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： 新款极氪7X上市，售价 22.98-26.98万元 ； 新款阿维塔12四激光版上市，售价26.99-42.99万元； smart精灵 #5 EHD上市， 售价18.99-23.99万元； 新款腾势N8L上市， 售价29.98-32.98万元； 北京现代EO上市，售价11.98-14.98万元； 奇瑞风云T11上市，售价18.99-24.99万元 ； 银河星耀6上市，售价7.48-10.58万元； 深蓝L06开启预售，预售价13.99-16.19万元； 公司动态： 地平线与采埃孚达成深度合作，城市领航辅助系统明年量产； 小鹏 汇天打造首家飞行汽车"6S"店； 四维图新 押注AI战略； 上汽集团发布第三季度财报，销量、营收双增长； 比亚迪发布第三季度财报，营收、利润下滑； 赛力斯发布第三季度财报，营收增长，利润微降； 车企销量： 上汽集团10月新能源销量20.7万台； 吉利汽车10月新能源销量177882台； 奇瑞汽车10月新能源销量110346台； 长安汽车10月新能源销量11.9万台； 长城汽车10月新能源销量46155台 ...

Core Insights - BYD's Q3 2025 financial report shows a significant divergence in core data, with revenue declining by 3.05% year-on-year to 194.985 billion yuan, marking the first quarterly revenue drop since 2022, while net profit fell sharply by 32.6% to 7.823 billion yuan, indicating ongoing performance pressure [1][3] - Despite a 12.75% year-on-year increase in revenue for the first three quarters to 566.266 billion yuan, net profit decreased by 7.55% to 23.333 billion yuan, highlighting challenges in short-term profitability [3][4] - The company has adjusted its annual sales target from 5.5 million to 4.6 million units, with Q3 sales showing a 1.8% year-on-year decline, primarily due to a 5.52% drop in September sales, marking the first monthly sales decline this year [3][4] Revenue and Profit Trends - Q3 revenue of 194.985 billion yuan represents a 3.05% decline year-on-year, while net profit of 7.823 billion yuan reflects a 32.6% drop [3][4] - For the first three quarters, total revenue reached 566.266 billion yuan, up 12.75% year-on-year, but net profit decreased by 7.55% to 23.333 billion yuan [3][4] - The company's gross margin improved slightly from 16.3% in Q2 to 17.9% in Q3, yet remains at a near low for recent years [4] Sales Performance - BYD's global sales for the first three quarters reached 3.26 million units, a year-on-year increase of 18.64%, but Q3 sales saw a decline of approximately 1.8% [3] - The company completed 70.87% of its revised annual sales target by the end of Q3, necessitating nearly 450,000 units per month in the remaining two months to meet the target [3] R&D Investment - R&D expenses for the first three quarters totaled 43.75 billion yuan, a 31.3% increase year-on-year, significantly exceeding net profit [6] - The company has invested 10.9 billion yuan more in R&D than Tesla this year, launching several advanced technologies [6][7] - The rising R&D expense ratio has negatively impacted profits, with the cost per vehicle reaching 112,000 yuan in Q2, up approximately 10,000 yuan from the previous quarter [6] Competitive Landscape - The intensifying competition in the smart vehicle sector poses a challenge for BYD, with competitors like Tesla and Huawei gaining market share [8][9] - To differentiate itself, BYD needs to enhance its smart driving technology and accelerate the iteration of its "Tian Shen Zhi Yan" system [8] - The company is advised to build an integrated smart ecosystem and localize R&D efforts to adapt to different market regulations and consumer habits [8][9]

Performance Disclosure - BYD reported a cumulative year-on-year growth of 13.88% in new energy vehicle sales for the first ten months, with total sales reaching 3.70 million units, and October sales at 441,700 units, down from 502,700 units in the same month last year [1] - SAIC Motor announced a 13% year-on-year increase in vehicle sales for October, totaling 454,000 units, with a cumulative growth of 19.5% for the year-to-date, reaching 3.65 million units [2] - Seres achieved a record high in October with a 42.89% year-on-year increase in new energy vehicle sales, totaling 51,500 units, and a production of 52,600 units, reflecting a 46.58% increase [3] - Changan Automobile reported a 36.14% year-on-year increase in new energy vehicle sales for October, with total sales of 119,200 units, and a cumulative growth of 60.58% for the year-to-date, reaching 868,700 units [4] Shareholding Changes - Huafeng Measurement Control announced that its controlling shareholder plans to reduce its stake by up to 2%, equating to a maximum of 2.71 million shares [5] - Yongzhen Co., Ltd. disclosed that two shareholders intend to collectively reduce their holdings by up to 3%, or 711,770 shares [6] - Jinmo Technology reported that its shareholder plans to reduce its stake by up to 3%, amounting to 906,200 shares [7] - Zhongzi Technology announced that a board member intends to reduce his holdings by up to 0.03%, or 40,000 shares [8] Risk Matters - ST Zhongdi highlighted a significant divergence between its stock price and fundamental performance, with a cumulative increase of over 71.39% from October 16 to October 31, indicating abnormal trading fluctuations [9] - Hemei Group's independent director received a notice of administrative penalty due to alleged information disclosure violations while serving as an independent director at another company [10] - Hainan Development clarified that during the period of abnormal stock trading, its controlling shareholder did not engage in buying or selling company shares, with plans to increase holdings between 100 million to 200 million yuan [11]

