蔚来港股今日收涨近6%，带动蔚来(NIO.US)美股盘前涨3.2%。消息上，蔚来将于11月25日美股盘前发 布财报，机构预期蔚来2025Q3预计实现营收222.84亿元，同比增加19.34%；预期每股收益-1.640元，亏 损同比缩窄34.39%。2025年第二季度是蔚来的关键转折期，多项核心财务指标实现环比改善。 来源：格隆汇APP ...

Core Viewpoint - The emergence of large battery range-extended vehicles is becoming a market trend, but NIO's leadership believes this approach is not logically sound given the current state of charging infrastructure [2][3]. Group 1: Market Trends - Large battery range-extended vehicles like the Zhiji LS9, Leap D19, and Xpeng X9 have been launched, boasting pure electric ranges exceeding 400 kilometers [2]. - NIO is currently the only new energy vehicle company focusing solely on "pure electric + battery swapping" [2]. - The number of public charging stations in China has increased by 5 to 10 times compared to five or six years ago, making charging more convenient [2]. Group 2: Product Insights - NIO's senior vice president, Shen Fei, argues that the current trend of large battery range-extended vehicles is based on outdated market assessments from three years ago [2][3]. - The addition of range extenders increases vehicle weight, cost, and reduces interior space, which may not provide a good user experience [3]. - Shen Fei emphasizes that battery swapping allows for better safety checks on batteries, addressing consumer concerns about battery safety [3]. Group 3: Competitive Landscape - Traditional fuel vehicles are also undergoing smart technology upgrades, with companies like SAIC Volkswagen and Chery launching intelligent fuel models [4]. - The market is gradually shifting towards pure electric vehicles, but range extenders may still be necessary in specific scenarios where costs cannot compete with fuel vehicles [4]. Group 4: Company Developments - NIO's subsidiary, Ladao, has two SUV models, L90 and L60, and recently launched a limited edition L90 at a price of 306,800 yuan, with a battery-as-a-service option available for 220,800 yuan [5]. - The launch of Ladao's third model, L80, has been postponed due to higher-than-expected sales of the L90, indicating a strategic approach to product release timing [5].

Core Insights - Nio is experiencing significant growth driven by its new sub-brands, Firefly and Onvo, with October deliveries increasing by 92.6% year-over-year and year-to-date deliveries up nearly 42% [1][2] Group 1: Brand Performance and Market Strategy - The Firefly brand, launched recently, delivered 5,912 vehicles in October, representing about 14% of Nio's total monthly deliveries, indicating substantial growth potential [2] - Firefly is designed with global markets in mind, particularly targeting the compact car segment, which constitutes approximately 17% of global annual sales, with Europe accounting for a third of that market [2][4] Group 2: International Expansion - Nio is focusing on right-hand-drive markets with no punitive tariffs on Chinese EVs, having recently exported its first right-hand-drive vehicles to Singapore, with plans to enter Thailand and Great Britain next year [3][5] - The company is adapting its digital system interface for European consumer preferences, although it faces challenges from tariffs that have increased vehicle prices [4] Group 3: Competitive Landscape - Nio's expansion into right-hand-drive markets reflects the pressure to improve financials amid a price war in its home market, with Chinese automakers expected to export 7.5 million vehicles this year, up from 1 million at the beginning of the decade [5] - The move also positions Nio closer to entering the U.S. market, which is currently protected by high tariffs, as domestic automakers recognize the competitive threat posed by Chinese EVs [7][9] Group 4: Production and Capacity Utilization - Exporting vehicles helps Nio utilize production capacity during a period of industry overcapacity, while also preparing for broader international expansion [8]

（本文原标题为 蔚来公司副总裁马麟：蔚来"三个坚持"助推产业提质升级） "我们坚信，只有企业真正成为创新主体，中国汽车产业才能在下一轮全球竞争中继续掌握主动权，这是决定未来汽车产业能否壮大的根本。"近日， 在中国汽车报社主办的第二十届中国经济论坛平行论坛——"展望'十五五' 巩固车优势"现场，蔚来公司副总裁马麟如是说。 产品、技术及能源 三方协同发力 马麟指出，在过去十几年，智能电动汽车浪潮兴起，推动汽车产业重回科技创新前沿，当前行业正处于信息技术、能源与汽车三大领域变革的交汇 点，而中国凭借市场规模、供应链体系、人才基础以及制度环境四大关键要素的综合优势，构建起全球独有的完整体系能力，在全球汽车产业中已从多年 前的跟随，到开始逐步引领行业发展。 "蔚来也非常有幸参与到这个进程中去，努力成为推动中国企业持续引领的关键力量之一。"马麟表示，2025年是蔚来的技术大年、产品大年和换电站 建设大年。 据介绍，产品布局方面，蔚来在2025年完成多品牌战略落地，形成蔚来、乐道、萤火虫三大品牌布局。其中，蔚来品牌坚守30万元以上高端纯电市 场，聚焦商务与个性用户需求；乐道品牌面向主流家庭市场，已交付L60、L90两款车型 ...

