燃油车+新能源车双重发力。 10月， 中国汽车市场的月度销量王座正式易主。 比亚迪单月销量为44.17万辆，被上汽集团以45.4万辆的成绩反超，后者实现了12.96%的同比增长。 | | | | 产量 | | | | | 销量 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 项目类别 | 本月 | 去年同期 | 本年累计 | 去年累计 | 累计同比 | 本月 | 去年同期 | 本年累计 | 去年累计 | 累计同比 | | 新能源汽车 | 429, 808 | 536. 134 | 3, 643, 377 | 3,297,044 | 10. 50% | 441, 706 | 502, 657 | 3,701,852 | 3,250,532 | 13.88% | | -乘用车 | 424. 174 | 534.003 | 3. 595. 640 | 3.283.439 | 9.51% | 436. 856 | 500. 526 | 3.655.718 | 3.236.927 | 12. 94% | | -纯申动 ...

Core Viewpoint - The departure of Sun Dongxu from Dongfang Zhenxuan marks a significant shift in the company's leadership dynamics, reflecting ongoing challenges in management and succession planning within New Oriental [4][6][7]. Group 1: Departure of Sun Dongxu - Sun Dongxu's exit was officially announced by Yu Minhong, who expressed gratitude for Sun's contributions and hinted at a possible return in the future [6][8]. - Speculation about Sun's departure had been circulating since August 2023, following a management shake-up and his removal as CEO, although he remained as a senior advisor [8][9]. - The official statement from Dongfang Zhenxuan indicated that Sun left for personal reasons, despite Yu's attempts to retain him, highlighting a trend of key personnel departures from New Oriental [9][10][22]. Group 2: Leadership Challenges - Yu Minhong has a history of nurturing successors who eventually leave, creating a cycle of leadership instability within New Oriental [20][22]. - The management structure has seen multiple high-profile exits, including Chen Xiangdong and now Sun Dongxu, leading to questions about Yu's leadership style and decision-making [16][22]. - The recent departures have resulted in significant market repercussions, with Dongfang Zhenxuan's stock price dropping substantially following these leadership changes [19][22]. Group 3: Historical Context - The narrative of Sun Dongxu's rise within New Oriental parallels that of other key figures, such as Chen Xiangdong, who also left after being entrusted with significant responsibilities [10][21]. - The company's history is marked by a series of leadership changes that have often coincided with external pressures, such as regulatory challenges and market competition [16][20]. - Yu Minhong's management approach has been characterized by a reluctance to enforce strict measures, which may contribute to the ongoing issues with retaining key talent [23].

以下文章来源于投资家 ，作者王思琪 投资家 . 投资家是投资家网旗下专注创投、商业、科技领域的内容平台。多次获得百度、头条、新浪、网易、搜狐、东财、同花顺、澎湃等颁发的荣誉奖项。投资 家网是国内知名资本与产业创新综合服务平台。 昔日风靡中国的"网红"新能源车企，正遭遇至暗时刻。 投资家网获悉，近日新能源汽车行业传来劲爆大消息，"因股价长期不足1美元"，经销商网络遍布全球的"车圈富二代"极星汽车（Polestar）收到了纳斯达克交易所 的严重警告。警告要求，极星汽车必须在期内（2026年4月29日前）完成整改，否则将被强制退市。 2025年，其它新能源车企混得风生水起，极星汽车却面临着一连串炸雷事件。9月，极星汽车发布上半年业绩报告，公司卖出了超3万辆车，营收14.23亿美元，可 净亏损竟高达11.93亿美元，亏损幅度扩大119.4%。10月，极星汽车关闭了位于上海的中国最后一家直营门店。虽然关闭门店，它们未退出中国，而是"由线下卖车 改为线上卖车"，业务版图大收缩。 图源：网络 资本市场，极星汽车更加如履薄冰。几年前，它们还风光无限，靠着沃尔沃、吉利强势背书登陆美股，一路猛涨，市值达到280亿美元。谁能想到， ...

