Core Insights - Lantu Automobile has officially rolled out its 300,000th vehicle, the Lantu Taishan, marking it as the first high-end new energy brand among state-owned enterprises in China to achieve this milestone [1] - The rapid growth from 200,000 to 300,000 vehicles took only 7 months, showcasing Lantu's accelerated development pace and positioning it as a benchmark for the transformation of state-owned enterprises [1] Company Performance - Lantu's sales have shown strong growth, with a year-on-year increase of 82% in delivery volume from January to October, achieving continuous growth for nine consecutive months [1] - The company has successfully launched multiple popular models, including Lantu FREE+, Lantu Dreamer, and Lantu Zhiyin, contributing to its robust performance [1] Product Highlights - The Lantu Taishan SUV features advanced technologies such as Lanhai Intelligent Super Hybrid, the first three-chamber air suspension in China, Huawei's flagship ADS Ultra, HarmonyOS Cockpit 5, EDC Magic Carpet, and bidirectional 16° rear wheel steering [1] - The vehicle is positioned to compete in the luxury market segment priced around 500,000 yuan, representing a significant breakthrough for Chinese brands in the high-end new energy sector [1]

第八届进博会期间，笔者应邀赶赴长三角区域的历史文化名城和产业重镇湖州；着重对其行政辖区内的 南太湖新区进行调研，并和当地实践者进行发展规划交流。调研中，笔者同步也接触了和南太湖新区相 邻的长兴县、吴兴区的相关机构和国企负责人。东道主们对于湖州是两山理论的发源地，均感特别自 豪；同时强调南太湖新区正在阔步迈向绿色金融新赛道。 在南太湖新区，就有一家以临床用药需求为导向的创新生物药研发生产企业；其对金融服务的需求很迫 切。以往，我在上海的调研中就感知到金融机构对于新产业研发，是有畏难情绪的；即担心投资失败而 出现坏账。而新药研发，就像闯入一个看不见底的"深水区"。每一个阶段的推进，背后都是数以百万 计、千万计的资金投入。不过，在南太湖新区，就有些敢于探索新机制的先行者。如面对生物制药行业 高投入、长周期的特性，尤其是目前企业处于发展关键期，需要更多资金支持加速研发工作的推进现 状，建行湖州南太湖新区支行相关负责人敏锐地意识到，支持原创性、突破性的新药研发，正是科技金 融最重要的使命所在。 即建行湖州分行没有固守成规，而是迅速启动了应急响应机制，与南太湖新区管委会紧密联动，组建了 一支由前中后台业务骨干构成的专业服 ...

Long-term Development Logic - The domestic energy storage market is showing significant growth, with a 116.8% year-on-year increase in domestic energy storage system bids, reaching 12.6GWh in October. The annual installation expectation is projected to reach 150GWh, with capacity pricing policies potentially driving demand beyond 200GWh by 2025, benefiting energy storage industry chain companies [1] - Internationally, the demand for data centers in North America is surging, which is expected to further catalyze growth in the energy storage sector. The ongoing electricity shortage in the U.S. is also anticipated to boost industry growth expectations [1] - Multiple policy documents have been released, including the "Guiding Opinions on Promoting the Integration of Coal and New Energy" and the white paper on "China's Actions for Carbon Peak and Carbon Neutrality." The transition of the electricity market to continuous settlement in 28 provinces marks a significant achievement in building a unified national electricity market [1] Short-term Growth Opportunities - Starting January 1, 2024, the purchase tax for new energy vehicles in China will be halved from full exemption, likely leading to a new consumption peak in the market before the policy takes effect [2] - As of November 10, 2025, the Shanghai Stock Exchange Sci-Tech Innovation Board New Energy Index (000692) has seen strong performance, with constituent stocks such as Fangyuan Co., Ltd. (688148) rising by 20.02%, Huasen Lithium Battery (688353) by 15.52%, and others showing notable increases. The Sci-Tech Innovation New Energy ETF (588830) has also risen by 0.93% [2] - The top ten weighted stocks in the Sci-Tech Innovation Board New Energy Index account for 49.07% of the index, indicating a concentrated investment in key players like Trina Solar (688599) and JinkoSolar (688223) [3]

