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 ...

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].

风险提示 新车销量不及预期，原材料价格大幅上涨。 智通财经APP获悉，国泰海通发布研报称，11月21日，2025广州国际车展开幕，聚焦电动化与智能化最 新成果。本届广州车展集中亮相的多款新能源车型，以及人形机器人、飞行汽车等前沿科技成果，充分 反映出车企在电动化与智能化方向的持续深耕。随着行业逐步走向规范化与高质量发展，竞争重心将更 多聚焦于产品定义、技术自研与体系化能力等硬实力维度。 小鹏、长安、广汽等车企集中展示具身智能领域最新成果。小鹏展示人形机器人IRON，以"骨骼—肌肉 —皮肤"的拟构设计为亮点，搭载算力达2250TOPS的AI芯片及全固态电池，计划于2026年底规模量产并 同步开放SDK;长安汽车基于工厂、门店、家庭和特种四大场景，按近、中、远期三步推进，计划于 2026年发布首款车载组件机器人;广汽集团推出第四代GoMate Mini轮足人形机器人，预计2027年量产， 2030年实现机器人产业链产值超100亿元。 零跑、长安、小鹏等车企多款新品亮相 零跑汽车携ABCD全系列车型参展，A10作为品牌补齐产品矩阵的关键车型首次亮相。新车以"科技自然 美学2.0"为设计理念，车身长度超4200mm， ...

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 Viewpoint - Changan Automobile is set to launch a series of intelligent robotic products, with the first in-vehicle component robot expected to be unveiled in Q1 2026, following the recent trend of traditional automakers entering the robotics space [1][2]. Group 1: Robotics Development - Changan Automobile plans to gradually release prototypes of humanoid robots starting in 2026, focusing on humanoid robot technology and its applications in smart mobility and automotive robotics [2]. - The first humanoid robot will stand 169 cm tall, weigh 69 kg, and have a speed of 0.8 m/s, featuring 40 degrees of freedom and a battery life exceeding 2 hours [2]. - The company aims to accelerate the development of AI technologies over the next five years, with plans to mass-produce humanoid robots by 2028 and launch flying cars by 2030 [2]. Group 2: Sales and Financial Performance - In the first ten months of 2025, Changan Automobile's total sales reached 2.374 million units, marking a year-on-year increase of 10.12%, with 2.0168 million units sold under its own brand, accounting for 84.95% of total sales [4]. - The company's new energy vehicle sales reached 868,700 units during the same period, reflecting a significant year-on-year growth of 60.58% [4]. - For the first three quarters of 2025, Changan Automobile reported revenue of 114.927 billion yuan, a 3.58% increase year-on-year, while net profit attributable to shareholders decreased by 14.66% to 3.055 billion yuan [5]. Group 3: R&D Investment - Changan Automobile has been increasing its R&D investment, with expenditures rising from 3.515 billion yuan in 2021 to an expected 6.505 billion yuan in 2024, indicating a consistent upward trend [3]. - In the first three quarters of 2025, R&D expenses reached 5.039 billion yuan, representing a year-on-year increase of 13.07% [3]. Group 4: International Expansion - Changan Automobile's overseas sales for the first ten months of 2025 totaled 522,600 units, reflecting a year-on-year growth of 25% [5]. - The company is actively pursuing international markets, having entered over 100 countries and established more than 14,000 global sales outlets [4].

【长安启源全新Q05上市 激光雷达重塑纯电市场】11月21日，长安启源全新Q05在广州车展正式上市， 搭载激光雷达+小蓝灯，新车包含405km、506km两种续航版本，共6款车型，官方指导价7.99万元— 10.99万元。 据悉，广州车展前，搭载长安天枢智能驾驶辅助激光版的长安启源Q07、A06以及全新Q05，均成功完 成"山城到羊城3000里天枢智能驾驶辅助挑战"，全程零事故、零剐蹭，展现了"遇别车稳、遇匝道准、 遇黑夜精准"的硬实力，以"新安全"重构用户智能出行。 按照规划，到2030年中国长安汽车将累计推出超50款全新新能源车型，全部搭载天枢智能，海外销量占 比突破30%。 中国长安汽车集团有限公司总经理赵非在发布会上表示："中国长安汽车安全理念已从传统狭义的物理 防护，逐步扩展为涵盖行车安全、健康安全、心理安全、隐私安全等全面主动的'泛安全'体系，致力于 为用户提供极致安全的智能出行解决方案，把安全回家写进万家灯火。"中经记者 赵毅 广州报道 在动力方面，长安启源全新Q05搭载最大功率120千瓦的驱动电机，匹配40.29千瓦时和51.91千瓦时电 池，CLTC工况下续航里程分别为405公里和506公里 ...

