11月17日，盒马创始人侯毅创立的宠物鲜食品牌"派特鲜生"多家门店关闭引发关注。据"第一财经"报道，侯毅透露，派特鲜生实体店经营压力很大，经过 评估考虑后决定到12月中旬关闭所有门店。线上业务还会继续，未来也会考虑一些新的发展。 2024年3月18日侯毅从阿里巴巴退休，同时卸任了盒马鲜生CEO职务，又于同年11月创立了派特鲜生。未曾想，只过了一年时间，却有了"折戟"的趋势。 这些年，阿里巴巴走出了不少商界精英，网上有人列出了从阿里巴巴离职创业成功的十位大佬，分别是滴滴出行创始人程维、小鹏汽车创始人何小鹏、拼 多多幕后推手孙彤宇、美团地推缔造者干嘉伟、同程旅游创始人吴志祥、滴普科技创始人赵杰辉、壹网壹创董事长林振宇、大众点评COO吕广渝、满帮 集团董事长张晖、影刀创始人金礼剑。 图源：微博截图 阿里巴巴创始人马云在2018年时表示："当年我们有一个理想，未来中国的500个好公司中，有200个CEO来自于阿里巴巴。" 图源：前橙会 要聊从阿里走出的创业者，绕不开阿里的企业文化。在阿里工作和成长的日子里，企业文化潜移默化的影响着他们的行为模式。马云曾说："阿里巴巴之 所以是一家独一无二的公司，是因为我们的文化和价值 ...

近日，有顾客在前往小鹏4S店试驾时，被玻璃门夹到脚，反被门店员工要求赔偿，事件在社交平台引 发热议。 当事人在社交媒体发布的视频及通话录音显示，其近日前往海口南海大道小鹏4S店试驾时，被导购引 导至店外查看试驾车辆，后被告知试驾车辆已被开走。在当事人转身返回店内的过程中，门店电动玻璃 门突然合拢，不仅夹住其脚部，还导致玻璃门脱轨破损。 为完成全年目标，小鹏今年在产品端不断突破，通过新车与改款的双线发展，在市场中形成15万—50万 元区间的产品矩阵。 门店布局方面，小鹏加速渠道扩张，重点下沉三四线城市。截至2025年第三季度末，全国销售门店数量 突破1200家，较2024年底新增300余家。 不过，"夹脚门"事件也暴露了小鹏在高速扩张中门店服务质量参差不齐的问题。 有法律专家指出，根据相关法律规定，商家负有保障消费者人身和财产安全的义务，经营场所设施安全 问题或管理不当导致的意外，商家应承担相应责任，责任划分需结合设施是否存在隐患、门店是否尽到 提醒义务等因素综合判断。 11月23日，小鹏汽车官方客服对该事件作出回应，确认客户在体验过程中遭遇不良体验，承认涉事门店 员工接待存在明显过错，后续沟通言辞不当。 据悉 ...

要闻提示 1.合理吗？员工 出差抽奖中3000元显卡竟成公司财产，拒绝上交后被迫离职 2.离谱！小鹏4S店感应门夹客户脚，销售：你不来门就不会坏！官方回应 3. 今日起全员不上班！ 毫末智行被曝"原地解散"，曾为长城系自动驾驶独角兽 4.小米回应"汽车工厂内电池产线起火"：谣言！ 5.俞敏洪回应用员工血汗钱旅游：老板们也在拼命努力，我熬夜时间一定不比你少 6.霸王茶姬创始人张俊杰辟谣："遇见我妻子前，从未有过婚姻" 7. 马斯克称特斯拉已部署数百万颗 AI 芯片：目标一年一迭代，未来产量将超其他 AI 芯片总和 8.黄仁勋：中国市场AI芯片收入为零！美国考虑允许英伟达对华出售H200，性能2倍于H20 今日头条 HEADLINE NEWS 合理吗？员工出差抽奖中3000元显卡竟成公司财产，拒绝上交后被迫离职 11月21日消息，近日，一则关于员工因公出差抽中RTX 5060显卡却被公司要求"充公"的事件引发了网友热议。据报道，上海一名实习生于11月14日受公司 委派前往苏州参加NVIDIA的路演活动。活动现场有一个面向"现场观众"的集章抽奖环节，其利用活动间隙完成了集章，并幸运地抽中了一张价值约3000元的 R ...

