汽车与零部件行业 行业研究 | 行业周报 核心观点 国内外机器人公司持续迭代推进量产，调 整后继续关注机器人产业链 投资建议与投资标的 从投资策略上看，预计能确定进入特斯拉、Figure、国内机器人公司等配套产业链的汽零 将受益，具备竞争力的自主品牌及在智驾技术方面领先的企业将继续扩大市场份额。建 议持续关注人形机器人链、T 链、液冷产业链、华为产业链、智驾产业链公司。 相关标的：上汽集团、江淮汽车、比亚迪、赛力斯、中国重汽、宇通客车；银轮股份、 新泉股份、博俊科技、爱柯迪、拓普集团、嵘泰股份、经纬恒润、岱美股份、沪光股 份、保隆科技、精锻科技、华阳集团、华域汽车、伯特利、德赛西威、科博达、星宇股 份、三花智控、福耀玻璃、浙江荣泰等。 风险提示 宏观经济下行影响汽车需求、上游原材料价格波动影响、车企价格战压力。 国家/地区 中国 行业 汽车与零部件行业 报告发布日期 2025 年 11 月 23 日 中性（维持） | 姜雪晴 | 执业证书编号：S0860512060001 | | --- | --- | | | jiangxueqing@orientsec.com.cn | | 袁俊轩 | 执业证书编号：S0 ...

Core Insights - The first large-capacity all-solid-state battery production line in China has been completed and is currently undergoing small-scale testing [1] - The all-solid-state battery technology is seen as a significant breakthrough in addressing "range anxiety" and "safety concerns" in the electric vehicle industry [1][3] - The energy density of the newly developed all-solid-state battery is nearly double that of existing batteries, enabling vehicles with over 500 kilometers of range to achieve more than 1000 kilometers [1] Industry Developments - The all-solid-state battery is referred to as the "holy grail of next-generation battery technology" due to its higher energy density and inherent safety compared to traditional liquid lithium batteries [3] - The technology has been included in national strategic initiatives, highlighting its importance for high-quality development in the new energy storage manufacturing sector [3] - No company globally has yet commercialized all-solid-state batteries, but several companies, including CATL and Changan Automobile, have set timelines for production and testing between 2025 and 2027 [3][4] Company Progress - GAC Group has established the first large-capacity all-solid-state battery production line, with plans for small-scale vehicle testing by 2026 and mass production between 2027 and 2030 [1] - SAIC Group's all-solid-state battery production line in Shanghai is set to achieve sample production by the end of this year, with vehicle testing planned for next year and mass production by 2027 [6] - Penghui Energy has completed its all-solid-state battery pilot line, while Baichuan Co. is monitoring the technology's development without current plans for mass production [6]

Core Insights - The solid-state battery technology is making significant progress, with GAC Group establishing the first large-capacity solid-state battery production line in China, capable of mass production of automotive-grade solid-state batteries with over 60Ah capacity [1] - The energy density of the newly developed solid-state batteries is nearly double that of existing batteries, enabling vehicles with over 500 km range to achieve over 1000 km after usage [1] - The industry anticipates small-scale vehicle testing by 2026 and gradual mass production from 2027 to 2030 [1] Industry Developments - Solid-state batteries are referred to as the "holy grail of next-generation battery technology," offering higher energy density, inherent safety, longer lifespan, and wider temperature range compared to traditional liquid lithium batteries [2] - No company has yet commercialized solid-state batteries globally, but several companies, including CATL and Changan Automobile, plan to achieve vehicle integration by 2027, with Changan's battery safety improved by 70% over liquid batteries [2] - The industry expects a peak in pilot production lines in 2026, with small-scale commercialization starting in 2027 and a potential market scale of 100 GWh by 2030 [3] Company Updates - SAIC Group announced that its solid-state battery production line in Shanghai has been fully operational, with sample production expected by the end of this year and vehicle testing in 2024, aiming for mass production in 2027 [4] - Penghui Energy confirmed that its solid-state battery pilot line is operational, with results pending further evaluation [4] - Baichuan Co. has conducted research on solid-state battery technology but has not yet achieved mass production, indicating ongoing monitoring of industry developments [4]

