Investment Rating - The report maintains a "Recommended" rating for the automotive sector [1] Core Views - The automotive industry is experiencing a decline in performance due to high base effects, with expectations of a decrease in passenger vehicle year-on-year growth by the end of 2025. However, the high-end passenger vehicle market is expected to perform relatively better in 2026 due to policy adjustments [17] - The report highlights the rapid iteration capabilities of new models such as the Xiangjie S9 and Xiaopeng X9, indicating a trend towards advanced driving technologies becoming more accessible [14][15] - The report emphasizes the growth potential in the commercial vehicle sector, particularly heavy trucks, with a recovery in domestic demand anticipated in 2025 [17] Summary by Sections Recent Trends - The automotive sector has underperformed compared to the Shanghai Composite Index, with a weekly decline of 4.9% from November 17 to November 21, 2025 [5][18] - The Guangzhou Auto Show showcased 93 new car launches, with 58% being new energy vehicles, indicating a strong market presence for innovative technologies [13] Key Developments - The launch of the Xiangjie S9 and Xiaopeng X9 models reflects the industry's focus on high-end features and rapid product updates, with prices ranging from 309,800 to 369,800 yuan for the S9 [14] - Huawei's conference highlighted advancements in L3 autonomous driving technology, predicting a penetration rate of 30% by 2025 and over 50% by 2027 [15][16] Recommendations - For passenger vehicles, companies with quality offerings above 300,000 yuan are expected to benefit, with recommendations including Jianghuai Automobile, Geely, Xiaopeng, Great Wall, SAIC, Li Auto, Seres, and BYD [17] - In the parts sector, companies benefiting from the penetration of high-level intelligence into lower-priced models are recommended, including Huayang Group, Desay SV, and Kobot [17] - In the commercial vehicle segment, companies like Weichai Power, Foton, and China National Heavy Duty Truck are recommended due to expected recovery in heavy truck demand [17]

11月21日，比亚迪王朝网的两款汉L唐L携新车色及OTA在第二十三届广州车展期间正式发布。 广州车展是国内一年年终规模最大的展会及汽车销售舞台，对车企年终销量的提升有着重要意义。作为 全球最大的新能源车企，比亚迪今年仍要冲击460万辆年销目标。汉L唐L作为比亚迪王朝系列的高端车 型，同样是比亚迪增量的重要一环。而随着消费群体的年轻化，比亚迪也借广州车展之机遇对既有车型 进行升级。 此番汉L唐L共同推出橄榄绿全新车色，汉L额外加入西子蓝新色。其中，橄榄绿采用低饱和度、高反射 金属漆面，通过纳米级高透色浆与微米级超细铝粉的精密配比，呈现出绿中透金的渐变效果。在阳光下 呈现清新明亮的视觉效果，而在室内则转为深邃墨绿；汉L独有的西子蓝创新引入巴斯夫珠光包覆型铝 粉，在强光下呈现高饱和度珠光金属白，弱光时切换为低饱和度清澈碧蓝，以还原西湖"淡妆浓抹总相 宜"。 汉L唐L 比亚迪 此外，汉L专为个性用户打造了黑化运动套件，包含悬浮黑顶、黑化车窗饰条等元素，配合车内戟灰运 动内饰，可营造出战斗气息的运动风格。此外，汉L上的琉光银配色也向唐L用户开放选装。 汉L 比亚迪 在智能化方面，汉L唐L智能座舱与辅助驾驶系统皆带来全新 ...

【#比亚迪王传福向美的方洪波交车#，方洪波成为仰望U8L车主】比亚迪旗下仰望汽车今日官宣，美的 集团董事长兼总裁方洪波成为仰望 U8L 鼎世版车主。从官方图可以看到，比亚迪董事长王传福亲自为 方洪波交车。#比亚迪与美的战略合作# ...

