Core Viewpoint - The news regarding FAW Group's acquisition of Leap Motor is deemed false by Leap Motor, which has officially responded to the claims [1] Group 1 - Leap Motor stated that the reports of FAW Group acquiring its shares through a targeted issuance are inaccurate [1] - Previous media reports suggested that FAW Group would gradually acquire shares in Leap Motor and eventually become its largest shareholder [1] - The acquisition plan was reportedly approved by relevant authorities and was set to be publicly announced on November 17 [1]

Core Insights - October saw significant growth in automobile sales, particularly in the new energy vehicle (NEV) sector, with several companies achieving record sales figures [2][4][6] Group 1: Overall Market Performance - In October, five out of eight traditional car manufacturers reported a year-on-year sales growth exceeding 10% [2] - SAIC Motor Corporation sold 454,000 vehicles in October, marking a 13% increase year-on-year, maintaining its position as the top-selling domestic automaker for two consecutive months [4][5] - Geely Automobile achieved a record monthly sales of over 307,000 units, with a remarkable year-on-year growth of 35%, moving up two ranks to third place [6] Group 2: Company-Specific Performance - BYD sold 442,000 vehicles in October, a new high for the year, but experienced a 12% decline year-on-year [4] - China FAW Group sold 305,000 vehicles in October, reflecting an 8.1% increase year-on-year, with a total of 2.688 million vehicles sold from January to October [7] - Chery Group's sales reached 281,000 vehicles in October, up 3.3% year-on-year, with NEV sales growing by 54.7% [8] Group 3: New Energy Vehicle Sales - SAIC's NEV sales reached 207,000 units in October, a 31.6% increase year-on-year, contributing to its overall sales success [4] - Geely's NEV sales in October hit 178,000 units, a 64% increase year-on-year, with NEVs accounting for 58% of its total sales [6] - Chery's NEV sales for the first ten months totaled 698,000 units, a 73.1% increase year-on-year, solidifying its position among the top five in the industry [8] Group 4: Export Performance - BYD exported 83,904 NEVs in October, marking it as one of the fastest-growing exporters in the automotive sector [4] - Geely's overseas sales reached 41,568 units in October, reflecting a 23% year-on-year increase [6] - Chery's exports for October were 126,000 units, a 13% increase, continuing a trend of strong export performance [8] Group 5: Year-to-Date Performance and Targets - As of October, SAIC's cumulative sales reached 3.647 million units, achieving an 81% target completion rate against its annual goal of 4.5 million units [5] - Geely's cumulative sales for the year stood at 2.477 million units, with an 83% target completion rate against its revised goal of 3 million units [6] - Chery's cumulative sales reached 2.289 million units, with a target completion rate estimated between 71% and 77% based on industry growth projections [8]

Core Viewpoint - Daming Electronics Co., Ltd. is set to list its common shares on the Shanghai Stock Exchange on November 6, 2025, following approval from the Shanghai Stock Exchange [1] Summary by Sections Listing Overview - Stock name: Daming Electronics - Stock code: 603376 - Total shares after IPO: 4,000.10 million shares - All shares issued are new shares, with no existing shares being transferred [4] Financial Metrics - The IPO price is set at 12.55 CNY per share, corresponding to a price-to-earnings (P/E) ratio of: - 16.02 times based on the net profit attributable to shareholders before non-recurring gains and losses for the fiscal year 2024 [4] - 16.18 times based on the net profit attributable to shareholders after non-recurring gains and losses for the fiscal year 2024 [5] - 17.80 times based on the diluted earnings per share (EPS) before non-recurring gains and losses after the IPO [5] - 17.97 times based on the diluted EPS after non-recurring gains and losses after the IPO [5] - The average static P/E ratio for the automotive manufacturing industry is 30.42 times as of October 21, 2025 [5] Risks - The initial trading period for new stocks has no price fluctuation limits for the first five trading days, which may lead to significant price volatility [2] - The number of circulating shares post-IPO is relatively low, with only 3,103.7597 million shares available for trading, representing 7.76% of the total shares, indicating potential liquidity risks [3] - The IPO price results in a P/E ratio lower than the industry average, which may pose a risk of stock price decline [7] - Stocks will be eligible for margin trading from the first day of listing, which could introduce additional price volatility and liquidity risks [8]

