fir 6 @新浪科技 autoevolution® 6 @新浪科技 【#小米YU7GT曝光#】汽车媒体 CarBuzz 今天（10 月 25 日）发布博文，分享了一组在纽博格林赛道 抓拍的图片，展示了正在圈速测试的小米 YU7 高性能版本（上市后可能被命名为 YU7 GT）。（IT之 家） ...

Group 1 - President Xi Jinping will attend the APEC informal leaders' meeting in South Korea from October 30 to November 1, with potential discussions on a meeting between the Chinese and U.S. leaders [1] - The Central Committee emphasizes addressing "three rural issues" as a priority, projecting an estimated market space of around 10 trillion yuan over the next five years [1] - The focus on new urbanization is expected to require over 5 trillion yuan in investment for underground infrastructure during the 14th Five-Year Plan [1] Group 2 - The U.S. September CPI rose 3% year-on-year, the highest since January, but below market expectations of 3.1% [2] - The market has fully priced in two 25 basis point rate cuts by the Federal Reserve for the remainder of the year [2] Group 3 - Premier Li Qiang will attend multiple ASEAN meetings in Malaysia from October 27 to 28 [3] - The central bank aims to enhance the effectiveness of monetary policy and maintain stability in financial markets [3] - The State Administration of Foreign Exchange emphasizes the need for high-level opening in the foreign exchange sector and promoting the internationalization of the renminbi [3] Group 4 - The central bank will conduct a 900 billion yuan MLF operation on October 27, marking a net injection of 200 billion yuan for the month [4] - Various provinces have reported GDP data for the first three quarters, with Guangdong's GDP reaching 10.52 trillion yuan, a 4.1% increase [4] Group 5 - The China Securities Regulatory Commission emphasizes risk prevention and high-quality development in capital markets [5] - A-shares saw significant gains, with the Shanghai Composite Index rising 0.71% to 3950.31 points [5] - Hong Kong's Hang Seng Index closed up 0.74%, with notable strength in the semiconductor sector [5] Group 6 - 712 listed companies have disclosed share repurchase or increase loan plans, totaling a maximum loan amount of 152.48 billion yuan [6] - Domestic GPU leader Muxi Co. successfully passed IPO approval on the Sci-Tech Innovation Board, aiming to raise 3.904 billion yuan for R&D [6] Group 7 - The China Logistics and Purchasing Federation initiated an "anti-involution" campaign to combat low-quality competition in the warehousing industry [8] - The China Nonferrous Metals Industry Association stressed the importance of maintaining industry confidence and preventing "involution" [9] Group 8 - The People's Bank of China reported a decline in real estate loans, with a balance of 52.83 trillion yuan, down 0.1% year-on-year [10] - Hangzhou is implementing "home purchase + consumption voucher" subsidy activities to stimulate the housing market [10] Group 9 - JD.com, Meituan, and other companies are under investigation by market regulators for food safety and operational compliance issues [11] - The narrow passenger car retail market is expected to reach around 2.2 million units in October, with a projected 60% penetration rate for new energy vehicles [11] Group 10 - Morgan Stanley plans to allow institutional clients to use actual holdings of Bitcoin and Ethereum as loan collateral [12] - Xiaomi Auto announced a tax subsidy plan for customers who complete orders by November 30 [13] Group 11 - Ford's Q3 adjusted EPS was 45 cents, with sales up 9.3% to a record $50.5 billion, exceeding expectations [21] - Procter & Gamble reported Q1 adjusted EPS of $1.99, with revenue of $22.39 billion, both surpassing market expectations [21]

关注 「电动车公社」 和我们一起重新思考汽车 《今日新闻》将会每天给大家带来几条当日重磅新闻，并附上社长的简单评论。关注 「电动车公社」，新能源圈 大事小事 ，看我们就够啦～ 多家车企宣布为购置税兜底； 众泰汽车公布三季度财报， 净亏损2.23亿元； 今日新闻要点： 1、 多家车企宣布为购置税兜底 10月24日，小米汽车推出 全系车型跨年购置税补贴方案 ，以解决因订单积压导致跨年交付，产生用户需要缴纳 购置税的问题。具体细则为，2025年11月30日前锁单，小米补贴购置税差额，最高1.5万元。 目前小米汽车积压订单超过 20万台， 按单车平均补贴1.1-1.4万元计算，总成本约 20亿-30亿元，因此小米汽车是 目前行业最高规模兜底方案，也 是唯一 全系车型兜底 的车企。 除小米汽车之外，此前已有其他车企宣布购置税兜底方案。 其中，问界汽车的锁单时间是11月3日： 蔚来ES8的锁单日期是12月31日： 极氪极氪9X的锁单日期是10月31日： 购置税补贴政策退坡直击用户痛点，为此一些订单较高、来不及交付的车企决定斥巨资补贴用户，用真金白银应对 政策，也能给支持品牌的用户更多的信心。 理想i6的锁单日期是10月3 ...

