公司2025年11月出口新能源汽车合计131,935辆。公司2025年11月新能源汽车动力电池及储能电池装机 总量约为27.669GWh，2025年累计装机总量约为258.282GWh。 格隆汇12月1日丨比亚迪股份(01211.HK)公布，2025年11月，新能源汽车产量约47.4万辆；销量约48万 辆。1-10月，新能源汽车产量约411.8万辆，同比增长7.29%；销量约418.2万辆，同比增长11.30%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概 不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 比 亞 迪 股 份 有 限 公 司 BYD COMPANY LIMITED （在中華人民共和國註冊成立的股份有限公司） （股份代號：01211（港幣櫃台）及：81211（人民幣櫃台）） 網站：http://www.bydglobal.com 自願公告 2025年11月產銷快報 此乃比亞迪股份有限公司（「本公司」）作出的自願公告。 本公司董事會謹此宣佈，本公司於2025年11月產、銷量詳細如下（單位：輛）： 1 | | | | 產量 | | | | | 銷量 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 項目類別 | 本月 | 去年同期 | 本年累計 | 去年累計 | 累計同比 | 本月 | 去年同期 | 本年累計 | 去年累計 | 累計同比 | | －商用車 | 4,976 | 3,662 | 52,7 ...

Core Viewpoint - The article highlights the recent operational launches of significant energy storage projects by Ningde Times and BYD, showcasing advancements in energy storage technology and its role in enhancing energy stability and decarbonization efforts in various regions [2][3][5][6][9]. Group 1: Ningde Times - Ningde Times has successfully launched a 500MW/2000MWh independent energy storage power station in Inner Mongolia, utilizing a 5MWh storage system [3]. - The project consists of 100 sets of 5MW/20MWh storage units, with nearly 2 million battery cells, and aims to alleviate the pressure of large-scale renewable energy integration in the region [5]. - Once operational, the facility is expected to enter the Mongolian East power market, achieving a daily full charge and discharge, with an annual throughput exceeding 600 million kWh [5]. Group 2: BYD and Fortescue - BYD has partnered with Fortescue to deliver a 250MWh energy storage project, consisting of 48 storage containers, capable of providing 50MW of power for 5 hours [6]. - This project marks a significant milestone in Fortescue's decarbonization goals for its Pilbara iron ore operations and is the first of several planned large-scale energy storage systems [9]. - Fortescue's next battery energy storage system (BESS) installation is planned for Eliwana, with a target delivery and installation of a 120MWh system by early 2026 [9].

以下文章来源于锦缎 ，作者愚老头 锦缎 . 上市公司研究平台，专注价值发现、创造与传播 来源丨 锦缎（ID：jinduan006） 作者丨 愚老头 图源丨Midjourney 比亚迪在今年3月份完成定增之后 ， 5月份创了新高 ， 随后整体表现就是那个睡眼惺忪 ， 萎靡不振的样子 。 到今天 ， 宁德时代的市值都已经是2个比亚迪了 ， 比亚迪感觉还要再一次打响7000亿市值保卫战 。 单纯比较不同赛道公司的市值 ， 其实是一个不怎么符合逻辑的行为 ， 尤其是连工业富联的市值都已经站上万亿的当下 。 我们并不想人云亦云的找几个不涨的理由 ， 无非就是整车竞争激烈 ， 利润下滑 ， 定增结束资本市场动力不足等等 ， 这样做 既耗费自己的精力 ， 也是对大家时间的一种浪费 。 比亚迪一直都是那个比亚迪 ， 基本面上的变化也不大 。 目前的走势 ， 背后是两条路线的选择 。 我们不否认 ， 基本面决定了公司长期的表现 。 但在很多时候 ， 基本面就是为了给上涨找一个理由 。 比亚迪2 、 3季度净利润同比都下滑 ， 当然可以解释成竞争激烈 ， 行业下行 。 但研发费用高增 ， 出口量翻倍 ， 也可以看 成是内在竞争力 ...

2. 股份分類 普通股 股份類別 A 於香港聯交所上市 (註1) 否 證券代號 (如上市) 002594 說明 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 5,433,797,565 RMB 1 RMB 5,433,797,565 增加 / 減少 (-) RMB 本月底結存 5,433,797,565 RMB 1 RMB 5,433,797,565 本月底法定/註冊股本總額： RMB 9,117,197,565 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 比亚迪股份有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01211 | | 說明 | | | | | | | | | ...

