后续，研发团队在廉玉波的带领下，比亚迪陆续推出了F0和F6，均大获成功。 生产制造角度，廉玉波是整个体系的构建者、领导者。 造燃油车卖钱养家的同时，王传福和廉玉波一直没忘"新能源"的初衷， 2010年，比亚迪双模电动车F3DM及纯电车e6在底特律车展横空出世，这是廉玉波带领的研发团队最新的作品。 贾浩楠 发自 副驾寺 智能车参考 | 公众号 AI4Auto 这个院士，当之无愧！ 两院院士当选名单刚刚公布，比亚迪首席科学家——廉玉波，成功当选中国工程院院士 中国汽车工业崛起、由大变强、出海竞逐世界汽车工业强国的过程中，比亚迪引领性质的推动、贡献无可质疑。 包括规模、销量、渠道、模式等等，当然最最重要核心的，是比亚迪登峰造极的新能源全栈技术。 廉玉波，就是带领比亚迪新能源技术从无到有，成为中国新能源汽车龙头、电动化一哥，中国汽车"换道超车"技术旗帜的第一功臣。 而从这一刻起，要称他为廉玉波院士了。 谁是廉玉波 廉玉波1964年出生，江苏仪征人。 年轻时最爱的不是汽车，而是飞机。 追着这个梦想，上世纪80年代初，不到20岁的廉玉波以高出分数线60分的成绩考入南京航空航天大学，以为从此就可以造飞机。 后面他自己回忆， ...

世界奢侈品巨头正清晰感受到来自中国市场的挑战。数据显示，中国消费者的偏好正在发生结构性转 变，从国际大牌转向本土高端品牌，导致前者销量持续承压。 从全球视野看，消费趋势也在向价格更亲民、设计更具质感的新品牌倾斜。这反映了互联网带来的消费 平权效应。当下，在一些社交媒体上，占据人口多数的中低收入群体与年轻一代共同塑造了新的审美风 向。年轻消费者不再盲目追逐醒目商标，转而更看重产品本身的创新力与品质感，纯粹象征财富与地位 的奢侈品不再像过去那样受到追捧。这一全球性转变，也为中国本土品牌的成长提供了肥沃土壤。 过去数十年来，中国消费者一直是全球奢侈品市场最重要的驱动力。然而这一消费格局正在重塑：国人 开始将目光转向本土品牌，这一转变不仅推动了中国高端品牌的崛起，也将重构全球最大奢侈品市场的 竞争版图。 今天的中国奢侈品市场，已形成一个由文化自信驱动、成熟消费者主导、本土与国际品牌同台竞争的多 元生态。依托国内庞大的市场基础与持续升级的消费力，中国企业已展现出构建完整品牌世界的能力， 并将在不远的未来走向全球舞台。 伴随着国家的强大与民族自信的提升，消费者越来越青睐与本国文化传承紧密相连的产品。这一趋势最 初体现在大 ...

Group 1: Industry Trends - Investment, trade, and technology are currently the most popular directions for Chinese companies expanding into Dubai, with compliance and long-term operations being critical for success [2] - The AI glasses market is experiencing rapid growth, with major tech companies accelerating their investments, indicating a shift towards AI glasses as a new human-computer interaction interface [9] - The global solid-state battery demand is projected to reach 740 GWh by 2035, driven by applications in electric vehicles and energy storage [9] Group 2: Company Developments - Gaode has partnered with XPeng Motors to integrate XPeng's Robotaxi into its platform, aiming to create the largest Robotaxi aggregation platform globally [3] - JD Logistics has begun testing its sixth-generation smart delivery vehicles in Saudi Arabia, with a significant increase in order volume since launching its B2C brand JoyExpress [3] - Yunji Technology has signed a strategic cooperation agreement with a Saudi partner to promote smart upgrades in the local tourism and hotel industry [4] - Geely has acquired a 26.4% stake in Renault's Brazilian operations, facilitating local production and market expansion in Latin America [5] - BYD plans to launch its luxury brand "Yangwang" in the Middle East in early 2026, with subsequent expansions to Europe and the Americas [5] - Yika Technology reported a global order backlog exceeding $2.5 billion, with nearly 10 million vehicles equipped with its technology [6] - Tencent Games, Xiaomi, and SHEIN were recognized in the "Top 50 Favorite Global Brands of Generation Z" list, highlighting their strong market presence [6] Group 3: Financing Activities - Shiji Technology completed a 300 million RMB Series B++ financing round to enhance its eVTOL capabilities and global delivery efforts [7] - Weixin Aerospace has raised nearly 100 million RMB through seed and angel rounds, focusing on technology development and overseas expansion [7] - Dazheng Micro-Nano secured over 100 million RMB in Series A3 financing to build production lines for flexible perovskite solar cells [8] - Agile Medical completed a multi-hundred million RMB Series B financing round to support global commercialization and product development [8] - Thunderbird Innovation raised significant funding in a Series C round to strengthen its position in the global consumer-grade AI+AR glasses market [8]

