Market Overview - The major indices experienced significant declines, with the Shanghai Composite Index down 3.90%, the Shenzhen Component down 5.13%, and the ChiNext Index down 6.15% during the week of November 17-21, 2025[6] - The average daily trading volume decreased to 1.87 trillion yuan, down from 2.04 trillion yuan the previous week[6] E-commerce in Southeast Asia - The e-commerce market in Southeast Asia is evolving towards a more mature and compliant structure, with a projected GMV of $128.4 billion in 2024, reflecting a 12% year-on-year growth[16] - Indonesia remains the largest market, accounting for 44% of the total GMV in Southeast Asia, although its growth rate slowed to 5% in 2024[17] - Content-driven e-commerce is emerging as a key growth driver, with live-streaming e-commerce expected to reach $17.6 billion in GMV, representing 14% of the total e-commerce market in the region[27] High-end Manufacturing: Power Batteries - Global demand for power batteries is expected to exceed 1 TWh in 2024, with electric vehicles contributing over 85% of this demand, reaching 950 GWh, a 25% increase year-on-year[29] - China's power battery production capacity is projected to grow by 41.49% in 2025, reaching 548.5 GWh, aligning closely with the sales of new energy vehicles[35] - The industry is transitioning from rapid expansion to a focus on quality and technological upgrades, driven by stricter regulations and self-discipline among leading companies[40] Hard Technology: Storage Prices - Storage prices are on the rise, with DDR4 and DDR5 prices increasing by 158% and 307% respectively since September 2025, leading to a contraction in transaction volumes[41] - The anticipated increase in smartphone and laptop costs due to rising storage prices is estimated to be around 5-7% in 2026, with potential impacts on demand[42] Health Sector: Small Nucleic Acids - The global market for RNAi therapies is projected to grow from $3.459 billion in 2024 to $25.195 billion by 2030, with a CAGR of 39.2%[49] - Over 20 small nucleic acid drugs have been approved globally, with nearly 170 projects in clinical stages, indicating a robust pipeline in oncology and chronic disease treatment[49]

格隆汇11月25日｜香港交易所信息显示，摩根大通在比亚迪股份H股的持股比例于11月19日从5.99%升 至6.19%，购买的平均股价为96.0502港元。 ...

