11月21日，2025广州车展如期而至，本届车展汇聚了众多车企的重磅新品。值得一提的是，别克品 牌旗下备受瞩目的新能源旗舰MPV——至境世家也在展会上亮相。这款承载着别克品牌最新设计理念 与技术成果的车型，究竟能否延续美式豪华的基因，又在电动化的浪潮中做出了哪些革新？ 至境世家的造型具有强烈的视觉冲击力，新车采用了全新的设计语言，将美式MPV的魁梧身姿和 东方美学的细腻线条进行了融合，呈现出具有辨识度的豪华气质。 前脸部分，新车采用封闭式格栅设计，下方为大尺寸进气口，进一步拉宽了车辆的横向视觉宽度， 搭配银色前唇饰板，让前脸看起来更具运动气息。车头最引人注目的是分体式大灯组，品牌称之为"晶 钻展翼大灯"，灯组内部结构精致，点亮后如同璀璨的星辰，辨识度极高。至境世家还配备了激光雷 达，其将搭载"逍遥智行"高阶辅助驾驶系统。 通过隐藏式A/B/C/D柱设计，营造出悬浮式车顶 的视觉效果。 575 车尾采用贯穿式LED尾灯设计,灯组内部的光带 造型与前大灯相呼应,视觉效果精致且富有未来 感。 and 11 11 尾部下半部分采用内凹设计,搭配简约化包围, 整体层次感强。 车尾部分，至境世家采用了贯穿式LED尾灯设计 ...

04 供给端 02 期现市场 05 需求端 高价抑制下游需求， 预计锡价震荡为主 锡周报 2025/11/22 刘显杰（联系人） 0755-23375125 liuxianjie@wkqh.cn 交易咨询号：Z0015924 从业资格号：F03130746 吴坤金（有色金属组） 从业资格号：F3036210 CONTENTS 目录 01 周度评估及策略推荐 03 成本端 06 供需平衡 01 周度评估及策略推荐 周度评估及策略推荐 ◆ 成本端：10月国内进口锡精矿增量明显，国内原料端供应紧缺略有缓解。根据中国海关公布的数据，10月锡矿砂及其精矿进口量11632实物 吨（折合约4938金属吨），同比下降15.74%，环比增加43.36%。其中从缅甸的进口量为2367吨（折合约861金属吨），同比下降43.64%，环 比增加1.50%；除缅甸外10月从其他国家合计进口量为9266吨（折合约4077金属吨），同比下降5.90%，环比增加57.05%。 ◆ 供给端：缅甸佤邦锡矿复产进度缓慢，出口量维持低位，云南地区冶炼企业原材料紧张现象仍存，短期开工率持稳，但进一步上行动力不足。 江西地区则因废料显著减少，粗锡供应不 ...

情绪遇冷， 关注需求走向 碳酸锂周报 2025/11/22 0755-23375139 zengyuke@wkqh.cn 从业资格号：F03121027 交易咨询号：Z0023147 曾宇轲（有色金属组） CONTENTS 目录 周度要点小结 ◆ 期现市场：11月21日，五矿钢联碳酸锂现货指数（MMLC）早盘报93311元，周涨7.57%，其中MMLC电池级碳酸锂均价为93550元。同日广期所 LC2601收盘价91020元，本周涨4.19%。 ◆ 供给：11月20日，SMM国内碳酸锂周度产量报22130吨，环比增2.7%。2025年10月中国进口碳酸锂23881吨，环比+21.9%，同比增加3%。1-10 月中国碳酸锂进口总量约为19.7万吨，同比增加4.9%。2025年10月智利出口碳酸锂2.5万吨，环比增长56%；其中出口至中国的量为1.62万吨， 同比减4.5%，环比增46.0%。 ◆ 需求：据乘联会，11月1-16日，全国乘用车新能源市场零售55.4万辆，同比去年11月同期增长2%，较上月同期增长7%，今年以来累计零售 1070.3万辆，同比增长21%；11月1-16日，全国乘用车厂商新能源批发61 ...

11月21日，第23届广州国际车展在中国进出口商品交易会展馆拉开帷幕。相关数据显示，本届广州车展 共展出1085台展车，其中全球首发新车93台，新能源车型达629台。 《中国经营报》记者了解到，本届广州车展"新时代旗舰四座MPV"岚图梦想家山河正式上市，售价 70.99万元。在发布会现场，岚图汽车董事长、总经理卢放回顾了岚图梦想家代代领先的傲人成绩：今 年前10个月，岚图梦想家累计销量增速第一，单车均价突破40万元，持续蝉联高端MPV销量冠军，每 卖出3台高端MPV，就有1台是岚图梦想家。在权威第三方调研中，岚图梦想家更获评"最受用户推荐新 能源MPV"，实现销量与口碑双丰收。 除了岚图梦想家外，"新时代旗舰SUV"岚图泰山也一起亮相，这款车上市21分钟全系车型锁单量突破1 万台；12月，备受瞩目的"新时代旗舰轿车"岚图追光L将正式上市。 （文章来源：中国经营报） 以主动安全为例，新车配备21项智能安全辅助功能，构建全天候、全场景、全方向的主动安全保障能 力。不论是极端天气，还是盲区横穿、车道加塞、路口斜穿的突发状况，均能从容应对，主动避险。目 前，华为乾崑智驾已经为岚图用户避免超4万次可能的碰撞风险。 记者 ...

