Group 1: Macro Timing Strategy - The macro timing strategy has an annualized return of 7.67% as of October 31, 2025, with a Sharpe ratio of 1.45 and a Calmar ratio of 1.67, indicating a maximum drawdown of -4.60% [2][4][5] - The latest portfolio allocation includes 7.01% in CSI 300 ETF, 7.99% in CSI 500 ETF, 55.94% in government bond ETF, 11.63% in soybean meal ETF, 5.02% in non-ferrous ETF, 7.40% in gold ETF, and 5.00% in currency ETF, with no allocation to S&P 500 ETF and corporate bond ETF [7][8] Group 2: Momentum Strategy - The momentum strategy has an annualized return of 18.25% since January 2020, with a Sharpe ratio of 0.88 and a Calmar ratio of 0.64, experiencing a maximum drawdown of -28.72% [9][10] - The latest portfolio allocation includes 27.01% in Huatai-PB CSI Telecom Theme ETF, 24.92% in Fuguo CSI Tourism Theme ETF, 21.52% in Xinhua CSI Cloud Computing 50 ETF, 16.38% in Huatai-PB CSI Smart Car ETF, and 8.17% in Huaxia CSI Artificial Intelligence ETF [13][14] Group 3: Sector Rotation Strategy - The sector rotation strategy has an annualized return of 10.00% since 2020, with an excess return of 7.27% relative to CSI 300, and a maximum drawdown of -42.98% [15] - The latest portfolio includes home appliance ETF, green power ETF, steel ETF, new energy vehicle ETF, financial ETF, and agricultural ETF, while excluding non-ferrous metals ETF and transportation ETF [18][19] Group 4: Copula-Based Second-Order Stochastic Dominance Strategy - The Copula-based second-order stochastic dominance strategy has an annualized return of 14.41% since January 2020, with a Sharpe ratio of 0.68 and a maximum drawdown of -42.62% [20][24] - The latest portfolio allocation includes 5.00% in Huaxia CSI Petrochemical Industry ETF, 85.00% in Fuguo CSI 800 Bank ETF, 5.00% in Fuguo CSI All-Index Securities Company ETF, and 5.00% in Bosera CSI Oil and Gas Resources ETF [23][25] Group 5: Quantile Random Forest Technology ETF Allocation Strategy - The quantile random forest technology ETF allocation strategy has an annualized return of 13.54% since 2020, with a Sharpe ratio of 0.76 and a maximum drawdown of -29.89% [26] - The latest portfolio allocation consists of 95.63% in technology ETFs, including 4.78% in Jiahua National Communication ETF, 4.78% in Tianhong CSI Photovoltaic Industry ETF, 4.78% in Huabao CSI Military Industry ETF, 76.51% in Ping An CSI Consumer Electronics Theme ETF, and 4.78% in Fuguo CSI Technology 50 Strategy ETF [29][30]

（原标题：为全球年轻用户打造的"人生Dream Car" 零跑Lafa5 预售开启） 2025年11月7日，杭州。零跑全新个性战略新品——零跑Lafa5开启预售，预售价区间10.58-13.18万元。 新车定位高颜值运动轿跑，基于零跑LEAP3.5技术架构打造，融合轿跑颜值、中欧联合底盘调校、高通 8295P+8650旗舰芯片、86%得房率越享座舱等，为追求跨界潮流与自我表达的全球都市青年带来"高品 质、高配置"的专属Dream Car。此外，零跑Lafa5将于11月28日正式上市，2026年还将逐步登陆全球市 场。 预售权益方面，2025年11月7日至零跑Lafa5上市发布会前，预付99元预订金，限时享至高价值12500元 预售权益+跨年购置税补贴权益，具体权益如下： 1.抵扣拉风：预付99元预订金，享2000元尾款抵扣券； 2.颜值拉风：限时免费享价值2000元个性外饰色（含电掣黄、风驰灰、摩根粉、星夜蓝）； 3.品质拉风：竞速灰内饰选装基金4000元； 4.老车主回馈：零跑本品用户增换购Lafa5享4000元/台现金补贴； 5.转介绍有礼：价值500元转介绍礼（邀请人100元保养券*3，被邀请人100元 ...

