12月5日，ICPC（国际大学生程序设计竞赛）官方公布了华为创始人任正非与全球参赛选手、教练的座 谈会纪要，任正非大谈其对AI时代到来的看法，并点名了物理AI领域"新星"——小鹏汽车自主研发的人 形机器人Iron，点赞以小鹏汽车为代表的公司"代表了未来的世界"。 任正非表示，小鹏机器人走"猫步"太像真人引发社会质疑，最终迫使小鹏在发布会现场剪开机器人外皮 露出内部"钢铁"以自证，这说明机器人产业发生了很大进步，这些公司对外展示了一个未来的世 界。"这个世界总要有人向未来探索，人类社会就是从一次又一次的失败中成功起来的。中国三、五年 后会有较大的进步。中国强大了，有利于世界繁荣的。"任正非认为。 图片源自ICPC官网。 值得一提的是，在"五界两境"之外，目前，小鹏汽车也与华为建立了"暧昧关系"。公开信息显示，今年 2月，小鹏汽车董事长、CEO何小鹏就曾亲自拜访任正非，向其请教"科技、企业、文化、治理"方面的 思考和建议。今年6月，小鹏汽车与华为首次就AR-HUD技术达成战略合作。 谈及双方未来合作更多可能性，顾捷表示，双方的合作是没有上限和边界的，未来会在共同理念、共同 路线、共同认知的情况下不断加强合作，最终 ...

智通财经12月5日讯（记者 徐昊）进入12月，中国车市的年终"冲刺战"已进入白热化阶段。政策窗口期 的临近、年度销量目标的压力与消费需求的集中释放，构成了本轮"收官之战"的主要驱动力。 智通财经记者统计了截至11月11家国内主要/上市车企2025年度销量目标完成率，其中零跑、小鹏和小 米三家车企已提前完成各自年度销量目标，而蔚来和理想的完成率不足七成，或难以达成年初既定目 标。 "零跑提前45天完成50万辆的年度销售目标，2026年将冲击100万辆的销量目标。"在发布11月交付数据 的同日，零跑汽车董事长朱江明对公司发展提出了更高目标。 为夯实市场份额、延续增长势能，零跑在产品端持续发力。11月21日，零跑汽车全新A平台首款车型 A10在广州车展完成首秀，补齐A、B、C、D四大系列矩阵最后一块拼图。这款搭载双旗舰芯片与全场 景智能辅助功能的SUV，覆盖主流家庭用户需求；随后上市的个性轿跑Lafa5，则以激光雷达智驾、 605km长续航等配置，瞄准95后年轻群体。 同样处于上升期的小鹏汽车，1-11月完成交付39.2万辆，同比增长155.54%，已达成年度销量目标。海 外市场则是小鹏汽车今年以来的一大增长亮点， ...

格隆汇12月5日｜任正非11月14日在位于上海的华为练秋湖研发中心与ICPC全球优胜者及教练座谈，围 绕AI未来、教育本质与青年成长展开对话。任正非在对话中提到，最近小鹏机器人出来走"猫步"，大家 开始不相信，说里面是个真人。小鹏在发布会上当场拿剪刀剪开机器人的外皮，里面都是"钢铁"。机器 人的产业也发生了很大的进步，这些小公司都很厉害，代表了未来的世界，展示一个未来世界。做真正 的"人"还很难，脑的能耗比、皮肤的神经密度……。这个世界总要有人向未来探索，人类社会就是从一 次又一次的失败中成功起来的。中国三、五年后会有较大的进步。中国强大了，有利于世界繁荣的。 ...

