Investment Rating - The report maintains a "Buy" rating for the automotive sector, anticipating a bottoming and upward trend in Q1 2026 [1]. Core Insights - The automotive sector is currently experiencing a cooling sentiment due to the impact of trade-in quotas, with October retail sales falling below expectations and November expected to perform moderately. The fourth quarter is also anticipated to underperform previous market expectations. However, the sector is expected to find a bottom and begin to rise in Q1 2026, presenting potential investment opportunities for the upcoming year [1][2]. Data Tracking - In early November, the discount rate for vehicles increased to 10.0%, up by 0.4 percentage points month-on-month and 1.5 percentage points year-on-year. The average discount amount rose by 23,103 yuan, with significant fluctuations among major brands [3]. - In October, new energy vehicle deliveries from leading companies showed a notable increase for BYD, which delivered 442,000 units, a month-on-month increase of 11.5% but a year-on-year decrease of 12.1%. Other companies like Leap Motor and Xpeng also reported significant year-on-year growth [3][20]. - Traditional automakers also saw growth in October, with Geely's sales reaching 307,000 units, a year-on-year increase of 35.0% and a month-on-month increase of 12.5% [3][23]. Industry News - The report highlights several key developments in the automotive industry, including the launch of new models and significant sales figures for new energy vehicles. For instance, from November 1 to 16, the retail sales of new energy vehicles reached 554,000 units, a year-on-year increase of 2% [30][31]. - The report also notes the introduction of advanced technologies in new models, such as the Deep Blue L06 and the Xiaopeng X9, which feature cutting-edge battery systems and autonomous driving capabilities [30][31].

哈弗广州车展展台。企业供图 新京报贝壳财经讯 2025年广州国际车展上，哈弗品牌以"与哈弗一起 粤活粤年轻"为主题，展示了全系产品矩阵，向用户诠释"年轻棱角"，借此传递品牌 对"年轻化"的理解，并表示将持续探索年轻化战略的实践路径。 哈弗品牌凭借对年轻化趋势的精准把握，实现了销量的稳健增长，今年1-10月总销量61.67万辆、同比增长13.28%的业绩。其中，哈弗猛龙车型累计销售突 破15万台，成为品牌年轻化战略的重要支撑。 编辑 岳彩周 校对 张彦君 哈弗年轻化战略，本质上是它不再满足于做一个"汽车制造商"，而是要主动进化为"年轻生活方式的同行者"。据介绍，在海外市场，哈弗的全球化战略也在 深入推进。长城汽车巴西工厂的投产，让哈弗在全球范围内的本土化运营进入新阶段。 ...

据知情人士对新浪科技透露，目前毫末智行约有200余名员工，对于停工后会发生何种调整，目前公司 内部也没给出具体说法，可能是完全解散，也可能只是暂时停工，但复工日期还不清楚。 去年11月，毫末智行遭遇经营困难，开始出现人员调整及裁员情况，彼时公司研发部门人员也受到波 及。随后，公司陆续有多位高管离职转投其他公司，包括技术副总裁艾锐、产品副总裁蔡娜、智行品牌 官王佳、董事长张凯等。 据知情人士透露，在公司遭遇经营危机后，内部一直在猜测大股东长城汽车可能会接管毫末智行，但目 前长城方面还没有最终明确意向。（文猛） 新浪科技讯 11月23日下午消息，据知情人士爆料，由长城控股的智驾公司毫末智行突然通知：员工11 月24日（周一）起不用到岗上班，赔偿方案尚未公布。 责任编辑：郝欣煜 ...

Core Insights - The Tank brand of Great Wall Motors has launched the pre-order for the Tank 300 Polar Edition at the 23rd Guangzhou International Auto Show, with cumulative users approaching 800,000 and a market share exceeding 50% in the Chinese off-road vehicle market [1] Group 1: Product Launch - The Tank 300 Polar Edition features design elements inspired by polar conditions and offers two engine options: a 2.4T diesel high-performance engine and a 2.0T gasoline high-power engine [1] - The new vehicle is equipped with all-terrain off-road tires, a 9,500-pound wireless remote-controlled winch, a towing capacity of 2.5 tons, and features to address challenges of driving in extreme cold, such as remotely controlled front windshield heating and automatically heated nozzles [1] Group 2: Market Position - The Tank brand has achieved a significant milestone with a user base nearing 800,000 and holds over 50% market share in the Chinese off-road vehicle sector, indicating strong consumer acceptance and brand loyalty [1]

新汽车生态合作，报名中国版CES！ 撰文 | 张 南 编辑 | 黄 大路 设计 | 张小 萌 议程 (包含并不限于以下嘉宾,名单按姓氏笔画为序) 世界新汽车技术合作'含态分会 > © © al S a F E技术合作生态交流会 World New Auto Technology Collaboration Ecosystem Summit 新汽车技术合作生态展 EXHIBITION 第十届铃轩奖盛典 AWARDS 星期五 星期六 苏州知音温德姆至尊酒店 12/4/2025 (12:00-24:00) 凭购票电子二维码到苏州知音温德姆至尊酒店一层签到 并领取入场凭证以及会议资料 DAY1 (12/5/2025) 上午(09:00 正式开始) 主会场:行业专场 一、开幕致辞 可世界新汽车生态协会理事长、轩辕同学校长 第 尤 峥 东风汽车集团有限公司副总经理 郑 衡 衡 汽集团副总经理 陶海龙 上汽大众总经理 吴周涛 北京现代董事长 二、主题演讲 方向:当下企业或行业所面临的新汽车技术合作现状和供应链 发展问题与展望 嘉 宾: 蒋文虎 中国一汽总经理助理、红旗运营委员会副总裁 王 波 吉利汽车副总裁、中央采购总经理 ...

