11月26日，在由中国证券报、中国国新主办，国新证券承办，苏州工业园区城市发展研究院全面战略支 持的2025年金牛企业可持续发展论坛暨第三届国新杯·ESG金牛奖颁奖典礼上，ESG金牛奖百强、ESG卓 越央企金牛奖、ESG碳中和金牛奖、ESG科技引领金牛奖、ESG治理金牛奖、ESG乡村振兴金牛奖及 ESG新锐金牛奖七项奖项获奖名单揭晓。 其中，建设银行、美的集团（000333）、海康威视（002415）、海尔智家（600690）、赛力斯 （601127）及金山办公等114家公司荣获ESG金牛奖百强。航发动力（600893）、保利发展 （600048）、长电科技（600584）、桂冠电力（600236）、中钨高新（000657）及华润三九（000999） 等62家央企公司荣获ESG卓越央企金牛奖。 隆基绿能（601012）、华电国际（600027）、金发科技（600143）、上纬新材、五矿资本（600390）及 雅化集团（002497）等36家公司荣获ESG碳中和金牛奖。中微公司、北方稀土（600111）、科大讯飞 （002230）、领益智造（002600）、龙芯中科及恺英网络（002517）等26家公司荣获ES ...

那么，AI如何铸就汽车的"智慧大脑"与"神经网络"？这一问题的答案，正在汽车行业的实践中逐渐清 晰。 11月21日至30日，第二十三届广州国际汽车展览会（以下简称"广州车展"）如期举行。开幕首日，赛力 斯旗下问界全系产品联袂登台，同时，公司最新技术成果——赛力斯魔方技术平台2.0正式发布，迅速 成为业界关注的焦点。 面对汽车产业智能化转型的澎湃浪潮，赛力斯魔方技术平台2.0给出了系统性的回应：它以构建"有情 感、更智慧、更安全、可信赖的移动智能体和生活伴侣"为目标，为实现这一愿景构筑起坚实的技术底 座。 当下，汽车智能化已迈入"AI定义汽车"的新阶段。如果说"软件定义汽车"只是智能化的起点，而AI的赋 能则将推动汽车从单纯的"功能执行"跃升到"主动思考"，使其真正成为用户身边懂需求、有共鸣的"智 慧伙伴"。 赛力斯汽车总裁何利扬在发布现场强调："全新魔方技术平台2.0以全景智慧为引领，以智能安全为基 石，对智慧能源、智能底盘、EEA架构与智慧空间实现全面升级，是面向AI驱动的下一代智慧电动汽车 平台！" 赛力斯魔方技术平台2.0正式发布 赛力斯魔方技术平台2.0的发布，不仅是技术迭代，更是一次面向AI时代的系 ...

高端化突围的定局 问界M9 在中国豪华车市场，一个新的价值坐标系已经成型：当一款新车试图定义其产品力时，它的参照系往往不是百年底蕴的奔驰S级、宝马7系，而是新晋本土 标杆——问界M9。 这是一个无法绕开的对标原点，频繁出现在各类发布会的聚光灯下，承受着来自多方竞品的审视与挑战。然而，销量数据、口碑热度以及不断攀升的品牌势 能，共同构筑了一道看似矛盾的现实：问界M9一直被追赶，却很难被超越。 更为关键的是，这种"对标行为"已彻底跨越传统品牌阵营的界限，演变为全行业的共识性动作。无论是底蕴深厚的传统豪华巨头，还是锐意进取的造车新势 力，都将问界M9所树立的标准视为重要的价值参照系。这本身，就是对其市场引领地位的无声肯定，标志着中国汽车产业高端化竞争进入了一个全新阶 段。 问界M9在市场层面的突破性表现，标志着中国品牌在高端汽车领域实现了历史性的跨越。这一突破体现在品牌认知、用户结构和市场地位三个维度的深刻 变革。 根据《2024新车购买者NCBS报告》的深入分析，代表高净值消费群体的"实力任性族"在问界用户中的占比已达到27.3%，这一数据具有里程碑意义。它不 仅大幅超越了新能源汽车市场9.9%的平均水平，更接近 ...

