设计 | 甄 尤 美 撰文 | 温 莎 编辑 | 黄 大 路 Robotaxi穿梭于棕榈树成荫的街道、豪华酒店和闪闪发光的玻璃摩天大楼之间。 在阿联酋精心维护的道路上，到处透露着钱的味道，这个从沙漠中凭空造出来的国家，无人驾驶的未来正在慢慢成形。 加入轩辕同学 ， 成就新汽车人! 未来五年内，在迪拜和阿布扎比街头，至少25%的出行方式实现无人驾驶。换言之，四辆车中，就有一辆是无人驾驶，这一目标是阿联酋"2030国 家人工智能战略"的一部分，专家预计这将使碳排放量减少15%，事故发生率降低18%。 为了实现这个目标，富裕的中东国家正在雄心勃勃地建设基础设施，这也吸引了世界领先的自动驾驶汽车技术公司闻风而至，其中就包括文远知 行、百度、小马智行，他们在政府激励下，竞相推出自动驾驶车队。 中国科技公司聚集在海湾地区，验证着一种可能改变未来出行方式的技术。然而在这场浩浩荡荡的Robotaxi大跃进中，革命尚未成功。 2025年9月下旬的一个午后，《汽车商业评论》一行在阿布扎比街头体验了一次Robotaxi，从海上卢浮宫到亚伯罕拉之家，开车仅需要五分钟。 从打车软件上下单后，地图会显示专门的停靠点，价格比普通的出租车贵 ...

Group 1 - The top three stocks with the highest short-selling ratios are New World Development Co. Ltd. (80016) at 100.00%, SenseTime Group Inc. (80020) at 80.12%, and Great Wall Motor Co. Ltd. (82333) at 75.14% [1][2] - The highest short-selling amounts are recorded for Xiaomi Corporation (01810) at 1.731 billion, Alibaba Group Holding Ltd. (09988) at 1.550 billion, and Meituan (03690) at 1.518 billion [1][3] - The top three stocks with the highest deviation values are New World Development Co. Ltd. (80016) at 44.46%, SenseTime Group Inc. (80020) at 35.88%, and China National Offshore Oil Corporation (80883) at 26.39% [1][3] Group 2 - The detailed short-selling ratio rankings show New World Development Co. Ltd. (80016) leading with a short-selling amount of 345,900 and a deviation value of 44.46% [2][3] - SenseTime Group Inc. (80020) follows with a short-selling amount of 257,500 and a deviation value of 35.88% [2][3] - Great Wall Motor Co. Ltd. (82333) has a short-selling amount of 70,700 and a deviation value of -3.29% [2] Group 3 - The short-selling amount rankings indicate Xiaomi Corporation (01810) at 1.731 billion with a short-selling ratio of 39.72% and a deviation value of 21.05% [3] - Alibaba Group Holding Ltd. (09988) has a short-selling amount of 1.550 billion with a short-selling ratio of 16.68% and a deviation value of 4.47% [3] - Meituan (03690) shows a short-selling amount of 1.518 billion with a short-selling ratio of 39.18% and a deviation value of 22.10% [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國美東汽車控股有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01268 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 20,000,000,000 | HKD | | 0.1 HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | 0 | | HKD | | 0 | | 本月底結存 | | 20,000,000,000 | HKD | | 0.1 HKD | | 2,000,000,000 | 本月底法定/註冊股本總額： HKD 2,000,000,000 1. ...

Core Viewpoint - East Motor (01268.HK) announced the grant of stock options to qualified participants, including group directors and employees, for a total of 8,559,000 ordinary shares at a nominal value of HKD 0.10 per share, contingent upon acceptance and payment of HKD 1.00 for the offer [1] Summary by Category - **Stock Options Granted** - The company has granted a total of 8,559,000 stock options, each allowing the holder to subscribe for one share upon exercise [1] - The stock options are to be accepted by qualified participants, which include group directors and employees [1] - **Conditions for Exercise** - The options will only be valid upon acceptance by the participants and payment of the acceptance fee of HKD 1.00 [1]

Group 1 - The company, 美东汽车 (01268), announced the granting of stock options to qualified participants, totaling 8.559 million ordinary shares with a par value of HKD 0.10 each [1] - The exercise price for the stock options is set at HKD 1.38 per share [1]

Core Viewpoint - East Auto (01268) has granted stock options to qualified participants, allowing them to subscribe to a total of 8.559 million ordinary shares at a nominal value of HKD 0.10 per share, with an exercise price of HKD 1.38 per share [1] Summary by Category - **Company Actions** - The company has issued stock options for a total of 8.559 million ordinary shares [1] - The nominal value of each share is HKD 0.10 [1] - The exercise price for the stock options is set at HKD 1.38 per share [1] - **Financial Implications** - The issuance of stock options may impact the company's capital structure and provide potential funding opportunities [1] - The exercise price indicates a premium over the nominal value, which could reflect the company's valuation strategy [1] - **Market Context** - This move may be part of a broader strategy to incentivize participation from qualified investors and enhance shareholder value [1] - The stock options could attract interest from investors looking for growth opportunities within the automotive sector [1]

