月度降价状态跟踪 智通财经APP获悉，12月7日，崔东树发文称，2025年乘用车行业促销与降级均回归理性，市场秩序明显改善。2025年1-11月乘用车降价规模173款，较同 期少45款；单11月降价规模19款，较同期少7款。新能源汽车方面，1-11月份，新能源车新车降价车型均价20.4万元的降价力度算术平均达到2.4万元，降 价力度达到11.7%。国家以旧换新政策效果突出，市场销量增长，内卷降价现象明显减弱，行业运行压力改善。 降价分析主要关注新车推出而突破前期价格下限的情况，也就是较隐蔽的降价行为，这里主要定义两年内的降价。而有些新车前两年开始上市很便宜，随 后因碳酸锂价格而宣布涨价，然后现在宣布降价，虽然没有突破上市时的底价，但为了体现降价的现象，因此此次分析中也算降价。 由于部分按动力细分的车型在年内有多次的价格调整行动，因此按照非重复计算的方式，车型数不是简单累加，而是合并了重复车型。 从降价节奏来看，2023年的降价总体较多， 2024年的降价在3-4月份达到了超强的程度。今年的部分车企2季度的阶段性组合促销，其一口价的价格包含 补贴等因素，没有明确宣布降低到新的价格，因此目前只能按照促销处理，没有 ...

Investment Rating - The report maintains a neutral investment rating for the automotive and parts industry [5] Core Insights - The Trump administration is placing significant emphasis on the robotics industry, which is expected to experience synchronized development both domestically and internationally. This reflects a growing policy support level for humanoid robots, indicating their potential as a core component of U.S. manufacturing and technological competitiveness [2][12] - The report suggests that companies within the automotive supply chain that can integrate with Tesla and Figure's robotics ecosystem are likely to benefit. It recommends continued attention to humanoid robotics, T-chain, liquid cooling supply chains, Huawei's supply chain, and companies leading in intelligent driving technology [3][14] - November saw a mixed performance in passenger vehicle sales, with some new energy vehicle brands like Hongmeng Zhixing and Xiaopeng maintaining strong year-on-year growth. Overall, the report anticipates limited overdraw in domestic passenger vehicle sales by year-end [14][16] Summary by Sections Sales Tracking - In November, the wholesale sales of passenger vehicles reached 1.302 million units, a year-on-year increase of 19%, while retail sales were 879,000 units, showing a 2% increase year-on-year [16] - Cumulative wholesale sales for the year reached 26.766 million units, reflecting an 11% year-on-year growth [16] Market Trends - The automotive sector overall saw a 1.3% increase, with sub-sectors like motorcycles and commercial vehicles performing particularly well [24][28] - Notable companies such as BYD and SAIC Motor reported varied performance in November, with BYD's sales down by 5.3% year-on-year, while SAIC's sales decreased by 3.7% [36][40] Key Company Announcements - BYD reported sales of 480,200 units in November, while Geely's sales increased by 24.1% year-on-year [36][37] - Changan Automobile and Great Wall Motors also reported positive sales growth, with Changan's sales up by 2.5% and Great Wall's by 4.6% [39][41] Industry Dynamics - The report highlights that over 11 months, more than 11.2 million vehicles were replaced through trade-in programs, contributing significantly to related sales [54] - The Ministry of Industry and Information Technology encourages leading Chinese companies in sectors like photovoltaics and new energy vehicles to expand internationally [56]

