近日，吉利汽车发布第三代豪越L，采用最新的家族设计语言，针对空间和配置升级革新。 造型上，第三代豪越L采用天地美学家族设计，前脸配备大尺寸格栅，内部的镀铬饰条竖直排列形成纵向延伸的视觉效果。大灯采用分体式设计，与格栅巧 妙融合，点亮后辨识度较高。 座舱整体风格大气舒展，中控台配备14.6英寸悬浮式中控屏，搭载Flyme Auto智能座舱系统，可提供流畅、智能、互联、生态丰富的智能座舱体验。座椅布 局，推出5/6/7座三种，满足不同家庭的多场景需求。 动力方面，搭载1.5T涡轮增压四缸发动机，最大功率为133kW。 车身侧面是硬朗的双腰线设计，提升修长感与力量感。车尾配备贯穿式尾灯，两侧为分段式光源。车身尺寸为4865×1910×1770mm，轴距为2825mm。 ...

Renault is in talks with more automakers including China's Chery to explore partnerships to jointly produce and sell cars, a top executive said. ...

"金九银十"的传统销售旺季，多地暂停营运货车更新补贴的政策窗口期结束了。那么，进 入11月，又有哪些影响商用车行业的新政将要实施？ 全国政策 工信部：《电动汽车换电安全要求 第2部分：商用车辆》将实施 2025年11月1日起，《电动汽车换电安全要求 第2部分：商用车辆》（GB/T 40032.2- 2025）将正式实施，该推荐性国家标准规定了N1、N2、N3类换电商用电动汽车所特有的 安全要求，其他类型换电车辆可参考执行。该标准的实施将促进商用车辆领域换电模式的推 广应用，保障电动商用车辆安全、可靠运行，推动商用车辆换电产业健康发展。 三部门：规范危险货物道路运输企业安全生产管理 10月24日，交通运输部、公安部、应急管理部印发《危险货物道路运输企业安全管理规 范》，细化运输管理要求，明确使用常压液体危险货物罐车运输危险货物时，应当在罐式车 辆"道路运输证"经营范围和罐式车辆罐体定期检检报告中罐体适装介质列表范围内承运； 要求危险货物道路运输企业按照"两客一危"车辆安全码赋码规则等要求，加强对红码和黄 码危险货物道路运输车辆的精准管理。 | 索引号: | 000019713O11/2025-00042 | 机 ...

Market Overview - The A-share market experienced fluctuations on November 3, with the Shanghai Composite Index rising by 0.05% while the Shenzhen Component Index and the ChiNext Index fell by 1.06% and 1.37% respectively [1] - The total trading volume across the market was approximately 1.4 trillion CNY, showing a slight decrease compared to the previous day, with nearly 2,600 stocks declining [2] Sector Performance - Energy sectors such as coal and oil & gas saw gains, with notable increases in stocks like Antai Group, China Coal Energy, and Jincheng Anthracite Mining [13][14] - Conversely, the precious metals sector, particularly jewelry stocks, faced significant declines, with companies like Chow Tai Fook and Lao Feng Xiang experiencing drops of over 7% [6][11] Specific Stock Movements - Chow Tai Fook's stock price fell by 7.62% to 14.060 CNY, leading the decline among the Hang Seng Index constituents [6][11] - The precious metals index dropped, with several companies such as Goldwind and Hunan Gold also reporting significant losses [10][12] - Cleantech saw a sharp decline, with its stock hitting the daily limit down of 20% due to regulatory issues regarding financial data misrepresentation [17][20] Regulatory Impact - A recent announcement from the Ministry of Finance and the State Taxation Administration regarding tax policies on gold trading is expected to impact market sentiment negatively, particularly affecting the global market due to China's status as the largest gold consumer [12][16]

Core Viewpoint - The upcoming reduction in the new energy vehicle purchase tax is expected to stimulate a surge in vehicle purchases before the end of the year, with various automakers offering "tax guarantee" policies to attract consumers [1][5][7]. Group 1: Tax Policy and Consumer Behavior - The new energy vehicle purchase tax is anticipated to be halved, prompting consumers to rush to make purchases before the policy change takes effect [1][5]. - Consumers who place orders by the end of November can benefit from tax guarantee services offered by automakers, which will cover any tax differences if delivery is delayed until 2026 due to production or transportation issues [1][4]. - The tax guarantee service includes cash subsidies, with amounts varying based on the timing of the order, providing incentives for early purchases [2][3]. Group 2: Automaker Strategies - Several automakers, including Li Auto, Xiaomi, and Chery, have introduced tax guarantee policies to mitigate consumer concerns about potential tax increases in the following year [4][5]. - The sales teams of various manufacturers are encouraging consumers to place orders quickly to avoid missing out on tax benefits, especially for vehicles priced over 200,000 yuan, where the tax savings can be significant [5][7]. - The competitive landscape is intensifying as automakers aim to boost sales during the year-end rush, leveraging the tax policy changes to attract more buyers [5][7]. Group 3: Market Performance - The new energy vehicle market has shown strong performance, with retail sales reaching 901,000 units from October 1 to 26, marking a 22% year-on-year increase [7]. - Despite the positive sales figures, many automakers are struggling to meet their annual targets, making the next two months critical for their performance [7].

