光大证券国际策略师伍礼贤预计，汽车行业将出现分化，投资者可关注增长势头较强的企业，明年购置 税征收5%，虽然这会对汽车企业构成挑战，但也具备筛选作用，有利于竞争力强的企业脱颖而出。政 策影响可以从不同时间维度观察，对龙头企业而言长期未必构成利空。 消息面上，车企陆续公布第三季度业绩等数据，小鹏汽车公布业绩后大跌。业内人士认为，部分新势力 的财务数据不如预期引发大跌，考虑到第四季度新能源汽车依然降价，2026年新能源汽车购置税重新征 收，接下来汽车行业格局将会有变化，第四季度新能源依然维持高增长，但2026年燃油车可能抢回部分 份额。 智通财经APP获悉，汽车股尾盘跌幅扩大，截至发稿，小鹏汽车-W(09868)跌4.34%，报78.3港元；长城 汽车(02333)跌4.05%，报14.47港元；广汽集团(02238)跌2.76%，报3.17港元；理想汽车-W(02015)跌 1.78%，报68.8港元。 ...

2025.11.17 本文字数：1069，阅读时长大约2分钟 作者 |第一财经 李隽 宁德时代（300750.SZ，03750.HK）11月17日晚间公告称，根据2025年11月17日询价申购情况，初步确 定的本次询价转让价格为376.12元/股，拟转让股份已获全额认购，初步确定受让方为16家机构投资 者，拟受让股份总数为4563.24万股。 以此计算，宁德时代第三大股东黄世霖套现金额将超过171亿元。17日宁德时代股价跌3.3%，报收 390.78元。 公告称，本次询价转让为非公开转让，不通过集中竞价交易或大宗交易方式进行，不属于通过二级市场 减持。受让方通过询价转让受让的股份，在受让后6个月内不得转让。本次询价转让收到有效报价单共 55份，涵盖基金管理公司、合格境外机构投资者、保险公司、证券公司、私募基金管理人等专业机构投 资者。参与本次询价转让报价的机构投资者合计有效认购股份数量为1.465亿股，对应的有效认购倍数 为3.2倍。 有公募基金人士向第一财经记者表示，今天询价的时候，就知道其实底价并不是七折或者八折那么低， 从结果来看定价并不算低，宁德时代依然是很优质的资产。 11月14日的公告当中，宁德时 ...

作者 | 第一财经 李隽 宁德时代（300750.SZ，03750.HK）11月17日晚间公告称，根据2025年11月17日询价申购情况， 初步确定的本次询价转让价格为376.12元/股，拟转让股份已获全额认购，初步确定受让方为16家机 构投资者，拟受让股份总数为4563.24万股。 2025.11. 17 本文字数：1069，阅读时长大约2分钟 以此计算，宁德时代第三大股东黄世霖套现金额将超过171亿元。17日宁德时代股价跌3.3%，报收 390.78元。 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 这并非黄世霖首次减持，2022年1月11日到6月1日，黄世霖就已经通过大宗交易方式多次减持宁德 时代，按照前复权价格计算，2022年上半年宁德时代股价在180元到330元之间波动。 此外，宁德时代近50%的H股IPO基石投资者锁定股份将于2025年11月20日起解禁（上市半年 后），合共大约7750万股，市值超过400亿港元 ...

Core Viewpoint - Ningde Times announced a non-public transfer of shares at a price of 376.12 CNY per share, with a total of 45.6324 million shares to be transferred, resulting in a cash-out of over 17.1 billion CNY for the third-largest shareholder, Huang Shilin [2] Group 1: Share Transfer Details - The share transfer was fully subscribed by 16 institutional investors, with a total of 1.465 billion shares effectively subscribed, resulting in a subscription multiple of 3.2 times [2] - The transfer is not conducted through centralized bidding or block trading, and the acquired shares cannot be transferred within six months [2] - The price floor for the transfer was set at no less than 70% of the average trading price over the previous 20 trading days [3] Group 2: Market Reaction and Valuation - On the announcement date, Ningde Times' stock price fell by 3.3%, closing at 390.78 CNY [2] - Market participants indicated that the pricing was not significantly discounted, suggesting that Ningde Times remains a high-quality asset [2] Group 3: Future Considerations - Approximately 77.5 million shares from the H-share IPO cornerstone investors will be unlocked on November 20, 2025, with a market value exceeding 40 billion HKD [4] - The company faces potential risks, including the restoration of the new energy vehicle purchase tax and rising lithium carbonate prices, which could impact cost structures [4] - Lithium carbonate futures reached a limit increase of 9%, with a price of 95,200 CNY per ton, marking a 63% increase from six months ago [4]

