行 业 及 产 业 2025 年 11 月 25 日 策略会重点公司更新；车展重点公 行 业 研 究 / 行 业 点 评 相关研究 - 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 邵翼 (8621)23297818× shaoyi@swsresearch.com 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 汽车 司更新 看好 ——一周一刻钟，大事快评（W133） 证 券 研 究 报 告 证券分析师 ⚫ 优信：新店盈利爬坡速度超预期，很重要的一个原因就是品牌建立起来（二手车为非标 产品，建立信任困难和且成本高），所以一旦品牌建立起来以后，盈利弹性非常大，行 业向好的情况下，盈利天花板可能也会远超预期，持续推荐。 ⚫ 上汽集团：明年的看点仍主要是华为，尚界 H5 反响一般的一个很重要的原因就是其用 户定位和宣传没有精准定位到目标人群，但是我们认为明年的新车会有调整，可能带来 布局机会。其次上汽通用五菱的华境我们认为是华为的第 ...

Group 1 - The article discusses the recent personnel changes at Changan Mazda, highlighting the appointment of Wang Xiaoling as the new Executive Vice President, succeeding Deng Zhitao, who will now lead Changan's Southeast Asia division [2] - Deng Zhitao previously held the position since September 2022, focusing on strategic planning and the transition to new energy, achieving over 220,000 annual sales for Changan Oshan during his tenure [2][3] - Wang Hui, the former head of Changan's overseas business, has transitioned to become the Chairman of Avita Technology, indicating a shift in leadership within Changan's global strategy [2][3] Group 2 - Ye Pei, who has extensive experience within the Changan system, has taken over the overseas business, reflecting Changan's commitment to enhancing its global strategy [5] - Ye Pei's career spans various key areas including brand, product, operations, and technology, and he has held multiple significant positions within Changan, indicating his deep involvement in core business decisions [5] - Changan's factory in Thailand, which began operations in May 2023, represents a significant investment of approximately 10 billion Thai Baht (around 2.2 billion RMB), with an initial capacity of 100,000 vehicles per year, set to double with future expansions [5] Group 3 - Changan has established nine factories overseas through various operational models, and its overseas sales reached 58,000 units in the first ten months of the year, marking a 25% year-on-year increase [6] - Cumulatively, overseas sales for the year have reached 523,000 units, accounting for over 22% of Changan's total sales, indicating a rapid acceleration in its globalization efforts [6]

Core Insights - The 2025 Guangzhou International Auto Show opened on November 21, focusing on the latest achievements in electrification and intelligence, showcasing 1,085 vehicles, of which 629 are new energy vehicles, accounting for 58% of the total [2][4] - The event highlighted the emergence of humanoid robots as a new focal point, with companies like Xpeng, Changan, and GAC demonstrating their latest advancements in embodied intelligence [2][4] Group 1: Electric and Intelligent Vehicles - The auto show featured multiple new energy models, including Xpeng's first super-range model X9, which was launched on November 20, priced between 309,800 and 329,800 yuan, equipped with a 1.5T range extender system and a 63.3 kWh battery, offering a pure electric range of 452 km and a comprehensive range exceeding 1,600 km [3][4] - Leap Motor showcased its ABCD series, with the A10 model making its debut, designed with a focus on "technological natural aesthetics 2.0," featuring a body length exceeding 4,200 mm and a wheelbase over 2,600 mm, with a space utilization rate of 88.1% [3][4] Group 2: Robotics and Future Technologies - Xpeng introduced the humanoid robot IRON, designed with a "skeleton-muscle-skin" structure, featuring an AI chip with a computing power of 2,250 TOPS and a solid-state battery, with plans for mass production by the end of 2026 [2][4] - Changan plans to release its first vehicle-mounted robot by 2026, focusing on four scenarios: factory, store, home, and special applications, while GAC Group unveiled its fourth-generation GoMate Mini humanoid robot, expected to be mass-produced by 2027 [2][4] Group 3: Industry Trends - The concentration of new energy vehicles and cutting-edge technologies like humanoid robots and flying cars at the auto show reflects the ongoing commitment of automakers to electrification and intelligence [4] - As the industry moves towards standardization and high-quality development, the competitive focus is shifting towards product definition, technological self-research, and systematic capabilities [4]

Core Viewpoint - The Beijing Hyundai Chongqing plant has been taken over by Changan Automobile, which will produce the Deep Blue brand of vehicles in the future [1][2]. Group 1: Company Overview - The Beijing Hyundai Chongqing plant was established in 2017 with a total investment of 7.75 billion yuan and a designed production capacity of 300,000 vehicles [1]. - The plant's production included models such as Reina, Fista, and ix25, contributing to a total planned annual production capacity of 1.65 million vehicles across all Beijing Hyundai facilities [1]. Group 2: Market Performance - After reaching a record annual sales of 1.12 million vehicles in 2014, Beijing Hyundai's sales began to decline due to increased competition from Japanese and German brands, as well as rising domestic brands [2]. - Sales dropped to 1.06 million in 2015, falling below 1 million for the first time in 2017, and continued to decline, with sales dropping below 500,000 in 2020 and below 300,000 in 2022 [2]. Group 3: Plant Status and Transition - The Chongqing plant was forced to cease operations by the end of 2021 and was put up for sale multiple times, eventually selling for 1.62 billion yuan at the end of 2023 [2][4]. - Prior to the Chongqing plant's closure, other Beijing Hyundai plants had also ceased operations, with the first two plants in Beijing already transferred to other companies [4]. Group 4: New Developments - Deep Blue, a mid-to-high-end electric vehicle brand under Changan Automobile, has seen significant growth, with sales exceeding 260,000 units from January to October 2023, marking a 57.1% year-on-year increase [4]. - The Chongqing plant is considered a suitable site for Deep Blue's production expansion due to its proximity to Changan's headquarters and increasing market demand [4].

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]