当价格战的硝烟散去，科技、创新与质量的正道显露无遗，中国汽车产业正在完成一场从"价格搏 杀"到"价值共创"的深刻蜕变。在这场没有终局的竞赛中，唯有真正掌握创新主动权、坚守价值底线的 企业，才能穿越周期，在全球汽车产业的重塑中赢得主动、赢得尊重、赢得未来。（作者是中国汽车流 通协会常务理事） 德勤在今年5月的一份报告中指出，一批新兴电动汽车企业凭借极致的规模经济与范围经济，以更快的 产品迭代速度和成本优势在全球市场迅速崛起，而部分传统车企则面临严峻的生存挑战。价格战的本质 是成本控制能力的较量，新兴车企将规模效应与垂直整合发挥到极致。一个很好的例子是：比亚迪通过 高度自主的零部件生产，使其组装成本比仅1/3零部件自研的传统车企同级别车型低约30%。规模和科 技的落后，往往导致即便开启价格战，也难免 "降不起、守不住"。 规模与范围经济的价值，最终要落到科技迭代、创新突破、质量升级上。将资本支出分摊到更大产品基 数，不是为了降本后再降价，而是为了腾出资源投入科技研发：比如优化智能驾驶算法、增加三电系统 的稳定性、车规级芯片自主化突破等等。这种"以规模养创新、以创新提质量"的逻辑，才是价格战 的"破局之道"。领先企 ...

Group 1 - The Pentagon has identified Alibaba Group Holding, Baidu Inc, and BYD Co as companies that assist the Chinese military [1]

Core Insights - The "Human-Vehicle-Home" ecosystem is rapidly emerging, driven by advancements in 5G, AI, and IoT technologies, as well as increasing consumer demand for smart living [1][2] - Midea Group and BYD have signed a strategic cooperation agreement to integrate their strengths in smart vehicles, smart home appliances, and AIoT technologies, aiming to create a leading smart ecosystem [1][2] - Boston Consulting Group predicts that by 2030, the "Human-Vehicle-Home" ecosystem will account for 58% of the incremental smart market, becoming a key driver of future technological development [1] Industry Developments - The "Human-Vehicle-Home" ecosystem aims to seamlessly connect people, vehicles, and home environments, creating a super-intelligent ecosystem centered around user needs [2] - Midea Group and BYD's collaboration will involve integrating all BYD vehicle models with Midea's smart home products, focusing on AI innovation and standardizing technical interfaces and data protocols [2][5] - Other tech giants like Xiaomi and Huawei are also accelerating their involvement in the "Human-Vehicle-Home" ecosystem, with Xiaomi completing its ecosystem with the launch of the Xiaomi SU7 [3] Technological Innovations - Key technologies driving the "Human-Vehicle-Home" ecosystem include Ultra-Wideband (UWB) digital fusion technology and foundational operating system integration, which facilitate deep integration of various scenarios [4] - AI technology is becoming increasingly critical, with Midea developing an AI assistant that acts as a "home autopilot," enhancing user interaction within the ecosystem [6] Business Models and Value - Companies with ecosystem integration capabilities are expected to capture over 50% of the new revenue in the smart mobility and home integration market [7] - The "Human-Vehicle-Home" ecosystem fosters strong user engagement and collaborative effects, transitioning competition from individual products to ecosystem-based competition [7] - Midea's partnership with BYD not only expands product application scenarios but also allows for reaching more users through mobile terminals [7] User Experience - The "Human-Vehicle-Home" ecosystem enhances user convenience and comfort, allowing for dual control of home appliances from vehicles and vice versa, as well as automated scene triggers based on geofencing technology [8] - The development of this ecosystem faces challenges such as the need for unified technical standards, data security, and coordination in cross-industry collaborations [8]