Industry Information - CATL and Haibosich signed a 10-year strategic cooperation agreement to enhance their advantages in energy storage technology and smart manufacturing [9] - The price of lithium iron phosphate has rebounded by approximately 10% since October, driven by strong demand from automakers and battery manufacturers [9] - A breakthrough in the certification and review technology system for domestic automotive chips has been achieved, addressing the challenges of "dare not use, cannot use" [9][10] - As of the end of October, China's electric vehicle charging infrastructure reached 18.645 million units, a year-on-year increase of 54% [11] - A total investment of nearly 10 billion yuan has been signed for 16 key projects in the new energy industry in Changzhou [12] - In the first ten months, Beijing's new energy vehicle production increased by 150% year-on-year [12] - The new AITO M7 has surpassed 30,000 deliveries within 57 days of its launch [12] - Guoxuan High-Tech has officially started mass production of standard battery cells [12] - Huawei's advanced driving solution for L3 level is set to launch commercially, marking a significant step in autonomous driving technology [12][14] - In Liuzhou, the total vehicle sales reached 1.265 million units in the first three quarters, a year-on-year increase of 33.7% [15] Policy Information - Hebei Province has adjusted its time-of-use electricity pricing policy, optimizing charging costs for electric vehicles with a peak-to-valley price difference of 70% [16][18] - Chengdu plans to build over 500,000 electric vehicle charging piles and more than 200 battery swap stations by 2030 [21] - New regulations for electric vehicle charging infrastructure in Guangxi have been proposed to clarify responsibilities among stakeholders [21] - Beijing is increasing financial support for the purchase of new energy vehicles [21] - Shenzhen is providing subsidies of up to 5 million yuan for the construction of solar-storage charging and battery swap projects [21] - The Ministry of Industry and Information Technology has announced mandatory national standards for intelligent connected vehicle safety, marking a key step in autonomous driving regulation [21][25] - The Ministry of Finance and the Ministry of Industry and Information Technology are seeking public opinions on government procurement standards for new energy vehicles [21][26] Company Information - Leap Motor reported a total revenue of 31.562 billion yuan in Q3, a year-on-year increase of 9.1% [32] - Leap Motor achieved a net profit of 150 million yuan in Q3, delivering 173,900 vehicles [32] - Xiaomi's Ultra Club racing service has expanded to its 13th city, adding the Guangdong International Circuit [32] - Xiaomi's HAD autonomous driving system is set to upgrade to a new generation XLA architecture in Q4 [32] - Avita Technology signed a business cooperation framework agreement with the Chongqing branch of the Industrial and Commercial Bank of China [32] - NIO's Firefly right-hand drive model has entered mass production, with the first batch shipping to Singapore [34] - NIO has completed the battery swap route in the western Sichuan region, covering popular tourist areas [34] - BYD's sales in the UK have surpassed 50,000 units [34] - Leap Motor's first overseas model cooperation project with FAW has been launched, expected to go into production next year [34] - Xiaopeng Motors plans to launch seven new models next year, including three super electric range-extended products in Q1 [34] - Seres is actively expanding into overseas markets, focusing on high-end smart electric vehicles [34] - Xiaomi's third-quarter profit from electric vehicles and AI reached 700 million yuan [34] - GAC Aion has become the first company in the country to obtain a high-speed L3 testing license for vehicles in collaboration with Huawei [34] - NIO's ES6 model has reached a cumulative delivery of 300,000 units [34] - Geely and Renault have officially launched their strategic cooperation in Brazil, investing 3.8 billion reais (approximately 5.1 billion yuan) [34] - Xiaomi is expected to complete its annual delivery target of 350,000 vehicles ahead of schedule [34] - Tesla's global supercharging stations have exceeded 75,000 [34] - Xiaomi's 500,000th vehicle has officially rolled off the production line, marking a significant milestone [34] - Li Auto is accelerating product iteration and global expansion, moving away from a "cookie-cutter" design approach [34]

智通财经APP获悉，乘联会秘书长崔东树发文称，2025年10月俄罗斯汽车销量达到18.3万辆的水平，同比下降8%，环比9月增35%。1-10月俄罗斯车市的 累计销量119万辆，同比下降23%。2023年中国出口俄罗斯100万辆车，自主的俄罗斯市场销量48万辆，销量是中国自主出口量的48%。2024年中国出口俄 罗斯128万辆车，自主的俄罗斯市场销量107万辆，自主的俄罗斯市场销量是中国自主出口量的84%。2025年1-10月中国出口俄罗斯45万辆车，自主品牌俄 罗斯销量68.5万辆，当地销量是中国出口的152%，终于实现了大幅去库存的走势。 面对俄罗斯的复杂环境，自主品牌多生孩子好打架的战略意义重大。自主品牌的整车官方车口，平行出口、绕道出口、本地化建厂、合资组装等各种模式 齐上阵，大量的品牌群狼作战，实现了很好的效果。规范出口对俄罗斯是不适合的，尤其我们面对是俄罗斯的针对性干扰措施，一定要在复杂的国际关系 下发挥群众优势，实现创新式发展。 中国车企在在俄罗斯加速本土化生产与供应链重构，多项举措改善状态。首先是针对俄罗斯进口关税阶梯式上调深化KD组装模式，建立区域生产基地。 通过本地化生产规避关税并缩短交付周 ...

格隆汇11月25日丨通达动力(002576.SZ)在投资者互动平台表示，ABB，西门子，比亚迪，WEG， GAMESA都是公司的重要客户。 ...