Market Performance - The Hang Seng Index closed at 25,935, down 0.07% for the day but up 29.29% year-to-date [1] - The Hang Seng Tech Index closed at 5,785, down 0.56% for the day and up 29.49% year-to-date [1] - The CSI 300 Index closed at 4,627, up 0.19% for the day and up 17.60% year-to-date [1] Currency and Commodity Overview - The Renminbi Index is at 97.610, up 0.87% over the last month and 1.47% over the last six months [2] - Brent crude oil is priced at $64.570 per barrel, up 0.64% over the last month and 7.60% over the last six months [2] - Gold is priced at $3,972.33 per ounce, up 0.28% over the last month and 19.14% over the last six months [2] Economic Indicators - China's October Services PMI fell to 52.6, while the Composite PMI decreased to 51.8 [10][12] - Hong Kong's October PMI rose to 51.2, marking the strongest growth since December of the previous year [13] - China's October trade balance was $90.45 billion, with exports increasing by 8.3% year-on-year and imports rising by 7.4% [28] Company-Specific Developments - UBTECH (09880.HK) received new orders for its Walker series humanoid robots, with total orders exceeding 800 million RMB for the year [14] - BYD plans to launch its high-end brand "Yangwang" in the Middle East in early 2026 [15][16] - The Hang Seng Biotech Index futures will begin trading on November 28, pending regulatory approval, providing a new risk management tool for market participants [17][18] IPO and Market Activity - The recent IPO of Seres (赛力斯) saw its stock price close at 131.50 HKD, with a first-day performance of 0.00% [26] - The upcoming IPOs include Junsheng Electronics and WeRide, both set to launch on November 6, 2025 [26][27]

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]

Group 1: Automotive Market Overview - In October, the retail sales of passenger cars in China reached 2.387 million units, a year-on-year increase of 6% and a month-on-month increase of 7% [1] - Cumulative retail sales for the year reached 19.395 million units, reflecting a year-on-year growth of 9% [1] - Wholesale sales for October were 2.922 million units, up 7% year-on-year and 4% month-on-month, with cumulative wholesale sales for the year at 23.769 million units, a 12% increase year-on-year [1] Group 2: Company Developments - BYD plans to launch its luxury brand "Yangwang" in the Middle East in early 2026, with subsequent expansions to Europe and the Americas [1] - Xiaopeng Motors announced the launch of three fully self-developed Robotaxi models by 2026, with an SDK opening for global partners to build a Robotaxi ecosystem [1] - Seres successfully completed its H-share global offering, raising approximately HKD 14.016 billion, with shares listed on the Hong Kong Stock Exchange [2] - WM Motor's "Xiao Wei" app has been relaunched, restoring key functionalities for specific vehicle models [3] - Volkswagen Group announced a partnership to develop system-level computing solutions in China, with the first advanced driver assistance system expected to be mass-produced by 2025 [4] - Porsche's CEO revealed that a locally developed in-car entertainment system for the Chinese market will be available in 2026 [5] - BMW Automotive Finance Company underwent a leadership change, with Bo Yishan appointed as chairman [6] - Pony.ai launched its seventh-generation Robotaxi in cities like Guangzhou and Shenzhen [7] - Mercedes-Benz officially launched its all-electric CLA model, with various pricing tiers [9] Group 3: Financial Performance - BMW Group reported a pre-tax profit of €8.056 billion for the first three quarters, a decrease of 9.1% year-on-year, with total revenue of €99.999 billion, down 5.6% [10] - Toyota's second-quarter operating profit was ¥839.55 billion, a decline of 27% year-on-year, while net profit increased by 62% to ¥932.08 billion [10]

