该行将其目标价由52港元下调至47港元，维持"买入"评级，相信公司在2025年仍处于转型期，正朝向综 合型零件与组装供应商发展，并将提升服务器等高技术门槛业务的销售占比，料自2026年起渐见成果。 建银国际发表研究报告指，比亚迪电子第三季收入按年跌2%至427亿元，低过该行预期，主要受零件业 务疲弱及智能产品业务影响。毛利率为6.9%，按年跌1.6个百分点、按季跌0.5个百分点，主要因高毛利 的零件销售减少，及低毛利的组装业务占比提升。期内净利润为14亿元，按年跌9%，按季升27%，略 低于该行预期。 ...

比亚迪东京车展展台 "没有机会从零开始，而是从负数开始。" 东京车展上，比亚迪亚太汽车销售事业部总经理刘学亮在与钛度车库交流时，平静地说出这句话。语气 很轻，却带着一种穿越二十年的重量。 刘学亮的第一份海外任务，并不是在发布会舞台上，而是在东京的法庭被告席上。那是上世纪初，比亚 迪还只是一家做电池的小公司，面对的是松下、索尼这样日本制造业的象征。"那时我们在日本几乎没 有名字，说服客户是件极其漫长的事。"刘学亮回忆道。 甚至打官司找律师都异常艰难，他笑着补了一句："赢了，会让你一鸣惊人；输了，也很正常。" 二十年后，这家曾被怀疑"做不出整车"的企业，站在了日本汽车产业的主场——2025东京车展的中央。 展台上，比亚迪全球首发了专为日本市场定制的 K-EV BYD RACCO，同时宣布"纯电+混动"双线并行 战略，还带来了首款面向日本市场的插混车型海狮06 DM-i。 东京车展素来被视作汽车强国的主场。日本本土的车企在这里拥有着绝对的话语权，对于外资品牌，尤 其是中国车企而言，能登上主舞台本身就是突破。 过去70年，日本汽车工业从战后废墟中崛起，建立起全球最严谨的制造体系与供应链标准，日本汽车工 业曾是中国学习 ...

管理层预期第四季收入和毛利率将持平，主要受iPhone零件拖累及AI服务器项目延迟，但预期受惠于零 件升级、新智能家居产品推出、新能源汽车高端产品增长以及AI服务器项目出货，2026年收入增长更 强劲。 智通财经APP获悉，招银国际发布研报称，比亚迪电子(00285)第三季收入符合预期，但净利润受到智能 手机零件业务疲弱、新智能产品收入下降和毛利率下跌所拖累，而新能源汽车业务则保持稳定增长。该 行将比亚迪电子2025至27年的每股盈利预测下调8至14%，目标价由47.37港元降至43.54港元，维持"买 入"评级。 ...

招银国际发布研报称，比亚迪（002594）电子(00285)第三季收入符合预期，但净利润受到智能手机零 件业务疲弱、新智能产品收入下降和毛利率下跌所拖累，而新能源汽车业务则保持稳定增长。该行将比 亚迪电子2025至27年的每股盈利预测下调8至14%，目标价由47.37港元降至43.54港元，维持"买入"评 级。 管理层预期第四季收入和毛利率将持平，主要受iPhone零件拖累及AI服务器项目延迟，但预期受惠于零 件升级、新智能家居产品推出、新能源汽车高端产品增长以及AI服务器项目出货，2026年收入增长更 强劲。 ...

3 November 2025 | 6:01PM CST Equity Research BYD CO. (002594.SZ/1211.HK) Overseas markets to become a major growth driver, addressing key investor FAQs; Buy We expect the overseas market to become a key growth driver over the next decade for the company and raise BYD's overseas (ex-US) sales volume by 5%-14% to 1.5mn-3.5mn in 2026E-2035E, underpinned by: (1) NEV penetration ramp into mass-adoption phase supported by increasing model supply: currently we see NEV penetration in key overseas markets around 4 y ...

高盛称，预计海外市场将成为未来十年比亚迪关键的增长驱动，上调公司海外（除美国）的销量预测， 并将其A股和H股目标价分别提升8%至144元人民币和141港元。分析师Tina Hou等在报告中指出，上调 比亚迪2026年-2035年海外（除美国）销量预测5%-14%，至150万辆-350万辆。预计未来几年海外市场 新能源车将进入类似中国市场在2022-2024年时的情况，出现大于10%的渗透率增长。比亚迪车型在价 格、范围和尺寸等关键方面的细分市场具有更高的竞争力。维持对比亚迪A股和H股的买入评级。 ...

证券日报网讯比亚迪11月3日在互动平台回答投资者提问时表示，公司作为全球领先的高科技创新产品 提供商，业务广泛，不仅凭借在汽车电动化及智能化等关键领域的雄厚技术积累，通过技术的持续创 新，打造出长期、可持续的核心竞争优势，夯实公司于全球新能源汽车行业的领导地位，加速推动全球 汽车产业转型升级进程，还涵盖消费电子、AI数据中心等多元化的市场领域。汽车行业也面临百年未 有之大变局，公司将把握时代机遇，不负股东重托。 （文章来源：证券日报） ...

