科德数控（688305.SH）12月5日在投资者互动平台表示，尊敬的投资者，您好。公司已与比亚迪、奥 迪等汽车领域用户建立合作关系，公司的高端五轴机床KMC系列、KHMC系列、德创DMC系列等产品 已批量用于新能源汽车以及传统汽车零部件加工，如电池电机壳体、副车架、发动机缸盖、变速器壳 体、增压器壳体、轮毂、仪表盘、汽车模具等零部件的加工。感谢您的关注。 （记者 曾健辉） 每经AI快讯，有投资者在投资者互动平台提问：请问公司产品是否已实质进入到比亚迪、特斯拉、华 为等头部车企产线供应链？ ...

面对国内市场单月同比连续下滑，比亚迪董事长兼总裁王传福首度发声回应。 12月5日，比亚迪在深圳坪山总部举行临时股东大会。会上，王传福表示，今年比亚迪国内市场销量出现下滑，一方面由于比亚迪当前技术 领先度不及前几年，技术成果的市场惊艳度有所下降，叠加行业同质化特征渐显，这一变化符合产品及技术发展的周期性规律；另一方面， 低温充电速度慢等用户需求痛点，也亟待通过技术突破予以解决。 "我之所以说目前技术不够领先，是因为后面还有重磅技术发布，但目前不方便透露。" 王传福在临时股东大会上表示，比亚迪的核心竞争 力在于技术，公司麾下12万工程师团队，是公司后续技术攻坚、重塑领先优势的关键底气与支撑。 产销快报显示，11月比亚迪新能源汽车销售48.0万辆，同比下降5.3%，环比增长8.7%；新能源乘用车销售47.5万辆，同比下降5.8%，环 比增长8.7%。不过，剔除11月海外销量后，当月比亚迪国内销量为34.3万辆，已连续7个月同比下滑。 1-11月，比亚迪乘用车累计销量413.06万辆，同比增长10.41%；海外销量91.29万辆，同比大涨153.58%。同样，剔除海外销量后，比 亚迪国内乘用车累计销量同比微降4.8% ...

Core Insights - BYD is breaking into the overseas government vehicle market, traditionally dominated by local brands and established German and Japanese automakers [1][3] - Multiple countries are selecting BYD for police and government vehicles, indicating a shift towards electric and hybrid options in public service [3][5] Group 1: Market Penetration - BYD vehicles are increasingly seen in various international government settings, including police forces in Mexico and government fleets in Austria and Hungary [1][3] - The company has become a strategic partner for governments aiming to achieve low-carbon goals through its advanced electric and hybrid technologies [5] Group 2: Technological Advantages - BYD's blade battery is noted for its high safety and longevity, which reduces maintenance costs [5] - The DM-i super hybrid technology offers ultra-low fuel consumption and a quiet driving experience, making it suitable for diverse public service needs [5] - The Yun Nian intelligent vehicle control system enhances stability and comfort in complex driving conditions, catering to both daily commuting and emergency response [5] Group 3: Sales Performance - BYD's overseas sales reached 917,000 units from January to November 2025, surpassing the total overseas sales for 2024 [6] - The company has established a presence in 117 countries and regions with its electric vehicle products, demonstrating significant global market acceptance [6] - BYD has maintained its position as the global sales leader in pure electric vehicles for four consecutive quarters, showcasing the success of its international strategy [6]

