汽车智能网联化持续推进，京东联合宁德时代、广汽集团推出新 车 [Table_Industry] 汽车周报 [Table_ReportDate] 2025 年 10 月 19 日 2 证券研究报告 行业研究 [Tabl 行业周报e_ReportType] | [Table_StockAndRank] 汽车 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 赵启政 汽车行业分析师 执业编号：S1500525030004 邮箱：zhaoqizheng@cindasc.com [汽车智能网联化持续推进， Table_Title] 京东联合宁德时 代、广汽集团推出新车 [Table_ReportDate] 2025 年 10 月 19 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 股汽车板块跑输大盘。（1）本周沪深 300 ...

"电商平台+电池巨头+传统车企"的创新组合，为行业提供了新的想象空间。 作者丨彭鑫 编辑丨安安 近日，京东正式官宣将联合广汽集团、宁德时代推出首款车型，并计划于今年"双十一"在京东平台开启独家销售。 10月16日，2025世界智能网联汽车大会上，广汽集团董事长冯兴亚表示，以技术参数为导向的造车思维已经不适应当下，传统制造企业需要加速迈向用户服 务型企业。 对此，京东方面则明确表示"不造车"，不会直接涉及制造环节。目前，这款合作车型已以1元起拍的形式在京东拍卖上线。 图源：京东APP 电商带来了全新的销售与用户触达思路，电池巨头提供了核心技术背书，而车企则确保了制造落地。 在竞争日益白热化的市场里，这次合作也体现了向广汽这种传统车企正积极寻求外部合作，试图打开新局面的迫切心态。 海通国际证券认为，三方协同潜力可期，成果依赖执行与生态联动。此次合作对三方均具战略意义。但能否形成可复制的盈利模式，仍依赖三方面：一是换 电网络扩展速度与标准兼容性；二是用户体验与品牌信任的积累；三是三方在资金、运营及数据层面的协同深度。短期内项目更具示范属性，长期若模式跑 通，将为各方打开新的成长曲线。 "1+1+1 >3？" 汽车制 ...

Core Insights - GAC Trumpchi launched the new M8 Master model, further reducing the entry price for the M8 series, which initially started at 329,900 yuan [2] - The Trumpchi Xiangwang series, developed in collaboration with Huawei and CATL, aims to enhance brand positioning and offer high-quality, long-range electric vehicles [2][4] - The M8 Master features a shift in its intelligent driving system from Huawei to Momenta, which is seen as a key factor in its price reduction [2][4] Product Details - The M8 Master is available in two versions: the laser radar version priced at 269,900 yuan and the premium version at 249,900 yuan [2] - The vehicle is equipped with a powerful Momenta driving assistance system, featuring a high-performance NVIDIA Orin-X chip and 27 high-spec sensors for comprehensive 360-degree perception [3] - The M8 Master boasts a 2.0T engine combined with a dual-mode DHT system, achieving a total torque of 645 N·m and a range exceeding 1,400 kilometers on a full charge and full tank [4] Market Context - The MPV market, particularly in the 250,000 to 300,000 yuan segment, has limited options for advanced driving assistance features, creating a competitive gap that the M8 Master aims to fill [3] - The domestic MPV market has seen a decline in sales in August and September, intensifying competition among brands like Weipai and Tengshi [5] - GAC Trumpchi has a strong market presence with over 800,000 cumulative sales in the MPV segment, including more than 450,000 units of the M8 model [5]

Core Viewpoint - The article provides a detailed calendar for the disclosure of third-quarter reports for key automotive companies in October 2025, highlighting the importance of these disclosures for investors and industry stakeholders [1]. Summary by Sections Disclosure Calendar - The calendar lists various automotive companies scheduled to release their third-quarter reports from October 13 to October 30, 2025, including notable firms such as Weitang Dingye, Xinzhi Group, and Chang'an Automobile [1]. - The final disclosure dates are subject to the actual release by the companies, indicating the dynamic nature of financial reporting in the automotive sector [2]. Industry Focus - The article emphasizes the ongoing transformation in the automotive industry, particularly focusing on the four key trends: intelligence, electrification, globalization, and high-end development [6]. - It highlights the potential investment opportunities arising from these trends, suggesting a significant shift in the automotive landscape that could reshape industry dynamics over the next decade [16].

" 广汽传祺MPV用户超80万名，M8系列贡献了45万辆以上。 " 作者丨韦艳娇 编辑丨 田哲 在一个布置紧凑的小型车展现场，广汽传祺全新MPV——向往M8宗师以黑、白两款车型分列展台两侧。 灯光缓缓亮起，展台中央的嘉宾区坐满观众，主持人的开场白伴随音乐响起，一场临场气氛浓厚的小型发 布会就此拉开帷幕，宣告向往M8宗师正式上市。 发布会持续近一小时，现场舞台布置简约干净、产品介绍和解读相对迅速，快节奏的发布会一如以前。 10月16日，广汽传祺向往M8宗师版正式上市，新车将计划推出两个版本，其中，激光雷达版本售价为 28.99万元，尊享版售价为 26.99 万元。 此次发布会的现场，广汽传祺请来了周鹏夫妇，而著名篮球运动员周鹏也成为了传祺向往M8宗师的星推 官。 | | 车型 | 传祺向往M8宗师版 | | --- | --- | --- | | 参数 | | | | 基本信息 | 车型定位 | 高品质智能家享mpv | | 家庭使用 | 座椅布局 | 2+2+3 | | 城市通勤 | 尺寸 | 5251/1893/1823mm | | | 轴距 | 3070mm | | | 辅助驾驶 | Momenta驾驶辅 ...

