专题：2025广州国际车展 新浪科技讯 11月21日上午消息，2025广州车展开幕，在蔚来汽车发布会上，蔚来汽车创始人、董事 长、CEO李斌发表演讲。 发布会上，钟汉良作为蔚来全新ES8准车主亮相，他表示自己车辆还在等待交付中，李斌开玩笑称，自 己的车辆也排到了明年才能交付。 李斌表示，届时自己将向钟汉良亲自交车，两人相约到时一起打高尔夫。看到钟汉良的现场粉丝后，李 斌还喊话"赶紧下单"。 责任编辑：杨赐 ...

Company Overview - NIO is a Chinese electric vehicle (EV) developer and manufacturer, known for its innovative battery swapping technology [1] - The company operates over 3,500 battery swap stations and approximately 4,800 charging stations across China [1] Industry Insights - The EV market in China is rapidly expanding, with increasing infrastructure for battery swapping and charging stations, which supports the growth of companies like NIO [1]

Group 1 - The current A-share market is in a phase of consolidation and preparation for future investments, with expectations of a potential upward trend in the near future [1][8] - The Hang Seng Index Company announced the results of the third quarter review of the Hang Seng Index series [2] - The U.S. stock market saw a collective decline, with the Dow Jones down 0.84%, Nasdaq down 2.15%, and S&P 500 down 1.56%, primarily driven by a drop in technology stocks [3] Group 2 - China's foreign trade has maintained stable growth despite external pressures, with a focus on supporting new business models like cross-border e-commerce and enhancing logistics systems [4] - The Chinese government is emphasizing the need for high-quality development in manufacturing and is increasing financial support for key technologies [4] - The China Chemical and Physical Power Industry Association plans to release guidelines to address the challenges faced by the lithium iron phosphate industry, including price competition and industry standards [6] Group 3 - In September 2025, the domestic smartphone market shipped 27.93 million units, a year-on-year increase of 10.1%, with 5G smartphones accounting for 86.3% of total shipments [7] - The total smartphone shipments for the first nine months of 2025 reached 220 million units, a slight decline of 0.3% year-on-year, with 5G smartphones showing minimal growth [7]

Core Insights - Nvidia's strong earnings report failed to sustain market confidence, leading to a collective decline in major U.S. stock indices [1] Market Performance - The Dow Jones index fell by 0.84% - The S&P 500 index decreased by 1.56% - The Nasdaq Composite index dropped by 2.15% [1] Technology Sector - Major tech stocks experienced significant declines: - AMD fell over 7% - Oracle decreased by over 6% - Netflix and Nvidia both dropped over 3% - Tesla and Amazon fell over 2% - Microsoft declined by over 1% - Broadcom fell by 2.14% - Qualcomm decreased by 3.90% - Adobe dropped by 1.79% - Salesforce fell by 1.10% [1] Chinese Stocks - The Nasdaq Golden Dragon China Index declined by 3.26% - Notable declines among popular Chinese stocks: - Canadian Solar fell by 18.3% - Daqo New Energy dropped by 9.2% - NIO decreased by 6% - JinkoSolar fell by 5.7% - Other companies like Pony.ai, Xpeng, Xiaomi, Pinduoduo, and Baidu dropped over 4% - However, some stocks saw gains: - NetEase rose by 0.6% - Beike increased by 1.3% - GDS Holdings gained 1.8% - Yatsen Holding rose by 3.3% [1]

Core Viewpoint - Nio Inc. has experienced significant stock volatility due to tariff-driven market conditions, with shares rebounding 31.9% year-to-date despite a recent 7.8% decline ahead of its third-quarter report [3][4]. Company Performance - Nio's stock is currently trading 42.3% higher than six months ago, outperforming the S&P 500 during the same period, although Wall Street remains cautious with only half of the 28 analysts recommending a buy [4]. - The mean price target for Nio's stock has decreased to $6.83, representing a potential upside of nearly 19% from the current price, with a high target of $9.03 [4]. Financial Overview - Nio's revenue and operating income have shown growth, with projected revenues for 2023 at 55.62 billion CNY and operating losses at 22.66 billion CNY [10]. - The company has a history of fluctuating stock prices since its IPO, with a notable peak of $62.84 in February 2021, but has since faced significant declines [7]. Growth Drivers - Nio is expanding its product portfolio and market share through new model launches and innovative battery swap technology, aiming to build over 4,000 swap stations by the end of 2025 [12][13]. - The company anticipates doubling vehicle deliveries by 2025, with a target of 330,000 units, which would still represent only about 2% of the Chinese NEV market [19]. Future Projections - Revenue growth is expected to be robust, with estimates of 60% growth for the year, leading to a year-end price target of $5.05, a decrease of over 12% from the current share price [17]. - By 2030, Nio's stock price is projected to reach $23.56, indicating a potential increase of over 223% from current levels [17][20].

