Let's get to the electric vehicle market and competition with China. Our next guest just coming back from a trip to the BYYD factory in Shenzhen and she joins us now with her insights. Meredith Whitney, CEO of Meredith Whitney Advisory Group.I'd love how you go deep on these on these topics that investors really care about. Meredith, so what what did you find. What's your takeaway.>> Well, the timing of this trip was really interesting. So, I I'm not obviously I'm not an an Adam Jonas who's a specialist on ...

每经AI快讯，比亚迪（SZ 002594，收盘价：96.53元）发布公告称，2025年12月5日10:00-11:30，比亚 迪接受股东及股东代理人共计137人调研，公司董事长兼总裁王传福等人参与接待，并回答了投资者提 出的问题。 2025年1至6月份，比亚迪的营业收入构成为：交通运输设备制造业占比81.48%，日用电子器件制造业 占比18.52%，其他占比0.01%。 截至发稿，比亚迪市值为8801亿元。 每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 （记者 曾健辉） ...

据哥伦比亚《时代报》12月6日报道，哥电动车市场在11月继续增长，上牌量同比提升28.7%，共登记2034 台，占全国汽车销量的8.5%。比亚迪以919台稳居首位，市占率45.2%，同比增长13.2%。奇瑞表现突出，从去 年同期的2台大幅增加至273台，占比13.4%。此外，广汽和一汽销量出现指数级增长，同比增幅分别达到 6700%和740%。特斯拉也首次进入哥当月电动车销量榜。 （原标题：比亚迪稳居哥伦比亚11月电动车市场首位） ...

智驾国产芯片格局变化 20251208 摘要 蔚来汽车智驾方案采用全栈自研，主推世界模型，但效果相对落后，明 年主要任务是提升车位到车位功能的接网率及处理复杂案例，乐道和萤 火虫系列预计仍将使用英伟达方案。 小鹏汽车中高端车型将搭载自研图灵芯片，算力达 1,000+TOPS，算法 重点在于 VLA 和世界模型的迭代，深度融合 BL 模块，并计划在 Robotic 业务线中使用图灵芯片优化 Robot Taxi 的通行效率和安全性。 理想汽车自研 M100 苏马赫芯片预计 2026 年 Q2 量产，首发于高端改 款车型，AD Max 系统将存在 M100 与地平线混合方案并存的情况， AD Pro 系统继续采用地平线方案，但可能升级至 G6H 版本，算法方面 坚定走 VOL 路线。 小米汽车计划在高端车型上采用英伟达 42 系列芯片，自研玄戒 O2 芯片 暂缓使用，明年将采用类似特斯拉的架构，以世界模型为主，加语言模 型辅助，解决停车场出入、道路标识牌识别及城市通勤问题。 比亚迪高端方案将升级至英伟达索尔方案，首发于仰望 U8 改款车型， 由 Momenta 提供 R6 大模型 plus 版本算法。终端方案天翼 ...

近期出炉的10月全球电池排行榜炸场了！中创新航终于挺进全球前三！ 根据SNE Research数据显示，中创新航10月装车量狂飙76%，直接超过了韩国LG新能源。这也意味着， 现在的世界冠亚季军——宁德时代、比亚迪、中创新航，全是中国企业！从广汽的一号位，到拿下智 界、奥迪、丰田大单，中创新航这次"超车"不仅靠的是性价比，更是硬核技术。日韩份额在跌，中国份 额在涨，这场全球竞赛，中国队优势越来越大了！ ...

Strategy - The technology competition under the Kondratiev wave continues to open up valuation ceilings, with a focus on "bottleneck" and future industry high ground [14][15] - The current valuation of China's science and technology innovation is still lower than that during the internet boom in the 1990s, indicating potential for further upward movement [14][18] - The "14th Five-Year Plan" emphasizes seizing the high ground of technological development, focusing on key areas such as integrated circuits and advanced manufacturing [14][19] Electronics - The scaling law remains effective, with the introduction of multi-modal and agent models expected to accelerate AI computing demand [8][15] - The PCB industry is anticipated to maintain high growth due to its heavy asset nature and product structure optimization, which can lead to non-linear performance improvements for companies [8][15] Computer - New models are being launched intensively, marking a shift in AI competition towards "strong reasoning + native multi-modal" capabilities [9][15] - Significant releases include Google's Gemini 3 and DeepSeek V3.2, which enhance multi-modal understanding and practical applications [9][15] Media - Long-term optimism for the acceleration of AI product applications and commercialization, with a focus on AI agents, companionship, multi-modal applications, education, and edge AI [9][15] Humanoid Robots - The industry is transitioning from concept validation to commercialization, with companies that have growth potential in key components or specific solutions likely to benefit [10][15] - Investment opportunities are identified in the incremental component sector, with a focus on aesthetic preferences in the market [10][15] Automotive - The launch of Horizon Robotics' HSD and J6P models marks a significant step in mass production, with companies like WeRide and Pony.ai also making strides in the market [10][15] - Recommendations include focusing on luxury car opportunities with strong product pipelines and valuation elasticity, as well as autonomous driving technologies [10][15] Selected Portfolio - The December selected portfolio includes upstream production tools like Zhuoyi Information, upstream computing infrastructure such as Jingwang Electronics, and downstream applications like Alibaba [11][15]

