快过年了，要买车的可酌情参考，暂时不买车的，过阵子回老家和一年不见的小伙伴聊天，也准备点谈资。 注意：以下优惠指的 是 终端全款现金优惠，不含旧车厂补、国补或省补、不包括五年贷优惠。 上汽大众 | 序号 | 车型 | 畅销配置 | 指导价(万) | 优惠幅度(万) | 预算落地价(万) | 备注 | | --- | --- | --- | --- | --- | --- | --- | | -1- | 朗逸新锐 | 1.5L新逸 | 7.99 | 全款:1.6 | 7.4 | 另有地补1000~3000元 | | -2- | 朗逸五百万版 | 1.5L五百万版 | 13.09 | 全款:4.7 | 9.7 | 另有地补1000~3000元 | | -3- | 朗逸PRO六百万 | 1.5L六百万版 | 12.89 | 全款:3.7 | 10.5 | 另有地补1000~3000元 | | -4- | 帕萨特 | 2.0T 330精英 | 18.85 | 全款:5.0 | 15.6 | 另有地补3000~6000元 | | -5- | 帕萨特 | 2.0T 380龙腾 | 17.69 | 全款:3.0 | 16. ...

大消费高开高走收涨1.76%，其中同程旅行上涨2.05%，阿里健康上涨1.71%，康方生物上涨1.05%，百 济神州、理想汽车、京东健康、吉利汽车等股均小幅收涨。 恒生银行全天维持在中轴上方窄幅盘整，截至收盘上涨1.06%。其中招商银行上涨0.78%，浙商银行上 涨1.65%，重庆农村商业银行、大新金融携手上涨0.33%，民生银行、光大银行、中国银行等股逆势小 跌。 内容只是个人观点，仅供参考，不作为投资依据！欢迎关注交流，互相学习、共同探讨！ 港股迎来反转，高开高走后收涨1.75%。互联网涨幅居前，大消费、科技、银行等紧随其后，恒生医疗 相对偏弱。 恒生互联网高开高走后全天震荡上行，截至收盘大涨1.9%。其中商汤大涨4.74%，网易上涨4.2%，地平 线机器人上涨3.8%，阿里巴巴、腾讯控股等股涨幅均在2%上方。 ...

Group 1 - The report highlights the recent performance of various industries, with notable gains in sectors such as non-ferrous metals, electronics, and power equipment, while retail and real estate sectors faced declines [1][1][1] - The central economic work conference emphasized the importance of technological breakthroughs and supply-demand optimization, indicating a shift towards quality improvement in economic growth [11][12][19] - The commercial aerospace sector is experiencing significant growth, with the establishment of a dedicated regulatory body and a notable increase in the commercial aerospace index, which has risen by 46.52% since April 7 [47][48] Group 2 - The report indicates a seasonal recovery in social financing, with November seeing an increase of 24,885 billion yuan, driven primarily by government bond issuance [4][7] - The credit environment is showing signs of marginal improvement, particularly in corporate loans, which increased by 6,100 billion yuan in November, reflecting a recovery in demand [5][6] - The report notes that the retail sector is undergoing a transformation, with a focus on quality, as highlighted by the Ministry of Commerce's emphasis on retail quality upgrades [1][1][1] Group 3 - The report discusses the rising interest in inquiry transfers, which have seen a significant increase in both project numbers and transfer scale, indicating a growing trend in the market [51][52] - The technology sector is expected to remain a key focus, with upcoming events such as the Volcano Engine FORCE conference anticipated to showcase advancements in AI and cloud services [56]

