Investment Rating - The report maintains a cautious outlook on high-risk assets, particularly cryptocurrencies, while expressing optimism for AI technology and the Macau tourism sector [3]. Core Views - The market is currently under pressure due to the Federal Reserve's interest rate discussions and ongoing debates about AI, leading to significant declines in high-risk assets like cryptocurrencies. Concerns are rising regarding the sustainability of AI's commercial applications despite its recognized efficiency improvements. The report emphasizes the importance of focusing on technology leaders with strong cash flows, such as Google, META, Microsoft, Alibaba, and Tencent, while also monitoring the application of AI in various sectors [3]. - The Macau tourism industry is highlighted as a valuable investment opportunity, benefiting from a favorable supply-demand dynamic and expected growth during the upcoming holiday periods [3]. - The report suggests that trading platforms remain attractive, with potential for accumulation following market corrections [3]. Summary by Sections 1.1 Consumer & Internet 1.1.1 Education - The Chinese education index fell by 4.60%, outperforming the Hang Seng Index but underperforming major indices like the Shanghai Composite [11]. - New Oriental launched an AI education product, SureChinese, aimed at a broader audience, with 160,000 users across 138 countries [19]. 1.1.2 Luxury Goods & Gambling - The S&P Global Luxury Goods Index decreased by 1.49%, with notable declines in major gambling stocks like Sands China and Wynn Macau [21]. - The upcoming sports events in Macau are expected to attract over 2 million tourists, boosting the local tourism sector [3]. 1.1.3 Coffee & Tea - The coffee sector remains robust, while the tea segment faces challenges due to reduced promotional activities from delivery platforms [30]. 1.1.4 E-commerce & Internet - The Hang Seng Internet Technology Index fell by 5.90%, with mixed performances among major e-commerce players [36]. - Pinduoduo reported a 9% year-on-year revenue increase, reaching 108.3 billion yuan [41]. 1.2 Platforms & Technology 1.2.1 Streaming Platforms - The Hang Seng Media Index dropped by 6.86%, with mixed results among key players like iQIYI and Spotify [45]. - iQIYI reported a revenue decline of 8% year-on-year for Q3 [53]. 1.2.2 Virtual Assets & Internet Brokers - The global cryptocurrency market capitalization fell to $305.32 billion, with Bitcoin and Ethereum prices decreasing by 10% and 11% respectively [49]. - Futu Holdings reported a significant revenue increase of 86% year-on-year for Q3 [56]. 1.2.3 Automotive Services - The automotive sector saw a mixed performance, with some companies like AutoZone and O'Reilly Auto Parts showing gains while others faced declines [60].

天眼查App显示，近日，宁夏安擎车辆技术服务有限责任公司成立，法定代表人为谭振伟，注册资本 500万人民币，经营范围为一般项目：机动车修理和维护；润滑油销售；汽车装饰用品销售；汽车拖 车、求援、清障服务；汽车零部件及配件制造；通用设备修理；汽车轮毂制造；汽车零配件批发；新能 源汽车电附件销售；汽车零配件零售；电动汽车充电基础设施运营；轮胎销售；专业保洁、清洗、消毒 服务；电子过磅服务；洗车服务；日用百货销售；道路货物运输站经营；新鲜蔬菜零售；新鲜水果零 售；专用设备修理。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可项目：特种 设备安装改造修理。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相 关部门批准文件或许可证件为准）。 ...

每经AI快讯，浩物股份（SZ 000757，收盘价：4.9元）11月21日晚间发布公告称，公司十届十次董事会 会议于2025年11月21日以通讯会议方式召开。会议审议了《关于公司下属公司拟与关联方签订〈房屋租 赁协议〉暨关联交易的议案》等文件。 2025年1至6月份，浩物股份的营业收入构成为：汽车服务占比71.15%，机械占比28.23%，其他业务占 比0.62%。 截至发稿，浩物股份市值为26亿元。 每经头条（nbdtoutiao）——展望"十五五" | 专访黄群慧：既要重视AI赋能千行百业，也要考量其对就业 的替代效应和带来的收入极化 （记者 贾运可） ...