内饰方面，视频展示了ET9作为行政旗舰车型的内部布局。新车采用了四座行政布局，门板与座椅处使用了复杂的菱形格纹缝线工艺。 11月20日 蔚来汽车今日正式对外展示了蔚来ET9地平线特别版"日照金山"配色的实车细节与设计理念。该款车型将于11月21日开幕的广州车展上正式亮相。 从官方公布的信息来看，这款ET9采用了双拼色车身涂装。车身上半部分采用了深邃的暗色调，下半部分则为接近金色的暖色调，这种色彩搭配旨在呼应视 频主题"日照金山"的视觉意象。在车身侧面细节上，B柱区域镶嵌有金色的"HORIZON"英文标识，这一元素贯穿了整车的多个设计细节。新车配备了大尺寸 多辐轮毂及悬浮式轮毂盖，在车轮转动时，中央的蔚来Logo始终保持垂直地面的静止状态。 . Cli t 10- n the HORIZON 0 0 HORIZON 07:00 车顶配备了分段式全景天幕，中间集成有纵向的氛围灯带与控制区。后排中央扶手区域宽大，集成了后排行政控制屏幕，屏幕上方同样印有"HORIZON"字 样。此外，前排座椅后方还配备了面向后排乘客的娱乐大屏，进一步强调了其后排乘坐体验的定位。 此外，ET9地平线特别版还有一款"拂晓黎明"配色，灵感 ...

Core Insights - NIO has launched a special color edition called "Dawn of Dawn" for the ET9 Horizon Special Edition, featuring a gray and black two-tone design inspired by the serene landscape of Iceland's black sand beach at dawn [1] - The company plans to release another color scheme inspired by Chinese elements for the Horizon theme in the near future [1] Group 1: Product Details - The ET9 Horizon Special Edition was unveiled in September, with a starting price of 818,000 yuan, featuring a unique "Polar Star Blue + Moonlight Silver" dual-tone color scheme inspired by the morning at the Uyuni Salt Flat [3] - The vehicle is equipped with exclusive 23-inch forged nine-hole lunar wheels, showcasing a mirror-polished finish [3] - The interior design follows a "Heaven and Earth Dual Color" aesthetic, with a front and rear seat layout in different colors, and features the exclusive "HORIZON" branding throughout, complemented by North American maple wood and aerospace-grade aluminum trim [3]

Core Viewpoint - The majority of popular Chinese concept stocks closed lower, with the Nasdaq Golden Dragon China Index declining by 1.53% [1] Group 1: Stock Performance - Pinduoduo fell by over 1% [1] - NetEase dropped by over 4% [1] - JD.com and Baidu both decreased by over 1% [1] - Xpeng experienced a decline of over 6% [1] - Li Auto, NIO, and Bilibili each fell by over 3% [1]

Core Insights - The automotive and intelligent driving industry is experiencing rapid technological iterations, leading to new terminologies and concepts that challenge user understanding and acceptance [1] - The transition from rule-based systems to end-to-end and world model architectures is reshaping the landscape of autonomous driving, with significant implications for company strategies and personnel [2][4][10] Industry Trends - The shift towards end-to-end systems, exemplified by Tesla's FSD V12, has prompted other companies like Huawei, Xpeng, and NIO to explore similar approaches, indicating a trend towards more integrated solutions [2][4] - The industry recognizes the upcoming critical period for the implementation of advanced driver assistance technologies, particularly from Q4 2023 to mid-2024, as companies race to adopt and refine these technologies [1] Technical Developments - Current autonomous driving systems, whether rule-based or end-to-end, primarily rely on mimicking human driving through extensive data collection and learning, which presents challenges in efficiency and adaptability [4][5] - The introduction of VLA (vision-language-action) models aims to enhance understanding of the physical world, moving beyond mere imitation to a more human-like comprehension of driving scenarios [7][11] Company Strategies - Companies like Xpeng and Li Auto are pivoting towards VLA models, with Xpeng's second-generation VLA eliminating the language translation step to improve efficiency and data utilization [8][11] - The restructuring of R&D departments within companies such as Li Auto and NIO reflects a strategic shift towards prioritizing VLA and world model approaches, indicating a broader industry trend towards adapting organizational structures to new technological demands [15][17] Competitive Landscape - The competition between self-developed autonomous driving technologies and third-party solutions is intensifying, with companies increasingly opting for partnerships with specialized suppliers to enhance their capabilities [18][21] - The financial burden of self-development is prompting companies to reconsider their strategies, as seen in Xpeng's significant investment in computing resources and the need for profitability in Q4 2023 [19][22]

以下文章来源于晚点Auto ，作者晚点团队 蔚来将从其最烧钱的项目之一取得收入。 文 丨 李安琪 编辑 丨 龚方毅 蔚来将从其最烧钱的项目之一取得收入。我们独家获悉，蔚来自研高阶智能驾驶芯片 "神玑 NX9031 " 开始技术外供，向一家汽车芯片公司提供技术授权。 有芯片行业人士告诉我们，不同的授权方式对应着不同的合约价值。如果是单一的 IP 授权， 合作费用通常为数百万美元级别；如果是系统级 SoC 的技术授权，那订单价值可能达亿元级 别。 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 近期，蔚来旗下芯片子公司有了更多进展。11 月 14 日，蔚来旗下安徽神玑技术有限公司与爱芯元智 半导体（重庆）有限公司、豪威集成电路（集团）股份有限公司，共同成立了一家合资公司——重庆 创元智航科技有限公司，注册资本 1 亿元，爱芯元智半导体是持股 36.4% 的大股东。 爱芯元智由仇肖莘于 2019 年创立，前期研发方向是 AI 视觉芯片，2023 年收购大华股份子公司浙江 华图微芯后，进入车载芯片市场。今年 4 月初，爱芯元智宣布完成 C 轮超 10 亿元融资。目前，他们 量产 ...