Core Insights - NIO reported record-high deliveries and revenue for Q3 2025, with 87,071 vehicles delivered, representing a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8% [1][4] - The company's Q3 revenue reached 21.79 billion yuan, a year-on-year increase of 16.7% and a quarter-on-quarter increase of 14.7% [1][4] - NIO's overall gross margin improved to 13.9%, and the vehicle gross margin reached 14.7%, both marking the highest levels in nearly three years [1][5] - Cash reserves increased significantly to 36.7 billion yuan, with positive operating cash flow and free cash flow achieved [1][6] Delivery and Revenue Guidance - For Q4 2025, NIO expects to deliver between 120,000 and 125,000 vehicles, which would represent a year-on-year growth of 65.1% to 72.0% [1][6] - Revenue guidance for Q4 is projected to be between 32.76 billion and 34.04 billion yuan, indicating a year-on-year increase of 66.3% to 72.8% [1][8] Infrastructure Development - As of October 31, NIO has established a total of 3,614 battery swap stations, 4,801 charging stations, and 27,396 charging piles globally, indicating ongoing infrastructure expansion [1][8]

| 项目类别 | 数据指标 最新 | 最新 | 环比 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 95,400.00 | +4920.00↑ 前20名净持仓（日，手） | -163,468.00 | +8642.00↑ | | 期货市场 | 主力合约持仓量（日，手） | 343,199.00 | -21879.00↓ 近远月合约价差（日，元/吨） | -300.00 | +280.00↑ | | | 广期所仓单（日，手/吨） | 26,615.00 | +105.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 92,050.00 | -100.00↓ 工业级碳酸锂平均价（日，万元/吨） | 89,650.00 | -100.00↓ | | | Li₂CO₃主力合约基差（日，元/吨） | -3,350.00 | -5020.00↓ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 1,180.00 | 0.00 磷锂铝石平均价（日，元/吨） | 9 ...

| NIO 蔚来 | | | | --- | --- | --- | | 5 750 + +0.170 +3.05% | | 收盘价 11/24 16:00 美东 | | 5.930 t 0.180 +3.13% | | 盘前价 11/25 04:09 美东 | | 三 7 24 5 8 9 日 9 | | ● 快捷交易 | | 最高价 5.860 | 开盘价 5.780 | 成交量 5245.07万 | | 最低价 5.710 | | | | 平均价 5.795 | 市盈率ITM 亏损 | 总市值 142.22亿 (m) | | 振 幅 2.69% | 市盈率(静) 亏损 | 总股本 24.73亿 | | 换手率 2.96% | 市净率 -83.333 | 流通值 102亿 | | 52周最高 8.020 | 委 比 -72.41% | 流通股 17.74亿 | | 52周最低 3.020 | 量 比 0.92 | 每 手 1股 | | 历史最高 66.990 | 股息TTM -- | 换股比率 1.00 | | 历史最低 1.190 S | 股息率TIM -- | | | 昨收价 5.580 | | 成交 ...

11月21日第二十三届广州车展上，别克新能源旗舰MPV至境世家首次亮相，并发布"恒温、恒湿、恒 氧、恒洁、恒静"的"五恒"大健康座舱。新车将于12月5日正式上市并开启交付。 至境世家拥有5260/2023/1820mm的尺寸与3160mm的轴距。设计基于湾流私人飞机，线条流畅型面饱 满，风阻0.258Cd。车身采用业内顶级的12层双色涂装工艺，晶钻展翼大灯支持7种自适应照明模式；光 羽流焰贯穿式尾灯内嵌257颗超红光LED，在恶劣天气下穿透力更强。 至境世家搭载云台式超低礼宾空悬，支持前后轴同时下降。车身高度调节范围达80mm，配合超宽礼宾 踏步，分段式长扶手，使得上下车更轻松、更安全。此外，至境世家搭载手势智控滑移门，落座后仅需 挥挥手即可关门。 至境世家舱内长度超过3.6米、舱内高度超过1.3米，车身宽度利用率达80%。超330mm超长三排电滑轨 配合剧院式三排座椅布局；第二排行业首创的多姿态零重力座椅，可根据一、三排乘客的状态和位置， 自适应调节零重力姿态，以达到最大可伸展的舒适坐躺角度。此外，至境世家拥有630L-2056L后备箱 空间，满座时后备箱可容纳2只24吋行李箱和13只20吋行李箱。 别克表 ...

