Investment Rating - The report suggests a focus on opportunities arising from the themes of international expansion and smart technology, particularly in the automotive sector [1]. Core Insights - Short-term domestic demand is low, with retail sales of passenger vehicles declining year-on-year. However, exports of passenger vehicles have shown strong growth, indicating that international markets will be a long-term focus for the industry [1][12]. - The smart technology and robotics sectors are accelerating, with significant advancements in intelligent driving and AI integration in vehicles [15][18]. - The report recommends investing in companies like BYD, Geely, and Li Auto for international expansion, and companies like Horizon Robotics and Top Group for smart technology and robotics [1][18]. Summary by Sections Weekly Perspective - Domestic demand is weak, with November retail sales of passenger vehicles down 15.8% year-on-year. The report notes that the expected policy incentives have not yet materialized, contributing to this decline [11]. - Passenger vehicle exports reached 594,000 units in November, a 50% increase year-on-year, indicating a robust international market [12]. Industry Data Tracking - The Shanghai Composite Index decreased by 0.08%, while the automotive index increased by 0.16% this week. Notable stock performances included Superjet Co. (+39.0%) and Huamao Technology (+28.5%) [2][19]. - In November, wholesale passenger vehicle sales were 2.991 million units, a 1.7% increase year-on-year, while new energy vehicle sales were 1.694 million units, up 17.6% [4][34]. Industry Dynamics - The report highlights the rapid development of smart technology in vehicles, with over 60% penetration of L2 and above driving assistance systems in the market. The trend towards AI-driven smart cockpits is also noted [15]. - Robotics technology is advancing, with new products being launched by domestic manufacturers, indicating a shift towards commercialization in this sector [16][18].

Core Insights - The report emphasizes the importance of overseas expansion and AI applications in the automotive industry, particularly for vehicle manufacturers and parts suppliers, as a means to achieve growth and value reassessment by 2026 [2][9][14]. Group 1: Automotive Industry Overview - In 2025, the domestic automotive market experienced significant growth due to policies promoting vehicle replacement and increasing exports, with a notable rise in sales of new energy vehicles (NEVs) [14][19]. - The outlook for 2026 indicates potential growth pressures in the domestic market due to tightening policies and the phasing out of tax exemptions for NEVs, while exports are expected to remain a key growth driver [15][20]. Group 2: Vehicle Segment Analysis - The report forecasts that the domestic passenger vehicle market will see stable sales, with an estimated total of 30.37 million units in 2026, reflecting a 1.1% year-on-year increase, driven by export growth [29][39]. - The export volume of passenger vehicles is projected to reach approximately 6.56 million units in 2026, representing a 14% year-on-year increase, as domestic brands enhance their overseas presence [39][40]. Group 3: New Energy Vehicles (NEVs) - The penetration rate of NEVs is expected to continue rising, with sales projected at around 17.41 million units in 2026, marking a 12% year-on-year increase [9][30]. - The report highlights a shift from a "price war" to a "value war" among NEV manufacturers, indicating a competitive landscape focused on quality and technology [9][16]. Group 4: Auto Parts Industry - The report identifies overseas business as a crucial growth point for auto parts companies, with expectations of improved profitability from international operations as companies expand their global footprint [9][16]. - AI applications in areas such as humanoid robots, AI liquid cooling, and intelligent driving are anticipated to create new growth opportunities for parts suppliers, with significant advancements expected in 2026 [9][16][19]. Group 5: Investment Recommendations - The report recommends focusing on mid-cap blue-chip companies in the auto parts sector, as their overseas business is expected to contribute significantly to profitability in the coming years [3][9]. - Key investment targets include companies like Yinchuan, New Spring, Top Group, and others that are well-positioned to benefit from the trends in overseas expansion and AI integration [3].

