【文/观察者网 潘昱辰 编辑/高莘】11月3日，武汉蔚能电池资产有限公司宣布完成6.7亿元C轮股权融 资。本轮融资由蔚能创始股东追加投资，同时新进引入海宁经开、海南澄迈两家国有资本股东。 截至目前，蔚来为蔚能最大股东，持股比例约为19.4%；Angel Prosperity Investment HK I Limited为第二 大股东，持股比例约为12.75%；宁德时代为第三大股东，持股比例约为10.68%。 值得一提的是，今年4月路透社曾报道称宁德时代正在谈判收购蔚能的控股权。 对此传言，宁德时代方 面回应称"没有进一步消息提供"。 而在今年7月，蔚能与宁德时代宣布签署战略合作协议。双方将发挥各自在电池资产管理、电池技术创 新等多方面的优势，在资本、技术、业务模式等多维度深化合作。 本文系观察者网独家稿件，未经授权，不得转载。 蔚来换电站 视觉中国 自公司成立以来，蔚能曾经历多轮融资。2020年8月，蔚能完成未披露数目的A轮融资；2021年8月，蔚 能完成5.31亿元B轮融资；2022年7月，蔚能完成B+轮融资，数额同样未披露。 蔚能表示，融资资金将主要用于电池资产相关业务投放、技术研发迭代等。 蔚能成立于 ...

Group 1 - The Chinese government has decided to resume travel agency operations for group tours of Chinese citizens to Canada, aiming to meet outbound travel demand and promote people-to-people exchanges between China and Canada [1] - Following the announcement, there was a significant increase in flight search volumes for Canadian cities on travel platforms, with Toronto seeing a 61% year-on-year increase, Montreal 223%, and Ottawa 137% [1] - From January to October this year, international flight volumes to Canada increased by 28.1% compared to the same period last year [1] Group 2 - Travel agencies like Zhongxin Tourism have quickly launched multiple winter-themed travel routes to Canada, covering major cities such as Toronto, Ottawa, Montreal, Vancouver, and Victoria, with unique experiences like castle hotel stays [1] - The company is preparing for a major product line for Canada in 2026, offering seasonal themed products such as spring tulip viewing, autumn foliage tours, and winter activities like ice hockey and aurora viewing [1] - According to data from Hangban Guanjia, the number of round-trip flights on the China-Canada route in October 2025 reached 319, a year-on-year increase of over 2.5 times [2] Group 3 - In October, the top three routes for flights to Canada were Shanghai Pudong to Vancouver (80 flights), Beijing Capital to Vancouver (70 flights), and Shanghai Pudong to Pearson (36 flights) [2] - Domestic airlines accounted for 67.4% of the flight volume, with the three major airlines (China Eastern, China Southern, and Air China) having a nearly equal share [3] - Canadian Airlines operated 104 flights in October, leading among carriers, with a year-on-year increase of over 2.1 times compared to 2024, but a 65.3% decrease compared to 2019 [3]

Core Viewpoint - Marubi Biotechnology faces regulatory scrutiny due to financial irregularities while simultaneously reporting a 25.51% revenue growth for Q3 2025, indicating a potential crisis management strategy to mitigate negative impacts from the regulatory warnings [1][7]. Financial Irregularities - The China Securities Regulatory Commission (CSRC) identified two main issues: non-compliance in financial accounting and improper management of raised funds [2][3]. - Specific financial accounting issues include inaccurate revenue recognition, misreporting of construction in progress, and incorrect classification of accounting items [2][3][6]. - The company reported inflated revenue of 4.55 million and net profit of 11.33 million for the first half of 2025, affecting the perceived quality of cash flow and financial strength [6]. Regulatory Actions - The Shanghai Stock Exchange and Guangdong Securities Regulatory Bureau issued corrective measures and warnings to key executives due to the identified financial irregularities [6][7]. - Marubi has committed to rectifying these issues and enhancing compliance awareness, although concerns about potential financial fraud remain [7]. Q3 2025 Performance - In Q3 2025, Marubi reported revenue of 685 million, a year-on-year increase of 14.28%, while net profit grew by 21.16% to 69.48 million [9]. - The company achieved a total revenue of 2.45 billion for the first three quarters, reflecting a 25.51% year-on-year growth, but the net profit only increased by 2.13% [9][10]. Market Position and Challenges - Marubi's performance indicates a troubling trend of "increased revenue without increased profit," highlighting potential weaknesses in core product competitiveness [10][12]. - The company has seen a decline in sales volume for its eye care products, with a significant reliance on price increases to drive revenue growth [12]. - Marketing expenditures have surged, with sales expenses rising from 795 million to 1.415 billion, while R&D spending remains relatively low [15][17]. Strategic Adjustments - Marubi is attempting to refocus its strategy by closing its Spring Diary brand's Tmall flagship store to concentrate resources on core business areas [17][18]. - Analysts predict that Marubi's annual revenue will remain between 3.7 billion and 3.9 billion, struggling to surpass the 4 billion threshold [18].

