（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：1. 公司在制氢、加氢、燃料电池车运营端的成果；2. 试运营对自贸港建设的作用；3. 海南相关氢能政策支持；4. 公司氢能业务未来规划。 海马汽车（000572.SZ）12月16日在投资者互动平台表示：1、公司在氢能领域已取得系统性进展：在海 口基地成功打造了"光伏发电—电解水制氢—氢能汽车运营"的全产业链零碳排放汽车生态体示范项目， 其配套的制氢加氢一体化站日产能约107kg绿氢。2、在示范运营端，公司推出的海马7X-H氢能汽车已 取得氢能乘用车的生产资质和产品公告。截至目前，50台海马7X-H氢能汽车在海南高温、高湿、高腐 蚀、多雨的严苛环境下实现超200万公里"零故障"运营，充分验证了氢能技术的可靠性，为氢能汽车商 业化运营迈出了关键一步。2025年，公司成立氢能乘用车出行品牌——南海氢行，聚焦高端会务及商务 出行场景，并已入驻滴滴和携程出行平台，海马7X-H成为国内首款应用于网约出行市场的氢能乘用 车，已为超1万人次提供绿色出行服务，并成功为博鳌亚洲论坛年会、世界新能源汽车大会、消博会等 国际会议会展提供出行保障，成为海南自贸港绿 ...

Core Viewpoint - The A-share market saw a total of 68 stocks hitting the daily limit up on November 4, with notable performances in sectors such as medical and controllable nuclear fusion [1][2]. Group 1: Stock Performance - ST Zhongdi led with 13 consecutive limit-up days, primarily in the real estate sector [1]. - ST Baoying followed with 7 consecutive limit-ups in the construction decoration sector [1]. - HeFu China achieved 6 consecutive limit-ups, focusing on smart medical technology [1]. - HaiLu Heavy Industry and LanShi Heavy Industry both recorded 2 consecutive limit-ups in the controllable nuclear fusion sector [1][2]. Group 2: Sector Highlights - The medical sector showed strong performance with multiple stocks, including HeFu China and WeiGao Blood Purification, achieving 6 and 2 consecutive limit-ups respectively [1][2]. - The controllable nuclear fusion sector is gaining traction, as evidenced by HaiLu Heavy Industry and LanShi Heavy Industry's recent stock performance [1][2]. - Other sectors with notable performances include real estate, construction decoration, and industrial machinery, indicating a diverse range of investment opportunities [1][2].

Core Insights - The stock market saw significant activity with 25 stocks having sealed orders exceeding 100 million yuan on November 3, indicating strong investor interest and potential bullish trends in certain sectors [1][3]. Group 1: Stock Performance - TBEA (特变电工) led with a sealed order amount of over 500 million yuan, reflecting strong market confidence [1]. - The top three stocks by sealed order volume were Yingxin Development, Pingtan Development, and Jishi Media, with sealed orders of 508,500 hands, 473,700 hands, and 406,700 hands respectively [1]. - ST Zhongdi achieved a remarkable 12 consecutive trading limit ups, while several other stocks also recorded multiple consecutive limit ups, indicating strong momentum [1]. Group 2: Financial Performance - TBEA reported a revenue of 72.99 billion yuan for the first three quarters, a year-on-year increase of 0.8%, and a net profit attributable to shareholders of 5.48 billion yuan, up 27.6% year-on-year [1]. - The company secured significant orders in the power transmission and transformation sector, with a total of 5.23 billion yuan in orders from the State Grid and a 41% year-on-year increase in bidding amounts [1][2]. Group 3: Industry Trends - The high-voltage equipment bidding is expected to accelerate, with TBEA positioned as a leading supplier likely to benefit from this trend [2]. - TBEA's international market expansion has been notable, with a reported 80% year-on-year increase in signed orders from international markets in the first half of the year [2]. Group 4: Sector Highlights - The thorium molten salt reactor sector saw multiple stocks, including TBEA and others, experiencing limit ups, driven by advancements in nuclear technology [3][4]. - Companies like Hailu Heavy Industry and Baose Co. are involved in the thorium molten salt reactor projects, indicating a growing focus on innovative energy solutions [4][5]. Group 5: Gaming Industry - The gaming sector is represented by companies like Sanqi Interactive Entertainment, which focuses on game development and operations, showing strong growth potential [7]. - Oriental Pearl is enhancing its AI technology applications in various fields, indicating a trend towards digital transformation in the entertainment sector [8]. Group 6: Investment Activity - Six stocks on the龙虎榜 (Longhu List) recorded net purchases exceeding 100 million yuan, highlighting strong institutional interest in these companies [9].

