打不过，就先不加入。 越来越多国际车企放缓电动化转型计划。 近日，法拉利宣布，将调整其电动化转型目标，到2030年，法拉利车型阵容中纯电动汽车的占比约为 20%，而此前法拉利在2022年提出来的该数值目标为40%，降低的20%销量比重将被燃油车取代。法拉 利计划将其2030年阵容中纯燃油车的比例提高一倍至40%，而混合动力车型的比例则仍维持在40%。 在暂缓电动化转型计划的同时，法拉利公布的2030年业绩指引也未达华尔街预期。受此消息影响，当地 时间10月9日，法拉利（RACE.US）美股大跌14.99%至407.38美元，这也是其上市以来的最大单日跌 幅。 在业绩增长承压的背景下，选择撤回野心勃勃的电动化转型计划的不只是法拉利一家。今年9月下旬， 保时捷宣布电动汽车战略发生重大转变，推迟了几款新型电动车型的推出，并将内燃机和混合动力汽车 的生产寿命延长至未来十年。保时捷即将推出的定位高于卡宴的全新SUV系列将仅提供内燃机和插混动 力车型，该系列原本计划以纯电动阵容亮相。 接下来是奥迪。今年6月18日，奥迪全球CEO高德诺在接受外媒采访时确认，已推翻前任管理层所制定 的计划，奥迪已经撤回原定于2033年停止研 ...

Core Insights - Ferrari's stock experienced a significant decline following the company's updated revenue guidance for 2025 and 2030, with a 15% drop on Thursday, marking its worst trading day ever [1][3][7] - The company's 2030 revenue forecast of approximately 9 billion euros fell short of Wall Street's consensus estimate of around 10 billion euros, leading to investor disappointment [3][4][6] - Ferrari's adjusted EBITDA for 2030 is projected to be 3.6 billion euros, reflecting a lower annual growth rate of 6% compared to the previously anticipated 10% [4][7] Revenue Guidance - For 2025, Ferrari estimates revenue will be at least 7.1 billion euros, a slight increase from the previous estimate of over 7 billion euros [3][6] - The 2030 revenue outlook of 9 billion euros is significantly below analysts' expectations, contributing to the stock's decline [3][6] Electric Vehicle Strategy - Ferrari announced a reduction in its electric vehicle (EV) ambitions, stating that only 20% of its vehicles will be EVs by 2030, down from the previously expected 40% [5][7] - The company plans to continue focusing on hybrids and internal combustion engine (ICE) powertrains, which will account for 40% of its models in 2030 [5][7] Market Reaction - Investors reacted negatively to the combination of lower revenue guidance, disappointing EBITDA growth projections, and a scaled-back EV strategy, resulting in a notable drop in share price [1][6][7] - The upcoming third-quarter results are anticipated to provide further insights into Ferrari's performance and strategy [7]

Core Insights - Ferrari's stock dropped nearly 15% due to disappointing management projections, but it is currently trading within a historical support range, which has previously led to significant rebounds averaging 22.8% [1] Group 1: Company Performance and Projections - Ferrari has reduced its 2030 electric vehicle (EV) production target from 40% to 20%, indicating a more conservative approach to electrification [5] - The company projected 2030 EBITDA of at least €3.6 billion, suggesting a slower growth rate than earlier forecasts, which has raised investor concerns [5] - The launch of Ferrari's first EV, the Elettrica, has been delayed until late 2026, with a second EV model still in early planning stages, creating uncertainty about future product offerings [5] - Revenue growth for Ferrari has been 12.4% over the last twelve months (LTM) and an average of 15.7% over the past three years [5] - The company has a free cash flow margin of approximately 18.2% and an operating margin of 28.9% LTM [5] - Ferrari's stock is currently trading at a price-to-earnings (PE) multiple of 46.0, which is higher compared to the S&P [5] Group 2: Market Context and Risks - Historical data shows that Ferrari's stock has experienced significant declines during market downturns, including a 38% drop during the inflation shock and a 28% decline during the Covid sell-off [4] - The stock's current trading levels have previously seen buying interest, with three significant rebounds in the past decade [1][3]

