Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [7]. Core Insights - Current demand is weak, but annual cumulative sales remain within a reasonable range, with retail sales of passenger vehicles in China from November 1-23 at 1.384 million units, a year-on-year decrease of 11% [2][21]. - The report highlights the acceleration of domestic brands in the automotive market, with significant developments in AI and solid-state battery technologies [5][4]. - The automotive industry is witnessing a shift towards self-owned brands revitalizing joint venture capacities, as seen with Changan taking over Beijing Hyundai's Chongqing plant [3][35]. Summary by Sections Weekly Market Review - The automotive sector rose by 3.24% this week, outperforming the CSI 300 index by 1.60 percentage points [13]. - The automotive parts sector saw the highest increase at 4.03%, with notable individual stock performances from GAC Group and BYD [16][17]. Data Tracking - Retail and wholesale sales of passenger vehicles showed a cumulative increase of 6% and 11% year-on-year, respectively, for the year to date [21]. - New energy vehicle retail sales from November 1-23 reached 849,000 units, a 3% increase year-on-year, with cumulative sales for the year up 20% [21]. Industry News - Xiaomi launched its MiMo-Embodied model, marking a significant advancement in integrating autonomous driving with embodied intelligence [29][30]. - GAC Group established the first large-capacity solid-state battery production line in China, capable of producing batteries with over 60 Ah capacity [33]. - Long-term plans for Changan include utilizing the newly acquired Hyundai plant to support its production goals [35]. - NIO reported a record third-quarter revenue of 21.79 billion yuan, with a significant increase in vehicle deliveries [38][39].

Core Viewpoint - Great Wall Motor Co., Ltd. has obtained a patent for a vehicle braking control method, indicating its focus on innovation in automotive technology [1] Company Overview - Great Wall Motor Co., Ltd. was established in 2001 and is located in Baoding City, primarily engaged in the automotive manufacturing industry [1] - The company has a registered capital of 85,589.45933 million RMB [1] - Great Wall Motor has invested in 75 enterprises and participated in 2,797 bidding projects [1] - The company holds 5,000 trademark records and 5,000 patent records, along with 640 administrative licenses [1]

Core Insights - Yuanrong Qixing and Haomo Zhixing, both established in 2019, are experiencing vastly different trajectories as of winter 2025, with Yuanrong Qixing showing significant growth and Haomo Zhixing facing operational stagnation [1][2]. Company Performance - Yuanrong Qixing has delivered over 200,000 vehicles equipped with its urban NOA system, achieving a market share of nearly 40% among third-party suppliers in a single month [1]. - The CEO of Yuanrong Qixing, Zhou Guang, indicated plans to accelerate production and expand into Robotaxi and overseas markets [1]. - In contrast, Haomo Zhixing announced a company-wide shutdown starting November 24, 2024, with no set date for resumption, and has faced significant layoffs and executive departures since 2024 [1][2]. Investment Landscape - Yuanrong Qixing has maintained a steady financing pace, completing six rounds of funding with a total exceeding $500 million, including a recent $100 million Series C round led by Great Wall Motors [4][5]. - The investment structure of Yuanrong Qixing evolved significantly after its Series A and B rounds, with major players like Alibaba and Dongfeng Motor Group entering as strategic investors, indicating strong industry recognition of its technology [6][7]. - Haomo Zhixing has completed seven funding rounds, but its investor landscape has shifted, with a decline in participation from prominent investors like Hillhouse Capital and Meituan, signaling a loss of confidence in its growth potential [11][12][13]. Strategic Relationships - The relationship between Yuanrong Qixing and Great Wall Motors has evolved from a client-supplier dynamic to a deeper strategic partnership, enhancing both companies' operational synergies [7]. - Haomo Zhixing, originally incubated by Great Wall Motors, has struggled to establish independent market competitiveness, leading to a significant decline in investor interest [13][15]. Future Outlook - Yuanrong Qixing's increased delivery volumes in 2025 are seen as a strong foundation for potential public listing preparations, with recent investor exits interpreted as a positive signal for its market ambitions [10]. - Haomo Zhixing's future remains uncertain, with ongoing discussions about share buybacks at previous high valuations, but disagreements on pricing reflect the company's current operational challenges [15].

