2025年11月27日 星期四 7 中国10月规模以上工业企业利润数据: 2 国新办11月27日举行例行吹风会，介 费品供需适配性进一步促进消费政策措放 ③阿里首款自研旗舰双显AI眼镜11月27 4 欧洲央行公布10月货币政策会议纪要 （）美国市场因感恩节休市一天 1 隔夜市场 美股三大指数集体收涨，道琼斯指数涨0.67%，标普500指数涨0.69%，纳斯达克综合指数涨0.82%。大型科技股多数上涨，甲骨文涨超4%，AMD涨超3%， 英伟达、特斯拉、奈飞、微软涨超1%。热门中概股涨跌互现，纳斯达克中国金龙指数收跌0.03%。哔哩哔哩、小鹏汽车跌超2%，百度跌1.3%，京东涨 0.9%，阿里巴巴涨0.38%。 11月27日，美联储发布的经济褐皮书报告显示，美国经济活动近期几乎陷入停滞，美国政府关门影响消费者决策。美国制造业和零售业普遍面临投入成本压 力，主要反映关税导致的价格上涨。一些辖区指出保险、公用事业、技术和医疗保健成本上升。少数企业指出，AI取代了入门级职位，生产率提高抑制新 招聘需求。 国际油价26日上涨。截至当天收盘，纽约商品交易所1月交货的轻质原油期货价格上涨70美分，收于每桶58.65美元，涨幅 ...

Group 1 - The U.S. stock market saw all three major indices rise, with the Dow Jones up 0.67%, S&P 500 up 0.69%, and Nasdaq up 0.82% [4] - Major tech stocks mostly increased, with Oracle rising over 4%, AMD over 3%, and other notable gains from Nvidia, Tesla, Netflix, and Microsoft [4] - The U.S. economy is reportedly experiencing stagnation, with manufacturing and retail sectors facing cost pressures due to tariffs, impacting consumer decisions [4] Group 2 - European stock indices collectively rose, with the Euro Stoxx 50 up 1.50%, FTSE 100 up 0.89%, CAC 40 up 0.88%, DAX 30 up 1.19%, and FTSE MIB up 1.01% [5] Group 3 - The Hong Kong fire incident resulted in at least 36 fatalities and 279 missing, with the situation now under control [6] - The Hong Kong government is investigating the fire for potential criminal activity [6] Group 4 - The Chinese Ministry of Commerce held a video conference with the EU regarding semiconductor trade issues, emphasizing the need for constructive solutions from the Netherlands [7] Group 5 - A joint announcement from six Chinese departments aims to enhance consumer goods supply-demand adaptability, targeting significant improvements by 2027 and 2030 [8] Group 6 - Xiaomi Group repurchased 7.5 million shares for over 300 million HKD, marking its fourth buyback this month, totaling 31.5 million shares and over 1.2 billion HKD [18] - Ideal Auto reported Q3 revenue of 27.4 billion CNY, maintaining a leading position among new energy vehicle manufacturers [19] Group 7 - Vanke's bond meeting indicates potential extension of bond repayment, reflecting the company's debt pressure [17] - The departure of a prominent analyst from GF Securities highlights significant changes in the brokerage industry amid competitive pressures [20] Group 8 - Tesla's VP clarified that the company's supply chain strategy does not exclude Chinese components, with over 95% localization for parts produced in Shanghai [26] - Meta faces scrutiny from Italian antitrust authorities for potentially abusing market dominance through WhatsApp [28]

陶琳还表示，特斯拉在中国市场的性价比要归功于特斯拉上海超级工厂的"中国智造"，特斯拉很骄傲能 和中国本土的400多家供应链伙伴们一起，追求最好的品质、最高的效率和最优的成本，为中国、亚太 和欧洲市场的数百万用户打造最棒的产品。 特斯拉最新财报显示，今年三季度，特斯拉营收为281亿美元，同比增长12%，但净利润下滑29%至17.7 亿美元(非美国通用会计准则下)。按照业务划分来看，今年三季度，特斯拉核心汽车业务营收增长6%， 至212亿美元，去年同期为200亿美元。 近期，有媒体报道称，特斯拉计划在未来一两年内将其美国制造汽车中的中国零部件全部替换，引发了 市场关注。对此，特斯拉方面对中国证券报.中证金牛座记者表示：关于特斯拉"剔除中国供应链"的报 道为不实消息。 11月26日，特斯拉副总裁陶琳发文称："供应商的原产国或地理来源不构成排除性标准"。无论是针对美 国、中国还是欧洲市场，特斯拉的供应链策略核心始终围绕质量、总成本、技术能力成熟度以及长期供 货连续性展开。她透露，得益于供应链的深度整合，目前特斯拉上海超级工厂生产的Model3和Model Y 零部件本土化率已超过95%，这直接促成了相关车型在中国市场 ...

