文|天峰 来源|财富独角兽 2025年以来沪深股指走出强劲上行态势，市场整体呈现"慢牛"震荡攀升格局。上证指数年内涨幅超17%，一举突破4000点整数关口，创下10年来新高。深 证成指上涨近28%，创业板指和科创综指更是成为领涨先锋，累计涨幅均接近50%。 伴随股指大幅走强，权益类基金业绩迎来强势回升，赚钱效应显著回归。截至10月底，主动权益基金前10月平均净值增长率达27.48%,其中34只产品业绩 翻倍，最牛基金收益率超200%。笔者发现，平安基金旗下经理黄维的产品业绩优异，其中平安睿享文娱混合A/C,任职回报高达290.91%、263.97%。 01 技术背景赋能产业洞察 投资哲学：价值与成长的辩证统一 据天天基金网显示，黄维毕业于北京大学微电子学与固体电子学硕士,2010年加入广发证券,历任广发证券发展研究中心电子行业研究员、广发证券资产管 理(广东)有限公司TMT行业研究员、广发证券资产管理(广东)有限公司理财5号投资经理助理,2016年5月加入平安基金管理有限公司。 目前管理基金多达7只基金，累计任职时间9年又83天，现任基金资产总规模37.82亿元，在管基金最佳任期回报281.87%。也正是凭借 ...

两年前，理想汽车凭借一套增程系统开辟市场，把被业内看作"过渡技术"的增程方案转化为热销产品。L系列车型凭借着冰箱、彩电、能加油的务实组合， 迅速吸引大量家庭用户达成购车意向。理想汽车也随之成为"新势力"中首家实现年度盈利的车企。 增程技术一度成为新能源汽车市场主流趋势，纯电与增程的技术路线选择也成为业内争论焦点。 受到市场追捧，增程技术转瞬迅速成为热门赛道。问界、岚图、深蓝等近十家车企纷纷布局并推出相应产品。其中问界几款爆款车型的热卖也为增程技术的 成功增添新的案例。 情况在今年年中开始出现转变，增程车的销量走向下坡路。乘联会数据显示，2025年6月起，增程式车型的批发占比连续五个月下滑。10月批发销量12.1万 辆，同比下降1.9%，零售跌幅更大，达7.7%。 更值得注意的是，在"新势力"品牌中，纯电与增程的销量结构发生改变。从2024的49%比51%，变为如今的74%比26%。增程车正在失去它曾牢牢占据的市 场主流地位。 这一变化并非突如其来。纯电动车的续航、充电便利性和成本结构，在过去几年里迅速改善，逐步压缩了增程车的生存空间。 五年前，纯电动车的平均续航还在400公里左右徘徊，如今这一数字已突破500 ...

Group 1 - Starbucks is facing new strike threats, including actions planned for Red Cup Day, as unionized baristas demand higher wages and better staffing, which poses operational and reputational risks to the company's profitability efforts [2] - Baidu's chairman, Li Yanhong, addressed concerns about an AI bubble, stating that the AI industry structure is shifting from an unhealthy "pyramid" to a healthier "inverted pyramid," where models and applications must generate significantly more value than the underlying chips [3] - Cai Fang from the Chinese Academy of Social Sciences emphasized the need for reform in the pension system and elderly care industry to address the challenges posed by an aging population in China [4] Group 2 - The Japan Exchange Group is reportedly considering measures to limit the growth of listed companies managing digital assets due to concerns over cryptocurrency accumulation, including tightening reverse listing regulations and requiring new audits [5][6] - Tesla's Shanghai Gigafactory achieved its highest monthly export record in two years, exporting over 35,000 vehicles in October 2025, with Model Y exports increasing by 214% year-on-year, reflecting strong global demand [7] - Chery Automobile issued an apology following an incident during an extreme challenge test at Tianmen Mountain, highlighting the importance of safety in such events [8] Group 3 - Several banks have raised the threshold for gold accumulation deposits to 1,500 yuan, the highest in history, in response to gold prices returning to $4,100 per ounce, with some banks adopting a dynamic pricing model [9] - China Resources Land announced a placement of 49.5 million shares of China Resources Mixc Lifestyle Services, expecting net proceeds of approximately HKD 2.06 billion, to be used for land acquisition and general working capital [10] - Japan's corporate goods price index rose by 2.7% year-on-year in October, slightly above expectations, indicating ongoing inflationary pressures [11] Group 4 - Xiaomi is set to open its first direct store in Paris, expanding its presence in France after previously exiting due to the pandemic [12] - Various regions in China are intensifying efforts to stabilize economic growth in the fourth quarter, focusing on boosting consumption and accelerating major project investments [13] - Microsoft plans to leverage its access to OpenAI's custom chip technology to enhance its internal chip development projects, with a long-term agreement in place for continued collaboration [14][15]

