长安汽车(000625.SZ)公告称，公司间接控股股东中国兵器装备集团有限公司实施存续分立，分立为中 国兵器装备集团有限公司（存续企业）和中国长安汽车集团有限公司（新设企业）。分立前兵器装备集 团所持长安汽车14.23%股份已分立至中国长安汽车。近日，相关股份已完成过户登记手续，过户日期 为2025年11月3日。过户完成后，中国长安汽车直接及间接合计持有长安汽车35.04%的股份，成为公司 间接控股股东。此次分立不会对公司正常生产经营活动构成重大影响，也不存在损害公司及中小股东利 益的情形。 ...

关于间接控股股东股份完成过户登记的公告 证券代码：000625(200625) 证券简称：长安汽车（长安 B） 公告编号：2025-69 重庆长安汽车股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、本次权益变动的基本情况 经国务院批准，重庆长安汽车股份有限公司（以下简称"公司"或"长安 汽车"）间接控股股东中国兵器装备集团有限公司实施存续分立，分立为中国 兵器装备集团有限公司（存续企业，以下简称"兵器装备集团"）和中国长安 汽车集团有限公司（新设企业，以下简称"中国长安汽车"）。分立前兵器装 备集团所持长安汽车 14.23%股份、辰致汽车科技集团有限公司 100%股权均分 立至中国长安汽车。分立完成后，中国长安汽车直接及间接合计持有长安汽车 35.04%的股份，成为长安汽车间接控股股东。详细内容见公司于 2025 年 2 月 10 日披露的《关于控股股东拟发生变更的提示性公告》（公告编号：2025-05）、 于 2025 年 6 月 5 日披露的《关于中国兵器装备集团有限公司重组进展情况的 公告》（公告编号：2025-36）、于 2025 年 ...

关于重庆长安汽车股份有限公司 间接控股股东股份完成过户登记 债券代码： 148147.SZ 债券简称： 22 长安 K1 的临时受托管理事务报告 发行人 重庆市江北区建新东路 260 号 受托管理人 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 签署日期：2025 年 11 月 声明 本报告依据《公司债券发行与交易管理办法》（以下简称"管理办法"）、 《深圳证券交易所公司债券上市规则》（以下简称"上市规则"）、《重庆长安 汽车股份有限公司 2021 年面向专业投资者公开发行公司债券受托管理协议》《重 庆长安汽车股份有限公司 2021 年面向专业投资者公开发行公司债券债券持有人 会议规则》及其它相关公开信息披露文件以及重庆长安汽车股份有限公司（以下 简称"发行人、公司、长安汽车"）出具的相关说明文件等，由公司债券受托管 理人中信证券股份有限公司（以下简称"中信证券"）编制。 二、事项基本情况 根据发行人披露的《重庆长安汽车股份有限公司关于间接控股股东股份完成 过户登记的公告》，发行人间接股东股份已完成过户登记，具体情况如下： （一）本次权益变动的基本情况 经国务院批准，发行人间接控股股东中国兵器装 ...

中信建投证券股份有限公司 关于 中国长安汽车集团有限公司免于发出要约收购 重庆长安汽车股份有限公司 之 （四）本财务顾问没有委托或授权其他任何机构和个人提供未在本意见中 列载的信息和对本意见做任何解释或说明。 2025 年第三季度持续督导意见 财务顾问 二〇二五年十一月 声 明 中信建投证券股份有限公司（以下简称"中信建投证券"）接受委托，担任 中国长安汽车集团有限公司（以下简称"收购人"或"中国长安汽车"）免于发 出要约收购重庆长安汽车股份有限公司（以下简称"上市公司"或"长安汽车"） 的财务顾问，依照《上市公司收购管理办法》第六十九条、第七十一条、《上市 公司并购重组财务顾问业务管理办法》第三十一条等有关规定，持续督导期从 上市公司公告收购报告书至收购完成后的 12 个月止（即从 2025 年 7 月 30 日至 本次收购完成后的 12 个月止）。2025 年 10 月 25 日，长安汽车披露了 2025 年第 三季度报告。结合上述定期报告及日常沟通，中信建投证券出具了 2025 年第三 季度（2025 年 7 月 30 日至 2025 年 9 月 30 日，以下简称"本持续督导期"）的 持续督导意见（以 ...