与此同时，零跑汽车在出海方面也取得成效，累计出口超过4.4万台，海外渠道网络突破600家，产品远 销35个国家和地区。 零跑认为，随着Z世代逐渐成为购车主力，他们对汽车的需求已经超越了出行工具本身，更希望汽车能 够成为自我表达的延伸。零跑Lafa5的推出，正是零跑汽车对这一趋势的积极回应，旨在通过极致年轻 与运动属性的设计，打开Z世代年轻潮流市场，实现品牌的个性化拓展。 11月7日，零跑全新个性战略新品零跑Lafa5开启预售，预售价区间10.58—13.18万元。 新车定位高颜值运动轿跑，基于零跑LEAP3.5技术架构打造，融合轿跑颜值、中欧联合底盘调校、高通 8295P+8650旗舰芯片、86%得房率越享座舱等，以求为追求跨界潮流与自我表达的全球都市青年带 来"高品质、高配置"的专属Dream Car。 发布会上，公司方面表示，零跑Lafa5将于11月28日正式上市，2026年还将逐步登陆全球市场。 截至目前，零跑品牌累计交付已突破百万台大关，2025年1月至10月交付了近47万台新车，已连续八个 月领跑新势力品牌，其中10月在创新势力中实现唯一破7万月销。 续航方面，新车CLTC工况下续航里程可达605k ...

(第八届进博会)华侨华人与进博共成长：从"单向引进"到"双向奔赴" 中新社上海11月7日电 (范宇斌)作为第八届中国国际进口博览会配套活动之一，2025"侨连五洲·沪上进 博——与中国机遇同行"主题活动7日在国家会展中心(上海)举行。 中国侨联副主席高峰表示，进博会已成为世界经济通向中国经济的入海口，也是中国联结世界的重要桥 梁。广大侨胞作为联通中国与世界的天然桥梁，始终与进博会共同成长、共同发展。 "华商在所在国和地区扮演的经贸角色与地位非常重要，他们参与进博会的同时，也共享中国和上海的 快速发展机遇。"马来西亚中华大会堂总会永久名誉会长吴添泉表示，马中两国在传统合作领域之外， 持续深化产业链供应链合作，推动双向投资，在制造业、知识产权、数字经济、研发创新、绿色可持续 投资及物流发展等高价值、高增长产业领域，不断加强交流合作。 "进博之约打开机遇之窗、架起友谊之桥。如今，不少中国企业也在寻找出海机遇，我们鼓励华商二 代、三代参与进博会，通过这个窗口更好地了解中国，推动新能源汽车等'中国制造'进入欧洲市场。在 此过程中，华商可充分利用国内国际两个市场、两种资源，成为中国高水平对外开放的积极参与者和推 动者。" ...

本报讯 （记者刘钊）11月7日，零跑全新个性战略新品——零跑Lafa5开启预售，预售价区间10.58万元 —13.18万元。新车定位高颜值运动轿跑，基于零跑LEAP3.5技术架构打造，融合轿跑颜值、中欧联合底 盘调校、高通8295P+8650旗舰芯片、86%得房率越享座舱等，为追求跨界潮流与自我表达的全球都市青 年带来"高品质、高配置"的专属Dream Car。此外，零跑Lafa5将于11月28日正式上市，2026年还将逐步 登陆全球市场。 在座舱舒适性上，零跑Lafa5拥有同级领先的86%得房率以及超80%的软包覆盖率，在动感外观下，依然 保障宽敞舒适的内部空间。细节处，软包手枕与门把手巧妙嵌合，宽度达50mm，肘部、手部皆有舒适 衬托。 座椅采用欧盟"OEKO-TEX100环保认证"的婴幼儿级健康材质，通过7层匠心结构打造，更贴合人体曲 线。同时，前排座椅配备通风与加热功能，无论冬夏，都能找到最合适的温度。储物空间上，零跑 Lafa5贴心设计了25处储物空间，后备厢常规容积435升，后排放倒后空间可达1400升，可满足日常通勤 与周末远行的全场景需求。 内饰配色提供速域紫、驰影灰、竞速灰三种选择，速域紫夜 ...

