"下一步，小米汽车将坚持不懈抓安全、抓交付，在保证安全和品质的基础上全力以赴加快生产。" 小米集团创始人、董事长兼CEO雷军20 日说。 20日，第50万辆小米汽车在位于北京经济技术开发区（北京亦庄）的小米汽车超级工厂下线。自2024年3月28日首款车型SU7正式发布， 小米汽车用602天刷新了全球新能源车企50万辆下线的最快纪录。 雷军表示，50万辆下线标志着小米汽车包括研发、制造、销售、交付和服务的完整体系能力得到了充分验证，也标志着小米汽车得到消费 者的广泛认可，进入了规模化的新阶段。 11月18日，小米集团发布三季度财报显示，该季度交付汽车超10万辆，创单季度历史新高，同比增长173.4%。今年前三季度，小米汽车 累计交付量超26万辆，9月、10月连续2月交付量超4万辆，预计本周将提前完成35万台的交付目标。值得注意的是，三季度，小米汽车业 务首次实现单季度盈利，智能电动汽车收入为283亿元。 · · · · · · · · l 往期推荐 雷军还透露， 2025年全年小米汽车预计将交付超过40万辆。 " 大家对于小米汽车有很多期待，言胜于行，以行践言，我们会用实际行动向大家交出更好的答卷。 "雷军说。 ...

Group 1: Market Overview - The Hong Kong stock market continued its downward trend, with the Hang Seng Index falling by 0.38%, the Hang Seng China Enterprises Index down by 0.26%, and the Hang Seng Tech Index decreasing by 0.69% [2] - The total trading volume in the market was approximately 211.4 billion HKD, with short selling accounting for about 22.58% of the total trading volume over the past three days, indicating a relatively high level of short selling [2] - Net inflow from southbound funds decreased to approximately 6.6 billion HKD, with Xiaomi Group, Alibaba, and the Southern Hang Seng Tech ETF being the most actively traded stocks [2] Group 2: Sector Performance - The resource sector showed resilience, with gold prices stabilizing around 4,100 USD per ounce, leading to a rebound in gold and non-ferrous metal stocks [3] - Oil and gas stocks maintained upward momentum due to OPEC+ members announcing a pause in production increases, alleviating concerns over supply surplus [3] - Conversely, the consumer and technology sectors generally performed poorly, with significant declines in new consumption concepts and electric vehicle stocks [4] Group 3: Company Analysis - Weisheng Holdings (3393.HK) - Weisheng Holdings has a broad overseas business network, with overseas revenue expected to reach 2.4 billion RMB in 2024, a fivefold increase since 2020, reflecting a CAGR of 58% [7] - The ADO business is entering a rapid growth phase, with overseas market revenue expected to accelerate, particularly in data center energy solutions [8] - The company has maintained a leading position in bidding for projects from the State Grid and Southern Grid, with a significant increase in bid amounts from 620 million RMB in 2020 to 1.04 billion RMB in 2024, representing a CAGR of 13.8% [9] Group 4: Financial Projections - The report initiates a "Buy" rating for Weisheng Holdings with a target price of 17.36 HKD, predicting net profits of 920 million, 1.21 billion, and 1.53 billion RMB for 2025, 2026, and 2027 respectively [10] - The estimated PE ratio for 2026 is 10.6 times, with a dividend yield of 4.7%, indicating potential for valuation improvement [10]

【#王传福和李书福为海外市场站台#，发生了什么？】#明年国内汽车市场竞争预期加剧#今年10月，较 少公开露面的比亚迪和吉利"掌门人"王传福和李书福，接连为自己的海外市场站台。先是王传福出现在 当月10日出现在比亚迪巴西工厂，随后李书福又现身马来西亚东盟峰会。 步入11月，两家公司又先后在第三季度财报投资者沟通会上，给明年的海外市场销量定下了一个高速增 长的目标。其中，吉利2026年预计海外销量增长50%~80%，整体规模将达到60万辆级别。而比亚迪 2026年海外销量规模预计将达到150万辆，同比增速预计和吉利相当。 随着新能源汽车补贴政策的进一步退坡，市场对明年的竞争态势预期会进一步加剧。11月6日，比亚迪 在一场投资者电话会议中表示，公司预计明年中国电动汽车市场将面临更大的竞争压力，车辆购置税优 惠幅度从10%降至5%会导致车企每辆车的利润减少约千元。 ...

