其中，问界2025年12月交付新车超5.7万辆，刷新单月交付纪录；2025全年累计交付新车突破42万辆， 领跑高端新能源汽车市场。 1月5日晚间，赛力斯(601127)发布2025年12月产销快报。当月，赛力斯新能源汽车销量60981辆，同比 增长63.40%，已连续三个月单月销量突破5万大关；2025年全年累计销量达472269辆，同比增长 10.63%，创下年度销量新里程碑。 资本层面，赛力斯同样实现重要跨越。2025年11月，赛力斯成功登陆港股，成为首家实现"A+H"两地上 市的豪华新能源车企。这一里程碑事件，不仅为赛力斯未来全球资源整合、技术研发协同、品牌价值提 升开辟更广阔空间，更将向国际资本市场展示中国新能源车企在高端市场的核心竞争力，助力"中国智 造"在全球高端新能源汽车领域进一步突破。同期，公司首次入选中证A100指数，进一步印证了其在A 股新能源汽车领域的龙头地位。 展望未来，赛力斯表示将继续以用户为中心、以技术为引擎，在智能电动汽车的赛道上稳步前行，致力 于打造更具竞争力与影响力的全球新能源汽车产品，引领行业迈向高质量发展新阶段。 （文章来源：证券时报网） 2025年，赛力斯坚持"软件定义 ...

1月5日，赛力斯发布2025年12月产销快报。数据显示，赛力斯新能源汽车12月销量60,981辆，同比增长 63.40%，已连续三个月单月销量突破5万大关；1-12月累计销量达472,269辆，同比增长10.63%，迎来年 度销量新里程碑。问界2025年12月交付新车超5.7万辆，创单月交付新纪录；2025全年累计交付新车突 破42万辆，领跑高端新能源汽车市场。 2025年，赛力斯坚持"软件定义汽车"的技术路线和"用户定义汽车"的市场导向，持续深耕高端化、智能 化、绿色化发展路径。通过不断完善产品矩阵，已形成问界M5、M7、M9、M8四大产品序列，全面覆 盖豪华细分市场。 截至目前，问界累计交付新车超97万辆，持续刷新中国新能源市场交付速度。其中，问界M9累计20个 月稳居50万元级以上豪华SUV销量第一，上市以来累计交付超26万辆，成为中国高端豪华车市场的代表 车型；问界M8上市8个月累计交付超15万辆，迅速占领40万元级高端SUV市场；问界M7累计交付超37 万辆，全新问界M7在2025年9月正式上市后，凭借全方位进阶的产品力，成为30万元级SUV的价值之 选。 技术创新是企业发展之本。赛力斯始终立足技术 ...

Core Viewpoint - The article discusses the strategic implications of Seres' significant funding for research and development, particularly in the context of the low-altitude economy and its potential to reshape the company's future growth trajectory [2][10][40]. Group 1: Funding and R&D Allocation - Seres plans to raise a net amount of HKD 140.16 billion through its IPO, with 70% allocated for R&D [6][3]. - The high proportion of R&D funding has surprised the market, indicating Seres' ambition to explore new technological frontiers [3][7]. - The company has maintained a steady increase in R&D spending over the past three years, but this new funding suggests a significant expansion beyond current capabilities [4][10]. Group 2: Low-Altitude Economy Engagement - Seres has begun to engage with the low-altitude economy, although specific directions remain unclear [2][10]. - The company is reportedly in discussions with Xiaopeng Huitian regarding aviation range extenders, aiming to address the short-range issues of flying vehicles [11][13]. - A strategic cooperation agreement has been signed with the China Aerospace Electronic Technology Research Institute to promote technological innovation and project development [14]. Group 3: Market Position and Competitive Landscape - The low-altitude economy is seen as a strategic opportunity for Seres, aligning with national policies that support this emerging industry [10][20]. - The company’s existing manufacturing capabilities and supply chain integration position it favorably in the eVTOL market, potentially allowing it to transition from traditional automotive manufacturing to aviation [20][22]. - Seres' approach may involve a hybrid model of manufacturing and service provision, similar to its existing automotive business model [29][30]. Group 4: Strategic Partnerships and Future Outlook - The relationship between Seres and Huawei is evolving, with potential new roles as both companies explore the low-altitude economy [31][34]. - The company is preparing for a significant entry into the low-altitude market around 2026, coinciding with a shift from experimental to scalable commercial operations in the industry [21][40]. - If successful, Seres could redefine its business model and become a key player in the low-altitude economy, leveraging its automotive manufacturing expertise [40][36].

