Group 1: Industry Performance and Market Trends - The automotive industry in China has shown a continuous growth trend in the first three quarters of 2025, with total revenue reaching 30,088.47 billion yuan, a year-on-year increase of 10.13% [12] - The net profit attributable to shareholders reached 1,222.52 billion yuan, growing by 7.46% year-on-year, while the net profit excluding non-recurring items was 1,026.63 billion yuan, up by 12.97% [12] - The strong performance is driven by policy support, the penetration of new energy vehicles (NEVs), and structural consumption upgrades due to intelligent and new product cycles [12][23] Group 2: Passenger Vehicle Market Growth - The passenger vehicle market has seen sustained growth, with wholesale sales of narrow-sense passenger vehicles reaching 2.932 million units in the first ten months of 2025, a year-on-year increase of 12.16% [31] - NEV sales exceeded 11 million units, marking a significant year-on-year growth of 32.75% [31] - The penetration rate of NEVs in retail sales has consistently surpassed 50% from March to October 2025, indicating strong market demand [23][31] Group 3: Laser Radar Demand and Technology - The cost of laser radar has significantly decreased, with prices dropping from tens of thousands to between 2,000 and 3,000 yuan, facilitating increased demand [43] - The penetration of Navigation On Autopilot (NOA) technology is rising, which is expected to drive the demand for laser radar and other key components [56] - The delivery volume of laser radar has surged, with companies like Hesai Technology reporting a 228.9% year-on-year increase in deliveries [50] Group 4: Robotaxi Market Expansion - The Robotaxi market is expanding rapidly, with companies like Pony.ai and WeRide seeing significant revenue and order growth [38] - The cost of core components for Robotaxi is decreasing, enhancing the feasibility of commercial operations [38] - The potential market for Robotaxi services is vast, indicating a transformative shift in transportation methods [38][43] Group 5: Investment Recommendations - The report maintains an overweight rating for the automotive sector, highlighting strong demand driven by policies and technological advancements [4] - Recommended companies include leading domestic luxury SUV manufacturers and key players in the laser radar and Robotaxi supply chains, such as Seres and Great Wall Motors [4][5]

Industry Information - CATL and Haibosich signed a 10-year strategic cooperation agreement to enhance their advantages in energy storage technology and smart manufacturing [9] - The price of lithium iron phosphate has rebounded by approximately 10% since October, driven by strong demand from automakers and battery manufacturers [9] - A breakthrough in the certification and review technology system for domestic automotive chips has been achieved, addressing the challenges of "dare not use, cannot use" [9][10] - As of the end of October, China's electric vehicle charging infrastructure reached 18.645 million units, a year-on-year increase of 54% [11] - A total investment of nearly 10 billion yuan has been signed for 16 key projects in the new energy industry in Changzhou [12] - In the first ten months, Beijing's new energy vehicle production increased by 150% year-on-year [12] - The new AITO M7 has surpassed 30,000 deliveries within 57 days of its launch [12] - Guoxuan High-Tech has officially started mass production of standard battery cells [12] - Huawei's advanced driving solution for L3 level is set to launch commercially, marking a significant step in autonomous driving technology [12][14] - In Liuzhou, the total vehicle sales reached 1.265 million units in the first three quarters, a year-on-year increase of 33.7% [15] Policy Information - Hebei Province has adjusted its time-of-use electricity pricing policy, optimizing charging costs for electric vehicles with a peak-to-valley price difference of 70% [16][18] - Chengdu plans to build over 500,000 electric vehicle charging piles and more than 200 battery swap stations by 2030 [21] - New regulations for electric vehicle charging infrastructure in Guangxi have been proposed to clarify responsibilities among stakeholders [21] - Beijing is increasing financial support for the purchase of new energy vehicles [21] - Shenzhen is providing subsidies of up to 5 million yuan for the construction of solar-storage charging and battery swap projects [21] - The Ministry of Industry and Information Technology has announced mandatory national standards for intelligent connected vehicle safety, marking a key step in autonomous driving regulation [21][25] - The Ministry of Finance and the Ministry of Industry and Information Technology are seeking public opinions on government procurement standards for new energy vehicles [21][26] Company Information - Leap Motor reported a total revenue of 31.562 billion yuan in Q3, a year-on-year increase of 9.1% [32] - Leap Motor achieved a net profit of 150 million yuan in Q3, delivering 173,900 vehicles [32] - Xiaomi's Ultra Club racing service has expanded to its 13th city, adding the Guangdong International Circuit [32] - Xiaomi's HAD autonomous driving system is set to upgrade to a new generation XLA architecture in Q4 [32] - Avita Technology signed a business cooperation framework agreement with the Chongqing branch of the Industrial and Commercial Bank of China [32] - NIO's Firefly right-hand drive model has entered mass production, with the first batch shipping to Singapore [34] - NIO has completed the battery swap route in the western Sichuan region, covering popular tourist areas [34] - BYD's sales in the UK have surpassed 50,000 units [34] - Leap Motor's first overseas model cooperation project with FAW has been launched, expected to go into production next year [34] - Xiaopeng Motors plans to launch seven new models next year, including three super electric range-extended products in Q1 [34] - Seres is actively expanding into overseas markets, focusing on high-end smart electric vehicles [34] - Xiaomi's third-quarter profit from electric vehicles and AI reached 700 million yuan [34] - GAC Aion has become the first company in the country to obtain a high-speed L3 testing license for vehicles in collaboration with Huawei [34] - NIO's ES6 model has reached a cumulative delivery of 300,000 units [34] - Geely and Renault have officially launched their strategic cooperation in Brazil, investing 3.8 billion reais (approximately 5.1 billion yuan) [34] - Xiaomi is expected to complete its annual delivery target of 350,000 vehicles ahead of schedule [34] - Tesla's global supercharging stations have exceeded 75,000 [34] - Xiaomi's 500,000th vehicle has officially rolled off the production line, marking a significant milestone [34] - Li Auto is accelerating product iteration and global expansion, moving away from a "cookie-cutter" design approach [34]