Core Points - Sais Group Co., Ltd. has set the final offer price for its global issuance at HKD 131.50 per share [1] - The total number of H shares issued in this global offering is 108,619,000, with 10% allocated for public offering in Hong Kong and 90% for international placement [1] - The total funds raised from this issuance amount to approximately HKD 14.28 billion, with a net amount of about HKD 14.02 billion after deducting listing expenses [1] Public Offering - The Hong Kong public offering received strong investor interest, with a total of 202,321 valid applications, resulting in an oversubscription of 132.68 times [1] - A total of 10,861,900 shares were allocated to the public offering segment [1] International Placement - The international placement attracted 234 participants, with an oversubscription of 8.61 times, leading to the allocation of 97,757,100 shares [1] - Due to the enthusiastic response from the public offering, the company exercised its option to adjust the offering volume, issuing an additional 8,419,000 shares [2] Cornerstone Investors - The offering includes a strong lineup of cornerstone investors, with 20 institutions and individuals participating, collectively receiving 48,828,700 shares, which is 44.95% of the total global offering [2] - Notable allocations include 16,553,200 shares to the Chongqing Industry Mother Fund, representing 15.24% of the total [2] Listing Information - The H shares of Sais Group are expected to be listed on the Hong Kong Stock Exchange on November 5, 2025, under the stock code 9927, with a trading unit of 100 shares [2] - The company has applied for a waiver from the requirement to allocate shares to existing minority shareholders, allowing some existing shareholders to participate as cornerstone investors or underwriters [2]

Core Viewpoint - The company is experiencing significant growth in wholesale sales, particularly in its self-owned and new energy vehicle brands, indicating a successful transition towards electric and intelligent vehicles [2][3][4]. Group 1: Sales Performance - In October, the group's wholesale sales reached 278,000 units, a year-on-year increase of 11.0% and a month-on-month increase of 4.6% [2]. - Cumulatively, from January to October, the total wholesale sales amounted to 2.374 million units, reflecting a year-on-year growth of 10.1% [2]. - The self-owned brand's wholesale sales in October were 237,000 units, up 11.3% year-on-year and 4.9% month-on-month [3]. Group 2: New Energy Vehicle Growth - The company's new energy vehicle wholesale sales in October reached 119,000 units, marking a year-on-year increase of 36.1% and a month-on-month increase of 15.0% [3]. - From January to October, cumulative new energy vehicle sales totaled 869,000 units, representing a year-on-year growth of 60.6% [3]. Group 3: Brand Performance - The Deep Blue brand sold 37,000 units in October, a year-on-year increase of 28.1% and a month-on-month increase of 9.4% [3]. - The Avita brand achieved sales of 13,506 units in October, up 34.3% year-on-year and 22.5% month-on-month [3]. Group 4: Future Outlook - The company aims for a sales target of 3 million units by 2025, with new energy vehicle sales targeted at 1 million units [3]. - Upcoming models such as the Deep Blue L06 and others are expected to enhance the company's product lineup and support its transition to electric vehicles [4]. Group 5: Corporate Developments - The establishment of a new group under Changan Automobile aims to integrate resources and enhance operational efficiency, with plans for future innovations including humanoid robots and flying cars [5]. - The new group's strategy focuses on building a globally competitive automotive brand with core technologies [5]. Group 6: Financial Projections - Revenue projections for 2025-2027 are estimated at 189.6 billion, 209.5 billion, and 233.5 billion yuan respectively, with corresponding net profits of 6.31 billion, 8.16 billion, and 10.94 billion yuan [6][7]. - The expected earnings per share (EPS) for the same period are projected to be 0.64, 0.82, and 1.10 yuan, indicating a positive growth trajectory [6][7].