Market Overview - A-shares experienced mixed fluctuations on November 3, with the Shanghai Composite Index rising by 0.05%, while the Shenzhen Component and ChiNext Index fell by 1.06% and 1.37%, respectively [1][2] - The total market turnover was approximately 1.4 trillion yuan, slightly lower than the previous day, with nearly 2,600 stocks declining [2] Sector Performance - The coal, oil and petrochemical, media, and banking sectors saw gains, while lithium battery, precious metals, and semiconductor sectors faced significant declines [2][3] - The precious metals sector, particularly jewelry stocks, experienced a collective drop, with notable declines in companies like Chaohongji and Pengxin Resources [6][7] Hong Kong Market - The Hong Kong market also showed volatility, with the Hang Seng Index up by 0.58% and the Hang Seng Technology Index down by 0.24% [4][5] - Chow Tai Fook led the decline among Hang Seng constituents, dropping over 7% [5][11] Regulatory News - On November 1, the Ministry of Finance and the State Administration of Taxation announced tax policy changes regarding gold transactions, which may impact market sentiment [11][12] Company-Specific Developments - Qingyue Technology's stock hit the daily limit down of 20% due to an investigation by the China Securities Regulatory Commission for suspected financial misconduct [19][20][23] - The stock of Shikong Technology, which had previously seen a significant rise, also fell to its limit down [23] Energy Sector Activity - The coal and oil sectors were active, with companies like Antai Group and China Oilfield Services seeing substantial gains [14][16] - The recent cold weather has increased seasonal demand for coal, which may support prices in the near term [14]

Core Viewpoint - The launch of the Geely Galaxy Xingyao 6 marks a significant step in redefining the value benchmark for national family sedans, emphasizing cost efficiency and comprehensive user satisfaction through advanced technology and safety features [1][10]. Cost Efficiency - The Geely Galaxy Xingyao 6 is designed to minimize purchase, usage, and maintenance costs, promoting itself as the most cost-effective option in its class [3]. - It features the new generation Raytheon AI Hybrid 2.0 system, which includes a highly efficient hybrid engine with a thermal efficiency of 47.26%, enabling fuel consumption as low as 2.6L per 100km in congested urban conditions [4]. - The vehicle offers an extended maintenance interval of 15,000 kilometers, significantly reducing ownership costs and time commitments for users [6]. Comprehensive Features - The Xingyao 6 is equipped with four key superior features: spaciousness, safety, intelligence, and quality, exceeding user expectations and establishing a new standard for family sedans [7]. - Safety is prioritized with a high-strength steel body structure, achieving a high-strength steel ratio of 71.6%, and surpassing safety standards through rigorous testing of the battery system [7][8]. - The vehicle includes an advanced driver assistance system with multiple sensors and cameras, providing comprehensive safety features such as emergency avoidance and autonomous driving capabilities [8]. Market Positioning - The launch of the Xingyao 6 reinforces Geely Galaxy's commitment to enhancing the quality of automotive life and solidifies its position in the mainstream new energy vehicle market [10]. - The model's introduction is seen as a strategic move to cover the core A-class sedan market, further strengthening the brand's competitive edge in the evolving automotive landscape [10].

