● 龚梦泽 熊永红 2025年中国汽车市场已全面进入"混动与纯电双线博弈"的深水区。据中汽协披露数据，今年10月，我国 新能源汽车新车销量达到汽车新车总销量的51.6%，占有率首次过半。在此格局下，深耕中国市场21年 的广汽丰田，以"电混先行、纯电跟进"策略实现前11个月累计销售70.4万辆。但销量结构中的失衡信号 与新能源转型的路径争议，折射出传统巨头在行业变革中的共性课题。 遭遇转型阵痛 面对市场挑战，广汽丰田在2025年启动"中国自研2.0时代"，明确中国首席工程师将主导下一代车型的 开发，推出中小型与中大型两大新能源专属平台，兼容BEV、PHEV、REEV多动力形式，并计划在混 动领域新增增程路线，形成三大混动技术布局。这一战略得到业内肯定，被视为合资企业突破"市场换 技术"框架的关键尝试。 然而，战略落地速度仍需加快。中国证券报记者观察到，从当前进展看，两大专属平台仅推出铂智 3X、铂智7两款车型，第六代电混技术仍在开发中，TSS智驾系统虽升级至4.0版本，但与国产车型的高 阶智驾功能相比仍有差距。 在纯电赛道，广汽丰田以资源整合实现快速突破。2025年3月上市的铂智3X，11月单月销量达10010 ...

据悉，浙江国际智慧交通产业博览会已连续举办六届，累计展示2000余件新技术、新产品、新应用，吸 引超2500家国内外重点企业参展，签约项目206个。(完) 中新网杭州12月11日电(鲍梦妮郑婷婷)12月11日，第七届浙江国际智慧交通产业博览会在杭州开幕。本 届博览会以"壮大交通经济勇当开路先锋"为主题，以"5大主题馆+2个特色展区+X项配套活动"为总体布 局，突出引领性、影响力、订单化、体验感。 本届博览会共吸引280家企业(单位)参展，其中包括中车、天目山实验室、振华重工、海康威视、华 为、吉利等77家链主和国际国内龙头企业，集中展示695项新技术、新产品、新装备，其中重磅展品57 件。 开幕式现场。主办方供图 例如"天目山一号"氢动力无人机创造了"氢燃料电池驱动的多旋翼无人机飞行的最长距离"吉尼斯世界纪 录。其成功完成了不间断飞行188.605公里(用时4小时17分55秒)的飞行挑战，已应用于高速巡检、油气 管道巡查、新能源电站运维及海岛运输、城市交通管理及应急救援作业。 在公路轨道馆内，由浙江省交通集团高速公路桥梁技术中心带来的展品"旋翼式拉索检测机器人"，可沿 不同倾斜角度的斜拉索表面无损爬升，检测效 ...

智能化月报系列 车中旭霞 汽车智能化月报： 《汽车智能化月报系列（三十）-9月城区NOA渗透率达16%，小鹏发布第二代VLA、Robotaxi、全新一代IRON》——20251126 《国信汽车-汽车智能化月报系列（二十九）：小马智行和文远知行冲击港股上市，均胜电子再获50亿元汽车智能化全球订单》—— 20251103 《国信汽车-汽车智能化月报系列（二十八）-地平线合作哈啰加速Robotaxi商业化落地，禾赛科技于香港交易所上市 》——20250928 《国信汽车-汽车智能化月报系列（二十七）：尚界H5搭载HUAWEI ADS 4辅助驾驶系统，地平线HSD首搭奇瑞星途E05》—— 20250827 《国信汽车-汽车智能化月报系列（二十六）：汽车智能化月报系列二十六 - 上海新一批智能网联汽车示范运营牌照7月26日发放， Robotaxi商业化落地加速》——20250728 《国信汽车-汽车智能化月报系列（二十五）：特斯拉即将启动Robotaxi试运营，小鹏G7搭载图灵AI芯片和AR-HUD》——20250620 《国信汽车-汽车智能化月报系列（二十四）：特斯拉将于6月推出自动驾驶出租车，小米YU7全系标配激 ...

具体到产品序列及销售目标，广汽将在日推出旗下品牌埃安，计划2026年实现200辆订单，2027年将订单量提升至2000辆。初期将推出两款车型， 小型车埃安UT和SUV车型AION V。 其中，AION UT起售价为330万日元（约合人民币14.98万元），AION V起售价为500万日元（约合人民币22.70万元）。两款车型均支持日本独有 的快充标准"CHAdeMO"。初期销售将限定面向有商务用车需求的企业客户。 来源丨凤凰网财经《公司研究院》 过去，"日系三杰"丰田、本田和日产是日本消费者购买汽车的绝对选择，如今越来越多的中国车企希望用更经济、更智能的电动产品撬走市场份额。 继比亚迪、吉利之后，广汽集团宣布也将触角延伸至日本，或将加速日本汽车市场的洗牌。 据日本媒体报道，广汽集团将于2026年夏季正式以纯电动车进入日本市场，计划通过代理商进行销售，将由位于东京中野的M Mobility Japan公司 负责。 此时进军日本市场，正值广汽近期在华销量增长陷入瓶颈。今年前三季度，集团总销量同比下滑11%，降至118万辆。其中埃安品牌销量同比大幅下 降20%，仅为18万辆。 财务数据从更深层体现出广汽目前在国内发 ...

