Key Insights - The report highlights the strong growth potential of companies in the automotive sector, particularly those with established brands and innovative technologies [3][4][5] - The focus on electric vehicles and smart technologies is driving significant changes in the industry, with companies like BYD, Geely, and XPeng being recommended for investment [3][4][5] Company Updates - **Uxin**: The profitability of new stores is increasing faster than expected due to brand establishment, which enhances profit elasticity in a favorable market [3][4] - **SAIC Motor**: Future prospects hinge on Huawei's involvement, with adjustments in new car launches expected to create opportunities [3][4] - **Tuhu**: Anticipated stable earnings in Q4 2025, with potential for growth in the aftermarket sector [4] - **Hengbo Co., Ltd.**: Strong positioning in the robotics sector with high technical added value and a comprehensive supply chain [5] - **Double Ring Transmission**: Direct collaboration with Tesla on reducers, with significant growth expected in traditional and new energy sectors [5] - **Great Wall Motors**: Plans to launch multiple new models and power versions in 2026, with expected sales growth [8] - **XPeng Motors**: Anticipated improvement in sales structure and gross margins, with new technologies aiding in profitability [8][9] - **Leap Motor**: Expected to exceed 1 million units in sales by 2026, with stable gross margins despite industry challenges [9] Industry Trends - The automotive industry is witnessing a shift towards electric and smart vehicles, with companies focusing on innovation and brand strength to capture market share [3][4][5] - The integration of advanced technologies and partnerships with tech firms like Huawei is becoming crucial for automotive companies to enhance their product offerings and market positioning [3][4][5]

出品：新浪财经上市公司研究院 持续亏损创始人薪酬连年上涨 递表前夕公司低价变卖股份 天瞳威视是中国领先的以软件为核心的智能驾驶解决方案提供商，能够提供覆盖L2-L2+辅助驾驶和L4自动驾驶的全栈式解决方案与服务，其产品在L2- L2+和L4领域均实现了规模化落地，完成了从技术到市场的完整闭环。 按照我国于2022年3月1日开始实施的国家标准《汽车驾驶自动化分级》，驾驶自动化分为6级：L0至L2为驾驶辅助，驾驶员需全程监控驾驶；L3是有条件自 动驾驶，驾驶员在紧急情况执行接管；L4为高度自动驾驶；L5为完全自动驾驶。 IPO前，创始人王曦直接持有公司28.39%股权，通过员工持股平台庆元天瞳、WX Technology间接控制8.78%、4.44%股权，合计控制公司约41.61%股权。同 时，王曦身兼董事长、执行董事、首席执行官多职，作为"一把手"从公司获得了丰厚的回报。 在公司连年亏损的情况下，王曦的薪酬分别高达221.8万元、260.8万元、267.2万元及139.9万元，呈逐年增长趋势，3年半累计拿走近900万元。 根据新浪财经上市公司研究院统计，天瞳威视已完成7轮融资，投资方包括联通、北汽、上汽、商汤投 ...

"今年，从上汽大众整体的表现来说，我们在燃油车细分市场应该比去年有持续的提升，整个市场战略 也有一定的成果落地。从整体销量上来说，我们还是维持在全年100万辆以上，这是可以预见的。"11月 21日，2025广州国际车展在广交会展馆拉开帷幕，上汽大众汽车有限公司大众品牌营销事业执行总监李 俊在接受《中国经营报》等媒体记者采访时如是说道。 李俊解释道："ID. ERA序列的第一款产品定义为'德系满级旗舰SUV'，对于这款增程车型，我们命名为 9系。目前市场中9系产品越来越多，包括M9、L9、900等，均为大型SUV产品。如果我们把它定义为9 系，大家也能联想到，这是一款大尺寸6座SUV产品。" 上汽大众汽车销售有限公司副总经理兼上汽大众汽车有限公司大众品牌营销事业部执行总监Fabio stoelzel（范必欧）告诉记者："今年，上汽大众提出了'全势能、更出众'，我们始终坚守对客户的承 诺，为各品类、各细分市场的用户精准提供适配其需求的大众车型。" Fabio stoelzel还表示："我们积极推进'油电同进、油电同智'战略，全面覆盖燃油、纯电、插混及增程等 多元市场领域。ID. ERA序列的推出，标志着一个'新纪 ...