来源： 雷达Finance 11月20日，比亚迪法务部发布公告称，就比亚迪起诉"王悟空说车"及相关账号网络侵权责任纠纷一 案，公司近期收到法院判决， 判令被告向比亚迪公司公开道歉并支付赔偿款等共计31.38万元。 作者： 彭程 以下文章来源于雷达Finance ，作者X编辑 -------------------------------- 雷达Finance . 遨游广袤的财富世界。 而中央网信办在此前发布的《汽车行业网络乱象专项整治行动公开曝光一批典型案例》中也曾提 到，抖音账号"王悟空说车""987疯狂奶爸"因多次歪曲事实诋毁新能源汽车性能、恶意抹黑汽车企 业形象声誉，被依法依约关闭。 据了解，"王悟空说车"是汽车领域的知名自媒体账号，此前一度拥有近200万粉丝。此前，其因多 次歪曲事实诋毁新能源汽车性能、恶意抹黑汽车企业形象声誉，甚至被中央网信办点名，并依法依 约关闭。 作为新能源汽车领域的头部企业，比亚迪近年来在市场拓展与技术创新方面成绩斐然，但其同时也 成为了汽车行业网络"黑公关""黑媒体"的主要攻击目标之一。 雷达财经注意到，比亚迪的反黑公关行动，可追溯至2021年。彼时，比亚迪宣布悬赏5万元至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 ...

截至11月24日收盘，盐湖提锂概念下跌1.40%，位居概念板块跌幅榜前列，板块内，盛新锂能跌停，金 圆股份、赣锋锂业、天齐锂业等跌幅居前，股价上涨的有17只，涨幅居前的有倍杰特、三达膜、隆华科 技等，分别上涨2.56%、2.53%、2.42%。 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（%） | | --- | --- | --- | --- | | 中船系 | 6.63 | 海南自贸区 | -2.19 | | 小红书概念 | 4.76 | 盐湖提锂 | -1.40 | | 军工信息化 | 4.63 | 磷化工 | -0.88 | | 太赫兹 | 4.47 | 自由贸易港 | -0.50 | | 快手概念 | 4.14 | 钛白粉概念 | -0.46 | | 智谱AI | 4.11 | 转基因 | -0.46 | | 兵装重组概念 | 4.00 | 石墨电极 | -0.40 | | 国产航母 | 3.97 | 大豆 | -0.37 | | Web3.0 | 3.89 | 化肥 | -0.30 | | 数字水印 | 3.89 | 养鸡 | -0.30 | 资金面上看，今 ...

光大证券在此前的研报中提到，仰望U8L主打豪华行政级SUV市场，"产品技术精细化+使用场景多元化"或填补百万级新能源市场行政商务场景产品空 白，在进一步补充仰望系列产品矩阵的同时打入新细分赛道抢夺"BBA"（奔驰、宝马、奥迪）市场份额。 11月24日，仰望汽车官方微博发布信息称， 美的集团董事长兼总裁方洪波成为仰望U8L鼎世版车主，比亚迪董事长兼总裁王传福现场交车 。 据了解，比亚迪和美的已经有过合作。比亚迪腾势汽车11月3日宣布，腾势已经与美的旗下的高端家电品牌科慕达成合作。腾势N8L将与科慕智能家居深 度联动，在车上，用户就可以控制全屋智能家电；在家中，用户也能随时掌控汽车。近日举行的2025广州车展上，比亚迪汉L、唐L宣布支持联动美的等 品牌家电，并推出了多种生态配件。 资料显示，仰望U8L鼎世版于今年9月份上市，定位为全尺寸行政豪华SUV，售价128万元起，为比亚迪加强百万级豪车市场布局的又一款车型。 据介绍，仰望U8L鼎世版搭载易四方、云辇-P+、全铝大车架、专属刀片电池等多项创新技术，具备应急浮水、高速爆胎稳行等安全能力。此外，仰望 U8L鼎世版全球首次量产搭载3纳米智能座舱芯片，配置天神之眼A- ...

