科技与人文交织激荡，让这种"酷"有了更深层次的韵味和内涵。当川剧变脸艺术借由无人机闪耀在重庆的夜空，当故宫"数字多宝阁"利用高精度三维数据 展示文物的细节和全貌，古老的文化与现代的技术相遇，让"中国式浪漫"有了不可比拟的穿透力与感染力。 目前我国240小时过境免签政策适用国家已扩展至55国、适用入境口岸增加至65个。政策实施一年多以来，全国各口岸入境外国人4060万人次，同比增长 27.2%。"来之前中国是个谜，来之后成了中国迷"，持续火热的"中国游""中国购"，让"酷中国"在全球范围内收获越来越多情感共鸣与价值认同。进而言 之，"酷"不止于外在，也代表着一种"向心力"——中国的创新和发展，愈加强烈地吸引世界各国人民看向中国、阅读中国、理解中国、走近中国。 "这是一个充满活力和创新精神的社会。"有外媒记者在中国旅行一个月后如此感叹。一个越来越酷的中国，成为中国理念、中国方案广受欢迎的缩影， 成为中国式现代化道路越走越宽广的注脚。 "酷"不是终点，而是新的起跑线。面向未来，矢志不渝推进高水平科技自立自强，让更多"中国制造"变身"中国创造"、更多"中国产品"铸就"中国品牌"， 推出更多全球共享的科技产品、国际公共 ...

2026年1月6日，蔚来公司第100万台量产车下线，达成新的里程碑。早些时候，蔚来公布了2025年12月及全年销量，两项数据均创历史新高。 然而，就在这个公司重回高速增长，百万台里程碑时刻即将到来之时，1月1日，蔚来创始人、董事长、CEO李斌却发布了一封充满危机感的内部全员信。 他在这封题为《日拱一卒，久久为功》的信中表示："我们没有片刻放松的资格。2026年，我们要继续结硬寨，打呆仗，为当下和更长周期的发展夯实底 盘，积蓄力量。" 经过年初的调整，和下半年的爬坡，蔚来公司在年底交出了一份创纪录的答卷。2025年12月，蔚来公司交付新车48,135台，位列新势力第三，同比增长 54.6%；2025年第四季度，蔚来公司交付新车124,807台，同比增长71.7%；2025年全年，蔚来公司共交付新车326,028台，同比增长46.9%，三个数字均创 历史新高。 1月6日，蔚来公司第100万台量产车下线，蔚来跻身"百万台俱乐部"。 这些成绩意味着，蔚来彻底走出了2025年初的低谷，进入高速增长的第三阶段，同时挺进了"决赛圈"。"第三个增长周期，我们希望实现每年增长40- 50%，保持相对高速的稳定增长。"李斌在1月 ...

2025 年，在自动驾驶依旧在持续演进的大框架下，中国智能驾驶行业迎来了一个前所未有的算力变 局。 这一变局产生的关键背景是，从软件算法的角度，在整个行业完成面向「端到端」的技术范式演变之 后，各个重要玩家在 2025 年又陷入到一个明显的软件算法路线纷争中。但是，到目前为止，至少在中 国市场，无论是 VLA，还是世界模型，都还无法彻底证明其在最终用户体验层面的碾压性优势。 但更重要的变局支点，在于高阶智驾商业落地层面的分化。 比如，以城市 NOA 为核心产品的高阶智驾，在不同的价格带中呈现出 K 字型的分化，智驾平权和高端 向上这两条截然不同的车型价值线，都在市场竞争的裹挟下混杂其中。这带来了整个行业在高阶智驾的 车端算力落地维度上，不可避免地走向碎片化。 值得一提的是，基于智能驾驶技术的持续演变，也有玩家已经从 L2 出发面向归属于 L4 体系的 Robotaxi 布局——在这种情况下，云端算力加持的作用越来越明显。 当然，在上述一系列看似混沌的变化背后，也存在着一个相对清晰的底层逻辑：算力越来越成为智能驾 驶发展的核心要素。 实际上，如果从技术演变、商业落地和产业分化的多个维度综合观察，我们可以从混沌的 ...