Event Announcement - The 2025 (10th) Starting Point Lithium Battery Industry Annual Conference and Lithium Battery Golden Ding Award Ceremony will be held on December 18-19, 2025, in Shenzhen, with an expected offline attendance of over 1,200 and online viewership of 30,000 [2] Salary Adjustment - CATL announced a salary increase of 150 RMB for employees at levels 1-6 starting January 1, 2026, to attract and retain talent and improve work efficiency and product quality [4] LG Chem's Share Sale - LG Chem plans to sell over 10% of its stake in LG Energy, aiming to alleviate financial pressure and optimize its financial structure, with a total value of 20 trillion KRW [5] Funding for CATL's Innovation Lab - CATL's innovation lab received a total of 176 million RMB in subsidies for construction and operation from the Fujian provincial government, marking it as the first government-supported innovation lab relying on a private enterprise [6] BYD's New Energy Project in Hubei - BYD's Fudi Battery Company signed a contract for a new energy project in Hubei, enhancing its presence in the central region and contributing to the local lithium battery industry [7] Far East Battery's Contract Growth - Far East announced a significant increase in contracts over 10 million RMB, totaling 2.383 billion RMB in November, a year-on-year increase of 33.04% [8] CATL's Investment in Tianhua New Energy - CATL acquired a 12.95% stake in Tianhua New Energy for 2.635 billion RMB, becoming the second-largest shareholder [9] CATL's Large Capacity Energy Cell Shipment - CATL completed the shipment of 2 GWh of its 587Ah large capacity energy cells, marking the entry into large-scale commercial use [11] Guoxuan's Battery Project Operation - Guoxuan's 20 GWh battery project in Yichun officially commenced full operations, representing a significant investment in the region [12] LG Energy's Production Expansion - LG Energy plans to expand its energy storage battery production capacity to 50 GWh in response to increasing demand in North America [13] EVE Energy's Collaboration with China Gas - EVE Energy signed a cooperation agreement with China Gas to provide energy assurance for projects in China and Malaysia, including a 1 GWh order for energy storage products [14] New Energy Project by Xinneng An - Xinneng An's second-phase project in Xiamen is set to invest 5.7 billion RMB, with a planned capacity of 9 GWh [15] Funeng Technology's Battery Order - Funeng Technology received an order exceeding 10 GWh for its lithium iron phosphate battery system from GAC Aion for their European models [16] CATL's Zero-Carbon Shipping Solution - CATL launched a zero-carbon shipping and smart port solution, addressing challenges in electric shipping technology [17] Ganfeng Lithium's Financing - Ganfeng Lithium secured 1 billion RMB in C-round financing to support its expansion into downstream battery production [18][19] Haicheng Energy's 120 GWh Order - Haicheng Energy signed a contract to supply at least 120 GWh of energy storage products to CRRC Zhuzhou Institute from 2026 to 2030 [20][21] Nord's Supply Agreement with Zhongchuang Innovation - Nord's subsidiary signed a three-year supply agreement to provide 37,300 tons of copper foil to Zhongchuang Innovation from 2026 to 2028 [23] Phosphate Iron Project in Xiangyang - A new 200,000-ton phosphate iron project is set to be established in Xiangyang, with a total investment of 620 million RMB [24] Long-term Agreement for Lithium Iron Phosphate - Longpan Technology signed a long-term procurement agreement with Sunwoda for 10.68 million tons of lithium iron phosphate materials, valued at approximately 4.5 to 5.5 billion RMB [25] Copper Foil Industry Recovery - The copper foil industry is experiencing a recovery, with Nord as a key player securing multiple long-term contracts [26] Hunan Salt Industry's Investment in Sunwoda - Hunan Salt Industry Group is participating in the restructuring of Sunwoda Group, aiming to enhance its presence in the new energy materials sector [27][28] Cobalt Export Ban in Congo - Despite the expiration of the cobalt export ban in Congo, exports have not yet resumed due to regulatory delays [29][30][31] Price Increase for Phosphate Iron Lithium - The price of phosphate iron lithium has increased by approximately 20% since the beginning of the year, with several companies announcing price hikes [32] BYD's Phosphate Iron Lithium Processing Agreement - BYD's subsidiary signed a processing agreement for 80,000 tons of phosphate iron lithium with Qinghai Fudi [33] Separator Price Increase - Xingyuan Material announced a 30% price increase for its wet separator products, signaling a shift in the supply-demand balance in the industry [34] Solid-State Battery Production Line - MannsTech launched a new solid-state battery production line, enhancing its capabilities in the battery manufacturing sector [36] Nakanor's Equipment Shipment - Nakanor completed the shipment of over 80 sets of rolling and cutting equipment for a major overseas battery production facility [37] Li Yuanheng's Solid-State Battery Production Line - Li Yuanheng has successfully delivered a pilot production line for solid-state batteries, addressing key manufacturing challenges [38] Waste Lithium Battery Recycling Projects - Multiple waste lithium battery recycling projects are being initiated across various regions, reflecting the industry's focus on sustainable practices [40][41][42][43] New Energy Battery Project by Leap Motor - A new joint venture battery project by Leap Motor and Zhongchuang Innovation has commenced, with an expected annual output value exceeding 10 billion RMB [45] Joint Venture between Geely and SK On - Geely and SK On are discussing the establishment of a joint venture to expand their collaboration in battery supply for electric vehicles [46] Changan's Electric Vehicle Launch in Europe - Changan plans to launch its electric vehicle brands Avatr and Nevo in Europe within the next two years [47] Xiaomi's SU7 Satisfaction Ranking - Xiaomi's SU7 has been ranked first in user satisfaction among mid-large electric sedans in China for the second consecutive year [48] New Car Release by Wuliangye's Subsidiary - Wuliangye's subsidiary launched a new car model with promotional offers linked to its liquor products [49]

