最近市场如何 ？ 进入到 12 月份后，大家也知道补贴基本都停了，着急用车的更不会等到年底才下手，客流比之前下降一 些。不过焕新 001的关注度还可以，进店看这车的客户占30%。 虽然说了明年补贴延续，但具体政策还不明确，有一部分客户可能要等到 1月份再说了。目前公司给了购 置税兜底政策，也是希望能刺激大家尽快下单。 客户都是怎么买这车的 ？ 最畅销的车型还是95 max， 也 就是之前的we 95四驱，焕新版给了5000选装基金，基本都去选了布雷 博四活塞卡钳，占比差不多在五成左右，所以现在95的版本差不多要两个多月才能交付，卡钳供应链那 边的问题导致这个版本交付周期一拖再拖。（选四活塞，碳纤维后视镜，碳纤维尾翼基本都交付延期） 选择相对来说少点的配置是103 max后驱， 提车 周期差不多三周左右， 看 001的客户选单电机确实少 点，电没了能充，动力没了可就真没了，而且俩版本同价 。 做个预算单： 95 max 四驱 ，指导价269800，超级置换减10000，小订权益2000抵7000，双12礼券 500，实际开票价格254300，五年 分 期前两年免息 。 各位老板们好，我是极氪的销售顾问，今天来聊 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company's profitability continues to improve, with exports expected to become a new growth driver [2] - EPS forecasts for 2025-2027 are adjusted to 1.68, 2.04, and 2.40 RMB respectively, with a target price set at 22.44 RMB and 24.62 HKD, based on a PE ratio of 11 times for comparable companies in 2026 [3] Financial Performance Summary - Revenue (in million RMB) is projected to grow from 179,204 in 2023 to 448,685 in 2027, with year-on-year growth rates of 21.1%, 34.0%, 33.0%, 21.3%, and 15.8% respectively [5] - Operating profit (in million RMB) is expected to increase from 3,806 in 2023 to 23,173 in 2027, with significant growth rates of 4.3%, 100.8%, 110.0%, 22.2%, and 18.1% [5] - Net profit attributable to the parent company (in million RMB) is forecasted to rise from 5,308 in 2023 to 24,318 in 2027, with growth rates of 0.9%, 213.3%, 2.5%, 20.9%, and 18.0% [5] - The gross margin is projected to improve from 15.3% in 2023 to 17.3% in 2027, while the net margin is expected to stabilize around 5.3% [5] Market Position and Strategy - The company is expected to maintain a strong market share, with sales growth outpacing the industry average, particularly in the electric vehicle segment [10] - The company is accelerating its global expansion, with exports anticipated to become a significant source of revenue and profit growth [10]

Core Viewpoint - The exemption policy for new energy vehicle purchase tax will end on December 31, 2025, transitioning to a half-tax collection starting January 1, 2026, prompting various automakers to implement "bottom-line" subsidy policies to attract orders before the policy change [1] Summary by Category Automaker Subsidy Policies - NIO offers a subsidy of up to 15,000 yuan for orders of the new ES8 locked by December 31, 2025, ensuring customers are not burdened by tax changes if delivery occurs in 2026 [4] - Li Auto's i6 model provides a tax subsidy based on actual calculations for orders locked by October 31, 2025, with cash reductions on final payments to cover tax differences [6] - Aito's new M7 model offers a similar subsidy structure, with a maximum of 15,000 yuan for orders locked by November 3, 2025 [6] - Xiaomi's SU7 series and others provide a subsidy of up to 15,000 yuan for orders locked by November 30, 2025 [8] - Zeekr offers a tax subsidy for orders of the 9X model locked by October 31, 2025, with a maximum of 15,000 yuan [8] - Tank SUV's new models provide a subsidy for orders locked by November 30, 2025, ensuring customers are covered if delivery is delayed to 2026 [9] - Chery announces a subsidy for all eligible models if orders are locked by November 30, 2025, covering tax differences for delayed deliveries [11] - Dongfeng Yipai offers cash subsidies for orders locked by November 30, 2025, applicable to specific models [13] - Changan announces a subsidy for all eligible models with orders locked by November 30, 2025 [13] - Haval's M817 model provides a subsidy for orders locked by November 30, 2025, with a maximum of 15,000 yuan [15] Market Dynamics and Implications - The impending tax policy change has triggered automakers to adopt subsidy policies to mitigate the risk of losing customers who may delay purchases due to increased costs [16] - The long delivery cycles for popular new energy vehicles exacerbate the issue, leading to potential order losses if customers face tax liabilities due to delayed deliveries [16] - The subsidy policies are not merely promotional tactics but are seen as trust-building contracts between brands and consumers, enhancing brand loyalty and competitive advantage in a rationalizing market [16] - Companies that prioritize customer interests through these policies are likely to gain a competitive edge in the evolving market landscape [16]

