Core Viewpoint - The automotive market is shifting towards a trend of "price reduction and moderate promotions," with retail sales of passenger cars declining by 8% in November 2025, significantly lower than the 2% growth in wholesale sales [1] Group 1: Market Trends - The retail sales of passenger cars fell by 8% in November 2025, while wholesale sales increased by 2% [1] - The A0-class sedans and C-class SUVs became the main retail drivers in November, with strong performance in high-end SUVs [1] - The retail environment is influenced by consumer urgency due to the expiration of tax exemptions for new energy vehicles, leading to increased sales in December [2] Group 2: Economic Vehicle Market Performance - A00-class sedans saw wholesale of 171,900 units in November 2025, with a year-on-year decline of 1% and a month-on-month increase of 4% [4] - A0-class sedans had wholesale of 183,500 units in November 2025, showing a year-on-year growth of 25% [5] - A0-class SUVs experienced a wholesale decline of 9% year-on-year in November 2025, with retail sales also down by 22% [6] Group 3: A-Class Vehicle Market - A-class sedans had wholesale of 445,800 units in November 2025, with a year-on-year decline of 7% [8] - A-class SUVs had wholesale of 880,000 units in November 2025, with a year-on-year decline of 2% [9] Group 4: B-Class Vehicle Market - B-class sedans had wholesale of 380,500 units in November 2025, with a year-on-year growth of 3% [10] - B-class SUVs saw wholesale of 454,200 units in November 2025, with a year-on-year growth of 10% [11] - The high-end SUV market is witnessing a rapid rise in autonomous new energy vehicles, while traditional fuel vehicles are losing their competitive edge [12] Group 5: MPV Market Trends - B-class MPVs had wholesale of 45,100 units in November 2025, with a year-on-year growth of 40% [13] - C-class MPVs experienced a year-on-year decline of 20% in wholesale in November 2025 [14] - The MPV market is transitioning from a high-growth phase to a low-growth trend, with strong performances from brands like BYD and Tengshi [14]

Core Insights - Horizon's unique advantage lies in its "ecosystem" that spans both hardware and software, aiming to make advanced driver assistance systems (ADAS) accessible to a broader market [1][12][20] - The company plans to introduce a city driving assistance solution priced for vehicles in the 100,000 RMB range, targeting mass-market adoption [2][5] Group 1: Market Positioning - Currently, only three models in the 100,000 to 150,000 RMB range support city driving assistance, with two of them utilizing Horizon's HSD solution [2] - Horizon's strategy is to transition high-level ADAS from a technology breakthrough to widespread availability, positioning it as the "automatic transmission of the new era" [2][5] Group 2: Technological Development - Horizon's HSD 600 solution, based on the J6P chip with 560 TOPS, is already in mass production for models priced between 130,000 and 150,000 RMB [7] - The upcoming HSD 300 solution, utilizing two J6M chips with 128 TOPS each, aims to further reduce costs while maintaining city driving assistance capabilities [7][8] Group 3: Industry Dynamics - The automotive market may undergo significant changes if Horizon's HSD systems become prevalent in vehicles priced below 200,000 RMB, as this could democratize access to advanced driving technologies [9] - The transition from highway to city NOA (Navigation on Autopilot) presents challenges for many automakers, requiring substantial investments in data centers and model training [10] Group 4: Collaboration and Ecosystem - Horizon is shifting from a hardware-centric model to a more collaborative approach, offering its HSD Together model to partners, which includes sharing AI technology and model services [12][13] - The company has already partnered with various firms, including a joint venture with Volkswagen, to enhance its ecosystem and expand its market reach [14] Group 5: Broader Applications - Horizon is also expanding into the robotics sector, becoming a major computing platform for consumer robots, which complements its automotive initiatives [16][20] - The company's dual focus on automotive and robotics ecosystems positions it as a foundational capability provider rather than just a chip supplier [20][22]

证券研究报告 晨会 hyzqdatemark 2025 年 12 月 11 日 投资要点： | 市场数据 指数名称 | 收盘价 | 涨跌幅 | 年初至今 | | --- | --- | --- | --- | | 上证指数 | 3,873.32 | -0.70% | 18.72% | | 创业板指 | 3,163.67 | -1.41% | 53.54% | | 沪深 300 | 4,552.18 | -0.86% | 19.15% | | 中证 1000 | 7,312.00 | -1.30% | 26.13% | | 科创 50 | 1,325.83 | -1.55% | 38.78% | | 北证 50 | 1,443.17 | 3.84% | 41.50% | 资料来源：聚源，华源证券研究所，截至2025年12月11日 华源晨会精粹 20251211 汽车 看好高端车市场自主品牌崛起——汽车行业双周报：40 万元以上高端车市场空 间稳定，且目前自主份额占比较低，自主车企具备较大提升空间。在智能电动化时 代，竞争要素由品牌+参数性能向以科技属性+感性体验为外在表征的新要素转变。 在新的竞争框架下，自主车 ...