凤凰网科技讯 12月8日，乘联分会公布了2025年11月中国汽车销量榜单。11月新能源乘用车批发销量达 到170.6万辆，同比增长18.7%，环比增长5.8%；11月新能源乘用车市场零售132.1万辆，同比增长 4.2%，环比增长3.0%。 此外，11月新能源车在国内总体乘用车的零售渗透率59.3%，较去年同期提升7个百分点。在11月国内 零售中，自主品牌中的新能源车渗透率79.6%；豪华车中的新能源车渗透率38.8%；而主流合资品牌中 的新能源车渗透率仅有8%。 从月度新能源车国内零售份额看，11月自主品牌新能源车零售份额67.5%，同比下降5.9个百分点；主流 合资品牌新能源车份额3.2%，同比下降0.14个百分点；新势力份额22.1%，小鹏汽车、零跑汽车、小米 汽车等品牌拉动新势力份额同比增长5.9个百分点；特斯拉份额5.5%，同比下降0.3个点。 11月销量前十中，新能源车型占据9席。其中，比亚迪（002594）宋以5.6万辆斩获第一名，特斯拉 Model Y以5.5万辆紧随其后。小米YU7以超3.3万辆的销量进入前十，这也是小米汽车首款进入月度销 量前十的SUV车型。 ...

Core Insights - The Hong Kong Stock Exchange (HKEX) is positioned as a key platform for Chinese enterprises to expand internationally, driven by institutional innovation and a unique investor structure [1][3]. Group 1: Market Dynamics - From 2014 to 2024, Hong Kong's IPO fundraising exceeded $300 billion, leading other major stock exchanges globally, reflecting changes in China's economic structure and capital flow [2]. - In the first eleven months of this year, 93 new companies listed on the Hong Kong stock market, raising nearly HKD 260 billion, maintaining the top position in global IPO fundraising [2]. - The Hang Seng Index rose by 34% in the first nine months, significantly outperforming major indices in Europe and the U.S. [2]. Group 2: Sector Performance - The Hang Seng Tech Index, which includes major tech companies like Tencent and Alibaba, increased by 44.7% in the first nine months, while the Hang Seng Biotech Index more than doubled, indicating strong investor interest in high-tech sectors [3]. - Over half of the new stock issuers this year have international business layouts, with funds raised aimed at overseas capacity building and supply chain expansion [3]. Group 3: Institutional Innovations - HKEX has implemented a "report and review" mechanism, eliminating waiting periods for listings, and has optimized approval processes to enhance market accessibility [4]. - The introduction of the "same share, different rights" structure in 2018 has attracted major tech firms back to the market, while the 18A chapter has opened pathways for biotech companies without revenue to list [4][5]. - The 2023 introduction of the 18C chapter further supports "specialized, refined, and innovative" enterprises, providing capital support for long-term R&D investments [5]. Group 4: Investor Structure - The Hong Kong market is predominantly driven by institutional investors, including international long-term funds and sovereign wealth funds, which focus on long-term holdings and in-depth research [6]. - The continuous inflow of southbound capital has created a unique liquidity cycle, combining international and domestic capital [6]. Group 5: A+H Listing Mechanism - The A+H listing mechanism has strengthened the synergy between the Hong Kong and mainland markets, with 14 A+H companies completing listings in the past year, including significant offerings over $1 billion [6]. - The diverse structure of issuers, including high-tech, biotech, and consumer sectors, contributes to the market's robust foundation [6].

新旧光阴各自催，又到一年岁末时。 2025年已近尾声，只剩最后一个月，各家车企年初定下的目标完成了多少呢？ 2025年1-11月部分国内车企销量及全年目标完成情况 | 车企 | 1-11月销量 | 全年目标(万辆) | 目标完成度 | | --- | --- | --- | --- | | | (万种) | | | | 中国一汽 | 299. 5 | 345 | 86. 81% | | 长安汽车 | 265. 8 | 300 | 88. 60% | | 上汽集团 | 410. 8 | 450 | 91. 29% | | 广汽集团 | 153. 4 | 230 | 66. 70% | | 比亚迪 | 418. 2 | 460 | 90. 91% | | 吉利汽车 | 278.8 | 300 | 92 93% | | 奇瑞汽车 | 256. 1 | 增长超行业10-20 个自分点 | 1 | | | 119. 97 | | | | 长城汽车 | | 1 | 1 | | 理想汽车 | 36. 2 | 64 | 56. 56% | | 蔚来汽车 | 27.8 | 44. 4 | 62. 61% | | 小鹏汽车 | ...

10月全球动力电池装车量榜单出炉，中国锂电军团竞争力进一步增强。随着中创新航成功挤下LG新能 源，全球前三名席位首次被中国企业(宁德时代、比亚迪、中创新航)彻底包揽。数据显示，在日韩电池 企业市场份额普遍下滑、三星SDI甚至出现负增长的背景下，中创新航凭借其精准的战略转型与产品定 位，成为改写全球电池版图的关键力量，标志着中国动力电池产业集群优势已从"一超多强"向"全面领 先"演进。 ...