Investment Rating - The report does not explicitly state an investment rating for the automotive suspension industry Core Insights - The automotive suspension industry is undergoing a profound transformation driven by electrification and intelligence, shifting the competitive focus from traditional mechanical hardware to a comprehensive system capability defined by software [4] - The demand for lightweight structural components and high-performance suspensions is increasing due to electrification, while intelligence is pushing the evolution of suspensions from passive adaptation to active prediction [4] - The value distribution across the entire industry chain will be redefined in this technological revolution, with investment opportunities focusing on leading domestic component manufacturers, system integrators with advantages in electric control suspensions, and suppliers providing key enabling technologies for intelligent suspensions [4] Summary by Sections Industry Overview - The automotive suspension system connects the vehicle body to the wheels, playing a crucial role in cushioning road impacts and ensuring good contact between the wheels and the ground [5] - The industry can be categorized into passive, semi-active, and active suspensions based on their working principles and application scenarios [5][6] Industry Characteristics - High-end market core technology barriers are significant, with foreign companies having established a "patent moat" in core suspension technologies [8] - Electrification is driving technological iterations, with new energy vehicles imposing stricter requirements on suspension systems [9] - Intelligent technology is enabling the transition of suspension systems from mechanical passive modes to electronically controlled active modes [10] Development History - The automotive suspension system has evolved from passive systems in the 1930s to semi-active systems in the 1970s, and to active systems gaining traction in the 1990s [11][12][13][14][15] Industry Chain Analysis - The automotive suspension industry chain consists of upstream (core materials and components), midstream (system design and assembly), and downstream (vehicle application and aftermarket services) [16] - The upstream component supply segment is highly concentrated, dominated by international suppliers like ZF and Continental [17][22] - Midstream, system integrators are increasingly investing in R&D to enhance differentiation and supply chain security [18][19] Market Size and Growth - The automotive suspension market size is projected to grow from 67.25 billion RMB in 2019 to 83.42 billion RMB in 2024, with a compound annual growth rate (CAGR) of 4.40% [29] - The market is expected to further expand to 111.45 billion RMB by 2029, with a CAGR of 6.10% [29] Future Trends - The demand for high-performance suspension systems is increasing, with technology being downscaled to mid-range markets [32] - The rise of line-controlled suspension systems is anticipated to support the development of automotive intelligence [33] Competitive Landscape - The competitive landscape is characterized by a "global leaders and Chinese tiered catch-up" scenario, with high market concentration [39] - Chinese manufacturers are rapidly closing the technology gap with international giants, driven by the growth of the new energy vehicle market [43][44]

新华财经上海12月9日电（李一帆）12月8日，中国汽车流通协会乘用车市场信息联席分会（以下简 称"乘联分会"）发布11月国内乘用车市场零售数据。数据显示，11月全国乘用车零售量为222.5万辆， 同比下降8.1%，环比小幅回落1.1%。今年1-11月累计零售2148.3万辆，同比增长6.1%。 从今年各阶段的走势来看，市场增速呈现一定的波动特征，整体呈现"前高后稳、四季度承压"的节奏。 这种变化与去年同期基数较高有关，也反映出当前市场逐步回归常态增长。 从降价车型数量看，11月官方宣布降价的车型为19款，较去年同期有所减少。其中，传统燃油车与混动 车型的降价数量略有下降，而插电混动与增程式车型的降价数量则同比增加。一个显著的变化是，纯电 动车型的降价车型数量较同期大幅减少了10款，也反映出纯电市场整体表现较好。 乘联分会秘书长崔东树表示，影响今年车市增速变化的一个重要因素是以旧换新补贴政策。"以旧换 新"对前期车市增长起到了明显的支撑作用，截至10月22日，2025年汽车以旧换新补贴申请量已突破千 万辆。随着各地补贴陆续结束或暂停，政策拉动效应相应减弱，11月日均补贴规模已降至3万辆左右， 对整体增速的调节作 ...

