Group 1 - Nvidia becomes the first company to reach a market capitalization of $5 trillion, surpassing the GDP of countries like India and Germany, and now accounts for 10% of the S&P 500's total market value [1] - Apple also breaks the $4 trillion market capitalization mark for the first time [1] - Major tech companies such as Google, Amazon, and Microsoft report earnings that exceed market expectations, leading to significant stock price increases [1] - Meta's stock drops 11% due to its substantial AI spending plans [1] Group 2 - Nvidia's growth milestones include reaching $500 billion on June 29, 2021, $1 trillion on May 30, 2023, $2 trillion on February 23, 2024, $3 trillion on June 5, 2024, $4 trillion on July 9, 2025, and $5 trillion on October 29, 2025 [2] - In the A-share market, the third-quarter reports indicate that companies with "science" in their names are leading in performance, while the top five liquor companies experience a revenue decline of over 13% and a net profit drop of over 16% [2] - The allocation of active public funds to the TMT sector reaches approximately 40%, surpassing previous peaks in the new energy and liquor sectors [2] - The TMT ETF sees a 58.8% increase in the third quarter, but concerns arise about the sustainability of this funding [2] Group 3 - The article discusses the importance of making significant decisions carefully, emphasizing that many people often procrastinate on crucial life choices while overthinking trivial ones [3][4] - It suggests that before making important decisions, individuals should ask themselves if immediate action is necessary, as sometimes waiting can lead to better outcomes [4] - The article also highlights the recent performance of various IPOs in the Hong Kong market, noting specific success rates and potential profits from recent investments [5][6]

Core Viewpoint - NIO has shown significant sales growth, delivering 40,397 vehicles in October, a 92.6% year-on-year increase, while still facing financial losses and aiming for profitability by Q4 2025 [1][6][7] Group 1: Sales Performance - NIO delivered 40,397 new vehicles in October, marking the first time monthly sales exceeded 40,000 units, with a cumulative delivery of 913,200 units [1][6] - The launch of the new brands, including the "Leda" brand with a starting price of 206,900 yuan and the "Firefly" brand priced at 148,800 yuan, has contributed to sales growth [6][7] - The monthly sales of the Leda brand reached 17,342 units, surpassing the main NIO brand for the first time [6] Group 2: Financial Situation - NIO's revenue for the first half of 2025 was 31.04 billion yuan, a 13.49% increase year-on-year, but the net profit loss expanded to 12.03 billion yuan [7] - The gross margin decreased by 0.8 percentage points to 9.1%, significantly lower than competitors like Tesla and BYD [7] - The company is under pressure to balance short-term cash flow with long-term technology investments while aiming for profitability in Q4 2025 [7] Group 3: Leadership and Strategy - Li Bin, the founder, has a history of entrepreneurship and has navigated multiple challenges in the automotive industry [2][3][4] - The multi-brand strategy was implemented to maintain NIO's premium positioning amidst industry price cuts, which has proven effective in boosting sales [5][6] - Li Bin has reiterated the importance of efficient operations to achieve the profitability target and has announced plans to increase the production capacity of the new ES8 model [7]

Core Viewpoint - The automotive industry is experiencing a "year-end sprint" as 2025 approaches, with companies employing unconventional marketing strategies to capture consumer attention amidst a crowded market [4][5]. Group 1: Innovative Marketing Strategies - Mercedes-Benz collaborated with McDonald's to promote the new electric CLA by transforming the car into a "giant hamburger" and using youth-oriented language in their campaign [6][8]. - Chery Jetour's G700 made headlines by successfully crossing the Yangtze River, showcasing its capabilities and significantly boosting brand visibility, with over 15,717 orders within 24 hours of its launch [10][12]. - GAC Group partnered with JD.com for a promotional event leading up to Double Eleven, generating significant buzz and engagement through a blind auction that attracted over 23,000 bids [14][18]. Group 2: Celebrating Milestones - FAW-Volkswagen celebrated the production of its 30 millionth vehicle with a month-long marketing campaign, including a cultural festival and promotional offers that attracted around 130,000 participants [16][20]. - The success of FAW-Volkswagen's campaign highlights the importance of integrating celebration with promotional activities to maximize brand value [20]. Group 3: Unique Brand Engagement - Leap Motor's 61-year-old sales representative gained widespread admiration, leading to the launch of a training program that emphasizes the brand's commitment to employee empowerment and customer connection [21][23]. - Avita introduced a unique dining experience in its showrooms, offering high-quality meals to visitors, aiming to enhance customer engagement and brand perception [35][37]. Group 4: Product Testing and Globalization - Avita and Great Wall Motors are conducting extreme environment tests in Antarctica to validate their vehicles' performance, addressing the growing demand for adaptability in various climates [25][30]. - This focus on rigorous testing reflects the industry's shift towards ensuring product reliability in diverse global markets [30]. Group 5: Addressing Safety Concerns - Multiple incidents of vehicle fires in October raised safety concerns across the industry, with Li Auto taking proactive measures by recalling over 11,000 vehicles to address identified issues [41][45]. - The response from Li Auto contrasts with the silence from other brands, highlighting the importance of transparency and accountability in maintaining consumer trust [45].