Market Overview - The automotive service sector experienced a decline of 2.63% on November 21, with 德众汽车 (Dezhong Automobile) leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - 德众汽车 closed at 6.57, down 6.94%, with a trading volume of 60,000 shares and a transaction value of 40.59 million yuan [1] - 厦门信达 (Xiamen Xinda) fell by 5.76% to 6.22, with a trading volume of 419,100 shares and a transaction value of 268 million yuan [1] - 北巴传媒 (Beiba Media) decreased by 5.66% to 4.50, with a trading volume of 215,500 shares and a transaction value of 99.39 million yuan [1] - 浩物股份 (Haowu Co.) dropped 5.22% to 4.90, with a trading volume of 209,100 shares and a transaction value of 105 million yuan [1] - 申华控股 (Shenhua Holdings) saw a decline of 4.41% to 1.95, with a trading volume of 516,500 shares and a transaction value of 103 million yuan [1] - 阿尔特 (Alter) fell by 4.40% to 10.00, with a trading volume of 107,600 shares and a transaction value of 109 million yuan [1] - 国机汽车 (Guoji Automobile) decreased by 2.73% to 6.06, with a trading volume of 187,500 shares and a transaction value of 115 million yuan [1] - 交运股份 (Jiaoyun Co.) dropped 2.50% to 5.84, with a trading volume of 102,700 shares and a transaction value of 60.61 million yuan [1] - 中汽股份 (Zhongqi Co.) fell by 2.29% to 6.39, with a trading volume of 138,700 shares and a transaction value of 89.52 million yuan [1] - 上海物贸 (Shanghai Wumao) saw a minor decline of 0.98% to 11.06, with a trading volume of 92,200 shares and a transaction value of 103 million yuan [1] Capital Flow - The automotive service sector experienced a net outflow of 117 million yuan from institutional investors, while retail investors saw a net inflow of 82.55 million yuan [1] - 游资 (speculative funds) recorded a net inflow of 34.60 million yuan [1] Individual Stock Capital Flow - 上海物贸 had a net inflow of 5.86 million yuan from institutional investors, while it faced a net outflow of 3.65 million yuan from speculative funds [2] - 德众汽车 experienced a net outflow of 2.22 million yuan from institutional investors and a net outflow of 4.60 million yuan from speculative funds [2] - 交运股份 saw a net outflow of 4.31 million yuan from institutional investors but a net inflow of 0.60 million yuan from speculative funds [2] - 浩物股份 had a net outflow of 5.32 million yuan from institutional investors, with a minor net inflow from speculative funds [2] - 中汽股份 faced a net outflow of 6.27 million yuan from institutional investors, while speculative funds recorded a net inflow of 5.13 million yuan [2] - 北巴传媒 had a net outflow of 8.12 million yuan from institutional investors, with a net inflow from speculative funds [2] - 中国汽研 (China Automotive Research) saw a significant net outflow of 15.27 million yuan from institutional investors [2] - 申华控股 experienced a net outflow of 17.96 million yuan from institutional investors, while speculative funds recorded a net inflow [2] - 阿尔特 had a net outflow of 18.51 million yuan from institutional investors, with a notable net inflow from speculative funds [2] - 国机汽车 faced a net outflow of 19.83 million yuan from institutional investors, while speculative funds recorded a net inflow [2]

途虎养车(09690)将与乾崑智驾达成深度合作。途虎养车总裁胡晓东在发布会现场表示，公司正与乾崑 智驾共同打造智能汽车服务网络。根据合作规划，途虎养车的门店系统将与乾崑智驾的自动驾驶云实现 深度数据互通，构建"车端—云端—门店端"实时协同体系。 2025年11月20日，华为乾崑智能汽车解决方案在广州举办"乾崑生态共赴热爱"主题生态大会，华为智能 汽车解决方案BU CEO靳玉志宣布智驾技术多城开启高速L3内测、鸿蒙座舱迈入"智能座舱L3"时代、华 为乾崑APP正式发布，并携生态伙伴共建"10分钟乾崑智驾生活圈"。 胡晓东透露，此次合作将率先落地代客洗车场景：未来车主无需亲自驾车前往门店，车辆可自主行驶至 服务点完成清洗并返回车位，实现全程无感化服务。这一创新模式展现了汽车服务智能化的未来形态。 据悉，途虎养车此前已通过线上预约、智能排期等举措夯实服务基础。本次合作将借助自动驾驶技术成 熟契机，进一步打通智能服务链路，推动汽车服务向"省心、省时、省力"的"无感养车"体验升级。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 会议召开时间：2025年11月28日(星期五)下午16:00-17:00 3、召开方式：上证路演中心网络互动 三、参会人员 ● 网络直播地址：上海证券交易所上证路演中心（http://roadshow.sseinfo.com） ● 会议召开方式：上证路演中心网络互动 ● 投资者可于2025年11月21日(星期五)至11月27日(星期四)16:00前登录上证路演中心网站首页点击"提问 预征集"栏目（https://roadshow.sseinfo.com/preCallQa）或通过西上海汽车服务股份有限公司（以下简 称"公司"）投资者关系邮箱servicesh@wsasc.com.cn进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 公司于2025年10月30日在上海证券交易所网站（www.sse.com.cn）披露公司《2025年第三季度报告》。 为了便于广大投资者更全面、深入地了解公司2025年第 ...