Group 1 - HERE Technologies and Gaode have formed a strategic partnership to provide ADAS and seamless navigation solutions for over 30 Chinese automotive brands, leveraging HERE's global AI mapping technology and Gaode's extensive applications in the Chinese automotive sector [2] - Haima Automobile has made progress in the hydrogen vehicle sector, exploring a full industry chain from photovoltaic power generation to hydrogen vehicle operation, aiming for a green transition leveraging resources and policy advantages in Hainan Free Trade Port [2] - WM Motor has hinted at positive developments, indicating potential successful restructuring after bankruptcy, with plans to resume mass production of the EX5 and E5 models at its Wenzhou base [2] - Elon Musk announced that Tesla has reviewed the progress of the AI 5 chip for smart assisted driving, with subsequent versions AI 6 and AI 7 to follow, and AI 8 expected to exceed expectations [2]

Core Viewpoint - Haima Automobile's stock reached a closing price of 6.6 yuan on October 31, with a significant increase attributed to breakthroughs in hydrogen energy vehicle business, favorable policies from Hainan Free Trade Port, successful overseas market expansion, and visible effects of the company's strategic transformation [1]. Group 1: Business Developments - The hydrogen energy vehicle business has made significant progress, with the Haima 7X-H hydrogen energy vehicle demonstrating over 800,000 kilometers of operation and obtaining production qualifications, alongside 30 patent applications [1]. - The company is the only new energy passenger vehicle manufacturer in Hainan Free Trade Port, benefiting from tax exemptions and other policy supports as the port enters a critical operational phase [1]. - Overseas sales accounted for 74.53% of total sales in the first half of 2025, with the Haima 7X-E receiving EU certification and achieving a 6.17% year-on-year increase in export revenue [1]. Group 2: Financial Performance - The company's losses narrowed by 50.85% year-on-year in the first three quarters, indicating a positive trend in financial performance [1]. - On October 31, the net inflow of main funds was 252 million yuan, representing 26.23% of the total trading volume, while retail investors experienced a net outflow of 118 million yuan, accounting for 12.32% of the total trading volume [2].

Core Viewpoint - The procurement announcements for hydrogen vehicles in Guangdong Province highlight significant orders for both heavy-duty and municipal vehicles, indicating a growing investment in hydrogen energy technology within the region [1][7]. Group 1: Heavy-Duty Hydrogen Vehicle Procurement - The heavy-duty hydrogen vehicle procurement project resulted in a successful bid from Guangdong Qingneng New Energy Technology Co., Ltd., with a unit price of 1,075,000 yuan per vehicle for a total of 150 vehicles, amounting to 161.25 million yuan [2][4]. - The evaluation for this project took place on September 18, 2025, with a total of 112,000 yuan as the service fee to be paid by the winning bidder [3][4]. Group 2: Municipal Hydrogen Vehicle Procurement - The municipal hydrogen vehicle procurement project saw Xuzhou Xugong Environmental Technology Co., Ltd. win a bid for 30 hydrogen-powered garbage trucks at a unit price of 990,000 yuan, totaling 29.7 million yuan [7][8]. - The evaluation for this project occurred on September 19, 2025, with service fees set at 58,640 yuan for the first package [8][10]. Group 3: Bidder Performance and Evaluation - In the heavy-duty vehicle procurement, Guangdong Qingneng New Energy Technology Co., Ltd. scored a total of 92.43 points, securing the top position among bidders [4]. - For the municipal vehicle procurement, Xuzhou Xugong Environmental Technology Co., Ltd. achieved the highest score of 82.71 points, leading the evaluation rankings [10].

Project Overview - The project involves the procurement of hydrogen energy vehicles (light refrigerated trucks) through a public tender process initiated by Guangdong Hongzheng Engineering Consulting Co., Ltd. on behalf of Foshan Nanhai Hanhe Investment Co., Ltd. [1] - The total budget for the project is set at RMB 197,750,000, with a maximum bid price of RMB 565,000 per vehicle [2]. Procurement Details - The procurement is divided into two packages: - Package One: 200 units of light fuel cell refrigerated trucks with a budget of RMB 113,000,000 [2]. - Package Two: 150 units of light fuel cell refrigerated trucks with a budget of RMB 84,750,000 [2]. Applicant Qualifications - Applicants must be registered entities in China with the ability to assume civil liability and must provide valid business licenses or equivalent documentation [3]. - A good record of tax and social security payments is required, along with relevant documentation from the past six months [3]. - Applicants must demonstrate sound financial standing through audited financial reports or other financial documentation [3]. - The ability to fulfill contract requirements with necessary equipment and technical capabilities must be proven [3]. Additional Requirements - No major legal violations in the past three years are allowed, and applicants must not be listed as untrustworthy on the "Credit China" website [4][5]. - Joint bids are not accepted, and entities providing design or management services for the project cannot participate in bidding [5]. Submission and Opening of Bids - Bids must be submitted between September 16, 2025, from 08:30 to 09:00 (Beijing time) at the designated location [9][10]. - The opening of bids will occur on the same day at 09:00 (Beijing time) [10]. Other Information - The announcement period for this tender is five working days from the date of publication [11]. - This project is classified as enterprise procurement and does not fall under government procurement regulations [12]. Contact Information - For inquiries, the project contact is available at Foshan Nanhai District, with specific contact details provided for Guangdong Hongzheng Engineering Consulting Co., Ltd. [17].