智通财经APP获悉，乘联会秘书长崔东树发文称，2025年10月俄罗斯汽车销量达到18.3万辆的水平，同比下降8%，环比9月增35%。1-10月俄罗斯车市的 累计销量119万辆，同比下降23%。2023年中国出口俄罗斯100万辆车，自主的俄罗斯市场销量48万辆，销量是中国自主出口量的48%。2024年中国出口俄 罗斯128万辆车，自主的俄罗斯市场销量107万辆，自主的俄罗斯市场销量是中国自主出口量的84%。2025年1-10月中国出口俄罗斯45万辆车，自主品牌俄 罗斯销量68.5万辆，当地销量是中国出口的152%，终于实现了大幅去库存的走势。 面对俄罗斯的复杂环境，自主品牌多生孩子好打架的战略意义重大。自主品牌的整车官方车口，平行出口、绕道出口、本地化建厂、合资组装等各种模式 齐上阵，大量的品牌群狼作战，实现了很好的效果。规范出口对俄罗斯是不适合的，尤其我们面对是俄罗斯的针对性干扰措施，一定要在复杂的国际关系 下发挥群众优势，实现创新式发展。 中国车企在在俄罗斯加速本土化生产与供应链重构，多项举措改善状态。首先是针对俄罗斯进口关税阶梯式上调深化KD组装模式，建立区域生产基地。 通过本地化生产规避关税并缩短交付周 ...

Market Overview - The automotive industry index increased by 14.79% as of November 21, 2025, outperforming the Shanghai Composite Index and CSI 300 Index by 0.38 percentage points and 1.61 percentage points respectively [11][12] - The automotive sector's performance was strong in the first half of 2025 but became more aligned with the broader market in the second half [11][12] - The majority of sub-sectors showed positive growth, with motorcycles and other segments leading the gains [17][18] Financial Performance - The automotive industry achieved a revenue of CNY 36,976.27 billion in 2024, a year-on-year increase of 3.35%, and a net profit of CNY 1,363.61 billion, up 9.98% [30] - In the first three quarters of 2025, the industry reported revenues of CNY 28,712.84 billion, reflecting a 10.73% year-on-year growth, and a net profit of CNY 1,165.36 billion, up 10.72% [30][31] - The industry’s gross margin was 15.83% in the first three quarters of 2025, a slight decline from the previous year, while the net margin improved to 4.29% [33] Passenger Vehicle Segment - The passenger vehicle market is expected to reach record sales in 2025, driven by policy support and increased penetration of new energy vehicles (NEVs) [43] - NEV retail sales reached 10.15 million units from January to October 2025, a year-on-year increase of 21.9%, with a market share of 52.73% [45][50] - The market structure is shifting towards domestic brands, which captured nearly 70% of the market share by September 2025, while foreign brands are losing ground [50][51] Commercial Vehicle Segment - The commercial vehicle market showed signs of recovery in 2025, with production and sales increasing by nearly 10% year-on-year in the first three quarters [5] - The growth in the commercial vehicle sector is driven by policies promoting vehicle replacements and the rising sales of new energy commercial vehicles [5][6] Automotive Parts Sector - The national strategy emphasizes "intelligent and connected" technologies as the main axis for upgrading the automotive industry [5] - The penetration of advanced driver-assistance systems (ADAS) is expected to drive market expansion and domestic substitution in core hardware [5][6] Investment Recommendations - The report maintains a "stronger than market" rating for the automotive sector, recommending key companies in the passenger vehicle segment such as BYD, Changan Automobile, and Great Wall Motors [6] - In the commercial vehicle segment, Yutong Bus is recommended, along with a focus on China National Heavy Duty Truck [6] - For the automotive parts sector, companies like Feilong Co., Top Group, and Desay SV are highlighted as potential investment opportunities [6]