Performance Disclosure - BYD reported a cumulative sales growth of 13.88% for new energy vehicles in the first ten months of 2025, with total sales reaching 370.19 thousand units [1] - SAIC Motor announced a 13% year-on-year increase in vehicle sales for October 2025, totaling 454 thousand units, with a cumulative growth of 19.5% for the year [2] - Seres reported a 43.83% year-on-year increase in vehicle sales for October 2025, with total sales of 51.5 thousand units and a production increase of 46.58% [3] Shareholding Changes - Huafeng Measurement Control's controlling shareholder plans to reduce its stake by up to 2%, amounting to a maximum of 2.71 million shares [4] - Yongzhen Co., Ltd. announced that two shareholders intend to collectively reduce their holdings by up to 3%, totaling a maximum of 711.77 thousand shares [5] - Jinmo Technology's shareholder plans to reduce its stake by up to 3%, which equates to a maximum of 906.20 thousand shares [6] - Zhongzi Technology's director intends to reduce his holdings by up to 0.03%, which is a maximum of 40 thousand shares [7] Risk Matters - ST Zhongdi reported a significant divergence between its stock price and fundamental performance, with a cumulative increase of over 71.39% from October 16 to October 31, 2025 [8] - Hemei Group's independent director received a notice of administrative penalty due to alleged information disclosure violations while serving as an independent director at Taiyuan Heavy Industry [9] - Hainan Development confirmed that during the period of abnormal stock trading, its controlling shareholder did not engage in buying or selling company shares [10][11]

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, highlighting strong performance in the sector [5]. Core Insights - The automotive sector has shown resilience, with the A-share automotive sector rising by 2.2% from October 27 to October 31, outperforming the Shanghai and Shenzhen 300 index, which increased by 0.8% [29]. - Key companies to focus on include Geely Automobile, Xiaopeng Motors, Li Auto, BYD, Xiaomi Group, Berteli, Top Group, New Spring Co., Hu Guang Co., and Chunjun Power [9][12]. Summary by Sections Weekly Market Performance - The automotive sector outperformed the market, with various segments such as commercial passenger vehicles and automotive parts seeing significant increases in stock prices [29]. Weekly Insights - The report emphasizes the upcoming IPOs of Wenyan and Xiaoma, indicating a rapid development in smart driving technology [3][11]. - The report suggests a focus on the T-chain core line, with optimism surrounding the release of the Optimus robot in Q1 2026 [10]. Passenger Vehicles - The report highlights the positive impact of the "old-for-new" policy, which is expected to stimulate demand for passenger vehicles, particularly for high-quality domestic brands [12]. Smart Electric Vehicles - The report notes the ongoing growth in the smart electric vehicle segment, with a focus on the increasing market share of domestic brands and the potential for significant growth in the automotive parts sector [13]. Robotics - The report discusses the entry of leading companies into the robotics sector, indicating a new era of embodied intelligence and the potential for significant advancements in this field [15][17]. Motorcycles - The report highlights the rapid expansion of the large-displacement motorcycle market, with significant year-on-year sales growth [21][22]. Heavy Trucks - The report indicates a recovery in the heavy truck market, driven by expanded subsidies for replacing old vehicles, which is expected to boost demand [23][24]. Tires - The report emphasizes the ongoing globalization of the tire industry, with a focus on leading companies that are well-positioned for growth [25][27].

以下文章来源于36氪出海 ，作者36氪出海 36氪出海（letschuhai.com）是关注出海的行业媒体，为企业跨境提供海外咨询及专业服务，同时运营着超万人的出海生态社群。 36氪出海 . TikTok东南亚月活用户突破4.6亿 来源｜ 36氪出海（ID：wow36krchuhai） 封面来源 ｜ Unsplash TikTok东南亚月活用户突破4.6亿 10月30日消息，TikTok在越南首次举办的东南亚应用峰会上公布，平台在东南亚地区的月活跃用户已突破4.6亿，其中印尼用户达 1.6亿，越南为7000万，泰国为5000万，用户增速位居区域首位。 此次峰会吸引了300位行业领袖参与TikTok还与越南政府签署合 作协议，共同推动本地数字生态建设。 数据显示，东南亚地区有三分之二的用户通过TikTok发现新应用，其中45%的用户会进一 步深入了解相关内容。（出海网） 淘宝出海双11全球上新210万新品 10月29日消息，今年双11，淘宝首次以5种语言在全球20个国家和地区同步开启大促。作为淘系商家出海第一站，淘宝出海在全 球同步上新210万款新品，其中有数百款为全球独家或淘宝首发新品。波司登、Bose、雷鸟 ...

