李斌进一步表示，公司计划在2025年实现全年Non-GAAP盈利，汽车毛利率目标为20%。明年将推出三 款新车型，预计上半年月销量可达到5万台。 展望第四季度，蔚来给出乐观预期。预计交付量将达到12万至12.5万台，同比增长65.1%至72%。营收 指引为327.6亿元至340.4亿元，同比增长66.3%至72.8%，均为历史最高水平。 李斌在财报会上重申四季度盈利目标，表示公司对此充满信心。他指出，全新ES8等高毛利车型订单强 劲，目前仍有大量库存订单待交付。预计第四季度整车毛利率可进一步攀升至18%。 据悉，全新ES8的毛利率已达到20%，5566车型毛利率在25%以上，乐道L90毛利率在15%至20%之间。 这些高毛利车型的放量将为盈利目标提供有力支撑。 针对明年新能源汽车购置税减半征收政策，李斌认为对蔚来影响相对有限。因为蔚来80%以上用户选择 租电池模式，电池价格不计入税基，这构成了蔚来的独特优势。 蔚来三季度财务数据展现出明显的改善态势。公司当季实现营收217.9亿元，同比增长16.7%，环比增长 14.7%，创下历史新高。净亏损收窄至34.81亿元，同比收窄31.2%，环比收窄30.3%。经调整 ...

正是锚定了这一传播需求的改变，2025年11月19日，"2025汽车人年度开放麦暨2025广州车展大奖启动 仪式"在广州拉开帷幕。本次活动由搜狐汽车主办，由2025（第二十三届）广州国际汽车展览会组委会 特别支持。搜狐网副总编辑、汽车事业部总经理晏成表示，希望未来搜狐汽车、搜狐视频能成为汽车圈 的"艺人培训中心"；希望每一位出镜的老总、自媒体人，都能在这里操练、展示才艺，精进手艺。 2025年的中国汽车市场已经卷出了新高度。在这场空前激烈的竞争中，一个关键趋势正在浮现：车企为 了卖车，正从拼技术、拼参数的传统战，迅速转向一场需要赚眼球的营销与传播升级战。 最显著的变化，莫过于车企一把手们纷纷从幕后走到台前，曾几何时车企老总形象多是严谨、神秘的战 略家，但今天他们必须先成为自己品牌的"首席代言人"。比如李想用极具个人风格的社交媒体发言，直 接与用户、"黑粉"互动，将品牌争议与热度一并收入囊中；雷军更是将个人IP价值发挥到极致，从技术 发布会上的演讲到工厂直播间的细致讲解，他本身就成了汽车市场最瞩目的明星。就连老牌民营车企长 城汽车的董事长魏建军等，也愈发频繁地出现在镜头前，或展示亲和力，或彰显自己的技术控本色。 ...

21世纪经济报道记者何煦阳 报道 2025年的中国汽车市场已经卷出了新高度。在这场空前激烈的竞争中，一个关键趋势正在浮现：车企为 了卖车，正从拼技术、拼参数的传统战，迅速转向一场需要赚眼球的营销与传播升级战。 最显著的变化，莫过于车企一把手们纷纷从幕后走到台前，曾几何时车企老总形象多是严谨、神秘的战 略家，但今天他们必须先成为自己品牌的"首席代言人"。比如李想用极具个人风格的社交媒体发言，直 接与用户、"黑粉"互动，将品牌争议与热度一并收入囊中；雷军更是将个人IP价值发挥到极致，从技术 发布会上的演讲到工厂直播间的细致讲解，他本身就成了汽车市场最瞩目的明星。就连老牌民营车企长 城汽车（601633）的董事长魏建军等，也愈发频繁地出现在镜头前，或展示亲和力，或彰显自己的技术 控本色。 传播的受众、形式也在发生变化，在传播规律被推荐算法改变的新媒体时代，车企的传播需要从以 往"一对多"的单向传播，转向更精准、亲民的个性化表达。从广撒网到精耕作，理解不同圈层受众的媒 体习惯，在抖音、小红书、B站等不同平台，采用不同的沟通策略；更要从灌输走向共创，充分利用短 视频、直播等互动形式，邀请用户共同参与，如工厂探秘、设计师 ...

