| | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比 | | --- | --- | --- | --- | --- | | | | 增减 | | 上年同期增减 | | 营业收入(元) | 194.984.598.000.00 | -3. 05% | 566, 265, 546, 000. 00 | 12.75% | | 归属于上市公司股东的净 | 7,822,640,000.00 | -32. 60% | 23, 333, 173, 000. 00 | -7. 55% | | 利润(元) | | | | | | 归属于上市公司股东的扣 除非经常性损益的净利润 | 6,890, 751, 000. 00 | -36. 65% | | | | | | | 20, 490, 492, 000, 00 | -11. 65% | | (元) | | | | | | 经营活动产生的现金流量 | | 1 | 40,845, 498, 000, 00 | -27. 42% | | 净额(元) | | | | | | 基本每股收益(元/股) | 0.85 | -36. 09% | 2.56 | ...

Core Viewpoint - China's bus exports have shown significant growth, with a total of 55,598 buses exported from January to September 2025, marking a year-on-year increase of 31.77% [1][10]. Group 1: Export Performance - In September 2025, a total of 7,228 buses were exported, reflecting a month-on-month increase of 8.71% and a year-on-year increase of 37.36% [1][3]. - The overall monthly export volume has exceeded 7,000 units for three consecutive months, indicating a trend towards higher export volumes [3]. - The export of large buses reached 4,744 units in September, a year-on-year increase of 78.61%, setting a new monthly record [5][10]. Group 2: Market Segmentation - The export of large buses has been particularly strong, while the medium bus segment saw a decline, and light buses experienced a slight recovery [5][6]. - In September, the export of seated buses and public transport buses maintained robust growth, with seated buses exporting 3,749 units (up 33.7%) and public transport buses exporting 3,473 units (up 93.16%) [8][9]. - The large public bus segment showed a significant increase, with exports reaching 2,878 units, a year-on-year surge of 124.14% [9]. Group 3: Company Rankings - Yutong led the export rankings with 10,742 units from January to September 2025, a year-on-year increase of 18.17% [10][12]. - The Xiamen Golden Dragon group followed closely with exports of 9,152 units, reflecting a substantial year-on-year growth of 77.99% [10][12]. - Ankai Bus and Foton Ouhui also showed significant growth, with Ankai's exports increasing by 178.21% year-on-year [10][12]. Group 4: Future Outlook - The future of China's bus export market appears promising, with a need for companies to align with overseas demand, optimize product structures, and enhance technology and services to capture broader market opportunities [31].

里昂发布研报称，予比亚迪（002594）股份(01211)目标价140港元，基于2026年19倍预估每股盈利，此 估值高于历史均值。里昂认为此溢价合理，因比亚迪具备明确的产品管线成长能见度、供应链优势，以 及在智能驾驶领域的显著进步，这些要素将推动其转型为"汽车+智能"综合巨擘;评级高度确信跑赢大 市。 比亚迪上季业绩符预期，公布第三季每辆车GAAP(公认会计原则)利润为6,200元人民币(下同)，较第二 季的4,900元有所上升，符合市场预期，此改善主要得益于25.82万辆汽车(滞后三个月)的强劲出口量。 里昂测算，比亚迪第三季折扣系数为86%，高于第二季的78%，显示价格策略更趋纪律化。边际方面， 比亚迪第三季毛利率为17.6%，优于第二季度的16.3%。整体结果符合里昂的预期;里昂认为，比亚迪利 润率与纯利在第二季度已见底。 ...

智通财经APP获悉，里昂发布研报称，予比亚迪股份(01211)目标价140港元，基于2026年19倍预估每股 盈利，此估值高于历史均值。里昂认为此溢价合理，因比亚迪具备明确的产品管线成长能见度、供应链 优势，以及在智能驾驶领域的显著进步，这些要素将推动其转型为"汽车+智能"综合巨擘;评级高度确信 跑赢大市。 比亚迪上季业绩符预期，公布第三季每辆车GAAP(公认会计原则)利润为6,200元人民币(下同)，较第二 季的4,900元有所上升，符合市场预期，此改善主要得益于25.82万辆汽车(滞后三个月)的强劲出口量。 里昂测算，比亚迪第三季折扣系数为86%，高于第二季的78%，显示价格策略更趋纪律化。边际方面， 比亚迪第三季毛利率为17.6%，优于第二季度的16.3%。整体结果符合里昂的预期;里昂认为，比亚迪利 润率与纯利在第二季度已见底。 ...

