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].

Core Viewpoint - The automotive market is experiencing a significant shift in competitive dynamics, with production capacity transitioning from joint ventures to domestic manufacturers, reflecting a structural surplus in capacity and the implementation of "stock optimization" policies across regions [1][3]. Group 1: Capacity Acquisition and Market Dynamics - Many automotive manufacturers in need of new production capacity are acquiring or managing other manufacturers' factories to supplement their production capabilities, a trend that has become widespread this year [2][3]. - Recent acquisitions include Changan Automobile taking over Beijing Hyundai's Chongqing factory, which has been repurposed for Deep Blue Automotive production, and Geely's acquisition of the former SAIC-GM Beisheng factory in Shenyang for its Galaxy brand [2][3]. - The shift in idle capacity has moved from domestic brands to joint ventures, with companies like Dongfeng acquiring production capacity from Nissan and other joint ventures [3][10]. Group 2: Strategic Goals and Production Capacity - Geely and Changan have set ambitious sales targets of 5 million vehicles by 2030, driving their recent capacity expansions [5][6]. - Changan's production capacity is projected to reach 2.25 million units in 2024, with a utilization rate of 84%, while Geely's capacity is 4.23 million units with a lower utilization rate of 45% due to previous restructuring [7][8]. - Geely's Galaxy brand has seen rapid sales growth, surpassing 1 million units in the first ten months of this year, prompting the company to prepare multiple production bases [7][8]. Group 3: Market Share and Competitive Landscape - The market share of domestic brands has surged from 35.7% in 2020 to 68.7% currently, indicating a significant rise in competitiveness against joint ventures [10]. - Several joint venture companies have exited the market, with factories being repurposed for domestic brands, such as the sale of GAC FCA's Guangzhou factory and the closure of multiple Honda and Nissan plants [10][11]. Group 4: Policy and Asset Optimization - The Chinese government is focusing on optimizing existing assets, with policies aimed at revitalizing idle production capacity, particularly in the context of the transition to electric vehicles [12][13]. - Local governments are actively implementing measures to utilize existing automotive production capacity, as seen in various provinces with specific plans for the automotive industry [12][14].

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 ...

在汽车行业竞争中，一些急需新产能的汽车厂家，往往会通过托管、收购其他厂家的工厂，来补足自身的生产能力。这一现象今年在汽车行业大面积上演。 近日，北京现代重庆工厂被长安汽车接手，现已改为深蓝汽车生产线。对此，深蓝汽车向经济观察报表示："的确如此，10月下旬就正式换标了，但目前还 未投入使用。" 不久前，吉利汽车收购沈阳原上汽通用北盛工厂，该工厂经改造后将生产银河品牌车型。除此之外，有行业报道称，储能企业楚能新能源即将接盘威马汽车 黄冈工厂。楚能新能源方面向经济观察报表示，"这目前属于没有官宣确认的事，但我们如果造车也不奇怪。" 在四五年前，很多自主品牌车企由于竞争力不佳退出市场，留下了众多闲置产能，其中一些被头部自主车企、造车新势力等企业接盘。而今天，产能闲置的 主角变成了合资车企。今年来，已有日产、神龙汽车的产能被东风自主品牌接手。 这一轮产能"大挪移"的背后，反映的是汽车市场竞争格局的此消彼长，同时也是在汽车行业产能结构性过剩的背景下，各地执行"存量优化"政策的写照。 500万辆目标的催动 吉利收购上汽通用北盛工厂及长安收购北京现代重庆工厂，背后直指这两家自主车企集团"500万辆"的宏伟目标。 2025年1 ...

Core Viewpoint - China Changan Automobile has introduced a new safety value system, transitioning from "passive safety" to "active intelligent safety," emphasizing a comprehensive safety approach that includes driving safety, health safety, psychological safety, and privacy safety [2] Group 1: New Safety Value System - The new safety philosophy aims to provide users with an ultimate safe intelligent travel solution, expanding the traditional concept of physical protection to a broader "pan-safety" system [2] - The "Tianshu Intelligent Driving Assistance" system can instantly recognize sudden lane changes and smoothly decelerate to maintain safe distances [2] Group 2: Advanced Technology Features - Tianshu Intelligent utilizes multi-source sensor fusion technology for centimeter-level positioning, achieving a 98% success rate in autonomous highway ramp navigation [4] - The system can identify obstacles and risks up to 200 meters ahead, even in low visibility conditions, ensuring safe responses [5] Group 3: Continuous Improvement and Data-Driven Evolution - The driving assistance system undergoes continuous evolution through data-driven methods, simulating over 3.3 million kilometers to enhance safety and intelligence [5] - The intelligent cockpit integrates AI models and agent technology, allowing for seamless execution of user commands, such as booking cinema tickets through voice commands [5] Group 4: Global Expansion and Future Plans - Changan Automobile is accelerating the product's global rollout, with plans to launch over 50 new energy models by 2030, all equipped with Tianshu Intelligent technology [6] - The company has established a global R&D network with over 200 laboratories and aims for overseas sales to exceed 30% of total sales [6]

