编者荐语： 日本经济新闻社与金融时报2015年11月合并为同一家媒体集团。同样于19世纪创刊的日本和英国的两家 报社形成的同盟正以"高品质、最强大的经济新闻学"为旗帜，推进共同特辑等广泛领域的协作。此次， 作为其中的一环，两家报社的中文网之间实现文章互换。 以下文章来源于FT中文网 ，作者张冬方 资料图（reuters） 汽车电动化转型不只是汽车制造商面临的机遇和风险，汽车经销商也同样身在其中。 文丨FT中文网专栏作家 张冬方 中国汽车品牌进入欧洲关键市场德国，面临的首要问题就是选择怎样的销售渠道模式。目 前，比亚迪在德国的销量正在经历高速增长期，其背后的原因除了调整产品战略，还在于渠 道战略上的大调整。 继2021年进入挪威市场之后，比亚迪于2022年进入了德国市场，但在接下来的两年多时间 里，比亚迪在德国的存在感微乎其微。在销售网络建设方面，比亚迪受困于快速扩张的计划 无法达到预期。即使在2024年，比亚迪作为足球欧洲杯官方合作伙伴高调亮相，德国人对作 为中国品牌的比亚迪仍然十分陌生，销量也没有出现大的好转。正是在这些背景之下，才有 了比亚迪去年调整渠道模式的举动…… 阅读更多内容请点击下方" 阅读原文 ...

"中共中央和红军长征的落脚点""夺取全国胜利的出发点""延安精神永放光芒"……在延安革命纪念馆，外交官们认真聆听讲解、观看展品，一个 百年大党领导全国革命走向胜利的光辉历程宛然在目。 宝塔山巍然屹立，延河水涓涓流淌；古都风华中，"钢铁驼队"日夜奔驰…… "这些展览内容让我了解到中国共产党是如何带领中国人民经历艰苦斗争，为国家而战，为人民而战，最终取得了胜利。"苏丹驻华使馆临时代办 梅木娜·哈里德说。 11月16日至19日，应外交部邀请，来自20余国和2个国际组织的驻华大使、代表和高级别外交官来到陕西延安、西安。这片土地上的历史传承与 时代面貌，让他们看到了一个奋进、开放、创新的中国。 今年9月，梅木娜在北京天安门广场参加了纪念中国人民抗日战争暨世界反法西斯战争胜利80周年大会。梅木娜深有感触地说："我们必须从历史 中获得启迪：无论国家和人民经历什么困难，都必须勇敢坚韧斗争，争取光明。" 参观杨家岭革命旧址，初次到访延安的毛里求斯驻华大使萧晓山印象深刻。"既以深远的目光回顾过去，又用坚定的目光看向未来。"他表示，当 代中国的许多政策与延安时期一脉相承，这体现了中国共产党理念的连续性和一致性。 此行期间，第二届中 ...

新华社西安11月19日电 题：驻华外交官参访陕西：感知奋进、开放、创新的中国 刘杨、赵瀚泽、付瑞霞 论坛开幕前一天，外交官们来到中欧班列西安集结中心，远处机车轰鸣、吊臂林立。再向远方眺 望，铁轨延伸处"钢铁驼队"川流不息，铺展出一幅亚欧大陆互联互通的生动图景。 宝塔山巍然屹立，延河水涓涓流淌；古都风华中，"钢铁驼队"日夜奔驰…… 11月16日至19日，应外交部邀请，来自20余国和2个国际组织的驻华大使、代表和高级别外交官来 到陕西延安、西安。这片土地上的历史传承与时代面貌，让他们看到了一个奋进、开放、创新的中国。 参观杨家岭革命旧址，初次到访延安的毛里求斯驻华大使萧晓山印象深刻。"既以深远的目光回顾 过去，又用坚定的目光看向未来。"他表示，当代中国的许多政策与延安时期一脉相承，这体现了中国 共产党理念的连续性和一致性。 此行期间，第二届中欧班列国际合作论坛18日在西安举行。外交官们应邀出席开幕式，共同见证中 欧班列作为高质量共建"一带一路"的旗舰项目，产生的强大辐射力、带动力和影响力。 "中国提出的共建'一带一路'倡议加强了世界的互联互通，是全球性的财富。塞尔维亚始终是其中 的积极参与者。"开幕式后，塞尔维亚 ...