Core Viewpoint - The appointment of Wang Xiaoling as the new executive vice president of Changan Mazda signifies a critical turning point for the brand, which is struggling with declining sales and falling behind in electrification efforts [1][6]. Group 1: Sales Performance - Changan Mazda's sales have plummeted from 132,400 units in 2021 to 75,700 units in 2024, nearly halving [1]. - The downward trend continued into early 2025, with a year-on-year decline of 20.97% in January and February [1]. - In February 2025, Changan Mazda sold 2,954 units, a decrease of 29.52% compared to the previous year [2]. Group 2: Market Position and Competition - Changan Mazda has struggled to keep up with the rapid growth of electric vehicles in China, while competitors like BYD and new entrants have aggressively captured market share [3]. - The brand's main models, such as the CX-5 and CX-50, are still primarily recognized as gasoline vehicles, leading to a disconnect with current consumer preferences for electric and smart features [3]. - Changan Mazda faces intense competition in the 100,000 to 200,000 yuan price range from local brands that offer better technology and pricing [3]. Group 3: Brand Perception and Quality Issues - The brand's reputation has suffered due to frequent quality complaints, with over 270 complaints reported in the last six months, primarily concerning cooling and steering system failures [4]. - The once strong brand loyalty is dwindling, as the core customer base becomes increasingly limited [4]. Group 4: Leadership and Strategic Direction - Wang Xiaoling's appointment comes with high expectations to revitalize the brand and address the challenges posed by the previous leadership's commitments to achieve 300,000 units in annual sales by 2027 [6][8]. - Her experience within the Changan system is seen as an advantage in aligning Mazda's global technology with local market needs [6]. - Key tasks for Wang include accelerating the development of new energy products and establishing Changan Mazda as a key player in the global electric vehicle market [8][9]. Group 5: Recent Developments - In October 2023, Mazda's sales in China reached 11,376 units, a 52% month-on-month increase, largely driven by the low-priced EZ-60 model [9]. - The brand must enhance its appeal to Chinese consumers by integrating advanced technology with its traditional driving experience [9].

责任编辑：杨赐 新浪科技讯 11月20日上午消息，第50万辆小米汽车在位于北京经济技术开发区的小米汽车超级工厂下 线。自2024年3月28日首款车型SU7正式发布，小米汽车仅用602天、不足20个月，就刷新了全球新能源 车企50万辆下线的最快纪录。 小米集团创始人、董事长兼CEO雷军表示，50万辆下线标志着小米汽车包括研发、制造、销售、交付和 服务的完整体系能力得到了充分验证，也标志着小米汽车得到消费者的广泛认可，进入了规模化的新阶 段。下线仪式现场，雷军也对所有用户、供应链伙伴、国家主管部门和北京市以及所有关注、支持小米 的各界朋友表示了感谢。雷军还透露，2025年全年小米汽车预计将交付超过40万辆。 ...

