未经许可，不得转载或者引用。 投资要点 本周细分板块涨跌幅排序： SＷ商用载货车(-2.1%) >SW汽车（-4.9%）=SW汽车零部件(-4.9%) >SW商用载客车(-5.0%) > SW乘用车(-5.9%) 。本周已覆盖标的 春风动力、江淮汽车、苏轴股份、明阳科技、银轮股份 涨幅前五。 本周团队研究成果： 外发吉利汽车、零跑汽车、小鹏汽车三季报点评。 本周行业核心变化： 1） 小鹏X9超级增程正式上市，Max版（单图灵芯片）售价30.98万起，Ultra版（三图灵芯片） 售价32.98万起； 2） 吉利汽车2025Q3单季度营收891.9亿元，同环比分别+26.5%/+14.7%（同 比数据已经重列，下同），归母净利润38.2亿元，同环比+59.3%/+5.6%； 3） 零跑汽车2025Q3 收入为194.5亿元，同环比分别为+97.3%/+36.7%；单季度权益持有人应占净利为1.5亿元； 4） 地平线HSD量产阵营持续扩大，全新合作车型风云T9L与iCAR V27亮相广州车展； 5） 小马智 行第四代自动驾驶卡车家族将于明年量产； 6） 文远知行Robotaxi拿下瑞士纯无人牌照。 Q4重视AI智能 ...

硬氪 . 以下文章来源于硬氪 ，作者张子怡 专注全球化、硬科技报道。36kr旗下官方账号。 胶囊式洗碗机契合当下小单元家庭的使用诉求。 文 ｜ 张子怡 编辑 ｜ 袁斯来 来源｜ 硬氪（ID：south_36kr） 封面来源 ｜ 企业供图 硬氪 获悉，智能厨电品牌"栗上 LISSOME" （以下简称"栗上"）近日完成超千万元的 Pre-A 轮融资，本轮由高秉强教授及高锋 耐心资本领投 ，追光资本担任融资独家财务顾问 。此前，栗上已累计获得来自清水湾基金、 Xbotpark 宁波基地和挑战者创投 的数千万元融资。 本 轮融资资金将主要用于产品研发迭代、团队扩充与市场渠道拓展，完善供应链布局。 栗上孵化于 Xbotpark 基地， 是一家聚焦智能厨房电器和美食科技的创新品牌 。 公司 横跨 机器人、 智能传感、运动控制等技 术领域，目前已申请技术专利 30 余项。 胶囊式洗碗机 R 1 是栗上最新推出的产品。 随着如今家庭结构的变化与追求品质生活的趋势崛起，越来越多的小家庭生活场景需求正在快速衍生，原装嵌入式、占地庞大且 耗时较长的厨电设备，难以满足新一代消费者的需求。 有数据显示， 独立式洗碗机市场预计将在 20 ...