Industry Information - The term "semi-solid battery" is proposed to be renamed as "solid-liquid battery" to avoid confusion with solid-state batteries, which are seen as the future direction due to their higher safety, energy density, lifespan, and faster charging capabilities [9] - Shanghai's Haitong International Automobile Terminal has achieved a record high automobile export volume of 1.109 million units in the first three quarters of this year [10] - The commercial insurance premium income for new energy vehicles exceeded 100 billion yuan, reaching 108.79 billion yuan, with a year-on-year growth of 36.6% [11] - Anhui province ranked first in the country with an automobile production of 2.4044 million units in the first three quarters, significantly outpacing Guangdong [12] - The profit of the automobile manufacturing industry increased by 3.4% year-on-year from January to September [13] - The establishment of 10 measurement talent training centers has been approved, including those focused on new energy vehicles [13] - Huawei's HarmonyOS has delivered over 1 million units in just 43 months [13] - A new project for producing 1.6 million sets of chassis components has officially commenced [13] - The first automotive chip standard verification platform in China has been put into operation [16] - The demand for energy storage has significantly boosted the performance of the lithium battery industry in the third quarter [21] Policy Information - The National Energy Administration has released several important standards related to electric vehicle charging infrastructure [26] - Shenzhen's vehicle replacement subsidy policy will cease after October 28, 2025, due to budget constraints [30] - Guizhou province has implemented a management plan for electric vehicle charging infrastructure construction [30] - The Ministry of Industry and Information Technology is promoting the development of green industries, including new energy vehicles [20] Company Information - Seres Group plans to go public in Hong Kong with a maximum issue price of 131.50 HKD per share, aiming for a total issuance scale of approximately 17 billion USD [43] - Nio has achieved over 90 million battery swaps, with an average daily swap volume exceeding 100,000 [43] - Xpeng Motors has entered the Baltic states and Cambodia markets [43] - BYD's new car registrations in Europe increased nearly fourfold in September [43] - The establishment of Zhejiang Li Auto Battery Co., Ltd. has been completed with a registered capital of 70 million yuan [24]

Core Viewpoint - Goldman Sachs predicts that overseas markets will become the growth engine for BYD (002594) in the next decade, with an increase in sales forecasts for overseas markets outside the US by 5% to 14%, reaching 1.5 million to 3.5 million units from 2026 to 2035 [1] Group 1: Sales and Profit Forecasts - The net profit forecast for BYD from 2025 to 2030 has been adjusted down by 14% and then up by 9% [1] - Target prices for BYD's H-shares and A-shares have been raised by 8% to HKD 141 and CNY 144, respectively, while maintaining a "Buy" rating [1] - The average annual compound growth rate of profits is expected to reach 30% from 2025 to 2028, with the contribution of overseas profits increasing from 21% in 2024 to 60% in 2028 [1] Group 2: Market Penetration and Competitive Advantage - Key overseas markets are currently lagging behind China in electric vehicle penetration by about four years, but it is expected that new model launches will drive penetration to reach the level of China in 2028 by 2035, with a market size of 28 million units [1] - BYD's vehicle models have competitive advantages, with some being among the best-selling in the market [1] - The company is expected to maintain a leading position in the global new energy vehicle market due to its established model portfolio, continuous R&D investment, and expanding sales network [1] Group 3: Sales Volume Adjustments - Overall sales forecast for 2025 has been adjusted down by 6%, while forecasts for 2026 to 2030 have been increased by 3% [1]

Company News - Berkshire Hathaway reported a net profit of $30.796 billion for Q3, up from $26.251 billion year-on-year, exceeding market expectations of $12.73 billion [4] - The company's operating revenue reached $94.972 billion, slightly up from $92.995 billion year-on-year, and above market expectations of $91.55 billion [4] - As of September 30, cash reserves reached a record $381.67 billion (approximately 2716.5 billion RMB) [4] - The top five holdings accounted for 66% of the total fair value of equity securities, including American Express, Apple, Bank of America, Coca-Cola, and Chevron [4] Automotive Industry - Hongmeng Zhixing reported a record delivery of 68,216 new vehicles in October, marking the highest monthly delivery in history, with total deliveries surpassing 1 million [4] - Geely Automobile announced a total passenger car sales of 307,133 units in October, a year-on-year increase of 35% and a month-on-month increase of 12%, achieving a historical monthly sales record [5] - BYD reported sales of 441,706 vehicles in October, the highest for the year, with cumulative sales of 3,701,852 units from January to October, including over 14.2 million new energy vehicles [5] - NIO delivered 40,397 vehicles in October, a year-on-year increase of 92.6%, with total deliveries from early 2025 reaching 241,618 units, up 41.9% year-on-year [5] - XPeng Motors delivered 42,013 new vehicles in October, setting a historical monthly delivery record, with cumulative deliveries of 355,209 units from January to October, a year-on-year increase of 190% [5] Industry Research - Zhongshan Securities reported that the growth rate of mobile phone sales is slowing, reducing the likelihood of exceeding performance expectations for consumer electronics and semiconductor companies in the mobile supply chain [6] - The demand for storage chips and related production equipment is strong due to AI-related needs, while power semiconductor companies are expected to perform well driven by new energy demand [6] - Zhongyuan Securities noted that the photovoltaic industry is still undervalued historically, with potential for valuation recovery as the competitive landscape and industry chain ecology improve [6]