Core Viewpoint - NIO has announced a change in the technical solution for the rear entertainment expansion feature of the new ES8 due to a shortage of supply for the required chips, effective from December 22, 2025, to ensure vehicle delivery [1] Group 1: Changes in Features - The new ES8 will no longer support local video playback via USB drives, although lossless music playback and wireless screen mirroring will remain unaffected [1] - The ability to output the vehicle's screen to an external display via the USB-C port in the armrest will also be discontinued, but data input and wired screen mirroring will still be supported, with a maximum resolution of 1080P [1] Group 2: Compensation Measures - NIO will provide a one-time compensation of 15,000 points to users who lock in the new ES8 with the new technical solution before December 31, 2025, credited to the primary user's account within three days of vehicle delivery [1] - Users can opt for the original technical solution after chip supply improves by paying 12,000 points or 1,200 yuan for retrofitting [1] Group 3: Chip Development and Strategy - NIO's founder, Li Bin, announced the successful application of the self-developed 5nm automotive-grade intelligent driving chip, Shenji NX9031, in multiple models, marking a significant milestone in NIO's chip strategy [7] - The Shenji NX9031 chip is noted for its high performance, equivalent to four NVIDIA Orin-X chips, and is designed to support long-term upgrades of intelligent driving algorithms and software [10] - NIO aims to ensure that its intelligent driving chips can operate safely under extreme conditions and provide high bandwidth and processing power for a decade [8] Group 4: Challenges and Achievements - NIO faced significant challenges during the chip development process, including the abrupt termination of a partnership, but managed to overcome these obstacles and advance the project ahead of schedule [9] - The successful first-time tape-out of the Shenji NX9031 chip is a notable achievement, as it is the first automotive-grade 5nm chip to be mass-produced and deployed in vehicles [10] - NIO's commitment to self-research and development in chip technology is seen as a long-term strategy to enhance competitiveness in the automotive industry [11]

证券研究报告 | 季报点评 gszqdatemark 2025 11 29 年 月 日 蔚来-SW（09866.HK） 预计 Q4 扭亏、2026 年全年目标盈利 Q3 毛利率超预期，Q4 收入指引相对保守、季度维持扭亏为盈目标。公司 25Q3 交付 了 87071 台车，同比增长 40.8%、环比增长 20.8%，其中蔚来/乐道/萤火虫品牌分别 交 付 36928/37656/12487 辆车。销量的高增长带动 Q3 收入同比 /环比增长 16.7%/14.7%至 218 亿元，其中汽车销售同比/环比增长 15%/19%至 192 亿元。公司 Q3 毛利率 13.9%，同比/环比提升 3.2pct/3.9pct。其中，汽车毛利率同比/环比分别提 升 1.6pct/4.4pct 至 14.7%，改善主要来自公司全面降本措施及规模经济。服务及其他 毛利率同比提升 16.5pct 至 7.8%，主要来自降本增效带来的零部件、配件销售及车辆 售后服务毛利率提升。由于有效的组织优化、新产品及新技术不同开发阶段带来的设计 及开发费用下降，公司 Q3 研发费用降低至 24 亿元；由于新产品推出相关的销售及营 销活动，公司 ...

