★ 宏观动态 ★ 1—10月中国全行业对外直接投资以美元计为1443.4亿美元，增长6.2% 据商务部、外汇局统计，2025年1—10月，我国全行业对外直接投资10332.3亿元人民币，同比增长7%（以美 元计为1443.4亿美元，增长6.2%）。其中，我国境内投资者共对全球152个国家和地区的9553家境外企业进行 了非金融类直接投资，累计投资8726亿元人民币，增长6%（以美元计为1219亿美元，增长5.2%）。 全国农村中小银行总资产超57万亿元 中国银行业协会日前发布的报告显示，截至2024年末，全国农村中小银行总资产和总负债分别达57.91万亿 元、53.69万亿元，同比增速6.06%、6.02%，规模扩张更趋稳健。 截至10月末深圳个人养老金开户近600万户 深圳金融监管局11月25日组织召开2025年"凝聚改革共识 提振发展信心"第四场新闻发布会，该局相关负责人 透露，截至10月末，深圳个人养老金开户599.3万户，累计缴存资金77.2亿元，位居全国前列；四家商业养老金 试点公司在深均有业务，前三个季度累计开立商业养老金12.75万户，销售规模208.85亿元。 欧盟对俄实施第19轮制裁，美财长 ...

点击按钮▲立即预约 白宫正在逐步改变关税工具策略 11月23日消息，美国最高法院近期考虑是否需裁定特朗普的"对等关税"政策无效，据估算，不利的法院裁决可能迫使政府退还已征收的超过880 亿美元的关税。与此同时，特朗普政府正在秘密准备一套备用方案，一旦"对等关税"被推翻，商务部和贸易代表办公室将转而依据《贸易法》中 的第301条和第122条。 上述两条法律同样赋予总统单方面加征关税的权力。不过，这些备用方案要么实施起来更慢，要么征收范围不如特朗普现在用的权力那么广，而 且也可能面临类似诉讼。具体来看，1974年出台的《贸易法》第301条授权贸易代表可对他国的"不合理或不公正贸易做法"发起调查，并建议总 统实施单边制裁。（界面新闻） ｜点评｜ 特朗普政府推行的"对等关税"政策，其合法性再度受到美国司法部门的质疑。然而，特朗普政府已准备好了应对之策，即便在最高法 院败诉，仍可转而援引其他法律依据，以延续现有的关税措施。在特朗普第一任期内，就曾广泛运用"301条款"加征关税，也算是轻车熟路。 来自国内外各方面的压力已经让特朗普政府着手调整关税政策，包括豁免部分农产品进口关税等措施。在本次"对等关税"威胁下，全球大多数 ...

Core Viewpoint - Changan Automobile is set to launch a series of intelligent robotic products, with the first in-vehicle component robot expected to be unveiled in Q1 2026, following the recent trend of traditional automakers entering the robotics space [1][2]. Group 1: Robotics Development - Changan Automobile plans to gradually release prototypes of humanoid robots starting in 2026, focusing on humanoid robot technology and its applications in smart mobility and automotive robotics [2]. - The first humanoid robot will stand 169 cm tall, weigh 69 kg, and have a speed of 0.8 m/s, featuring 40 degrees of freedom and a battery life exceeding 2 hours [2]. - The company aims to accelerate the development of AI technologies over the next five years, with plans to mass-produce humanoid robots by 2028 and launch flying cars by 2030 [2]. Group 2: Sales and Financial Performance - In the first ten months of 2025, Changan Automobile's total sales reached 2.374 million units, marking a year-on-year increase of 10.12%, with 2.0168 million units sold under its own brand, accounting for 84.95% of total sales [4]. - The company's new energy vehicle sales reached 868,700 units during the same period, reflecting a significant year-on-year growth of 60.58% [4]. - For the first three quarters of 2025, Changan Automobile reported revenue of 114.927 billion yuan, a 3.58% increase year-on-year, while net profit attributable to shareholders decreased by 14.66% to 3.055 billion yuan [5]. Group 3: R&D Investment - Changan Automobile has been increasing its R&D investment, with expenditures rising from 3.515 billion yuan in 2021 to an expected 6.505 billion yuan in 2024, indicating a consistent upward trend [3]. - In the first three quarters of 2025, R&D expenses reached 5.039 billion yuan, representing a year-on-year increase of 13.07% [3]. Group 4: International Expansion - Changan Automobile's overseas sales for the first ten months of 2025 totaled 522,600 units, reflecting a year-on-year growth of 25% [5]. - The company is actively pursuing international markets, having entered over 100 countries and established more than 14,000 global sales outlets [4].