Core Insights - BYD reported October sales of 441,706 vehicles, with 436,856 being passenger cars, and overseas sales of passenger cars and pickups reaching 83,524, marking a year-on-year increase of 155.5% [2] Sales Performance - In the month of October, the Dynasty and Ocean series combined sales totaled 395,015 vehicles, while the Fangchengbao sold 31,052 units, Tengshi sold 10,135 units, and Yangwang sold 654 units [2] - Cumulatively, from January to October, BYD sold 3,701,852 vehicles, with overseas sales of passenger cars and pickups reaching 785,103 units [2] New Energy Vehicle Sales - As of the end of October, BYD's cumulative sales of new energy vehicles exceeded 1.42 million units [2] Financial Performance - For the third quarter, BYD reported revenue of 194.985 billion yuan, a decrease of 3.05% year-on-year; net profit attributable to shareholders was 7.823 billion yuan, down 32.60% year-on-year; and net profit excluding non-recurring items was 6.891 billion yuan, a decline of 36.65% year-on-year [2] - For the first three quarters, BYD achieved revenue of 566.266 billion yuan, an increase of 12.75% year-on-year; net profit attributable to shareholders was 23.333 billion yuan, down 7.55% year-on-year; and net profit excluding non-recurring items was 20.49 billion yuan, a decrease of 11.65% year-on-year [2]

Group 1 - The core viewpoint of the article highlights BYD's financial performance in Q3, showing a revenue of 194.99 billion yuan and a net profit of 7.82 billion yuan, with a quarter-on-quarter growth of 23% but a year-on-year decline of 32.60% [2] - In the first three quarters of the year, BYD achieved a revenue of 566.27 billion yuan, marking a year-on-year increase of 13%, while net profit decreased by 7.55% to 23.33 billion yuan [2] - Research and development expenses for BYD reached 43.75 billion yuan, a significant increase of 31% compared to the previous year, surpassing the net profit for the same period [2] Group 2 - BYD's global cumulative sales from January to September reached 3.26 million units, representing a year-on-year growth of 18.64%, achieving 70.87% of the annual target of 4.6 million units [3] - The overseas market has become a crucial driver for BYD's growth, with overseas sales reaching 701,600 units, a staggering increase of 132% year-on-year [3] - BYD's products are now available in 117 countries and regions worldwide, with its export volume ranking second among domestic automotive companies [3]

Core Points - The luxury car driven by Chen Zhen, a Rolls-Royce Phantom, has been repossessed by a luxury car rental company for approximately 2.8 million yuan [1][3] - The car was classified as an accident vehicle, with repair costs estimated between 700,000 to 800,000 yuan, and will be available for rental at a price of 7,000 yuan per day after repairs [3] - Chen Zhen previously indicated on social media that he sold the Rolls-Royce Phantom and is unlikely to purchase another one in the future [3] Incident Summary - On October 3, Chen Zhen was involved in a car accident in Beijing, which resulted in damage to both his vehicle and another car [5][7] - The Beijing traffic police reported that Chen Zhen was at fault for the accident, and both drivers were not under the influence of drugs or alcohol [7] - Chen Zhen publicly acknowledged his responsibility for the accident and expressed his intention to cooperate fully with the resolution process [9][19] Response from Affected Parties - The family of the other driver expressed their distress over the incident, highlighting the impact on their lives and the need for support during recovery [12] - Chen Zhen has issued multiple apologies and committed to compensating the affected party for medical expenses and vehicle damages, emphasizing that both parties have insurance coverage [19]

Core Insights - In September, BYD's new car registrations in the EU increased more than twofold year-on-year, reaching 13,221 vehicles [1] - Including the UK and the European Free Trade Association (Iceland, Liechtenstein, Norway, and Switzerland), sales nearly quadrupled to 24,963 vehicles [1]