在国家信息技术应用创新展示中心，科技与文化深度融合的实践同样令人瞩目。展区通过互动体验集中 展示了经开区在信息技术应用创新方面的最新成果，并巧妙融入视听产业与文创内容，呈现科技与文化 相互促进的发展路径。参访嘉宾纷纷表示，创新的展示方式让人耳目一新，对"科文融合"有了更深刻的 理解。 11月27日至28日，北京经济技术开发区(又称"北京亦庄")迎来了一场别开生面的"智行亦庄・视听前 沿"探秘之旅。作为2025北京国际视听大会的配套活动之一，来自多个国家和地区的参会代表组成特邀 团与媒体团，分三条路线深入北京亦庄核心点位，实地感受高新视听、信息技术创新与智能汽车的前沿 成果，在科技与文化的交融中，领略亦庄科文融合产业集群的澎湃动能。 走进中国(北京)高新视听产业园，参访者步入"视听＋沉浸体验日"展区。巨大的曲面屏上超高清影像流 动变幻，配合环绕立体声音效，营造出极具冲击力的视听氛围。在"超高清博客主题日"活动中，嘉宾们 亲身体验8K拍摄与实时剪辑，感受从内容创作到终端呈现的全链条创新。一位嘉宾在参观后表示："这 里的技术不仅前沿，更注重用户体验，真正做到了'看得见、听得清、感受得到'。" 随着探访圆满落幕，"智 ...

Group 1 - Meituan reported Q3 revenue of RMB 955 billion, a 2.0% increase from RMB 936 billion in the same period last year, but faced a significant operating loss of RMB 141 billion in its core local commerce segment due to intensified competition in the food delivery industry [4] - The adjusted EBITDA and adjusted net profit for Meituan fell to negative RMB 148 billion and negative RMB 160 billion respectively, marking the first loss since 2022 [4] - As of September 30, 2025, Meituan held cash and cash equivalents of RMB 992 billion and short-term investments of RMB 421 billion [4] Group 2 - China FAW Group is reportedly finalizing an investment in Leap Motor, with an initial stake of around 5% expected to be signed by the end of the year [5] - Baidu has initiated a new round of layoffs affecting multiple departments, with some teams facing cuts of up to 40% due to declining advertising revenue and increased competition in AI [5] - BYD is recalling nearly 89,000 Qin PLUS DM-i vehicles due to battery consistency issues that may restrict power output, posing safety risks [5] Group 3 - Taobao Flash Sale is expanding its cancellation of late delivery penalties to 60 cities by the end of the year, aiming to improve rider income and service efficiency [6] - Xiaomi's CEO Lei Jun responded to criticisms regarding the energy consumption of the Xiaomi SU7, acknowledging that the vehicle's size and configuration contribute to its performance [6] Group 4 - A major 3D printing factory is set to be established in Shenzhen by Huina Technology, which plans to deploy 15,000 3D printers by Q1 2026, making it the largest globally [8] - Huawei's Mate 80 series has launched at a competitive price, with the Mate 80 Pro Max selling out quickly and achieving a premium above the iPhone 17 Pro Max [8] Group 5 - Soul App has submitted its IPO application to the Hong Kong Stock Exchange, with Tencent holding a 49.9% stake as a strategic investor [10] - Adani Group plans to invest up to $5 billion in building AI infrastructure for Google in southern India, reflecting a significant commitment to the growing data center sector [10] Group 6 - OpenAI's data center partners are accumulating nearly $100 billion in debt related to the company, with significant loans being secured for further development [9] - Nvidia's CEO Jensen Huang emphasized the irreplaceability of Nvidia's GPUs in the AI market, asserting the company's unique position despite increasing competition [9]

每经编辑｜陈鹏程 胡玲 1 隔夜市场 美股三大指数连续第五个交易日集体收涨，纳指涨0.65%，道指涨0.61%，标普500指数涨0.54%。科技股多数走高，英特尔收盘上涨10%，创9月18日以来最 大单日涨幅；Meta涨超2%，AMD、亚马逊、奈飞、微软涨超1%。热门中概股多数上涨，纳斯达克中国金龙指数涨0.54%。小鹏汽车涨超3%，京东涨超 1%，哔哩哔哩、蔚来涨0.7%，百度涨0.47%。 2 关注香港大埔火灾 11月29日起至12月1日 全港降半旗哀悼大埔火灾罹难者 为表达对大埔宏福苑火灾罹难者的沉重哀悼，香港特别行政区政府将进行悼念，有关安排如下：由11月29日至12月1日，全港所有政府建筑物及设施（包括 特区政府驻境外办事处）的国旗及区旗会下半旗志哀。香港特区行政长官李家超29日上午8时联同主要官员、行政会议非官守议员及公务员在政府总部默哀 三分钟，沉痛哀悼在大埔火灾不幸罹难的人士。（央视新闻） 香港廉政公署28日就大埔火灾拘捕8人 国际贵金属期货大幅收涨，COMEX黄金期货收涨1.59%，报4256.4美元/盎司。COMEX白银期货收涨6.06%，报57.085美元/盎司，刷新历史新高。LME期 ...

