Group 1 - The Hang Seng Index rose by 0.63% at midday, while the Hang Seng Tech Index fell by 0.41% [1] - Semiconductor stocks experienced a broad decline, with Hua Hong Semiconductor dropping over 4% and SMIC falling nearly 2% [1] - Technology stocks such as Alibaba-SW and Baidu Group-SW both saw declines of over 2% [1] Group 2 - New energy vehicle stocks weakened, with NIO-SW dropping more than 6% and Xpeng Motors-W falling over 4% [1]

Group 1 - The Shanghai Stock Exchange International Investor Conference was held on November 12, focusing on "Value Leading, Open Empowerment - New Opportunities for International Capital Investment and M&A" [3] - The conference aimed to create a communication platform for foreign institutional investors, regulatory agencies, exchanges, listed companies, and financial institutions, promoting deep integration of international capital with the Chinese capital market [3] - Zhang Yiming from CICC highlighted the successful completion of CATL's Hong Kong IPO in May, raising $5.3 billion, showcasing international investors' recognition of high-quality Chinese technology and production assets [3][4] Group 2 - Zhang emphasized that patient capital is crucial for driving technological innovation, as long-term investments can stabilize market expectations and provide continuous momentum for new productive forces [4] - He outlined three key experiences: leveraging the synergy of investment, banking, and research to support early-stage tech companies; breaking down barriers in financial sub-industries; and ensuring smooth exit mechanisms for long-term capital [4] - Zhang noted that the global tech sector has shown a pattern of "synchronous resonance and alternating peaks," driven by breakthroughs in AI technology, which have led to record capital expenditures by tech giants [4] Group 3 - The future strategy for CICC includes deepening the "bringing in" and "going out" approach, utilizing capital market strengths to support high-quality Chinese enterprises in global expansion and providing ongoing financial support for technological innovation [5]

随着新能源汽车购置税政策进入调整倒计时阶段，为回馈广大用户的支持，让更多消费者轻松拥有豪华 智能出行体验，上汽奥迪针对奥迪E5 Sportback推出跨年购置税补贴计划。11月30日前抢先下单，如因 非用户原因导致车辆在2026年交付，即可享受至高15，000元的购置税补贴。该计划覆盖目前在售的奥 迪E5 Sportback全系车型，即刻预定，锁定补贴权益。 奥迪E5 Sportback全系推出先锋型、先锋plus型、先锋quattro型和旗舰quattro型共4款配置车型，臻享价 23.59万元起。首批购车用户可享全系10，000元保险现金礼遇、5年超长贷及前24期0息无忧，或选择最 长3年无忧租、首付99，000元起、期满购还自由选方案。同时，针对不同版本，购车用户可享价值超 55，000元购车权益，包括超清电子外后视镜免费升级、六款个性车色全系免费选、全景辅助驾驶全系 终身免费使用、全系赠送至高500万元保额的辅助驾驶无忧保障、奥迪原厂高定车载香氛系统替换装礼 盒2份及定制版128G随行U盘1份。针对用户的个性化选装需求，上汽奥迪还提供多款升级包，如"数智 先锋升级包""奢享座舱升级包"等，下订用户更可 ...

规模迅速上升的零跑汽车（下称"零跑"），正在加速拓宽用户人群。 继上个月推出新车D19，向高端市场发起进攻后，零跑再度向年轻群体抛出橄榄枝。 先欧洲再中国 布局更加完善，想法更为清晰的零跑对于这款新车未来销量也有自己的预期。 为了让Lafa 5能够适配不同市场需求，设计上零跑选择兼顾，新车基于 LEAP 3.5 架构B平台打造，采 用"掀背 + 轿跑"融合造型，配备无框车门、纯平侧窗，低趴姿态与 0.256 低风阻系数，4430mm的紧凑 车长适配欧洲狭窄道路，1880mm宽车身和2735mm轴距又尽量满足国内用户对于空间的需求。 和其他车型一样，Lafa 5依然沿袭了零跑一贯的"低价高配"打法。 配置上，新车提供515km和605km两种CLTC续航版本，30%—80%快充需18分钟。智能方面则搭载高通 8295P旗舰芯片与激光雷达组合，配备27个感知硬件，支持26项辅助驾驶功能。底盘由零跑与Stellantis 联合调校，轴荷分配50:50。 "有信心月销破万" 和6年前首次尝试运动轿跑时相比，曹力直言"想法完全不一样"。 他说做S01的时候是觉得做轿跑挺酷的，是不是有用户喜欢没有考虑那么多，但是现在做L ...

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 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—广州创新集群首次超 越日本东京—横滨集群，跃居榜首。这一"桂冠"背后，体现出大湾区上市公司在科技创新研发上的持续加码。 从研发投入总量来看，今年前三季度，大湾区上市公司研发费用总额为2373.17亿元，同比增长9.69%，占全部 A股公司研发费用20.69%。这意味着，A股市场每5元研发费用中就有1元来自大湾区，大湾区正成为资本市场 的"创新高地"。 从企业层面来看，比亚迪在今年前三季度以437.48亿元的研发费用，位居全部A股上市公司榜首。从10C充电 倍率"闪充电池"、全球首款量产3万转电机和全新一代车规级碳化 ...