金吾财讯 | 小鹏汽车(XPEV)盘前涨超3%，截至发稿，报19.55美元。 消息面上，长江证券表示，强新车+强AI周期，AI科技日成果"涌现"，AI时代有望迎来估值重估。2025 年公司处于新车大年，多款新车预期上市持续增强销量周期。规模提升、平台和技术降本效果将进一步 体现，叠加软件盈利的商业模式拓展以及出海持续增长，公司未来盈利具备较大弹性。AI定义汽车， 智驾进展持续领先构筑AI时代核心护城河，智驾VLA升级有望带来飞跃，加速Robotaxi落地扩展智驾变 现方式，下一代机器人发布在即，有望迎来新催化，叠加包括飞行汽车在内的三大AI体系，2026年迎 来量产，AI应用全面起势。 来源：金吾财讯 ...

Core Viewpoint - The Chinese automotive market faces significant uncertainty as it transitions into the "post-subsidy era," with many companies expressing concerns about market conditions and competition intensifying [1][2][5]. Group 1: Market Conditions - By the end of 2025, the anticipated "tail effect" in the automotive market remains uncertain, with many companies unprepared for year-end sales targets [2][5]. - The withdrawal of local replacement subsidies and the adjustment of the new energy vehicle purchase tax from full exemption to a 50% reduction are expected to increase purchase costs for consumers [2][5]. - The overall automotive sales in China from January to October reached 27.687 million units, reflecting a year-on-year growth of 12.4% [5]. Group 2: Competitive Landscape - Companies are increasingly adopting "bottom-line" subsidy strategies to boost year-end sales, which may raise sales costs and challenge smaller brands with limited profit margins [3][4]. - The competition is expected to become more transparent and brutal, focusing on product strength, cost control, and user experience as the market moves away from policy-driven growth [5][9]. - The market is predicted to see a significant divide, with leading companies leveraging scale advantages and brand influence, while smaller brands may struggle with cash flow and product iteration [8][10]. Group 3: Future Outlook - The automotive industry is entering a phase where only a few strong brands are likely to survive, with predictions suggesting that in the future, only five dominant brands will remain in the market [10][11]. - The shift away from policy reliance is expected to allow companies to focus on technological innovation and service upgrades, fostering healthier industry development [10][11].

14家国内车企前三季度财报梳理：入账2万亿，净利率仅为1.76%。 车东西12月4日消息，截至今天，国内已有14家主要车企发布了2025年第三季度财务报告。 在2025年第三季度财务报告基础上，车东西整合了各家车企今年前三个季度的业绩表现，进行逐一梳理后发现：这14家国内车企今年前三季度营收规模总 和达到2.07万亿元，归母净利润总和为364亿元，简单计算一下，这14家车企净利率仅为1.76%。 各大国内车企前三季度表现差距明显，分化加剧。 传统车企阵营，8家传统车企前三季度净利润总和超过471亿元。 其中，比亚迪赚走6成净利润，凭借233亿元的归母净利润领跑，吉利净利润超过131亿元，长城、上汽各自净利润均超过80亿元，接近比亚迪1/3，而广汽 集团、江淮汽车、北汽蓝谷仍在亏损，最狠暴跌3691%。 同期新势力阵营，6家新势力车企前三季度净亏107亿元。其中，仅赛力斯、理想、零跑前三季度实现盈利，赛力斯凭借53亿元的归母净利润领先。 今年前三季度，小米智能电动汽车及AI等创新业务经营亏损为1亿元，小鹏亏掉15亿元，蔚来亏损加剧达到156.93亿元，汽车行业呈现出冰火两重天的局 面。 14大车企前三季度财报交 ...