11月28日，雷军发文称，小米汽车能耗表现也非常不错，大家可以仔细看一下。评测结果弱于特斯拉，也有一定 客观原因：小米SU7是C级车，车大配置高，车会重一些，能耗肯定会高。 当然，我们会继续向特斯拉学习，进一步优化能耗表现。 ...

1.【雷军回应小米YU7能耗评测弱于特斯拉】雷军发微博称：小米汽车能的耗表现也非常不错，大家 可以仔细看一下。评测结果弱于特斯拉，也有一定客观原因：小米SU7是C级车，车大配置高，车会 重一些，能耗肯定会高。当然，我们会继续向特斯拉学习，进一步优化能耗表现！ 2.【长安汽车参股公司阿维塔科技申请香港上市】长安汽车公告，接到参股公司阿维塔科技通知，阿 维塔科技于2025年11月27日向香港联合交易所有限公司递交了公开发行股票并在香港联交所主板挂 牌上市的申请。阿维塔科技主营业务为高端智能网联电动汽车及零部件的研发和销售，专注于为用户 打造新豪华出行体验。截至本公告披露日，公司持有阿维塔科技40.99%的股权。（证券时报） 3.【深蓝汽车启动新一轮融资，新股东持股比例不超20%】深蓝汽车日前在重庆联合产权交易所正式 挂牌，启动新一轮融资，新股东持股比例不超过20%，计划于今年12月底完成交易。本次资金将主 要用于新汽车研发、智能化与电动化技术创新、全球品牌力提升领域。（每日经济新闻） 4. 【长城汽车回应欧洲建厂传闻：暂无规划】针对行业关于长城汽车将在欧洲建厂的传闻，长城汽车 方面表示，长城汽车国际总裁史青科曾于 ...

11月28日，雷军发微博称：小米汽车的能耗表现也非常不错，大家可以仔细看一下。评测结果弱于特斯 拉，也有一定客观原因：小米SU7是C级车，车大配置高，车会重一些，能耗肯定会高。当然，我们会 继续向特斯拉学习，进一步优化能耗表现。 （文章来源：每日经济新闻） ...

↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： KAIZEN投资之道 来源：雪球 新能源汽车行业宛如一部跌宕起伏的史诗 ， 从 " 蔚小理 " 初探江湖的锋芒 ， 到如今赛力斯 、 小米等新玩家搅动风云 ， 这场变革早已超越 " 造车 " 本身 ， 成为科技 、 资本与政策交织的战场 。 站在2025年的节点 ， 我们既要透视当下市场的刀光剑影 ， 更要解码未来的投资密码 ， 探寻这场变革背后的深层启示 。 一 、 市场现状 ： 狂飙之后的冷静 ， 分化中的新机遇 2025年的新能源汽车市场呈现出 " 冰与火之歌 " 的格局 。 一方面 ， 销量数据依然亮眼 ： 前5月产销同比大增45% ， 渗透率突破44% ， 每 两辆新车就有一辆新能源 。 但另一方面 ， 增速放缓的阴影浮现 —— 总车市增幅仅3% ， 新能源从 " 野蛮生长 " 转向 " 精耕细作 " 。 竞争格局中 ， 比亚迪与特斯拉双雄争霸 ， 前者以垂直整合和技术迭代构筑护城河 ， 后者用FSD智能驾驶撬动全球市场 ； 新势力阵营则加速分 化 ： 理想凭借精准定位 ...