在营销层面，预售已成为车企制造市场话题、提升品牌热度的重要手段。通过限时优惠、保价政策、优先提车等权益设计，车企能够快速激发市场关 注度。4月，蔚来旗下萤火虫品牌首款车型以11.98万元的起售价上市，较此前14.88万元的预售价下调20％，配合车身颜色、内饰颜色、材质及轮毂的多种 组合的宣传点，短时间内订单量便达到预期目标，门店出现排队试驾的现象。价格上的惊喜，不仅为萤火虫积累了大量用户，更通过社交媒体话题发酵， 实现了品牌知名度的快速提升。此外，预售数据的公开披露也成为品牌实力的展示窗口。问界M8纯电动通过版预售1小时大定破1万辆、极氪9X预售1小 时拿下1万辆订单等战报，既增强了市场信心，也对竞争对手形成了一定压力。 更重要的是，预售数据为车企的产品策略调整提供了关键依据，有效降低了上市风险。蔚来内部人士透露，其新车定价策略的调整正是基于预售阶段 的市场反馈。这种根据预售数据动态优化产品定价、配置的模式，让车企能够在正式交付前完成产品与市场的精准匹配。 同时，部分车企通过预售阶段提供的增值服务，如免费升级配置、延长保修等，进一步增强了消费者信任。预售将服务承诺提前落地，有助于品牌忠 诚度的构建与维护。 临 ...

Market Overview - The Hang Seng Index closed at 25,220, down 2.38% for the day and 5.09% for the week, but up 25.72% year-to-date[3] - The Hang Seng Technology Index fell 3.21% to 5,395, with a year-to-date increase of 20.76%[3] - The Hang Seng China Enterprises Index decreased by 2.45% to 8,920, with a year-to-date rise of 22.36%[3] - The Shanghai Composite Index dropped 2.45% to 3,835, with a year-to-date increase of 14.41%[3] Sector Performance - The lithium battery sector saw significant declines, with Ganfeng Lithium down over 12% and Tianqi Lithium down over 11%[9] - Semiconductor stocks also performed poorly, with Innolux down over 8% and SMIC and Hua Hong Semiconductor both down over 6%[9] - Xiaomi-related stocks rose against the trend, driven by the launch of Xiaomi's enhanced smart driving system[9] U.S. Market Insights - On November 21, U.S. markets saw all major indices rise, with the Dow Jones gaining approximately 1.1%[9] - The probability of a 25 basis point rate cut by the Federal Reserve in December increased from under 40% to over 70% following dovish comments from New York Fed President Williams[9] - Notable movements in large tech stocks included Google up 3.53% and Nvidia down 0.96%[9] Japanese Market Trends - The Nikkei 225 index fell 2.4%, with a cumulative decline of 3.5% over the past week[13] - Japanese semiconductor stocks faced significant drops, with Tokyo Electron down 7.14% and Advantest down 12.10%[13] - The Japanese government announced a $135 billion economic stimulus plan, adding pressure to the yen and government bonds[13]

近日，蔚来为ET9与全新ES8推送Cedar雪松1.3.5版本更新，主要覆盖智能座舱、NOMI和驾乘体验，带来智能 座舱、NOMI、驾乘体验三大板块体验升级。 蔚来车载助手NOMI新增支持四款AI帽子，包含糯尔摩斯、饶蛇、领航车手、冠军车手四顶帽子，每一顶 NOMIAI帽子都有一段NOMI的特别经历。戴上帽子后，通过智能芯片，NOMI就能解锁有趣的专属登场秀、 应答语、趣味表情和特别技能。 蔚来还优化了iPhone数字钥匙。开通UWB数字钥匙的iPhone在电量耗尽自然关机后的数小时内，无感解闭锁 和启动功能仍可使用，无需再刷NFC，也可解锁开车。 新增迎宾提示音开关，支持迎宾音效的开启与关闭。新功能新增用户选择权，可通过车机设置自由开闭默认 开启的迎宾音效，此功能默认开启。 驾乘体验方面，针对ET9新增天行全主动悬架弹跳脱困。激活功能后在15km/h以下，天行全主动悬架会利用 自身快速调节车身高度的能力，通过车身的上下动作改变车轮抓地力，同时配合动力输出的协同控制，辅助 车辆在沙地、泥地等场景下"挣脱"困境，顺利驶离。此外，新增"后排防晕车模式"，开启后屏幕边缘会显示 随车辆姿态变化的圆点动效，通过降低感知 ...

CITI'S TAKE Summary below on Oct-25 insurance retail sales trend. Figure 1: Who gained NEV market shares – SAIC GM Wuling, Xiaomi, Chery, Nio, SAIC Motor, Seres and etc. gained NEV market shares MoM in Oct-25; Insurance retail data suggest Oct-25 China domestically produced NEV-PV sales was -8% MoM (+1% YoY), missing expectations (China Auto Manufacturers - CPCA Oct Update; NEV Retail Miss while Export Beat). Vi e w p o i n t | 16 Nov 2025 23:56:22 ET │ 13 pages China Auto Manufacturers 11 Figures; 11 Trend ...