Investment Highlights - This week's sector performance ranking: SW Commercial Passenger Vehicles (+0.8%) > SW Auto Parts (-0.2%) > SW Autos (-1.2%) > SW Commercial Freight Vehicles (-3.2%) > SW Passenger Vehicles (-3.4%) [4][13] - Top five stocks covered this week include Weichai Power, China National Heavy Duty Truck Group H, Naisite, NIO-SW, and Jifeng Co., Ltd. [4][13] Research Outcomes - The team released Q3 performance summaries and reports on Top Group, Xusheng Group, Guangyang Co., and Bertley, as well as a report on Xingyuan Zhuomei [5][13] Industry Core Changes 1. Tesla's $1 trillion compensation plan was approved, with performance targets including the delivery of 20 million vehicles, 10 million active FSD users, 1 million Robotaxi commercial operations, delivery of 1 million Optimus robots, and an adjusted annual EBITDA target of $400 billion [6][13] 2. XPeng's Technology Day introduced VLA 2.0, the first fully self-developed Robotaxi, the new generation humanoid robot IRON, and two flight systems [6][8][13] 3. Seres, Pony.ai, and WeRide officially listed on the Hong Kong Stock Exchange [6][8][13] Current Automotive Sector Configuration - The automotive industry is at a crossroads: the electric vehicle (EV) boom is nearing its end, while automotive intelligence is in a "dark before dawn" phase, and robotics innovation is in the 0-1 stage. Three main investment opportunities are present during this transition [9][15] - **AI Smart Vehicle Main Line**: Focus on Robotaxi/vans first, followed by C-end applications. Key downstream targets include: - Robotaxi perspective: Integrated models (Tesla, XPeng, Qianli Technology); technology providers + operational sharing models (Horizon Robotics, Baidu, Pony.ai, WeRide); transformation of ride-hailing/taxi services (Didi, Cao Cao Mobility, Ruqi Mobility, Dazhong Transportation, Jinjiang Online) [9][15] - Robovan perspective: Desay SV, Zhongyou Technology, Kaile Co., etc. [9][15] - C-end vehicle sales perspective: Complete vehicles (XPeng, Li Auto, Huawei, Xiaomi, etc.) [9][15] - **Upstream Supply Chain Key Targets**: - B-end vehicle OEMs: BAIC Blue Valley, GAC Group, SAIC Group, etc. [9][15] - Core suppliers: Testing (China Automotive Research, China Automotive Industry Group, etc.), chips (Horizon Robotics, Black Sesame Intelligence), domain controllers (Desay SV, Jingwei Hirain, Joyson Electronics, Coboda, etc.), sensors (Sunny Optical Technology, Hesai Technology, Suteng Juchuang), steer-by-wire chassis (Bertley, Naisite, Zhejiang Shibao), lights (Xingyu Co., Ltd.), glass (Fuyao Glass) [9][15] - **AI Robotics Main Line**: Preferred components (Top Group, Joyson Electronics, Xinquan Technology, Precision Forging Technology, Fuda Co., Ltd., Xusheng Group, Aikedi, etc.) [9][15] - **Dividend & Good Pattern Main Line**: Buses (Yutong Bus), heavy trucks (China National Heavy Duty Truck A-H, Weichai Power), two-wheelers (Chunfeng Power, Longxin General) [10][15]

Core Viewpoint - The automotive sector is experiencing mixed performance, with the commercial passenger vehicle segment showing a slight increase of 0.8%, while other segments like passenger vehicles and commercial cargo vehicles have seen declines of 3.4% and 3.2% respectively [1][2]. Industry Performance - The automotive industry has shown varied performance this week, with the best-performing sub-sector being commercial passenger vehicles, which increased by 0.8%. In contrast, the overall automotive sector declined by 1.2%, with commercial cargo vehicles down by 3.2% and passenger vehicles down by 3.4% [1][2][4]. Key Developments - Tesla's $1 trillion compensation plan has been approved, with ambitious performance targets including the delivery of 20 million vehicles, achieving 10 million active Full Self-Driving (FSD) users, commercializing 1 million Robotaxis, delivering 1 million Optimus robots, and reaching an adjusted annual EBITDA of $400 billion [3][4]. - XPeng Motors has launched its VLA2.0, the first fully self-developed Robotaxi, a new generation humanoid robot named IRON, and two flight systems [3][4]. - Companies such as Sunseeker, Pony.ai, and WeRide have officially listed on the Hong Kong Stock Exchange [3][4]. Investment Opportunities - The automotive industry is perceived to be at a crossroads, transitioning from the end of electric vehicle incentives to the dawn of automotive intelligence and robotics innovation [5]. - Key investment themes include: - **AI Smart Vehicles**: Focus on Robotaxi and Robovan applications, with major players like Tesla, XPeng, and various technology providers [6]. - **AI Robotics**: Emphasis on selecting quality components from companies like Top Group and Junsheng Electronics [6]. - **Growth and Favorable Structure**: Investment in buses (Yutong), heavy trucks (China National Heavy Duty Truck Group, Weichai Power), and two-wheelers (Chunfeng Power) [6].