Core Insights - Rivian has not entered the competitive Chinese market but is actively monitoring international developments [1] - CEO RJ Scaringe revealed that Rivian disassembled a Xiaomi SU7 for benchmarking purposes [1] - Ford CEO Jim Farley praised the SU7 for its performance, and Scaringe echoed this sentiment after the disassembly, noting the high level of execution and vertical integration of the technology platform [1] - Despite the positive assessment, Rivian did not gain any learnings from the disassembly process [1]

Core Insights - The article provides a comprehensive update on the automotive industry for September 2025, highlighting significant sales growth and trends in various segments of the market [3][12]. Overall Automotive Industry - In September 2025, total automotive sales reached 2.857 million units, representing a year-on-year increase of 16.4% and a month-on-month increase of 10.1%. Cumulatively, from January to September 2025, sales totaled 21.128 million units, up 12.6% year-on-year [3][21]. - Passenger vehicle sales in September were 2.859 million units, up 13.2% year-on-year and 12.5% month-on-month, while commercial vehicle sales were 368,000 units, showing a year-on-year increase of 29.6% [3][21]. - The inventory coefficient for automotive dealers slightly increased to 1.35 in September from 1.31 in August, with variations among different brand categories [3][21]. Sales Structure - Market share by vehicle type in September 2025 was as follows: domestic brands 70.1%, European brands 12.8%, Japanese brands 9.5%, American brands 6.2%, and Korean brands 1.4% [4]. - By vehicle classification, the market shares were: A00 4.1%, A0 12.5%, A 36.0%, B 30.5%, C 13.8%, and D 1.8% [5]. - In terms of pricing, the market shares for different price ranges were: 0-100,000 RMB 21.3%, 100,000-150,000 RMB 29.4%, 150,000-200,000 RMB 15.9%, 200,000-250,000 RMB 13.1%, 250,000-300,000 RMB 7.8%, and above 300,000 RMB 12.6% [5]. Discount Rates - The overall discount rate in September 2025 remained stable compared to August, with a slight increase to 15.9% in early September and a slight decrease to 15.8% by the end of the month [6][7]. - Fuel vehicle discount rates increased slightly to 20.4% by the end of September, while new energy vehicle discounts remained at 10.2% [8][9]. Commercial Vehicle Sales - Truck sales in September reached 312,000 units, reflecting a year-on-year increase of 28.9% and a month-on-month increase of 14.9% [10]. Investment Recommendations - The article suggests focusing on key players in the automotive sector, including Geely, Xpeng, Li Auto, BYD, and Xiaomi, as well as companies in the parts and components sector [11][15][16][18].

Group 1 - Southbound funds net bought HK stocks worth HKD 34.14 billion on October 24, with notable net purchases in Meituan (HKD 6.54 billion), SMIC (HKD 6.01 billion), CNOOC (HKD 5.7 billion), Tencent (HKD 3.75 billion), Xiaomi (HKD 2.98 billion), and Alibaba (HKD 1.7 billion) [1] - Southbound funds have continuously net bought SMIC for four days, totaling HKD 17.9796 billion, and Tencent for three days, totaling HKD 9.4926 billion, as well as CNOOC for three days, totaling HKD 29.7542 billion [3] Group 2 - CNOOC's largest offshore oil and gas platform in the Beibu Gulf, the Weizhou 11-4CEPD platform, completed land engineering on October 24 and has entered the offshore installation phase, with a total weight exceeding 14,000 tons and an annual processing capacity exceeding one million tons, which will enhance the region's oil and gas self-sufficiency [4] - Alibaba launched its first self-developed Quark AI glasses on October 24, featuring dual flagship chips from Qualcomm and Hengxuan, while Apple plans to release a competing AI glasses product by the end of 2026 [4] - The Chinese government emphasized the importance of technological modernization in its 14th Five-Year Plan, aiming to enhance independent innovation capabilities and seize opportunities in the new round of technological revolution and industrial transformation [4] Group 3 - A fire incident involving a Li Auto Mega vehicle occurred on October 23 in Shanghai, with the vehicle catching fire during normal operation without prior collision or impact [5][6]

Core Points - Xiaomi is offering a "Year-End Purchase Tax Subsidy" for customers who complete their order by November 30, 2025, and require vehicle delivery in 2026 due to reasons attributable to Xiaomi [1][2] - The subsidy will cover the difference in purchase tax between 2026 and 2025, with a maximum subsidy amount of 15,000 yuan [1][3] - All models of Xiaomi cars, including the Xiaomi SU7 series and Xiaomi YU7 series, are eligible for this subsidy [2] Group 1 - The "Year-End Purchase Tax Subsidy" applies to customers who lock in their orders by November 30, 2025, and experience delays in delivery due to Xiaomi's responsibilities [1] - The subsidy will be provided in the form of a cash reduction on the final payment at the time of vehicle delivery [3] - The subsidy ensures that the total cost of the vehicle, including purchase tax, remains unchanged for the customer [4] Group 2 - Specific examples of potential subsidies include a maximum of 15,000 yuan for a Xiaomi YU7 Pro with a total price of 286,900 yuan [4] - Another example includes a Xiaomi SU7 Ultra with a total price of 541,900 yuan, which would also qualify for the subsidy [6]