Core Insights - October is traditionally a peak sales month for the automotive market, with record-breaking deliveries of new energy vehicles (NEVs) reported by several companies for October 2025 [1][2] - The penetration rate of NEVs is expected to reach approximately 60% in October, marking a historical high [1] - Companies like XPeng, NIO, and Li Auto have reported significant increases in their delivery volumes, with XPeng achieving a record delivery of 42,000 vehicles in October, a 190% year-on-year increase [1][2] Group 1 - The retail market for narrow passenger vehicles in October is estimated to reach around 2.2 million units, with NEV retail volume expected to be about 1.32 million units [1] - BYD's NEV sales in October reached 441,700 units, with a cumulative sales figure of 3.70 million units for the first ten months, reflecting a year-on-year growth of approximately 14% [2] - The export of Chinese automobiles has been on the rise, with 5.71 million units exported in the first three quarters of the year, a 21% increase year-on-year, and NEV exports reaching 2.32 million units, a 52% increase [2] Group 2 - The implementation of vehicle replacement subsidies has significantly boosted the automotive market, with over 10 million applications for the subsidy by October 22, 2025 [2] - The recent launch of new models since September is expected to inject new growth momentum into the market, with NEV market growth anticipated to accelerate [3] - The fuel vehicle market is expected to remain relatively stable, while the penetration rate of NEVs is projected to reach new heights [3]

1. Report Industry Investment Rating No information provided in the given text. 2. Core Views of the Report - The penetration rate of the Chinese new energy vehicle market exceeded 30% in 2023 and 50% in 2024. In 2025, high - competitiveness new car products are continuously launched, and the price war is gradually ending [3][117]. - Overseas markets are affected by severe trade protectionism in Europe and the United States, which brings volatility risks to exports. New growth points such as the Belt and Road countries and the Middle East should be focused on [3][117]. - In the competitive landscape, the market share of domestic brands continues to expand. Companies with strong product strength, smooth overseas expansion, and stable supply should be focused on [3][117]. 3. Summary by Relevant Catalogs 3.1 Financial Market Tracking - The one - week price changes of related sectors and listed companies are presented. For example, among listed companies, BYD's closing price on October 31st was 103.61 yuan with a one - week decline of 0.14%, while SAIC Motor's closing price was 16.75 yuan with a one - week increase of 0.42% [14]. 3.2产业链 Data Tracking 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports**: From January to August globally, new energy vehicle sales reached 13.257 million, a year - on - year increase of 30.6%. In China, from October 1 - 26, the retail sales of the new energy passenger vehicle market were 901,000, with a year - on - year growth of 0% and a month - on - month decline of 8%. The cumulative retail sales this year were 9.771 million, a year - on - year increase of 22% [1][106][115]. - **Inventory Changes**: Information on the monthly new inventory of new energy passenger vehicle channels and manufacturers is presented through relevant charts [25]. - **Delivery Volume of Chinese New Energy Vehicle Enterprises**: The monthly delivery volumes of companies such as Leapmotor, Li Auto, XPeng, and NIO are presented through charts [28][33]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: From January to August, new energy vehicle sales reached 13.257 million, a year - on - year increase of 30.6% [1][115]. - **European Market**: The cumulative sales in Europe were 2.442 million, with a year - on - year growth rate of 30.8% [1][115]. - **North American Market**: The cumulative sales from January to August were 1.205 million, with a year - on - year growth rate of 4.8% (cumulative sales from January to September were 1.399 million, a year - on - year increase of 8.3%). The sales and penetration rate in the United States reached record highs in August and September, mainly due to the expiration of the federal electric vehicle tax credit ($7,500) on September 30th [1][115]. - **Other Regions**: The cumulative sales in other regions were 665,000, with a year - on - year growth rate of 50.6% [1][115]. 3.2.3 Power Battery Industry Chain - Information on power battery loading volume (by material), export volume (by material), weekly average price of battery cells, and material costs is presented through relevant charts [76][80]. 3.2.4 Other Upstream Raw Materials - The daily prices of rubber, glass, steel, and aluminum are presented through relevant charts [99][100]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - On October 30th, China and the United States reached a consensus. The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, and the 24% reciprocal tariff will be suspended for another year. China will suspend relevant export control measures announced on October 9th for one year [103][104]. - On October 31st, the Ministry of Industry and Information Technology stated that it will promote green products and vigorously develop green industries such as new energy vehicles [105]. 3.3.2 China: Industry Dynamics - From October 1 - 26, the retail sales of the new energy passenger vehicle market were 901,000, with a year - on - year growth of 0% and a month - on - month decline of 8%. The cumulative retail sales this year were 9.771 million, a year - on - year increase of 22% [1][106][115]. - In the first three quarters of 2025, Anhui's automobile production was 2.4044 million, ranking first in China, mainly due to the significant increase in new energy vehicle production [107]. - As of the end of September 2025, the cumulative export of domestic cars from Shanghai Waigang Haitong Wharf exceeded 5.32 million, with an average annual growth rate of 10.6%, and the proportion of new energy vehicles increased from 34% to 59% [108]. 3.3.3 China: Enterprise Dynamics - BYD sold 441,706 vehicles in October, a record high this year. In Q3, its total revenue was 194.985 billion yuan, a year - on - year decrease of 3.05% [109]. - Leapmotor delivered 70,289 vehicles in October, a year - on - year increase of over 84% [111]. - XPeng delivered 42,013 vehicles in October, a year - on - year increase of 76% [111]. - NIO delivered 40,397 vehicles in October, a year - on - year increase of 92.6% [111]. - Li Auto delivered 31,767 vehicles in October, and the orders for the Li i6 exceeded 70,000 after its launch [111]. 3.3.4 Overseas: Policy Dynamics - The US Senate voted to reject Trump's global tariff policy, but the vote may only be symbolic before the House of Representatives conducts a similar vote [111][112]. - Norway has basically achieved the 100% electrification goal and plans to gradually cancel electric vehicle subsidies within two years [2][113][116].

