2025.11.05 本文字数：2105，阅读时长大约4分钟 作者 |第一财经王方然 133倍超额认购，却在上市首日一度破发。赛力斯在港股上市的第一天，看起来有些"出师不利"。 11月5日，赛力斯（09927.HK）正式在港交所上市交易，但首日开盘即跌1.98%，盘中跌幅一度超过10%。截至收盘，报131.5港元/股，与发行价持平。 与赛力斯类似，高认购、首日破发的现象，在近期的港股新股中并不罕见。Wind数据显示，今年前三季度，98%的港股新股获超额认购，但近一年上市 的新股，超过20%出现首日破发，超半数在20个交易日后跌破发行价。而打新投资者在"稳赚不赔"的期待中，正面临越来越大的不确定性。 业内人士认为，认购倍数高只是说明目前市场资金充裕，存在投机情绪，但不一定代表了真实价值。 赛力斯盘中一度破发 在深圳工作的李明（化名）是众多赛力斯新股投资者之一。与许多被筛选出局的申购者不同，他是少数中签的"幸运儿"。上市当天，他掐着表等待开盘， 期待上涨，但市场的表现却与预料中不同。 11月5日，该股开盘就跌破发行价，跌幅一度扩大到10.27%，最低跌至118港元，此后经过激烈博弈，最终报收131.5港元，与发行 ...

格隆汇11月5日｜三菱汽车首席执行官加藤：我们在美国销售的所有车辆均在日本生产，因此将全额承 担美国关税成本，不会将关税转嫁给供应商。 ...

Group 1 - Dow futures rose by 0.10%, while S&P 500 futures fell by 0.15% and Nasdaq futures decreased by 0.30% [1] - Palantir's stock dropped over 2% after investor Michael Burry disclosed a significant position in put options, with a nominal value of $912 million [1] - Chinese stocks experienced a decline, with Alibaba down 2.02%, Pinduoduo down 0.62%, NetEase down 1.92%, Ctrip down 2.06%, and JD.com down 2.93% [1] Group 2 - Tesla's CEO Elon Musk announced that the AI5 chip is expected to begin mass production in 2027, with TSMC and Samsung as manufacturers, while the AI6 chip is set for release in 2028 [1] Group 3 - Google proposed a new concept of building AI data centers in space to address resource limitations on Earth, utilizing solar-powered satellites with eight times the efficiency of similar panels on Earth [2] - Stellantis announced a global recall of 375,000 plug-in hybrid Jeep Wrangler and Grand Cherokee SUVs due to battery-related fire incidents, with the batteries produced by Samsung SDI [2] Group 4 - Alphabet's $32 billion acquisition of cybersecurity firm Wiz has passed the U.S. Department of Justice antitrust review, with plans to integrate Wiz into Google Cloud [3] - Novo Nordisk lowered its growth outlook for obesity and diabetes treatment drugs due to increased competition and pricing pressure, despite strong sales growth in the first nine months of 2025 [3]

Core Viewpoint - The recent IPO of Seres (09927.HK) faced significant market volatility, with a high subscription rate of 133 times but a first-day drop in share price, indicating a disconnect between investor enthusiasm and actual market performance [1][2][3] Company Performance - Seres achieved a revenue of 110.53 billion yuan in the first three quarters of the year, reflecting a year-on-year growth of 3.67%, while net profit surged by 31.56% to 5.31 billion yuan [2] - The company's revenue structure is heavily reliant on its "Wenjie" series, which accounted for over 90% of total revenue by mid-2025, raising concerns about its business model sustainability [3] Market Trends - The Hong Kong IPO market has seen a surge in new listings, with 68 new stocks raising a total of 182.45 billion HKD in the first three quarters of the year, and 98% of these stocks were oversubscribed [4] - Despite the high subscription rates, over 20% of newly listed stocks experienced a first-day drop, and more than half fell below their issue price within 20 trading days [6][7] Investor Behavior - Many investors, despite the high demand for new shares, are facing losses due to the phenomenon of "IPO breaking," where stocks drop below their issue price shortly after listing [5][6] - The use of leverage in IPO investments has exacerbated losses for some investors, as they incur costs regardless of whether they receive shares or not [7]