新华财经上海11月23日电（李一帆）作为国内四大A级车展的年度"收官之作"，2025年广州国际车展于 11月21日正式开幕。 官方数据显示，本届车展展车总数1085辆，其中全球及国内首发新车达93辆；新能源车型继续保持高占 比，数量为629辆，成为绝对主角。 车展现场新车荟萃、技术亮点频出。与2024年相比，本届车展规模有所收缩，取消了商用车展区，展馆 数量由16个减少至14个，透露出行业当前面临的压力。由于举办时点临近年末，广州车展不仅是车企展 示年度成绩的重要节点，也在一定程度上预示了下一年车市的技术风向与市场趋势。 展会"报喜"，多家车企达成产销里程碑 小米汽车宣布，其第50万辆整车已于11月20日下线。从2024年3月首车交付至今，小米仅用602天便达成 50万辆的成绩，刷新了全球新能源汽车品牌的最快纪录。小米汽车副总裁李肖爽表示，"这一成绩对行 业巨头或许微不足道，但对小米意义重大。"为回应用户支持，小米在展台连续10天向观众免费赠送合 金车模，每日1000个。李肖爽表示，小米预计在本周内完成全年35万辆的交付目标。 小鹏汽车董事长、CEO何小鹏在车展宣布品牌迎来第100万辆整车下线，并强调从第50 ...

Core Viewpoint - Xiaopeng Motors reported Q3 2025 earnings that met expectations, with significant revenue growth driven by new model deliveries and a narrowing of net losses [2][3]. Financial Performance - Q3 2025 revenue reached 20.38 billion yuan, a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5% [2]. - Automotive sales revenue was 18.05 billion yuan, up 105.3% year-on-year and 6.9% quarter-on-quarter, attributed to increased deliveries of new models [2]. - Service and other income amounted to 2.33 billion yuan, reflecting a year-on-year growth of 78.1% [2]. - The company reported a net loss of 380 million yuan for Q3 2025, an improvement from a net loss of 480 million yuan in Q2 2025 [2]. Profitability Metrics - The overall gross margin for Q3 2025 was 20.1%, an increase of 4.9 percentage points year-on-year and 2.8 percentage points quarter-on-quarter, marking the first time it surpassed 20% [3]. - Automotive gross margin stood at 13.1%, slightly down due to product transitions [3]. - R&D expense ratio was 11.9%, showing a decrease compared to previous periods, indicating effective cost control [3]. Strategic Developments - Xiaopeng is advancing its second-generation VLA model for intelligent driving, enhancing efficiency and response times [4]. - The company has partnered with Gaode for its Robotaxi initiative, planning to launch three Robotaxi models in 2026 [4]. - Xiaopeng is also developing a new generation of robots and aims to introduce flying cars by 2026 [4]. Revenue and Profit Forecast - Revenue projections for 2025-2027 have been adjusted to 78.5 billion, 140.2 billion, and 201 billion yuan, respectively, reflecting year-on-year growth rates of 92%, 79%, and 43% [5]. - Net profit forecasts for the same period have been revised to -1.4 billion, 5.4 billion, and 9.5 billion yuan, respectively [5]. - EPS estimates for 2025, 2026, and 2027 are -0.71, 2.81, and 4.99 yuan, with corresponding PE ratios of 26 and 15 for 2026 and 2027 [5].