2025年11月26日，由《经济观察报》主办的"2024—2025年度受尊敬企业年会"在北京香格里拉大饭店举 行。本届年会以"智创未来，向新而行"为主题，汇聚了百余位知名学者、企业家及高管，共同探讨在数 字经济浪潮与新质生产力动能澎湃的当下，中国企业如何锚定国家战略，以创新破局攻坚，重塑商业文 明的价值标尺，找到穿越周期的长青之力。 年会现场致敬了"2024—2025年度受尊敬企业"及"受尊敬领航企业"。这些企业是基于对数千家企业和数 十个关键行业的深度调研，从优质运营、创新突破、公众信赖、社会贡献、年度影响等五大维度挑选出 的过去一年对中国经济、社会有重要影响的企业。我们认为包括安踏、比亚迪（002594）、华为、京 东、美团、青岛啤酒（600600）、中国平安、中国飞鹤等企业配得上被称为"2024—2025年度受尊敬企 业"。同时，在各自领域有着特别贡献的海尔智家（600690）、天齐锂业（002466）、普洛斯中国等企 业是值得"受尊敬领航企业"。 这些受人尊敬的企业涵盖了从消费到制造、从科技到金融的多个领域，特别是其中以高端制造和硬科技 为核心的产业梯队，已成为驱动增长的中坚力量，构成了中国高质量发展 ...

Core Insights - The 2025 Guangzhou International Auto Show, known as a barometer for the automotive industry, commenced on November 21, 2023, with a theme of "New Technology, New Life" [1] - The exhibition covers an area of 220,000 square meters, featuring 1,085 vehicles, including 93 global debuts and 629 new energy vehicles, accounting for nearly 58% of the total [1] - The trends of "differentiated competition" and "ecological integration" are prominent, with domestic brands showcasing their strength through dedicated exhibition spaces [1][3] Domestic Brands - BYD showcased its flagship models, including the Han L and Tang L, with prices starting at 194,800 yuan after subsidies, and the global debut of the Yangwang U9 Xtreme [3] - GAC Group highlighted its achievements over the past year, unveiling the A800, a flagship sedan developed in collaboration with Huawei, featuring advanced driving and cockpit systems [3][4] - Chery presented 34 models, focusing on new energy vehicles, with the Wind Cloud T9L set to launch in Q2 2026 [4] Joint Ventures and Foreign Brands - Joint ventures are intensifying their focus on local market demands, with brands like Mercedes-Benz and Volkswagen introducing new plug-in hybrid models [5][6] - Mercedes-Benz showcased 29 models, including the AMG GT XX concept and new electric vehicles, while Volkswagen plans to launch 21 new energy models by 2027 [6] - GAC Toyota aims to return to a production and sales scale of one million vehicles by 2028, with a target of over 800,000 units in 2026 [6] Industry Trends - The collaboration between automotive companies and technology firms is becoming a trend, with Huawei independently exhibiting its smart automotive solutions [2][8] - The automotive industry is shifting towards a model where vehicles are seen as intelligent mobile spaces, emphasizing the integration of chips, software, and ecosystems [9] - The next three years are expected to see diverse development trends in the domestic car market, with a focus on large family SUVs and personalized vehicles [9]

Core Viewpoint - The company, Huitong Co., has established deep collaborations with several well-known clients and brands, including BYD, Seres, Changan, SAIC Volkswagen, and FAW Volkswagen [2] Group 1 - Huitong Co. is actively engaging with major automotive brands, indicating a strong position in the industry [2] - The partnerships with these renowned clients suggest potential growth opportunities for Huitong Co. in the automotive sector [2]

Group 1 - The Hang Seng Index has risen by 1.15%, with the Hang Seng Tech sector leading the gains, followed by healthcare, internet, and consumer sectors, while banks are relatively weak [1] - The consumer sector opened high and has maintained a strong position, currently up by 1.88%. Notable stocks include Xiaomi Group up by 5.33%, Baidu Group up by 3.94%, and Kuaishou up by 3.5%, with several others like Alibaba, SMIC, and BYD also showing gains around 2% [3] - The healthcare sector has also seen significant gains, currently up by 1.95%. Key performers include Kangfang Biotech up by 4.98%, CSPC Pharmaceutical up by 4.37%, and China Biologic Products up by 3.79% [3] Group 2 - The banking sector experienced a sharp decline at the open but has since rebounded slightly, currently up by 0.42%. Notable increases include Citic Bank up by 2.34%, with nearly ten other banks like Qingdao Bank and Agricultural Bank also rising over 1% [3] - Some banks, such as Zhengzhou Bank and Everbright Bank, are experiencing slight declines despite the overall sector rebound [3]

