【环球网科技综合报道】12月3日消息，乘联分会日前公布的报告显示，根据月度初步乘联数据综合预 估：11月1-30日，全国乘用车厂商新能源批发172万辆，同比增长20%，环比增长7%。今年以来累计批 发1378万辆，同比增长29%。 11月新能源乘用车批发销量预估: 1,720,000 按占比预估 | 长安马自达 | 5.042 | | | | --- | --- | --- | --- | | 广汽传祺 | 4,939 | | | | 光束汽车 | 4.008 | | | | -汽丰田 | 3,492 | | | | 智马达汽车 | 3.365 | | | | 江淮汽车 | 3,299 | | | | 表管理章 | 2,985 | | | | 一汽大众 | 2,802 | | | | 江铃新能源 | 2,779 | | | | 赛力斯汽车(湖北) | 2.682 | | | | 北京汽车制造厂 | 2,661 | | | | 广汽本田 | 2,172 | | | | 领途汽车 | 1,205 | | | | 睿蓝汽车 | 1.201 | | | | 东风本田 | 1,175 | | | | 上汽大通 | 79 ...

《2040 中国汽车席卷全球之日》预测15年后中国汽车的出货量将达4千万辆。照此势头发展 下去，中国是否会登上汽车产业的巅峰，并长期占据主导？台湾鸿海董事长刘扬伟进行了冷 静的分析…… 这或许是日本不愿面对的现实。据称，已成为全球最大纯电动汽车（EV）出口国的中国，预计2025年 汽油车出口量也将超越日本，跃居世界第一。 中国在EV出口领域跃居全球第一已是两年前的事情了。在房地产泡沫破裂影响依然存在的中国，新车 的低价销售竞争已成为常态，各车企正纷纷将经营重心转向出口。虽然出口以价格低廉的汽车为主，但 即便是在曾是日本强项的汽油车领域，也不得不考虑中国的存在。日本汽车厂商的心情可能相当复杂。 《2040 中国汽车席卷全球之日》一书的作者、日本瑞穗银行商务解决方案部的高级主任研究员汤进预 测，15年后中国品牌汽车的出货量（包括中国国内、出口及海外产量）将达到4千万辆，比目前增加约 600万辆。日本车的出货量则会基本维持在2200万辆。 该书还预计日本汽车厂商将在日本、北美和印度保持目前的影响力。而在东南亚、中东、中南美及欧 洲，日本车将面临中国汽车的猛烈攻势。 中国最大的车企比亚迪（BYD）对建设海外工厂也表现 ...

智通财经APP讯，吉利汽车(00175)发布公告，于2025年12月3日因认股权获行使而发行1.2万股普通股股 份。 ...

FF305 表格類別： 股票 狀態： 新提交 呈交日期： 2025年12月3日 B. 贖回/購回股份 (擬註銷但截至期終結存日期尚未註銷) (註5及6) 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | | 股份類別 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00175 | 說明 | | | | | | | | 多櫃檯證券代號 | 80175 | RMB 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註 ...

Macro Research - The outlook for 2026 suggests a potential diminishing multiplier effect from durable goods subsidies, with price recovery largely dependent on effective fiscal input, particularly towards consumption and services [2][4] - In a neutral scenario, both CPI and PPI are expected to see a moderate upward shift [2][4] Retail and Service Research - The company Emei Mountain A is expected to benefit from the renovation of the Golden Summit cableway and the construction of Leshan Airport, enhancing the scenic area's capacity and visitor experience, which will drive traffic growth and profit recovery [2][6] - The renovation of the Golden Summit cableway will increase its capacity from approximately 1,200 people per hour to 3,200 people per hour, representing a 167% increase, which will alleviate peak waiting times and enhance visitor spending [8] - Leshan Airport is projected to facilitate tourist growth, with a designed annual throughput of 2.6 million passengers, expected to connect with existing highway networks to create a direct transport corridor to major scenic spots [8] Company Coverage - Emei Mountain A is rated as "Buy" with a target price of 20.65 CNY, compared to the current price of 14.46 CNY, reflecting a market capitalization of 761.9 million [7] - The company is expected to achieve net profits of 251 million CNY, 308 million CNY, and 346 million CNY for the years 2025-2027, with corresponding EPS of 0.48 CNY, 0.59 CNY, and 0.66 CNY [7] - The company has established a diversified business ecosystem through a full industry chain layout, including ticket sales, cableway operations, hotels, and various derivative businesses [7] Market Potential - Emei Mountain's visitor numbers were 4.67 million in 2024, significantly lower than other comparable sites, indicating substantial room for market growth through improved transportation and product upgrades [9] - The company has demonstrated strong unit visitor value conversion capabilities, with total tourism revenue of 1.013 billion CNY in 2024, higher than that of Jiuhua Mountain [9]