2025年11月19日晚，"颜值即正义 超充显实力——东风风行星海时尚之夜"于融创广州大剧院璀璨启幕。在这场融合科技与美学的盛宴中，风行星海S7 800V超快充版正式上市，限时置换价10.59万至13.59万元。 风行星海产品体验官董璇亲临现场，她的优雅亮相成为全场焦点。此外，星海V9用户个性化定制计划同步启动，品牌SUV车型星海T5也迎来首次亮 相，共同构筑了风行星海品牌全新的新能源产品图景。 : ff go . ter on the state ... 121 - . (窗 反 东风汽车 DONGFENG MOTOR it : ： : : .. . . . S .. 手机版 19 V t 1 7 VIP 8 0 2 p 8 Name F 颜值邮正义 4 央企智造，以用户为本夯实产品力 作为央企新势力，东风风行星海始终秉持"造国民好车"的初心，践行"新能源价值普惠者"的品牌承诺。依托东风柳汽71载军工底蕴、25年MPV制造经验 与东风集团前沿电混科技，品牌将央企标准贯穿产品全生命周期，铸就了"懂用户"的鲜明基因。正如风行星海品牌总监陈来所言："风行星海的初心，就是 让高品质的舒享生活触手可及，助力每一个家庭 ...

今年前三季度，小米汽车累计交付量超26万辆，9月、10月连续2月交付量超4万辆。仪式上，小米集团 创始人、董事长兼CEO雷军透露，预计本周将提前完成35万台的交付目标。值得注意的是，三季度，小 米汽车业务首次实现单季度盈利，智能电动汽车收入为283亿元。 新浪科技讯 11月20日上午消息，第50万辆小米汽车在位于北京经济技术开发区的小米汽车超级工厂下 线。自2024年3月28日首款车型SU7正式发布，小米汽车仅用602天、不足20个月，就刷新了全球新能源 车企50万辆下线的最快纪录。 责任编辑：杨赐 ...

Core Viewpoint - Xiamen Tungsten New Energy plans significant expansion by investing in two new projects, totaling 1.762 billion yuan, to enhance production capacity for high-performance battery materials and hydrogen energy materials [1][2][4] Investment Projects - The company intends to invest 1.525 billion yuan in a project to produce 50,000 tons of high-performance battery materials, with construction expected from November 2025 to December 2029 [2][3] - A second project will focus on producing 5,000 tons of hydrogen energy materials and 7,000 tons of functional materials, with an estimated investment of 237 million yuan [2][3] Financial Health - As of September 2025, the company reported cash and cash equivalents of 1.546 billion yuan and trading financial assets of 500 million yuan, indicating a strong financial position [4] - The company's asset-liability ratio stands at 45.86%, suggesting manageable debt levels [4] Market Position and Sales Performance - Xiamen Tungsten New Energy is a leading player in the lithium cobalt oxide market, achieving a revenue of 13.059 billion yuan in the first three quarters of 2025, a year-on-year increase of 29.80% [5] - The company sold 99,900 tons of lithium battery cathode materials, marking a 40.41% increase year-on-year, with cobalt acid lithium sales reaching 46,900 tons, up 45.38% [5] Strategic Partnerships - The company has secured long-term supply agreements with major industry players, including a strategic cooperation framework with Zhongwei Co., which anticipates a supply of approximately 115,000 tons of various battery materials annually from 2025 to 2028 [6] - Another agreement with Greenme aims to supply 150,000 tons of battery raw materials annually from 2026 to 2028, further ensuring raw material availability [6]