Core Insights - In October, China's total electricity consumption reached 857.2 billion kWh, marking a year-on-year growth of 10.4%, the first monthly increase exceeding 10% this year [1][3] Group 1: Electricity Consumption by Industry - The primary industry saw a 13.2% increase in electricity consumption, significantly driven by the electrification transformation in livestock and fishery sectors [3] - The secondary industry, which accounts for over 60% of total electricity consumption, experienced a growth rate of 6.2%. Notably, high-tech and equipment manufacturing led with an 11.0% increase, while electrical machinery and equipment manufacturing surged by 19.8% [3] - The tertiary industry exhibited the most remarkable growth at 17.1%, largely fueled by the rapid advancement of the digital economy, with internet data services related to big data and AI skyrocketing by 46% [3] Group 2: Factors Influencing Growth - The consumption surge during the National Day and Mid-Autumn Festival contributed significantly, with the accommodation and catering sectors increasing electricity usage by 18.4% [5] - The electric vehicle industry experienced explosive growth, with charging and swapping services seeing a staggering 61.8% increase in electricity consumption [5] - Urban and rural residential electricity consumption grew by 23.9%, attributed to the unusual weather conditions in October, particularly the high temperatures in southern regions [5] Group 3: Economic Implications - The electricity consumption data reflects three new trends in the Chinese economy: a shift towards high-tech manufacturing, rapid growth in the service sector driven by digitalization and holiday consumption, and resilient consumer spending [5] - The overall electricity usage illustrates a vivid narrative of economic recovery, showcasing the dynamic pulse of China's economy through various sectors [5]

Core Viewpoint - The Honda Fit, once a popular model in the Chinese market, has seen a dramatic decline in sales, with October sales dropping to just 3 units, highlighting the collapse of the fuel small car market and the shift towards electric vehicles [5][7][14]. Sales Performance - In October, Honda Fit ranked third in the fuel small car market, but the top three models had sales figures below double digits, indicating a significant downturn [5]. - The sales of Honda Fit have been declining for over a year, with only 695 units sold in October last year, and sales further plummeting to double digits and then single digits in the latter half of this year [7][14]. - The forecast for 2024 suggests that Honda Fit's annual sales may drop to 14,000 units, a significant decrease from previous years [14]. Market Position and Consumer Sentiment - The Honda Fit was once celebrated for its fuel efficiency, spaciousness, and practicality, appealing to young consumers with a price point around 100,000 yuan and fuel consumption as low as 5L per 100km [8]. - The model's high resale value, with a three-year depreciation rate of 63.95%, has made it a "hard currency" in the used car market [8][9]. - However, the current generation of consumers is less interested in the Honda Fit, which has lost its appeal and market presence [5][14]. Competitive Landscape - The rise of electric vehicles has diminished the competitive edge of the Honda Fit, as electric models offer superior cost efficiency and advanced technology features [13][14]. - Competing models like Geely's Xingyuan and BYD's Seagull are equipped with advanced smart driving systems, while the Honda Fit lacks technological innovations and modern interior design [14]. - The Honda Fit's starting price of 86,800 yuan does not provide a competitive advantage, especially as it lacks standout features compared to its rivals [14]. Future Outlook - Honda is attempting to revitalize the Fit with a new model featuring significant design changes, but market feedback suggests that this may not be sufficient to regain consumer interest [15]. - The increasing dominance of domestic electric vehicles poses a significant challenge for the Honda Fit, which may soon be regarded as a relic of the past [15].

作者丨彭鑫 编辑丨安安 11月22日，广汽昊铂携手顺章汽车在广州车展正式发布广汽昊铂SSR云纹金高定版，官方指导价148.6万元，全球限量发售，同时也为车主带来极速驾驶体 验，全时贴心服务，精英圈层社交，奢享旅居生活，专属交付仪式等多项权益；云纹金高定版不仅延续广汽昊铂SSR在极致性能与尖端科技上的卓越基因， 更以深厚东方底蕴与高端定制文化，重新定义"中国超跑"的精神内核。 云纹金高定版本，更在广汽昊铂SSR极致性能基础上，注入深厚的文化哲思与美学追求。深度植根中华传统文化。车身采用暖调金色涂装，灵感源自经典超 跑黄的高辨识度基因，并赋予黄金质感以传递尊贵属性。尤为瞩目的是，全车手工绘制逾2万个"朵云纹"， 耗时高达 200 余小时；设计灵感源自魏晋至唐宋 时期的祥瑞纹样，曾见于敦煌经卷与宋代瓷器，寓意"吉祥聚合"，每一笔云纹均由匠人纯手工精雕细琢，覆盖整车表面，使每台广汽昊铂SSR云纹金高定版 车型皆成为独一无二的移动艺术品。 内饰方面，甄选欧洲顶级奢侈品皮料供应商，与爱马仕同源的百年工坊定制皮革，辅以手工缝制工艺，触感细腻、质感非凡。悬浮式中控与数字化仪表盘则 注入未来科技气息，完美平衡人文温度与数字体验 ...