Core Viewpoint - The 20th China Automotive Golden Wrench Award ceremony was held in Beijing, aiming to establish a value coordinate system for automotive services in China [1] Group 1: Award Categories - The awards are divided into four categories: independent brands, joint venture brands, luxury brands, and new energy brands [8] - GAC Trumpchi and Geely Auto won awards in the independent brand category [8] - GAC Toyota, GAC Honda, and FAW-Volkswagen received honors in the joint venture brand category [8] - FAW Audi and FAW Hongqi were recognized in the luxury brand category [8] - Zeekr and AITO won awards in the new energy brand category for their excellent service [8] Group 2: Special Awards - A special "20th Anniversary Excellence Contribution Award" was established, with ten brands including FAW-Volkswagen and BYD receiving recognition [8] - 100 outstanding dealers were awarded the "2025 Golden Wrench Service Top 100 Quality Selected Stores" based on the GES-150 service evaluation standard [8] - Eight senior technicians received the "20th Anniversary Craftsman Award," and seven dealers were named "20th Anniversary Service Benchmark Stores" [8] Group 3: Historical Context - The Golden Wrench Award was initiated in 2006 by China Automotive Market magazine and Sohu Auto, with the aim of promoting service integrity in the automotive industry [10] - The award has evolved over 20 years, initially focusing on traditional fuel vehicle after-sales service and expanding to include new energy brands and new media service scenarios [10] - The award's foundation is linked to the "3.15" joint declaration of integrity service by car companies, which began in 2018 [10]

Core Viewpoint - Company announced the completion of certain fundraising projects, specifically the "Factory Intelligent Upgrade and Electric Drive Production Line Construction Project," which has reached the predetermined usable status, allowing for the reallocation of surplus funds amounting to 19,462 million yuan to the "Electrification Vehicle Development and Product Platform Technology Upgrade Project" [1] Group 1 - The company has completed the "Factory Intelligent Upgrade and Electric Drive Production Line Construction Project" [1] - Surplus funds of 19,462 million yuan will be redirected to the "Electrification Vehicle Development and Product Platform Technology Upgrade Project" [1] - The company plans to adjust the internal investment structure for the 2022 non-public offering projects, extending the usable status date for the "User Center Construction Project" and "Electrification Vehicle Development and Product Platform Technology Upgrade Project" to December 2027 [1]

Core Insights - The AITO M9 has achieved cumulative deliveries exceeding 260,000 units, maintaining its position as the best-selling model in the 500,000 yuan market segment since its launch [1] - The traditional luxury car market, dominated by brands like BBA, is facing significant disruption as consumer preferences shift towards technology integration and value comparison rather than brand loyalty [2][4] - The redefinition of luxury in the automotive industry is highlighted by the AITO M9's focus on intelligent safety and digital ecosystem integration, moving beyond traditional passive safety measures [6] Market Dynamics - High-net-worth consumers are increasingly scrutinizing the value of vehicles beyond brand prestige, leading to a decline in sales for traditional luxury brands in China [4] - By 2025, several German luxury brands are expected to experience sales declines in the Chinese market, prompting a shift towards a more conservative multi-power strategy [4] Brand Positioning - AITO has established itself as a significant player in the high-end market, with its brand perception evolving to be on par with traditional luxury brands [9] - The brand has engaged in strategic partnerships and high-visibility events, such as collaborations with national media and cultural institutions, to enhance its brand image and connect emotionally with consumers [7] Consumer Sentiment - Research indicates that AITO's brand index has successfully entered the "high-end brand" category, aligning it with German luxury brands in consumer perception [9] - AITO's commitment to user-centric service, exemplified by innovative delivery models and customer support initiatives, has contributed to its positive market reception and brand loyalty [9]

