2025.05. 26 本文字数：5149，阅读时长大约10分钟 作者 | 第一财 经 肖逸思 黄琳 葛慧 "时间不等人，现在的市场环境对吉利汽车而言，已经没有容错的空间。"在5月中旬的吉利汽车控股 有限公司（下称"吉利汽车"）2025年一季度业绩发布会上，吉利汽车行政总裁及执行董事桂生悦表 示，而这就是吉利这么快进行合并的基本逻辑。 今年2月中旬，领克刚完成并入极氪的股权交割事项，两者合并成为极氪科技集团。而仅仅在不到3 个月内，极氪科技集团又宣布拟与吉利汽车完全合并，实现私有化并于纽交所退市。 这些大动作也让业内人士直呼"见证历史"。而加速整合并不是吉利一家传统汽车"大厂"的独有战略， 在过去一年时间内，除吉利汽车这家民企外，上汽集团和广汽集团两家国有汽车集团，以及东风、长 安两家汽车央企也开启了集团资源整合。 头部汽车集团的纷纷整合，是中国汽车行业竞争白热化、淘汰赛下的车企战略选择。当汽车行业每年 保持两位数增长态势时，车企秉持着大干快上、"多生孩子好打架"的理念，通过收购、自有品牌独立 等方式不断扩张版图；但一旦行业增速放缓，甚至进入存量厮杀时，车企正式告别"多生孩子好打 架"时代，将五根手指头握成一 ...

Core Viewpoint - The evolution of automotive intelligence is centered around data flow, which encompasses acquisition, storage, transmission, computation, and application to achieve smart driving and human interaction through sensory modalities [3]. Industry News - Tesla plans to launch autonomous taxi services in Austin, Texas, in June, starting with about 10 Model Y vehicles, monitored remotely for safety [14][15]. - Xiaomi officially launched the YU7 SUV, featuring standard laser radar, Thor computing platform, and panoramic display, set to hit the market in July [16]. - A new mandatory national standard for light vehicle automatic emergency braking systems is in the public consultation phase, expanding its applicability [15]. - RoboSense and Mammotion announced a strategic partnership to develop high-end robotic lawnmowers equipped with solid-state laser radar, aiming for 1.2 million units over three years [25]. - The 2026 Leap C10 model was launched, featuring Hesai ATX laser radar and a price range starting at 132,800 yuan [26]. High-Frequency Core Data Updates - As of March 2025, the penetration rate of 8MP cameras in passenger vehicles reached 23.8%, up 11 percentage points year-on-year [7]. - The penetration rate of L2 and above autonomous driving functions in passenger vehicles was 18.4% in March 2025, an increase of 4.3 percentage points year-on-year [9]. - The penetration rate of laser radar in passenger vehicles was 6.1% in March 2025, reflecting a year-on-year increase of 1 percentage point [8]. - The penetration rates for various sensors in March 2025 were 59.8% for front-view cameras, 47.2% for forward millimeter-wave radar, and 6.1% for laser radar [9]. - The penetration rate of OTA (Over-The-Air) updates in passenger vehicles was 74.5% in March 2025, showing a year-on-year increase of 3 percentage points [10]. Investment Suggestions - The automotive intelligence sector is witnessing significant advancements, with companies like Tesla, Xiaomi, and others leading the charge in smart driving technologies and features [2][4].