Core Points - The event "Tree Under Consumption Season: Towards a Beautiful New Life" is set to take place from October 18 to 19 in Tongzhou District, Beijing, aiming to stimulate regional consumption and promote the construction of an international consumption center city [1][4] - The automotive carnival will feature a strong lineup of well-known brands including Mercedes-Benz, Cadillac, Buick, GAC Toyota, BYD, Xpeng Motors, Tesla, and more, showcasing a variety of models that span traditional fuel and smart new energy vehicles [1][4] - The event will also include interactive elements and special offers such as limited-time purchase subsidies, low financial rates, and high-value trade-in policies to enhance consumer experience [2][4] Automotive Industry Insights - The event will highlight the latest trends in the automotive industry, focusing on consumer preferences for luxury, practicality, smart technology, and green travel options [1][4] - Various participating brands will offer exclusive purchase incentives, such as up to 5,000 yuan in purchase vouchers and additional benefits for specific models, enhancing the attractiveness of the event [3][4] - The carnival aims to integrate the automotive supply chain with other sectors like dining and entertainment, creating a new consumption ecosystem in the region [4] Consumer Engagement - The event will provide a platform for consumers to access financial services related to car purchases, as well as showcase local specialty products [4] - It is designed to address consumer pain points in buying, using, and maintaining vehicles, while also promoting the latest car trends and purchase incentives [4] - The automotive carnival is expected to significantly boost regional consumption vitality and contribute to the commercial prosperity of Beijing's sub-center [4]

Group 1 - Elon Musk's xAI shifts focus from language understanding to developing "World Models" for gaming and robotics, recruiting two researchers from NVIDIA [3] - xAI aims to create models that can internally reconstruct and predict environmental changes, moving towards embodied intelligence [3] Group 2 - NetEase Cloud Music responded to reports of late singer Coco Lee's account being accessed by a new user due to a phone number reassignment by the carrier [5] - The account had 261,000 followers and numerous unread messages from fans expressing condolences [5] Group 3 - Wenta Technology condemned actions by foreign management at Nexperia as attempts to alter the company's ownership structure under the guise of compliance [5] - The Dutch government's freezing of Nexperia's global operations is viewed as excessive intervention based on geopolitical bias [5] Group 4 - NVIDIA CEO Jensen Huang sold 225,000 shares of the company, cashing out over $42.8 million in a series of transactions [5] - In total, Huang has sold shares worth approximately $113 million in October 2025 [5] Group 5 - BYD won a bid for Singapore's first L4 autonomous bus pilot project, which will test electric buses on specific routes starting mid-2026 [6] - The buses will accommodate 16 passengers and charge the same fare as regular buses [6] Group 6 - Warner Bros. Discovery rejected an acquisition proposal from Paramount Skydance, citing the offer was too low [5] - Paramount's offer was around $20 per share, while Warner Bros.' stock closed at $17.10, valuing the company at $42.3 billion [5] Group 7 - Qualcomm is under investigation by China's market regulator for alleged violations of the Anti-Monopoly Law related to its acquisition of Autotalks [7] - The investigation follows Qualcomm's completion of the acquisition without proper notification to the regulator [7] Group 8 - Shanghai's new car replacement subsidy program will require a public lottery for eligibility, making current and display vehicles highly sought after [13] - Consumers must register and obtain a lottery qualification to apply for subsidies [13] Group 9 - XPeng's flying car division secured an order for 600 flying cars in the Middle East, marking the largest overseas order in this sector [14] - The company has accumulated a total of 7,000 orders for its flying vehicles [14] Group 10 - SAIC Audi reported a 90% year-on-year increase in sales for September 2025, selling 5,700 vehicles [14] - The overall sales for SAIC Volkswagen reached 91,300 units in September, with a 1.4% month-on-month increase [14] Group 11 - Ruiwei New Materials completed a multi-million A round financing to expand production capacity for biodegradable materials [14] - Newray Medical raised 800 million yuan in D round financing for the development of medical isotopes and radiopharmaceuticals [14] - Base Power announced a $1 billion C round financing, achieving a valuation of $3 billion, focusing on home energy storage systems [14] Group 12 - Zeekr 001 was officially launched with a starting price of 269,800 yuan, featuring a 900V high-voltage architecture and rapid charging capabilities [15] - The vehicle boasts a 0-100 km/h acceleration in 2 seconds and advanced driver assistance systems [15] Group 13 - Monash University in Australia developed a brain-like microfluidic chip that mimics neural pathways, potentially paving the way for next-generation computing [17] - The chip can "remember" previous signals, resembling the plasticity of brain neurons [17] Group 14 - South Korea's population statistics show that for the first time, individuals aged 70 and above outnumber those in their 20s, highlighting demographic shifts due to low birth rates and aging [17]