Core Insights - The Guangzhou Auto Show serves as a platform for automakers to showcase their new products and future plans, with SAIC Volkswagen aiming to present both past achievements and future strategies [1] - SAIC Volkswagen is focusing on a diversified energy product matrix, including electric, hybrid, and traditional fuel vehicles, with a strong emphasis on smart technology integration [1][2] Product Strategy - The ID. ERA series, featuring the first model as a "German flagship SUV," was launched, indicating a commitment to high-end electric vehicles [8] - The Pro series has introduced its first plug-in hybrid model, the Passat ePro, expanding the product range to cover various market segments from mid-range to mainstream [5][7] - The launch of the Langyi Pro further extends the smart features to the A+ class sedan market, incorporating advanced technology such as AI-driven cockpit systems [3] Market Performance - In 2024, SAIC Volkswagen's fuel vehicle market share reached nearly 9%, with cumulative sales of 850,000 units from January to October [2] - The company aims to maintain a strong presence in both fuel and electric vehicle markets, with plans to launch six new electric models in the coming year [13] Technological Integration - SAIC Volkswagen is enhancing its product offerings by collaborating with leading tech companies to integrate advanced technologies into their vehicles, aiming for a seamless user experience [10] - The company is adopting modern organizational structures to improve efficiency and innovation in product development [11] Future Outlook - By 2026, SAIC Volkswagen plans to continue its dual strategy of fuel and electric vehicles, with expectations of cumulative sales surpassing 26 million units by the end of 2025 [13][14] - The company is preparing for the potential impacts of policy changes regarding electric vehicle subsidies, maintaining a balanced approach to market challenges [13]

Industry Information - CATL and Haibosich signed a 10-year strategic cooperation agreement to enhance their advantages in energy storage technology and smart manufacturing [9] - The price of lithium iron phosphate has rebounded by approximately 10% since October, driven by strong demand from automakers and battery manufacturers [9] - A breakthrough in the certification and review technology system for domestic automotive chips has been achieved, addressing the challenges of "dare not use, cannot use" [9][10] - As of the end of October, China's electric vehicle charging infrastructure reached 18.645 million units, a year-on-year increase of 54% [11] - A total investment of nearly 10 billion yuan has been signed for 16 key projects in the new energy industry in Changzhou [12] - In the first ten months, Beijing's new energy vehicle production increased by 150% year-on-year [12] - The new AITO M7 has surpassed 30,000 deliveries within 57 days of its launch [12] - Guoxuan High-Tech has officially started mass production of standard battery cells [12] - Huawei's advanced driving solution for L3 level is set to launch commercially, marking a significant step in autonomous driving technology [12][14] - In Liuzhou, the total vehicle sales reached 1.265 million units in the first three quarters, a year-on-year increase of 33.7% [15] Policy Information - Hebei Province has adjusted its time-of-use electricity pricing policy, optimizing charging costs for electric vehicles with a peak-to-valley price difference of 70% [16][18] - Chengdu plans to build over 500,000 electric vehicle charging piles and more than 200 battery swap stations by 2030 [21] - New regulations for electric vehicle charging infrastructure in Guangxi have been proposed to clarify responsibilities among stakeholders [21] - Beijing is increasing financial support for the purchase of new energy vehicles [21] - Shenzhen is providing subsidies of up to 5 million yuan for the construction of solar-storage charging and battery swap projects [21] - The Ministry of Industry and Information Technology has announced mandatory national standards for intelligent connected vehicle safety, marking a key step in autonomous driving regulation [21][25] - The Ministry of Finance and the Ministry of Industry and Information Technology are seeking public opinions on government procurement standards for new energy vehicles [21][26] Company Information - Leap Motor reported a total revenue of 31.562 billion yuan in Q3, a year-on-year increase of 9.1% [32] - Leap Motor achieved a net profit of 150 million yuan in Q3, delivering 173,900 vehicles [32] - Xiaomi's Ultra Club racing service has expanded to its 13th city, adding the Guangdong International Circuit [32] - Xiaomi's HAD autonomous driving system is set to upgrade to a new generation XLA architecture in Q4 [32] - Avita Technology signed a business cooperation framework agreement with the Chongqing branch of the Industrial and Commercial Bank of China [32] - NIO's Firefly right-hand drive model has entered mass production, with the first batch shipping to Singapore [34] - NIO has completed the battery swap route in the western Sichuan region, covering popular tourist areas [34] - BYD's sales in the UK have surpassed 50,000 units [34] - Leap Motor's first overseas model cooperation project with FAW has been launched, expected to go into production next year [34] - Xiaopeng Motors plans to launch seven new models next year, including three super electric range-extended products in Q1 [34] - Seres is actively expanding into overseas markets, focusing on high-end smart electric vehicles [34] - Xiaomi's third-quarter profit from electric vehicles and AI reached 700 million yuan [34] - GAC Aion has become the first company in the country to obtain a high-speed L3 testing license for vehicles in collaboration with Huawei [34] - NIO's ES6 model has reached a cumulative delivery of 300,000 units [34] - Geely and Renault have officially launched their strategic cooperation in Brazil, investing 3.8 billion reais (approximately 5.1 billion yuan) [34] - Xiaomi is expected to complete its annual delivery target of 350,000 vehicles ahead of schedule [34] - Tesla's global supercharging stations have exceeded 75,000 [34] - Xiaomi's 500,000th vehicle has officially rolled off the production line, marking a significant milestone [34] - Li Auto is accelerating product iteration and global expansion, moving away from a "cookie-cutter" design approach [34]

