在今年广州车展上，深蓝汽车展出了包括刚刚上市的深蓝L06在内的多款车型，深蓝L06首发搭载深蓝 智能驾驶辅助系统DEEPAL AD Max。 深蓝汽车董事长邓承浩在接受新京报贝壳财经记者等媒体采访时表示，深蓝汽车在智能驾驶布局上坚持 华为方案和自主方案"两条腿"走路。对于深蓝而言，具体实操选择哪个方案有两个考量，一个是从产品 定位的用户人群考量，另一个则是从软件架构考虑。此外，邓承浩认为，在相当长一段时间内，燃油车 还是有很大的市场。 智驾"两条腿"走路 新京报贝壳财经：在产品定义方面，深蓝汽车有何想法？ 邓承浩：一个产品如何去定义，是基于场景决定的，核心是这款产品能满足消费者什么样的需求。深蓝 汽车是中国长安汽车（000625）旗下面向年轻用户的中高端品牌，特点是科技和运动。从这个角度看， 深蓝汽车未来所有的产品，一是要具有以智能化为核心的科技，强调尝鲜性。二是运动，整个设计、动 力、底盘等以驾趣和运动为基因。 增程不是过渡技术 新京报贝壳财经：如何看待增程技术？ 邓承浩：第一，增程并不是一个过渡技术。有人说增程是过渡技术，是落后技术，这是其对技术的理解 不够，其实增程技术有很好的使用场景和特点。深蓝做氢燃 ...

证券之星消息，11月25日，深证国企股东回报（970064）指数报收于1612.77点，涨0.73%，成交201.24 亿元，换手率0.78%。当日该指数成份股中，上涨的有33家，中材科技以10.01%的涨幅领涨，下跌的有 12家，中信特钢以2.97%的跌幅领跌。 深证国企股东回报（970064）指数十大成份股详情如下： 资金流向方面，深证国企股东回报（970064）指数成份股当日主力资金净流入合计4.25亿元，游资资金 净流出合计1.07亿元，散户资金净流出合计3.19亿元。成份股资金流向详情见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002080 中材科技 | | 2.10 Z | 18.77% | -9955.69万 | -8.91% | -1.10 Z | -9.86% | | 000568 泸州老窖 | | 9154.24万 | 9.57% | -3843.95万 | -4.02% | -5 ...

11月21日第二十三届广州车展上，别克新能源旗舰MPV至境世家首次亮相，并发布"恒温、恒湿、恒 氧、恒洁、恒静"的"五恒"大健康座舱。新车将于12月5日正式上市并开启交付。 至境世家拥有5260/2023/1820mm的尺寸与3160mm的轴距。设计基于湾流私人飞机，线条流畅型面饱 满，风阻0.258Cd。车身采用业内顶级的12层双色涂装工艺，晶钻展翼大灯支持7种自适应照明模式；光 羽流焰贯穿式尾灯内嵌257颗超红光LED，在恶劣天气下穿透力更强。 至境世家搭载云台式超低礼宾空悬，支持前后轴同时下降。车身高度调节范围达80mm，配合超宽礼宾 踏步，分段式长扶手，使得上下车更轻松、更安全。此外，至境世家搭载手势智控滑移门，落座后仅需 挥挥手即可关门。 至境世家舱内长度超过3.6米、舱内高度超过1.3米，车身宽度利用率达80%。超330mm超长三排电滑轨 配合剧院式三排座椅布局；第二排行业首创的多姿态零重力座椅，可根据一、三排乘客的状态和位置， 自适应调节零重力姿态，以达到最大可伸展的舒适坐躺角度。此外，至境世家拥有630L-2056L后备箱 空间，满座时后备箱可容纳2只24吋行李箱和13只20吋行李箱。 别克表 ...

截至11月25日收盘，兵装重组概念下跌0.36%，位居概念板块跌幅榜前列，板块内，湖南天雁、建设工 业、东安动力等跌幅居前，股价上涨的有2只，涨幅居前的有华强科技、长安汽车等，分别上涨 0.67%、0.17%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | F5G概念 | 4.52 | 中船系 | -0.95 | | 共封装光学(CPO) | 3.62 | 兵装重组概念 | -0.36 | | 光纤概念 | 3.61 | 养鸡 | -0.36 | | 金属铅 | 3.17 | 国产航母 | -0.32 | | 海南自贸区 | 3.13 | 猪肉 | -0.03 | | 金属锌 | 3.07 | 中韩自贸区 | 0.09 | | 赛马概念 | 2.98 | 可燃冰 | 0.13 | | WiFi 6 | 2.84 | 预制菜 | 0.14 | | 铜缆高速连接 | 2.83 | 同花顺中特估100 | 0.15 | | 福建自贸区 | 2.82 | 超级品牌 | 0.16 | 资金面上看，今日兵装重组概念板块 ...