点评：传奇谢幕，慈善继续，投资哲学影响深远。 1.巴菲特宣告"谢幕"：现在每周还上五天班，年底卸任CEO，将加快捐赠速度 据澎湃新闻，当地时间11月10日，伯克希尔·哈撒韦公司在官网发布了首席执行官（CEO）巴菲特（Warren Buffett）致股东的年度信。巴菲特明确表示，他将在今年年底卸任首席执行官，并正式退出公司的日常管 理。巴菲特在信中还表示，会加快将遗产捐赠给子女基金会的步伐。这或将是95岁"股神"作为伯克希尔CEO 的最后一份声明。 2.软银集团第二季度净利润2.50万亿日元 软银集团11月11日发布第二季度财报显示，销售净额1.92万亿日元，净利润2.50万亿日元，股息22.00日元。 上半年销售净额3.74万亿日元，净利润2.92万亿日元。 11月11日，来自深圳上市公司、券商投行、私募机构及监管部门的180多名代表齐聚深圳国际创新中心，参 加"香蜜湖金融+"并购培训大会，共话并购重组政策红利与实操路径。该活动由中共深圳市委金融委员会办 公室、深圳证监局、深圳市福田区人民政府指导，深圳上市公司协会联合多家单位主办。会上，市委金融 办深度解读《深圳市推动并购重组高质量发展行动方案（2025—2 ...

Core Viewpoint - The article emphasizes the importance of cultivating international talent to support the "Belt and Road" initiative, addressing the challenges faced by companies in understanding the political, economic, legal, and fiscal environments of target countries [6][7]. Group 1: Project Background - The "International Capacity Cooperation Leadership Talent Training Program" aims to provide solid talent support for international capacity cooperation under the "Belt and Road" initiative [6]. - The program is initiated by the Silk Road International Talent Alliance and the Silk Road International Capacity Cooperation Promotion Center to help enterprises better understand national policies and investment environments [6][7]. Group 2: Project Features - The program includes authoritative summaries of over 100 overseas projects, expert interpretations of "Belt and Road" policies, and identification of new economic growth points and investment opportunities for enterprises [11]. - It promotes a "six-in-one" operational mechanism to help enterprises better integrate into national strategies through inter-ministerial coordination and collaboration with various stakeholders [11]. Group 3: Course Overview - The domestic module covers global perspectives, strategic thinking, international cooperation practices, and key capabilities required for overseas project development and risk management [18][19]. - The overseas module, known as the "International Capacity Cooperation Express," facilitates direct communication between participants and target country governments, enhancing practical project skills [25]. Group 4: Target Audience - The program is designed for senior management personnel from enterprises, decision-makers from financial institutions, and professionals seeking to enhance their international perspectives [40].

Core Viewpoint - The cancellation of the health run project in the Shanghai Marathon has sparked significant reactions among running enthusiasts, highlighting the event's unique status and the challenges of managing a large number of participants [2][5][11]. Group 1: Shanghai Marathon's Special Status - The Shanghai Marathon, established for 28 years, is a prestigious event with a "pilgrimage" status among runners, akin to the lottery system for housing in Shanghai [5]. - This year, the total number of applicants for the full marathon and health run reached 356,589, with a full marathon acceptance rate of only 7.2% and a health run acceptance rate of 38.3% [7]. Group 2: Decision to Cancel Health Run - The decision to cancel the health run is seen as a "subtraction" aimed at enhancing the professional and international reputation of the marathon, as health runs accounted for 40% of the total 38,000 slots [11]. - The cancellation also includes the controversial charity run, which was perceived as a "money-grabbing" opportunity, conflicting with the spirit of professional competition [11]. Group 3: Shift Towards Professionalization - The decision reflects a shift towards professionalization and elitism in top-tier events, encouraging community and park runs to take on the role of promoting public fitness [13]. - The trend of professionalization in events parallels the evolution of running gear, with runners now seeking specialized equipment tailored to different running scenarios [13][17]. Group 4: Evolution of Running Gear - The running shoe market has seen a shift towards specialized footwear, with carbon plate shoes becoming standard for competitive runners, and various designs catering to different terrains and needs [17][21]. - The importance of selecting appropriate running shoes is emphasized, as improper footwear can lead to injuries, highlighting the need for shoes that provide cushioning, support, stability, and grip [19][21]. Group 5: Growth of Trail Running - Trail running has gained popularity, with numerous events taking place across the country, and a significant portion of participants aged between 22 and 55 [29][31]. - The choice of appropriate trail shoes is crucial for safety and performance, with specific designs catering to various terrains and conditions [35]. Group 6: Rise of Hiking Shoes - Hiking shoes have become a new choice for urban commuting, reflecting a shift in workplace attire towards comfort and practicality [41]. - The functionality of hiking shoes, including waterproof materials and slip-resistant soles, meets the demands of urban commuters while blending outdoor practicality with urban fashion [47]. Group 7: Market Trends and Consumer Behavior - The market for specialized footwear is expanding, with both international and domestic brands innovating to meet diverse consumer needs [52][56]. - The evolving consumer mindset reflects a deeper connection to lifestyle choices, where footwear represents not just functionality but also identity and lifestyle expression [61][63].

