Core Viewpoint - The article emphasizes that Chinese companies, particularly in the automotive sector, have transitioned from being mere manufacturers to becoming rule-makers, with AITO's Wenjie leading this transformation in the new energy vehicle market [1][15]. Group 1: Company Performance - AITO's Wenjie achieved a record delivery of over 51,000 vehicles in November, surpassing previous brand records [1]. - Cumulative deliveries of Wenjie series vehicles exceeded 900,000 units by November 21, with models M9, M8, M7, and M5 contributing significantly to this milestone [5]. - The M9 model is projected to become the best-selling SUV in the 500,000 yuan and above segment in 2024, capturing a 70% market share in the same price range by 2025 [12]. Group 2: Technological Integration - The "Hongmeng Intelligent Driving" collaboration model integrates the strengths of various parties, with Huawei providing technology and marketing capabilities while partner car manufacturers handle vehicle production [4][15]. - The M9 features advanced driving assistance systems with 32 high-precision sensors and 4 laser radars, ensuring comprehensive perception capabilities [7]. - The M9 emphasizes safety with upgraded active safety features and a robust vehicle structure, utilizing high-strength materials and extensive testing [9]. Group 3: User Experience and Satisfaction - AITO has established a comprehensive smart service system, achieving 266,000 proactive user engagements and saving over 440,000 hours in maintenance time [11]. - User feedback indicates that the top reasons for purchasing the M9 include intelligent driving, smart cockpit, brand reputation, safety, and comfort [12]. - The M9 has received high satisfaction ratings, leading the industry in user satisfaction, resale value, and net promoter score (NPS) [13]. Group 4: Market Dynamics - The luxury car market is undergoing a transformation, with traditional luxury brands facing pressure to adapt to new standards set by innovative models like the M9 [12][16]. - AITO's success is seen as a model for other Chinese automotive companies, potentially leading to a positive cycle of technological advancement and market recognition [16]. - The article suggests that the "Hongmeng Intelligent Driving" model could serve as a blueprint for future developments in the automotive industry, promoting a collaborative ecosystem among various manufacturers [15][18].

12月10日，以"共谋通道建设，共享发展繁荣"为主题的陆海新通道国际工商会联盟年会在重庆开幕，吸引来自18个国家（地区）的21家 外国工商会、陆海新通道沿线"13+2"省区市的90余家企业和机构参与，500余名国内外工商界人士齐聚重庆共商发展大计。 年会现场（主办方供图） 据悉，本次联盟年会以"开幕式＋专题研讨＋展洽对接＋实地考察"的形式，设置了9场核心活动，包括开幕式、工商会圆桌会、企业国际 合规建设暨商法服务交流会、国际贸易发展与标准合作交流会等。充分发挥链博会国际平台作用，年会上还启动了第四届中国国际供应 链促进博览会"重庆先进制造业供应链"展区企业招募，赛力斯、隆鑫通用动力、金山科技等10家重庆具有代表性的制造企业签约参展。 徐建表示，加快建设陆海新通道，重庆将以内陆开放综合枢纽建设为契机携手各方，共同提升通道互联互通水平，共同拓展通道经贸合 作空间，共同培育通道绿色发展动能，共同深化通道人文交流互鉴，将陆海新通道建设成为促进区域协同发展的合作通道、保障产业链 供应链安全的韧性通道、赋能高质量发展的活力通道。 年会上，"陆海联线"联盟信息共享平台正式上线，将不断深化提升联盟成员间的信息互通与交换，进一 ...

Group 1 - The Hong Kong IPO market has raised funds amounting to 2.1 times the total for the entire year of 2024, with expectations for the Hong Kong Stock Exchange to regain the top position in IPO financing by 2025, projecting over HKD 300 billion in IPO fundraising for next year [1] - The trading volume of placement and convertible bond products has significantly increased year-on-year, with major blue-chip companies such as BYD, Xiaomi, Alibaba, China Pacific Insurance, Ping An Insurance, Chow Tai Fook Jewelry, and NIO completing large-scale transactions exceeding USD 1 billion [1] Group 2 - The primary market for Hong Kong stocks is showing a strong recovery, with influential companies actively responding to the national strategy to develop Hong Kong's capital market, leading to the execution of large-scale financing projects [2] - CATL's IPO raised USD 5.3 billion, becoming the largest IPO globally in 2023, and has facilitated other leading companies like Zijin Mining, Sany Heavy Industry, Seres, Hansoh Pharmaceutical, Sanhua Intelligent Controls, Haitian Flavoring and Food, and Chery Automobile to complete financing exceeding USD 1 billion, occupying four spots in the global top ten IPOs [2]

