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cph0516
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8213 Posts

Posted - 09/10/2026 :  11:53:36  ·|­û¸ê®Æ Send cph0516 a Private Message  ¤Þ¨¥¦^ÂÐ
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guy123
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4438 Posts

Posted - 09/10/2026 :  12:18:20  ·|­û¸ê®Æ Send guy123 a Private Message  ¤Þ¨¥¦^ÂÐ
quote:
Originally posted by cph0516

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Henschel
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3998 Posts

Posted - 09/10/2026 :  12:37:34  ·|­û¸ê®Æ Send Henschel a Private Message  ¤Þ¨¥¦^ÂÐ
¨º¤f国ªº¬P¦t¨®¿OªÑ¥÷¦³­­¤½¥q¬O?
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guy123
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4438 Posts

Posted - 09/10/2026 :  14:39:42  ·|­û¸ê®Æ Send guy123 a Private Message  ¤Þ¨¥¦^ÂÐ
quote:
Originally posted by Henschel

¨º¤f国ªº¬P¦t¨®¿OªÑ¥÷¦³­­¤½¥q¬O?


问§A³¥¯R¥h¡K¡K

¦b§A¬ü¯R©M­^¯R¨ºÆÓ²z¥Ñ开¤H¤£¬O«Ü¥¿±`¡H这¨Æ¦b¦Ñ¤¤这¤~ºâ·s闻¡K¡K§A¬ü¯R连¥¥妇³£¯à·Ó±`开°£¡A²@ÆÓ¤H©Ê¡C§A这龟¤½¦b这装¤°¤\¡K¡K

¥Ò°©¤åµô员3ÉE¤H¡A亚马逊µô员1ÉE6§A¥Ó­Þ¤F吗¡H¤j众­ã备¥þ²yµô10ÉE¤H¡A§A¦³发声吗¡H

双标ª±ªº·È¡A¥u会乱§p¡C·L软¤¤国µô员赔偿N+7,结ªG选择¯d¤U来ªº¤¤国员¤u¡A调¥h¬ü国¤u§@¤L个¤ë´N³Qµô¤F¡A«ö¬ü国当¦aªk«ß¥u赔¤T个¤ë¡K¡K

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https://weibo.com/1686546714/5339357315072111
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cph0516
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8213 Posts

Posted - 09/10/2026 :  16:55:43  ·|­û¸ê®Æ Send cph0516 a Private Message  ¤Þ¨¥¦^ÂÐ
¤ä°ê¥ø·~´X¤d¸U¤H¥¢·~
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guy123
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4438 Posts

Posted - 09/10/2026 :  17:12:36  ·|­û¸ê®Æ Send guy123 a Private Message  ¤Þ¨¥¦^ÂÐ
quote:
Originally posted by cph0516

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µì¼L¤@张¡A¤L¤dÉE´N来¤F¡C98¦~¦]为欧¬ü¤é产«~ú}击¡A¤T¤dÉE¤H¤j¤U岗¡AªÀ会动荡¤£¤î¡Aªv¦wª½线¤U·Æ¡A东¥_¤T¤Q¦~³£没§¹¥þ缓过来¡C¦ý¬O现¦b¬F³q¤H©M¡AªÀ会¸ô¤£¬B遗¡C¦D¨Æ®×¥ó¤jú£¡A谋杀²v¬O§A¬ü¯Rªº1/10¡C¥Î§Aµì逻辑¡A§A¬ü¯R¤]¤T¤dÉE¤j¤U岗¤F¡H

§A­Ë¦n¡A张¼L´N¦A来¤@¦¸¡C¤j¤U岗­Ë¬O¦³¡A¤£过¦b欧¬ü¤é¡A¤£´À§A这¨Ç³¥¯R­ú丧¹À¡H

§A岛ªºªä¤ù¦æ业¤]­n¤j¤U岗¤F¡A¦]为¦Ñ¬ü¬J²´红这块§Q润¡A¤Sü®¤ß¥x®üú}¬ðªä¤ù会断¨Ñ¡A©Ò¥H­nüL迁¥x积电¡A¤Ï¥¿¤]¬O从¬ü国迁¥Xªº产业¡AþR养ªÎ¤F´N­n杀¡C¦Ñ¤¤¤]­n¦Y这块¥÷额¡A¬J­n«O¤£断¨Ñ¡A¤S­n让产业©¹°ªºÝ¨«¡C