Core Insights - Company successfully raised HKD 14.016 billion in its IPO, setting a record for domestic car manufacturers [1] - The listing has attracted significant interest from cornerstone investors, with over HKD 170 billion in subscriptions [1] - The company is accelerating its globalization strategy through its "A+H" dual capital platform [1] Group 1: Financial Performance - The funds raised will be allocated towards vehicle research and development as well as channel construction, enhancing brand recognition in international markets [1] - Approximately 70% of the raised capital will be directly invested in R&D, deepening the company's technological moat [1] - Cumulative deliveries of the company's vehicles have surpassed 850,000 units, with the AITO M9 and M8 leading in their respective luxury vehicle segments [1] Group 2: Market Position and Strategy - The company is actively engaging in the field of embodied intelligence, aiming to integrate AI with the automotive industry [2] - Future plans include expanding its leadership in the luxury new energy vehicle sector, contributing to higher quality development in the Chinese automotive industry [2] - The significant financing reflects international capital's recognition of the strength and brand premium of "Chinese manufacturing" [2]

Core Insights - Seres has successfully raised HKD 14.016 billion in its IPO, setting a record for domestic car companies in China [1] - The company has attracted significant interest from 22 cornerstone investors, with total subscriptions exceeding HKD 170 billion [1] - The IPO marks the beginning of Seres' global expansion strategy, leveraging its "A+H" dual capital platform [1] Financial Highlights - The funds raised will be allocated towards vehicle research and development as well as channel construction, aiming to enhance the recognition of the AITO brand in international markets [1] - Approximately 70% of the IPO funds will be directly invested in R&D, which is expected to deepen the company's technological moat [1] Market Performance - AITO has delivered over 850,000 vehicles to date, with the AITO M9 and M8 leading the sales charts in the luxury vehicle segment [1] - The newly launched AITO M7 has received over 90,000 pre-orders within just 41 days, demonstrating strong market appeal [1] Strategic Initiatives - Seres is actively investing in the field of embodied intelligence, aiming to integrate artificial intelligence with the automotive industry to create a next-generation smart mobility ecosystem [2] - The company is expected to further enhance its leading position in the luxury new energy vehicle sector, contributing to higher quality development in the Chinese automotive industry [2] Investor Sentiment - The discussion surrounding Seres' IPO has shifted from mere speculation to a deeper analysis of its business model and global competitiveness [2] - The substantial financing interest reflects international capital's recognition of the strength and brand premium of "Chinese manufacturing" [2] - Seres is positioned at a critical juncture to reshape the luxury car market in China and globally, with ongoing positive sentiment from the capital markets indicating strong long-term value for a technology-driven automotive company [2]

Core Insights - Company Saisir has successfully raised HKD 14.016 billion in its Hong Kong IPO, setting a record for domestic car companies and attracting over HKD 170 billion from 22 cornerstone investors [1][3] - The funds raised will primarily be allocated to vehicle research and development, as well as channel construction, which is expected to enhance the brand recognition of the AITO brand in international markets [3] - Saisir is actively advancing in the field of embodied intelligence, aiming to integrate artificial intelligence with the automotive industry, potentially creating a second growth curve for the company [5] Group 1 - The successful IPO marks the beginning of Saisir's global expansion strategy, leveraging the "A+H" dual capital platform [1] - The company has achieved cumulative deliveries exceeding 850,000 units, with the AITO M9 and M8 leading the luxury car market in their respective segments [3] - The new AITO M7 has received over 90,000 pre-orders within just 41 days of its launch, demonstrating strong market appeal [3] Group 2 - The market discussion surrounding Saisir's IPO has shifted from mere speculation to a deeper analysis of its business model and global competitiveness [5] - The significant financing reflects international capital's recognition of the strength and brand premium of "Chinese manufacturing" [5] - Saisir is positioned at a critical juncture to reshape the "Chinese luxury car" and "global luxury car" market landscape, with ongoing positive sentiment from the capital market indicating strong long-term value for a technology-driven automotive company [5]

