2025年11月5日，在第八届中国国际进口博览会开幕当日，大众汽车集团（中国）正式宣布：集团旗下软件公司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），将在中国自主设计与研发系统级芯片（System-on-Chip，SoC）。 这款系统级芯片专为集团的新一代智能网联汽车打造，为高级驾驶辅助和自动驾驶系统提供强大支持。它赋予车辆"思考"的能力，能够实时处理来自摄像头 和传感器的大量数据，从而在复杂路况下做出更安全、顺畅、智能的决策。这将让大众汽车集团更好地借力中国创新生态，打造真正符合本地道路交通与用 户驾驶习惯的出行体验。 2025年，酷睿程的首款高级驾驶辅助系统解决方案将正式投入量产，为集团在华智能驾驶自主研发的第一阶段画上圆满句号。随着自研系统级芯片的发 布，"第二阶段"正式开启，集团将进一步强化本土智驾全栈研发能力，加速推进规模化量产与商业落地，为中国客户提供更智能、更安全、更具价值的出行 解决方案。 4 日本 13 3 135 22 the state the first and 1133 2 2 the first the 1 the state 11 the ...

每经记者｜董天意 每经编辑｜余婷婷 "对于梅赛德斯-奔驰而言，企业社会责任从来不只是一句口号，而是我们的核心价值观，是我们作为一家企业坚定不移的信念。"日前，梅赛德斯-奔驰集团 股份公司（以下简称奔驰）董事会成员、负责大中华区业务的佟欧福（Oliver Thöne）在接受《每日经济新闻》记者采访时表示，践行ESG（环境、社会和 公司治理）和企业社会责任是奔驰的长期承诺，不会因为市场变化而动摇。 图片来源：企业供图 今年是北京奔驰成立的20周年，作为奔驰全球最大的生产基地，其前驱车工厂于近期获得了《ISO 14068-1:2023实现碳中和核查声明》，成为我国首家获此 认证的汽车制造工厂。从这里驶出的全新梅赛德斯-奔驰纯电CLA于11月5日正式上市，共推出纯电CLA 300 L超长续航版、纯电CLA 300 L超长续航领智 版、纯电CLA 300 L超长续航冠军限量版（100台限量发售）3款车型，售价区间为24.9万元~29.9万元。新车被奔驰视为其践行"零排放"出行目标的证明之 一。 而自全新梅赛德斯-奔驰纯电CLA（以下简称全新纯电CLA）开始，奔驰将开启史上最大规模的科技与产品发布计划。在未来两年，奔驰将 ...

在全球绿色出行的潮流下，新能源汽车市场迅速崛起，销量和渗透率均创历史新高，成为产业转型的重要支柱。然而，在这繁荣的市 场背后，各大车企间"单一路径与多技术路线"之争从未停歇。 不过，在全球车企深度转型的当下，多元技术路线布局已日益成为共识，政策端也导向更加多元的转型战略。在2024世界智能网联汽 车大会期间，中国科协主席万钢指出，汽车产业的能源转型不应局限于纯电动单一路径，需坚定秉持多能源化发展方向，统筹纯电 动、氢能、低碳燃料等技术路线协同推进；德国汽车工业协会(VDA)主席穆希雅在2025世界新能源汽车大会上也表示，全球新能源汽 车转型要采取多路径战略，避免对单一技术的依赖，这不仅会增强供应链的韧性，更有利于进行原材料采购，同时确保整个行业更好 地应对市场条件。 与众多车企押注单一技术路线不同，作为跨国车企巨头的丰田汽车，选择了一条看似更复杂，但却更符合市场实际需求的多元化路 径。如今，业内对多元技术路线的认可，更验证了其转型路线的可持续性。 11月5日，第八届中国国际进口博览会(以下简称进博会)如约揭幕。第八次以"全勤生"身份亮相进博会的丰田，正站在一个特殊的历史 节点——去年是丰田品牌入华60周年，今 ...

11月5日，第八届中国国际进口博览会（简称"进博会"）在上海开幕。会议期间，一汽-大众汽车有限公 司与大众汽车集团签订进口整车与零部件合作备忘录。2026年，一汽-大众将向大众汽车集团进口部分 零部件及奥迪整车等。 ...

