11月17日晚，小鹏汽车、零跑汽车、吉利汽车三家港股上市车企披露三季报。小鹏汽车亏损大幅收窄， 零跑汽车持续盈利，吉利汽车盈利大幅提升。 "明年，汽车行业将迎来大浪淘沙的关键阶段。如果没有强大的盈利能力，企业生存将会非常艰难。"吉 利汽车控股有限公司行政总裁桂生悦在业绩会上表示。 对于明年新能源汽车购置税优惠退坡带来的影响，三家车企均透露了能从容应对的乐观信号，并对市场 前景充满信心。同时，三家车企都将加快在海外市场的布局。 ● 本报记者 李嫒嫒 "多数人认为，随着明年相关政策的调整，会对中国汽车市场带来影响。"桂生悦表示："政策的调整， 正是中国新能源汽车市场走向成熟的一个标志，更是进入一个更健康发展新阶段的起点。在此关键阶 段，企业的战略定力、综合底蕴等将成为决定胜负的核心。" 业绩表现有亮点 受销量增长的拉动，三家车企业绩持续向好。 今年第三季度，小鹏汽车实现营收203.8亿元，同比增长101.8%，环比增长11.5%；净亏损收窄至3.8亿 元，2024年同期净亏损18.1亿元；毛利率为20.1%，同比提升4.8个百分点。 "第三季度，小鹏汽车的各项关键经营指标，包括销量、收入、毛利率、在手现金，再创新 ...

Core Viewpoint - The current A-share market is characterized by a paradox where retail investors are experiencing significant losses while institutional investors are increasing their positions, indicating a potential market bottom and the possibility of a forthcoming bull market [1][3]. Market Behavior - In November 2025, the market fluctuated between 3300 and 3400 points, with trading volumes varying from over 1 trillion to below 800 billion [1]. - The current market resembles the pre-bull market phases of 2014 and early 2019, marked by sideways trading and widespread declines in individual stocks [1]. Institutional vs Retail Dynamics - As 90% of retail investors face losses, institutional funds are quietly accumulating shares, with data showing that institutional buying exceeded 300 million in certain stocks during declines, while retail holdings dropped by approximately 40% [3]. - The phenomenon of "panic selling" aligns with typical characteristics of a mid-bull market consolidation phase [3]. Broker Performance - Historically, broker stocks have been pivotal in initiating bull markets, but in November 2025, the broker sector is underperforming, which may indicate a buildup of energy before a potential breakout [4]. - The concentration of retail holdings in the broker sector has decreased to levels similar to those seen in 2020 [4]. Capital Flows - There is a significant shift in capital, with non-bank deposits increasing by 2.1 trillion in July 2025, indicating a trend of funds moving from savings to the stock market [6]. - Foreign capital is also returning, with sovereign funds from countries like Saudi Arabia increasing their A-share holdings by over 10 billion [6]. Timing and Market Signals - Historically, bull markets have often started in late November, with previous instances in 2014 and 2020 leading to substantial index gains [7]. - Current market conditions, including a supportive policy environment and technical indicators, suggest a potential rapid rise in the index if the securities and technology sectors conclude their consolidation [7]. Sectoral Disparities - The market is experiencing significant sectoral divergence, with certain sectors like AI and humanoid robots seeing gains over 200% since May 2025, while traditional sectors like banking and real estate remain sluggish [9]. - Institutional investors are strategically focusing on high-barrier technology sectors, such as solid-state batteries, rather than the entire industry chain [10].

预计明年产能将跃升至数万台规模，产品价格也将进一步下探。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，「加速进化（Booster Robotics）」日前完成新一轮融资，由IDG资本投资、 亦庄国投跟投，老股东源码资本、英诺天使基金、深创投集团、博华资本等多家一线机构与政府基金 持续加注。资金将主要用于产品研发升级、规模化量产交付及生态平台服务建设。 值得一提的是， 就在不到一个月前的10月24日，加速进化新品Booster K1在淘宝天猫等平台首 发，仅20分钟首批全款订单即告售罄，发布会现场经销商签约订单突破千台。 区别于行业中常见的"先Demo后预售"模式，Booster K1坚持"真出货、真交付"，并承诺双11期间 全款订单若未在12月底前完成交付，将提供3倍赔付，展现出对产品成熟度、供应链与交付能力的高 度自信。 今年三季度，加速进化全球交付量显著增长。为应对爆发式的市场需求，加速进化进一步全面优化生 产体系，预计明年产能将跃升至数万台规模，产品价格也将进一步下探，推动人形机器人走向更广阔 的市场。 截至目前，加速进化人形机器人全球累 ...