Investment Rating - The report maintains a "Recommended" rating for the automotive industry, indicating a positive outlook for the sector [5]. Core Insights - The automotive industry experienced an overall increase of 3.3% during the week from November 24 to November 30, with significant developments including Changan's plan to establish a robotics subsidiary and Leap Motor's announcement of a sales target of 1 million units for 2026, marking it as the first new force car company in China to set such a target [1][9][28]. Market Performance - The automotive sector's performance was strong, with the Shanghai Composite Index rising by 1.4%, the Shenzhen A Index by 3.5%, and the ChiNext Index by 4.5% during the same week [2][10]. - Within the automotive industry, all secondary segments saw gains, particularly the automotive services and parts sectors, which rose by 3.9% and 3.7% respectively [13][10]. Individual Stock Performance - Notable stock performances included Tianpu Co., which surged by 35.3%, and Chaojie Co., which increased by 28.4% [3][16]. - Among covered stocks, GAC Group saw a rise of 21.7%, while Kanglongda experienced a decline of 6.0% [19][3]. Industry Developments - Changan Automobile plans to invest 225 million yuan to establish a robotics company, aiming to enhance its capabilities in intelligent automotive technology [9][25]. - Great Wall Motors is set to establish its first complete vehicle factory in Europe, targeting an annual production capacity of 300,000 units by 2029 [26]. - Avita has submitted an application for listing on the Hong Kong Stock Exchange, aiming for a second-quarter 2026 IPO [27]. Investment Recommendations - The report recommends focusing on companies with strong sales performance or potential blockbuster vehicles, such as BYD, Seres, Great Wall Motors, and Jianghuai Automobile [9]. - For commercial vehicles, it highlights Yutong Bus, China National Heavy Duty Truck Group, and Weichai Power as key investment opportunities [9].

Group 1 - The current A-share bull market is part of a six-year global liquidity expansion driven by post-2020 monetary easing, with systemic revaluation of key assets such as gold, US tech stocks, and European/Japanese manufacturing [1][11] - The return of cross-border capital to China is expected to systematically reassess the competitive advantages of Chinese manufacturing, particularly in sectors like new energy, chemicals, and medical devices [2][12] - The A-share market is likely to experience volatility in 2026, with either a stagnation of the bull market or a "Davis Double Play" in consumer sectors, as external exports may not drive profits due to high base effects [3][13] Group 2 - The industrialization maturity phase in China has led to a bull market for core assets, driven by improved domestic consumption and the ability of manufacturing to generate national wealth through exports [4][14] - The recommendation for industry allocation focuses on a combination of "existing," "new," and "high" sectors, emphasizing non-ferrous metals, new consumption trends, and high-end manufacturing [5][14] Group 3 - The investment logic for China Hongqiao includes short-term price increases in electrolytic aluminum and long-term growth driven by integrated operations and high dividends [17][19] - For Luoyang Molybdenum, the investment rationale is based on the rising copper cycle and diversified product offerings, with a focus on sustainable growth [20][22] - Huafeng Aluminum is positioned for growth through high-end aluminum processing and international expansion, capitalizing on trends in the automotive sector [25][28] Group 4 - Nanjing Steel's strategy involves creating a fully integrated supply chain and exploring new growth points to stabilize returns on equity [29][32] - Dongfang Tower's investment logic is driven by rising prices of potassium chloride and phosphate rock, with ongoing capacity expansion [33][36] - Luxshare Precision is transitioning to an AI hardware manufacturer, benefiting from increased demand for computing power and AI models [37][40] Group 5 - Great Wall Motors is focusing on high-end SUVs and global expansion, with new model launches expected to drive sales [41][44] - Leap Motor is leveraging competitive pricing and differentiation in the domestic and overseas markets, with new models and subsidies supporting growth [45][48] - Heng Rui Pharmaceutical is advancing its clinical pipeline with over 100 innovative products, aiming for significant growth through international collaborations and new product approvals [49][51] Group 6 - Yifeng Pharmacy is expected to improve its market share through enhanced operational efficiency and strategic store adjustments [54][59] - Dongfang Electric is positioned to benefit from rising global demand for gas turbines, driven by AI-related power needs [60][63]