Group 1: Market Strategy and Economic Outlook - The report indicates that the Hong Kong stock market is poised for a rebound, driven by the easing of US dollar liquidity, which is expected to benefit major asset classes [5][8][9] - The report recommends an overweight position in Hong Kong stocks, A-shares, and commodities, while maintaining a neutral position in Chinese bonds and increasing exposure to US stocks and bonds [9] Group 2: Transportation Industry Insights - The express delivery sector is anticipated to benefit from anti-involution policies, with prices starting to rise since September 2025, indicating a positive trend for future growth [11] - The oil shipping industry faces challenges due to an aging fleet, with the average age of large oil tankers reaching a historical high of 13 years, while new orders are insufficient to meet future capacity needs [12] - The aviation sector is expected to enter a supply-demand resonance cycle, with a low growth rate in aircraft supply and a positive outlook for passenger volume growth in 2025 [13] Group 3: Construction and Building Materials Sector - The construction and building materials industry is at a bottoming phase, with a need for transformation due to insufficient domestic demand and increasing uncertainties from overseas [2][15] - The report highlights the importance of mergers and restructuring among state-owned enterprises to address excess capacity in the construction sector [2] - Recommendations include focusing on major construction blue-chip stocks and international engineering firms, as well as domestic cyclical stocks that are expected to benefit from demand recovery [2] Group 4: Macro Financial Data - In October, loan growth slowed, with new loans amounting to 220 billion yuan, significantly lower than the previous year's 500 billion yuan, reflecting ongoing challenges in the real estate market [18] - The report notes a decrease in social financing growth, with new social financing at 814.9 billion yuan, down from 1.41 trillion yuan in the previous year [19] - The M1 and M2 money supply growth rates have also declined, indicating tighter liquidity conditions [19] Group 5: Company-Specific Developments - Meili Tianyuan Medical Health's acquisition of Siyuanli for 1.25 billion yuan is expected to solidify its position as a leader in the high-end beauty sector, with the integration projected to enhance overall performance [21][22] - The report anticipates that the acquisition will lead to a significant increase in the number of active members and improve operational efficiency through resource synergies [22][23] - The company plans to utilize 1.2 billion HKD for dividends and buybacks over the next three years, highlighting its commitment to shareholder returns [23]

Core Viewpoint - The successful listing of Seres (601127) on the Hong Kong Stock Exchange marks it as the first luxury new energy vehicle company in China to achieve "A+H" dual listing, raising a net amount of HKD 14.016 billion, the largest IPO for a Chinese car company to date and the largest globally since 2025 [1][2]. Group 1: IPO and Market Response - Seres' IPO was met with significant market enthusiasm, with the public offering being oversubscribed by 133 times and total financing subscriptions exceeding HKD 170 billion [2]. - Approximately 70% of the funds raised will be allocated to research and development, while around 20% will be used for diversifying new marketing channels, overseas sales, and charging network services [2]. - The IPO attracted 22 cornerstone investors, indicating strong market recognition of Seres' high-quality development and growth potential, which will enhance the company's valuation and capital operation efficiency [2]. Group 2: Global Expansion Strategy - Seres has established a global presence in Europe, the Middle East, the Americas, and Africa, with successful market penetration in key European regions such as Norway, Germany, the UK, and Switzerland [2]. - The dual capital platform "A+H" will further drive Seres' technological innovation, brand value enhancement, and global market expansion [2]. Group 3: Technological Innovation and Product Development - Seres focuses on high-end smart electric vehicles, having fully transitioned to the new energy vehicle sector in 2016 and launched the "AITO" brand in collaboration with Huawei in 2021 [3]. - The AITO brand has introduced four models, achieving over 800,000 cumulative deliveries, reflecting strong market acceptance [3]. - The company emphasizes software-defined vehicles and has developed several innovative technologies, including the Seres Magic Cube technology platform and Seres Super Range Extender, creating a robust technological moat [3]. - Seres collaborates with top domestic universities and tech companies to explore emerging fields like embodied intelligence, aiming to integrate AI into practical applications for safer and more reliable smart mobility solutions [3].