近日，国内汽车行业掀起一场针对"网络黑公关"的专项治理风暴。包括小鹏、理想、比亚迪在内的多家 知名车企接连以法律捍卫声誉，对涉嫌捏造散播虚假信息、恶意抹黑品牌形象的黑公关行为发起诉讼， 展现出行业净化舆论环境、维护公平竞争秩序的坚定决心。 舆论普遍认为，车企联手打击黑公关的举措，是营造清朗网络空间、构建诚信守法市场环境的重要一 步。唯有彻底铲除"黑公关"这颗毒瘤，才能保障企业在创新赛道上的公平竞赛，最终让消费者受益于真 实、透明的产品与市场信息。 据悉，此次行动并非孤立事件。今年以来，已有多家车企通过官方渠道发布声明，对持续遭遇的有组 织、规模化网络诽谤行为进行强硬回应。根据杭州市中级人民法院的判决，自媒体人"王悟空说车"在其 运营的账号上发布了多条针对比亚迪的不实贬损性视频，内容存在恶意误导公众、严重损害比亚迪品牌 商誉的行为。法院经审理认定，其行为构成对比亚迪的网络侵权，最终判决该账号需向比亚迪公开赔礼 道歉，并支付共计 31.38 万元赔偿款。 业内人士分析，随着汽车行业"新四化"转型进入深水区，市场竞争日趋白热化，部分不法分子利用网络 信息传播特点，通过炮制"黑稿"、雇佣"水军"等方式恶意攻击竞争对手 ...

2025年10月，国内乘用车市场受节日节点偏移与政策调整等因素影响，狭义乘用车市场零售销量达224.8万辆，同比下降0.5%，环比增长0.2%。行业转型步 伐持续加速，自主品牌与新能源板块的强势表现，与合资品牌的承压形成鲜明对比。 各细分市场表现分化明显，SUV是唯一实现同比环比正增长的细分品类，具体销量达到114.2万辆，同比和环比分别上涨0.4%和1.0%；新能源车10月销量 128.1万辆，虽环比小幅下滑1.4%，但仍保持同比增长7.2%，渗透率持续攀升，成为支撑车市的重要力量。MPV销量仅为8.5万辆，是各细分品类中跌幅最大 的板块。 10月全国乘用车市场，自主品牌凭借新能源转型与产品结构升级的双重优势，市场份额持续扩大。而合资品牌与豪华品牌则因转型滞后等问题，面临销量下 滑与份额收缩的双重压力，"自主强、合资弱"的格局愈发清晰。10月自主品牌表现亮眼，零售155万辆，同比增长4%，环比增长3%。零售份额为68.7%，同 比增长3个百分点。 与自主品牌形成鲜明对比的是，合资品牌10月表现持续承压，主流合资品牌零售51万辆，同比下降10%，环比虽然增长3%但未能扭转颓势。分派系来看， 德系品牌零售份额为 ...

11月21日，中国工程院公布2025年院士增选结果，71位新当选院士中首次出现3位来自民营企业的科学家，其中包括比亚迪股份有限公司首席科学家廉玉波，这是中国工程院首次出现新能源汽 出生于1964年的廉玉波，2004年加入比亚迪时，燃油车尚处绝对主导地位。凭借超前的战略眼光，他主导成立电动汽车研发部门，聚焦动力电池、电控系统和驱动总成三电核心技术攻关，为比 真正改变行业格局的，是廉玉波在核心技术上的持续突破。面对动力电池能量密度与安全性的世界性难题，他首创无模组刀片电池技术，重塑了行业安全标准，开创以电为主的插电式混合动力技 院士是中国科学技术领域的最高荣誉称号，廉玉波的当选是中国新能源汽车产业从跟随到引领的一个缩影，标志着汽车产业界的技术领袖得到了国家级学术荣誉体系的高度认可。 而廉玉波在比亚迪的20年，正是中国新能源汽车产业从跟跑到领跑的20年。 回首2015年11月，我国新能源汽车产销量在整体汽车行业里的占比首次突破1%关卡，我国也在这一年成为全球最大的新能源汽车市场。此后，中国新能源汽车产业便开启了高速发展模式。 中国新能源汽车产销量已连续十年位居全球第一。2024年产销量突破900万辆，占全球比重超6 ...

