作者丨彭鑫 编辑丨安安 10月30日，以"触手可及"为主题，风云T11全球上市发布会于北京首都国际会议中心拉开帷幕。作为风 云品牌焕新后的首款旗舰SUV，风云T11定位"智享大六座旗舰SUV"，新车围绕"超安全、大空间、更豪 华、好智慧"四大核心价值，深度融合双IMAX家庭影院、全维守护空间、露营全家乐、快乐成长空间 等沉浸式场景。 百万级智能豪华，是懂用户、省心力的智慧陪伴。风云T11 搭载猎鹰高阶辅助驾驶系统，配备27 个感 知单元与200TOPS 算力芯片，支持高速NOA、城市NOA 与跨楼层记忆泊车等全场景智驾功能，全场景 泊车辅助可精准应对垂直、水平、斜向等各类车位。 新车更搭载全新小奇同学AI 语音助手，支持多音区识别与方言交互，配合多屏信息流转，实现 "人车合 一" 的交互体验。AI 智能电池管理系统与AI 数字底盘贯穿全生命周期，24 小时云端电池监测、CST 舒 适制动智能防晕车功能等，精准解决家庭用户顾虑。 风云品牌始终坚持"以用户为中心"的理念，让用户享受到"入门即豪华"的用车体验。风云T11将11大百 万级豪华配置列为全系标配，彻底打破"高端配置需加价选装"的行业惯例。这11大标配包括 ...

Core Insights - Mercedes-Benz Group reported a third-quarter revenue of €32.15 billion, a year-on-year decrease of 6.9% [1] - The net profit for the third quarter was €1.19 billion, reflecting a year-on-year decline of 31% [1] Financial Performance - Revenue: €32.15 billion, down 6.9% year-on-year [1] - Net Profit: €1.19 billion, down 31% year-on-year [1]

Core Viewpoint - SAIC Motor Corporation reported significant growth in both revenue and net profit for the third quarter and the first three quarters of the year, indicating strong operational performance and market demand [1] Financial Performance - In Q3, the company's revenue reached 169.403 billion yuan, representing a year-on-year increase of 16.19% [1] - The net profit for Q3 was 2.083 billion yuan, showing a remarkable year-on-year growth of 644.88% [1] - For the first three quarters, the total revenue amounted to 468.99 billion yuan, which is an 8.95% increase compared to the same period last year [1] - The net profit for the first three quarters was 8.101 billion yuan, reflecting a year-on-year growth of 17.28% [1]

Core Insights - BYD's revenue reached a record high of 566.27 billion yuan in the first three quarters of this year, marking a 13% year-on-year increase, while net profit decreased by 7.55% to 23.33 billion yuan [2] - The company achieved a net profit of 7.82 billion yuan in the third quarter, reflecting a 23% quarter-on-quarter growth, and improved gross margin by 1.6 percentage points [2] - BYD's global sales reached 3.26 million units, an 18.64% increase year-on-year, achieving 70.87% of its annual target of 4.6 million units [2] Overseas Market Expansion - The overseas market has become a significant growth engine for BYD, with overseas sales reaching 701,600 units, a staggering 132% year-on-year increase, covering 117 countries and regions [4] - BYD's substantial investment in overseas markets is a key factor behind this growth, including the launch of its 14 millionth electric vehicle in Brazil [4] Strategic Partnerships and Local Operations - In August, BYD formed a strategic partnership with Finnish automotive dealer Veho Group to enhance its sales and service network in Finland [5] - BYD is also building an assembly plant in Malaysia, expected to commence production in 2026, and plans to establish over 2,000 stores in Europe by the end of 2026 [6] Research and Development Investment - BYD's R&D expenditure reached 43.75 billion yuan in the first three quarters, a 31% increase year-on-year, surpassing Tesla's R&D investment by 10.9 billion yuan [8] - The company has introduced several groundbreaking technologies, including the Tian Shen Eye driver assistance system and the Super e-platform, contributing to steady sales growth [8] Financial Health - BYD's accounts payable and notes payable decreased significantly, with a reduction of 8% to 225.02 billion yuan by the end of September [8] - Citigroup's latest report forecasts BYD's sales to reach 4.67 million and 5.39 million units in the next two years, driven by high-end brand growth and strong overseas sales [8]

