 新能源汽车是全球汽车产业绿色发展、转型升级的重要 方向，也是我国从汽车大国迈向汽车强国的必由之路。 自2020年国务院发布《新能源汽车产业发展规划 (2021-2035年 )》以来,我国新能源汽车产业发展 取得历史性成就,为全球汽车产业增添了新动力。 市场规模副了三番 ◎ 新能源汽车销量由2020年的136.7万辆 跃升至2024年的1286.6万辆 连续10年全球第- ○ 新车销售占比从5.4%提升至40.9% 创造了大宗消费品连续快速增长的中国速度 ◎ 今年1-8月 新能源汽车产销突破960万辆、同比增长超过36% 0 零售端新能源乘用车销量占比连续6个月超过50% 实现了新的历史突破 技术水平大幅提升 ● 新能源汽车整车平均续驶里程 接近500公里 "里程焦虑"问题基本解决 ● 动力电池单体 成本降低30%、寿命提升40% 充电速率提升3倍 ● 燃料电池系统每千瓦成本降低80% ◎ 插电式混合动力发动机 热效率、油耗水平、综合续航等指标大幅提高 © 具备组合驾驶辅助功能的乘用车新车占比 从2020年的16.2%提升至今年 ...

财经全媒体集团 21世纪经济报道 21 21财经 TFTI 新能源汽车是全球汽车产业绿色发展、转型升级的重要 方向,也是我国从汽车大国迈向汽车强国的必由之路。 自2020年国务院发布《新能源汽车产业发展规划 ( 2004 2025年) \ 川立 井田本台北海道大立山中国 (2021-2000年) // 以木; 找四机能源/ +F 业及成 取得历史性成就,为全球汽车产业增添了新动力。 ● 新能源汽车销量由2020年的136.7万辆 跃升至2024年的 1286.6万辆 连续10年全球第- ● 新车销售占比从5.4%提升至40.9% 创造了大宗消费品连续快速增长的中国速度 ● 今年1-8月 新能源汽车产销突破960万辆、同比增长超过36% ● 零售端新能源乘用车销量占比连续6个月超过50% 实现了新的历史突破 技术水平大幅提升 ● 新能源汽车整车平均续驶里程 接近500公里 "里程焦虑"问题基本解决 产业体系愈加完信 ITER Fit 市场规模副了三番 中国品牌走向世界 ◎ 除少数边远地区外,充电设施实现"县县全覆盖" 13个省份实现"乡乡全覆盖" o 95%以上的高速公路服务区 具备充电能力 ◎ 2024年全球 ...

Summary of the Engineering Machinery Industry Conference Call Industry Overview - The engineering machinery industry experienced accelerated growth in Q3 2025, with both main engine manufacturers and component suppliers showing increases in revenue and profit, indicating a turning point in industry performance [1][2] - Non-excavator machinery has returned to positive growth, outpacing excavators, primarily due to a low base from the previous year and the spillover effect from medium and large excavators [1][2] Key Company Performances - SANY Heavy Industry reported steady revenue growth of approximately 10% in Q3 2025, while XCMG and Zoomlion achieved growth rates of over 20% and around 15%, respectively, driven by non-excavator product contributions [4] - SANY demonstrated the fastest profit growth in the industry, with significant improvements in expense control, accounts receivable, and inventory turnover rates [4] - XCMG's net cash flow from operating activities doubled in the first three quarters, while Zoomlion's increased by more than 100% [4] Overseas Market Growth - All major companies maintained strong growth in overseas markets in Q3 2025, with SANY's overseas business growing by about 10%, XCMG close to 20%, and Zoomlion reaching 30% [5] - The high-end markets in Europe and North America showed significant recovery, with SANY's growth in Africa exceeding 50% and over 30% in South America [5] Globalization Strategies - Main engine manufacturers are actively pursuing globalization, with SANY raising over 12 billion RMB through Hong Kong stock offerings for overseas production base construction and channel development [6] - XCMG and Zoomlion are also focusing on international expansion, with overseas revenue proportions reaching approximately 60% for SANY and Zoomlion, and around 50% for XCMG, with these regions generally offering higher profitability than domestic markets [7] Domestic Market Trends - The domestic excavator market has shown early signs of recovery, with significant increases in sales of non-excavator machinery such as truck cranes and concrete machinery, with truck crane sales in September up over 40% year-on-year [9] - The industry is entering a phase of resonance between domestic demand and supply, driven by large infrastructure projects and special local government bonds, which are expected to boost engineering machinery demand [12][13] Future Outlook - The engineering machinery industry is anticipated to experience a dual resonance phase, with domestic and international markets expected to grow, particularly with ongoing large-scale infrastructure projects and a projected 15%-20% compound growth rate in overseas exports [12][13] - The sector is currently at a relatively low valuation compared to other machinery sectors, suggesting potential for rapid growth and valuation recovery in the coming years [15] Product Structure Differences - SANY focuses on excavators, concrete equipment, and cranes, with excavators being the largest segment; XCMG specializes in cranes, holding over 30% market share, while Zoomlion emphasizes lifting machinery and concrete equipment [11] - These structural differences impact revenue performance, but all leading companies exhibit strong competitive capabilities [11] Recommendations for Investors - Investors are advised to focus on the opportunities presented by different stages of the market cycle, as companies may experience varying degrees of performance and stock price increases [19]