Core Insights - Changan Automobile officially launched its brand in Brazil at the São Paulo Auto Show, marking its entry into one of the world's largest automotive markets [1] - The company signed a cooperation agreement with CAOA to enhance its presence and deliver quality products and services to Brazilian consumers [1] Group 1: Brand Launch and Partnerships - Changan's debut in Brazil features the AVATR brand, which emphasizes "Emotive Luxury" and showcases innovative design and technology [3] - The partnership with CAOA involves a full-value chain collaboration, including R&D and after-sales services, to better cater to local consumer needs [4] - Brazilian supermodel Gisele Bündchen was announced as the brand ambassador, highlighting the collaboration's potential to enhance the driving experience for consumers [5] Group 2: R&D and Local Operations - Joint R&D efforts have been ongoing for over two years, involving more than 300 engineers from both China and Brazil [4] - The company has deployed over 100 test vehicles, accumulating over 1 million kilometers of test mileage to validate product performance [4] - Changan aims to advance localized R&D, manufacturing, and service operations in Brazil as part of its "Vast Ocean Plan" for global expansion [6] Group 3: Government Engagement - Brazilian President Luiz Inacio Lula da Silva visited Changan's booth at the Auto Show, expressing admiration for the vehicles' design and technology [6] - Lula acknowledged China's advancements in automotive manufacturing and conveyed high expectations for Changan's future in Brazil [6]

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]

中新网重庆11月25日电 (梁钦卿)以"智联新生态·绿色新动能"为主题的智能网联新能源汽车产业专题对 接活动25日在重庆举行。本次活动汇聚来自政府机构、行业协会、国内外知名企业及产业链各环节代表 约300人，共同擘画中国智能网联新能源汽车产业高质量发展的新蓝图。 本次专题对接活动搭建了政、产、学、研、用等多方交流的平台，实现了从国家战略、行业趋势、区域 布局、生态构建到企业实践的全链条、全景式展示。 随后，中国汽车工程研究院股份有限公司董事长周玉林梳理了在当前产业变革背景下，我国汽车零部件 产业在行业竞争、开发模式、产品形态、国际化出海及区域布局等方面的发展趋势。他指出，下一步中 国汽研将着力打造《中国汽车零部件产业发展年鉴》及"中国企业评价协会汽车分会"两大平台，助力我 国汽车零部件企业向上发展。 重庆市经济和信息化委员会党组成员王含致辞表示，重庆拥有雄厚的工业基础、完备的产业生态、领先 的应用场景、畅联的区位优势以及精准有力的政策体系，正积极打造世界级智能网联新能源汽车产业集 群，并向全球投资者发出了诚挚的"重庆邀请"。 重庆长安汽车股份有限公司首席专家黄忠强分享了长安汽车在面向智能化、电动化转型过程中的 ...

Core Viewpoint - Changan Automobile has introduced a new safety value system and the "Tianshu Intelligent" brand at the Guangzhou International Auto Show, emphasizing the transition of automotive safety from passive to active measures in response to the evolving electric and intelligent vehicle landscape [1] Group 1: New Safety Value System - The new safety paradigm is described as a non-negotiable baseline for automotive companies, highlighting the importance of safety in the context of industry transformation [1] - Changan's General Manager Zhao Fei stated that safety is not the greatest luxury but a fundamental requirement for car manufacturers [1] Group 2: Technological Advancements - The "Tianshu Intelligent" system demonstrated advanced capabilities during a 3000-kilometer test drive, showcasing its ability to recognize sudden lane changes, predict vehicle trajectories, and identify construction zones even in low-light conditions [1] - The system is built on a comprehensive protection framework that includes driving assistance, cabin, and chassis technologies, with a data-driven approach that allows for continuous evolution [1] Group 3: Market Impact - The launch of the new Q05 model, equipped with laser radar technology, marks a significant step in making intelligent driving assistance more accessible in the under 100,000 yuan electric SUV market [1][2] - Changan has established a global R&D network and possesses a unique national key laboratory for intelligent automotive safety technology, indicating strong technical capabilities and systemic strength [2]

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、 ...

在汽车产业智能化浪潮席卷全球的今天，安全已成为衡量车企技术实力与责任担当的核心标尺。尤其是 随着车辆从单纯的交通工具演变为集出行、办公、娱乐于一体的"移动智能空间"，传统以碰撞防护为核 心的被动安全体系已无法满足用户对全场景、全链路安全的需求。 面对这一产业深层次变革，中国长安汽车（000625）以央企之担当，擎起"新安全"大旗，通过天枢智能 品牌，率先将汽车安全范式从"被动防护"全面升级为"主动智能泛安全"，重新定义了智能时代的出行安 全标准。 从被动防护到主动全域守护：开启"泛安全体系"新篇 技术底气：全球顶尖的自主研发与验证体系 天枢智能敢于重新定义智能出行安全标准的底气，源于中国长安汽车作为央企所构建的全球顶尖自研实 力与验证体系。"六国十地"的全球研发布局和行业唯一的"智能汽车安全技术全国重点实验室"，构成了 天枢智能的强大技术后盾。 三大核心场景突破：让行车安全无死角 在"泛安全"体系中，行车安全作为基石，中国长安汽车天枢智能驾驶辅助通过"不怕别、无惧匝、直面 黑"三大场景体验为用户保驾护航。 "不怕别"——预判之眼，平稳应对别车。天枢智能驾驶辅助激光版凭借视觉与激光雷达的高精度融合感 知，基于海 ...