Core Viewpoint - Shanghai Tongling Automotive Technology Co., Ltd. (Tongling Technology) has been approved for its initial public offering (IPO) on the Beijing Stock Exchange, marking the 80th company to pass the review this year [1]. Company Overview - Tongling Technology focuses on the research, production, and sales of automotive interior components, including door trim strips, instrument panels, and center console panels, primarily for passenger vehicles [1]. - The company is recognized as a high-tech enterprise that integrates product research and design, mold development, production, and sales [1]. Shareholder Structure - The controlling shareholder of Tongling Technology is Xiang Chunchao, who directly holds 14.15% of the company's shares. Together with 23 other shareholders acting in concert, they control 75.88% of the voting rights at the shareholders' meeting [2]. - The actual controllers of the company include Xiang Chunchao, Xiang Jianwu, and Xiang Jianwen, who are family members [2]. IPO Details - Tongling Technology plans to publicly issue up to 15.6 million shares, with a potential increase to 17.94 million shares if the overallotment option is fully exercised [2]. - The company aims to raise approximately 411.44 million yuan (approximately 41.14 million) for projects including the production of automotive interior components, smart upgrades, and research center enhancements [2]. Review Meeting Insights - The review meeting raised inquiries regarding the stability of the company's performance, particularly in light of the rapid development of new energy vehicles and market structural adjustments [3]. - Questions were also posed about the high proportion of overseas revenue and the sustainability of this income, as well as the progress of the construction of the company's factory in Mexico [3].

Core Insights - Volkswagen is officially launching the delivery process for a new generation of smart connected vehicles, focusing on new energy products as a core development direction [1][2] - The company aims to accelerate innovation and local manufacturing in China, offering a diverse range of power options including pure electric, plug-in hybrid, and range-extended models to meet personalized travel needs [1] Group 1: New Product Launches - Volkswagen is set to unveil two new plug-in hybrid models, the SAIC Volkswagen Passat ePro and the FAW-Volkswagen new Tayron L, at the 2025 Guangzhou Auto Show [1][2] - The Passat ePro is built on a new dedicated plug-in hybrid platform and features the EA211 1.5T EVO II engine, optimizing both power output and energy efficiency [1] - The new Tayron L plug-in hybrid model is based on the fuel version and has undergone comprehensive upgrades in power systems, technology configurations, and exterior design [2] Group 2: Future Plans and Market Strategy - Volkswagen plans to launch 21 new energy models in the Chinese market by 2027, expanding to 31 models by 2029, all maintaining German engineering quality and incorporating cutting-edge technology [2] - The company showcased an immersive future-oriented exhibition booth at the Guangzhou Auto Show, highlighting its commitment to advancing towards the smart connected era [2] Group 3: Brand Collaborations and Consumer Engagement - Volkswagen has collaborated with Disney for special edition models of ID.3, ID.4 CROZZ, and the Zhiji 06, coinciding with the upcoming release of "Zootopia 2" [3] - The exhibition booth featured an area dedicated to brand DNA, allowing visitors to experience Volkswagen's safety and reliability through interactive displays and demonstrations [3] - The company emphasizes its commitment to providing high safety, quality, and reliability for Chinese consumers, regardless of technological advancements [3]

Group 1 - The 23rd Guangzhou International Auto Show, themed "New Technology, New Life," commenced on November 21, showcasing 1,085 vehicles, with 93 new car debuts [1] - Among the exhibited vehicles, 629 were new energy vehicles (NEVs), accounting for nearly 60% of the total, reflecting a significant increase from the previous year's show where NEVs did not exceed half [1] - In 2024, China's automotive production and sales are expected to exceed 30 million units, with NEV production and sales surpassing 10 million units for the first time, and NEV ownership increasing 5.4 times compared to 2020 [1] Group 2 - The auto show highlighted the rapid development of electric and intelligent vehicles, with a focus on advanced driving technologies becoming a core attraction [2] - Companies like Avita and Huawei announced a new phase of collaboration, integrating advanced driving solutions and intelligent cockpit technologies into Avita models [2] - The exhibition saw an 81% increase in the number of exhibitors showcasing innovations in electric motors, energy storage, autonomous driving, and artificial intelligence, indicating a collaborative advancement across the entire automotive supply chain in China [2][3]