钢铁、铝是汽车制造过程中的主要原料。比较而言，铝材兼具材料与减排双重优势。再生铝相较于原生 铝，在电解铝环节能减少高达95%以上碳排放。2020年至2024年，中国再生铝生产相比使用火电生产原 铝减少二氧化碳排放5.7亿吨。 因此，更多汽车企业开始将减排重点转向铝材料。如何通过再生铝的循 环利用，降低汽车全生命周期碳排放？ 11月19日至12月3日期间，澎湃研究所研究员与汽车主机厂、供应链链主、再生铝企业、供应链降碳专 家进行了深度交流。调研发现，再生铝作为一种"绿材"，其价值不仅在于减少新铝的生产以间接实现降 碳，还涉及材料溯源、供应链管理和溢价问题。企业只有通过铝的高效循环利用，实现效益增值，再生 铝才有望推广应用。 再生铝降碳潜力大，回收价值受源头限制 铝具有明显的减碳效益，再生铝循环效率高。帅翼驰新材料集团副总裁陈楠告诉研究员，再生铝理论上 可无限循环利用，循环利用率约80%-90%，汽车使用50%再生铝相对原生铝可减少一半碳排放，且具有 轻量化优势，可用于替代纯铝以及部分其他金属。因此，再生铝在很多汽车主机厂的降碳策略中占据重 要位置。不过，再生铝在实际应用中还面临诸多挑战。 首先，再生铝原材料来源 ...

Core Insights - The article highlights the significant influence of Alibaba and Geely in nurturing talent within the internet and automotive industries, respectively, with many executives in these sectors having connections to these two companies [2][11]. Industry Overview - The internet industry in China is projected to reach a market size of 18.7 trillion yuan in 2024, growing by 9.3% year-on-year, while the automotive industry is expected to reach 15.3 trillion yuan, both outpacing GDP growth [2]. - Together, these industries account for 34 trillion yuan, representing 25.2% of the national GDP, with over 40 million employees combined [2]. Talent Development - Alibaba has produced numerous successful entrepreneurs, with over 100,000 former employees starting their own companies, contributing significantly to the internet sector [6][9]. - Notable alumni include founders of major companies such as Didi, Xiaopeng Motors, and Pinduoduo, showcasing the impact of Alibaba's corporate culture on entrepreneurship [8][9]. Geely's Role in Talent Supply - Geely is recognized as a talent hub for the automotive industry, with many new energy vehicle startups recruiting from its workforce [11][13]. - The company has established a comprehensive talent development system, including partnerships with educational institutions, resulting in a high employment rate for graduates [13][14]. Corporate Culture and Impact - Both Alibaba and Geely emphasize the importance of corporate culture in shaping their employees, with Alibaba's "Six Pulses of Sword" and Geely's integrated training models being key to their success [10][15]. - The article suggests that the entrepreneurial spirit fostered by these companies has led to a significant transformation in their respective industries, positioning them as leaders in talent cultivation [15].

