Core Viewpoint - The article highlights the stable performance of the new energy vehicle market in October 2025, with significant growth in delivery volumes for several key players, indicating a strong demand and increasing market penetration of new energy vehicles [2][3]. Group 1: Market Overview - In October 2025, the retail market for narrow passenger vehicles is estimated at approximately 2.2 million units, a year-on-year decrease of 2.6% and a month-on-month decrease of 2.0%. The new energy vehicle retail volume is expected to reach 1.32 million units, with a penetration rate of around 60.0% [3]. - The combined delivery of six new energy vehicle companies (excluding Xiaomi) reached 232,903 units in October, representing a year-on-year increase of 16.7% and a month-on-month increase of 3.8% [3]. Group 2: Company Performance - **Leap Motor**: Delivered 70,289 units in October, a year-on-year increase of 84.1% and a month-on-month increase of 5.4%. The growth is attributed to strong sales of models C10 and B01, with the C10 accounting for 23.4% of total deliveries [4]. - **Xpeng Motors**: Delivered 42,013 units in October, a year-on-year increase of 75.7% and a month-on-month increase of 1.0%. The MONA M03 model contributed significantly to the sales [5]. - **NIO**: Delivered 40,397 units in October, a year-on-year increase of 92.6% and a month-on-month increase of 16.3%. The delivery of the ET5T and ES6 models played a key role in this growth [6]. - **Li Auto**: Delivered 31,767 units in October, a year-on-year decrease of 38.2% and a month-on-month decrease of 6.4%. The company is expected to recover as new electric models are introduced [6]. - **Aion**: Delivered 27,014 units in October, a year-on-year decrease of 32.6% and a month-on-month decrease of 7.2% [6]. - **Zeekr**: Delivered 21,423 units in October, a year-on-year decrease of 14.5% but a month-on-month increase of 17.3% [6]. Group 3: Technological Advancements - The article discusses the acceleration of end-to-end technology applications in intelligent driving, with a focus on achieving equality in smart driving capabilities. Companies like Xpeng and those associated with Huawei are leading the charge in this area [8]. - The article predicts that advancements in intelligent driving technology will lower hardware barriers and expand applications in the mainstream market, particularly for vehicles priced under 200,000 yuan [8]. Group 4: Investment Recommendations - The article recommends focusing on companies with strong intelligent driving capabilities and those that are well-positioned in the new energy vehicle market, including Geely, Xpeng, Li Auto, BYD, and Xiaomi [9][10].

01 事件概述 公司发布10月销量公告，10月批发总销量30.7万辆，同比+35.5%，环比+12.5%；1-10月批发总销量247.7万辆，同比+44.3%。其中，10月新能源销量177,882辆，同比 +63.6%，环比+7.7%，占比57.9%；1-10月新能源累计134.6万辆，同比+105.6%。分品牌看：吉利品牌10月销量24.5万辆（银河12.7万辆（含几何））；极氪10月销量 21,423辆；领克10月销量40,213辆。 02 分析判断 ► 1-10月新能源销量同比大增 全年销量目标300万辆。 10月批发总销量30.7万辆，同比+35.5%，环比+12.5%；出口方面，公司10月出口销量4.2万辆，环比+2.2%，表现亮眼。10月30日，吉利银河旗下全新电混家轿星耀6 上市，上市限时指导价为6.88万元-9.98万元，星耀6搭载新一代雷神AI电混2.0系统，前排电动座椅提供加热和通风功能，搭载银河Flyme Auto智能座舱与千里浩瀚H3 辅助驾驶系统。我们看好公司销量逐步兑现，同时规模化提振主品牌盈利。 ► 极氪9X上市 高端市场加速发力 极氪、领克10月分别销量21,423辆、40,2 ...

