作者丨张雪 一则突如其来的通知，为这家自动驾驶超级独角兽按下了暂停键。 11月22日，毫末智行全体在岗员工突然收到主题为"停工放假通知"的内部邮件：基于公司当前的经营现状，决定自11月24日起，公司及分公司全部在职 员工进入停工放假状态，具体复工时间将另行通知。 多名员工在媒体和社交软件证实，该通知内容属实，公司已全面进入停摆状态，账户也被冻结。员工最为关心的具体赔偿方案及后续安排尚未明确。 曾几何时，毫末智行曾被看做是美国明星自动驾驶公司Cruise在国内的翻版，没想到，几年之后两家公司的命运也如写好的一般走向了相同的结局—— 今年2月，Cruise已经退出了历史舞台，其技术遗产被整合进了通用汽车。 但让人没想到的是，短暂的高光之后，毫末智行开始走向了下坡路：新产品交付延迟、长城汽车寻找"备胎"，一系列的危机接踵而至。 当然，这主要还是由于其出生便自带光环。与大多数自动驾驶公司不同，毫末智行脱胎于传统车企长城汽车，其前身为长城汽车技术中心智能驾驶前瞻 分部。 据报道，2018年，长城汽车董事长魏建军担心在行业转型中掉队，于是开始进行战略和组织架构的调整，其核心之一就是做减法，剥离零部件业务，成 立独立的零部 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 财经频道更多独家策划、专家专栏，免费查阅>> 国家知识产权局信息显示，长城汽车股份有限公司取得一项名为"消除显示屏拖影的方法、装置以及可 读存储介质"的专利，授权公告号CN119380672B，申请日期为2024年11月。 天眼查资料显示，长城汽车股份有限公司，成立于2001年，位于保定市，是一家以从事汽车制造业为主 的企业。企业注册资本855894.5933万人民币。通过天眼查大数据分析，长城汽车股份有限公司共对外 投资了75家企业，参与招投标项目2813次，财产线索方面有商标信息5000条，专利信息5000条，此外企 业还拥有行政许可640个。 ...

今年1~9月，吉利汽车海外销量达到近30万辆，特别是新能源车型，出口同比暴增214%。 the 1 1 中国汽车工业协会发布的最新产销数据显示，10月，汽车出口66.6万辆，环比增长2.1%，同比增长22.9%；1~10月，汽车出口561.6万辆，同比增长 15.7%。"出口增速比国内产销增速更快。"中国汽车工业协会副秘书长陈士华说。 一个不容置疑的事实是，目前中国汽车市场已经从增量竞争转为存量竞争，"内卷"的行业生态说明，接下来很难再有新的蛋糕可供分享了。而海外业务 对车企来说，将不再是锦上添花，或将成为新增长极。这从近期车企发布的海外市场销量占比以及营收情况也可看出，越来越多中国车企海外业务的重要性 愈加凸显。中国汽车工业协会专务副秘书长魏文清最近撰文称，到2030年，中国品牌汽车海外销量将接近1000万辆。 销量占比不断实现新突破 最新数据显示，中国车企尤其是头部车企的出口销量不仅持续增长，而且在总销量中的占比也不断攀升。今年1~10月,奇瑞海外市场累计销量为106万 辆，同比增长13%，占总体销量的46%，比例与上年同期基本持平，保持了稳健向好态势。 比亚迪的销量数据显示，2024年，比亚迪海外销量为 ...

Core Viewpoint - The article provides an overview of new vehicle launches scheduled for late 2025, detailing specifications, pricing, and market segments for various manufacturers [2][70]. Group 1: Vehicle Launches - Chery Automobile is set to launch the Exeed ET5 on November 28, 2025, positioned as a B SUV with a price range of 144,900 to 159,900 CNY [7][4]. - FAW-Volkswagen will introduce the Volkswagen Tayron L on the same date, also classified as a B SUV, with prices ranging from 207,900 to 259,900 CNY [15][12]. - Beijing Off-road will release the BJ60 on November 30, 2025, categorized as a C SUV with a price of 295,800 CNY [23][20]. - Dongfeng Nissan's Nissan N6 is scheduled for December 1, 2025, as a B NB vehicle with prices from 99,900 to 129,900 CNY [31][28]. - Seres Automotive will launch the Blue Electric E5 Plus on December 3, 2025, a B SUV priced between 139,800 and 143,800 CNY [39][36]. - Changan Ford's Mondeo will debut on December 4, 2025, as a B NB vehicle with a price range of 149,800 to 199,800 CNY [47][44]. - Great Wall Motors will introduce the Tank 300 Hi4-T on the same day, classified as an A SUV with a price of 249,800 CNY [55][52]. - NIO will launch the L60 on December 5, 2025, a B SUV priced at 211,900 CNY [63][60]. Group 2: Technical Specifications - The Exeed ET5 features a 1.5T range extender engine with an electric motor, offering a pure electric range of 210 km and a battery capacity of 32.66 kWh [7][6]. - The Volkswagen Tayron L offers multiple engine options, including a 1.5T and a 2.0T, with power outputs ranging from 118 kW to 162 kW [15][14]. - The BJ60 is equipped with a 1.5T range extender engine and has a battery capacity of 40.3 kWh, providing a pure electric range of 152 km [23][22]. - The Nissan N6 features a 1.5L plug-in hybrid engine with a battery capacity of 20.3 to 21.1 kWh, offering a pure electric range of 170 to 180 km [31][30]. - The Blue Electric E5 Plus has a 1.5L plug-in hybrid engine and offers a pure electric range of 155 to 230 km, depending on the variant [39][38]. - The Mondeo features a 1.5T hybrid engine with a maximum power output of 140 kW and a torque of 222 Nm [47][46]. - The Tank 300 Hi4-T is powered by a 2.0T plug-in hybrid engine, delivering 185 kW and 385 Nm of torque [55][52]. - The L60 is a fully electric vehicle with a power output of 240 kW and a battery capacity of 60 kWh, providing a range of 530 km [63][60].