Core Points - JD.com has launched the auction for its first car, starting at a price of 1 yuan, allowing car owners to determine the final price [1] - The auction began on October 17, with the official bidding starting on October 22 at 14:00 [1] - Over 170,000 participants have engaged in the interactive pre-launch activities for the car [1] Group 1 - JD.com announced a collaboration with GAC Group and CATL to launch a mysterious "National Good Car" during the Double 11 shopping festival [2] - JD.com is not directly involved in the manufacturing process; GAC Group handles intelligent vehicle manufacturing, while CATL provides battery technology and battery swap ecosystem support [2] - JD.com will leverage its online and offline channels for sales and services, planning to exclusively sell the car online during the Double 11 event [2]

北京商报讯(记者何倩)10月17日，北京商报记者从京东获悉，京东即将发布的001号新车正式上线京东 APP，并在"京东拍卖"频道开启预订，起拍价仅为1元。这也意味着新车的最终价格将完全由车主确 定。 据了解，此次拍卖于10月17日开启线上预约，10月22日14:00正式开拍，搜索"京东拍卖"即可预约参 拍。此外，来京东搜索"国民好车"还提前预约试驾、参与互动，目前已有超17万人参与了互动。 彼时，据京东介绍，京东并不直接涉及制造环节。在分工方面，广汽集团（601238）负责整车智能制 造，宁德时代提供电池技术与换电生态支持，京东则发挥线上线下（300959）全渠道消费与服务优势， 计划于"双11"期间独家线上开售。 在10月14日举办的京东11.11惊喜开放日活动上，京东官宣将于"双11"期间联合广汽、宁德时代 （300750）正式推出一款神秘"国民好车"。 ...

10月17日，京东官宣双11期间联合广汽、宁德时代推出的神秘"国民好车"001号已正式上线京东App， 并在"京东拍卖"频道开启预订，起拍价仅为1元，首位车主也将通过竞拍产生。 （文章来源：新京报） ...

| A | 股代码：601238 | A | 股简称：广汽集团 | 公告编号：2025-069 | | --- | --- | --- | --- | --- | | H | 股代码：02238 | H | 股简称：广汽集团 | | 广州汽车集团股份有限公司 关于子公司为其参股公司提供委托贷款的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、委托贷款情况概述 广州汽车集团股份有限公司（简称"本公司"或"公司"）分别于 2022 年 9 月 23 日及 2022 年 10 月 14 日召开第六届董事会第 23 次会议和 2022 年第二次临 时股东大会，审议同意全资子公司广汽零部件有限公司（简称"广汽部件"）按 49%的持股比例向其参股公司长沙麦格纳汽车外饰有限公司（简称"长沙麦格纳" 或"参股企业"）提供不超过 3,675 万元委托贷款，利率参考同期 LPR，期限不 超过三年。 截至本公告披露日，广汽部件向参股公司长沙麦格纳提供的委托贷款余额为 2,695 万元，委托贷款到期日为 2025 年 10 月 14 日 ...

Core Insights - GAC Group is undergoing a significant transformation in response to the evolving automotive industry, shifting from a manufacturing-driven model to a "user + technology" dual-driven approach [1][6][10] Group 1: Organizational Changes - GAC Group initiated the "Panyu Action" to drive internal systemic reform, achieving notable results in organization, processes, and culture over the past year [2] - The organization has optimized its structure around integrated reform of its self-owned brands, establishing a product project-centric operational system [4] - Shared service centers for functions like HR, finance, and procurement have improved operational efficiency and reduced management costs [4] Group 2: Process Innovations - GAC has restructured its Integrated Product Development (IPD) and Integrated Product Marketing and Sales (IPMS) systems, focusing on user needs [4] - The first phase of IPD reform has been completed, marking a shift from "engineers drawing blueprints" to "users defining products" [4] Group 3: Cultural Transformation - GAC has redefined its corporate culture to emphasize "user first, meritocracy, accountability, and collaborative efforts" [4] - The company has initiated a competitive recruitment process for managerial positions to enhance organizational vitality [4] Group 4: User-Centric Approach - GAC's recent collaboration with JD.com and CATL on the "National Good Car" project exemplifies its user-centered approach, focusing on safety, battery technology, and user services [5][6] Group 5: Technological Advancements - GAC has significantly increased its R&D investment, exceeding 58 billion yuan, with expectations to surpass 10 billion yuan this year [7] - The self-developed ADiGO GSD intelligent driving system covers 99.9% of roads, while the new ADiGO intelligent cockpit has improved response speed by three times [7] Group 6: Quality Assurance - GAC has launched the "Star Spirit Safety Guardian System," integrating nearly 30 years of manufacturing quality control experience with AI and big data [8] - The system has successfully preempted over 4.47 million potential risk scenarios through dual redundancy design in eight key systems [8] Group 7: Collaborative Ecosystem - GAC is enhancing its innovation ecosystem through partnerships with companies like Huawei, Tencent, and CATL, developing over 50 automotive-grade chips [9] - The collaborative approach aims to create a more expansive and globally influential innovation ecosystem [9] Group 8: International Expansion - GAC's overseas terminal sales increased by 42% year-on-year from January to September, with operations in 85 countries and regions [10] - The company is committed to localizing its operations and providing high-quality green smart travel experiences globally [10]