证券研究报告 汽车周观点： 曹操出行Robotaxi战略升级，继续看好汽车板块 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年12月7日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2025.12.1-2025.12.7 2 ◼ 本周细分板块涨跌幅排序：SW商用载客车(4.5%) >SW汽车零部件(1.8%) >SW汽车 （1.4%） >SＷ商用载货车(0.5%) >SW乘用车（0.2%) 。本周已覆盖标的中国重汽 H、新泉股份、拓普集团、星宇股份、沪光股份涨幅前五。 （ ◼ 本周团队研究成果：外发小鹏汽车深度报告，外发宇通客车11月销量点评。 ◼ 本周行业核心变化：1）曹操出行举行Robotaxi战略升级发布会，提出"十年百城千 亿"战略目标，并发布首个未来城市交通枢纽"绿色智能通行岛"；2）拓普集团正 推进H股上市；3）德赛西威拟成立惠州市川行致远科技有限公司开展Robovan业务； 4）文远知行一段式端到端ADAS方案问鼎中国智驾大赛。 板块最新观点 3 ◼ Q4重视AI智能车投资机会 ◼ 本 ...

本报讯 （记者刘钊）12月5日，吉利银河通过线上直播正式发布旗下首款旗舰MPV——银河V900，同时详细解析了其搭载 的全新一代超级AI增程技术。这款定位"AI全场景家庭旗舰MPV"的车型，以突破性的技术方案从续航、空间、能耗与智能四个 维度重构了新能源MPV的价值标准。 吉利银河此次入局增程市场，以全新一代超级AI增程技术开辟了全域AI智能化路径。该技术通过行业第一的发电效率、行 业首创的动力布局、行业首个动力域智能体星睿AI云动力2.5等核心技术，将增程MPV出行体验提升至前所未有的高度。 银河V900凭借四大核心价值树立了新能源MPV的新标杆：全球空间最大、四驱性能最强、综合能效最高、AI智能最好。 在空间方面，银河V900实现了MPV领域全球最高91.8%得房率。这得益于首创的增程电驱"叠竖布局"，前动总体积仅有0.4m³， 成为同级占用空间最小的增程动力系统，为银河V900纵向尺寸省出近150mm，使得二三排空间超1m，后备箱空间超1100L。 性能方面，银河V900采用行业唯一前后双电机四驱方案，后驱电机保证日常能效，需要时前驱电机瞬间介入。其P1发电 机峰值功率达90kW，采用行业领先的短时过载 ...

Core Viewpoint - The global capital market is experiencing a surge in humanoid robots, with significant rebounds in stock performance in both A-shares and U.S. markets, driven by policy support, order fulfillment, and technological breakthroughs as the industry approaches a mass production milestone in 2026 [1][3][5]. Group 1: Market Dynamics - The humanoid robot sector in A-shares has seen a rebound, with notable stock performances such as Lixing Co. hitting a 20% limit up, alongside strong performances from Hengli Hydraulic and Haoshi Electromechanical [1]. - In the U.S. market, the government is signaling strong support for the robotics industry, leading to a collective surge in stock prices, with iRobot Corp (IRBT) experiencing a 133% increase over five trading days [3]. - The current market trend is characterized by a shift from speculative trading to performance realization, as the industry prepares for mass production [5]. Group 2: Technological Advancements - Tesla is leading the global mass production wave, with plans to launch the Gen3 production model in Q1 2026 and ramp up production capacity to 1 million units at its Fremont factory by the end of the year [6][7]. - The technological advancements in Tesla's humanoid robots, such as the Optimus Gen2.5, demonstrate significant improvements in speed and hardware design, indicating a maturation of technology [7]. - Key components like reducers and servo motors have seen over 50% domestic market share, breaking the overseas monopoly and supporting mass production [14]. Group 3: Industry Opportunities - The humanoid robot sector is becoming a focal point in the U.S.-China tech competition, with the U.S. increasing support for local enterprises while China implements a three-dimensional policy framework to enhance domestic capabilities [14]. - The demand for humanoid robots is driven by labor shortages in industrial sectors, where a single humanoid robot can replace five skilled workers, highlighting the market's potential [15]. - The global humanoid robot market is projected to reach 6.339 billion yuan by 2025, with a compound annual growth rate of 48% in industrial applications and 52% in medical rehabilitation from 2026 to 2030 [15]. Group 4: Investment Focus - Investment strategies should concentrate on three core areas: critical components and assemblies, technological upgrades, and scene implementation ecosystems [17][18]. - The focus on core components is essential as mass production ramps up, with significant procurement needs expected from manufacturers like Tesla and Xiaopeng [17]. - Long-term growth opportunities lie in technological upgrades and software ecosystems, which are crucial for enhancing robot usability and performance [18]. Group 5: Conclusion - As the industry approaches the mass production phase in 2026, structural growth opportunities are anticipated, making it a critical time for investors to position themselves for long-term development in the humanoid robot sector [20].

