Group 1 - The report highlights the recent performance of various industries, with notable gains in sectors such as non-ferrous metals, electronics, and power equipment, while retail and real estate sectors faced declines [1][1][1] - The central economic work conference emphasized the importance of technological breakthroughs and supply-demand optimization, indicating a shift towards quality improvement in economic growth [11][12][19] - The commercial aerospace sector is experiencing significant growth, with the establishment of a dedicated regulatory body and a notable increase in the commercial aerospace index, which has risen by 46.52% since April 7 [47][48] Group 2 - The report indicates a seasonal recovery in social financing, with November seeing an increase of 24,885 billion yuan, driven primarily by government bond issuance [4][7] - The credit environment is showing signs of marginal improvement, particularly in corporate loans, which increased by 6,100 billion yuan in November, reflecting a recovery in demand [5][6] - The report notes that the retail sector is undergoing a transformation, with a focus on quality, as highlighted by the Ministry of Commerce's emphasis on retail quality upgrades [1][1][1] Group 3 - The report discusses the rising interest in inquiry transfers, which have seen a significant increase in both project numbers and transfer scale, indicating a growing trend in the market [51][52] - The technology sector is expected to remain a key focus, with upcoming events such as the Volcano Engine FORCE conference anticipated to showcase advancements in AI and cloud services [56]

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry and humanoid robotics sector [2][4][6]. Core Insights - The humanoid robotics sector is expected to reach a pivotal point in the next one to two years, with significant advancements anticipated in the field of embodied intelligence [3][4]. - The automotive industry has achieved record monthly production and sales figures, with a notable increase in the production of new energy vehicles [5][6]. Summary by Sections Humanoid Robotics Sector - The Huaxin humanoid robotics index decreased by 0.94% this week, but has a cumulative return of 94.3% year-to-date [16]. - The sensor segment within the humanoid robotics sector showed positive performance, increasing by 1.1%, while other segments like actuators and reducers experienced declines [19]. - Key companies in the robotics sector, such as Zhongjian Technology and Zhongding Shares, saw significant stock price increases [24]. Automotive Sector - The CITIC automotive index rose by 0.1%, outperforming the broader market by 0.2% [32]. - The motorcycle and other segments within the automotive sector performed well, with a 1.6% increase, while automotive sales and services dropped by 3.5% [35]. - The automotive industry's PE ratio is at 31.8, placing it in the 36.4% percentile over the past four years, indicating a relatively stable valuation [48]. Key Companies and Profit Forecasts - Recommended companies include: - New Spring Co., Ltd. (EPS: 0.68, PE: 16.22, Rating: Buy) [8] - Shuanglin Co., Ltd. (EPS: 1.24, PE: 30.45, Rating: Buy) [8] - Jianghuai Automobile (EPS: 0.12, PE: 412.83, Rating: Buy) [8] - Other notable mentions include KaiDi Co., Ltd. and Kete Co., Ltd. [7][10].

❑ 市场板块行情回顾 汽车行业周报 本周 CS 汽车+0.1%。本周（12 月 7 日至 12 月 13 日，下同）上证 A 指涨跌 幅为-0.3%，深证 A 指涨跌幅为+0.2%，创业板涨跌幅为+2.7%。本周各行业 板块多数下跌，涨幅较大的行业板块为 CS 通信（+5.9%）、CS 国防军工 （+3.6%）和 CS 电子（+2.5%），下跌的行业板块为 CS 煤炭（-3.8%）、 CS 石油石化（-3.4%）和 CS 纺织服装（-2.7%）。 汽车产业链各板块行情：本周，汽车行业二级板块多数上涨，其中摩托车及 其他板块涨幅居前，周涨幅均为+1.7%，汽车服务板块周度有所下跌，周涨幅 为-5.2%。汽车行业三级板块多数上涨，其中摩托车和商用载客车板块涨幅较 大，周涨幅分别为+2.5%和+1.4%，汽车经销商和汽车综合服务板块周度有所 下跌，周跌幅分别为-6.8%和-4.1%。 ❑ 个股行情回顾 汽车板块个股：本周，汽车板块个股上涨居多。其中，涨幅居前的个股有超 捷股份（+39.0%）、华懋科技（+28.5%）和跃岭股份（+21.9%）；跌幅居 前的个股有厦门信达（-13.6%）、嵘泰股份（-10.9%）和隆 ...