Core Insights - The Guangzhou Auto Show serves as a significant platform for automakers to showcase their new products and future plans, with SAIC Volkswagen unveiling its new ID. ERA series and the first plug-in hybrid model, the Passat ePro, indicating a shift towards a diversified energy product matrix [1][5][6] - The company emphasizes "intelligentization" as a key theme in its product strategy, aiming to integrate traditional fuel vehicles with new energy technologies to enhance user experience [2][7] Product Strategy - SAIC Volkswagen is launching a series of new energy vehicles, including the ID. ERA series, which is positioned as a "German flagship SUV" and aims to set new benchmarks in the market [5][6] - The Pro series, which includes models like the Passat ePro and the newly launched Langyi Pro, focuses on providing intelligent features and advanced driving assistance systems, thereby expanding its market reach [3][4] Market Performance - The Pro series has achieved a nearly 9% market share in the fuel vehicle segment, with cumulative sales reaching 850,000 units from January to October 2024, indicating strong market acceptance [2][3] - The company plans to introduce six new energy models within the next year, with a target of over 20 new models by 2030, reflecting its commitment to expanding its product lineup [8][9] Strategic Partnerships - SAIC Volkswagen is actively collaborating with leading technology companies such as Baidu and Huawei to enhance its product offerings and integrate advanced technologies into its vehicles [2][7] - The company is shifting from a traditional supply chain model to a joint development approach, aiming to create top-tier product experiences in smart driving and cockpit systems [7][8] Organizational Transformation - The company is undergoing internal changes to improve efficiency and responsiveness to market demands, including the adoption of modern organizational structures and management practices [8][9] - SAIC Volkswagen is focusing on user engagement through initiatives like the ID. ERA "Pioneer Experience Program," which invites users to participate in product testing and feedback [7][8] Future Outlook - The company remains optimistic about navigating the challenges posed by the gradual reduction of government subsidies for electric vehicles, leveraging its strong fuel vehicle base as a buffer [9][10] - By the end of 2025, SAIC Volkswagen expects to surpass cumulative sales of 26 million units, maintaining its position as a leading brand in the domestic market [9][10]

