全球金融一体化进程提速，叠加中国企业跨境风险管理需求持续攀升，期货公司正迎来全球化布局的黄 金窗口期。12月22日，南华期货（02691）正式登陆港交所主板，标志着公司迎来深耕国际化二十载的 里程碑时刻，"A+H"双资本平台战略全面落地。 智通财经APP注意到，南华期货的战略进阶获得境内市场积极响应，A股南华期货（603093.SH）当日 盘中最高涨幅达3.53%，报19.94元，显示投资者对公司长期发展的信心。而从港股市场环境来看，近期 新股表现易受整体情绪、流动性偏好等外部因素影响，可能与公司自身基本面形成阶段性分化，但这并 不改变其核心价值底色。 凭借二十年积淀的全球化先发优势、行业领先的技术创新、多元协同的业务模式，以及对跨境风险管理 刚性需求的精准把握，南华期货的长期成长逻辑清晰稳固。双资本平台的赋能，更将进一步放大其稀缺 的跨境服务壁垒，为未来持续成长注入强劲动力，长期投资价值值得期待。 稀缺性壁垒：跨境全链条资质铸就护城河 南华期货作为一家中国内地期货经纪服务提供商起步，已发展成为一个综合性的全球金融服务平台，公 司的产品服务包括中国境内期货经纪、中国境内风险管理服务、中国境内财富管理以及境外金 ...

Core Viewpoint - The successful IPO of Seres (9927.HK) on November 5, 2025, is a significant milestone for both the company and the Chinese new energy vehicle (NEV) industry, marking a strong signal of the industry's overall upgrade [1][2]. Group 1: IPO Details - Seres raised a net amount of HKD 14.016 billion, making it the largest IPO for a Chinese car company to date and the largest globally in 2025 [2]. - The IPO involved the issuance of 100.2 million H shares, with a maximum offer price of HKD 131.50 per share [9]. - The offering attracted 22 cornerstone investors, with total subscriptions amounting to approximately USD 826 million, representing 49% of the total offering [9][11]. Group 2: Global Strategy - Seres is implementing an "A+H" dual-platform strategy to accelerate its global expansion and showcase the core competitiveness of "Chinese manufacturing" in the high-end NEV sector [6][7]. - The funds raised will be allocated as follows: approximately 70% for R&D, 20% for diversified marketing channels and overseas sales, and 10% for working capital [9]. Group 3: Financial Performance - In 2024, Seres achieved a revenue of CNY 145.114 billion, a year-on-year increase of 305.47%, with a net profit of CNY 5.946 billion and a gross margin of 23.8% [13]. - For the first three quarters of 2025, the company reported a revenue of CNY 110.534 billion and a net profit of CNY 5.312 billion, reflecting a year-on-year growth of 31.56% [13]. Group 4: Technological Innovation - Seres has established a robust technological foundation, including the Seres Super Range Extender and the Seres Magic Cube technology platform, which enhances its competitive edge [15]. - The company has significantly increased its R&D investment, reaching CNY 5.198 billion in the first half of 2025, a 154.9% increase year-on-year [14]. Group 5: Market Positioning - The brand "Wenjie" is positioned as "China's Mercedes-Benz and BMW," reflecting its dual advantages in luxury and technology [15]. - Seres plans to establish 100 brand experience centers in Europe and the Middle East by 2026, along with a comprehensive charging network [15]. Group 6: Industry Impact - Seres' IPO is seen as a pivotal moment for the Chinese NEV industry, indicating a shift towards profitability and competitiveness in the global market [13][16]. - The company's success serves as a model for the transformation of China's manufacturing sector, emphasizing innovation, sustainability, and high-quality development [18][21].