Macro Strategy - The report anticipates that the monetary policy in 2026 will continue to be supportive, with potential for 1-2 rate cuts and 1-2 reserve requirement ratio reductions [1][9][10] - The 10-year government bond yield is expected to fluctuate between 1.70%-2.0%, while the 30-year yield may range from 1.90%-2.30% [1][9] Fixed Income - The report outlines key valuation indicators for urban investment public REITs, including operational indicators like current revenue and distributable amount, valuation indicators such as expected REITs dividend rate and P/FFO multiples, liquidity indicators like daily turnover rate, and price indicators like daily price fluctuation [2][12] - Recommended REITs include Zhejiang Merchants Hu-Hang-Ning REIT and Zhongjin Anhui Traffic Control REIT in transportation infrastructure, Zhongjin Hubei Science and Technology REIT and E Fund Guangkai Industrial Park REIT in park infrastructure, and Guotai Junan City Investment Wide Court Rental Housing REIT in affordable rental housing [2][12] Industry - The 2025 Double Eleven sales totaled approximately 16,950 billion yuan, reflecting a year-on-year growth of 14.2%, with comprehensive e-commerce platforms achieving 16,191 billion yuan, up 12.3% [3][14] - Instant retail showed remarkable growth, with sales reaching 670 billion yuan during Double Eleven, marking a 138% increase year-on-year [3][14] - The report suggests that the extended sales period significantly contributed to the overall growth, and highlights the importance of focusing on fast-growing sectors like pet products [3][14] Coal Industry - The coal price is expected to fluctuate in a weak equilibrium state in 2026, with a reasonable price expectation around 770 yuan/ton [4][15] - The report emphasizes the importance of energy security and suggests focusing on companies like Guanghui Energy and Haohua Energy, which are expected to benefit from increased production and price elasticity [4][15] - High dividend logic is highlighted, with expectations that the dividend yield for China Shenhua and Shaanxi Coal will decrease from around 4.5% in 2025 to approximately 3.5% by mid-2026 [4][15] Company Analysis - Xiaomi Group reported a Q3 revenue of 1131.2 billion yuan, a year-on-year increase of 22.3%, with a net profit of 113.1 billion yuan, up 80.9% [6][18] - The automotive segment achieved profitability for the first time, with a revenue of 290.1 billion yuan, reflecting a 199.2% increase year-on-year [6][18] - Xpeng Motors reported a Q3 revenue of 203.8 billion yuan, a 101.8% increase year-on-year, with a net loss of 3.8 billion yuan, which is an improvement from the previous quarter [8][22] - Canadian Solar (CSIQ) expects Q4 sales between 13 billion to 15 billion USD, with a significant increase in storage shipments projected for 2026 [7][21]

Core Viewpoint - Xiaopeng Motors is shifting its focus towards humanoid robots, with CEO He Xiaopeng discussing this vision extensively during the Q3 earnings call, while the market response has been negative, leading to a significant drop in stock prices [2]. Financial Performance - Xiaopeng Motors reported a Q3 loss, with the CEO emphasizing the company's new ten-year vision to become a global embodiment intelligence company, dedicating nearly one-third of the earnings call to humanoid robots [2]. Product Development - The new generation humanoid robot, IRON, was officially launched on November 5, 2025, showcasing its ability to walk in a human-like manner [4]. - The company plans to achieve mass production of high-end humanoid robots by the end of 2026, targeting commercial applications in guiding and front desk services [2][5]. Market Reaction - Following the discussions around humanoid robots, Xiaopeng's stock fell over 10%, marking a four-day decline, with no significant market catalysts for the associated supply chain companies [2][11]. - Despite the launch of the IRON robot, market interest remained low, with criticisms regarding the lack of practical applications demonstrated [7]. Industry Context - The humanoid robot sector is seeing increased competition, with 15 major automotive companies entering the field, and Xiaopeng Motors positioned as a leading contender for early mass production [11]. - The overall market for humanoid robots has faced challenges, with recent reports from Goldman Sachs and Morgan Stanley indicating skepticism about the industry's growth potential [12]. Future Outlook - The company aims to sell over one million robots annually by 2030, with a focus on commercial applications [2]. - The humanoid robot sector is currently in a "good news vacuum," with limited catalysts for growth, although some supply chain companies are beginning to receive positive developments [12].

