2025 年 12 月 10 日 国泰海通证券股份有限公司 研究所 国泰海通晨报 [Table_Summary] 1、【非银行金融研究】投资银行业与经纪业：2025 年 11 月存量基金净流入。个人投资者风险偏 好略有好转，机构资金持续寻求收益增厚。绩效考核新规下发，行业更重投资者体验。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 刘欣琦(分析师) 021-38676647 liuxinqi@gtht.com S0880515050001 王思玥(分析师) 021-38031024 wangsiyue@gtht.com S0880525070022 推荐机构服务能力与投顾业务能力更强的券商，个股推荐中信证券、广发证券、华泰证券。 风险提示：权益市场大幅波动。 请务必阅读文章最后一页相关法律声明 1 of 11 行业跟踪报告：投资银行业与经纪业《绩效考核迎新规，行业 更重投资者体验》2025-12-09 2025 年 11 月 ...

11月30日，活力集团控股有限公司（下称"活力集团"）再度向港交所递交IPO申请，联席保荐人为招商证券国际和民银资本。这已是其第三次 向港交所递表，此前这家公司曾在新三板挂牌，冲刺过A股，2024年10月29日、2025年4月30日先后两次冲刺港股。 业内人士分析，在多次冲刺资本市场未果后，活力集团本次再度冲刺港股，可谓凭借一份短期业绩向好的财报所做的又一次尝试。不过，公司 市场占比偏低，盈利波动较大，监管合规痼疾，恐怕仍是其能否过会的不确定性因素。 核心资源掌控力弱，中国互联网移动GMV占比仅1.4% 公开资料显示，活力集团是一家"铁路＋航空"双场景出行服务商。2009年，公司推出了"航班管家"，2012年又推出"高铁管家"。前者是中国首 个航班动态信息应用，后者则成为中国首个提供动态高铁信息及购票服务的移动应用。 这种垂直深耕策略，让活力集团在"铁路+航空"两大场景中积累了一定的先发优势。截至2025年6月30日，公司服务遍及超过220个国家和地区 的5200多个机场，涵盖3500多个国内火车站，为全球超过130万家酒店提供预订选择。 财报显示，2024年公司超70%的收入来自交通票务（机票+火车票）服务 ...

（原标题：Haul已拓展26个国家和地区；安克创新递表港交所丨出海周报） 21世纪经济报道记者 董静怡 美国"黑五"网上销售额达到创纪录的118亿美元 速卖通正成为国产二轮电动车出海主阵地。伴随国产新能源汽车在全球"弯道超车"，国产二轮电动车 （E-bike）也在加速席卷海外，成为汽车之外的主流通勤工具。Statista预计，全球年销量五年内将达 7730万辆，正在迈入千亿美元赛道。2025年"黑五"期间，速卖通二轮电动车销量同比暴涨40倍，接连吸 引亚马逊三大"二轮电车王"——英格威ENGWE、大鱼智行DYU、Luckeep陆续加入。其中长期位居亚 马逊欧洲站销量第一的品牌英格威在加入速卖通后，连续三个月实现三位数销售增长，迅速跻身速卖通 头部阵营。 美团Keeta正式上线巴西圣保罗 跟踪电子商务和移动购物的Adobe Analytics的最终数据显示，美国消费者在黑色星期五当天的网上消费 额达到了创纪录的118亿美元，比去年增长了9.1%。追踪超过1万亿次美国零售网站访问量的Adobe Analytics预计，消费者在周六和周日将分别花费55亿美元和59亿美元，同比分别增长3.8%和5.4%。 根据Sal ...