观察者网注意到，小鹏汇天多次强调"10000"这一数字。 "10000"这一数字之所以关键，因为在供应链端，电机、复材、电池包产线的一次性摊销，一般在10000 件以上才开始显著下降。 多位业内专家曾在闭门交流中对观察者网表示，传统航空业长期"千架级"徘徊，其根源是离散制造—— 小批量、多改型、手工环节多，单架适航文档就厚达数千页，成本曲线始终降不下来。而"10000"这一 量级一旦实现，将意味着把汽车业的模块化、节拍化、自动化搬进航空。 11月3日，观察者网了解到，位于广州黄埔区的小鹏汇天飞行汽车量产工厂试产并顺利下线首台"陆地航 母"飞行器，这也是全球首个利用现代化流水线进行飞行器批量生产的工厂。 据了解，本轮试产的飞行器将用于试验试飞，进一步验证产品性能与工艺，为明年"陆地航母"的交付奠 定坚实基础。 具体来看，工厂建筑面积约12万平方米，主要用于分体式飞行汽车"陆地航母"的飞行器生产，规划年产 能10000辆，初期年产能5000辆，这也是全球首个具备"万辆级"年产能的飞行汽车制造工厂。在满产状 态下，生产线每30分钟可下线一台飞行器。 小鹏汇天方面称，工厂最大的特点是以汽车工业思维重构工艺制造流程，规 ...

Core Insights - Renault has signed a series of agreements with Geely to expand their strategic cooperation in the production and sale of zero-emission and low-emission vehicles in Brazil [1][3] Group 1: Agreement Details - Geely will officially acquire 26.4% of Renault Brazil, while Renault remains the controlling shareholder and will continue to consolidate the company in its financial statements [3] - As a shareholder, Geely can leverage Renault Brazil's industrial and commercial resources to accelerate its expansion in the regional automotive market [3] - Renault Brazil will enhance its production capacity by manufacturing both Geely and Renault vehicles at the Ayrton Senna plant in São José dos Pinhais, Paraná [5] Group 2: Strategic Implications - Geely's chairman, Li Shufu, stated that the continued collaboration with Renault will help explore new markets and opportunities, achieving a win-win situation for both companies [5] - Renault's CEO, François Provost, emphasized that the partnership marks a decisive step in their international strategy, establishing a flexible cooperation model based on industrial excellence and technological leadership [5] Group 3: Market Context - Analysts believe that the collaboration will strengthen Geely's influence in Brazil and accelerate the development of both brands in this key market [7] - In the first nine months of this year, Chinese automotive exports to Brazil reached approximately 123,500 units, a year-on-year increase of 51% [7] - The automotive registration in Brazil accounted for over 40% of the total in Latin America during the first half of the year, highlighting the market's significance [7]

Core Insights - Samsung Electronics has led the suspension of DDR5 DRAM contract pricing as of October, causing market turmoil and a significant increase in spot prices [1][2] - The consensus in the market is that DRAM prices will rise by the fourth quarter of 2025, but the expected contract prices for Q4 were delayed due to Samsung's lack of quotations, leading to a 25% increase in DDR5 spot prices within a week [1] - The supply chain is experiencing a "seller's market," with major manufacturers only providing quotes to top-tier tech companies and cloud service providers, limiting availability for other customers [1][4] Market Dynamics - TrendForce reports that while some suppliers are still providing quotes, most are adopting a passive stance, resulting in limited actual transactions and heightened competition in pricing [2] - The price of DRAM has surged dramatically, with a year-on-year increase of 171.8% in Q3 2025, outpacing gold prices, which have risen by less than 110% during the same period [4] - The demand for high-performance storage driven by AI has led manufacturers like Samsung to shift production towards advanced memory products, tightening the supply of conventional storage used in PCs and servers [4][5] Future Projections - TrendForce has revised its forecast for DRAM price increases in Q4 2025 from 8%-13% to 18%-23%, indicating a strong upward trend in pricing due to the expansion of cloud service providers' data centers [5]

【文/观察者网 熊超然】"当香槟美酒汩汩流淌、穿着弗拉帕舞女服装的舞者为宾客表演时，唐纳德·特 朗普扮演起了盖茨比的角色。就在仅仅数小时后，约4200万美国人失去了食品援助。" 英国《每日电讯报》当地时间11月2日报道称，刚刚过去的这个周末，美国总统特朗普因被拍到在海湖 庄园举办奢华万圣节派对而受到猛烈抨击，与此同时，联邦政府关门停摆导致工资冻结和企业倒闭的情 况不断发生。 这场万圣节派对的官方主题为"开个小派对又不会要人命"（A little party never killed nobody）"，显然是 指美国女歌手菲姬（Fergie）在2013年电影版《了不起的盖茨比》原声带中演唱的那首插曲，这一影片 改编自菲茨杰拉德（Francis Scott Key Fitzgerald）1925年出版的同名小说，讲述了奢靡带来的道德沦 丧。 而当天在特朗普的海湖庄园，宾客们身着华丽的"咆哮的二十年代"风格服饰，表演者在人群中穿梭，美 食与美酒源源不断。批评人士（其中多数为民主党人）迅速指出这场庆祝活动"无视现实"——就在11月 1日，随着美国"补充营养援助计划"（SNAP，又称食品券计划）的资金耗尽，这一美国最大 ...