Core Viewpoint - Ferrari is choosing to advance its electric vehicle (EV) strategy with the introduction of its first all-electric model, the "Elettrica," while other luxury brands are slowing down their electrification efforts [1][3]. Group 1: Product Development and Strategy - The "Elettrica" is not a supercar but a practical four-seat GT, aimed at expanding Ferrari's customer base rather than converting existing fuel vehicle owners [3][4]. - Ferrari's CEO, Benedetto Vigna, emphasizes the brand's commitment to delivering unique driving pleasure through electric technology [3]. - The development team believes that electric vehicles can enhance driving characteristics, interior space, and visibility, attracting customers who typically wouldn't consider a Ferrari [3][4]. Group 2: Technical Specifications - The "Elettrica" will feature a total output power exceeding any previous Ferrari road car, with four electric motors producing a combined output of over 986 horsepower [12]. - The vehicle can accelerate from 0 to 100 km/h in 2.5 seconds and reach a top speed of approximately 309 km/h [12]. - The battery pack has a capacity of 122 kWh, with a WLTC range exceeding 530 km and a maximum charging power of 350 kW [15]. Group 3: Design and Innovation - The design of "Elettrica" is a collaboration with Jonathan Ive's design firm, Lovefrom, known for iconic Apple products [7]. - The vehicle's layout allows for complete torque distribution to all four wheels, enhancing agility and stability [14]. - An innovative sound system will provide a unique auditory experience, reflecting the dynamic driving experience [10][11]. Group 4: Market Position and Challenges - Despite initial hesitations and market readiness concerns, Ferrari is committed to launching the "Elettrica" to meet the expectations of both new and existing customers [24]. - The company has previously explored hybrid technologies and is now transitioning to fully electric models, marking a significant shift in its strategy [22][24].

Group 1 - Major U.S. stock index futures are showing slight increases, with Dow futures up 0.14%, S&P 500 futures up 0.13%, and Nasdaq futures up 0.16% [1] - Chinese concept stocks are mixed in pre-market trading, with Alibaba down 2.31%, Pinduoduo down 1.34%, JD.com down 0.32%, Ctrip up 2.80%, Baidu down 2.57%, and Li Auto up 0.47% [1] - Stellantis shares rose 3.4% after reporting a 13% year-on-year increase in global deliveries to 1.3 million units in Q3, with North American deliveries up 35% to 403,000 units [1] Group 2 - Spot silver prices have risen nearly 4% to over $51 per ounce [2] - Google is tightening its remote work policy, which may impact employee work-from-anywhere allowances, leading to a 0.2% increase in its stock price [2] - Intel shares increased by 2.1% following the announcement of its first 1.8nm process chip, which boasts a 50% performance improvement at the same power level compared to its predecessor [2] Group 3 - Qualcomm is under investigation for allegedly violating antitrust laws related to its acquisition of Autotalks, resulting in a drop of over 3% in its stock price [2] - The U.S. is investigating 2.88 million Tesla vehicles equipped with "full self-driving" systems due to safety violation reports, causing Tesla's stock to decline by 0.3% [3] Group 4 - Bernstein has lowered its target price for Ferrari from $554 to $475 [4]

格隆汇10月10日｜伯恩斯坦银行的分析师在一份报告中写道，法拉利的长期财务指引远低于市场预期， 导致其股价在周四的欧洲和美国交易中暴跌15%。该银行表示，这家汽车制造商设定的2024年至2030年 复合年收入增长目标仅为5%，大大低于市场普遍预期的7%左右。报告补充说，其对2030年调整后息税 前利润率"超过30%"的指引，也远低于市场普遍预期的32%或更高水平。该银行表示："市场此前预期法 拉利会提供一个关于利润率将进一步发展的自信故事，但就2030年指引而言，实际提供的却是一份'稀 粥'。"该银行将法拉利股票的目标价从554美元下调至475美元，但维持其"跑赢大盘"的评级。 ...

Group 1: Hong Kong Stocks - Nocera Biotech (09969) fell over 8% after announcing a licensing collaboration with Zenas for three self-immune pipeline products [1] - Pop Mart (09992) rose over 2% as new products sold out immediately, with Morgan Stanley optimistic about the company's sales momentum [1] - Bluec (00325) increased over 8% after launching new "building block cars" and "building block figures" at the WF2025 exhibition [1] - Huaxin Cement (06655) rose over 7% after announcing a name change to "Huaxin Building Materials" and a restricted stock incentive plan [1] - Mixue Group (02097) gained over 5% after announcing an investment of nearly 300 million in the fresh beer industry, potentially opening up long-term growth opportunities [1] - CATL (03750) dropped nearly 6% as the cornerstone lock-up period is set to expire on the 19th of next month, with both Morgan Stanley and others downgrading the company's H-share rating [1] - Dazhong Public Utilities (01635) rose over 9%, stating that its operations are normal and previously mentioned its stake in Shenzhen Capital Group [1] - Jinli Permanent Magnet (06680) increased nearly 1%, forecasting a year-on-year increase of 157%-179% in net profit attributable to shareholders for the first three quarters [1] Group 2: Gold Stocks - Gold stocks opened lower collectively, with China Gold International (02099) down over 7%, Zijin Mining International (02259) down over 1%, Shandong Gold (01787) down over 6%, and Chifeng Jilong Gold Mining (06693) down over 6% due to easing geopolitical tensions leading to a pullback in precious metals [2] Group 3: US Stocks - AMBO Education (AMBO.US) surged 61.06% after announcing the launch of a real-time translation platform, WeSpeak, for enterprises [3] - CenturyLink (VNET.US) fell 3.13% as Goldman Sachs included it in a "strong buy" list for the Asia-Pacific region [3] - UiPath (PATH.US) rose 18.81% after announcing multiple collaborations with major tech companies like NVIDIA, OpenAI, Google, Microsoft, and Snowflake [3] - Tuniu (TOUR.US) decreased by 0.51%, despite a double-digit increase in user travel during this year's "Double Festival" holiday compared to last year [3] - Tesla (TSLA.US) fell 0.72% after reports that production of its humanoid robot, Optimus, has been paused [3] - Toyota (TM.US) dropped 2.97% after a recall of over 390,000 vehicles in the US due to software errors [3] - Lloyds Bank (LYG.US) decreased by 3.67% as it may need to increase provisions following a compensation plan for mis-sold auto loans [3] - Ferrari (RACE.US) fell 14.99%, reaching a six-month low as long-term profit guidance fell below expectations [4] - TSMC (TSM.US) decreased by 1.52%, projecting a consolidated revenue of approximately NT$330.98 billion for September 2025, a 1.4% decrease quarter-on-quarter but a 31.4% increase year-on-year [4] - PepsiCo (PEP.US) rose 4.23% with Q3 net revenue increasing by 2.7% to $23.94 billion, and core EPS of $2.29, both exceeding expectations [4]