Core Viewpoint - NIO-SW (09866.HK) achieved a record monthly delivery of 40,397 vehicles in October 2025, representing a year-on-year increase of 92.6% [1] Delivery Performance - The deliveries included 17,143 high-end smart electric vehicles under the NIO brand, 17,342 family smart electric vehicles under the Lada brand, and 5,912 high-end smart electric cars under the Firefly brand [1] - As of October 31, 2025, the cumulative vehicle delivery reached 913,182 units [1] Product Highlights - The flagship smart large space SUV, Lada L90, set a new delivery record in October 2025, maintaining strong growth with monthly deliveries exceeding 10,000 units for three consecutive months since its official launch at the end of July 2025 [1] - L90 is positioned to lead the large SUV market into the pure electric era due to its industry-leading status and exceptional product competitiveness [1]

Core Viewpoint - NIO-SW (09866) announced a record delivery of 40,397 vehicles in October 2025, representing a year-on-year increase of 92.6% [1] Delivery Performance - The deliveries included 17,143 high-end smart electric vehicles under the NIO brand, 17,342 family smart electric vehicles under the Lada brand, and 5,912 high-end small electric vehicles under the Firefly brand [1] - As of October 31, 2025, the cumulative vehicle delivery reached 913,182 units [1] Product Highlights - The flagship SUV, Lada L90, achieved a new delivery high in October 2025, maintaining strong growth since its official launch at the end of July 2025, with monthly deliveries exceeding 10,000 units for three consecutive months [1] - The L90 is positioned to lead the large SUV market into the era of pure electric vehicles due to its industry-leading status and exceptional product competitiveness [1]

Core Viewpoint - NIO-SW (09866) achieved a record monthly delivery of 40,397 vehicles in October 2025, representing a year-on-year increase of 92.6% [1] Delivery Performance - The October 2025 deliveries included 17,143 high-end smart electric vehicles under the NIO brand, 17,342 family smart electric vehicles under the Lada brand, and 5,912 high-end smart electric cars under the Firefly brand [1] - Cumulative vehicle deliveries reached 913,182 units as of October 31, 2025 [1] Product Highlights - The flagship SUV, Lada L90, set a new delivery record in October 2025, maintaining strong growth since its official launch at the end of July 2025, with monthly deliveries exceeding 10,000 units for three consecutive months [1] - The L90 is positioned to lead the large SUV market into the electric era due to its industry-leading status and exceptional product competitiveness [1]

Core Insights - NIO announced that it delivered 40,397 vehicles in October, representing a year-on-year increase of 92.6% [1] - Cumulatively, from 2025 to date, NIO has delivered 241,618 vehicles, showing a year-on-year growth of 41.9% [1] Summary by Categories - **Delivery Performance** - October deliveries reached 40,397 vehicles, marking a significant growth of 92.6% compared to the same month last year [1] - Total deliveries since 2025 amount to 241,618 vehicles, with a year-on-year increase of 41.9% [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及C類普通股。對於提呈我們股東大會的任 何決議案，A類普通股持有人每股可投一票，而C類普通股持有人則每股可投八票，惟法律或 《香港聯合交易所有限公司證券上市規則》或我們的組織章程大綱及細則另行規定者除外。股東 及有意投資者務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存 託股代表一股A類普通股）於美國紐約證券交易所上市，股份代號為NIO。 蔚來集團 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9866） 自願公告 關於蔚來 蔚來是全球智能電動汽車市場的先驅及領跑者。成立於2014年11月，蔚來致力 於共創可持續和更美好的未來，實現「Blue Sky Coming」的使命。蔚來的願景是 成為技術與體驗領先的用戶企業。蔚來設計、開發、製造及銷售智能電動汽車， 推動新一代核心技術的創新。蔚來通過持續的技術突破及創新、極致的產 ...