Industry Information - CATL and Haibosich signed a 10-year strategic cooperation agreement to enhance their advantages in energy storage technology and smart manufacturing [9] - The price of lithium iron phosphate has rebounded by approximately 10% since October, driven by strong demand from automakers and battery manufacturers [9] - A breakthrough in the certification and review technology system for domestic automotive chips has been achieved, addressing the challenges of "dare not use, cannot use" [9][10] - As of the end of October, China's electric vehicle charging infrastructure reached 18.645 million units, a year-on-year increase of 54% [11] - A total investment of nearly 10 billion yuan has been signed for 16 key projects in the new energy industry in Changzhou [12] - In the first ten months, Beijing's new energy vehicle production increased by 150% year-on-year [12] - The new AITO M7 has surpassed 30,000 deliveries within 57 days of its launch [12] - Guoxuan High-Tech has officially started mass production of standard battery cells [12] - Huawei's advanced driving solution for L3 level is set to launch commercially, marking a significant step in autonomous driving technology [12][14] - In Liuzhou, the total vehicle sales reached 1.265 million units in the first three quarters, a year-on-year increase of 33.7% [15] Policy Information - Hebei Province has adjusted its time-of-use electricity pricing policy, optimizing charging costs for electric vehicles with a peak-to-valley price difference of 70% [16][18] - Chengdu plans to build over 500,000 electric vehicle charging piles and more than 200 battery swap stations by 2030 [21] - New regulations for electric vehicle charging infrastructure in Guangxi have been proposed to clarify responsibilities among stakeholders [21] - Beijing is increasing financial support for the purchase of new energy vehicles [21] - Shenzhen is providing subsidies of up to 5 million yuan for the construction of solar-storage charging and battery swap projects [21] - The Ministry of Industry and Information Technology has announced mandatory national standards for intelligent connected vehicle safety, marking a key step in autonomous driving regulation [21][25] - The Ministry of Finance and the Ministry of Industry and Information Technology are seeking public opinions on government procurement standards for new energy vehicles [21][26] Company Information - Leap Motor reported a total revenue of 31.562 billion yuan in Q3, a year-on-year increase of 9.1% [32] - Leap Motor achieved a net profit of 150 million yuan in Q3, delivering 173,900 vehicles [32] - Xiaomi's Ultra Club racing service has expanded to its 13th city, adding the Guangdong International Circuit [32] - Xiaomi's HAD autonomous driving system is set to upgrade to a new generation XLA architecture in Q4 [32] - Avita Technology signed a business cooperation framework agreement with the Chongqing branch of the Industrial and Commercial Bank of China [32] - NIO's Firefly right-hand drive model has entered mass production, with the first batch shipping to Singapore [34] - NIO has completed the battery swap route in the western Sichuan region, covering popular tourist areas [34] - BYD's sales in the UK have surpassed 50,000 units [34] - Leap Motor's first overseas model cooperation project with FAW has been launched, expected to go into production next year [34] - Xiaopeng Motors plans to launch seven new models next year, including three super electric range-extended products in Q1 [34] - Seres is actively expanding into overseas markets, focusing on high-end smart electric vehicles [34] - Xiaomi's third-quarter profit from electric vehicles and AI reached 700 million yuan [34] - GAC Aion has become the first company in the country to obtain a high-speed L3 testing license for vehicles in collaboration with Huawei [34] - NIO's ES6 model has reached a cumulative delivery of 300,000 units [34] - Geely and Renault have officially launched their strategic cooperation in Brazil, investing 3.8 billion reais (approximately 5.1 billion yuan) [34] - Xiaomi is expected to complete its annual delivery target of 350,000 vehicles ahead of schedule [34] - Tesla's global supercharging stations have exceeded 75,000 [34] - Xiaomi's 500,000th vehicle has officially rolled off the production line, marking a significant milestone [34] - Li Auto is accelerating product iteration and global expansion, moving away from a "cookie-cutter" design approach [34]

（文章来源：证券日报） 证券日报网讯汇川技术11月25日发布公告，在公司回答调研者提问时表示，公司新能源汽车业务所处的 行业，仍处于竞争较为激烈的阶段。而从长远来看，随着市场格局的演变和技术的迭代，新能源汽车行 业或将迎来改善。 ...

