Investment Rating - The report maintains an "Overweight" rating for the power equipment industry [1] Core Insights - The energy storage lithium battery sector is experiencing strong demand even in the off-season, with significant growth expected in 2025. The report highlights advancements in humanoid robotics and artificial intelligence-driven automation (AIDC) as key growth areas [1][3] Industry Trends - The electric equipment sector saw a slight increase of 0.22%, underperforming compared to the broader market. Wind power rose by 3.48%, while solar energy saw a decline of 1.61% [3] - The humanoid robot sector is gaining momentum, with significant developments such as the establishment of a national training base for humanoid robots in Beijing and the launch of emotional companion robots by companies like UBTECH [3] - In energy storage, there is a push for virtual power plant models in photovoltaic projects, and integrated "source-grid-load-storage" systems are being promoted in pilot areas [3] Market Data - In November, the wholesale sales of new energy vehicles in China reached 1.72 million units, a year-on-year increase of 20% [3] - The average price of cobalt increased by 2.6% to 413,500 CNY per ton, while lithium carbonate prices saw a slight decrease of 0.5% [3] - The report notes that the total investment in the power grid is projected to be 23.1 billion CNY, with the approval of a high-voltage AC project expected to commence next year [3] Investment Strategy - The report emphasizes the expected 60%+ growth in large-scale energy storage demand in China, driven by new pricing policies and robust market conditions. It forecasts a global energy storage installation growth of 50-60% in the coming year [3] - The report recommends several companies for investment, including CATL, Sungrow Power, and BYD, highlighting their strong market positions and growth potential [6]

Core Insights - The article emphasizes that Western companies' previous perception of the Chinese market as a "cash cow" is over, and they now face a challenging and competitive environment [1][3][5] Group 1: Market Dynamics - The Chinese market has transformed from a comfortable zone to a complex and competitive landscape, with foreign companies now facing significant challenges from local competitors [3][5] - Brands like Starbucks have lost their market leadership to local players such as Luckin Coffee, which employs aggressive pricing and speed strategies [3][5] - Foreign companies are now engaged in a fierce battle to protect their profits, having to lower prices and compete in ways they previously did not [3][5] Group 2: Competitive Pressure - The Chinese market is described as a "high-pressure chamber" for global business competition, where companies must innovate and control costs more effectively than in other regions [5][12] - Local companies' rapid product iterations and strict cost controls create a challenging environment for Western firms accustomed to slower development cycles [5][12] Group 3: Adaptation Strategies - Many Western brands are undergoing significant transformations to survive, such as Guerlain launching more affordable product lines to attract younger Chinese consumers [7] - Companies like 3M have reduced their product launch cycles to 10 months to keep pace with local competitors, while Volkswagen has increased its new model development speed by 30% [7][8] - Procter & Gamble has established R&D centers in China, treating the market as a testing ground for global innovation [8] Group 4: Corporate Decision-Making - There is a notable disconnect between the efforts of local teams in China and the conservative decision-making of their headquarters in the West, influenced by geopolitical tensions [10] - Some companies, like Ralph Lauren and 3M, have managed to achieve growth in China by quickly adapting to local market rhythms and committing to localization strategies [10] Group 5: Future Outlook - For most foreign companies, the Chinese market is no longer just a source of profits but a test of their competitive strength [12] - The choice for foreign firms is clear: either continue to struggle in the Chinese market to build competitiveness or retreat to their comfort zones and risk being surpassed by Chinese companies [12]

周度报告——新能源汽车 smingfTable_Title] 11 月国内新能源乘用车零售增速 7%， 年累计增速 20% ★ 动态跟踪 国内市场，11 月，乘用车零售 226.3 万辆，同比-7%，新能 源乘用车零售 135.4 万辆，同比 7%，新能源零售渗透率 59.8%； 1-11 月，国内乘用车、新能源零售分别累计 2,151.9 万辆、1,150.4 万辆，分别同比 6%、20%。 新 能 源 与 海外市场，10 月美国新能源汽车销量 9.4 万辆，同比下降 32.4%，环比下降 50.9%，1-10 月累计销量 142.5 万辆，同比增长 9.1%。新能源渗透率从 9 月的 15%骤降至 10 月的 7%。受到 9 月 30 日美联邦电动汽车税收抵免（7,500 美元）到期的影响，8、 9 月新能源汽车销量大幅前置，销量和渗透率连续创下历史新 高，10 月呈现断崖式下落，符合预期。展望后市，预期年累计 增速将继续回落，并向 0%趋近。去年四季度市场表现相对较强， 也对今年增速表现产生进一步拉低。 新 材 料 10 月欧洲市场新能源汽车销量 35.4 万辆，同比增长 36.4%， 1-10 月累计 ...

