12月，一批关乎新能源汽车安全监测、远程服务管理及汽车转向系统的国家标准正式实施或发布；多家车企密集公布11月销量数据，市场竞争格局清晰呈 现；工信部鼓励优势企业"走出去"、汽车维修行业信用评价工作启动等热点事件接连发生。 《新能源汽车运行安全性能动态监测预警技术要求》《电动汽车远程服务与管理系统技术规范 第1部分：总则》、《电动汽车远程服务与管理系统技术规范 第4部分：一致性测试》实施 12月1日，《新能源汽车运行安全性能动态监测预警技术要求》（GB/T 45688—2025）及《电动汽车远程服务与管理系统技术规范 第1部分：总则》（GB/T 32960.1—2025）《电动汽车远程服务与管理系统技术规范 第4部分：一致性测试》（GB/T 32960.4—2025）推荐性国家标准，开始实行。 GB/T 45688—2025规定新能源汽车运行安全性能的动态监测和动态预警技术要求。标准的实施，有助于进一步规范安全监测平台的数据监测，助力构建新 能源汽车安全管理新模式。 GB/T 32960.1—2025推荐性国家标准，规定电动汽车远程服务与管理系统的系统架构和一般要求。 《电动汽车远程服务与管理系统技术规范 第 ...

Core Viewpoint - The article discusses the evolving perspectives on growth and value investing, highlighting the need to reassess traditional investment principles in light of modern economic realities and the success of high-growth companies [5][6][7]. Group 1: Growth vs. Value - There is an acknowledged and widening divergence between growth and value investing, with traditional value principles struggling to account for the sustained high growth of companies like Microsoft, Google, and Amazon [7][8]. - The underlying economic structure has shifted, suggesting that reliance on historical value metrics may no longer be sufficient for investment success [7][8]. - Despite the differences, there are fundamental commonalities between growth and value investing, particularly in the importance of honest long-term cash flow estimation and risk management [8][9]. Group 2: Historical Context and Evolution - Historically, there has been a lack of literature supporting growth investing compared to the extensive documentation of value investing, which has created a bias in the investment community [13][14]. - The belief that "value will ultimately prevail" remains entrenched, despite evidence that growth strategies have outperformed passive indices over the long term [14][15]. - The past decade has seen a significant deviation from Graham's observations, with high-growth stocks yielding substantial returns, contrary to his predictions [18][19]. Group 3: Case Studies - Microsoft serves as a prime example of a company that has achieved remarkable long-term growth, with revenue increasing from $60 billion in 2008 to $110 billion in 2018, showcasing a compound annual growth rate of 24% [20]. - Google also exemplifies this trend, with its revenue growing from $21.8 billion in 2008 to $136.8 billion in 2018, reflecting the potential of high-growth companies to deliver exceptional returns [21]. - The article contrasts Coca-Cola's stagnation in stock value over the past 20 years with Facebook's growth trajectory, suggesting that the latter may align more closely with modern investment principles [70][75]. Group 4: Future Investment Landscape - The future of investing will likely be shaped by structural changes in the global economy, necessitating a shift in focus from short-term financial metrics to long-term transformative trends [40][41]. - The concept of "creative destruction" is becoming increasingly relevant, indicating that traditional investment strategies may need to adapt to a rapidly changing economic environment [41][42]. - Companies that can leverage network effects and platform positions may exhibit "super-linear growth," challenging traditional value investment assumptions [61][62].

"我觉得每一家车企，谁都是战战兢兢，谁都想行稳致远。一年前，我们很难想到现在的变化，一年后也很难想到，我觉得变局特别多。唯一敢确定的 是，竞争会更加残酷和血腥。" 11月20日小鹏X9增程版上市发布会后，有媒体问到对于明年格局的看法，上述一段话便是何小鹏给出的回答。 三季度财报发布后第二天的媒体沟通会上，李斌也被抛出类似的问题，很快给出了他的观点："我同意小鹏总的说法，每一年中国车市的竞争强度，其实 都是在递增的，哪一年不血腥？哪一年不残酷？或许要到2035年，格局才能真正意义上的稳定下来。" 结合他们二者的输出，能够提炼出最核心的中心思想直指："无论合资也好，自主也罢，所有主机厂请放弃幻想，明年的厮杀只会更激烈。" 最近一段时间，参与了多场新势力造车高管专访。 一方面，由衷地为各家逐步迈入正轨感到开心；另一方面，也从各位掌舵者的口中，感受到了来自终端巨大的压力与挑战。 身处中国车市，绝不允许掉以轻心。而今天这篇文章，试图用比较碎片化的一些的信息，拼凑出对于明年中国车市的几点看法。 实际上，按照目前已知的产品规划，每一个细分市场，几乎都会被一款款新品填满。就拿大六座SUV板块为例，本以为今年疯狂涌入十几位"后 ...