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Henschel
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3998 Posts

Posted - 09/10/2026 :  17:29:29  ·|­û¸ê®Æ Send Henschel a Private Message  ¤Þ¨¥¦^ÂÐ
¹ï¹ï¹ï¡A¤f国¦­»¡¤F¥~¸ê¬O´c·N½ßÀv¡AÀ³¸Ó¦n¹³¥Á±Ú¥ø·~µØ¬°¤@¼Ë¡A¸Ñ¹µ­û¤u«á¦A±±§i¥L°Ç¯Á¤½¥q¤~¹ï
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Henschel
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3998 Posts

Posted - 09/10/2026 :  17:38:44  ·|­û¸ê®Æ Send Henschel a Private Message  ¤Þ¨¥¦^ÂÐ
quote:
Originally posted by cph0516

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WingStar
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Taiwan
3161 Posts

Posted - 09/10/2026 :  21:43:54  ·|­û¸ê®Æ Send WingStar a Private Message  ¤Þ¨¥¦^ÂÐ
https://www.reuters.com/world/asia-pacific/chinese-ev-maker-byd-posts-first-annual-profit-decline-four-years-2026-03-27/
https://ichelabamotor.com/blog/chinas-auto-industry-profit-crisis-selling-a-13800-car-earns-just-206/18658/ichelabamotor-com/
https://www.bloomberg.com/news/newsletters/2026-04-27/byd-discounts-show-china-ev-price-war-is-accelerating
https://finance.yahoo.com/markets/stocks/articles/chinese-ev-giant-loses-5-173057889.html
https://www.bloomberg.com/news/articles/2026-08-28/byd-profit-rises-for-first-time-in-five-quarters-as-exports-boom

¤j³°¨T¨®»s³y·~¥¿³´¤J¾P¶q½Ä°ª¡BÀò§QÂk¹sªºÄY®mµ²ºc©Ê¦M¾÷¡A®Ú¾Ú¤¤°ê¨T¨®¤u·~¨ó·|(China Association of Automobile Manufacturers¡ACAAM)ªº²Î­p¼Æ¾Ú¡A
¤j³°¨T¨®»s³y·~ªº¥­§¡²bÀò§Q²v(Net Profit Margin)¤wºG¶^¦Ü1.5%ªº¾ú¥v·s§C¡A³o·N¨ýµÛ¨®¼t¨C½æ¥X¤@½ø¥­§¡°â»ù1.38¸U ¬ü¤¸(¬ù·s¥x¹ô44.8¸U¤¸)ªº¨T¨®¡A
¹ê½è¤W¶È¯àÁȨú206¬ü¤¸(¬ù·s¥x¹ô6,700¤¸)ªº·LÁ¡§Q¼í¡A¦b¥»¤g¥«³õªº´c©Ê«d®æ¾Ô(Price War)¤U¡A·s¿³¨®¼tªº°]°Èª¬ªp§ó¬°´c¤Æ¡A
¨Ò¦p¸ó¬É¥[¤J¹q°Ê¨®(Electric Vehicle¡AEV)¥«³õªº¤p¦Ì(Xiaomi)¡A¨ä´¼¼z«¬¹q°Ê¨®·~°È¦bªì´Á¶¥¬q¡A
¥­§¡¨C¥æ¥I¤@½ø¥D¬y¨®´Ú´N¥²¶·©Ó¨ü5,600¬ü¤¸(¬ù·s¥x¹ô18.2¸U¤¸)ªºÁ«·l¡A¼ÉÅS¥X¥Î¤jÃB¸É¶K´«¨ú¥«³õ¥«¥e²vªºµu¼Èªwªj

