Group 1 - China's inbound tourist volume has surged over 100% year-on-year, with significant increases in spending from American tourists (up 50%) and French tourists (up 160%) [2] - Macquarie Asset Management has proposed to acquire Qube Holdings Ltd. at a valuation of AUD 11.6 billion (USD 7.5 billion), offering AUD 5.20 per share, which is a 28% premium over the last closing price [3] - The low-altitude economy market in China is expected to reach CNY 1.5 trillion by 2025 and potentially exceed CNY 2 trillion by 2030, indicating strong growth in the sector [4] Group 2 - The securities industry has seen a net outflow of over 6,800 professionals this year, although the number of investment advisors has significantly increased, with 84,800 advisors and 5,932 analysts reported as of November 23 [5][6] - BHP has announced it will no longer pursue a merger with Anglo American, despite believing in the strategic advantages of such a merger [7] - Tim Cook's potential resignation as CEO of Apple has been denied, with reports suggesting that succession planning efforts are not yet mature [8] Group 3 - Nvidia has become a focal point of market concerns regarding AI, with a recent article questioning the integrity of the AI industry's financing, leading to a decline in its stock price and broader tech market [9] - China's national railway has sent 3.378 billion tons of goods in the first ten months of the year, a 3% increase year-on-year, marking a historical high for the same period [10] - Marriage registrations in China increased by over 400,000 in the first three quarters of the year, with 29 provinces extending marriage leave [11] Group 4 - Over 1,200 5G factories have been established in China, with investments exceeding CNY 50 billion, leading to improvements in product quality and operational efficiency in manufacturing [12] - The semiconductor industry in China is undergoing a new wave of transformation driven by advancements in AI, intelligent connected vehicles, and quantum computing, necessitating a comprehensive innovation ecosystem [13] - Xiaomi's vice president has refuted rumors linking the company to a fatal accident, emphasizing the importance of verifying information [14]

Market Overview - The A-share market experienced a significant decline, with the Shanghai Composite Index dropping by 2.45%, the Shenzhen Component by 3.41%, and the ChiNext Index by 4.02%, indicating a generally pessimistic market sentiment [1] - The North China 50 Index saw a notable decrease of 4.71%, while only 354 stocks in the entire market managed to rise [1] - The Hong Kong stock market also faced losses, with the Hang Seng Technology Index falling by 3.21% [3] - The trading volume in the Shanghai and Shenzhen markets reached 19,657 billion RMB, a substantial increase of 2,575 billion compared to the previous trading day [1] Index Performance - The daily and year-to-date performance of major indices showed declines, with the ChiNext Index down 4.02% and up 36.35% year-to-date, while the Shanghai Composite Index is down 2.45% but up 14.41% year-to-date [2] - The North China 50 Index has a year-to-date increase of 32.72% despite its daily drop of 4.71% [2] Sector Performance - No sectors recorded gains, with the comprehensive sector down 5.50%, non-ferrous metals down 5.26%, and electrical equipment down 5.17%, indicating widespread sector weakness [5] - The net capital flow showed significant inflows into the CSI 300 (+4.938 billion), CSI 500 (+3.951 billion), and Sci-Tech 50 (+3.904 billion), suggesting a shift towards broad-based investments [6][7] Investment Trends - The technology sector in Hong Kong has seen consistent net inflows across daily, weekly, and monthly metrics, indicating strong investor interest [6] - The semiconductor industry is poised for growth, driven by advancements in AI and other technologies, with expectations for the industry to exceed 1.8 trillion RMB in sales by 2024 [10] - The domestic market for humanoid robots is expanding, with significant price reductions making them more accessible to consumers [9] Future Outlook - The Chinese government aims to double per capita GDP by 2035, requiring an average annual growth rate of approximately 4.17% over the next decade [8] - Analysts from Morgan Stanley and Goldman Sachs predict moderate economic growth for China, supported by appropriate monetary policies and gradual adjustments [8]