保荐人（主承销商） 中国（上海）自由贸易试验区商城路 618 号 股票简称：大明电子 股票代码：603376 大明电子股份有限公司 Daming Electronics Co.,Ltd. （浙江省乐清市虹桥镇西工业区 M-1 号） 首次公开发行股票主板上市公告书 二〇二五年十一月五日 特别提示 大明电子股份有限公司（以下简称"大明电子"、"发行人"、"公司"或 "本公司"）股票将于 2025 年 11 月 6 日在上海证券交易所主板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 本上市公告书中若出现总数与各分项数值之和尾数不等的情况，均为四舍五 入尾差所致。 1 第一节 重要声明与提示 一、重要声明 本公司及全体董事、高级管理人员保证上市公告书所披露信息的真实、准确、 完整，承诺上市公告书不存在虚假记载、误导性陈述或者重大遗漏，并依法承担 法律责任。 上海证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均不 表明对本公司的任何保证。 本 公 司提 醒广 大投 资者 认真 阅读 查阅 刊载 于 上海 证券 交易 所网 ...

大明电子股份有限公司 保荐人（主承销商）：国泰海通证券股份有限公司 扫描二维码查阅公告全文 本公司及全体董事、监事、高级管理人员保证信息披露的内容真实、准确、 完整、及时，没有虚假记载、误导性陈述或重大遗漏。 经上海证券交易所审核同意，大明电子股份有限公司（以下简称"大明电子" 或"公司"）发行的人民币普通股股票将于 2025 年 11 月 6 日在上海证券交易所主 板上市，上市公告书全文和首次公开发行股票的招股说明书全文披露于上海证券 交易所网站（www.sse.com.cn）和符合中国证监会规定条件网站（中证网，网址 www.cs.com.cn；中国证券网，网址 www.cnstock.com；证券时报网，网址 www.stcn.com；证券日报网，网址 www.zqrb.cn；经济参考网，网址 www.jjckb.cn；中国金融新闻网，网址 www.financialnews.com.cn；中国日报网， 网址 cn.chinadaily.com.cn），供投资者查阅。 一、上市概况 1、股票简称：大明电子 2、扩位简称：大明电子 3、股票代码：603376 首次公开发行股票主板上市公告书提示性公告 4、 ...

Group 1 - Jilin Chemical Fiber's controlling shareholder, Jilin Chemical Fiber Group, completed a capital increase and share expansion, raising registered capital from 809 million to 2.508 billion yuan, with the State-owned Assets Supervision and Administration Commission's shareholding increasing to 67.09% [2] - Lepu Medical's subsidiary received NMPA registration approval for a rechargeable implantable deep brain stimulation system, aimed at assisting patients with advanced Parkinson's disease [3] - Zhenai Home announced a potential change in control, leading to a stock suspension starting November 5, 2025, due to ongoing negotiations [4] Group 2 - Yutong Bus reported a 5.62% year-on-year decline in October sales, with total sales for the year increasing by 5.87% [11] - Qianli Technology's October sales surged by 111.44%, with significant growth in both new energy and other vehicle categories [12] - Sike Xide's major shareholder completed a reduction of 825,195 shares, raising a total of approximately 22.84 million yuan [14] Group 3 - Far East Holdings' subsidiary secured contracts exceeding 1 billion yuan in October, which is expected to positively impact future performance [24] - Quan Yang Quan's subsidiary won a 1.48 billion yuan project for airline drinking water supply, anticipated to enhance future earnings [25] - Guoji Automobile's subsidiary won an 8.09 billion yuan project for a lightweight component factory, expected to positively influence operational performance [26]

Core Viewpoint - Goldman Sachs predicts that overseas markets will become the growth engine for BYD Company (01211) over the next decade, raising the forecast for the company's overseas sales outside the U.S. from 5% to 14%, reaching between 1.5 million to 3.5 million units from 2026 to 2035 [1] Group 1: Market Penetration and Growth - The current electric vehicle penetration rate in key overseas markets lags behind China by approximately four years, with expectations that new model launches will drive the penetration rate to reach the level of China's in 2028 by 2035, resulting in a market size of 28 million units [1] - BYD's vehicle models possess competitive advantages, with some being among the best-selling in the market [1] Group 2: Company Strategy and Positioning - The company has established a rich model portfolio in the domestic market, supported by continuous R&D investment and an expanding sales network, which positions BYD favorably for global market expansion [1]

宇通客车公告，2025年10月份销售量3040辆，同比下降5.62%；生产量3228辆，同比下降9.27%。本年 累计销售量36596辆，同比增加5.87%；累计产量37102辆，同比增加4.56%。其中10月大型销量1495 辆，同比上升13.17%；中型967辆，同比下降33.81%；轻型578辆，同比上升31.66%。 ...