Core Viewpoint - NIO has reported its best gross margin in three years, positive operating cash flow, and a significant increase in delivery volume, indicating a potential turning point for the company after years of losses [2][4]. Financial Performance - NIO delivered 87,071 vehicles in Q3, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8%, achieving record-high delivery and revenue of 21.79 billion yuan, up 16.7% year-on-year [7][10]. - The gross margin for Q3 reached 13.9%, with vehicle gross margin at 14.7%, both marking a three-year high [10][15]. - The company reported a net loss of 34.8 billion yuan in Q3 2025, a reduction of 31.2% year-on-year, indicating a narrowing of losses [14][15]. Operational Efficiency - NIO's "efficiency revolution" has begun to show results, with improvements in operational efficiency and cost management contributing to the positive financial indicators [6][12]. - The company achieved positive operating cash flow for the first time, with cash reserves increasing to 36.7 billion yuan, reflecting better inventory control and capital management [12][14]. Strategic Initiatives - NIO's multi-brand strategy has created a product matrix covering price ranges from 100,000 to 800,000 yuan, with significant contributions from its three brands: NIO, Ladao, and Firefly [10][22]. - The company is focusing on self-research and development to build long-term technological barriers, although this requires substantial ongoing investment [23][25]. Challenges Ahead - Despite recent improvements, NIO still faces significant challenges, including high fixed costs and ongoing losses, which could hinder its path to profitability [14][20]. - The reliance on vehicle structure and pricing for gross margin levels poses a risk if competitive pressures or material costs increase [12][20]. - NIO's ambitious growth targets for Q4, including a delivery forecast of 120,000 to 125,000 vehicles, will test its operational capacity and market conditions [30][34].

Group 1: Company Updates - Sinovac Biotech received a delisting notice from NASDAQ due to the failure to submit its 2024 annual report by the extended deadline of November 11, 2025. The company has appointed a new independent auditing firm to meet compliance requirements and is actively communicating with NASDAQ regarding the situation [4][5] - Faraday Future's founder, Jia Yueting, has established a second creditor trust to expedite the repayment of domestic debts, emphasizing his commitment to returning to China [6] - DJI clarified that its recent internal product experience event for the Avata 360 was not an investor meeting, countering media reports that misrepresented the event [8] - GAC Toyota confirmed that there are no plans to discontinue its main fuel vehicles by 2026, despite market rumors [8] - NIO has begun external supply of its self-developed high-level autonomous driving chip, indicating potential revenue opportunities in the automotive chip market [18] Group 2: Financial Performance - Kuaishou reported Q3 total revenue of 35.554 billion RMB, a year-on-year increase of 14.2%, with core business revenue growing by 19.2%. Adjusted net profit reached 4.986 billion RMB, up 26.3% year-on-year [9] - Nvidia's Q3 revenue growth exceeded 60%, driven by strong demand for AI infrastructure, with expectations for continued growth in the upcoming quarter [9] Group 3: Market Trends - As of October 2025, China's electric vehicle charging infrastructure reached 18.645 million units, a 54% year-on-year increase, indicating robust growth in the EV market [24] - From November 1 to 16, 2025, retail sales of new energy vehicles in China reached 554,000 units, a 2% year-on-year increase, reflecting ongoing growth in the sector [24]

Core Insights - NIO officially launched the new ES8, a flagship SUV, with a starting price of 406,800 yuan, which can drop to 298,800 yuan with the BaaS battery leasing plan, marking a price reduction of nearly 100,000 yuan compared to the second-generation model [2] - The price adjustment reflects a decade of technological accumulation, with improvements in self-developed chips, mass production, and technological iteration leading to better gross profit performance [2] - The new ES8 integrates advanced intelligent driving technologies, including the Cedar AQUILA system and the NWM intelligent driving system, enhancing safety and user experience [3] Pricing Strategy - The new ES8's pricing strategy aims to position the NIO brand more competitively in the market, moving away from the high costs associated with the second-generation model due to high battery prices and initial technology applications [2] - The self-developed NX9031 chip has reduced costs by 10,000 yuan while improving performance, showcasing a "technology cost reduction" model that allows for competitive pricing without sacrificing profit margins [2] Technological Advancements - The Cedar AQUILA system features 31 high-performance sensing hardware components, providing comprehensive all-weather perception capabilities with a maximum range exceeding 400,000 square meters [3] - The new ES8 is equipped with the NWM intelligent driving system, which is the first of its kind to be mass-produced using world model technology, enabling safer and easier driving experiences across various scenarios [3] Market Positioning - The evolution of the ES8 over three generations symbolizes the maturation of Chinese high-end manufacturing, transitioning from catching up to competing on equal footing [4] - NIO is building a clear product hierarchy with the new ES8 and the L90 model, covering a price range from 180,000 to 450,000 yuan, which is crucial for competing in the second half of the smart electric vehicle market [4] - The company emphasizes that the new ES8 is a significant asset in the competitive landscape, where scale effects and technological advantages will be key factors [4]

