行业研究 证 券 研 究 报 告 汽车行业新车跟踪报告 10 月重点关注腾势 N8L 及高山 7 电话：021-20572543 邮箱：zhangchenghang@hcyjs.com 执业编号：S0360519070003 行业基本数据 汽车 2025 年 10 月 16 日 推荐（维持） 华创证券研究所 证券分析师：张程航 -9% 7% 24% 41% 24/10 24/12 25/03 25/05 25/08 25/10 2024-10-15~2025-10-15 汽车 沪深300 相关研究报告 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 235 | 0.03 | | 总市值(亿元) | 48,568.92 | 4.15 | | 流通市值(亿元) | 37,097.69 | 3.93 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 0.2% | 18.6% | 33.4% | | 相对表现 | -0.2% | -2.1% | 18.8% | 《【华创汽车】新车跟踪：4 月上海车 ...

Core Insights - The successful launch of the "Inertia-1 Remote 2·Hailan Home" rocket marks a significant advancement in China's commercial space capabilities, transitioning from successful initial flights to mature applications [1][2] - Private enterprises are becoming key players in China's commercial space sector, as evidenced by the recent successful launches of multiple satellites by companies like Geely and Hailan Home [1][4] Group 1: Rocket Launch Details - The "Inertia-1 Remote 2·Hailan Home" rocket, developed by the private company Dongfang Space, is a medium to large-sized solid rocket that has set multiple records, including being the largest solid rocket globally and the most capable commercial rocket in China [2][3] - The rocket has a height of 30 meters, a takeoff weight of 405 tons, and a thrust of 600 tons, with a near-Earth orbit payload capacity of 6.5 tons [2][3] - This launch serves as a reliability and quality control test for the rocket, further validating its capabilities for large-scale satellite deployment [2][3] Group 2: Industry Growth and Policy Support - Shandong Province aims to achieve an annual production capacity of 100 rockets and 150 commercial satellites by 2027, with a target industry scale exceeding 500 billion yuan [5][6] - The provincial government is implementing measures to enhance rocket manufacturing and new rocket development, including insurance subsidies for sea launch projects [5][6] - The commercial space sector is becoming a focal point for new productivity growth across various provinces, with Shanghai and Hainan also announcing plans to develop their commercial space industries [6][7]

Core Viewpoint - A prominent embodied intelligence company, OneStar Robotics, has unexpectedly disbanded shortly after its establishment, raising questions about the reasons behind this sudden decision [3][5][20]. Company Overview - OneStar Robotics was founded on May 9, 2025, by Li Xingxing, the son of Geely's founder Li Shufu, and was positioned as a key player in the robotics sector for Geely [6][10]. - The company aimed to develop embodied intelligence, focusing on practical applications rather than just technological demonstrations [11][13]. Recent Developments - Just over a month prior to the disbandment, OneStar Robotics announced new financing and the recruitment of notable AI expert Ding Yan as CTO and co-founder [4][18]. - The company had secured several rounds of funding, including a multi-million yuan "friends and family" round and a seed round involving various investors from the Geely ecosystem [16][20]. Disbandment Details - The disbandment occurred without prior notice, and it is reported that the company did not have to compensate employees due to its short operational period [3][8][22]. - There are indications that the existing Geely-related foundational platform and business may revert to Geely Auto Group, while the technology team led by Ding Yan might pursue independent ventures [9][20]. Research and Development Strategy - OneStar Robotics distinguished itself by adopting a "scene-first" approach, focusing on real-world tasks and production scenarios to drive algorithm design and operational processes [13][14]. - The company collaborated with prestigious academic institutions, including Fudan University and Tsinghua University, to build a robust research framework [12].

Core Viewpoint - The article discusses the sudden dissolution of OneStar Robotics, a startup in the field of embodied intelligence, which was founded only a few months ago and had recently announced significant funding and high-profile hires [3][4][6]. Company Overview - OneStar Robotics was established on May 9, 2025, by Li Xingxing, the son of Geely's founder Li Shufu, and was positioned as a key player in Geely's robotics strategy [10][11]. - The company aimed to innovate in the "embodied intelligence" sector, focusing on practical applications rather than flashy demonstrations [13][14]. Recent Developments - In July, OneStar Robotics announced the completion of a multi-hundred million yuan "friends and family" funding round, primarily from Geely's ecosystem [16]. - The company secured a notable talent, Ding Yan, from Shanghai AI Lab, who became the CTO and co-founder [17]. - In August, a partnership was formed with Fudan University to establish a joint laboratory, and the first product, "Star Wheel 1," was launched [18]. - By September 17, the company completed another multi-hundred million yuan seed funding round, attracting various investors [19]. Sudden Dissolution - Despite its rapid growth and significant backing, OneStar Robotics was reported to have dissolved its team abruptly, with the reasons for this dissolution still unclear [8][20]. - There are indications that the existing Geely-related platforms and businesses may revert to Geely Auto Group, while the technology team, led by Ding Yan, might pursue independent ventures [9].