Core Insights - The Redmi K90 series aims to redefine its market positioning by entering the 4000 yuan price segment, with the K90 Pro Max priced starting at 3999 yuan, marking a significant shift for the brand [1][4] - The K90 Pro Max features industry-first specifications, including a 2.1 sound system and advanced camera capabilities, positioning it as a strong competitor against other flagship models [1][3] - Xiaomi's strategy includes maintaining a balance between high-end features and cost-effectiveness, despite the increasing overlap with its premium Xiaomi series [2][4] Pricing Strategy - The K90 Pro Max starts at 3999 yuan, while the K90 starts at 2599 yuan, with the highest variant priced at 5299 yuan [1] - Following market feedback, the standard version of K90 will see a price reduction of 300 yuan to 2899 yuan within the first month of sales [6] Competitive Landscape - The K90 Pro Max is positioned against competitors like the Xiaomi 17 series, which starts at 4499 yuan, indicating a direct competition in the high-end smartphone market [2] - The smartphone market in China is experiencing a decline, with a 3% year-on-year drop in Q3, leading to intensified competition among major brands [6] Market Performance - Xiaomi's high-end strategy has shifted focus from the 4000-6000 yuan range to above 6000 yuan, reflecting a broader market trend towards premium devices [6] - In Q3, Xiaomi's shipment volume was 10 million units, a 2% decline year-on-year, highlighting the challenges faced in the current market environment [6]

Core Insights - On October 24, 2023, CSPC Pharmaceutical Group made its debut on the Hong Kong Stock Connect active trading list for the first time in a month [2][3] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 457.51 billion, accounting for 40.61% of the day's total trading amount, with a net buying amount of HKD 14.12 billion [2] - Among the active stocks, SMIC had the highest trading volume at HKD 103.55 billion, followed by Alibaba-W and Hua Hong Semiconductor with HKD 89.33 billion and HKD 54.03 billion respectively [2] Trading Activity Summary - CSPC Pharmaceutical Group recorded a trading volume of HKD 5.39 billion on the day, with a net sell amount of HKD 2.47 billion, and its stock price closed down by 3.90% [2][3] - The most frequently listed stocks in the past month include Alibaba-W and Hua Hong Semiconductor, each appearing 16 times, indicating strong interest from Hong Kong Stock Connect investors [2] - Other notable stocks on the active trading list include Tencent Holdings with a trading volume of HKD 35.65 billion and a net buying amount of HKD 3.75 billion, and Xiaomi Group-W with HKD 45.85 billion and a net buying amount of HKD 2.99 billion [2]

Market Overview - On October 24, the Hang Seng Index rose by 0.74%, closing at 26,160.15 points, with a net inflow of HKD 34.14 billion through the southbound trading channel [1] - The total trading volume for the southbound trading was HKD 1,126.62 billion, with a net buy of HKD 34.14 billion [1] Southbound Trading Details - The Shanghai Stock Exchange's southbound trading had a total transaction amount of HKD 726.19 billion, with a net buy of HKD 7.04 billion [1] - The Shenzhen Stock Exchange's southbound trading had a total transaction amount of HKD 400.44 billion, with a net buy of HKD 27.10 billion [1] Active Stocks - In the Shanghai Stock Exchange's southbound trading, the most actively traded stock was SMIC, with a transaction amount of HKD 62.05 billion, followed by Alibaba-W and Pop Mart, with transaction amounts of HKD 55.12 billion and HKD 34.28 billion, respectively [1] - In terms of net buying, Tencent Holdings had the highest net buy amount of HKD 4.63 billion, with its stock price increasing by 0.71% [1] - Pop Mart had the highest net sell amount of HKD 4.16 billion, with its stock price decreasing by 0.86% [1] Shenzhen Stock Exchange Active Stocks - In the Shenzhen Stock Exchange's southbound trading, SMIC led with a transaction amount of HKD 41.50 billion, followed by Alibaba-W and Huahong Semiconductor, with transaction amounts of HKD 34.21 billion and HKD 22.16 billion, respectively [2] - The stock with the highest net buy was Meituan-W, with a net buy of HKD 4.48 billion, and its stock price rose by 0.60% [2] - The stock with the highest net sell was CSPC Pharmaceutical Group, with a net sell of HKD 2.47 billion, and its stock price fell by 3.90% [2]