"对2026年车市的研判是（和今年）持平。"11月6日国家信息中心正高级经济师徐长明在2025年中国汽 车流通协会论坛上这样总结。 中汽中心专家认为，2025年全年增长率在4%左右，2026年增速或放缓至3.2%。 专家们还算"乐观"，年尾沟通会上，不少车企老总给出的预测悲观的多：几乎全部认为负增长，有的甚 至给出了两位数负增长的判断。 蔚来董事长李斌直言：明年的中国车市，没有闪电战，只有消耗战，真正考验多维度粮草储备的时候到 了。 11月的终端销量提前预示了明年的光景。 乘联分会数据显示，11月全国乘用车市场零售222.5万辆，同比下降8.1%，环比下降1.1%。继10月份同 比下降0.8%之后，终端继续下滑。 而补贴退坡可能引发的年底车市抢购热潮，也并没有及时出现，给2025年留一个好看的尾声。 你可以说这是政策的平稳过渡，也可以说，车市消费力已经早早透支干净了。 NO.1 [ 补贴一停，感情归零 ] 2026年的车市，可能比下周降温的北京还要冷。 9、10月份，2025年的"省补"（8000-15000元）、"国补"（15000-20000元）在全国范围内相继"突然"暂 停或者结束。 但由于现在很多新车 ...

招银国际发布研报称，中国乘用车零售销量和批发销量在2025年均有望实现历史新高，强于市场在去年 底的预期。2026年，考虑到"以旧换新"补贴和购置税减免优惠退坡，汽车行业或将呈现更为复杂的格 局，相较于部分投资者对行业销量放缓的担忧，更应该关注2026年中国汽车行业的竞争烈度与电池涨价 风险。整车板块首选吉利汽车(00175)，基本面扎实、估值具有吸引力。 招银国际主要观点如下： 汽车行业韧性或强于市场预期 尽管面临置换补贴退坡和新能源车购置税优惠减半，该行预计2026年中国乘用车零售销量同比有望基本 持平，同时得益于出口的增长，批发量或同比增长2.9%。相较于大部分投资者的预期，该行对中国汽 车销售韧性的判断更为积极，且不排除若2026上半年汽车销量疲软，政府出台新刺激政策的可能性。在 大量新车型推动下，该行预计2026年中国新能源乘用车的零售销量将同比增长15.5%至1,493万台，市占 率提升至61.8%。新能源乘用车批发量预计同比增长18.5%至1,850万台(市占率59.2%)，主要受益于中国 新能源车出口量有望保持较高增长(同比增40%)，也将拉动海外新能源渗透率的提升。 考虑到2026年新车型发 ...

Core Viewpoint - The Chinese passenger car retail and wholesale sales are expected to reach historical highs in 2025, surpassing market expectations from last year [1] Group 1: Industry Resilience - The automotive industry is anticipated to be more resilient than market expectations, with retail sales in 2026 expected to remain stable year-on-year despite the reduction of replacement subsidies and halving of new energy vehicle purchase tax incentives [2] - Wholesale volume is projected to grow by 2.9% year-on-year in 2026, supported by an increase in exports [2] - The report suggests that if sales are weak in the first half of 2026, there is a possibility of new government stimulus policies being introduced [2] Group 2: Market Trends and Competition - The competition in the Chinese automotive industry is expected to intensify in 2026 due to a record number of new model releases, with some companies benefiting from aggressive pricing strategies [3] - Chinese brands are expected to continue increasing their market share, while foreign brands will launch more localized new energy models [3] - The demand for energy storage batteries is expected to improve, leading to a rise in battery prices, which may impact automaker profit margins [3] - Plug-in hybrid electric vehicles (PHEVs) are anticipated to regain growth momentum in 2026 due to the introduction of new models and the reduction of subsidies [3] Group 3: New Energy Vehicle Landscape - The competition in the new energy vehicle sector is expected to enter a new phase in the second half of 2026, with valuation premiums between new players and traditional automakers likely to narrow [4] - The competitive landscape will expand beyond vehicle manufacturing to include AI applications, such as Robotaxi and robotics [4] - Foreign brands are expected to accelerate the launch of new energy models, gaining a deeper understanding of the Chinese market [4] Group 4: Investment Recommendations - The preferred stock in the automotive sector is Geely Automobile, which has solid fundamentals and attractive valuations, with potential for continued growth in new energy vehicle sales [5] - The high-margin models expected to launch in the second half of 2025, along with accelerated new energy exports, are likely to boost profit margins for Geely [5] - In the battery sector, attention is drawn to the new player, Zhengli New Energy, which has achieved industry-leading profit margins due to its efficient operations and is expected to benefit from an optimized customer structure and potential battery price increases [5]