Core Viewpoint - Volkswagen Group (China) announced the establishment of a joint venture, CARIZON, with Horizon Robotics to design and develop system-on-chip (SoC) for smart connected vehicles in China [2][4]. Group 1: Joint Venture and Chip Development - The newly established joint venture, CARIZON, will focus on creating SoC specifically for Volkswagen's next-generation smart connected vehicles, featuring a powerful computing capability of 500 to 700 TOPS [4]. - The SoC will enhance advanced driver assistance systems (ADAS) and autonomous driving functions, improving decision-making efficiency and safety during high-frequency usage [4]. - The first ADAS solution from CARIZON is expected to be mass-produced within this year, marking the completion of the first phase of Volkswagen's autonomous driving R&D in China [4][6]. Group 2: Strategic Goals and Future Plans - Volkswagen Group is accelerating its "In China, For China" strategy, aiming to establish a comprehensive local R&D system covering chips, software, systems, and vehicles [8]. - Starting in 2026, the first models equipped with the new regional control electronic architecture (CEA) and CARIZON's advanced driving assistance features will be delivered to Chinese consumers [10]. - By 2027, Volkswagen plans to launch over 20 electrified models, and by 2030, approximately 30 pure electric models, significantly advancing its transition to the smart connected vehicle era [10].

Core Insights - Nexperia's supply shortage has led Nissan to reduce production of its popular SUV model Rogue in Japan, starting next week [2] - The production cut is approximately 900 units at Nissan's Kyushu plant, with further evaluations for the following week due to ongoing supply instability [2] - Nissan confirmed a "small-scale production adjustment" affecting hundreds of vehicles across its Kyushu and Oppama plants, emphasizing the need to monitor the situation closely [2] - The incident highlights the automotive industry's reliance on critical chips and the impact of geopolitical tensions on supply chains, testing manufacturers' adaptability [3] Industry Impact - The Rogue model was Nissan's best-selling vehicle in the U.S. last year, with annual sales nearing 246,000 units, indicating significant market reliance on this model [3] - The supply chain crisis stemming from Nexperia's situation has broader implications, as Honda has also paused production at its Mexican plant and adjusted North American production plans [2]

来源：新浪证券 出品：新浪财经上市公司研究院 前三季度进度业绩滞后 第三季度净利润同比下滑 基本面撑不起高估值 赛力斯港股首日破发的核心症结，在于其高估值始终缺乏扎实的业绩支撑，而2025年三季报披露的经营 数据，进一步印证了这一隐患。10月31日盘后，赛力斯同步发布2025年前三季度及第三季度财务数据： 从整体来看，前三季度营业收入1105亿元，同比仅增长3.7%；归母净利润53亿元，同比增幅31.6%，看 似实现"营收微增、利润高增"的局面。但深入拆解单季度表现可见明显压力——第三季度单季营业收入 481亿元，同比增长15.8%，营收增速虽较前三季度整体水平有所提升，归母净利润却同比下滑1.7%， 单季度盈利能力出现阶段性承压，打破了市场对其"利润持续高增"的预期。更关键的是，这份业绩与市 场目标仍存在显著差距。根据卖方机构预测，赛力斯2025年全年需实现营业收入1782亿元、净利润100 亿元。但截至前三季度，其营收仅完成全年目标的60%，净利润完成率更低至53%。 在2025年新能源汽车市场竞争加剧的背景下，赛力斯第四季度的"业绩冲刺"难度远超往年。从行业环境 看，今年车企价格战持续、新车型密集投放， ...

