12月，一批关乎新能源汽车安全监测、远程服务管理及汽车转向系统的国家标准正式实施或发布；多家车企密集公布11月销量数据，市场竞争格局清晰呈 现；工信部鼓励优势企业"走出去"、汽车维修行业信用评价工作启动等热点事件接连发生。 《新能源汽车运行安全性能动态监测预警技术要求》《电动汽车远程服务与管理系统技术规范 第1部分：总则》、《电动汽车远程服务与管理系统技术规范 第4部分：一致性测试》实施 12月1日，《新能源汽车运行安全性能动态监测预警技术要求》（GB/T 45688—2025）及《电动汽车远程服务与管理系统技术规范 第1部分：总则》（GB/T 32960.1—2025）《电动汽车远程服务与管理系统技术规范 第4部分：一致性测试》（GB/T 32960.4—2025）推荐性国家标准，开始实行。 GB/T 45688—2025规定新能源汽车运行安全性能的动态监测和动态预警技术要求。标准的实施，有助于进一步规范安全监测平台的数据监测，助力构建新 能源汽车安全管理新模式。 GB/T 32960.1—2025推荐性国家标准，规定电动汽车远程服务与管理系统的系统架构和一般要求。 《电动汽车远程服务与管理系统技术规范 第 ...

专题：2025《中国企业家》影响力企业家年会 小鹏汽车董事长、CEO何小鹏在2025（第二十三届）影响力企业家年会谈到如何拥抱AI时代时表 示，以前企业是用人+工具，现在是用人+服务器，将来是人+AI Agent。在生产力变成了Agent，生产关 系有了巨大变化的情况下，如何拥抱AI？ 责任编辑：李思阳 "我们做了三四年，失败了非常多次，总结下来我有以下三点建议：第一，CEO要真懂AI，不懂很难推 进；第二，多招年轻人，因为他们天生就拥抱变化；第三，要小步快跑，趋势是肯定对的，在各行各业 的落地时间是很长的，要根据每个企业的需求快速自我迭代。"他说。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李思阳 专题：2025《中国企业家》影响力企业家年会 小鹏汽车董事长、CEO何小鹏在2025（第二十三届）影响力企业家年会谈到如何拥抱AI时代时表 示，以前企业是用人+工具，现在是用人+服务器，将来是人+AI Agent。在生产力变成了Agent，生产关 系有了巨大变化的情况下，如何拥抱AI？ "我们做了三四年，失败了非常 ...

专题：2025《中国企业家》影响力企业家年会 他还表示，汽车和飞机落地全球化极其困难，风险很高，我认为要用40年，因此我们要学习丰田、现 代，必须扎根海外一步步走，不能像互联网那样快速推进。今天奇瑞、比亚迪打了很好的样板，可以多 思考借鉴。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李思阳 专题：2025《中国企业家》影响力企业家年会 小鹏汽车董事长、CEO何小鹏在2025（第二十三届）影响力企业家年会谈到汽车出海时表示，全球化不 应先做好国内再做海外，要同等重视。我最近看到很多创业公司只做海外或95%做海外，这是全新的创 业和全球化逻辑。 小鹏汽车董事长、CEO何小鹏在2025（第二十三届）影响力企业家年会谈到汽车出海时表示，全球化不 应先做好国内再做海外，要同等重视。我最近看到很多创业公司只做海外或95%做海外，这是全新的创 业和全球化逻辑。 他还表示，汽车和飞机落地全球化极其 ...

"我觉得每一家车企，谁都是战战兢兢，谁都想行稳致远。一年前，我们很难想到现在的变化，一年后也很难想到，我觉得变局特别多。唯一敢确定的 是，竞争会更加残酷和血腥。" 11月20日小鹏X9增程版上市发布会后，有媒体问到对于明年格局的看法，上述一段话便是何小鹏给出的回答。 三季度财报发布后第二天的媒体沟通会上，李斌也被抛出类似的问题，很快给出了他的观点："我同意小鹏总的说法，每一年中国车市的竞争强度，其实 都是在递增的，哪一年不血腥？哪一年不残酷？或许要到2035年，格局才能真正意义上的稳定下来。" 结合他们二者的输出，能够提炼出最核心的中心思想直指："无论合资也好，自主也罢，所有主机厂请放弃幻想，明年的厮杀只会更激烈。" 最近一段时间，参与了多场新势力造车高管专访。 一方面，由衷地为各家逐步迈入正轨感到开心；另一方面，也从各位掌舵者的口中，感受到了来自终端巨大的压力与挑战。 身处中国车市，绝不允许掉以轻心。而今天这篇文章，试图用比较碎片化的一些的信息，拼凑出对于明年中国车市的几点看法。 实际上，按照目前已知的产品规划，每一个细分市场，几乎都会被一款款新品填满。就拿大六座SUV板块为例，本以为今年疯狂涌入十几位"后 ...