New Car Launches - Dongfeng Nissan N6 launched with a limited-time price of 91,900 to 121,900 yuan, featuring a hybrid system with a 75kW engine and a 155kW motor, offering a pure electric range of 170-180 km [1][3][9] - New Blue Energy E5 Plus launched at a limited-time price of 119,800 yuan, equipped with a 70kW engine and a 160kW motor, providing a pure electric range of 230 km [1][12][17] - Buick Zhijing Shijia launched with a price range of 439,900 to 469,900 yuan, featuring a 132kW engine and a dual-motor system, offering a pure electric range of 224 km [1][20][25] Company Dynamics - Xiaomi Auto has surpassed 500,000 cumulative deliveries, achieving its annual target ahead of schedule [1][28][29] - XPeng Motors collaborates with Huawei to launch a next-generation range extender generator with over 92% efficiency [1][32][35] - Changan Automobile is set to roll out its 30 millionth vehicle, becoming the first Chinese brand to reach this milestone [1][36][40] Sales Performance - BYD sold 474,921 passenger vehicles in November, maintaining a leading position in the new energy sector [1][71][73] - Changan Automobile's November sales reached 283,000 units, with over 125,000 in new energy vehicles [1][76][79] - SAIC-GM-Wuling achieved 118,726 new energy vehicle sales in November, marking three consecutive months of over 100,000 units sold [1][81] - Chery's new energy vehicle sales reached 116,794 units in November, continuing its growth trend [1][82][86] - Hongmeng Zhixing delivered 81,864 units in November, benefiting from increased production capacity [1][87][90] - Leap Motor delivered 70,327 units in November, showing strong market performance [1][91][92] - Great Wall Motors sold 40,113 new energy vehicles in November, reflecting a significant growth in its transition to new energy [1][95][96] - XPeng Motors delivered 36,728 units in November, with a year-to-date growth of 156% [1][98][99] - NIO delivered 36,275 units in November, with a notable increase in sales [1][100][106] - Li Auto delivered 33,181 units in November, maintaining a positive outlook despite market pressures [1][107][109] - Deep Blue Automotive delivered 33,060 units in November, with strong performance from its S05 model [1][111][113] - BAIC New Energy sold 32,328 units in November, with a significant year-on-year increase [1][114][115] - Lantu Automotive delivered 20,005 units in November, marking a strong sales milestone [1][116][118] - FAW Bestune sold 15,793 new energy vehicles in November, with a focus on young consumers [1][119][123] - Avita delivered 14,057 units in November, achieving a historical high [1][124][125] - Zhiji delivered 13,577 units in November, with a focus on expanding its product line [1][126][128] - Jishi Automotive delivered 1,452 units in November, showing steady growth in international markets [1][129][132] Industry News - A new national standard for steer-by-wire technology has been released, removing mandatory mechanical connections [2][133][135] - Global penetration of new energy vehicles is on the rise, projected to reach 25.2% by Q4 2025 [2][138][140] - South Korea's automotive exports have declined for the first time in recent years, with a forecasted drop in total exports [2][143][145]

证 券 研 究 报 告 汽车行业周报（20251201-20251207） 行业研究 汽车 2025 年 12 月 07 日 推荐（维持） 板块触底有望提前，关注 26 年 beta 反弹机会 华创证券研究所 | 证券分析师：张程航 | 证券分析师：夏凉 | 证券分析师：李昊岚 | 联系人：张睿希 | | --- | --- | --- | --- | | 电话：021-20572543 | 电话：021-20572532 | 邮箱：lihaolan@hcyjs.com | 邮箱：zhangruixi@hcyjs.com | | 邮箱：zhangchenghang@hcyjs.com | 邮箱：xialiang@hcyjs.com | 执业编号：S0360524010003 | | | 执业编号：S0360519070003 | 执业编号：S0360522030001 | | | 本周我们更新了明年年度策略，相较于前几年，2026 年确实市场一致预期相对较高，我 们观点简言之：1）销量展望没那么悲观，所以会有 beta 反弹机会；2）整车投资依然以 个股为主，零部件以新产业为主。 4Q 汽车基本面低于预期，这 ...

Core Viewpoint - The launch of the Galaxy V900 by Geely Galaxy marks a significant advancement in the MPV segment, leveraging cutting-edge AI range extension technology to redefine the value standards of new energy MPVs [1][5]. Group 1: Product Features - The Galaxy V900 is positioned as an "AI all-scenario family flagship MPV," focusing on four key dimensions: space, performance, energy efficiency, and intelligence [1][5]. - It boasts the highest space utilization in the MPV sector with a room rate of 91.8%, achieved through an innovative stacked vertical layout of the range extender power system [1][2]. - The vehicle features a dual-motor all-wheel-drive system, with a peak power of 90 kW from the P1 generator, utilizing advanced short-term overload technology [2][3]. Group 2: Energy Efficiency - The Galaxy V900 is equipped with a 1.5T ultra-efficient range extender, achieving a thermal efficiency of 47.26% and a fuel-to-electricity conversion rate of 1 liter of fuel generating 3.77 kWh of electricity [2][3]. - The vehicle's operating cost is notably low, with electricity priced at 1.9 yuan per kWh, effectively achieving "oil-electric parity" [2][3]. Group 3: Intelligent Features - The vehicle incorporates the Xingrui AI Cloud Power 2.5 system for energy and all-wheel-drive management, optimizing energy use based on navigation and user habits [2][4]. - It features advanced AI capabilities for intelligent driving, including a comprehensive sensor suite for 360-degree perception and support for various driving scenarios without reliance on high-definition maps [4][5]. Group 4: Comfort and Safety - The Galaxy V900 offers a spacious interior with a flat floor design, accommodating up to 15 pieces of 20-inch luggage and providing a vertical height of 1.3 meters [2][3]. - Safety features include a high-strength cage structure made from 2000MPa boron steel and up to 11 airbags, along with a battery safety system that exceeds national standards by over 80 extreme safety tests [3][4].

