图片来源：视觉中国 智通财经记者 | 陈小同 金秋野 12月17日，一份广泛流传的鸿蒙智行政策调整通知提到，鸿蒙智行决定统一停止"鸿蒙智行大饭店"相关宣传，并清除各个平台历史宣传素材。通告指出， 此次调整旨在优化市场营商环境、降低经销商经营成本。 通知还提到一些具体调整，如禁止免费充电，超充桩、快充桩可采用付费或鸿蒙智行APP积分消费，慢充桩不对外使用；禁止免费洗车与餐饮，仅在用户 到店看车、交车、维修、保养等业务过程中，可依规提供相应服务，门店须做好洗车券、餐饮券的登记与管理；所有免费洗车，充电、餐饮等服务不得作 为差异化销售手段，否则视为违规等。 12月18日，智通财经致电上海吴中路鸿蒙智行用户中心，工作人员表示，免费洗车、餐饮仍提供，但需要先预约，预约二维码即将推出，目前还在调试阶 段。 记者再问预约是否有前置条件，工作人员表示："只要能约得上，都可以进来。"问及为何进行这样的变动，店方称，店内客流量实在太多，导致每天门口 堵车有10来辆，排到下一个红绿灯，把道路堵死了，"既影响到我们来交车的客户，也影响到我们来看车的客户，也影响到了我们售后的客户。" 有分析认为，鸿蒙智行此举在降低成本的同时，也能精准 ...

证券时报记者 杨霞 近日，"第十九届上市公司价值论坛暨2025新质生产力巡礼宜宾行"在四川宜宾举行，"第十九届上市公司价值评 选"获奖公司也同步揭晓。 由证券时报主办的上市公司价值评选活动是资本市场一年一度的盛事，迄今已成功举办至第十九届。在资本市场 深化改革与高质量发展的时代浪潮中，上市公司作为经济"基本盘"的价值愈发凸显。本文以主板百强公司为样 本，分析这些公司的行业特征和基本面质量，挖掘19年来A股价值龙头的变动趋势和个股穿越牛熊的核心逻辑。 百强企业构筑价值高地 本次入选主板百强的企业堪称中国资本市场的中流砥柱，这些行业领军者以卓越的综合实力构筑起A股市场的价值 高地。 数据显示，百强企业总市值达19.13万亿元，占全部A股总市值的18.15%，聚集了各个行业的龙头企业。其中，石 化行业的中国石油、保险业的中国平安、通信领域的中国移动与中国电信，以及新能源汽车领军者比亚迪等企业 市值排名居前。 从市值结构看，百强企业呈现显著的头部聚集效应：超半数企业市值超千亿元，贵州茅台与中国石油以万亿市值 稳居市场前列，中国人寿、比亚迪、长江电力等9家企业市值逾5000亿元，构成稳定的中坚力量。 投资者回报是检验上 ...

据国家企业信用信息公示系统显示，12月12日，华为终端有限公司发生工商变更，郭平卸任董事长，由余承东接任；孟晚舟、徐直军等卸任董事。与此同 时，多位高管发生变更。 华为终端有限公司于2012年11月成立，法定代表人为魏承敏，注册资本和实缴资本均为6.06亿人民币，是一家以从事计算机、通信和其他电子设备制造业 为主的企业。股东信息显示，该公司由华为终端（深圳）有限公司全资持股。 资料显示，余承东于1969年出生，安徽省六安市霍邱县人，1987年考入西北工业大学，毕业后留校任教，后考入清华大学攻读研究生，获硕士学位，现任 华为常务董事、产品投资评审委员会主任、终端BG董事长。本次余承东出任华为终端公司董事长也是继2025年9月升任华为产品投资评审委员会（IRB） 主任，10月增任产品投资委员会主任后的又一次关键职务调整。 | | | 而自2019年华为进军汽车市场后，华为采用传统零部件供应商模式、HI模式和智选模式三种不同的方式与车企合作，赋能汽车厂商，实现汽车产品的变 革。其中，基于"智选车"模式，目前华为已与赛力斯汽车、奇瑞汽车、北汽蓝谷、江淮汽车、上汽集团五家车企合作推出新汽车品牌，命名分别对应 AITO问 ...

