12月1日，上汽集团发布的销量数据显示，今年前11个月，其销售整车约410.8万辆，同比增长16.4%， 销量已超去年全年。其中，自主品牌销售266.6万辆，同比增长25.7%；新能源车销售149.9万辆，同比 增长38.8%；海外市场销售96.9万辆，同比增长3.4%。 ...

今天上汽集团发布销量数据，1-11月销售整车410.8万辆，同比增长16.4%，销量已超去年全年。其中， 上汽自主品牌销售266.6万辆，同比增长25.7%；新能源车销售149.9万辆，同比增长38.8%；海外市场销 售96.9万辆，同比增长3.4%。预计在自主品牌、新能源、海外市场"新三驾马车"的积极拉动下，全年整 体销量有望实现较快增长。 ...

Core Insights - The passenger car sector experienced a rise of 1.37% on December 1, with Sairus leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Passenger Car Sector Performance - Sairus (601127) closed at 131.22, with a gain of 3.99% and a trading volume of 273,600 shares, amounting to a transaction value of 354.9 million [1] - SAIC Motor (600104) closed at 15.47, up 3.34%, with a trading volume of 1,783,500 shares and a transaction value of 276.6 million [1] - Great Wall Motors (601633) closed at 22.12, gaining 1.00%, with a trading volume of 148,300 shares and a transaction value of 32.7 million [1] - BYD (002594) closed at 95.77, up 0.63%, with a trading volume of 233,700 shares and a transaction value of 2.237 billion [1] - Changan Automobile (000625) closed at 11.93, down 0.08%, with a trading volume of 365,400 shares and a transaction value of 43.5 million [1] - BAIC Blue Valley (600733) closed at 7.79, down 0.64%, with a trading volume of 867,900 shares and a transaction value of 679 million [1] - Haima Automobile (000572) closed at 8.94, down 1.11%, with a trading volume of 1,948,900 shares and a transaction value of 1.753 billion [1] - GAC Group (601238) closed at 66.8, down 2.81%, with a trading volume of 2,048,400 shares and a transaction value of 1.861 billion [1] Fund Flow Analysis - The passenger car sector saw a net inflow of 50.42 million from main funds, while retail funds experienced a net inflow of 54.51 million [1] - Main funds showed a net inflow of 270 million for Sairus, while retail funds had a net outflow of 210 million [2] - SAIC Motor had a main fund net inflow of 216 million, with retail funds showing a net outflow of 244 million [2] - BYD experienced a net inflow of 33.58 million from main funds, while retail funds had a net outflow of 67.91 million [2] - Great Wall Motors had a minor net inflow of 939,900 from main funds, with retail funds showing a net outflow of 21.43 million [2] - Changan Automobile had a net outflow of 15.60 million from main funds, while retail funds had a net inflow of 26.67 million [2] - BAIC Blue Valley had a significant net outflow of 1.15 billion from main funds, with retail funds showing a net inflow of 1.30 billion [2] - GAC Group had a net outflow of 2.69 million from main funds, while retail funds had a net inflow of 27.51 million [2]

人民财讯12月1日电，企查查APP显示，近日，上海金启达科技有限责任公司成立，法定代表人为朱 麟，经营范围包含：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；汽车零部件及 配件制造。企查查股权穿透显示，该公司由上汽集团（600104）旗下上汽通用汽车有限公司全资持股。 ...

Core Viewpoint - The Shanghai Stock Exchange and China Securities Index Co., Ltd. announced adjustments to several indices, including the re-inclusion of SAIC Motor Corporation Limited in the SSE 50 Index, indicating a significant improvement in the company's fundamentals and recognition by the index expert committee [1]. Company Performance - SAIC Motor's core indicators such as revenue and profit margin for the first three quarters of 2025 exceeded those of the same period last year, with R&D expenses reaching 12.61 billion yuan, a year-on-year increase of 9.4% [4]. - The company has focused its investments on electric and intelligent vehicle technologies, achieving a thermal efficiency of 46.3% for its DMH hybrid engine and a low fuel consumption of 2.5 L/100 km for the Roewe M7 DMH [4]. - In the first ten months of 2025, SAIC's cumulative sales of new energy vehicles reached 1.29 million units, a year-on-year increase of 42.5%, outperforming the industry growth rate [4]. Product Strategy - The launch of popular models has significantly supported sales, with the Roewe M7 DMH achieving over threefold sales growth in October compared to the previous month [5]. - The MG4 model has maintained strong sales in both domestic and European markets, while the collaboration with Huawei on the Jiangjie H5 has resulted in rapid sales growth, with over 10,000 units delivered within 43 days of launch [5]. Market Position and Future Outlook - The re-inclusion in the SSE 50 Index is seen as a validation of SAIC's operational quality and profit expectations, which is expected to stabilize its valuation and attract long-term investment [6]. - The competitive landscape in electric and intelligent vehicle sectors remains intense, and the company's ability to maintain its recovery momentum will depend on its continued innovation and product offerings that meet consumer demands [6].