Core Insights - The first large-capacity all-solid-state battery production line in China has been completed and is currently undergoing small-scale testing [1] - The all-solid-state battery technology is seen as a significant breakthrough in addressing "range anxiety" and "safety concerns" in the electric vehicle industry [1] - The energy density of the newly developed all-solid-state battery is nearly double that of existing batteries, enabling vehicles with over 500 kilometers of range to achieve more than 1000 kilometers [1] Industry Developments - Currently, no company globally has commercialized all-solid-state batteries, but several companies have set timelines for production and testing [2] - Companies like CATL and Changan Auto plan to achieve vehicle integration by 2027, with Changan's battery safety improved by 70% compared to liquid batteries [2] - The industry is expected to see a peak in pilot production lines in 2026, with small-scale commercialization anticipated by 2027 and a potential market scale of 100 GWh by 2030 [2] Technological Advancements - The transition from laboratory to pilot production for all-solid-state batteries is accelerating, with multiple companies initiating pilot line construction [3] - Key challenges include material systems, manufacturing processes, and cost reduction, with ongoing engineering validation of core processes [3] - The demand for equipment is expected to rise as pilot lines transition to GWh-level production, benefiting equipment manufacturers [3] Company Updates - SAIC Group has achieved full connectivity of its all-solid-state battery production line in Shanghai and plans to conduct vehicle testing in 2023 [4] - Penghui Energy has established its pilot line for solid-state batteries, with results pending further evaluation [4] - Baichuan Co. is monitoring the development of solid-state battery technology but has not yet initiated mass production [4] - The Chinese Association for Science and Technology emphasizes the need to overcome technical bottlenecks in manufacturing costs and lifecycle for solid-state batteries [4]

Investment Rating - The report maintains a "Buy" rating for the automotive sector, anticipating a bottoming and upward trend in Q1 2026 [1]. Core Insights - The automotive sector is currently experiencing a cooling sentiment due to the impact of trade-in quotas, with October retail sales falling below expectations and November expected to perform moderately. The fourth quarter is also anticipated to underperform previous market expectations. However, the sector is expected to find a bottom and begin to rise in Q1 2026, presenting potential investment opportunities for the upcoming year [1][2]. Data Tracking - In early November, the discount rate for vehicles increased to 10.0%, up by 0.4 percentage points month-on-month and 1.5 percentage points year-on-year. The average discount amount rose by 23,103 yuan, with significant fluctuations among major brands [3]. - In October, new energy vehicle deliveries from leading companies showed a notable increase for BYD, which delivered 442,000 units, a month-on-month increase of 11.5% but a year-on-year decrease of 12.1%. Other companies like Leap Motor and Xpeng also reported significant year-on-year growth [3][20]. - Traditional automakers also saw growth in October, with Geely's sales reaching 307,000 units, a year-on-year increase of 35.0% and a month-on-month increase of 12.5% [3][23]. Industry News - The report highlights several key developments in the automotive industry, including the launch of new models and significant sales figures for new energy vehicles. For instance, from November 1 to 16, the retail sales of new energy vehicles reached 554,000 units, a year-on-year increase of 2% [30][31]. - The report also notes the introduction of advanced technologies in new models, such as the Deep Blue L06 and the Xiaopeng X9, which feature cutting-edge battery systems and autonomous driving capabilities [30][31].

此外值得关注的是，荣威不仅致力于打造"国民车"，更在积极构建"国民级"服务网络。今年，荣威全力 拓展服务网络，新增渠道238家，预计年底突破600家，旨在为用户带来更便捷、更周全的服务体验。 （中国经济网记者 郭跃） 具体来看，豆包AI车机衍生出三大核心能力。第一，模糊语义理解能力，不仅实现了15大场景覆盖， 还能精准识别倒装句、否定句以及多意图指令。第二，记忆贯穿能力，能够在连续对话中自动关联上下 文，深入理解用户复合需求。第三，复杂车控能力，依托行业最多的车控端口接入，豆包AI车机支持 300+项车控能力，用户只需一句话，即可联动座舱内多项功能协同运行。 数据显示，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%。举例来看，荣威M7 DMH可精准覆盖各大年龄段孩子的需求。系统不仅能 实现与孩子的超长连续互动，还能一句话读懂家长意图，自动完成一系列育儿操作。更借助豆包深度思 考大模型的"最强大脑"， 化身"移动兴趣班"，可根据孩子年龄实时调整教学内容，巧妙安抚孩子情 绪，为全家创造安心舒适的出行环境。 智能化水平全面提升之外，荣威M7 ...