证券研究报告 比亚迪 (002594 CH) 刘俊 研究员 karlliu@htsc.com +(852) 3658 6000 申建国 研究员 SAC No. S0570522020002 SFC No. BSK177 关注核心技术升级与海外需求共振 2025 年 10 月 31 日│中国内地 乘用车 华泰研究 季报点评 投资评级(维持): 买入 目标价(人民币): 136.93 宋亭亭 研究员 SAC No. S0570522110001 SFC No. BTK945 songtingting021619@htsc.com +(86) 21 2897 2228 收盘价 (人民币 截至 10 月 30 日) 103.61 市值 (人民币百万) 944,633 6 个月平均日成交额 (人民币百万) 5,736 52 周价格范围 (人民币) 103.61-405.00 股价走势图 资料来源：Wind (13) (2) 10 22 33 Oct-24 Feb-25 Jun-25 Oct-25 (%) 比亚迪 沪深300 经营预测指标与估值 | 会计年度 (人民币) | 2024 | 2025E | 2026E | ...

Core Points - The "China (Guangdong) and Vietnam New Energy Vehicles and Green Supply Chain Industry Cooperation Promotion Conference" was held in Ho Chi Minh City, Vietnam, on October 30, organized by the Guangdong Provincial Council for the Promotion of International Trade and the Guangdong International Chamber of Commerce [1][3] - Guangdong's Vice Governor Zhang Guozhi emphasized the importance of collaboration in the new energy vehicle sector between Guangdong and Vietnam as a practical implementation of the comprehensive strategic partnership between China and Vietnam, aiming for deep integration of industrial chains and expansion of bilateral trade [3] - Hu Zhenqiang, Vice Chairman of the Ho Chi Minh City People's Committee, praised Guangdong's achievements in building a complete electric vehicle ecosystem and expressed hopes for deeper cooperation in production investment, technology sharing, infrastructure construction, and human resource training [3] Industry Insights - The promotion conference featured a display area divided into four sections: automotive enterprises, three electric systems and components, smart networking and infrastructure, and supply chain services, showcasing a range of products and services from upstream and downstream industries [3] - Companies such as Xpeng Motors presented their self-developed Turing AI chip, which can be applied in AI vehicles, AI robots, and flying cars [4] - BYD has established 33 sales outlets in Vietnam and introduced 10 new energy vehicle models, covering both pure electric and hybrid options [4]

【#比亚迪高管回应三元锂电池起火频发#：比亚迪始终坚持安全的技术路线】在东京车展期间，比亚迪 集团品牌及公关处总经理@比亚迪李云飞 表示，新能源汽车电池最核心的问题是电池安全。 "从2010年至今15年的中国公交电动化发展历程中，这么多城市，这么多电动大巴，基本没有过类似起 火爆炸这样的恶性事件，这是因为中国电动大巴全都搭载磷酸铁锂电池组，这是很不容易的。" 在李云飞看来，基于磷酸铁锂技术在公共交通领域的安全验证，比亚迪在乘用车领域也将始终坚持这一 安全技术路线。（快科技） 他表示，明年、后年很多品牌为了续航里程可能还是使用三元锂电池，但是希望大家慎重一些。 关于近期部分搭载三元锂电池的新能源汽车发生的安全问题，李云飞表示，他并不认为这些事故凸显了 比亚迪的优势，因为这些安全事故会影响消费者对整个新能源行业的认知。 ...

Core Viewpoint - The Hang Seng Technology Index experienced a decline of over 2% on October 31, with significant drops in tech stocks, semiconductor sector, and automotive stocks. Major ETFs, including the Hang Seng Technology Index ETF (513180), followed the downward trend, with key holdings like Hua Hong Semiconductor and SMIC seeing substantial losses [1] Group 1: Market Performance - The Hang Seng Technology Index opened lower and continued to decline, with tech stocks broadly falling and the semiconductor sector experiencing a significant downturn [1] - Major stocks such as Hua Hong Semiconductor dropped over 7%, while SMIC fell more than 5% [1] Group 2: Future Market Outlook - According to Galaxy Securities, the A-share market is expected to show a fluctuating upward trend in November, supported by policy drivers and an improving external environment [1] - The recently announced "14th Five-Year Plan" provides clear investment directions, focusing on technological self-reliance, modern industrial system construction, and national security capability enhancement [1] - The recent US-China trade talks in Kuala Lumpur reached preliminary consensus, increasing the likelihood of a trade agreement in November, which may alleviate external pressures [1] - Following the Federal Reserve's interest rate cut in October, the global liquidity environment remains accommodative, which is expected to benefit the Hong Kong stock market [1] - It is recommended to maintain a balanced portfolio and closely monitor sectors with better-than-expected third-quarter earnings [1] Group 3: Related ETFs - The Hang Seng Technology Index ETF (513180) focuses on "hard technology + new consumption" and supports T+0 trading, targeting core AI assets in China [2] - The Sci-Tech Innovation 50 ETF (159783) in the A-share market emphasizes high elasticity, covering popular tech sectors such as semiconductors, communication equipment, batteries, and photovoltaic equipment [2]