Investment Rating - The report maintains a positive outlook on the automotive sector, particularly emphasizing investment opportunities in AI and smart vehicles [1][3]. Core Insights - The automotive industry is at a crossroads, transitioning from electric vehicle (EV) benefits to a focus on smart technology and robotics. Investment opportunities are identified in three main areas: AI smart vehicles, AI robotics, and traditional vehicle segments [3][54]. - Key developments include Tesla's $1 trillion compensation plan approval, aiming for significant production and delivery targets, and Xiaopeng's launch of new AI-driven products [2][3][62]. Summary by Sections Market Performance - This week, the automotive sector showed mixed performance, with commercial passenger vehicles leading with a +0.8% increase, while passenger cars saw a decline of -3.4% [2][7]. - The report highlights the best-performing stocks, including Weichai Power and China National Heavy Duty Truck [2][25]. Investment Opportunities - The report suggests focusing on AI smart vehicles, with key players like Tesla, Xiaopeng, and various technology providers leading the charge. The report also identifies opportunities in the supply chain, including vehicle manufacturing and component suppliers [3][54]. - The expected growth in the domestic market is projected at 4.1% year-on-year for 2025, with total retail sales anticipated to reach 23.7 million units [50][57]. Future Outlook - The report forecasts a significant increase in the penetration of L3 and L2+ autonomous driving technologies by 2025, with expected market shares of 20% and 33% respectively for new energy vehicles [52][54]. - The report anticipates a continued recovery in the bus market and a 15% growth in domestic sales driven by policy support [57]. Key Companies and Developments - Notable companies mentioned include Tesla, Xiaopeng, and various suppliers like Top Group and Yanfeng Automotive. The report emphasizes the importance of these companies in the evolving landscape of smart vehicles and robotics [61][65]. - The report also highlights the recent IPOs of companies like Xiaopeng and WeRide, indicating a growing interest in the sector [62][65].

Core Insights - LISSOME, a smart kitchen appliance brand, has recently completed a Pre-A round financing of over 10 million yuan, led by Professor Gao Bingqiang and Gao Feng Naxin Capital, with Chasing Capital as the exclusive financial advisor [1] - The funds will primarily be used for product development, team expansion, and market channel development, as well as to enhance supply chain layout [1] - The company focuses on smart kitchen appliances and food technology, having applied for over 30 technology patents [1] Company Overview - LISSOME was incubated at the Xbotpark base and specializes in innovative kitchen appliances, particularly in the fields of robotics, smart sensing, and motion control [1] - The latest product, the capsule dishwasher R1, features a compact design with a width of only 28 cm and utilizes advanced cleaning technologies [2][4] Market Trends - The demand for independent dishwashers is expected to grow at a rapid rate of 10.5% from 2025 to 2032, driven by changing family structures and the pursuit of quality living [1] - The global smart dishwasher market is projected to grow from $5.13 billion in 2024 to $11.08 billion by 2032, with a compound annual growth rate of 10.1% during the forecast period [2] Product Innovation - The R1 capsule dishwasher can achieve a quick cleaning cycle of 15 minutes without the need for installation or plumbing modifications [2] - It incorporates a high-pressure brushless integrated water pump, which required extensive development due to its unique small size [4] - The R1 features advanced cleaning capabilities, including a 360° spray system and multiple cleaning modes, leveraging AI and sensor technology [4] Future Plans - LISSOME aims to continue exploring the integration of AI robotics and other innovative technologies in kitchen appliances, with plans to launch more innovative products [6] - The founding team has extensive experience in robotics, sensors, and motion control, with members coming from leading companies in the industry [6]

