11月20日晚，广汽集团（601238）与华为乾崑打造的全新品牌启境首次亮相。 "五界"已陆续推出，中国汽车市场竞争趋于白热化，为什么还要一个新的汽车品牌？启境作为华为"境 系列"的首个品牌，不乏面临质疑。 销售渠道上，不同于鸿蒙智行模式下的产品主要通过华为门店销售的方式，启境有独立的销售渠道，不 进入华为终端门店。徐州、泉州等30座新城市（300778）被纳入战略布局，启境汽车已面向全国展开经 销商招募，并计划以"1（用户中心）+N（体验中心）"模式进行网点布局。 一位接近启境汽车的人士对新京报贝壳财经记者说，"华为乾崑｜启境"这样的联名在此前华为车业务中 未曾出现过。这种区别，首先体现在合作模式的差异上。 启境引入了华为IPD（集成产品开发）和IPMS（集成产品营销）全流程体系。华为产品、营销、财经等 各领域驻场几百人与广汽团队同步办公，从产品定义、开发上市到用户服务，华为深度赋能。 "你跟华为合作，会不会觉得对方很强势？"这是刘嘉铭上任后被问得最多的问题。他说："讨论项目 时，我们甚至能用'吵架'来形容。" "两个企业有着不同的文化，双方团队在讨论过程中非常激烈，可以说'火花迸溅'。"靳玉志也说。比如 ...

11月20日晚，广汽集团与华为乾崑打造的全新品牌启境首次亮相。 "五界"已陆续推出，中国汽车市场竞争趋于白热化，为什么还要一个新的汽车品牌？启境作为华为"境系列"的首个品牌，不乏面临质疑。 华为智能汽车解决方案BU首席执行官靳玉志和启境首席执行官刘嘉铭在启境媒体沟通会上这样解释称：从市场上看，目前为止，很难找到一个既时尚又安 全，还要智能，更具有操控性的车。所以希望能打造这样的"Dream Car"（梦想车），来填补市场空白。 华为创始人任正非则提议要取一个更加年轻、更加科技的新品牌名称。新诞生的启境，瞄准年轻人。在激烈的新能源汽车市场里，启境需要在智能化、产品 品质等核心维度快速建立明显的差异化标签、积累口碑，更需要通过首款车型直接塑造消费者对启境的第一印象。 "讨论项目时甚至'吵架'" 刘嘉铭在11月20日发布会上介绍，启境将在2026年推出两款新车，其中首款猎装轿跑明年6月上市交付。 销售渠道上，不同于鸿蒙智行模式下的产品主要通过华为门店销售的方式，启境有独立的销售渠道，不进入华为终端门店。徐州、泉州等30座新城市被纳入 战略布局，启境汽车已面向全国展开经销商招募，并计划以"1（用户中心）+N（体验中心 ...

业绩层面，赛力斯正处于高质量发展的上升通道。中信建投证券指出，得益于问界品牌的强劲产品周期，全系车型销量持续攀升，推动公司业绩再上新台阶。数据显示，赛力斯前三季度实现营业 今年以来，包括长江证券在内的多家机构密集发声，一致看好赛力斯在高端市场的领先地位与长期成长潜力。在"A+H"双平台的资本助力下，赛力斯已步入"技术投入—产品迭代—全球扩张—利润 免责声明：本文仅供参考，不构成投资建议。 版 自11月5日成功登陆港股以来，赛力斯凭借稳步提升的业绩表现与面向未来的成长潜力，赢得长江证券、中信建投证券、国泰海通证券等多家机构持续看好。长江证券在最新研报中指出，依托" 在明确的发展战略指引下，公司对港股IPO所募资金进行了清晰规划，约70%用于研发投入，提高核心技术能力和创新能力，20%用于新车型研发，进一步丰富产品矩阵，10%用于海外车型的适配 在拓展全球业务的同时，赛力斯也积极布局前沿技术领域。公司已携手火山引擎进军"人工智能+"方向，通过优势互补打造"技术+场景"的融合新模式。据悉，赛力斯将港股融资金额的5%用于未 来源：@证券市场红周刊微博 ...

Core Viewpoint - Company Saisir has gained positive attention from multiple institutions following its successful listing on the Hong Kong stock market on November 5, driven by steady performance and future growth potential [1] Group 1: Financial Performance - In the first three quarters, Saisir achieved a revenue of 1,105.34 billion and a net profit attributable to shareholders of 53.12 billion, marking a year-on-year growth of 31.56% [5] - The strong product cycle of the Aito brand has led to continuous sales growth across all models, pushing the company's performance to new heights [5] Group 2: Strategic Planning - Approximately 70% of the funds raised from the Hong Kong IPO will be allocated to R&D to enhance core technology and innovation capabilities, 20% for new model development, and 10% for adapting overseas models and expanding marketing channels [3] - The company is focusing on the Middle East and Europe as strategic entry points for its global expansion, with overseas business expected to become a significant growth pillar [3] Group 3: Technological Advancements - Saisir is actively exploring cutting-edge technology fields, partnering with Volcano Engine to enter the "AI+" sector, aiming to create a new model that integrates technology and application scenarios [3] - 5% of the funds from the Hong Kong financing will be used for future industrial exploration, which is expected to lead to breakthroughs in embodied intelligent manufacturing and industrialization [3] Group 4: Market Position and Valuation - Multiple institutions, including Changjiang Securities, have expressed optimism about Saisir's leading position in the high-end market and its long-term growth potential, with a target price of 166.19 yuan based on a 24x PE valuation for 2026 [5] - The company is on a virtuous development path characterized by "technology investment—product iteration—global expansion—profit release," supported by the dual-platform capital strategy [5]

