比亚迪旗下仰望汽车今日官宣，美的集团董事长兼总裁方洪波成为仰望 U8L 鼎世版车主。从官方图可 以看到，比亚迪董事长王传福亲自为方洪波交车。 ...

【#比亚迪与美的战略合作#：车上控家电，家里能管车】比亚迪今日宣布与美的达成战略合作，打 造"人-车-家"智慧生活新范式，车上控家电，家里能管车。 ...

编者荐语： 日本经济新闻社与金融时报2015年11月合并为同一家媒体集团。同样于19世纪创刊的日本和英国的两家 报社形成的同盟正以"高品质、最强大的经济新闻学"为旗帜，推进共同特辑等广泛领域的协作。此次， 作为其中的一环，两家报社的中文网之间实现文章互换。 以下文章来源于FT中文网 ，作者张冬方 资料图（reuters） 汽车电动化转型不只是汽车制造商面临的机遇和风险，汽车经销商也同样身在其中。 文丨FT中文网专栏作家 张冬方 中国汽车品牌进入欧洲关键市场德国，面临的首要问题就是选择怎样的销售渠道模式。目 前，比亚迪在德国的销量正在经历高速增长期，其背后的原因除了调整产品战略，还在于渠 道战略上的大调整。 继2021年进入挪威市场之后，比亚迪于2022年进入了德国市场，但在接下来的两年多时间 里，比亚迪在德国的存在感微乎其微。在销售网络建设方面，比亚迪受困于快速扩张的计划 无法达到预期。即使在2024年，比亚迪作为足球欧洲杯官方合作伙伴高调亮相，德国人对作 为中国品牌的比亚迪仍然十分陌生，销量也没有出现大的好转。正是在这些背景之下，才有 了比亚迪去年调整渠道模式的举动…… 阅读更多内容请点击下方" 阅读原文 ...

Group 1 - The article focuses on the theme of "automobile export," analyzing BYD's recent overseas success cases to explore the reasons behind its explosive growth [6] - The goal is to break the market's vague perception that BYD relies solely on "cost performance" by providing precise data analysis of its success logic, offering insights for other car manufacturers [6] Group 2 - In 2023, sales were highly concentrated in four countries: Brazil, Australia, Thailand, and Israel, accounting for 66% of total exports, compared to only 28% in 2022 [7] - In 2024, further concentration is expected, with Brazil alone contributing nearly 60,000 units, while Mexico's performance is notable but not yet fully accounted for; other countries show limited growth, such as Indonesia with 15,000 units [7] - By 2025, market distribution will diversify, with significant contributions from the UK (38,000 units), Turkey (37,000 units), Australia (30,000 units), and Brazil (26,000 units), alongside rapid growth in European countries (Italy, Germany, Spain) and Southeast Asia (Thailand, Indonesia) [7] Group 3 - In 2023, vehicle models were dispersed, with various models like Yuan PLUS, Dolphin, and Song PLUS testing different markets, such as Yuan PLUS receiving 10,000 orders in Thailand within 42 days [7] - In 2024, Brazil and Mexico will become the main battlegrounds, with multiple models running concurrently, each contributing 20,000 to 30,000 units [7] - By 2025, the vehicle model strategy will become highly focused, forming a "big single product" strategy [7]

Core Viewpoint - The Guangzhou Auto Show 2025 showcased a surge in new energy large six-seat SUVs from various automakers, reflecting market demand but raising concerns about the sustainability of this trend for the automotive industry's healthy development [2][9]. Group 1: Market Trends - Numerous automakers are launching large six-seat SUVs, indicating a competitive market environment, with models priced below 300,000 yuan from brands like Geely and Chery [3][5]. - Geely's Galaxy M9 starts at under 180,000 yuan, offering spacious seating and advanced technology, while Chery's Fengyun T11 aims to provide luxury features at a competitive price of 189,900 yuan [3]. - Higher-end models, such as the Zhiji LS9 and Li Auto L8, are priced above 300,000 yuan, showcasing advanced technology and design [8]. Group 2: Industry Insights - Industry insiders express skepticism about the practicality of large six-seat SUVs, suggesting that many features may not align with consumer needs and could lead to forced consumption [9][10]. - The rush to enter the large six-seat SUV market is driven by potential profit margins and the competitive landscape, where companies fear falling behind if they do not adapt quickly [9]. - Concerns about product quality and differentiation arise, as many new models exhibit similar designs and features, leading to consumer fatigue in choice [10].