Core Viewpoint - The company, Haomo Zhixing, has faced significant operational challenges leading to a halt in its operations, primarily due to governance issues and a lack of independent decision-making, which hindered its ability to adapt to market changes [1][9]. Group 1: Company Background and Initial Success - Haomo Zhixing was once a leader in the autonomous driving sector, achieving significant milestones in its early years, including multiple product iterations and early entry into the unmanned logistics vehicle market [2]. - The company proposed innovative technical approaches, such as high-precision map elimination for urban autonomous driving, ahead of competitors like Xiaopeng Motors and Huawei [2]. Group 2: Decline in Performance - Despite initial successes, Haomo Zhixing's delivery progress has been slow, with its urban NOH coverage only reaching 8 cities by September 2024, falling short of its ambitious targets [3]. - The company has lost trust from its core customer, Great Wall Motors, as it failed to keep pace with the rapid advancements and demands of the autonomous driving industry [3][4]. Group 3: Dependency on Great Wall Motors - Haomo Zhixing's strong ties to Great Wall Motors, initially seen as an advantage, have become a liability, as the latter holds significant influence over the company's operational decisions [5][6]. - The governance structure has been criticized for lacking independence, leading to poor decision-making and ultimately contributing to the company's operational difficulties [7][9]. Group 4: Market Dynamics and Future Outlook - The autonomous driving industry is undergoing a rapid transformation, with a focus on cost reduction and accelerated production, which has intensified competition and reduced the survival space for less independent players like Haomo Zhixing [9]. - The company's attempts to diversify its customer base have not yielded significant results, as it has not successfully integrated its solutions into vehicles from manufacturers outside the Great Wall ecosystem [8][9].

以下文章来源于创投日报 ，作者李明明 创投日报 . 投资人都在关注的主流媒体平台，《科创板日报》出品。 毫末智行倒在智驾加速洗牌的节点上。 11月22日，一封关于全员停工的内部邮件，让这家曾经的智驾独角兽持续了一段时间的发展困境，最终彻底暴露在公众视野。 2023年后，整个智驾行业进入了一个前所未有的"降本+提速"周期：高阶智驾从演示、试点走向真正的百万辆规模量产，主机厂普遍要求供应商可以 在短周期内完成大规模城市开城、全量数据闭环迭代，并在算法、算力、传感器成本之间找到平衡点。节奏错位的毫末智行，由此开始失去单一核 心客户长城汽车的信任。 《科创板日报》记者近日进行了采访调查，试图还原这家曾经的智驾"明日之星"走向停摆的过程与原因。 从外部投资方的视角来看，外界所看到的研发节奏放缓、城市 NOH 未能如期落地，只是表层表现；从公司治理结构到业务客户体系的长期独立性缺 失，才是毫末智行在关键竞争节点上难以及时调整方向的根源性因素。由此导致的研发节奏、资源协调与战略切换受限，在行业全面加速2023-2024 年被急剧放大，最终让毫末智行失去了应对市场变化的空间。 从行业领先到后继乏力 事实上，毫末智行的技术进度 ...

Core Viewpoint - Longhua Automotive's Hi4 technology is recognized as a significant innovation in the global off-road vehicle electrification transition, filling multiple technological gaps and representing a key case of innovation in the Chinese automotive industry [3]. Summary by Sections Hi4 Technology Overview - As of the end of 2024, a total of 410,000 vehicles equipped with the Hi4 technology have been sold since its launch [2][6]. - The Hi4 technology family includes various models tailored for different vehicle categories, such as Hi4 for family cars, Hi4 performance version for mid-to-large vehicles, Hi4-Z for general off-road vehicles, Hi4-T for strong off-road vehicles, and Hi4-G for heavy trucks [3]. Technical Innovations - The Hi4 technology employs a power distribution approach that allows for electric hybrid four-wheel drive and intelligent energy management, differing from traditional dual-motor hybrid systems [5]. - The upcoming Hi4-Z technology will introduce a three-speed power distribution system, enhancing energy allocation and efficiency [5]. Market Positioning and Strategy - Longhua Automotive has firmly stated its position against range-extended vehicles, focusing instead on its hybrid technology [6]. - The company emphasizes a platform-based approach, allowing for diverse solutions from a single architecture, which reduces R&D costs and enables quick responses to market demands [7]. Financial Performance - Longhua Automotive reported a 20.51% year-on-year revenue increase to 61.247 billion yuan in Q3, driven by the launch of several new models [9]. - The sales of the new high-end MPV model, which features advanced driving assistance and hybrid technology, have significantly contributed to the company's growth, with a 96% increase in new vehicle sales in the first three quarters [10]. Off-Road Market Dynamics - Longhua Automotive has successfully expanded its market presence in the off-road vehicle segment, with the Tank brand achieving a 42% year-on-year sales increase, totaling 231,000 units last year [11]. - The Tank 300 model has lowered the entry price for hard-core off-road vehicles, making them more accessible to a broader audience [13]. Global Expansion and Market Strategy - Longhua Automotive's overseas sales reached 454,000 units last year, marking a 44.6% increase, with strategic positioning in markets like Dubai and Australia [14]. - The company aims to achieve quality market share rather than engage in price wars, leveraging its technological advantages to establish long-term barriers against competition [14].

