Domestic News - The State Council Tariff Commission has decided to adjust the additional tariff measures on imports from the United States, suspending the 24% tariff for one year while retaining a 10% tariff starting from November 10, 2025 [2] - Shanghai has achieved a cumulative promotion of over 220,000 new energy vehicles from January to September this year, marking a year-on-year increase of 25.4%, and leading global cities with a total of 1.87 million vehicles [3] - The China International Automotive Parts and Aftermarket Services (USA) Exhibition opened in Las Vegas, featuring over 100 Chinese automotive parts companies, covering the entire industry chain of both new energy and traditional vehicles [4] International News - Major automotive manufacturers, including General Motors, Tesla, Toyota, Hyundai, Volkswagen, and Ford, have urged the U.S. government to extend the United States-Mexico-Canada Agreement (USMCA) [5] Corporate News - Toyota reported an operating profit of 839.55 billion yen for the second quarter of fiscal year 2026, a decrease of 27% year-on-year, while net profit increased by 62% to 932.08 billion yen [6] - First Brands, a U.S. automotive parts supplier, has filed for bankruptcy, alleging that its founder defrauded the company of billions through falsified financial data and transactions [7] - Leap Motor responded to rumors of a potential acquisition by FAW Group, stating that the reports are untrue [8] - BYD plans to launch its high-end brand "Yangwang" in the Middle East in early 2026, with plans to expand into Europe and the Americas thereafter [9][10] - XPeng Motors announced plans to launch three Robotaxi models in 2026, with operations commencing the same year, designed for L4-level autonomous driving [11] - Porsche's global CEO revealed that a locally developed in-car entertainment system for the Chinese market will be available in Porsche models by 2026 [12] - Tesla China reported wholesale sales of 61,497 vehicles in October, down from 90,812 in September [13] - BMW Automotive Finance Company has undergone a leadership change, with a new chairman appointed [14] - EVE Energy announced that its controlling shareholder plans to transfer 40.7768 million shares, reducing their stake from 39.92% to 37.85% [15] - Xiling Power plans to acquire 100% of Weipai Automotive Electronics (Shanghai) Co., Ltd., with the transaction not constituting a related party transaction or a major asset restructuring [16]

江淮汽车（600418.SH），陷入了短期阵痛。 根据其最新披露的三季报，2025年前9月实现营收308.73亿元；同比下滑4.14%；归母净利润亏损14.34亿元，止盈转亏。 其中，第三季度录得营收115.13 亿元，同比增长 5.54%；归母净利润亏损 6.61 亿元，同比由盈转亏。 对此，江淮汽车解释主要系国际形势日趋复杂、境外汽车市场竞争加剧，导致出口业务下滑；高端智能新能源乘用车项目尚处于产能爬坡期，尚未形成规模 效益。 这是一份意料之中的成绩单，当下江淮汽车正处于转型关键期，而与华为合作打造的尊界S800是重中之中，但这款定位于超高端豪华、售价70万起步的车 型，今年5月才上市； 在此之前，江淮汽车投入巨资建设超级工厂、组建团队、成立研发中心等，干的都是"只出不进"的事。财报显示，其于今年前9月研发投入超30亿元，同比 增长超30%，如今陷入阶段性亏损实属正常。 一家企业面临转型阵痛，因孵化新品牌而利润承压，这并不难理解。何时走出亏损，需要多久重启新增长，才是审视江淮汽车的正确姿势。 这也是为何江淮汽车即使业绩不佳，但股价年内涨幅超30%、总市值突破1100亿元，成为资本市场备受追捧"牛股"的原因 ...

Core Insights - Audi showcased its commitment to deep localization and electrification in the Chinese market at the 8th China International Import Expo, marking a significant milestone in its "dual brand, dual partnership" strategy [1][4] Group 1: Market Strategy - Audi's global CEO expressed confidence in the Chinese market and readiness to seize new growth opportunities through local partnerships and innovation [4] - The company initiated its largest product layout in China, combining German craftsmanship with local innovation to upgrade products, processes, and organizational structures [4] Group 2: Product Showcase - Audi presented three representative models: the classic Audi 100 Coupé S, the all-electric flagship Audi A6L e-tron, and the intelligent electric Audi E5 Sportback, highlighting its comprehensive layout in the high-end mobility sector [9] - The Audi A7L has served as the official vehicle for dignitaries at the expo for three consecutive years, reinforcing Audi's brand image in the high-end automotive market in China [9] Group 3: Model Details - The Audi 100 Coupé S, a symbol of the brand's revival, showcases elegant design and craftsmanship, reflecting Audi's continuous innovation in design and technology [13] - The Audi A6L e-tron, produced on the PPE luxury electric platform, features significant advancements in range, charging efficiency, and intelligent driving, tailored to meet Chinese consumer demands [13] - The Audi E5 Sportback, the first mass-produced model from the collaboration with SAIC Group, represents a milestone in the intelligent connected era, featuring advanced technology and digital experiences [18]