（於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股 份 代 號：1268） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China MeiDong Auto Holdings Limited 中 國 美 東 汽 車 控 股 有 限 公 司 行使價： 授出購股權 行使價為以下最高者： – 1 – 授出日期： 二零二六年一月 二十九 日（「授出日期」） 已授出購股權數目： 8,559,000份 購 股 權（每 份 購 股 權 賦 予 持 有 人 於 行 使 該 購 股 權時認購一股股份的權利） 本 公 告 乃 根 據 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）證 券 上 市 規 則（「上市規則」）第 17.06A條而作出。 中 國 美 東 汽 車 控 股 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）宣 佈，於 二 零二六年一月 二十 ...

Core Viewpoint - The launch of L3-level autonomous driving vehicles in Beijing marks a significant milestone in the development of the autonomous driving industry, transitioning from closed testing to compliant road operation and real-world application [4] Group 1: Industry Development - The first batch of L3-level autonomous vehicles, including 30 units of the Arcfox Alpha S (L3 version), has begun trial operations on designated highways in Beijing, indicating a shift towards integrating autonomous driving into everyday traffic systems [1][3] - The approval of L3-level vehicles by the Ministry of Industry and Information Technology signifies a regulatory framework that supports the commercial rollout of autonomous driving technology [1][5] - The operational strategy for these vehicles will prioritize safety and will initially focus on B-end (business) users before gradually opening to individual consumers by the second quarter of 2026 [2] Group 2: Technological Advancements - L3-level autonomous driving allows the vehicle system to take over primary driving tasks under certain conditions, reducing the need for constant driver monitoring, which is a key advancement from L2-level systems [2][3] - The Arcfox Alpha S (L3 version) is equipped with three LiDAR sensors and 34 high-precision sensors, creating a 360-degree perception network to enhance safety and operational reliability [3] - The cost of LiDAR technology is decreasing, with current prices dropping below 1500 yuan, which is expected to further improve the commercial viability of autonomous driving systems [6][7] Group 3: Policy and Regulatory Environment - Recent policies in various regions, such as Guangdong and Shanghai, are aimed at promoting the safe and orderly deployment of autonomous driving technologies, reflecting a supportive regulatory environment [5] - The implementation of the Beijing Autonomous Driving Vehicle Regulations in April 2025 has expanded the testing area significantly, providing valuable practical experience for nationwide L3-level operations [5] Group 4: Industry Challenges - Despite advancements, L3-level autonomous driving faces challenges related to software maturity, regulatory frameworks, and infrastructure development, which are critical for widespread adoption [9][10] - The transition from demonstration operations to full-scale deployment requires addressing issues such as the legal definition of responsibility and the integration of vehicle-to-infrastructure communication systems [9][10] - The industry recognizes that the path to commercializing L3-level autonomous driving will be gradual, with a focus on single-vehicle operations complemented by collaborative systems [10]

Group 1 - The core viewpoint indicates that Hong Kong automotive dealership stocks have collectively declined, with notable drops in companies such as Zhongsheng Holdings down 4.3% and Baoteli Holdings down over 3% [1][2] - Despite predictions of a strong start in January, the operational conditions for automotive dealers remain challenging due to reduced customer traffic and a cautious market leading to demand contraction [1] - A survey by the China Automobile Dealers Association reveals that nearly half of the dealers expect to achieve a completion rate of 90% or above for their annual targets in 2025, with 15.3% exceeding their targets [1] Group 2 - The automotive market in China is facing pressures from shrinking subsidies and tax incentives, alongside a weak performance in the fourth quarter, leading to forecasts of a 7% decline in sales for 2026, marking the first anticipated annual drop since 2020 [1] - The stock performance of key automotive dealers includes Zhongsheng Holdings at 11.720 with a decline of 4.33%, Baoteli Holdings at 0.470 down 3.09%, Meidong Automotive at 1.200 down 2.44%, and Yongda Automotive at 1.650 down 2.37% [2]

截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國美東汽車控股有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 第 2 頁 共 10 頁 v 1.1.1 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01268 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 20,000,000,000 | HKD | | 0.1 HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | 0 | | HKD | | 0 | | 本月底結存 | | 20,000,000,000 | HKD | | 0.1 HKD | | 2,000,000,000 | 本月底法定/註冊股本總額 ...