Group 1 - The 8th China International Import Expo (CIIE) opened on November 5, showcasing over 300 enterprises from Beijing Chaoyang District, aiming to enhance international trade cooperation and share new development opportunities in China [1][2] - Olympus, Tesla, and Siemens presented their latest innovations at the expo, with Olympus focusing on medical technology, Tesla showcasing its Cybertruck, and Siemens emphasizing digital solutions for sustainable transportation [1] - The expo features an exhibition area exceeding 367,000 square meters, with participation from 290 Fortune 500 companies, marking a historical high in both exhibition space and number of enterprises [2] Group 2 - The CIIE serves as a significant platform for companies to display products, expand markets, and foster communication, particularly for Chaoyang District as a key economic and consumption area in Beijing [2] - The event includes six major exhibition areas such as medical devices, automotive, and consumer goods, along with an innovation incubation zone [2] - The expo aims to attract more domestic and international partners to Chaoyang, promoting collaboration and shared opportunities arising from the event [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Economic growth shows a strengthening trend in the auto market retail at the end of the month, while production is restricted by environmental protection measures. The inflation situation features a bottom - oscillating pork price and an oscillatingly strong oil price [1][2][3]. Summary by Relevant Catalogs 1. Economic Growth: Strengthening Auto Market Retail at the End of the Month 1.1 Production: Environmental Protection Restricts开工 - **Production End: Slowing Decline in Power Plant Daily Consumption** - On November 4, the average daily consumption of 6 major power - generating groups was 75.7 tons, a 1.4% decrease from October 28. On October 30, the daily consumption of power plants in eight southern provinces was 180.5 tons, a 2.9% decrease from October 22. Although the consumption has slowed down, industrial electricity consumption has increased due to the positive impact of Sino - US negotiations on the black - series products [5][12]. - **Production End: Local Sharp Decline in Blast Furnace Operating Rate** - On October 31, the national blast furnace operating rate was 81.7%, a 3.0 - percentage - point decrease from October 24, and the capacity utilization rate was 88.6%, a 1.3 - percentage - point decrease. In Tangshan, the blast furnace operating rate of steel mills was 68.3%, a 25.1 - percentage - point decrease from October 24. The start - up rate has dropped significantly due to the start of heavy - pollution weather warnings in many places [15]. - **Production End: Moderate Decline in Tire Operating Rate** - On October 30, the operating rate of all - steel tires for trucks was 65.3%, a 0.2 - percentage - point decrease from October 23, and the operating rate of semi - steel tires for cars was 73.4%, a 0.3 - percentage - point increase. The operating rate of downstream looms in the Jiangsu and Zhejiang regions reached a new high for the year [17]. 1.2 Demand: Strengthening Auto Market Retail at the End of the Month - **Demand End: Improved Monthly - on - Monthly New Home Sales in 30 Cities** - From November 1 - 4, the average daily sales area of commercial housing in 30 large and medium - sized cities was 155,000 square meters, a 145.6% increase from October, but a 53.3% decrease from November last year. Sales in first - tier, second - tier, and third - tier cities decreased year - on - year [22]. - **Demand End: Strengthening Auto Market Retail at the End of the Month** - In October, retail sales increased by 6% year - on - year, and wholesale sales increased by 7% year - on - year. In the fifth week of October, retail and wholesale reached daily averages of 155,000 and 210,000 vehicles respectively, with significant year - on - year and month - on - month growth [26]. - **Demand End: Weak Steel Prices** - On November 4, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil changed by - 1.2%, 0%, - 2.4%, and + 0.3% respectively compared to October 28. Since November, these varieties have shown different year - on - year and month - on - month changes. Steel inventories are seasonally decreasing [31]. - **Demand End: Oscillatingly Strong Cement Prices** - On November 4, the national cement price index increased by 0.1% compared to October 28, but prices in the East China and Yangtze River regions decreased. The year - on - year decline in cement prices has widened [32]. - **Demand End: Narrow - Range Oscillation of Glass Prices** - On November 4, the active glass futures contract price was 1,103 yuan/ton, a 0.5% decrease from October 28. Since November, glass prices have shown a month - on - month and year - on - year decline [37]. - **Demand End: Strong Increase in Container Shipping Freight Index** - On October 31, the CCFI index increased by 2.9% and the SCFI index increased by 10.5% compared to October 24. Since October, both indices have shown different year - on - year and month - on - month changes [39]. 2. Inflation: Bottom - Oscillating Pork Price 2.1 CPI: Bottom - Oscillating Pork Price - **Pork Price Bottom - Oscillating** - On November 4, the average wholesale price of pork was 18.0 yuan/kg, a 0.1% decrease from October 28. The supply has increased while the demand is weak, and the month - on - month decline has narrowed [45]. - **Slowing Growth Rate of Agricultural Product Price Index** - On November 4, the agricultural product wholesale price index increased by 0.9% compared to October 28. Different agricultural products showed different price changes. Since November, the index has shown year - on - year and month - on - month increases [51]. 2.2 PPI: Oscillatingly Strong Oil Price - **Oil Price Oscillatingly Strong** - On November 4, the spot prices of Brent and WTI crude oil were 65.5 and 60.6 dollars/barrel respectively, increasing by 1.6% and 0.7% compared to October 28. OPEC's decision to suspend production increase in the first quarter of next year supports the oil price [54]. - **Decline in Copper and Aluminum Prices** - On November 4, the prices of LME 3 - month copper and aluminum decreased by 2.9% and remained flat respectively compared to October 28. Since November, they have shown different year - on - year and month - on - month changes [58]. - **Most Industrial Product Prices Continue to Decline Month - on - Month** - Since November, industrial product prices have shown mixed changes. Most of the year - on - year declines have converged, but the year - on - year declines in cement and glass prices have widened [62].