Core Insights - The rise of unconventional hosts, such as cleaning staff, in car sales live streams is refreshing audiences tired of traditional formats [1][10][11] - The automotive industry is increasingly embracing e-commerce, with brands utilizing live streaming to showcase products and attract customers [19][20][21] Group 1: Unconventional Hosts - Cleaning staff and security personnel are becoming popular hosts in car sales live streams, contrasting with the traditional attractive hosts [1][4][11] - Two main types of cleaning staff hosts have emerged: the "flower and leaf" type, who appear alongside professional hosts, and the "independent" type, who present cars based on their own understanding [5][7][31] - A notable example includes a cleaning staff member from a Lexus dealership whose video received over 100,000 likes, surpassing previous content [11][37] Group 2: New Streaming Styles - Various unconventional streaming styles are gaining traction, including the "car-side parkour" style, "dialect car talk," and "short drama" formats [14][40][42] - The "car-side parkour" style features hosts performing stunts around vehicles, while "dialect car talk" uses local dialects to engage audiences [40][42] - The "short drama" format incorporates storytelling elements, creating engaging narratives that resonate with viewers [42][43] Group 3: E-commerce Integration - The automotive industry is shifting towards e-commerce, with brands increasingly using live streaming for product promotion and customer engagement [19][20][21] - Data shows a significant increase in live streaming activity among car manufacturers, with a 408% rise in average monthly live sessions and a 263% increase in interaction [20][46] - Major sales events, such as the Douyin Double Eleven shopping festival, have generated substantial revenue, indicating the effectiveness of this approach [21][47] Group 4: Competitive Landscape - The entry of unconventional hosts has created a new competitive dynamic in the automotive sales sector, as brands seek to differentiate themselves in a crowded market [26][52] - E-commerce strategies are being adopted by various platforms, with companies like Tmall and JD.com also entering the automotive sales space [50][52] - While unconventional hosts can drive traffic, dealerships must continue to innovate to maintain sales momentum and customer engagement [26][52]

➢ 每日大市点评 12 月 9 日，投资者观望本周美联储议息结果，港股升势乏力。恒生指数高开后一路下跌，收盘下跌 331 点（1.3%），收 报 25,434 点；恒生科技指数下跌 107 点（1.9%），收盘报 5,554 点；全天大市成交额微增至 2,102 亿元。港股通净流入 减少至 5.3 亿元。盘面上，美国国会料通过法案，限制中资生物科技公司获得华府资助合约，生物科技医药股逆市造好， 药明生物（2269 HK）升 1.9%；药明康德（2359 HK）升 1.1%。特朗普允许英伟达向中国出售 H200 芯片，港股芯片板块 下跌，中芯国际（981 HK）和华虹半导体（1347 HK）下跌 4%-5%。内房股方面，雅居乐（3383 HK）被提出清盘呈请， 周二跌 18.4%，其他内房股受到拖累，龙湖（960 HK）跌 6%；华润置地（1109 HK）跌 3.7%；中海外（688 HK）跌 3.1%。 港股短期将维持震荡格局。 2025 年 12 月 10 日 星期三 国家统计局将于 12 月 10 日公布 11 月物价数据。市场预期，11 月食品价格上行将推动当月全国居民消费价格（CPI）同 比增速回升； ...

Core Viewpoint - The Hong Kong stock market is experiencing a correction, with the Hang Seng Index and related ETFs facing downward pressure, yet there are signs of capital inflow indicating potential investment opportunities [1][4][10] Group 1: Market Performance - The Hong Kong market indices are down, with the Hong Kong Large Cap 30 ETF (520560) falling over 0.7%, reaching its lowest point since inception [1] - Despite the market downturn, the Hong Kong Large Cap 30 ETF has seen significant inflows, accumulating 47.44 million HKD in the last five days and 72.32 million HKD over the past 20 days [1][4] Group 2: Valuation and Investment Outlook - Citic Securities highlights that the Hong Kong stock market is forming a significant valuation gap, with the Hang Seng Index's expected EPS growth for 2026 at 8%, corresponding to a dynamic P/E ratio of only 12 times [3][8] - The influx of southbound capital has reached a record high of nearly 1.4 trillion HKD for the year, indicating strong demand for Hong Kong stocks [3][8] - The Hong Kong market is home to a complete AI industry chain, which is expected to benefit from technological breakthroughs and increased correlation with global tech indices [3][8] Group 3: Future Projections - Citic Securities anticipates a second round of valuation recovery for Hong Kong stocks by 2026, driven by internal policy support and external economic conditions [4][9] - The internal factors include the implementation of the "14th Five-Year Plan," ongoing anti-involution measures, and accelerated AI commercialization, which are expected to solidify corporate profit foundations [4][9] - External factors such as the U.S. midterm elections, potential monetary easing in Japan, and improved U.S.-China relations are likely to attract foreign capital back to the Hong Kong market [4][9] Group 4: Investment Strategy - For investors looking to balance technology exposure with lower volatility, the Hong Kong Large Cap 30 ETF (520560) and its associated funds are recommended, featuring a mix of high-growth tech stocks and stable dividend-paying companies [4][10]