Core Insights - Geely Auto Holdings Limited reported strong sales growth for October 2025, with total sales reaching 307,133 units, a 35% increase compared to 226,686 units in the same month last year [3] - Year-to-date sales for 2025 reached 2,477,322 units, reflecting a 44% increase from 1,716,376 units in the same period last year [3] Brand Performance - Geely brand sales in October 2025 were 245,497 units, up 44% from 170,563 units year-on-year [1] - The Galaxy series under the Geely brand saw exceptional performance, with October sales of 127,476 units, a 101% increase from 63,492 units last year [2] - The Zeekr brand experienced a decline, with October sales of 21,423 units, down 14% from 25,049 units year-on-year [2] - Lynk & Co brand sales were 40,213 units in October 2025, a 29% increase from 31,074 units last year [2] New Energy Vehicles - The new energy vehicle segment showed significant growth, with pure electric vehicles (BEVs) selling 98,348 units in October, a 25% increase from 78,858 units year-on-year [2] - Cumulative sales of BEVs reached 892,072 units, a substantial 119% increase from 408,192 units in the same period last year [2] - Plug-in hybrid electric vehicles (PHEVs) saw remarkable growth, with October sales of 79,534 units, a 166% increase from 29,864 units year-on-year [4] - Year-to-date PHEV sales totaled 453,633 units, an 84% increase from 246,384 units last year [4] Export Performance - Geely's export sales in October 2025 were 41,568 units, a 23% increase from 33,904 units year-on-year [4] - Cumulative export sales for 2025 reached 337,696 units, a slight decline of 4% from 353,025 units in the same period last year [4]

智通财经APP获悉，国金证券发布研报称，今年固态电池技术突破驱动行业Capex加速，叠加2023 ～2025年连续供给侧改革与产能收敛，储能景气度超预期下行业供需格局或开始出现反转，多环节呈现 涨价潮，产业链景气度多元开花。新技术构成板块主旋律，固态电池作为长期技术方向，具备重要战略 发展意义，将带来工艺&材料体系的重塑，2025年起开启固态中试线搭建，并逐步向量产线过渡，路 线/供应链逐步明晰。此外，新场景培育未来增长极，数据中心、低空经济、人形机器人及出海等催生 新领域市场需求。伴随锂电主业企稳，板块公司布局第二成长曲线。差异化细分赛道龙头仍是优选配置 策略。 国金证券主要观点如下： 整车板块25Q3业绩总结：主机厂经营普遍承压，市场进入淘汰赛 后续看 25Q4市场进入冲量季，预计销量强劲或将继续破新高，电车渗透率预计破新高;Q4市场销量强劲是 确定的，其中主要经营中低端市场、品牌力较强的车企将集中获益，如比亚迪、零跑、吉利等。但在 2026年，市场需求面临较高的不确定性，该行预计车企将进入新一轮淘汰赛：从26年开始，车企成长性 将来自市场竞争格局的变化车企新一轮淘汰赛已经开启;就目前的时间看，虽然旧龙头 ...

Sales Performance Summary - BYD achieved sales of 441,700 units in October, representing a year-on-year increase of 5.31% and a month-on-month increase of 11%. Cumulative sales for 2025 reached 3.7019 million units, with a year-on-year growth of 20.93% [1] - Geely Automobile reported sales of 307,100 units in October, showing a year-on-year increase of 35.49% and a month-on-month increase of 12%. Cumulative sales for 2025 reached 2.4773 million units, with a year-on-year growth of 44.33% [1] - Great Wall Motors sold 143,100 units in October, marking a year-on-year increase of 22.50% and a month-on-month increase of 7%. Cumulative sales for 2025 reached 1.0664 million units, with a year-on-year growth of 9.87% [1] - Xpeng Motors recorded sales of 42,000 units in October, a significant year-on-year increase of 76% and a month-on-month increase of 1%. Cumulative sales for 2025 reached 355,200 units, with a year-on-year growth of 190.02% [1] - Li Auto's sales were 31,800 units in October, reflecting a year-on-year decline of 38.25% and a month-on-month decline of 6%. Cumulative sales for 2025 reached 328,900 units, with a year-on-year decrease of 16.36% [1] - NIO sold 40,400 units in October, achieving a year-on-year increase of 92.59% and a month-on-month increase of 16%. Cumulative sales for 2025 reached 241,600 units, with a year-on-year growth of 41.91% [1] - Leap Motor reported sales of 70,300 units in October, with a year-on-year increase of 94.78% and a month-on-month increase of 5%. Cumulative sales for 2025 reached 465,800 units, with a year-on-year growth of 126.93% [1] - Zeekr's sales were 21,400 units in October, showing a year-on-year decline of 14.48% but a month-on-month increase of 17%. Cumulative sales for 2025 reached 165,000 units, with a year-on-year decrease of 1.73% [1] - Deep Blue sold 36,800 units in October, marking a year-on-year increase of 69.33% and a month-on-month increase of 9%. Cumulative sales for 2025 reached 262,400 units, with a year-on-year growth of 80.66% [1] - Lantu reported sales of 17,200 units in October, achieving a year-on-year increase of 69.52% and a month-on-month increase of 13%. Cumulative sales for 2025 reached 114,200 units, with a year-on-year growth of 82.14% [1]