国家国防科技工业局近期发布2026年度考试录用公务员公告，其中招聘"商业航天司航天监管岗"，这意 味着国家国防科技工业局商业航天司这一机构已成立。对此，中信证券分析认为，该机构的成立将有效 整合多部门相关职能，卫星产业发展有望在更高层面实现统筹协调，商业航天发射审批、卫星运营牌照 发放等关键环节的推进效率也有望进一步提升。 点评：该消息凸显政府对商业航天产业规范发展的重视。从行业趋势看，随着低轨卫星星座、太空经济 等新兴业态崛起，职能整合将打破部门壁垒，促进全链条协同，助力中国在全球航天竞争中抢占先机， 但也需思考如何平衡商业化与安全监管。总体而言，这一举措为产业注入强心针，未来需关注配套细则 的出台与实际执行效果。 每经记者｜杨煜 每经编辑｜董兴生 丨 2025年11月24日 星期一 丨 NO.1 国家国防科工局成立商业航天司 中国半导体行业协会副理事长兼秘书长、中国电子信息产业发展研究院院长张立11月23日在第二十二届 中国国际半导体博览会开幕式上表示，在人工智能、具身智能、智能网联汽车、量子计算等市场的驱动 下，半导体产业正迎来新一轮变革，对芯片的计算效能、能源效率及可靠性提出了更高要求，中国半导 体产 ...

一是促进产业链协同创新。围绕集成电路设计、制造、封测、设备、材料等全产业链环节，加强资源整 合和优化配置，推动集成电路产业与人工智能、新能源、智能网联汽车等战略性新兴产业深度融合，拓 展应用场景，提升产业链价值。 二是持续营造良好产业环境。以企业为主体，引导产业优化布局，推动要素有序流动，市场深度融合， 加强知识产权保护和运用，营造市场化、法治化、国际化的一流营商环境。 第二十二届中国国际半导体博览会（IC China 2025）11月23日在北京国家会议中心开幕，工业和信息化 部总经济师高东升在致辞中表示，集成电路是信息社会的基石，是支撑现代经济社会发展的战略性、基 础性和先导性产业。工业和信息化部将从三方面推动集成电路产业高质量发展。 三是坚持开放合作。提升国际合作层次和水平，欢迎全球集成电路企业来华建设研发生产和运营中心， 共享中国超大规模市场带来的发展机遇，支持建立区域性合作平台，深化技术标准合作，共同制定全球 通用的行业标准。 ...

Investment Rating - The investment rating for the automotive industry is "Positive" [2] Core Insights - The A-share automotive sector underperformed the market this week, with the Shanghai and Shenzhen 300 Index declining by 3.77% and the automotive sector falling by 4.89%, ranking 16th among A-share industries [2][8] - Key news includes the Ministry of Industry and Information Technology announcing mandatory national standards for intelligent connected vehicles, and Huawei's launch of two new models, "Yijing" and "Qijing," set to debut next year [21][22] - The report suggests focusing on companies such as BYD, Geely, Great Wall Motors, and others in the passenger vehicle segment, while recommending attention to commercial vehicle manufacturers like China National Heavy Duty Truck and FAW Liberation [2] Summary by Sections Market Performance - The automotive sector's performance this week saw a decline of 4.89%, placing it 16th among A-share industries [8][11] - The passenger vehicle segment experienced a drop of 5.94%, with Jianghuai Automobile and GAC Group leading the decline [5][17] - The commercial vehicle segment fell by 3.04%, with *ST Yaxing and Weichai Power showing the most significant gains [5][19] - The automotive parts sector decreased by 4.87%, with Daway Co. and Tianpu Co. leading the gains [5][20] Industry News - The Ministry of Industry and Information Technology has publicized mandatory national standards for intelligent connected vehicles, focusing on safety requirements for autonomous driving systems [21] - Huawei's new models, "Yijing" and "Qijing," are set to launch next year, with plans for annual new model releases [21] - The report highlights various collaborations and innovations in the industry, including support for battery swap models and local production plans in Europe by Magna with GAC and Xpeng [21][22] Upstream Data Tracking - The report includes tracking of key material prices such as steel, aluminum, and lithium carbonate, which are crucial for automotive manufacturing [24]