"真正拉开人与人之间差距的，往往就是对底层逻辑的认知力"——这一流行金句，亦适用于汽 车行业。 "2025年，鸿蒙智行以五界标杆见证了中国汽车产业的成长，推动了智能化的技术发展与产业 变迁。2026年，鸿蒙智行将在产品矩阵、技术储备、鸿蒙生态、AI能力等多个维度迈向一个 全新的台阶，实现更大的跨越，带动中国汽车全产业链继续向前。"12月9日，华为常务董 事、产品投资委员会主任、终端BG董事长余承东在鸿蒙智行携手合作伙伴、央视新闻开启的 《超凡一步｜在一起 鸿蒙智行》年度特别直播中表示。 余承东在直播中特别提到了最早诞生的 "界"——问界。业界普遍认为，从累计交付超15万台 的问界M5到累计交付超3 7 万 台的问界 M7、累计交付超13万辆的40万级销冠问界M8，再 到累计交付超26万台的50万级销冠问界M9，背后是一次有关价值、信任及口碑的底层逻辑成 功挖掘。 一部有关问界的 "奋斗史" "问界这个品牌可以写一部奋斗史了！"近年参加鸿蒙智行发布会时，经常可以听到类似的观 点。自2021年上海车展诞生至今，问界的发展历程大致可分为三个阶段。 第一阶段为 2021年 -2023年9月 。 两年多时间里， 问界 ...

Group 1: Regulatory Developments in the Automotive Industry - The State Administration for Market Regulation is seeking public opinion on the "Guidelines for Compliance with Pricing Behavior in the Automotive Industry," which aims to standardize pricing practices from vehicle production to parts manufacturing [1] - The guidelines emphasize full-process price management, requiring a comprehensive pricing management system covering vehicle sales and financial services [1] - The guidelines also prohibit price collusion between producers and parts manufacturers, and mandate clear communication of pricing for paid features to protect consumer rights [1] Group 2: Corporate Governance and Management Changes - Dongfeng Motor Group's former deputy general manager of the Special Equipment Division, Xiao Jinghua, is under investigation for serious violations of discipline and law [2] - Seres announced the resignation of non-executive director You Zheng due to work adjustments, with a new candidate, Yang Yanding, proposed for the board [3] Group 3: Financial and Operational Updates - Seres has completed its "Factory Intelligent Upgrade and Electric Drive Production Line Construction Project," reallocating surplus funds of 19.462 million yuan to the "Electric Vehicle Model Development and Product Platform Technology Upgrade Project" [4] - Dongfeng Commercial Vehicle has set a sales target of 176,000 units for 2026, planning to launch 214 new products across various energy types [5] Group 4: Strategic Partnerships and Technological Advancements - Black Sesame Intelligence and Yuanrong Qixing have signed a cooperation agreement to promote the mass production of advanced driver assistance technologies [6][7] - Uber plans to launch autonomous taxi services in over 10 markets by the end of next year, with ongoing operations in the U.S. and Middle East [7]

赛力斯（601127）(09927)发布公告，于2025年12月12日，公司董事会宣布，为满足公司整体审计工作 的需要，董事会根据董事会审计委员会的推荐意见，建议聘任(i)德勤华永会计师事务所(特殊普通合伙) (德勤华永)为公司2025年度的境内审计师;及(ii)德勤关黄陈方会计师行(德勤香港)为公司2025年度的境外 审计师，并提请股东会授权公司管理层根据公司具体的审计要求和审计范围与审计师协商确定审计费 用。建议变更审计师待公司股东会批准后生效。 ...

智通财经APP讯，赛力斯(09927)发布公告，于2025年12月12日，公司董事会宣布，为满足公司整体审计 工作的需要，董事会根据董事会审计委员会的推荐意见，建议聘任(i)德勤华永会计师事务所(特殊普通 合伙)(德勤华永)为公司2025年度的境内审计师;及(ii)德勤•关黄陈方会计师行(德勤香港)为公司2025年度 的境外审计师，并提请股东会授权公司管理层根据公司具体的审计要求和审计范围与审计师协商确定审 计费用。建议变更审计师待公司股东会批准后生效。 ...

格隆汇12月12日丨赛力斯(09927.HK)公告，由于2025年持续关连交易的年度上限有效期将于2025年12月 31日届满，于2025年12月12日，董事会已审议批准公司与东风汽车集团、瑞驰集团及小康控股集团开展 2026年持续关连交易，以重续2025年持续关连交易(如适用)。2026年持续关连交易的年度上限之有效期 均为自2026年1月1日起至2026年12月31日止，为期1年。 ...