Group 1 - The 2025 Consumer Electronics Innovation Conference (CEIC2025) was held in Shenzhen, attracting nearly 300 tech companies from 20 countries and regions, with over 18,000 attendees on the first day [1][2] - The conference focused on five major areas: smart terminals, smart vehicles, smart homes, digital health, and new technologies, showcasing a complete innovation chain from technology to application scenarios [1][2] - Huawei showcased its HarmonyOS 6 products across five categories, highlighting seamless collaboration between devices, which generated significant interest among attendees [1][2] Group 2 - The smart automotive section featured several car manufacturers demonstrating integrated smart cockpit experiences, allowing remote control of home devices through in-car screens, promoting a smart living environment [2] - The digital health area presented various smart wearable devices and remote care systems, indicating new trends in digital health development [2] - CEIC2025 adopted a "show, conference, festival" model to activate the innovation ecosystem, including three main forums and 16 sub-forums with over 300 industry experts sharing insights [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 5.75 billion yuan for the first three quarters of 2025, representing an 18% year-on-year increase, and a net profit attributable to shareholders of 750 million yuan, up 22% year-on-year. In Q3 alone, revenue reached 2.22 billion yuan, a 32% year-on-year increase and a 7% quarter-on-quarter increase, with a net profit of 280 million yuan, marking a 48% year-on-year growth [4][5] - The company is expected to achieve net profits of 1.014 billion yuan, 1.373 billion yuan, and 1.672 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 20, 15, and 12 [5] - The company is advancing its integrated layout, with the Democratic Republic of the Congo's quota policy expected to support rising cobalt prices. The company has established processing capabilities for cobalt salts, electrolytic cobalt, and electrolytic copper, and is extending its reach into downstream markets [8] Financial Summary - For 2025, the company is projected to have a revenue of 7.661 billion yuan, a year-on-year growth of 17.1%, and a net profit of 1.014 billion yuan, reflecting a 47.9% increase year-on-year. The gross margin is expected to be 25.8% [7] - The company’s return on equity (ROE) is projected to increase from 7.8% in 2024 to 10.3% in 2025, and further to 12.2% in 2026 [7] - The earnings per share (EPS) is expected to rise from 2.33 yuan in 2024 to 3.44 yuan in 2025, and reach 4.66 yuan in 2026 [7]

Core Viewpoint - The article discusses the emerging competition between China and the United States in the field of humanoid robotics, highlighting the strengths of each country's technological ecosystem and the implications for the market [5][6]. Group 1: Technology Comparison - The competition is characterized by China's manufacturing and engineering advantages represented by the humanoid robot R1 from Yuzhu Technology, priced at $5,900, which is aimed at researchers and developers [6]. - In contrast, the U.S. is represented by Figure AI's Figure 03, which focuses on household tasks and is expected to see its price drop from $150,000 to a range of $20,000 to $30,000, showcasing the ambition of American companies in industrial automation and home applications [6]. Group 2: Market Dynamics - The introduction of these humanoid robots marks the beginning of a price war aimed at making robotics more accessible, indicating a shift towards mass production and consumer adoption in both markets [6]. - The competition is described as a "final showdown" between the two tech giants, emphasizing the significance of this moment in the evolution of humanoid robotics [6].

Investment Highlights - This week, the performance of the automotive sector was mixed, with the SW commercial passenger vehicle segment leading with a gain of 4.8%, followed by SW motorcycles and others at 3.2%, while the SW passenger vehicle segment saw a decline of 1.9% [4][13] - The team released several reports, including a test drive report for October in Beijing and third-quarter reviews for various companies such as Changan Automobile, Great Wall Motors, and Yutong Bus [5][13] Industry Core Changes - SAIC Group reported total revenue of CNY 169.4 billion for Q3 2025, with year-on-year growth of 16% and a net profit of CNY 2.08 billion, reflecting a significant increase of 645% year-on-year [6][13] - Seres achieved Q3 2025 revenue of CNY 48.13 billion, with a net profit of CNY 2.37 billion, showing a slight decrease of 1.7% year-on-year [6][13] - Xiaopeng Motors delivered 42,013 vehicles in October, setting a new monthly record, while Leap Motor delivered 70,289 vehicles, also a historical high [6][8][13] Current Automotive Sector Configuration - The automotive industry is at a crossroads, transitioning from the end of the electric vehicle boom to the dawn of automotive intelligence, with three main investment opportunities emerging: AI smart vehicles, AI robots, and traditional vehicle segments [9][15] - Key investment targets in the AI smart vehicle segment include Tesla, Xiaopeng Motors, and various technology providers like Horizon Robotics and Baidu [15] - The traditional vehicle segment remains promising, particularly in buses and heavy trucks, with companies like Yutong Bus and China National Heavy Duty Truck Group being highlighted [10][15]