Core Insights - The global automotive industry is experiencing a divergence in performance, with domestic Chinese automakers showing stronger growth compared to established overseas giants [4][9]. Sales Performance - Toyota and Volkswagen reported modest sales growth of 6% and 1% respectively, while several major overseas companies like Stellantis, General Motors, Honda, Mercedes-Benz, and Tesla experienced negative sales growth [3][4]. - In contrast, domestic companies such as BYD, SAIC, Geely, Changan, and Chery achieved significant sales increases, with BYD's sales reaching 3.26 million units, marking a 19% year-on-year growth [2][4]. Revenue Trends - Revenue growth for domestic automakers was robust, with BYD, Geely, and Chery all achieving double-digit revenue increases, while most overseas companies reported only single-digit growth or negative revenue changes [4][8]. - The revenue figures for major overseas companies were as follows: Toyota at 167.24 billion, Volkswagen at 195.51 billion, and Ford at 100.24 billion, with only slight increases or declines [1]. Profitability Analysis - Overseas automakers faced significant profit declines, with companies like Mercedes-Benz and Volkswagen seeing profit drops exceeding 50%, while Toyota's profit fell by 16% [5][6]. - In contrast, domestic companies like BYD and Chery maintained strong profitability, with both achieving net profits exceeding 10 billion [4][9]. R&D Investment - Domestic automakers are increasing their R&D investments, with BYD's R&D spending reaching 43.7 billion, a 31% increase year-on-year [8]. - Conversely, some overseas companies, such as Volkswagen and BMW, have reduced their R&D expenditures due to profit pressures, with declines of 9% and 15% respectively [8]. Strategic Outlook - The shift towards electrification and intelligent technology in the automotive industry presents a strategic opportunity for Chinese automakers to close the gap with their overseas counterparts [9].

Core Viewpoint - BYD and Midea have signed a strategic cooperation agreement to integrate their strengths in smart vehicles, smart homes, and AIoT, aiming to create a new "human-vehicle-home" smart ecosystem [1][5]. Group 1: Strategic Cooperation - The cooperation will focus on collaborative innovation in AI agents, standardization of technology interfaces and data protocols, and exploring data interconnectivity between smart vehicles and home environments [5]. - Both companies will work together to establish standards for "human-vehicle-home" interconnectivity, with the goal of upgrading these standards to industry benchmarks [5]. Group 2: Product Integration - All BYD vehicle models will collaborate with Midea's brands, including Midea, COLMO, Little Swan, Hualing, and Toshiba, to integrate smart home devices and IoT products, creating a seamless interconnection [7]. - Users will be able to control home smart devices from their vehicles and vice versa, enhancing convenience and user experience [7]. Group 3: Sales and Experience - The partnership will also focus on creating a "human-vehicle-home" smart living experience space in offline stores, allowing customers to experience both smart home and smart vehicle products in a single visit [7]. - This initiative aims to establish a complete sales loop from experience to purchase, enhancing the overall consumer experience [7].

中国经济网11月24日讯(记者 姜智文)21日，比亚迪旗舰车型汉L唐L携新车色及OTA正式发布，其 中汉L超级置换补贴后售价19.48万—26.48万元，唐L超级置换补贴后售价21.48万—27.48万元,进一步强 化在细分市场的产品力。 据介绍，汉L EV、唐L EV搭载超级e平台全域千伏架构，以"兆瓦闪充 油电同速"，有效解决纯电补 能焦虑；汉L DM、唐L DM标配第五代DM技术，兼顾超强性能与超级效能。此外，汉L唐L全新解 锁"车位到车位"领航辅助功能，并带来全新车色、智慧生态与安全配置的全面升级。 具体来看，汉L EV、唐L EV全系标配超级e平台，搭载全域千伏高压架构，配备闪充电池、3万转 电机。其中，汉L EV、唐L EV峰值充电功率高达1000kW，仅需5分钟即可补充400公里续航。动力性能 上，其单电机功率高达580kW，四驱版本总马力达1102匹，零百加速分别仅需2.7秒和3.6秒，极速也分 别达到了305km/h和287km/h。 汉L DM、唐L DM搭载第五代DM技术，包含DM-p王者混动、DM-i超级混动。数据上，汉L DM零 百加速最快3.9s，亏电油耗最低仅3.9L/100km ...