反弹科技先行, 重视 T 链 VIV -2025/11/17-2025/11/21 汽车周报 2025 年 11 月 25 日 版 发行业 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 朱傅哲 (8621)23297818× zhufz@swsresearch.com 本期投资后示 1. 本周事件 1.1 重点报告回顾 《科技赋能下的换道再提速——2026 年汽车行业投资策略》 汽车需求受到政策变化的影响有限，乐观看到中高端需求的超预期回暖。无论是消费 习惯、能力、人口结构,还是产品竞争力都相较于 8 年前有了较大变化,因此我们不必刻 舟求剑对明年的退坡过度担忧。我们相信优秀的 B/C 级新产品将会显著激发用户的换车需 求。政策扰动对 A0/A00 市场会有结构性扰动，但新能源渗透率进一步提升已成定局 整车出海的盈利确定性来自工程师红利的套利，我们相信这轮中国智能电动车的全球 化之路已经开启，5 年后海外销量有望接近 1000 万台。 科技看小鹏、蔚来、理想，白马看比亚迪、 ...

总部位于北京的智驾公司毫末智行科技有限公司（以下简称"毫末智行"）突然被曝出停摆的消息。 11月24日，多名知情人士告诉蓝鲸汽车记者，毫末智行11月22日突然在公司内部群发布"停工放假通 知"，称基于公司经营现状，决定自24日起，公司及分公司全部在职员工停工放假，复工时间另行通 知。 "仅一纸通知，甚至没有说明停工期限，没有说明薪资发放、社保公积金缴纳以及赔偿方式等具体情 况。"多名知情人士对蓝鲸汽车记者表示，现在公司还有将近300人，北京、保定等地都有员工，但目前 钉钉已不能考勤打卡。 红星资本局采访到的员工称，公司领导层没有对该通知作出任何解释，随后公司群被禁言。有北京员工 称，公司已拖欠两个月工资，目前没有管理层与员工沟通后续赔偿及安排。 据内部员工杨明（化名）向新黄河记者证实，停工通知下达得非常突然——邮件在周五临近下班时发 出。为防止后续物业封楼导致无法取出个人物品，不少员工在周末赶回公司打包。 这一内部信显示，彼时，毫末智能驾驶产品已落地搭载超过20款车型，其自动配送车小魔驼将行业单车 平均价格从几十万元降到了几万元，为多个物流场景配送了接近90万单。 但也正是在去年11月，毫末智行就曾传出遭遇经 ...

Investment Rating - The report maintains a positive outlook on the automotive industry, highlighting potential investment opportunities in technology-driven companies and the robotics supply chain [5][6]. Core Insights - The automotive industry is experiencing a rebound, particularly in the robotics sector, with companies like Tesla and Xpeng leading the way. The report suggests focusing on technology leaders and related robotics companies [5][6]. - The report emphasizes the importance of the upcoming 2026 timeline for the realization of technological advancements in the automotive sector, particularly in electric vehicles and AI integration [6][7]. - The report notes a significant decline in average daily retail sales of passenger vehicles, down 9% year-on-year, indicating a challenging market environment [5][51]. - The Guangzhou Auto Show showcased a shift in competition from individual models to comprehensive technology ecosystems, reflecting the industry's evolution towards system-level competition [10][24]. Industry Updates - The report indicates that the average daily retail sales of passenger vehicles in the second week of November were 67,000 units, a decrease of 9% compared to the same period last year [5][51]. - The automotive industry index fell by 4.89% this week, underperforming compared to the Shanghai Composite Index, which declined by 3.77% [11][14]. - The report highlights that 20 stocks in the automotive sector rose while 251 fell, with the largest gainers being Tianpu Co., Luochang Technology, and Zhejiang Rongtai [17][19]. Market Conditions - The total transaction value in the automotive sector for the week was 421.1 billion yuan, reflecting an 18.56% decrease from the previous week [5]. - The report notes a decrease in both traditional and new energy raw material price indices, indicating potential cost pressures for manufacturers [5]. - The report identifies key events, including the Guangzhou Auto Show, which highlighted the acceleration of brand clearing and systemic competition in the automotive market [8][9]. Investment Recommendations - The report recommends focusing on domestic leading manufacturers such as NIO, Xiaomi, and Xpeng, as well as component companies with strong performance and growth potential [5][6]. - It suggests that companies with strong performance growth and capabilities in robotics or overseas expansion, such as Xingyu Co., Fuyao Glass, and Newquay Co., should be closely monitored [5][6]. - The report also emphasizes the importance of state-owned enterprise reforms and their potential impact on companies like SAIC and Dongfeng [5].