Investment Rating - The report maintains a "Buy" rating for the company with a target valuation of HKD 110 billion, corresponding to a 20x P/E for 2026 and 0.9x P/S for 2026, with a target price of HKD 77 [4][6]. Core Insights - The company has shown strong growth in both domestic and international markets, with Q3 sales reaching 174,000 units, a year-on-year increase of 102%, leading to a revenue growth of 97.3% to CNY 19.45 billion [1][2]. - The gross margin improved to 14.5%, up 6.4 percentage points year-on-year, attributed to scale effects, product mix optimization, and ongoing cost management [1]. - The company aims for a sales target of 1 million units and a profit of CNY 5 billion by 2026, supported by new model launches and an expanding sales network [2][4]. Sales and Revenue Growth - Q3 sales included 17,397 units exported and 156,000 units sold domestically, with the newly launched B01 model achieving over 10,000 deliveries for three consecutive months [2][3]. - The company plans to introduce four new models by 2026, enhancing its product lineup across various price segments [2]. International Expansion - The company is the leading new force in exports, with Q3 exports totaling 17,397 units and a cumulative export of 37,772 units for the first three quarters [3]. - Strong overseas demand is evident, with October orders reaching 12,000 units and expected to exceed 15,000 units in November [3]. - The company has established over 700 sales and service points across 30 international markets, with plans for local production in Malaysia and Europe by 2026 [3]. Financial Projections - The company forecasts sales of 610,000, 1,020,000, and 1,320,000 units for 2025, 2026, and 2027, respectively, with projected revenues of CNY 67.54 billion, CNY 112.95 billion, and CNY 151.02 billion [4][5]. - Expected net profits for 2025, 2026, and 2027 are CNY 1 billion, CNY 5.07 billion, and CNY 11.28 billion, respectively, with net profit margins improving to 1.5%, 4.5%, and 7.5% [5][12].

Report Industry Investment Rating - Not provided Core View - The current supply and demand are both strong. The news of the resumption of lithium mines in Jiangxi is inconsistent. The lithium carbonate production remains at a high level. High prices intensify the downstream wait - and - see sentiment, and the spot market trading volume is low. The power demand shows signs of peaking. The multi - empty game intensifies, and the trading channel is crowded. It is expected that the lithium price will fluctuate widely, and it is necessary to guard against a sharp fall after a rise. Production enterprises can conduct selling hedging at high positions [1] Summary by Related Catalogs 1. Lithium Carbonate Futures and Spot Prices - On November 19, 2025, the closing prices of the near - month, continuous - one, continuous - two, and continuous - three contracts of lithium carbonate futures were 99,060 yuan/ton, 99,300 yuan/ton, 99,300 yuan/ton, and 99,300 yuan/ton respectively, with increases of 5,640 yuan/ton, 5,780 yuan/ton, 5,860 yuan/ton, and 5,780 yuan/ton compared with the previous day. The trading volume was 1,767,428 lots (+279,704), and the open interest was 503,132 lots (+18,775). The SMM battery - grade lithium carbonate average price was 88,900 yuan/ton (+1,500), and the lithium carbonate (99.2% industrial - grade/ domestic) average price was 81,100 yuan/ton (+1,450) [1] 2. Lithium Ore and Related Product Prices - The price of spodumene concentrate (6%, CIF China) was 1,086 US dollars/ton (+102), the price of lithium mica (Li2O:1.5% - 2.0%) was 1,625 yuan/ton (+50), and the price of lithium mica (Li2O:2.0% - 2.5%) was 2,575 yuan/ton (+110) [1] 3. Downstream Product Prices - The average price of ternary precursor 523 (polycrystalline/consumer - type) was - 50 yuan/ton, the average price of ternary material 523 (single - crystal/power - type) was 141,150 yuan/ton (+500), the average price of lithium iron phosphate (power - type) was 38,165 yuan/ton (+365) [1] 4. Production and Sales Data in the New Energy Vehicle Market - From November 1 - 16, the new - energy retail penetration rate of the national passenger vehicle market was 62.5%, and the new - energy wholesale penetration rate of national passenger vehicle manufacturers was 60.6%. In the first week of November, the production of pure - fuel light - duty vehicles was 331,000 units, a 3% year - on - year decrease compared with the same period last November and a 59% increase compared with the same period last month. The total production of hybrid and plug - in vehicles was 185,000 units, an 8% year - on - year decrease compared with the same period last November and a 27% increase compared with the same period last month [1] 5. Lithium Carbonate Inventory - The registered inventory was 26,611 tons (+155). The SMM lithium carbonate inventory of smelters, downstream, and others was 32,051 tons, 48,772 tons, and 2,200 tons respectively. The total inventory was 120,472 tons, a decrease compared with the previous period [1]