小鹏汽车董事长、CEO何小鹏 小鹏汽车董事长、CEO何小鹏出席论坛，并在"企业全球化新路径"环节发表主旨演讲。他指出，飞行汽车就像30年前汽车刚进入中国，20世纪90年代初中国 的路还很少。大家觉得汽车不安全、很贵、加油很麻烦，是领导、是大企业才能够用的，个人不可能用。现在我们认为飞行汽车又贵、又麻烦，可能不安 全，使用场景很少。但是，30年以后世界会发生巨大变化。 凤凰网财经讯 9月23-24日，由凤凰卫视、凤凰网主办的"凤凰湾区财经论坛2025"在广州举行，本届论坛以"新格局·新路径"为主题，汇聚全球政商学界精 英，共同洞察变局脉络、探寻发展新机。 "今天我们第一款飞行汽车只能飞几十公里，但是我们正在做的与汽车不耦合的纯的小型飞机能飞数百公里。我认为10-30年后，人们可以住在离城市中心 100公里的地方，10分钟以内到达，安全、快速、无人化。所以，低空飞行会为城市和城市之间或者城市周边的生活带来巨大的改变。" 据何小鹏介绍，小鹏汽车已经做了12年的飞行汽车，2026年小鹏汽车会把全球第一台"汽车+飞机"组合折叠的飞行汽车真正量产并且开始交付。为此，小鹏 汽车过去做了7代原型机，投入了数十亿成本。 ...

Group 1 - The "Phoenix Bay Area Finance Forum 2025" was held in Guangzhou on September 23-24, focusing on the theme "New Pattern, New Path" and gathering global political, business, and academic elites to explore development opportunities amidst changing circumstances [1] Group 2 - Hong Hao, managing partner of Lianhua Asset Management, emphasized personal responsibility in investment decisions, stating that individuals should not blame experts for their losses [3] - He addressed the controversial notion of "young people should not fear losing money," suggesting that youth provides the opportunity to recover from failures and learn from experiences [3] - Hong Hao highlighted that significant success often comes from stepping out of comfort zones and embracing challenges, indicating that personal growth is achieved through struggle and effort [3]

小鹏汽车董事长、CEO何小鹏出席论坛，并在"企业全球化新路径"环节发表主旨演讲。他指出，中国车在欧洲受到很多关注，但现在只是"一点点"重视，销 量占比还很低。 何小鹏认为，中国的车，包括中国大型的硬件要真正做好，一定是要做到全方位、立体化的能力。在这个领域里，小鹏走了一条不同的道路，我们期望在海 外实现从高端进入到最后"高端+中高端"的组合。 "去年，在欧洲市场 4万欧元以上价位段的所有新势力纯电车型中，我们是销量的第一名。我们不做3万欧元以下的车。我们在欧洲的NPS也非常开心，因为 绝大部分做硬件的公司走向全球，不注重服务、售后、运营，我们在欧洲的NPS去年是做到了第一，远超我的目标。我的目标是做到中国最好，但是在所有 品牌，我们做到了第一。"何小鹏称。 凤凰网财经讯 9月23-24日，由凤凰卫视、凤凰网主办的"凤凰湾区财经论坛2025"在广州举行，本届论坛以"新格局·新路径"为主题，汇聚全球政商学界精 英，共同洞察变局脉络、探寻发展新机。 小鹏汽车董事长、CEO何小鹏 ...

Core Insights - The "Phoenix Bay Area Finance Forum 2025" was held in Guangzhou, focusing on the theme "New Pattern, New Path" to explore development opportunities amidst changing circumstances [1] Group 1: Market Trends - According to Hong Hao, managing partner of Lianhua Asset Management, China experiences an epic bull market every decade, with the last one occurring in 2015 and the previous one in 2005 [3] - In 2023, Chinese asset prices are beginning to rise, reflecting significant achievements in industries outside of real estate, such as advancements in artificial intelligence and breakthroughs in chip technology [3] - The Chinese stock market, particularly the A-share market, is outperforming major global indices, including those in the US, Japan, and Europe [3] Group 2: Investment Sentiment - Foreign investors are starting to reassess their views on China as a viable investment market due to notable progress in key sectors like AI and low-altitude economy [3] - The market sentiment remains overly pessimistic, with indices like the Shanghai Composite Index at 3900 points and the Hang Seng Index at 26000 points not reflecting the achievements made in recent years [3] Group 3: Commodity Prices - The prices of commodities have begun to recover, driven by regulatory actions against unfair competition among upstream enterprises [3] - Precious metals such as gold and silver have performed exceptionally well this year, with expectations that their price increases will exceed current projections, indicating a potential century-long bull market [3]