Core Viewpoint - The automotive market is shifting towards a trend of "price reduction and moderate promotions," with retail sales of passenger cars declining by 8% in November 2025, significantly lower than the 2% growth in wholesale sales [1] Group 1: Market Trends - The retail sales of passenger cars fell by 8% in November 2025, while wholesale sales increased by 2% [1] - The A0-class sedans and C-class SUVs became the main retail drivers in November, with strong performance in high-end SUVs [1] - The retail environment is influenced by consumer urgency due to the expiration of tax exemptions for new energy vehicles, leading to increased sales in December [2] Group 2: Economic Vehicle Market Performance - A00-class sedans saw wholesale of 171,900 units in November 2025, with a year-on-year decline of 1% and a month-on-month increase of 4% [4] - A0-class sedans had wholesale of 183,500 units in November 2025, showing a year-on-year growth of 25% [5] - A0-class SUVs experienced a wholesale decline of 9% year-on-year in November 2025, with retail sales also down by 22% [6] Group 3: A-Class Vehicle Market - A-class sedans had wholesale of 445,800 units in November 2025, with a year-on-year decline of 7% [8] - A-class SUVs had wholesale of 880,000 units in November 2025, with a year-on-year decline of 2% [9] Group 4: B-Class Vehicle Market - B-class sedans had wholesale of 380,500 units in November 2025, with a year-on-year growth of 3% [10] - B-class SUVs saw wholesale of 454,200 units in November 2025, with a year-on-year growth of 10% [11] - The high-end SUV market is witnessing a rapid rise in autonomous new energy vehicles, while traditional fuel vehicles are losing their competitive edge [12] Group 5: MPV Market Trends - B-class MPVs had wholesale of 45,100 units in November 2025, with a year-on-year growth of 40% [13] - C-class MPVs experienced a year-on-year decline of 20% in wholesale in November 2025 [14] - The MPV market is transitioning from a high-growth phase to a low-growth trend, with strong performances from brands like BYD and Tengshi [14]

Core Insights - Horizon's unique advantage lies in its "ecosystem" that spans both hardware and software, aiming to make advanced driver assistance systems (ADAS) accessible to a broader market [1][12][20] - The company plans to introduce a city driving assistance solution priced for vehicles in the 100,000 RMB range, targeting mass-market adoption [2][5] Group 1: Market Positioning - Currently, only three models in the 100,000 to 150,000 RMB range support city driving assistance, with two of them utilizing Horizon's HSD solution [2] - Horizon's strategy is to transition high-level ADAS from a technology breakthrough to widespread availability, positioning it as the "automatic transmission of the new era" [2][5] Group 2: Technological Development - Horizon's HSD 600 solution, based on the J6P chip with 560 TOPS, is already in mass production for models priced between 130,000 and 150,000 RMB [7] - The upcoming HSD 300 solution, utilizing two J6M chips with 128 TOPS each, aims to further reduce costs while maintaining city driving assistance capabilities [7][8] Group 3: Industry Dynamics - The automotive market may undergo significant changes if Horizon's HSD systems become prevalent in vehicles priced below 200,000 RMB, as this could democratize access to advanced driving technologies [9] - The transition from highway to city NOA (Navigation on Autopilot) presents challenges for many automakers, requiring substantial investments in data centers and model training [10] Group 4: Collaboration and Ecosystem - Horizon is shifting from a hardware-centric model to a more collaborative approach, offering its HSD Together model to partners, which includes sharing AI technology and model services [12][13] - The company has already partnered with various firms, including a joint venture with Volkswagen, to enhance its ecosystem and expand its market reach [14] Group 5: Broader Applications - Horizon is also expanding into the robotics sector, becoming a major computing platform for consumer robots, which complements its automotive initiatives [16][20] - The company's dual focus on automotive and robotics ecosystems positions it as a foundational capability provider rather than just a chip supplier [20][22]

证券研究报告 晨会 hyzqdatemark 2025 年 12 月 11 日 投资要点： | 市场数据 指数名称 | 收盘价 | 涨跌幅 | 年初至今 | | --- | --- | --- | --- | | 上证指数 | 3,873.32 | -0.70% | 18.72% | | 创业板指 | 3,163.67 | -1.41% | 53.54% | | 沪深 300 | 4,552.18 | -0.86% | 19.15% | | 中证 1000 | 7,312.00 | -1.30% | 26.13% | | 科创 50 | 1,325.83 | -1.55% | 38.78% | | 北证 50 | 1,443.17 | 3.84% | 41.50% | 资料来源：聚源，华源证券研究所，截至2025年12月11日 华源晨会精粹 20251211 汽车 看好高端车市场自主品牌崛起——汽车行业双周报：40 万元以上高端车市场空 间稳定，且目前自主份额占比较低，自主车企具备较大提升空间。在智能电动化时 代，竞争要素由品牌+参数性能向以科技属性+感性体验为外在表征的新要素转变。 在新的竞争框架下，自主车 ...