关注 「电动车公社」 和我们一起重新思考汽车 以下是上周新能源圈的新闻： 新车上 市： 东风日产N6上市，限时权益价9.19-12.19万元； 新款蓝电E5 Plus上市，限时权益价11.98万元； 别克至境世家上市，售价43.99-46.99万元； 公司动态： 小米汽车累计交付突破50万辆； 小鹏联手华为推出下一代增程发电机； 长安汽车第3000万辆新车即将下线； 多款新车登录工信部； 比亚迪11月乘用车销量474921台； 吉利汽车11月新能源销量187798台； 长安汽车11月新能源销量超12.5万台； 上汽通用五菱11月新能源销量118726台； 奇瑞11月新能源销量116794台； 鸿蒙智行11月交付81864台； 零跑汽车11月交付70327台； 长城汽车11月新能源销量40113台； 小米汽车11月交付超40000台； 小鹏汽车11月交付36728台； 埃安11月销量36288台； 蔚来公司11月交付36275台； 理想汽车11月交付33181台； 深蓝汽车11月全球交付33060台； 北汽新能源11月销量32328台； 岚图汽车11月交付20005台； 一汽奔腾11月新能源销量15793台； ...

Core Insights - The delivery rankings of new car manufacturers have undergone significant changes in November, with a reshuffling of positions following the "golden September and silver October" period [1] Group 1: Delivery Rankings - Hongmeng Zhixing topped the delivery chart with 81,864 units, achieving a year-on-year growth of 90% and a month-on-month increase of 20% [2][3] - Leap Motor maintained its position as the "single brand champion" with 70,327 units delivered, marking its second consecutive month above 70,000 [4] - Xiaomi entered the top three with over 40,000 units, while BYD's Fangchengbao emerged as a dark horse with 37,405 units [5] Group 2: Competitive Landscape - In the second tier, brands like Xiaopeng (36,728 units) and NIO (36,275 units) are in close competition, with Ideal (33,181 units) and Deep Blue (33,060 units) also in the mix [5][21] - Zeekr accelerated its growth with 28,843 units, while Lantu broke the 20,000 mark for the first time [6] Group 3: Financial Performance and Market Challenges - Despite high delivery numbers, companies like Leap Motor face challenges in profitability, with a net profit of 150 million yuan in Q3, down 8% from the previous quarter [12][13] - Xiaomi's automotive division reported a 700 million yuan operating profit in Q3, making it the fastest to achieve profitability among new forces, yet its stock price has been under pressure due to negative publicity [14][15] - NIO's stock fell 20% in November after lowering its Q4 delivery guidance, indicating challenges in meeting profitability targets [24][30] Group 4: Strategic Adjustments - Xiaopeng is transitioning to a dual strategy of pure electric and range-extended vehicles, with plans to launch three new range-extended models in Q1 next year [19][20] - NIO is focusing on high-end models to improve overall gross margins, while also facing pressure to enhance profitability [22][26] - Ideal is adjusting its organizational structure and technology to address ongoing challenges, with a focus on ramping up production of its new electric model [28][30]

