每经AI快讯，11月7日，据创世伙伴创投消息，近日，通用具身智能机器人领域企业深朴智能宣布在3 个月内连续完成种子轮与种子+轮融资，累计金额达2亿元人民币。募集资金将重点用于具身机器人大 脑及本体的研发投入。 ...

Core Insights - Lens Technology is currently collaborating with XPeng on the supply of head masks, dexterous hands, and metal structural components for robots, although the mass production plan has not been finalized [1] - On November 5, XPeng Motors unveiled its next-generation humanoid robot, IRON, which features a spine-like structure, bio-inspired muscles, and fully enclosed flexible skin design [1] - XPeng has announced plans to achieve large-scale production of the IRON robot by the end of 2026 [1]

因该机器人太接近真人，有不少网友怀疑："是不是女机器人里面藏了一个真人。"对此，何小鹏表 示，"这真的是让我们机器人团队既高兴，又哭笑不得。总有人不相信这个世界变化如此快，今天早上 他们强迫我拍个一镜到底无剪辑的视频，回应一下这个质疑，希望大家辨别真假，也帮助我们澄清一 下。" 据悉，何小鹏在发布会现场还表示："未来三年内，中国的机器人创业公司一定会带来更高阶的人形机 器人，不仅能语言交互、自主行走，还能完成简单任务。我们一定要把机器人推向量产。" 新浪科技讯 11月6日上午消息，今日，小鹏汽车董事长何小鹏对"全新一代IRON机器人是否内藏真 人"进行了回应。他通过发布视频的方式，还原了机器人走猫步的全过程，并让机器人团队拉开背后拉 链，全方位展示内部构造。 11月5日，小鹏汽车全新一代IRON机器人在小鹏科技日（2025 AI DAY）上发布。据悉，该机器人将首 发应用全固态电池，并搭载3颗图灵AI芯片。同时，小鹏汽车将开放机器人IRON的SDK，与全球开发者 共建人形机器人应用生态。"小鹏的目标是，在2026年底实现规模量产高阶人形机器人。"何小鹏说。 责任编辑：宋雅芳 ...

Core Insights - Xiaopeng Motors' chairman He Xiaopeng responded to questions about whether the new generation IRON robot contains a real person, showcasing the robot's internal structure and features through a video presentation [1] Group 1: Product Launch - The new generation IRON robot was unveiled on November 5 during Xiaopeng Technology Day (2025 AI DAY) [1] - The robot will be the first to utilize all-solid-state batteries and will be equipped with three Turing AI chips [1] - Xiaopeng Motors plans to open the IRON robot's SDK to global developers to build a humanoid robot application ecosystem [1] Group 2: Future Goals - The company aims to achieve mass production of advanced humanoid robots by the end of 2026 [1] - He Xiaopeng stated that within the next three years, Chinese robotics startups are expected to deliver more advanced humanoid robots capable of language interaction, autonomous movement, and performing simple tasks [1] - The company is committed to pushing robots towards mass production [1]

11月5日，在小鹏科技日上，小鹏研发的全新一代人形机器人IRON登台亮相。有网友评论称"感觉是个 真人在努力扮演机器人"。6日，记者致电小鹏客服，接电工作人员称它是仿人结构，就是一个机器人。 （智通财经） ...