Core Insights - The domestic passenger car retail market in China experienced a decline in November, with retail volume at 2.225 million units, down 8.1% year-on-year and a slight decrease of 1.1% month-on-month. Cumulatively, from January to November, retail sales reached 21.483 million units, reflecting a year-on-year growth of 6.1% [1] - The market dynamics show a pattern of "high at the beginning, stable later, and pressure in the fourth quarter," influenced by high base figures from the previous year and a gradual return to normal growth [1] - The "old-for-new" subsidy policy significantly supported market growth earlier in the year, but its impact is diminishing as subsidies are phased out, leading to a decrease in daily subsidy applications [1] Passenger Car Market Performance - In November, the wholesale sales of new energy vehicles (NEVs) saw 22 manufacturers surpassing 10,000 units, contributing 94.2% to total NEV sales, indicating a concentration in the market [2] - Major domestic brands like BYD, Geely, and Chery led the sales, with respective volumes of 475,000, 188,000, and 112,000 units [2] - The "second-generation" new energy brands are gaining momentum, with their market share reaching 14.65%, up 1.1 percentage points year-on-year [2] Export Trends - November marked a record high for passenger car exports at 601,000 units, a significant year-on-year increase of 52.4%. Domestic brands accounted for 525,000 units of this total [3] - Cumulatively, from January to November, exports of domestic brand NEVs reached 1.78 million units, a staggering increase of 139% year-on-year, with NEVs making up 40.6% of total exports [3] - The structure of NEV exports is improving, with the share of plug-in hybrid vehicles rising from 26% to 42% year-on-year [3] Promotional Activities and Market Dynamics - The anticipated year-end "tail effect" in the market did not materialize, although promotional activities remain strong, particularly for traditional fuel vehicles and NEVs [4] - In November, the average promotional discount for traditional fuel vehicles was stable at 24%, while NEVs saw an increase in promotional intensity, averaging 10.1% [4] - The average price reduction for new NEVs from January to November was 24,000 yuan, equating to 11.7% of the vehicle price [4] Inventory and Market Outlook - Due to weak retail performance in November, overall industry inventory increased by 60,000 units, contrasting sharply with a decrease of 220,000 units in the same month last year [5] - The inventory warning index for automotive dealers rose to 55.6%, indicating a decline in industry prosperity [5] - Looking ahead, the expiration of the NEV purchase tax exemption is expected to boost December sales but may create pressure for 2026, potentially leading to a "micro-growth" phase in the domestic market [6] Future Projections - Analysts predict that total passenger car wholesale sales will grow by approximately 2.9% in 2026, with NEVs expected to drive this growth with a projected increase of 19% [7] - The competitive landscape is set to intensify with 173 new models expected to launch, over 90% of which will be NEVs or offer NEV options [7] - The domestic market may enter a deep adjustment phase in 2026, with globalization becoming a critical factor for future automotive company trajectories [7]

| | | 长城汽车股份有限公司 关于 2021 年股票期权激励计划首次授予及预留授予部分 公司已向中国证券登记结算有限责任公司上海分公司提交了注销上述股票期权的申 请，经其审核确认，公司已于 2025 年 12 月 8 日完成上述股票期权的注销业务。 本次股票期权注销不影响公司股本结构变化，不会导致本公司股票分布情况不符合 上市条件的要求，亦不会对本公司的经营业绩产生重大影响。 特此公告。 长城汽车股份有限公司董事会 2025 年 12 月 9 日 股票期权注销完成的公告 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。 长城汽车股份有限公司（以下简称"公司"或"本公司"）于 2025 年 12 月 3 日召开 第八届董事会第四十四次会议，审议通过了《关于注销公司 2021 年股票期权激励计划 首次授予及预留授予部分股票期权的议案》，根据《长城汽车股份有限公司 2021 年股票 期权激励计划》（以下简称"《2021 年股票期权激励计划》"），因部分激励对象相关行权 期结束后存在未行权的当期股票期权，根据《长城汽车股份有限公司长 ...

长城汽车公告称，2025年12月3日公司召开董事会，审议通过注销2021年股票期权激励计划首次授予及 预留授予部分股票期权的议案。因部分激励对象相关行权期结束后存在未行权的当期股票期权，公司拟 注销首次授予部分65,042,428股、预留授予部分9,723,856股。12月8日，公司完成上述股票期权注销业 务。本次注销不影响公司股本结构，不会使股票分布不符上市条件，也不会对经营业绩产生重大影响。 ...

点 击 蓝 字 关 注 我 们 本文全文共603 字，阅读全文约需 2 分钟 据中国汽车流通协会乘用车市场信息联席分会最新销量数据统计，2025年11月份国内狭义乘用车市场 零售 销量达222.5万辆，同比下降8.1%，环比下降1.1%；1-11月份累计销量2148.3万辆，同比增长6.1%。 | 11月销量 | | 1-11月累计销量 | | --- | --- | --- | | 222.5万辆 | | 2148.3万辆 | | 同比 8.1% | | 同比16.1% | | 环比 J 1.1% | | | | 各车型大类 | | | | 11月销量 | | 1-11月累计销量 | | #4 | 100.7万辆 | 983.1万辆 | | 同比↓ 10.0% 环比↓ 1.5% | | 同比↑5.3% | | MPV | 8.6万辆 | 95.3万辆 | | 同比↓ 16.8% 环比↑ 1.0% | | 同比↑0.1% | | SUV | 113.2万辆 | 1069.9万辆 | | 同比 5.6% 环比 0.9% | | 同比↑7.3% | | NEV | 132.1万辆 | 1147.2万辆 | | 同 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任 。 長 城 汽 車 股 份 有 限 公 司 GREAT WALL MOTOR COMPANY LIMITED* （於中華人民共和國註冊成立的股份有限公司） 股份代號：2333（港幣櫃檯）及82333（人民幣櫃檯） 」。 承董事會命 長城汽車股份有限公司 公司秘書 李紅栓 ，2025 12 9 於本公告日期，董事會成員如下： 執行董事：魏建軍先生、趙國慶先生及李紅栓女士。 職工董事：盧彩娟女士。 非執行董事：何平先生。 此海外監管公告是根據香港聯合交易所有限公司證券上市規則第13.10B條發出。以下為長城 汽車股份有限公司於上海證券交易所網站（www.sse.com.cn）所刊發之「長城汽車股份有限 公司關於公司2021年股票期權激勵計劃首次授予及預留授予部分股票期權註銷完成的公 獨立非執行董事：樂英女士、范輝先生及鄒兆麟先生。 * 僅供識別 海外監管公告 | 证券代码：601633 | 证券简称：长城汽车 ...

