Core Viewpoint - BYD is intensifying its competitive landscape in the automotive sector by launching new technologies and models across multiple segments, including passenger cars, buses, and high-end markets, showcasing a "multi-track advancement" strategy [2][4] Product Launches - On September 15, BYD Ocean Network unveiled the 2026 model of the Seal 07 DM-i, offering four configurations priced between 149,800 and 186,800 yuan, with significant improvements in electric range, providing options of 135 km and 230 km, nearly doubling the previous versions [4][5] - The same day, BYD launched its third-generation electric bus technology platform and the new electric bus model C11, aimed at accelerating the electrification of road passenger transport [2][6] - On September 17, BYD's high-end brand Tengshi released the 2026 model of Tengshi N9, emphasizing upgrades in both interior and exterior design while maintaining pricing, with a focus on luxury features [5][6] Strategic Insights - Experts note that BYD's strategy reflects a comprehensive industry chain and scenario-based thinking, extending from passenger vehicles to buses and high-end markets, with a core logic of "technology accessibility" and "scenario integration" [2][8] - This approach allows for cross-domain reuse of R&D results, achieving economies of scale and reducing costs across different business lines [2][8] Industry Impact - BYD's rapid iteration model is reshaping the competitive landscape of the industry, with new products like the Seal 07 DM-i and the e-Bus platform raising technical standards and compelling other automakers to accelerate their R&D efforts [2][9] - The e-Bus platform 3.0 marks a significant advancement, introducing a kilovolt platform for electric buses, with the C11 model achieving over 400 km of range under full load and air conditioning, outperforming traditional fuel buses [6][7] Global Strategy - BYD's diversified product line positions it well in the global market, catering to different regional demands, with high-end models appealing to Western markets and electric public transport solutions targeting developing countries [8][9] - The company's focus on core technologies like batteries and electronic controls enhances global supply chain efficiency, contributing to its competitive edge in the global new energy market [8][9]

本报（chinatimes.net.cn）记者刘凯 杭州报道 在政策驱动与市场需求的双重作用下，中国商用车市场正经历一场深刻的变革。据中国汽车工业协会最 新数据，2025年8月商用车国内销量同比增长19.9%，其中新能源商用车渗透率攀升至27.6%，较上月扩 大0.8个百分点。这一数据不仅印证了行业电动化转型的加速，更凸显出技术迭代对市场格局的重塑作 用。 在这场变革中，比亚迪以"技术为矛"的策略愈发清晰。9月15日，比亚迪在杭州发布e-Bus平台3.0及全新 电动客车C11，宣布推出电动客车首个千伏高压平台，并同步实现整车能耗降低18%、低温续航提升50 —80公里的突破。这一动作不仅标志着比亚迪进一步加速道路客运电动化转型，更被视为中国商用车产 业从"政策驱动"向"技术驱动"转型的关键节点。 市场变局与技术焦虑 从销量数据表现分析，2025年的商用车市场展现出明显的结构性分化态势。聚焦细分市场，货车领域内 呈现出显著的两极分化。以8月销量为例，重型卡车销量同比大幅攀升46.7%，而中型卡车与微型卡车 则分别遭遇9.3%和14.8%的同比下滑；客车市场虽整体实现11.6%的增长，但细分之下，大中型客车的 销 ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - The copper market is affected by macro - factors and fundamentals. The copper price has corrected due to concerns about the Fed's interest - rate decision, and the supply is tight while the consumption shows a weakening trend [8] - The alumina market has a weakening fundamental trend. The import window has opened narrowly, and the market price reduction may take some time [15] - The electrolytic aluminum market has a tight overseas supply and a marginal recovery in domestic downstream demand. The aluminum price is expected to oscillate and rise after a correction [19][20] - The casting aluminum alloy market is affected by policy changes. The supply is tight, and the alloy ingot price is expected to be stable and slightly stronger [27] - The zinc market has a small reduction in domestic refined zinc supply in September, and the overseas market has some support for the zinc price. The zinc price may fluctuate in the short term [34][39] - The lead market has an upward - moving price center due to downstream pre - holiday stocking. However, there are risks of price decline if the import window opens or the production of recycling enterprises resumes [41] - The nickel market has a relatively optimistic macro - atmosphere, but the LME inventory increase indicates an oversupply of refined nickel in China, and the price is expected to fluctuate widely [47] - The stainless - steel market is expected to remain high and oscillate due to the approaching Fed's interest - rate cut, positive domestic policies, and the approaching consumption peak season [53] - The tin market is affected by the Fed's interest - rate decision. The supply is tight, and the demand may be postponed. The price is expected to oscillate within a range [60] - The industrial silicon market may turn into a supply - surplus state if the rumored production resumption occurs. The price is at a relatively low valuation with a bottom support, and long positions can be considered at low prices [67] - The polysilicon market has a long - term upward price trend, but there is a short - term weakening due to the slow progress of capacity integration. The price of the 11 - contract may return to the spot price [72] - The lithium carbonate market has an optimistic atmosphere due to the Fed's interest - rate cut. The short - term supply and demand are both strong, and the price has support from the spot market [77] Group 3: Summary by Related Catalogs Copper - **Market Review**: The Shanghai copper 2510 contract closed at 80,560 yuan/ton, down 0.65%, and the open interest of the Shanghai copper index decreased by 11,113 lots to 510,000 lots. The downstream purchasing sentiment was poor, and the spot premiums in different regions showed different trends [2] - **Important Information**: In August, the production and sales of new - energy vehicles increased significantly. Anglo American and Codelco will jointly operate mines in Chile, and Australia's Orion Minerals may get funds for its project. China's copper product output in August reached a multi - year high [3][4][5] - **Logic Analysis**: Macro - factors and supply - demand fundamentals affect the copper price. The supply is tight, and the consumption shows a weakening trend [8] - **Trading Strategy**: The copper price has fallen from a high level. Hold long positions in cross - market arbitrage and wait and see for options [13] Alumina - **Market Review**: The alumina 2511 contract fell 48 yuan to 2,916 yuan/ton. The spot prices in different regions showed a downward trend [10] - **Related Information**: Guinea's Ningba Mining Company may resume production. The industry's average profit in August increased, and the operating capacity and开工 rate of alumina in China changed [11][12] - **Logic Analysis**: The alumina market has a weakening fundamental trend, and the market price reduction may take some time [15] - **Trading Strategy**: After the "anti - involution" sentiment fades, the price will return to a bearish fundamental pattern [16] Electrolytic Aluminum - **Market Review**: The Shanghai aluminum 2510 contract fell 80 yuan to 20,910 yuan/ton. The spot prices in different regions decreased [18] - **Related Information**: The market expects the Fed to cut interest rates by 75 basis points by the end of the year. The electrolytic aluminum inventory remained unchanged, and some capacity replacement plans were announced [18] - **Trading Logic**: The market is cautious before the Fed's interest - rate meeting. The overseas supply is tight, and the domestic downstream demand is recovering marginally [19] - **Trading Strategy**: The aluminum price is expected to oscillate, and long positions can be considered after a correction. Wait and see for arbitrage and options [20][21] Casting Aluminum Alloy - **Market Review**: The casting aluminum alloy 2511 contract fell 70 yuan to 20,435 yuan/ton. The spot prices in different regions were stable, and the import price decreased [24] - **Related Information**: Policy changes have affected the recycling aluminum industry, and the average cost and profit of the casting aluminum alloy industry in August changed. The casting aluminum alloy futures standard - warehouse receipt generation business will start on September 22 [24][25][26] - **Trading Logic**: Policy changes have affected the supply, and the downstream demand is increasing. The supply is tight, and the price is expected to be stable and slightly stronger [27] - **Trading Strategy**: The price is expected to oscillate at a high level, and long positions can be considered after a correction. Wait and see for arbitrage and options [28][29] Zinc - **Market Review**: The Shanghai zinc 2511 contract fell 0.13% to 22,285 yuan/ton. The downstream purchasing sentiment was weak, and the spot premium increase was limited [32] - **Related Information**: The construction of the Zhugongtang lead - zinc mine project in Hezhang County has made breakthroughs [33] - **Logic Analysis**: The domestic refined zinc supply may decrease slightly in September, and the overseas market has some support for the zinc price. Pay attention to the impact of macro - factors [34] - **Trading Strategy**: The zinc price may fluctuate in the short term. Wait and see for arbitrage and options [39] Lead - **Market Review**: The Shanghai lead 2510 contract rose 0.12% to 17,100 yuan/ton. The market purchasing activity increased, and the supply of recycled refined lead was scarce [37] - **Related Information**: The scrap battery price is expected to remain firm, and the lead ingot inventory increased [40] - **Logic Analysis**: The lead price has moved upward due to downstream pre - holiday stocking, but there are risks of price decline [41] - **Trading Strategy**: The Shanghai lead price may operate within a range in the short term, and beware of the price decline risk [42] Nickel - **Market Review**: The main Shanghai nickel contract NI2511 fell 940 yuan to 121,990 yuan/ton. The spot premiums remained unchanged [43] - **Related Information**: The Tatty nickel mine will restart, and some companies have investment or acquisition plans [44] - **Logic Analysis**: The macro - atmosphere is relatively optimistic, but the LME inventory increase indicates an oversupply of refined nickel in China [47] - **Trading Strategy**: The price is expected to fluctuate widely. Wait and see for arbitrage and options [48][49][50] Stainless Steel - **Market Review**: The main SS2511 contract fell 120 yuan to 12,935 yuan/ton. The spot prices of cold - rolled and hot - rolled products are given [52] - **Important Information**: Taiwan's Yieh United is applying for an anti - dumping investigation, and Japan has launched an anti - dumping investigation on stainless - steel products [53] - **Logic Analysis**: The approaching Fed's interest - rate cut, positive domestic policies, and the approaching consumption peak season support the stainless - steel price [53] - **Trading Strategy**: The price is expected to remain high and oscillate. Wait and see for arbitrage [55] Tin - **Market Review**: The main Shanghai tin 2510 contract closed at 272,540 yuan/ton, down 200 yuan/ton or 0.07%. The spot market atmosphere was average [57] - **Related Information**: The market expects the Fed to cut interest rates, and the production and sales of new - energy vehicles increased in August [58][59] - **Logic Analysis**: The supply is tight, and the demand may be postponed. Pay attention to the Fed's interest - rate decision [60] - **Trading Strategy**: The price is expected to oscillate within a range. Wait and see for options [61][62] Industrial Silicon - **Market Review**: The main industrial silicon futures contract oscillated strongly and closed at 8,965 yuan/ton, down 0.06%. The spot price increased [64][65] - **Related Information**: An important article mentioned measures to promote the construction of a unified national market [66] - **Comprehensive Analysis**: The supply and demand situation may change if the rumored production resumption occurs. The price has a bottom support [67] - **Strategy**: Long positions can be considered at low prices [68] Polysilicon - **Market Review**: The main polysilicon futures contract oscillated narrowly and closed at 53,490 yuan/ton, down 2.09%. The spot price range moved up [69][71] - **Related Information**: The national