到2027年，围绕应急管理、物流配送、空中摆渡、城际通勤、生态安全、特色文旅等领域，形成10个以 上可复制可推广典型应用场景。 上海： 《上海市低空经济产业高质量发展行动方案（2024-2027年）》：到2027年，核心产业规模达到500亿元 以上；支持10家以上电动垂直起降航空器、工业级无人机和新能源通航飞机研发制造领军企业落地发 展，培育20家左右低空运营服务领军企业、3-5家行业领先的适航取证技术服务机构，集聚100家以上关 键配套企业。 广州： ● 本报记者 王婧涵 自低空经济被列入国家战略性新兴产业以来，全国多地已发布专项政策，推动产业集群加速形成，吸引 上下游企业纷纷落户，呈现出多地竞逐"天空之城"的景象。 北京： 《北京市促进低空经济产业高质量发展行动方案（2024-2027年）》：到2027年，低空经济相关企业数 量突破5000家，产业集聚集群发展取得明显成效，在技术创新、标准政策、低空安全、应用需求等领域 形成全国引领示范，产业规模达到1000亿元。 重庆： 《重庆市推动低空空域管理改革促进低空经济高质量发展行动方案（2024—2027年）》：到2027年，以 北斗应用为支撑的城市空中交通空 ...

第二十届中国经济论坛"医院高质量发展与科技创新"平行 论坛现场，与会嘉宾拍照记录。 张 赫摄 第二十届中国经济论坛"全球经贸新格局：出海的机遇与 挑战"平行论坛现场。 《中国经济周刊》供图 让优良生态成为幸福生活的"绿色增长点" 广东省肇庆市怀集县委书记 于晓军 近年来，广东省怀集县大力传承弘扬"岳山造林"光荣传统，努力探索生态美、产业兴、百姓富的可持续 发展之路。 20世纪70年代，怀集县干部群众在艰苦卓绝的条件下将贫瘠荒山变成万亩林海，铸就了"忠诚奉献、艰 苦创业、团结奋斗、久久为功"的"岳山造林"光荣传统。时光流转，精神永存，怀集县传承光荣传统， 在怀集大地铺展开一幅生态宜居的美丽画卷：全县森林资源面积达393万亩，森林覆盖率达73.88%，森 林蓄积量达1599.2万立方米，年度空气质量优良天数比率稳定在98%以上。 绿水青山就是金山银山。我们坚持发展生态产业，拓宽富民路径，让优良生态成为群众幸福生活的"绿 色增长点"。依托粤港澳大湾区肇庆（怀集）绿色农副产品集散基地这一重要平台，盘活7个国家地理标 志产品，擦亮"岭南蔬菜之乡"品牌，全力打造粤港澳大湾区"菜篮子""果盘子""米袋子""茶罐子"。 怀集 ...

2 D. W " F 15 F 45R PHA RAND l 11 6 5 IS 作者 | 王小娟 编辑 | 柴旭晨 曾经一度被认为是在"ICU"的小鹏，在过去的一年完成了华丽转身，被外界认为是直接从"ICU"迈进了"KTV"。 尽管在小鹏汽车董事长、CEO何小鹏看来，还远没有到"KTV"。不过，"好起来了"是行业内外对小鹏如今状态的共识。 11月21日，小鹏正式迎来第100万台整车——小鹏X9超级增程版下线。从第1台到第50万台，小鹏用了82个月；而从50万到100万，仅用了14个月。小鹏也顺 势跻身百万俱乐部。 前一天，小鹏X9超级增程版正式上市，定价30.98万元起，比此前35万—37万元的预售价大幅下调。这也意味着，小鹏为进入"一车双能"路线，给出了极具 竞争力的价格。 同时，这款车在续航和智能化方面，也在当前的市场中具有一定的竞争力。 据了解，这款车CLTC综合续航1602公里，纯电续航452公里。 在智能化方面，Max版搭载一颗图灵芯片，有效算力750TOPS；Ultra版则搭载三颗图灵芯片，有效算力达2250TOPS。新车将搭载物理世界大模型第二代 VLA，根据规划，2026年第一季度，小鹏将先 ...