Core Viewpoint - Caocao Travel announced a global strategic goal of "Ten Years, One Hundred Cities, One Hundred Billion" for its Robotaxi service, aiming to establish five operational centers worldwide and achieve a total transaction volume of 100 billion yuan over the next decade [1][3]. Group 1: Strategic Planning - The "Three-Step" strategy for Robotaxi includes: 1. Robotaxi 1.0: Pilot verification and small-scale testing in demonstration cities 2. Robotaxi 2.0: Transition to unmanned operations and explore mixed operations with human drivers 3. Robotaxi 3.0: Launch global commercial operations with fully customized Robotaxi models [2][3]. - The company plans to enhance automated fleet operations and integrate digital asset management systems during the Robotaxi 2.0 phase [2]. Group 2: Market Positioning - Caocao Travel aims to promote safe, efficient, and green Robotaxi services in 100 cities globally, marking a significant milestone in its development and in Geely Holding Group's global strategy [3]. - The global Robotaxi market is projected to reach $359.6 billion by 2035, with a compound annual growth rate of 40% [3]. Group 3: Competitive Landscape - The Robotaxi sector is witnessing increased competition, with various players including tech companies and automakers entering the market [4]. - Companies need to establish a complete ecosystem encompassing technology, platforms, and vehicle models to compete effectively [4]. Group 4: Technological Integration - Caocao Travel leverages Geely's vehicle development capabilities to create customized Robotaxi models and has built a comprehensive operational platform across 163 cities [5]. - The introduction of satellite communication aims to enhance safety and ensure continuous connectivity for Robotaxi operations [5]. Group 5: Future Infrastructure - The launch of the first "Green Intelligent Passage Island" represents a forward-looking infrastructure for future urban mobility, integrating various automated functions [6]. - Future urban-level green intelligent passage islands are expected to facilitate seamless connections between Robotaxis and eVTOL aircraft, supported by low-orbit satellite networks [6][7]. Group 6: Societal Impact - The strategic development of Robotaxi services is not only transforming transportation but also exploring new commercial and social values [7]. - As the Robotaxi fleet expands, the company may open vehicle purchase channels to drivers and establish operational partnerships, creating new job opportunities in asset management and cloud support [7].

Core Viewpoint - Cao Cao Mobility announced an upgraded Robotaxi strategy with a goal of "Ten Years, One Hundred Cities, One Hundred Billion" during a press conference in Hangzhou [2][5] Group 1: Strategic Goals - The company aims to establish five global operation centers over the next decade, expand Robotaxi services to 100 cities, and achieve a total transaction value (GTV) of 100 billion RMB [2][5] - This initiative is a significant part of Geely Holding's global strategy focusing on smart mobility services [2][5] Group 2: Robotaxi Development Phases - The Robotaxi strategy consists of a "three-step" approach: initial technology validation and small-scale testing, transitioning from a safety driver to fully autonomous operation, and eventually launching fully customized Robotaxi models for global commercial operations [2][5][6] - In the Robotaxi 2.0 phase, the company will enhance the automation capabilities of its fleet and implement a remote safety service platform [6] Group 3: Infrastructure and Technology Integration - The launch of the "Green Intelligent Passage Island" marks a step towards future urban transportation infrastructure, featuring functions like automatic battery swapping, cleaning, vehicle maintenance, intelligent scheduling, and automatic settlement [6] - The Green Intelligent Passage Island is designed to facilitate seamless connections between Robotaxi services and eVTOL (electric vertical takeoff and landing) aircraft, supported by a low-orbit satellite network for comprehensive communication and high-precision positioning [6] Group 4: Strategic Partnerships - A strategic cooperation agreement was signed between Cao Cao Mobility and Qianli Zhijia to deepen collaboration in the Robotaxi sector, aiming to accelerate the large-scale application and commercialization of intelligent driving technologies [6]

Core Insights - The company announced a strategic upgrade for its Robotaxi initiative, setting a ten-year goal of establishing operations in 100 cities and achieving a total transaction value (GTV) of 100 billion RMB [2][3] Group 1: Strategic Goals - The "Ten Years, One Hundred Cities, One Hundred Billion" strategy aims to expand Robotaxi services globally, with plans to set up five major operational centers [3] - The Robotaxi initiative will undergo a "three-step" strategy, starting with technology validation and small-scale testing, transitioning to mixed operations of human and autonomous driving, and ultimately launching fully customized Robotaxi models for commercial operations [2][3] Group 2: Infrastructure Development - The launch of the first "Green Intelligent Passage Island" integrates multiple functions such as automatic battery swapping, cleaning, vehicle maintenance, intelligent scheduling, and automatic settlement, laying the groundwork for future urban transportation infrastructure [4] - Future developments will include seamless connections between Robotaxi services and eVTOL (electric vertical takeoff and landing) aircraft, supported by low-orbit satellite networks for communication and high-precision positioning [4] Group 3: Technological Integration - The competitive landscape for Robotaxi extends beyond algorithms and hardware to include a comprehensive system of smart customized vehicles, intelligent driving technology, and operational platforms, forming a unique competitive advantage for the company [5] - The company leverages its extensive experience in shared mobility, vast operational data, and a large-scale customized fleet to support the commercial rollout of Robotaxi services [7] Group 4: Strategic Partnerships - A strategic cooperation agreement was signed with Qianli Technology to deepen collaboration in the Robotaxi sector, aiming to accelerate the application and commercialization of intelligent driving technologies [9]

