张翔表示，欧拉5选择在11月份开启预售，并计划于第四季度正式上市，同样显示出车企对政策窗口的 高度重视。 除了上述两款车型外，还有广汽丰田铂智3X，零跑C10均搭载激光雷达，且售价均在15万元以下。 胡麒牧表示，政策环境的不确定性，要求车企在产品规划、产能布局和市场营销等方面具备更强的应变 能力。同时，政策逐步退出也将倒逼企业提升核心竞争力，减少对补贴的依赖。 曾几何时，激光雷达作为高端智能驾驶的标志性配置，仅出现在25万元以上的车型中。这一局面在2024 年被彻底打破。随着供应链成本的下降和市场竞争的白热化，激光雷达正以前所未有的速度向主流价位 段渗透。 "激光雷达能够快速下探至主流价位区间，背后是新能源汽车产业链整体成本的优化。"黄河科技学院客 座教授张翔在接受《证券日报》记者采访时表示，电池级碳酸锂价格的下降直接带动了纯电车型成本的 显著降低。与此同时，国内企业在核心零部件领域的布局日益完善，进一步扩大了这一成本优势。 11月上旬，两款搭载激光雷达的新能源汽车相继登场，将这一高端智能驾驶配置的价格门槛进一步拉 低。11月12日晚间，长城汽车（601633）欧拉5开启预售，价格区间为10.98万元至14. ...

Core Viewpoint - The Hong Kong IPO market is experiencing a strong recovery since 2025, with fundraising exceeding HKD 200 billion, regaining its position as the global leader in IPOs [2][3]. Market Performance - The performance of the Hong Kong IPO market this year has exceeded expectations, with significant contributions from high-quality companies and a continuous influx of foreign capital [3][5]. - Notable projects such as the IPO of Mixue Ice City and the placement of BYD have demonstrated the market's robust recovery, with the former achieving record frozen capital and attracting substantial foreign investment [5][6]. Impact of HKEX Reforms - Recent reforms by the Hong Kong Stock Exchange (HKEX) have positively influenced the market, particularly in optimizing IPO pricing and public market regulations, making it more attractive for large A-share companies to list [8][10]. - The new regulations have stabilized the allocation ratio between institutional and retail investors, enhancing the pricing power of institutions and improving post-IPO performance [10]. Foreign Capital Inflow - There is a clear trend of foreign capital returning to the Hong Kong IPO market, especially from European and Middle Eastern investors, driven by the need for diversified asset allocation [11][12]. - The shift in foreign investment strategies reflects a rebalancing of portfolios, with increased interest in Chinese assets [12]. Future Trends - The outlook for the Hong Kong IPO market remains positive, characterized by a virtuous cycle of good supply creating good demand, with many high-growth companies planning to list [13][14]. - Key trends for the future include diversification in company size and industry, a strong linkage between supply and demand, and the globalization of Chinese enterprises, with Hong Kong serving as a vital capital platform [14].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views - The price of lithium carbonate is in a high - level shock, and attention should be paid to the risk of seasonal weakening of power demand [1] - The trend strength of lithium carbonate is - 1, indicating a relatively bearish view [4] Group 3: Summary by Related Catalogs Fundamental Tracking - **Futures Contracts**: For the 2511 contract, the closing price was 84,920, the trading volume was 549, and the open interest was 584. For the 2601 contract, the closing price was 86,580, the trading volume was 1,145,329, and the open interest was 528,966 [1] - **Warehouse Receipts**: The warehouse receipt volume was 28,287 hands [1] - **Basis**: The basis between spot and 2511 contract was - 1,620; between spot and 2601 contract was - 3,280; between 2511 and 2601 contracts was - 1,660 [1] - **Raw Materials**: The price of spodumene concentrate (6%, CIF China) was 984, and the price of lepidolite (2.0% - 2.5%) was 2,245 [1] - **Lithium Salts**: The price of battery - grade lithium carbonate was 83,300, and the price of industrial - grade lithium carbonate was 81,100 [1] - **Related Products**: The price of lithium iron phosphate (power type) was 36,605, and the price of ternary material 523 (polycrystalline/consumer type) was 153,325 [1] Macro and Industry News - The SMM battery - grade lithium carbonate index price was 83,228 yuan/ton, with a daily increase of 889 yuan/ton. The average price of battery - grade lithium carbonate was 83,300 yuan/ton, and that of industrial - grade lithium carbonate was 81,100 yuan/ton, both with a daily increase of 1,000 yuan/ton [2] - In October 2025, the production and sales of new energy vehicles were 1.772 million and 1.715 million respectively, with year - on - year increases of 21.1% and 20% [2] - From January to October 2025, the production and sales of new energy vehicles were 13.015 million and 12.943 million respectively, with year - on - year increases of 33.1% and 32.7% [4]