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]

今年年内港股市场的筹资表现主要受益于大型IPO项目。其中，宁德时代以410.06亿港元的募资额位列 港股年内新股首位，同时，公司也系截至目前全球年内最大的IPO项目。除此之外，港股年内还涌现了 紫金黄金国际、三一重工、赛力斯、恒瑞医药、三花智控、海天味业、奇瑞汽车等7家超百亿募资的上 市新股。 经计算，上述8股募资总额合计约1424.69亿港元，经计算，占年内100只港交所新股合计募资额的比例 约为52.75%。 另外，经同花顺iFinD统计，港交所年内新股中，同时系A股上市公司的共有18股；港交所上述8只百亿 级新股中，来自A股赴港上市的公司占据了6个席位，6家公司合计募资额1033.2亿港元；而从18家A股 公司整体募资情况来看，合计募资金额约为1387.01亿港元。 北京商报讯（记者 马换换 王蔓蕾）伴随着京东工业（7618.HK）登陆港交所，港股年内新股数量达到 100只。 12月11日，京东工业登陆港交所上市，公司上市首日低开7.8%，开于13港元/股，总市值349.4亿港元。 经同花顺iFinD统计，港股年内上市新股数量已达到100只，合计募资金额约2700.86亿港元，位列全球 交易所第一。相比 ...

12月9日 ， 冬日的上海黄浦江畔，雾气氤氲。在见证了百年风云的上海老市府大楼里，一场关于中国汽车未来的对话，正在让 "豪华"二字褪去浮华的表 皮。 商业世界里，最先感知到水温变化的，往往不是还在犹豫的看客，而是那些把身家性命都押在风口上的经销商。 曾经，老市府是历史的旁观者，看着时光在石柱间流转，见证了上海这座城市百年的沧桑与荣光；而今天，还是这个物理空间，一群中国实业家围坐一 堂，聊的是中国汽车的变革与新生。 在直播现场，一组令人咋舌的数据，成为了这个时代最生动的注脚。华为常务董事、产品投资委员会主任、终端 BG董事长余承东 透露，问界 M 9 累计交 付已超 2 6 万辆，今年春天刚上市的 M 8 ，已成为 4 0 万级销冠。 而鸿蒙智行全系更是仅用 43个月就突破百万台交付，创下中国新势力最快纪录。 同期，却是传统豪车品牌陷入 "降价保量"的困局 。它们 用 "半价豪车"的噱头换销量，却依旧难掩市场份额下滑的颓势。 豪车 市场，已然换了天地 。 境遇的反差， 撕开了行业的旧面纱：中国消费者终于不再为洋品牌 Logo支付溢价，转而用订单为智能体验和出行安全感投 票。 当 "买豪华SUV看问界"从一句口号 ...

Core Insights - Huawei's entry into the automotive industry has rapidly transformed the market, with its subsidiary, Hongmeng Zhixing, achieving over 1 million deliveries in just 43 months, surpassing all other Chinese new energy vehicle brands [1] - The sales structure of Hongmeng Zhixing exhibits a unique "inverted pyramid" characteristic, with the high-end model, the Aito M9, leading the market in the 500,000 yuan and above segment [1] - The strategic shift from "product collaboration" to "ecosystem alliance" aims to standardize service processes across brands, enhancing the overall customer experience [1][2] Product Development and Strategy - Hongmeng Zhixing plans to launch several new models in the coming year, completing its product matrix with five distinct brands [2] - The Aito brand is expected to cover the mainstream SUV market with a complete product lineup, including models M5, M7, M8, M9, and a potential new M6 [3] - The Zhi brand will introduce its first MPV, the V9, and a high-end SUV, while the Xiang brand will launch three new vehicles, including a rugged SUV [4] Market Dynamics and Consumer Trends - The high-end automotive market is experiencing a shift in consumer demographics, with younger, tech-savvy individuals becoming the primary buyers, moving away from traditional luxury brands [5] - The demand for high-end experiences is evolving, with over 90% of users of the Xiang S9 model being repeat buyers, indicating a strong preference for intelligent features over brand prestige [5] - By the end of 2024, over 80% of new energy vehicles priced above 300,000 yuan will be from Chinese brands, reflecting a significant market shift [6] Competitive Advantage and Ecosystem Development - Hongmeng Zhixing's approach involves deep integration with manufacturing partners, moving beyond traditional outsourcing to establish a unified technical standard and service system [8][9] - This model allows for consistent user experiences across different brands, enhancing customer satisfaction and loyalty [9] - The rapid iteration of software and hardware through OTA updates positions Hongmeng Zhixing to redefine automotive value, focusing on technology and ecosystem advantages rather than just hardware [10] Future Outlook - The success of the Aito M9, with over 100,000 units sold in the first ten months of 2025, validates Hongmeng Zhixing's business model and its focus on creating a sustainable high-value commercial ecosystem [12] - The company aims to redefine the automotive industry's competitive landscape by establishing a comprehensive value system that integrates core technology, high-end experiences, and premium services [13] - Looking ahead, Hongmeng Zhixing plans to further enhance its product offerings and technological capabilities, aiming for significant advancements in 2026 [13]

