Investment Rating - The report maintains a "Recommendation" rating for the automotive sector, indicating a positive outlook for investment opportunities in the coming quarters [5]. Core Insights - The automotive sector is expected to stabilize in Q4 2025, with potential upward movement in Q1 2026, driven by policy direction, profit expectations, and valuation adjustments [1]. - Recent retail performance has been subdued due to the impact of trade-in incentives, and the Guangzhou Auto Show has had limited effect on new car sales [1]. - The report highlights the rebound of state-owned enterprises in vehicle manufacturing, influenced by catalyst factors [1]. Data Tracking - In late November, the discount rate for vehicles increased slightly to 10.1%, with a month-on-month rise of 0.1 percentage points and a year-on-year increase of 1.6 percentage points [3]. - October wholesale vehicle sales reached 2.96 million units, a year-on-year increase of 7.5% and a month-on-month increase of 3.6% [3]. - Retail sales in October were 2.09 million units, reflecting a year-on-year decline of 9.2% and a month-on-month decline of 6.4% [3]. Market Performance - The automotive sector saw a weekly increase of 3.33%, ranking 11th among sectors [9]. - The overall market indices also showed positive movement, with the Shanghai Composite Index rising by 1.40% and the ChiNext Index increasing by 4.54% [9]. Industry News - As of October 2025, the automotive industry reported a profit of 389.5 billion yuan, a year-on-year increase of 4.4%, with total revenue reaching 8,877.8 billion yuan [29]. - The inventory level for passenger vehicles at the end of October was 3.41 million units, indicating a seasonal increase in stock [29]. - New energy vehicle company Li Auto announced plans to release AI-powered accessories, indicating a trend towards integrating advanced technology in vehicles [29].

记者获悉，近期比亚迪带头调整账款支付方式，拟将应收账款电子凭证切换为票据，保障供应商权益。 具体而言，一是缩减账期，加大对小微企业现金支付。据悉，比亚迪已全面完成对中小企业60天支付的 调整，满足《保障中小企业款项支付条例》新规要求。公司8月开始采取到票月结30天结算方式，9月起 进一步把支付方式直接改为现金转账。 四是优化负债结构。比亚迪在降低应付账款的同时，充分运用国家政策支持拓展融资渠道，已累计发行 4期共200亿元科技创新债券，其中第四期期限3年，票面利率仅1.82%。 今年以来，供应链支付领域迎来政策密集规范，行业龙头率先调整支付模式，推动行业从过往超长账 期"内卷"向供应链良性协同转型。 2025年4月，人民银行等六部门联合发布《关于规范供应链金融业务引导供应链信息服务机构更好服务 中小企业融资有关事宜的通知》，对应收账款电子凭证业务进行规范，互联网金融协会配套发布自律规 则，明确应收账款电子凭证期限原则上应在6个月以内，最长不超过1年；要求核心企业严格遵守《保障 中小企业款项支付条例》规定、不得滥用非现金支付方式变相延长付款期限、不得强制供应链上企业与 特定融资方以高于合理市场利率的水平获取融资 ...

摘要 ► 本周行情 ：汽车板块本周表现优于市场 本周（ 11 月 24 日 -11 月 30 日） A 股汽车板块上涨 3.6% ，在申万子行业中排名第 10 位，表现优于沪 深 300 （+ 0.9% ）。细分板块中，汽车零部件、摩托车及其他、汽车服务、乘用车、商用载客车、商用 载货车分别上涨 4.0% 、 4.0% 、 3.4% 、 3.3% 、 3.2% 、 1.4% 。 ► 本周观点： 本月建议关注核心组合 【 吉利汽车、小鹏汽车、比亚迪、小米集团、理想汽车、伯特利、拓普集团、新泉股 份、沪光股份、春风动力 】 。 ► 长安汽车官宣将投资设立机器人公司 Google DeepMind 聘请波士顿动力前首席技术官。 11 月 28 日，长安汽车披露公告显示，公司已审议通过《关于投资设立机器人公司的议案》，长安汽车拟 以自有资金出资 2.25 亿元，持股 50.00% ；长安汽车全资子公司长安科技拟以自有资金出资 0.45 亿元， 持股 10.00% 。 11 月 23 日，谷歌 DeepMind 近期聘请前波士顿动力首席技术官 Aaron Saunders 担任 硬件工程副总裁，旨在加速将其 Gemin ...