Core Viewpoint - The sudden dissolution of OneStar Robotics, a star startup in embodied intelligence, has raised eyebrows in the industry, especially given its recent high-profile funding and recruitment of a renowned CTO [2][3][4]. Company Overview - OneStar Robotics was founded on May 9, 2025, by Li Xingxing, the son of Geely's founder Li Shufu, and was positioned as a key player in the robotics sector for Geely [5][9][10]. - The company aimed to innovate in the "embodied intelligence" field, focusing on practical applications rather than just algorithmic demonstrations [12][13]. Recent Developments - In July, OneStar Robotics announced the completion of a multi-hundred million yuan "friends and family" funding round, primarily from Geely's ecosystem [15]. - The company appointed Ding Yan, a prominent researcher from Shanghai AI Lab, as CTO and co-founder, enhancing its technical capabilities [16]. - In August, a partnership was established with Fudan University to create a joint laboratory, and the first product, "Star Wheel 1," was launched [17]. - Another funding round occurred on September 17, with participation from various market and industry investors, totaling several hundred million yuan [18]. Dissolution Details - Despite its rapid growth and significant investments, OneStar Robotics has reportedly dissolved its team within just five months of its establishment, with many employees not even completing their probation period [22]. - The reasons for the dissolution remain unclear, but there are indications that the existing platform and business may return to Geely, while the technology team could pursue independent ventures [8][7].

Core Insights - The 2026 Geely Star Wish was launched at the Geely Automotive User Conference, featuring six variants priced between 65,800 to 95,800 yuan, equipped with advanced technologies and a focus on user preferences for aesthetics and performance [1][2]. Product Features - The new model includes standard features such as CATL battery cells, an 11-in-1 intelligent electric drive, rear-wheel drive, multi-link independent suspension, a 70L front trunk, and the Galaxy Flyme Auto intelligent cockpit system [1][2]. - The Star Wish STAR limited edition offers unique color combinations and a sports package, catering to younger consumers' desire for individuality and sportiness [1]. Sales Performance - Since its launch in October 2024, the Geely Star Wish has achieved cumulative sales of over 400,000 units, with monthly deliveries surpassing 50,000 units as of September 2025, marking it as a phenomenon in the automotive market [2]. Technological Innovations - Built on the GEA architecture, the Geely Star Wish incorporates numerous technological advancements, including a rear-drive layout and a highly integrated 11-in-1 electric drive system with an efficiency of 89.2% [2]. - The vehicle has undergone extensive testing, including 3,000 hours of durability testing and 2 million kilometers of real-world trials, ensuring reliability and performance under various conditions [3]. Battery and Charging - The Star Wish features a high charging efficiency, capable of increasing battery charge from 30% to 80% in just 21 minutes, and employs a liquid-cooled battery thermal management system for optimal performance in extreme temperatures [3]. - The battery life exceeds national standards, maintaining 90.72% capacity after double the required cycle tests [3]. Safety Features - The vehicle is designed with comprehensive passive safety features, including a unique aluminum battery protection structure and enhanced visibility through optimized A-pillars and a 279° surround view [4]. - Interior materials are selected for low odor and environmental friendliness, ensuring passenger health [4]. Intelligent Systems - The Geely Star Wish is equipped with the upgraded Galaxy Flyme Auto intelligent cockpit system, enhancing user experience with features like 360° wheel view and intelligent service hall [4]. - Future updates will include a pet mode and integration with the Xingrui AI computing center for improved natural language processing capabilities [4]. Strategic Goals - 2025 marks the conclusion of Geely's "Smart Geely 2025 Strategy," transitioning from producing affordable vehicles to creating intelligent premium cars, with a target of achieving annual sales of one million units in the new energy vehicle segment [4].

