Core Viewpoint - Valeo has announced the redemption of €600,000,000 1.625 per cent. Notes due 18 March 2026, exercising its residual maturity call option, with the redemption date set for 18 December 2025 [1][4]. Company Overview - Valeo is a technology company that partners with automakers and new mobility players globally, focusing on making mobility safer, smarter, and more sustainable [2]. - The company has a strong technological and industrial leadership in four key areas: electrification, driving assistance systems, interior experience reinvention, and lighting, which are essential for the transformation of mobility and serve as growth drivers for the Group [2]. Financial Highlights - Valeo reported sales of €21.5 billion in 2024 and employs 106,100 people across 28 countries, with 155 plants, 64 research and development centers, and 19 distribution platforms as of February 28, 2025 [3]. Redemption Details - The total principal amount of the Notes being redeemed is €600,000,000, with accrued interest of €7,345,920 payable on the redemption date [4]. - Payment will be made to the Account Holders, including Euroclear France, Euroclear, and Clearstream, Luxembourg, which will discharge the issuer's liability under the Notes [4]. - Valeo has requested the cancellation of the Notes following the redemption [4].

每经AI快讯，理想汽车-W(02015.HK)跌近4%，触及72.6港元创去年9月以来新低，当前股价较年内高点 已跌超四成。截至发稿，跌3.71%，报72.6港元，成交额8.25亿港元。 （文章来源：每日经济新闻） ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [8]. Core Insights - The report emphasizes that intelligence will be a key theme in the market for 2026, with investment opportunities extending beyond smart driving to areas like Robotaxi. A data closed loop is identified as the core starting point for achieving full-stack self-research, which differs fundamentally from mere data collection [1][3]. - The establishment of a data closed loop is crucial for filtering effective information from massive data, enabling machines to understand data, feedback to correct models, and perform OTA updates for secondary verification. This requires not only data ownership but also the ability to identify data gaps and utilize data to enhance models [1][3]. - The report suggests that the scale of the data closed loop team (e.g., whether it reaches a hundred members) and related investments should be key indicators for assessing a company's commitment and capability for self-research [1][3]. Summary by Sections Data Closed Loop - The report highlights that when algorithm models are truly driven by PB-level data, it will create a competitive barrier that is difficult to replicate. Even if competitors acquire model architectures or poach key personnel, lacking a substantial underlying data accumulation will hinder their ability to replicate similar algorithm capabilities in the short term [2][4]. - Building a solid data closed loop is expected to provide companies with a certainty of competitive advantage for six months to a year. Companies like Xiaopeng, Li Auto, and Huawei are noted to have established a leading advantage in the smart driving sector, with a high degree of technical moat [2][4]. Investment Recommendations - The report recommends focusing on domestic strong alpha manufacturers such as BYD, Geely, and Xiaopeng, as well as companies that represent the trend of intelligence like Huawei's HarmonyOS. Attention is also drawn to companies like JAC Motors and Seres, with specific recommendations for Li Auto, Kobot, Desay SV, and Jingwei Hengrun [2]. - For state-owned enterprise integration, the report suggests monitoring SAIC Motor, Dongfeng Motor Group, and Changan Automobile. Additionally, it highlights component companies with strong performance growth and capabilities for overseas expansion, recommending Fuyao Glass, New Spring, Fuda, Shuanghuan Transmission, and Yinlun [2].

The future of public transportationTesla Robovan https://t.co/J8v8YnUheq ...

Elon Musk-led Tesla Inc. (NASDAQ:TSLA) has won a bid to reverse a 2017 class action lawsuit filed by the company's African American workers over alleged racial bias at the Fremont, California assembly plant.Over 6,000 Workers Cannot SueA California state judge ruled that over 6,000 workers at the assembly plant cannot sue, as many of the 200 workers set to testify at next year's trial against the automaker over alleged racial harassment were unwilling to do so, Reuters reported on Monday.The Judge, in the r ...

