► 文 观察者网 齐倩 10月26日，印度航空公司IndiGo开通加尔各答至广州每日直飞航班，标志着两国间中断五年的直航航线首次恢复 运营。两国多家航空公司表示，未来数月将恢复直航运营。 报道称，直航重启，开启了许多人期盼的中印关系新篇章。 "直航的信号效应远超实际，"为两国企业提供咨询的印度律师桑托什·帕伊说，"它是更多民间往来的基础。"不 过，印度愿在多大程度上对华放宽签证、投资限制，仍存疑虑。帕伊说："我们永远回不到2019年。无论经济纽带 如何演变，印度对华首要立场仍由'国家安全'主导。" 10月26日，印度航空公司IndiGo开通加尔各答至广州每日直飞航班，标志着两国间中断五年的直航航线首次恢复 运营。东方IC 报道提及，2020年冲突前，中印航空交通蓬勃。印度民航总局数据显示，2019年，两国直航客流量近89万人次； 全球航空数据公司OAG称，另有120万人次经第三地中转。当时，航班满载商人、制造商、软件专家及印度留学 生，其中许多留学生在中国攻读医学。 其实，2020年冲突并未完全阻断跨境往来。数据显示，2024年，两国仍有57万人次经中转飞行。 关键问题在于印度的签证限制。印度对中国公民签证收 ...

Core Viewpoint - SAIC Motor Corporation has shown a recovery in its performance due to joint ventures, but the uncertainty surrounding its transition is heightened by the underperformance of its new energy brands like IM and Hongqi [1][11]. Financial Performance - In Q3 2025, SAIC reported a revenue of 169.4 billion yuan, a year-on-year increase of 16.2%, and a net profit attributable to shareholders of 2.08 billion yuan, surging 644.9% [3]. - For the first three quarters, total revenue reached 468.99 billion yuan, with a net profit of 8.101 billion yuan and a net cash flow from operating activities of 31.94 billion yuan [3]. - The gross margin for Q3 was 8.99%, up 0.50 percentage points year-on-year, while the net margin improved to 2.21%, an increase of 1.51 percentage points compared to the previous year [4]. Sales Performance - In Q3, SAIC sold 1.141 million vehicles, a year-on-year increase of 38.7%, with SAIC-GM Wuling leading sales at 404,400 units, a 49.77% increase from the previous year [7]. - The sales performance varied significantly among different brands, with SAIC-GM achieving a remarkable growth of 156.35% [7][8]. - IM's sales were only 23,500 units in Q3, representing a mere 2.06% of total sales, indicating a struggle to establish a foothold in the market [8][9]. Strategic Developments - SAIC is expanding its partnerships to enhance its smart vehicle capabilities, collaborating with OPPO and Huawei [11]. - The launch of the Hongqi brand's H5 model saw significant pre-order interest, with 160,000 units ordered, but actual sales fell short of expectations, achieving only around 10,000 units in the first month [11]. Challenges and Outlook - Despite the recovery in sales, the performance of new energy brands like IM and Hongqi remains uncertain, contributing to the overall risk in SAIC's transition strategy [1][11].

Group 1 - New BYD Summer launched with a price range of 206,800 to 269,800 yuan, featuring four models and enhanced electric range and energy efficiency [4][12] - New Mazda EZ-6 launched with a price range of 119,800 to 162,800 yuan, offering both pure electric and range-extended versions with a total of 11 models [13][20] - New Zhiji LS9 available for pre-sale with a price range of 346,900 to 376,900 yuan, featuring advanced design and high-end configurations [21][29] - New Aion i60 available for pre-sale with a price range of 119,800 to 126,800 yuan, offering both range-extended and pure electric versions [30][39] - Geely acquires 26.4% stake in Renault Brazil, enhancing its market presence in Latin America [40][42] Group 2 - BYD Summer features fifth-generation DM hybrid technology, with a 110kW 1.5T engine and 200kW motor, offering a pure electric range of 100/218 km [10][12] - Mazda EZ-6's range-extended version includes a 70kW 1.5L range extender and offers a maximum comprehensive range of 1301 km [18][20] - Zhiji LS9 utilizes a "Star" super range-extending system with a maximum power of 390kW and a 0-100 km/h acceleration time of 4.9 seconds [27][29] - Aion i60's range-extended version features a 74kW 1.5L range extender and a comprehensive range of 1240 km [37][39] - Geely's partnership with Renault allows shared access to production capacity and market networks in Brazil, facilitating the expansion of both companies in the electric vehicle market [40][42]