在政策文件出台之前，比亚迪通过自建深圳迪链科技有限公司（简称"迪链"），向供应商大量签发承诺 付款、可拆分转让的应收账款电子凭证，并在供应商之间流转，比亚迪的合作银行为迪链上持有应收账 款电子凭证的供应商提供融资。至2024年，应付账款在比亚迪负债中的占比远高于贷款、债券等有息负 债。 记者获悉，近期比亚迪带头调整账款支付方式，拟将应收账款电子凭证切换为票据，保障供应商权益。 具体而言，一是缩减账期，加大对小微企业现金支付。据悉，比亚迪已全面完成对中小企业60天支付的 调整，满足《保障中小企业款项支付条例》新规要求。公司8月开始采取到票月结30天结算方式，9月起 进一步把支付方式直接改为现金转账。 业内专家认为，尽管调整支付方式将增加一些财务成本，但有利于促进供应链良性健康循环。 二是拟2-3年内将迪链应收账款电子凭证支付切换为票据支付。比亚迪迪链账款凭证支付占采购额之比 较2024年大幅下降，承接替代的支付方式主要为票据。 三是杜绝此前被诟病的"两头吃"问题。比亚迪迪链融资服务费明显下降，且已经切断迪链和关联保理公 司的联系。 四是优化负债结构。比亚迪在降低应付账款的同时，充分运用国家政策支持拓展融资渠道， ...

国内首条大容量全固态电池产线建成，商务部将推进汽车流通消 费改革试点 [Table_Industry] 汽车周报 [Table_ReportDate] 2025 年 11 月 30 日 2 证券研究报告 行业研究 [Tabl 行业周报e_ReportType] | [Table_StockAndRank] 汽车 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 赵启政 汽车行业分析师 执业编号：S1500525030004 邮箱：zhaoqizheng@cindasc.com [国内首条大容量全固态电池产线建成 Table_Title] ，商务 部将推进汽车流通消费改革试点 [Table_ReportDate] 2025 年 11 月 30 日 投资要点： 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号金隅大厦 B 座 邮编：100031 | 图 1：本周汽车板块涨 3.24%，涨跌幅位居 A 股申万一级行业第 11 位 4 | | --- | | 图 2：A 股汽车板块本年度涨跌幅申万一级行业排名第 1 ...

通过双品牌协同发力，比亚迪致力于全面满足泰国消费者多样化需求，进一步巩固其在东南亚新能源汽车市场的领先地位，为全球绿色出行注入更多可 能。 展会现场。人民网记者简承渊摄 展会现场。人民网记者 简承渊摄 人民网曼谷11月29日电 （记者简承渊）当地时间28日，第42届泰国国际汽车博览会在曼谷会展中心开幕，比亚迪携旗下主品牌BYD与高端品牌DENZA （腾势）双品牌登场，全面展示其在新能源领域的领先技术与创新实力。 比亚迪亚太汽车销售事业部总经理刘学亮在开幕式上表示，比亚迪泰国工厂自破土动工至首车下线仅用16个月，并在随后16个月内实现从第一万台到第 七万台新能源汽车下线。作为深耕泰国本土化的中国汽车品牌，比亚迪持续推进本土人才培养与供应链建设，助力多款车型在泰国多个细分市场夺得销量冠 军。 ...