国产车型领跑声学试验，听力舒适区间占比超九成 据介绍，本节目选取当前市场主流热销、关注度高的50款车型，联合权威测试机构和国内知名音乐制作 人，构建客观数据采集与主观体验的全维度评价体系，覆盖合资、海外豪华及自主品牌主流车型，全面 反映不同品牌车型的声学性能水平。节目针对车辆行驶噪音、静态隔音、AI试听评价和主观听觉等多 个维度进行试验，并综合多维评价数据，给予1-5星等不同等级的综合评价。 结果显示，整体评级中，五星级车型国产品牌占比达80%；四星级车型中，15款产品里有14款来自国产 品牌，充分体现国产车企在声学调校领域的成熟体系与一致水准。从细分成绩来看，行驶噪音排行榜前 八名均为国产车型，静谧性表现稳定。声学研究表明，30-50dBA是人体听觉舒适的黄金区间，本次试 验数据显示，行驶噪音处于50分贝以下的车型中，国产品牌占比高达90%以上。 随着人们对出行品质的追求不断升级，座舱静谧性、车载音响已从单纯的附加配置，升级为定义"移动 第三生活空间"舒适度的核心要素。为帮助消费者深度了解车辆隔音水平和车载音响技术，更好选买汽 车，12月5日，懂车帝"懂车声学院"栏目正式上线。该栏目由懂车帝联合权威测试机构 ...

2025 年 12 月 07 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 曹操出行发布 [Table_Title] Robotaxi 战略目标，2025 年前 11 个月汽车以旧换新超 1120 万辆 ——汽车行业周报 最近一年走势 | 行业相对表现 | | 2025/12/05 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 汽车 | -2.0% | -1.2% | 17.4% | | 沪深 300 | -0.9% | 2.8% | 16.9% | 相关报告 《汽车行业周报：阿维塔递交港股 IPO 申请，"蔚 小理"相继披露三季度财报（推荐）*汽车*戴畅》 ——2025-12-01 《汽车行业周报：广州车展开幕，小鹏 X9 增程版/ 享界 S9 新款上市，华为举办乾崑大会（推荐）* 汽车*戴畅》——2025-11-24 《汽车行业周报：10 月乘用车批发同比增 7.5%， 上汽智己 LS9 上市（推荐）*汽车*戴畅》—— 2025-11-18 年底多家车企发布购车 ...

证 券 研 究 报 告 汽车行业周报（20251201-20251207） 行业研究 汽车 2025 年 12 月 07 日 推荐（维持） 板块触底有望提前，关注 26 年 beta 反弹机会 华创证券研究所 | 证券分析师：张程航 | 证券分析师：夏凉 | 证券分析师：李昊岚 | 联系人：张睿希 | | --- | --- | --- | --- | | 电话：021-20572543 | 电话：021-20572532 | 邮箱：lihaolan@hcyjs.com | 邮箱：zhangruixi@hcyjs.com | | 邮箱：zhangchenghang@hcyjs.com | 邮箱：xialiang@hcyjs.com | 执业编号：S0360524010003 | | | 执业编号：S0360519070003 | 执业编号：S0360522030001 | | | 本周我们更新了明年年度策略，相较于前几年，2026 年确实市场一致预期相对较高，我 们观点简言之：1）销量展望没那么悲观，所以会有 beta 反弹机会；2）整车投资依然以 个股为主，零部件以新产业为主。 4Q 汽车基本面低于预期，这 ...

Investment Rating - The report maintains a neutral investment rating for the automotive and parts industry [5] Core Insights - The Trump administration is placing significant emphasis on the robotics industry, which is expected to experience synchronized development both domestically and internationally. This reflects a growing policy support level for humanoid robots, indicating their potential as a core component of U.S. manufacturing and technological competitiveness [2][12] - The report suggests that companies within the automotive supply chain that can integrate with Tesla and Figure's robotics ecosystem are likely to benefit. It recommends continued attention to humanoid robotics, T-chain, liquid cooling supply chains, Huawei's supply chain, and companies leading in intelligent driving technology [3][14] - November saw a mixed performance in passenger vehicle sales, with some new energy vehicle brands like Hongmeng Zhixing and Xiaopeng maintaining strong year-on-year growth. Overall, the report anticipates limited overdraw in domestic passenger vehicle sales by year-end [14][16] Summary by Sections Sales Tracking - In November, the wholesale sales of passenger vehicles reached 1.302 million units, a year-on-year increase of 19%, while retail sales were 879,000 units, showing a 2% increase year-on-year [16] - Cumulative wholesale sales for the year reached 26.766 million units, reflecting an 11% year-on-year growth [16] Market Trends - The automotive sector overall saw a 1.3% increase, with sub-sectors like motorcycles and commercial vehicles performing particularly well [24][28] - Notable companies such as BYD and SAIC Motor reported varied performance in November, with BYD's sales down by 5.3% year-on-year, while SAIC's sales decreased by 3.7% [36][40] Key Company Announcements - BYD reported sales of 480,200 units in November, while Geely's sales increased by 24.1% year-on-year [36][37] - Changan Automobile and Great Wall Motors also reported positive sales growth, with Changan's sales up by 2.5% and Great Wall's by 4.6% [39][41] Industry Dynamics - The report highlights that over 11 months, more than 11.2 million vehicles were replaced through trade-in programs, contributing significantly to related sales [54] - The Ministry of Industry and Information Technology encourages leading Chinese companies in sectors like photovoltaics and new energy vehicles to expand internationally [56]