"银行直供房"正在中国房地产市场掀起波澜，《经济观察报》、《第一财经》等主流媒体纷纷报道了这一情况。包括农业银行、建设银行、交通银行等多家大型银 行，近期均通过线上平台大量直接销售房产。 这些被称为"银行直供房"的房源，主要来自不良贷款处置，大多为抵债资产。 当借款人无力还贷时，银行通过法律手段将债权剥离，取得房产的完整产权，然后 通过在市场上直接出售来回收债权。 银行卖房新动向 近期，银行直接出售房产的规模正呈现爆发式增长，从国有大行到地方银行，纷纷加入这一行列。 在阿里资产平台的"银行清仓"栏目中，可以找到全国各地的银行挂出的房产资产，价格从几万元至上亿元不等。其中，地方城商行与农信社挂牌的规模尤其引人注 目。 据《第一财经》报道，在城商行中，兰州银行2025年挂牌直售房产标的为1779个，比去年挂牌数增长超过50%。吉林银行挂牌出售的房产超过2000个，天津银行超 过1200个。而农信系统的房产处置规模更为庞大，四川农信系统自2024年上半年以来，挂牌出售的房产标的数量超过25000个，辽宁农信系统累计挂牌直售的房产 标的达11000个。 图源：网络 与传统银行处置债权方式不同，这种直售模式正成为银行快 ...

Group 1 - Nvidia CEO Jensen Huang visited TSMC's 3nm production line to discuss capacity assurance, highlighting the deep partnership between the two companies. TSMC's current monthly capacity is 100,000 wafers, with plans to increase to 160,000 wafers by 2026, primarily to supply Nvidia [2] - Intel has accused former employee Jinfeng Luo of stealing 18,000 confidential files, seeking $250,000 in damages. Luo attempted to download company data before being laid off [3] - Goldman Sachs raised BeiGene's target price to $408.79, citing a 40% year-over-year increase in product sales to $1.4 billion in Q3, driven by Brukinsa's revenue surpassing $1 billion for the first time [4] Group 2 - Chanel denied rumors of opening a new boutique in Chongqing, stating there are currently no such plans [5] - The U.S. government has issued new guidelines that may lead to visa denials for foreign applicants with diabetes or obesity, citing potential financial burdens on the public healthcare system [6] - China Mobile participated in the D-round financing of New Stone Robotics, focusing on urban logistics and autonomous vehicle development [6] Group 3 - IDC reported that China's tablet market shipped 8.49 million units in Q3 2025, a 10.9% year-over-year increase, with consumer market shipments up 12.3% despite a slowdown due to tightened subsidies [7] - Xibei has closed nearly 10 locations nationwide since October, with the company stating that the closures are part of a unified arrangement for strategic optimization [8] - Longi Green Energy's chairman stated the company is not directly involved in the silicon material sector, focusing instead on solar products and solutions [9] Group 4 - Baidu's fund has invested in Popi AI, a company developing AI animation tools, indicating a strategic move into the AI content creation space [10] - In October, the wholesale price of eggs in China dropped over 26% year-on-year, with a current price of 7.63 yuan per kilogram, reflecting a supply surplus [11] - The hotpot brand founded by singer Xue Zhiqian will close its Guangzhou location by December 15, leaving only one operational store in Shanghai [12]