Core Insights - The Wuling M9 has achieved cumulative deliveries exceeding 260,000 units, setting a new record for vehicles priced over 500,000 yuan [1] - The model has received top rankings in various categories for 2024, including net promoter score for new energy SUVs, user satisfaction for hybrid large SUVs, and resale value for new energy SUVs in China [1] - The presence of industry leaders at the Guangzhou Auto Show highlights the strong competitive position of the Wuling M9 in the high-end market and underscores the momentum of Chinese brands moving upscale [2] Summary by Categories Deliveries and Records - Wuling M9 has surpassed 260,000 cumulative deliveries, establishing a new benchmark for vehicles in the 500,000 yuan price range [1] Awards and Rankings - The Wuling M9 has been recognized as the top new energy SUV in net promoter score for 2024, the highest user satisfaction for hybrid large SUVs, and the best resale value among new energy SUVs in China for 2024 [1] Market Position and Brand Strength - The ongoing popularity of the Wuling M9 at the auto show, coupled with endorsements from industry leaders, reflects its strong competitive edge in the high-end market and the robust potential of Chinese brands in the premium segment [2]

Summary of Key Points from the Conference Call on China Auto Manufacturers Industry Overview - The conference call focused on the **China Auto Manufacturers** industry, particularly the performance of **New Energy Vehicles (NEVs)** and traditional internal combustion engine (ICE) vehicles in October 2025. Core Insights and Arguments 1. **NEV Market Performance**: - October 2025 saw a **-8% month-over-month (MoM)** decline in domestically produced NEV passenger vehicle (NEV-PV) sales, although there was a **+1% year-over-year (YoY)** increase, which missed expectations [1][9]. - Local Chinese brands maintained a high NEV market share of **84.3%**, increasing by **+1.2 percentage points (ppt) MoM** [6]. 2. **ICE Vehicle Sales**: - The penetration of ICE vehicles increased to **42.4%**, up **+0.8 ppt MoM** [2]. - Chinese brands' ICE market share rose by **+1.7 ppt MoM** to **35.4%**, while foreign brands (German, Japanese, US) experienced declines [3]. 3. **Market Share Changes**: - **Xiaomi, Nio, and Seres** gained BEV market shares with increases of **+1.3 ppt, +1.0 ppt, and +0.8 ppt** respectively, while **Tesla and BYD** lost market shares of **-4.9 ppt and -2.6 ppt** [2]. - **Geely and Chery** gained PHEV market shares by **+1.2 ppt and +0.3 ppt** respectively, while **GWM and BYD** lost shares [2]. 4. **Tesla's Performance**: - Tesla's domestic insurance retail sales dropped **-61% MoM** and **-34% YoY** to **27,367 units**. Wholesales were **61,497 units**, down **-32% MoM** and **-10% YoY** [4][19]. - Tesla's inventory levels increased, indicating potential overstock issues [5]. 5. **Inventory Levels**: - Overall inventory for major OEMs rose from **2.3 months** at the end of September to **2.7 months** at the end of October [5]. - NEV inventory also increased by **0.3 months MoM** to **1.7 months** [5]. Additional Important Insights 1. **Export Performance**: - The export volume of NEVs reached **35,491 units**, reflecting a **+84% MoM** and **+28% YoY** increase, indicating strong international demand [4]. 2. **Sales Data**: - Total domestically produced NEV PV sales for October 2025 were **1,189,321 units**, with a **1% YoY increase** but an **8% MoM decrease** [9]. 3. **Market Dynamics**: - The competitive landscape is shifting, with local brands gaining ground against established players like Tesla and BYD, suggesting a potential long-term trend favoring domestic manufacturers [2][3]. 4. **Analyst Certification and Disclosures**: - The report includes important disclosures regarding potential conflicts of interest and the analysts' certifications, emphasizing the need for investors to consider these factors in their decision-making [7][26]. This summary encapsulates the key points discussed in the conference call, highlighting the current state and trends within the Chinese auto manufacturing industry, particularly focusing on NEVs and ICE vehicles.

Summary of Global Automobiles Conference Call Industry Overview - **Global BEV Sales Growth**: In September 2025, global Battery Electric Vehicle (BEV) sales increased by +31% year-over-year (y/y), reaching approximately 1.5 million units, marking a historic monthly high. For 3Q25, sales totaled 3.9 million units, reflecting a +32.4% y/y growth [1][2] - **Regional Performance**: The US led global growth in 3Q25 with a +33% y/y increase, attributed to pre-buying before the expiration of EV credits on September 30, 2025. Europe followed with a +32% y/y growth despite a seasonal decline of -2% quarter-over-quarter (q/q) [1] - **Future Projections**: Global BEV sales are expected to grow by +27% y/y in 2025, but growth will slow to approximately +14% y/y in 4Q25, primarily due to a potential sales decline in the US of -10% y/y or more after subsidy cuts [1] OEM Performance - **Tesla**: Gained market share in September 2025 (+120 basis points), with expectations of continued strength due to new entry-level models. However, a reversal is anticipated post-EV pre-buying in the US [2] - **BYD and Geely**: Experienced significant market share losses (-60 basis points and -100 basis points respectively) due to increased local competition and slower growth in China [2] - **US OEMs**: Celebrated the end of EV credits, pushing forward in the market [2] - **German Premium OEMs**: Mixed results; only Volkswagen and Mercedes-Benz gained market share, with Audi's global BEV sales up by +55% y/y in Q3 2025, while BMW saw a decline of -16% y/y [2] FY26 Outlook - **Sales Growth Expectations**: Global BEV sales growth is projected to decrease to approximately +17% y/y in FY26, down from +27% y/y in FY25, with total sales expected to reach around 16.9 million units [3] - **US Market Dynamics**: Anticipated zero growth in BEV sales in the US for FY26 due to the removal of purchase subsidies and changes in regulations [3] - **China's NEV Market**: Expected to see a reduction in purchase tax exemptions, leading to only a +1 million unit increase in BEV sales y/y, with intensified price pressure [3] - **European Market**: Projected to grow by +30% y/y, with BEV penetration reaching approximately 24%, supported by subsidy schemes in Italy and Germany [3] - **Chinese OEMs' International Expansion**: As domestic sales slow, Chinese OEMs like BYD plan to expand internationally, with new plants in Hungary and Türkiye set to open in 2026 [3] Additional Insights - **Model Launches**: Key model launches in FY26 include VW Polo/Cross, Hyundai Ioniq 3 & 9, Renault Twingo, BMW iX3/i3, and others [3] - **Market Share Trends**: Tesla's market share increased to 14.2% in September 2025, while BYD's decreased to 14.7%. Geely's market share fell to 7.1% [19] - **PHEV Sales Surge**: Anticipated surge in Plug-In Hybrid Electric Vehicle (PHEV) sales in China due to new EV rules, with PHEVs accounting for 40% of all passenger electric vehicle sales in the first eight months of 2025, reflecting a +35% y/y increase [8][9] This summary encapsulates the key points from the conference call, highlighting the current state and future outlook of the global automobile industry, particularly focusing on BEVs and the competitive landscape among OEMs.