Investment Rating - The report assigns a "Buy" rating to several companies in the automotive sector, including Xpeng Motors, Geely Automobile, Great Wall Motors, BYD, GAC Group, and others, with target prices ranging from 2.5 to 125 [3][4]. Core Insights - The Chinese automotive industry is expected to achieve record-high retail and wholesale sales in 2025, with a more complex landscape anticipated in 2026 due to the phasing out of subsidies and tax incentives [2][4]. - The report expresses a more optimistic view on the resilience of the automotive sector compared to market expectations, predicting a slight decline in retail sales by 0.1% to 2,415 million units in 2026, while wholesale sales are expected to grow by 2.9% to 3,125 million units [4][22]. - The competition in the automotive sector is expected to intensify, with a record number of new models anticipated in 2026, leading to a potential increase in market share for domestic brands [4][24]. Summary by Sections Sales Forecast - Retail sales of passenger vehicles in China are projected to reach 2,418 million units in 2025, a 3.2% increase year-on-year, while wholesale sales are expected to exceed 3,000 million units for the first time [44][52]. - The report anticipates that the retail sales will remain stable in 2026, supported by the importance of automotive consumption to the Chinese economy and the introduction of new models [22][44]. Market Dynamics - The report highlights that the competition among automakers will become more fierce, with a record 173 new models expected to be launched in 2026 [23][24]. - The demand for electric vehicle batteries is expected to rise, potentially leading to increased battery prices, which could impact automaker profit margins [23][24]. Investment Strategy - The report recommends Geely Automobile as a top pick due to its solid fundamentals and attractive valuation, alongside the battery manufacturer Zhengli New Energy, which is expected to benefit from rising battery prices and a growing customer base [28][29]. - The report suggests that the valuation gap between traditional automakers and new entrants is likely to narrow as both groups adapt to market changes [25][26]. Export Potential - The report forecasts that China's passenger vehicle exports will increase by 16% in 2026, driven primarily by the growth in electric vehicle exports, which are expected to rise by 40% [61][62]. - The potential market for Chinese brands overseas is estimated at 7.8 million units, indicating significant growth opportunities in various regions [61][62].

智驾国产芯片格局变化 20251208 摘要 蔚来汽车智驾方案采用全栈自研，主推世界模型，但效果相对落后，明 年主要任务是提升车位到车位功能的接网率及处理复杂案例，乐道和萤 火虫系列预计仍将使用英伟达方案。 小鹏汽车中高端车型将搭载自研图灵芯片，算力达 1,000+TOPS，算法 重点在于 VLA 和世界模型的迭代，深度融合 BL 模块，并计划在 Robotic 业务线中使用图灵芯片优化 Robot Taxi 的通行效率和安全性。 理想汽车自研 M100 苏马赫芯片预计 2026 年 Q2 量产，首发于高端改 款车型，AD Max 系统将存在 M100 与地平线混合方案并存的情况， AD Pro 系统继续采用地平线方案，但可能升级至 G6H 版本，算法方面 坚定走 VOL 路线。 小米汽车计划在高端车型上采用英伟达 42 系列芯片，自研玄戒 O2 芯片 暂缓使用，明年将采用类似特斯拉的架构，以世界模型为主，加语言模 型辅助，解决停车场出入、道路标识牌识别及城市通勤问题。 比亚迪高端方案将升级至英伟达索尔方案，首发于仰望 U8 改款车型， 由 Momenta 提供 R6 大模型 plus 版本算法。终端方案天翼 ...

目前国内在售的电动MINI COOPER系列和电动MINI ACEMAN，动力电池均来自长城系资本主导的蜂 巢能源，CLTC续航只有400多公里。对于无法安装家充的消费者来说，日常驾驶肯定会有里程焦虑。 这种情况可能会在下一代电动MINI上得到很大改善。宝马中国曾表示：4695大圆柱电池将「率先」应 用于新世代车型。换句话说，在新世代车型之后，4695大圆柱电池可能就轮到MINI了！在售的第二代 电动MINI和初代电动MINI上市间隔4年，而宝马计划2027年底前推出约40款新车，下一代电动MINI很 可能就在这个时间亮相。 近期准备入手电动MINI的朋友，咱还是那句话：早买早享受！MINI最快也要等到2027年下一代车型推 出时才可能切换电池供应商。 现款，仅示意 不过坦白说，4695电池可是宝马的技术王牌，直径46毫米、高度95毫米的标准尺寸，配合无模组集成和 车身一体化技术，能让电池包更薄更轻，还能腾出更多车内空间。最关键的是性能提升明显，能量密度 比前代涨了20%，续航增加30%，800V高压平台还支持快充10分钟补能300公里。 不过对长城而言，MINI是块不可轻易放弃的"肥肉"。据长城汽车财报，2 ...