来源：央视网 3.3秒、2.9秒、1.9秒……新能源汽车零百加速纪录近年来不断被刷新。一款款贴着"性能怪兽"标签的车 型，驰骋在城市道路与高速公路上。 曾几何时，零百加速5秒内还是百万级超跑的专属标签，如今已成为20万元级新能源车的"标配"，部分 入门级车型也将加速性能作为核心卖点。 然而，这类性能选项却暗藏诸多安全隐患。盲目追求加速度，导致一些车企将核心安全技术研发排在 了"表面参数"的优先级之后。事实上，在城市道路中，受限于红绿灯、车流密度、限速规定、路况等因 素，几乎不存在需要5秒内完成百公里加速的场景。相反，过强的动力输出让车辆在起步或超车时更难 精准操控，对驾驶者的预判能力、操作熟练度提出了极高要求。 近年来，一场场加速失控酿就的悲剧警示我们，当车辆性能超出常人生理反应极限，更快的速度便不再 是优势，反而容易制造不可测的事故。 近日，公安部发布《机动车运行安全技术条件》征求意见稿，以"零百加速不低于5秒""踏板误踩抑 制"等硬核条款，为愈演愈烈的性能竞赛踩下刹车，引领行业回归安全本质。 征求意见稿要求，车辆出厂时的默认模式需满足零百加速不低于5秒，驾驶员需通过主动操作才能切换 至运动模式。这一"刻意 ...

Core Viewpoint - The article discusses the significant price reductions in the new energy vehicle (NEV) market in China, highlighting the average price drop and percentage decrease in various segments, indicating a competitive pricing strategy among manufacturers [3][4]. Price Reduction Analysis - In October 2025, the average price reduction for new energy vehicles reached 18,000 yuan, with a reduction rate of 11.1% [3]. - From January to October 2025, the average price reduction for NEVs was 21,000 yuan, with a reduction rate of 10.8%, second only to 2022's 13.2% [4]. - The price reduction for conventional fuel vehicles averaged 14,000 yuan with a reduction rate of 8.4% during the same period [4]. Segment Comparison - In October 2025, the average price of pure electric vehicles after discounts was 138,000 yuan, with a reduction of 12,000 yuan and a reduction rate of 8% [6]. - The average price of plug-in hybrid vehicles after discounts was 218,000 yuan, with a reduction of 42,000 yuan and a reduction rate of 19% [8]. Competitive Dynamics - Major state-owned enterprises are leading the price reductions, with significant discounts on models like the Hongqi EQM, which saw a price drop of 36% [7]. - The competitive pricing strategy is driven by leading companies, necessitating adjustments from competitors to maintain market share [8]. Financial Performance - Despite aggressive pricing strategies, several companies are facing declining profitability, with Great Wall Motors reporting a more than 30% drop in Q3 profits, and GAC Group posting its highest quarterly loss since listing at 1.774 billion yuan [9].

Core Viewpoint - The new national standard proposed by the Ministry of Public Security aims to address safety concerns related to the rapid acceleration of electric vehicles, requiring that passenger cars have a default acceleration time of no less than 5 seconds for 0 to 100 km/h after each power-up [2]. Group 1: New National Standard - The proposed national standard, titled "Technical Conditions for the Safe Operation of Motor Vehicles," is currently open for public consultation [2]. - The standard specifically targets the issue of loss of control in electric vehicles due to excessive acceleration [2]. Group 2: Current Market Impact - At least 19 models of electric vehicles currently on sale have an official acceleration time of less than 5 seconds for 0 to 100 km/h [2]. - The following are some of the models with their respective acceleration times and starting prices: - Li Auto i6 AWD: 4.5 seconds, starting at 249,800 CNY - Xpeng G9 680: 4.2 seconds, starting at 278,800 CNY - EMEYA 600: 4.15 seconds, starting at 538,000 CNY - NIO ET5: 4 seconds, starting at 298,000 CNY - BYD Tang L EV: 3.9 seconds, starting at 239,800 CNY - Tesla Model X: 3.9 seconds, starting at 704,900 CNY - Denza N8 L: 3.9 seconds, starting at 299,800 CNY - Xpeng P7 750: 3.7 seconds, starting at 259,800 CNY - Arcfox Alpha S5: 3.7 seconds, starting at 127,800 CNY - Geely Geometry X: 3.69 seconds, starting at 155,800 CNY - Tesla Model S: 3.2 seconds, starting at 647,300 CNY [3].