Group 1: Technological Advancements - The first L4 level autonomous driving technology boat has been launched by Shaanxi Ouka Electronic Intelligent Technology Co., Ltd, which can autonomously complete cruising and obstacle avoidance operations [1] - The production of solar cells in Shaanxi is expected to grow by 57.2% in 2024, with a 9.4% increase in the first ten months of this year [4] - The organic liquid hydrogen storage technology developed by Xi'an Jiaotong University can reduce production costs by over 40% and transportation costs by 60% compared to traditional high-pressure gas storage methods [5][6] Group 2: Industrial Growth and Economic Impact - In 2024, Shaanxi's industrial output from 34 key industrial chains is projected to reach 2.25 trillion yuan, accounting for 75.3% of the province's total industrial output [1] - The automotive industry in Shaanxi, driven by leading companies like Geely and BYD, is expected to produce 1.198 million new energy vehicles in 2024, a 19-fold increase since 2020 [3] - The photon industry in Shaanxi has grown significantly, with the number of companies increasing to over 370 and the industry scale rising from 15 billion yuan to 36.5 billion yuan [10] Group 3: Policy and Strategic Initiatives - Shaanxi has implemented a "chain leader system" to enhance the automotive industry, with provincial leaders overseeing key industrial chains to ensure resource allocation and support [3][8] - The province has introduced several plans for hydrogen energy development, including a three-year action plan (2022-2024) to build a complete hydrogen energy industry chain [7] - The establishment of the 8-inch advanced silicon photonic integration technology innovation platform aims to address the challenges faced by domestic companies in the silicon photonic chip trial production [9][10]

Core Points - BYD Auto Industry Co., Ltd. and BYD Auto Co., Ltd. have initiated a recall of 88,981 units of the Qin PLUS DM-i model due to battery pack consistency issues that may limit power output and pose safety risks [1][4] Group 1: Recall Details - The recall includes 52,890 units produced between September 26, 2021, and September 23, 2023, under recall number S2025M0189I [3] - Additionally, 36,091 units produced between January 7, 2021, and September 30, 2022, are included under recall number S2025M0190I [4] Group 2: Remedial Actions - The companies will utilize over-the-air (OTA) technology to upgrade the vehicle's detection software for free, allowing for the identification of battery issues [4] - Affected users will be notified through registered mail, phone calls, and text messages, and can contact the customer service hotline for further information [4]

Group 1 - A significant fire occurred in Hong Kong's Tai Po district on November 26, resulting in major casualties and property damage, prompting nearly 130 companies to provide assistance [1] - Tencent has donated a total of 30 million HKD, including an additional 20 million HKD for fire relief efforts [1][2] - Other notable donations include 20 million HKD from Mixue Ice Cream, 10 million HKD from BYD, and 5 million HKD from XPeng Motors [1] Group 2 - Alibaba contributed 20 million HKD, while the Jack Ma Foundation donated 30 million HKD [2] - Various internet companies, including ByteDance, NetEase, and Weibo, each donated 10 million HKD [2] - The retail sector saw significant contributions, with Anta and Bosideng each donating 30 million HKD, including cash and supplies [2][3] Group 3 - The food and beverage industry also participated, with donations from companies like Luckin Coffee (10 million RMB) and Mengniu Dairy (12 million HKD) [3][4] - Pharmaceutical companies like China Biopharmaceutical and Hansoh Pharmaceutical each donated 10 million HKD [4] - Financial institutions, including China Bank (Hong Kong) and HSBC, contributed 20 million HKD and 30 million HKD respectively [4]

近期，北交所向深圳市沛城电子科技股份有限公司（下称"沛城科技"）下发了第二轮问询函。问询函再次关切了公司与比亚迪合作的稳定性。 其实，沛城科技一开始的IPO目标是上交所主板。 2023年9月，沛城科技与国泰君安证券签订上市辅导协议，并获深圳证监局同意辅导备案申请。彼时，公司瞄准了上交所主板。然而，2024年12月，沛城科 技公告，IPO目标改为北交所。 在改换目标的这几年，公司究竟发生了什么？ 张力制图 营收净利双降 星标 ★ IPO日报 精彩文章第一时间推送 沛城科技成立于2004年，是定位于锂电新能源行业的局部电路增值服务商，是国家高新技术企业、国家级专精特新"小巨人"企业。公司客户包括比亚迪、德 赛电池、理士国际、亿纬锂能、科士达、欣旺达、飞毛腿等全球知名新能源品牌商及储能电池或储能系统制造商。 沛城科技的主营业务是锂电新能源相关的电池、电源、电驱、电动车配套产品的研发、生产及销售。公司产品聚焦新能源、消费类、汽车电子等下游行业的 元器件及第三方BMS、PCS等产品的应用需求，通过业务模式创新与持续完善产业链配套，公司可以提供从集成电路、功率器件应用方案，到第三方电池电 源控制系统产品的进阶式产品与服务 ...