Core Viewpoint - Recent rumors about Great Wall Motors planning to establish its first automotive factory in Europe by 2029, with a target production of 300,000 vehicles annually, have been denied by the company, stating there are currently no such plans in place [1][2]. Group 1: Company Plans and Developments - Great Wall Motors is evaluating investment opportunities in Europe but has not conducted any site assessments in the region as of now [1][2]. - The company has established three full-process vehicle production bases in Thailand and Brazil, and has several KD factories in Ecuador, Malaysia, and Pakistan, but has not mentioned any operations in Europe [2]. - Great Wall Motors has set up a European Technology Center in Germany focused on research and design of vehicles and automotive parts [2]. Group 2: Financial Performance - In the first three quarters of 2025, Great Wall Motors reported revenue of 153.58 billion yuan, a year-on-year increase of 7.96%, but net profit attributable to shareholders decreased by 16.97% to 8.635 billion yuan [2]. - The third quarter of 2025 saw revenue of 61.25 billion yuan, a 20.51% increase year-on-year, while net profit dropped by 31.23% to 2.298 billion yuan [2]. - The company attributed the profit decline to increased investments in new user channels, new model launches, and brand promotion efforts [2]. Group 3: Market Performance - As of the market close on November 28, Great Wall Motors' A-shares were priced at 21.90 yuan per share, reflecting a 0.64% increase, with a total market capitalization of 187.4 billion yuan [3]. - The company's stock price has declined by over 15% year-to-date [3].

Core Viewpoint - The recent announcement by Haomo Technology regarding a complete shutdown and holiday for all employees starting November 24, 2025, marks a significant downturn for the company, which has seen a drastic reduction in workforce and challenges in maintaining its position in the intelligent driving sector [2][3][22]. Company Overview - Haomo Technology, incubated by Great Wall Motors in 2019, was once a leading player in the intelligent driving industry, primarily supplying Great Wall's brands with its driving systems [2][3]. - The company had a peak workforce of nearly 800 employees, focusing on the development of intelligent driving technologies for passenger vehicles [2][3]. Recent Developments - In late 2023, Haomo lost a key contract with Great Wall's Weipai brand, which shifted to a competitor, Yuanrong Qixing, for its intelligent driving solutions due to delays in Haomo's product development [3][9]. - Despite retaining contracts with Great Wall for mid- and low-tier models in 2024, Haomo is not the sole supplier for other major automakers like Beijing Hyundai, Toyota, and BMW [8][9]. Strategic Challenges - Haomo's initial strategy involved a heavy investment in high-level talent and technology, but the company struggled to keep pace with competitors who adopted more advanced technological approaches [5][12]. - The company's reliance on Qualcomm chips limited its ability to compete effectively in the high-performance segment of the intelligent driving market, as its AI computing power was insufficient for urban driving applications [11][12]. Financial and Operational Issues - Haomo's financial health has deteriorated, with a significant drop in valuation from $1 billion in 2021 to approximately 900 million yuan in 2024, reflecting limited growth and investor confidence [20][22]. - The company has faced challenges in converting its technological advancements into cash flow, leading to a reliance on external financing to sustain operations [18][20]. Conclusion - The trajectory of Haomo Technology illustrates the complexities of navigating the intelligent driving landscape, where strong initial backing from Great Wall Motors ultimately constrained its ability to diversify partnerships and adapt to rapid technological changes [22][23].