证券研究报告 汽车 行业定期报告 hyzqdatemark 2025 年 12 月 10 日 投资评级： 看好（维持） 李泽 SAC：S1350525030001 lize@huayuanstock.com 游泽晨 youzechen@huayuanstock.com 板块表现： 看好高端车市场自主品牌崛起 ——汽车行业双周报（20251124-20251207） 证券分析师 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 市场空间：40 万元以上高端车市场空间稳定，看好纯电放量驱动新能源渗透率提升。 2018 年以来，绝大多数年份 40 万元以上高端车销量均保持在 70-120 万辆区间内， 在汽车总销量中占比基本在 5%以上，市场空间整体稳定。目前 40 万元以上高端车 的能源类型仍以 ICE 为主，2025 年 1-10 月累计销量中 ICE 占比为 52.9%，BEV 仅 15.0%。随着充电效率的提升和补能网络逐步完善，纯电车型有望凭借更大的空间、 更顺畅的驾驶体验和更高的能源转化效率等优势在高端市场快速放量，驱动新能源 渗透率进一步提升，预计 2026 年 40 万元以上高端车新能 ...

大约三年前，当华为宣布入局汽车行业时，行业里讨论最多的还是其跨界的颠覆性与不确定性。业界在观望，这种从消费电子领域带来的思维，能否在讲 究重制造、长周期迭代的汽车业行得通。 变化比预想中来得更快。今年12月5日，鸿蒙智行宣布用时仅43个月，累计交付量便突破100万辆，速度超越所有中国新势力。其销量结构呈现独特的"倒 金字塔"特征：售价最高的问界M9，持续锁定50万元以上市场销冠；更令人意外的是，售价超70万元的尊界S800，月均交付超2000辆，表现出已超越同期 传统豪华旗舰车型品牌的强劲实力。 核心在于，鸿蒙智行将华为的算法、OS与生态能力，转化为了一套可标准化输出又极具辨识度的软实力。12月9日，"五界"齐聚上海，标志着其战略 从"产品联合"升级为"生态联盟"。联盟围绕"统一标准、资源共建"，将打造行业首个跨品牌共享售后网络等举措，旨在实现全流程服务标准化。 鸿蒙智行重构高端的核心，在于它把华为在算法、操作系统和用户生态上的积累，变成了一套可标准化输出、却又极具辨识度的软实力。 鸿蒙智行的路径揭示：中国汽车高端化的下一程，竞争关键或在于能否构建一套强大的技术中台与生态体系，以此高效赋能制造伙伴，最终重新定 ...

鸿蒙智行的路径揭示：中国汽车高端化的下一程，竞争关键或在于能否构建一套强大的技 术中台与生态体系，以此高效赋能制造伙伴，最终重新定义时代的豪华体验。 在体系化能力下，鸿蒙智行已经为明年做好准备。在1 2月9日的鸿蒙智行直播中，余承东 宣布鸿蒙智行明年计划推出数款新车，并明确表示将"补齐五个'界'的产品矩阵"。 具体来看，各品牌规划已然清晰： 问界：作为合作较早的品牌，预计将形成包括M5、M7、M8、M9（含改款）及可能新增 的M6在内的完整产品序列，覆盖主流SUV市场。 大约三年前，当华为宣布入局汽车行业时，行业里讨论最多的还是其跨界的颠覆性与不确定性。业 界在观望，这种从消费电子领域带来的思维，能否在讲究重制造、长周期迭代的汽车业行得通。 变化比预想中来得更快。今年1 2月5日，鸿蒙智行宣布用时仅4 3个月，累计交付量便突破 1 0 0万辆，速度超越所有中国新势力。其销量结构呈现独特的"倒金字塔"特征：售价最高 的 问 界 M9 ， 持 续 锁 定 5 0 万 元 以 上 市 场 销 冠 ； 更 令 人 意 外 的 是 ， 售 价 超 7 0 万 元 的 尊 界 S8 0 0，月均交付超2 0 0 0辆，表 ...