Investment Rating - The report suggests a focus on opportunities arising from the themes of international expansion and smart technology, particularly in the automotive sector [1]. Core Insights - Short-term domestic demand is low, with retail sales of passenger vehicles declining year-on-year. However, exports of passenger vehicles have shown strong growth, indicating that international markets will be a long-term focus for the industry [1][12]. - The smart technology and robotics sectors are accelerating, with significant advancements in intelligent driving and AI integration in vehicles [15][18]. - The report recommends investing in companies like BYD, Geely, and Li Auto for international expansion, and companies like Horizon Robotics and Top Group for smart technology and robotics [1][18]. Summary by Sections Weekly Perspective - Domestic demand is weak, with November retail sales of passenger vehicles down 15.8% year-on-year. The report notes that the expected policy incentives have not yet materialized, contributing to this decline [11]. - Passenger vehicle exports reached 594,000 units in November, a 50% increase year-on-year, indicating a robust international market [12]. Industry Data Tracking - The Shanghai Composite Index decreased by 0.08%, while the automotive index increased by 0.16% this week. Notable stock performances included Superjet Co. (+39.0%) and Huamao Technology (+28.5%) [2][19]. - In November, wholesale passenger vehicle sales were 2.991 million units, a 1.7% increase year-on-year, while new energy vehicle sales were 1.694 million units, up 17.6% [4][34]. Industry Dynamics - The report highlights the rapid development of smart technology in vehicles, with over 60% penetration of L2 and above driving assistance systems in the market. The trend towards AI-driven smart cockpits is also noted [15]. - Robotics technology is advancing, with new products being launched by domestic manufacturers, indicating a shift towards commercialization in this sector [16][18].

证 券 研 究 报 告 汽车行业周报（20251208-20251214） 《汽车行业价格行为合规指南（征求意见稿）》 推荐（维持） 发布，建议提前布局明年机会 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 | | | 近期汽车销量运行相对平稳，但本周墨西哥宣布拟提高非自贸协定国家的关税，其中汽 车及零部件将被提升至 35%—50%，预计将对国内直接出口墨西哥的整车和零部件带来 影响。同时，国家市场监督管理总局发布了《汽车行业价格行为合规指南（征求意见稿）》， 进一步深化反内卷政 ...

Core Insights - The report emphasizes the importance of overseas expansion and AI applications in the automotive industry, particularly for vehicle manufacturers and parts suppliers, as a means to achieve growth and value reassessment by 2026 [2][9][14]. Group 1: Automotive Industry Overview - In 2025, the domestic automotive market experienced significant growth due to policies promoting vehicle replacement and increasing exports, with a notable rise in sales of new energy vehicles (NEVs) [14][19]. - The outlook for 2026 indicates potential growth pressures in the domestic market due to tightening policies and the phasing out of tax exemptions for NEVs, while exports are expected to remain a key growth driver [15][20]. Group 2: Vehicle Segment Analysis - The report forecasts that the domestic passenger vehicle market will see stable sales, with an estimated total of 30.37 million units in 2026, reflecting a 1.1% year-on-year increase, driven by export growth [29][39]. - The export volume of passenger vehicles is projected to reach approximately 6.56 million units in 2026, representing a 14% year-on-year increase, as domestic brands enhance their overseas presence [39][40]. Group 3: New Energy Vehicles (NEVs) - The penetration rate of NEVs is expected to continue rising, with sales projected at around 17.41 million units in 2026, marking a 12% year-on-year increase [9][30]. - The report highlights a shift from a "price war" to a "value war" among NEV manufacturers, indicating a competitive landscape focused on quality and technology [9][16]. Group 4: Auto Parts Industry - The report identifies overseas business as a crucial growth point for auto parts companies, with expectations of improved profitability from international operations as companies expand their global footprint [9][16]. - AI applications in areas such as humanoid robots, AI liquid cooling, and intelligent driving are anticipated to create new growth opportunities for parts suppliers, with significant advancements expected in 2026 [9][16][19]. Group 5: Investment Recommendations - The report recommends focusing on mid-cap blue-chip companies in the auto parts sector, as their overseas business is expected to contribute significantly to profitability in the coming years [3][9]. - Key investment targets include companies like Yinchuan, New Spring, Top Group, and others that are well-positioned to benefit from the trends in overseas expansion and AI integration [3].