Group 1: MSCI Index Adjustment - MSCI announced the results of the index review for November 2025, with adjustments effective after the market close on November 24, 2025, including the addition of 26 Chinese stocks and the removal of 20 stocks [1] Group 2: Personal Pension Products - The Ministry of Finance and the People's Bank of China announced that electronic savings bonds will be included in the personal pension product range to support the development of a multi-tiered pension insurance system [2] Group 3: Hard Technology Funds - Sixteen hard technology-themed funds were approved on the same day, including seven AI ETFs, three chip ETFs, four chip design ETFs, and two actively managed technology funds, involving multiple fund management companies [3] Group 4: Solid-State Battery Production - The first large-capacity all-solid-state battery production line in China has been completed, capable of mass production of automotive-grade solid-state batteries with energy density nearly double that of existing batteries, aiming for small batch vehicle testing by 2026 [4] Group 5: Upcoming Financial Reports - Alibaba and Meituan are set to release their financial reports on November 25 and November 28, respectively, along with reports from leading electric vehicle companies Li Auto and NIO [5] Group 6: Huawei Product Launch - Huawei will hold a product launch event on November 25, introducing the Mate 80 series and other new products, potentially featuring the new Kirin 9030 chip [6] Group 7: Federal Reserve Economic Report - The Federal Reserve will release its Beige Book this week, with expectations of interest rate decisions from the New Zealand and South Korean central banks, and the European Central Bank will publish the minutes from its October monetary policy meeting [7] Group 8: Company Announcements - Shanshi Network Technology expects to achieve large-scale sales of its new generation security products equipped with ASIC chips by Q1 2026 [9] - Zhongjin Lingnan plans to acquire a 6.7784% stake in Zhongjin Copper and a 10.3333% stake in Zhongjin Rongsheng for a total of 742 million yuan [10] - Jinfeng Technology is planning to acquire at least 51% of Guangdong Lanyuan Technology to enhance its growth and profitability [11] - Nenghui Technology signed a contract for a new energy power battery assembly with an estimated total price of 100 million yuan [12] - JinkoSolar announced the mass production of its Tiger Neo 3.0 module, achieving a production efficiency of over 24.8% and a total order of 15GW [13] - Qingmu Technology's subsidiary plans to acquire control of Vitalis to strengthen its position in the health supplement market [15] - Jiahua Technology is planning to acquire a controlling stake in Shudun Technology, with stock suspension starting November 24, 2025 [16] Group 9: Market Insights - According to Zhao Shang Securities, the market remains cautious due to weak trading signals and mixed fundamental indicators, maintaining a wait-and-see approach [19] - CITIC Securities notes the market is in a "three-phase overlap" and suggests waiting for key economic meetings in December before making significant moves [20]

Key Points - MSCI announced the inclusion of 26 new Chinese stocks and the removal of 20 stocks from the MSCI China Index, effective after the market close on November 24, 2025 [2] - The Ministry of Finance and the People's Bank of China have included electronic savings bonds in the scope of personal pension products to support the development of a multi-tiered pension insurance system [3] - Sixteen hard technology-themed funds have been approved, including seven AI ETFs and three chip ETFs, indicating an influx of capital into the sector [4] - The first large-capacity all-solid-state battery production line in China has been completed, with plans for small-scale production tests and a target for mass production between 2027 and 2030 [5] - Alibaba and Meituan are set to release their financial reports on November 25 and November 28, respectively, along with reports from leading electric vehicle companies [6][7] - The Federal Reserve will release its Beige Book this week, with expectations of interest rate decisions from New Zealand and South Korea [8] Company News - Hillstone Networks expects to achieve large-scale sales and product delivery of its new generation security products equipped with ASIC chips by Q1 2026 [10] - Zhongjin Lingnan plans to acquire a 6.7784% stake in Zhongjin Copper and a 10.3333% stake in Zhongjin Rongsheng for a total consideration of 742 million yuan [11] - Jinfeng Technology is planning to acquire at least a 51% stake in Guangdong Lanyuan Technology, which will enhance its growth and profitability [12] - Nenghui Technology signed a contract for a new energy power battery assembly with an estimated total price of 100 million yuan [13] - JinkoSolar announced the mass production of its Tiger Neo 3.0 module, achieving a production efficiency of over 24.8% and a total order of 15 GW [14] - Qingmu Technology's subsidiary plans to acquire control of Vitalis, enhancing its competitiveness in the health supplement sector [16] - Jiahua Technology is planning to acquire a controlling stake in Shudun Technology, with stock suspension expected [17] Market Insights - China Merchants Securities maintains a cautious outlook, citing weak trading signals and mixed fundamental indicators [19] - CITIC Securities notes the market is in a "three-phase overlap," suggesting a wait-and-see approach until key economic meetings in December [20]