图片来源：新浪微博（@Grace陶琳-Tesla） 陶琳在回应中强调，无论是针对美国、中国还是欧洲市场，特斯拉的供应链策略核心始终围绕质量、总成本、技术能力成熟度以及长期供货连续性展开。 她透露，得益于供应链的深度整合，目前特斯拉上海超级工厂生产的Model 3和Model Y零部件本土化率已超过95%，这直接促成了相关车型在中国市场具 有竞争力的价格体系。 11月26日，特斯拉全球副总裁陶琳通过社交平台发文表示：无论是美国、中国还是欧洲，Tesla全球各生产基地的供应商选择都采用同样严格、客观的标 准，完全基于质量、总成本、技术能力成熟度以及长期供货连续性。陶琳强调，供应商的原产国或地理来源不构成排除性标准。 据陶琳此前发文，特斯拉上海超级工厂生产的车辆，已远销欧洲、亚太等多个国家和地区。 图片来源：每经记者 刘曦 摄 交付数据上，今年三季度，特斯拉全球产量为44.74万辆，同比下降4.8%；全球交付新车49.70万辆，同比增长7.4%，高于市场预估的43.96万辆。然而，由 于上半年交付量下滑幅度较大，尽管三季度表现强劲，其2025年前三季度全球总交付量较2024年同期仍下降约5.9%。 聚焦中国市场，乘 ...

美国街头，一杯杯来自东方的现制茶饮，正悄然改变着当地消费者的饮品习惯，也悄然影响着中国茶饮品牌的命运。 但这条路，远比想象中艰难。 中国茶饮出海图景：谁在登陆美国？ 在这场进军美国的浪潮中，各国产茶饮品牌展现了不同的登陆策略。 喜茶走的是高举高打的路子，它的目标很明确：直接对标星巴克等高端饮品品牌，在美国市场树立高端茶饮的品牌形象。其在纽约时代广场开设的海外首 家LAB店，选址"世界的十字路口"，正是品牌实力的试金石。喜茶将这家店的单品价格拉到了9.9美元，杯单价明显高于国内，以此测试美国市场对定价 的接受度。结果显示，开业首日便吸引顾客排起长龙，销量突破3500杯，初步验证了高端路线的可行性。 与喜茶的张扬不同，霸王茶姬选择了另一种姿态。其在洛 杉矶比佛利山庄旁的Westfield购物中心开设的北美首店，开业当天卖出5000杯，但定价明显低 于喜茶——大杯伯牙绝弦售价5.95美元，在喜茶和本土品牌之间找到了一个空白地带。这个定价策略背后，是霸王茶姬试图在竞争激烈的北美市场中开辟 出自己的生存空间：既要保持品牌调性，又要让主流消费者能够接受。 2010年以前，美国人眼中的"茶饮"还仅限于咖啡店里的柠檬茶或泰式 ...

近期，通用汽车与特斯拉加速北美供应链"去中国化"的事情闹得沸沸扬扬。 2025.11. 21 本文字数：1220，阅读时长大约2分钟 作者 | 第一财经 武子晔 "通用汽车的总体战略是'在哪里生产，就在哪里采购'。这样的供应链韧性战略具有全局性，并不特定 针对任何国家或地区。"近日，接近通用汽车的知情人士向第一财经记者表示。 今年5月，特斯拉在公开渠道上表示，上海工厂每一辆Model 3和焕新Model Y上，超过95%的零件 都产自中国。 近年来，中国供应商也越来越多地给特斯拉全球其他地方的工厂供货，部分已经跟随特斯拉在海外建 厂。特斯拉副总裁陶琳在今年5月表示，特斯拉上海工厂有400多家中国供应商合作伙伴，其中60多 家已被特斯拉引入全球采购体系。 微信编辑 | 苏小 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com 上述人士表示，自2021年以来，通用通过推进本土化采购与友岸外包来构建韧性供应链体系，这一 全球战略正持续实 ...