Core Viewpoint - The autonomous driving company Haomo Zhixing, backed by Great Wall Motors and other investors, has reportedly ceased operations, leading to over 200 employees leaving the company, with some transferring to Great Wall Motors [1][2]. Group 1: Company Background - Haomo Zhixing was established in November 2019 as a subsidiary of Great Wall Motors, focusing on artificial intelligence technology for autonomous driving [1]. - The company had a valuation of 7 billion yuan and successfully completed four rounds of financing between 2021 and 2024, with the A round raising nearly 1 billion yuan [2]. Group 2: Operational Challenges - The company faced significant challenges in 2023, including delays in the rollout of its city NOH feature, which was expected to launch in 100 cities by 2024 [3]. - Despite the successful launch of the HPilot 3.0 system in various models, the company struggled with resource allocation and production scale, leading to an imbalance in investment returns [4]. Group 3: Market Dynamics - The investment landscape for autonomous driving projects has become increasingly cautious, impacting Haomo Zhixing's ability to secure additional orders from automotive manufacturers [4].

Core Insights - The automotive EGR (Exhaust Gas Recirculation) system is recognized as an effective method to reduce nitrogen oxide emissions, gaining rapid adoption in China due to economic benefits and stringent emission regulations [1][3] - The implementation of the National VI emission standard 6b phase starting July 1, 2023, has led to increased demand for automotive EGR systems as pollution control requirements become more stringent [1][7] - The market size for China's automotive EGR system industry is projected to reach 1.772 billion yuan in 2024 and grow to 5.176 billion yuan by 2030 [1][8] Industry Overview - The automotive EGR system works by recirculating a portion of the engine's exhaust back into the intake, which helps lower combustion temperatures and reduce nitrogen oxide emissions [3][4] - There are two main types of EGR systems: internal EGR, which is simpler but less effective, and external EGR, which allows for better control of exhaust parameters [3][4] Industry Chain - The automotive EGR system industry consists of an upstream segment that includes processing parts, electronic components, and plastic parts; a midstream segment focused on EGR systems; and a downstream segment involving automotive and engine manufacturing [5][6] Market Trends - The demand for automotive EGR systems is expected to rise due to increasing vehicle ownership in China, projected to reach 353 million by 2024, alongside growing environmental concerns [7] - The market for light-duty and heavy-duty EGR systems is experiencing a decline due to previous demand surges, but is expected to recover as economic conditions improve [8] - The hybrid passenger vehicle segment is anticipated to see significant growth in EGR system demand, with projections indicating a market size of 4.076 billion yuan by 2030 [9] Competitive Landscape - Domestic companies such as Wuxi Longsheng Technology Co., Ltd. and Zhejiang Yinlun Machinery Co., Ltd. are emerging as key players in the EGR system market, leveraging technological advancements and market experience [10][11] - The industry is witnessing increased competition from both domestic and foreign companies, with a focus on R&D and product performance improvements to meet stricter emission standards [10][11] Future Development Trends - The automotive EGR system industry is expected to evolve towards greater intelligence and precision control, utilizing AI and big data for optimal performance [12] - Lightweight materials and structural innovations are key trends aimed at enhancing fuel efficiency and reducing emissions [13] - Chinese companies are poised to accelerate their international expansion, capitalizing on their cost advantages and improving product competitiveness in the global market [14]

Core Insights - The autonomous driving company Haomo Zhixing, backed by Great Wall Motors and other investors, has announced that employees will not be required to report to work starting November 24, indicating potential operational issues and layoffs [1][2] - Over 200 employees have reportedly left the company, with some transitioning to Great Wall Motors, highlighting a significant workforce reduction [1] - The company, which was once valued at 7 billion yuan, is facing challenges in the competitive autonomous driving market, with its leadership indicating that 2024 will be a difficult year [1][2] Company Background - Haomo Zhixing was established in November 2019 as a subsidiary of Great Wall Motors, focusing on artificial intelligence technology for autonomous driving [1] - The company has successfully completed four rounds of financing between 2021 and 2024, with the A round raising nearly 1 billion yuan [2] - The team comprises talent from Great Wall Motors and other tech companies, including former executives from Baidu and Huawei [2] Operational Challenges - In 2023, the company faced setbacks, particularly with the launch of its HPilot 3.0 system and the rollout of its city NOH feature, which did not meet expectations [2][3] - The company’s strategy of diversifying into both passenger vehicle assistance and unmanned logistics has led to resource dilution, impacting production scale and cost efficiency [3] - As a result of these challenges, Great Wall Motors has begun seeking external partnerships, indicating a loss of confidence in Haomo Zhixing's capabilities [3]