行业主要上市公司：宁德时代(300750);比亚迪(002594);中创新航(03931.HK);国轩高科(002074);欣旺达 (300207);亿纬锂能(300014);孚能科技(688567);瑞浦兰钧(0666.HK)等 本文核心数据：出货量; 动力锂电池出货量占比接近七成 按照锂离子电池的应用场景，可将其分为消费、动力和储能三种。根据GGII发布的数据显示，高工产 研锂电研究所(GGII)统计数据显示，2024年中国锂电池出货量1175GWh，同比增长32.6%，其中动力、 储能、消费电池出货量分别为780GWh、335GWh、55GWh，同比增长23%、64%、14%。 转自：前瞻产业研究院 动力电池出货量增速超30% 根据GGII数据显示，2024年中国动力电池出货量780GWh，同比增长23.8%，显示出强劲的增长势头。 出货量快速增长主要是因为一方面我国新能源汽车销量同比快速增长，带动动力锂电池出货量增长;另 一方面海外市场需求继续高增长，带动国内一二线电池企业出口规模提升，也带动了动力锂电池出货量 的增长。在动力领域，2025年1-8月出货量为476GWh，其中中国磷酸铁锂动力电池出货量 ...

Market Overview - The automotive industry index increased by 14.79% as of November 21, 2025, outperforming the Shanghai Composite Index and CSI 300 Index by 0.38 percentage points and 1.61 percentage points respectively [11][12] - The automotive sector's performance was strong in the first half of 2025 but became more aligned with the broader market in the second half [11][12] - The majority of sub-sectors showed positive growth, with motorcycles and other segments leading the gains [17][18] Financial Performance - The automotive industry achieved a revenue of CNY 36,976.27 billion in 2024, a year-on-year increase of 3.35%, and a net profit of CNY 1,363.61 billion, up 9.98% [30] - In the first three quarters of 2025, the industry reported revenues of CNY 28,712.84 billion, reflecting a 10.73% year-on-year growth, and a net profit of CNY 1,165.36 billion, up 10.72% [30][31] - The industry’s gross margin was 15.83% in the first three quarters of 2025, a slight decline from the previous year, while the net margin improved to 4.29% [33] Passenger Vehicle Segment - The passenger vehicle market is expected to reach record sales in 2025, driven by policy support and increased penetration of new energy vehicles (NEVs) [43] - NEV retail sales reached 10.15 million units from January to October 2025, a year-on-year increase of 21.9%, with a market share of 52.73% [45][50] - The market structure is shifting towards domestic brands, which captured nearly 70% of the market share by September 2025, while foreign brands are losing ground [50][51] Commercial Vehicle Segment - The commercial vehicle market showed signs of recovery in 2025, with production and sales increasing by nearly 10% year-on-year in the first three quarters [5] - The growth in the commercial vehicle sector is driven by policies promoting vehicle replacements and the rising sales of new energy commercial vehicles [5][6] Automotive Parts Sector - The national strategy emphasizes "intelligent and connected" technologies as the main axis for upgrading the automotive industry [5] - The penetration of advanced driver-assistance systems (ADAS) is expected to drive market expansion and domestic substitution in core hardware [5][6] Investment Recommendations - The report maintains a "stronger than market" rating for the automotive sector, recommending key companies in the passenger vehicle segment such as BYD, Changan Automobile, and Great Wall Motors [6] - In the commercial vehicle segment, Yutong Bus is recommended, along with a focus on China National Heavy Duty Truck [6] - For the automotive parts sector, companies like Feilong Co., Top Group, and Desay SV are highlighted as potential investment opportunities [6]