当下AI眼镜并不想取代手机，而是靠智能"干掉"传统眼镜。 就在刚刚过去的两个月，中国市场已经上市了20款AI眼镜。其中，既有大厂如百度、联想、夸克（阿里），也有创业公司如Rokid和影目科技，还有传统 眼镜商BOLON和李白（慧明眼镜）。 如果说，这些背景迥异的AI眼镜有什么共同点，那就是找到了目标用户：日常戴眼镜的那批人。或者说，AI眼镜找到了产品支点：先做一副好眼镜。 在这些眼镜的上市消息中，不少人都曾经在采访中提到一个美好的画卷：现在全球的手机用户是5亿，而全球戴眼镜的人有20亿。 近视人士买AI眼镜的决策过程确实更简单：不少人配镜已经往大几百甚至千元的价位靠拢，多加一部分钱，让自己的眼镜也变成智能硬件。 逻辑非常合理，这个市场太大了！ "未来，人人都需要一副AI眼镜。"阿里集团副总裁、智能信息事业群总裁吴嘉在夸克眼镜发布会上表示。 夸克在上个月底，刚刚发布了自己的AI眼镜。这一轮"百镜大战"，其实去年下半年已经开始白热化。入局者也远不止传统手机厂商，目前看来，主要有五 类参与者： 第一是手机厂，比如华为、小米、魅族； 第二是互联网巨头，阿里、字节、百度等； 第三则是以前就在做AR眼镜的"老将"，比如R ...

关注 「电动车公社」 和我们一起重新思考汽车 以下是上周新能源圈的新闻： 新车上 市： 东风日产N6上市，限时权益价9.19-12.19万元； 新款蓝电E5 Plus上市，限时权益价11.98万元； 别克至境世家上市，售价43.99-46.99万元； 公司动态： 小米汽车累计交付突破50万辆； 小鹏联手华为推出下一代增程发电机； 长安汽车第3000万辆新车即将下线； 多款新车登录工信部； 比亚迪11月乘用车销量474921台； 吉利汽车11月新能源销量187798台； 长安汽车11月新能源销量超12.5万台； 上汽通用五菱11月新能源销量118726台； 奇瑞11月新能源销量116794台； 鸿蒙智行11月交付81864台； 零跑汽车11月交付70327台； 长城汽车11月新能源销量40113台； 小米汽车11月交付超40000台； 小鹏汽车11月交付36728台； 埃安11月销量36288台； 蔚来公司11月交付36275台； 理想汽车11月交付33181台； 深蓝汽车11月全球交付33060台； 北汽新能源11月销量32328台； 岚图汽车11月交付20005台； 一汽奔腾11月新能源销量15793台； ...

Core Insights - The delivery rankings of new car manufacturers have undergone significant changes in November, with a reshuffling of positions following the "golden September and silver October" period [1] Group 1: Delivery Rankings - Hongmeng Zhixing topped the delivery chart with 81,864 units, achieving a year-on-year growth of 90% and a month-on-month increase of 20% [2][3] - Leap Motor maintained its position as the "single brand champion" with 70,327 units delivered, marking its second consecutive month above 70,000 [4] - Xiaomi entered the top three with over 40,000 units, while BYD's Fangchengbao emerged as a dark horse with 37,405 units [5] Group 2: Competitive Landscape - In the second tier, brands like Xiaopeng (36,728 units) and NIO (36,275 units) are in close competition, with Ideal (33,181 units) and Deep Blue (33,060 units) also in the mix [5][21] - Zeekr accelerated its growth with 28,843 units, while Lantu broke the 20,000 mark for the first time [6] Group 3: Financial Performance and Market Challenges - Despite high delivery numbers, companies like Leap Motor face challenges in profitability, with a net profit of 150 million yuan in Q3, down 8% from the previous quarter [12][13] - Xiaomi's automotive division reported a 700 million yuan operating profit in Q3, making it the fastest to achieve profitability among new forces, yet its stock price has been under pressure due to negative publicity [14][15] - NIO's stock fell 20% in November after lowering its Q4 delivery guidance, indicating challenges in meeting profitability targets [24][30] Group 4: Strategic Adjustments - Xiaopeng is transitioning to a dual strategy of pure electric and range-extended vehicles, with plans to launch three new range-extended models in Q1 next year [19][20] - NIO is focusing on high-end models to improve overall gross margins, while also facing pressure to enhance profitability [22][26] - Ideal is adjusting its organizational structure and technology to address ongoing challenges, with a focus on ramping up production of its new electric model [28][30]