相关研究 证券分析师 2025 年 12 月 01 日 扬帆出海，2026 关注哪些方向？ 2026 年出海展望 陆灏川 A0230520080001 luhc@swsresearch.com 王雪蓉 A0230523070003 wangxr@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 马天一 A0230525040004 maty@swsresearch.com 戴文杰 A0230522100006 daiwj@swsresearch.com 刘正 A0230518100001 liuzheng@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 马焰明 A0230523090003 maym@swsresearch.com 任杰 A0230522070003 renjie@swsresearch.com 王立平 A0230511040052 wanglp@swsresearch.com 周文远 ...

Core Viewpoint - The company LanJian Intelligent has successfully implemented its intelligent logistics systems, including various types of robots, in major projects for well-known clients such as Lenovo, CATL, and BYD [1] Group 1: Company Overview - LanJian Intelligent specializes in intelligent logistics systems, offering products such as Automated Guided Vehicles (AGV), shuttle robots, stacker robots, and Autonomous Mobile Robots (AMR) [1] Group 2: Client Engagement - The company's robotic logistics systems have been widely adopted in projects for prominent companies, including Lenovo, CATL (300750), and BYD (002594) [1]

Core Insights - The passenger car sector experienced a rise of 1.37% on December 1, with Sairus leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Passenger Car Sector Performance - Sairus (601127) closed at 131.22, with a gain of 3.99% and a trading volume of 273,600 shares, amounting to a transaction value of 354.9 million [1] - SAIC Motor (600104) closed at 15.47, up 3.34%, with a trading volume of 1,783,500 shares and a transaction value of 276.6 million [1] - Great Wall Motors (601633) closed at 22.12, gaining 1.00%, with a trading volume of 148,300 shares and a transaction value of 32.7 million [1] - BYD (002594) closed at 95.77, up 0.63%, with a trading volume of 233,700 shares and a transaction value of 2.237 billion [1] - Changan Automobile (000625) closed at 11.93, down 0.08%, with a trading volume of 365,400 shares and a transaction value of 43.5 million [1] - BAIC Blue Valley (600733) closed at 7.79, down 0.64%, with a trading volume of 867,900 shares and a transaction value of 679 million [1] - Haima Automobile (000572) closed at 8.94, down 1.11%, with a trading volume of 1,948,900 shares and a transaction value of 1.753 billion [1] - GAC Group (601238) closed at 66.8, down 2.81%, with a trading volume of 2,048,400 shares and a transaction value of 1.861 billion [1] Fund Flow Analysis - The passenger car sector saw a net inflow of 50.42 million from main funds, while retail funds experienced a net inflow of 54.51 million [1] - Main funds showed a net inflow of 270 million for Sairus, while retail funds had a net outflow of 210 million [2] - SAIC Motor had a main fund net inflow of 216 million, with retail funds showing a net outflow of 244 million [2] - BYD experienced a net inflow of 33.58 million from main funds, while retail funds had a net outflow of 67.91 million [2] - Great Wall Motors had a minor net inflow of 939,900 from main funds, with retail funds showing a net outflow of 21.43 million [2] - Changan Automobile had a net outflow of 15.60 million from main funds, while retail funds had a net inflow of 26.67 million [2] - BAIC Blue Valley had a significant net outflow of 1.15 billion from main funds, with retail funds showing a net inflow of 1.30 billion [2] - GAC Group had a net outflow of 2.69 million from main funds, while retail funds had a net inflow of 27.51 million [2]