国家知识产权局信息显示，赛力斯汽车有限公司申请一项名为"信号处理方法、装置、计算机设备和存 储介质"的专利，公开号CN 121009279 A，申请日期为2025年8月。专利摘要显示，本申请公开一种信 号处理方法、装置、计算机设备和存储介质，涉及智能汽车技术领域，用以解决相关技术中自学习过程 如果受到电磁干扰，会导致激励信号的可靠性降低的问题。该方法包括：响应于对初始激励信号进行自 学习，确定初始激励信号的峰值电压；根据峰值电压确定采样方波，并根据采样方波对初始激励信号进 行采样，得到信号脉冲；设置信号脉冲对应的触发脉冲，并基于触发脉冲对峰值电压进行校验；若校验 出峰值电压不合格，则重新对初始激励信号进行自学习，直至校验出峰值电压合格。 财经频道更多独家策划、专家专栏，免费查阅>> 天眼查资料显示，赛力斯汽车有限公司，成立于2012年，位于重庆市，是一家以从事汽车制造业为主的 企业。企业注册资本1063727.9999万人民币。通过天眼查大数据分析，赛力斯汽车有限公司共对外投资 了10家企业，参与招投标项目26次，财产线索方面有商标信息525条，专利信息4281条，此外企业还拥 有行政许可140个。 声明：市 ...

行 业 及 产 业 2025 年 11 月 25 日 策略会重点公司更新；车展重点公 行 业 研 究 / 行 业 点 评 相关研究 - 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 邵翼 (8621)23297818× shaoyi@swsresearch.com 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 汽车 司更新 看好 ——一周一刻钟，大事快评（W133） 证 券 研 究 报 告 证券分析师 ⚫ 优信：新店盈利爬坡速度超预期，很重要的一个原因就是品牌建立起来（二手车为非标 产品，建立信任困难和且成本高），所以一旦品牌建立起来以后，盈利弹性非常大，行 业向好的情况下，盈利天花板可能也会远超预期，持续推荐。 ⚫ 上汽集团：明年的看点仍主要是华为，尚界 H5 反响一般的一个很重要的原因就是其用 户定位和宣传没有精准定位到目标人群，但是我们认为明年的新车会有调整，可能带来 布局机会。其次上汽通用五菱的华境我们认为是华为的第 ...

Group 1: Industry Performance and Market Trends - The automotive industry in China has shown a continuous growth trend in the first three quarters of 2025, with total revenue reaching 30,088.47 billion yuan, a year-on-year increase of 10.13% [12] - The net profit attributable to shareholders reached 1,222.52 billion yuan, growing by 7.46% year-on-year, while the net profit excluding non-recurring items was 1,026.63 billion yuan, up by 12.97% [12] - The strong performance is driven by policy support, the penetration of new energy vehicles (NEVs), and structural consumption upgrades due to intelligent and new product cycles [12][23] Group 2: Passenger Vehicle Market Growth - The passenger vehicle market has seen sustained growth, with wholesale sales of narrow-sense passenger vehicles reaching 2.932 million units in the first ten months of 2025, a year-on-year increase of 12.16% [31] - NEV sales exceeded 11 million units, marking a significant year-on-year growth of 32.75% [31] - The penetration rate of NEVs in retail sales has consistently surpassed 50% from March to October 2025, indicating strong market demand [23][31] Group 3: Laser Radar Demand and Technology - The cost of laser radar has significantly decreased, with prices dropping from tens of thousands to between 2,000 and 3,000 yuan, facilitating increased demand [43] - The penetration of Navigation On Autopilot (NOA) technology is rising, which is expected to drive the demand for laser radar and other key components [56] - The delivery volume of laser radar has surged, with companies like Hesai Technology reporting a 228.9% year-on-year increase in deliveries [50] Group 4: Robotaxi Market Expansion - The Robotaxi market is expanding rapidly, with companies like Pony.ai and WeRide seeing significant revenue and order growth [38] - The cost of core components for Robotaxi is decreasing, enhancing the feasibility of commercial operations [38] - The potential market for Robotaxi services is vast, indicating a transformative shift in transportation methods [38][43] Group 5: Investment Recommendations - The report maintains an overweight rating for the automotive sector, highlighting strong demand driven by policies and technological advancements [4] - Recommended companies include leading domestic luxury SUV manufacturers and key players in the laser radar and Robotaxi supply chains, such as Seres and Great Wall Motors [4][5]