Investment Rating - The report rates the automotive industry as "Outperforming the Market" [29] Core Insights - The new energy vehicle sales continue to grow significantly, with various companies reporting impressive sales figures for October 2025 [3] - The report highlights the acceleration of intelligent driving technology among leading companies, indicating a shift towards enhanced user experience and competitive differentiation [3] - The investment recommendation focuses on companies that are leading in smart technology and user experience, specifically mentioning Xiaomi Group, Xiaopeng Motors, and Li Auto as key players to watch [3] Summary by Sections Sales Performance - Leap Motor reported sales of 70,289 units in October, showing a year-on-year increase of 84.1% and a month-on-month increase of 5.4% [3] - Xiaopeng Motors sold 42,013 units, with a year-on-year increase of 75.7% and a month-on-month increase of 1.0% [3] - NIO's sales reached 40,397 units, marking a year-on-year increase of 92.6% and a month-on-month increase of 16.3% [3] - BYD maintained strong sales with 441,706 units sold, although it experienced a year-on-year decline of 12.1% [3] - Other companies like Geely, Changan, and SAIC also reported significant sales figures, contributing to the overall growth in the sector [3] Technological Advancements - Xiaopeng Motors is enhancing its intelligent driving capabilities, with a notable penetration rate of 86% for its XNGP urban driving feature [3] - Tesla continues to leverage its Full Self-Driving (FSD) technology, achieving a record global delivery of 497,000 units in Q3 2025, a year-on-year increase of 7.4% [3] - The report emphasizes the importance of technological innovation in maintaining competitive advantages within the automotive industry [3] Market Dynamics - The report suggests that the industry is moving towards a concentrated market structure, with leading companies establishing user experience barriers through advanced technology [3] - The competitive landscape is characterized by a focus on smart technology and integrated ecosystems, as seen with Xiaomi's automotive strategy [3]

Core Insights - The upcoming reduction of the new energy vehicle (NEV) purchase tax is expected to stimulate a surge in vehicle purchases before the end of the year, with consumers aiming to take advantage of the tax benefits [1][4][5] Group 1: Tax Policy and Consumer Behavior - Several automakers have introduced "tax guarantee" policies to encourage consumers to place orders before the end of November, ensuring that any tax differences due to delays will be covered by the manufacturers [2][3] - Consumers are motivated to finalize their purchases quickly, as the current tax exemption will be replaced by a 5% tax next year, making timely orders crucial for savings [4][5] Group 2: Market Dynamics and Sales Strategies - The automotive market is currently experiencing a sales push as companies leverage the tax adjustment period to boost sales figures [4][5] - Data from the China Automobile Dealers Association indicates that from October 1 to 26, retail sales of new energy passenger vehicles reached 901,000 units, with a year-to-date total of approximately 9.77 million units, reflecting a 22% year-on-year increase [4]

尽管10月中国电动车市场呈现环比增长态势，但野村证券保持谨慎乐观。在最新发布的一份研究报告 中，野村证券判断随着 2026年购置税减免政策调整临近，行业竞争格局将重塑，电动车企纷纷提前布 局应对潜在需求波动，2026年市场的竞争或将进一步加剧。 01 10月交付整体态势 2025年10月，中国电动车OEM厂商批发出货量普遍实现环比增长，进入年末冲刺阶段。但不同品牌表 现差异较大，头部企业呈现 "有人欢喜有人忧" 的格局： 比亚迪（002594）：10月交付43.69万辆，环比增长 11.1%，但受 2024 年同期高基数影响，同比下滑 12.7%，预计国内市场同比下滑趋势将持续至 2025 年末。 吉利汽车：（含 Zeekr）表现强劲，10 月新能源汽车总销量 17.8 万辆，同比增长 63.6%，环比增长 7.7%，其中 Galaxy 品牌销量 12.7 万辆，同比激增 101%。 零跑汽车：交付量创历史新高，10 月交付 7.03 万辆，同比增长 84.1%，环比增长 5.4%，首次突破 7 万 辆大关。 小鹏、蔚来、小米：实现高速同比增长，小鹏交付 4.2 万辆（同比 + 75.7%），蔚来交付 4.0 ...

2025 年 11 月 04 日 大鹏工业(920091)：工业精密清洗 装备"小巨人"，机器视觉检测开拓 新成长曲线 ——北交所新股申购策略报告之一百四十九 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 研究支持 吕靖华 A0230124070002 lvjh@swsresearch.com 联系人 购 策 略 相关研究 - ⚫ 基本面：工业精密清洗装备"小巨人"。公司的工业精密清洗装备在清洁度、生产节拍、智 能化水平等方面均达到国际领先水平，同时，多项清洗装备被评为黑龙江省"首台（套）" 创新产品。机器视觉检测开拓新成长曲线。公司子公司华耐视负责机器视觉检测，系腾讯 云计算的生态合作伙伴，研发的"AI 视觉在铸件检测系统的应用"技术被中国铸造业协会 认定在铸造件生产的整体质量检测提升上达到国际先进水平。客户资源优质丰富。公司已 与包括比亚迪、吉利汽车、广汽集团等主流车企（集团）和潍柴动力等大型车辆动力总成 配套企业建立长期、稳定的合作关系。营收稳健增长。2024 年实现营收 2.65 亿元 ...