Policy and Regulation - Six departments issued a plan to expand automotive aftermarket consumption, focusing on areas like vehicle modification and RV camping, aiming for significant optimization of consumer goods supply structure by 2027 [2][3] - The Ministry of Industry and Information Technology (MIIT) announced the creation of demonstration bases for emerging industries, targeting new technologies and industries, with plans to establish around 100 park-type and 1,000 enterprise-type bases by 2035 [4] - A UN global technical regulation on electric heavy vehicle battery durability was passed, which will standardize testing methods and requirements for battery performance, supporting the global electric truck industry [5] - A new group standard for automotive data export safety assessment was approved, providing clear guidelines for data compliance in the automotive sector [6] - The Ministry of Public Security proposed a standard limiting passenger cars' acceleration to 100 km/h in no less than 5 seconds, promoting safety in vehicle performance [7][8] - The Ministry of Commerce and other departments announced stricter controls on new cars being exported as used cars, aiming to address the issue of "zero-kilometer used cars" [9] - MIIT set new credit ratio requirements for new energy vehicles for 2026 and 2027, mandating 48% and 58% respectively, to encourage investment in new energy [10][11] Industry Information - The automotive industry donated over 80 million HKD to support Hong Kong after a severe fire incident, showcasing corporate social responsibility [13][14] - Two new academicians from the automotive industry were elected, indicating a boost in innovation and research capabilities within China's new energy vehicle sector [15][16] - At the Guangzhou Auto Show, nearly 60% of the displayed vehicles were new energy vehicles, marking a significant shift towards electric and intelligent vehicles [17] - In the first ten months of the year, China's new energy vehicle exports exceeded 2 million units, highlighting the sector's growth and importance in the global market [18][19] - China's combined driving assistance technology has reached an international leading level, with a market penetration rate of 62.58% [20][21] - The 8th China International Import Expo showcased advancements in the automotive ecosystem, emphasizing electric, intelligent, and low-carbon technologies [22][23] International News - In Europe, new car sales increased by 4.9% in October, with electric vehicle registrations surpassing gasoline and diesel vehicles, although overall sales remain below pre-pandemic levels [25] - The UK government announced an additional £1.3 billion in electric vehicle subsidies and £200 million for charging infrastructure, reinforcing its commitment to zero-emission vehicles [26][27] - Japan's exports to the US have declined for seven consecutive months, with a 7.5% drop in automotive exports, reflecting the impact of external trade policies [28] - The Eurasian Economic Union initiated an anti-dumping investigation on Chinese heavy-duty tires, indicating potential challenges for Chinese exports [29] - In the US, electric vehicle sales dropped significantly in October following the expiration of federal subsidies, highlighting the importance of policy support for market growth [30][31] Company Information - NIO reported a significant increase in gross margin and revenue for Q3 2025, with a revenue of 21.79 billion CNY, and expressed confidence in achieving profitability in Q4 [33] - GAC Group announced the completion of a pilot production line for solid-state batteries, marking a key step towards mass production [34] - Huawei applied for the "Qijie" trademark, indicating its ongoing commitment to the smart automotive sector [35] - The Aion UT super electric vehicle was launched exclusively on JD.com, aiming to invigorate the small electric car market [37] - Seres completed its IPO on the Hong Kong Stock Exchange, raising 14.016 billion HKD, marking the largest IPO for a Chinese car company to date [39] - Geely and Renault signed a strategic cooperation agreement in Brazil, with plans to invest 3.8 billion BRL in new energy technology [41][42]

Core Insights - The lithium battery industry is expected to experience a significant growth wave in 2026, characterized by strong demand recovery, accelerated global expansion, and disruptive technological iterations, leading to a "spiral rise" in both volume and price [3]. Group 1: Market Predictions - Global lithium battery production is projected to reach 2250 GWh by 2025, with a growth rate of 30% in 2026. The energy storage sector is anticipated to grow even faster at 48.3%, driven by both domestic and international demand [5]. - There is a notable supply gap in the production of battery cells and key materials, highlighting the importance of ensuring a stable and efficient supply chain to capitalize on this growth opportunity [5]. Group 2: Conference Details - The 2026 Lithium Battery Key Materials and Applications Market Summit will be held on March 19-20, 2026, in Changzhou, Jiangsu, organized by Xinluo Information [4]. - The summit will focus on three core topics: in-depth discussions on cutting-edge technologies and market supply-demand dynamics, the release of the authoritative 2025 lithium battery brand rankings, and B2B procurement matchmaking [5][6][7]. Group 3: Key Topics of Discussion - The conference will feature discussions on lithium carbonate fundamentals and supply-demand outlook, advancements in key electrolyte materials for batteries, and the development of high-performance polymer electrolytes [9][10]. - Topics will also include the industrialization of high-nickel materials in solid-state batteries and the development of sodium-ion battery materials [9][10]. Group 4: Participation and Costs - The participation fee for the conference is set at 2800 yuan per person, with a limited-time free attendance option available for the first 200 registrants [16].