Group 1 - The mechanical equipment index experienced a decline of -1.83% during the week of November 10 to November 14, 2025 [1] - Tesla is accelerating the production capacity construction for humanoid robots, confirming plans to expand its Texas Gigafactory to establish a dedicated production base for Optimus, with a target annual production capacity of 10 million units [1] - The Fremont factory will serve as a pilot production line with an estimated annual capacity of 1 million units, focusing on prototype assembly and technology maturation [1] Group 2 - All-solid-state batteries are advancing from laboratory to pilot testing stages, with multiple companies initiating the construction of hundred-megawatt pilot lines to tackle key challenges in material systems, manufacturing processes, and costs [2] - The solid-state production lines are expected to create new demand for equipment as the transition from pilot lines to GWh-level production lines accelerates [2] - The perovskite industry is receiving policy support, with the Ministry of Industry and Information Technology emphasizing the importance of perovskite materials and solar cells in the construction of key pilot platforms [2] - The policy aims to enhance the engineering capabilities necessary for scaling up perovskite manufacturing, potentially accelerating the industry chain's progress [2]

Core Viewpoint - The company Wuzhou Xinchun plans to raise up to 1 billion yuan through a private placement, with 700 million yuan allocated for the development and industrialization of humanoid robots and core components for intelligent vehicles, and 300 million yuan for working capital [2] Investment Project Summary - The total investment for the current fundraising project is 1.055 billion yuan, with 721 million yuan earmarked for equipment procurement, primarily for production lines of planetary roller screws, micro ball screws, and general-purpose robot bearings [4][6] - The project aims to produce 980,000 sets of planetary roller screws, 2.1 million sets of micro ball screws, and 70,000 sets of general-purpose robot bearings, which can support the production of 70,000 humanoid robots [4][7] Market Demand and Clientele - The market demand for the company's products is driven by the growth in the humanoid robot and intelligent vehicle sectors, with a projected market share of approximately 3.9% by 2030 based on global humanoid robot sales reaching 2.05 million units [7] - The company has established connections with notable clients in the humanoid robot and intelligent vehicle industries, including ByteDance and Changan Automobile Group, and has received orders for components from these clients [7][8] Revenue and Orders - Initial revenues from the current fundraising project have been recorded, with screw products generating 6.13 million yuan in 2024 and 2.7 million yuan in the first half of 2025 [8] - The company notes that current order amounts are small due to the early stage of the humanoid robot industry, but anticipates significant demand as the market matures [8]

重要消息有哪些 11月18日（周二）申购提示 新股方面，精创电气18日开启申购，发行代码为920035，本次发行价格12.10元 ，发行市盈率为13.47 倍，单一账户申购上限为65.07万股。本次发行预计募集资金总额1.75亿元。公司主营业务为冷链设备智 能控制器、医药与食品冷链监测记录仪、制冷热泵检测仪表及环境颗粒物检测仪器等产品的研发、生产 和销售，并提供物联网和基于云的系统解决方案。 2．湖北省委书记王忠林：着力构建"北斗+低空经济""北斗+人形机器人""北斗+人工智能"等新场景 据湖北日报消息，11月17日，湖北省委书记、省人大常委会主任王忠林到武汉东湖新技术开发区调研北 斗产业高质量发展工作。调研中，王忠林指出，要强化机遇意识，抢抓航天强国建设机遇，加快壮大产 业规模能级，不断培育发展新动能、塑造发展新优势。要强化研发创新，集中力量开展联合攻关，突破 更多"卡脖子"难题，不断提升我省北斗产业发展的硬核支撑。要强化科技创新和产业创新深度融合，深 入实施"链长+链主+链创"融合机制，加大行业龙头企业引育力度，加快构建"芯、星、端、网、数、 用"全产业链的发展格局，切实提升北斗产业整体竞争力。要强化场景 ...

Core Viewpoint - The rapid progress of IPOs among robotics companies, particularly Yushu Technology, reflects the accelerating capitalization of the robotics industry, driven by technological advancements and market opportunities [1][2][4]. Group 1: Yushu Technology's IPO Progress - Yushu Technology has completed its IPO counseling work, led by CITIC Securities, and plans to apply for a domestic IPO between October and December [1][2]. - The company has undergone several preparatory steps since initiating its IPO counseling in July, including a name change and leadership restructuring [1][2]. - Yushu Technology is recognized as a leading humanoid and quadruped robotics company in China, with significant advancements in core technologies and a projected revenue exceeding 1 billion yuan in 2024 [2][4]. Group 2: Industry Trends and Competitors - Other robotics companies, such as Leju Robotics and Yundong Technology, are also advancing their IPO processes, indicating a trend of multiple companies seeking public listings [3][4]. - The robotics industry is experiencing a surge in interest and investment, with venture capitalists eager to fund projects in this hot sector [2][4]. Group 3: Commercialization Challenges - Despite the excitement around IPOs, the commercialization of robotics applications remains a critical focus, with industry experts emphasizing the importance of practical applications and solutions [4][5][6]. - The high costs of robotic components and the need for AI autonomy are identified as current challenges that could slow down the commercialization process [6]. - The market for embodied intelligence and humanoid robots is projected to grow significantly, with estimates suggesting a market size of 5.295 billion yuan for embodied intelligence in China by 2025 [5][6]. Group 4: Market Performance - The A-share market currently features 206 humanoid robotics concept stocks, with a total market capitalization of 4.83 trillion yuan, and over 94% of these stocks have seen price increases this year [6].