本报记者 殷高峰 近日，《证券日报》记者从隆基绿能科技股份有限公司（以下简称"隆基绿能"）获悉，该公司联合苏州大学、西安交通大 学等研究团队在硅基叠层电池研究方向有了重要进展，其研发的商业尺寸硅片级柔性晶硅—钙钛矿叠层电池效率达29.8%。该 电池效率获德国弗劳恩霍夫太阳能研究所认证，成为全球首个获权威认证的该类型电池效率世界纪录。这一成果近日在线发表 在权威学术期刊《Nature》上。 据《证券日报》记者了解，车企也在积极推动车载光伏的发展。比亚迪股份有限公司（以下简称"比亚迪"）推出的智能太 阳能车顶技术已经应用在2025款汉DM-i与秦PLUS DM-i车型上。该项技术的核心是比亚迪自研的异质结电池（HJT）方案，通 过纳米级蚀刻工艺，将光电转换效率提升至23.18%，在理想光照条件下，车辆静置八小时即可补能50公里至70公里。 为此，研究团队创新构建了"疏松加致密"的双层缓冲层结构，其中疏松层能像弹簧床垫一样吸收机械应力，致密层则确保 高效的电荷传输。这一设计有效化解了应力缓冲与高效传输的矛盾。 基于该技术，研究团队研制出厚度仅60微米的超薄全硅片柔性叠层器件。该器件不仅实现了近30%的转换效率，还可 ...

Core Insights - BYD is actively participating in COP30, showcasing its electric vehicles as symbols of low-carbon transportation and contributing to the global dialogue on climate change [1][2]. Group 1: Technological Innovations - BYD emphasizes the importance of electric vehicle adoption as a key pathway for carbon reduction in the transportation sector, leveraging its fifth-generation DM super hybrid technology and megawatt fast charging to facilitate the transition from traditional fuel vehicles [2]. - The fifth-generation DM super hybrid technology has achieved a fuel consumption rate of 2.6L/100km, significantly reducing carbon emissions [2]. - The megawatt fast charging technology allows for a rapid charge of 5 minutes to enable a travel range of 400 kilometers, enhancing the accessibility of electric vehicles [2]. Group 2: Market Performance in Brazil - BYD has achieved a cumulative sales figure of over 87,000 vehicles in Brazil from January to October 2025, with an 80% market share in pure electric models and 25% in hybrid models [3]. - In less than three years, BYD's total sales in Brazil have surpassed 180,000 vehicles, setting an industry record [3]. - A recent report indicates that BYD has become the most satisfying automotive brand for Brazilian consumers, surpassing major brands like Fiat, Honda, and Volkswagen [3]. Group 3: Global Expansion and Recognition - BYD's global footprint extends to 117 countries and regions, with overseas sales of passenger cars and pickups exceeding 785,000 units from January to October 2025, marking a historical high [4]. - The company has established an 8-vessel roll-on/roll-off fleet to support its global strategy for efficient product distribution [4]. - BYD has been recognized in the Kantar BrandZ Top 10 Global Automotive Brands for three consecutive years and ranked 91st in the Fortune Global 500 [4].

这里是巴西北部的雨林门户，交通网络原本并不发达，但在大会期间，130台比亚迪新能源车组成接驳车队，穿梭 于场馆与酒店之间，稳健地接送着各国元首和与会代表。 它们驶过之处，不排放一丝尾气，以实际行动向世界诠释着"低碳出行"的真实含义。 贝伦街头的比亚迪新能源汽车。新京报贝壳财经记者陶野摄 在亚马孙雨林的门户城市——贝伦，街头行驶的是一辆辆中国新能源汽车比亚迪。它们车身印着COP30（联合国 气候变化框架公约第三十次缔约方大会），正成为这场气候大会最活跃的移动名片。 深耕巴西，绿色足迹赢得市场认可 比亚迪在巴西市场以卓越产品力与服务赢得广泛信赖。2025年1-10月，比亚迪在巴西累计销量突破8.7万辆，纯电 车型市占率高达80%，混动车型占比25%。不到三年时间，比亚迪在巴西销量已突破18万辆，创下行业纪录。 根据巴西专业研究消费者习惯的权威机构Decoupling的最新报告，比亚迪在2025年第一季度超越了包括菲亚特、 本田、现代、大众、福特等在内的11大主流汽车品牌，成为巴西消费者满意度最高的汽车品牌。这项基于上万条 真实评价的严谨分析显示，比亚迪不仅综合评分高居榜首，更在17个评分项中的10项进入前三。 作 ...