长安凯程V919荣耀版。企业供图 编辑 徐倩 新京报贝壳财经讯（记者王琳琳）11月21日，长安凯程V919荣耀版在广州车展上正式上市。长安凯程认为，好的产品不只是停留在表面的参数，更要给用 户带来实实在在的利益。 长安凯程V919荣耀版 以50kW·h电池容量、7立方米载货空间及全系后驱配置切入城配物流核心市场。新车搭载金钟罩电池，这也是金钟罩电池首次应用于 商用车领域。长安凯程 V919荣耀版CLTC续航里程362km，支持2C快充，15分钟可将电量从30%充至80%。 在服务网络上，长安凯程拥有820多家特约维修站，超3000个救援网点。 校对 张彦君 ...

新京报贝壳财经讯（记者王琳琳）11月21日，长安启源全新Q05在广州车展上正式上市，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。长安汽车执行副总裁杨大勇表示，目前长安启源用户已超40万。今年也是启源大年，启源Q07、全新Q05和A06这3款车型齐发。 和配置不代表 Presentation first 长安启源全新Q05。企业供图 全新Q05的长宽高分别为4435mm、1855mm和1600mm，轴距为2735mm，配备两向电动调节副驾腿托。此外，新车采用了激光雷达，搭载天枢智能座舱，融 合AI大模型，实现了可见即可说、连续对话的智能交互。在续航方面，15分钟电量可从30%充到80%，5分钟可补充续航120km。 编辑 徐倩 校对 赵琳 STAN TO ...

中国长安汽车（000625）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。 随着广州车展的开幕，2025年汽车市场进入收官期。 今年广州车展上，中国长安汽车集团有限公司（以下简称"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，率先将汽车安全范式从"被动安全"转向"主动智能泛安全"。 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。 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。 央企赋能，筑牢发展基石 今年7月底，中国长安汽车正式成立。一方面，这意味着长安汽车迎来赋能与背书。另一方面，也成为 央企重组改革的标杆，成为国家推动汽车强国战略的核心力量。 从8月首届全球服务技能大赛在曼谷启幕，推动服务标准走向国际，到9月第五届长安汽车科技生态大会 如期而至，亮相慕尼黑车展，再到广州车展的全品牌产品盛宴。短短数月 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000625(200625) 证券简称：长安汽车（长安B） 公告编号：2025-72 重庆长安汽车股份有限公司 2025年中期权益分派实施公告 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、股东大会审议通过利润分配方案情况 1．重庆长安汽车股份有限公司（以下简称"公司"或"本公司"）于2025年10月24日召开的2025年第一次 临时股东大会审议通过了2025年中期利润分配方案（以下简称"分配方案"），该分配方案为：以总股本 9,914,086,060股为基数，其中A股8,272,471,283股，B股1,641,614,777股，向全体股东每10股派送现金红 利人民币0.50元（含税），公司合计拟派送现金人民币495,704,303.00元（含税），不送红股，不以资本 公积金转增股本。 2．自分配方案披露至实施期间公司股本总额未发生变化。 3．本次实施的分配方案与股东大会审议通过的分配方案一致。 本公司2025年中期权益分派方案为：以公司现有总股本9,914,086,060股为基数，向全体股东 ...

新京报贝壳财经讯（记者王琳琳）11月21日，广州车展正式开幕。中国长安汽车（000625）集团有限公 司（简称"中国长安汽车"）发布"新安全"价值体系，将汽车安全范式从"被动安全"转向"主动智能泛安 全" 。中国长安汽车集团有限公司总经理赵非表示，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。此外，赵非表 示，今年前10个月长安汽车新能源汽车销量86.9万辆，同比增长60.6%，已超去年全年。 赵非介绍称，天枢智能驾驶辅助采用端到端技术，智能驾驶辅助日仿真超330万公里；智能座舱深度融 合AI大模型与智能体技术，今年前10个月，天枢智能座舱精准响应语音指令7250万次。 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%。 ...