Market Performance - The Hang Seng Index increased by 0.46% at midday on November 26 [1] - The Hang Seng Tech Index rose by 0.51% [1] Sector Performance - Pharmaceutical stocks, paper stocks, innovative drugs, and electric equipment stocks showed significant gains [1] - China Eastern Airlines shares rose over 6% [1] - Meituan shares increased nearly 6% [1] - Hengrui Medicine shares rose over 5% [1] - Smoore International shares increased nearly 5% [1] - CSPC Pharmaceutical shares rose over 3% [1] Declining Stocks - NIO shares fell over 7% [1] - Chow Tai Fook and Huayi Brothers shares dropped over 6% [1] - China Shipbuilding Defense shares declined over 4% [1] - Bilibili shares decreased over 2% [1]

2025年第三季度，蔚来汽车交付量达87,071辆，较2024年第三季度的61,855辆增长40.8%，较2025年第二季度的 72,056辆增长20.8%，交付规模稳步扩大。交付结构呈现多品牌协同发展态势：蔚来品牌高端智能电动汽车交付 36,928辆，乐道品牌家庭智能电动汽车交付37,656辆，萤火虫品牌智能电动高端小车交付12,487辆，各品牌在细分 市场均获得用户青睐。 亏损端大幅收窄，2025年第三季度经营亏损为人民币35.215亿元（4.947亿美元），较2024年第三季度下降 32.8%，较2025年第二季度下降28.3%；经调整经营亏损（非公认可计准则）为人民币27.761亿元（3.9亿美元）， 同比下降39.5%，环比下降31.3%。净亏损为人民币34.805亿元（4.889亿美元），同比下降31.2%，环比下降 30.3%；经调整净亏损（非公认可计准则）为人民币27.351亿元（3.842亿美元），同比下降38%，环比下降 33.7%，降本增效成果显著。 截至2025年10月31日，蔚来2025年累计交付241,618辆汽车，累计汽车交付量已达913,182辆，用户基础不断扩大。 营收方面， ...

Market Performance - The Hang Seng Index (HSI) rose by 178 points or 0.7%, closing at 25,894 points[1] - The National Index increased by 78 points or 0.9%, closing at 9,158 points[1] - The Hang Seng Tech Index gained 66 points or 1.2%, closing at 5,612 points[1] - Total market turnover was 231.149 billion HKD[1] Currency and Monetary Policy - The RMB/USD central parity rate was adjusted up by 21 points to 7.0826[1] - The People's Bank of China conducted 10 billion RMB MLF operations and 302.1 billion RMB in 7-day reverse repos, maintaining an interest rate of 1.4%[1] - A net withdrawal of 105.4 billion RMB occurred due to 407.5 billion RMB reverse repos maturing[1] U.S. Market Reaction - The S&P 500 index increased by 60 points or 0.9%, closing at 6,765 points[2] - The Dow Jones Industrial Average rose by 664 points or 1.4%, closing at 47,112 points, marking its third consecutive day of gains[2] - The Nasdaq Composite reversed an early decline, closing up 153 points or 0.7% at 23,025 points[2] Corporate Earnings - Alibaba reported a net profit of 20.99 billion RMB for Q2, down 52.2% year-on-year, with revenue of 247.795 billion RMB, up 4.8%[4] - NIO's total revenue for Q3 was 21.794 billion RMB, up 16.7% year-on-year, with a gross profit of 3.025 billion RMB, up 50.7%[5] - Tongcheng Travel reported a revenue of 5.509 billion RMB for Q3, up 10.4% year-on-year, with a net profit of 976 million RMB, up 23%[6]

2. 国际贵金属期货普遍收涨，COMEX 黄金期货涨 0.78%报 4126.3 美元/盎司， COMEX 白银期货涨 1.50%报 51.08 美元/盎司。美联储理事主张大幅降息，强化市 场宽松预期。俄乌冲突现缓和迹象，但西方长期介入仍存不确定性。美国财政赤 字扩大加剧美元信用担忧。 3. 伦敦基本金属涨跌参半，LME 期镍涨 1.50%报 14920.00 美元/吨，LME 期锡涨 0.83%报 37695.00 美元/吨，LME 期铜涨 0.55%报 10832.50 美元/吨，LME 期锌跌 0.02%报 2999.50 美元/吨，LME 期铅跌 0.13%报 1981.50 美元/吨，LME 期铝跌 0.39%报 2801.00 美元/吨。 地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准 ...