2025 年 11 月 04 日 大鹏工业(920091): 工业精密清洗 装备"小巨人",机器视觉检测开 新成长曲线 -北交所新股申购策略报告之一百四十九 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 研究反方持 目靖华 A0230124070002 IvJh@swsresearch.com 联系人 目靖华 (8621)23297818× lvjh@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 基本面：工业精密清洗装备"小巨人"。公司的工业精密清洗装备在清洁度、生产节拍、智 ● 能化水平等方面均达到国际领先水平，同时，多项清洗装备被评为黑龙江省"首台（套）" 创新产品。机器视觉检测开拓新成长曲线。公司子公司华耐视负责机器视觉检测，系腾讯 云计算的生态合作伙伴，研发的"Al 视觉在铸件检测系统的应用"技术被中国铸造业协会 认定在铸造件生产的整体质量检测提升上达到国际先进水平。客户资源优质丰富。公司已 与包括比亚迪、吉利汽车、广汽集团等主流车企（集团）和潍柴动力等大型车辆动力总成 配套企业建立长期、稳定的合作关系。营收稳健 ...

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly on the segments of robot components, heavy truck exports, and intelligent autonomous vehicles [5]. Core Insights - The automotive market shows strong demand with a significant increase in wholesale and retail sales, particularly in the new energy vehicle (NEV) sector, which reached a penetration rate of 52.5% in Q3 2025 [5][9]. - The price war in the passenger car segment is easing, leading to improved gross margins for many automakers, including BYD, Changan, and others [5][21]. - The heavy truck market is experiencing a dual boost from domestic sales and exports, with heavy truck sales reaching 21.5 million units in Q3, a year-on-year increase of 65% [5][30]. Summary by Sections Passenger Vehicles - In Q3 2025, wholesale sales of passenger vehicles reached 7.686 million units, up 14.7% year-on-year and 8.1% quarter-on-quarter; retail sales were 6.11 million units, up 6.5% year-on-year and 5.5% quarter-on-quarter [5][9]. - The NEV wholesale volume reached 4.04 million units, a year-on-year increase of 24.5%, with a penetration rate of 52.5%, marking a new high [5][9]. Auto Parts - The auto parts sector is seeing increased profitability differentiation, with overall revenue growth lagging behind the industry due to intensified competition and supply chain pressures [5][21]. - Companies like Bojun Technology and Jifeng Co. have reported better-than-expected performance in Q3 2025 [5]. Heavy Trucks - Heavy truck sales in Q3 reached 21.5 million units, a year-on-year increase of 65%, while exports were 81,000 units, down 1% year-on-year but up 26% quarter-on-quarter [5][30]. - The domestic market is expected to continue growing due to policy support, despite a decline in exports to Russia [5]. Investment Recommendations - The report recommends focusing on robot components, heavy truck export leaders, and intelligent autonomous vehicles, highlighting companies such as Top Group and BYD for investment opportunities [5].

11月3日，吉利控股集团和吉利汽车控股有限公司（以下统称"吉利"），与雷诺集团正式签署巴西 战略合作最终协议（以下简称"协议"），双方将深化战略合作，通过雷诺巴西公司生产及销售吉利和雷 诺的新能源车型。 早在2021年，吉利便宣布，与雷诺集团签署谅解备忘录，建立创新型合作伙伴关系。2022年5月， 吉利汽车拟认购雷诺韩国34.02%股份，"借助"雷诺进军韩国市场。2023年7月，雷诺集团发布消息称， 与吉利签署一项50:50的约束性合资协议，成立一家新公司，在全球范围内研发、制造和供应混合动力 总成和高效的燃油动力总成。新公司将由雷诺集团与吉利共同领导，董事会成员双方各占一半，共同制 定和执行公司发展战略。 "此次合作是继吉利雷诺韩国整车合资项目和吉利雷诺全球动力总成全面合并项目浩思动力总成公 司成立之后，吉利与雷诺战略合作又一重要里程碑。"吉利控股集团董事长李书福表示，双方将继续探 索新市场、新机遇，双方将共同发展，通过协同战略与跨洲际合作形成规模效应。 实际上，雷诺与吉利结缘已久。 协议显示，吉利收购雷诺巴西公司26.4%的股份，雷诺集团继续保持控股股东地位并合并财务报 表。作为少数股东，吉利可共享雷诺巴 ...

（文章来源：证券日报） 证券日报网讯中海达11月4日在互动平台回答投资者提问时表示，目前公司车载端软硬件产品已定点应 用在吉利、小鹏、上汽、长城、东风和一汽等汽车制造企业的多款量产新车型。相关业务介绍请参阅公 司定期报告内容。 ...