14家国内车企前三季度财报梳理：入账2万亿，净利率仅为1.76%。 车东西12月4日消息，截至今天，国内已有14家主要车企发布了2025年第三季度财务报告。 在2025年第三季度财务报告基础上，车东西整合了各家车企今年前三个季度的业绩表现，进行逐一梳理后发现：这14家国内车企今年前三季度营收规模总 和达到2.07万亿元，归母净利润总和为364亿元，简单计算一下，这14家车企净利率仅为1.76%。 各大国内车企前三季度表现差距明显，分化加剧。 传统车企阵营，8家传统车企前三季度净利润总和超过471亿元。 其中，比亚迪赚走6成净利润，凭借233亿元的归母净利润领跑，吉利净利润超过131亿元，长城、上汽各自净利润均超过80亿元，接近比亚迪1/3，而广汽 集团、江淮汽车、北汽蓝谷仍在亏损，最狠暴跌3691%。 同期新势力阵营，6家新势力车企前三季度净亏107亿元。其中，仅赛力斯、理想、零跑前三季度实现盈利，赛力斯凭借53亿元的归母净利润领先。 今年前三季度，小米智能电动汽车及AI等创新业务经营亏损为1亿元，小鹏亏掉15亿元，蔚来亏损加剧达到156.93亿元，汽车行业呈现出冰火两重天的局 面。 14大车企前三季度财报交 ...

国家知识产权局信息显示，长城汽车股份有限公司取得一项名为"稳定杆的液压控制系统和液压控制方 法、车辆"的专利，授权公告号CN118876658B，申请日期为2024年8月。 天眼查资料显示，长城汽车股份有限公司，成立于2001年，位于保定市，是一家以从事汽车制造业为主 的企业。企业注册资本855894.5933万人民币。通过天眼查大数据分析，长城汽车股份有限公司共对外 投资了75家企业，参与招投标项目2809次，财产线索方面有商标信息5000条，专利信息5000条，此外企 业还拥有行政许可640个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 财经频道更多独家策划、专家专栏，免费查阅>> ...

Group 1 - Micron Technology has decided to exit the consumer storage market, ceasing production of PC-grade SSDs and memory products, focusing instead on high-performance AI chip demands [4][5] - The decision comes as major tech companies, including Samsung and SK Hynix, have also reduced memory production, leading to a global shortage of memory for consumer devices [4][5] - Micron aims to enhance long-term business performance by concentrating on core enterprise and commercial sectors, which are experiencing significant growth due to AI [4][5] Group 2 - LeEco reported a debt of 238 billion yuan and plans to invest 180 million yuan in stock trading, which has sparked public debate [7][8] - The company clarified that a significant portion of the investment is in "risk-free" assets, such as government bond repurchases, rather than speculative trading [7][8] - LeEco relies on operational income and copyright revenues from popular shows like "Empresses in the Palace" to sustain its workforce [8] Group 3 - Canon's Zhongshan factory has announced generous severance packages for laid-off employees, with compensation reaching up to 400,000 yuan [10][11] - The compensation plan includes a formula that significantly exceeds legal standards, providing a substantial financial cushion for affected workers [10][11] - Canon is actively assisting employees in finding new job opportunities, including hosting recruitment events and providing recommendation letters from management [12] Group 4 - Amazon's AGS division is undergoing significant leadership changes, with the departure of Vice President Yang Jun amid a broader restructuring [16][17] - The company has initiated a large-scale layoff plan, affecting various management levels, as it seeks to streamline operations [16][17] - The ongoing changes reflect a challenging environment for Amazon's global selling operations, with expectations of further layoffs in the near future [16][17] Group 5 - Xiaomi's President Lu Weibing announced a strategic focus on AI, emphasizing the integration of AI with physical products and services [21][22] - The company has ramped up investments in AI, with a reported increase of over 50% in funding for AI initiatives in recent quarters [21][22] - Xiaomi aims to position itself as a leader in AI technology, leveraging top talent to enhance its capabilities in this area [21][22] Group 6 - BYD is implementing a "flawless operation" initiative in its battery factories, aiming for zero defects in product manufacturing [31] - The initiative is part of a broader strategy to enhance manufacturing efficiency and meet the growing demand for high-quality battery products [31] - BYD's goal is to achieve industry-leading management standards within a few months, aligning with external customer expectations [31] Group 7 - Eight major e-commerce platforms, including JD.com and Meituan, have signed a commitment to establish self-regulatory norms for AI technology applications [32][33] - The commitment aims to ensure transparency in AI-generated content and protect consumer rights by implementing clear labeling and monitoring practices [32][33] - This initiative marks a significant step towards responsible AI usage in the e-commerce sector, addressing growing concerns over AI's impact on consumer interactions [32][33]