别克旗下高端新能源子品牌"至境"正是上汽通用高度本土化的产物。 11月21日，在广州车展上，别克至境第二款车型"世家"首次亮相，定位新能源旗舰MPV。新车是上汽 通用和中国本土供应商一起协同打造的本土化产品，基于本土全栈自研的"逍遥"超级融合整车架构打 造，采用插混动力形式，CLTC 纯电续航为224km，CLTC综合续航为1320km，零百加速5.8s；在智能驾 驶方面，上汽通用也与位列智驾行业第一梯队的本土供应商Momenta合作，开发了逍遥智行辅助驾驶系 统。 而对于特斯拉要求供应商在其美国生产的汽车中不使用中国制造零部件的消息，截至发稿，特斯拉方面 并未正面回应。 但业内人士预计，该事件也不会对特斯拉上海超级工厂带来影响。特斯拉在上海超级工厂生产的汽车， 主要使用中国本土生产的零部件，并在中国和部分海外市场销售，海外主要销往亚洲和欧洲，不销往美 国。 通用汽车北美市场本土化采购策略，并不影响上汽通用业务。 "通用汽车的总体战略是'在哪里生产，就在哪里采购'。这样的供应链韧性战略具有全局性，并不特定 针对任何国家或地区。"近日，接近通用汽车的知情人士向第一财经记者表示。 近期，通用汽车与特斯拉加速北美供 ...

Summary of American Axle & Manufacturing (NYSE: AXL) FY Conference Call Company Overview - **Company**: American Axle & Manufacturing (AAM) - **Industry**: Automotive parts manufacturing, specifically driveline systems - **Event**: Barclays Global Autos and Mobility Conference - **Date**: November 19, 2025 Key Financial Performance - **Sales Guidance**: Expected sales for the full year between $5.8 billion and $5.9 billion [2] - **EBITDA Guidance**: Projected EBITDA in the range of $710 million to $745 million [2] - **Adjusted Free Cash Flow**: Anticipated to be between $180 million and $210 million [2] Strategic Developments - **Acquisition**: AAM announced the acquisition of Dowlais Group (GKN Automotive and GKN Powder Metallurgy) in January 2025, with significant integration progress [3][4] - **Regulatory Approvals**: Received approvals from eight out of ten jurisdictions, with Mexico and China pending [4] - **Synergy Opportunities**: Expected to generate over $300 million in synergies from the acquisition [4][5] Market Dynamics - **Global Automotive Market**: Anticipated global production of 88-90 million units, with China contributing 29-30 million units [14] - **North American Market**: Steady demand for trucks and SUVs, with expectations of continued strength in GM truck franchises [15][16] - **European Market**: Concerns about competition and market share loss to Chinese OEMs, with a decline in market size from 22 million to 17 million units [15][19] Electrification and Product Strategy - **Electrification Outlook**: AAM believes in a slower adoption rate of electrification in the U.S., projecting only 20% market share by 2030, compared to earlier forecasts of 50% [20] - **Investment in Electrification**: AAM has been investing in electrification since 2010 and aims to strengthen its capabilities through the Dowlais acquisition [21][22] - **Product Portfolio**: Plans to expand product offerings to include ICE, hybrid, and electric vehicles, with a focus on being agnostic to market demands [5][38] Operational Efficiency and Margin Performance - **Margin Recovery**: Positive performance in EBITDA over the last eight quarters, with a focus on operational efficiency to offset inflation [28][29] - **Metal Forming Segment**: Aiming to recover margins to mid-teens levels through efficiency improvements [34] - **Capacity Utilization**: Emphasis on optimizing fixed costs and capacity utilization across all business segments [45][47] Synergy and Integration Plans - **Synergy Targets**: Committed to achieving $300 million in synergies, with 60% expected by the end of year two and full run rate by year three [54][57] - **Operational Integration**: Focus on consolidating offices and manufacturing plants to drive efficiency and cost savings [55][56] Financial Strategy and Capital Allocation - **Leverage Goals**: Targeting net leverage of under three times net debt to EBITDA, with a long-term goal of two times [67][68] - **CapEx Profile**: Aiming to maintain capital expenditures at 4-5% of sales, consistent with historical levels [70] - **Free Cash Flow**: Expected to generate positive free cash flow post-acquisition, despite initial restructuring costs [72] Conclusion - **Market Positioning**: AAM is strategically positioned to leverage its expanded global footprint and product portfolio, focusing on operational efficiency and synergy realization from the Dowlais acquisition [60][62] - **Future Outlook**: The company remains optimistic about its growth prospects, particularly in the context of evolving market dynamics and customer demands [19][20]