凤凰网财经讯 9月23-24日，由凤凰卫视、凤凰网主办的"凤凰湾区财经论坛2025"在广州举行，本届论坛以"新格局·新路径"为主题，汇聚全球政商学界精 英，共同洞察变局脉络、探寻发展新机。 莲华资产管理有限公司管理合伙人洪灏出席论坛，并在"做多中国：十年大牛市？"环节发表主旨演讲。他表示，"我相信，牛市真的来了。" "其实，今年7月初，在这波上涨之前，我们就判断牛市来了。虽然，当时我们的看法并没有任何基本面的支持，但并不妨碍中国市场走强。因为，做投资久 了的人都知道，市场领先于实体经济。"洪灏继续说道。 不过洪灏也提醒，市场也有错的时候。"俗话讲，在未来3次经济危机里，股票市场预测了5次。所以，它有时候是对的，有时候是错的。但是从交易的角度 来看，我们并不在乎预测是对还是错，只在乎在未来一段时间窗口里，是否能看到一个牛市，以及在牛市中是否能赚钱。" 莲华资产管理有限公司管理合伙人洪灏 ...

小鹏汽车董事长、CEO何小鹏 小鹏汽车董事长、CEO何小鹏出席论坛，并在"企业全球化新路径"环节发表主旨演讲。他指出，自己从大学以后就经常看凤凰的新闻，凤凰的财经后面往往 会有一个《凤凰天气预报》的栏目，今天坐在这里，像是以《凤凰天气预报》（主持人的身份）到现场来讲这次在粤港澳的台风。 此后，他以"台风"为喻，生动解读了当前的经济形势。他认为，近10年的经济变化太快了。 "某种角度，就像今天有台风扫过，它会对大家有挑战，但最后都会过去，大家不用担心。"何小鹏称。 凤凰网财经讯 9月23-24日，由凤凰卫视、凤凰网主办的"凤凰湾区财经论坛2025"在广州举行，本届论坛以"新格局·新路径"为主题，汇聚全球政商学界精 英，共同洞察变局脉络、探寻发展新机。 ...

Market Overview - The three major U.S. stock indices closed lower on September 24, with the Dow Jones Industrial Average down 171.5 points, a decline of 0.37%, the S&P 500 down 18.95 points, a decline of 0.28%, and the Nasdaq Composite down 75.61 points, a decline of 0.33% [1] Technology Sector Performance - Popular tech stocks showed mixed results, with Intel rising over 6% amid news of seeking investment from Apple, Tesla increasing nearly 4%, while Google fell over 1%, and Nvidia and Apple both dropped close to 1% [2] Chinese Market Insights - The Nasdaq China Golden Dragon Index rose by 2.83%, with major Chinese concept stocks like Alibaba and Global Data rising over 8%, Baidu and JD.com up over 5%, and NIO increasing over 2% [3] Global Trade Dynamics - The World Trade Organization's Director-General warned that tariffs are causing unprecedented damage to the international trade system, with global trade under WTO terms dropping to 72% and potentially declining further [3] - Geopolitical tensions, tariff barriers, and regional supply chain restructuring are pushing the world towards a high-friction, low-trust trade era, impacting small and medium enterprises significantly [3] New Trade Era - The current situation does not signify the end of globalization but indicates its evolution into a new form centered on regional cooperation, digital infrastructure, and resilient supply chains [4] - The Greater Bay Area is emerging as a new global trade hub, leveraging its industrial capabilities and cross-border service strengths to adapt to these changes [4][5] Economic Resilience - Despite global economic uncertainties, China's economy is showing resilience, with a record high in goods trade value expected to reach 43.85 trillion yuan in 2024, and a 2.5% year-on-year increase in the first five months of 2025 [9] - The share of high-tech product exports is also increasing, projected to reach 18.2% in 2024 [9] Consumption and Investment Trends - In the first half of 2025, retail sales of consumer goods grew by 5.0%, contributing over 50% to economic growth [11] - The capital market is witnessing a shift, with A-shares breaking a ten-year pressure line, indicating a transition from a policy-driven market to a system-driven market [12] Future Economic Discussions - The "Phoenix Bay Area Finance Forum 2025" will address key topics such as the reconstruction of the global economic and trade order, new paths for corporate globalization, and the integration of artificial intelligence [6][13] - The forum aims to foster dialogue and collaboration among global leaders to navigate the uncertainties in the current economic landscape [7][14]