直飞货运航线的开通，不仅仅为了跨境电商 当前外贸领域呈现出"冰火两重天"的景象：一边是传统外贸遭遇旺季"不旺"的寒意，另一边是跨境电商 的逆势增长。面对外贸格局的深刻变革与业态迭代，近期多条直飞货运航线密集启航，全力抢滩今年的 海外消费旺季，为"中国货通全球"加速。 支撑跨境电商 11月21日，一架B767全货机满载50吨跨境电商货物，从温州龙湾国际机场飞往乌兹别克斯坦首都塔什 干。这标志着温州首条直飞中亚的国际航空货运航线正式开通。这也是继今年7月杭州往来塔什干全货 机航线开通以来的又一条浙江省直达中亚地区的货运航线。 这条从温州直飞中亚的货运航线，首航搭载的货物以跨境电商商品为主。瞄准"黑五"、圣诞等海外消费 旺季，直航通道的打通为浙江及周边地区跨境电商企业抢占市场提供了更强的供应链保障，也进一步增 强了本地外贸企业的国际竞争力。 与此同时，这条直飞中亚的货运航线，帮助温州机场补齐了版图——"十四五"期间开通的11条国际货运 航线，让其航空货运网络实现了东南亚、东北亚、中亚三大区域的全覆盖，为辐射欧洲市场搭建了重要 中转平台。 据新华社报道，8月乌鲁木齐直飞乌兹别克斯坦的国际货运航线开通，装载着50多吨的 ...

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]

Market Overview - The automotive industry index increased by 14.79% as of November 21, 2025, outperforming the Shanghai Composite Index and CSI 300 Index by 0.38 percentage points and 1.61 percentage points respectively [11][12] - The automotive sector's performance was strong in the first half of 2025 but became more aligned with the broader market in the second half [11][12] - The majority of sub-sectors showed positive growth, with motorcycles and other segments leading the gains [17][18] Financial Performance - The automotive industry achieved a revenue of CNY 36,976.27 billion in 2024, a year-on-year increase of 3.35%, and a net profit of CNY 1,363.61 billion, up 9.98% [30] - In the first three quarters of 2025, the industry reported revenues of CNY 28,712.84 billion, reflecting a 10.73% year-on-year growth, and a net profit of CNY 1,165.36 billion, up 10.72% [30][31] - The industry’s gross margin was 15.83% in the first three quarters of 2025, a slight decline from the previous year, while the net margin improved to 4.29% [33] Passenger Vehicle Segment - The passenger vehicle market is expected to reach record sales in 2025, driven by policy support and increased penetration of new energy vehicles (NEVs) [43] - NEV retail sales reached 10.15 million units from January to October 2025, a year-on-year increase of 21.9%, with a market share of 52.73% [45][50] - The market structure is shifting towards domestic brands, which captured nearly 70% of the market share by September 2025, while foreign brands are losing ground [50][51] Commercial Vehicle Segment - The commercial vehicle market showed signs of recovery in 2025, with production and sales increasing by nearly 10% year-on-year in the first three quarters [5] - The growth in the commercial vehicle sector is driven by policies promoting vehicle replacements and the rising sales of new energy commercial vehicles [5][6] Automotive Parts Sector - The national strategy emphasizes "intelligent and connected" technologies as the main axis for upgrading the automotive industry [5] - The penetration of advanced driver-assistance systems (ADAS) is expected to drive market expansion and domestic substitution in core hardware [5][6] Investment Recommendations - The report maintains a "stronger than market" rating for the automotive sector, recommending key companies in the passenger vehicle segment such as BYD, Changan Automobile, and Great Wall Motors [6] - In the commercial vehicle segment, Yutong Bus is recommended, along with a focus on China National Heavy Duty Truck [6] - For the automotive parts sector, companies like Feilong Co., Top Group, and Desay SV are highlighted as potential investment opportunities [6]

汽车 2025 年 11 月 24 日 比较研究系列 AI 智驾 2.0，迈向智能涌现 强于大市（维持） 行情走势图 证券分析师 王德安 投资咨询资格编号 S1060511010006 BQV509 WANGDEAN002@pingan.com.cn 王跟海 投资咨询资格编号 S1060523080001 BVG944 WANGGENHAI964@pingan.com.cn 平安观点： 智能驾驶演进已从 2024 年的端到端范式确立，迈入智驾到 AI 2.0 的规模化能 力兑现期。基于模型能力提升及多样化的训练数据，智驾系统可能涌现出自主 应对极端边缘场景的能力，从而推动智驾系统进一步打通商业闭环。 行 业 报 告 行 业 深 度 报 告 证 券 研 究 报 告 | 一、 特斯拉智驾的软硬件层面新迭代 4 | 二、 我国高阶智驾发展迈入第三阶段 5 | | | --- | --- | --- | | 三、 技术架构：主流智驾玩家迭代方向 8 | | | | 3.1 VLA 方向 8 | | | | 3.2 华为 ADS4.0，面向 L3 12 | | | | 3.3 地平线机器人&Momenta 强调一段式端 ...