Core Viewpoint - The company's slight decline in net profit in the third quarter is primarily due to significant strategic investments in R&D, sales, and capital expenditures aimed at long-term growth and competitive positioning [1][3]. Group 1: Profit Fluctuation Reasons - The net profit drop is attributed to a 40% increase in R&D expenses, estimated at approximately 2.1 billion yuan, focusing on "software-defined vehicles" including smart driving and smart cockpits [1]. - Sales expenses rose by about 30% to approximately 7 billion yuan, reflecting investments in new car promotions and enhancing customer experience [1]. - Capital expenditures increased, with "construction in progress" rising from 213 million yuan to 1.054 billion yuan, indicating a commitment to expansion [2]. Group 2: Positive Underlying Strengths - Revenue grew robustly by 15.75% in the third quarter, reaching approximately 48.133 billion yuan, indicating strong market demand [3]. - The company's gross profit margin improved, with total profit increasing by 31.29%, showcasing enhanced core profitability [3]. - The net profit margin was around 7%, demonstrating a successful business model that combines scale effects and brand premium [3]. - Operating cash flow reached 22.649 billion yuan, up 13.18%, indicating strong sales collection capabilities and solid financial foundations [3].

新京报贝壳财经讯（记者张冰）10月31日，梅赛德斯-奔驰集团股份公司董事会成员、负责大中华区业 务的佟欧福在奔驰第13届中国可持续发展对话会上表示，奔驰一直秉持可持续发展的原则，力求通过持 续的研发投入及供应链协同实现"零排放"出行的战略愿景。在中国，北京奔驰及福建奔驰工厂通过节能 减排、利用可再生能源和循环经济等措施推动可持续生产，并已与主要生产供应商达成绿色发展共识。 未来，奔驰将继续依托中国的创新活力和可持续发展实力，共同驱动绿色发展。 2019年，奔驰提出"2039愿景"，目标最晚到2039年实现乘用车新车产品阵容在整个价值链和车辆整个生 命周期内的净碳中和。 这与中国推进"双碳"目标的愿景高度契合，中国市场正成为奔驰推进实现"2039愿景"的重要市场之一。 北京奔驰汽车有限公司总裁兼首席执行官柏睿凯称，奔驰已在中国生产研发20周年，20年来北京奔驰与 中国的合作伙伴一起践行绿色发展，致力于实现碳中和生产。北京奔驰是北京首批申购绿电的企业之 一，仅2024年就采购绿电超3亿度，占其用电总额的约60%。近日，生产全新梅赛德斯-奔驰纯电CLA的 前驱车工厂获得了《ISO 14068-1:2023实现碳中和 ...

Core Viewpoint - Haima Automobile's stock reached a closing price of 6.6 yuan on October 31, with a significant increase attributed to breakthroughs in hydrogen energy vehicle business, favorable policies from Hainan Free Trade Port, successful overseas market expansion, and visible effects of the company's strategic transformation [1]. Group 1: Business Developments - The hydrogen energy vehicle business has made significant progress, with the Haima 7X-H hydrogen energy vehicle demonstrating over 800,000 kilometers of operation and obtaining production qualifications, alongside 30 patent applications [1]. - The company is the only new energy passenger vehicle manufacturer in Hainan Free Trade Port, benefiting from tax exemptions and other policy supports as the port enters a critical operational phase [1]. - Overseas sales accounted for 74.53% of total sales in the first half of 2025, with the Haima 7X-E receiving EU certification and achieving a 6.17% year-on-year increase in export revenue [1]. Group 2: Financial Performance - The company's losses narrowed by 50.85% year-on-year in the first three quarters, indicating a positive trend in financial performance [1]. - On October 31, the net inflow of main funds was 252 million yuan, representing 26.23% of the total trading volume, while retail investors experienced a net outflow of 118 million yuan, accounting for 12.32% of the total trading volume [2].