服务创新奖 汽传祺汽车销售有限公司 . 品质服务奖 吉利汽车销售有限公司 合资品牌组 客户满意度奖 广汽丰田汽车有限公司 宮户信赖奖 广汽本田汽车有限公司 12月11日，2025（第二十届）中国汽车金扳手奖评选颁奖典礼在北京举行。该评选于2006年创办，由《中国汽车市场》杂志社与搜狐汽车联合发起并主办、 汽车与驾驶维修传媒承办，旨在打造中国汽车服务价值坐标系。 自主品牌组 匠川服务奖 汽 - 大众汽车有限公司大众品牌 本次评选设置自主品牌、合资品牌、豪华品牌、新能源品牌四大组别。广汽传祺、吉利汽车分获自主品牌组年度奖项；广汽丰田、广汽本田、一汽-大众大 众品牌拿下合资品牌组相关荣誉；豪华品牌组奖项由一汽奥迪、一汽红旗摘得；新能源品牌组中，极氪与问界凭借优质服务脱颖而出。 恰逢该奖项二十周年节点，主办方特别设立"中国汽车金扳手奖20周年·卓越贡献奖"。一汽-大众大众品牌、广汽本田、吉利汽车、东风日产、一汽奥迪、上 汽大众大众品牌、广汽丰田、比亚迪汽车、奇瑞品牌、东风风神品牌共10家车企品牌获奖。 依据金扳手GES-150服务评价标准和《放心汽修认证》团体标准，100家优秀经销商获评"2025金扳手服务百强质选店 ...

同时，公司拟调整2022年非公开发行"电动化车型开发及产品平台技术升级项目"、"工厂智能化升级与 电驱产线建设项目"、"用户中心建设项目"的内部投资结构，拟将"用户中心建设项目"、"电动化车型开 发及产品平台技术升级项目"达到预定可使用状态的日期延期至2027年12月。 12月12日，赛力斯（601127）公告称，公司部分募投项目结项，其中"工厂智能化升级与电驱产线建设 项目"已建设完成并达到预定可使用状态，节余募集资金19462万元将调整至"电动化车型开发及产品平 台技术升级项目"使用。 ...

六大掌舵人同框容易，要实 质联动，难 出品丨虎嗅汽车组 作者丨魏微 头图丨鸿蒙智行 一场横跨15万 - 100 万元价格带的"抱团行动"在黄浦江畔上演。 "我们将以统一标准和资源共享为核心，为用户创造确定性的价值体验。"华为常务董事、产品投资委员会 主任、终端BG董事长余承东表示。 据通稿，此次鸿蒙智行联盟合作升级将在五个方面展开： 1.归一化、平台化解决方案：推动鸿蒙座舱、智能驾驶、云服务等核心技术和部件的标准化，统一质 量管控、统一生态接口。 2.标准化服务体系：联盟将打造行业内首个跨品牌共享售后服务中心网络，实现售前、交付、售后等 全流程高质量服务标准化。 3.共建充电网络："五界"品牌将联合投资建设"鸿蒙智行充电站"，整合现有充电资源，构建覆盖全国 的超级补能网络。通过统一的账号体系和充电地图，为用户提供无缝的补能体验。 （从左至右，按照合作顺序排列）赛力斯集团董事长张兴海，奇瑞汽车股份有限公司董事长尹同跃，北京汽车集团有限公司 党委书记、董事长张建勇，华为常务董事、产品投资委员会主任、终端BG董事长余承东，江汽集团党委书记、董事长项兴 初，上海汽车集团股份有限公司党委书记、董事长王晓秋，华为终端BG ...

在12月9日，央视新闻《在一起 鸿蒙智行》直播盛典上，赛力斯集团董事长（创始人）张兴海谈到，问界M9累计交付已突破26万辆，自上市后，稳居50 万元级市场的销量第一。 一个诞生仅两年的车型，何以能撼动BBA的长期统治？ 答案或许在于，市场交易的底层逻辑已经彻底改变。对于动辄投入五六十万乃至上百万元购车的高净值消费者而言，决策中的不确定性被显著放大。他们 不再满足于选择一个公认的品牌标志作为社交密码，而是开始深入审视一辆车上更多维度的价值。 过去，选择BBA近乎是一种规避风险的"标准答案"；如今，选择问界M9这样深度集成行业前沿技术、并以"智慧重塑豪华"为核心理念的车型，则代表了 一种基于深度产品比较与技术自信的跃迁。这一消费心理的深刻转变，正在剧烈冲击由品牌历史与机械情怀构筑的传统游戏规则。 正如张兴海所总结的："一方面，数智化重构了汽车全产业链，推动产业重构；另一方面，电动化、智能化、绿色化重塑了新汽车，实现价值重塑。"问界 M9的持续成功，正是这一"重构"与"重塑"过程在市场终端最生动的体现。 同时，汽车的角色从信息孤岛变为数字生态的节点。鸿蒙座舱的核心在于打通生态，实现跨设备流转，让车成为连接多元场景的 ...