校检：张萌、李晨 转自：北京日报客户端 审核：张扬 不久前，上汽荣威正式首发了豆包深度思考大模型及场景，并率先搭载在旗下长续航中大型豪华轿车荣 威M7 DMH，让车机具备了"活人感"的交互能力。未来，依托豆包AI车机"能推理、会思考、懂情绪"的 全新人机交互体验，上汽荣威的智能座舱将从"指令响应"迈向"意图驱动"的发展新方向。 随着豆包深度思考大模型于11月17日通过OTA全量推送，荣威M7 DMH语音功能的单日使用率已从60% 大幅提升至90%。从实际使用数据来看，具备"活人感"交互魅力的"高段位哄娃神车"与"暖心出行守护 官"两项功能，已成为最受用户青睐的两大场景。 作为荣威年度重磅车型，定位为中大型豪华混动轿车荣威M7 DMH搭载了DMH 6.0混动系统，拥有160 公里CLTC纯电续航和2050公里CLTC综合续航能力。此外，新车还配备有慕斯舒压座椅、mCDC智能动 态悬挂等配置，旨在提高移动舒适性。此外根据官方消息，2025年上汽荣威已新增服务网点238家，预 计年底总量将突破600家，将为用户带来更便捷、更周全的服务体验。 据了解，豆包深度思考大模型在2025年第三季度达到了1.59亿的月活用户及 ...

Investment Rating - The report maintains a "Recommendation" rating for the automotive sector, indicating a positive outlook for investment opportunities in the coming quarters [5]. Core Insights - The automotive sector is expected to stabilize in Q4 2025, with potential upward movement in Q1 2026, driven by policy direction, profit expectations, and valuation adjustments [1]. - Recent retail performance has been subdued due to the impact of trade-in incentives, and the Guangzhou Auto Show has had limited effect on new car sales [1]. - The report highlights the rebound of state-owned enterprises in vehicle manufacturing, influenced by catalyst factors [1]. Data Tracking - In late November, the discount rate for vehicles increased slightly to 10.1%, with a month-on-month rise of 0.1 percentage points and a year-on-year increase of 1.6 percentage points [3]. - October wholesale vehicle sales reached 2.96 million units, a year-on-year increase of 7.5% and a month-on-month increase of 3.6% [3]. - Retail sales in October were 2.09 million units, reflecting a year-on-year decline of 9.2% and a month-on-month decline of 6.4% [3]. Market Performance - The automotive sector saw a weekly increase of 3.33%, ranking 11th among sectors [9]. - The overall market indices also showed positive movement, with the Shanghai Composite Index rising by 1.40% and the ChiNext Index increasing by 4.54% [9]. Industry News - As of October 2025, the automotive industry reported a profit of 389.5 billion yuan, a year-on-year increase of 4.4%, with total revenue reaching 8,877.8 billion yuan [29]. - The inventory level for passenger vehicles at the end of October was 3.41 million units, indicating a seasonal increase in stock [29]. - New energy vehicle company Li Auto announced plans to release AI-powered accessories, indicating a trend towards integrating advanced technology in vehicles [29].

Core Viewpoint - Multiple indices in the A-share market are undergoing significant adjustments, with sample stocks being updated for various indices including the Shanghai Composite, ChiNext, and others, effective from December 12, 2025, and December 15, 2025 [1][2][4]. Group 1: Index Adjustments - The Shanghai Stock Exchange announced adjustments to the Shanghai 50, Shanghai 180, and Shanghai 380 indices, with changes to sample stocks effective after market close on December 12, 2025 [2][13]. - The Shanghai 50 index will replace four stocks: SAIC Motor, Northern Rare Earth, Huadian New Energy, and Zhongke Shuguang, while removing Poly Development, China Mobile, China Aluminum, and CRRC [2][3]. - The Sci-Tech Innovation 50 index will add two stocks: Aojie Technology and Shengke Communication, while removing Huaxi Biotechnology and Hangcai Co [3][4]. Group 2: Shenzhen Stock Exchange Adjustments - The Shenzhen Stock Exchange will implement sample stock adjustments for the Shenzhen Component Index, ChiNext Index, and others, effective December 15, 2025 [4][6]. - The Shenzhen Component Index will add 17 stocks including Tuowei Information, Sifang Chuangxin, and Wolong Nuclear Materials, while removing Guoyao Yizhi, Haide Shares, and Tibet Mining [4][6]. - The ChiNext Index will add eight stocks including Shuanglin Co., Changshan Pharmaceutical, and Changsheng Bearing [8]. Group 3: Other Index Adjustments - The China Securities Index Company announced adjustments for the CSI 300, CSI 500, and other indices, effective after market close on December 12, 2025 [11][13]. - The CSI 300 index will replace 11 stocks, adding Huadian New Energy, Shenghong Technology, Dongshan Precision, and others, while removing FAW Liberation, Oppein Home, and others [13][14]. - The CSI 500 index will replace 50 stocks, the CSI 1000 index will replace 100 stocks, and other indices will also see various adjustments [14].