Core Viewpoint - The article highlights the significant growth potential in the humanoid robot industry, driven by technological advancements, policy support, and increasing market demand, particularly as the year 2026 approaches, marking a pivotal point for mass production [9][32]. Group 1: Market Dynamics - The humanoid robot sector is experiencing a rebound in the A-share market, with notable performances from companies like Lixing Co., which saw a 20% increase in stock price [5]. - In the U.S. market, the government is actively supporting the robotics industry, leading to a surge in stock prices for related companies, such as iRobot Corp, which saw a 133% increase over five trading days [8]. - The shift in market sentiment is moving from speculative trading to performance realization, as the industry anticipates a transition to tangible results [9]. Group 2: Technological Advancements - Tesla is leading the global mass production wave, with plans to launch its Gen3 humanoid robot model in Q1 2026, aiming for a production capacity of 1 million units by the end of the year [11]. - Continuous technological breakthroughs, such as the Optimus Gen2.5's enhanced capabilities, are laying the groundwork for commercial viability [13]. - The development timeline for Tesla's humanoid robots indicates a clear path from concept to mass production, with significant milestones achieved [17]. Group 3: Competitive Landscape - The humanoid robot industry is a focal point of U.S.-China technological competition, with both countries ramping up support for their domestic industries [22]. - In China, a collaborative ecosystem is emerging, combining complete machines, components, and supportive policies, leading to a surge in orders from domestic companies [18]. - Key components like reducers and servo motors have seen over 50% market share achieved by domestic manufacturers, breaking the overseas monopoly [22]. Group 4: Market Opportunities - The industrial sector is facing a labor shortage, with humanoid robots capable of replacing multiple skilled workers, creating a strong demand for these technologies [22]. - The humanoid robot market is projected to grow significantly, with estimates suggesting a market size of 6.339 billion yuan by 2025 and over 640 billion yuan by 2030 [23]. - Investment focus should be on critical components, technological upgrades, and ecosystem collaboration to capitalize on the upcoming mass production phase [25][29]. Group 5: Strategic Directions - Investment strategies should prioritize key components and assemblies that will benefit from mass production, as well as technological upgrades that enhance performance and reduce costs [26][28]. - The focus should also include vertical applications in industries such as logistics and manufacturing, where robots can provide clear ROI and operational efficiency [30]. - Companies that can offer integrated solutions combining hardware, software, and services will be better positioned to succeed in the evolving market landscape [30].

发展新能源汽车是我国从汽车大国迈向汽车强国的必由之路。当前，新能源汽车正逐步成为新车销售主 流，在这一关键节点上，业界更需锚定"稳预期、提质效、优环境"的核心方向，持续推动产业高质量发 展。 政府相关部门在此过程中肩负着重要使命，需着力完善新能源汽车消费支持长效机制，为产业发展营造 稳定的政策预期。具体而言，要尽快明确汽车"以旧换新"政策的接续方案，确保新能源汽车购置税减免 优惠政策有效落实，并提前谋划政策退出的平稳过渡路径；同时，遵循产业发展与财政可持续平衡的原 则，优化新能源汽车税收体系，研究探索差异化征管模式，例如按节能减排效果征收车辆购置税、按动 力电池容量或耗电量征收消费税，以及按行驶里程或充电环节征税补充公路养护费用等，为产业发展筑 牢稳定的政策支撑。 根据中国汽车工业协会最新发布的数据，今年10月，我国新能源汽车销量达171.5万辆，同比增长 20％，占汽车总销量的51.6％。这标志着我国新能源汽车单月销量渗透率首次突破50％大关，成为新车 销售市场的主流选择。 新能源汽车的快速增长，得益于国内外市场协同发力及纯电、插电两种动力类型的双轮驱动。在国内市 场，纯电动汽车成为增长核心引擎。10月，新 ...

