关注 「电动车公社」 和我们一起重新思考汽车 以下是上周新能源圈的新闻： 新车上 市： 新款埃安UT super上市，售价8.99万元； 新款长安启源A06上市，售价10.99-14.99万元； 新款五菱宏光家族上市，售价5.48-7.78万元； 智己LS9上市，权益价32.28-35.28万元； 五菱星光730上市， 售价7.3-10.98万元； 埃安i60上市，售价 10.98-13.58万元； 欧拉5开启预售，预售价10.98-14.28万元； 日产N6开启预售，预售价10.99-12.19万元； 星途ET5开启预售，预售价15.99-17.49万元； 红旗HS6 PHEV开启预售， 预售价17.88-22.88万元； 公司动态： 一汽-大众第3000万辆整车下线； 法拉第 未来第三季度亏损 2.068亿美元； 东风汽车有望明年量产固态电池； 零跑汽车2025年累计销量突破50万台； 多款新车登录工信部； 国内新闻： 10月新能源零售渗透率57%； 新车上市 1、 新款埃安UT super上市 售价8.99万元 近日，由京东、广汽、宁德时代联合打造的换电车型埃安UT super正式上市，售价8.99万元 ...

Core Viewpoint - Wuling Motors has launched the Wuling Darion, Indonesia's first pure electric and plug-in hybrid MPV, aimed at meeting the evolving needs of Indonesian consumers for comfort, efficiency, and added value [2]. Company Summary - Wuling Motors produced the Darion at its factory in Cikarang, West Java, marking a significant step in the local automotive market [2]. - Since its establishment in 2017, Wuling has sold over 80,000 MPVs in Indonesia, establishing a strong presence in the market [2]. - The Darion is designed to provide a comfortable, stylish, and environmentally friendly option for Indonesian families, reflecting Wuling's commitment to local manufacturing [2]. Industry Summary - The MPV market in Indonesia is evolving, with consumers increasingly prioritizing comfort and efficiency over mere functionality [2]. - Rising vehicle prices and operating costs have created an opportunity for Wuling to introduce a more advanced and efficient MPV like the Darion [2]. - The Darion features a spacious cabin, competitive pricing within its class, and reduced operating costs due to electrification technology, catering specifically to family users [2].

FF301 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00305 | 說明 | 五菱汽車 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 25,380,350,000 | HKD | | 0.004 HKD | | 101,521,400 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 25,380,350,000 | HKD | | 0.004 HKD | | 101,521,400 | 本月底法定/註冊股本總額： HKD 101,521,400 第 1 頁 共 10 頁 v 1.1.1 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香 ...

Core Insights - The article highlights the rapid growth and increasing market acceptance of high-end MPVs in China, driven by their comfort, spaciousness, and suitability for various travel needs [2][14] - The domestic MPV market has shown significant growth, with a total of 878,597 units sold in the first three quarters of 2025, representing a year-on-year increase of 26.3% [3][14] Market Overview - In the first three quarters of 2025, the cumulative sales of domestic MPVs reached 879,000 units, with a year-on-year growth of 26.3%, and exports accounted for 57,000 units, up 16.7% [2][3] - The top 15 MPV models accounted for 78.5% of the market share, indicating a trend towards market concentration [3][4] Top Models Performance - The top-selling model, SAIC-GM Wuling Hongguang, achieved sales of 98,820 units, a staggering increase of 163.6% year-on-year [4][5] - Buick GL8 ranked second with sales of 88,239 units, reflecting a growth of 104.4% [4][6] - BYD's Tengshi D9, ranked third, sold 81,760 units, marking a modest increase of 2.9% [4][7] - The newly launched BYD Xia, positioned below Tengshi D9, sold 61,834 units, showcasing strong market entry [4][8] Emerging Trends - The article notes a shift towards hybrid and electric models, with the Buick GL8's PHEV sales surpassing those of traditional fuel vehicles, indicating a successful transition to new energy vehicles [6][7] - The increasing popularity of high-end MPVs is attributed to changing consumer preferences, particularly among younger families seeking comfort and versatility [14] Competitive Landscape - The competitive landscape is characterized by a mix of established brands and new entrants, with companies like GAC Toyota and Lantu Automotive also making significant strides in the MPV segment [9][10][11] - BYD is expanding its product lineup with models like the M9, aimed at international markets, further enhancing its competitive position [12] Future Outlook - The article concludes that the high-end MPV market is poised for rapid growth, driven by consumer demand for quality travel experiences and the increasing availability of new energy models [14]

