（图片来源：摄图网） 11月21日，中国工程院公布2025年院士增选结果，71位新当选院士中首次出现3位来自民营企业的科学家， 其中包括比亚迪股份有限公司首席科学家廉玉波，这是中国工程院首次出现新能源汽车产业链企业技术负责 人当选院士，具有里程碑意义。 出生于1964年的廉玉波，2004年加入比亚迪时，燃油车尚处绝对主导地位。凭借超前的战略眼光，他主导成 立电动汽车研发部门，聚焦动力电池、电控系统和驱动总成三电核心技术攻关，为比亚迪布局新能源赛道奠 定了基石。仅用一年多时间，便带领团队推出爆款车型比亚迪F3。二十余年间，他累计研发20多个车型、 100多款产品。 真正改变行业格局的，是廉玉波在核心技术上的持续突破。面对动力电池能量密度与安全性的世界性难题， 他首创无模组刀片电池技术，重塑了行业安全标准，开创以电为主的插电式混合动力技术路线，打破了日系 车企对混动技术的长期主导。其研发的DM-i超级混动系统，以"快、省、静、顺、绿"的核心优势，不仅引 领市场潮流，更于2024年被正式写入清华大学相关专业教科书，成为行业技术标杆。 院士是中国科学技术领域的最高荣誉称号，廉玉波的当选是中国新能源汽车产业从跟随到引领 ...

Core Insights - New-car registrations have increased as the company continues to expand in the continent despite facing pressure in its home market [1] Group 1 - The company is experiencing growth in new-car registrations [1] - Expansion efforts in the continent are ongoing [1] - The home market is under pressure, impacting overall performance [1]

Group 1 - The World Trade Organization (WTO) has played a significant role in promoting global trade development and economic growth over the past 30 years, especially in enhancing the participation of developing countries [1] - The current global trade landscape is facing challenges such as unilateralism, protectionism, and geopolitical conflicts, necessitating a commitment to a multilateral trade system centered around the WTO [1] Group 2 - India and Canada have agreed to restart trade agreement negotiations, which had been stalled for nearly 15 years due to diplomatic tensions [2][3] - The goal of the new comprehensive economic partnership agreement is to double bilateral trade to $50 billion by 2030 [2][3] - Both countries aim to deepen cooperation in defense, aviation, trade, technology, and energy sectors [3] Group 3 - The comprehensive economic partnership agreement negotiations cover various areas, including goods, services, investment, agriculture, digital trade, labor mobility, and sustainable development [4] - Despite previous diplomatic disputes, bilateral trade between India and Canada has continued to grow, although it remains relatively low compared to India's economic size [4] Group 4 - Canada is seeking to diversify its trade relationships in response to U.S. protectionist policies, with India being viewed as a reliable trade partner [5] - The Canadian government is focused on strengthening economic ties with India to boost its economy amid global trade order restructuring [5] Group 5 - The China-Germany relationship is seeking to set aside differences and enhance dialogue and cooperation, particularly in emerging fields such as new energy and intelligent manufacturing [6][7][8] - Germany remains a crucial investment partner for China, with significant capital inflows expected [13] Group 6 - The global semiconductor market reached a record $208 billion in Q3 2025, with Nvidia leading in revenue [39] - The growth in the semiconductor sector is driven by strong demand for storage and non-storage companies, with notable increases in revenue for companies like Micron and Sony Imaging [39] Group 7 - Tesla is entering an annual iteration cycle for its AI chips, aiming to produce up to 200 billion chips annually to meet the demand from its expanding fleet and future projects [40][41] - Samsung's 2nm Exynos 2600 chip has achieved a yield rate of 50-60%, with plans to price it competitively against Qualcomm's offerings [42][43] Group 8 - The global sales of new energy vehicles (NEVs) reached 5.39 million units in Q3 2025, marking a 31% year-on-year increase, with projections for total sales to exceed 20.43 million units for the year [45] - Chinese electric vehicles are gaining popularity in Latin America, driven by competitive pricing and practical advantages over traditional vehicles [46][48]

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、 ...

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].

Group 1 - The 23rd Guangzhou International Auto Show, themed "New Technology? New Life," focuses on electrification, intelligence, and connectivity, showcasing a shift from single-function to systematic competition [1] - The exhibition covers an area of 220,000 square meters with a total of 1,085 vehicles on display, of which 629 are new energy vehicles, accounting for 57.9% [1] - The China Association of Automobile Manufacturers predicts that in 2024, China's automobile production and sales will exceed 31 million units, with new energy vehicles surpassing 10 million units for the first time [2] Group 2 - GAC Group and BYD are the two major exhibitors at the show, with GAC showcasing its "Panyu Action" achievements and new technology brands, including "Star Spirit Intelligent Driving" [3] - BYD presents various brands and technologies, including the first public appearance of the Yangwang U9 Xtreme and the CTC battery integration technology [5] - The show features a high concentration of domestic brands, with Huawei showcasing its automotive business and partnerships with various manufacturers [7] Group 3 - Several traditional luxury brands, including Jaguar Land Rover and Rolls-Royce, are absent from this year's exhibition, continuing a trend from the previous year [8] - The market share of traditional luxury brands has declined, with a reported 10.9% drop in cumulative sales for the first three quarters of 2025 [8] - Financial data for traditional luxury brands shows a significant decline, with many reporting over a 30% drop in net profit for the first half of 2025, attributed to fierce competition in the Chinese market [12]