Core Viewpoint - The article discusses the strategic partnership between SK On and Geely Automobile Group, focusing on the establishment of a joint venture for the production of square lithium iron phosphate batteries, which aims to enhance both companies' competitiveness in the electric vehicle market [3][5][6]. Group 1: Partnership Development Timeline - The collaboration between SK On and Geely began in November 2023 with a battery module supply agreement for Geely's Polestar 5 model starting in 2025 [3]. - In June 2024, a strategic cooperation framework agreement was signed, expanding their collaboration to electric vehicle batteries and green methanol energy technology [3]. - By July 2024, discussions were ongoing regarding battery supply contracts, but negotiations faced interruptions due to declining electric vehicle demand and U.S. tariffs [3]. - In the third quarter of 2025, SK On formed a special task force to revive negotiations, focusing on converting existing facilities in Hungary into a joint production base [3][4]. Group 2: Production Capacity and Market Strategy - The proposed joint venture will transform SK On's existing factories in Komárom, Hungary, which have capacities of 7.5 GWh and 10 GWh, primarily supplying soft-pack batteries to European automakers [4]. - This partnership is crucial for SK On to optimize its production capacity and gain financial support from Geely, especially in light of the current downturn in electric vehicle demand [4][5]. - The joint venture is expected to prioritize orders from Geely in the European market, enhancing SK On's business presence in Europe [5]. Group 3: Financial and Operational Implications - SK On reported a revenue of 1.81 trillion KRW in Q3 2025, with an operating loss of 124.8 billion KRW, highlighting the financial pressures the company faces [5]. - The partnership with Geely allows for shared production facilities, reducing capital investment and operational costs for Geely in Europe, where there is a preference for brownfield investments [5][6]. - Geely aims to increase its self-supply ratio of battery cells to 30% within two years while maintaining a 70% external procurement ratio, balancing technology independence and supply chain stability [6].

Core Viewpoint - The proposal by former President Trump to terminate strict fuel economy standards set by the Biden administration poses a significant challenge to Europe's aggressive policies on banning fuel vehicles, highlighting a shift in the automotive industry's dynamics towards a more sustainable and diversified future led by China's oil-electric hybrid strategy [1][9]. Group 1: Policy Changes and Impacts - Trump's proposal aims to reduce the average cost of purchasing new cars by $1,000, potentially saving Americans $109 billion over five years [3]. - The new fuel efficiency standard proposed by Trump's administration requires vehicles to achieve approximately 34 miles per gallon by 2031, compared to Biden's target of 50 miles per gallon [2]. Group 2: Industry Dynamics - The automotive industry's core profits are derived from fuel vehicles, and the transition to electric vehicles represents a significant restructuring of interests, with traditional automakers facing survival pressures due to lost profits from engine manufacturing and after-sales services [4]. - The shift in stance among U.S. automakers from supporting electric vehicle initiatives to opposing stringent regulations reflects the industry's struggle with profit erosion amid changing policies [4]. Group 3: European Market Challenges - European automakers are under severe pressure from the EU's legislation to ban fuel vehicles by 2035, which is seen as overly ambitious and detrimental to businesses [5]. - The EU's "Fit for 55" plan aims for a 55% reduction in new car carbon emissions by 2030, with a complete transition to zero emissions by 2035, but this has led to some companies planning to abandon engine development altogether [5]. Group 4: Global Automotive Trends - The trend of oil-electric hybrid strategies is gaining traction globally, with Asian automakers, particularly Chinese brands like BYD, Geely, and Chery, significantly increasing their market share [7][8]. - The global automotive market remains predominantly fuel-based, with 73% of vehicles still using fuel, indicating that a rapid transition to electric vehicles is unlikely in the short term [8]. Group 5: China's Strategic Position - China's oil-electric hybrid strategy is viewed as a successful model, with the recent release of the 3.0 roadmap emphasizing the continued importance of internal combustion engines alongside electric vehicles [10]. - By 2040, it is projected that 85% of new passenger vehicles in China will be electric, with a significant market still remaining for non-pure electric models, positioning Chinese automakers as key players in the global automotive technology landscape [10].