Core Insights - The event "Yue Ji Qian Li, Ji Huo Chi Xing" marks the launch of a long-distance test for the MG Cyberster Ji Huo version, covering approximately 2000 kilometers from Hangzhou to Guiyang, aimed at validating vehicle performance across diverse terrains [2][4] - The MG Cyberster Ji Huo version features customized optimizations in its power system and exterior design, catering to various aesthetic preferences of users [2][4] Group 1 - The long-distance test includes a significant checkpoint at the Huajiang Grand Canyon Bridge, which is recognized as the "world's highest bridge pier bridge" with a vertical height of 625 meters, focusing on vehicle stability in high-altitude, winding mountainous areas [4] - A fleet of MG Cyberster Ji Huo vehicles in various colors, such as red and silver, showcases the brand's creativity in personalized modifications and design [4] Group 2 - The long-distance test is supported by a digital service system developed in collaboration with Blue Fire Light Modification, enabling real-time data tracking, driving feedback collection, and dynamic optimization [5] - Data collected during the test will be utilized for future modification plans of the MG Cyberster Ji Huo version, enhancing the driving experience for users [5] - The event emphasizes the integration of Chinese manufacturing technology, digital services, and customization concepts, with a commitment to innovation and high-quality, personalized electric sports car experiences [5]

1.【哪吒汽车关联公司新增被执行人信息，执行标的2526万余元】天眼查法律诉讼信息显示，11月4 日，哪吒汽车关联公司合众新能源汽车股份有限公司新增一则被执行人信息，执行标的2526万余 元，执行法院为北海海事法院。合众新能源汽车股份有限公司成立于2014年10月，法定代表人为方 运舟，注册资本约28.37亿人民币，经营范围包括新能源汽车整车及零部件的设计开发、生产、销售 及相关的咨询服务等。股东信息显示，该公司由南宁民生新能源产业投资合伙企业（有限合伙）、北 京华鼎新动力股权投资基金（有限合伙）、宜春市金合股权投资有限公司等共同持股。天眼风险信息 显示，该公司现存3条被执行人信息，被执行总金额超2591万余元。此外，该公司还存在多条限制消 费令、股权冻结信息。（界面新闻） 2.【特斯拉10月份英国汽车销量减半】研究机构 New AutoMotive周三发布的数据显示，特斯拉10 月份在英国的汽车销量同比下降了一半，这与美国电动汽车制造商在欧洲其他国家的销量大幅下降形 成了呼应。数据显示，当月特斯拉在英国的新注册量只有495辆，比去年同期的1013辆下降了 51%。特斯拉一直在努力，以提高在西班牙、荷兰和北欧 ...

据悉，赛力斯此次IPO募资净额高达140.16亿港元，是迄今为止规模最大的中国车企IPO，也是2025年以来全球规模最大的车企IPO。截至记者发稿，赛 力斯今日港股的收盘价为131.5港元/股，市值2290.7亿港元。 募资70%用于研发投入 11月5日，赛力斯在香港联合交易所主板正式挂牌上市，股票代码"9927"。这也意味着，历经近9个月，赛力斯实现了"A+H"两地上市。 官方数据显示，自10月27日启动港股招股以来，赛力斯香港招股公开发售超额认购133倍，融资认购超1700亿港元。 图片来源：赛力斯公告 10月27日，赛力斯开启港股招股，全球发售H股基础发行股数为1.002亿股，初步安排香港公开发售1002万股（可予重新分配及视乎发售量调整权行使与 否而定），约占全球发售总数的10%；国际发售约9018万股（以上可予重新分配、视乎发售量调整权及超额配股权行使与否而定），约占全球发售总数 的90%。 据招股书披露，赛力斯本次发行吸引了22家基石投资者，其中包括重庆产业母基金、林园基金、广发基金、星宇香港等。"此次港股IPO募资所得约70% 将用于研发投入，约20%用于多元化新营销渠道投入、海外销售及充电网络 ...