科技创造未来，量子或将重塑汽车。 "前方高能"的量子科技方兴未艾、前程远大，不仅被写入近日发布的"十五五"规划建议，成为前瞻布局 未来产业、打造新经济增长点的重头戏之一，也在汽车行业引发广泛关注。 "量子技术作为引领未来的颠覆性技术群，在提升车辆信息安全、加速新材料与电池研发、优化自动驾 驶决策算法等方面拥有广阔的应用前景。"近期在安徽合肥召开的"量子＋汽车"研讨会上，与会嘉宾就 这一观点形成共识。 量子科技潜力释放正当时 简而言之，量子就是物质世界最小且无法分割的基本单元，而量子科技则是将量子力学原理与信息科 学、计算科学、材料科学等交叉融合，借助量子叠加、纠缠、隧穿等效应，实现信息获取、处理与传递 的全新技术范式。 肉眼不可见的微观量子，正展现出改变宏观世界的惊人能力。"量子科技是我国汽车产业又一次重要机 遇。"中国汽车工业咨询委员会委员陈光祖曾撰文指出，要强化汽车量子化水平的研发和应用。他在接 受记者采访时表示，量子科技打破了传统经典物理的局限，为解决复杂问题提供了全新的思路和方法， 量子科技与汽车产业的融合，将为汽车产业带来一系列革命性的变化。 目前，量子科技已在量子计算、量子通信、量子加密、量子传感 ...

尊敬尹艳林主任、李扬理事长，在座的各位朋友们，大家上午好！ 时序轮替，华章日新，我代表主办方，向与会的诸位嘉宾，尤其是远道而来的上市公司的40多位代表， 致以最热烈的欢迎与最诚挚的感谢！ 自2018年首届会议启航以来，我们始终秉持"引思想、引人才、引资本、引项目"的初心，致力于推动山 西资本市场与全国产业升级浪潮同频共振。过去四届会议已从区域盛会快速成长为具有全国影响力的产 业与资本对接桥梁。这份成就，离不开在座每一位的鼎力支持。在此，我向所有为会议倾注热情、贡献 力量的朋友，致以最崇高的敬意！ 2025年，中国经济在复杂多变的全球格局中展现出强劲韧性与活力。前三季度国内生产总值同比增长 5.2%，新能源汽车、信息科技、工业机器人等新质生产力领域表现尤为亮眼。这背后，是科技创新与 产业变革的深度融合，是"人工智能+"等新业态、新模式加速落地的生动写照，更是中国经济迈向高质 量发展的铿锵足音。 不久前闭幕的党的二十届四中全会明确提出，"以科技创新引领现代化产业体系建设，加快形成新质生 产力"。这一战略部署，为上市公司产业升级指明了方向。然而，前行之路仍面临三大挑战：技术迭代 加速与研发周期漫长的矛盾，考验企业的 ...

同期，浙江对中东、拉美、非洲进出口分别同比增长3.3%、2.6%和10.1%；与共建"一带一路"国家 合作持续深化，对共建"一带一路"国家合计进出口2.63万亿元，同比增长8.4%。 同样看好东南亚市场的还有浙江今飞凯达轮毂股份有限公司。作为新能源汽车核心零部件供应商， 公司近年来将东南亚列为重点拓展方向。"我们2019年就在泰国建立了生产基地，核心就是'走出去'和 深耕东南亚市场。"公司董事长葛炳灶表示，面对行业趋势，公司产品聚焦轻量化研发，通过旋压工艺 使新能源车轮毂减重10%至15%，为新能源汽车提升3%~5%的里程。 杭州海关最新数据显示，今年前10个月，浙江对东盟进出口总值达7106.1亿元，同比增长16.2%， 占全省进出口总值的15.4%。东盟首次超越欧盟，跃升为浙江第一大贸易市场。 企业的积极布局与宏观趋势相互印证。在零跑汽车金华一厂的总装车间，崭新的T03新能源汽车以 每小时42辆的速度下线，准备发往海外。随着中国—东盟自贸区建设的深化，零跑汽车正加速拓展东盟 市场。今年4月，零跑汽车宣布与Stellantis集团即将启动马来西亚本地化组装项目，这是继在泰国成功 推出电动汽车产品后，该公司在 ...

消息面上，极氪于今年9月底推出的新一代豪华旗舰SUV极氪9X销售火爆，引发海内外加价热潮。此 外，焕新001、焕新7X等多款车型在10月陆续上市，且订单均大幅超越预期。极氪009累计销量持续稳 居香港、泰国、马来西亚等地豪华纯电MPV销冠。 进入今年下半年以来，极氪经营战略进一步清晰，包括提前预告产品换代节奏、推出阳光服务公约、宣 布为老用户升级辅助驾驶软硬件系统等在内的一系列积极举措，带动品牌NPS净推荐值持续回暖，在终 端市场获得积极反响。 11月14日，市场消息，以投资嗅觉灵敏著称的摩根大通近期大幅度减持蔚小理，进一步加仓增持吉利旗 下全球豪华科技新能源品牌极氪。这意味着，极氪在资本市场重获头部机构认可，同时，伴随回归一个 吉利，极氪未来发展前景及长期价值被资本市场进一步看好。 ...