Group 1: Automotive Market Overview - In November, the national retail sales of passenger cars reached 2.225 million units, a year-on-year decrease of 8.1% and a month-on-month decrease of 1.1%, aligning with the initial forecast of a "low start, medium growth, and stable end" trend for the year [5][11][20] - Cumulative retail sales for the year reached 21.483 million units, reflecting a year-on-year growth of 6.1%. The growth rate fluctuated throughout the year, with a notable slowdown in the fourth quarter due to high base effects from the previous year [5][11][20] - The "old-for-new" subsidy policy has been a significant driver for growth, with over 11.2 million applications for subsidies by the end of October, although the average daily subsidy scale dropped to 30,000 units in November due to the suspension of subsidies in various regions [5][11][20] Group 2: Intelligent Driving Developments - NVIDIA has officially open-sourced its new Vision-Language-Action (VLA) model, Alpamayo-R1, marking a significant shift in autonomous driving technology from mere behavior imitation to deeper causal reasoning [6][33] - The model's dataset, approximately 100TB in size, has been uploaded to the open-source community, indicating a move towards more accessible high-end autonomous driving models [6][33] Group 3: Investment Recommendations - The report suggests focusing on companies with strong positions in automotive intelligence and leading software capabilities, including Rui Ming Technology, Dao Tong Technology, Hei Zhi Ma Intelligent, Horizon Robotics, and others [8][39]

Core Viewpoint - The automotive market in China is expected to face significant challenges in 2026, with predictions of stagnation or even negative growth due to the cessation of subsidies and changing consumer behavior [4][5][6]. Market Predictions - Experts predict a growth rate of around 4% for 2025, with a potential slowdown to 3.2% in 2026. However, many automotive executives foresee negative growth, with some estimating declines in the double digits [5]. - November sales data indicates a retail volume of 2.225 million vehicles, reflecting an 8.1% year-on-year decline and a 1.1% month-on-month decrease, continuing a downward trend from October [6]. Impact of Subsidy Changes - The abrupt halt of subsidies, including local and national incentives, has significantly impacted consumer purchasing decisions, leading to a hold-off on vehicle purchases [8][9]. - In 2025, the cumulative benefits from various subsidies amounted to nearly 400 billion yuan, with over 10 million vehicles benefiting from trade-in subsidies [9]. Consumer Behavior - The cessation of subsidies has led to a "wait-and-see" attitude among potential buyers, with many choosing to delay purchases until more favorable conditions arise [10][13]. - Some consumers speculate that the removal of subsidies may lead to lower vehicle prices, as manufacturers may need to reduce prices to stimulate demand [14]. Competitive Landscape - The automotive industry is entering a more competitive phase, with a shift from subsidy-driven growth to a focus on profitability and product quality [16][17]. - Companies are expected to adopt strategies that prioritize production based on sales rather than maximizing output, which may lead to a more rational pricing environment [17]. Policy Outlook - Future policies are anticipated to focus on industry upgrades and targeted support for specific consumer groups, rather than broad subsidies [17]. - The market may see a consolidation of brands, with only those possessing strong technological capabilities and operational efficiency surviving the competitive landscape [17]. Conclusion - The automotive market in China is poised for a challenging year ahead, with uncertainties surrounding consumer behavior and policy changes potentially reshaping the industry dynamics [19].

Core Insights - Chery is undergoing a significant transformation in its approach to smart technology, consolidating its previously fragmented efforts into a unified smart center to enhance efficiency and innovation [2][10] Group 1: Leadership Changes and Structural Reorganization - Hu Weilong, a key figure from Geely, is set to join Chery to lead the development of advanced driver assistance systems, while Xie Baojun will oversee the overall electronic architecture [1] - Chery's establishment of the Smart Center in May 2023 aims to integrate its subsidiaries, Lion Technology and Dazhuo Intelligence, into a cohesive unit focusing on smart cockpit, assisted driving, and digital architecture [1][10] Group 2: Historical Context and Initial Challenges - Chery has been investing in smart technology since 2010, establishing Lion Technology to develop connected vehicle technologies, and has faced challenges in resource allocation and strategic planning [3][6] - The dual strategy of Dazhuo Intelligence, focusing on both quickly marketable ADAS systems and long-term L4 autonomous driving projects, led to resource dispersion and hindered progress [6][7] Group 3: Future Plans and Strategic Goals - Chery plans to launch 30 models equipped with its "Falcon Smart Driving" technology by the end of 2023, with a target to achieve L3 level autonomous driving by 2026 [10][12] - The company has signed a strategic cooperation agreement with Huawei, committing over 10 billion yuan and a team of 5,000 for the development of its smart brand [10][12] Group 4: Challenges Ahead - Integrating diverse teams from Lion Technology, Dazhuo Intelligence, and the R&D headquarters poses a significant management challenge for Chery [12] - The company must navigate a complex supplier landscape while balancing in-house development and partnerships to optimize its smart technology offerings [12] - Brand repositioning remains a critical challenge, as Chery seeks to establish a clear value proposition and enhance brand perception in the competitive market [12]