Core Viewpoint - The company is currently in the rapid evolution and iteration phase of embodied intelligent technology, with customer products still in the trial production stage, indicating that mass production will only commence once customer scenarios and large-scale manufacturing bases are ready [2]. Group 1 - The company received inquiries regarding the timeline for mass delivery of its embodied intelligent robot products, questioning whether the delay is due to production capabilities or insufficient customer orders [2]. - The company clarified that the embodied intelligent technology is undergoing significant changes, and the current focus is on meeting customer requirements for large-scale production [2]. - The transition to mass production will depend on the completion of customer scenario models and the establishment of manufacturing bases capable of supporting large-scale production [2].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - For the stock index, after the previous continuous rise, recent hot sectors have rotated rapidly, with technology remaining the market's main theme. The policy's support for the capital market remains unchanged, and the medium - to - long - term strategy is mainly to go long on dips [2][4]. - In the bond market, the central bank restarting bond trading is short - term positive for market sentiment. In the medium term, the fourth - quarter bond market is mainly affected by fundamentals, the implementation time of fund fee regulations, and institutional allocation power. Overall, the supply - demand pattern may improve, and the market is expected to oscillate and recover [5][7]. - Regarding precious metals, overseas liquidity tightening has eased, and in the context of a loose monetary policy cycle, it is recommended to go long on silver on dips [8][9]. - For non - ferrous metals, the prices of various metals are affected by factors such as supply - demand relationships, macro - events, and cost changes. Different metals have different price trends and investment strategies [11][12][13][14]. - In the black building materials sector, the overall atmosphere in the steel market is weak, but with the implementation of policies and changes in the macro - environment, future demand may improve. The iron ore market is currently under pressure, and prices are expected to be weak in the short term [32][33][34][35]. - For energy and chemical products, different products have different supply - demand situations and price trends. Some products are recommended to be observed, while others suggest specific trading strategies [50][54][55][56]. - In the agricultural products sector, the prices of various agricultural products are affected by factors such as supply - demand relationships, production forecasts, and consumption trends. Different products have different investment strategies [76][77][78][79]. Summaries by Relevant Catalogs Stock Index - **Market Information**: The expected installed capacity of US energy storage in 2026 is revised up to 76GWh, a nearly 44% year - on - year increase. The domestic intelligent robot industry is expected to grow by over 50% - 100%. SK Hynix has completed price and quantity negotiations for HBM4 supply with NVIDIA. The US October ISM non - manufacturing PMI is 52.4, higher than expected [2]. - **Strategy**: After the previous rise, hot sectors rotate rapidly, and technology is the main theme. The policy supports the capital market, and the medium - to - long - term strategy is to go long on dips [4]. Treasury Bonds - **Market Information**: On Wednesday, the prices of various treasury bond futures contracts declined. The State Council adjusted the tariff measures on US imports. The winning bid results of Agricultural Development Bank's financial bonds were announced. The central bank conducted 655 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 4922 billion yuan [5][6]. - **Strategy**: The central bank's restart of bond trading is short - term positive for the bond market. In the medium term, the bond market is affected by fundamentals, fund fee regulations, and institutional allocation power. The supply - demand pattern may improve in the fourth quarter, and the market is expected to oscillate and recover [7]. Precious Metals - **Market Information**: Shanghai gold rose 0.63%, and silver rose 1.58%. COMEX gold and silver prices are reported. Trump's speech eased the market's liquidity tightening expectations, and silver outperformed gold [8]. - **Strategy**: Overseas liquidity tightening has eased. In the loose monetary policy cycle, it is recommended to go long on silver on dips. The reference operating ranges for Shanghai gold and silver are given [9]. Non - Ferrous Metals Copper - **Market Information**: The copper price rebounded due to improved ADP employment data. LME and domestic warehouse inventories changed, and downstream procurement was active [11]. - **Strategy**: The improved ADP data and trade situation support the sentiment. The supply of refined copper is expected to be tight, providing strong support for the copper price. The reference operating ranges for Shanghai copper and LME copper are given [12]. Aluminum - **Market Information**: The price of London aluminum fell, and the price of Shanghai aluminum was reported. Warehouse inventories and processing fees changed, and the market consumption sentiment was average [13]. - **Strategy**: The production of electrolytic aluminum has increased. The supply - side disturbances are expected to support the aluminum price, and it may be strong in the short term. The reference operating ranges for Shanghai aluminum and LME aluminum are given [14]. Zinc - **Market Information**: The price of Shanghai zinc fell slightly, and relevant market data such as inventory and basis were reported [15][16]. - **Strategy**: The domestic zinc mine inventory has declined, and the smelting profit has fallen. The downstream demand is stable, and the inventory is slowly increasing. The price is expected to be strong in the short term, but the upside space is limited [17]. Lead - **Market Information**: The price of Shanghai lead rose, and relevant market data such as inventory and basis were reported [18]. - **Strategy**: The lead ore inventory has declined, and the production of recycled lead has increased. The downstream demand is weak, but the inventory is low. The price is expected to be strong in the short term [19]. Nickel - **Market Information**: The nickel price rebounded after reaching the bottom. The spot premium was stable, and the cost of nickel ore and nickel - iron prices were reported [20]. - **Strategy**: The inventory pressure of refined nickel is significant, and the nickel - iron price is weak, dragging down the nickel price. In the long term, the nickel price may be supported. It is recommended to wait and see in the short term, and consider going long on significant dips [21][22]. Tin - **Market Information**: The price of Shanghai tin fell. The warehouse inventory increased, and the supply was affected by the shortage of raw materials. The demand in emerging fields provided support [23]. - **Strategy**: The short - term supply - demand of tin is in a tight balance, and the price is expected to oscillate. It is recommended to go long on dips. The reference operating ranges for domestic and overseas tin are given [23]. Carbonate Lithium - **Market Information**: The spot index of carbonate lithium fell, and the futures price rose. The trade market premium was reported [24]. - **Strategy**: The supply of the ore end is uncertain, and the demand supports the price. The price is expected to oscillate in a range. Pay attention to the ore price, production schedule, and market atmosphere [24]. Alumina - **Market Information**: The price of alumina index rose slightly. The spot price, overseas price, and warehouse inventory were reported [25]. - **Strategy**: The ore price has short - term support but may be under pressure after the rainy season. The over - capacity situation is difficult to change in the short term. It is recommended to wait and see. The reference operating range for the domestic main contract is given [26]. Stainless Steel - **Market Information**: The price of stainless steel futures fell. The spot price and raw material price were reported [27]. - **Strategy**: The stainless steel market is weak, and the price is expected to remain weak in the short term. Pay attention to raw material prices and terminal demand [28]. Cast Aluminum Alloy - **Market Information**: The price of cast aluminum alloy futures fell. The price, warehouse inventory, and trading volume were reported [29]. - **Strategy**: The cost provides strong support, and the supply is tight due to policy adjustments. The price support is strong [30]. Black Building Materials Steel - **Market Information**: The prices of rebar and hot - rolled coil futures fell. The spot price and warehouse inventory changed [32]. - **Strategy**: The overall atmosphere in the commodity market is weak, and the finished product price oscillates weakly. The demand for steel has entered the off - season, but future demand may recover with policy implementation and macro - environment changes [33]. Iron Ore - **Market Information**: The price of iron ore futures rose slightly. The spot price and basis were reported [34]. - **Strategy**: The overseas iron ore shipment has decreased, and the demand for iron ore is weakening. The inventory pressure remains. The price is expected to be weak in the short term and may stabilize if the liquidity problem is resolved [35]. Glass and Soda Ash - **Market Information**: The price of glass futures fell, and the inventory decreased. The price of soda ash futures rose, and the inventory decreased slightly [36][38]. - **Strategy**: The glass market is affected by production line cold - repair plans, but the price increase is restricted by weak downstream demand. The soda ash market is weak due to over - capacity and weak demand [37][39]. Manganese Silicon and Ferrosilicon - **Market Information**: The prices of manganese silicon and ferrosilicon futures rose. The spot price and basis were reported [40]. - **Strategy**: The macro - events in October did not drive up commodity valuations. The black sector's rebound has adjusted. The fundamentals of manganese silicon and ferrosilicon are not strong, and they are likely to follow the black sector's trend [41][42][43]. Industrial Silicon and Polysilicon - **Market Information**: The price of industrial silicon futures rose, and the price of polysilicon futures fell. The spot price and relevant market data were reported [44][46]. - **Strategy**: The supply pressure of industrial silicon is high, and the demand support is weak. The price is expected to oscillate. The supply of polysilicon will decrease, and the supply - demand pattern may improve marginally [45][48]. Energy and Chemical Products Rubber - **Market Information**: The rubber price stabilized near the starting point. The opening rate of tire factories and inventory data were reported [50][52]. - **Strategy**: It is recommended to set a stop - loss and trade short - term long on dips. Consider partial hedging [54]. Crude Oil - **Market Information**: The price of crude oil futures fell, and the inventory data of refined oil products in Fujeirah Port were reported [55]. - **Strategy**: Although the geopolitical premium has disappeared, OPEC's supply has not increased significantly. It is recommended to wait and see and test OPEC's export price - support willingness [56]. Methanol - **Market Information**: The price of methanol futures rose, and the basis and spread changed [57]. - **Strategy**: The port inventory is high, and the demand is weak. It is recommended to wait and see as the high - inventory problem has not been resolved [57]. Urea - **Market Information**: The prices of urea in different regions changed, and the basis and spread were reported [58]. - **Strategy**: The supply and demand of urea have increased, but the market is still in a loose pattern. It is recommended to wait and see [59]. Pure Benzene and Styrene - **Market Information**: The prices of pure benzene and styrene futures and spot fell. The basis, spread, and inventory data were reported [60]. - **Strategy**: The price of pure benzene and styrene may stop falling due to the high - level destocking and the potential for the BZN spread to repair [61]. PVC - **Market Information**: The price of PVC futures fell, and the cost, production, and inventory data were reported [62]. - **Strategy**: The supply of PVC is strong, and the demand is weak. The export is expected to be poor. It is recommended to consider short - selling on rallies in the medium term [63]. Ethylene Glycol - **Market Information**: The price of ethylene glycol futures rose, and the supply, demand, and inventory data were reported [64]. - **Strategy**: The supply of ethylene glycol is high, and the port is accumulating inventory. It is recommended to short - sell on rallies [65]. PTA - **Market Information**: The price of PTA futures fell, and the production, demand, and inventory data were reported [66]. - **Strategy**: The supply of PTA is expected to decrease in November, and the demand may remain high. Pay attention to the opportunity for processing fee repair [67]. p - Xylene - **Market Information**: The price of p - xylene futures fell, and the production, demand, and inventory data were reported [68][69]. - **Strategy**: The high load of PX and the low load of PTA lead to difficulty in destocking PX. It is recommended to wait and see as there is a risk of negative feedback [70]. Polyethylene (PE) - **Market Information**: The price of PE futures fell, and the production, inventory, and demand data were reported [71]. - **Strategy**: The PE price is expected to remain low and oscillate due to high - level destocking and seasonal demand [72]. Polypropylene (PP) - **Market Information**: The price of PP futures fell, and the production, inventory, and demand data were reported [73]. - **Strategy**: The supply pressure of PP is high, and the demand is weak. The cost - side supply surplus suppresses the price [74]. Agricultural Products Live Pigs - **Market Information**: The domestic live pig price continued to fall. The supply was sufficient, and the price was expected to be stable or fall [76]. - **Strategy**: The group farms' plan completion rate is high, but the spot price increase is less than expected. It is recommended to short on rallies, and cautious investors can use reverse - spread positions [77]. Eggs - **Market Information**: The national egg price was mostly stable with some increases. The supply was stable, and the demand was good [78]. - **Strategy**: The expected decline in inventory and increased consumption sentiment may drive up the price. The market is expected to be strong in the short term, and it is recommended to wait and see or trade short - term [79]. Soybean and Rapeseed Meal - **Market Information**: The price of CBOT soybeans rose, and the domestic soybean meal price fell. The import tariff of US soybeans will be adjusted, and the Brazilian planting progress was reported [80]. - **Strategy**: The import cost of soybean meal oscillates. The domestic inventory is high, but it is in the destocking season. It is recommended to short on rallies in the medium term [81]. Oils and Fats - **Market Information**: The export and production of Malaysian palm oil increased. The domestic oil price continued to correct, and the spot basis was stable [82]. - **Strategy**: The high production of palm oil in Malaysia and Indonesia suppresses the price. It is recommended to view the market as oscillating and weak until the export improves, and turn to a long - term view if production declines [83]. Sugar - **Market Information**: The price of Zhengzhou sugar futures fell. The production forecasts of Brazil and India were reported [84]. - **Strategy**: The strengthened import control of syrup and premix powder drove up the Zhengzhou sugar price, but the external market is weak. It is recommended to short after the rebound weakens [85]. Cotton - **Market Information**: The price of Zhengzhou cotton futures oscillated. The spot price and new cotton purchase price were reported [86]. - **Strategy**: The demand is weak, and the domestic output is high. The price is expected to oscillate in the short term [87].