Core Viewpoint - The automotive industry is experiencing a significant transformation driven by competition among different technology routes, including pure electric, plug-in hybrid, and range-extended vehicles. This has led to a shift in the relationship between manufacturers and suppliers, emphasizing collaboration and shared growth in the face of survival anxiety [5][7][14]. Group 1: Industry Dynamics - The competition in the automotive sector is intensifying, with the landscape for electrification still uncertain while the race for intelligence in vehicles is accelerating [5]. - Suppliers are now taking on a more prominent role in defining technologies, particularly in key areas such as the three electric systems, intelligent driving, and vehicle chips, marking a structural shift in their industry position [7]. - The relationship between manufacturers and suppliers is evolving from a linear model to a collaborative partnership, especially as Chinese automotive companies expand globally [7][9]. Group 2: Challenges and Opportunities - Despite an increase in orders for many component manufacturers, profit margins are shrinking, leading to a paradox where value creation is becoming more challenging [7]. - The automotive industry is entering a critical phase of scale development, with projections indicating that by 2025, the penetration rate of new energy vehicles in China will exceed 50% [28]. - The industry faces regulatory challenges, such as the EU battery regulations that trace carbon footprints back to mineral sourcing, necessitating a transformation in supply chain structures [23][24]. Group 3: Technological Innovations - The focus on quality is paramount, as it is seen as the foundation for long-term cooperation and high-quality development within the industry [18]. - Innovations in thermal management systems are becoming increasingly important, with energy consumption in electric vehicles attributed to these systems ranging from 15% to 20% [28]. - The integration of new refrigerants and thermal management technologies is essential for improving vehicle performance and reducing costs [36][40]. Group 4: Strategic Collaborations - Companies are encouraged to shift from a transactional relationship to a co-creative partnership, enhancing their collaborative capabilities to develop core technologies together [26]. - The automotive sector is witnessing a trend towards creating shared, open, and win-win ecosystems, moving away from short-term transactional dynamics [24]. - The emphasis on long-term strategic collaboration is crucial for navigating the competitive landscape and ensuring sustainable growth [24][26].

Core Viewpoint - The article discusses the strategic partnership between SK On and Geely Automobile Group, focusing on the establishment of a joint venture for the production of square lithium iron phosphate batteries, which aims to enhance both companies' competitiveness in the electric vehicle market [3][5][6]. Group 1: Partnership Development Timeline - The collaboration between SK On and Geely began in November 2023 with a battery module supply agreement for Geely's Polestar 5 model starting in 2025 [3]. - In June 2024, a strategic cooperation framework agreement was signed, expanding their collaboration to electric vehicle batteries and green methanol energy technology [3]. - By July 2024, discussions were ongoing regarding battery supply contracts, but negotiations faced interruptions due to declining electric vehicle demand and U.S. tariffs [3]. - In the third quarter of 2025, SK On formed a special task force to revive negotiations, focusing on converting existing facilities in Hungary into a joint production base [3][4]. Group 2: Production Capacity and Market Strategy - The proposed joint venture will transform SK On's existing factories in Komárom, Hungary, which have capacities of 7.5 GWh and 10 GWh, primarily supplying soft-pack batteries to European automakers [4]. - This partnership is crucial for SK On to optimize its production capacity and gain financial support from Geely, especially in light of the current downturn in electric vehicle demand [4][5]. - The joint venture is expected to prioritize orders from Geely in the European market, enhancing SK On's business presence in Europe [5]. Group 3: Financial and Operational Implications - SK On reported a revenue of 1.81 trillion KRW in Q3 2025, with an operating loss of 124.8 billion KRW, highlighting the financial pressures the company faces [5]. - The partnership with Geely allows for shared production facilities, reducing capital investment and operational costs for Geely in Europe, where there is a preference for brownfield investments [5][6]. - Geely aims to increase its self-supply ratio of battery cells to 30% within two years while maintaining a 70% external procurement ratio, balancing technology independence and supply chain stability [6].