Core Insights - The global economic and trade landscape is undergoing profound restructuring, presenting both challenges and opportunities for businesses [1][2]. Group 1: New Economic Landscape - The new global economic structure is characterized by a coexistence of "six transformations," including the simultaneous presence of group and fragmentation, multi-polarity and bilateralism, as well as service-oriented and green economies [2]. - Regional trade agreements, such as the Regional Comprehensive Economic Partnership (RCEP), now cover over 30% of global GDP, with 90% of tariffs within the region eliminated, leading to a 9% increase in China's exports to ASEAN [2]. - The service trade is becoming a new engine for global economic growth, with a projected total of $8.6 trillion in global service trade by 2024, reflecting a 9% year-on-year growth, significantly outpacing global GDP growth [2]. Group 2: Opportunities for Chinese Enterprises - The rise of emerging markets opens new avenues for Chinese enterprises, with China signing cooperation memorandums with 52 African countries, participating in 31% of infrastructure projects valued over $50 million in Africa [3]. - The implementation of multiple free trade agreements is helping traditional industries in China, such as home appliances and textiles, regain market share through tariff reductions and streamlined customs processes [3]. - China's cross-border e-commerce import and export volume reached 2.63 trillion yuan, marking a 10.8% year-on-year increase, maintaining its position as the global leader for 15 consecutive years [3]. Group 3: Challenges for Chinese Enterprises - Chinese enterprises face increasing uncertainties and costs due to rising geopolitical tensions and trade protectionism, which complicate their operational landscape [3]. - The global supply chain is trending towards regionalization and shorter chains, intensifying international competition [3]. - To navigate this complex environment, Chinese enterprises must accelerate technological innovation and brand development, reshaping their global strategies to enhance competitiveness [3].

Group 1 - The core message of the forum emphasizes the urgency for domestic companies to globalize, but warns against reckless expansion without proper understanding of local markets [1][5] - The global economic landscape is undergoing significant changes, with rising tariffs and trade policy uncertainties impacting supply chains and investment [4][5] - Despite challenges, globalization is seen as an inevitable trend driven by the pursuit of optimal resource allocation and efficiency, supported by advancements in digital technology and logistics [6][8][12] Group 2 - Chinese companies are transitioning from merely selling products abroad to establishing a systematic global presence, focusing on deep localization [13][15] - Successful global enterprises prioritize becoming integral parts of local ecosystems rather than just foreign entities, which requires a long-term commitment to local communities [26][28] - The shift towards a "co-creation of value" mindset is essential for Chinese companies to establish a sustainable presence in international markets, moving away from short-term profit motives [29][30][31]

Core Insights - The AITO M9 has disrupted the luxury car market, achieving over 240,000 deliveries and capturing more than 70% of the new energy market in the 500,000+ segment within 18 months of its launch [1] - Traditional luxury car dealers are increasingly shifting towards AITO M9, indicating a significant change in consumer preferences [1] Group 1: Technology and Innovation - AITO M9 leverages Huawei's full-stack intelligent technology to establish a new paradigm of "tech luxury," moving beyond traditional luxury metrics like engine displacement and leather quality [1][2] - The vehicle offers advanced features such as the HarmonyOS 4 and the upgraded Huawei QianKun intelligent driving system, which enhances user experience and safety [2] - The introduction of the "Parking from Space 2.0" feature allows for seamless parking, showcasing the vehicle's advanced automation capabilities [2] Group 2: Market Positioning and User Experience - AITO M9 is positioned as a "full-scenario smart flagship SUV," catering to both high-end business and family travel needs, thus transforming the perception of luxury from mere status to experiential value [4] - The vehicle's design and features have made it a popular choice for business receptions, enhancing corporate image and facilitating client interactions [4] - Family-oriented features, such as rear-seat projection and child-friendly modes, address specific user pain points, making it a preferred choice for parents [5][6] Group 3: Market Impact and Competitive Landscape - The introduction of the new color "Silver Purple" reflects AITO M9's confidence and aims to attract younger, trend-conscious consumers [7][8] - The success of AITO M9 has pressured global automotive giants, leading to layoffs and dealership closures as they respond to the rise of Chinese smart car brands [8] - The shift from "material luxury" to "tech luxury" signifies a fundamental change in consumer values, challenging traditional luxury car manufacturers to adapt or risk obsolescence [8]