Market Performance - The automotive sector in A-shares rose by 0.2% from December 8 to December 14, outperforming the CSI 300 index which fell by 0.4% [1][32] - Among sub-sectors, commercial passenger vehicles, automotive parts, motorcycles, and automotive services increased by 1.5%, 1.1%, 0.3%, and 0.3% respectively, while commercial freight vehicles and passenger vehicles decreased by 0.9% and 4.4% [1][32] Investment Recommendations - Recommended core stocks include Geely Automobile, Xpeng Motors, BYD, Berteli, Top Group, New Spring Co., Hu Guang Co., and Chunfeng Power [2][10][14] - For passenger vehicles, focus on quality autonomous brands accelerating in intelligence and globalization [5][14] - In the parts sector, recommendations include intelligent driving companies like Berteli, Horizon Robotics, and Kobot, as well as companies in the new forces supply chain [5][23] Regulatory Developments - The State Administration for Market Regulation is seeking public opinion on the "Guidelines for Compliance with Pricing Behavior in the Automotive Industry," aimed at standardizing pricing practices and preventing unfair competition [4][11] Robotics Sector - Galaxy General, a humanoid robot unicorn, is preparing for a Hong Kong IPO, with a valuation among the top tier in the industry [3][10] - The focus remains on Tesla's production progress and technological iterations, with significant updates expected from other core manufacturers [3][10][17] Motorcycle Market - The market for large-displacement motorcycles is expanding rapidly, with sales of 250cc and above motorcycles reaching 61,000 units in October 2025, a slight decrease of 0.2% year-on-year but a significant increase of 29.7% year-to-date [24][26] - Recommended companies in this sector include Chunfeng Power and Longxin General [6][26] Truck Market - The heavy truck market saw sales of approximately 100,000 units in November 2025, a year-on-year increase of about 46% [27][28] - The expansion of the old-for-new subsidy policy is expected to stimulate demand for new trucks [27][28] Tire Industry - The tire industry is experiencing a global expansion, with strong demand and low valuations [29][30] - Recommended companies include Sailun Tire and Senqilin, as they are well-positioned to benefit from the ongoing trends in the industry [29][31]

天眼查App显示，近日，吉利银河新能源汽车销售（临海）有限公司成立，注册资本1000万元，经营范 围含新能源汽车整车销售、汽车零配件批发、汽车销售等。股东信息显示，该公司由浙江吉利控股集团 汽车销售有限公司全资持股。 （文章来源：证券日报） ...

（原标题：固态电池独角兽启动创业板IPO！小米、华为都投了！） 固态电池独角兽卫蓝新能源又有新动向！ 近日，中国证监会披露的信息显示，卫蓝新能源正接受中信建投辅导，拟登陆创业板。该文件显示，卫 蓝新能源公司实际控制人为俞会根，俞会根通过直接持股、间接持股以及一致行动人合计控制公司的股 权比例为29.25%。 今年6月胡润研究院发布的《2025全球独角兽榜》显示，卫蓝新能源以185亿元估值位列榜单第455位。 前不久的9月底，卫蓝新能源正式完成D+轮融资，本次融资中，北京市绿色能源和低碳产业投资基金、 北京市新材料产业投资基金以增资形式战略投资卫蓝新能源，这不仅仅是资本市场对固态电池行业的深 度认可，更是对卫蓝新能源下一步发展的坚定看好。 与此同时，广东能源集团、工银资本等重量级投资方也新晋加入股东阵营。其中，广东能源集团已与卫 蓝新能源在储能领域展开了全方位战略合作。 卫蓝新能源产品主要应用领域涵盖新能源汽车、储能、低空经济动力三大部分，其中典型电芯产品有： 360Wh/kg高能量密度动力电芯：具备超高能量密度，单次续航里程超过1000km，已于2023年底量产交 付蔚来汽车，并在多家知名整车厂获得定点。 2 ...

