因应电动车智能化与高效化目标，车厂持续提高底盘的电驱系统整合度，以降低布线及相关硬件成本，同时提高通信效率及续航力。在2025年第三季整体 逆变器装机量中，与减速器、马达等其他零件以"3 in 1"(含)以上型态整合的装机占比已突破70%。"4 in 1"(含)以上整合的占比更从2024年同期的16%，上 升至23%。 智通财经APP获悉，根据TrendForce集邦咨询最新调查，受惠于新能源车市场成长，2025年第三季全球电动车牵引逆变器总装机量达835万台，年增22%。 纯电动车(BEV)及插电混合式电动车(PHEV)为主要动能来源，装机成长率分别为36%和13.6%。 TrendForce集邦咨询表示，SiC功率半导体因具备更紧凑的尺寸，以及更高的电压耐受力，成为电驱系统整合的关键零件。2025年第三季全球SiC逆变器装 机量突破150万台，创下历史新高。其在电动车的渗透率从2024同期的14%，成长至18%；若只算新能源车，渗透率达到22%。 进一步分析SiC逆变器装机车型，高达84%由BEV贡献，其余则来自PHEV及增程式电动车(REEV)。目前中国市场仍是SiC逆变器最大装机市场，占据约 75%的 ...

U.S. stock futures pared earlier losses to advance on Friday after a mixed Thursday. Futures of major benchmark indices were trading higher.Rising unrest in Iran gripped investor sentiment as WTI Crude futures rose, gold remained largely flat, and the silver spot was inching higher. With the Iranian government initiating a nationwide internet blackout to quell dissent, traders were parsing the risk on global markets and the economy.The U.S Supreme Court is set to announce its ruling on tariffs imposed on ot ...

Core Insights - Xiaopeng Motors has officially entered a dual technology path of "pure electric + range extender" with the launch of multiple new models and technology updates at its 2026 Spring Product Launch, including the 2026 P7+, G7, G6, and G9 [1][2] Product Launch and Pricing - The 2026 P7+ and G7 are available in both pure electric and range extender versions, with starting prices of 186,800 RMB and 195,800 RMB respectively; the G6 starts at 176,800 RMB, and the G9 starts at 248,800 RMB [1] - The P7+ range extender version has a CLTC pure electric range of 430 km and a comprehensive range of 1,550 km, while the G7's comprehensive range reaches 1,704 km [8][10] Technological Advancements - Xiaopeng has introduced the second-generation VLA model, which eliminates the "language translation" step, allowing direct generation of control commands from visual signals, enhancing the system's ability to handle complex scenarios [2][3] - The second-generation VLA is trained on approximately 100 million real road videos, equating to thousands of years of human driving experience, and operates with a maximum computing power of 2,250 TOPS [2][3] Market Strategy and Global Expansion - Xiaopeng's "super range extender" strategy aims to expand the market reach, with the X9 super range extender achieving a record delivery of 5,424 units in December [8][12] - The company has reported a 126% year-on-year increase in global deliveries, totaling 429,400 units in 2025, and has entered 60 countries, establishing a presence in multiple European markets [12] Localization and Charging Infrastructure - Xiaopeng is focusing on local R&D and production, with nine global R&D centers and several overseas production projects underway, positioning the P7+ as the first "global car" [12] - The charging network has expanded to cover 31 countries and regions, with over 2.66 million public charging stations and a self-operated network in over 430 cities [12]

Photographer: Michael Nagle/Bloomberg For skeptics questioning how much further US stocks can climb after a blockbuster run, one of the market’s dominant forces remains decisively bullish: individual investors. Retail traders have extended a buying spree into the new year, following a record-setting performance in 2025, an analysis from JPMorgan Securities’ Arun Jain shows. Purchases in the first four trading days of January hit the second-highest level in almost eight months, the firm’s data showed, whi ...

新浪科技 1月9日晚间消息，比亚迪海洋网旗下两款重磅家轿2026款海豹05DM-i与海豹06DM-i超享版， 正式宣布分别加推两款纯电续航高达210km的全新车型。其中，2026款海豹05DM-i加推210KM尊贵 型、210KM旗舰型，官方售价8.98-9.98万元；海豹06DM-i超享版加推210KM尊享型、210KM旗舰型， 官方售价11.68-12.68万元。即日起，用户可享0首付或0利息、置换补贴、全系2年免费车机流量（5GB/ 月）、非营运车辆三电系统终身保修（首任车主），整车包修期6年或15万公里等多重上市购车礼遇。 据介绍，依托第五代DM技术，2026款海豹05DM-i加推的两款新车型，成为行业首款纯电续航突破 210km的A级插混轿车，智能方面，新车搭载了同级鲜有的天神之眼 C - 辅助驾驶（DiPilot 100），支持 高快领航、智能泊车、拨杆变道等20余项功能，2026款海豹05DM-i全系标配超100项的核心配置，涵盖 智能、安全与舒适多个领域。在此基础之上，新车还进一步配备了主驾6向电动调节、副驾4向电动调 节、12.8英寸DiLink大屏、全景影像、TPMS直接式胎压监测系统、4 ...

This is a case study in the value of compounding, brought to you by investing legend Warren Buffett.Berkshire Hathaway (BRK.A +0.71%)(BRK.B +0.74%) was a struggling textiles manufacturer when Warren Buffett acquired a controlling stake in 1965. After deciding its core business was no longer viable, he turned it into a holding company for his various investments.Buffett retired from his role as Berkshire's CEO at the end of 2025, capping off a stellar 60-year run during which the company's shares significant ...