Market Performance - A-shares experienced slight fluctuations with major indices mostly rising, while the Shanghai Composite Index fell by 0.05% to 3346.84 points [1] - Total trading volume in the A-share market was 10,339 billion, down from 11,826 billion on the previous Friday [1] - The automotive sector saw significant declines, with leading stocks like BYD dropping by 5.93% and other major players also experiencing losses [1] Sector Analysis - The controllable nuclear fusion concept stocks led the market, while sectors such as gaming, cultural media, jewelry, and communication services performed relatively well [1] - The automotive sector faced pressure due to recent price cuts, particularly from BYD, which raised concerns about profit margins across the industry [1] External Market Influences - U.S. stock indices fell slightly, with the Dow and S&P 500 down less than 1%, and the Nasdaq down 1% [2] - Concerns regarding Trump's tariff negotiations, particularly with the EU, have contributed to market volatility, although recent news indicated a potential extension of tariff deadlines [2] - The offshore RMB appreciated significantly by 0.45%, reaching its highest level since November, which historically supports A-shares by attracting foreign investment [2] Investor Sentiment - Current market conditions suggest a cautious outlook, with investors likely to maintain their positions and await further developments [3] - The slow recovery of the domestic economy and pressures in the real estate market are contributing to a lack of upward momentum in stock prices [3]

Group 1 - SAIC Motor Corporation Limited, established in 1984, is primarily engaged in the automotive manufacturing industry and is located in Shanghai [1] - The company has a registered capital of approximately 115.75 billion RMB [1] - As of the first quarter of this year, Huatai-PineBridge Fund's Huatai-PineBridge CSI 300 ETF reduced its holdings in SAIC Motor, ranking among the top ten shareholders [1] Group 2 - The year-to-date return for SAIC Motor is -0.92%, ranking 2088 out of 3435 in its category [2] - The performance of the Huatai-PineBridge CSI 300 ETF shows a return of -0.92% this year, with a quarterly decline of -2.17% [2] - The fund manager for the Huatai-PineBridge CSI 300 ETF is Liu Jun, who has extensive experience in fund management [4][6]

Group 1: Industry Overview - The consolidation among leading automotive groups in China is a strategic choice driven by intense competition and a survival-of-the-fittest mentality in the industry [1][2] - As the automotive industry shifts from rapid growth to a more competitive environment, companies are moving away from expansion strategies to focus on resource integration and efficiency [2] Group 2: Geely's Strategy - Geely's recent mergers, including the integration of Lynk & Co into Zeekr Technology Group, reflect a strategic shift to consolidate its brand matrix and enhance competitiveness [3][4] - The "Taizhou Declaration" emphasizes strategic focus, integration, and collaboration to streamline operations and reduce costs [4][5] - Geely's leadership acknowledges the urgency of these changes due to the lack of margin for error in the current market environment [5] Group 3: SAIC's Reforms - SAIC Motor Corporation is undergoing significant restructuring, with a focus on integrating its passenger vehicle management to improve efficiency and reduce waste [6][7] - The new management emphasizes a unified approach to tackle market challenges, particularly in the face of declining sales and profits [6][8] - Recent financial reports indicate a slight decline in revenue but an improvement in profitability, attributed to ongoing reforms and operational efficiencies [8] Group 4: GAC's Transformation - GAC Group has initiated a comprehensive reform to enhance the performance of its self-owned brands, shifting from strategic to operational management [9][10] - The company aims to increase the market share of its self-owned brands to 60% by 2027, reflecting a significant shift in focus [11] Group 5: Dongfeng and Changan's Restructuring - Dongfeng and Changan are planning a merger to streamline operations and enhance competitiveness in a changing market landscape [12][13] - Dongfeng is restructuring its management to focus on operational efficiency and unified planning to adapt to market changes [12][13] Group 6: NIO's Cost Control Measures - NIO is implementing a transformation focused on cost control and operational efficiency to address ongoing financial losses [14][15] - The company is shifting its strategy from expansive growth to a more focused approach, emphasizing cost management and supply chain optimization [15][16] - NIO's recent initiatives aim to achieve a gross margin of 20%, reflecting a significant shift in operational priorities [17]