Group 1: Local Government Debt and Investment Funds - Local governments are issuing bonds to fund government investment guidance funds, with Shenzhen planning to issue 6.52 billion yuan in 10-year special bonds [2] - A total of 52 billion yuan in special bonds have been issued by various local governments this year, aimed at supporting local government investment funds [2] - The effectiveness of leveraging these funds into industrial momentum is crucial for enhancing local industry competitiveness and creating sustainable tax sources [3] Group 2: Express Delivery Industry Growth - The express delivery business volume in China reached 1,626.8 billion pieces in the first ten months, a year-on-year increase of 16.1% [4] - Revenue from express delivery services totaled 12,174.1 billion yuan, growing by 8.5% year-on-year, indicating a steady expansion despite a slight slowdown compared to last year [4] - The growth in the express delivery sector is significantly driven by the "old-for-new" policy and the active online consumption market, particularly in the central and western regions [5] Group 3: Xiaopeng Motors Financial Performance - Xiaopeng Motors reported a total revenue of 20.38 billion yuan in Q3, marking a 101.8% year-on-year increase, with vehicle sales revenue at 18.05 billion yuan, up 105.3% [6] - The gross margin improved to 20.1%, with a net loss of 150 million yuan, a significant reduction of 90.1% year-on-year [6] - The company aims to deliver between 125,000 and 132,000 vehicles in Q4, projecting revenue of 21.5 billion to 23 billion yuan, although this growth rate is expected to be lower than in Q3 [7] Group 4: Luckin Coffee's Revenue Growth - Luckin Coffee's total revenue for Q3 reached 15.3 billion yuan, a 50.2% increase year-on-year, with a total merchandise transaction value of 17.3 billion yuan [8] - The company opened 3,008 new stores, bringing the total to 29,214, which has enhanced its delivery capabilities and customer base [8] - Despite the revenue growth, net profit decreased by 2.7%, indicating rising operational costs due to increased delivery expenses [9] Group 5: Ant Group's AI Assistant Launch - Ant Group launched the "Lingguang" AI assistant, which supports multi-modal content generation and is designed to enhance user experience through interactive applications [10] - The assistant's unique features include real-time video analysis and structured content presentation, aiming to improve readability and user engagement [10] - The focus on user experience in AI applications is expected to be a key development direction in the future [11] Group 6: JD.com's New Review Platform - JD.com announced the launch of an independent app for its review platform, promising "never to commercialize" its services [12] - The platform aims to compete with existing services by emphasizing authentic user data and enhancing local business visibility [12] - The effectiveness of the review platform will depend on the richness and authenticity of its content, which requires time to develop [13] Group 7: GlobalFoundries Acquisition - GlobalFoundries announced the acquisition of Advanced Micro Foundry, positioning itself as the largest silicon photonics foundry by revenue [14] - The acquisition is expected to enhance capabilities in AI data centers and next-generation applications, leveraging AMF's manufacturing expertise [14] - The growth potential for silicon photonics technology is significant, particularly in data center construction and quantum computing [15] Group 8: Market Overview - The stock market experienced fluctuations, with major indices declining, reflecting a weak overall sentiment amid global market concerns [16] - The AI application and semiconductor sectors showed resilience, while other sectors like lithium batteries and coal faced declines [16] - The upcoming Nvidia earnings report is anticipated to influence market sentiment, with mixed expectations regarding AI investments [17]

每经记者｜孙磊 每经编辑｜程鹏 余婷婷 11月17日，小鹏汽车披露2025年第三季度财报。受益于汽车销量的显著提升，小鹏汽车的业绩同比与环比均实现增长。 具体而言，小鹏汽车第三季度共交付11.6万辆汽车，同比增长149.3%，环比增长12.4%；实现营业收入203.8亿元，同比增长101.8%，环比增长11.5%；净 亏损收窄至3.8亿元，上年同期净亏损18.1亿元，今年第二季度净亏损4.8亿元。截至2025年9月30日，现金及现金等价物、受限制现金、短期投资及定期存 款为483.3亿元。 "公司经营的持续改善，让我们更加笃定地投入物理AI（人工智能）研发，加速第二代VLA模型、Robotaxi和人形机器人在2026年实现规模量产。"小鹏汽 车董事长何小鹏表示。 欲在四季度实现盈亏平衡 尽管小鹏汽车在营收方面实现了增长，但仍不及市场预期。"本季度（三季度）总收入为203.8亿元，低于市场预期的204.7亿元，低于预期主要是被卖车业 务所拖累。"海豚投研表示，"但服务和其他业务收入本季度达到了23.3亿元，大幅高于市场预期的16.6亿元。" 此外，海豚投研还表示："本季度卖车收入为180.5亿元，大幅低于市场预 ...

Group 1 - The total GMV for Double Eleven reached 1,695 billion, a year-on-year increase of 14%, with traditional e-commerce at 1,619.1 billion (+12%) and instant retail at 67 billion (+138%), while community group buying dropped to 9 billion (-90%) [1] - The data indicates a K-shaped recovery, where high-end consumption, such as high-end cosmetics, grew by approximately 20%, while mid-to-low-end consumption remained flat [1] - The performance of high-end consumption is linked to the bull market, suggesting that those benefiting from the stock market are typically higher-income individuals, contrasting with the more accessible real estate market [1] Group 2 - Yum China (KFC China) announced plans to return 100% of its free cash flow to shareholders starting in 2027, equating to an approximate dividend yield of 6% or share buybacks, with future growth expectations [1] - Luckin Coffee reported Q3 revenue growth of 50% year-on-year, but net profit decreased by 2.7%, indicating that aggressive subsidies in the delivery battle may not be sustainable long-term [2] - Xpeng Motors achieved Q3 revenue of 20.38 billion, a year-on-year increase of 101.8%, with a gross margin of 20.1% (+4.8%), and a narrowed net loss of 380 million, but market sentiment remains cautious due to previous stock price increases and ongoing profitability concerns [2]