10 月份新能源车渗透率或达 60%，九识智能完成 1 亿美元 B4 轮融资 [Table_Industry] 汽车周报 [Table_ReportDate] 2025 年 11 月 2 日 2 证券研究报告 行业研究 [Table_ReportDate] 2025 年 11 月 2 日 投资要点： 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号金隅大厦 B 座 邮编：100031 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 [Table_S ➢ 行情回顾： ummary]本周 A 股汽车板块跑赢大盘。（1）本周沪深 300 指数跌 幅 0.43%，其中汽车板块涨幅 0.92%，涨跌幅位居 A 股申万一级行业 第 12 位。（2）本周 SW 乘用车跌幅 1.88%，海马汽车、北汽蓝谷领 涨。（3）本周 SW 商用车涨幅 3.11%，福田汽车、宇通客车领涨。 （4）本周 SW 汽车零部件涨幅 1.55%，三祥科技、大为股份领涨。 ➢ 行业重点新闻。（1）2025 年 10 月新能源车渗透率或达 60%；（2） ...

Core Viewpoint - The hydrogen energy industry is becoming a key sector for promoting energy structure transformation under the "dual carbon" goals, with Beijing actively building a complete hydrogen energy industry chain [1][2]. Industry Development - The forum discussed the development trends, key technological bottlenecks, material innovations, and commercialization applications in the hydrogen and fuel cell industries [2][4]. - China's hydrogen energy industry is transitioning from initial demonstration applications to a critical phase of large-scale and commercial promotion [2]. Company Initiatives - Beijing Foton Motor Co., Ltd. (北汽福田) emphasizes the importance of hydrogen energy in stabilizing energy supply and optimizing energy structure, particularly in the context of low-carbon transportation [2]. - The company achieved sales of over 480,000 units from January to September this year, a year-on-year increase of 10.9%, with its new energy business growing significantly by 113.4% to over 74,000 units [13]. - The company is pursuing a multi-technology approach, including pure electric, hydrogen fuel, and hybrid power, while focusing on independent control of core technologies and product upgrades [13]. Talent Development - The company is actively recruiting talent in key areas such as intelligent driving systems, fuel cell control, and electric drive to support the long-term development of the new energy industry [14]. - A talent demand matching event was held to strategically reserve talent for the future [14]. Technological Advancements - The forum highlighted breakthroughs in catalyst and membrane electrode technologies, low-cost and durable fuel cell systems, and the establishment of a standard system for fuel cell vehicles [4]. - Beijing Foton has made significant progress in hydrogen vehicle research and application, including the successful safety collision test of a 70MPa hydrogen fuel bus and the launch of the world's first 32-ton liquid hydrogen heavy truck [16]. Future Outlook - The company aims to continue deepening industry chain collaboration and innovation, contributing to the high-quality development of China's new energy vehicle industry and the realization of the "dual carbon" goals [17].

Core Insights - The article highlights the significant differentiation in sales performance among new energy vehicle (NEV) companies during October, with Li Auto facing notable declines while others like Leap Motor and Xiaopeng achieve record deliveries [3][4][5]. Sales Performance - Leap Motor delivered over 70,000 vehicles in October, achieving a year-on-year growth of over 84% with total deliveries reaching 70,289 units [3][5]. - Xiaopeng and NIO both surpassed 40,000 deliveries, marking their historical highs with deliveries of 42,013 and 40,397 units respectively [4][5]. - Li Auto's deliveries fell to 31,767 units, a decrease of 6.43% month-on-month and 38.25% year-on-year, making it the only NEV company with a delivery progress below 50% of its annual target [5][6]. Market Positioning - The new energy vehicle market's first tier now has a monthly sales threshold of 40,000 units, which includes Leap Motor, Hongmeng Zhixing, Xiaopeng, NIO, and Xiaomi, while Li Auto has been excluded from this group [5][6]. - Traditional automakers' NEV brands, such as Zeekr and Deep Blue, also showed strong performance, with Zeekr's monthly sales exceeding 60,000 units for the first time [9][10]. Industry Trends - The article notes that as subsidies for new energy vehicles decline, companies that have not gained competitive advantages in scale will face tougher challenges in the coming year [10]. - Leap Motor's CEO emphasized the long-term nature of the automotive industry, indicating that continuous improvement and leveraging strengths are essential for success [10].