Group 1: Policy Changes - Hainan Province adjusts the 2025 automobile replacement subsidy policy, adding a condition that new cars must be registered in Hainan for subsidies [1] Group 2: Industry Developments - China Automotive Research will establish a national hydrogen vehicle industry measurement testing center to enhance the competitiveness of the hydrogen vehicle sector [2] - BYD announces the construction of an assembly plant in Malaysia, expected to start production in 2026 [3] - Huawei's ADS 4 and Harmony Space 5 will be pushed out in September, indicating advancements in automotive technology [4] Group 3: Financial Activities - Lotus Technology secures up to $500 million in funding commitments, including a $300 million convertible note agreement with ATW Partners and a credit framework agreement with Geely for approximately $2 billion [5] Group 4: Market Performance - SAIC MG announces that pre-sales for the new MG4 model have reached 30,000 units, with a price range of 73,800 to 105,800 yuan [6] - BAIC Arcfox reports that pre-sales for the Arcfox T1 model reached 15,000 units within 48 hours, with a price range of 68,800 to 93,800 yuan [7] - Lexus officially launches the new NX model, starting at 299,800 yuan, offering various powertrain options [8]

Core Viewpoint - The Japanese automotive industry is experiencing a significant turnaround following the announcement of a reduction in U.S. tariffs on imported cars from 25% to 15%, leading to a surge in stock prices for major Japanese automakers [1][2]. Group 1: Tariff Changes and Market Impact - The reduction in tariffs has resulted in substantial stock price increases for Japanese automakers, with Toyota's stock rising nearly 12% and Mazda's soaring over 17% [1]. - The automotive sector is crucial for Japan's economy, accounting for 28.3% of Japan's total exports to the U.S. in 2024, highlighting its importance as a "national pillar" amidst competition from electronics and home appliances [1]. - Prior to the tariff reduction, Japanese car exports to the U.S. had seen a dramatic decline, with June exports plummeting by 26.7% year-over-year [1]. Group 2: Political and Economic Context - The Japanese government, under Prime Minister Kishida, is facing political challenges, having failed to secure a majority in the upper house of parliament for the first time since its establishment in 1955 [2]. - The negotiations leading to the tariff reduction were complex, with Japan agreeing to invest $550 billion in the U.S. and open its markets to American agricultural products in exchange for the tariff cut [2]. Group 3: Industry Strategies and Challenges - Toyota has been focusing on hybrid vehicles, achieving global sales of 1.187 million units for its RAV4 model, surpassing Tesla's Model Y [3]. - The company is also expanding its production capacity in the U.S., with plans to increase local production and component sourcing to mitigate tariff impacts [7]. - Despite the tariff reduction, Toyota anticipates a significant drop in North American operating profit margins, projecting a decline from 12% in 2024 to 0.6% [5]. Group 4: Long-term Industry Trends - The Japanese automotive industry has been slow to adapt to the shift towards electric vehicles, with a historical focus on hydrogen fuel technology, which has not kept pace with global trends [12]. - Japanese automakers have lost significant market share in China, dropping from 23.1% in 2020 to an estimated 13.7% in 2024, while Chinese brands have gained a dominant position [13]. - The competitive landscape is shifting, with Japanese automakers facing increased pressure from both domestic and international competitors, particularly in the electric vehicle segment [16].

Core Viewpoint - Haima Automobile has been experiencing continuous losses, with a projected net loss of 60 to 90 million yuan for the first half of 2025, despite slight improvements in revenue and export sales [1][2][3] Financial Performance - The company has reported net losses of 1.574 billion yuan in 2022, 2023, and 2024, totaling 1.916 billion yuan over three years [3] - Cumulative losses from 2017 to 2024 amount to over 77.44 billion yuan in non-recurring net profit [3] - The projected losses for the first half of 2025 will bring total net losses over three and a half years to more than 1.976 billion yuan [3] Sales and Market Performance - Haima's sales figures for April to June 2025 were notably low, with only 28 vehicles sold in total during the second quarter [1][5] - The company relies heavily on overseas markets, with 95.42% of sales coming from international markets in 2024 [8] Product Development and R&D - Haima's R&D expenses have been declining for four consecutive years, indicating potential issues in product quality and innovation [9][10] - The company is focusing on hydrogen energy vehicles, with 50 units of the Haima 7X-H model achieving 200 million kilometers of "zero-fault" operation [11][13] Strategic Initiatives - Haima has entered a strategic partnership with Toyota to develop hydrogen fuel cell vehicles, although the timeline for implementation has faced delays [11][12][14] - The company aims to enhance operational efficiency and reduce costs as part of its strategic goals for 2025 [3]