本次监测周期内，比亚迪、丰田和小米汽车分别以 1.98、1.82 和 1.70 的综合热度位列榜单前三名。 | 世研指數 | | | 世研消费指南计系列榜单 | | | | --- | --- | --- | --- | --- | --- | | | 品牌消费热门指数榜 | | | | Vol.82 - 汽车消费行业 | | 胡诗 第 | | 品牌 | 3 | 综合热度 指数 | 价 排名变化 | | 01 | CHE | 比亚迪 | | 1.98 | | | 02 | (49 | 幸田 | | 1.82 | | | 03 | ml | 小米汽车 | | 1.70 | NEW | | 04 | 7 | 特斯拉 | | 1.69 | NEW | | 05 | 3 | 奔驰 | | 1.65 | NEW | | 06 | | 章司 | | 1.62 | | | 07 | 8 | 大众 | | 1.56 | V4 | | 08 | S | 长安 | | 1.55 | ▲ 1 | | 09 | NISSAN | 日产 | | 1.42 | ▲5 | | 10 | CHENY | 育瑞 | | 1.31 | | | ...

Core Viewpoint - CIMC Vehicles has shown a significant increase in stock price and trading volume, indicating potential investor interest despite a decline in revenue and net profit year-on-year [1][2]. Financing Summary - On November 5, CIMC Vehicles experienced a financing buy-in of 37.86 million yuan, with a net buy of 9.20 million yuan after repayments [1] - The total financing balance reached 214 million yuan, accounting for 1.51% of the circulating market value, which is below the 10% percentile level over the past year, indicating a low financing level [1] - In terms of securities lending, 300 shares were repaid while 4,500 shares were sold, with a total selling amount of 43,900 yuan, and the lending balance was 333,400 yuan, also below the 20% percentile level over the past year [1] Company Performance - As of September 30, the number of shareholders for CIMC Vehicles was 29,800, a decrease of 16.07% from the previous period, while the average circulating shares per person increased by 19.17% to 48,786 shares [2] - For the period from January to September 2025, CIMC Vehicles reported a revenue of 15.01 billion yuan, a year-on-year decrease of 5.13%, and a net profit attributable to shareholders of 622 million yuan, down 26.23% year-on-year [2] Dividend and Shareholding - CIMC Vehicles has distributed a total of 2.664 billion yuan in dividends since its A-share listing, with 1.655 billion yuan distributed over the past three years [3] - As of September 30, 2025, the sixth largest circulating shareholder, Dazheng Gaoxin Stock A, held 25.06 million shares, a reduction of 5.03 million shares compared to the previous period [3]

AI板块反攻美股收涨 受科技股估值过高的担忧缓解，乐观的企业财报与超预期的经济数据提振市场信心影响，美国股市周三 反弹。截至收盘，道指涨225.86点，涨幅为0.48%，报47311.10点；纳指涨0.65%，报23499.80点，标普 500指数涨0.37%，报6796.29点。 编辑 | 格蕾丝 明星科技股中，特斯拉涨4%，谷歌涨2.4%，Meta涨1.3%，亚马逊涨0.3%，苹果平盘，英伟达跌1.7%。 纳斯达克中国金龙指数涨0.17%，拼多多涨1.8%，京东涨0.6%，网易涨0.5%，阿里巴巴涨0.3%，百度跌 1.3%。 市场概述 美国自动数据处理公司（ADP）发布的全国就业报告显示，10 月私人部门就业人数反弹，新增4.2万 人。尽管如此，劳动力市场仍显现疲软迹象，部分行业持续裁员。 美国供应管理协会（ISM）公布的数据显示，10月ISM服务业PMI指数52.4，实现了八个月以来的最快 扩张，这主要得益于新订单增长的迅速回升。不过企业同时面临裁员压力，且正应对近三年来最高的投 入成本。 目前美国国会陷入僵局，导致当前政府停摆成为美国历史上持续时间最长的一次，这迫使投资者及依赖 数据决策的美联储不得 ...