Core Viewpoint - Huang Shilin, the third-largest shareholder of CATL, is cashing out again, with a planned transfer of shares that will exceed 17.1 billion yuan, indicating a significant liquidity event for the company [1][2] Group 1: Share Transfer Details - CATL announced a share transfer price of 376.12 yuan per share, with a total of 45.6324 million shares to be transferred, fully subscribed by 16 institutional investors [1] - The share transfer is a non-public transfer, and the acquired shares cannot be transferred for six months post-acquisition [1] - The effective subscription amount for the transfer was 146.5 million shares, resulting in a subscription multiple of 3.2 times [1] Group 2: Market Reaction and Valuation - Following the announcement, CATL's stock price fell by 3.3%, closing at 390.78 yuan [1] - Market participants noted that the transfer price was not significantly discounted, indicating that CATL remains a high-quality asset [1] Group 3: Historical Context and Future Considerations - This is not the first time Huang Shilin has reduced his stake; he previously sold shares between January and June 2022, with prices fluctuating between 180 yuan and 330 yuan [2] - Approximately 77.5 million shares from CATL's H-share IPO cornerstone investors will be unlocked on November 20, 2025, with a market value exceeding 40 billion HKD [2] - Industry risks include the potential restoration of the new energy vehicle purchase tax in 2026 and rising lithium carbonate prices, which have surged by 63% compared to six months ago [2]

Core Viewpoint - The third-largest shareholder of CATL, Huang Shilin, plans to transfer 45.63 million shares, representing 1% of the total share capital, valued at approximately 18.4 billion yuan, indicating significant market activity and potential short-term impacts on CATL's stock price and the solid-state battery sector [1] Company Summary - CATL announced that Huang Shilin intends to transfer shares due to personal funding needs, which may lead to intense negotiations between incoming institutions and Huang [1] - The transfer is expected to create a short-term impact on CATL's stock price, with potential volatility in the solid-state battery sector [1] Industry Summary - Despite the anticipated short-term impact, the battery industry outlook remains positive, with expectations of a "golden pit" opportunity for investors [1] - Consideration of the long-term effects of the resumption of purchase tax for new energy vehicles starting in 2026 is crucial for the industry [1]

2025.11. 16 本文字数：2093，阅读时长大约4分钟 作者 | 第一财经 李隽 "周一卖不卖宁德时代？"这个周末，基金经理们都在加班加点讨论这个话题。 11月13日晚间，宁德时代（300750.SZ，03750.HK）发布公告称，第三大股东黄世霖拟转让 4563万股，占总股本比例为1%，按照最新收盘价转让这部分股权价值达184亿元，即使按最低价 格"打七折"测算，也依然价值过百亿元；宁德时代称，黄世霖转让所持股权的原因为自身资金需 求。 对此，有业内人士认为，因为有半年限售期，预计此次即将接盘的机构跟黄世霖之间有比较激烈的博 弈，短期对宁德时代股价、甚至是固态电池板块造成一定冲击，但考虑到电池行业前景依然看好，可 能短期可能出现"黄金坑"，不过也要考虑2026年开始新能源汽车恢复购置税对行业的长期影响。 最低七折转让，接盘者有半年锁定期 宁德时代公告称，本次询价转让不通过集中竞价交易或大宗交易方式进行，不属于通过二级市场减 持。 11月13日收盘，宁德时代市值为1.844万亿。以此计算，黄世霖持股价值超过1800亿元，所转让的 这部分股权价值达184亿元。 公告显示，黄世霖目前直接持有宁德时代10. ...