Core Viewpoint - The integration of artificial intelligence (AI) into manufacturing is revitalizing the industrial landscape in Liuzhou, Guangxi, with significant advancements in various sectors, including robotics and smart vehicles [1][4]. Group 1: AI Integration in Manufacturing - Liuzhou's manufacturing sector is experiencing a transformation through AI, with the first industrial humanoid robot and low-speed autonomous vehicles being tested [1][2]. - The production value of AI products in Liuzhou reached 8.87 billion yuan from January to July, with a 23.7% year-on-year increase in smart terminals and robots [3]. - Companies like Guangxi Liugong Machinery and Zhituo Technology are leveraging AI for precision tasks, enhancing efficiency in production and maintenance processes [2][3]. Group 2: Traditional Industries Transformation - Traditional industries in Liuzhou, such as automotive and steel, are undergoing digital transformation, with 435 small and medium-sized enterprises adopting AI technologies [4][7]. - The Guangxi Liugong Group's smart factory can produce an excavator in just 13 minutes, showcasing the efficiency brought by AI [7]. - The local steel industry is implementing AI platforms to optimize production costs and energy consumption [7]. Group 3: Government Support and Policy Framework - The local government has established a dedicated task force to promote AI development, implementing various policies to support the growth of AI and manufacturing sectors [8][10]. - Liuzhou aims to achieve a breakthrough of 50 billion yuan in AI-related industries by 2027, with a focus on integrating AI into manufacturing processes [8][10]. - The city has created over 100 demonstration application scenarios for emerging industries, facilitating market access for new products [10]. Group 4: Collaborative Efforts and Future Prospects - Liuzhou is fostering collaboration with national institutions and enterprises to enhance technological advancements in AI [9]. - The partnership between SAIC-GM-Wuling and Huawei aims to develop smart vehicles, indicating a shift towards intelligent and connected automotive solutions [5][6]. - The establishment of a comprehensive AI ecosystem encompassing various sectors is underway, with a focus on smart manufacturing and supply chain optimization [6].

Core Insights - The report indicates a significant shift in the automotive brand landscape, highlighting intense evolution in the passenger car market and stable consolidation in the commercial vehicle market [1][5] Passenger Car Market - Domestic brands occupy seven out of the top ten positions in brand influence, with BYD leading at 784.54 points, followed by Tesla at 780.22 points, showcasing strong local brand performance [2][5] - The new player, AITO, made a remarkable entry into the top five with a score of 767.19, reflecting explosive growth in online presence [2] - Traditional joint venture brands are facing challenges as they maintain sales but experience high complaint volumes, indicating a decline in user satisfaction compared to local brands [2][5] Commercial Vehicle Market - The commercial vehicle sector shows a clearer competitive landscape, with China FAW leading the heavy truck market at 728.99 points, followed closely by China National Heavy Duty Truck and Dongfeng [3] - In the pickup segment, Great Wall maintains a strong lead with 699.74 points, while Changan and SAIC Maxus follow [3] - The light truck market is highly competitive, with Changan leading at 718.38 points, and JAC and Beiqi Foton closely trailing [3] Brand Influence and User Engagement - The report emphasizes the importance of synergy between media presence and user reputation in enhancing brand influence, particularly in the passenger car sector [4] - AITO's rise exemplifies the effective combination of technology, ecosystem, and user satisfaction, supported by a low complaint volume [4] - In the commercial vehicle sector, brand influence is built on reliability and long-term professional credibility, with China FAW showcasing a unique advantage in policy-driven markets [4] Industry Evolution - The third-quarter index indicates a transition in the Chinese automotive industry from scale competition to lifecycle value competition, driven by electrification and intelligence [5] - The focus on brand building has shifted from mere volume growth to a comprehensive competitive strength that includes communication breadth, user reputation, technical capability, and market performance [5]

Core Insights - Liuzhou Wuling New Energy Vehicle Co., Ltd. has officially launched its new passenger car brand, Aishang Automobile, marking its entry into the new energy passenger vehicle market [1][7] - The first mass-produced model, A100C, is priced between 39,800 to 52,800 yuan, positioned as an A00-class micro pure electric vehicle with a range of 220 kilometers under CLTC conditions [1][4] Company Overview - Wuling New Energy was established in June 2021 as a subsidiary of Guangxi Automobile Group, aiming to consolidate resources and focus on the new energy vehicle sector [5] - The company transitioned to a foreign-invested enterprise in November 2022, with Guangxi Automobile, Wuling Motors, and Wuling Industry holding approximately 70%, 13.37%, and 13.13% of shares, respectively [6] Strategic Development - Wuling New Energy has outlined a "dual development" strategy focusing on both commercial and passenger vehicles, with plans to introduce passenger models between 2025 and 2027 [6][12] - The launch of Aishang Automobile signifies the company's formal entry into the passenger vehicle market, which has been a planned move for some time [7] Product Development - Aishang Automobile plans to leverage three major independent technology platforms (A, B, and C) to launch a variety of vehicle types, including sedans, SUVs, and MPVs over the next three years [4] - The A100C model is developed in collaboration with Henan Senyuan Electric Vehicle Co., which holds the production qualifications for new energy passenger vehicles [8][10] Financial and Investment Plans - Wuling New Energy aims to raise 360 million yuan through strategic investments to support its entry into the new energy passenger vehicle market [10] - The company has plans for an independent listing following three rounds of financing, with a focus on expanding its commercial vehicle market before shifting towards passenger vehicles by 2028-2030 [12]

