12月4~6日，首届全球智能机械与电子产品博览会（下称博览会）在珠海和澳门两地举行。第一财经记 者现场走访发现，在AI技术快速发展的背景下，安防等多个领域的科技企业正加大对该领域的研发力 度，去强化自身的业务竞争力。在软件层面，AI技术有助于企业去实现更智能的决策。而在硬件层 面，AI技术推动了产品形态变化，进而拓展了产品的应用空间。 除数字化服务外，硬核科技产品的功能实现也有了AI技术的深度参与。新技术对产品竞争力的带动， 主要体现在实体硬件与云端软件的紧密结合，这一点在安防赛道尤为明显，AI技术的应用能帮助安防 系统减少对人力的依赖，降低运行过程中的风险。 博览会举办期间，杰创智能（301248.SZ）带来了国内首创的AI电磁网捕系列产品。该系列产品可在10 米范围内对移动目标实现瞬时安全抓捕，其中电磁网捕器与AI电磁网捕巡防机器狗Pro已成功应用于十 AI技术赋予业务更智能的决策能力 在软件层面，从通用大模型到面向细分行业的垂直大模型，AI技术的发展有望帮助企业实现更智能化 的决策。 就数字化服务来看，AI驱动的全球增长数字化服务商广州钛动科技股份有限公司（下称"钛动"）带来了 首个全球增长大模型钛极大 ...

Core Viewpoint - The proposal by former President Trump to terminate strict fuel economy standards set by the Biden administration poses a significant challenge to Europe's aggressive policies on banning fuel vehicles, highlighting a shift in the automotive industry's dynamics towards a more sustainable and diversified future led by China's oil-electric hybrid strategy [1][9]. Group 1: Policy Changes and Impacts - Trump's proposal aims to reduce the average cost of purchasing new cars by $1,000, potentially saving Americans $109 billion over five years [3]. - The new fuel efficiency standard proposed by Trump's administration requires vehicles to achieve approximately 34 miles per gallon by 2031, compared to Biden's target of 50 miles per gallon [2]. Group 2: Industry Dynamics - The automotive industry's core profits are derived from fuel vehicles, and the transition to electric vehicles represents a significant restructuring of interests, with traditional automakers facing survival pressures due to lost profits from engine manufacturing and after-sales services [4]. - The shift in stance among U.S. automakers from supporting electric vehicle initiatives to opposing stringent regulations reflects the industry's struggle with profit erosion amid changing policies [4]. Group 3: European Market Challenges - European automakers are under severe pressure from the EU's legislation to ban fuel vehicles by 2035, which is seen as overly ambitious and detrimental to businesses [5]. - The EU's "Fit for 55" plan aims for a 55% reduction in new car carbon emissions by 2030, with a complete transition to zero emissions by 2035, but this has led to some companies planning to abandon engine development altogether [5]. Group 4: Global Automotive Trends - The trend of oil-electric hybrid strategies is gaining traction globally, with Asian automakers, particularly Chinese brands like BYD, Geely, and Chery, significantly increasing their market share [7][8]. - The global automotive market remains predominantly fuel-based, with 73% of vehicles still using fuel, indicating that a rapid transition to electric vehicles is unlikely in the short term [8]. Group 5: China's Strategic Position - China's oil-electric hybrid strategy is viewed as a successful model, with the recent release of the 3.0 roadmap emphasizing the continued importance of internal combustion engines alongside electric vehicles [10]. - By 2040, it is projected that 85% of new passenger vehicles in China will be electric, with a significant market still remaining for non-pure electric models, positioning Chinese automakers as key players in the global automotive technology landscape [10].

