第三，这几年，汽车行业轮番上演的价格战，成为利润率降低的直接推手 。从特斯拉打响第一枪，到比亚迪"电比油低"战略，再到众多新品牌为清库存或抢份额频繁促销，汽车 行业已陷入"不降价就出局"的囚徒困境。价格战的背后，是车企对市场份额的极度渴望。然而，这种短期的市场竞争手段，虽然在一定程度上刺激了销量增长，但却对整个行业 的利润水平造成了严重冲击。持续的价格下降使得车企的盈利空间不断压缩，许多企业面临着成本上升与售价下降的双重压力。一些实力较弱的车企甚至在价格战中陷入亏损困 境，行业整体进入了低利润状态。这是当前市场发展到一定阶段的必然结果，也是市场竞争激烈程度的直观体现。 一、汽车行业利润率创5年新低 据界面新闻的报道，乘联分会秘书长崔东树披露的数据显示，2025年10月份，汽车行业销售 利润率3.9% ，环比9月下降0.5个百分点，达到五年同期最低。2025年1-10月份，汽车 行业销售利润率4.4%，好于2024年，但仍处于五年来的次低位。 崔东树表示，各地大力度推动"两新"政策落地实施，有效释放内需活力，消费品以旧换新政策加力扩围效果明显，但汽车行业效益改善明显落后其它消费品。 从收入、成本等指标来看，1- ...

一、外围市场与关联资产 周二美股三大股指收盘涨跌不一，道指跌0.37%，纳指涨0.13%，标普跌0.08%。 其中，英伟达、苹果微跌，亚马逊、微软微涨，谷歌、博通涨超1%，特斯拉涨超1%，沃尔玛涨超1%， Meta跌超1%。 同期，纳斯达克中国金龙指数表现疲软，跌超2%，成分股中趣店跌7.52%，贝壳跌5.01%，亿咖通科技 跌4.40%，哔哩哔哩跌4.19%，理想汽车跌4.11%。 二、宏观经济与市场分析 美国10月JOLTs职位空缺为767万人，高于预期的715万人；9月谘商会领先指标月率为-0.3%，符合预 期，前值为-0.5%。 此外，EIA在短期能源展望报告中上调今明两年美、布两油价格预期，预计2025年布伦特原油价格为 68.91美元/桶（此前预计68.76美元/桶），2026年为55.08美元/桶（此前预计54.92美元/桶）；2025年WTI 原油价格为65.32美元/桶（此前预计65.15美元/桶），2026年为51.42美元/桶（此前预计51.26美元/ 桶）。 三、央行动态 白宫国家经济委员会主任哈塞特近期多次表态称，美联储仍有较大降息空间，且不止25个基点。 他强调，若担任美联储主席， ...

Core Viewpoint - The Chinese automotive industry is rapidly evolving, with companies like Li Auto facing significant challenges and emphasizing the need for innovation and cost management to remain competitive [4][6][14]. Group 1: Challenges Faced by Li Auto - Li Auto is currently dealing with five major challenges: evolving consumer demands, ongoing price competition, intensified geopolitical conflicts affecting supply continuity, market volatility, and accelerated application of new technologies leading to quality challenges [6][8]. - The company recognizes the need to shorten product iteration cycles significantly, which requires a substantial increase in innovation density [4][11]. - Price competition has led to a 4% decrease in the average transaction price of new energy vehicles in China, now at 170,000 yuan, with further reductions expected due to tax and subsidy changes [14][18]. Group 2: Strategies for Cost Management - Li Auto has made cost management a primary focus for all platform products, emphasizing that the success of platform products directly influences the overall success of vehicle products [19][21]. - The company aims to enhance product value while simultaneously managing costs, with a target for the product development team to achieve significant cost reductions [18][19]. - The strategy includes leveraging existing partnerships and focusing on both red ocean (traditional) and blue ocean (new technology) components to optimize supply chain efficiency [6][23]. Group 3: Supply Chain and Risk Management - Li Auto is addressing supply chain risks by diversifying resources and forming strategic partnerships to ensure supply continuity amid geopolitical tensions [25][28]. - The company has approximately 500 tier-1 partners and over 5,000 tier-2 and tier-3 suppliers, highlighting the complexity of managing supply chain risks [30][31]. - A focus on vertical integration is emphasized as a long-term strategy to enhance supply chain resilience and efficiency [24][33]. Group 4: Innovation and Product Development - Li Auto is implementing a collaborative innovation model, organizing teams by product categories to foster targeted innovation efforts [13][14]. - The company aims to achieve "zero defects" in quality, focusing on design and process reliability, and is investing in AI-driven quality monitoring systems [46][48]. - The need for rigorous testing and validation of new technologies is underscored, as the automotive industry faces increasing quality challenges due to the integration of electronics and software [43][46]. Group 5: Organizational Efficiency and Future Outlook - The company is exploring ways to enhance organizational efficiency through the integration of AI technologies, which are expected to significantly improve operational productivity [52][54]. - Li Auto's approach emphasizes collaboration and shared success with partners, aiming to navigate industry challenges collectively [54]. - The long-term vision includes a commitment to sustainability and carbon reduction, aligning with national energy goals [50].