Core Insights - Wuling New Energy has officially entered the passenger car market with the launch of its new brand, Aishang Automobile, and its first mass-produced model, the A100C, priced between 39,800 to 52,800 yuan [1][6] - The A100C is positioned as an A00-class micro pure electric vehicle with a range of 220 kilometers under CLTC conditions [1] - Aishang Automobile plans to leverage three self-developed technology platforms to introduce a variety of vehicle types, including sedans, SUVs, and MPVs over the next three years [2] Company Background - Wuling New Energy was established in June 2021 as a subsidiary of Guangxi Automobile Group, aiming to consolidate resources and focus on the new energy vehicle sector [3] - The company transitioned to a foreign-invested enterprise in November 2022, with Guangxi Automobile, Wuling Motors, and Wuling Industry holding approximately 70%, 13.37%, and 13.13% of shares, respectively [5] - In June 2023, Wuling New Energy launched a new brand, "Ling Shi," focusing on the new energy commercial vehicle market [5] Market Strategy - Wuling New Energy has a dual development strategy of commercial and passenger vehicles, with plans to introduce passenger models between 2025 and 2027 [5][12] - The launch of the Aishang brand signifies the company's formal entry into the passenger car market [6] - The A100C model is developed in collaboration with Henan Senyuan Electric Vehicle Co., as Wuling New Energy currently lacks the production qualifications for new energy passenger vehicles [7][9] Financial and Investment Plans - Wuling New Energy plans to raise funds through strategic investments, having already secured 360 million yuan from various investors, including those connected to Senyuan Electric Vehicle [9][12] - The company aims to establish a joint venture, Henan Lingdong Automobile Sales Service Co., with a 75% stake, focusing on new energy vehicle sales [12]

Core Insights - The 138th Canton Fair has successfully concluded, showcasing the vitality of Guangxi's trade delegation and highlighting the region's strong performance in foreign trade, particularly in sectors like new energy, high-end equipment, and specialized manufacturing [1][2] Group 1: Company Highlights - Guangxi Yuchai Machinery Co., Ltd. and Dongfeng Liuzhou Motor Co., Ltd. showcased their core products, receiving significant interest from international buyers, particularly from Southeast Asia and the Middle East [1] - Guangxi Yuchai secured 3 million yuan in signed orders and locked in 15 million yuan in intended orders on the first day of the fair [1] - Dongfeng Liuzhou focused on the new energy sector, presenting its self-developed Forthing brand models, attracting over 3,000 visitors and achieving 13 intended orders [1] Group 2: Emerging Companies - New participants from Guangxi also made notable achievements, with Xixili Elevator Co., Ltd. securing an intended order for 200 elevators worth approximately 9 million USD from Ethiopia on the first day [1] - Liuzhou Wuling Automobile Industry Co., Ltd. developed right-hand drive custom models to cater to Southeast Asian markets, achieving around 60 intended orders during the fair [2] - Guilin Mingfu Metal Co., Ltd. attracted attention from Brazilian buyers with its innovative portable multifunctional robots [2]

机构：天风证券 分部业务表现：核心业务稳固，动力系统扭亏，商用车创新驱动。 研究员：吴立/孙潇雅 截至2025 年6 月30 日止中报，公司实现营业收入40.3 亿元，同比+2.0%；盈利能力显著增强，净利润达 到8580.9 万元，同比+306.2%；归母净利润为3941.6 万元，同比+2385.2%。我们认为，公司整体业绩表 现亮眼，盈利能力的提升主要得益于产品结构优化、成本管控成效以及研发投入的增加，未来伴随产品 结构的继续优化，公司有望实现业绩的进一步提升。 盈利能力与费用控制：毛利率提升，费用结构优化。 2025 年上半年，公司毛利率提升至12.0%，同比增加1.2 个百分点，显示出产品附加值和成本控制能力 的增强。销售及管理费用率同比下降1.3 个百分点至5.4%，体现了公司运营效率的提升。研发费用率同 比上升1.3 个百分点至4.6%。我们认为，公司持续加大在技术升级和新产品开发上的投入，为长期发展 注入动力。 新能源与智能化：联营公司快速成长，母公司战略清晰。 联营公司"菱势汽车"品牌表现出色，2025 上半年销量同比增长9%，并与货拉拉、顺丰等头部企业达成 合作，市场认可度不断提升。 母公 ...