Core Insights - The manufacturing sector in Shaanxi is experiencing significant innovation and transformation, driven by technological advancements and a focus on smart, green, and integrated production methods [1][2][3] Manufacturing Sector - Zhejiang Geely Holding Group has established a fully automated vehicle production base in Xi'an, with a projected output of over 300,000 vehicles in 2024 [1] - Qin Chuan Machine Tool Group has made breakthroughs in industrial robotics, particularly in domestic RV reducers, moving from non-existence to precision manufacturing [2] - Rainbow Display Device Co., Ltd. has successfully developed key processes in the upstream display industry, breaking the long-standing technological monopoly of multinational companies [2] Agricultural Sector - The agricultural sector in Shaanxi is shifting from traditional labor-intensive methods to smart technologies, enhancing productivity and quality [2] - In Xi'an's Gaoling District, a smart greenhouse for tomato cultivation utilizes advanced systems to optimize growth conditions, resulting in reduced labor and improved product quality [2] - The kiwi fruit industry in Zhouzhi County has implemented high-tech sorting lines to enhance quality control, with each fruit being photographed 240 times for precise categorization [4] Economic Impact - Zhouzhi County has a kiwi planting area of 432,000 acres, producing over 600,000 tons of fresh fruit annually, with a total output value exceeding 10 billion yuan [5] - The agricultural innovations have created over 1,000 jobs and engaged 1,400 farmers, demonstrating the positive economic impact of modern agricultural practices [2][5]

中国重汽（000951.SZ）系列点评六 25Q3 业绩符合预期 政策驱动需求增长 2025 年 10 月 31 日 ➢ 事件概述：公司发布 2025 年三季度报告，2025 年前三季度营收 404.90 亿 元，同比+20.55%；归母净利润 10.50 亿元，同比+12.45%；扣非归母净利润 9.85 亿元，同比+15.09%；其中 2025Q3 营收 143.29 亿元，同比+55.98%， 环比+8.11%；归母净利润 3.82 亿元，同比+20.99%，环比+6.51%；扣非归母 净利润 3.59 亿元，同比+30.89%，环比+7.13%。 ➢ 25Q3 业绩符合预期 结构变化影响毛利。1）营收端：2025Q3 营收同环比 与行业、集团销量基本一致。2025Q3 营收 143.29 亿元，同比+55.98%，环比 +8.11%，符合预期。2025Q3 我国重卡批发销量为 28.21 万辆，同比+58.07%， 环比+2.84%；集团实现销量 7.63 万辆，同比+53.91%，环比+2.28%。2）利 润端：2025Q3 公司实现归母净利润 3.82 亿元，同比+20.99%，环比+6.51%， ...

Group 1 - The core point of the article highlights the recent performance of CIMC Vehicles, which has seen a stock price increase of 5.14% over the last three days, currently trading at 9.61 CNY per share with a market capitalization of 18.01 billion CNY [1] - CIMC Vehicles specializes in the production of semi-trailers, special vehicle superstructures, and refrigerated truck bodies, with its main business revenue composition being 80.61% from global semi-trailers, 17.14% from superstructures, chassis, and tractors, and 2.25% from other sources [1] Group 2 - From the perspective of fund holdings, the Taixin Fund has a significant position in CIMC Vehicles, with its Taixin Smart Growth Flexible Allocation Mixed A Fund (003333) being the largest shareholder, holding 134,100 shares, which represents 4.61% of the fund's net value [2] - The fund manager, Qian Dongbiao, has been in charge for 88 days, with the fund's total asset size at 27.94 million CNY and a best return of 1.92% during his tenure [2]