智己LS9与新一代智己LS6联袂登场，展现出智己汽车深厚的技术实力储备，也为其销量再上台阶打下 了坚实基础。 11月21日，智己汽车携刚刚上市的"上汽旗舰大六座"智己LS9与持续热销的新一代智己LS6亮相2025广 州国际车展。两款超级增程SUV展现出尖端的科技实力和极具竞争力的价格优势，各自成为30万元级旗 舰大六座与20万元级智能大五座SUV市场中极受关注的明星产品。 作为上汽集团（600104）尖端技术的集大成者，智己LS9在驾控、性能、智能、豪华四大维度上，做到 了"每一面皆旗舰"。同时，所有科技配置统统都标配，做到了全系皆Ultra。结合32.28万元起的上市权 益价，让其成为30万元大六座旗舰级SUV中的有力竞争者。 智己LS9要做"最好开的大六座SUV"，其搭载了"灵蜥数字底盘3.0"，解决了传统大六座SUV"笨重不灵 活"、"侧倾像开船"的痛点。双向24°智慧四轮转向，协同150mm超大行程双腔闭式智慧空悬等旗舰级底 盘硬件，让一辆大六座SUV比Polo还灵活，比五座驾控标杆操控更好。同时，全系标配的灵蜥矢量四驱 系统，赋予智己LS9硬核越野实力，给用户随时征服远方的底气。 其中，66度超级增 ...

据悉，豆包AI车机是由荣威与豆包团队共同打造的车机系统，该系统具备推理、思考和感受情绪的能 力，让车内座舱不仅仅是"指令响应"，更可进一步实现"意图驱动"。 新京报贝壳财经讯（记者白昊天）11月21日起，第二十三届广州国际汽车展览会开幕。上汽荣威于发布 会现场全球首发豆包深度思考大模型及场景。荣威旗下长续航中大型豪华轿车荣威M7 DMH同步亮相， 并搭载了豆包AI（人工智能）车机。 （文章来源：新京报） 公开资料显示，豆包深度思考大模型在2025年第三季度实现了1.59亿月活用户，并占据49.2%的市场份 额。荣威M7 DMH则可以通过豆包车机实现模糊语义理解能力、记忆贯穿能力和复杂车控能力。 ...

新京报贝壳财经讯（记者白昊天）11月21日起，第二十三届广州国际汽车展览会开幕。上汽荣威于发布会现场全球首发豆包深度思考大 模型及场景。荣威旗下长续航中大型豪华轿车荣威M7 DMH同步亮相，并搭载了豆包AI（人工智能）车机。 荣威展台。 企业供图 据悉，豆包AI车机是由荣威与豆包团队共同打造的车机系统，该系统具备推理、思考和感受情绪的能力，让车内座舱不仅仅是"指令响 应"，更可进一步实现"意图驱动"。 公开资料显示，豆包深度思考大模型在2025年第三季度实现了1.59亿月活用户，并占据49.2%的市场份额。荣威M7 DMH则可以通过豆 包车机实现模糊语义理解能力、记忆贯穿能力和复杂车控能力。 编辑 徐倩 校对 赵琳 ...

编辑 徐倩 校对 张彦君 MG4活动现场。 新京报贝壳财经记者 白昊天 摄 新京报贝壳财经讯（记者白昊天）11月22日，上汽MG（名爵）在2025广州国际车展亮相了MG4半固态安芯 版，该车型将搭载半固态电池并将于12月正式开启交付。 在此次广州车展上，MG还正式发布了全新品牌IP MOLI。MOLI将首发搭载于全新MG4半固态安芯版，出现 在车机界面、语音交互及导航车标等场景。其他版本车型也将通过OTA逐步推送该形象，更多功能与互动将 于2026年第二季度上线。 ...