Core Viewpoint - Daiwa has raised the target price for China National Heavy Duty Truck Group (03808) to HKD 29.4, an increase of 35% from the previous target of HKD 21.7, while maintaining an "Outperform" rating [1] Group 1: Market Outlook - The expectation is that as the U.S. enters a rate-cutting cycle, the demand for Chinese-manufactured heavy trucks in overseas markets will remain strong next year [1] - Domestic demand for heavy trucks is supported by the ongoing vehicle replacement incentive policies [1] Group 2: Company Performance - Daiwa is optimistic about China National Heavy Duty Truck's leading position in the domestic heavy truck market and anticipates an increase in its global market share [1] - The revenue forecast for the company for the years 2025 to 2027 has been adjusted upward by 0% to 1%, reflecting a stronger-than-expected recovery in domestic heavy truck sales driven by the vehicle replacement subsidies [1] Group 3: Financial Projections - Due to economies of scale, the gross margin forecast for the company for 2025 to 2027 has been increased by 0.2 to 0.3 percentage points [1] - The target price-to-earnings ratio has been raised from 8.5 times to 9.8 times based on improved industry sales outlook, indicating a shift in valuation benchmarks [1]

Core Insights - The article discusses the findings of the "2025 October China Car Retention Rate Research Report," which aims to reflect the comprehensive strength of brands through retention rates, impacting various business operations such as repurchase, replacement, leasing, financing, and new car pricing [2][4] Policy Direction - The new "Roadmap 3.0" outlines five technical directions for the promotion of new energy vehicles (NEVs) in China, with a target of achieving over 80% market penetration by 2040, emphasizing the relationship between sales and pricing [6] Hot Events - A new measure to simplify the new car registration process has been implemented nationwide, with over 5.8 billion users on the "Traffic Management 12123" app, allowing users to complete the entire process online [8] Market Trends - The growth rate of used car supply has slowed down, with the suspension of replacement subsidies in several regions affecting sales momentum. It is expected that the supply of used cars will significantly exceed demand by the end of the year [11] Valuation Trends - There is a long-term downward trend in used car prices, with significant declines observed in the current month. The price drop is consistent across various vehicle categories, particularly during key decision-making periods for dealers [15] New Energy Vehicle Market Changes - The action plan aims to establish 28 million charging facilities by the end of 2027, providing over 300 million kilowatts of public charging capacity to meet the needs of over 80 million electric vehicles [19] Different Types of New Energy Vehicle Retention Rates - The competition among electric vehicles is intensifying, with manufacturers launching new models in October to boost year-end sales and prepare for the early 2026 market. The retention rates for electric and plug-in hybrid vehicles are now closely aligned, indicating a shift in consumer preferences [22]

Domestic News - Shanghai leads the world in the promotion of new energy vehicles, with over 220,000 units promoted from January to September 2025, a year-on-year increase of 25.4%. The cumulative promotion volume has reached 1.87 million units, ranking first among global cities [5] - Xiaopeng Motors unveiled its second-generation VLA large model, featuring 72 billion parameters and a cloud computing power cluster of 30,000 cards. The model will support "no navigation automatic driving" and is set to launch in December 2025 [6] - Volkswagen China announced plans to develop its own system-on-chip (SoC) for advanced driving assistance systems (ADAS) and future autonomous driving (AD) capabilities, enhancing local R&D capabilities [7] - Porsche has officially opened its R&D center in China, which will significantly shorten development cycles and enhance responsiveness, with a core team of over 300 engineers [8] - BYD will produce its best-selling plug-in hybrid vehicle, Seal U, in Turkey, marking a significant expansion in its European operations [9] - Pony.ai launched its seventh-generation Robotaxi, designed for a lifespan of 600,000 kilometers, showcasing its commitment to scaling up autonomous taxi operations [10] - Nissan established a joint venture for import and export in China, marking a new phase in its local development strategy [11] - Schaeffler has sold its turbocharger business in China to optimize its business structure, focusing on core competencies [12] International News - In Canada, new car sales in October 2025 decreased by 1.8% year-on-year, totaling 159,000 units [13] - The UK saw a slight increase in new car registrations in October 2025, up 0.5% year-on-year, with electric vehicles accounting for 25.4% of the market [14] - France's new passenger car registrations grew by 2.94% year-on-year in October 2025, reaching 139,513 units, although the cumulative registrations for the first ten months fell by 5.36% [15] - The EU plans to announce new regulations in December 2025 to promote affordable small electric vehicles, aiming to enhance competitiveness against Chinese manufacturers [16] Commercial Vehicles - BYD's T4 electric truck is set to be officially launched at the Wuhan Commercial Vehicle Exhibition on November 13, 2025 [19] - A new ultra-fast charging network for electric logistics has been launched in Linyi, China, marking a significant milestone in low-carbon logistics [20] - Jinbei (Shenyang) Automobile Co., Ltd. has entered a strategic cooperation with Toyota Tsusho, focusing on market channel collaboration and targeting the Saudi market [21] - Great Wall's Haval Shanhai Cannon Hi4-T has officially launched in Chile, marking a significant step in its global strategy [22]