据悉，广州车展前，搭载长安天枢智能驾驶辅助激光版的长安启源Q07、A06以及全新Q05，均成功完成"山城到羊城3000里天枢智能驾驶辅助挑战"，全程 零事故、零剐蹭，展现了"遇别车稳、遇匝道准、遇黑夜精准"的硬实力，以"新安全"重构用户智能出行。 按照规划，到2030年中国长安汽车将累计推出超50款全新新能源车型，全部搭载天枢智能，海外销量占比突破30%。 中国长安汽车集团有限公司总经理赵非在发布会上表示："中国长安汽车安全理念已从传统狭义的物理防护，逐步扩展为涵盖行车安全、健康安全、心理安 全、隐私安全等全面主动的'泛安全'体系，致力于为用户提供极致安全的智能出行解决方案，把安全回家写进万家灯火。" （文章来源：中国经营报） 11月21日，长安启源全新Q05在广州车展正式上市，搭载激光雷达+小蓝灯，新车包含405km、506km两种续航版本，共6款车型，官方指导价7.99万元— 10.99万元。 在动力方面，长安启源全新Q05搭载最大功率120千瓦的驱动电机，匹配40.29千瓦时和51.91千瓦时电池，CLTC工况下续航里程分别为405公里和506公里。 支持3C快充，充电5分钟补能100公里，15分钟即可 ...

当下，中国汽车市场正迈入"全民智驾"关键阶段，智能化竞争从技术堆砌转向价值深耕，但安全痛点与 用户焦虑仍成为行业规模化发展的核心瓶颈。 在此背景下，中国长安汽车以"新长安新安全天枢智能"为主题，发布"新安全"价值体系，率先推动汽车 安全从"被动安全"向"主动智能泛安全"转型，为行业安全发展提供新范式。 与此同时，用户对安全的需求已不再局限于传统物理防护，中国汽车工业协会调研显示，2025年有78% 的智驾用户将健康安全、心理安全、隐私安全纳入购车核心考量，传统安全定义已难以满足新时代出行 需求。这种"技术普及速度"与"安全体验质量"的失衡，倒逼行业重新审视智能时代的安全标准。 面对行业痛点与用户需求变迁，中国长安汽车发布的"新安全"价值体系，将安全内涵扩展为涵盖行车、 健康、心理、隐私的全维度守护。 长安"泛安全"破局技术普惠重塑市场格局 实际上，自今年7月底成立以来，中国长安汽车动作不断，品牌势能持续走高。在这背后，中国长安汽 车正在进行一场深刻的科技革命与产业变革，以数智为引领，科技赋能，向新向上。 在第五届长安汽车科技生态大会上，长安汽车正式发布智能化品牌"新长安·新安全—天枢智能"。这是 中国长安汽车 ...

Core Insights - Changan Automobile is planning to launch a humanoid robot named "Xiao An" next year as part of its investment in the robotics sector [1] - The company is adopting a "1+N+X" strategic layout to develop intelligent automotive robotics technology and business [1] Company Strategy - Changan's robotics strategy focuses on core scenarios and aims to integrate technology and business in a commercial + technical closed loop [1] - The company plans to collaborate with leading partners to develop humanoid robots, addressing key technologies such as the robot's "brain," "energy," and "drive" [1] Product Development - The humanoid robot "Xiao An" has a height of 169 cm, weight of 69 kg, speed of 0.8 m/s, and features 40 degrees of freedom with a battery life exceeding 2 hours [1] - The robot is designed to interact with humans, demonstrate martial arts, and assist in work, with additional functionalities under development and testing [1] Future Plans - Changan aims to gradually release prototypes starting next year, with the first vehicle-mounted component robot expected in the first quarter [1] - The company will showcase humanoid robot products at the 2025 Guangzhou Auto Show [1]

| 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601238 广汽集团 | | 2.59 亿 ﺔ | 42.00% | -1.54 Z | -25.02% | -1.05 Z | -16.99% | | 002594 比亚迪 | | 1.89 Z | 6.17% | -5619.76万 | -1.83% | -1.33 Z | -4.34% | | 600733 北汽蓝谷 | | 8458.85万 | 12.57% | -2522.84万 | -3.75% | -5936.01万 | -8.82% | | 600104 上汽集团 | | 4265.49万 | 6.97% | -2579.32万 | -4.22% | -1686.18万 | -2.76% | | 601127 赛力斯 | | 3292.94万 | 1.09% | 1371.13万 | 0.45% | -4664.08万 | -1.54% | | 00 ...