美国总统特朗普在"空军一号"上接受记者采访。 IC Photo 【文/观察者网 柳白】美国法院早前裁定特朗普无权援引《国际紧急经济权力法》对多国征收关税。特 朗普政府已上诉至最高法院，听证会将于11月5日举行。 "全世界都在静待里程碑式的判决。"英国广播公司（BBC）给出了这样的形容。 然而，上月还放风打算出席旁听的特朗普，突然改了主意。 当地时间11月2日，特朗普在"空军一号"上告诉记者，他不会出席最高法院5日举行的关于其全球关税合 法性的听证会。 "我确实很想去。我只是不想做任何事来转移人们对这项决定的关注。"特朗普说，"我不想引起太多人 的注意。这与我本人无关，而是关乎我们国家。" 11月2日， 不久后，特朗普在"真相社交"平台上发表了一份更长的声明。 声明称，这起关税案将成为美国历史上最重要的案件之一，如果总统不被允许使用关税，美国将在与世 界各国，特别是"主要经济体"的竞争中处于极其不利的地位，美国会变得毫无防御能力，甚至导致"国 家毁灭"。 特朗普重申自己不会前往最高法院出席听证会，因为不想分散人们对这项重要裁决的关注。 "这将是美国最高法院有史以来做出的最重要、影响最深远的裁决之一。如果我们赢了 ...

Core Insights - The newly released iPhone Air has been included in government subsidies, with discounts applied to its various storage models [1][12] - The iPhone Air's sales performance has been underwhelming, prompting the rapid introduction of promotional policies [12][13] - The market perception of the iPhone Air is that it offers lower value compared to the standard iPhone 17, leading to consumer preference for the latter [14][15] Pricing and Subsidy Details - The iPhone Air 256GB model originally priced at ¥7999 is now available for ¥7599 after a ¥400 discount [1] - The 512GB model has been reduced from ¥9999 to ¥9499, and the 1TB model from ¥11999 to ¥11399, reflecting discounts of ¥500 and ¥600 respectively [1] - Only the three major telecom operators (China Telecom, China Mobile, and China Unicom) support the government subsidy for the iPhone Air, with no regional restrictions [1] Sales Performance and Market Reaction - The activation volume for the iPhone Air during its first sales week was reported to be over 50,000 units, which is considered disappointing [13] - Analysts have noted that the demand for the iPhone Air is lower than expected, leading to a reduction in supply chain output and capacity [12][13] - Apple's CEO Tim Cook did not mention the iPhone Air's sales performance during the recent earnings call, raising concerns among investors [14] Consumer Preferences and Market Trends - The iPhone Air's specifications, such as a lower battery capacity and fewer features compared to the standard iPhone 17, have contributed to its lack of appeal [14] - The eSIM functionality, while approved for commercial use by the three major telecom operators, is still in the trial phase and has limited consumer attraction [15] - The overall market trend indicates that ultra-thin flagship devices are struggling to gain consumer acceptance, as evidenced by similar products from competitors [15]

Group 1 - The core viewpoint is that the largest hotel group will emerge in China, driven by supply-side reform in the hotel industry [1] - As of 2024, the chain rate of hotels in China is 40%, compared to 72% in the US and 44% in the EU, indicating significant room for growth in China's hotel chain market [1][2] - The potential for growth exists in both first and second-tier cities as well as in third and fourth-tier county markets, with a particular emphasis on the substantial growth potential in third and fourth-tier cities [2] Group 2 - The hotel industry is experiencing increased pressure in the existing market due to a decrease in business travel and a rise in inbound tourism, highlighting the potential of the county tourism market [2] - The trend towards franchise hotels is expected to lower the cost of re-establishing franchises and brands, driving supply-side transformation in the industry [2] - The competition within the industry is seen as a norm that can lead to continuous improvement in supply-side dynamics, with a shift from single units to chains and from star ratings to brands [2] Group 3 - Huazhu Group is enhancing its product matrix, recently launching the Haiyou fully self-service hotel, which has a construction cost of 57,100 yuan per room and a total investment of 3 million yuan for 45 rooms [3] - The company introduced a new brand, "All Seasons Grand View," as part of its strategy to focus on brand development as a core competitive advantage [3] - The vision of Huazhu is to become the foundational infrastructure of the accommodation industry in China [3]