Core Points - The 2025 China 5G + Industrial Internet Conference will be held in Wuhan from November 21 to 23, focusing on various fields including 5G-A, artificial intelligence, smart connected vehicles, low-altitude economy, satellite communication, and the Internet of Things [1] - Dongfeng Motor has actively participated in the conference for six consecutive years, showcasing its latest breakthroughs and industrial applications in digitalization and intelligence [1] Group 1: Dongfeng Motor's Strategic Focus - Dongfeng Motor emphasizes integrated innovation to accelerate the automotive industry's transition from "scale expansion" to "quality and efficiency improvement" [2] - The company is committed to a strategy of simultaneous development of passenger and commercial vehicles, self-owned and joint ventures, and aims for high-quality production of over 1 million smart connected new energy vehicles this year [2] - Dongfeng Motor plans to lead industry innovation through technological advancements and aims to contribute significantly to the new industrialization in Hubei [2] Group 2: Product Showcases and Technological Innovations - At the conference, Dongfeng Motor presented three vehicle models: Dongfeng Lantu Taishan, Dongfeng Warrior M817 Max+, and Dongfeng Yipai 007+, along with several technological exhibits [4][7] - The Dongfeng Lantu Taishan is the first model to feature HarmonyOS 5.1 and Huawei's advanced laser radar, showcasing cutting-edge technology [7] - The Dongfeng Warrior M817 Max+ integrates smart technology with off-road capabilities, while the Dongfeng Yipai 007+ aims to make advanced driving assistance accessible to the general public [7][23] Group 3: Technological Development and Ecosystem - Dongfeng Motor has established a "one core, dual foundation, dual element" system to enhance its technological capabilities, focusing on autonomous driving and smart vehicle integration [39] - The company is actively collaborating with ICT enterprises and universities to overcome key technologies in embodied intelligence and vehicle-road-cloud integration [39] - Dongfeng Motor's commitment to digital transformation and innovation is evident in its development of proprietary chips and core controllers, enhancing its competitiveness in the smart connected vehicle sector [23][30] Group 4: Future Directions and Industry Impact - Dongfeng Motor aims to deepen the integration of 5G, artificial intelligence, and industrial internet with the automotive industry, accelerating its transition to a digital-driven model [40] - The company's participation in the conference serves as a platform to demonstrate its technological strength and commitment to high-level self-reliance in technology [40]

Core Insights - Volkswagen is officially launching the delivery process for a new generation of smart connected vehicles, focusing on new energy products as a core development direction [1][2] - The company aims to accelerate innovation and local manufacturing in China, offering a diverse range of power options including pure electric, plug-in hybrid, and range-extended models to meet personalized travel needs [1] Group 1: New Product Launches - Volkswagen is set to unveil two new plug-in hybrid models, the SAIC Volkswagen Passat ePro and the FAW-Volkswagen new Tayron L, at the 2025 Guangzhou Auto Show [1][2] - The Passat ePro is built on a new dedicated plug-in hybrid platform and features the EA211 1.5T EVO II engine, optimizing both power output and energy efficiency [1] - The new Tayron L plug-in hybrid model is based on the fuel version and has undergone comprehensive upgrades in power systems, technology configurations, and exterior design [2] Group 2: Future Plans and Market Strategy - Volkswagen plans to launch 21 new energy models in the Chinese market by 2027, expanding to 31 models by 2029, all maintaining German engineering quality and incorporating cutting-edge technology [2] - The company showcased an immersive future-oriented exhibition booth at the Guangzhou Auto Show, highlighting its commitment to advancing towards the smart connected era [2] Group 3: Brand Collaborations and Consumer Engagement - Volkswagen has collaborated with Disney for special edition models of ID.3, ID.4 CROZZ, and the Zhiji 06, coinciding with the upcoming release of "Zootopia 2" [3] - The exhibition booth featured an area dedicated to brand DNA, allowing visitors to experience Volkswagen's safety and reliability through interactive displays and demonstrations [3] - The company emphasizes its commitment to providing high safety, quality, and reliability for Chinese consumers, regardless of technological advancements [3]