Core Viewpoint - The domestic new energy light commercial vehicle market experienced a significant decline in April 2025, with sales dropping 27% month-on-month and 16% year-on-year, indicating a potential shift in market dynamics after a period of growth [2][3][30]. Market Performance - In April 2025, the new energy light commercial vehicle market sold 18,500 units, marking a 27% decrease from March and a 16% decrease year-on-year [2][3]. - The sales trend for the first four months of 2025 showed fluctuations: a decline in January, followed by increases in February and March, and then a decline again in April [5][7]. Sales Data - Cumulatively, from January to April 2025, the new energy light commercial vehicle market sold 72,300 units, reflecting a 15% year-on-year growth, although the growth rate has narrowed by 17 percentage points compared to March [7][22]. - The market completion rate for the 2024 annual sales target stood at 29.54% by the end of April 2025 [7]. Regional Insights - All 31 provincial-level administrative regions in mainland China have registered new energy light commercial vehicles, with 20 regions exceeding 1,000 units in registrations. Guangdong province alone accounted for 13,300 units, representing 18.40% of the total registrations in the first four months of 2025 [8][11]. Company Performance - In April 2025, SAIC-GM-Wuling led the market with a sales volume of nearly 5,000 units, achieving a year-on-year growth of 227%. Other notable performers included Foton, Changan, and Jiangling, with respective growth rates of 48%, 40%, and 324% [15][16][24]. - The market share for SAIC-GM-Wuling reached 24.76%, while other companies like Farizon and Changan held 17.21% and 13.37% market shares, respectively [27][28]. Market Composition - The new energy light commercial vehicle market is predominantly composed of pure electric models, which accounted for 99.98% of sales in the first four months of 2025, showing a slight decrease from the previous year [13]. - The competitive landscape saw changes in rankings, with several companies experiencing significant fluctuations in their monthly sales performance [20].

Investment Rating - The report maintains a neutral investment rating for the automotive and parts industry [5] Core Viewpoints - The upcoming launch of the Huawei brand vehicle, the Zun Jie S800, is expected to enhance market competition in the luxury car segment, leveraging Huawei's strengths in technology and branding [11][40] - The report suggests continued focus on the Huawei supply chain, autonomous driving technology leaders, and certain state-owned enterprises that may reverse their current challenges through reforms and collaborations [2][13] - The report highlights strong order volumes for the Wanjie M8 and M9 models, indicating a positive trend for the Wanjie brand [11] Summary by Sections Market Performance - The automotive sector outperformed the CSI 300 index, with a weekly increase of 1.8%, ranking second among 29 primary industries [15] - The passenger vehicle segment saw a significant increase of 5.48%, while the automotive parts sector experienced a slight decline of 0.70% [15] Sales Tracking - From May 1-18, 2025, the wholesale sales of passenger vehicles reached 858,000 units, marking an 18% year-on-year increase, while retail sales reached 932,000 units, up 12% year-on-year [23] - Cumulative wholesale sales for the year reached 9.326 million units, reflecting a 12% increase compared to the previous year [23] Key Companies to Watch - Recommended companies include SAIC Motor, JAC Motors, BYD, Changan Automobile, and several others in the automotive and parts sectors, with specific buy ratings for some [14] - The report emphasizes the importance of monitoring companies involved in the Huawei supply chain and humanoid robotics [2][13] Industry Developments - The report notes the upcoming testing of Tesla's Robotaxi project, which will operate without safety drivers, showcasing advancements in autonomous driving technology [12] - Figure Robotics has achieved a significant milestone by completing 20-hour shifts in BMW's production line, indicating progress in robotics for manufacturing [13]