Group 1 - Wuhan Geely Automobile Sales Co., Ltd. has been established with a registered capital of 10 million yuan [1] - The business scope includes wholesale of auto parts, manufacturing of auto components and accessories, and sales of new energy vehicles [1] - Zhejiang Geely Holding Group Automobile Sales Co., Ltd. holds 100% ownership of the new company [1]

Core Insights - The article highlights the surge in the electric vehicle (EV) market driven by the impending end of the new energy vehicle purchase tax exemption policy, leading to a year-end consumption peak [2][3] - The battery supply chain is experiencing a rare high production rhythm in December, with material prices rising across the board, prompting several battery companies to announce or plan price increases [2][8] Group 1: Market Performance - In November, the production and sales of new energy vehicles reached 1.88 million and 1.823 million units respectively, both showing a year-on-year increase of 20%, with a penetration rate exceeding 53% [2] - From January to November, cumulative production and sales of new energy vehicles reached 14.907 million and 14.78 million units, respectively, with year-on-year growth exceeding 31% and a penetration rate of 47.5% [2] - Several major automakers, including Li Auto and NIO, have achieved or exceeded their annual sales targets ahead of schedule due to consumer demand driven by the tax policy change [3][4] Group 2: Sales Growth and Market Concentration - Notable sales growth in November includes Leap Motor with a 75.1% year-on-year increase, and Xiaomi Auto with a 99.7% increase [4] - The top fifteen new energy vehicle manufacturers collectively sold 14.072 million units from January to November, representing a year-on-year growth of 32.6% and accounting for 95.2% of total sales [5] - The top three manufacturers (BYD, Geely, SAIC) hold a combined market share of 50.5%, indicating a strengthening head effect in the market [5] Group 3: Battery Production and Pricing - The battery production in December is expected to remain stable at around 220 GWh, marking the first time since late 2022 that production has not decreased in December [6] - The demand from non-power sectors is contributing significantly to the overall production stability, supporting high operational levels in the supply chain [7] - Battery companies are initiating price increases due to rising raw material costs, with Dejia Energy announcing a 15% price hike effective December 16 [9][10]

吉利汽车回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.12.11 | 182.40 | 17.710 | 17.290 | 3184.90 | | 2025.12.10 | 153.70 | 17.820 | 17.440 | 2713.61 | | 2025.12.09 | 163.40 | 17.910 | 17.420 | 2870.26 | | 2025.12.08 | 153.40 | 17.910 | 17.510 | 2711.69 | 证券时报·数据宝统计，吉利汽车在港交所公告显示，12月11日以每股17.290港元至17.710港元的价格回 购182.40万股，回购金额达3184.90万港元。该股当日收盘价17.330港元，下跌1.98%，全天成交额4.52 亿港元。 自12月8日以来公司已连续4日进行回购，合计回购652.90万股，累计回购金额1.15亿港元。 其间该股累 计下跌0.23%。（数据宝） （文章来源：证券时报网） ...

（来源：中新集团） 近日 苏州工业园区·苏滁高新区 双区联动 强链赋能 汽车装备制造产业沙龙 座谈交流 共绘合作蓝图 圆满落幕 本次活动是在苏州工业园区管理委员会、中新苏滁高新区管理委员会指导下，由苏州工业园区经济发展委员会、苏州工业园区汽车行业协会、中新集团旗 下中新苏滁、中新苏滁高新区企业发展服务中心主办。苏州工业园区和苏滁高新区共20余家相关企业参加。 实地探访 感受智造魅力 ❖ 在安徽森森智能电控悬架系统有限公司，与会代表们深入了解企业在智能电控悬架系统领域的完整产业链布局和强大的配套能力，其产品广泛应用于 国内主流车企及海外市场，展现了深厚的行业积淀。 ❖ 在安徽胜华波汽车电器有限公司，大家详细了解了企业两大核心产品的市场布局与技术优势。其汽车雨刮器总成，凭借出色的性能与可靠性，成功进 入上汽集团、中国一汽、东风集团、广汽集团、长城汽车、吉利汽车等国内主流汽车集团的配套体系，在整车配套市场中拥有极高的品牌知名度和市场占 有率。 两家各具特色的标杆企业，生动展示了中新苏滁高新区在汽车装备制造领域的蓬勃活力与创新成果，为两地企业家提供了宝贵的借鉴与启发。 实地参观结束后 与会代表返回苏滁国际商务中心 举 ...