从场景实现、接管频率、舒适性等维度对问界、蓝山、小鹏、理想、腾势、小米、蔚来共7家 智能驾驶主机厂/方案供应商的智驾体验进行定性和定量的横截面评价。由于主观尺度、实际 路况、安全员对智驾的信任度等因素的限制，本报告不涉及具体 车企/方案供应商 的智能化能 力排序（表格先后顺序不代表排序情况），也不涉及具体 车企/方案供应商 的投资建议。 本次深圳智能化对智驾的理解和复杂场景处理能力提出一定要求。 深圳存在路侧临停、复杂路口、窄道通行等需要理解的复杂场景，主动理解型智驾风格更加适 配。华为和小鹏在总体接管次数和细分场景中表现依然领跑，各项维度评价优秀且均衡，尤其 在困难场景中展现出及时反应。魏牌蓝山在大样本集中路测中展现出较强的复杂场景处理能 力。 相比Q1，Q4各家车企智驾能力差距呈现不断缩小的趋势。 未经许可，不得转载或者引用。 投资要点 2025年是汽车智能化拐点之年， 开启3年周期推动国内电动化渗透率实现50%-80%+的跃升，整车格局迎来新的重塑阶段。头部 智能驾驶主机厂/方案供应商已实现包括环岛、掉头等复杂场景的城市NOA落地体验，并完善 车位到车位、场景理解等高阶功能，加强Corner Case的 ...

奇瑞集团11月新能源汽车销售 16.794 T 斩 同比增长50.1% 年内新能源销量突破80万辆 强大技术研发体系是奇瑞新能源的增长底气 日前，乘联会发布了11月新能源厂商批发销量排行榜。数据显示，11月奇瑞新能源批发销量达111577辆，同比增长54%，环比增长6.3%，首次进入行业前 三。 | 单位:辆 | | 2025年11月新能源厂商 > > 销量排行榜 | | | | | --- | --- | --- | --- | --- | --- | | NO. | NEV厂商 2025.11 | | 环比 | 同比 | 份额 | | 1 | 比亚迪汽车 | 474,921 | 8.7% | -5.8% | 27.8% | | 2 | 吉利汽车 | 187,798 | 5.6% | 53.4% | 11.0% | | 3 | 奇瑞汽车 | 111,577 | 6.3% | 54.0% | 6.5% | | র্ব | 上汽通用五菱 | 107,812 | -5.3% | 3.8% | 6.3% | | 5 | 长安汽车 | 106,970 | 8.5% | 14.3% | 6.3% | | 6 | 特斯拉 ...

既有保底的饭碗，也有成长的空间。 | 作者 | | 白猫 | | --- | --- | --- | | 编辑 | | 小白 | 买车对许多家庭来说是件大事。消费者在挑选新车时，往往关注品牌、外观和动力。 但很少有人知道，在一辆新车上市前，必须经过一系列严苛的"体检"。从风阻系数的测定到碰撞安全 测试，这些看不见的环节决定了一辆车能否合法上路。 在这个隐秘而关键的环节中，有一家企业扮演着"考官"的角色。 它就是中国汽研（601965.SH）。 手握"通行证"的行业考官 在中国，并不是谁都有资格给新车做"体检"。 新车上市强制性检测是一个有着高准入门槛的行业。 据东吴证券，目前国内仅有六家机构具备政府主管部门全面授权检测资质，检测范围涵盖各类车型， 具备工信部公告体系要求的全部检验检测能力。 中国汽研便是当中之一。 从历史数据看，技术服务业务一直是公司的利润核心。这项业务不仅收入占比高，毛利率更是长期维 持在高位。即便在行业竞争加剧的背景下，凭借资质壁垒，这部分业务依然是公司最稳定的现金奶 牛。 2025年1-9月，公司实现营收30.2亿元，其中汽车技术服务业务营收为27.5亿元，营收占比91%。2024 年， ...

Market Overview - The Shanghai Composite Index rose by 1.19% on December 17, with 28 out of 33 sectors experiencing gains, led by the communication and non-ferrous metals sectors, which increased by 5.07% and 3.03% respectively [1] - The automotive sector saw a modest increase of 0.77% [1] - The sectors that declined included agriculture, forestry, animal husbandry, and fishery, defense and military industry, and coal, with declines of 0.54%, 0.20%, and 0.11% respectively [1] Capital Flow Analysis - The net inflow of capital in the two markets was 9.51 billion yuan, with 16 sectors experiencing net inflows [1] - The communication sector had the highest net inflow of 6.45 billion yuan, coinciding with its 5.07% increase [1] - The electronics sector followed with a net inflow of 6.34 billion yuan and a daily increase of 2.48% [1] - Conversely, 15 sectors experienced net outflows, with the defense and military industry leading with a net outflow of 4.87 billion yuan [1] - The retail sector also saw significant outflows, totaling 2.31 billion yuan, along with notable outflows in the automotive, agriculture, forestry, animal husbandry, and fishery, and computer sectors [1] Automotive Sector Performance - The automotive sector had a net outflow of 2.24 billion yuan, with 282 stocks in the sector, of which 178 rose and 97 fell [2] - Notably, 5 stocks had net inflows exceeding 50 million yuan, with Feilong Co. leading at 348 million yuan, followed by Junsheng Electronics and Zhejiang Shibao with inflows of 140 million yuan and 76 million yuan respectively [2] - The stocks with the highest net outflows included Beiqi Blue Valley, with an outflow of 619 million yuan, followed by Sailis and Haima Automobile with outflows of 256 million yuan and 228 million yuan respectively [3] Automotive Sector Inflow and Outflow Rankings - **Inflow Rankings**: - Feilong Co. (10.01% increase, 348 million yuan inflow) [2] - Junsheng Electronics (5.01% increase, 140 million yuan inflow) [2] - Zhejiang Shibao (10.04% increase, 76 million yuan inflow) [2] - **Outflow Rankings**: - Beiqi Blue Valley (-0.85% decrease, 619 million yuan outflow) [3] - Sailis (-1.43% decrease, 256 million yuan outflow) [3] - Haima Automobile (-6.76% decrease, 228 million yuan outflow) [3]