Core Viewpoint - The article discusses the recent volatility in the A-share market amid renewed tensions between China and the U.S., highlighting the market's current state where most investors are fully invested, which may lead to potential risks if the consensus becomes too strong [2][4]. Market Analysis - The A-share market is facing both favorable and unfavorable factors compared to the previous tariff announcements in April. Favorable factors include a smaller decline in the FTSE China A50 futures and a growing consensus among investors to increase equity holdings. Unfavorable factors include higher current market levels, significant pressure to realize profits, and a larger scale of market financing [4]. - Recent market performance shows significant declines across major indices, with the Shanghai Composite Index down 0.94% and the Shenzhen Component Index down 2.70% [5][23]. Sector Insights - The rare earth sector is highlighted for its strategic importance in AI, electric vehicles, and military technology, with China controlling about 80% of global rare earth production and monopolizing processing technologies. This gives China leverage in potential trade negotiations [6][7]. - The rare earth price has increased by 37% to 26,205 yuan per ton, marking the highest level since Q2 2023, indicating strong demand and potential profitability in this sector [7]. Investment Opportunities - Companies such as Li Min Co., Northern Rare Earth, and Youyan New Materials are expected to see significant profit increases, with some projecting over 100% year-on-year growth in net profits for Q3 [14][15]. - The semiconductor industry is also poised for growth, with New Kai Lai's upcoming product launch at the Bay Area Semiconductor Industry Expo showcasing advancements in high-speed oscilloscopes, which could benefit various tech sectors [12][13]. Fund Flow and Market Sentiment - The A-share market experienced a net outflow of 39.167 billion yuan, with significant selling in the electronics and power equipment sectors. Conversely, the non-ferrous metals sector saw a net inflow of 10.81 billion yuan, indicating a shift in investor sentiment [24][25]. - The upcoming "Double 11" e-commerce event is expected to simplify promotional strategies, potentially boosting consumer spending and benefiting retail sectors [16]. Industry Trends - The public utilities, commercial trade, and banking sectors are currently in a recession phase, while non-bank financials, steel, and non-ferrous metals are in an expansion phase, suggesting varying investment opportunities across sectors [28]. - The rare earth and agricultural sectors are identified as high-growth, low-valuation areas worth exploring for potential investments [29].

Group 1 - Changan Automobile has published a patent for optimizing the aerodynamic performance of vehicles, which involves computer-aided engineering simulation techniques to establish control equations for the airflow around the vehicle [2] - The refreshed Zeekr 001 has been officially launched with a starting price of 269,800 yuan, featuring a 900V high-voltage architecture that allows for a 10% to 80% charge in just 7 minutes, and a 0-100 km/h acceleration in 2 seconds [2] Group 2 - BYD has won the bid for Singapore's L4 autonomous bus pilot project, which is the first official project for L4 level autonomous driving buses in Singapore, set to begin testing in mid-2026 [3] - Yueda Kia reported a total sales volume of over 187,000 vehicles in the first nine months of 2023, marking a year-on-year increase of 6.4%, with September production reaching 23,600 vehicles [3]

Core Points - The refreshed Zeekr 001 has been launched with a starting official price of 269,800 yuan, and a limited-time price of 259,800 yuan after super trade-in rights [1] - The vehicle features a 900V high-voltage architecture supporting a maximum charging power of 1.32 megawatts, and is equipped with a 95 kWh battery that allows for a 7-minute fast charge [1] - Performance-wise, the four-wheel-drive version of the Zeekr 001 has a peak power of 680 kW and can accelerate from 0 to 100 km/h in just 2.83 seconds [1] - The vehicle is equipped with a CCD electromagnetic damping system and a closed dual-chamber air suspension, with a maximum ground clearance of 206 mm [1] - The Zeekr 001 comes standard with the Qianli Haohan H7 driver assistance system, which has been installed in over 250,000 units, and features the Thor-U chip with a computing power of 700 TOPS, providing full-domain navigation assistance capabilities [1]