Market Performance - The US stock market experienced significant volatility, with the Nasdaq index initially rising by 2.58% before closing down 2.15%, indicating a dramatic reversal within the trading day [1][3] - The S&P 500 opened up 1.92% but ended the day down 1.56%, while the Dow Jones also shifted from a 1.63% gain to a 0.84% loss [3][10] - Technology stocks were heavily impacted, with solid-state drive stocks dropping over 7%, and semiconductor stocks declining by 3.39%, including notable drops from Micron Technology (down 10.88%) and Western Digital (down 8.92%) [3][10] Chinese Concept Stocks - Chinese concept stocks faced a sharp decline, with the index initially rising by 1.68% but ultimately falling by 2.87%. Key stocks like NIO and Xpeng Motors dropped by 6.09% and 5.10%, respectively [7][10] European Market Contrast - In contrast to the US market, European stock markets closed higher, with the UK FTSE rising by 0.21%, Germany's DAX increasing by 0.50%, and France's CAC up by 0.34% [7][10] A-Share Market Dynamics - The A-share market has shown signs of stabilization after four consecutive days of decline, with a potential for a more independent market trend compared to the US [9][11] - The A-share market's current dynamic price-to-earnings ratio is approximately 11 times, significantly lower than the US market's 18 times, providing a valuation advantage [11][13] Investment Strategy - Investors are advised to monitor the flow of northbound capital, as significant outflows could exacerbate market volatility, while limited outflows or inflows could stabilize market sentiment [15][17] - The market is expected to show clear differentiation in sector performance, with the new energy sector, particularly lithium battery stocks, being active due to rising lithium carbonate prices [15][17]

柏林国际电子消费品展览会（IFA），正在将其战略重心进一步指向中国。近日，IFA在北京明确表态，将深化与中国科技企业的合作，旨在将2026年的展 会打造为中国创新力量面向全球的超级舞台。 IFA首席执行官Leif Lindner IFA首席执行官Leif Lindner 此举背后，是中国市场持续的增长韧性和活跃的创新氛围。尽管全球经济存在不确定性，但中国在消费刺激政策支持下展现出的强大潜力，使其成为IFA眼 中不可或缺的核心引擎。 为什么是现在？IFA看重中国什么？ 数据显示，中国消费科技市场依然强劲。IFA方面特别提到，在刚过去的IFA 2025展会上，到场的专业买家（B2B观众）中，中国面孔的数量同比猛增了 15%，这清晰地表明中国品牌出海和寻求国际合作的意愿空前高涨。 IFA首席执行官Leif Lindner的看法更为直接。他坦言："中国代表着科技的精准性、创新的活力与卓越的品质。" IFA要做的，就是为中国企业搭建一座通往 欧洲乃至全球市场的坚实桥梁。 对话未来：从飞行汽车到下一代机器人 此次北京的预热活动更像是一场"科技圈的非正式会谈"。IFA与来自小鹏汇天（飞行汽车）、星动纪元（机器人）、灵心巧手 ...

Core Viewpoint - Xiaopeng Motors reported Q3 2025 earnings that met expectations, with significant revenue growth driven by new model deliveries [1] 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% [1] - Automotive sales revenue was 18.05 billion yuan, up 105.3% year-on-year and 6.9% quarter-on-quarter [1] - Service and other income amounted to 2.33 billion yuan, a year-on-year increase of 78.1% [1] - Q3 2025 net loss narrowed to 380 million yuan from 480 million yuan in Q2 2025, with a non-GAAP net loss of 150 million yuan [1] - Gross margin improved, with a comprehensive gross margin of 20.1%, up 4.9 percentage points year-on-year and 2.8 percentage points quarter-on-quarter [1] - Automotive gross margin was 13.1%, slightly down due to product upgrades [1] Cost Management - R&D expense ratio for Q3 was 11.9%, showing a decrease of 4.2 and 0.2 percentage points year-on-year and quarter-on-quarter, respectively [1] - Selling, administrative, and general expense ratio was 12.2%, with a year-on-year decrease of 3.9 percentage points and a quarter-on-quarter increase of 0.4 percentage points [1] Sales Volume - Q2 2025 wholesale sales reached 116,000 units, representing a year-on-year increase of 149.3% and a quarter-on-quarter increase of 12.4% [1] - The average selling price (ASP) per vehicle was 156,000 yuan [1] AI Business Development - Xiaopeng is advancing its AI business with clear implementation plans across various dimensions, including intelligent driving, Robotaxi, robotics, and flying cars [2] - The second-generation VLA model aims to enhance reasoning efficiency and response speed [2] - A partnership with Gaode for Robotaxi services is established, with plans to launch three models in 2026 [2] - The new generation IRON robot will focus on guide and shopping scenarios, with deployment expected in 2026 [2] - Plans for flying cars include test flights in 2026 and global deliveries in the second half of 2026 [2] Earnings Forecast and Investment Rating - Revenue forecasts for 2025-2027 are adjusted to 78.5 billion, 140.2 billion, and 201 billion yuan, reflecting year-on-year growth of 92%, 79%, and 43% respectively [3] - Net profit forecasts for the same period are revised to -1.4 billion, 5.4 billion, and 9.5 billion yuan [3] - EPS for 2025, 2026, and 2027 are projected at -0.71, 2.81, and 4.99 yuan, with corresponding PE ratios of 26 and 15 for 2026 and 2027 [3] - The company maintains a "buy" rating due to strengthening AI competitiveness [3]