Core Insights - The commercial vehicle sector saw a rise of 0.72% on October 31, with Foton Motor leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Commercial Vehicle Sector Performance - Foton Motor (600166) closed at 3.00, up 4.17% with a trading volume of 3.89 million shares and a transaction value of 1.183 billion [1] - China National Heavy Duty Truck Group (000951) closed at 18.14, up 3.78% with a trading volume of 312,300 shares and a transaction value of 564 million [1] - King Long Motor (600686) closed at 15.14, up 2.64% with a trading volume of 808,000 shares and a transaction value of 1.253 billion [1] - Other notable performances include Shuguang Co. (600303) up 1.86% and FAW Jiefang (000800) up 1.27% [1] Fund Flow Analysis - The commercial vehicle sector experienced a net outflow of 174 million from institutional investors and 167 million from speculative funds, while retail investors saw a net inflow of 342 million [2][3] - Yutong Bus (600066) had a significant net outflow of 91.16 million from institutional investors, while retail investors contributed a net inflow of 89.92 million [3] - Jianghuai Automobile (600418) saw a net inflow of 51.86 million from institutional investors, but a net outflow of 31.11 million from retail investors [3]

Core Viewpoint - Foton Motor's Q3 2025 report shows significant growth in revenue and profit, indicating strong operational performance and financial health [1][5]. Financial Performance - The company's operating revenue for Q3 2025 reached 15,078,374,967.92 CNY (approximately 150.78 billion CNY), representing a year-on-year increase of 27.85% [1][2]. - Total profit for the period was 301,816,192.63 CNY (approximately 3.02 billion CNY), a staggering year-on-year increase of 1,329.19% [1][2]. - Net profit attributable to shareholders was 335,789,849.38 CNY (approximately 3.36 billion CNY), showing a remarkable year-on-year growth of 1,764.21% [1][2]. Year-to-Date Performance - For the first three quarters of 2025, Foton Motor's operating revenue totaled 45,449,365,986.35 CNY (approximately 454.49 billion CNY), with a year-on-year growth of 27.09% [2]. - Year-to-date total profit reached 1,052,124,460.79 CNY (approximately 10.52 billion CNY), reflecting a significant year-on-year increase of 127.79% [2]. - Net profit attributable to shareholders for the year-to-date period was 1,112,648,015.41 CNY (approximately 11.13 billion CNY), marking a year-on-year growth of 157.45% [2]. Asset Overview - As of the end of the reporting period, Foton Motor's total assets amounted to 58,093,378,616.06 CNY (approximately 580.93 billion CNY), an increase of 12.04% compared to the end of the previous year [3]. - The equity attributable to shareholders was 15,362,574,398.84 CNY (approximately 153.63 billion CNY), which represents a growth of 7.27% from the previous year-end [3]. - The net cash flow from operating activities for the year-to-date period reached 1,697,913,284.95 CNY (approximately 16.98 billion CNY), providing substantial financial support for future operations [3].

Core Viewpoint - Foton Motor's Q3 2025 report shows significant growth in revenue and profit, indicating strong operational performance and financial health [1][7]. Financial Performance - For Q3 2025, Foton Motor reported revenue of 15,078,374,967.92 CNY (approximately 150.78 billion CNY), a year-on-year increase of 27.85% [1][2]. - The total profit for the period reached 301,816,192.63 CNY (approximately 3.02 billion CNY), a staggering year-on-year increase of 1,329.19% [1][2]. - Net profit attributable to shareholders was 335,789,849.38 CNY (approximately 3.36 billion CNY), reflecting a year-on-year surge of 1,764.21% [1][2]. Year-to-Date Performance - For the first three quarters of 2025, Foton Motor's revenue totaled 45,449,365,986.35 CNY (approximately 454.49 billion CNY), marking a year-on-year growth of 27.09% [3]. - The total profit for this period was 1,052,124,460.79 CNY (approximately 10.52 billion CNY), which is a year-on-year increase of 127.79% [3]. - Net profit attributable to shareholders for the same period was 1,112,648,015.41 CNY (approximately 11.13 billion CNY), showing a year-on-year growth of 157.45% [3]. Asset and Equity Growth - As of the end of the reporting period, Foton Motor's total assets amounted to 58,093,378,616.06 CNY (approximately 580.93 billion CNY), representing a 12.04% increase from the previous year [5]. - The equity attributable to shareholders reached 15,362,574,398.84 CNY (approximately 153.63 billion CNY), which is a 7.27% increase compared to the end of the previous year [5]. - The net cash flow from operating activities for the year-to-date period was 1,697,913,284.95 CNY (approximately 16.98 billion CNY), providing substantial financial support for future operations [5].

Group 1 - Foton Motor's stock increased by 5.21%, reaching 3.03 CNY per share, with a trading volume of 2.12 billion CNY and a turnover rate of 0.90%, resulting in a total market capitalization of 23.99 billion CNY [1] - Foton Motor, established on August 28, 1996, and listed on June 2, 1998, is primarily engaged in automobile production and sales, with revenue contributions from various segments: light vehicles (107.24%), overseas operations (29.69%), management and R&D (26.38%), engines (10.34%), buses (7.50%), and others (0.82%) [1] Group 2 - According to data, a fund under China Construction Bank holds a significant position in Foton Motor, with the CCB Intelligent Automotive Fund (011793) owning 3.4558 million shares, accounting for 2.73% of the fund's net value, ranking as the ninth largest holding [2] - The CCB Intelligent Automotive Fund was established on September 10, 2021, with a current size of 347 million CNY, achieving a year-to-date return of 32.13%, ranking 1672 out of 4216 in its category, and a one-year return of 30.42%, ranking 1615 out of 3889 [2] Group 3 - The fund managers of CCB Intelligent Automotive Fund are Tian Yuanquan and Zhang Xianglong, with Tian having a tenure of 5 years and 138 days, managing assets totaling 5.539 billion CNY, achieving a best return of 91.68% and a worst return of -23.3% during his tenure [3] - Zhang Xianglong has a tenure of 4 years and 274 days, managing assets of 1.673 billion CNY, with a best return of 55.46% and a worst return of -25.7% during his tenure [3]