新京报贝壳财经讯（记者张冰）11月4日晚，比亚迪（002594）王朝网销售事业部总经理路天在2026款夏上市发布 会上表示，比亚迪夏的车主85%都是家庭用户，倾听用户声音、持续与用户共创，王朝网推出2026款夏，将MPV （多用途汽车）从"交通工具"升级为"移动生活空间"。 路天介绍，2026款夏从外观颜色、辅助驾驶、续航油耗、车家互联等方面进行了升级，4款车型限时售价19.68 万-25.98万元。在智能化方面，2026款夏升级了天神之眼B-辅助驾驶激光版，可实现自主上下匝道、变道超车、 下车泊入等功能。针对传统MPV油耗高、续航短等问题，2026款夏纯电续航为218公里，综合续航为1163公里， 百公里亏电油耗降至4.9升。 2026款夏。企业供图 今年1月8日，比亚迪正式推出中大型MPV夏，此款车型是王朝网首款MPV车型，售价为24.98万-30.98万元。此次 2026款夏以更具竞争力的价格推出，意味着比亚迪进一步发力中大型MPV市场。 ...

11月5日，在第八届中国国际进口博览会的聚光灯下，大众汽车集团（中国）官宣一则关乎未来竞争格局的"重磅消息"：其旗下软件公司 CARIAD与中国智驾科技公司地平线联合成立的合资企业酷睿程（CARIZON），将正式在中国自主设计与研发系统级芯片（SoC）。这一举措，标 志着这家跨国汽车巨头在中国的本土化战略，已从生产制造、市场销售，纵深至智能出行最核心的技术研发腹地。 从"合资"到"合智"，大众汽车集团此次的芯片自研之路，并非单打独斗，而是其与本土科技伙伴地平线深度协同的成果。双方成立的合资企业酷睿程， 已成为大众在华智能驾驶研发的核心引擎。这种从传统"合资造车"到前沿"合智造芯"的演变，揭示了大象转身的新范式。 大众汽车集团（中国）董事长兼CEO贝瑞德将这一自研SoC项目的开启，定义为"在中国，为中国"战略加速落地的关键一步。它意味着大众不再满足于 简单的生产本地化，而是决心在中国塑造未来出行的核心技术。CARIAD 首席执行官施沛德指出，这是一次集团在华智驾研发能力的 "重要跃升"——未 来，大众不仅开发自动驾驶软件，更将自主设计兼具高性能与高效率的AI芯片。 据悉，这款专为新一代智能网联汽车打造的SoC芯 ...

Core Viewpoint - The company reported a total of 3.7019 million new energy vehicle sales from January to October, reflecting a year-on-year increase of 13.9%, with October sales showing a decline compared to the previous year but an increase compared to the previous month [1][2] Group 1: Sales Performance - In October, the company achieved a record high of 441,700 new energy passenger vehicle sales, with significant contributions from the Dynasty and Ocean series, as well as the Fangchengbao brand [2] - The sales breakdown for October includes 395,000 units from the Dynasty series, 31,100 units from the Ocean series, 10,100 units from the Tengshi brand, and 700 units from the Yangwang brand, with the Dynasty and Ocean series showing the most growth [2] - Year-to-date sales for new energy passenger vehicles reached 3.6557 million units, up 12.9% year-on-year [1] Group 2: Export Growth - The company’s export sales in October reached 83,900 units, marking a year-on-year increase of 169.0% and a month-on-month increase of 17.8%, indicating a return to growth [3] - Cumulative export sales from January to October totaled 781,000 units, reflecting a year-on-year increase of 137.3% [3] - The company has established a network of over 400 dealers across more than 80 countries and regions to support its export growth [3] Group 3: Future Outlook - The company anticipates continued strong demand in the fourth quarter, driven by the release of popular models and the upcoming launch of new vehicles [3] - Revenue projections for 2025-2027 are set at 898.15 billion, 996.54 billion, and 1,101.29 billion yuan, with expected year-on-year growth rates of 15.6%, 11.0%, and 10.5% respectively [4] - The company expects to achieve net profits of 36.82 billion, 46.28 billion, and 55.02 billion yuan for the same period, with a projected increase in profits in 2026 and 2027 [4]

11月5日 赛力斯 正式在港交所上市。赛力斯总裁在接受采访时称，公司将向全球扩张，将从周边国家开 始，不会一夜之间扩展到所有国家。同时提到并不担心华为与其他汽车公司的合作，他表示，类似的担 忧曾经出现在 特斯拉 进军中国市场时，但事实证明这些担忧是多虑了，因为特斯拉反而推动了整个行 业推出更优质的产品。 ...