Core Viewpoint - The Haikou City Meilan District People's Court ruled that Xiaomi's "prepayment of the balance within 7 days without vehicle inspection" clause in the purchase agreement is invalid, marking a significant judicial reference for consumer rights protection in the automotive industry [1][3]. Group 1: Court Ruling Details - The court identified three main bases for its ruling: the invalidity of the format clause, violation of good faith principles, and breach of supplementary agreements [3]. - The format clause imposed an undue payment obligation on consumers without allowing for vehicle inspection, which contradicts the Consumer Rights Protection Law [3]. - Xiaomi's official communication indicated support for payment after vehicle inspection, which was not honored in practice, undermining consumer trust [3]. Group 2: Consumer Case Background - A consumer, referred to as Ms. Li, ordered a vehicle and paid a deposit, but faced demands for full payment without vehicle delivery, leading to a legal dispute [2][4]. - The company unilaterally canceled the order and forfeited the deposit, prompting Ms. Li to file a lawsuit after unsuccessful attempts to resolve the issue through customer service [2][4]. Group 3: Industry Implications - The ruling highlights systemic issues in the automotive industry's pre-sale model, including data inflation and delivery discrepancies due to supply chain challenges [5][7]. - Complaints regarding payment obligations and delivery timelines have surged, indicating a broader trend of consumer dissatisfaction with pre-sale practices in the industry [5][6]. - The traditional model of "deposit plus payment upon delivery" is contrasted with Xiaomi's approach, which may lead to significant consumer rights concerns [6][7].

Core Viewpoint - The Haikou City Meilan District People's Court ruled that Xiaomi's "prepayment of the balance before vehicle delivery" clause in its purchase agreement is invalid, marking a significant legal precedent for consumer rights in the automotive industry [1][3]. Group 1: Legal Judgment - The court found the clause requiring payment of the full balance within seven days without vehicle inspection to be invalid, as it imposed undue obligations on consumers and restricted their rights [3]. - The ruling emphasized that Xiaomi's promotional statements about allowing payment after vehicle inspection were misleading, violating the principle of good faith [3]. - The court also noted that Xiaomi breached the supplementary agreement regarding the order's validity period, as they demanded payment without receiving a production request from the consumer [3]. Group 2: Industry Context - The case highlights broader issues within the automotive industry, particularly the problematic "pre-sale" model, which has led to consumer complaints about payment obligations not aligning with delivery commitments [1][5]. - There is a growing trend of complaints against Xiaomi regarding the sequence of payment and delivery obligations, indicating systemic issues in their sales practices [4][5]. - The automotive industry is facing challenges such as data inflation, where refundable deposits are misrepresented as actual orders, leading to distorted industry metrics [5][6]. Group 3: Consumer Rights and Industry Practices - The traditional practice in the automotive sector involves paying a deposit and settling the balance upon vehicle delivery, which protects consumer interests [5]. - The court's decision reinforces the notion that companies cannot shift all risks to consumers through contractual clauses, advocating for fair transaction principles [6]. - The industry must balance growth with the ability to fulfill commitments, focusing on service quality to ensure long-term success [6].

Core Insights - The Chinese electric vehicle market is undergoing a significant reshuffle in 2025, influenced by the impending decline of purchase tax incentives and intensified price wars [1] - Li Auto, once a profitable player, reported a 36.2% year-on-year revenue decline and a net loss of 624 million yuan in Q3 2025, raising concerns about its financial health [1][2] - Despite the disappointing financial results, the stock price of Li Auto rose post-earnings release, indicating a market reassessment of the company's short-term challenges versus its long-term strategy [1] Financial Performance - Li Auto's Q3 2025 revenue was 27.365 billion yuan, down 36.2% year-on-year and 9.5% quarter-on-quarter [2] - The gross margin for Q3 was 16.3%, a decrease of 5.2 percentage points from 21.5% in the same period last year, with vehicle gross margin at 15.5% [2] Key Challenges - The significant revenue drop is attributed to a 39.0% year-on-year decline in delivery volume, exacerbated by increased competition and product iteration issues [3] - The MEGA recall event imposed an estimated 1.1 billion yuan warranty cost, impacting profits and reducing the delivery capacity of the 2025 MEGA model [3][4] - Operating cash flow was negative at 7.4 billion yuan, with free cash flow at -8.9 billion yuan, indicating liquidity challenges [4] Market Dynamics - The overall electric vehicle market is shifting, with pure electric vehicle sales growing by 26% year-on-year, while range-extended and plug-in hybrid models saw declines [5][6] - Li Auto faces intense competition from new entrants like Xiaomi and AITO, alongside its own product iteration lag [6] Strategic Adjustments - Li Auto's founder announced a return to a startup management model to enhance decision-making agility and focus on user value [7] - The company plans to introduce its self-developed M100 chip by 2026, aiming to reduce reliance on external suppliers and enhance its AI capabilities [8] - Li Auto is also pursuing global expansion, with plans to enter markets in Latin America, Europe, and Southeast Asia by 2026 [8] Market Sentiment - The rebound in Li Auto's stock price post-earnings reflects a consensus that the worst may be over for the company, although future performance will depend on the successful rollout of its self-developed chip and electric vehicle production capacity [9][10]