Core Insights - The report maintains a bullish outlook on the automotive industry, emphasizing the synergy between policies, exports, and smart technology, which is reshaping the market landscape [1][2]. Group 1: Industry Growth Logic - The automotive industry is projected to see a total sales volume of over 34 million units in 2025, with a year-on-year growth rate of approximately 8% [8]. - In the first ten months of 2025, cumulative sales reached 27.65 million units, reflecting a year-on-year increase of 12.29% [8][7]. - The penetration rate of new energy vehicles (NEVs) reached 46.70% in the same period, with cumulative sales of 12.91 million units, up 32.42% year-on-year [21][4]. - The export growth rate for NEVs was significantly higher at 87.57%, compared to domestic demand growth of 25.71% [21][4]. Group 2: Export Dynamics - In the first ten months of 2025, China's automotive exports reached 5.58 million units, marking a year-on-year increase of 15.05%, with exports accounting for 20.19% of total sales [11][10]. - The top ten exporting companies included Chery and BYD, with Chery exporting 1.063 million units, a 12.9% increase, and BYD's exports surging by 140% to 789,000 units [11][10]. Group 3: Domestic Demand - Domestic sales in the first ten months of 2025 totaled 22.06 million units, reflecting an 11.61% year-on-year increase [15][14]. - The "trade-in" policy has been enhanced to stimulate domestic demand, expanding the scope of vehicle scrappage and increasing subsidy standards [15][14]. Group 4: Self-owned Brands - The market share of domestic brands in passenger vehicles rose to 69.48% in the first ten months of 2025, up from 38.43% in 2022, with a growth rate of 21.31% [19][18]. - The overall growth rate for passenger vehicles was 12.80%, indicating a strong performance from domestic brands [19][18]. Group 5: Smart Technology and Parts - The smart driving market in China is expected to approach 450 billion yuan by 2025, with the penetration rate of L2-level assisted driving exceeding 50% [33][31]. - The report highlights the acceleration of domestic parts replacement, driven by supportive national policies and expanding market scales, particularly in the NEV sector [38][34]. - The synergy between smart connected vehicles and humanoid robots is noted, with both industries sharing over 50% of supply chain resources, which could significantly reduce production costs for robots [41][39]. Group 6: Investment Recommendations - Recommended companies in the complete vehicle sector include BAIC Blue Valley, GAC Group, and Great Wall Motors [47]. - In the parts sector, companies such as Bertley, Yinlun, and Longsheng Technology are highlighted as potential investment opportunities [47]. - For small-cap stocks, Baihehua is suggested as a promising investment [47].

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨长城汽车（601633.SH） [Table_Title] 长城汽车点评：11 月销量 13.3 万辆，新坦克 400 贡献增量，出口再创新高 报告要点 [Table_Summary] 长城汽车 2025 年 11 月销量 13.3 万辆，同比+4.6%，环比-6.9%，其中出口销量 5.7 万辆，销 量占比达 43.0%，新能源销量 4.0 万辆，新能源乘用车销量占比达 34.2%。公司加速全球化布 局，坚定新能源转型，持续的新车周期有望推动公司销量与业绩改善。长期来看，公司四大拓 展战略打开销量长期增长空间，智能化转型开启全产业链盈利空间。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 长城汽车（601633.SH） cjzqdt11111 [Table_Title 长城汽车点评：2] 11 ...

汽车 行业研究/行业周报 阿维塔向港交所提交上市申请，零跑汽车宣布 2026 年销量目标 100 万台 ——汽车行业周报（2025/11/24~2025/11/28） ◼ 行情回顾 过去一周(2025/11/24~2025/11/28），申万汽车行业上涨 3.24%，表现 强于同花顺全 A，所有一级行业中涨跌幅排名第 11。细分板块涨跌 幅：过去一周(2025/11/24~2025/11/28），汽车服务涨幅最大，商用车 涨幅最小。汽车服务上涨 3.90%，汽车零部件上涨 3.66%，摩托车及 其他上涨 3.18%，乘用车上涨 2.61%，商用车上涨 1.95%。 ◼ 核心数据 数据跟踪： 1）行业总量：据中汽协数据，2025 年 10 月汽车销量约 332.2 万辆， 环比约+3%，同比约+8.8%。据中汽协，2025 年 10 月新能源汽车市 占率约 51.6%。 2）车企端：据乘联分会数据，2025 年 10 月，比亚迪、吉利和一汽 大众零售销量位列前三，分别约 29.6 万辆、26.6 万辆和 13.6 万辆， 份额分别约为 13.2%、11.8%和 6.1%。其中吉利汽车、长城汽车分别 同比约+36 ...