该行认为，2026年新能源购置税减免政策调整有望刺激消费者今年年底前集中购车，叠加车企年末冲量 及春节前建库需求，有望对冲部分提高置换补贴门槛的影响。但在第四季集中放量后，明年首季或回到 季节性淡季，建议投资者把握结构行情且保持审慎，关注短期波动。 交银国际发布研报称，中国11月新能源车销量整体延续增长，其中零跑汽车(09863)与鸿蒙智行创月度 新高。虽11月部分省份置换更新及以旧换新补贴提高门槛，但受惠于2026年购置税调整，以及各车企年 底促销活动，新能源汽车行业整体维持高景气。 建议关注小鹏汽车-W(09868)增程车型陆续上市，及海外本地化生产落地带动销量和毛利率提升;吉利汽 车(00175)私有化极氪后推动内部资源整合;赛力斯（601127）(09927)问界系列进一步拓展高端市场并提 升盈利。 ...

Core Insights - BYD remains the absolute leader in China's automotive sales, but its growth rate has slowed compared to previous years [1][3] - Geely has achieved a new high in growth driven by new energy vehicles [1][3] - Chery maintains its position as the domestic passenger car brand with the highest overseas exports [1][3] Sales Performance - In November, BYD sold 480,200 vehicles, a year-on-year decrease of 5.25%; Geely sold 310,400 vehicles, a year-on-year increase of 24%; Chery sold 255,800 vehicles, a year-on-year decrease of 2% [1][3] - For the first 11 months, BYD's cumulative sales reached 4.182 million vehicles, a year-on-year increase of 11.3%; Geely's cumulative sales were 2.7878 million vehicles, a year-on-year increase of 42%; Chery's cumulative sales reached 2.3991 million vehicles, a year-on-year increase of 11% [1][3] Year-End Sales Targets - BYD's initial sales target for the year was 5.5 million vehicles, later adjusted to 4.6 million; it needs to sell 400,000 vehicles in December to meet this target [3] - Geely's initial target was 2.71 million vehicles, raised to 3 million; it only needs to maintain November's sales level to exceed this target [3] - Chery's target was to achieve a growth rate exceeding the industry average of 10-20%, with a projected sales target of 3.18 million to 3.45 million vehicles; achieving this seems unlikely based on current performance [3] New Energy Vehicle Sales - BYD continues to lead globally in new energy vehicle sales, with all its vehicles being new energy types; Geely's November new energy vehicle sales reached 187,800, a year-on-year increase of 53.36%; Chery's new energy vehicle sales were 110,000, a year-on-year increase of 50% [5] - For the first 11 months, Geely's cumulative new energy vehicle sales were 1.5335 million, a year-on-year increase of 97.35%; Chery's cumulative new energy vehicle sales were 814,700, a year-on-year increase of 69.4% [5] Export Performance - In November, BYD exported 131,930 vehicles, with a cumulative export of 917,000 vehicles for the first 11 months, doubling from the previous year; Chery exported 131,850 vehicles in November, with a cumulative export of 1.1996 million vehicles, a year-on-year increase of 14.7%; Geely exported 42,100 vehicles, with a cumulative export of 379,800 vehicles [5][7] - BYD's export volume accounted for approximately 22% of its total sales; Chery's export volume exceeded 50% of its total sales; Geely's export volume accounted for less than 15% [7] Strategic Insights - BYD's complete transition to new energy vehicles gives it a significant market advantage, although its growth has slowed due to high previous year bases; Geely and Chery are accelerating their new product launches and catching up in sales, particularly in new energy vehicles [7] - Chery leads in both total export volume and export percentage, while BYD is expanding its overseas market significantly faster than its domestic market, indicating a shift in its global strategy; Geely is consolidating its brand and has not significantly expanded its overseas business [7]

