中国电动车品牌正在欧洲市场改写竞争格局。 9月25日，欧洲汽车制造商协会(ACEA)发布的数据显示，在包含欧盟、英国和欧洲自由贸易联盟 （EFTA）在内的广义欧洲市场，比亚迪8月份的销量同比飙升201.3%，市场份额达到1.3%。 相比之下，特斯拉的销量则遭遇重挫，同比大幅下滑36.6%，其市场份额也从一年前的2.0%萎缩至 1.2%。这一下滑使得比亚迪得以连续两个月在销量上领先特斯拉。 中国品牌的强势崛起并非个例。数据显示，上汽集团（MG品牌所有者）8月销量同样实现了59.4%的强 劲增长，使其今年迄今的市场份额达到1.9%，位列该地区畅销榜第十位。 相比之下，欧洲传统汽车巨头的表现则较为平稳。大众汽车和雷诺的销量同比分别增长4.8%和7.8%， 而Stellantis集团则实现了2.2%的增长，这是其自2024年2月以来首次恢复销售增长。 这一策略具有多重优势。对于汽车制造商而言，PHEV在满足日益严格的排放标准的同时，其成本和盈 利能力通常优于纯电动汽车。此举还有利于减少关税冲击。 整体而言，欧盟汽车市场8月表现强劲，销量增长5.3%。 比亚迪执行副总裁李柯本月早些时候曾表示，预计插电混动车型将在短期内 ...

Company Overview - Freeport-McMoRan Inc. is a leading global mining company focused on copper and gold production, with significant operations in North America, South America, and Indonesia [5] - The company owns major mining assets, including the Grasberg minerals district in Indonesia, and has a diversified resource base [5] - As of June 30, 2025, Freeport-McMoRan's market capitalization was $60.70 billion, with a revenue of $25.82 billion and a net income of $1.92 billion [3] Financial Performance - Freeport-McMoRan shares were trading at $42.28 as of August 14, 2025, reflecting a nearly 3% decline over the last 12 months, underperforming the S&P 500 by 19.7 percentage points [2] - The stock's dividend yield is 1.42%, with a forward P/E ratio of 15.97 and an EV/EBITDA of 8.6 [2] - The company has a five-year revenue CAGR of 11.86% [2] Recent Developments - Lodge Hill Capital sold its entire stake in Freeport-McMoRan during Q2 2025, involving 587,820 shares with an estimated trade value of approximately $22.25 million [1] - This sale represents a complete exit from Freeport-McMoRan, which likely constituted over 5% of Lodge Hill's assets under management [6] - The decision to sell occurred prior to the Trump administration's decision not to include refined copper in a list of copper-related goods to be tariffed [6][8] Market Context - Freeport-McMoRan produces over 70% of the refined copper in the U.S., positioning it to benefit from market dynamics [9] - The company's stock price was negatively impacted by the tariff decisions, which eliminated the 28% premium that COMEX copper traded at above the LME price [9] - Despite recent challenges, Freeport-McMoRan is viewed as an excellently valued stock, aligning with long-term demand for copper driven by electrification trends [10]