证券日报网讯广汽集团（601238）11月17日在互动平台回答投资者提问时表示，根据上市公司企业会计 准则，研发投入包括费用化支出和资本化支出两部分，其中资本化支出不计入当期损益，不直接影响当 年利润。公司2025年研发投入(包括费用化支出及资本化支出)预计突破100亿元，其中今年1月-9月份研 发费用(即费用化支出)为10.05亿元，已计入当期损益。当前公司财务结构良好，第三季度末公司资产负 债率为45.3%，整体负债率在整车行业中处于较低水平，现金与现金等价物余额为325亿元，具有充足 的资金储备和较强的融资能力。公司正推进三年"番禺行动"，展开自主品牌一体化变革，降本增效已取 得一定成效，将在财务上逐步体现，同时自主品牌盈利状况也将逐步改善，实现健康、可持续发展。 ...

广汽集团（601238）新一届领导班子名单公布。 据广汽集团公告，该公司2025年11月16日举行了第七届董事会第13次会议，审议通过了《关于聘任公司 总经理的议案》、《关于聘任公司总会计师及副总经理的议案》等议案，董事会同意聘任閤先庆为公司 总经理，任期与本届董事会一致，冯兴亚不再兼任公司总经理，仍担任公司董事长及董事会战略委员会 主任委员；董事会同意聘任王丹为总会计师（财务负责人），聘任高锐、江秀云、郑衡、黄永强、陈家 才为副总经理。 公告显示，閤先庆1973年12月生，大学本科，现任广汽集团总经理、执行委员会委员，兼任广汽丰田汽 车有限公司董事长、广汽传祺汽车有限公司董事长、广汽埃安新能源汽车股份有限公司董事长、华望汽 车技术（广州）有限公司董事长、广汽丰田发动机有限公司副董事长、广汽国际汽车销售服务有限公司 董事。 截至11月17日收盘，广汽集团股价为7.87元/股，总市值803亿元。 广汽从2018年开始推行职业经理人制度，通过市场化选聘等方式，聘任管理团队。新一届职业经理人团 队职责全面覆盖产品管理、研发技术、制造供应、品牌营销、国际化、战略发展及人力资源等核心业务 链。今年2月，冯兴亚接替到龄退 ...

Core Insights - GAC Aion launched the i60 model, a compact SUV available in both pure electric and range-extended versions, priced between 109,800 and 135,800 yuan, marking a significant step in its "National Good Car" strategy [2][3] - GAC Aion has faced declining sales, with a 32.5% year-on-year drop in October 2025, totaling 27,000 units, and a cumulative sales decline of 19% for the first ten months of the year [2][3] - The brand aims to reposition itself away from its previous focus on ride-hailing services and establish a new identity targeting family-oriented consumers [2][3] Sales Performance - GAC Aion's revenue for the first half of the year was 10.304 billion yuan, down 16.91% year-on-year, with a net loss of 2.358 billion yuan and a debt-to-asset ratio of 70% [3] - The introduction of the range-extended vehicle segment is seen as a crucial strategy to improve sales and performance [3] Product Features - The i60 utilizes GAC's latest Star Source range-extending technology, previously used in higher-end models, with a monthly sales target of at least 10,000 units [3][4] - The i60's range-extended version boasts a fuel consumption of 5.5 liters per 100 kilometers when depleted, maintaining a speed of 150 km/h and featuring low cabin noise levels [3][4] Competitive Landscape - The i60 competes with models such as BYD Song Pro, Leap Motor C10, and Geely Galaxy E5, with its pricing and features making it competitive in the market [4] - GAC Aion plans to expand its dealer network to nearly 1,000 locations by 2026, including city showrooms and shared dealerships with GAC Passenger Vehicles [4]