Core Insights - Leap Motor officially announced the pre-sale of its new model Lafa 5, targeting the compact market with a price range of 105,800 to 131,800 yuan, set to launch on November 28 [1][2] Group 1: Vehicle Specifications - Lafa 5 features an 800V high-voltage architecture, allowing for a charging time of 15 minutes to go from 10% to 80% battery, and can add 200 km of range in just 5 minutes [1] - The vehicle is equipped with a peak power electric motor of 160 kW and a peak torque of 240 N·m, achieving 0-100 km/h acceleration in 6.4 seconds [2] - The dimensions of Lafa 5 are 4430 mm in length, 1880 mm in width, and 1520 mm in height, with a wheelbase of 2735 mm, indicating a standard A-class size [2] Group 2: Battery and Range - Lafa 5 offers two battery options: a 56.2 kWh and a 67.1 kWh lithium iron phosphate battery, providing CLTC range estimates of 515 km and 605 km respectively [2] - The pre-sale prices for different configurations are as follows: 515Plus at 105,800 yuan, 515Pro at 115,800 yuan, 515Max at 125,800 yuan, 605Pro at 121,800 yuan, and the top-tier 605Max at 131,800 yuan [2] Group 3: Intelligent Features - The vehicle's smart cockpit is powered by the Qualcomm Snapdragon 8295P chip, featuring a 14.6-inch central control screen and an 8.8-inch instrument screen [1] - Lafa 5 is equipped with laser radar and supported by a Qualcomm 8650 chip with 200 Tops of computing power, enabling city NAC navigation without high-precision maps [1] Group 4: Design Elements - The design includes frameless doors, 19-inch wheels, and a tail diffuser, emphasizing a sporty aesthetic [2] - An additional Lafa 5 Ultra version is planned for release in Q2 2026, featuring more aggressive styling elements [2]

Core Viewpoint - BYD has made significant progress in the fields of electric vehicles, battery technology, and global expansion, as highlighted during a recent conference call with 150 institutional investors, including Goldman Sachs [1][3]. Group 1: New Energy Vehicle Business - BYD reported a total sales volume of 3.7 million new energy vehicles from January to October 2025, representing a year-on-year increase of 13.9%, maintaining its position as the global sales leader in this sector [3]. - The cumulative sales have surpassed 14.2 million units, with the brands Fangchengbao, Tengshi, and Yangwang collectively selling 275,300 units in the same period, marking a substantial year-on-year growth of 91% [3]. - The overseas market has shown remarkable performance, with sales of passenger cars and pickups reaching 785,100 units, becoming a core growth engine for the company [3]. Group 2: Battery and Energy Storage Business - BYD's lithium iron phosphate "blade battery" has gained recognition and is now a power battery supplier for several well-known automotive companies both domestically and internationally [4]. - The total installed capacity of new energy vehicle power batteries and energy storage batteries exceeded 230 GWh as of October 2025, reflecting a year-on-year increase of over 55% [4]. - BYD's energy storage products have been exported to over 110 countries and regions, providing solutions for hundreds of energy storage projects [4]. Group 3: Intelligent Technology and Overseas Expansion - The "Tianshen Eye" technology has achieved significant results, with the algorithm providing smart parking functions comparable to L4 level, and over 1.7 million vehicles equipped with this technology generating more than 110 million kilometers of data daily [5]. - BYD's products are now available in over 110 countries and regions across six continents, with the Thai market achieving over 100,000 units delivered, making it the first market in the Asia-Pacific region to reach this scale [5]. - Production facilities in Thailand and Uzbekistan are operational, and the Brazilian factory has commenced production, with other overseas capacities progressing smoothly [5]. Group 4: Future Outlook - BYD aims to continue its focus on "technology as king and innovation as the foundation," deepening technological breakthroughs in electric and intelligent vehicle sectors to enhance penetration rates [6]. - The company plans to leverage its global competitiveness in battery and energy storage businesses, along with overseas production and supply chain development, to create a global industrial ecosystem [6]. - BYD emphasizes the importance of a multi-brand matrix, product line expansion, and cost scale advantages to further solidify its leading position in the industry and support the global transition to renewable energy [6].

Core Insights - Overall sales in October showed positive trends, with some brands achieving historic breakthroughs while others faced growth bottlenecks [1] - Leap Motor's sales stood out with approximately 70,200 units delivered, marking an 84% year-on-year increase, and it was the first time the company surpassed 70,000 monthly sales [1][2] - Traditional automakers also demonstrated steady performance in the new energy vehicle sector, with BYD selling over 440,000 units in October and a cumulative total of over 3.7 million units from January to October [1] Group 1: Company Performance - Leap Motor's success is attributed to the strong performance of its C11 and C10 models, which account for 70% of deliveries in the 150,000 to 200,000 yuan price range [2] - Xpeng and NIO maintained stable sales around 40,000 units, with NIO achieving a 92.6% year-on-year growth and surpassing 40,000 monthly sales for the first time [1][2] - Li Auto faced challenges with a significant decline in sales, delivering only about 31,700 units in October, a nearly 40% year-on-year drop [1][3] Group 2: Market Trends - The market for range-extended vehicles has shifted from a "blue ocean" to a "red ocean," with a notable decline in sales growth for these vehicles [3] - The cancellation of free green plates for range-extended vehicles in major cities has impacted demand, indicating a clear market turning point [3] - The multi-brand strategy has become a mainstream trend in the new energy vehicle market, allowing leading brands to capture various market segments while reducing R&D costs through technology sharing [6] Group 3: Future Outlook - Li Auto is focusing on upgrading its range-extended vehicles to compete in the pure electric market, aiming to create a popular model for family users [4] - The introduction of the i6 model at a competitive price point of 249,800 yuan aims to fill the gap in the family-oriented pure electric SUV market [5] - Brands like NIO and BYD are leveraging their sub-brands to enhance user engagement and brand loyalty, with NIO's sub-brand Lada achieving significant sales growth [5][6]