Group 1 - The core viewpoint of the news is the official launch of SAIC Volkswagen's new energy product series ID.ERA at the 2025 Guangzhou International Auto Show, which includes the introduction of the brand's first 9-series flagship SUV [1] - The ID.ERA series will cover all new energy models in the future, focusing on six core initiatives to create a new framework for future mobility [1] - The company plans to launch six new energy models in 2026 and over 20 models by 2030, demonstrating a strong commitment to electrification [3][8] Group 2 - The 9-series flagship SUV is positioned as a "German full-level flagship SUV" with five key technological highlights, including advanced range-extending power and superior intelligent cockpit experience [4] - The Pro family has expanded with the debut of the Passat ePro, which emphasizes electric experience, comprehensive evolution, and elegant design [3][6] - By the end of 2025, SAIC Volkswagen's cumulative sales for the Volkswagen brand are expected to exceed 26 million, maintaining its leading position in domestic single-brand sales [8]

欧洲汽车制造商协会：上汽集团10月在欧盟的新车注册量增长56%。 ...

反弹科技先行, 重视 T 链 VIV -2025/11/17-2025/11/21 汽车周报 2025 年 11 月 25 日 版 发行业 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 朱傅哲 (8621)23297818× zhufz@swsresearch.com 本期投资后示 1. 本周事件 1.1 重点报告回顾 《科技赋能下的换道再提速——2026 年汽车行业投资策略》 汽车需求受到政策变化的影响有限，乐观看到中高端需求的超预期回暖。无论是消费 习惯、能力、人口结构,还是产品竞争力都相较于 8 年前有了较大变化,因此我们不必刻 舟求剑对明年的退坡过度担忧。我们相信优秀的 B/C 级新产品将会显著激发用户的换车需 求。政策扰动对 A0/A00 市场会有结构性扰动，但新能源渗透率进一步提升已成定局 整车出海的盈利确定性来自工程师红利的套利，我们相信这轮中国智能电动车的全球 化之路已经开启，5 年后海外销量有望接近 1000 万台。 科技看小鹏、蔚来、理想，白马看比亚迪、 ...

Core Viewpoint - SAIC Maxus is undergoing a significant brand renewal, focusing on a complete transition to new energy vehicles (NEVs) with plans to launch 22 new models across four vehicle series by 2025 [1][7] Group 1: Brand Renewal and Strategy - The brand renewal includes a new logo, vision, mission, values, and brand pillars, marking a milestone in SAIC Maxus's development [1] - The company aims to become the brand with the widest coverage of NEVs in the commercial vehicle sector [1] - SAIC Maxus has integrated its light commercial vehicle business under the OEM strategy, consolidating brands such as Maxus, Yuedong, and Iveco [3] Group 2: New Product Launches - At the 2025 Guangzhou Auto Show, SAIC Maxus unveiled the new "Zhonghui" logo and introduced the RoboVAN and RoboBUS, both part of its new energy light commercial vehicle series [4] - The RoboVAN is designed for 24/7 operation, capable of automatic order acceptance and optimal route planning, with plans for mass deployment next year [4] - Both models are built on the "Hongtu" super commercial electric architecture, which focuses on specialized technology solutions for commercial vehicles [4] Group 3: Strategic Partnerships - SAIC Maxus has entered a strategic partnership with CATL for autonomous battery swapping, integrating smart driving, fast charging, and battery swapping technologies [6] - CATL's battery swapping stations have been established at over 800 locations, supporting various commercial vehicle types [6] Group 4: Market Performance and Future Plans - The monthly order for the DANA product series has exceeded 3,000 units, with NEV sales accounting for 41% of SAIC Maxus's total sales [7] - The company plans to introduce a series of new energy vehicles, including light commercial vehicles, pickups, and MPVs, targeting global markets [7] - In October, SAIC Maxus reported sales of approximately 19,900 units, a year-on-year increase of 47.86%, with cumulative sales for the first ten months reaching 180,000 units, up 16.63% year-on-year [9]