Core Viewpoint - The rapid growth of China's new energy vehicle (NEV) exports has led to an increasing demand for overseas insurance services, particularly in the NEV insurance sector, which is becoming a new growth point for domestic insurance companies [2][3][11]. Group 1: Market Performance and Trends - In 2023 and 2024, China's NEV exports are projected to reach 1.203 million and 1.284 million units, respectively, representing year-on-year growth of 77.6% and 6.7% [3]. - The penetration of NEVs in global markets is creating new risk protection demands, prompting Chinese insurance companies to leverage their experience in NEV insurance to support emerging markets [2][4]. Group 2: Challenges in Overseas Markets - There is a notable lack of supporting services for NEVs in overseas markets, including insurance, which is critical for consumer confidence [3][4]. - High insurance premiums for NEVs in markets like the UK and Australia are discouraging consumers, with reports indicating that premiums for Chinese NEVs can be higher than those for traditional fuel vehicles [3][4]. - Local insurance companies in markets like Thailand are often reluctant to underwrite NEVs, further complicating the situation for Chinese manufacturers [3][4]. Group 3: Strategic Initiatives by Insurance Companies - China Pacific Insurance (CPIC) has partnered with Mitsui Sumitomo Insurance and several leading NEV manufacturers to establish a presence in the Thai market, marking a significant step in the internationalization of NEV insurance [2][5]. - Ping An Insurance is collaborating with Geely International to explore new financial protection models for NEVs going overseas, indicating a trend towards comprehensive risk management solutions [2][8]. - Major domestic insurers are focusing on creating localized service networks and solutions to better meet the needs of NEV manufacturers in international markets [4][9]. Group 4: Policy and Regulatory Support - Recent regulatory guidance from Chinese authorities aims to enhance the quality and efficiency of NEV insurance, promoting data sharing and risk classification [12][17]. - The government is encouraging insurance companies to innovate and adapt their products to better serve the growing NEV market, both domestically and internationally [12][17]. Group 5: Future Outlook - The shift from traditional insurance products to comprehensive service offerings is seen as essential for the future competitiveness of NEV insurance in global markets [17]. - Domestic insurers are expected to leverage their technological advantages and operational experience to establish a strong foothold in the overseas NEV insurance market [7][11].

上海社会科学院应用经济研究所副所长、新经济与产业国际竞争力研究中心执行主任汤蕴懿分析称，报 告显示出整个环境和特征的六大变化。除了上述供应链尤其是芯片等核心领域的回流趋势，在硬件方 面，工业机器人的推进使得大量工业机器人与智能制造系统高度连接；在软件方面，人工智能深度运用 到各个场景，多模态运用将加速；算力的集中突破使能源竞争进入白热化阶段，能源转型成为全球产业 重构新的关键力量；技术和贸易管控导致部分脱钩与产业分区，产业政策和贸易政策深度结合，各国充 分运用产业政策提升本国产业竞争力；在数字时代，数字基础设施以及价值链上的高端服务能力成为产 业基础竞争力。 根据报告，从指数分析看，上海产业国际竞争力处于实现结构性升级的关键阶段，结构优化效果逐渐凸 显，但还需进一步增强动能，实现系统升级。 经过近一个时间段供应链的调整，整个供应链的去集中化以及近岸、回流的趋势越发明显，全球区域 化、板块化的趋势已经基本形成。 10月9日，在2025提升长三角产业国际竞争力论坛上发布的《2024—2025上海重点产业国际竞争力指数 报告》提出上述结论。 关于重点产业领域，在2024年跟踪的十大行业中，新能源汽车、传统行业、生物 ...

Group 1: Overview of Major Assets - In October, A-shares broke through 4000 points, with a decline in bond rates and a mixed performance in commodities, while global stock indices mostly rose [1][5][8] - The Shanghai Composite Index rose by 1.85% in October, while the ChiNext Index fell by 5.33%, indicating a divergence in major indices [12][5] - The bond market saw a decline in long-term rates, with the 10-year government bond yield dropping below 1.8% [27][28] Group 2: A-share Market Dynamics - The overall fundamentals in September were weak, but there are signs of recovery in the third-quarter reports, with a slight rebound in ROE and net profit growth [2][12] - In October, the market saw a rebalancing of styles, with stable and financial sectors leading, while growth and consumer sectors lagged [12][2] - The coal, steel, and non-ferrous metals sectors showed strong performance, with coal prices rebounding and the coal sector maintaining strength [12][13] Group 3: Bond Market Insights - The long-end interest rates fell below 1.8%, while short-end rates experienced fluctuations, leading to a narrowing of the yield curve [27][28] - The credit spread decreased significantly, indicating improved market conditions [28][27] Group 4: Commodity Market Trends - In October, the commodity market saw most prices rise, with the South China Industrial Products Index fluctuating around 3500 points [32][33] - Gold prices peaked above 4300 USD/oz but later retreated below 4000 USD/oz due to easing geopolitical risks [33][32] - Oil prices continued their downward trend, with Brent crude oil dropping to 61 USD/barrel [33][32] Group 5: Overseas Equity Performance - Global stock indices mostly rose in October, with the Nasdaq leading among U.S. indices, while Asian indices showed significant divergence [44][45] - The Hang Seng Index underperformed compared to A-shares, indicating a weaker sentiment in the Hong Kong market [44][45] Group 6: U.S. Treasury Market Analysis - The long-end U.S. Treasury yields fell, with the 10-year yield dropping below 4%, while the yield curve flattened [55][56] - The implied inflation calculated from the 10-year Treasury yield showed a slight decline, reflecting market expectations [55][57]

Core Viewpoint - The Hong Kong stock market for new energy vehicle companies showed mixed performance, with some stocks rising while others fell [1] Group 1: Stock Performance - Longhua Automobile and Xiaomi Group both saw their stocks rise by over 1% [1] - Xpeng Motors experienced a decline of over 3% [1] - NIO Inc. also faced a drop, falling by over 1% [1]