"过去我们只关心汽车制造，汽车离开工厂就进入使用环节，服务生态没有被更好地植入汽车全生命周 期价值而开发。"张永伟说，当前，智能化变革加速驱动汽车产业，由"单一制造竞争"迈向"汽车制造— 数字AI—服务业竞争"，已形成汽车产业竞争力"新三角"模型。 这一"新三角"模型，打破了传统汽车产业仅聚焦制造环节的单一维度，新增两大核心支撑：一是数字技 术与AI技术，它们对汽车未来发展产生根本性影响；二是汽车服务业成为待开发的"第二汽车产业"。 智能化不仅是汽车制造业的发展方向，也是汽车服务业的未来。"随着汽车产业迈入自动驾驶时代，服 务生态正在成为继汽车制造、数字与AI技术以外的汽车产业第三大竞争力。"车百会理事长张永伟在日 前举行的第一届自动驾驶出行生态论坛上表示，预计到2028年，我国汽车服务业将形成超8万亿元的市 场规模，成为待开发的"第二个汽车产业"。 汽车竞争力"新三角"崛起 "当服务业和AI技术、数字化技术深度融合，就会带来整个长链条的汽车服务体系的转型或者创新，传 统的养车、汽配、汽车金融、保险会更加具备数字化特征。"张永伟认为，尤其是汽车进入自动驾驶 时，需要一系列与自驾相适应的更加数字化的新型汽车服务 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：605151 证券简称：西上海 公告编号：2025-057 西上海汽车服务股份有限公司 关于召开2025年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 会议召开时间：2025年11月28日(星期五)下午16:00-17:00 ● 投资者可于2025年11月21日(星期五)至11月27日(星期四)16:00前登录上证路演中心网站首页点击"提问 预征集"栏目（https://roadshow.sseinfo.com/preCallQa）或通过西上海汽车服务股份有限公司（以下简 称"公司"）投资者关系邮箱servicesh@wsasc.com.cn进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 公司于2025年10月30日在上海证券交易所网站（www.sse.com.cn）披露公司《2025年第三季度报告》。 为了便于广大投资者更全面、深入地了解公司2025年第三季度业绩和经营情况，公司计划于2025年11月 2 ...

Core Insights - The automotive service sector experienced a slight decline of 0.12% on November 20, with Shenhua Holdings leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Automotive Service Sector Performance - Xiamen Xinda (000701) saw a closing price of 6.60, up 1.69% with a trading volume of 399,900 shares and a transaction value of 262 million yuan [1] - Altec (300825) closed at 10.46, up 0.97%, with a trading volume of 67,800 shares and a transaction value of 70.97 million yuan [1] - Shanghai Wumao (600822) closed at 11.17, up 0.18%, with a trading volume of 81,100 shares and a transaction value of 91.71 million yuan [1] - Other notable performances include China Automotive Research (601965) closing at 16.85, down 0.53% [1] Capital Flow Analysis - The automotive service sector saw a net inflow of 14.75 million yuan from institutional investors, while retail investors experienced a net outflow of 165.10 million yuan [2] - The main capital inflow was observed in Shanghai Wumao (600822) with a net inflow of 14.31 million yuan, accounting for 15.60% of the total [3] - Xiamen Xinda (000701) also attracted significant institutional investment with a net inflow of 13.88 million yuan, representing 5.31% of the total [3]

11月20日下午开盘后不久，喜相逢集团(02473.HK)股价大幅拉升逾10%，截至记者发稿，该股涨 7.71%，报8.52港元/股，成交额达到4401.3万港元。 从消息面看，喜相逢集团官微近日发布消息称，与吉利汽车集团及吉利控股集团旗下核心金融平台—— 浙江智慧普华融资租赁有限公司（下称"智慧普华"）达成2026年深度战略合作。 据介绍，此次合作，智慧普华将为喜相逢集团提供专项购车资金支持，用于喜相逢采购吉利汽车旗下多 品牌车型。这一合作将有效助力喜相逢优化车辆采购与库存结构，加快资产周转效率，进一步拓展集团 在新零售、技术应用与供应链管理方面的业务布局。 在座谈会上，各方围绕产品竞争力提升、供应链效率优化、业务模式创新与金融支持等议题进行深入交 流，并就全球化布局、车型定制、IT数据模型联合创新等合作机制达成多项共识，推动车辆+金融+流 通一体化发展。 官网显示，喜相逢集团成立于2007年，是国内知名的综合性汽车服务供应商，2023年11月9日，在香港 主板上市，成为中国汽车融资租赁的第一股。 智慧普华，作为吉利控股集团旗下的专业汽车融资租赁平台，依托吉利产业资源与法国巴黎银行成熟风 控体系，资产规模超 ...