【观网财经丨智能早报 11月13日】 南京工大团队创新"层间光子循环" 钙钛矿LED效率刷新世界纪录 11月12日，国际顶尖学术期刊《自然》在线发表我国科研团队重大突破：南京工业大学柔性电子全国重点实验室黄维院士、王建浦教授与王娜娜教授团队， 创新提出"层间光子循环"技术，将叠层钙钛矿发光二极管（LED）的外量子效率提升至45.5%，刷新该领域世界纪录。 钙钛矿LED因可溶液加工、色纯度高、成本低等优势，成为显示与照明领域的研究热点。但传统叠层钙钛矿LED外量子效率不足10%，远低于单结器件，制 约商业化进程。团队针对这一难题，优化连接层与发光层微纳结构，让一层钙钛矿产生的光子可被另一层重新吸收并再次发射，突破光提取效率限制。 实验显示，该器件不仅峰值外量子效率达45.5%，在100mA·cm⁻²高电流密度下仍保持34.5%的高效率，实现"1+1>2"的效果。《自然》审稿人评价，此技术为 提升钙钛矿LED效率开辟重要方向。 黄维院士表示，器件效率已达商业化水平，团队将推进成果放大与产业化，未来有望推动柔性显示、新一代照明等领域的技术革新。科学网同步报道称，这 一突破彰显我国在钙钛矿光电领域的国际引领地位。 年 ...

Core Insights - The report indicates that from January to October, Hainan Province has promoted the application of over 104,000 new energy vehicles, representing a year-on-year growth of 13.76% [1] - The new energy vehicle market in Hainan has entered a "popularization" phase, with the total number of new energy vehicles surpassing 500,000 for the first time, accounting for 22.64% of the total vehicle ownership, ranking second among provincial regions in the country [1] - Since the start of the 14th Five-Year Plan, Hainan has initiated several new projects in the new energy vehicle industry, including the Hainan Remote New Energy Commercial Vehicle Project, which is expected to be completed and put into operation in 2024 [1] - Additional projects such as high-end medical special vehicles are also in the construction and product qualification application stages, indicating a gradual expansion of the industry [1]

Group 1 - Counterpoint Research is a global market research company focused on the technology ecosystem, providing services to clients ranging from smartphone OEMs to chip manufacturers and large tech companies [7] - The company has a team of experienced analysts covering various roles, offering comprehensive services that include market data, industry insights, and strategic consulting [7] - Core research areas of the company include AI, automotive electronics, consumer electronics, displays, eSIM, IoT, macroeconomics, manufacturing, networking and infrastructure, semiconductors, smartphones, and wearables [7] Group 2 - In Q3 2025, smartphone sales in China decreased by 2% year-on-year, indicating a market adjustment period [6] - The average battery capacity of smartphones in China ranked first globally, with an 11% year-on-year increase in May 2025 [6] - In Q2 2025, the smartphone shipment volume in China fell by 2% year-on-year due to weak demand and reduced subsidies [6] - The Chinese smartphone market is expected to grow year-on-year in the first half of 2025, driven by five trends reshaping the competitive landscape [6] - Huawei and Apple achieved strong year-on-year growth in a sluggish market during Q2 2025 [6] - Chinese new energy vehicle companies are expanding their advantages, while foreign brands are accelerating their marginalization [6] - Harman and Bose remain dominant in the global automotive audio market, influenced by the development trends of Chinese car manufacturers and electric vehicles [6] - A survey indicated that users of autonomous taxis in the US and China expect a safer autonomous driving experience [6] - China's share of global display production capacity is projected to reach 75% by 2028 [6] - The WAIC 2025 event revealed significant signals from China's AI giants [6] - The 15th article on GenAI memory solutions discusses the paradox of HBM, China, and AI investment [6]

吉利银河2025年1—10月销量突破100万辆 历时29个月，销量突破158万辆 *数据来源：吉利汽车集团、吉利银河 ...