Core Viewpoint - The successful listing of Seres Group on the Hong Kong Stock Exchange marks its transition from a traditional car manufacturer to a leading player in the new energy vehicle sector, with significant collaboration with Huawei [1][3]. Group 1: Company Overview - Seres Group, established in May 2007, transitioned from its previous name, Xiaokang Co., to focus on new energy vehicles, with its core brand being "AITO" [1]. - The company’s main models include the AITO M5, M7, and M9, with the M9 priced over 600,000 yuan, competing directly with luxury brands like BMW, Mercedes-Benz, and Audi [3][4]. Group 2: Financial Performance - Seres Group's market capitalization has exceeded 240 billion yuan, with a stock price increase of 30 times over five years, despite recent volatility [4]. - The company raised 14.016 billion HKD in its IPO, marking the largest IPO for a car company in Hong Kong since 2025 [4][5]. - For the first three quarters of 2025, the company reported revenue of 110.5 billion yuan, a year-on-year increase of 3.67%, and a net profit of 5.637 billion yuan, up 65.32% [5]. Group 3: Market Position and Competition - The AITO brand has seen strong market reception, with the M9 model being a top seller in the 500,000 yuan price segment, contrasting with competitors who struggle with high-end model sales [4]. - The collaboration with Huawei has significantly enhanced the brand's appeal, leading to a better market performance compared to previous models like the SF5 [3][4].

New Car Launches - BYD's new model "Summer" launched with a price range of 206,800 to 269,800 yuan, featuring advanced technology and improved electric range [2][3][12] - Mazda's new EZ-6 launched at a price of 119,800 to 162,800 yuan, emphasizing safety and driving performance [13][20] - Zeekr X launched with a price range of 155,800 to 175,800 yuan, focusing on performance and design [21][28] - Mercedes-Benz's pure electric CLA launched at a price of 249,000 to 285,600 yuan, showcasing advanced technology and design [34] - Tank 400 plug-in hybrid launched with a price range of 249,800 to 319,800 yuan, featuring off-road capabilities and advanced technology [35][44] - Tesla's Model Y long-range rear-wheel drive version launched at a price of 285,800 yuan, achieving over 800 km of electric range [45][51] - IM LS9 opened for pre-sale with a price range of 346,900 to 376,900 yuan, featuring luxury and advanced technology [52][61] - Aion i60 opened for pre-sale with a price range of 119,800 to 126,800 yuan, offering both extended range and pure electric versions [62][70] - New Xiangjie S9 opened for pre-sale with a price range of 318,000 to 378,000 yuan, focusing on luxury and technology [79] - Xpeng X9 extended range version opened for pre-sale with a price range of 350,000 to 370,000 yuan, emphasizing design and technology [80][89] - Leap Lafa5 opened for pre-sale with a price range of 105,800 to 131,800 yuan, targeting young consumers [90][96] Company Developments - Geely acquired a 26.4% stake in Renault's Brazilian operations, enhancing its market presence in Latin America [98][101] - Xpeng unveiled its second-generation VLA model and self-developed Robotaxi, showcasing advancements in AI and autonomous driving [102][113] - Volkswagen announced a partnership with Horizon to develop system-level chips, aiming for mass production in 3-5 years [114][119] - Nissan sold its global headquarters for approximately 44.94 billion yuan to improve its financial situation [124][126] Domestic News - China's combination driving assistance technology has significantly improved, with a market penetration rate of 62.58% for passenger cars equipped with such systems [128][132]

官宣"好事将近"又火速删帖，威马汽车的"复活"序曲刚奏响便添疑云。背后操盘的深圳翔飞，股权穿透后直指身陷债务危机的宝能系。威马的"复 活"究竟是绝境重生还是资本游戏？ 11月3日，威马汽车在官方社交平台发布"好事将近，敬请期待"的海报，引发外界对其"复活"的广泛讨论。然而不久之后，这条消息就显示"该内 容已被发布者删除"。 值得一提的是，威马汽车的破产重整与"复活"计划，绕不开"宝能系"这个关键角色。智通财经根据披露的工商信息整理后发现，股权层层穿透 后，证实了重整投资人深圳翔飞汽车销售有限公司与宝能系存在着深度绑定。 宝能系身影浮现 今年4月3日，上海市第三中级人民法院正式批准威马汽车的重整计划，翔飞成为威马汽车科技集团有限公司、威马智慧出行科技(上海)股份有限 公司、苏州威马智慧出行科技有限公司、威马汽车制造温州有限公司四家公司的重整投资人和新股东。深圳翔飞能成为威马重整的唯一战略投资 人。 不过，让外界更为关心的是其背后的宝能系背景。 根据天眼查披露的信息显示，深圳翔飞汽车销售有限公司成立于2023年9月22日，注册资本1亿元，法定代表人为黄晶。该公司的两名股东分别为 深圳卓凯企业管理有限公司及深圳凤宇 ...