Core Points - The stock price of Sais (601127) closed at HKD 108.10, with a decline of 0.64%, marking a cumulative drop of 17.79% since its listing on the Hong Kong Stock Exchange [1] - Sais reached an all-time low of HKD 107.40 during intraday trading, the lowest since its IPO on November 5, 2025, when it opened at HKD 128.9 [1] - The total number of shares offered globally was 108,619,000 H-shares, with 10,861,900 H-shares allocated for the Hong Kong offering and 97,757,100 H-shares for international offering [1] Financial Summary - The final offer price for Sais was HKD 131.50, raising a total of HKD 14,283.40 million, with net proceeds amounting to HKD 14,016.41 million after deducting estimated listing expenses of HKD 266.99 million [2] - Key cornerstone investors included Chongqing Industry Mother Fund, Linyuan Fund, Huatai Capital, and several asset management firms [2] Investor Details - New China Asset Management is 99.6% directly and indirectly owned by New China Life Insurance [3] - Sanhua (Hong Kong) is wholly owned by Zhejiang Sanhua Intelligent Control [3] - Other notable investors include Hichain Logistics HK, which is ultimately controlled by Jiangsu Haichen Logistics, and Zhongsheng, which is indirectly wholly owned by Zhongsheng Holdings [3]

从资金流向上来看，当日乘用车板块主力资金净流出14.38亿元，游资资金净流入2.73亿元，散户资金净流入11.64亿元。乘用车板块个股资金流向 见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，12月17日乘用车板块较上一交易日下跌0.4%，海马汽车领跌。当日上证指数报收于3870.28，上涨1.19%。深证成指报收于 13224.51，上涨2.4%。乘用车板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002594 | 比如迪 | 95.21 | 1.02% | 27.28万 | 25.84亿 | | 601238 | 广汽集团 | 8.25 | 0.12% | 42.44万 | 3.49 Z | | 600104 | 上汽集团 | 15.65 | -0.06% | 45.66万 | 7.13亿 | | 600733 | 北汽蓝谷 | 8.17 | -0.85% | 446. ...

Investment Rating - The report does not provide specific investment recommendations for individual companies or suppliers in the smart driving sector [2][5][7]. Core Insights - 2025 marks a pivotal year for automotive intelligence, initiating a three-year cycle that will elevate the domestic electrification penetration rate to 50%-80%+ [2]. - Leading smart driving manufacturers have successfully implemented urban NOA (Navigation on Autopilot) experiences, enhancing complex scenario handling and passenger experience [2]. - The report evaluates the smart driving experiences of seven manufacturers through both large sample and small sample road tests, focusing on various dimensions such as scenario implementation and comfort [2][4]. - The performance gap among manufacturers is narrowing, with second-tier manufacturers improving their capabilities significantly compared to Q1 [2]. Summary by Sections Road Test Overview - The report includes both large sample concentrated road tests and small sample in-depth road tests to assess the smart driving capabilities of various models [4][28]. - The concentrated road test was conducted on a fixed route in Shenzhen, covering complex scenarios such as narrow passages and busy intersections [31][67]. Performance Evaluation - The average takeover frequency across the tests was noted, with specific scores assigned to each vehicle based on their performance in various driving scenarios [36][37]. - The report highlights that the Wanjie M7 achieved the highest overall evaluation score, with an average takeover frequency of 0.47, indicating excellent smart driving performance [36][37]. - The performance of the Wei brand Lanshan and Xiaopeng models was also noted, with average takeover frequencies of 1.83 and 2.40, respectively, showcasing their capabilities in complex scenarios [40][42]. Model-Specific Insights - The report details the specific smart driving versions tested, including Huawei ADS 4.0, Xiaopeng XOS 5.7.8, and others, along with their respective performance metrics [12][14][18][19]. - Each model's strengths and weaknesses in handling various driving scenarios were analyzed, with particular attention to their ability to manage complex urban environments [2][67]. Future Outlook - The report anticipates that the advancements in smart driving technology will continue to evolve, with manufacturers focusing on enhancing their systems to better handle complex driving conditions [2][22].