³o³õµJ¤g¾ÔªººG¯Pµ{«×¡A³s²£·~ÀsÀY¤ñ¨È­}(Build Your Dreams¡ABYD)¤]¤@«×µLªk¥þ¨­¦Ó°h¡A¤ñ¨È­}¦b2026¦~3¤ë©³¤½¥¬ªº°]³øÅã¥Ü¡A
¨ü¨ì°ê¤º·s¨®§éÅý´T«×½Õ°ª¦Ü10%¾ú¥v·s°ªªº½ÄÀ»¡A¨ä¦~«×²b§Q¼í(Net Profit)ªï¨Ó4¦~¨Óªº­º¦¸°I°h¡A¾É­P¤j¤¤µØ°Ïªº¥»¤g¦a°ÏÀ禬¤j´T¤U·Æ¡A
³oºØ¥H§Q¼í´«¾P¶qªºµ¦²¤¤Þµo¸ê¥»¥«³õ®£·W¡Aª½±µ¾É­P¤j³°17®a¤W¥«¨®¼t¦b¸Ó®É´ÁªºÁ`¥«­È¼É¶^1.1¥ü¬ü¤¸¡A¬°¤Fºû«ùÄvª§¤O¡A
¥]§t¦N§Q(Geely)»P©_·ç(Chery)¦b¤ºªº¨ä¥L¤@½u¤j¼t¡A¤]³Q­¢±²¤J³o³õÀ£ÁY¤ò§Q²v(Gross Margin)ªº³Î³ï¾Ô¡A¨Ï¾ãÅé²£·~­±Á{¥»¤g§Q¼í±Y½LªºÄµ°T

­±¹ï°ê¤º¥«³õ¤º»ÝµäÁYªº°]°ÈªdÕï¡A®ü¥~¥«³õªº¥X³fªí²{¤w¦¨¬°³°¸ê¨®¼t´£¤ÉÀò§Q(Profitability)ªº°ß¤@±Ï©R½_¯ó¡A¤ñ¨È­}³Ì·sµo¥¬ªº2026¦~²Ä2©u°]³øÅã¥Ü¡A
¨ä³æ©u²b§Q¼í¦b¸g¾ú³sÄò5­Ó©u«×ªº§C°g«á¡A²×©óªï¨Ó­º¦¸¤î¶^¦^¤É¡A¸û¥h¦~¦P´Á¦¨ªø32.8%¹F¨ì90.6»õ¤H¥Á¹ô(¬ù13»õ¬ü¤¸)¡A
³o¶µ°]°ÈÂà¾÷§¹¥þ±o¯q©ó§Q¼í²v¸û°ªªº®ü¥~¾P°âÃB¤j¼W34%¡A¹F¨ì1,813»õ¤H¥Á¹ô(¬ù250»õ¬ü¤¸)¡AÀ禬¦û¤ñ­º«×¬ð¯}Á`À禬ªº53%¡A³o¶µ°]°È¼Æ¾Úªº®¿²¾ª½±µ¦LÃÒ¡A
¦b°ê¤º¦h½æ¦hÁ«ªº²{¹ê¤U¡A¥[³tÂà¦V®ü¥~¥«³õ¶i¦æ°ª¤ò§Q¨®´Úªº¥~¾P¡A¬O·í«e¤j³°¹q°Ê¨®¼t°Ó¦b´Ý»Å²^¨OÁɤ¤ºû«ù¥Í¦sªº¥²µM¸ô®|
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cph0516
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8213 Posts

Posted - 09/11/2026 :  09:28:42  ·|­û¸ê®Æ Send cph0516 a Private Message  ¤Þ¨¥¦^ÂÐ
¦p¤µ¦n´X¤d¸U
¦bªø´ÁÆF¬¡´N·~»P¥¢·~¤j­x½üµf¥´À»¤U
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WingStar
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Taiwan
3161 Posts

Posted - 09/11/2026 :  19:34:16  ·|­û¸ê®Æ Send WingStar a Private Message  ¤Þ¨¥¦^ÂÐ
https://www.reuters.com/commentary/breakingviews/chinas-local-debt-cleanup-leaves-growth-mess-2026-07-15/
https://www.bloomberg.com/news/articles/2026-07-16/china-seeks-to-curb-new-bond-sales-by-lgfvs-with-increased-debt
https://www.bloomberg.com/news/articles/2026-07-09/china-gets-chance-at-fiscal-rethink-after-debt-cleanup-milestone
https://thediplomat.com/2025/09/china-is-still-struggling-to-manage-local-debt-stress/