Financial Performance - In the first three quarters of 2025, BYD achieved total revenue of CNY 566.3 billion and a net profit of CNY 23.3 billion, with cumulative sales of 3.26 million new energy vehicles, marking an 18.6% year-on-year growth [1] - In Q3 2025, revenue reached CNY 194.98 billion, with a net profit of CNY 7.82 billion, reflecting a 23% quarter-on-quarter increase [1] - As of September 30, 2025, the company had cash and cash equivalents exceeding CNY 175.2 billion, supporting its rapid business growth [1] Global Expansion - BYD's new energy vehicles are now sold in over 110 countries across six continents, significantly increasing market penetration in Europe, Latin America, and Asia-Pacific [3] - In October 2025, overseas sales of passenger cars and pickups reached 83,524 units, a 155.5% year-on-year increase, with a total of 785,103 units sold from January to October [3] - The company has announced plans for new overseas factories in Thailand, Uzbekistan, Brazil, Hungary, Malaysia, and Cambodia, with more capacity expansions in the pipeline [3] Product Innovation - BYD continues to focus on technological innovation to address industry pain points, having introduced several groundbreaking technologies such as blade batteries and advanced hybrid systems [4][5] - The "Tiangshen Eye" intelligent driving system aims to enhance safety by reducing risks associated with driver fatigue, with a commitment to making high-level assisted driving features accessible across all models [6] Energy Storage Development - BYD's battery business, including energy storage, has seen significant growth, with a total installed capacity of over 230 GWh, a year-on-year increase of over 55% [7] - The company launched a new generation of energy storage products, "Haohan," designed for large-capacity storage applications, showcasing its capabilities at the SOLAR&STORAGE LIVE 2025 event in the UK [7]

Group 1: Company Overview and Strategy - BYD is an innovative technology enterprise focused on four major industries: automotive, electronics, new energy, and rail transit [1] - The company emphasizes "technology as king, innovation as fundamental" to meet consumer demands for a better life [1] - In the electric vehicle sector, BYD leads with a dual approach of pure electric and plug-in hybrid technologies [2] Group 2: Sales Performance - From January to October 2025, BYD sold 3.7 million vehicles, a year-on-year increase of 13.9%, maintaining its position as the global leader in electric vehicle sales [4] - Cumulative sales of new energy vehicles have surpassed 14.2 million units [4] - In October alone, sales exceeded 440,000 vehicles, marking a new high for the year [4] Group 3: International Expansion - BYD's products are now available in over 110 countries and regions across six continents, significantly increasing its global market penetration [7] - The company delivered its 40,000th electric vehicle in Uzbekistan and the 100,000th in Thailand, highlighting its growth in international markets [7] - The establishment of production facilities in Thailand, Uzbekistan, and Brazil supports its global expansion strategy [7] Group 4: Technological Advancements - BYD has developed the "blade battery," a highly safe lithium iron phosphate battery, addressing market safety concerns and becoming a supplier for several well-known automotive brands [2] - The company launched the "全民智驾" (Universal Smart Driving) strategy, enhancing its smart driving capabilities with over 1.7 million vehicles equipped with the "天神之眼" (Sky Eye) algorithm [6] - The company aims to achieve L4-level smart parking capabilities, ensuring safety and reliability for consumers [6] Group 5: Energy Storage Business - BYD's energy storage division has been operational since 2008, providing comprehensive solutions across various applications, including grid and commercial storage [8] - The company has delivered energy storage systems globally, with significant projects in Germany and other countries [9] - As of October 2025, BYD's total installed capacity for electric vehicle and energy storage batteries exceeded 230 GWh, representing a year-on-year increase of over 55% [9]