东吴证券近日发布电力设备行业跟踪周报：电气设备9107上涨0.53%，表现弱于大盘。 （本周，9.8-9.12）光伏跌3.7%，新能源汽车涨3.61%，核电涨2.43%，锂电池涨2.25%，风 电跌0.95%，发电设备跌0.76%，电气设备涨0.53%。 以下为研究报告摘要： 投资要点 电气设备9107上涨0.53%，表现弱于大盘。（本周，9.8-9.12）光伏跌3.7%，新能源汽车 涨3.61%，核电涨2.43%，锂电池涨2.25%，风电跌0.95%，发电设备跌0.76%，电气设备涨 0.53%。涨幅前五为东方铁塔、 天际股份、威尔泰、科华恒盛、南风股份；跌幅前五为中科电气、通威股份、迈为股 份、捷佳伟创、通合科技。 行业层面：人形机器人：中国首个基于世界模型的机器人任务执行系统在蓉发布；乐聚 机器人完成股改，疑为上市做准备；我国已发布人工智能国家标准30项，机器人国家标准 126项；智元机器人等成立具福科技公司器人核心部件，布局机器人产业新棋局。储能：9月 12日国家发展改革委、国家能源局印发《新型储能规含多项AI业务；阿里云首投具身智 能，自变量机器人完成近10亿元A+轮融资；小米智造投资机模化建设专项 ...

Core Insights - The automotive sector showed a mixed performance in early September 2025, with passenger car sales declining while new energy vehicle sales increased slightly [1][2] - The A-share automotive sector outperformed the market, with a 3.9% increase, ranking 13th among sub-industries [1][2] - Key companies to watch include Geely, Xpeng, Li Auto, BYD, and others, indicating a focus on high-quality domestic brands [2][5] Weekly Data - Passenger car sales reached 368,000 units, down 9.5% year-on-year and down 29.8% month-on-month [1][2] - New energy vehicle sales were 221,000 units, up 3.1% year-on-year but down 23.6% month-on-month [1][2] - New energy penetration rate was 60.2%, an increase of 4.8 percentage points from the previous month [1][2] Market Performance - The automotive sector's performance was stronger than the broader market, with the A-share automotive sector rising 3.9% compared to the CSI 300's 2.9% [1][2] - Sub-sectors such as auto parts and services saw significant gains, with auto parts up 6.7% and auto services up 4.8% [1][2] Upcoming Catalysts - Chery Automobile is preparing for a significant IPO in Hong Kong, which could be the largest for a car company this year [4] - NIO announced plans to issue 181.8 million Class A ordinary shares to fund core technology development for smart electric vehicles [4] Investment Recommendations - Focus on high-quality domestic brands in the passenger car segment, including Geely, Xpeng, Li Auto, and BYD [5] - In the auto parts sector, recommendations include companies involved in smart driving and intelligent cockpits [5] - For the robotics sector, attention is drawn to companies involved in automotive robotics [5]

根据已发布的封关政策，加工增值内销免关税政策在封关运作后将进一步优化，包括放宽企业享惠门 槛、扩大进口料件范围、将海南自产料件纳入增值部分等，这将进一步降低企业生产成本，激发企业在 高端制造、特色加工等领域的创新活力。 海南自由贸易港全岛封关运作已进入冲刺阶段，将于今年12月18日正式启动。记者近期走访看到，海南 各地、各行业持续加紧推进自贸港政策落地，全力冲刺全岛封关运作。 巨轮靠泊，岸桥繁忙作业，洋浦国际集装箱码头堆场上集装箱垒叠如山，集卡在规整的箱阵间穿梭不 息。附近的一处维修区内，海南港航鑫三利集装箱服务有限公司的工人们，正忙着对集装箱机组进行维 修养护。 近日，该公司顺利完成了洋浦首单进口冷链集装箱零配件保税维修业务，标志着海南自贸港"两头在 外"保税维修政策成功扩展至冷链集装箱零配件维修领域。该业务启动后，可为外籍轮船提供可靠的冷 藏集装箱配件支持。 随着洋浦港国际枢纽功能不断增强，外贸航线不断加密，维修、检测等配套需求持续增长。鑫三利公司 2020年落户洋浦后，积极拓展堆存、清洗、检测等综合服务，维修业务量连年递增。公司总经理赵兴浴 说，新业务将进一步提升企业国际竞争力。 自2020年6月《海南 ...