Group 1: Company Performance Highlights - Foton Motor reported a revenue of 45.45 billion yuan for the first three quarters of 2025, a year-on-year increase of 27.09%, with a net profit of 1.11 billion yuan, up 157.45% [1] - Shanshan Co. achieved a revenue of 14.81 billion yuan, growing 11.48% year-on-year, and a net profit of 283.60 million yuan, an increase of 1,121.72% [1] - SAIC Motor's revenue reached 461.22 billion yuan, a 9.91% increase, with a net profit of 8.10 billion yuan, up 17.28% [2] - Aosheng Precision reported a revenue of 1.28 billion yuan, a 2.53% increase, and a net profit of 102.92 million yuan, up 23.21% [2] - Xinyi Securities recorded a revenue of 9.28 billion yuan, a 39.96% increase, and a net profit of 2.52 billion yuan, up 90.98% [3] - TCL Technology achieved a revenue of 135.94 billion yuan, a 10.5% increase, with a net profit of 3.05 billion yuan, up 99.75% [5] Group 2: Notable Company Announcements - Luxshare Precision expects a net profit of 16.52 billion to 17.19 billion yuan for 2025, representing a year-on-year growth of 23.59% to 28.59% [6] - *ST Chuangxing's chairman was arrested for criminal charges, but the company stated that its operations remain normal and management is unaffected [7] - China National Airlines plans to raise up to 20 billion yuan through a private placement to repay debts and supplement working capital [12]

Core Insights - The article discusses the launch of BAIC's new Alpha T5 and the introduction of BAIC Yuanjing Intelligent, showcasing the company's advancements in smart connected vehicles [1][4]. Group 1: Technology and Innovation - BAIC Yuanjing Intelligent is a comprehensive technology architecture that integrates various aspects from development to production, highlighting BAIC's latest innovations in the smart connected vehicle sector [1]. - The core principle of Yuanjing Intelligent is "full-domain integration," which enables vehicles to evolve into "full-domain intelligent entities" through shared central models, data interaction, and multi-agent collaboration [1][5]. - The new Alpha T5 is the first model equipped with BAIC's AI platform based on the Snapdragon 8775 chip, marking a significant technological milestone [3]. Group 2: Product Offerings - BAIC has launched two flagship products under Yuanjing Intelligent: Yuanjing Smart Driving and Yuanjing Smart Cabin, with the Smart Driving system available in three versions: Pro, Max, and Ultra [4]. - The Pro version offers 128-256T computing power, supporting features like active safety and various navigation assistance functions, while the Max version, with 400-600T computing power, can handle more complex scenarios and is expandable to L3 conditional autonomous driving [4]. - The Ultra version, utilizing over 1000T computing power, is aimed at L4 level autonomous taxi services, ensuring safety and reliability through advanced system designs [4]. Group 3: Safety and Testing - BAIC has developed a comprehensive safety testing and validation system known as "one core and three defenses," covering the entire process from system development to road operation [4]. - For instance, the Yuanjing Smart Driving's urban navigation assistance has undergone extensive testing, accumulating over 50 million kilometers in various environmental conditions [4]. Group 4: User Engagement and Performance - The Yuanjing Smart Cabin employs an AI engine and cross-domain interaction to create a collaborative architecture, allowing for complex task execution through simple user commands [5]. - The platform has integrated over 15 domain-specific intelligent agents, with user engagement metrics showing over 880 million cumulative uses and an average of 40,000 daily active task requests, indicating a leading position in the industry [5].

Core Viewpoint - Foton Motor (600166) reported significant growth in both revenue and net profit for Q3 2025, indicating strong operational performance and a positive outlook for the company [1] Financial Performance - The company's Q3 revenue reached 15.078 billion yuan, representing a year-on-year increase of 27.85% [1] - Net profit for Q3 was 336 million yuan, showing a remarkable year-on-year growth of 1764.21% [1] - For the first three quarters of 2025, total revenue was 45.449 billion yuan, up 27.09% year-on-year [1] - Net profit for the first three quarters was 1.113 billion yuan, reflecting a year-on-year increase of 157.45% [1] Sales Performance - In Q3, the company sold 152,600 vehicles, which is a 15.15% increase compared to the same period last year [1] - New energy vehicle sales reached 24,000 units in Q3, marking a significant year-on-year growth of 63% [1] Cost Efficiency - The company's Q3 period expense ratio decreased by 1.71 percentage points year-on-year, indicating improved cost management [1]