（原标题："十五五"广东新型储能发展潜力与路径展望丨能源之声） 文/中国能源研究会双碳产业合作分会副秘书长 汤泰 编者按：由21世纪经济报道能源策工作室推出的《能源之声》栏目，旨在立足当前我国能源产业发展新形势，围绕政策分析、地方观察、产业研 究等方面，通过外部专家约稿形式给予深刻的见解。第一阶段，《能源之声》栏目将围绕广东省新型储能产业发展情况，由21世纪经济报道能源 策工作室联合中国能源研究会双碳产业合作分会等机构共同邀约，相继推出五篇来自业内专家的文章，为广东省新型储能产业的高质量发展建言 献策。本文为第四篇。 2023年初，广东省在产业布局中首次明确战略目标——推动新能源产业升级为全新的万亿元级产业集群。在这一庞大产业群中，新型储能产业凭 借其战略地位和系统价值备受关注，被省政府定位为支撑"制造业当家"战略的核心支柱产业。 从发展逻辑来看，新型储能在广东具有双重关键意义：一方面，它为装备制造及系统集成产业链提供技术突破与升级动力，推动本土企业加快创 新与产业集聚；另一方面，它作为新型电力系统的重要组成部分，能够提升电网调节能力、促进新能源高比例消纳，从而为实现"双碳"目标提供 坚实支撑。 正是基于这一 ...

接着，他又问：那奢侈品呢？比如LV、爱马仕？一些受访者笑了：买是买，但现在年轻人更喜欢'国潮'品牌了，高端品牌的定义已经开始发生转移，盲目崇 拜西方的时代已经过去了。他依旧不死心，继续问：那教育呢？剑桥、牛津、巴黎高师？对方淡淡地回应：论科研硬件和学术严谨性，现如今的清华北大， 甚至华东五校，在很多前沿领域已经不逊色于你们了。镀金？没必要。最终，哈丁听到了一位中国经济学家的一句实话，这句话几乎让他崩溃。那位经济学 家似乎看出哈丁的真诚，便没有隐瞒：其实，现在中国企业最想做的，不是从你们手里买东西，而是去欧洲买地建厂，把我们过剩的产能输出给你们。听到 这话，哈丁心中一沉。这简直就是降维打击！过去是西方将淘汰的产能转移给发展中国家，现在，中国要把自己的高端产能反向输出给欧洲。这不仅意味着 欧洲卖不出去东西，更意味着欧洲本土企业将面临中国企业的激烈竞争，甚至可能被卷死。 在哈丁回到欧洲后，他写了一篇报道，其中指出：除了原材料，中国几乎没有什么特别想从欧洲进口的东西了。这句话成了2025年秋天，悬在欧洲头顶的最 大威胁。 那中国为什么能如此自信，底气到底在哪？这就涉及到一个关键的词——全产业链通吃。近年来，我们经常听 ...

01 管理大师彼得·德鲁克有一句名言，企业有且只有两件最重要的事：创新和营销。 那么，当一家制造企业取得了技术创新的优势后，是不是也就同等拥有营销方面的优势呢？ 这个问题，在前天汽车龙头比亚迪的临时股东大会上有了答案。 在提问环节，有股东对王传福发起了"灵魂拷问"，为什么有技术优势，比亚迪国内销量却出现了下滑？是不是品牌影响力不足、营销太薄弱了呢？ 王传福对市场变化的捕捉和解答非常精准。 企业用技术创新获得市场优势后，并不等同于拥有营销的优势，相反，要克服营销的惰性，才能真正做好创新和营销。 02 什么叫营销惰性？ 这个概念最早由托马斯·布洛马在1981年提出，他说这种惰性往往是成功的副产品，当一家企业在特定的市场环境下，通过一套特定的模式取得了巨大成 功后，这种模式就会被神圣化，成为一种自己都难以发觉的肌肉记忆。 他说，从2025年开始，行业同质化特征显现，技术成果的市场惊艳度开始下降，对用户来说，一些技术领先很难像过去那样自动转化为市场份额，过去几 年打的是顺风仗，营销有一些惰性。 但是，现在比亚迪已经开始快速调整，以12万研发团队和巨额研发投入为本，同时，正视过去顺风市场环境下滋生的营销惰性，后面还有很 ...