中国证券报记者还从上汽集团方面了解到，上汽还组建了500人的专业团队，与锦江集团、久事集团深 入沟通、密切协作，共同制定运营服务方案，部署应急保障网络，做到"全天候响应、全时段服务、全 方位保障"。三方将紧密携手，打造绿色智能、舒适便捷的高品质出行体验，为中国国际进口博览会增 光添彩。 中证报中证网讯(龚梦泽熊永红)2025年11月5日至10日，第八届中国国际进口博览会将在上海召开。作 为"中国智造"的品质代表，上汽集团（600104）将提供750辆接待用车，并向全球嘉宾展示中国智造的 可靠品质和创新魅力。 据悉，第八届进博会接待用车包括荣威M7DMH、荣威iMAX8EV、全新智己L7、大通MAXUS大家9超 混、大通MAXUS新途V90、奥迪A7L、凯迪拉克新CT6、别克GL8新陆尊等众多车型，将让与会嘉宾充 分体验上汽技术创新的最新成果。 ...

Core Insights - The passenger car sector experienced a decline of 0.67% on October 22, with Haima Automobile leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Market Performance - The closing prices and percentage changes for key passenger car stocks are as follows: - BAIC Blue Valley: 7.93, +1.93% - Changan Automobile: 12.40, +0.08% - SAIC Motor: 16.46, -0.30% - GAC Group: 7.74, -0.39% - Seres: 157.14, -0.57% - BYD: 103.78, -0.94% - Great Wall Motors: 22.84, -1.42% - Haima Automobile: 6.04, -8.35% [1] Capital Flow - The passenger car sector saw a net outflow of 1.348 billion yuan from institutional investors, while retail investors contributed a net inflow of 849 million yuan [1] - The detailed capital flow for selected stocks indicates: - BAIC Blue Valley: Institutional net inflow of 142 million yuan, retail net outflow of 82.86 million yuan - Great Wall Motors: Institutional net inflow of 5.47 million yuan, retail net outflow of 13.43 million yuan - SAIC Motor: Institutional net outflow of 4.07 million yuan, retail net inflow of 18.21 million yuan - GAC Group: Institutional net outflow of 25.53 million yuan, retail net inflow of 19.10 million yuan - Changan Automobile: Institutional net outflow of 76.71 million yuan, retail net inflow of 69.96 million yuan - Seres: Institutional net outflow of 98.72 million yuan, retail net inflow of 32.12 million yuan - Haima Automobile: Institutional net outflow of 264 million yuan, retail net inflow of 19.5 million yuan - BYD: Institutional net outflow of 1.027 billion yuan, retail net inflow of 648.17 million yuan [2]

前三季度，一方面，上海对欧盟、美国进出口分别为6003.1亿、3257.2亿元，分别下降0.4%、8.1%，合 计占全市外贸总值的27.7%,占比下降2.5个百分点。另一方面，对非传统市场进出口增长8.7%，贡献率 达87.8%。尤其在出口市场开拓上，对巴西、印度等其他金砖国家出口增长27.7%，对非洲增长79.2%。 首先，在市场格局的调整中，企业的全球化已从初期的"卖产品"升级为涵盖技术、资本与管理的价值输 出，并在与本地化共赢的思维中实现产业链的系统性落地，同时反向赋能中国的制造转型。 作为工业级绿色智能系统解决方案提供商，上海电气集团今年前三季度营业收入与利润实现"双增长"， 其中海外营收已占集团总收入的五分之一以上。在高端装备和软件等领域实现自主可控及国产化替代的 同时，上海电气在海外市场取得一系列突破。比如，旗下企业成功实现首根自主研发5G70船用低速柴 油机曲轴出口，风电集团接连中标波黑两个风电项目，振华轴承在保加利亚的首个欧洲工厂也进入调试 阶段。 从开局落后全国到大幅反超，上海三季度外贸强势"逆袭"。 今年前三季度，上海市进出口增长5.4%，增速超过全国1.4个百分点。其中， 出口增势更加明 ...

智通财经记者 | 周姝祺 10月22日，上海市统计局公布前三季度国民经济运行情况。今年1至9月，全市工业增加值同比增长 5.2%；全市规模以上工业总产值同比增长5.7%，增速比上半年提高0.1个百分点。 其中，汽车行业呈现向好态势，为上海市经济增长提供了坚实支撑。根据统计局官网发布数据，今年前 三季度，上海汽车制造业产值同比增长11.8%，至5225.35亿元。 以上汽集团为代表的本土企业强势复苏，成为推动产业转型升级的重要力量。智通财经了解到，自去年 下半年启动深化改革以来，上汽集团已经推出了多款热销产品，成果开始显现。 今年以来，上汽月销量已实现同比"九连涨"，1至9月累计实现整车批售319.3万辆，同比增长20.5%，终 端零售337.8万辆，继续在国内行业领跑。其中，9月份上汽集团整车销量达到44万辆，同比增长超过四 成，已超过比亚迪，时隔18个月再度问鼎中国汽车行业销量冠军。 中国汽车流通协会专家委员会专家委员李颜伟接受智通财经采访指出，上汽集团的上涨主要得益于自主 品牌销量的持续提升。今年9月，上汽自主品牌销量为29.4万辆，同比增长50.4%；1至9月累计销量为 204.4万辆，同比增长29.2 ...

