吉利银河品牌近日正式发布全新一代超级AI增程技术，并宣告首搭于旗舰MPV车型银河V900，准备 以"全球空间最大、四驱性能最强、综合能效最高、AI智能最好"四大核心价值，重新定义家庭与商务出 行体验。 增程技术成为当前新能源市场的一大选择，但用户对其馈电能耗高、电池衰减快、维保成本高的痛点仍 存疑虑。 随着新能源MPV市场竞争加剧，银河V900不再局限于单一功能卖点，而是通过AI将空间、能耗、性能 与智能深度融合，回应家庭用户对"全场景适用"的真实需求，准备重塑新能源MPV的市场格局。 安全方面，整车配备11个安全气囊、2000MPa硼钢车身及神盾电池系统，构建五重安全防护。 官方介绍V900是行业首款前后双电机四驱MPV，系统峰值功率340kW，扭矩523N·m，搭载热效率达 47.26%的1.5T超能效增程器，实现1L油发3.77度电的行业最高转化率，发电成本低至1.9元/度。 此外，其AI能量管理系统可根据导航与驾驶习惯智能调度能量，在馈电状态下仍保持155km/h的最高车 速，且动力输出无明显衰减。 银河V900还搭载千里浩瀚H5驾驶辅助方案，支持无图NOA、跨楼层记忆泊车等功能，并配备Flyme A ...

多个方面报道，2024年5月底，我国工信部和财政部拟牵头60亿元专项研发资金支持固态电池技术攻关。据悉，宁德时代、比亚迪、一汽、上汽、卫蓝 新能源和吉利等六家企业获得了政府的基础研发支持，并将于今年9月进行研发专项的中期审查评估。根据消息，预计今年9月完成中试线的验收，并于 2027年完成装车验收。 六家企业中包含了四家车企，这是过去传统电解液锂电池时代不曾出现的。这意味着什么？整车厂是否正在逐步走向固态电池话语权的中枢？ 0 1 多维阵营 全球 固态电池 主要玩家分布 来源： IDTechEx 我们把这些公司根据技术路线和参与主体两个维度进行划分，可以得到一张二维的表格。两个维度交叉在一起，才能真正看清当前固态电池产业的力量 分布、竞争结构与主导权所在。 | | 整车厂 | 电池厂 | 上游材料厂 | | --- | --- | --- | --- | | | 丰田、本田、目产、 | 宁德时代、国轩高科、 | | | | 比亚迪、一汽、广汽、 | 孚能科技、亿纬锂能、 | 住友化学、出光兴产、 | | 硫化物 | 现代、宝马、奔驰、 | 松下、三星SDI、LG、 | Solid Power、 | | | | ...

Group 1 - In November, China's automobile exports reached 728,000 units, marking a month-on-month increase of 9.3% and a year-on-year increase of 48.5%, with the total exports for January to November at 6.343 million units, up 18.7% year-on-year [1] - The importance of exports is highlighted, with expectations for a 12% growth in automobile export sales by 2026, while wholesale sales are projected to see a slight increase [1] - Companies recommended for investment include Great Wall Motors, Chery Automobile, Horizon Robotics, Seres, Xiaomi Group, Li Auto, Xpeng Motors, Geely Automobile, Yutong Bus, and Fuyao Glass, focusing on those with high export ratios and effective domestic high-end strategies [1] Group 2 - Dongguan Securities suggests that exports may become a new growth driver for capacity digestion and maintaining growth, with leading automakers expected to transition from merely exporting products to exporting production capacity through localized overseas production [2] - Recommended companies include BYD and Seres for their active overseas market expansion, as well as Fuyao Glass and Junsheng Electronics for their potential performance growth driven by increased penetration of intelligent driving configurations [2] - Yutong Bus is identified as a beneficiary of the "old-for-new" policy in the new energy bus sector [2]

12月11日，中国汽车工业协会发布2025年11月汽车工业产销情况。据中国汽车工业协会分析，11月，汽车产销延续良好表现。企业抢抓政策窗口期，生产 供给依然保持较快节奏，在高基数基础上，产销环比、同比均实现增长。其中，乘用车市场运行平稳，商用车市场持续向好，新能源汽车表现强劲，汽车 出口较快增长。 汽车工业经济运行特点 AA 中国汽车工业协会 AA 中国汽车工业协会 汽车总体产销、内销、出口情况 汽车总体产销、内销、出口情况 1 2 乘用车产销、内销、出口情况 (3 商用车产销、内销、出口情况 4 新能源汽车产销、内销、出口情况 5 重点企业(集团)销量、出口情况 6 海关进出口数据 汽车工业经济运行特点 中国汽车工业协会 汽车工业经济运行特点 1 汽车总体产销情况:产量创历史新高 近十年汽车年度销量及增长率 汽车月度销量及增长率 (万辆) (%) (%) (万辆) 100 3500 400 15 2024年 3009 47 3143 67 2800 10 300 50 2100 5 200 1400 0 100 700 C -50 5 注:未标注出处的数据,来源于中国汽车工业协会统计(下同) A 中国汽车工 ...