Financial Performance - The company's net profit attributable to shareholders decreased year-on-year due to a decline in product prices, which fell more than the decrease in raw material costs [2] - Accounts receivable increased by 154.47% compared to the beginning of the year, but the balance at the end of the reporting period accounted for only 0.53% of operating income, indicating effective risk management [2] Market Expansion - The company is actively expanding its overseas market presence, with export products like formic acid and dichloromethane ranking among the top in national export volumes [3] - The company plans to strengthen its foreign trade team and explore various channels for further market expansion [3] Research and Development - R&D expenses decreased by 18.93% year-on-year, attributed to different project phases and variations in research content [3] - The company remains committed to enhancing R&D investment despite the temporary reduction in expenses [3] Product Performance - Key products contributing to revenue in the first three quarters of 2025 include polyols, polycarbonate, nylon 6, and formic acid [3] - The production capacity for caprolactam was normal in Q3, with limited external sales based on market conditions [3] Financial Health - The company maintains a strong cash flow, adhering to a "payment before delivery" sales strategy, and has a solid asset-liability ratio [3] - The company's credit rating is AAA, reflecting its strong capital-raising capabilities [3] Value Management - The company emphasizes value management through active communication with shareholders via investor hotlines and performance briefings [3] - The focus is on long-term sustainable development and positive shareholder returns [3] Supply Chain Strategy - The company is deepening its "localization of supply chain" strategy to build a secure and reliable domestic supply chain [4] - The impact of international trade uncertainties, such as tariff changes, is minimized due to the relatively low proportion of import-export business in the overall operations [4]

Financial Data and Key Metrics Changes - The company ended Q3 2025 with $30 million of adjusted EBITDA, impacted by $9 million of unfavorable raw material timing and negative equity-affiliated earnings from Americas Styrenics due to an $8 million headwind from repair and other costs related to an unplanned outage in June [9][10] - Third quarter free cash flow was negative $38 million, with available liquidity at $346 million [10][11] - The fourth quarter is expected to be seasonally strong for free cash flow, with a forecast of positive $20 million and year-end liquidity over $350 million [11] Business Line Data and Key Metrics Changes - Engineered materials adjusted EBITDA was flat year-over-year, with fixed cost improvements offset by lower volumes in medical [9] - Latex binders adjusted EBITDA was $9 million below the prior year, driven by lower volume in Europe and significant pricing pressure [10] - Polymer solutions adjusted EBITDA was $19 million below the prior year, affected by unfavorable timing and lower ABS volumes [10] Market Data and Key Metrics Changes - There was a significant increase in imports of ABS from Asian producers to the U.S. and Europe, with imports to Europe from South Korea up 18% in the first half of 2025 [4][20] - The company observed a year-over-year increase of over 10% in volumes of formulated PMMA resins beginning in late Q3, continuing into Q4 [6] - Recycled content-containing plastic sales grew 2% year-to-date, with recycled solutions and engineered materials growing at 12% [7] Company Strategy and Development Direction - The company announced the discontinuation of virgin MMA production in Italy and plans to close a polystyrene production facility in Germany, expecting $30 million of EBITDA improvement next year [8] - The company is focused on sustainability, with investments in technology for circular recycled content platforms, anticipating increased demand due to new EU regulations [7] - The management highlighted five potential triggers for improved demand, including trade certainty, Federal Reserve interest rate cuts, resolution of the Ukraine conflict, rationalization of higher-cost chemical assets in Asia, and stronger support for the EU chemical industry [12] Management Comments on Operating Environment and Future Outlook - Management noted that the dynamics of trade flows are uncertain, with a mix of transitory and structural changes in demand [4][16] - The company expects Q4 2025 adjusted EBITDA of roughly $30-$40 million, assuming continued market dynamics and seasonal effects [12] - Management emphasized the importance of inventory management and restructuring activities to improve free cash flow in the short and long term [12] Other Important Information - The European Parliament finalized a directive mandating that new vehicles must contain 20% recycled plastic within six years, which is expected to drive demand for recycled materials [7] - The company’s pilot plants for recycled polycarbonate, ABS, and MMA are sold out, indicating strong interest in recycled products [7] Q&A Session Summary Question: Dynamics of trade flows and structural changes in imports - Management indicated uncertainty about whether the increase in imports is structural or transitory, noting significant inflows from Taiwan and Korea [16][17] Question: Market share of Taiwan/Korea/China in PMMA and ABS - Management noted a significant increase in imports from South Korea and Taiwan, with ABS imports to Europe up 26% in Q2 [19][20] Question: Changes in PMMA market dynamics - Management stated it is too early to determine if market dynamics are changing, but noted an increase in demand as customers seek to de-risk their supply chains [21][22] Question: Impact of unplanned maintenance on Q3 EBITDA - Management explained that the unplanned outage in June affected Q3 due to increased costs of goods sold and repair costs [24][25] Question: Future EBITDA expectations for 2026 - Management refrained from providing specific guidance for 2026 but reiterated that a 10% volume increase could result in about $100 million of EBITDA [28][30]