Core Viewpoint - The delay of Nvidia's Thor chip has made the external chip supply chain uncertain and expensive, highlighting the importance of self-developed chips to reduce costs and enhance the technological narrative of companies [1][35]. Group 1: Industry Overview - The arms race for computing power in smart driving began in 2021 with the launch of Nvidia's Orin-X chip, which boasts 254 TOPS, outperforming Mobileye's Q5H and Tesla's HW3.0 [2]. - The narrative logic among car manufacturers emphasizes the importance of self-developed chips as a crucial aspect of their strategy [3]. Group 2: NIO's Chip Development - NIO was the first to propose self-developed chips, with founder Li Bin initiating the "chip-making" project in 2020 despite skepticism [6][7]. - NIO's chip team, led by architect Zhang Danyu, has grown to around 400 members, with significant investment in R&D, totaling approximately 41.9 billion RMB from 2021 to 2024 [10][11]. - NIO aims to control the R&D process and reduce supply chain risks by fully self-developing core technologies [11][12]. Group 3: XPeng's Chip Strategy - XPeng has been aggressive in its chip development, launching the self-developed Turing AI chip for its P7 model, but faced challenges with internal collaboration between the chip and algorithm teams [19][20]. - The company initially outsourced chip design but shifted to full self-development due to delays from partners [20][24]. - XPeng's second-generation chip is under development, targeting a 5nm process, with ambitions to integrate advanced AI models into its vehicles [27][28]. Group 4: Li Auto's Approach - Li Auto started its chip development later than its competitors but faces fewer internal obstacles due to a unified leadership vision [29][30]. - The company has begun developing its second-generation chip, focusing on integrating its operating system and chip development under a single department [31][34]. - Li Auto aims to leverage its organizational structure to enhance collaboration between its algorithm and chip teams, which could lead to improved efficiency [35].

Core Viewpoint - NIO has shown improved operational metrics and increased confidence in achieving profitability, with a focus on significant enhancements in operational quality and a target for substantial growth in vehicle deliveries by Q4 2025 [1][2][3]. Financial Performance - In Q2 2025, NIO reported revenue of 19.009 billion yuan, a year-on-year increase of 9%, and a net loss of 4.995 billion yuan, narrowing by 1% compared to the previous year [1][5]. - The gross margin for Q2 2025 reached 10%, up from 9.7% in the same period last year, while the automotive sales revenue was 16.136 billion yuan, reflecting a 2.9% year-on-year growth [2][6]. - Cash reserves increased to 27.2 billion yuan, with positive operating cash flow, exceeding market expectations [8]. Operational Improvements - NIO's operational loss decreased by over 30% quarter-on-quarter, indicating a significant improvement in operational quality [2][6]. - The company aims for a gross margin of 20% in the long term, with specific targets for different brands: 20% for NIO, over 15% for the Lado brand, and around 10% for the Firefly brand [6]. Vehicle Deliveries and Production Capacity - NIO delivered 72,000 vehicles in Q2 2025, a 25.59% increase from 57,400 vehicles in the same period last year [10]. - The company aims to achieve a monthly delivery target of 50,000 vehicles by Q4 2025, supported by strong demand and production capacity enhancements [4][10]. Future Guidance - NIO has provided optimistic guidance for Q3 2025, expecting deliveries between 87,000 and 91,000 vehicles, representing a year-on-year growth of 40.7% to 47.1%, and revenue guidance of 21.81 billion to 22.88 billion yuan, a year-on-year increase of 16.8% to 22.5% [11]. - Cumulative vehicle deliveries reached 838,000 by the end of August 2025, with a year-on-year growth of 30% [14][15].