新华财经北京11月6日电德国9月工业产出环比增长1.3%，远远低于市场普遍预期的3%。8月数据亦被下 修至环比下降3.7%。同比来看，9月工业总产出同比下降1.6%，前值由初值进一步下修为下降3.6%。 尽管汽车制造业强劲反弹12.3%，成为主要拉动因素，但整体工业复苏仍显乏力。其他细分领域表现分 化：数据处理设备、电子及光学产品产出增长5.1%；机械制造业则下降1.1%。 剔除能源与建筑业后，9月工业产出环比增长1.9%。其中，资本品产出增长3.8%，而消费品与中间品均 仅微增0.2%。能源生产环比上升1.3%，建筑业产出则下降0.9%。 分析指出，尽管工厂订单实现五个月来首次增长，或暗示经济出现企稳迹象，但制造业持续复苏对德国 克服产出收缩困境至关重要。当前，德国经济面临多重外部压力，包括美国加征关税、全球需求疲软以 及国内行政手续繁琐等因素。 （文章来源：新华财经） 从季度维度看，第三季度工业产出较第二季度下降0.8%，表明短期动能尚未有效积聚。 ...

记者了解到，从技术演进维度来看，人工智能正在完成从感知型向生成式、代理式的跨越发展。在汽车 产业应用层面，AI技术重点推动四大核心领域的转型升级：软件定义汽车与自动驾驶、替代动力系统 与可持续发展、新型服务与商业模式创新以及数字化运营与供应链优化。这种转型不是单一技术应用， 而是对整个产业价值链的重构与升级。 具体到各价值环节，AI技术展现出差异化的提升潜力。研发环节通过生成式设计和端到端开发平台可 实现8%—12%的效率提升；供应链管理借助智能物流和预测性维护优化7%—10%的运营成本；生产制 造通过智能工厂和协作机器人降低6%—9%的制造成本；销售与服务环节通过个性化服务和预测性诊断 带来7%—9%的效益增长。这些价值提升主要来源于两个核心驱动力：通过自动化流程和优化决策实现 的运营效率提升，以及通过创新服务和商业模式开拓的新收入来源。 实现这些价值需要企业建立完善的实施体系。建议采用"中心—辐射"治理模式，在技术标准统一与业务 灵活性之间寻求最佳平衡。同时需要构建可信AI框架，确保符合日益严格的伦理和监管要求。在实施 路径上，建议分三个阶段推进：初期聚焦基础设施建设和快速见效项目，中期发展核心业务流程和 ...

多家德国车企近期发布财报显示，今年前三季度利润均有不同程度下滑，并普遍指出，美国关税对业绩 造成明显冲击。大众集团财报显示，公司今年前9个月营业利润同比下降58%，美国关税措施给公司造 成的损失可能高达全年50亿欧元。梅赛德斯-奔驰集团财报显示，今年前三季度净利润同比减少一半， 美国关税政策等因素给公司业绩带来不确定性。 财报显示，宝马集团今年前9个月息税前利润为80.6亿欧元，同比下降16.2%；营业收入同比下降5.6%， 至约1000亿欧元；净利润同比下降6.8%，至57亿欧元。 默特尔还表示，关税因素将拖累现金流表现，集团全年自由现金流预期从原先的逾50亿欧元降至逾25亿 欧元。 新华财经柏林11月6日电 德国汽车制造商宝马集团5日发布财报显示，美国加征关税对公司盈利造成较 大压力。 宝马集团董事会成员瓦尔特·默特尔表示，美国关税在第三季度已使得宝马汽车业务息税前利润率下降 1.75个百分点，预计全年将总共导致汽车业务息税前利润率下降1.5个百分点。 （文章来源：新华社） ...