Core Viewpoint - The Hang Seng Technology Index experienced a decline, with significant drops in technology stocks, semiconductor sector, and automotive stocks, particularly affecting major companies like BYD, Alibaba, and Tencent [1] Company Performance - BYD reported its Q3 2025 earnings, showing a revenue of 194.985 billion yuan, a year-on-year decrease of 3.05%, and a net profit of 7.823 billion yuan, down 32.60% [1] - For the first three quarters of 2025, BYD's revenue reached 566.266 billion yuan, reflecting a year-on-year growth of 12.75%, while net profit was 23.333 billion yuan, a decline of 7.55% [1] Market Sentiment - Despite the earnings report, several institutions remain optimistic about BYD's future development. Huatai Securities maintains a "buy" rating, citing the company's core competitiveness in the three-electric field and potential performance improvements from the Super e-platform upgrade and globalization [1] - Guotou Securities believes BYD's fundamentals are set for volume and profit recovery, highlighting three key areas: 1) Anticipated volume and profit recovery due to the traditional sales peak in Q4 and the introduction of long-range versions of multiple models [1] 2) Continuous breakthroughs in high-end offerings with new models like the Titanium 7 and Tengshi N8L expected to enhance sales structure and profitability [1] 3) Accelerated overseas expansion with an increasing variety of models and improved production capacity, projecting high export growth from 2025 to 2026, benefiting from higher pricing and profitability in international markets [1]

Core Insights - The National Bureau of Statistics reported that China's automobile production exceeded 20 million units in the first eight months, establishing the automotive industry as the country's primary economic pillar during the 14th Five-Year Plan [2] - The automotive industry's production value accounts for approximately 10% of the national GDP, with Guangdong's automotive sector showing significant advantages both domestically and globally, supported by companies like BYD, Xpeng, GAC, and Huawei [2] National Level Overview - Guangdong's new energy vehicle production is projected to surpass 3 million units by 2025, representing over 20% of the national total, with a market scale approaching 500 billion yuan [2] - The region's robust industrial chain includes over 30% of the national power battery production capacity and 400,000 charging stations, achieving an international advanced vehicle-to-charging station ratio of 2:1 [2] Company Performance - BYD sold 2.49 million vehicles in the first half of the year, with one in five new energy vehicles sold globally being from BYD, and its high-end brands experiencing a 75% surge in sales [2] - Xpeng delivered 162,500 vehicles in the first five months, marking a 293% year-on-year increase, with models priced under 150,000 yuan featuring advanced intelligent driving capabilities [2] Global Expansion - Guangdong's automotive exports accelerated, with over 300,000 vehicles exported from Nansha Port in the first three quarters, surpassing last year's total, and new energy vehicle exports soaring by 210% [2] - BYD's products are sold in 112 countries, with overseas sales exceeding 550,000 units, and its electric pickup truck in Brazil priced 30% lower than Ford's, achieving sales leadership in Italy and Spain [2] Innovation and Collaboration - GAC is establishing a factory in Austria to circumvent tariff barriers, with plans to enter markets in Poland and Portugal this year [2] - Xpeng's collaboration with European firms has led to a 268% increase in localized model deliveries [2] - Huawei and GAC are jointly developing the "Qijing" brand, with Huawei's team working closely on intelligent driving and smart cockpit solutions, with the first vehicle set to launch next year [2] - BYD is producing the world's first L4-level intelligent parking system, capable of handling over 95% of parking scenarios, while Xpeng's urban driving assistance has an active user penetration rate of 85% [2] - GAC and Didi are set to deliver L4-level autonomous taxis in bulk by the end of the year [2] Conclusion - Guangdong's automotive industry is transforming the global automotive landscape through its comprehensive industrial chain advantages, innovative capabilities, and global expansion strategies [2]