Core Viewpoint - Ningbo aims to achieve a GDP target of 2 trillion yuan in 2023, with industrial development being a significant variable, facing challenges in cultivating leading enterprises and establishing a "strong and refined" modern industrial system [3][4]. Economic Performance - In the first three quarters of 2023, Ningbo's GDP reached 1.34929 trillion yuan, while Nanjing's was 1.405949 trillion yuan, indicating a gap of 56.7 billion yuan, with Nanjing's growth rate outpacing Ningbo's [3][4]. - Ningbo's industrial added value increased by 5.3% year-on-year in the first ten months, but fixed asset investment fell by 18.0%, primarily due to real estate investment decline [6]. Industrial Transformation - Ningbo is undergoing a transformation phase, focusing on sustainable industrial clusters while balancing innovation and intelligent upgrades [4][6]. - The city has 119 manufacturing champions, the highest in the country, but lacks leading enterprises, which is crucial for its industrial transition and urban advancement [8][10]. Strategic Initiatives - Ningbo plans to cultivate 30 leading enterprises by the end of 2025, aiming to develop three major industrial clusters and six strategic industries [11][12]. - The city is enhancing its innovation investment in high-tech industries, with a 12.8% year-on-year increase in high-tech industrial added value in the first three quarters [6][12]. Collaboration and Ecosystem Development - Recent meetings between Ningbo's leadership and major companies like Fuyao Group and Geely Holdings signal a push for collaboration in traditional and emerging industries [4][9]. - Ningbo's industrial structure is characterized by a pyramid shape, with many small and medium-sized enterprises but few large-scale companies, indicating a need for ecosystem integration [10][12]. Robotics and Intelligent Manufacturing - The city is focusing on the robotics sector, with significant investments in humanoid robots and related technologies, aiming to leverage its existing manufacturing capabilities [13][14]. - A strategic cooperation framework was signed with Yushutech to develop a smart emergency robot industrial park, highlighting Ningbo's commitment to expanding its robotics application scenarios [14].

Core Insights - The article discusses the evolving design strategies of luxury car manufacturers Mercedes-Benz, BMW, and Audi (BBA) in the context of electric vehicles (EVs) and the challenges they face in meeting consumer aesthetic demands while transitioning from traditional fuel vehicles to electric models [1][10][29] Group 1: Design Evolution and Challenges - The luxury car market is experiencing a shift in design language, with BBA aiming to blend retro elements with modern technology in their new electric models [11][18] - Mercedes-Benz's EQS has set a record for aerodynamic efficiency with a drag coefficient of Cd 0.20, but the design has faced criticism for lacking the traditional elegance associated with luxury vehicles [2][4] - BMW has opted for a shared design language between its electric and fuel models, which has led to challenges in distinguishing between the two and potential market confusion [6][10] Group 2: Market Performance and Consumer Perception - In 2024, Mercedes-Benz's global electric vehicle sales dropped by 23%, while Audi's fell by 8%, indicating a struggle in the luxury EV segment despite BMW's growth [10][25] - The article highlights a generational divide in consumer preferences, with older consumers in Europe favoring traditional luxury aesthetics, while younger consumers in China are more open to innovative designs [25][28] Group 3: Future Directions and Strategies - BBA's new design language aims to resonate with a global consumer base, but the challenge lies in addressing the diverse aesthetic preferences across different markets [25][29] - The upcoming models from BBA are expected to launch in 2026, with a focus on re-establishing a cohesive luxury aesthetic in the electric vehicle market [25][30]

Group 1 - ByteDance and ZTE have launched an AI phone priced at 3499 yuan, featuring ByteDance's self-developed large model Agent service [1][21] - The phone integrates the Doubao mobile assistant technology, developed in collaboration with phone manufacturers at the operating system level [1][21] - ByteDance's primary focus is not on the AI phone itself but on the underlying AIOS software ecosystem [1][21] Group 2 - A new company named Zhiyue Qianli, established in August 2023, is gaining attention for its focus on AIOS [2][8] - Zhiyue Qianli is closely related to the Geely group, with key figures like Guo Jianguo involved in its establishment and management [3][22] - The company aims to reshape human-computer interaction and build an ecosystem for the AI terminal era [26][30] Group 3 - Zhiyue Qianli plans to develop both AI models and hardware products, including phones and XR glasses, distinguishing its strategy from ByteDance's [9][25] - The company has rapidly grown to nearly 200 employees within its first month, attracting talent from major tech firms like Huawei and Xiaomi [14][30] - The focus on AI terminals is expanding beyond traditional devices, potentially integrating into smart vehicles as central systems for human-machine collaboration [20][35] Group 4 - The concept of AI terminals is evolving, encompassing not just hardware but also software and new interaction models, breaking existing product definitions and competition logic [16][32] - Consumer-grade AI terminals are forming intelligent closed loops, with AI phones, PCs, and tablets becoming key entry points for connecting model capabilities with daily life [17][33] - The integration of AI terminals with smart cockpit technology is becoming a consensus in the automotive industry, aligning with strategies from major players like Huawei and Xiaomi [20][36]