Group 1: Automotive Market Overview - In November, the national retail sales of passenger cars reached 2.225 million units, a year-on-year decrease of 8.1% and a month-on-month decrease of 1.1%, aligning with the initial forecast of a "low start, medium growth, and stable end" trend for the year [5][11][20] - Cumulative retail sales for the year reached 21.483 million units, reflecting a year-on-year growth of 6.1%. The growth rate fluctuated throughout the year, with a notable slowdown in the fourth quarter due to high base effects from the previous year [5][11][20] - The "old-for-new" subsidy policy has been a significant driver for growth, with over 11.2 million applications for subsidies by the end of October, although the average daily subsidy scale dropped to 30,000 units in November due to the suspension of subsidies in various regions [5][11][20] Group 2: Intelligent Driving Developments - NVIDIA has officially open-sourced its new Vision-Language-Action (VLA) model, Alpamayo-R1, marking a significant shift in autonomous driving technology from mere behavior imitation to deeper causal reasoning [6][33] - The model's dataset, approximately 100TB in size, has been uploaded to the open-source community, indicating a move towards more accessible high-end autonomous driving models [6][33] Group 3: Investment Recommendations - The report suggests focusing on companies with strong positions in automotive intelligence and leading software capabilities, including Rui Ming Technology, Dao Tong Technology, Hei Zhi Ma Intelligent, Horizon Robotics, and others [8][39]

Core Viewpoint - The automotive market in China is expected to face significant challenges in 2026, with predictions of stagnation or even negative growth due to the cessation of subsidies and changing consumer behavior [4][5][6]. Market Predictions - Experts predict a growth rate of around 4% for 2025, with a potential slowdown to 3.2% in 2026. However, many automotive executives foresee negative growth, with some estimating declines in the double digits [5]. - November sales data indicates a retail volume of 2.225 million vehicles, reflecting an 8.1% year-on-year decline and a 1.1% month-on-month decrease, continuing a downward trend from October [6]. Impact of Subsidy Changes - The abrupt halt of subsidies, including local and national incentives, has significantly impacted consumer purchasing decisions, leading to a hold-off on vehicle purchases [8][9]. - In 2025, the cumulative benefits from various subsidies amounted to nearly 400 billion yuan, with over 10 million vehicles benefiting from trade-in subsidies [9]. Consumer Behavior - The cessation of subsidies has led to a "wait-and-see" attitude among potential buyers, with many choosing to delay purchases until more favorable conditions arise [10][13]. - Some consumers speculate that the removal of subsidies may lead to lower vehicle prices, as manufacturers may need to reduce prices to stimulate demand [14]. Competitive Landscape - The automotive industry is entering a more competitive phase, with a shift from subsidy-driven growth to a focus on profitability and product quality [16][17]. - Companies are expected to adopt strategies that prioritize production based on sales rather than maximizing output, which may lead to a more rational pricing environment [17]. Policy Outlook - Future policies are anticipated to focus on industry upgrades and targeted support for specific consumer groups, rather than broad subsidies [17]. - The market may see a consolidation of brands, with only those possessing strong technological capabilities and operational efficiency surviving the competitive landscape [17]. Conclusion - The automotive market in China is poised for a challenging year ahead, with uncertainties surrounding consumer behavior and policy changes potentially reshaping the industry dynamics [19].

"奇瑞的智能化要不客气了！"在2024年奇瑞全球创新大会上，董事长尹同跃继提升电动化转型速率后， 再度高调宣布奇瑞的转型决心。而奇瑞统一的智能化中心的成立，则是其在早期智能化道路不断探索布 局及试错后的直接结果，标志着奇瑞在长达数年的智能化分散探索后，开始走向集中统一。 早期探索与试错经验 早在2010年，当许多中国车企还在传统制造领域深耕时，奇瑞就在上海成立了智能化公司雄狮科技，布 局智能互联技术研发。2013年，艾瑞泽、瑞虎等核心系列产品就开始搭载各种智能车机体验。 2023年2月，面对吉利、长城等对手纷纷成立辅助驾驶业务部门或独立子公司的浪潮，奇瑞不甘落后地 成立了大卓智能，并邀请曾负责特斯拉、小鹏自动驾驶研发的谷俊丽出任CEO。这一动作曾被外界解读 为奇瑞在智能化领域"不客气"的初步体现。 【文/观察者网 潘昱辰 编辑/高莘】日前，有消息称前吉利汽车中央研究院核心人物胡伟龙将入职奇瑞 汽车，统筹奇瑞的辅助驾驶研发工作。而此前负责奇瑞智能化中心实际运营的谢保军，今后则将负责奇 瑞整车电子电器架构研发。 截至目前，奇瑞方面并未对此做出回复。不过就在今年5月，奇瑞曾宣布将旗下子公司雄狮科技、大卓 智能与研发 ...