Core Viewpoint - The Chinese automotive industry is facing a significant downturn, with 2026 expected to be one of the most challenging years in its history due to declining sales and market conditions [5][37]. Group 1: Market Performance - Retail sales of passenger cars in China saw a 15% year-on-year increase earlier this year, but growth has rapidly declined since July, with October experiencing an overall negative growth [7][39]. - In November, daily retail sales averaged 4.6 million units, down 19% year-on-year in the first week, and 6.7 million units, down 9% in the second week [8][39]. - Major automakers are struggling to meet their sales targets, with only a few smaller new players achieving their goals by November [8][40]. Group 2: Industry Challenges - The automotive industry is transitioning from subsidy-driven growth to competition based on real demand and efficiency, indicating a significant shift in market dynamics [40][41]. - The impact of subsidies is diminishing, with over 50% of sales in 2025 attributed to trade-in programs, highlighting a reliance on government incentives [9][41]. - The market is experiencing a "strategic waiting" phase among consumers, leading to a decline in new orders as buyers anticipate better deals [15][48]. Group 3: Future Outlook - The expected decline in new energy vehicle purchase tax incentives in 2026 is anticipated to further exacerbate market challenges [15][47]. - The penetration rate of new energy vehicles is slowing, with a notable drop in total retail volume despite high growth rates in percentage terms [15][47]. - The industry is likely to undergo a significant restructuring, with weaker companies facing exit from the market, marking a shift from scale expansion to value competition [32][65]. Group 4: Technological Developments - The automotive sector is exploring various technological advancements, including smart driving and battery innovations, but progress varies across different areas [51][54]. - The introduction of solid-state batteries and centralized computing is underway, but widespread adoption is not expected until 2026 or later [54][55]. - The smart driving sector is experiencing a technological leap, with new models expected to enhance user trust and influence purchasing decisions in 2026 [57][60].

Group 1 - The "2025 International Automotive Design Forum" was held in Shanghai, focusing on the development of "Chinese Design • Global Aesthetics" and the release of the "Research White Paper on China's Automotive Design Discourse System (Third Edition)" [1] - Geely shared its "Nine Principles of Design" and various research initiatives, emphasizing the transition of Chinese automotive original design from exploration to precise focus, thereby solidifying its theoretical foundation [3] - Geely has established five global design centers in Shanghai, Ningbo, Milan, Gothenburg, and Coventry, integrating global perspectives with Eastern wisdom, which enhances the global automotive design landscape with a touch of Chinese aesthetics [3]

Core Insights - The article highlights the launch of Geely's flagship MPV model V900, which incorporates a new generation of super AI range extension technology, addressing diverse family travel needs with four core advantages: larger space, stronger four-wheel drive performance, higher overall energy efficiency, and enhanced AI intelligence [2] Group 1: Technology and Innovation - The new generation super AI range extension technology is built on the GEA Evo global intelligent new energy architecture, moving beyond traditional range extension technology by focusing on user scenarios to reconstruct technical value [4] - The range extension electric drive features a stacked layout, integrating the front powertrain into a compact space of 0.4 cubic meters, achieving a high usable space rate of 91.8%, allowing for comfortable seating arrangements even with child seats [4] Group 2: Performance and Efficiency - The V900 is equipped with a dual-motor four-wheel drive system that balances energy efficiency for daily commuting with the ability to switch to four-wheel drive for enhanced power when needed, supported by a 90kW high-power P1 generator [4] - The vehicle boasts an impressive range extension thermal efficiency of 47.26%, translating to 3.77 kWh of electricity generated per liter of fuel, with a low cost of 1.9 yuan per kWh [4] Group 3: AI Integration - The AI-powered Starry AI Cloud Power 2.5 system acts as the vehicle's "smart brain," enabling intelligent decision-making for power distribution and fuel-electric switching based on real-time road conditions, ensuring a smooth driving experience while optimizing energy consumption [5] - The V900 offers a combined range of 1200 km and a pure electric range of 240 km, effectively alleviating range anxiety and making long-distance travel feasible with minimal charging [5] Group 4: User-Centric Solutions - The V900 addresses winter travel challenges for northern users with a smart four-wheel drive system that can detect icy road conditions and adjust modes for better traction, while the AI energy management system ensures stable range performance in cold weather [7] - The vehicle includes luxury features such as a 27-speaker Flyme Sound system and a 17.7-inch anti-pinch viewing screen, along with robust safety systems, providing a warm, comfortable, and secure travel experience for families in winter [7] - Geely emphasizes that technology should serve user needs, positioning the V900 as a versatile travel partner that balances space, comfort, performance, and energy efficiency, while redefining the value standards for flagship MPVs [7]