东吴证券近日发布电力设备行业深度报告：新能源汽车板块2025Q3持仓占总市值比重为 5.28%，环比上升1.13pct。2024Q3-2025Q3持仓比例分别为5.25%、5.29%、5.20%、4.15%、 5.28%。上游锂矿2025Q3整体持仓上升1.24pct至2.86%；中游持仓整体提升0.69pct至8.92%， 结构件、正极、负极、隔膜、六氟磷酸锂及电解液、添加剂、铜箔持仓上升，电池、铝箔持 仓下降；核心零部件2025Q3持仓上升，整车、充电桩持仓下降；新技术板块2025Q3上升 0.29pct至2.00%，钠电池、复合集流体上涨。 以下为研究报告摘要： 新能源汽车：总体持仓上升，上游锂矿&中游&核心零部件&新技术上升，整车&充电桩 持仓下降 新能源汽车板块2025Q3持仓占总市值比重为5.28%，环比上升1.13pct。2024Q3-2025Q3 持仓比例分别为5.25%、5.29%、5.20%、4.15%、5.28%。1）上游锂矿2025Q3整体持仓上升 1.24pct至2.86%；2）中游持仓整体提升0.69pct至8.92%，结构件、正极、负极、隔膜、六氟 磷酸锂及电解液、添加剂、铜箔持 ...

粤港澳大湾区，是我国开放程度最高、经济活力最强的区域之一，以不到全国0.6%的国土面积，创造了全国约1/9的经济总量。大湾区也是国内上市公司密 度最高的区域之一，Wind数据显示，大湾区内地九市合计拥有813家A股上市公司。 近几年来，大湾区上市公司持续展现出勃勃的发展生机，科技创新层出不穷、新兴赛道持续拓宽、出海踏浪闪耀全球.……为区域乃至全国的高质量发展交 出了一份亮眼的答卷。 科创攻坚：强研发塑造核心竞争力 香港中文大学（深圳）公共政策学院院长、广州粤港澳大湾区研究院理事长郑永年近日在2025世界粤商大会上表示，科技进步的"三驾马车"，一是拥有一大 批基础科研能力的大学或机构，二是拥有一大批有能力把基础科研转化成应用技术的企业，三是需要强大的金融服务。 "在粤港澳大湾区，这三个条件是最具备的，甚至比美国的条件还好。"郑永年表示，粤港澳大湾区在短短数年内成为世界制造业中心，就在于大湾区的应用 技术强。"就人工智能技术来说，大湾区的发展比美国更快，这主要得益于大湾区更充足的人工智能应用场景。" 产业升级：拓赛道竞逐新质生产力 世界知识产权组织（WIPO）今年9月发布的"世界百强创新集群"排行榜中，深圳—香港 ...

Industry News - The National Energy Administration has issued guidelines to promote the integrated development of renewable energy, aiming for significant improvements in reliability and market competitiveness by 2030 [2] - The Ministry of Industry and Information Technology reported that over 600,000 technology and innovation-oriented SMEs have been cultivated in China, with more than 140,000 specialized and innovative SMEs [5] - The Ministry of Industry and Information Technology is seeking public opinions on the management measures for the printed circuit board industry, emphasizing the need for technological advancement and quality improvement [10] - The Ministry of Education has outlined plans to establish a comprehensive technology education system in primary and secondary schools by 2030, enhancing practical skills and interdisciplinary teaching methods [11] - The State Post Bureau reported that from October 21 to November 11, the national express delivery companies collected 13.938 billion packages, with a daily average of 634 million, indicating a significant expansion in the express delivery market [12] Company News - Haibo Sichuang has signed a strategic cooperation agreement with CATL to procure a total of no less than 200 GWh of electricity from 2026 to 2028 [16] - Century Huatong plans to repurchase between 500 million to 1 billion yuan of its shares for cancellation [16] - Changrong Co. intends to establish a controlling subsidiary to cooperate in the construction of a 100 MW photovoltaic power station [16] - CATL has begun mass production of its fifth-generation lithium iron phosphate battery products [16] - Shengton Mining is advancing its internationalization process with a planned investment of 1.423 billion yuan in its subsidiary [16] - Jingyuan Environmental Protection has won a water treatment project in the power industry worth approximately 143 million yuan [16] - Sturdy Medical's wholly-owned subsidiary plans to invest 2 billion yuan to build a production base for all-cotton spunlace non-woven fabric [16] - Giant Star Legend is deepening its cooperation with Yushu Technology to accelerate the commercialization of the robotics industry [16]