金龙汽车公告称，2025年10月客车生产量4608辆，同比降1.26%，本年累计40785辆，同比增6.52%；销 售量4121辆，同比降14.71%，本年累计38983辆，同比增3.23%。分类型看，大型客车产销量均同比下 降；中型客车产销量同比上升；轻型客车产量同比降15.65%，销量同比降34.73%，但本年累计均有增 长。注：此为快报数据，最终以定期报告为准。 ...

Core Insights - Xpeng Motors announced the opening of the SDK for its humanoid robot IRON, aiming to build an application ecosystem with global developers [1] - Baosteel will become an ecological partner for Xpeng's IRON robot, exploring application scenarios in complex industrial fields such as inspection [1] Group 1 - Xpeng Motors is focusing on collaboration with global developers to enhance the capabilities and applications of its humanoid robot IRON [1] - The partnership with Baosteel signifies a strategic move to integrate robotics into industrial operations, particularly in inspection tasks [1]

中国经济网北京11月5日讯 赛力斯集团股份有限公司（以下简称"赛力斯"，09927.HK）今日在港交所上市，开盘即破发， 报128.9港元。截至收盘，赛力斯报131.5港元，涨幅0%。 配发结果公告显示，赛力斯全球发售的发售股份数目为108,619,000股H股（经计及发售量调整权获部分行使以及视乎超额 配股权行使与否而定），香港发售股份数目为10,861,900股H股，国际发售股份数目为97,757,100股H股（经计及发售量调整权 获部分行使以及视乎超额配股权行使与否而定）。 | 發售股份及股本 | | | --- | --- | | 發售股份數目 | 108.619.000 | | 香港公開發售的發售股份數目(經計及發售量調整 | 10.861.900 | | 權已獲部分行使) | | | 國際發售的發售股份數目(經計及發售量調整權已 | 97.757.100 | | 獲部分行使) | | | 於上市時已發行的股份數目（於超額配股權獲行使 | 1.741.985.086 | | 前) | | 赛力斯的联席保荐人、整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人为中国国际金融香港证券有限公 司、 ...

2025 年 11 月 5 日 星期三 每日大市点评 港股昨日恒生指数与国企股指数分别下跌 0.8%与 0.9%，大市成交回升 5.0%，但仍显著低于过去 1 月平均值。大型银行 股表现稳健，招行（3968 HK）、建行（939 HK）、工商银行（1398 HK）、中国银行（3988 HK）分别录 0.2%-2.4%涨幅， 但内地撤销黄金零售增值税抵扣，拖累现货金价一度失守每盎斯 4,000 美元，紫金矿业（2899 HK）下跌 5.4%，周大福 （1929 HK）、老铺黄金（6181 HK）、周生生（116 HK）继续下跌。由于阿里巴巴（9988 HK）、京东集团（9618 HK）、 美团（3690 HK）表现偏软，因此恒生科技股指数昨日下跌 1.8%。 昨晚美国股市三大指数分别下跌 0.5%-2.0%。消息指特斯拉（TSLA US）十大股东之一的挪威主权财富基金反对首席执行 官马斯克提出的 1 万亿美元的薪酬方案，导致特斯拉股价下跌。此外，由于美国政府的停摆时间已达 35 天并且拉平历史 最长记录，市场有担忧。 宏观动态： 韩国 2025 年 10 月 CPI 同比增加 2.4%，涨幅高于前值及彭博预测， ...

据了解，此次系统级计算方案的开发，将整合大众汽车集团在工程体系与系统集成方面的全球经验，与 地平线软硬结合技术能力和本地量产优势，联合打造中国新一代智能网联汽车的"智慧大脑"。该计算方 案将以"智能高效"为目标，通过算法优化实现算力功耗与系统性能的最佳平衡，进一步提升大众汽车集 团在华智驾系统的安全性与可扩展性。 北京商报讯（记者 刘晓梦）11月5日，大众汽车集团（中国）宣布，旗下软件公司CARIAD与地平线联 合成立的合资公司——酷睿程 (CARIZON) ，将在中国自主设计与研发系统级计算方案，为大众汽车集 团的高级驾驶辅助和自动驾驶系统提供支持。 ...

新京报贝壳财经讯11月5日上午，由零售、制造与能源三大领域的代表企业京东、广汽集团 （601238）、宁德时代（300750）联合推出的"国民好车"——埃安UT super1号车正式迎来下线。这也 是该款新车首次对外完整展示外观设计、制造工艺、电池技术及换电过程等细节。随着埃安UT super陆 续下线，车辆预售、试驾也于当天全面启动。 ...

中经记者 张硕 上海报道 大众汽车集团CEO奥博穆、大众中国CEO贝瑞德与地平线创始人兼CEO余凯共同开启大众自研新阶段。 张硕｜摄影 11月5日，在第八届中国国际进口博览会开幕当日，《中国经营报》记者现场了解到，大众汽车集团 （中国）正式宣布，将在中国自主设计与研发系统级芯片。据悉，该芯片将由酷睿程（CARIZON）负 责研发。酷睿程为大众旗下软件公司CARIAD与中国智驾科技公司地平线联合成立的合资企业。 大众汽车集团CEO奥博穆表示，此举是推进"在中国，为中国"战略的关键步骤，通过核心技术本地化研 发，强化创新自主性，推动智能驾驶技术普惠化，加速向科技驱动型出行企业转型。 地平线创始人兼CEO余凯表示，大众汽车集团是全球第一个在中国研发辅助驾驶芯片的海外车企。他透 露，该芯片的研发主要由酷睿程执行，CARIAD和地平线将提供支持。据悉，该芯片将为大众新一代智 能网联汽车的高级辅助驾驶和自动驾驶系统提供算力支撑。据悉，该芯片将在未来三至五年内实现量 产，首批芯片将应用于大众汽车集团配备L3及以上自动驾驶功能的中国车型。 （编辑：童海华 审核：李正豪 校对：翟军） ...