Core Points - Xiaomi will unveil the enhanced version of its end-to-end assisted driving system, HAD, on November 21 at 9:00 AM during the Guangzhou Auto Show [1][5] - The new version is expected to show significant improvements, encouraging Xiaomi car owners to pay attention [1][4] Summary by Sections - **Product Launch** - The HAD enhanced version will be officially launched at the Guangzhou Auto Show on November 21 at 9:00 AM [5] - The announcement was made by Lei Jun on a social media platform [1] - **Previous Developments** - Xiaomi's automotive division previously announced on July 29 that the 10 million Clips version of the end-to-end assisted driving system had begun rolling out for the Xiaomi SU7 series, including models SU7 Pro, Max, and Ultra [6] - The 10 million Clips version offers smoother acceleration and deceleration, more comfortable ride experiences, more flexible detours, and better decision-making at intersections [6] - The Clips refer to video segments of driving behavior recorded by various sensors, with a total of 10 million segments aimed at enhancing the driving model's naturalness and fluidity [6]

Core Insights - Firefly, a compact electric vehicle brand owned by China's Nio, is targeting growth in right-hand drive markets that do not impose punitive tariffs on Chinese electric vehicles [1] Company Strategy - Firefly is preparing to ramp up deliveries to capitalize on the favorable market conditions in these regions [1]

格隆汇11月18日｜杰富瑞将通用汽车目标价从55美元上调至75美元。 ...

Core Viewpoint - Honda Motor is set to gradually resume normal operations at its North American vehicle assembly plants starting Monday, indicating a recovery from production disruptions caused by a shortage of Nexperia chips [1] Group 1 - Honda Motor's North American vehicle assembly plants will begin normal operations again, signaling a positive shift in production capabilities [1] - The production disruptions were primarily due to a shortage of Nexperia chips, which affected the automotive supply chain [1]

Core Viewpoint - The company's performance in Q3 2025 met expectations, with significant revenue growth driven by increased sales and an optimized product matrix [1][2]. Performance Review - For the first three quarters of 2025, the company's revenue increased by 43% year-on-year to 239.5 billion yuan, while net profit attributable to shareholders remained flat at 13.1 billion yuan [1]. - In Q3 2025, operating revenue rose by 48% quarter-on-quarter and 15% year-on-year to 89.2 billion yuan, with net profit attributable to shareholders increasing by 56% quarter-on-quarter and 6% year-on-year to 3.82 billion yuan [1]. Development Trends - Sales volume surged by 46% year-on-year to 2.1702 million vehicles in the first three quarters of 2025, with Q3 2025 sales increasing by 43% quarter-on-quarter and 8% year-on-year to 761,000 vehicles [1]. - By brand, sales in Q3 2025 were 53,000 for Zeekr, 87,000 for Lynk & Co, and 327,000 for Galaxy, with quarter-on-quarter increases of 7%, 7%, and 13% respectively [1]. - The company is focusing on overseas markets, with Q3 2025 export sales increasing by 19% quarter-on-quarter to 112,000 vehicles [1]. Profitability and Quality Improvement - The gross profit margin in Q3 2025 improved by 1 percentage point year-on-year to 16.6%, benefiting from economies of scale and enhanced profitability of new energy vehicles [2]. - The company effectively managed expenses, with the combined sales, management, and research expense ratio decreasing by 0.7 percentage points quarter-on-quarter to 12.4% [2]. Shareholder Returns and Product Upgrades - The company announced a large-scale share buyback plan in Q3 2025, demonstrating a commitment to shareholder returns [2]. - The product strategy focuses on full-domain intelligence, with new models like the Galaxy A7 and Zeekr 9X set to launch in the second half of the year [2]. Profit Forecast and Valuation - Due to a strong new car cycle and the ramp-up of models like Galaxy M9 and Lynk & Co 900, the company raised its net profit forecasts for 2025 and 2026 by 4.5% and 11.9% to 16.9 billion yuan and 19.7 billion yuan respectively [2]. - The current stock price corresponds to a price-to-earnings ratio of 9.4 times for 2025 and 8.0 times for 2026, with a target price of 26.00 HKD, indicating a potential upside of 51.2% from the current price [2].