Core Viewpoint - The Chinese automotive market faces uncertainty as it transitions into the "post-subsidy era," with increased competition and policy changes impacting sales expectations for the end of 2025 [1][2][5]. Group 1: Market Conditions - Many car manufacturers are uncertain about their sales expectations for December, with some executives stating they are unprepared for the challenges ahead [2]. - The withdrawal of local trade-in subsidies and the upcoming reduction in purchase tax for electric vehicles are significant factors contributing to the market's unpredictability [2][6]. - The cumulative sales of automobiles in China from January to October reached 27.687 million units, reflecting a year-on-year growth of 12.4% [6]. Group 2: Competitive Landscape - The automotive industry is entering a new phase where competition will focus on product quality, cost control, and user experience, marking a shift away from reliance on subsidies [1][4][10]. - The introduction of "bottom-line" subsidy schemes by companies like Xiaomi and NIO indicates a strategic response to pressure from declining sales and inventory management [3][4]. - The market is expected to see a significant differentiation among brands, with larger companies better positioned to absorb profit pressures compared to smaller firms [8][9]. Group 3: Future Outlook - Analysts predict that the automotive market will experience a decline in sales pressure due to macroeconomic factors and policy changes, leading to a more stable and mature phase for the electric vehicle sector [8][10]. - The competition will intensify, with companies needing to innovate and improve efficiency to survive, as traditional factors like technology and cost control become critical in consumer decision-making [9][10]. - The industry is anticipated to undergo a significant reshaping, with only a few strong brands likely to survive in the long term, as indicated by industry leaders [11].

道指涨0.11%，标普500指数涨0.21%，纳指涨0.3%。Meta涨超5%，公司计划将元宇宙项目支出削减至 多30%。中概股多数上涨，老虎证券涨超9%，小鹏汽车、蔚来涨逾3%。 来源：第一财经 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 小鵬汽車有限公司（於開曼群島註冊成立以不同投票權控制的有限公司） 呈交日期: 2025年12月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 A | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09868 | 說明 | A類普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 9,250,000,000 | USD | 0.00001 | USD | | 92,500 | | 增加 / 減少 (-) | | | 0 | | | USD | | | | 本月底結存 | | | 9,250,000,000 | USD | 0.00001 | USD | | ...

Market Performance - The three major US stock indices closed mixed, with the Dow Jones down 0.07% at 47,850.94 points, the S&P 500 up 0.11% at 6,857.12 points, and the Nasdaq up 0.22% at 23,505.14 points [1] - Popular tech stocks showed mixed performance, with Meta rising over 3% and Nvidia up over 2%, while Amazon and Apple fell over 1% [1] - Popular Chinese concept stocks also had mixed results, with NIO up over 4% and XPeng up over 3%, while Baidu and Bilibili rose over 1%, and Miniso and Yum China fell over 1% [1] - European stock indices all closed higher, with Germany's DAX up 0.87% at 23,899.33 points, France's CAC40 up 0.43% at 8,122.03 points, and the UK's FTSE 100 up 0.19% at 9,710.87 points [1] Commodity Prices - US oil main contract rose 1.27% to $59.7 per barrel, while Brent crude main contract increased 1.04% to $63.32 per barrel [1] - International precious metal futures closed mixed, with COMEX gold futures up 0.13% at $4,237.9 per ounce, and COMEX silver futures down 1.86% at $57.53 per ounce [1] - London base metals showed mixed results, with LME lead up 0.85% at $2,016.00 per ton, LME zinc up 0.65% at $3,085.00 per ton, and LME nickel up 0.08% at $14,885.00 per ton, while LME aluminum down 0.33% at $2,887.50 per ton, LME copper down 0.47% at $11,434.00 per ton, and LME tin down 0.59% at $40,540.00 per ton [1] Bond Yields - US Treasury yields collectively rose, with the 2-year yield up 3.71 basis points at 3.521%, the 3-year yield up 4.78 basis points at 3.545%, the 5-year yield up 4.51 basis points at 3.673%, the 10-year yield up 3.48 basis points at 4.098%, and the 30-year yield up 2.39 basis points at 4.755% [1] - European bond yields mostly increased, with the UK 10-year yield down 1.3 basis points at 4.433%, Germany's 10-year yield up 2.4 basis points at 2.769%, Italy's 10-year yield up 2.2 basis points at 3.466%, and Spain's 10-year yield up 2.6 basis points at 3.243% [1]