【液态阳光】 整理了 《100个项目了解一个行业——2025绿色甲醇行业分析报告》PPT （持续更新） ， 共80页 ，包括 产业概况 （定义、产业链）、 100个绿色甲醇项目分析 （包括建设单位、近期动态、技术路线、产能及项目概括等）两部分内容。 需要本份产业报告的朋友：① 扫码领取；②联系工作人员领取 （PS：工作人员将于24小时内与您取得联系，并邀请加入专业交流群） 请您扫码登记领取 欢迎联系： 沈经理： 13396601161（微信同号） 俞经理： 15381893024 （微信同号） 蒋经理： 19045872506 （微信同号） 报告部分内容如下： 重点企业1:国家能源投资集团有限责任公司 简介 国家能源集团成立于2017年，是由中国国电集团公司与神华集团 有限责任公司合并重组而成的中央骨干能源企业。 主营业务涵盖煤炭、电力、运输、化工等多个领域,形成了煤炭、 代表项目2 项目名称：云南绿色氢能源与液态阳光甲醇示范项目 技术路线：风光发电，电解水制氢，捕集工业二氧化碳加氢制绿色 甲醇 项目地点：云南曲靖市麒麟区 建设单位：国电电力云南新能源开发有限公司 建设周期: 一期2025年6月开工,2027 ...

Core Viewpoint - The article discusses the development of green methanol as a sustainable energy source, highlighting its potential in various applications and the importance of industry collaboration in advancing technology and market adoption [2][28]. Event Overview - The 2025 Liquid Sunshine Industry Development Forum will take place from September 24 to 26 in Dalian, Liaoning, organized by DT New Energy and supported by various industry leaders [2][4]. - The forum will feature multiple sessions focusing on green methanol, including key technology advancements, industry strategies, and international collaboration [4][28]. Session Highlights - The opening ceremony will include discussions on the macro development of liquid sunshine (green methanol) and key technologies for its production [28][33]. - Notable sessions will cover topics such as carbon dioxide high-value utilization, biomass gasification coupled with green hydrogen production, and the ecological construction and application of green methanol [28][38]. Participant Engagement - Over 40 companies involved in green methanol projects are expected to attend, including major players like China Petroleum and Chemical Corporation and China National Offshore Oil Corporation [11][12]. - The event will also feature a welcome dinner and opportunities for networking among industry professionals [4][37]. Technical Presentations - Presentations will include insights on renewable methanol technology, carbon capture and resource utilization, and advancements in sustainable aviation fuel production [33][42]. - Experts from various institutions, including Tsinghua University and the Chinese Academy of Sciences, will share their research and developments in green methanol technologies [32][41].

从变化趋势来看，有六成车企的付款周期较去年同期有所上涨。在付款周期下降的车企中，小鹏减少 104天，上汽减少28天，长安减少12天，比亚迪减少10天。 近日，国内主流车企2025年半年报相继出炉。回顾今年上半年，汽车行业竞争逐渐加剧，与上游供应商 共生共赢成为车企保持发展韧性的重要因素。其中，供应商付款周期作为关键指标在业内备受关注。 据数据显示，十家国内主流车企今年上半年向上游供应商的平均付款周期为182天，其中广汽、吉利控 股、比亚迪（002594）的账期最短，分别为137天、139天和142天；而有部分车企账期超200天。 分析认为，供应链管理已成为车企提升核心竞争力的关键。特别是龙头企业主动缩短供应商账期，有利 于提升产业链的协同效应，形成更加高效的供应体系，从而带动行业进入高质量发展的良性循环。 ...

出品丨虎嗅汽车组 作者丨李赓 头图丨零跑汽车 "新势力要最终存活，年销100万辆或许不够，门槛至少要到400万辆。"—— 在慕尼黑车展上，零跑汽车创始 人朱江明抛出了这样一个极具冲击的判断。 他得出这个判断的逻辑很"简单直接"："100万台原本是燃油车的门槛，未来电动车 （的门槛） 可能会更高， 因此最终集中度会比燃油车更高"。换言之，当行业终局的竞争变得更残酷，头部聚集效应更强时，销量的生存 线也将被大幅抬高。 可以确定的是，不管这个逻辑是否会成立，这个数字绝对足够"野心"。 纵观中国汽车发展史，年销百万的自主品牌已是凤毛麟角，能超越400万辆的，至今也只有比亚迪。将目标直 接设在这里，意味着零跑已将目光越过新势力同行，瞄准了体量更庞大的传统巨头。 牛？ 在慕尼黑车展上接受包括虎嗅汽车在内的媒体访谈时，朱江明对400万的目标作出了进一步的说明，核心包括 两点：国内和海外的体量至少应该各占一半；如果要真正成为全球具有影响力的车企，海外的体量应该大于国 内。 结合开篇他提出的400万，"零跑要如何实现从50到400"这个难题可以进一步拆分为两个问题： 1. 一路以来帮助零跑在国内市场成功的"高性价比"金字塔战略 ...