Core Insights - The automotive fine chemicals industry is experiencing explosive growth driven by the expansion of the automotive sector, increasing environmental regulations, and the rapid adoption of electric vehicles. The market size for automotive fine chemicals in China was 46.255 billion yuan in 2023 and is expected to exceed 100 billion yuan by 2030 [1][17]. Industry Overview - Automotive fine chemicals are specialized chemical products used throughout the lifecycle of vehicles, including production, use, and recycling. They are crucial for various automotive systems, including lubrication, cleaning, protection, coatings, and adhesives [3][9]. - The main categories of automotive fine chemicals include lubricants, cleaning agents, protective products, coatings, and adhesives [4]. Market Dynamics - The demand for automotive fine chemicals has surged due to the increasing number of vehicles in China, which provides a stable market for maintenance-related chemicals. The automotive ownership in China is steadily rising, contributing to this demand [1][17]. - The global automotive fine chemicals market is projected to grow from 100 billion USD in 2023 to 180 billion USD by 2030, with a compound annual growth rate (CAGR) of 8.76% [14]. Policy Environment - Recent policies encourage the production of environmentally friendly products and the development of new materials in the fine chemicals sector. For instance, the "14th Five-Year Plan" aims to enhance the quality and efficiency of the petrochemical industry, promoting high-end fine chemicals [5][6]. Industry Chain - The automotive fine chemicals industry chain consists of upstream raw material suppliers, midstream manufacturers of fine chemicals, and downstream markets including vehicle manufacturing and maintenance services [7]. Key Companies - Notable companies in the automotive fine chemicals sector include Delian Group, Zhongsheng Gaoke, Longpan Technology, and others, which are involved in the production of various automotive chemicals such as coolants, lubricants, and cleaning agents [21][23][25]. Development Trends - The industry is shifting towards environmentally friendly products, with a focus on high-purity urea and water-based coatings. The demand for personalized and diversified products is also increasing, driven by consumer preferences [28][29]. - The trend towards smart and digital solutions in automotive fine chemicals is growing, with innovations aimed at enhancing product performance and user experience [30].

Investment Rating - The report maintains a neutral investment rating for the automotive and parts industry [5] Core Insights - The upcoming launch of the Huawei brand vehicle, the Zun Jie S800, is expected to enhance market competition in the luxury car segment, leveraging Huawei's strengths in technology and branding [11][40] - The report emphasizes the importance of monitoring the Huawei supply chain, autonomous driving technology leaders, and state-owned enterprises in the automotive sector for potential investment opportunities [2][14] - The report highlights significant order volumes for the Wanjie M8 and M9 models, indicating a positive trend in brand recovery and sales growth [11][12] Industry Overview - The automotive industry is experiencing stable revenue growth, with first-quarter performance exceeding average levels [7] - The automotive sector's performance is reflected in the stock market, with the automotive industry index showing a 1.8% increase, outperforming the CSI 300 index, which decreased by 0.2% [15] - The passenger vehicle segment has shown a notable increase of 5.48%, while the automotive parts sector has slightly declined by 0.70% [15] Sales Tracking - From May 1 to May 18, 2025, the wholesale sales of passenger vehicles reached 858,000 units, marking an 18% year-on-year increase [23] - Cumulative wholesale sales for the year reached 9.326 million units, reflecting a 12% year-on-year growth [23] - The retail sales for the same period were 932,000 units, a 12% increase compared to the previous year [23] Key Companies to Watch - Recommended companies for investment include SAIC Motor, JAC Motors, BYD, Changan Automobile, and others, with specific buy ratings assigned to several of them [2][14] - The report suggests continuous monitoring of companies involved in the Huawei supply chain, humanoid robotics, and autonomous driving technology [2][14]

Core Viewpoint - The meeting highlighted the challenges faced by international trade and economic order, emphasizing the need for proactive measures to stabilize the economy and maintain trade resilience [1] Group 1: Economic Challenges - The international economic and trade order is experiencing severe shocks, leading to increased fragmentation of supply chains and rising trade barriers [1] - These challenges are significantly impacting economic development across countries [1] Group 2: Policy Responses - In response to external shocks, the government is enhancing macroeconomic policy adjustments, implementing more proactive fiscal policies, and adopting moderately loose monetary policies [1] - The economy has shown signs of recovery this year, particularly in foreign trade, which has maintained strong resilience [1] Group 3: Future Measures - The government is preparing to introduce measures to stabilize employment and the economy, while also researching new policy tools, including unconventional measures, to be deployed as needed based on changing circumstances [1] - There is confidence in the ability to sustain positive economic momentum [1]