Industry Information - The term "semi-solid battery" is proposed to be renamed as "solid-liquid battery" to avoid confusion with solid-state batteries, which are seen as the future direction due to their higher safety, energy density, lifespan, and faster charging capabilities [9] - Shanghai's Haitong International Automobile Terminal has achieved a record high automobile export volume of 1.109 million units in the first three quarters of this year [10] - The commercial insurance premium income for new energy vehicles exceeded 100 billion yuan, reaching 108.79 billion yuan, with a year-on-year growth of 36.6% [11] - Anhui province ranked first in the country with an automobile production of 2.4044 million units in the first three quarters, significantly outpacing Guangdong [12] - The profit of the automobile manufacturing industry increased by 3.4% year-on-year from January to September [13] - The establishment of 10 measurement talent training centers has been approved, including those focused on new energy vehicles [13] - Huawei's HarmonyOS has delivered over 1 million units in just 43 months [13] - A new project for producing 1.6 million sets of chassis components has officially commenced [13] - The first automotive chip standard verification platform in China has been put into operation [16] - The demand for energy storage has significantly boosted the performance of the lithium battery industry in the third quarter [21] Policy Information - The National Energy Administration has released several important standards related to electric vehicle charging infrastructure [26] - Shenzhen's vehicle replacement subsidy policy will cease after October 28, 2025, due to budget constraints [30] - Guizhou province has implemented a management plan for electric vehicle charging infrastructure construction [30] - The Ministry of Industry and Information Technology is promoting the development of green industries, including new energy vehicles [20] Company Information - Seres Group plans to go public in Hong Kong with a maximum issue price of 131.50 HKD per share, aiming for a total issuance scale of approximately 17 billion USD [43] - Nio has achieved over 90 million battery swaps, with an average daily swap volume exceeding 100,000 [43] - Xpeng Motors has entered the Baltic states and Cambodia markets [43] - BYD's new car registrations in Europe increased nearly fourfold in September [43] - The establishment of Zhejiang Li Auto Battery Co., Ltd. has been completed with a registered capital of 70 million yuan [24]

Investment Rating - The report maintains a "Recommended" rating for the company [7]. Core Insights - The company has shown a significant increase in wholesale sales, with October sales reaching 278,000 units, up 11.0% year-on-year and 4.6% month-on-month. Cumulative sales from January to October reached 2.374 million units, up 10.1% year-on-year [1][2]. - The company aims to achieve a sales target of 3 million units by 2025, with a specific goal of 1 million units in new energy vehicles. New models such as the Deep Blue L06 and others are expected to support this growth [2][3]. - The establishment of a new group in July 2025 aims to enhance resource integration and collaboration, with plans to produce humanoid robots by 2028 and flying cars by 2030 [4]. Summary by Sections Sales Performance - In October, the company's wholesale sales of its own brands reached 237,000 units, a year-on-year increase of 11.3% and a month-on-month increase of 4.9%. Cumulative sales for the first ten months were 2.017 million units, up 12.2% year-on-year [1][2]. - New energy vehicle sales in October were 119,000 units, reflecting a year-on-year increase of 36.1% and a month-on-month increase of 15.0%. Cumulative sales for the first ten months reached 869,000 units, up 60.6% year-on-year [2]. Product Development - The Deep Blue brand sold 37,000 units in October, up 28.1% year-on-year, while the Avita brand sold 13,506 units, up 34.3% year-on-year. Cumulative sales for the first ten months were 269,000 units for Deep Blue and 104,000 units for Avita, representing increases of 56.9% and 118.9% respectively [2][3]. - The Deep Blue L06, a new mid-size electric sedan, is set to launch with a price range of 139,900 to 161,900 yuan, targeting young consumers seeking high-tech features [3]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 189.6 billion yuan, 209.5 billion yuan, and 233.5 billion yuan respectively, with net profits of 6.31 billion yuan, 8.16 billion yuan, and 10.94 billion yuan [4][6]. - The earnings per share (EPS) are projected to be 0.64 yuan, 0.82 yuan, and 1.10 yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 19, 15, and 11 [4][6].

格隆汇11月4日｜据智通财经，针对有关改造沈阳原上汽通用北盛工厂（三期）的消息，吉利汽车对记 者表示，吉利银河销量的爆发确实对产能提出了更高要求，目前公司正在积极研究并探讨多种扩充产能 的方案，尽最大可能利用各地剩余产能，不再建设新的汽车生产工厂或者扩大现有工厂产能。日前有市 场消息称，沈阳原上汽通用北盛工厂（三期）正在改造中，后续将用于补充吉利银河产能。一位接近吉 利的人士透露，"沟通挺久了，现在银河的产能紧张。" ...