Core Insights - Seres has completed the largest IPO of a car company in Hong Kong this year, despite experiencing volatility on its first trading day [1] - The stock opened below the issue price of HKD 131.5, dipping to a low of HKD 118 during the day, but ultimately closed at the issue price [1] - The Secretary for Financial Services and the Treasury of Hong Kong highlighted that the total IPO fundraising in Hong Kong for the first three quarters reached HKD 182.9 billion, making it the highest globally [1] Company Overview - Seres is committed to the "software-defined vehicle" approach, with its Aito brand having garnered support from over 800,000 users [1] - As a dual-listed company (A+H shares), Seres' valuation in Hong Kong will be influenced by its A-share price [1] Market Context - The current market environment in Hong Kong is characterized by a cautious investment strategy among investors, particularly during this adjustment period [1] - Post-IPO, the focus will be on the trading activity and liquidity of the new stock [1]

（文章来源：证券日报） 证券日报网讯长城汽车11月5日在互动平台回答投资者提问时表示，未来，长城汽车将基于"森林生 态"体系，坚持精准投入研发，确保在行业变革中保持技术领先与竞争力。 ...

Core Points - The 2026 model of the Xia MPV has been officially launched, featuring four models with a limited-time price range of 196,800 to 259,800 yuan, targeting family use and providing a comfortable travel experience [1] - The vehicle offers seven exterior color options and two interior color schemes, with a length exceeding 5 meters and a wheelbase of over 3 meters [1] - The 2026 Xia is equipped with advanced driving assistance features, including automatic responses to traffic lights, lane changes, and parking capabilities, along with a pure electric range of 218 km and a combined range of 1,163 km [1] Intelligent Features - The vehicle includes a high-end intelligent cockpit with DiLink 150 three-screen interaction, featuring 28 speakers and a smart refrigerator, as well as a pet-themed desktop [2] - It supports "car-home interconnection" and includes a smart child safety seat developed in collaboration with Goodbaby, along with a pet safety seat monitoring system [2] - The 2026 Xia introduces the industry's first comprehensive "smart anti-motion sickness system," which has shown to significantly alleviate symptoms in 98% of participants during real-world tests [2] Safety and Performance - The vehicle is designed with a high-strength cage body according to the latest C-NCAP five-star and C-IASI excellent standards, featuring lithium iron phosphate blade batteries and ten airbags [2] - It includes a TBC high-speed tire blowout stability system that can respond in milliseconds to maintain vehicle stability even at speeds of 140 km/h during a sudden tire blowout [2]

Core Viewpoint - The announcement by Hu Guang Co., Ltd. regarding its subsidiary's participation in the initial public offering (IPO) of Seres Group in Hong Kong highlights the company's strategic investment moves and its commitment to expanding its portfolio in the market [2] Group 1: Company Actions - Hu Guang Co., Ltd. approved its wholly-owned subsidiary, Hu Guang (Hong Kong) International Co., Ltd., to participate in Seres Group's IPO using its own funds not exceeding 20 million USD [2] - As of the announcement date, Hu Guang (Hong Kong) has invested approximately 19,853,719.13 USD in Seres Group, acquiring 1,173,000 shares, which represents about 0.07% of the total share capital post-IPO [2] Group 2: IPO Details - Seres Group's IPO was officially listed on the Hong Kong Stock Exchange on November 5, 2025, with a final offer price of 131.50 HKD per share [2] - The IPO documents were published on the Hong Kong Stock Exchange website on October 27, 2025, indicating the company's readiness for public trading [2]