Market Overview - The shared economy sector increased by 0.46% on October 21, with Haikong Group leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Top Performers in Shared Economy Sector - Haikong Group (603069) closed at 28.66, up 7.22% with a trading volume of 471,000 shares and a turnover of 1.337 billion yuan [1] - Shilianhang (002285) closed at 2.38, up 3.93% with a trading volume of 593,800 shares and a turnover of 139 million yuan [1] - Xinlong Health (002105) closed at 6.93, up 2.97% with a trading volume of 81,000 shares and a turnover of 55.435 million yuan [1] Fund Flow Analysis - The shared economy sector experienced a net outflow of 427 million yuan from institutional investors, while retail investors saw a net inflow of 316 million yuan [2] - The sector's overall fund flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2][3] Individual Stock Fund Flow - SAIC Group (600104) had a net inflow of 17.3522 million yuan from institutional investors, while it faced a net outflow of 18.0513 million yuan from speculative funds [3] - Zhongbei Communication (603220) saw a net inflow of 17.2214 million yuan from institutional investors, with a net outflow of 5.2555 million yuan from speculative funds [3] - Jieshun Technology (002609) recorded a net inflow of 11.84 million yuan from institutional investors, while speculative funds had a net outflow of 5.9588 million yuan [3]

Core Insights - The passenger car sector experienced a 0.64% increase on October 21, with Beiqi Blue Valley leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Passenger Car Sector Performance - Beiqi Blue Valley (600733) closed at 7.78, with a rise of 2.10% and a trading volume of 772,900 shares, amounting to 594 million yuan [1] - Other notable performers include: - Seres (601127) at 158.04, up 1.50%, with a trading volume of 212,300 shares and a turnover of 3.332 billion yuan [1] - Great Wall Motors (601633) at 23.17, up 0.83%, with a trading volume of 131,700 shares and a turnover of 304 million yuan [1] - SAIC Motor (600104) at 16.51, up 0.43%, with a trading volume of 305,800 shares and a turnover of 504 million yuan [1] - GAC Group (601238) at 7.77, up 0.26%, with a trading volume of 324,800 shares and a turnover of 252 million yuan [1] - BYD (002594) at 104.76, up 0.23%, with a trading volume of 299,100 shares and a turnover of 3.134 billion yuan [1] - Changan Automobile (000625) at 12.39, up 0.08%, with a trading volume of 1,074,400 shares and a turnover of 1.331 billion yuan [1] - Haima Automobile (000572) at 6.59, down 1.35%, with a trading volume of 2,300,900 shares and a turnover of 1.503 billion yuan [1] Capital Flow Analysis - The passenger car sector saw a net inflow of 47.4825 million yuan from institutional investors, while retail investors contributed a net inflow of 37.7483 million yuan [1] - Notable capital flows for specific companies include: - Seres (601127) had a net inflow of 34.2 million yuan from institutional investors but a net outflow of 17.5 million yuan from retail investors [2] - Beiqi Blue Valley (600733) saw a net inflow of 18.6111 million yuan from institutional investors, with a slight outflow from retail investors [2] - SAIC Motor (600104) had a net inflow of 17.3522 million yuan from institutional investors, while retail investors contributed a small net inflow [2] - Great Wall Motors (601633) experienced a net outflow of 2.258 million yuan from institutional investors, with retail investors showing a significant outflow [2] - BYD (002594) faced a net outflow of 131 million yuan from institutional investors, despite some inflow from retail investors [2] - Changan Automobile (000625) had a substantial net outflow of 170 million yuan from institutional investors, with retail investors showing a positive net inflow [2]

大拿V1L主攻物流赛道，得仓率70%，最大容积8.9方，额定载重1.43吨（优于同级30%）；520mm超低货台适配人体工学，270°对开尾门兼容叉车作 业。其搭载鸿图架构浩核六合一集成电驱，综合效率91%，CLTC续航至高535km。 价格方面，纯电高端商务舱大拿M1，搭载83度宁德天行电池售价19.78万元起；纯电品质大轻客大拿V1L，83度宁德天行电池版售价17.08万元起；50度 宁德天行电池版售价12.48万元起，限时一口价9.58万元起。 大拿家族以大VAN市场多元化需求为核心，通过场景化创新重构产品价值。 近日，上汽大通MAXUS专为大VAN市场多元需求打造的大拿纯电轻客家族核心车型——大拿M1、大拿V1L正式焕新上市，全面覆盖专业物流、营运客 运、定制改装等场景。此次发布会还带来鸿图超级商用电动架构，在动力、空间、智能等维度实现颠覆性升级，联合宁德时代首发83度天行L电池。 大拿M1则聚焦客运场景，提供7座、9座布局，最大腿部空间280mm，乘客区通道宽超485mm；7座版后备箱容积3.3m³，可容纳15个26寸行李箱。电池 通过新国标针刺不起火测试，融合热控技术使-20℃极寒环境下能耗优化2 ...