Group 1: Core Insights - The report emphasizes the importance of focusing on high-end and export opportunities in the automotive sector, particularly for domestic brands like BYD, Geely, Great Wall, and Leap Motor [1][2] - The automotive industry is expected to see a stable growth in 2026, with wholesale and retail sales projected to increase by 3% and decrease by 1% respectively, indicating a flat overall market [2][18] - The report highlights the significant growth potential in the European electric vehicle market, forecasting a 35% year-on-year increase in sales to reach 3.65 million units in 2026, driven by carbon emission regulations and high-quality new vehicle supply [2][18] Group 2: Passenger Vehicles - Domestic brands have increased their market share from 60% to 66% in the first ten months of 2025, with mid-to-low-end segments experiencing the fastest growth [26][28] - The report identifies key models in the five/six-seat SUV market, including Xiaomi's YU9, NIO's ES7, and others, as significant contributors to the high-end market push [2][18] - The report anticipates intensified competition among domestic car manufacturers, particularly in the high-end segment, as they aim to capture a larger share of the market [2][18] Group 3: Auto Parts - The auto parts sector is focusing on globalization and new technological avenues, with an emphasis on opportunities in Europe and advancements in AI and robotics [3][4] - The report suggests that the auto parts industry will benefit from structural opportunities as traditional international giants undergo transformation [3][4] - Key companies recommended for investment in the auto parts sector include Minth Group, Xingyu, and others, which are expected to leverage their technological advantages for growth [3][4] Group 4: Intelligent Driving - The report predicts that by 2026, high-speed NOA (Navigation on Autopilot) will become a standard feature priced between 100,000 to 150,000 yuan, with penetration rates expected to reach 43% for high-speed NOA and 24% for urban NOA [4][5] - The acceleration of L4 commercial deployment is anticipated, with many scenarios expected to complete technical validation by 2025, leading to a rapid commercialization phase in 2026 [4][5] - Recommended companies in the intelligent driving space include Horizon Robotics, Black Sesame, and others, which are positioned to benefit from the growing demand for AI applications in vehicles [4][5] Group 5: Robotics - The robotics sector is expected to experience significant growth in 2026, driven by advancements in technology and production capabilities, particularly with Tesla's V3 technology [5][6] - The report highlights the importance of domestic companies in the robotics field, which are likely to see valuation increases as they innovate and expand their production capabilities [5][6] - Key players in the robotics sector recommended for investment include Xpeng and others, which are expected to benefit from the evolving landscape of robotics technology [5][6]

科德数控回复称，公司已与比亚迪、奥迪等汽车领域用户建立合作关系，公司的高端五轴机床KMC系 列、KHMC系列、德创DMC系列等产品已批量用于新能源汽车以及传统汽车零部件加工，如电池电机 壳体、副车架、发动机缸盖、变速器壳体、增压器壳体、轮毂、仪表盘、汽车模具等零部件的加工。 格隆汇12月5日｜有投资者在互动平台向科德数控提问：请问公司产品是否已实质进入到比亚迪、特斯 拉、华为等头部车企产线供应链？ ...

智通财经12月5日讯（记者 徐昊）进入12月，中国车市的年终"冲刺战"已进入白热化阶段。政策窗口期 的临近、年度销量目标的压力与消费需求的集中释放，构成了本轮"收官之战"的主要驱动力。 智通财经记者统计了截至11月11家国内主要/上市车企2025年度销量目标完成率，其中零跑、小鹏和小 米三家车企已提前完成各自年度销量目标，而蔚来和理想的完成率不足七成，或难以达成年初既定目 标。 "零跑提前45天完成50万辆的年度销售目标，2026年将冲击100万辆的销量目标。"在发布11月交付数据 的同日，零跑汽车董事长朱江明对公司发展提出了更高目标。 为夯实市场份额、延续增长势能，零跑在产品端持续发力。11月21日，零跑汽车全新A平台首款车型 A10在广州车展完成首秀，补齐A、B、C、D四大系列矩阵最后一块拼图。这款搭载双旗舰芯片与全场 景智能辅助功能的SUV，覆盖主流家庭用户需求；随后上市的个性轿跑Lafa5，则以激光雷达智驾、 605km长续航等配置，瞄准95后年轻群体。 同样处于上升期的小鹏汽车，1-11月完成交付39.2万辆，同比增长155.54%，已达成年度销量目标。海 外市场则是小鹏汽车今年以来的一大增长亮点， ...