Core Viewpoint - The Shanghai Stock Exchange and Shenzhen Stock Exchange announced adjustments to various indices, including the Shanghai 50, Sci-Tech 50, and others, effective after market close on December 12 and December 15, 2025, respectively [1][6][13]. Index Adjustments - The Shanghai 50 Index will replace 4 stocks, including SAIC Motor, Northern Rare Earth, Huadian New Energy, and Zhongke Shuguang, while removing Poly Developments, China Mobile, China Aluminum, and CRRC [1][2]. - The Shanghai 180 Index will add 7 stocks, including Guotou Capital and Zhongtian Technology, and remove stocks like COSCO Shipping Energy and Nanshan Aluminum [3][4]. - The Shanghai 380 Index will see 38 stocks added, including COSCO Shipping Energy and Jinfa Technology, while removing Guotou Capital and Furuida [4][5]. - The Sci-Tech 50 Index will add Aojie Technology and Shengke Communication, removing Huaxi Biotechnology and Hangcai Co [5][6]. Shenzhen Stock Exchange Adjustments - The Shenzhen Component Index will add 17 stocks, including Deep Shenzhen A and Demingli, while removing stocks like China National Pharmaceutical and Tibet Mining [6][8]. - The ChiNext Index will add 8 stocks, including Shuanglin Co. and Changshan Pharmaceutical, while removing stocks like Biyuan and Yihualu [8][12]. - The Shenzhen 100 Index will add 7 stocks, including Cangge Mining and Guohang, while removing stocks like Tianshan Shares and Shanxi Coking Coal [9][11]. - The ChiNext 50 Index will add 5 stocks, including Changshan Pharmaceutical and Feili Hua, while removing stocks like Terui De and Mango Super Media [12]. Other Index Adjustments - The CSI 300 Index will replace 11 stocks, including Huadian New Energy and Dongshan Precision, effective after market close on December 12 [13][14]. - The CSI 500 Index will replace 50 stocks, including Heertai and Huahong Technology, effective after market close on December 12 [15][16]. - The CSI 1000 Index will replace 100 stocks, including Shijia Photon and Yongding Shares, effective after market close on December 12 [17][18]. - The CSI A50 Index will replace 4 stocks, including Huagong Technology and Guangqi Technology [19][20].

Core Insights - The 23rd Guangzhou International Auto Show showcased new products and technologies, reflecting the vitality and transformation of the Chinese automotive industry as it approaches the end of the 14th Five-Year Plan [1] - SAIC Volkswagen is entering a "2.0 era" for joint ventures through comprehensive innovation across products, systems, and the supply chain [1] Product Strategy - SAIC Volkswagen plans a significant product year ahead, introducing the new ID.ERA series, which includes pure electric, hybrid, and range-extended vehicles, with the flagship "9 series" SUV setting a new market standard [2] - The "Oil-Electric Intelligence" strategy has been deepened, enhancing smart driving features across various models, ensuring that both electric and fuel vehicle users can enjoy advanced technology [2] System Innovation - The brand renewal is encapsulated in the values of "progressive, reliable, and caring," focusing on cutting-edge technology, strengthening traditional advantages, and enhancing customer service [3] - The company emphasizes a healthy ecosystem for dealers, advocating for a cooperative relationship where dealers can profit, avoiding strategies that lead to initial losses for them [3] Industry Collaboration - The automotive industry is characterized by a long supply chain, where core competitiveness lies in understanding and integrating core technologies rather than complete self-reliance [4] - SAIC Volkswagen aims to act as an "industry coordinator," fostering open collaboration with top global partners to promote high-quality development in the Chinese automotive sector [4] - Recent regulatory changes and a shift towards rationality in the industry are seen as positive signs for the future health and sustainability of the automotive market [4]