Core Viewpoint - The article discusses the severe operational crisis faced by Pizza Hut's UK business, highlighting its recent bankruptcy proceedings and the challenges posed by market competition and changing consumer habits [4][6][10]. Group 1: Bankruptcy and Operational Challenges - Pizza Hut UK has entered bankruptcy management for the second time within a year, with the latest incident resulting in the closure of 68 dine-in restaurants and 11 delivery points, leading to the loss of 1,210 jobs [4][8]. - The brand's decline began around 2012, with significant competition from rivals like Domino's and Papa John's, which have capitalized on the growing preference for delivery services [13][16]. - The UK operations of Pizza Hut have seen a drastic reduction in store numbers, dropping from a peak of nearly 700 locations to just 132 after recent closures [10][12]. Group 2: Corporate Interventions and Future Outlook - Following the bankruptcy announcement, Yum Brands, the global parent company of Pizza Hut, intervened to rescue the remaining 64 restaurants, ensuring job security for 1,277 employees [11][6]. - Despite the intervention, analysts express skepticism about the long-term viability of Pizza Hut in the UK, citing deep-rooted structural issues and the inadequacy of temporary rescue agreements to address core problems [11][21]. - The overall UK restaurant industry is facing a crisis, with a 31.2% increase in businesses in financial distress, particularly affecting bars and restaurants [18][20]. Group 3: Broader Industry Context - The UK leisure and dining sector is experiencing significant challenges due to a combination of factors, including the pandemic, inflation, rising energy costs, and tax pressures, which have severely impacted profitability [20][21]. - The energy crisis has led to a 300% increase in energy bills for some establishments, further straining their financial health [20]. - The recent changes in national insurance contributions have disproportionately affected entry-level positions in the hospitality sector, exacerbating the industry's struggles [20][21].

Core Viewpoint - JD.com has officially entered the automotive industry by collaborating with GAC Group and CATL to launch the "National Good Car," although it clarifies that it is not directly manufacturing vehicles but rather focusing on user insights and sales channels [3][5][12]. Group 1: Collaboration and Model - The "National Good Car" was launched in conjunction with GAC and CATL, with JD.com primarily acting as a sales platform rather than a manufacturer [3][5]. - JD.com employs a light-asset model, integrating GAC's manufacturing resources and CATL's technology, creating a "platform + manufacturing + technology" cooperation model [12][23]. - This model aims to disrupt traditional automotive manufacturing and sales, enhancing user experience through a comprehensive service network of over 3,000 self-operated and 40,000 partner stores [12][21]. Group 2: Marketing Strategy - The timing of the car's launch aligns with the upcoming Double Eleven shopping festival, aiming to leverage marketing opportunities against competitors like Taobao and Pinduoduo [8][10]. - Despite a lackluster auction for the first vehicle, the marketing campaign generated significant exposure for JD.com's automotive venture, demonstrating effective marketing strategy [10][12]. - The collaboration with Huawei for the vehicle's cloud system further enhances the marketing narrative, integrating multiple tech giants into the automotive ecosystem [10][12]. Group 3: Market Challenges and Consumer Perception - The vehicle's design closely resembles existing GAC models, raising concerns about originality and consumer disappointment regarding the promised customization features [14][23]. - There are doubts about JD.com's ability to provide quality after-sales service for electric vehicles, given its existing service network's focus on traditional fuel vehicles [23]. - The automotive market's competitive landscape is intensifying, with various tech companies entering the sector, prompting JD.com to ensure it meets genuine user needs and maintains a strong service foundation [18][23]. Group 4: Industry Context - The entry of JD.com into the automotive sector comes at a time when technological advancements in electric vehicles are creating significant market opportunities [18][20]. - The shift from policy-driven to market-driven demand for electric vehicles is evident, with younger consumers seeking smart, integrated automotive experiences [18][20]. - JD.com's decade-long investment in building an automotive ecosystem positions it well for this new venture, indicating that its entry is not abrupt but rather a continuation of its strategic development [21].