Core Viewpoint - The delivery rankings of new car manufacturers have undergone significant changes in November, with a reshuffling of positions following the "golden September and silver October" period, highlighting the competitive landscape in the electric vehicle market [4][6]. Group 1: Delivery Rankings - Hongmeng Zhixing topped the delivery chart with 81,864 vehicles delivered, a year-on-year increase of 90% and a month-on-month increase of 20%, becoming the "alliance leader" among new forces [5][10]. - Leap Motor maintained its position as the "single brand champion" with 70,327 vehicles delivered, indicating a strong competitive dynamic between the top two players [6][17]. - Xiaomi entered the third position with over 40,000 vehicles delivered, while BYD's Fangchengbao emerged as a dark horse with 37,405 vehicles, intensifying competition in the 30,000 to 40,000 vehicle range [7][19]. Group 2: Market Dynamics - The second tier of manufacturers is characterized by fierce competition, with brands like Xiaopeng and NIO facing challenges in maintaining their delivery volumes amid strategic adjustments and market pressures [24][26]. - NIO delivered 36,275 vehicles in November, a year-on-year increase of 76.3%, but faced stock price declines due to lowered fourth-quarter delivery guidance [28][29]. - Li Auto's deliveries reached 33,181 vehicles, showing signs of recovery, but the company still faces challenges in scaling production and maintaining profitability [32]. Group 3: Financial Performance and Market Sentiment - Xiaomi's automotive division reported a significant operating profit of 700 million yuan in Q3, making it the fastest profitable new force, despite facing negative market sentiment due to various controversies [20][21]. - Leap Motor's stock price fell by 9% in November, raising concerns about its ability to balance scale and profitability, especially in competitive price segments [17][18]. - The overall market sentiment reflects a growing scrutiny on profitability and sustainability, with companies needing to demonstrate not just sales growth but also healthy financial performance to meet investor expectations [36][37].

Core Viewpoint - The demand for liquid cooling and robotics driven by AI is experiencing an explosive growth, initiating a new growth curve for the automotive parts industry. AI is continuously upgrading computing infrastructure and smart terminals, leading to the necessity of liquid cooling systems in high-power density scenarios, while robotics is transitioning from 0-1 to 1-10. This synergy between liquid cooling, robotics, and automotive parts is reshaping the business boundaries and growth trajectories of the automotive parts industry [2][8]. Investment Highlights - The automotive parts industry, equipped with technological synergies, system integration, cost reduction capabilities, and global capabilities, is set to benefit from the AI-driven wave. Automotive manufacturers and parts companies are expanding their business boundaries to achieve "homogeneous manufacturing + scenario collaboration." The collaboration between automotive companies and parts manufacturers will transfer the brain capabilities of intelligent driving to embodied intelligence, with companies like Tesla, Xiaopeng, and Xiaomi migrating their models, data, computing power, and supply chain systems to embodied intelligence [3][8]. Investment Recommendations - Liquid cooling is entering a phase of large-scale penetration and high prosperity realization. With the stabilization of Tesla's robot V3, the sector is moving into the 1-10 phase, focusing on certainty and supply chains with global capabilities. Recommended companies in the robotics sector include Top Group, Zhongding, Xiaopeng Motors, Junsheng Electronics, Shuanghuan Transmission, Aikodi, Xingyuan Zhuomai, and Xusheng Group. For the liquid cooling sector, recommended companies include Top Group, Zhongding, Yinlun, and Feilong [4][8]. Robotics Development - The Optimus V3 is expected to be finalized soon, marking the transition of T-chain robots into the 1-10 phase. Tesla has established a dual-driven approach of hardware architecture convergence and large model/training foundation, with plans to initiate a million-unit production line by the end of the year. The focus will be on the dexterous hand and brain capabilities, with significant advancements in technology and design expected [13][40]. Market Trends - The humanoid robot sector is anticipated to mirror the growth trajectory of the new energy vehicle sector from 2010 to 2014, currently in the pre-investment stage. The penetration rate of new energy vehicles is expected to rise significantly, with the humanoid robot sector beginning to see substantial order changes and early application scenarios coming to fruition [27][31]. Supply Chain Dynamics - The domestic robotics industry is characterized by a diverse landscape of technology giants, automotive manufacturers, startups, and academic institutions. The focus is shifting from factory training to small-scale external sales, driven by educational and industrial pilot projects [41][45]. Sensor Technology - Robotics sensors are categorized into four types: force sensors, visual sensors, position sensors, and tactile sensors. The six-dimensional force sensor is the most valuable, while visual sensors are primarily composed of laser radar and RGB cameras. The demand for these sensors is expected to grow significantly as the robotics industry advances [71][73]. Cost Reduction Strategies - Domestic manufacturers are expected to accelerate cost reduction through the production of precision gears and bearings, which can be used interchangeably with robot reducer production equipment. The price of domestic harmonic reducers is significantly lower than that of overseas products, indicating a strong potential for domestic substitution [65][66].