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 - The recent election of 144 experts as academicians in China emphasizes the importance of talent in driving innovation and highlights the increasing recognition of private enterprise contributions to national strategic needs [2][4]. Group 1: Election of Academicians - The 2025 election of academicians particularly favors frontline scientific and engineering personnel, with a notable inclusion of three experts from private enterprises: Wu Kai from CATL, Lian Yubo from BYD, and Huang Xianbo from Jinfat [2][4]. - This year's addition of three private enterprise experts marks the highest number of private academicians elected in a single session, reflecting a significant shift in the composition of the academic community [4][5]. Group 2: Contribution of Private Enterprises - Private enterprises account for over 92% of all companies in China and contribute more than 70% of technological innovations, including over 80% of the "little giant" enterprises and over 92% of national high-tech enterprises [6]. - The election results indicate a growing importance of private sector innovation in the national innovation system, showcasing a shift from traditional reliance on universities and research institutions [5][6]. Group 3: Profiles of Newly Elected Academicians - Wu Kai has made significant advancements in high-performance power battery technology, leading innovations in key materials and manufacturing processes [9]. - Lian Yubo has focused on the development of electric vehicles and core systems, contributing to the rapid growth of the industry [9]. - Huang Xianbo specializes in the research and commercialization of environmentally friendly materials, playing a crucial role in the development of high-performance polymers [9]. Group 4: Implications for Future Innovation - The election of these academicians from private enterprises sends a strong signal that scientific research and innovation can thrive within the private sector, potentially attracting more top talent to these companies [9]. - The increased recognition of private enterprise contributions to academia is expected to enhance the appeal of these companies to top-tier talent, fostering the emergence of more world-class private enterprises [9].

Core Insights - The Chinese new energy vehicle (NEV) market continues to experience rapid growth, driven by policy support, product innovation, and increasing exports, positioning it as a core driver of the automotive industry [3] Group 1: Market Performance - In the first ten months of 2025, China's NEV production reached 12.672 million units, marking a year-on-year increase of 28.1%, with a cumulative penetration rate of 46.4% [2] - By September 2025, the market share of cars (CAR) was 45.1%, a decrease of 1.7 percentage points compared to the same period last year, while SUVs and MPVs accounted for 43.9% and 3.6% respectively [4] - The passenger vehicle segment saw significant growth, with sedans increasing by 15.1% and SUVs by 15.7%, while the MPV market surged by 39.3% [5] Group 2: Battery and Powertrain Developments - As of September 2025, the installed capacity of NEV power batteries reached 73.7 GWh, reflecting a year-on-year growth of 39.9% [6][7] - The average battery capacity per vehicle was 53.0 kWh, an increase of 17.3% year-on-year, with BYD, Tesla, and Xiaomi being the major contributors to battery installation [8] - In terms of battery cell structure, square cells accounted for 98.6% of the market, while cylindrical and pouch cells made up 1.0% and 0.4% respectively [9] Group 3: Battery Material Trends - The market share of lithium iron phosphate (LFP) batteries continues to grow due to their safety, cost-effectiveness, and longevity, with expectations to maintain dominance in the mid-to-low-end vehicle segment [10] Group 4: Key Players in Battery Supply - By September 2025, the top three battery manufacturers held a market share of 72.2%, with the top ten accounting for 95.4%. CATL led the market with a share of 42.1% [11] - Companies like Contemporary Amperex Technology Co., Ltd. (CATL) and others have shown significant growth, with increases of 102.0% and 143.2% respectively [11] Group 5: Electric Motor Supply Chain - The top ten electric motor suppliers accounted for 62.7% of the market share as of September 2025, with all major players experiencing a rise in supply [12] - Notably, companies like Saike Technology and Grebo have achieved rapid growth due to high sales volumes from brands like Wuling and Geely [12] Group 6: Sodium-Ion Battery Development - Sodium-ion battery technology is advancing quickly, focusing on improvements in cathode and anode materials, with advantages in low-temperature performance, fast charging, and safety [14][15] - Current applications for sodium-ion batteries include home energy storage, large-scale power stations, two-wheeled vehicles, electric cars, and backup power sources [16] - Several companies, including CATL and BYD, are accelerating the development of sodium-ion battery products [18]

完整早报音频，请点击标题下方小耳机收听 【雷军个人超 1 亿港元增持小米股票】 11 月 24 日，小米集团于港交所发布公告表示，小米集团创始人、董事长 兼 CEO 雷军个人斥资超 1 亿港元增持小米集团 260 万股，雷军持股比例增加至 23.26% 。本月，小米集团连续 两日大手笔回购公司股票 2150 万股，总斥资金额超 8 亿港币。今年以来，小米集团累计回购金额已超 23 亿港 币。（每经网） 【极越汽车关联公司申请破产】 天眼查天眼风险信息显示， 11 月 24 日，极越关联公司上海集度汽车有限公司新 增一则破产审查案件，申请人为该公司，经办法院为上海市第三中级人民法院。该公司成立于 2021 年 11 月，法 定代表人为夏一平，注册资本 4 亿美元，经营范围包括新能源汽车整车销售、汽车零部件及配件制造、汽车零配件 批发、电动汽车充电基础设施运营等。股东信息显示，该公司由集度汽车（香港）有限公司全资持股。据媒体报 道，去年 12 月，极越汽车陷入资金链断裂、供应商公开追讨欠款等事件，引发多方关注。（九派新闻） | 【员工入职要改成"鼠"姓？三只松鼠：并非强制】 近日，三只松鼠员工使用'鼠'字前缀花名 ...