Core Viewpoint - Hesai Technology announced the mass production of its long-range LiDAR ATX, which is now equipped in Geely's Galaxy V900 model, indicating a significant partnership and technological advancement in the automotive sector [1] Group 1 - The long-range LiDAR AT series has been designated for multiple models under the Geely Galaxy brand for the years 2025 and 2026, showcasing a commitment to future vehicle development [1] - The mass production and delivery of the AT series LiDAR will commence, reflecting the growing demand for advanced driver-assistance systems in the automotive industry [1]

Group 1 - The core viewpoint is that the US economy is expected to maintain moderate growth next year, supported by factors such as Federal Reserve interest rate cuts and AI investments, while remaining strategically bullish on US stocks but cautious of structural differentiation and short-term risks in Q1 [1] - For the Hong Kong stock market outlook, it is anticipated that the market will shift from valuation-driven to profit growth-driven, with valuation expansion likely to weaken but liquidity remaining supportive [1] - The combination of profit-driven growth and liquidity support is expected to emerge by 2026, with new supply creating new demand as a new driving force for the Hong Kong stock market [1] Group 2 - The technology sector in the US stock market is expected to become more rational, with AI remaining a key driver, and the regulatory environment being favorable for mergers and acquisitions [1] - The AI advancements are projected to continue driving revenue and valuation recovery in the Chinese internet sector's cloud business [1] - The domestic pharmaceutical and innovative drug sectors are likely to benefit from a resurgence in mergers and acquisitions by large multinational pharmaceutical companies, as well as an increase in BD transactions [1] Group 3 - The automotive industry is expected to see flat or slightly declining sales next year, with current market sentiment being sufficiently pessimistic, presenting an opportunity to gradually accumulate stocks of companies with high earnings growth certainty [2] - The consumption sector's recovery remains uneven, suggesting a strategy of "anchoring on earnings while leveraging growth" for investment [2] - The education sector is viewed positively for its resilient growth and expansion opportunities [2] Group 4 - Recommended stocks for Q1 next year include: Alphabet (GOOGL.US), Meta (META.US), Netflix (NFLX.US), Tencent Holdings (00700), Alibaba (BABA.US), Bilibili (BILI.US), Hansoh Pharmaceutical (03692), CanSino Biologics-B (02162), Innovent Biologics (01801), and others [2]

Group 1 - The core viewpoint of the report is that Asian stock markets have risen approximately 25% this year, driven by a revaluation of price-to-earnings ratios, with strong support from a resilient macro environment and robust corporate earnings momentum [1] - The report highlights that South Korea and China maintain strong momentum, while India's stock market continues to reach new highs. Japan remains attractive amid accelerated reforms, and the Australian market shows steady performance [1] - The report anticipates that by mid-2026, the reality of AI returns will be tested, with a peak in the US dollar exchange rate, which will help Asian and emerging markets outperform the broader market [1] Group 2 - In China, strong earnings momentum is expected to drive a 15% upside potential, with a consensus forecast of 16% earnings growth per share by 2026. The private sector and high-tech manufacturing are expected to lead this growth [2] - The report identifies key sectors for 2026, including alternative energy (lithium batteries, solar), automotive, beauty, healthcare, industrial automation, internet technology, and semiconductors, while maintaining a cautious stance on materials and durable consumer goods [2] Group 3 - The report recommends several thematic stocks for 2026, including Tencent, CATL, Sungrow Power Supply, Mindray, Yili, Geely, Galaxy Entertainment, Huahai Pharmaceutical, Yihua Healthcare, and InnoCare Pharma [3]

