南方财经11月12日电，今晚上汽旗舰·智己LS9正式上市，全系皆 Ultra, 提供宁德时代52度和66度两种电 池选择，上市权益价32.28万到35.28万元。新车搭载800V 双电机四驱，66度电池CLTC纯电续航最高 402km，综合续航达到1508km。 ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601127 | 赛力斯 | 6073.16万 | 1.58% | 3437.23万 | 0.89% | -9510.40万 | -2.47% | | 601633 长城汽车 | | 5374.04万 | 10.41% | -1606.59万 | -3.11% | -3767.46万 | -7.29% | | 601238 广汽集团 | | -2312.14万 | -10.75% | 194.91万 | 4 0.91% | 2117.23万 | 9.84% | | 000625 长安汽车 | | -6699.97万 | -12.15% | 328.68万 | 0.60% | 6371.29万 | 11.55% | | 600733 北汽蓝谷 | | -1.27 Z- | -18.95% | 4841.20万 | 7.24% | 7836.25万 | 11.71% | ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [2] Core Insights - The automotive sector has shown a significant performance divergence between passenger vehicles and commercial vehicles, with the latter expected to maintain high growth momentum [1][5] - The passenger vehicle segment experienced a revenue increase of 7.4% year-on-year in Q3 2025, while the sales volume grew by 14.4%, indicating a price war impact with an average price decrease of 0.99 million yuan per vehicle [5][37] - The commercial vehicle sector has seen a notable recovery in sales since June 2025, driven by government fiscal improvements and overseas demand, leading to a valuation recovery in the sector [5][15] Summary by Sections Passenger Vehicles - The passenger vehicle market maintained a high level of activity in Q3 2025, with wholesale sales reaching 7.53 million units, a year-on-year increase of 13.7% [23] - The segment's revenue for Q3 2025 was 557.7 billion yuan, with a notable performance difference among manufacturers, driven by new product launches and a shift towards higher-end models [37][44] - The profitability of the passenger vehicle sector showed a decline, with a net profit of 9.49 billion yuan in Q3 2025, down 25.1% year-on-year, primarily due to pressure on leading manufacturers like BYD [41][44] Commercial Vehicles - The commercial vehicle sector, particularly buses and heavy trucks, has shown significant improvement, with Q3 2025 revenues increasing by 30.6% year-on-year for buses and 26.9% for heavy trucks [6][15] - The heavy truck segment's net profit reached 3.84 billion yuan in Q3 2025, reflecting a 55.3% increase year-on-year, supported by favorable government policies and demand recovery [6][15] Auto Parts - The auto parts sector reported a revenue increase of 10.4% year-on-year in Q3 2025, with a net profit growth of 22.6%, indicating effective cost control and efficiency improvements [5][6] - Nearly 80% of auto parts companies achieved revenue growth in Q3 2025, driven by strong demand from the automotive production side [5][6] Investment Recommendations - The report suggests focusing on companies in strong product cycles, such as Great Wall Motors, Seres, and SAIC Motor, as well as key suppliers in the auto parts sector like Joyson Electronics and Desay SV [5][6][7]

【上汽大通&上海道路运输行业协会 战略合作签约】 11月11日，上汽大通与上海市道路运输行业协会举办大拿新能源物流车交车仪式，双方携手共计150台的战略订单合作，其中首批50 台大拿V1在现场顺利交付，这也是上海货运出租行业新能源车更新的首批车辆；与此同时，上汽大通、铃驹生态分别与上海市道路运输 行业协会正式签署战略合作协议。作为"全球轻型商用车领导者"与道路运输行业权威机构深度协作的成果，此举将推动上海货运出租行 业的新能源更新进程，更将通过铃驹生态的全链路支持，为城市物流降本增效、绿色减排提供可复制的"大通方案"。 在上海货运出租行业新能源转型的关键阶段，市场亟需品质可靠、满足城配物流场景需求的新能源物流车，作为上海道路运输领域 的"企业之家"与"行业枢纽"，上海市道路运输行业协会精准整合物流企业批量用车需求；上汽大通作为"全球轻型商用车领导者"，拥有 完善的新能源产品矩阵，大拿V1精准匹配城配物流高频需求，铃驹生态更构建了"用车通、管车通、货源通"全链路创富服务体系， 以"0门槛、0负担、0佣金"助力用户高效创富。双方强强联合，为城配物流绿色升级搭建起了高效的落地桥梁。 【上汽大通大拿V1交付仪式】 【 ...