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, expecting the industry index to outperform the market index by over 10% in the next six months [38]. Core Insights - The total automotive sales in China for the year are projected to exceed 34 million units, with new energy vehicle (NEV) sales expected to reach 16 million units and exports anticipated to surpass 6.8 million units [26][33]. - The tightening of purchase tax incentives for NEVs starting in 2026 is expected to create a rush in vehicle purchases by the end of 2025, leading to a potential "micro-growth" phase in the domestic market in 2026 [33]. - Export markets are seen as a new growth driver for major automotive companies, transitioning from merely exporting products to establishing local production capabilities abroad [33]. Industry Performance and Valuation - As of December 4, 2025, the Shenyin Wanguo automotive sector index has increased by 1.43% over the past two weeks, outperforming the CSI 300 index by 1.83 percentage points, ranking 7th among 31 industries [10][12]. - Year-to-date, the automotive sector has risen by 17.68%, also outperforming the CSI 300 index by 2.14 percentage points [10][12]. - The current price-to-earnings (P/E) ratio for the automotive sector is 25.38 times, with sub-sectors showing varying valuations: automotive services at 30.71 times, automotive parts at 27.11 times, and passenger vehicles at 23.69 times [16]. Industry Data Tracking - Raw material prices have shown mixed trends: steel prices increased by 0.20%, aluminum by 1.38%, and copper by 2.21%, while lithium carbonate prices decreased by 0.37% and glass prices fell by 0.26% [18][19]. Industry News - In November 2025, retail sales of passenger vehicles in China decreased by 7% year-on-year, while NEV retail sales grew by 20% [21][22]. - The Shanghai government announced that all new or updated public charging facilities must comply with mandatory certification standards starting August 1, 2026 [22]. - The China Automobile Dealers Association reported a rise in the inventory alert index to 55.6%, indicating a decline in the automotive circulation industry's prosperity [23]. Company News - Li Auto launched its first AI smart glasses, priced from 1,699 yuan after subsidies [27]. - Changan Automobile reported November sales of 283,000 units, a 2.3% year-on-year increase, with NEV sales up 23% [28]. - Xiaomi's automotive division has delivered over 500,000 vehicles since its launch [29]. Investment Recommendations - The report suggests focusing on companies that are actively expanding into overseas markets, such as BYD and Seres, as well as those in the intelligent driving supply chain like Fuyao Glass and Joyson Electronics [33][34].

12月5日，面对国内市场单月同比连续下滑，比亚迪董事长兼总裁王传福首度发声回应。 "短续航（55km）版本此前已基本完成清库，目前主推的是120km续航版本。因此购置税技术标准调整 对插混车型影响不大，主要还是（插混车型）竞争对手多了。"对于插混车型销量占比下降，有比亚迪 内部人士分析表示。 与国内市场羸弱表现形成鲜明对比的，是比亚迪在海外市场的高歌猛进。产销快报显示，1-11月，比亚 迪乘用车海外市场销量91.29万辆，同比大涨153.58%。11月初，比亚迪在东京车展上发布针对日本本土 市场的K-EV——RACCO，SEALION 6（国内为海狮06）亦共同亮相。按照计划，RACCO将于2026年 夏天开始接受预订。 "总体看，受益海外车型上量及区域拓展，比亚迪今年出海稳步增长。"国联民生证券最新研报表示，一 方面海外需求逐步提升，受益土耳其、巴西、欧洲等地销量快速增长；一方面是受益滚装船投入，自建 运力提升带动销量提升。比亚迪加大海外市场投入，巴西乘用车工厂落成投产，后续积极布局乌兹别 克、匈牙利、土耳其、印尼布局工厂，"我们预计出海有望在欧洲、东南亚、澳新迎来快速发展，提振 盈利。" 1-11月，比亚 ...

格隆汇12月5日｜国联民生证券研报指出，比亚迪11月新能源汽车批发销售48.0万辆，同比-5.3%，环比 +8.7%；分品牌看，11月王朝海洋、腾势、方程豹、仰望销量分别42.4万辆、13,255辆、37,405辆、703 辆。11月批发环比增长，出海稳步推进。公司加大海外市场投入，比亚迪巴西乘用车工厂落成投产，后 续积极布局乌兹别克、匈牙利、土耳其、印尼布局工厂，我们预计出海有望在欧洲、东南亚、澳新迎来 快速发展，提振盈利。2026年，低温快充电池、天神之眼B激光雷达、云辇-C智能底盘这些原本属于汉 唐旗舰车型的技术，我们预计有望下放到走量车型，进一步构筑"技术护城河"。看好公司技术驱动产品 力与品牌力向上，加速出海，同时高端化稳步推进，维持"推荐"评级。 ...

凤凰网科技讯12月5日，比亚迪（002594）在深圳坪山举行临时股东大会。会上，比亚迪董事长兼总裁 王传福表示，今年比亚迪国内市场销量出现下滑，一方面由于比亚迪当前技术领先度不及前几年，技术 成果的市场惊艳度有所下降，叠加行业同质化特征渐显，这一变化符合产品及技术发展的周期性规律。 另一方面，低温充电速度慢等用户需求痛点，也亟待通过技术突破予以解决。 王传福还表示，后面还有重磅技术发布。比亚迪的核心竞争力在于技术，公司麾下12万工程师团队，是 公司后续技术攻坚、重塑领先优势的关键底气与支撑。 12月1日，比亚迪发布公告：11月汽车销量480186辆，去年同期506804辆。今年1-11月，汽车销量418万 辆，同比增长11.3%。 ...