证券之星消息，固德电材系统(苏州)股份有限公司（简称：固德电材）拟在深交所创业板上市，募资总 金额为11.76亿元，保荐机构为东吴证券股份有限公司。募集资金拟用于年产新能源汽车热失控防护新 材料零部件725万套及研发项目、陆河麦卡动力电池热失控防护材料生产基地建设项目、补充流动资 金，详见下表： 从目前公布的财报来看，固德电材2024年总资产为10.83亿元，净资产为6.53亿元；近3年净利润分别为 1.66亿元（2024年），9802.75万元（2023年），6423.41万元（2022年）。详情见下表： | 财务指标 | 2024 | 2023 | 2022 | | --- | --- | --- | --- | | 总资产 (元) | 10.83 Z | 7.57亿 | 5.65亿 | | 净资产(元) | 6.53亿 | 51Z | 3.17亿 | | 少数股东权益(元) | 6448.31万 | 5225.53万 | 3613.4万 | | 营业收入(元) | 9.08亿 | 6.51亿 | 4.75 Z | | 净利润(元) | 1.66亿 | 9802.75万 | 6423.41万 | | 资本 ...

11月21日，第二十三届广州国际汽车展览会盛大启幕。仰望汽车携全球限量超跑U9 Xtreme、全尺寸行政豪华SUV仰望U8L鼎世版及超级四电旗舰轿车仰望 U7重磅登场。时值品牌发布第三年收官之际，仰望集中展示年度技术及产品成果，更彰显品牌与用户共同成长的全新进程。其中，仰望U9X继拿下全球极 速、圈速"双第一"之后，再度征服国内四大赛道，刷新量产车圈速纪录；仰望U7发布"星河蓝"配色等全新选择，并同步宣布全新主张"自在掌控"，共同诠释 极致驾驭与优雅风范；仰望U8L鼎世版此前已正式上市并开启交付。 车展现场，仰望特邀U7形象大使潘展乐莅临展台，分享用车体验。潘展乐直言："仰望U7给我带来很多操控上的完美体验。每次出去玩，最期待的就是驾驶 仰望U7的这段时间，开上之后爱不释手，因为它让我有种很强的掌控感。得心应手，尽在掌控，我非常喜欢这种感觉。" 为充分响应用户个性化表达需求，仰望U7重磅推出新外观色"星河蓝"与新内饰色"旭光橙"，共同诠释"外是星河·内是晨光"的色彩哲学。双色内外呼应，搭 配全新推出的20英寸饼状锻造铝合金轮毂，既契合都市精英对豪华质感的追求，也满足其对情感表达与自我认同的内在需要。 图源：仰 ...

Core Insights - The Wuzhi County New Energy Vehicle Supporting Production Base project in Jiaozuo, Henan Province, has a total investment of 6.58 billion yuan and aims to create a specialized park for the new energy vehicle supply chain [1][2] - The first phase of the project, with an investment of 2.2 billion yuan, focuses on automotive components and is expected to generate an annual output value of 2 billion yuan and over 50 million yuan in tax revenue [1] Group 1 - The project covers an area of over 400,000 square meters and includes specialized factories, a technology research center, and logistics facilities [1] - Three projects have already been established in the base, including a 600 million yuan special electromagnetic wire production base and a 400 million yuan automotive safety parts production base, both of which are nearing completion [2] - The county has implemented 186 projects with a total investment of 66.17 billion yuan, completing 15.63 billion yuan in investments by the end of October [2] Group 2 - Wuzhi County has adopted a "project-oriented" approach to attract high-quality projects, conducting over 70 targeted investment promotions and successfully signing 10 projects with a total investment of 7.3 billion yuan [2] - The county has a high project commencement rate, with 42 out of 46 signed projects already started, achieving a commencement rate of 91.3% [2]

J 华宝英金 型向柱 FU 港股汽车50 T+0交易 * H * * * 50E TF 520780 520783 | 帮 认购 火热发行中 汽车行业,尤其新能源汽车,国内渗透 率已达阶段天花板,叠加明年补贴政 策退坡,很多车企面临巨大盈利压力, 近年来好几家车企破产清算,行业前 景怎么看? 当前政策真空期,叠加年底市场活跃 度下降、外围冲击,港股市场,尤其港 股汽车会否还有较大调整? 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 2021 - 2022 - 2023 - 2024 - 2025 近期港股汽车已明显跑输其他板块,对明年低增速预 朗已经price in,整体调整幅度或可控。预期明年市场 会有比较好的政策支撑,因此当前悲观预期下或是较 好的布局时点。 对于中国汽车出海,今年和明后年的 销售数据、收入盈利数据能否做一下 预测?全球关税政策、单边主义,对汽 车出海的影响怎么预估? 目前月度新能源渗透率仅为55.3%,仍有较大上行空 间。 补贴层面,根据近期终端调研,10月起多数省市补贴政 策开始退坡(金额下降、资格需要摇号或者直接停止) 导致四季度旺季不旺,同比下滑明显。消费者进入 ...