Ferrari's brand is built on roaring, gas-fueled engines. Are its fans ready for an electric supercar? https://t.co/cpZa0BLdY5 ...

Market Overview - U.S. stock markets closed lower after reaching intraday historical highs, with the S&P 500 and Nasdaq indices peaking at 6754.58 and 23062.62 points respectively [3][5] - The Dow Jones Industrial Average fell by 243.36 points, a decrease of 0.52%, closing at 46358.42 points [5] Federal Reserve Insights - Federal Reserve's Vice Chair, John Williams, expressed support for further interest rate cuts within the year to address potential labor market slowdowns [7] - Williams noted that the U.S. economy is not on the brink of recession and that inflation prospects have improved compared to earlier in the year [7] - Fed Governor Christopher Waller emphasized a cautious approach to further rate cuts, focusing on inflation risks while acknowledging vulnerabilities in the labor market [7] Tesla Developments - Approximately 2.9 million Tesla vehicles equipped with the Full Self-Driving (FSD) system are under investigation by the National Highway Traffic Safety Administration (NHTSA) due to safety concerns [8][11] - Reports indicate that FSD may have contributed to multiple accidents, including instances of running red lights and other traffic violations [11] Ferrari Stock Performance - Ferrari's stock plummeted by 15%, marking its worst trading day since going public [17][18] - The company updated its revenue guidance for the year to exceed €7.1 billion, slightly above the previous target of at least €7 billion, while also projecting a moderate growth rate towards 2030 [23] - The adjusted EBITDA forecast for 2030 indicates a compound annual growth rate of 6%, significantly lower than the previously suggested 10% [23]

Group 1: Policy and Market Trends - The Ministry of Industry and Information Technology, along with the Ministry of Finance and the State Taxation Administration, announced adjustments to the technical requirements for new energy vehicles (NEVs) eligible for vehicle purchase tax exemptions for 2026-2027 [1] - During the recent National Day holiday, the charging volume for NEVs on highways reached a record high of 1.23 billion kilowatt-hours, with an average daily charging volume of 15.36 million kilowatt-hours, which is 2.59 times higher than regular days [1] Group 2: Company Performance - Chery Group reported a 77.1% year-on-year increase in NEV sales for the first three quarters, with a total of 587,545 units sold [2] - Buick's new model, the Zhijing L7, achieved 12,000 pre-orders within 10 days of its launch, with deliveries expected to start on October 20 [3] Group 3: Collaborations and Investments - Dongfeng and Huawei are seeking public input for a new brand name and logo for their DH project, which focuses on mid-to-high-end intelligent vehicles [4] - Seres announced a cooperation framework agreement with Beijing Volcano Engine Technology for intelligent robotics projects [7] - Avita Technology has completed the payment of 11.5 billion yuan for a 10% stake in Huawei's subsidiary, Yiwang [6] Group 4: Market Expansion and Product Launches - BYD officially entered the Argentine passenger car market by launching three electric and hybrid models, including the Dolphin MINI and Yuan Pro [9] - Ferrari raised its revenue guidance for 2025 and expects to maintain total revenue around 9 billion euros by 2030, with an EBITDA of at least 3.6 billion euros [10] Group 5: Safety and Regulatory Issues - BMW announced a recall of 12,491 vehicles in South Africa due to a starter motor defect that poses a fire risk [9] - The U.S. National Highway Traffic Safety Administration (NHTSA) has initiated an investigation into Tesla's Full Self-Driving (FSD) feature, potentially affecting nearly 2.9 million vehicles [9]