Core Viewpoint - The Nasdaq China Golden Dragon Index experienced a decline of 1.37%, with most popular Chinese concept stocks also falling [1] Group 1: Stock Performance - Baidu saw a drop of 4.7% [1] - Other companies such as Beike, Xpeng, WeRide, and Li Auto all fell by over 3% [1] - Century Internet increased by 2% [1] - JinkoSolar rose by 2.5% [1] - Daqo New Energy experienced a rise of 3% [1]

特斯拉股价开盘猛拉，截至发稿涨超1%，消息面上，据21世纪经济报道，备受A股特斯拉产业链投资 者关注的特斯拉人形机器人团队中国"审厂"消息频传。业内人士称，"审厂"或为配合明年一季度特斯拉 Optimus Gen3机器人的发布进行量产准备。这意味着，特斯拉机器人产业链在不断地"送样"，"测试"近 两年后，或将迎来落地时刻。 | W | 特斯拉(TESLA) | | | | | --- | --- | --- | --- | --- | | | TSLA.O | | | | | 444.206 | 量 1204.2万 | 股本 33.26亿 市盈 | 291 | 万得 | | 1.05% 4.626 | 换 0.36% | 市值 14773亿 市净" | 18.47 | 盘口 | | 四十十五年 | EK | 周K | 目K 更多 | (0) | | 營加 | | 均价:440.824 | | | | 444 554 . | | | ------- 1.13% 卖- 444.210 | 75 | | | | | 买一 444.120 | 45 | | | | | 10:02 444.200 | 120 | | ...

| 贵金属 [스 | | | | --- | --- | --- | | 伦敦金现 | 伦敦银现 | COMEX黄金 | | 4203.300 | 59.130 | 4221.3 | | +12.900 +0.31% | +1.035 +1.78% | +3.6 +0.09% | | COMEX白银 | SHFE黄金 | SHFE自银 | | 59.270 | 955.00 | 13875 | | +0.865 +1.48% +1.08 +0.11% | | +243 +1.78% | 北京时间12月9日晚，美股指数涨跌不一，截至23:00左右，道指、标普500指数小幅上涨，纳指下跌。 | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 47888.34 | 23512.79 | 6855.81 | | +149.02 +0.31% -33.11 -0.14% +9.30 +0.14% | | | | 中国金龙 纳指100期货 标普500期货 | | | | 7707.38 | 25616.50 | 6857.25 | | -130.37 -1.66% -47.50 -0 ...

记者丨刘雪莹 编辑丨曾静娇 北京时间12月9日晚，美股指数涨跌不一，截至23:00左右，道指、标普500指数小幅上涨，纳指下跌。 | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 47888.34 | 23512.79 | 6855.81 | | +149.02 +0.31% -33.11 -0.14% +9.30 +0.14% | | | | 中国金龙 | 纳指100期货 | 标普500期货 | | 7707.38 = | 25616.50 | 6857.25 | | -130.37 -1.66% -47.50 -0.19% +1.50 +0.02% | | | 科技股多数下跌， 闪迪跌约4.5%，迈威尔科技跌近3%。美股科技七巨头涨跌不一，脸书跌1.5%领跌。 | 名称 | 现价 | 涨跌幅 ▲ | | --- | --- | --- | | ASTERA LABS | 165.650 | -5.74% | | NAVITAS SEMICONI | 9.100 | -5.21% | | CREDO TECHNOLO | 170.780 | -4.56% | | 闪迪 ...

12月9日，美股三大指数开盘涨跌互现，道指涨0.15%，标普500指数跌0.01%，纳斯达克综合指数跌 0.23%。 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 道琼斯工业平均 | 47813.11 | 73.79 | 0.15% | | 纳斯达克指数 | 23492.51 c | -53.39 | -0.23% | | 标普500 | 6846.08 | -0.43 | -0.01% | 英伟达跌0.3%，美国总统特朗普通过社交媒体表示，美国政府将允许英伟达向中国出售H200人工智能 芯片。 编辑丨瑜见 热门中概股多数下跌，纳斯达克中国金龙指数跌1.45%，理想汽车跌超4%，哔哩哔哩、百度、小鹏汽车 跌超3%，阿里巴巴、京东跌超2%。 ...

每经AI快讯，12月9日，纳斯达克中国金龙指数跌幅扩大，现跌2.0%。百度跌3.5%，贝壳跌4.7%，小鹏 汽车跌3.7%，理想汽车跌4.1%。 ...

英伟达跌0.3%， 美国总统特朗普通过社交媒体表示，美国政府将允许英伟达向中国出售H200人工智 能芯片。 12月9日，美股三大指数开盘涨跌互现，道指涨0.15%，标普500指数跌0.01%，纳斯达克综合指数 跌0.23%。 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 道琼斯工业平均 | 47813.11 | 73.79 | 0.15% | | 纳斯达克指数 | 23492.51 c | -53.39 | -0.23% | | 标普500 | 6846.08 | -0.43 | -0.01% | 热门中概股多数下跌，纳斯达克中国金龙指数跌1.45%，理想汽车跌超4%，哔哩哔哩、百度、小鹏汽 车跌超3%，阿里巴巴、京东跌超2%。 编辑丨瑜见 ...