Group 1 - Alibaba has secretly launched the "Qianwen" project, aiming to create a personal AI assistant app to compete directly with ChatGPT, leveraging the Qwen model's strengths [2][3] - This initiative is part of Alibaba's broader AI strategy, which includes a significant investment of 380 billion RMB in AI infrastructure announced earlier this year [2] - The management believes the timing is right to enter the consumer AI market, having previously focused on B2B AI services through Alibaba Cloud [3] Group 2 - Tencent's president confirmed a good relationship with Apple, discussing potential agreements regarding a 15% fee on purchases of WeChat mini-games [4][5] - The two companies are exploring ways to enhance the mini-game ecosystem, with a formal approval possibly forthcoming [5] Group 3 - Evergrande Auto has received a court ruling accepting creditors' bankruptcy and liquidation petitions for its subsidiary, Evergrande New Energy Vehicle (Tianjin) Co., Ltd [7][8] - The subsidiary, which has a registered capital of 4.1 billion RMB, has halted production since January 2024 [8][9] - Trading of the company's shares will remain suspended until further notice [10] Group 4 - China has completed the first phase of 6G technology trials, accumulating over 300 key technology reserves [11] Group 5 - Starting next year, the full exemption of purchase tax for new energy vehicles will end, prompting 17 major automotive brands to offer tax subsidies to secure orders [12][13] - From 2024 to 2025, new energy vehicles will continue to be exempt from purchase tax (up to 30,000 RMB per vehicle), while from 2026 to 2027, the tax will be halved (up to 15,000 RMB per vehicle) [12] Group 6 - Baidu's chairman addressed concerns about an AI bubble, stating that the industry structure is shifting from an unhealthy "pyramid" to a healthier "inverted pyramid" [16][18] - This new structure emphasizes that the value generated by models and applications should significantly exceed that of the underlying chips, promoting a sustainable ecosystem [18] Group 7 - A fire incident at Sinochem Quanzhou Petrochemical resulted in 7 injuries, with the situation now under control and the cause under investigation [19] Group 8 - The "Jiu Yang" brand's stock surged following the popularity of its new product, but the company clarified that it has no equity ties with the related "Jiu Yang Bean Industry" [20]

Core Viewpoint - From January 1st next year, China's new energy vehicle purchase tax will be adjusted from full exemption to a 50% reduction, which is expected to stimulate market demand during the traditional sales peak at the end of the year [1] Group 1: Market Impact - The adjustment of the purchase tax, combined with the year-end sales peak, has led to a new wave of consumer demand in the new energy vehicle market [1] - A car showroom in Haikou, Hainan, has reported a significant increase in customer traffic and order volume due to the policy change and the seasonal demand [1]

每经记者｜李星 每经编辑｜裴健如 车市传统"银十"销售旺季，自国庆中秋"双节"揭开序幕。 "难得有这样一个长假机会，可以带着家里老人和小孩一起到店里看看实车，试驾体验一下。"10月2日，家住江西南昌的张贤（化名）在腾势汽车线下门店 内看车时，向《每日经济新闻》记者如此表示。 车企端，也有不少品牌在双节期间推出促销活动，以期吸引更多消费者。据红星资本局不完全统计，截至10月5日，包括理想、小鹏、广汽本田、广汽丰田 等在内的7个汽车品牌官宣了国庆专属的促销政策，包括现金补贴、置换补贴、定金抵扣尾款、金融政策、限时特价和积分等，促销时间大多截至10月8日或 10月12日。 对此，中国汽车流通协会副秘书长郎学红认为，今年以来，相关主管部门一直在治理"内卷式"竞争，厂家对降价会比较谨慎。"国庆期间，很多省市都在举 办车展，厂家也会有一些支持性政策。再加上'金九银十'本就是车市需求旺季，车企没有必要在这个时候进一步降价。"郎学红表示。 "今年比较特殊，自2026年1月1日起，新能源汽车购置税将恢复征收，实施'减半征收'的过渡政策。同时，'两新'政策也存在明年退出的可能性。在这样的背 景下，今年四季度车市需求旺盛，将出现比 ...