Core Insights - The automotive industry is witnessing a shift where traditional fuel vehicles are accelerating their smart technology integration to compete with the rising market share of electric vehicles (EVs) [1][2][9] - Industry experts suggest that the smartification of fuel vehicles is a transitional solution, as the long-term trend favors the replacement by electric vehicles, leading to a restructuring of the automotive supply chain [1][9] Fuel Vehicle Smartification - The launch of the first fuel sedan equipped with Huawei's advanced driving solution, the FAW Audi A5L QianKun, signifies a trend where traditional fuel vehicles are adopting smart technologies [2][3] - Data from the China Passenger Car Association indicates a 17.3% year-on-year decline in fuel vehicle sales in 2024, with their market share dropping to 52.4%, and further down to 49.9% in the first nine months of 2025 [2] - A report highlights that 71.9% of consumers consider smart cockpit features as a primary factor in their purchasing decisions, indicating that smart technology is becoming a critical decision-making factor [2] Technological Challenges - Experts point out several technological bottlenecks in the smartification of fuel vehicles, including limitations in architecture, power supply issues, and challenges in heat dissipation and integration [5][6] - The traditional fuel vehicle's distributed electronic architecture has low bandwidth, making it difficult to support high computing demands, while the 12V battery cannot sustain the power needs of advanced driving hardware [5][6] Industry Trends - The trend of fuel vehicles adopting smart driving solutions is gaining momentum, with various models from brands like Mercedes-Benz and Volkswagen also integrating smart technologies [3][4] - The automotive industry is moving towards an "oil-electric intelligence" strategy, with major players like FAW-Volkswagen and Mercedes-Benz committing to smart upgrades across their fuel vehicle lineups [8][10] Future Outlook - The shift towards smartification in fuel vehicles is expected to have profound impacts on the automotive industry, driving more companies to invest in smart driving technology and potentially altering market competition dynamics [9] - The long-term outlook suggests that electric vehicles will dominate the market, with the smartification of fuel vehicles serving as a defensive innovation strategy to buy time for the transition [9][10]

Group 1: Economic Outlook - The U.S. economy is expected to maintain moderate growth in the coming year, supported by factors such as Federal Reserve interest rate cuts and AI investments [1] - The Hong Kong stock market is anticipated to shift from valuation-driven to profit growth-driven, with a projected earnings growth rate of 6% to 10% for the Hang Seng Index [1] Group 2: Market Dynamics - The valuation expansion in the Hong Kong market may weaken, but liquidity will remain supportive, leading to a new supply creating new demand [1] - The dual liquidity easing in both China and the U.S. is expected to increase foreign and southbound capital supply, translating into new demand for Hong Kong stocks [1] Group 3: Sector Analysis - The U.S. tech sector is expected to become more rational, with AI continuing to be a key driver, while the regulatory environment will favor mergers and acquisitions [2] - The domestic pharmaceutical and innovative drug sectors are likely to benefit from a resurgence in M&A activity from large multinational companies [2] - The automotive sector is projected to see flat or slightly declining sales, presenting opportunities to gradually accumulate stocks of companies with high earnings growth certainty [2] Group 4: Recommended Stocks - Top stock picks for the first quarter of next year include Alphabet (GOOGL.US), Meta (META.US), Netflix (NFLX.US), Tencent Holdings (00700), Alibaba (BABA.US), and others [3]

地平线(09660)创始人兼CEO余凯博士以"向高同行"战略作答，指出破局的两大支柱：一是推动底层计算技术向更高性能演进，筑牢物理AI底座；二是携手 伙伴共建开放生态，将高阶智驾体验转化为规模化用户价值。目前，地平线HSD城区辅助驾驶系统已经实现规模化量产，基于征程6系列的商业生态成果也 在持续落地，意味着这一战略路径的价值正在加速兑现。 2025，智驾技术突破到普惠落地的分水岭 会上形成清晰共识：2025年是智能驾驶从技术突破迈向规模化普惠的分水岭。其中，"城区NOA的大规模普及"已成为智驾走向商业成功的决定性战场，其 成败系于体验、成本、安全与政策的复杂协同。 中国汽车工业协会常务副会长兼秘书长付炳锋 这一路径获得行业深刻共鸣。中国汽车工业协会常务副会长兼秘书长付炳锋在开场发言中表示："汽车产业的向上发展，不是单点突破的独行，而是价值共 享的同行。"要摒弃单点思维，迈向全链共进，让智能驾驶技术，最终转化为用户的安全与体验价值。 智通财经APP获悉，2025年12月8日，地平线首届技术生态大会(Horizon Together 2025)在深圳启幕。大会以"向高同行"为主题，首日汇聚全球汽车产业链头 部公司 ...