新京报贝壳财经讯（记者白昊天）11月21日，2025广州国际汽车展览会正式开幕。魏牌新能源发布携全新高山家族、全新蓝山、新摩卡Hi4亮相。同时，企 业启动品牌焕新计划。魏牌首席执行官冯复之称，魏牌焕新计划将从价值、形象、体验、服务四大维度推动品牌持续向上。 互动现场。 企业供图 发布会期间，长城汽车首席技术官吴会肖正式发布了长城VLA辅助驾驶大模型，并宣布最新一代辅助驾驶系统将首搭魏牌，具体车型尚未公布。该技术将 具备与用户互动并进行思考的能力，并能够完整展现其在辅助驾驶过程中的思考过程。 编辑 徐倩 校对 赵琳 ...

Group 1 - The Tank brand showcased multiple models at the 2025 Guangzhou Auto Show, with the Tank 300 Polar Edition officially open for pre-orders, limited to 300 units [2] - The Tank 300 has been designated as a "selected product for China's South and North Pole expeditions," supporting scientific research missions [2] - The Tank 300 Polar Edition features a 2.4T diesel high-performance engine and a 2.0T gasoline high-power engine, equipped with specialized off-road gear [2] Group 2 - The newly launched Tank 400 in Dunhuang Purple color achieved nearly 5,000 units in sales within two weeks of its release [2] - The Tank 500, also recently launched in Dunhuang Green, boasts a Hi4-Z power distribution architecture, achieving 201 km of pure electric range and 0-100 km/h acceleration in 4.3 seconds [2] - As of October, the Tank 500 recorded sales of 7,609 units [2] Group 3 - The Tank brand is approaching a cumulative user base of 800,000, holding over half of the market share in China's off-road vehicle sector [3]

Core Insights - GWM's high-end new energy brand, Wey, unveiled a brand renewal plan at the 2025 Guangzhou International Auto Show, introducing the Coffee Pilot Master (CP Master) driver assistance system based on the VLA (Vision-Language-Action) model [1][2] - The CP Master system emphasizes breakthroughs in human-like interaction and explainable decision-making logic, aiming to enhance user trust in autonomous driving technology [1][2] Group 1: Technology and Features - The CP Master system is characterized by four main features: understanding speech, visual perception, cognitive reasoning, and trustworthiness [1] - It integrates multimodal capabilities with large language models to enable natural interactions like voice control, and it can predict potential road risks through spatial semantic understanding [1][2] - The system visualizes its decision-making process on the central control screen, enhancing user confidence in the driver assistance technology [1] Group 2: Market Performance and Future Plans - Wey's CEO announced plans to enhance the brand's value, image, reputation, and service, with a new high-end product series based on a new power platform set to launch in 2026 [2] - From January to October 2025, Wey's cumulative sales reached 82,000 units, marking a year-on-year increase of approximately 200%, with the Gao Shan family leading MPV sales for two consecutive months [2] Group 3: Industry Trends and Challenges - The introduction of the VLA model reflects a trend in the industry moving from perception technology to cognitive and interactive layers [3] - Key factors determining the market prospects of large models in driver assistance systems include actual effectiveness, cost control, and safety validation [3] - The success of Wey in leveraging new technology for brand premium recognition will depend on user experience feedback after large-scale implementation [3]

Core Insights - The 2025 Guangzhou International Auto Show, themed "New Technology, New Life," showcases the latest advancements in the automotive industry, emphasizing the transformation towards electric and intelligent vehicles [2][12] - The exhibition covers an area of 220,000 square meters, featuring 1,085 vehicles, including 93 new launches and 629 new energy vehicles, highlighting a significant shift in the Chinese automotive market [2][12] - The event serves as a critical platform for assessing the high-quality development of China's automotive industry, reflecting a transition from scale expansion to quality and efficiency improvement [3][12] Industry Trends - Cross-industry collaboration is emerging as a new trend, with automotive companies partnering with tech firms in AI and smart hardware, accelerating the shift from vehicles as mere transportation to intelligent mobile terminals [3][12] - The rise of domestic brands is evident, with significant improvements in product strength, technology, and brand power showcased at the event [3][12] Company Highlights - New models like the Huawei-powered Xiangjie S9 feature advanced driving assistance systems and impressive range capabilities, with the pure electric version achieving a CLTC range of 816 km [4] - Beijing Off-road showcased its BJ40 series, achieving a sales volume of 113,000 units from January to October, with a 110% year-on-year increase in "boxy" vehicle sales [5] - Great Wall Motors reported a record sales month in October, with 143,078 vehicles sold, a 22.5% year-on-year increase, and a notable 44.06% increase in new energy vehicle sales [6][7] - BAIC's new energy division also performed well, with a 112% year-on-year increase in October sales, contributing to a total of 142,043 units sold from January to October [7] - Major international brands like BMW, Mercedes-Benz, and Audi are showcasing their electric transformation, with BMW reporting over 40% growth in new energy vehicle sales in the first ten months of 2025 [8][9][10][11][12] Future Outlook - The auto show indicates that the electric vehicle sector is entering a high-quality development phase, with smart technology becoming a core competitive differentiator [12] - The industry is expected to continue evolving with a focus on cross-industry integration and innovation, as companies adapt to changing consumer demands and technological advancements [12]

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 财经频道更多独家策划、专家专栏，免费查阅>> 国家知识产权局信息显示，长城汽车股份有限公司取得一项名为"油封及车辆传动部件"的专利，授权公 告号CN115614477B，申请日期为2021年7月。 ...