Core Viewpoint - The article discusses the significant administrative restructuring in Chongqing, where the two existing districts, Jiangbei and Yubei, have been merged into the newly established Liangjiang New Area, marking a transition from an economic function zone to an official administrative district [5][6][9]. Group 1: Administrative Restructuring - On November 6, Chongqing announced a major administrative restructuring approved by the State Council, merging Jiangbei and Yubei districts into Liangjiang New Area, reducing the total number of districts from 38 to 37 [6]. - Liangjiang New Area, previously an economic function zone, now serves as a formal administrative district, addressing issues of management overlap and fragmentation that hinder regional development [9][10]. - The new Liangjiang New Area covers approximately 1,360 square kilometers and has a population of about 3.52 million, with a projected GDP exceeding 600 billion yuan, positioning it as the largest economic and population center in the central and western regions of China [10]. Group 2: Economic Significance - The restructuring is seen as a strategic move to enhance Chongqing's role as a "strong provincial capital," similar to Chengdu, which has seen significant economic growth and population influx due to its provincial capital status [12][13]. - Liangjiang New Area contributes around 20% of Chongqing's GDP while occupying less than 2% of the city's area, highlighting its importance as the economic heart of the city [14][15]. - The area is home to key infrastructure such as Jiangbei International Airport and Guoyuan Port, making it a central hub for Chongqing's development as an inland open gateway [15]. Group 3: Industrial Development - Chongqing's manufacturing sector is robust, producing nearly 50% of the world's laptops and ranking second in automotive production in China, with significant contributions from companies like Changan and Seres [16][17]. - The city is implementing a "33618" modern manufacturing cluster system, focusing on three trillion-level leading industries, three five-hundred billion-level supporting industries, six thousand billion-level characteristic industries, and eighteen emerging industries [18]. - Liangjiang New Area is pivotal in this strategy, housing two of the three leading trillion-level industries: intelligent connected new energy vehicles and next-generation electronic information manufacturing [20]. Group 4: Automotive and Electronics Industry - As the heart of Chongqing's automotive industry, Liangjiang New Area is expected to produce 1.25 million vehicles in 2024, with nearly 580,000 of those being new energy vehicles, accounting for about 58% of the city's total output [21][22]. - The area is also a hub for the new generation of electronic information manufacturing, with a complete industrial chain from display panels to smart terminals, driven by companies like BOE and Unisoc [26][28]. - The integration of the automotive and electronics sectors is anticipated to create a synergistic effect, particularly in the development of intelligent connected vehicles, which is projected to become a trillion-yuan market by 2025 [29][30].

截至目前，问界累计交付已突破85万辆，问界M9、M8分别占据50万级与40万级豪华车市场销量榜首； 全新问界M7上市仅41天，大定订单突破9万辆，持续验证其市场号召力。 更具前瞻性的是，赛力斯正积极布局具身智能领域，推动人工智能与汽车产业深度融合，致力于构建下 一代智能出行生态，有望形成公司第二增长曲线。西部证券也指出，未来赛力斯将进一步扩大其在豪华 新能源赛道的领先优势，引领中国汽车行业迈向更高质量发展的新阶段。 当前，市场对赛力斯港股上市的讨论已超越"打新"层面，更多聚焦于其商业模式闭环与全球竞争力的深 度解析。有投资者指出，超1700亿港元的融资认购，反映了国际资本对"中国智造"实力与品牌溢价的广 泛认可。赛力斯正站在重塑"中国豪华车"乃至"全球豪华车"市场格局的关键节点，资本市场的持续看 好，正是对一家技术科技驱动型车企长期价值的坚定投票。 本报讯 （记者冯雨瑶）自11月5日成功登陆港股以来，赛力斯（601127）以140.16亿港元的净募资额刷 新国内车企IPO纪录，并获得22家基石投资者超1700亿港元的热烈追捧。依托"A+H"双资本平台，赛力 斯正加速推进全球化战略布局，开启国际化新征程。西部证 ...