Group 1 - Alibaba's stock dropped over 2% following its earnings report [1] - Xiaoma Zhixing-W saw an increase of over 5% [1] - NIO's stock declined by approximately 7% [1] - Zhihu's stock fell by over 4% [1]

Group 1: Market Overview - The Hong Kong stock market opened higher today, with the Hang Seng Index at 26,046.74 points, up 152.19 points, a rise of 0.59% [1] - The Hang Seng Technology Index reported 5,649.77 points, increasing by 37.74 points, a gain of 0.67% [4] Group 2: Company Earnings - Alibaba (HK09988) reported its second-quarter earnings for the period ending September 30, 2025, with total revenue of RMB 2,477.95 billion, a year-on-year increase of 5%. However, net profit fell short of expectations at RMB 20.99 billion, down 52% year-on-year [3] - Alibaba's operating profit for the third quarter dropped 85% to RMB 5.4 billion, a decrease of nearly RMB 30 billion year-on-year, primarily due to losses in its food delivery business [3] - Alibaba Cloud's quarterly revenue reached RMB 398.24 billion, a year-on-year growth of 34%, marking a new high in growth rate, with AI-related product revenue achieving triple-digit year-on-year growth for nine consecutive quarters [3] Group 3: Other Company Announcements - NIO (HK09866) reported third-quarter total revenue of RMB 217.939 billion (approximately USD 30.614 billion), a year-on-year increase of 16.7%. The net loss was RMB 34.805 billion (approximately USD 4.889 billion), a year-on-year decrease of 31.2% [6] Group 4: Market Outlook - CITIC believes that the valuation recovery trend in the Hong Kong stock market is likely to continue, driven by improved domestic economic expectations, continuous inflow of funds through the Hong Kong Stock Connect, and peak expectations for U.S. interest rates. It suggests focusing on sectors such as consumption, internet, and the new energy vehicle industry chain [8] - CICC indicates that after a rapid rebound, the Hong Kong market may enter a consolidation phase, but the upward trend is not over. It recommends investors focus on "certainty" around three main lines: high dividend yield state-owned enterprises, sectors benefiting from domestic economic recovery, and high-end manufacturing benefiting from the global semiconductor cycle recovery and domestic substitution logic [8]

Core Insights - The article highlights the profound impact of China's advanced manufacturing capabilities, particularly in automation and robotics, on global industry dynamics and competition [4][10][24]. Group 1: Automation and Robotics in China - Western executives express a mix of awe and fear after witnessing China's "dark factories," which utilize AI, IoT, and robotics for fully automated production processes with minimal human intervention [4][5]. - Companies like Xiaomi and NIO demonstrate the effectiveness of automation, with Xiaomi's factory producing 30,000 smartphones daily with fewer than 100 engineers [7][9]. - China's industrial robot market is projected to install nearly 300,000 units by 2024, surpassing the total installations in other regions combined, and is expected to have over 2 million operational industrial robots by the same year [12][15]. Group 2: Global Competitive Landscape - The shift in China's manufacturing strategy from low-cost labor to high-skilled engineering and innovation is reshaping global competition [5][10]. - The "robot density" in China has increased nearly 19 times over the past decade, reaching 470 robots per 10,000 manufacturing workers, outpacing the U.S. and Germany [15][18]. - China's domestic robot manufacturers have gained a market share of 57% in 2024, up from 28% a decade ago, indicating a significant shift in the competitive landscape [20]. Group 3: Geopolitical Implications - The automation revolution in China is seen as a potential game-changer in global economic competition and geopolitical balance, with implications for U.S. manufacturing and supply chain control [22][24]. - The U.S. views AI and robotics as critical to revitalizing its manufacturing sector, with potential efficiency gains of over 40% [22][24]. - The development of autonomous systems and robotics is perceived as a new arms race, with significant implications for national security and military capabilities [26][27]. Group 4: Strategic Responses from the West - The U.S. is urged to develop a national robotics strategy and enhance workforce skills to adapt to the changing landscape of automation [37][38]. - Key strategies include fostering technological alliances, focusing on differentiated innovation, and addressing the challenges of energy consumption and infrastructure [38][39]. - The need for a cohesive national effort, akin to the "Apollo program," is emphasized to unify resources and drive innovation in robotics and AI [37][39].