随着新能源汽车购置税政策进入调整倒计时阶段，为回馈广大用户的支持，让更多消费者轻松拥有豪华 智能出行体验，上汽奥迪针对奥迪E5 Sportback推出跨年购置税补贴计划。11月30日前抢先下单，如因 非用户原因导致车辆在2026年交付，即可享受至高15，000元的购置税补贴。该计划覆盖目前在售的奥 迪E5 Sportback全系车型，即刻预定，锁定补贴权益。 奥迪E5 Sportback全系推出先锋型、先锋plus型、先锋quattro型和旗舰quattro型共4款配置车型，臻享价 23.59万元起。首批购车用户可享全系10，000元保险现金礼遇、5年超长贷及前24期0息无忧，或选择最 长3年无忧租、首付99，000元起、期满购还自由选方案。同时，针对不同版本，购车用户可享价值超 55，000元购车权益，包括超清电子外后视镜免费升级、六款个性车色全系免费选、全景辅助驾驶全系 终身免费使用、全系赠送至高500万元保额的辅助驾驶无忧保障、奥迪原厂高定车载香氛系统替换装礼 盒2份及定制版128G随行U盘1份。针对用户的个性化选装需求，上汽奥迪还提供多款升级包，如"数智 先锋升级包""奢享座舱升级包"等，下订用户更可 ...

从持股市值排序看，前十大重仓股除比亚迪外股价均有所上涨。持股市值方面，SW汽 车行业2025年Q3公募基金重仓的前十个股分别为比亚迪、福耀玻璃、九号公司、新泉股 份、拓普集团、春风动力、浙江荣泰、赛轮轮胎、双环传动和江淮汽车，主要由汽车零部 件、乘用车、商用车和摩托车及其他标的组成。行情表现方面，前十大重仓股中各板块标的 表现较好，除比亚迪微跌外，其余标的整体上涨，其中浙江荣泰涨幅超100%。 万联证券近日发布汽车行业2025Q3基金持仓分析报告：2025年Q3，公募基金重仓SW汽 车行业的总市值为1,039.78亿元，环比下降15.41%，同比下降20.64%；占基金重仓A股市值 规模的比重为3.13%，环比减少1.62pct，同比减少1.47pct；低配比例为1.15%，环比减少 1.69pct。 以下为研究报告摘要： 投资要点： SW汽车2025年Q3基金持股总市值同比/环比均有所下降，板块由超配转为低配。2025年 Q3，公募基金重仓SW汽车行业的总市值为1,039.78亿元，环比下降15.41%，同比下降 20.64%；占基金重仓A股市值规模的比重为3.13%，环比减少1.62pct，同比减少1.4 ...

上汽集团（600104）前三季度累计净利润达到81亿元，同比增长17.3%，公司经营活动产生的现金流量净额同比猛增70.9%，显示出企业自身强大的"造 血"能力。 上汽如何做到"叫好又叫座"？答案正藏在上汽坚持的"懂车更懂你"这句话中。在市场透明度极高的情况下，聪明的消费者拒绝为过高溢价买单，而上汽凭借 精准的用户洞察和技术创新，让市场为上汽的产品投下了信任票。 从"造车"到"懂车"的过程中，上汽集团走出了一条不同于其他很多汽车巨头的转型路径。它证明严酷的市场环境中，企业认认真真地借助深化改革、技术突 破和用户思维实现质量与效益的双重提升。 财报背后的"内生增长"逻辑 上汽集团三季度归属于上市公司股东的净利润却同比激增超6倍，这一增幅源于企业内在运营效率的真实提升。 仅从财报数据而言，如果说净利润的飙升是"果"，那么作为反映企业自我造血能力的关键指标，前三季度经营活动现金流同比大涨70.88%，某种程度上就是 支撑增长的"因"。充足的现金流如同企业的血液，为上汽的技术投入与市场开拓提供了基础。 在海外市场，上汽已不仅是卖车，更是在建生态。其推出的"Glocal战略"，通过在全球建立研发中心、生产基地和销售网络 ...

