比亚迪 汽车：10月比亚迪辅助驾驶车型销售316759辆，每天生成辅助驾驶数据超1.3亿公里。 ...

以下文章来源于晚点LatePost ，作者晚点团队 晚点LatePost . 晚一点，好一点 来源丨 晚点Late Post（ postlate ） 作者丨龚方毅 赵宇 编辑丨 黄俊杰 图源丨Midjourney 自 2022 年的大型 SUV L9 大卖后，理想汽车市值长期保持造车新势力第一，也是除赛力斯（与华 为合作问界）外唯一一个持续盈利的。 但半个月前，老对手小鹏汽车的市值超过理想。与此同时，一年亏 200 亿元的蔚来汽车股价今年上 涨 73%，市值和理想的差距缩小到三成以内。在今年 10 月的卖车旺季，理想的销量只排到新势力 第七名，落后于：零跑、小鹏、小米、问界、蔚来、深蓝。 成功的新能源车都是 "平替"，理想曾是此中极致 每一款新能源车爆火后，市场都能找到很多理由。但我们对比了不同阶段爆款车的核心数据后，认为 核心逻辑只有一个 —— 平替。从特斯拉 Model 3、比亚迪秦，到理想 L 系列，乃至后来的问界 M9、腾势 D9、小米或者零跑，无一例外。 理想一线销售人员对公司困境早有预期。今年 6 月，理想在常州为即将发布的纯电 SUV i8 组织销售 培训，主讲的高层开场就提醒大家不要未战先怯， ...

比亚迪（002594.SZ）11月14日在投资者互动平台表示，公司储能业务聚焦绿色能源和电化学储能技 术，构建涵盖电源侧储能、电网侧储能、工商业储能、家庭储能、叉车电池和船舶电池等应用领域，为 全球客户提供全场景、全价值、全生态的储能解决方案，助力新型储能产业实现跨越式发展。依托全球 领先的电池研发制造技术和强大的创新能力，比亚迪储能已为国内外数百个储能项目提供安全可靠的储 能系统解决方案，新能源产品远销全球6大洲，包括中国、美国、英国、德国、法国、瑞士、意大利、 澳大利亚、南非、智利、沙特等超过110个国家和地区，长期处于行业领先地位。截至2025年10月，公 司新能源汽车动力电池及储能电池装机总量超230GWh，同比提升超55%。公司亦会通过"比亚迪储 能"公众号等多元形式，开展相关业务及技术的宣传与信息发布。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司领导公司有没有储能业务？ ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the power equipment and new energy sector [5]. Core Insights - The lithium battery industry is showing upward momentum after bottoming out, driven by strong demand from the new energy vehicle market and the rising profitability of energy storage [1][10]. - The photovoltaic industry is experiencing a cyclical recovery, with policies aiding in supply-demand balance and price stabilization [2]. - The wind power sector is expected to maintain high growth, with significant installation demand projected for the upcoming years [3]. Summary by Sections Lithium Battery Industry - The lithium battery sector is witnessing a recovery with strong sales in new energy vehicles, leading to a price increase in lithium materials. For instance, lithium carbonate prices have risen to 80,000 yuan/ton and hexafluorophosphate lithium to 110,000 yuan/ton as of November 2025 [1]. - The global demand for new energy vehicles continues to grow, with domestic sales of new energy passenger vehicles reaching 11.228 million units in the first nine months of 2025, a year-on-year increase of 34.9% [16]. - Solid-state batteries are emerging as a revolutionary technology with advantages in energy density and safety, expected to be commercialized between 2027 and 2030 [1][10]. Photovoltaic Industry - The photovoltaic market is stabilizing after years of rapid growth, with an expected annual installation of over 200 GW until 2030. However, the industry still faces overcapacity issues that need to be addressed through market and policy measures [2]. - The report highlights the importance of policy support in restoring supply-demand balance and price recovery in the photovoltaic sector, with significant investment opportunities arising from new technologies [2][11]. Wind Power Industry - The wind power sector has exceeded its installation targets during the 14th Five-Year Plan, with expectations of an average annual installation of 120 GW during the 15th Five-Year Plan, a 66% increase from the previous period [3]. - Both onshore and offshore wind projects are expected to see robust demand, with offshore wind power development being a key focus area for future growth [3][12].