关注 「电动车公社」 和我们一起重新思考汽车 提到奔驰，很多人都会想起那句话，"愿三叉星辉照亮您的事业与前程"。 确实，作为"汽车发明者"的奔驰，在百年历史中为汽车行业带来了太多的先进技术和经典车型，也因此成为了豪华品牌中的领军人物。 但在 100 年后的今天，在电动化和智能化时代的冲击下，它却从"被仰望对象"变成了"被对比对象"。 甚至还有人半开玩笑地吐嘈，从 2019 年奔驰 EQC 正式问世到今天 6 年时间过去了，奔驰的电动车到底站起来了吗？ 今天，我们就借着这个机会，用前段时间预售25.9万元起的奔驰 CLA 纯电来验验货，看看它到底是徒有其表，还是真有内涵。 （老规矩，文字版给大家附在后面了） 关注电动车公社 视频号 更多精彩视频不错过 戳开看视频 我们先从用户最看中的智能化表现开始聊起。 CLA纯电的 智能座舱用上了 MB.OS，是中国研发团队主导设计的系统。它 从以往"你要学习车机如何使用"的工程师思维，变成了"车要适应用户习惯"的用户 思维。 嗯……这很奔驰 。 至于在硬件层面，这次CLA纯电也跟上了主流，单颗 Orin-X 芯片、 254TOPS 算力，应对高速场景已经非常成熟了。从郝人的 ...

Core Insights - SAIC Motor Corporation has shown a significant recovery in Q3 2025, with a revenue of 169.4 billion yuan, a year-on-year increase of 16.2%, and a net profit of 2.08 billion yuan, surging 644.9% compared to the previous year [3] - The company's performance is heavily influenced by a low base from the previous year, raising questions about the sustainability of this turnaround [3][9] Financial Performance - In the first three quarters, SAIC reported total revenue of 468.99 billion yuan and a net profit of 8.101 billion yuan, with a cash flow from operating activities of 31.94 billion yuan [3] - The gross margin for Q3 was 8.99%, up 0.50 percentage points year-on-year, while the net margin improved to 2.21%, an increase of 1.51 percentage points from the previous year [3] - The company reduced its operating expenses in Q3 to 40.481 billion yuan, a decrease of 59.67% year-on-year, with sales expenses down by 22.71% [3] Sales Performance - SAIC's total vehicle sales in Q3 reached 1.141 million units, a year-on-year increase of 38.7% [6] - The breakdown of sales by brand shows significant variation, with SAIC-GM-Wuling leading at 404,400 units, a 49.77% increase from the previous year [5][6] - SAIC-GM's sales grew by 156.35% to 135,600 units, while SAIC Volkswagen's growth was minimal at 0.10% [7][8] Brand Performance - The performance of various sub-brands within SAIC is uneven, with some brands showing strong growth while others remain stagnant [4][8] - The high-end electric vehicle brand, Zhiji, sold only 23,500 units in Q3, falling short of its annual target of 100,000 units [8][9] - Despite high pre-sale orders for the new H5 model from the joint venture with Huawei, actual sales have not met expectations, indicating challenges in converting interest into sales [9] Market Dynamics - The overall market for SAIC is characterized by a mix of recovery and ongoing challenges, particularly in the electric vehicle segment where brands like Zhiji and Shangjie have yet to establish a strong foothold [9]

Core Insights - Hanma Technology's production and sales of new energy heavy-duty trucks saw significant year-on-year growth in October, with production increasing by 277.02% and sales by 325.70% [1] - The company's revenue for October is expected to exceed 600 million yuan, marking its best monthly performance in nearly five years, reflecting strong momentum in its new energy transition strategy [1] - Hanma Technology's alcohol-hydrogen electric trucks have been delivered in bulk across multiple regions in China, showcasing high market penetration [1] Company Performance - In October, Hanma Technology produced 1,165 new energy heavy-duty trucks and sold 1,209 units, indicating robust growth in production and sales [1] - The expected revenue of over 600 million yuan in October highlights the company's successful transition towards high-quality development [1] Market Trends - The new energy truck market in China is experiencing a surge, with cumulative sales of new energy heavy-duty trucks reaching 137,800 units in the first three quarters of the year, a year-on-year increase of 184% [2] - The market penetration rate for new energy heavy-duty trucks is currently at 24.21%, with projections suggesting it will rise to 35% by 2026 [2] Technological Advancements - Hanma Technology is leveraging its first-mover advantage in alcohol-hydrogen electric technology to support the green and intelligent transformation of the truck industry [2] - The industry is shifting from a focus on mechanical hardware to a combination of electric drive, intelligence, and service, driven by increased R&D investments and the introduction of diverse products [2]

Ferghana防针刺伤型静脉留置针通过全程无针暴露的一体化设计，可以有效降低针刺伤风险，强化医护人员职业安全；新款3DMax疝修补补片采用全球首 创3D立体结构与解剖定位线，可以快速展开、无需固定，能提高手术效率并降低术后疼痛……碧迪医疗大中华区企业品牌公关及数智传播总监李莎向记 者介绍"进博号"上"载着"的产品。 第八届中国国际进口博览会（下称"进博会"）将于11月5日至10日在上海举办。中国证券报记者11月4日提前探访"四叶草"展馆时发现，在医疗器械及医药 保健展区内，碧迪医疗展位上体型颇大的"进博号"轮船模型引人注目，"舷窗"内摆放了多个全球首发、中国首发及限定首发新品。 包括碧迪医疗在内，本届进博会吸引了155个国家、地区和国际组织参与，4108家境外企业参展，整体展览面积超过43万平方米，规模再创新高，多项代 表性首发新产品、新技术、新服务在此发布。进博会正为世界"尖货"进入中国市场搭建"首秀场"。 "载有"多个首发产品的碧迪医疗"进博号" Marie®立式粒子治疗室内系统 汽车及智慧出行展区内，特斯拉Cybercab无人驾驶电动车亚太首秀，其以金色流线型车身、无方向盘和脚踏板的设计，展现特斯拉无 ...