Investment Rating - The report suggests a focus on opportunities arising from the themes of international expansion and smart technology, particularly in the automotive sector [1]. Core Insights - Short-term domestic demand is low, with retail sales of passenger vehicles declining year-on-year. However, exports of passenger vehicles have shown strong growth, indicating that international markets will be a long-term focus for the industry [1][12]. - The smart technology and robotics sectors are accelerating, with significant advancements in intelligent driving and AI integration in vehicles [15][18]. - The report recommends investing in companies like BYD, Geely, and Li Auto for international expansion, and companies like Horizon Robotics and Top Group for smart technology and robotics [1][18]. Summary by Sections Weekly Perspective - Domestic demand is weak, with November retail sales of passenger vehicles down 15.8% year-on-year. The report notes that the expected policy incentives have not yet materialized, contributing to this decline [11]. - Passenger vehicle exports reached 594,000 units in November, a 50% increase year-on-year, indicating a robust international market [12]. Industry Data Tracking - The Shanghai Composite Index decreased by 0.08%, while the automotive index increased by 0.16% this week. Notable stock performances included Superjet Co. (+39.0%) and Huamao Technology (+28.5%) [2][19]. - In November, wholesale passenger vehicle sales were 2.991 million units, a 1.7% increase year-on-year, while new energy vehicle sales were 1.694 million units, up 17.6% [4][34]. Industry Dynamics - The report highlights the rapid development of smart technology in vehicles, with over 60% penetration of L2 and above driving assistance systems in the market. The trend towards AI-driven smart cockpits is also noted [15]. - Robotics technology is advancing, with new products being launched by domestic manufacturers, indicating a shift towards commercialization in this sector [16][18].

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly on the mid-to-high-end market and the used car market, indicating a favorable investment environment [2]. Core Views - The industry is experiencing substantial progress in countering "involution," with the State Administration for Market Regulation's pricing management measures reflecting a strong commitment to control [2]. - A three-year price increase cycle is anticipated, with effective demand release in the mid-to-high-end market and companies with overseas expansion strategies mitigating domestic pressures [2]. - The report recommends focusing on companies such as BAIC, JAC, Xiaopeng, and NIO, as well as used car enterprises like Uxin, which are expected to benefit from the price increase cycle [2]. Industry Situation Update - According to the China Passenger Car Association, the average daily retail sales of passenger cars in the first week of December were 42,000 units, a year-on-year decrease of 32% and a month-on-month decrease of 8% [2]. - Recent weeks have seen a decline in traditional and new energy raw material price indices, with traditional car raw material prices down by 1.8% week-on-week and 0.6% month-on-month, while new energy raw material prices decreased by 1.2% week-on-week but increased by 0.9% month-on-month [2]. - The total transaction value in the automotive industry for the week was 469.021 billion yuan, reflecting a week-on-week increase of 11.32% [2]. Market Situation Update - The automotive industry index closed at 7662.00 points, with a weekly increase of 0.16%, outperforming the Shanghai and Shenzhen 300 index, which fell by 0.08% [2]. - A total of 90 stocks in the industry rose, while 180 fell, with the largest gainers being Chaojie Co., Huamao Technology, and Yueling Co., which increased by 39.0%, 28.5%, and 21.9% respectively [2]. Important Events - The continuation of national subsidy policies is expected to provide stable support for consumption and industrial upgrades [3]. - The focus on countering "involution" has been elevated to a key reform task, indicating a shift towards regulating market competition and improving profitability structures [5]. - The smart driving sector is transitioning into a phase of large-scale commercialization, with ecosystem collaboration becoming crucial for development [14]. Investment Analysis Recommendations - The report suggests focusing on domestic leading manufacturers such as NIO, Xiaomi, Xiaopeng, and Li Auto, as well as companies involved in smart technology like Jianghuai Automobile and Seres [2]. - It highlights the importance of state-owned enterprise reforms and recommends attention to SAIC Motor and Dongfeng Motor [2]. - Companies with strong performance growth and overseas expansion capabilities in the parts sector, such as Xingyu, Fuyao Glass, and Newquay, are also recommended [2].