从资金流向上来看，当日乘用车板块主力资金净流出20.48亿元，游资资金净流入6.37亿元，散户资金净 流入14.11亿元。乘用车板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601633 长城汽车 | | 3761.40万 | 8.11% | -1557.77万 | -3.36% | -2203.63万 | -4.75% | | 601238 广汽集团 | | -881.13万 | -3.57% | -113.66万 | -0.46% | 994.79万 | 4.03% | | 600104 上汽集团 | | -4747.11万 | -7.68% | 3325.00万 | 5.38% | 1422.11万 | 2.30% | | 000625 长安汽车 | | -1.23 Z | -20.06% | 3591.19万 | 5.85% | 8731.14万 | 14.22% | | 600 ...

Core Conclusions - The market is expected to refocus on investment opportunities in smart vehicles in Q4, driven by the ongoing AI trend and the advancement of L4 capabilities in autonomous vehicles like Robotaxi [2][3] - Key catalysts for smart vehicle development in Q4 include Tesla's V14 release, XPeng's 2026 Robotaxi production plan, and the introduction of new autonomous vehicles by various companies [2] - The report anticipates a significant acceleration in the entry of core players into the L4 market by 2026, marking a pivotal year for Robotaxi [2] Comparison with Last Year - Similarities with last year's Q4 include the spread of AI applications, but this year emphasizes the evolution of AI logic rather than a resonance with automotive logic [3] - The focus has shifted from hardware opportunities and consumer sales to software opportunities and breakthroughs in B2B applications [3] Investment Recommendations - The report suggests a preference for Hong Kong stocks over A-shares, with a focus on software over hardware and B2B over B2C [6] - Recommended investment combinations include XPeng Motors, Horizon Robotics, and Cao Cao Mobility [6] - Key targets from the perspective of Robotaxi include integrated models (Tesla, XPeng, Qianli Technology) and technology providers (Horizon Robotics, Baidu, Pony.ai) [6] Smart Vehicle Market Overview - The report highlights the improvement in autonomous driving capabilities among various automakers, with XPeng, Huawei, and Li Auto leading the first tier [7] - The penetration rate of smart driving in urban areas reached 23.0% in August, with XPeng's smart driving penetration hitting 76.1% [7] - The report notes a significant increase in the sales of smart vehicles, with a projected growth in the Robotaxi market from 0-30% penetration by 2030 [15] Future Outlook - The core task for automotive intelligence from 2025 to 2027 is to achieve a penetration rate of 50%-80% for new energy vehicles [15] - By 2028-2030, Robotaxi is expected to achieve large-scale commercialization, marking a significant breakthrough in the automotive industry [15] Smart Vehicle Supply Chain Tracking - The report provides a detailed analysis of the smart vehicle supply chain, including hardware components (sensors, chips) and software solutions [10] - Key companies in the hardware segment include Sunny Optical, Nvidia, and Desay SV [10] - In the software segment, notable companies include WeRide, Momenta, and Pony.ai [10] Consumer Willingness to Pay - The report discusses consumer willingness to pay for smart features, indicating a growing acceptance of smart driving technologies [13] - The analysis includes projections for the domestic market size of Robotaxi, estimating significant growth in sales and market penetration [14]

来源：环球网 此次会谈标志着河南省公共交通降碳生态的逐步建立，依托北汽集团在研发、创新方面的优势，将 为"油换电"蓬勃发展注入新的动能，共同在河南展开交通降碳的京豫合作新标杆。 为拓宽行业发展视野，推动"油换电"项目加速落地，近日，中原绿色产业生态发展（河南）有限公司 （以下简称"中原绿色"）赴北京汽车集团有限公司（以下简称"北汽集团"）就"油换电"项目落地开展业 务洽谈。通过实地观摩、座谈研讨等形式，进行全方位、深层次的经验交流。 洽谈会上，中原绿色董事长董昊星简要介绍了中原绿色的发展历程，各业务板块的开展情况及发展规 划，并希望与北汽集团在出租车"油换电"、公共交通领域碳中和服务站等方向开展业务合作与学习交 流，共同提升业务水平。 洽谈期间，双方就多维度合作路径深入探讨。中原绿色依托其业务运营体系，优先批量采购北汽集团生 产的纯电动商用及乘用车型。除车辆采购外，双方还将在电池资产管理、二手车评估、数字化管理平台 等领域展开全方位合作，共同打造覆盖车辆全生命周期的"油换电"一体化解决方案。 ...