第八届中国国际进口博览会（下称"进博会"）将于11月5日至10日在上海举办。中国证券报记者11月4日 提前探访"四叶草"展馆时发现，在医疗器械及医药保健展区内，碧迪医疗展位上体型颇大的"进博号"轮 船模型引人注目，"舷窗"内摆放了多个全球首发、中国首发及限定首发新品。 Ferghana防针刺伤型静脉留置针通过全程无针暴露的一体化设计，可以有效降低针刺伤风险，强化医护 人员职业安全；新款3DMax疝修补补片采用全球首创3D立体结构与解剖定位线，可以快速展开、无需 固定，能提高手术效率并降低术后疼痛……碧迪医疗大中华区企业品牌公关及数智传播总监李莎向记者 介绍"进博号"上"载着"的产品。 包括碧迪医疗在内，本届进博会吸引了155个国家、地区和国际组织参与，4108家境外企业参展，整体 展览面积超过43万平方米，规模再创新高，多项代表性首发新产品、新技术、新服务在此发布。进博会 正为世界"尖货"进入中国市场搭建"首秀场"。 据尼尔森透露，虽然图蒂制药进入中国仅短短一年时间，但已有在中国投资建厂的计划。"中国的研发 技术好、生产质量优、供应链完善，制药企业需要大量技术型人才和友好的临床试验环境，我们希望在 中国有更完 ...

Core Viewpoint - Tesla is facing lawsuits and investigations due to safety concerns related to its hidden door handle design, which may have contributed to a fatal accident involving a Model S vehicle [3][4]. Group 1: Lawsuit and Investigation - A lawsuit was filed in Wisconsin against Tesla following a fatal accident in November 2024, where five passengers died after being trapped in a burning Model S due to the door lock system malfunctioning [3]. - The lawsuit alleges that Tesla was aware of the safety risks associated with its door handle design and the fire hazard posed by lithium batteries but failed to implement necessary improvements [3][4]. - The National Highway Traffic Safety Administration (NHTSA) has initiated an investigation into the hidden door handle design after receiving multiple complaints from Tesla owners regarding the malfunctioning of door handles, particularly in the 2021 Model Y [4]. Group 2: Regulatory Response and Industry Impact - NHTSA has requested Tesla to submit records related to the door handle system design and issues by December 10, 2025, with potential fines of up to $140 million for non-compliance [4]. - Tesla's design head announced plans to change the door handle design in response to the ongoing issues and public feedback [5]. - Competitors, including Rivian, are reconsidering their hidden door handle designs, with Volkswagen's CEO emphasizing the importance of functionality over aesthetics based on customer feedback [7]. - New regulations from Chinese authorities require that electric vehicles have sufficient space for hand operation of door handles and mechanical release features to ensure safety in emergencies [7].

Event Overview - The company reported October production and sales data, with wholesale sales of new energy vehicles reaching 442,000 units, a year-on-year decrease of 12.1% but a month-on-month increase of 11.5% [2] - New energy passenger vehicle wholesale sales were 437,000 units, down 12.7% year-on-year but up 11.1% month-on-month [3] Sales Performance - The increase in month-on-month sales is attributed to a recovery in terminal demand and the recent launch of several updated models [3] - Cumulative wholesale sales of new energy passenger vehicles from January to October reached 3.702 million units, a year-on-year increase of 13.9% [3] - Plug-in hybrid vehicle sales in October were 214,000 units, down 31.1% year-on-year but up 14.0% month-on-month; pure electric vehicle sales were 223,000 units, up 17.4% year-on-year and 8.5% month-on-month [3] Brand Development - The company has made significant adjustments to its high-end brand strategy, particularly for the Tengshi brand, to enhance brand system construction and overcome high-end bottlenecks [4] - The launch of the Fangchengbao Titanium 7 SUV has driven brand sales upward, with over 10,000 orders in the first week [4] International Expansion - In October, new energy vehicle exports reached 84,000 units, a year-on-year increase of 169.0% and a month-on-month increase of 17.8% [5] - Cumulative exports from January to October totaled 781,000 units, up 137.3% year-on-year [5] - The company is expanding its overseas market presence, with new factories planned in Brazil, Uzbekistan, Hungary, Turkey, and Indonesia [5] Financial Forecast - The company expects revenue to reach 866.47 billion, 981.28 billion, and 1,104.53 billion yuan from 2025 to 2027, with net profit attributable to shareholders projected at 37.25 billion, 47.46 billion, and 58.59 billion yuan respectively [6] - Earnings per share (EPS) are forecasted to be 4.09, 5.21, and 6.43 yuan for the same period [6] - The company maintains a "recommended" rating based on its growth potential and market performance [6]