被称为欧洲最大"中国研究中心"的柏林墨卡托研究中心（Mercator），其高级分析师安东妮娅·哈迈迪 （Antonia Hmaidi）表示，安世半导体如果要实现产能转移、在中国以外地区完成生产，整个过程至少 需要4至6月，且这一产能完全无法填补中国东莞工厂的供给缺口。此外，这些芯片还需经过严格测试与 认证，才能正式用于汽车生产。 随后哈迈迪倒打一耙，称近年来分析师已多次警告，即便会增加运营成本，将生产转移至中国的企业也 应制定备用方案，通过强化供应链、实现供应链多元化以应对突发状况。她声称："这应当是最新敲响 的警钟，让所有人看清中国为保护本国企业愿意采取的行动力度。" 这一言论未免太过双标，既然都承认中方此举是"保护本国企业"，为何反倒独独苛责身为受害一方的中 国，却对挑起事端、强占中资企业的始作俑者荷兰扮演视而不见？这般强盗逻辑何其荒谬！ 【文/观察者网 阮佳琪】 尽管荷兰方面矢口否认，但外界普遍认为，其强占中资企业安世半导体的恶劣行径，本质是狐假虎威、 奉美国"旨意"而为。梅赛德斯-奔驰的首席执行官康松林（Ola Källenius）上周就在电话会议中直 言，"现在是一个由政治因素引发的局面。" 可当荷 ...

尽管美国的汽车关税带来沉重负担，但丰田在中国及欧洲等主要地区实施的均衡开发销售战 略取得了成效。另一方面，半导体和稀土的采购仍然存在风险…… 丰田11月5日发布预测数据称，2025财年（截至2026年3月）合并净利润（国际会计准则） 预计同比下滑39%，降至2.93万亿日元。这一数值较此前预期的2.66万亿日元（同比下滑 44%）有所上调。尽管美国的汽车关税带来沉重负担，但丰田在中国及欧洲等主要地区实施 的均衡开发销售战略取得了成效。 销售额将同比增长2%，达到49万亿日元，营业利润将同比减少29%，降至3.4万亿日元，分 别较此前预期上调5000亿日元和2000亿日元。 丰田皮卡"坦途（Tundra）"在美国很受欢迎 由于本财年日元升值幅度超过上财年，汇率影响将导致营业利润减少5550亿日元。鉴于当前 的趋势，丰田将全财年汇率前提调整为1美元兑146日元（日元贬值1日元）、1欧元兑169日 元（日元贬值9日元），利润降幅较期初预期有所收窄。 美国特朗普政府的关税政策将导致营业利润减少1.45万亿日元。除了整车出口之外，还将负 担部分由零部件企业支付的关税。营业利润减幅高于原来预计的1.4万亿日元。 此次上调 ...

11月5日，丰田汽车发布2026财年第二财季（截至2025年9月30日）报告：经营利润8395.5亿日元，同比 下降27%；净利润9320.8亿日元，同比增长62%；销售净额12.38万亿日元，同比增长8.2%。 作者丨彭鑫 编辑丨安安 ...

预售发布会现场，锐胜汽车资深媒体人杨澜和北京汽车制造厂有限公司副总裁兼锐胜汽车总经理顾志宏，与嘉宾现场交流，通过"商务、家庭、营运、休 旅"四大沉浸式体验，对产品进行深度的解读。 在外观设计上，锐胜M8融合东方美学与未来科技，"山水前脸"以镀铬饰条模拟瀑布流动造型，并搭配"霞光大灯"与"登峰日行灯"；内饰采用"星舰环抱座 舱"。颜色上，提供7种外观颜色，包括星夜黑、珠光白等4种单色、"月光银/脉冲绿"等3种拼色；内饰提供"黑色/琥珀橙""黑色/量子灰"2种配色，满足不同用 户个性化选择。 11月5日，锐胜汽车在青岛召开"全场景·才是真舒享"锐胜M8预售发布会。锐胜M8提供锐胜M8-增程与锐胜M8-EV动力版本，预售价格分别为16.98万元与 19.98万元起。 锐胜M8以"空间、补能、续航、舒享"四大核心优势构建产品竞争力，为用户提供"宜商、宜家、宜旅"的全场景出行解决方案。新车兼顾越级空间、多种动 力、长续航与智能舒享配置，让用户出行兼具舒适与安全。 锐胜M8 EV版搭载高容量磷酸铁锂电池，官方数据显示，CLTC（中国轻型车测试循环）纯电续航里程最高560km，百里综合能耗低至18.1度/100km，并标 ...