¤j³°¬F©²ªñ¦~¥þ¤O¾ã¹y¦a¤è°]¬F¡A¨Ã¦bªñ´Á¹F¦¨²M²zÁô©Ê¶Å°ÈªºÃöÁ䨽µ{¸O¡AµM¦Ó¡A¸ô³zªÀ(Reuters)»P´^³ÕªÀ(Bloomberg)ªº¤ÀªR«ü¥X¡A
³o³õ¤j°Ê§@ªº¶Å°È²M²zÁöµM¦b¦W¸q¤W±±¨îª÷¿Ä¨t²Îªº±b­±­·ÀI¡A«o¦b¯d¤U¤@®M¸gÀÙ¦¨ªøªºÄêÅu¤l¡A¹L¥h´X¤Q¦~¨Ó¡A¤j³°¦a¤è¬F©²·¥«×¨Ì¿à°ªºb±ìªº°]¬FÂX±i¨Ó©Ô°Ê¦a¤è«Ø³]¡A
¦p¤µÀHµÛ¤¤¥¡±À°Ê±j¤Oªº¥hºb±ì¬Fµ¦¡A­ì¥»§@¬°¥D­n¤õ¨®ÀYªº°ò¼h¤½¦@§ë¸ê¥þ­±º¶¤õ¡Aª½±µ¾É­P¾ãÅé¸gÀÙ¦¨ªø°Ê¯à³´¤J°±º¢¡A­¢¨Ï¥_¨Ê·í§½¤£±o¤£­±Á{­«·s«ä¦Ò¾ãÅé°]¬FÅé¨î»P¬Fµ¦¨«¦V

¬°¤F¸¨¹êºÊºÞ¨Ã¨¾¤î­·ÀI¦º¦Ç´_¿U¡A¤j³°¬F©²ªñ´Á¶i¤@¨B±Ä¨ú±jµw¤â¬q¡AÄY®æ­­¨î¦a¤è¬F©²¿Ä¸ê¥­¥x(Local Government Financing Vehicle¡ALGFV)µo¦æ·sªº¶Å¨é¨Ó­É·sÁÙ¡A
®Ú¾Ú¥~¥æ®a(The Diplomat)Âø»x»P´^³ÕªÀªº²`¤J°lÂÜ¡A³o¶µ°w¹ïµo¶Å³W¼ÒªººòÁY­­¨î¡A¤w¸gÅý¨º¨Ç­ì¥»°]¬F°ò¦´N·¥¬°¯Ü®z¡B¥B¶Å°È¦­¤w°ª«×²Ö¿nªº°ª­·ÀI¬Ù¥÷»P«°¥«¡A
­±Á{·¥¨äÄY®mªº¸êª÷Â_Ãì¦ÒÅç¡A³o¨ÇLGFV¦b·s¶Å¨éµo¦æ¨üªýªº±¡ªp¤U¡A¤£¶ÈµLªk¦p´Á§¹¦¨¤â¤Wªº¤½¦@°ò¦«Ø³]¡A§ó±N¥¨¤jªº¹H¬ù»P¬y°Ê©Ê¦M¾÷(Liquidity Crisis)¡A
ª½±µÂà¶ùµ¹·í¦aªº¤¤¤p«¬»È¦æ¥H¤Î¼v¤l»È¦æ(Shadow Banking)¨t²Î¡A¦a¤è¶Å°Èªº¨I­«À£¤O¨ÌµM¥¼±o¸Ñ®M

­±¹ï³oºØ¶i°h¨âÃøªº°]¬F§x¹Ò¡A¤j³°¦a¤è¬F©²ªº¶Å°ÈºÞ²z¦Ü¤µ¤´¦bµh­W¦a±Ã¤ã¡A¥Ñ©ó¤¤¥¡ÄY¼F«ÊÂê°ªÅK¡B¤½¸ôµ¥¶Ç²Îª¼¥Ø«Ø³]ªº¿Ä¸êºÞ¹D¡A
¦a¤è°]¬F¦b¯Ê¥F°·±d¥B¦h¤¸µ|¦¬¨Ó·½ªº±¡ªp¤U¡A¥u¯à¤£Â_ÁY´î¤é±`¦æ¬F¶}¤ä¡A¬Æ¦Üªi¤Î¤½¦@ªA°Èªº¹B§@¡A³o³õªí­±¤W¦W¬°­°§C°]¬F­·ÀIªº¬Fµ¦¤j­­¡A
¦b¯Ê¥F°t®MÅé¨î§ï­²ªº«e´£¤U¡A¥¿Âà¤Æ¬°¤@³õ¤j½d³òªº§½³¡©Êª÷¿Ä³sÂê¤ÏÀ³¡A­n¦p¦ó¦b¨¾½d¦a¤è°]¬F±Y½L»P¨ë¿E¥þ¤j³°¾ãÅé¸gÀÙ¦¨ªø¤§¶¡¨ú±o¥­¿Å¡A
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