挪威基本达成全面电动化目标 周度报告——新能源汽车 smingfTable_Title] 中美关税迎来缓和 ★ 动态跟踪 国内市场，据乘联会数据，10 月 1-26 日，全国乘用车新能 源市场零售 90.1 万辆，同比去年 10 月同期增长 0%，较上月同 期下降 8%，今年以来累计零售 977.1 万辆，同比增长 22%。 新 能 全球市场来看，1-8 月新能源汽车销量同比增长 30.6%达 1325.7 万辆。欧洲、其他地区市场增长较强。欧洲累计销量 244.2 万辆，同比增速 30.8%，其他地区累计销量 66.5 万辆，同比增速 50.6%。北美市场累计销量 120.5 万辆，同比增速 4.8%（1-9 月累 计 139.9 万辆，同比 8.3%）。美国 8、9 月新能源汽车销量和渗 透率连续创下历史新高，主要原因为联邦电动汽车税收抵免 （7,500 美元）于 9 月 30 日到期。 源 与 新 材 10 月 30 日，中美会晤并达成一定成果共识，包括美方取消 对华加征的 10%所谓"芬太尼关税"、对华加征的 24%对等关 税继续展期一年等，中方将暂停实施 10 月 9 日公布的相关出口 管制等措施一 ...

Investment Rating - The report maintains a positive investment recommendation for the automotive sector, anticipating a recovery in 2025 [1][2]. Core Insights - The automotive industry experienced moderate growth in Q3, with weak performance from car manufacturers and overall mild growth in automotive parts. The report highlights potential catalysts for recovery in 2025, including better-than-expected retail sales post-Spring Festival, improved export performance, and favorable policies [1][5]. Data Tracking - In late October, the discount rate for vehicles increased by 9.6%, with a slight month-on-month rise of 0.1 percentage points. The average discount amount was 21,782 yuan, showing a month-on-month increase of 398 yuan [3][4]. - The report tracks various automotive raw material prices, noting significant changes in lithium carbonate, aluminum, copper, palladium, and rhodium prices [6][28]. Market Performance - The automotive sector saw a weekly increase of 0.69%, ranking 15th out of 29 sectors. The report details the performance of various indices, with the automotive parts sector rising by 1.13% and commercial vehicles by 4.41% [8][31]. Industry News - Key developments include the call for a phased exit of vehicle purchase tax reductions, the cessation of vehicle replacement subsidies in Shenzhen, and the launch of new models by various manufacturers [29][30].

Core Insights - BYD Company Limited (01211.HK) announced that by October 2025, the production of new energy vehicles (NEVs) is expected to reach approximately 429,800 units, with sales projected at around 441,700 units [1] - For the period from January to October, the total production of NEVs was approximately 3,643,400 units, reflecting a year-on-year growth of 10.5%, while sales reached about 3,701,900 units, marking a year-on-year increase of 13.88% [1] - In October 2025, the company plans to export a total of 83,904 NEVs [1] - The total installed capacity of new energy vehicle power batteries and energy storage batteries in October 2025 is estimated to be around 27.362 GWh, with a cumulative installed capacity of approximately 230.613 GWh by the end of 2025 [1]

Investment Rating - The report maintains a "Recommended" rating for BYD, with a target price of 100.79 CNY per share [7]. Core Insights - BYD's revenue for the first three quarters of 2025 reached 566.27 billion CNY, a year-on-year increase of 12.7%, while net profit attributable to shareholders was 23.33 billion CNY, a year-on-year decrease of 7.6% [1]. - In Q3 2025, the company's revenue was 194.98 billion CNY, down 3.1% year-on-year and 3.0% quarter-on-quarter, with net profit at 7.82 billion CNY, a year-on-year decline of 32.6% but a quarter-on-quarter increase of 23.1% [1][2]. Revenue and Sales Performance - Q3 2025 sales volume was 1.114 million vehicles, a decrease of 1.8% year-on-year and 2.7% quarter-on-quarter, with high-end models accounting for 8.2% of total sales, reflecting a year-on-year increase of 4.4 percentage points [2]. - The average selling price (ASP) per vehicle in Q3 2025 was 136,700 CNY, showing a slight decline compared to previous quarters [2]. Profitability Analysis - The overall gross margin in Q3 2025 was 17.6%, down 4.3 percentage points year-on-year but up 1.4 percentage points quarter-on-quarter [3]. - The net profit margin for Q3 2025 was 4.0%, with a single vehicle net profit of 620 CNY, reflecting a quarter-on-quarter increase [3]. Strategic Developments - BYD is making steady progress in high-end branding and has accelerated overseas factory establishment, with significant growth in exports, particularly in Turkey, Brazil, and Europe [4]. - The company aims to enhance its brand system and overcome high-end market challenges, with notable sales increases in high-end models [4]. Financial Forecast - The projected revenue for 2025-2027 is 866.47 billion CNY, 981.28 billion CNY, and 1,104.53 billion CNY, respectively, with net profits expected to be 37.25 billion CNY, 47.46 billion CNY, and 58.59 billion CNY [6][4]. - The earnings per share (EPS) are forecasted to be 4.09 CNY, 5.21 CNY, and 6.43 CNY for the years 2025, 2026, and 2027, respectively [6].