Core Viewpoint - The article highlights that 2026 is expected to be a challenging year for the Chinese automotive industry, with significant declines in sales and a shift from subsidy-driven growth to competition based on real demand and efficiency [2][9]. Sales Performance - Retail sales of passenger cars in China saw a 15% year-on-year growth at the beginning of the year, but the growth rate has sharply declined since July, with October experiencing an overall negative growth [4][8]. - In November, the average daily retail sales of passenger cars were 46,000 units, down 19% year-on-year in the first week, 9% in the second week, and 7% in the third week [6]. Company Targets and Achievements - BYD aimed for 4.6 million units and achieved 4.18 million units by November, facing challenges to meet its target [7]. - SAIC Group set a target of 4.5 million units, with 4.11 million units sold by November, likely to meet its goal [7]. - Chery and Li Auto are unlikely to meet their targets, while Xiaomi and Leap Motor have already achieved theirs [11]. Market Dynamics - The automotive industry is experiencing its lowest profit margins in five years, with an average profit margin of only 3.8%, leading to significant price reductions [8]. - The market is shifting from a subsidy-driven model to one focused on genuine consumer demand and efficiency, indicating a potential industry "cold wave" in 2026 [8][41]. Subsidy Impact - The impact of subsidies is diminishing, with over 50% of sales in 2025 attributed to trade-in programs, which are now facing adjustments and reductions in many regions [10][13]. - The withdrawal of subsidies is leading to a significant drop in consumer purchasing activity, as many are adopting a "wait-and-see" approach [19][23]. Technological Developments - The article discusses various technological advancements in the automotive sector, including developments in autonomous driving and battery technology, which are seen as potential growth areas for 2026 [26][30]. - The shift towards "software-defined vehicles" and advancements in intelligent driving systems are expected to play a crucial role in the market's future [30][40]. Industry Outlook - The automotive industry is facing a structural adjustment, with weaker companies likely to exit the market as competition intensifies [47]. - The transition from scale expansion to value competition is seen as essential for the long-term health of the industry, with a focus on innovation and efficiency [47][48].

2020-2025年1-10月中国汽车产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：比亚迪（002594）,长城汽车（601633）,上汽集团（600104）,广汽集团（601238）,一汽解放 （000800）,东风汽车（600006）,赛力斯（601127） 相关报告：智研咨询发布的《2025-2031年中国汽车行业市场深度评估及投资机会预测报告》 根据国家统计局数据显示：2025年10月中国汽车产量为328万辆，同比增长11.2%；2025年1-10月中国汽 车累计产量为2732.5万辆，累计增长11%。 ...

Group 1: Used Car Market - In October 2025, the national used car market transaction volume reached 1.76 million units, a year-on-year increase of 2.7% and a month-on-month decrease of 2% [1] - From January to October 2025, the cumulative transaction volume of used cars was 16.49 million units, reflecting a year-on-year growth of 3.5%, with a total transaction value of 1,057.2 billion yuan, up 0.6% [1] - The transfer rate of used cars has fluctuated between 25% and 30% in recent years, reaching a historical high of 33.1% in October 2025 [1] Group 2: Automotive Sales and Deliveries - GAC Group reported November 2025 automotive sales of 179,700 units, representing a month-on-month increase of 5.2% [4] - Honda's terminal automotive sales in China for November 2025 were 50,840 units, with cumulative sales from January to November 2025 totaling 578,580 units [5] - GAC Toyota's overall sales in November 2025 were 64,905 units, with total sales from January to November 2025 reaching 704,024 units [6] - Li Auto announced that its cumulative deliveries have surpassed 1.5 million units [3] Group 3: Industry Developments - RoboSense announced that its laser radar deliveries exceeded 150,000 units in November, with significant adoption in the automotive and robotics markets [8] - Aion, a brand under GAC, received project designation for its second-generation AION V and AION UT models for the European market, with total order volume exceeding 10 GWh [7] Group 4: Export Trends - South Korea's automotive export volume is expected to decline for the first time in five years, with estimates between 2.71 million and 2.72 million units, a decrease of approximately 2.3% to 2.6% compared to last year [9][10] - The decline in exports is primarily attributed to reduced shipments to the United States, which is South Korea's largest automotive export market, with a 7.9% year-on-year decrease in exports to the U.S. from January to October [10] Group 5: Recall Information - Ford is recalling approximately 108,762 vehicles in the U.S. due to improperly secured liftgate hinge covers that may detach from the vehicle [11] - Additionally, nearly 12,000 Lincoln MKT vehicles from 2016-2019 are being recalled due to potential detachment of the B-pillar door trim, which could increase crash risk [11]