Core Insights - The combined profit of China's top eight automotive companies is less than half of Toyota's profit, highlighting a significant disparity in profitability [1] - Over the past five years, the profits of 11 major Chinese automotive groups have decreased by 70%, with total profits dropping from 215.1 billion to 65.4 billion RMB [3] - The automotive industry's profit margin has reached a historical low of 3.4% as of August this year [3] Profitability Challenges - The decline in profits is attributed to severe product homogenization, leading to price wars where the lowest price becomes the only competitive advantage [4] - Chinese automotive companies are facing challenges in establishing technological barriers and differentiation, which forces them into price competition [4] Comparison with Toyota - Toyota's high profitability is supported by efficiency management, technological barriers, and global resilience, representing a mature system advantage [6] - In contrast, BYD's success is driven by scale effects, full-chain autonomy, and technological iteration, allowing it to carve out a niche in the Chinese electric vehicle market [6] Supply Chain Dynamics - Toyota's payment cycle to suppliers is only 54 days, while Chinese companies have payment cycles ranging from 170 to 275 days, affecting cash flow and financial costs [7] - High inventory levels and slow turnover in Chinese companies lead to significant profit erosion, while Toyota maintains cost stability amid raw material price fluctuations [7] Market Position and Future Outlook - Chinese automotive companies need to transition from scale expansion to value creation, focusing on lean management, patent barriers, global profitability, and value-added services [9] - The industry may face a significant shake-up, with predictions that over 100 companies could be eliminated if profitability does not improve, leaving only those with strong technology and brand recognition [9]

格隆汇11月14日｜根据SNE Research的数据，2025年1月至8月全球电动汽车交付量已达约1280万辆。 其中，比亚迪以260万辆的交付量位居榜首，占据全球19.9%的市场份额。吉利位居第二，交付量为130 万辆。上榜的五家汽车制造商(比亚迪、吉利、上汽集团、长安汽车及奇瑞)合计占据全球市场43%的份 额。 特斯拉位列第三，1月至8月交付量同比下降11%至98.5万辆。8月，特斯拉在美国的市场份额跌至 八年来的最低点，仅为38%，远低于2020年的约80%。 ...

(Reuters) -China's BYD has told some suppliers it wants to stop using in-house financial notes to pay them, people briefed on the matter said - a seismic shift away from a practice that helped power its rise but has been criticised for disadvantaging its parts makers. BYD, one of the world's biggest electric vehicle makers, now wants to use commercial paper or ​bank notes to pay suppliers rather than promissory notes issued on Dilian, an electronic platform it launched in 2018, the people said. Reuters w ...

Core Viewpoint - BYD is planning to discontinue the use of in-house financial notes for payments to suppliers, marking a significant change in its financial practices that have contributed to its growth [1] Group 1 - BYD has communicated to some suppliers its intention to stop using in-house financial notes, which indicates a strategic shift in its payment methods [1] - This change is seen as a major departure from a practice that has been instrumental in supporting BYD's rapid expansion [1]

Investment Rating - The investment rating for BYD is "Buy" and is maintained [6]. Core Insights - In October, BYD's total sales reached 442,000 units, a year-on-year decrease of 12.1% but an increase of 11.5% month-on-month. Passenger vehicle sales were 437,000 units, down 12.7% year-on-year and up 11.1% month-on-month [2][4][10]. - The export sales in October were 84,000 units, showing a significant year-on-year increase of 167.8% and a month-on-month increase of 17.9% [2][10]. - Cumulatively, from January to October 2025, BYD's total sales reached 3.702 million units, up 13.9% year-on-year, with cumulative export sales of 778,000 units, up 136.4% year-on-year [2][10]. Summary by Sections Sales Performance - October total sales: 442,000 units, YoY -12.1%, MoM +11.5% - Passenger vehicle sales: 437,000 units, YoY -12.7%, MoM +11.1% - Brand performance: Ocean series sales at 395,000 units, Equation Leopard at 31,000 units, and Tengshi at 10,000 units [2][10]. Export Growth - October export sales: 84,000 units, YoY +167.8%, MoM +17.9% - Cumulative export sales from January to October: 778,000 units, YoY +136.4% [2][10]. Strategic Developments - Continued focus on overseas market expansion and high-end product offerings, with new factories established in Thailand, Uzbekistan, Brazil, and Hungary, and new entries into Vietnam, Pakistan, and Tunisia [10]. - The launch of new high-end models is expected to enhance performance, with a projected net profit of 35 billion yuan for 2025, corresponding to a PE ratio of 26X [10].

Core Insights - BYD has been increasing its market share in the electric vehicle (EV) sector as it expands globally through exports and production facilities [1] Group 1: Company Performance - The stock of BYD has experienced a decline despite its growing market presence in the EV industry [1] Group 2: Analyst Experience - The analyst has over 30 years of experience in critically analyzing various industries including airlines, oil, retail, mining, fintech, and e-commerce, which contributes to a comprehensive understanding of market dynamics [1] - The analyst has lived through multiple economic crises, providing a robust foundation for analyzing diverse business models and innovations [1]