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [6] Core Insights - Current demand is weak, but the annual cumulative figures remain above expectations, with retail sales of passenger cars in early November showing a year-on-year decline of 19% but a cumulative growth of 7% for the year [1][20] - The report highlights the approaching commercialization of L3/L4 autonomous driving technologies, with significant advancements expected by 2026 and 2027 [2][29] - Solid-state battery technology and battery swapping systems are evolving, with strategic partnerships being formed to enhance market competitiveness [3][35] Summary by Sections 1. Weekly Market Review - The automotive sector experienced a decline of 2.11% in the past week, with most related sub-sectors also down [12] - The cumulative retail sales of passenger cars for the year reached 19.67 million units, reflecting a 7% year-on-year increase [20] 2. Data Tracking - From November 1-9, 2025, retail sales of passenger cars were 415,000 units, down 19% year-on-year, while wholesale sales were 468,000 units, down 22% year-on-year [20] - Cumulative retail sales of new energy vehicles reached 1.04 million units, a 21% increase year-on-year [20] 3. Industry News - Xiaomi is set to offer end-to-end assisted driving experiences in select stores, showcasing advancements in autonomous driving technology [27] - Huawei's plans for L3 and L4 commercial applications are expected to significantly impact the market by 2026 and 2027 [29] - The Ministry of Industry and Information Technology has set new requirements for the proportion of new energy vehicle credits for 2026 and 2027 [30][31] 4. Investment Recommendations - Focus on the nearing commercialization of L3/L4 technologies and the potential breakthroughs in solid-state battery technology [4]

Core Viewpoint - GAC Group has made significant progress in its collaboration with Huawei this year, particularly in the development of the high-end smart electric vehicle brand "Qijing" [1] Group 1: Project Developments - In August, the "Qijing" brand began nationwide dealer recruitment, planning to establish a channel layout based on the "1+N" model (user center + experience center) [1] - In September, GAC and Huawei officially announced the "Qijing" brand and appointed Liu Jiaming, who has 25 years of automotive industry experience, as CEO to accelerate project implementation [1] - By October, the first model of "Qijing" has completed its design and is scheduled for launch in mid-2026 [1]

Core Insights - The domestic automotive market remains vibrant in the third week of November, with strong sales, corporate collaborations, and new vehicle launches being the main highlights [1] Group 1: New Vehicle Launches - Lantu Automobile announced the rollout of its 300,000th vehicle, the Lantu Taishan, which took only 7 months to reach from 200,000 to 300,000 units [2] - The Lantu Taishan features advanced technology including the latest HarmonyOS voice model, Huawei's ADS Ultra four-laser radar intelligent driving system, AI cloud comfort seats, a 32-speaker audio system, and a three-chamber air suspension [4] - Chery Automobile launched the fifth-generation Tiggo 8 with a promotional price starting from 92,900 yuan, featuring dual front-end designs and advanced smart technology [5][7] - Ora 5 has officially started pre-sales with a price range of 109,800 to 142,800 yuan, showcasing a minimalist interior design and advanced driving assistance systems [13][15] - The Aion i60, a dual-power model, was launched with a starting price of 104,800 yuan, featuring a range of 210 km in pure electric mode and a total range of 1240 km [19][20] Group 2: Corporate Collaborations - GAC Group signed a comprehensive strategic cooperation agreement with CATL to deepen collaboration in the new energy sector, focusing on smart chassis and battery leasing [8][9] - The partnership aims for a ten-year long-term cooperation to leverage each other's strengths in manufacturing, technology, resources, and market presence [9] Group 3: Executive Changes - General Motors announced a leadership change, with Steve Hill becoming the Senior Vice President of Global Export and Retail Innovation, effective December 1 [11][12] - John Roth will take over as the President of General Motors China, bringing extensive experience in sales and marketing to enhance GM's market position in China [12]

整体来看，埃安i60通过双动力布局、高效补能能力与智能驾驶技术相结合，成为埃安冲击10万元级主 流市场的重要"战略车型"。 在增程版本方面，埃安i60搭载29.165度电池，CLTC纯电续航达到210km，并支持3C快充技术，可在15 分钟内从30%充至80%。在满油满电状态下，其综合续航里程可达1240km。该版本集成了广汽自研的三 大核心技术——广汽星源增程技术、GSD智驾辅助系统以及弹匣电池2.0，强化车辆在能效、安全与智 能化方面的整体表现。 与此同时，埃安i60也同步推出纯电版本。该车型搭载75度电池组，可实现650km的CLTC纯电续航，并 支持"5分钟补能200km"的3C快充能力，进一步满足高频通勤用户对补能效率与续航里程的双重需求。 智能驾驶方面，埃安i60搭载广汽最新一代GSD智驾辅助系统，其AEB误触发率低于每40万公里1次，高 速NDA每千公里接管次数少于1次，系统已覆盖41类主场景、392个子场景，可提供高速NDA领航辅 助、智能泊车辅助等智驾功能，进一步提升驾乘的安全性与便利性。 （文章来源：中国经营报） 11月16日，广汽埃安旗下首款"增程+纯电"双动力车型埃安i60正式上市，以 ...