证券日报网讯 11月21日晚间，金溢科技发布公告称，2025年6月，公司与深圳市深担启新创业投资有限 公司（简称"深担启新"）、深圳担保集团有限公司、深圳市汇通金控基金投资有限公司及深圳市中小担 创业投资有限公司（简称"深担创投"）共同签署了《深圳市深担金溢创业投资合伙企业（有限合伙）之 合伙协议》，共同投资注册成立一家以股权投资为主要业务的有限合伙企业（简称"合伙企业"）。全体 合伙人认缴出资总额为人民币1亿元，出资方式均为货币出资，普通合伙人为深担启新，深担创投为合 伙企业的管理人（简称"基金管理人"）。公司作为有限合伙人认缴出资人民币5，000.00万元，占合伙 企业认缴出资总额的50%，该合伙企业已于2025年7月11日办理完成工商注册登记。该基金重点投向智 能网联汽车、低空经济、智能终端领域。近日，公司收到基金管理人通知，该基金已根据相关法律法规 的要求，在中国证券投资基金业协会完成私募投资基金备案手续，并取得《私募投资基金备案证明》。 （编辑 任世碧） ...

Core Viewpoint - The company has completed the registration process for a private equity investment fund, with a total committed capital of RMB 100 million, focusing on sectors such as intelligent connected vehicles, low-altitude economy, and smart terminals [1] Group 1 - The company, in collaboration with Shenzhen Dandai Qixin, Shenzhen Guarantee Group Co., Ltd., Shenzhen Huitong Jinkong Fund Investment Co., Ltd., and Dandai Venture Capital, has established the Shenzhen Dandai Jinli Venture Capital Partnership (Limited Partnership) [1] - The company has committed RMB 50 million as a limited partner, representing 50% of the total committed capital of the partnership [1] - The fund has successfully obtained the Private Equity Fund Registration Certificate [1]

Group 1: eCall Certification and Implementation - The company began tracking eCall legislation since the EU's preliminary research in 2012 and obtained the first EU eCall certification in 2019, followed by certifications from multiple countries including the UK, Israel, and Turkey [2] - As of January 6, 2025, the company became the first in China to receive the next-generation NG-eCall certification from the EU [2] - The company's eCall system has passed the national standard AECS test, making it the first globally to achieve this certification [2][4] Group 2: eCall System Functionality - The eCall system consists of an in-vehicle terminal, mobile network, and PSAP call center, enhancing emergency response times and reducing accident fatalities [3] - It can be triggered automatically by vehicle sensors or manually via an in-car button, transmitting critical data such as location and vehicle information to emergency services [3] Group 3: Competitive Advantages - The company emphasizes the need for strong capabilities in R&D, production management, quality control, and supply chain management to maintain competitiveness [4] - A focus on technological innovation and product optimization is central to the company's strategy for sustaining market leadership [4][5] Group 4: Cost Management - The company maintains a low expense ratio through strict supply chain management and a commitment to technological innovation [5][6] - The platform and modular design approach allows for flexible product configurations, reducing development costs and enhancing market competitiveness [6] Group 5: TBOX Functionality - The TBOX serves as a core controller for in-vehicle information interaction, enabling communication with various vehicle systems and providing connectivity for smart services [7] - It supports multiple communication protocols and high-precision positioning services, essential for smart connected vehicles [7] Group 6: Future Development Plans - The company aims to accelerate the application of its TBOX in 5G-V2X networks, enhancing product value and expanding use cases [8] - Plans include leveraging its eCall expertise to support domestic and international vehicle manufacturers in meeting safety standards [8] - The company is also focusing on digital energy management solutions and expanding into unmanned logistics vehicles [8] - Continuous improvement in governance and compliance is targeted to meet international standards and support global expansion [8]