11月14日，BJ40增程元境智行上市24小时订单达到5217台！BJ40增程元境智行版于11月13日正式上市，官方指导价为20.48万元，限时焕新价只需19.48万元 （叠加国补和厂端置换后）。 BJ40增程自上市后至今交付量已经突破三万台。BJ40增程元境智行则凭借全场景实力、硬核技术、丰厚权益等优势，上市即热销。 同时，骁龙8155芯片加持的智能座舱，以及全新高德地图、360驾驶安全卫士等强辅助，更为BJ40增程元境智行带来丝滑交互与全场景适配体验。这种"安全 很行+智行更行"的双重保障，既解决了安全顾虑，又满足了新时代消费者对智能出行的高阶需求，这也成为BJ40增程元境智行脱颖而出的关键。 推出"烧一赔一"政策，北京越野硬核守护 面对消费者，北京越野始终充满诚意。BJ40增程元境智行带来了两大全系迎新礼，BJ40增程标准版、进阶版、元境智行三个版型均能享受。 全场景实力无短板，开启智行新时代 当前，消费者用车需求越发多元化，BJ40增程元境智行以"越野行，不越野也行"的全场景能力，覆盖消费者从户外出行到城市通勤的所有需求。 BJ40增程元境智行配备三把差速锁，阻止动力流失，并把动力强行分配给有附着力的 ...

Investment Rating - The investment rating for Qualcomm (QCOM.O) is "Hold" [2] Core Views - Qualcomm's financial performance shows a revenue increase of 10% year-over-year for Q3 2025, with net profit rising by 25% [4][12] - The company faces challenges in its core mobile chip business due to market saturation and competition, while automotive and IoT segments are experiencing strong growth [15][20] Financial Performance - Q3 2025 revenue reached $10.365 billion, up from $9.393 billion in the same quarter last year, with a net profit of $2.666 billion compared to $2.129 billion [4][12] - GAAP diluted EPS was $2.43, a 29% increase from $1.88, while Non-GAAP diluted EPS was $2.77, up 19% from $2.33 [4][12] Business Development - QCT (Qualcomm CDMA Technologies) revenue was $8.993 billion, accounting for 86.8% of total revenue, with an 11% increase from $8.069 billion [5][14] - Mobile chip revenue was $6.328 billion, a 7% increase, while automotive chip revenue reached $0.984 billion, growing by 21% [5][15] - IoT revenue was $1.681 billion, showing a 24% increase [5][16] - QTL (Qualcomm Technology Licensing) revenue was $1.318 billion, a 4% increase from $1.273 billion [5][17] Financial Forecast - The projected revenue for 2025 is approximately 428.58 billion RMB, reflecting a 10% growth [6] - The expected PE ratios for 2025-2027 are 14.44, 14.13, and 13.72 respectively [6][8] Market Environment - The smartphone market is showing signs of saturation, with a slight increase in global shipments, but high-end models are performing better than mid-range [18] - The automotive chip market is expanding rapidly, with significant growth expected in the coming years [19] Competitive Strategy - Qualcomm is diversifying its revenue streams by focusing on automotive and IoT markets to reduce reliance on mobile chip sales [20]

Core Insights - Qualcomm emphasizes the importance of "technology inclusiveness" and "ecosystem win-win" in its automotive strategy, focusing on three strategic pillars: full-stack layout for automotive business, balancing innovation with safety, and deepening collaboration in the Chinese market [1][2][5] Full-Stack Layout - Qualcomm has been in the automotive industry for over 20 years, evolving from early solutions to the Snapdragon Digital Chassis, which includes platforms for smart cockpit, advanced driver assistance systems (ADAS), and vehicle connectivity [2][3] - The company aims to adapt its focus dynamically based on industry needs, with smart cockpit and driving assistance becoming new growth engines [3][4] Technology and Safety Balance - AI is reshaping automotive interaction and decision-making, with Qualcomm focusing on terminal-side large models and multi-modal model integration to enhance user experience [5][6] - Safety is a core prerequisite for smart driving technologies, with Qualcomm maintaining a defect rate (DPPM) of just a few parts per million to ensure reliability [5][6] Chinese Market Focus - The Chinese automotive market is seen as a core engine for Qualcomm's global strategy, with a high acceptance of new technologies and rapid regulatory responses [6][7] - Qualcomm has established deep integration with Chinese automotive companies, enabling faster application deployment and innovation [7][9] Competitive Advantage - Qualcomm's competitive edge lies in its commitment to forward-looking technology investments and deep ecosystem collaboration, with 20% of its revenue allocated to R&D [8][9] - The company maintains a flexible cooperation model to meet the diverse needs of both new entrants and traditional automakers in the rapidly evolving market [9]