【导读】零跑汽车、小鹏汽车交出"史上最强"三季报，多项关键信息"涌现" 中国基金报记者 邱德坤 11月17日晚间，零跑汽车、小鹏汽车均交出"史上最强"三季报。 2025年第三季度，零跑汽车、小鹏汽车的营业收入分别为194.5亿元、203.8亿元，同比分别增长97.3%、101.8%。 同时，零跑汽车实现连续两个季度盈利，2025年第三季度的净利润为1.5亿元；小鹏汽车的季度亏损金额进一步下降，2025年第三季度的净利润为-3.8亿 元。 2025年以来，头部造车新势力开始重视盈利能力。基于最新数据，零跑汽车、小鹏汽车作为造车新势力的"冠亚军"，或将在2025年第四季度带来更强劲的 业绩。 零跑汽车连续两个季度盈利 透露2025年全年销量将超60万辆 财报显示，2025年第三季度，零跑汽车的净利润为1.5亿元，而2024年第三季度的净利润为-6.9亿元。 至此，零跑实现连续季度盈利。2025年第二季度，零跑汽车的净利润为1.6亿元。 2025年第三季度，零跑汽车的销量达17.39万辆，同比增长101.77%，环比增长29.63%。 从交付量来看，2025年3月至10月，零跑汽车连续8个月领跑造车新势力，并且9月 ...

【导读】零跑汽车、小鹏汽车交出"史上最强"三季报，多项关键信息"涌现" 中国基金报记者 邱德坤 11月17日晚间，零跑汽车、小鹏汽车均交出"史上最强"三季报。 透露2025年全年销量将超60万辆 财报显示，2025年第三季度，零跑汽车的净利润为1.5亿元，而2024年第三季度的净利润 为-6.9亿元。 至此，零跑实现连续季度盈利。2025年第二季度，零跑汽车的净利润为1.6亿元。 2025年第三季度，零跑汽车、小鹏汽车的营业收入分别为194.5亿元、203.8亿元，同比分别 增长97.3%、101.8%。 同时，零跑汽车实现连续两个季度盈利，2025年第三季度的净利润为1.5亿元；小鹏汽车的 季度亏损金额进一步下降，2025年第三季度的净利润为-3.8亿元。 2025年以来，头部造车新势力开始重视盈利能力。基于最新数据，零跑汽车、小鹏汽车作为 造车新势力的"冠亚军"，或将在2025年第四季度带来更强劲的业绩。 零跑汽车连续两个季度盈利 零跑汽车在2024年第四季度首次实现季度盈利，净利润达0.8亿元，但是2025年第一季度的 净利润为-1.3亿元。 对于2025年第三季度盈利，零跑汽车将原因指向其整车销量增加 ...

小鹏汽车Q3业绩关键指标全面创下新高，营收同比翻番，综合毛利率突破20%创历史新高，净亏损同比大幅收窄近80%，预计Q4交付和营收同比 增长均超过30%。公司此前明确转向"全球具身智能公司"定位，押注物理AI、Robotaxi和人形机器人。 核心财务指标 Q3总收入203.8亿元，同比增长101.8%； 汽车销售收入180.5亿元，同比增长105.3%; 综合毛利率突破20.1%（同比提升4.8个百分点）; 汽车毛利率仅13.1%（环比下滑1.2个百分点）; | | | 截至以下日期止三個月 | | 變動比率 | | | --- | --- | --- | --- | --- | --- | | | 2025年 | 2025年 | 2024年 | | | | | 9月30日 | 6月30日 | 9月30日 | 按年比 | 按季比 | | 汽車銷售收入 | 18.05 | 16.88 | 8.80 | 105.3% | 6.9% | | 汽車毛利率 | 13.1% | 14.3% | 8.6% | 4.5個百分點 | -1.2個百分點 | | 總收入 | 20.38 | 18.27 | 10.10 | 101. ...