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]

Core Insights - BYD plans to launch its high-end brand "Yangwang" in the Middle East by early 2026 [1] Group 1 - The introduction of the "Yangwang" brand signifies BYD's strategy to expand its presence in the high-end automotive market [1] - The launch in the Middle East is part of BYD's broader international expansion efforts [1]

Investment Rating - The report maintains a "Recommended" rating for BYD, with a target price of 100.79 CNY per share [7]. Core Insights - BYD's revenue for the first three quarters of 2025 reached 566.27 billion CNY, a year-on-year increase of 12.7%, while net profit attributable to shareholders was 23.33 billion CNY, a year-on-year decrease of 7.6% [1]. - In Q3 2025, the company's revenue was 194.98 billion CNY, down 3.1% year-on-year and 3.0% quarter-on-quarter, with net profit at 7.82 billion CNY, a year-on-year decline of 32.6% but a quarter-on-quarter increase of 23.1% [1][2]. Revenue and Sales Performance - Q3 2025 sales volume was 1.114 million vehicles, a decrease of 1.8% year-on-year and 2.7% quarter-on-quarter, with high-end models accounting for 8.2% of total sales, reflecting a year-on-year increase of 4.4 percentage points [2]. - The average selling price (ASP) per vehicle in Q3 2025 was 136,700 CNY, showing a slight decline compared to previous quarters [2]. Profitability Analysis - The overall gross margin in Q3 2025 was 17.6%, down 4.3 percentage points year-on-year but up 1.4 percentage points quarter-on-quarter [3]. - The net profit margin for Q3 2025 was 4.0%, with a single vehicle net profit of 620 CNY, reflecting a quarter-on-quarter increase [3]. Strategic Developments - BYD is making steady progress in high-end branding and has accelerated overseas factory establishment, with significant growth in exports, particularly in Turkey, Brazil, and Europe [4]. - The company aims to enhance its brand system and overcome high-end market challenges, with notable sales increases in high-end models [4]. Financial Forecast - The projected revenue for 2025-2027 is 866.47 billion CNY, 981.28 billion CNY, and 1,104.53 billion CNY, respectively, with net profits expected to be 37.25 billion CNY, 47.46 billion CNY, and 58.59 billion CNY [6][4]. - The earnings per share (EPS) are forecasted to be 4.09 CNY, 5.21 CNY, and 6.43 CNY for the years 2025, 2026, and 2027, respectively [6].

Core Insights - In September, 10 out of 12 new energy vehicle (NEV) companies reported sales growth, indicating a positive trend for the first three quarters of the year [2] - However, only two new energy vehicle companies achieved over 75% of their annual sales targets, with nine companies falling below 50%, highlighting significant pressure to meet targets in the fourth quarter [2][5] - Traditional automakers showed a more optimistic performance, with three companies achieving over 70% of their sales targets, suggesting a better chance of meeting annual goals [2][8] New Energy Vehicle Companies - Among new energy vehicle companies, only Xiaopeng Motors and Leap Motor reached or exceeded a 75% target completion rate, with Xiaopeng selling 313,000 units (up 218%) and Leap Motor selling 396,000 units (up 129%) in the first nine months [4][6] - Xiaomi Motors also exceeded a 70% completion rate, selling 250,000 units (up 279%) [4] - Other companies, including Hongmeng Zhixing and Li Auto, faced challenges, with Hongmeng achieving only 34% of its target despite selling 344,000 units (up 10%) [6][10] - NIO sold 201,000 units (up 35%) but only reached 45% of its annual target [6][7] Traditional Automakers - BYD led traditional automakers with 3.219 million units sold (up 18%), achieving a 70% completion rate of its annual target of 4.6 million units [10] - Geely followed with 1.168 million units sold (up 114%) and a completion rate of 78% [10][11] - Changan and SAIC-GM-Wuling also exceeded 70% completion rates, with Changan selling 724,000 units (up 60%) [10][11] - Other traditional automakers like Chery and Great Wall Motors reported significant growth, with Chery selling 588,000 units (up 77%) [10][12]