standard committee has completed the solicitation of opinions on relevant standards [71] - **Comprehensive Analysis**: The long - term price trend is upward, but there is a short - term weakening. The 11 - contract price may return to the spot price [72] - **Strategy**: Buy at low prices and set stop - loss and take - profit points. Conduct reverse arbitrage on the 2511 and 2512 contracts. Take profit on selling out - of - the - money put options [73] Lithium Carbonate - **Market Review**: The main 2511 contract rose 20 yuan to 73,640 yuan/ton. The spot prices of battery - grade and industrial - grade lithium carbonate increased [74] - **Important Information**: BYD launched a new electric - bus platform, and a new lithium - powder production project was proposed [75] - **Logic Analysis**: The market atmosphere is optimistic due to the Fed's interest - rate cut. The short - term supply and demand are both strong [77] - **Trading Strategy**: The price is expected to oscillate and strengthen. Wait and see for arbitrage. Sell out - of - the - money put options [78][79][80]

Core Viewpoint - BYD has launched its third-generation electric bus technology platform, e-Bus 3.0, which aims to accelerate the electrification of road passenger transport and set a new benchmark for new energy bus technology globally [1][8]. Group 1: Technological Advancements - The e-Bus 3.0 platform features the world's first mass-produced 1000V high-voltage architecture for buses, enhancing systems such as driving, charging, and air conditioning [5]. - The platform includes the development of the highest 1500V silicon carbide power chip globally and introduces a 1000V electric drive bridge for buses [5]. - The overall energy consumption of the vehicle can be reduced by up to 18%, and low-temperature endurance can be improved by 50-80 km at -15°C [5]. Group 2: Safety and Intelligence - The platform incorporates a revolutionary battery-chassis integration technology (CTC), enhancing safety with a battery pack that can withstand significant pressure and impacts [7]. - A new generation of electronic architecture integrates intelligence and electrification, improving vehicle control and stability through various advanced systems [7]. - The C11 model, built on the e-Bus 3.0 platform, offers a range of over 400 km under full load with air conditioning, outperforming traditional fuel buses in safety, efficiency, and comfort [7]. Group 3: Market Position and Future Plans - BYD has been the leading exporter of new energy buses for two consecutive years, with a presence in over 70 countries and more than 400 cities worldwide [8]. - The company plans to continue developing a diverse range of electric bus products based on the e-Bus 3.0 platform, collaborating with partners to promote global bus electrification [8].

每经记者｜刘明涛 每经编辑｜肖芮冬 9月16日，科创50盘中创出阶段新高。截至上午收盘，上证指数跌0.1%报3856.45点，深证成指跌0.26%，创业板指跌0.32%，北证50涨0.06%，科创50涨 1.52%，中证A500跌0.3%。A股半日成交额1.5万亿元。 | 科创50 | | 000688 | के | | --- | --- | --- | --- | | 360 | | +20.38 +1.52% | | | SSE 11:30:03 交易中 | | | 1 8 + | | 全新 | | | 614.77亿 | | FV.4 FF | | | 7.86亿 | | | | 1347.20 ( | 0.51%) | | 量高 | | 1370.29 ( | 2.23%) | | 量低 | | 1347.20 ( 0.51%) | | | 三次四四 | 175 | 二次使用 | 6.20 | | 5日 | 9.25% | 20日 | 22.34% | | 60日 | 39.04% | 今年 | 37.60% | | 52周高 | 1366.92 | 52周低 | 640.35 | 板块方面，抖音概 ...

格隆汇9月16日｜"比亚迪e-Bus平台3.0发布暨全新客车上市"发布会9月15日在杭州举行，正式揭幕第三 代电动客车技术平台，推出电动客车首个千伏平台，推动实现"电比油强"，并同步推出基于该平台打造 的全新电动客车C11，加速道路客运电动化。比亚迪自2008年启动新能源商用车的研发，17年来，累计 投入超140亿，目前研发人员已超7000人。 ...

Core Viewpoint - The launch of BYD's e-Bus platform 3.0 marks a significant advancement in electric bus technology, introducing the first kilovolt platform for electric buses, which aims to enhance the competitiveness of electric vehicles over traditional fuel options [1] Group 1 - The event took place on September 15 in Hangzhou, showcasing the new electric bus technology platform [1] - The new platform is designed to accelerate the electrification of road passenger transport [1] - The newly launched electric bus model C11 is based on this advanced platform [1]