Group 1: C-end Smart Vehicles - The core competitiveness of the company lies in its ability to create mass-market hit products, focusing on both range extension and global expansion [2][14][16] - The company plans to launch seven new models by 2026, covering both pure electric and range-extended vehicles, with a focus on long-range capabilities and high oil-electric conversion rates [2][22][26] - The global strategy aims for localized production and channel expansion, targeting a significant increase in delivery scale [2][41][44] Group 2: B-end Robotaxi - The company is leveraging favorable policies and technological breakthroughs to differentiate itself in the Robotaxi market, predicting a market size of 83.1 billion yuan by 2030 [3][50][57] - The Robotaxi project is set to launch in the second half of 2026, with plans for mass production and trial operations [3][70][78] - The company proposes a dual-mode approach for Robotaxi, including a fully shared model and a private ownership model, enhancing its competitive edge [3][73][76] Group 3: Partnership with Volkswagen - The partnership with Volkswagen has evolved from joint vehicle development to deeper collaboration on electronic and electrical architecture and AI chip development [4][93][95] - The company is expected to assist Volkswagen in launching two full-size electric models in 2026, with a projected sales volume of over 2.6 million units in China [4][97][101] - The collaboration is anticipated to enhance the company's positioning as a smart technology solution provider [4][92] Group 4: Robotics - The company's robotics division integrates bionic design with AI capabilities, aiming for commercial applications in various service scenarios by 2026 [5][12][29] - The IRON robot features advanced bionic structures and AI systems, enhancing its interaction and decision-making abilities [5][12][29] Group 5: Flying Cars - The company is on the verge of mass production for its new generation of flying cars, with the A868 model entering the test flight phase [6][12] - The flying car has achieved a range of over 500 km, with significant pre-orders already secured [6][12] Group 6: Financial Projections - The company maintains a revenue forecast of 78.5 billion yuan for 2025, with a year-on-year growth of 92%, while adjusting projections for 2026 and 2027 due to policy uncertainties [7][34] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected at -0.71, 1.29, and 3.26 yuan, respectively [7][34]

Core Insights - The company is entering a new phase with its C-end smart vehicle segment, leveraging "range extension and overseas expansion" to enhance its competitive edge in mass-producing popular models [1] - The B-end Robotaxi segment is positioned for growth, with expectations of a market turning point by 2027, potentially reaching a scale of 83.1 billion yuan by 2030 [1] - The partnership with Volkswagen is evolving, positioning the company as a smart technology solution provider, with plans for joint development of electric vehicles and deep collaboration on electronic architecture [2] C-end Smart Vehicle Segment - The company aims to launch seven new models by 2026, covering both pure electric and range-extended vehicles [1] - The focus on local production, R&D centers, and channel expansion is expected to drive the company towards a scale of tens of thousands in deliveries [1] B-end Robotaxi Segment - The company is capitalizing on favorable policies and technological advancements in the Robotaxi market, with a projected market size of 83.1 billion yuan by 2030 [1] - The Robotaxi project is set to begin trial operations in the second half of 2026, with mass production of pre-installed vehicles [1] Partnership with Volkswagen - The collaboration has expanded from initial vehicle development to include joint efforts in electronic architecture and AI chip development [2] - Volkswagen's sales in China are expected to exceed 2.6 million units by 2026, with a new energy vehicle penetration rate above 10% [2] Robotics and Flying Cars - The company's robotics initiative integrates advanced AI with mechanical design, featuring a humanoid structure and high degrees of freedom [2] - The new generation of flying cars, A868, is in the testing phase, with over 7,000 pre-orders and plans for global delivery in the second half of 2026 [2] Financial Projections - The company maintains a revenue forecast of 78.5 billion yuan for 2025, with a year-on-year growth of 92% [3] - Adjustments have been made to the revenue expectations for 2026 and 2027, now projected at 105.8 billion yuan and 151.9 billion yuan respectively, reflecting a year-on-year growth of 35% and 44% [3] - The company is rated as a "buy" based on its transition from automotive to AI technology, with expected earnings per share of -0.71 yuan in 2025, 1.29 yuan in 2026, and 3.26 yuan in 2027 [3]