Core Insights - GAC Aion has launched the Aion i60, targeting the family-oriented market with a starting price of 104,800 yuan, positioning it as a "national essential large five-seat SUV" [1][4] - The i60 is the first model from Aion to offer an extended-range power option, featuring a significant 210 km pure electric range and an industry-first "burn one, compensate three" safety promise for battery security [1][7] Product Features - The Aion i60 aims for a sales target of at least 10,000 units monthly, with a combined goal of 13,000 units including the Aion V Home series [3] - The vehicle boasts a self-developed Star Source range extension technology, achieving an industry-leading energy conversion rate of 3.73 kWh/L and a low fuel consumption of 5.5 liters per 100 km in low battery conditions [5] - The i60's extended-range version features a 29.165 kWh large battery, with a pure electric range of 210 km and a fast charging capability that allows charging from 30% to 80% in just 15 minutes [5][6] Market Strategy - Aion identifies the sub-200,000 yuan market as a significant opportunity, as current high-quality extended-range models are predominantly priced above this threshold [8] - The i60's competitive edge lies in its ability to meet new government subsidy requirements with a pure electric range exceeding 200 km, positioning it favorably against plug-in hybrid models [8] - Aion's strategy includes enhancing user value through improved service networks, with plans to add 600 service outlets by 2026, aiming to exceed 1,000 nationwide [9] Future Outlook - The launch of the i60 is seen as the beginning of a new strategy for Aion, with plans to introduce more models across different categories, including sedans, SUVs, and MPVs [11]

Core Insights - GAC Aion launched its first range-extended and pure electric dual-power model, the Aion i60, with a starting price of 104,800 yuan, featuring a rare front MacPherson and rear five-link suspension in its class and a commitment to compensate three times for any vehicle fire incidents [1] Group 1: Market Demand and Positioning - The demand for new energy vehicles has shifted from "pure electric first" to "scenario first," particularly in northern regions with harsh winters or inadequate charging infrastructure, where range-extended vehicles are becoming the preferred choice for many families [4] - The Aion i60 range-extended version aims to tap into the under-served market below 200,000 yuan, offering a competitive 210 km pure electric range and a total range of 1240 km, making it suitable for both urban commuting and long-distance travel [4][5] Group 2: Technical Specifications - The range extender has a continuous power output of 85 kW, paired with a 180 kW high-power motor, allowing for sustained high-speed driving of 150 km/h even in low battery conditions [5] - The Aion i60 features a pure electric version with a range of 650 km and a fast-charging technology that can replenish 200 km of range in just 5 minutes, compatible with over 99% of charging stations [5] Group 3: Comfort and Space - The Aion i60 boasts a wheelbase of 2775 mm, providing ample rear legroom of 1037 mm and headroom of 1020 mm, accommodating tall adults comfortably [6] - The vehicle includes a range of comfort features such as 8-point massage front seats, a panoramic sunroof, and a unique external projection system for entertainment [6] Group 4: Safety Features - The vehicle's body structure consists of 72% hot-formed steel, and it has achieved a record of 50 billion kilometers without self-ignition, showcasing its commitment to safety [6] - The Aion i60 is equipped with a six-airbag system and offers a unique compensation policy for fire incidents, reflecting the company's confidence in its product safety [6] Group 5: Advanced Driver Assistance Systems - The Aion i60 is equipped with the GAC GSD intelligent driving assistance system, which has a low false trigger rate and supports a wide range of driving scenarios, enhancing user experience [7] - The vehicle's design and features are aligned with GAC Aion's strategy to deeply understand and meet user needs, indicating a focus on innovation and market responsiveness [7]

来源：环球网 据悉，广汽集团番禺总部新一届职业经理人团队职责全面覆盖产品管理、研发技术、制造供应、品牌营 销、国际化、战略发展及人力资源等核心业务链。 据此前报道，广汽集团于2024年11月启动了为期三年的"番禺行动"，对自主品牌从战略管控模式向更具 实效性的经营管控模式转型。在转型过程中，广汽集团通过导入DSTE、IPD等管理体系，重塑了流 程、重构了组织，并通过完善人才培养体系、优化激励机制等方式激活人才动能。（思瀚） 值得注意的是，本轮职业经理人团队中引入外部人才。在汽车出海方面有着丰富实战经验的陈家才正式 加盟广汽集团，负责广汽海外业务。 【环球网科技综合报道】11月17日消息，日前，广汽集团新一届职业经理人选聘结果公布。广汽集团聘 任閤先庆为总经理、王丹为总会计师，高锐、江秀云、郑衡、黄永强、陈家才为副总经理。 ...