Core Viewpoint - Mercedes-Benz, once a leader in the luxury automotive sector, is now facing challenges in the electric and intelligent vehicle era, transitioning from a revered brand to one that is often compared to competitors [1]. Group 1: Electric Vehicle Development - The Mercedes-Benz EQC has been in the market for six years, raising questions about the brand's progress in electric vehicles [3]. - The newly launched CLA electric model is priced from 259,000 yuan, indicating a strategic move to capture the electric vehicle market [3]. - The CLA electric features a smart cockpit powered by MB.OS, designed by a Chinese team, shifting from an engineer-centric approach to a user-centric design [6]. Group 2: Intelligent Features - The CLA electric's user interface is streamlined, allowing access to common functions within 2-3 menu levels, enhancing user experience [8]. - Collaboration with Momenta for advanced driver assistance systems aims to maintain Mercedes-Benz's standards, emphasizing elegance in features like automatic parking [8]. - The vehicle is equipped with a single Orin-X chip, providing 254 TOPS of computing power, ensuring smooth performance in high-speed scenarios [10]. Group 3: Design and Comfort - The CLA electric adopts a traditional three-box sedan design, offering 101L of front trunk space without compromising elegance [16]. - Interior design features ambient lighting and high-quality materials, contributing to a luxurious feel [20]. - The seating position is designed for comfort, avoiding the cramped feeling often found in electric vehicles due to battery placement [22]. Group 4: Performance and Efficiency - The CLA electric features a unique two-speed transmission, which is costly but enhances performance and efficiency [26]. - The vehicle's two-speed gearbox allows for better torque management and energy efficiency, achieving a consumption rate of 12.4 kWh per 100 km, translating to a range of 700 km with an 89 kWh battery [28]. - The absence of a four-wheel-drive version may disappoint some performance-oriented users, but the 200 kW power system meets most driving needs [30]. Group 5: Brand Evolution - The shift in Mercedes-Benz's approach reflects a change in attitude, focusing on customer desires rather than solely on traditional engineering excellence [30]. - The brand's evolution in electric mobility signifies a willingness to adapt and innovate, moving from criticism to confidence in its electric offerings [30].

Core Viewpoint - BYD is signaling a strong commitment to high-quality development, evidenced by significant revenue growth and increased R&D investment, positioning itself as a leader in the automotive industry [1][4]. Financial Performance - For the first three quarters of 2025, BYD reported revenue of 566.27 billion RMB, a year-on-year increase of 13%, achieving a new high for the same period [1]. - R&D expenses reached 43.75 billion RMB, a substantial increase of 31% compared to the previous year, surpassing the net profit of 23.33 billion RMB [1]. R&D Investment - BYD's cumulative R&D investment has exceeded 220 billion RMB over the past 15 years, with 14 out of those years seeing R&D spending surpass net profit [4]. - The company has established itself as a dual champion in both A-share and the automotive industry in terms of R&D investment, leading competitors by nearly 20 billion RMB [1][4]. Technological Advancements - BYD has made significant breakthroughs in core technologies, including the Tian Shen Zhi Yan driver assistance system and the Super e-platform for fast charging, which have been pivotal in driving industry transformation [4]. - As of September, vehicles equipped with the Tian Shen Zhi Yan system have sold over 1.7 million units, capturing 91.3% of the domestic market [4]. Market Performance - BYD's cumulative sales of new energy vehicles surpassed 14 million units by October 2025, with October alone seeing sales of approximately 441,700 units, setting a new record for the year [4]. - Exports in October reached about 84,000 units, marking a year-on-year increase of 155.5%, with total exports for the first ten months reaching 781,000 units [4]. International Expansion - The growth in overseas markets is driven by increasing demand in regions like Turkey, Brazil, and Europe, alongside improvements in logistics efficiency due to self-built roll-on/roll-off shipping capacity [5]. - BYD showcased its technological prowess and localization capabilities at the Tokyo Motor Show, launching models tailored for the Japanese market, including the K-EV BYD RACCO and the Sea Lion 06DM-i [5][6]. Future Outlook - The company plans to introduce 7 to 8 electric and hybrid models in Japan by 2027, enhancing its local product and channel strategy [5]. - BYD's strategy of high R&D investment is expected to create a virtuous cycle of technological breakthroughs and market feedback, further solidifying its competitive edge in the global automotive industry [6].