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [4][5] Core Views - The acquisition of Anhui Tuosheng will enhance profitability and expand the product delivery capabilities in the automotive NVH (Noise, Vibration, and Harshness) sector [2][3] - The company is a leader in the polyurethane buffer block market, holding a 36% market share, and aims to build a comprehensive product matrix by integrating rubber-based elastomers through this acquisition [2][3] - The company is also exploring new applications for polyurethane materials in the robotics field, which could open additional revenue streams [3] Financial Summary - The company reported revenues of 4.87 billion, 6.10 billion, and 5.49 billion for Q1-Q3 of 2023, 2024, and 2025 respectively, with net profits of 0.42 billion, 0.59 billion, and 0.47 billion, reflecting net profit margins of 8.6%, 9.7%, and 8.5% [2] - Projected revenues for 2025-2027 are estimated at 8.30 billion, 9.77 billion, and 11.49 billion, with corresponding net profits of 0.89 billion, 1.10 billion, and 1.40 billion [3] - The company’s PE ratios are projected to be 39.73, 32.07, and 25.26 for 2025, 2026, and 2027 respectively [3] Market Position - The company’s automotive damping components account for 65% of total revenue, primarily from polyurethane buffer blocks and top supports used in automotive suspension systems [2] - The company has established a supply chain presence with major domestic automakers including BYD, SAIC-GM, Geely, and others [2]

当汽车产业驶入数智转型的深水区，数据已不再是冰冷的数字符号，而是点亮产业变革的星火，更 是驱动行业迭代的核心引擎。在数据成为关键生产资料的今天，如何筑牢数据可信基石，破解数据安全 流通难题，释放数据要素倍增效应，成为汽车行业高质量发展的"必答题"。 11月27日，由中汽数据有限公司主办的"2025汽车数智生态大会暨汽车行业可信数据空间成果发布会"在 天津市成功召开。本次大会以"可信筑基·数赋新能"为主题，以"1大主论坛＋4大分论坛"为架构，主论 坛聚焦汽车行业可信数据空间成果发布，探讨数据安全流通与高效协同的技术路径与生态共建方向；四 大分论坛定位场景落地延伸，紧扣汽车产业链及跨领域融合中数智化转型的核心痛点与实际需求，于电 池、保险、通信、补能等多场景凝聚共识，旨在推动"汽车＋"数据要素高效流通。 激发跨域融合数据要素价值 汽车行业可信数据空间揭牌 共建电池ID国际数字生态，打通电池全生命周期数据管理与跨境链路。随着电池产业快速发展，海内 外均对电池领域提出更高的数字化管理要求。会议期间，电池ID国际数字生态共建成果正式发布，13 家新能源汽车及电池生产企业组成联合体，完成数据交互、DIC工具部署、电池ID ...

Core Insights - The article highlights the successful financing round led by GAC Capital, showcasing the recognition of Beidou Zhili's strength in the automotive intelligent networking sector amidst fierce market competition [1][18] - Beidou Zhili is positioned as a leading Tier 1 enterprise in automotive intelligence, focusing on a dual-driven strategy of "automotive intelligence + Beidou navigation" [3][8] Group 1: Company Overview - Beidou Zhili has established a comprehensive product line covering intelligent cockpits, intelligent driving, positioning communication, and more, demonstrating full-stack capabilities [3][4] - The company has six R&D centers and three manufacturing bases, with an annual production capacity of 5 million units, ensuring stable product supply [4][5] - Beidou Zhili has a diverse customer base, including major domestic and international automotive companies, with over 200 mainstream models equipped with its core products [4][5] Group 2: Technological Advancements - The company has developed innovative multi-source fusion technology in satellite positioning and communication, achieving centimeter-level accuracy in complex environments [8][10] - Beidou Zhili's "air-ground integration" product concept aims to provide continuous high-precision positioning and reliable communication, supporting future applications in autonomous driving and low-altitude operations [10][11] Group 3: Strategic Growth - The company is focusing on AI integration and has launched multi-domain fusion solutions to upgrade automotive electronic architectures [11][13] - Beidou Zhili aims to become a top global player in the industry, leveraging its experience in overseas product development and establishing local support capabilities [14][16] - The recent financing will accelerate the company's global strategy, enhance its product offerings, and support its IPO process [18][19]

Market Overview - The Hong Kong stock market experienced a downward trend, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1][5] - The market turnover decreased to 82.799 billion HKD, with net inflows of 484 million HKD recorded in the Hong Kong Stock Connect [1][5] - The US stock market showed mixed results, with the Dow Jones down 0.38% and the Nasdaq up 0.13% [2] Investment Opportunities - The report emphasizes the attractiveness of undervalued high-dividend sectors in the Hong Kong market, suggesting that these areas remain a key focus for capital allocation [3] - The technology sector, particularly in areas like artificial intelligence, semiconductors, and industrial software, is highlighted as a core investment theme for the future [3] - Companies benefiting from the anticipated interest rate cuts by the Federal Reserve and those with strong mid-term performance in the upstream non-ferrous metals sector are recommended for attention [3] Company Highlights - SenseTime (商汤-W) has achieved double-digit growth in its domestic chip computing power and plans to launch a new AI model in spring next year, indicating strong potential in the AI sector [9] - JD Health (京东健康) has signed a cooperation agreement with Wuhan University People's Hospital to explore new models of integrated development in healthcare, enhancing service accessibility [9] - China Railway (中国中铁) reported a revenue of 773.814 billion CNY for the first three quarters of 2025, with a notable performance in its mineral resources segment, suggesting a strong outlook for the company [10]