Core Insights - Seres has officially listed on the Hong Kong Stock Exchange, achieving two industry records: the largest IPO of a Chinese automotive company to date and the largest automotive IPO globally since 2025 [1] - This milestone signifies a critical breakthrough in Seres' strategy for international capitalization and brand elevation, serving as an important benchmark for the globalization of China's new energy vehicle industry [1] Financial Performance - The global public offering on the Hong Kong Stock Exchange involved 108.6 million shares, with an oversubscription rate of 133 times, raising over 170 billion HKD in financing [2] - The participation of 22 cornerstone investors, including notable institutions like Chongqing Industry Mother Fund and Schroders, indicates strong market confidence in Seres' long-term value and high-end strategy [2] Strategic Focus - Approximately 70% of the raised funds will be allocated to technology research and development, while 20% will be used for diversified new marketing channels, overseas sales, and charging network services, reflecting a "technology-driven, global layout" development approach [2] - The establishment of an "A+H" dual capital platform not only broadens financing channels but also provides a more robust capital support system for the company's globalization efforts [2] Industry Trends - The timing of Seres' IPO and its market performance reflect deeper trends in the industry, including a shift from quantity accumulation to quality breakthroughs in China's new energy vehicle sector [3] - The capital market is increasingly valuing companies with clear technological pathways and high-end capabilities, indicating a transition of "Chinese manufacturing" from following to competing and even leading in the global automotive landscape [3] - The records set by Seres symbolize a microcosm of the transformation and upgrading of the Chinese automotive industry, foreshadowing significant changes in the competitive landscape of the global new energy vehicle market [3]

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 资讯早间报 发布日期： 2025/11/12 隔夜夜盘市场走势 1. 美油主力合约收涨 1.51%，报 61.04 美元/桶；布伦特原油主力合约涨 1.7%， 报 65.15 美元/桶。 2. 国际贵金属期货普遍收涨，COMEX 黄金期货涨 0.27%报 4133.20 美元/盎司， COMEX 白银期货涨 1.52 ...

Group 1 - The global power battery installation volume from January to September 2025 is approximately 768.3 GWh, representing a year-on-year growth of 35% [1] - In the same period, global sales of new energy vehicles reached about 14.237 million units, a year-on-year increase of 26%, with a penetration rate of 22.1% [1] - The China Securities New Energy Vehicle Industry Index, which tracks 50 listed companies involved in the new energy vehicle sector, reflects the overall performance of leading companies in the industry [1] Group 2 - The top ten weighted stocks in the China Securities New Energy Vehicle Industry Index as of October 31, 2025, account for 53.56% of the index [1] - The top ten stocks include CATL (10.10%), Huichuan Technology (8.28%), BYD (-0.26%), and others, with varying weightings and daily price changes [2] - The New Energy Vehicle ETF closely tracks the China Securities New Energy Vehicle Industry Index and has shown a recovery in trading, with a maximum intraday increase of over 2.5% [1][4]

Core Insights - The report indicates a significant increase in the electric equipment and new energy sectors, with an overall rise of 4.98% this week, driven by strong performances in the photovoltaic and nuclear power sectors [1][3]. Industry Summary - **New Energy Vehicles**: The fourth quarter is expected to be a peak sales season, with a projected 30% year-on-year increase in wholesale sales for the first ten months of 2023, totaling 12.054 million units [2][4]. - **Power Battery**: The price of lithium hexafluorophosphate continues to rise, potentially exceeding 150,000 yuan, which may lead to improved profitability for related companies [2][4]. - **Photovoltaics**: The investment strategy focuses on avoiding excessive competition, with future component prices dependent on installation demand and return rates of photovoltaic power stations [2][4]. - **Wind Power**: Continuous growth in wind power demand is anticipated, with recommendations to focus on wind turbines and offshore wind projects [2][4]. - **Energy Storage**: The energy storage sector remains in a high-demand phase, with significant year-on-year increases in system bidding scale [4]. - **Hydrogen Energy**: The integration of electric energy substitution is expected to enhance green hydrogen demand, with a focus on the development of green fuels [2][4]. - **Nuclear Fusion**: The report highlights nuclear fusion as a long-term energy development direction, with recommendations to monitor core suppliers in this field [2]. Company Highlights - **Tianqi Materials**: Signed procurement contracts with Guoxuan High-Tech and Zhongxin Innovation for a total of 159,500 tons of electrolyte supply from 2026 to 2028 [5]. - **Shangtai Technology**: Received approval for a convertible bond issuance from the Shenzhen Stock Exchange [5]. - **Trina Solar**: The controlling shareholder has completed a reduction of 0.57% of the company's total share capital [5].

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—广州创新集群首次超越日本东京—横滨集群，跃居榜首。这 一"桂冠"背后，体现出大湾区上市公司在科技创新研发上的持续加码。 从研发投入总量来看，今年前三季度，大湾区上市公司研发费用总额为2373.17亿元，同比增长9.69%，占全部A股公司研发费用20.69%。这意味着，A股 市场每5元研发费用中就有1元来自大湾区，大湾区正成为资本市场的"创新高地"。 从企业层面来看，比亚迪（002594）在今年前三季度以437.48亿元的研发费用，位居全部A股上市公司榜首。从10C充电倍率"闪充电池"、全球首款量产3 万转电机和全新一代车规级碳化硅功率芯片，到"天神之眼"智驾算法的加速迭代，比亚迪正全球新能源汽车行业构筑起越来越高的技术"护城河"。 道通科技近年来凭借"全面拥抱AI"战略，实现了业绩的持续高增长。"道通每年都在新的前沿技术上增加研发投入，从数字化到新能源化再到智能化，研 发费用率基本维持在15%到20%。" 道通科技董秘李律指出，这种高强度投入换来了显著成效，2025年前三季度公司扣非净利润同比大增61.81%，盈利规 模已超2 ...