Core Insights - The automotive market in China is expected to maintain strong growth in 2025, driven by macroeconomic factors and government policies promoting consumption [1] - The differentiation between passenger and commercial vehicles is becoming more pronounced, with passenger vehicle sales projected to grow by 13% in 2025, while commercial vehicles benefit from the electrification trend [4][6] - The performance of major automotive groups is showing significant divergence, with some state-owned enterprises lagging behind, while private companies like BYD and Chery are performing well [8][11] Group 1: Market Trends - The overall automotive market in September showed strong performance, with total sales reaching 3.2 million units, a year-on-year increase of 14.1% [6] - The commercial vehicle market is experiencing a structural growth driven by electrification, particularly in logistics and pickup segments [1][4] - The passenger vehicle market is benefiting from trade-in policies, with strong sales growth expected as regions resume previously paused incentives [4][11] Group 2: Sales Performance - From January to September 2025, total automotive sales reached 24.21 million units, with a cumulative growth rate of 12% [6] - In September 2025, narrow passenger vehicle sales totaled 2.8 million units, reflecting a year-on-year growth of 12% [16] - The sales of new energy passenger vehicles in September reached 1.5 million units, a year-on-year increase of 22% [24] Group 3: Company Performance - BYD leads the market, followed by Geely and Chery, with significant growth in their sales figures [18] - Traditional fuel vehicle sales are under pressure, with a projected decline of 10% in 2024, while new energy vehicles continue to gain market share [29][31] - The commercial vehicle segment is seeing strong performance from leading manufacturers like FAW and Heavy Truck, with significant year-on-year increases in sales [40]

大明电子股份有限公司(简称"大明电子")正式启动发行工作。 10月16日，大明电子在上交所网站披露招股意向书、发行安排及初步询价公告、招股意向书提示性公 告，正式启动发行工作。 从实验室到生产线，从国内市场到全球供应链，大明电子用三十年证明，技术深耕才是最有力的破局武 器。随着公开发行，这家技术派企业即将登陆资本市场，或将为行业高质量发展提供新的范本。 大明电子专注于汽车电子零部件配套领域，是一家专业从事汽车车身电子电器控制系统设计、开发、生 产和销售的综合解决方案供应商。它深耕该领域三十余年，逐渐实现汽车车身电子电器控制系统全系列 产品设计自主化、品种多样化，形成了核心生产工艺技术并实现产业化。从单一零部件到全系列控制系 统，从跟跑者到细分领域引领者，其发展逻辑始终围绕技术护城河展开。 大明电子公司及子公司共获得166项专利权，其中发明专利16项。更值得关注的是其研发投入强度- -2024年研发费用达1.19亿元，占营收比例4.37%。同时，大明电子获得国家级"专精特新小巨人"企 业、"省级高新技术企业研究开发中心"、"省级企业研究院"等荣誉称号。这种对技术的长线投入，让其 产品在可靠性、集成度等关键指标上 ...

在汽车产业链中，能与头部车企深度绑定，是检验企业实力的硬标准。大明电子的客户名单，堪称一张 中国汽车产业地图。自主品牌领域，长安、上汽、一汽、比亚迪、吉利等主流厂商均是其客户；合资品 牌中，长安马自达、上汽大众、上汽通用等车企的供应链名单里，亦有它的身影；更值得关注的是，大 明电子已成功进入福特汽车、丰田汽车、斯堪尼亚等知名外资品牌供应链体系。 这些合作不仅是订单，更是技术迭代的催化剂。通过与头部车企的联合研发，大明电子持续吸收前沿需 求，反哺自身技术升级，形成客户需求-技术创新-产品迭代的良性循环。 大明电子股份有限公司（简称"大明电子"）正式启动发行工作。 10月16日，大明电子在上交所网站披露招股意向书、发行安排及初步询价公告、招股意向书提示性公 告，正式启动发行工作。 根据招股书，本次募集资金扣除发行费用后将全部投入募集资金投资项目，"大明电子（重庆）有限公 司新建厂区项目（二期）"和"补充流动资金"。 大明电子专注于汽车电子零部件配套领域，是一家专业从事汽车车身电子电器控制系统设计、开发、生 产和销售的综合解决方案供应商。它深耕该领域三十余年，逐渐实现汽车车身电子电器控制系统全系列 产品设计自主化、 ...

智通财经APP讯，吉利汽车(00175)发布公告，于2025年10月16日因本集团雇员根据认股权计划(于2023 年4月28日获采纳)行使认股权而发行1000股普通股股份。 ...