Core Viewpoint - GAC Group is actively seeking to expand its brand presence by establishing 600 brand collection stores in lower-tier cities by mid-2026, with over 1,000 investors showing interest in the investment opportunity of 1 million yuan for brand agency rights [2][6]. Group 1: Investment Opportunity - The investment threshold for becoming a GAC brand agent is set at 1 million yuan, significantly lower than the traditional 4S store model which often requires around 10 million yuan [3]. - Investors are required to prepare a venue of 200-300 square meters and provide a deposit of 3 million yuan, while GAC will assist with standardized renovations [3][4]. - Despite the low entry cost, operational expenses such as rent and labor will be borne by the dealers, raising concerns about profitability in a challenging market [2][5]. Group 2: Market Challenges - A survey by the China Automobile Dealers Association indicates that 84.4% of car dealers are experiencing price inversions, with 60.4% facing price inversions exceeding 15% [2]. - The automotive market is undergoing a transformation from traditional 4S store models to a more diversified system including agency and direct sales, leading to a competitive environment between dealers and manufacturers [2][8]. - The overall market demand in first and second-tier cities is saturated, pushing manufacturers to focus on lower-tier markets for growth [8]. Group 3: Strategic Expansion - GAC's plan to open 600 brand collection stores reflects its strategy to build a skilled sales team and target county-level markets, which account for 38.35% of China's economic output [6][7]. - Other brands like BYD and Xpeng are also targeting county markets, indicating a broader industry trend towards down-market expansion [6][7]. - The establishment of charging infrastructure in rural areas is expected to support this market shift, with government initiatives promoting the development of charging stations [7]. Group 4: Risks and Concerns - The lightweight agency model may lead to challenges in after-sales service quality, as smaller dealers may lack the resources to provide adequate support [9]. - The rapid expansion of GAC's network could complicate channel management and increase operational risks for both manufacturers and dealers [9]. - Industry experts warn that the profitability of dealers is increasingly dependent on the manufacturers' product strength and pricing strategies, making the investment landscape more uncertain [9].

A股代码：601238 A股简称：广汽集团 公告编号：2025-075H 股代码：02238 H股简称：广汽集团 特此公告。 广州汽车集团股份有限公司董事会 2025年12月5日 A股代码：601238 A股简称：广汽集团 H股代码：02238 广州汽车集团股份有限公司 第七届董事会第15次会议决议公告 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。 广州汽车集团股份有限公司（简称"本公司"或"公司"）第七届董事会第15次会议于2025年12月5日(星期 五)以通讯方式召开。本次会议应参与表决董事10人，实际参与表决董事10人。本次会议的召集、召开 符合《中华人民共和国公司法》《广州汽车集团股份有限公司章程》《广州汽车集团股份有限公司董事 会议事规则》的相关规定，所做决议合法有效。经与会董事投票表决，会议审议通过了《关于向香港大 埔区宏福苑火灾受灾地区开展慈善公益捐赠的议案》。 同意向香港大埔区宏福苑火灾受灾地区捐赠600万港元，专项用于支持受灾地区的灾后重建等工作。 表决结果：同意10票，反对0票，弃权0票。 广州汽车集团股 ...