Domestic News - The Ministry of Industry and Information Technology (MIIT) is soliciting opinions on three mandatory national standards, including technical requirements and testing methods for light vehicle automatic emergency braking systems [2] - BYD plans to launch its ultra-luxury brand "Yangwang" in the Middle East at the beginning of 2026, with subsequent expansions to Europe and the Americas [3] - Geely has introduced a "cross-year vehicle purchase tax subsidy" plan, offering up to 15,000 yuan in subsidies for customers who complete their orders by November 30, 2025 [4] - Zhijie Auto announced a delay in the purchase tax subsidy for its R7 and new S7 models, allowing customers to receive up to 15,000 yuan in subsidies if delivery occurs in 2026 due to non-user reasons [5] - Li Auto plans to launch 47 new supercharging stations in the 44th week of 2025, bringing the total number of stations to over 3,500 [7] - GAC's V2G demonstration center has achieved a discharge volume exceeding 400,000 kWh, with an average daily discharge of over 11,000 kWh [8] - Xiaomi's Lei Jun detailed the company's automotive testing system, which includes extensive road testing across various environments, covering over 540 million kilometers for the SU7 model [9] - Huawei's QianKun assisted driving system recorded an additional 681 million kilometers in October, with significant user engagement metrics [10] International News - The termination of the U.S. federal electric vehicle subsidy led to a sharp decline in October sales, with a previous quarter's sales reaching 438,000 units, a 40.7% increase [12] - Google announced the launch of an AI real-time lane guidance feature for cars equipped with its system [13] - Nissan and Monolith extended their partnership to utilize AI in improving the automotive development process [14] - NVIDIA and Deutsche Telekom are investing 1 billion euros to build the largest data center in Europe, enhancing AI infrastructure capabilities [15] Commercial Vehicles - Toyota has launched a new hydrogen-powered pickup truck, currently in concept form, based on the Tacoma model [16] - The logistics industry in China maintained an expansion trend in October, with a logistics prosperity index of 50.7%, despite a slight decrease from the previous month [18] - The J6P pure electric tractor from Jiefang has received the first carbon footprint certificate for commercial vehicles in China, marking a significant advancement in carbon management [19] - GAC launched the world's first 8.5-meter L4 level autonomous city bus, featuring a range of over 400 kilometers and accommodating 20 passengers [20]

Company Research: New Oriental (EDU) - Adjusted operating profit margin improved, with Q1 FY26 net revenue at $1.52 billion, up 6.1% year-on-year, slightly exceeding guidance of $1.46 to $1.51 billion[6] - Non-GAAP operating profit reached $336 million, a year-on-year increase of 11.3%, with a Non-GAAP operating profit margin of 22.0%, up 1.0 percentage points[6] - The company plans to return at least 50% of the previous fiscal year's net profit to shareholders, with a total shareholder return plan of $490 million, including $190 million in cash dividends and $300 million in share buybacks[9] Earnings Forecast and Valuation - For FY26Q2, net revenue is expected to be between $1.132 billion and $1.163 billion, representing a year-on-year growth of 9% to 12%[8] - FY26 total net revenue is projected to be between $5.145 billion and $5.39 billion, indicating a growth of 5% to 10%[8] - Target price adjusted to $74.50, maintaining a "Buy" rating, based on a 25x PE for FY26E net profit[10] Company Research: China Shenhua (1088) - For the first three quarters of 2025, revenue was CNY 213.15 billion, down 16.6% year-on-year, with net profit attributable to shareholders at CNY 41.37 billion, a decrease of 13.8%[15] - Coal sales volume decreased by 8.4% to 316.5 million tons, with Q3 revenue at CNY 75.04 billion, down 13.1% year-on-year[16] - Despite challenges, the company maintained a strong cost control, with unit production costs down 3.1% year-on-year[16] Future Outlook and Valuation - Target price set at HKD 47.70, with a "Buy" rating, reflecting a potential upside of 15.1% from the current price[18] - Expected net profit for 2025-2027 is projected at CNY 58.8 billion, CNY 58.7 billion, and CNY 58.9 billion respectively[18] - The company is viewed as a "cash cow" with a generous dividend policy, providing a stable cash return to investors[18]

人民财讯11月5日电，11月5日举办的小鹏科技日上，何小鹏首次披露物理AI进展。小鹏推第二代 VLA，公司认为，这是继端到端、标准VLA之后，智能驾驶最大的一次飞跃。何小鹏表示，2026年第 一季度，Ultra车型全量推送。同日，何小鹏介绍，大众成为小鹏第二代VLA首发战略合作伙伴，小鹏 图灵AI芯片获得大众定点。 ...