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。 ...

Core Insights - The economic data for the first three quarters of 21 cities in Guangdong has been released, showing stability in major cities like Shenzhen and Guangzhou, which are crucial for the province's economic growth [1][2][3] Economic Performance - Shenzhen leads with an economic output of 27,896.44 billion yuan, followed by Guangzhou at 23,265.65 billion yuan, and other cities like Foshan and Dongguan also showing strong figures [1] - The economic growth rates for cities such as Meizhou (6.0%), Shenzhen (5.5%), and Guangzhou (4.1%) are above or equal to the provincial average of 4.1% [1][2] Industrial Growth - Shenzhen's industrial output reached 3.83 trillion yuan, with a year-on-year increase of 5.0%, indicating a strong industrial base [4] - Guangzhou's strategic emerging industries contributed significantly to its GDP, with a value added of 751.73 billion yuan, accounting for 35.2% of GDP growth [2] Emerging Industries - New industries in Shenzhen, such as low-altitude economy and robotics, showed substantial growth, with drone production increasing by 46.9% [4] - In Guangzhou, the new generation information technology sector also reported double-digit growth in key areas like display devices and integrated circuits [2] Economic Challenges and Opportunities - Despite some cities facing economic pressures, such as Shantou with a growth rate of -0.4%, there are signs of positive changes in industrial transformation and structural adjustments [6][8] - The recent global trade fair and investment conferences in Guangdong are expected to boost local economies and attract investments [8]

Core Insights - Xiaopeng Motors has launched its second-generation VLA, which enables direct output from visual signals to action commands [1] - This model is the first mass-produced physical world large model from Xiaopeng, designed to provide a unified intelligent foundation for AI vehicles, humanoid robots, and flying cars [1] - The second-generation VLA will initiate a pioneer co-creation experience in December this year, with a full rollout in Ultra models planned for the first quarter of next year [1] - Volkswagen has become the first strategic partner for the launch of Xiaopeng's second-generation VLA [1]

Core Insights - Volkswagen Group showcased its strongest product lineup at the 2025 China International Import Expo, marking its eighth consecutive participation and emphasizing its commitment to the Chinese market [2][3][5] Group 1: Product and Technology Showcase - The company presented eight new models, including the Audi E5 Sportback and A6L e-tron, highlighting its competitive edge in delivering advanced products to Chinese consumers [6][8] - The exhibition featured innovations such as the new vehicle platform CMP and the China Electronic Architecture (CEA), showcasing local R&D achievements and advanced driver assistance systems [2][6][7] Group 2: Strategic Focus and Collaboration - Volkswagen Group's strategy of "In China, For China" has transitioned from planning to full delivery, with a focus on local R&D and collaboration with Chinese partners [5][9] - The company aims to enhance its software capabilities through its CARIAD China center, which has been showcasing local innovations for three consecutive years at the expo [7][9] Group 3: Market Insights and Future Outlook - The expo reflects China's increasing economic vitality and openness, providing a stable environment for multinational companies like Volkswagen to thrive [9][10] - The company plans to continue investing in China, focusing on local development and sustainable growth while enhancing its competitive position in the electric and intelligent vehicle sectors [9][10]

11月5日，大众汽车集团在第八届进博会上宣布，其旗下软件公司CARIAD与地平线成立的合资公司酷 睿程，将在中国自主设计与研发系统级芯片（SoC）。该芯片预计将在未来3~5五年内量产交付，拥有 单颗500~700TOPS算力。 编辑｜钉钉 CARIAD中国CEO韩三楚表示，自研芯片是一次战略性投资，金额约为2亿美元。 记者｜武子晔 ...

曾几何时，美国是中国工业化的标尺。从制度到科技，从管理到市场，中国都在"以美为镜"。这一阶段没错，因为那是成长必须经历的阶段。要追上世界， 先得学世界。可现在，中国已经不需要再活在美国的影子里。 为什么这么说？看数据。高盛的分析指出，中国与"一带一路"沿线国家的贸易占比在五年内从三成出头升至近一半。这是结构性变化，不是短期波动。这意 味着中国正逐步淡出"美欧中心"的贸易格局，把资源和精力放到那些真正想合作、能合作、愿意共赢的新兴市场。 美国市场当然依旧庞大，但它不再是唯一。过去，中国的出口以纺织、玩具、鞋帽这些低附加值产品为主，如今出口的主角变成了电动汽车、光伏设备、储 能系统和人工智能产品。这不是量变，而是质变。过去靠美国买单，如今靠技术赚钱。过去出口的是生产力的"汗水"，现在输出的是产业链的"智慧"。 有句话最近在金融圈传得很响——"美国对中国越来越不重要了。"这不是一句空话，而是高盛在最新报告中得出的结论。看似简单，其实分量极重。这意味 着中美之间那种过去几十年形成的经济依附关系，正在发生根本变化。 一个最直观的例子：二十年前，中国要用十亿件衬衫换一架波音飞机；如今，中国用一辆电动车换的是欧洲的市场规则 ...