Group 1 - Guizhou Moutai plans to repurchase shares worth between 1.5 billion to 3 billion yuan and cancel them [3][12] - The company announced a mid-year profit distribution plan, proposing a cash dividend of 23.957 yuan per share (including tax), totaling 30 billion yuan [12] - The domestic intelligent robot sector is expected to see an average growth rate of 50% to 100% for individual companies, according to the founder of Yushu Technology [3][8] Group 2 - The Ministry of Commerce announced adjustments to export control lists, with 15 U.S. entities to have restrictions lifted starting November 10, 2025 [6] - The Ministry also indicated that 16 U.S. entities will continue to have restrictions suspended for one year [6] - The Ministry of Commerce reported that as of September 30, China's new energy storage installed capacity exceeded 100 million kilowatts, growing over 30 times compared to the end of the 13th Five-Year Plan, accounting for over 40% of the global total [8] Group 3 - The gaming industry saw significant profit growth in Q3, particularly among leading companies with excellent products, indicating an upward trend in industry sentiment [26][27] - The beer sector is currently viewed as being at a bottom level, with potential recovery opportunities expected in 2025 due to macro policy changes and improved fundamentals [28]

Group 1 - The Central Financial Office emphasizes the importance of promoting the healthy and stable development of the capital market, focusing on enhancing its inclusiveness towards new industries, new business formats, and new technologies [1] - The goal is to improve the coordination between investment and financing functions in the capital market, fostering an ecosystem that encourages long-term investment [1] - There is a commitment to strengthen the regulatory framework for listed companies, ensuring comprehensive oversight from entry to exit, and establishing a robust system to prevent fraud [1] Group 2 - China's new energy storage installed capacity has surpassed 100 million kilowatts, ranking first in the world, and has increased more than 30 times compared to the end of the 13th Five-Year Plan [3] - This growth represents over 40% of the global total installed capacity, indicating significant opportunities for the entire industry chain as the installed capacity continues to rise [3] Group 3 - The U.S. ADP reported an increase of 42,000 jobs in October, exceeding expectations of 30,000, marking a recovery from previous declines [5][6] - Despite this positive sign, overall labor demand remains sluggish, and wage growth is stagnant, adding uncertainty to the Federal Reserve's potential interest rate decisions [5] Group 4 - The electric equipment sector has seen a significant rise, with the sector index increasing over 3%, reaching a nearly 33-month high [8] - The current price-to-earnings ratio for the electric equipment sector index is 41.21, placing it in the 64.32% percentile over the past decade, indicating a strong valuation position [8] Group 5 - The commercial aerospace market in China is projected to reach a scale of 7.8 trillion yuan by 2030, presenting substantial investment opportunities [11] - The upcoming launch of China's space tourism project at the High-Tech Fair is expected to attract attention and investment in the commercial aerospace sector [11] Group 6 - The intelligent robotics industry is experiencing rapid growth, with expectations of an average company growth rate of over 50%-100% this year [9] - This growth is driven by increased demand, as companies showcase their advancements in humanoid robotics [9]

Core Viewpoint - The company Seres has successfully launched its IPO on the Hong Kong Stock Exchange, raising approximately HKD 140 billion, marking it as the largest IPO for a Chinese car manufacturer to date and the largest globally since 2025. This success is attributed to its strong performance in the high-end electric vehicle market, particularly with its flagship models M9 and M8, which have significantly impacted the profits of traditional luxury brands [2][4][5]. Financial Performance - In the first three quarters, Seres sold 304,000 vehicles, a year-on-year decrease of 3.8%, while revenue increased by 3.7% to approximately CNY 53.1 billion, with net profit rising over 30% [5][7]. - The gross margin improved from 7.2% in 2023 to 29.5% in the third quarter of this year, driven by the strong sales of high-end models [5][6]. IPO Details - The IPO was priced at HKD 131.5 per share, with a subscription rate exceeding 100 times, leading to a final fundraising amount of approximately HKD 142.83 billion [4][5]. - Seres attracted 22 cornerstone investors, collectively committing around HKD 64.2 billion, indicating strong institutional support [4][5]. Strategic Goals - Seres plans to allocate 70% of the IPO proceeds to research and development, signaling a commitment to enhancing its technological capabilities and reducing reliance on external partners [2][12]. - The company aims to establish a more open valuation system through its Hong Kong listing to support its global expansion strategy and reduce dependence on domestic financing [13][14]. Future Aspirations - Seres is positioning itself not just as a car manufacturer but as a technology company, with ambitions to enter the robotics sector through partnerships, such as with ByteDance, to explore opportunities in embodied intelligence [14][15]. - The company seeks to replicate Tesla's model of transitioning from automotive to robotics, aiming to tap into a potentially vast market [15][16]. Market Position - Following the IPO, Seres' market capitalization reached approximately HKD 220 billion, surpassing several competitors in the automotive sector, with only BYD ahead in the Hong Kong market [6][7]. - The company has experienced a significant increase in its market value, attributed to its strong performance and strategic partnerships, particularly with Huawei [5][6].