Core Insights - The 2025 Japan Mobility Show has commenced, showcasing a significant presence of both Japanese and Chinese automotive companies, highlighting advancements in electric and smart mobility technologies [2][6][12] - Notably, Nissan introduced the Dongfeng Nissan N7, a new energy vehicle developed by its Chinese team, marking a significant step in international exposure for Chinese automotive innovation [2][10] Japanese Automotive Companies - Toyota presented a range of vehicles including concept cars and the new luxury brand "Century," which aims to position itself above Lexus [3] - Honda showcased multiple new models, including the Honda 0 Saloon and the Honda 0α SUV, with plans for global release [4] - Nissan introduced several new models, including the redesigned Leaf electric vehicle and the new MPV, highlighting advancements in hybrid and electric technologies [4][5] Chinese Automotive Companies - BYD launched the Racco, a K-Car specifically designed for the Japanese market, which will be available in summer 2026, emphasizing its entry into a key segment of the Japanese automotive market [7][9] - Zeekr's 009 model was also presented, targeting high-end consumers and showcasing a differentiated strategy compared to BYD's more affordable offerings [8][9] - The presence of Chinese automotive supply chain companies at the show indicates a growing influence of Chinese technology in the global automotive sector [11][12] Market Dynamics - The introduction of BYD's Racco K-Car is expected to intensify competition in the Japanese K-Car market, traditionally dominated by Japanese manufacturers [9] - The collaboration between BYD and Aeon to establish electric vehicle sales points in Japan represents a shift in the traditional automotive sales model, potentially disrupting the established 4S dealership system [10] - The presence of Chinese companies at the show reflects a broader trend of technological exchange and collaboration between China and Japan in the automotive industry [10][12]

Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of CNY 37.156 billion, a year-on-year increase of 8.06%, and a net profit attributable to shareholders of CNY 3.920 billion, up 24.89% [3] - The gross margin was 28.1% and the net profit margin was 10.55% [3] - In Q3 alone, operating revenue reached CNY 12.301 billion, a 24.88% increase year-on-year, with a net profit of CNY 1.156 billion, growing 35.80% [3] Global Expansion - Overseas revenue reached CNY 21.313 billion in the first three quarters, accounting for 57.36% of total revenue, with a year-on-year growth of 20.8% [3] - The growth rate for overseas revenue in Q3 exceeded 30% [3] - The company is expanding its market presence in regions such as the Middle East, Africa, and Southeast Asia, with strong demand for earthmoving and concrete equipment [3] Domestic Market Recovery - The domestic market is recovering, with significant growth in concrete machinery and engineering cranes, particularly in Q3 [4] - The concrete machinery segment saw a doubling of revenue for electric mixers, with a projected market demand of approximately 80,000 units over the next three years [4] - The company is experiencing a replacement cycle for existing equipment, which is expected to drive growth in the next five years [12] Cost Management and Efficiency - Operating cash flow for the first three quarters was CNY 2.866 billion, a 137% increase year-on-year, with a collection rate of 102.6% [6] - Inventory management improved, with a reduction of CNY 1.286 billion, a 5.70% decrease from the beginning of the year [6] - Management expenses decreased by 15.60% year-on-year, with a management expense ratio of 3.76% [6] Research and Development - R&D expenses reached CNY 6.33 billion, a 14.79% increase, maintaining a leading position in the industry [7] - The company is focusing on high-end, international, and new energy strategies in agricultural machinery, with an increase in overseas revenue [4] Future Outlook - The company plans to strengthen innovation and market expansion in Q4, aiming for a solid start in 2026 [8] - The introduction of humanoid robots is part of the company's strategy to enter the intelligent robotics market, with several prototypes already developed [5] - The company is positioned to leverage policies supporting AI and robotics development in Hunan Province [20]