Core Insights - The transition from fuel vehicles to new energy vehicles is a critical period for China, with the company focusing on user needs and adopting a dual technology route of pure electric and range-extended vehicles [1][3] Group 1: User Demand and Technology - User research indicates varying opinions and needs regarding power forms across different regions, highlighting the importance of flexible solutions in the current landscape where charging infrastructure is not fully developed [3] - The company's smart range-extended electric technology revitalizes traditional power systems while leveraging the advantages of new energy technologies, providing users with more flexible and reassuring travel options [3] - Cumulative sales of the company's vehicles have reached 850,000 units, with 70% of smart range-extended models operating in electric mode and 30% in generator mode, reflecting strong user acceptance of this technology route [3] Group 2: Policy and Safety Recommendations - The company suggests that policies should continue to support diverse technology routes, granting range-extended and other hybrid technologies equal road rights as pure electric vehicles to meet diverse user needs [3] - Emphasizing safety as a top priority, the industry should aim for "zero self-ignition" and integrate safety measures throughout all vehicle usage scenarios, including charging, parking, and driving [3] Group 3: Future Outlook - The smart range-extended electric technology route is seen as a viable option for transitioning from fuel vehicles to new energy vehicles and is expected to maintain strong relevance for a considerable time [4] - The company has developed its own Magic Cube technology platform, which accommodates various power forms including pure electric, range-extended, and super hybrid, significantly enhancing product development efficiency and offering users more choices [4]

Core Insights - The transition from fuel vehicles to new energy vehicles is a critical period for China, with the company focusing on user needs and adopting a dual technology route of pure electric and range-extended vehicles [1][2] - The company emphasizes the importance of intelligent range-extended electric technology, which allows for flexibility and reassurance in travel choices, especially in areas where charging infrastructure is not fully developed [1] - The cumulative sales of the company's vehicles have reached 850,000 units, with 70% of intelligent range-extended models operating on electric power and 30% on generated power, indicating strong user acceptance of this technology route [1] Industry Recommendations - The company suggests that policies should continue to support diverse technology routes, granting range-extended and other hybrid technologies equal road rights as pure electric vehicles to meet varied user demands [1] - There is a call for the continuous collaborative development of batteries, vehicles, and charging networks to enhance user experience [1] - Safety is highlighted as a paramount concern, with the industry urged to prioritize safety measures to achieve a goal of "zero self-ignition" across all vehicle usage scenarios [1]

Core Viewpoint - Huawei Technologies Co., Ltd. has applied for the registration of the trademark "Qijie," which is currently in the substantive examination stage, indicating its ongoing expansion into the automotive sector [1] Group 1: Trademark Application - The "Qijie" trademark falls under International Class 12, covering products and services related to automobiles, including car doors, vehicles, hybrid cars, electric vehicles, and autonomous driving cars [1] - Huawei has previously applied for nearly 200 trademarks containing the character "Jie," indicating a strategic focus on building a brand matrix centered around this character [1] Group 2: Brand Strategy - The existing brand matrix under Huawei's HarmonyOS Intelligent Driving includes five brands: Wenjie, Zhijie, Xiangjie, Zunjie, and Shangjie, which cater to various market segments from mainstream to high-end and from family to personalized vehicles [1] - The application for the "Qijie" trademark is not aimed at launching a new brand outside the existing five brands but rather continues to enhance the brand portfolio [1]

Core Viewpoint - The initial public offering (IPO) of Seres (赛力斯) on the Hong Kong Stock Exchange did not attract significant investor enthusiasm, despite being the largest automotive IPO in Hong Kong this year, with a total market capitalization of HKD 229.1 billion [2][3]. Group 1: IPO Performance - On November 5, Seres officially listed on the Hong Kong Stock Exchange, with its stock price experiencing significant volatility, opening at HKD 128.9 per share, down 1.98% from the issue price, and at one point dropping by 9% before closing at HKD 131.5, equal to the issue price [2]. - The total market capitalization of Seres at the close was HKD 229.1 billion, making it the second-largest automotive company by market cap in Hong Kong, following BYD [2]. Group 2: A-Share Performance - On the same day, Seres' A-shares (601127) fell by 5.56%, closing at CNY 146.03 per share, with a total market capitalization of approximately CNY 238.5 billion [3]. Group 3: Fundraising and Financials - Seres raised a total of HKD 142.8 billion through its IPO, breaking the previous record set by Chery Automobile for the largest automotive IPO in Hong Kong this year [4]. - The company has been in a continuous loss for four years prior to 2024, but is projected to achieve profitability in 2024, with revenue expected to surge from over CNY 300 billion to CNY 145 billion, resulting in a profit of nearly CNY 6 billion [4]. - In the first three quarters of this year, Seres reported a revenue of CNY 1105.34 billion, a year-on-year increase of 3.67%, and a net profit attributable to shareholders of CNY 53.12 billion, up 31.56% [5]. Group 4: Sales Performance - Despite the anticipated growth, Seres faced sales pressure, with total sales in the first three quarters of this year at 340,700 units, a year-on-year decline of 7.79%, and sales of new energy vehicles down by 3.82% [4].