Core Insights - Shenzhen Denza New Energy Vehicle Co., Ltd. has announced a strategic partnership with Midea Group's high-end AI technology home appliance brand, COLMO, allowing Denza N8L users to control smart home appliances from their vehicles and monitor vehicle status remotely at home [2] - Avita Technology has also partnered with Haier Group's Katai Chi Holdings to innovate in product customization, vehicle-home scenario integration, and in-car function design, aiming to create a high-end experience and technology-integrated smart travel solutions [2][3] - The "vehicle-home" concept is gaining traction, leading to increased competition among companies as they provide new smart experiences and shift market competition from product-centric to ecosystem-centric [2][3] Industry Trends - The collaboration between automotive and home appliance companies is becoming a trend, with BYD and Midea launching a "vehicle-home" life solution, enhancing smart interconnectivity [3] - Changan Automobile has signed a cooperation agreement with Haier Group to develop vehicle-home ecosystem collaborations and create vehicle-mounted electrical products [3] - Midea Group has unveiled a new "whole-home smart" strategy, integrating AI capabilities and smart home appliances, and showcasing collaborative results with NIO [3] Technological Developments - The "vehicle-home" concept is not new, with Huawei and Xiaomi previously establishing their own ecosystems integrating smartphones, smart homes, and smart vehicles [4][5] - The integration of smart vehicles as mobile smart terminals is expected to expand the "vehicle-home" ecosystem, enabling features like dual control and automated scene triggering based on geofencing technology [6] - Ultra-wideband (UWB) technology is emerging as a key enabler for precise and seamless connections between devices, while operating system integration is crucial for ecosystem connectivity [7] Challenges and Opportunities - The development of the "vehicle-home" ecosystem faces challenges such as technological and standard barriers, which create information silos among devices [8] - Security risks are heightened as vehicles connect to home networks, necessitating robust measures to protect user data and system integrity [8] - The commercial model for the "vehicle-home" ecosystem remains unclear, with companies exploring sustainable profitability strategies [8] Competitive Landscape - The "vehicle-home" ecosystem is expected to see layered competition, with a few companies acting as "ecosystem leaders" and many others as "ecosystem participants" seeking differentiation [9] - User experience is anticipated to evolve towards proactive intelligence, with vehicles adapting to user needs rather than the other way around [9] - The market for smart sockets supporting vehicle-home energy exchange is projected to exceed 30 billion yuan by 2026, indicating a growing focus on energy collaboration between vehicles and home devices [10]

Group 1 - This week, two new stocks will be available for subscription, both from the Sci-Tech Innovation Board [2][4] - Last week, four new stocks debuted in the A-share market, with Dapeng Industrial leading the gains at 1211.11%, marking the highest first-day increase for new stocks this year [2][3] - Dapeng Industrial's revenue for 2022-2024 is projected to be 247 million, 260 million, and 265 million yuan, with net profits of approximately 40.89 million, 48.69 million, and 43.49 million yuan respectively [3] Group 2 - Three companies are undergoing IPO review this week: Yongda Co., Ltd., Meidel, and Haifiman, all from the North Exchange [4][5] - Yongda Co., Ltd. aims to raise 458 million yuan, focusing on pressure vessel development in various sectors, with projected revenues of 696 million, 712 million, and 819 million yuan from 2022 to 2024 [4] - Meidel plans to raise 645 million yuan, with expected revenues of 1.031 billion, 1.009 billion, and 1.138 billion yuan for 2022 to 2024 [5] Group 3 - Haifiman is set to raise 430 million yuan, with projected revenues for 2025 ranging from 232 million to 266 million yuan, and net profits expected to be between 70 million and 85 million yuan [8][9] - Meidel's major client is BYD, accounting for 31.55% of its revenue in the first half of 2025, with sales amounting to approximately 224.52 million yuan [6][7]