生及社 2025 年 10 月 21 日 时发 行业 相关研究 送研究报 证券分析师 載文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 朱傅哲 (8621)23297818× zhufz@swsresearch.com F SEER V BER 周一刻钟, 大事快评 (W128) 本期投资提示: 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 比亚迪：Q3 销量 111 万台，预计 Q3 盈利约 85 亿，单车盈利回至 8 千元上下。 ● 吉利：Q3 销量环比增长，中高端车型销量提升，预计 Q3 利润 35 亿元左右。 ● ● 蔚来：Q3 销量 8.7 万台，乐道贡献主要销量，毛利率或改善。Q3 亏损预计在 25 亿元 左右。 ● 上汽集团：Q3 自主品牌与海外销售良好，Q3 利润预计在 35 亿元上下。 ● 冠盛股份：业务受海外不稳定性影响。 预计 Q3 利润同比增幅在 20%左右。 ● 优信： Q3 销量同比增 130%。门店盈亏优于预期，Q3 有望 EBITDA ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [2][15]. Core Insights - The report highlights strong sales performance in Q3 for major companies like BYD, Geely, and SAIC, with BYD's sales reaching 1.11 million units and an estimated profit of approximately 8.5 billion [3][4]. - The report emphasizes the recovery of profitability in the automotive sector, driven by improved sales and reduced discounting strategies [4][5]. - The analysis suggests a focus on domestic leading manufacturers and companies involved in technological advancements and state-owned enterprise reforms [3][4]. Summary by Relevant Sections Q3 Key Company Tracking - BYD reported Q3 sales of 1.11 million units, with an estimated profit of 8.5 billion, indicating a recovery in per-unit profitability [4]. - Geely's Q3 sales showed a strong increase, with profits expected around 3.5 billion, benefiting from improved sales of mid-to-high-end models [4]. - NIO's Q3 sales were 87,000 units, with a projected loss of 2.5 billion, although gross margins are expected to improve [4]. - SAIC's Q3 profit is estimated at 3.5 billion, supported by strong performance in both domestic and overseas markets [5]. - Other companies like Xpeng and Li Auto are also highlighted for their sales performance and future growth potential [8][9]. Investment Analysis Recommendations - The report recommends focusing on leading domestic manufacturers such as BYD, Geely, and Xpeng, as well as companies involved in smart technology like Jianghuai Automobile and Seres [3]. - It suggests monitoring state-owned enterprise consolidations, particularly in SAIC and Dongfeng Motor [3]. - The report identifies component manufacturers with strong growth potential, recommending companies like Fuyao Glass and New Spring [3].

Core Viewpoint - The commercial vehicle market in China experienced a significant year-on-year growth of 30% in September 2025, with the truck market growing by 29%. However, the light truck segment showed a modest growth of only 3%, indicating a divergence in performance within the truck market [1][3][5]. Sales Performance - In September 2025, the total truck sales reached 312,000 units, marking a month-on-month increase of 15% and a year-on-year increase of 29%. The light truck market sold 161,400 units, with a month-on-month growth of 15% but a year-on-year growth of only 3%, which is a decrease of 3 percentage points compared to the previous month [3][5][12]. - The light truck market's performance in September is considered normal, ranking third in the last ten years, although it is significantly lower than the peak sales in September 2020 [7][9]. Cumulative Sales - From January to September 2025, the cumulative sales of light trucks reached 1.4819 million units, representing a year-on-year growth of 6%. This figure is within the normal range observed over the past decade [9][19]. - The cumulative sales growth of light trucks in the first nine months of 2025 is attributed to an additional 87,100 units sold compared to the same period last year [9][24]. Company Performance - In September 2025, seven companies sold over 10,000 light trucks, with Foton leading at 36,100 units, followed by Changan and Jianghuai. The top five companies accounted for 56.95% of the market share [11][12][19]. - Among the top ten companies, six experienced year-on-year sales growth, with notable increases from companies like Changan and Jiangling, which grew by 24% and 27% respectively [16][17][21]. Market Share Dynamics - The market share of leading companies such as Foton, Great Wall, and BYD has increased, with BYD showing a remarkable growth of 517% year-on-year [21][23]. - The competitive landscape has shifted, with companies like Jianghuai and Jiangling improving their rankings in the market, while others like Foton and Changan maintained their positions [17][23].