证 券 研 究 报 告 汽车行业周报（20251208-20251214） 《汽车行业价格行为合规指南（征求意见稿）》 推荐（维持） 发布，建议提前布局明年机会 华创证券研究所 | 证券分析师：张程航 | 证券分析师：夏凉 | 证券分析师：李昊岚 | 联系人：张睿希 | | --- | --- | --- | --- | | 电话：021-20572543 | 电话：021-20572532 | 邮箱：lihaolan@hcyjs.com | 邮箱：zhangruixi@hcyjs.com | | 邮箱：zhangchenghang@hcyjs.com | 邮箱：xialiang@hcyjs.com | 执业编号：S0360524010003 | | | 执业编号：S0360519070003 | 执业编号：S0360522030001 | | | 近期汽车销量运行相对平稳，但本周墨西哥宣布拟提高非自贸协定国家的关税，其中汽 车及零部件将被提升至 35%—50%，预计将对国内直接出口墨西哥的整车和零部件带来 影响。同时，国家市场监督管理总局发布了《汽车行业价格行为合规指南（征求意见稿）》， 进一步深化反内卷政 ...

Core Insights - The Chinese automotive industry is undergoing a structural transformation in 2025, shifting from price competition to technology-driven growth, and from domestic focus to global expansion, marking a new development stage [1] Group 1: Price War Aftermath - The price war in the automotive industry has entered its third year, with profit margins dropping to 4.5% in the first three quarters of 2025, below the 6% average of downstream industrial enterprises [3] - There are signs of easing in the price war, indicating a shift from vicious competition to rational development, as companies recognize that quality, service, and technological innovation are essential for long-term success [3] Group 2: 60-Day Payment Terms - Major automotive companies have adopted a 60-day payment term, reflecting a significant change in the industry ecosystem and addressing long-standing payment issues that strained supply chains [6] - This shift enhances the credit system within the supply chain, allowing suppliers to invest more in innovation and quality improvement, thus fostering a healthier industry environment [6] Group 3: 5-Second Acceleration Standard - A new regulation proposes that new vehicles must achieve a 0-100 km/h acceleration time of no more than 5 seconds, marking a fundamental shift in competitive logic within the automotive industry [9] - This standard encourages companies to focus on safety, user experience, and practical technology rather than extreme performance metrics [9] Group 4: 50% Penetration Rate of New Energy Vehicles - By November 2025, new energy vehicles accounted for 53.6% of domestic passenger car sales, indicating a shift from policy-driven to market-driven growth in the sector [11] - This milestone signifies that new energy vehicles have become mainstream, reshaping the industry landscape and prompting traditional automakers to accelerate their electrification strategies [11] Group 5: Subsidy Phase-Out - The phase-out of subsidies for new energy vehicles is set to begin in 2026, transitioning the industry from reliance on government support to market-driven growth [14] - This change is expected to enhance market competition and compel companies to improve product quality and cost control [14] Group 6: New Normal in Exports - In 2025, China's automotive exports are projected to exceed 6.8 million units, maintaining the top position globally for the third consecutive year, with a significant increase in new energy vehicle exports [16] - The export model is evolving from product trade to a more integrated approach involving industry chain and technology exports [16] Group 7: Smart Driving Popularization - 2025 marks the year of smart driving technology's widespread adoption, with significant advancements in urban navigation assistance systems [19] - Regulatory measures are being implemented to ensure safety and compliance, balancing innovation with social responsibility [19] Group 8: Joint Venture Counterattack - Traditional joint venture brands are launching a "localization 2.0" strategy to regain market share in the new energy era, focusing on deep localization and embracing electrification [21] - This strategy enhances competition and provides consumers with more quality choices while integrating the supply chain into the local ecosystem [21] Group 9: Battery Safety Concerns - Battery safety issues have escalated to a regulatory priority, with new standards mandating thermal monitoring and warning systems for battery packs [24] - These regulations aim to enhance safety and accountability in the industry, pushing companies to prioritize safety investments [24] Group 10: Retreat of Hidden Door Handles - The decline of hidden door handles reflects a broader industry reconsideration of "over-design" in automotive engineering, emphasizing safety and practicality over aesthetics [27] - New regulations require mechanical release functions for door handles, signaling a shift towards user-centric design principles [27]