Group 1: Low-altitude Economy in Guangdong - Guangdong's low-altitude economy is experiencing significant breakthroughs, with companies like XPeng and EHang achieving milestones in product launches and commercial operations [3][4] - The goal is to surpass a market scale of 300 billion yuan by 2026, supported by favorable policies and technological advancements [3] Group 2: Brand Integration for Overseas Markets - Chinese companies are shifting from merely selling products to building brand recognition through cultural integration in target markets [5] - Strategies for successful brand integration include local storytelling, leveraging local influencers, and aligning with cultural values [5] Group 3: Energy Storage Market Dynamics - Chinese energy storage companies saw overseas orders reach 186 GWh in the first half of 2025, a year-on-year increase of over 220% [6] - Major markets include the Middle East, Europe, and Australia, while challenges such as trade barriers and certification standards persist [6] Group 4: Smart Agriculture and Technology - Recent international agricultural exhibitions highlighted the role of smart machinery in enhancing agricultural productivity [7][8] - Chinese agricultural technology is gaining traction globally, with significant participation from international buyers [7] Group 5: Automotive Export Trends - From 2021 to 2024, China's automotive exports are projected to grow from 2.01 million to 5.86 million units, with a 21% year-on-year increase in the first three quarters of 2025 [9] - Chinese automakers are focusing on local production and brand acquisitions to expand their global market share [9] Group 6: Gaming Market Expansion - The global gaming market is expected to grow significantly, with mobile gaming projected to reach $342.2 billion by 2033 [10] - Russia is emerging as a key market for Chinese mobile games, with a notable presence in the top revenue-generating titles [10] Group 7: Robotics Market in South Korea - Chinese service robots, particularly in the cleaning sector, are gaining market share in South Korea, with companies like Roborock leading [11] - The collaboration between China and South Korea in AI and digital economy sectors presents significant growth opportunities [11] Group 8: Southeast Asia Consumer Trends - Southeast Asia's young population and economic growth are driving demand for Chinese products, particularly through e-commerce [12] - The region presents opportunities for Chinese companies to establish local manufacturing to mitigate risks [12] Group 9: Sports Industry Growth - The Asian sports industry is experiencing rapid growth, with a focus on high-quality development and digital innovation [13] - The 2025 Asian Sports Industry Summit aims to explore opportunities for collaboration and growth in the sector [13] Group 10: ByteDance's Global Strategy - ByteDance is shifting its strategy for overseas AI applications from technology showcase to user acquisition, particularly in Southeast Asia and the Middle East [14][15] - The company is leveraging its existing ecosystem while navigating regulatory challenges in Western markets [15] Group 11: Didi's Electric Vehicle Initiative - Didi has launched a fleet of 500 electric vehicles in Mexico, aiming to promote sustainable transportation in Latin America [16] - The company plans to expand its electric vehicle fleet significantly by 2030, contributing to reduced carbon emissions [16] Group 12: Meituan's Financial Performance - Meituan reported a revenue of 86.6 billion yuan in Q1, with a year-on-year growth of 18%, highlighting its robust overseas performance [17] - The company is focusing on sustainable growth through technological innovation and expansion into new markets [17] Group 13: Cainiao's Logistics Innovations - Cainiao is partnering with retail giants in Southeast Asia to enhance logistics efficiency through AI and automated systems [18][19] - The company aims to leverage its technology to improve supply chain operations and expand its market presence [19] Group 14: Li Auto's Market Strategy - Li Auto has opened its first retail center in Central Asia, focusing on a dealer authorization model to mitigate risks [20] - The company is prioritizing Central Asia for its expansion strategy while delaying plans for the European market [20] Group 15: TCL's Global Strategy - TCL reported a revenue of 14.346 billion yuan in the first three quarters of 2023, with a focus on high-quality growth and brand value [21] - The company is enhancing its global presence through sports marketing and increased R&D investment [21] Group 16: New Stone's Expansion in Autonomous Vehicles - New Stone has secured over $600 million in funding to accelerate its expansion in the autonomous vehicle market [22] - The company plans to deploy 5,000 autonomous vehicles in the UAE by next year, reflecting the industry's rapid growth [22] Group 17: Yushu Technology's IPO Progress - Yushu Technology is advancing its IPO process, with overseas business accounting for 50% of its revenue [23] - The company is focusing on expanding its market share in the robotics sector while enhancing its global strategy [23]