在动力系统上，吉利银河M9采用了雷神EM-P AI电混，拥有CLTC工况百公里4.8升馈电油耗、超1500公 里综合续航、4.5秒破百等领先性能。同级独有的分布式三电机系统，还能提供华尔兹式掉头、漂移泊 车等极致操控体验。9月17日，吉利银河M9将正式上市。 来源：中国青年报客户端 中国青年报客户端讯（中青报·中青网记者 张真齐）近日，在中国汽车技术研究中心有限公司主办 的"2025中国十佳底盘"及"2025中国十佳车身"评选中，吉利银河M9凭借静态、动态两大维度的出色表 现，荣膺年度"十佳底盘""十佳车身""最佳安全"奖项，此外GEA Evo架构获"最佳架构"奖。 据了解，吉利银河M9是吉利基于GEA Evo架构开发的AI科技大六座旗舰SUV，搭载了同级独有的AI数 字底盘，并得到了路特斯团队的全球深度调校，实现了操控精准性与舒适性的平衡。整车高速不晃、过 坎不颠、过弯不甩，可轻松应对全路况挑战。 ...

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) of China has introduced a new "Automobile Industry Stabilization and Growth Work Plan (2025-2026)" aimed at optimizing policies for electric vehicles and promoting the overall growth of the automotive industry [1][4]. Group 1: Sales and Growth Targets - The plan sets a target of approximately 32.3 million vehicle sales in 2025, representing a year-on-year growth of about 3%, with electric vehicle sales expected to reach around 15.5 million, a growth of about 20% [1][2]. - In the first eight months of 2025, China's automotive production and sales both exceeded 20 million units for the first time, achieving 21.1 million and 21.1 million respectively, with year-on-year growth of 12.7% and 12.6% [2]. Group 2: Measures to Boost Consumption - The plan includes multiple initiatives to expand domestic automotive consumption, such as promoting electric vehicles in public sectors, enhancing charging infrastructure in rural areas, and implementing tax incentives [3][5]. - The average monthly sales in the domestic automotive market reached 2.64 million units, indicating a potential increase of about 10 million units in the remaining months of 2025 [2]. Group 3: Industry Challenges and Competition - The automotive industry faces increasing external competition and internal challenges, including insufficient effective demand and irrational competition [4][5]. - The MIIT has initiated a three-month special action to address online chaos in the automotive industry, aiming to create a healthier competitive environment [4][5]. Group 4: Technological Advancements - The plan emphasizes the need for breakthroughs in key technologies such as automotive chips, operating systems, and solid-state batteries to enhance product performance and meet consumer demands [5][6]. - It also proposes the promotion of intelligent connected vehicles and the approval of L3-level vehicle production, alongside improvements in traffic safety and insurance regulations [6].

摘要 ► 乘用车：分化加剧 规模效应 + 高端化驱动盈利 。 销量端：2025Q2乘用车批发销量合计711.1万辆，同比+13.0%，环比+11.8%；新能源乘用车批发销量 362.9万辆，同比+33.9%，环比+26.3%；出口140.1万辆，同比+13.9%，环比+25.1%；营收端：受益自主份额提升，高端 化驱动，样本企业营收6,739.6亿 元，同比+13.8%，环比+20.2%，赛力斯、蔚来、零跑、长城环比表现亮眼；毛利端：2025Q2乘用车企毛利率表现分化，样本车企毛利率15. 0%，同 比-0.7pct，环比-0.8pct，规模效应释放程度、产品结构优化能力为毛利率核心影响因素，赛力斯、长安、小鹏、零跑毛利率环比提升；利润端：2025Q2整体呈 现去库存压力增大导致车企折扣力度加大，挤压盈利空间，长城汽车、赛力斯受益产品结构向好，通过"技术溢价+精准细分市场定位"获得超额收益。 ►零部件：营收持续增长 智能化盈利表现亮眼。 营收端，2025Q2零部件板块营收2,664.2亿 元，同比＋15.7%，环比+14.5%，环比上升主要由于Q1为行业传 统淡季，生产在Q2得以释放。其中智能化、轻量化等细分 ...