Domestic News - The National Health Commission and five other departments have launched a one-year special campaign to rectify illegal "ambulance" vehicles, focusing on both registered and unregistered vehicles providing emergency medical services [2] - Guangdong Province will implement a consumption season activity from November 2025 to March 2026, offering one-time subsidies for personal consumers purchasing new energy vehicles and compliant fuel vehicles [3] - Jiangsu Province has approved the construction plan for an innovation center focused on power and control systems for new energy commercial vehicles, led by Xuzhou Xugong Automobile Manufacturing Co., Ltd. [4] - China's robot industry revenue increased by 29.5% year-on-year in the first three quarters, with industrial robot production reaching 595,000 units and service robot production reaching 13.5 million sets [5] International News - Toyota is recalling 99,178 vehicles in Canada due to software issues affecting rearview camera displays, with free software updates provided to affected customers [6] - Hyundai plans to establish a clean mobility hub in Malaysia, with government support for hydrogen production projects [7] - Tesla has completed the design review of its AI 5 chip, with future AI chips AI6, AI7, and AI8 in the pipeline [8][9] Corporate News - Zhu Huarong has resigned as chairman of Changan Ford, with Zhao Fei taking over the position [10] - WM Motor announced an upcoming new car launch event, indicating positive developments despite ongoing challenges in after-sales service [11] - The autonomous delivery service "Luo Bo Kuaipao" reported over 250,000 weekly orders, all of which are fully autonomous, with total global orders exceeding 17 million [12] - Huitian Aerospace Technology has successfully produced its first "land aircraft carrier" flying vehicle, marking a milestone in the mass production of flying cars [13] - Hesai Technology and Guanghetong have launched a collaborative solution for robot lidar, focusing on key functionalities for intelligent robots [14] - Weinan Battery Asset Co., Ltd. has completed a C-round financing of 670 million yuan, with funds allocated for battery asset operations and technology development [15]

Group 1 - Starbucks announced a strategic partnership with Boyu Capital to establish a joint venture, selling 60% of its China business for an enterprise value of approximately $4 billion, aiming to expand the number of stores in China from 8,000 to 20,000 [1] - OpenAI's CEO Sam Altman denied rumors of an IPO in 2024, stating that there is no specific date for going public [2] - Weima Automobile hinted at an upcoming event related to new products and services, indicating a recovery in its operations [2] Group 2 - Autohome launched an e-commerce platform to provide a full-service experience for car buyers, integrating online and offline resources [4] - The founder of Quan Guo Fund, Wang Guobin, passed away unexpectedly, having significant contributions to the asset management industry [4] - Didi announced an upgrade to its membership program, enhancing user experience with new benefits [4] Group 3 - Microsoft CEO Satya Nadella indicated the possibility of resuming hiring, contingent on employees acquiring skills to collaborate with AI [5] - Apple delayed the launch of its AI feature "Apple Intelligence" in China, facing technical challenges [7] - Xiaopeng Motors' CEO expressed ambitions to mass-produce robots by 2026, comparing the current state of robotics to early electric vehicles [7] Group 4 - Alphabet plans to issue at least €3 billion in bonds to finance its AI expansion efforts [9] - Apple is set to enhance Siri with Google's Gemini AI, marking a rare collaboration between the two companies [10] - Anshi Semiconductor's factory in Dongguan continues normal operations despite external challenges, with significant orders from clients [12] Group 5 - Changan Ford's chairman Zhu Huarong has stepped down, with Zhao Fei taking over the position [12] - Zhou Dasheng reported a net closure of 560 stores in the past year, primarily affecting franchise locations [13] - Kade Investment is rumored to be considering a merger with Frasers Property, but has not confirmed any details [13] Group 6 - Chipmaker Xinzhenwei completed a multi-hundred million yuan Series A financing round [14] - Kuaishou's subsidiary increased its registered capital significantly, indicating growth in its operations [14] - AI medical imaging company Shukun Technology is preparing for an IPO, aiming to capitalize on favorable market conditions [15] Group 7 - Yujian Robotics launched the Rover X1 home robot, featuring advanced technology for versatile applications [16] - Xingji Power introduced its first humanoid robot, with plans for mass production by 2026 [18] - Huawei's Mate70 Air smartphone was leaked, showcasing its design and features [21] Group 8 - The China Road Transport Association announced that major logistics platforms have implemented real-name registration for freight owners [23] - Global TV shipments fell below 50 million units for the first time in history, with a projected recovery in the fourth quarter [24]

板块最新观点 证券研究报告 2025Q3业绩综述： 乘用车/零部件略有承压，商用车/摩托车表现更佳 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年11月3日 请务必阅读正文之后的免责声明部分 2 ◼ 当前时点汽车板块如何配置？我们认为汽车行业或又进入了新的十字路口阶段：汽车电动化 红利进入尾声，汽车智能化正在"黎明前黑暗"，机器人创新在产业0-1阶段。新旧逻辑切 换阶段三类主线投资机会并存。 ➢ 【AI智能车主线】Robotaxi/van先行，C端紧跟。 （ ✓ 下游应用维度核心标的：#Robotaxi视角：1）一体化模式：特斯拉/小鹏汽车/千里科技；2） 技术提供商+运营分成模式：地平线/百度/小马智行/文远知行；3）网约车/出租车的转型： 滴滴/曹操出行/如祺出行/大众交通/锦江在线。#Robovan视角：德赛西威+中邮科技+开勒 股份等。#C端卖车视角：整车（小鹏汽车/理想汽车/华为系/小米汽车等） ✓ 上游供应链维度核心标的：1）B端整车代工：北汽蓝谷/广汽集团/上汽集团等；2）核心供 应商：检测（中国汽研/中汽股份等）/ ...