一、ESG企业焦点警示 1、理想汽车：冷却液防腐性能不足，超六成MEGA被召回 10月31日，理想汽车发布公告称，2025年10月23日晚，上海发生了一起理想MEGA 2024款车辆起火事 件。内部调查结果显示，与事故车同批次的理想MEGA 2024款车辆中，由于该批次冷却液防腐性能不 足，特定条件下会导致冷却回路中动力电池和前电机控制器的冷却铝板腐蚀渗漏，导致车辆出现故障灯 点亮、动力受限及无法上电的情形，极端情况下会造成动力电池热失控，存在安全隐患。 同日，理想汽车向国家市场监督管理总局备案了召回计划，自2025年11月7日起，召回生产日期从2024 年2月18日至2024年12月27日的理想MEGA 2024款汽车，共计11411辆。"这次召回是主动召回。事故调 查需要时间，有时候一两个月都出不来。我们已经发现了导致事故的隐患，面对万分之一的风险我们不 能等。"理想汽车董事长李想在社交媒体上表示。 3、中国银行、农业银行、平安银行等5家银行"吃"罚单 10月31日，国家金融监督管理总局发布行政处罚信息公示列表。 其中，对中国银行股份有限公司罚款9790万元。主要违法违规行为：相关公司治理、贷款、同业、票 ...

Investment Rating - The investment rating for the company is "Buy" [4][11]. Core Insights - The company's Q3 performance showed a year-on-year decline but improved quarter-on-quarter, with expectations for continued recovery in Q4 due to seasonal demand [2]. - For the first three quarters of 2025, the company achieved revenue of 566.27 billion yuan, a year-on-year increase of 12.7%, while net profit attributable to shareholders was 23.33 billion yuan, a year-on-year decrease of 7.5% [2]. - The report highlights strong performance in overseas markets and the "Fangchengbao" model, with October sales reaching a record high [2]. Financial Performance Summary - Q3 revenue was 194.99 billion yuan, down 3.1% quarter-on-quarter and 3.0% year-on-year; net profit was 7.82 billion yuan, down 32.6% quarter-on-quarter but up 23.1% year-on-year [2]. - The company has adjusted its earnings forecasts for 2025-2027, projecting net profits of 33.19 billion yuan, 44.12 billion yuan, and 53.91 billion yuan respectively [2]. - The report indicates a gross margin improvement of 1.3 percentage points quarter-on-quarter in Q3, despite competitive pressures in the domestic market [2]. Sales and Market Performance - In Q3, the company sold 1.11 million vehicles, a decrease of 2.1% quarter-on-quarter and 1.9% year-on-year, with overseas sales reaching 232,800 units, a year-on-year increase of 146.4% [2]. - The "Fangchengbao" model saw sales of 54,600 units in Q3, a significant increase of 349.5% year-on-year [2]. - October sales reached 441,700 units, marking a new high for the year, with the "Fangchengbao" model contributing significantly [2]. Future Outlook - The company is expected to benefit from ongoing expansion in overseas markets, with a focus on high-end brand transformation and new model launches [2]. - The report emphasizes the company's strong competitive position in the mainstream price segment, supported by enhancements in product capabilities [2]. - The financial projections indicate a steady growth trajectory, with revenue expected to reach 1,126.60 billion yuan by 2027, reflecting a compound annual growth rate [3][7].

Core Insights - China's R&D expenditure reached 1.16 trillion yuan in the first three quarters of 2025, marking a 3.88% year-on-year increase, indicating a strong shift towards innovation-driven development [1][3] - The overall revenue of listed companies in China was 53.46 trillion yuan, with a net profit of 4.70 trillion yuan, reflecting a growth of 1.36% and 5.50% respectively [3] - The R&D intensity across the A-share market is 2.16%, with the Sci-Tech Innovation Board showing a significantly higher intensity of 11.22% [4][5] R&D Investment Trends - Over 2,780 listed companies reported an increase in R&D expenses, with more than 1,200 companies seeing a rise of over 15% [3] - The strategic emerging industries have an overall R&D intensity of 5.21%, with sectors like aerospace and new energy vehicles showing fixed asset investment growth exceeding 10% [4] - The top R&D spenders include BYD, China State Construction, and ZTE, with BYD leading at 437.48 billion yuan, significantly higher than its competitors [9][10] Sector Performance - The Sci-Tech Innovation Board companies achieved a revenue of 1.01 trillion yuan, with a year-on-year growth of 6.6% [5] - Key technological breakthroughs have been reported, including the approval of 26 new drugs and advancements in semiconductor technology [6] - The electronics industry has surpassed the banking sector in total market value, indicating a shift in industry leadership [12]