Group 1 - The core viewpoint of the news is that Seres has successfully listed on the Hong Kong Stock Exchange, becoming the first luxury electric vehicle company in China to achieve a dual listing in both A-share and H-share markets, raising a net amount of HKD 14.016 billion, marking the largest IPO for a Chinese car company to date and the largest global IPO for a complete vehicle manufacturer since 2025 [1][3] - The IPO has generated significant market interest, with the public offering being oversubscribed by 133 times and total financing subscriptions exceeding HKD 170 billion, indicating strong investor confidence in the company's growth potential [3] - Approximately 70% of the funds raised will be allocated to research and development, while 20% will be used for diversifying new marketing channels, overseas sales, and charging network services [3] Group 2 - Seres is positioned as a representative of high-end electric vehicles in China, with its global presence already established in key markets across Europe, the Middle East, the Americas, and Africa, including successful expansions into Norway, Germany, the UK, and Switzerland [3] - The company has a strong focus on high-end intelligent electric vehicles, having fully transitioned to the new energy vehicle sector in 2016 and launched the AITO brand in collaboration with Huawei in 2021, achieving over 800,000 cumulative deliveries of its models [4] - Seres emphasizes technological innovation and has developed a robust technological moat through significant R&D investments, introducing various innovative technologies such as the Seres Magic Cube technology platform and Seres Super Range Extender [4]

Core Viewpoint - Seres has officially listed on the Hong Kong Stock Exchange, becoming the first luxury new energy vehicle company in China to achieve a dual listing in both A-share and H-share markets, raising a net amount of HKD 14.016 billion, marking the largest IPO for a Chinese car company to date and the largest global IPO for a complete vehicle manufacturer since 2025 [1][3]. Group 1: IPO and Market Response - The IPO was met with significant market enthusiasm, with the public offering being oversubscribed by 133 times, resulting in financing subscriptions exceeding HKD 170 billion [3]. - Approximately 70% of the funds raised will be allocated to research and development, while 20% will be directed towards diversifying new marketing channels, overseas sales, and charging network services [3]. - The issuance attracted 22 cornerstone investors, including notable funds, indicating strong market recognition of Seres' high-quality development and growth potential, which will enhance the company's valuation and capital operation efficiency [3]. Group 2: Global Expansion and Market Presence - Seres has established a global presence in various regions, including Europe, the Middle East, the Americas, and Africa, with successful market penetration in key European countries such as Norway, Germany, the UK, and Switzerland [3]. - The dual capital platform is expected to further drive Seres' technological innovation, brand value enhancement, and global market expansion [3]. Group 3: Technological Innovation and Product Development - Seres focuses on high-end smart electric vehicles and has transformed into the new energy vehicle sector since 2016, launching the "Wenjie" brand in collaboration with Huawei in 2021 [4]. - The Wenjie brand has introduced four models, achieving over 800,000 cumulative deliveries, reflecting strong market acceptance [4]. - The company emphasizes software-defined vehicles and has developed several innovative technologies, including the Seres Magic Cube technology platform and Seres Super Range Extender, establishing a solid technological moat [6]. Group 4: Future Outlook - Seres aims to leverage technological innovation as a driving force, prioritize user needs, and expand its presence in the global market, reinforcing its leading position in the luxury new energy vehicle sector and guiding the Chinese automotive industry towards higher quality development [9].