国产车型领跑声学试验，听力舒适区间占比超九成 据介绍，本节目选取当前市场主流热销、关注度高的50款车型，联合权威测试机构和国内知名音乐制作 人，构建客观数据采集与主观体验的全维度评价体系，覆盖合资、海外豪华及自主品牌主流车型，全面 反映不同品牌车型的声学性能水平。节目针对车辆行驶噪音、静态隔音、AI试听评价和主观听觉等多 个维度进行试验，并综合多维评价数据，给予1-5星等不同等级的综合评价。 结果显示，整体评级中，五星级车型国产品牌占比达80%；四星级车型中，15款产品里有14款来自国产 品牌，充分体现国产车企在声学调校领域的成熟体系与一致水准。从细分成绩来看，行驶噪音排行榜前 八名均为国产车型，静谧性表现稳定。声学研究表明，30-50dBA是人体听觉舒适的黄金区间，本次试 验数据显示，行驶噪音处于50分贝以下的车型中，国产品牌占比高达90%以上。 随着人们对出行品质的追求不断升级，座舱静谧性、车载音响已从单纯的附加配置，升级为定义"移动 第三生活空间"舒适度的核心要素。为帮助消费者深度了解车辆隔音水平和车载音响技术，更好选买汽 车，12月5日，懂车帝"懂车声学院"栏目正式上线。该栏目由懂车帝联合权威测试机构 ...

Core Viewpoint - The delivery rankings of new car manufacturers have undergone significant changes in November, with a reshuffling of positions following the "golden September and silver October" period, highlighting the competitive landscape in the electric vehicle market [4][6]. Group 1: Delivery Rankings - Hongmeng Zhixing topped the delivery chart with 81,864 vehicles delivered, a year-on-year increase of 90% and a month-on-month increase of 20%, becoming the "alliance leader" among new forces [5][10]. - Leap Motor maintained its position as the "single brand champion" with 70,327 vehicles delivered, indicating a strong competitive dynamic between the top two players [6][17]. - Xiaomi entered the third position with over 40,000 vehicles delivered, while BYD's Fangchengbao emerged as a dark horse with 37,405 vehicles, intensifying competition in the 30,000 to 40,000 vehicle range [7][19]. Group 2: Market Dynamics - The second tier of manufacturers is characterized by fierce competition, with brands like Xiaopeng and NIO facing challenges in maintaining their delivery volumes amid strategic adjustments and market pressures [24][26]. - NIO delivered 36,275 vehicles in November, a year-on-year increase of 76.3%, but faced stock price declines due to lowered fourth-quarter delivery guidance [28][29]. - Li Auto's deliveries reached 33,181 vehicles, showing signs of recovery, but the company still faces challenges in scaling production and maintaining profitability [32]. Group 3: Financial Performance and Market Sentiment - Xiaomi's automotive division reported a significant operating profit of 700 million yuan in Q3, making it the fastest profitable new force, despite facing negative market sentiment due to various controversies [20][21]. - Leap Motor's stock price fell by 9% in November, raising concerns about its ability to balance scale and profitability, especially in competitive price segments [17][18]. - The overall market sentiment reflects a growing scrutiny on profitability and sustainability, with companies needing to demonstrate not just sales growth but also healthy financial performance to meet investor expectations [36][37].

EV maker Nio's stock has come back from the dead in 2025, but has it been good for long-time investors?Shares of Chinese electric vehicle (EV) maker Nio (NIO +0.60%) surprised the market as they soared more than 120% between July and October. Even though the stock has given up some of those gains, it's still up significantly so far this year.NYSE : NIONioToday's Change( 0.60 %) $ 0.03Current Price$ 5.04Key Data PointsMarket Cap$10BDay's Range$ 5.03 - $ 5.1852wk Range$ 3.02 - $ 8.02Volume36MAvg Vol69MGross M ...

接着，他又问：那奢侈品呢？比如LV、爱马仕？一些受访者笑了：买是买，但现在年轻人更喜欢'国潮'品牌了，高端品牌的定义已经开始发生转移，盲目崇 拜西方的时代已经过去了。他依旧不死心，继续问：那教育呢？剑桥、牛津、巴黎高师？对方淡淡地回应：论科研硬件和学术严谨性，现如今的清华北大， 甚至华东五校，在很多前沿领域已经不逊色于你们了。镀金？没必要。最终，哈丁听到了一位中国经济学家的一句实话，这句话几乎让他崩溃。那位经济学 家似乎看出哈丁的真诚，便没有隐瞒：其实，现在中国企业最想做的，不是从你们手里买东西，而是去欧洲买地建厂，把我们过剩的产能输出给你们。听到 这话，哈丁心中一沉。这简直就是降维打击！过去是西方将淘汰的产能转移给发展中国家，现在，中国要把自己的高端产能反向输出给欧洲。这不仅意味着 欧洲卖不出去东西，更意味着欧洲本土企业将面临中国企业的激烈竞争，甚至可能被卷死。 在哈丁回到欧洲后，他写了一篇报道，其中指出：除了原材料，中国几乎没有什么特别想从欧洲进口的东西了。这句话成了2025年秋天，悬在欧洲头顶的最 大威胁。 那中国为什么能如此自信，底气到底在哪？这就涉及到一个关键的词——全产业链通吃。近年来，我们经常听 ...