Core Insights - GAC Group reported a November sales figure of 179,700 vehicles, reflecting a month-on-month increase of 5.2% [1] - The company’s self-owned brand overseas sales increased by 39% year-on-year from January to November [1][3] - A new management team has been appointed, with a focus on key areas such as product management, R&D, manufacturing, marketing, internationalization, strategic development, and human resources [3] Sales Performance - GAC Group's self-owned brand, GAC Trumpchi, achieved over 150,000 sales in new energy vehicles by November, with the MPV family surpassing 830,000 units sold [2] - The E8 series has maintained its position as the best-selling new energy medium MPV for 16 consecutive months [2] - GAC Aion's first dual-power model, Aion i60, launched before the Guangzhou Auto Show, received over 10,000 orders within two weeks [2] Strategic Developments - GAC Group has initiated large-scale deliveries of the Aion UT super, a collaboration with JD.com and CATL [2] - GAC Haobo made significant progress in smart technology, obtaining an L3-level specific scenario autonomous driving road test license, becoming the first company in the country to receive such approval for speeds up to 120 km/h [2] - GAC Toyota's pure electric model, Platinum 3X, achieved a monthly sales figure of 10,010 units, while the Camry saw a year-on-year increase of 6% in monthly sales [2] International Expansion - GAC Group has expanded its overseas presence, entering markets in Australia and Argentina, and is enhancing localization efforts in Europe [3] - The company has partnered with Magna, a well-known automotive manufacturer and parts supplier, to localize production of the AION V at its Graz, Austria facility [3]

Core Viewpoint - GAC Trumpchi's "Xiangwang 2.0" represents a significant upgrade in its new energy vehicle (NEV) strategy, positioning itself as a core engine for the company's transition to electric vehicles, aiming to eliminate range anxiety for users [1][12]. Group 1: Product Development and Market Performance - Since its launch in March, the Xiangwang series has achieved over 150,000 cumulative sales by October, marking a successful entry into the NEV market [1]. - The Xiangwang series includes key models such as Xiangwang S7, S8, and S9, targeting both the NEV SUV and high-end MPV segments [1]. - The Xiangwang S9, developed in collaboration with Huawei and CATL, showcases advanced technology features, including a four-wheel drive system and a high-capacity battery [2]. Group 2: Brand Positioning and User Trust - The Xiangwang series has rapidly gained user trust, transitioning from a "market newcomer" to a trusted brand within six months [4]. - GAC Trumpchi has established a strong reputation in the MPV market, with the Xiangwang M8 contributing to a total global sales figure of over 830,000 units [4]. Group 3: Technological Advancements and Future Plans - The "Xiangwang 2.0" initiative emphasizes a new positioning of "NEVs without range anxiety," supported by advanced technology and a robust product lineup [6][10]. - The series will feature a hybrid power system capable of over 1200 kilometers of range, with multiple driving modes to cater to diverse user needs [8][10]. - Future plans include expanding the product range to include medium and large MPVs, enhancing the overall product matrix to meet various travel demands [10]. Group 4: Strategic Ecosystem and Brand Development - GAC Trumpchi is building an innovative ecosystem called "Xiangwang Life Circle," which integrates various lifestyle services to deepen emotional connections with users [13]. - The company aims to maintain its traditional strengths while refining its brand positioning in the NEV sector, focusing on high value, quality, and efficiency in its transition [15].

Group 1 - GAC Group reported November sales of 179,700 vehicles, a month-on-month increase of 5.2%, but a year-on-year decrease of 9.72% [1] - Cumulatively, GAC's sales for the first 11 months of the year reached approximately 1.53 million vehicles, reflecting a year-on-year decline of 10.8% [1] - GAC's self-owned brand overseas sales increased by 39% year-on-year during the same period [1] Group 2 - GAC has entered new markets in Australia and Argentina while advancing its European strategy through a partnership with Magna, which has commenced mass production of the AION V in Austria [1] - The new management team, appointed on November 16, includes external talents, with Chen Jiacai responsible for overseas operations, aimed at supporting GAC's internationalization and "ONE GAC 2.0" strategy [2] - The new team will oversee core business areas including product management, R&D, manufacturing, branding, internationalization, strategic development, and human resources [1]