Core Viewpoint - The collaboration between Cao Cao Mobility and Yujian Technology focuses on the operation of Robotaxi and aims to enhance intelligent operations in the transportation sector [1] Group 1: Strategic Partnership - Cao Cao Mobility has signed a strategic cooperation agreement with Yujian Technology to work on Robotaxi operations [1] - The partnership includes the implementation of a "green intelligent passage island" in Hangzhou, where Yujian's humanoid robots are deployed for tasks such as guiding and vehicle inspection [1] Group 2: Technological Applications - The collaboration will explore the application of robots in vehicle maintenance and energy replenishment [1] - Both companies aim to co-build intelligent operation stations to promote the intelligent upgrade of Robotaxi operations [1]

出行服务公司都有哪些可选，是企业在优化出行管理、降本增效时首先需要厘清的问题。随着企业数字化转型的深入，单一的出行方式已无法满足多元化的 业务场景。从高频的商务差旅、日常通勤，到临时的客户接待、团队建设，了解不同类型的出行服务公司及其核心优势，是企业实现高效、合规、低成本出 行的第一步。本文将系统梳理当前市场主流的五大类企业出行服务商，帮助您构建清晰的认知框架。 一、 网约车平台型企业：灵活高效，覆盖广泛 这类平台是目前企业出行市场中应用最广泛的类型，以其即时叫车、车型丰富、覆盖广泛为主要特点。 核心优势： 即时响应：能够快速响应突发、临时的用车需求，极大提升员工出行效率。 全国覆盖：服务网络通常覆盖全国绝大多数城市，尤其适合业务分布广、员工差旅频繁的企业。 成本透明：采用线上支付，价格体系透明，行程结束后可立即获取电子账单，便于后续对账。 典型服务商分析： 滴滴企业版：作为该领域的代表性平台，其优势在于庞大的司机运力池和深度的技术整合能力。企业可通过管理后台统一设置用车规则和预算，实现费用的 事前管控，并与财务系统打通，实现企业出行管理的全程数字化。 曹操企业版：主打新能源车型，提供"专车"级别的标准化服务 ...

Core Viewpoint - Cao Cao Mobility (02643.HK) and Yujing Technology (02432.HK) have signed a strategic cooperation agreement to explore innovative applications of robotics technology in the operation of Robotaxi services, focusing on vehicle cleaning, maintenance, and energy replenishment [1] Group 1 - The collaboration aims to upgrade the operation and maintenance system towards automation and intelligence, providing technical support and infrastructure for the large-scale implementation of Robotaxi [1] - Yujing Technology's humanoid robot Atom has been introduced as one of the first "smart employees" at the "Green Intelligent Passage Island," achieving validation in multiple application scenarios [1]

Core Insights - Didi's Q3 2025 performance report shows continued robust growth, with a 13.8% year-on-year increase in core platform order volume, reaching 4.685 billion orders, marking 11 consecutive quarters of double-digit growth since 2023 [1] - The total gross transaction value (GTV) for Q3 2025 increased by 14.8% year-on-year to 115.8 billion yuan, with domestic GTV growing by 10.1% to 86 billion yuan and international GTV rising by 31% to 29.8 billion yuan [1] - Didi's international business has achieved cumulative profitability in adjusted EBITA for its core ride-hailing segment in the first three quarters of 2025, indicating improved operational quality alongside market expansion [1] International Expansion - Didi has established a presence in 14 countries across Latin America, Asia-Pacific, and Africa, providing ride-hailing, food delivery, and financial services [2][3] - The company has focused on Latin America since its entry, acquiring local ride-hailing platform 99 in Brazil, which has a population of over 200 million and ranks among the top 15 globally in GDP [2] - After a two-year pause, Didi relaunched its food delivery service in Brazil in April 2023, quickly expanding to over 30 cities, including major urban areas [2] Localized Strategy - Didi's success in international markets is attributed to its localized strategy, adapting to local market demands rather than simply replicating its Chinese model [4] - The introduction of two-wheeled ride services in Brazil addresses local traffic congestion and appeals to price-sensitive users, with over 2 billion orders in the past three years [4] Electric Vehicle Initiatives - Didi is actively participating in the electrification of the Brazilian ride-hailing market, launching electric and hybrid vehicle options in major cities [5] - The company has partnered with local firms to deploy 300 electric motorcycles, aiming to reduce operational costs for drivers by up to 35% [5] - In Mexico, Didi introduced 500 electric vehicles in October 2023, collaborating with Chinese automakers to promote green transportation, with plans to introduce 100,000 electric vehicles by 2030 [5]