Group 1 - BMW reported declining sales in the final quarter of 2025 [1] - The decline in sales was primarily due to weaker demand in the United States and China [1]

文｜财天COVER 董雪 编辑 | 田梦 1月8日，在2026小鹏全球新品发布会上，小鹏汽车一口气发布了2026款小鹏P7+、小鹏G7超级增程、 2026款小鹏G6及2026款小鹏G9四款重磅车型。 这也是继小鹏X9超级增程后，该公司在增程产品线上再添新成员。 据了解，小鹏第二代VLA去掉了"语言转译"环节，实现从视觉信号到动作指令的端到端直接生成。在何 小鹏看来，2026年将是高阶智能驾驶在全球市场全面竞技的元年，也是中国和美国迎来真正全自动驾驶 的元年。 2026款小鹏P7+提供纯电和增程两种动力形式，官方指导价为18.68万～19.88万元。作为超级增程家族 的首款SUV，2026款小鹏G7分为纯电和增程4个版本，官方指导价为19.58万～20.58万元。 2026款小鹏G6仍为纯电车型，官方指导价为17.68万～18.68万元。2026款小鹏G9也只有3个纯电版本， 官方指导价为24.88万～27.88万元。 对于增程产品，小鹏采取的是"大电池+大油箱+超快充"策略。2026款小鹏P7+和2026款小鹏G7纯电续航 里程都是430km，前者综合续航里程为1550km，后者达到1704km，均搭载5C超 ...

Core Viewpoint - Li Auto reported a net loss of RMB 625 million (approximately USD 89.286 million) in Q3 2025, marking the end of 11 consecutive profitable quarters, primarily due to a recall of 11,400 vehicles [1] Financial Performance - Vehicle sales revenue in Q3 2025 was RMB 25.9 billion (approximately USD 3.7 billion), a decline of 37.4% from RMB 41.3 billion (approximately USD 5.9 billion) in Q3 2024 [2] - Total revenue for Q3 2025 was RMB 27.4 billion (approximately USD 3.914 billion), down 36.2% from RMB 42.9 billion (approximately USD 6.129 billion) in Q3 2024, and down 9.5% quarter-over-quarter from RMB 30.2 billion (approximately USD 4.314 billion) in Q2 2025 [3] - Total deliveries were 93,211 units, reflecting a 39.0% year-over-year decrease [2] Market Challenges - Li Auto is expected to face a continued decline in Q4 2025, with projected vehicle deliveries between 100,000 to 110,000 units, representing a year-over-year decrease of 37.0% to 30.7% [5] - The company is experiencing intensified competition in the new energy vehicle market, with rivals like Tesla and NIO having established significant advantages [6][7] - Li Auto's transition to battery electric vehicles (BEVs) is lagging, and the company must enhance its production capacity and technology deployment to remain competitive [8] Production and Supply Chain Issues - New BEV models i6 and i8 have received positive market responses, with orders exceeding 100,000 units; however, supply chain challenges have limited their deliveries to only 18% of total deliveries in Q3 [9] - Li Auto is attempting to increase production capacity through a dual-supplier system but faces urgent supply chain stability issues [9] Strategic Expansion and Consumer Engagement - Despite challenges in its core vehicle business, Li Auto has begun diversifying into new lines, launching AI smart glasses, although market response has been lukewarm [10][11] - Li Auto's app user engagement remains high, indicating a strong core consumer base, which is crucial for any potential turnaround [12] Q4 Outlook - For Q4 2025, revenue is forecasted at RMB 26.5 billion (approximately USD 3.786 billion), representing a 40% year-over-year decline [14]

Core Viewpoint - Li Auto reported a net loss of RMB 625 million (approximately USD 89.286 million) in Q3 2025, marking the end of 11 consecutive profitable quarters, primarily due to a recall of 11,400 vehicles [1] Financial Performance - Vehicle sales revenue in Q3 2025 was RMB 25.9 billion (approximately USD 3.7 billion), a decline of 37.4% from RMB 41.3 billion (approximately USD 5.9 billion) in Q3 2024; total deliveries were 93,211 units, down 39.0% YoY [2] - Total revenue for Q3 2025 was RMB 27.4 billion (approximately USD 3.914 billion), down 36.2% from RMB 42.9 billion (approximately USD 6.129 billion) in Q3 2024, and down 9.5% QoQ from RMB 30.2 billion (approximately USD 4.314 billion) in Q2 2025 [3] - The projected vehicle deliveries for Q4 2025 are between 100,000 to 110,000 units, representing a YoY decrease of 37.0% to 30.7% [5] Competitive Landscape - Li Auto faces intensified competition in the new energy vehicle market, particularly from brands like AITO and Deepal in the EREV segment, and Tesla and NIO in the BEV segment, which have established significant advantages [6][7] - The company must accelerate its transition to BEVs and enhance its production capacity to remain competitive [8] Production Challenges - Despite strong market response to newly launched BEV models i6 and i8, supply chain challenges have limited their deliveries to only 18% of total deliveries in Q3 [9] - Li Auto is attempting to increase production capacity through a dual-supplier system but faces urgent supply chain stability issues [9] Strategic Expansion - Li Auto has begun diversifying into new business lines, launching divisions for "Space Robotics" and "Wearable Robotics," and introduced AI smart glasses priced at RMB 1,999 (approximately USD 285.57), though market response has been lukewarm [10][11] Consumer Engagement - Despite declining deliveries, Li Auto maintains high app user engagement, indicating a strong core consumer base that could support future recovery [12] Future Outlook - For Q4 2025, revenue is forecasted at RMB 26.5 billion (approximately USD 3.786 billion), reflecting a 40% YoY decline, with ongoing challenges expected in the near term [13][14]