东风股份（600006）2025年9月产销数据解读 核心要点 整体表现： 汽车业务持续下滑，发动机业务逆势增长 主要数据： 汽车合计： 9月产量6,388辆，销量7,433辆；前9月累计产量83,752辆（同比-23.01%），销 量92,146辆（同比-20.28%） 细分表现： 轻型货车：累计产量同比-20.25%，销量同比-17.19% 客车：累计产销同比大幅下滑约60% 新能源汽车：累计产量同比-25.44%，销量同比-16.20% 东风康明斯发动机： 累计产量163,847台（同比+8.07%），销量163,753台（同比+10.80%），为唯一增 长业务 关键特征： 传统商用车市场承压明显，新能源转型效果有限，但合资发动机业务保持良好增长势头。 ...

每经记者｜孙桐桐 每经编辑｜裴健如 10月8日，Stellantis集团宣布对其领导团队架构进行调整。其中，中国市场现任战略负责人及资深顾问奥立维（Grégoire Olivier）被任命为Stellantis集团中国 及亚太区负责人，并担任集团领导团队成员。 针对净营收下滑的原因，Stellantis集团解释称，这主要是受北美和欧洲地区收入同比下滑影响，部分被南美地区增长所抵消。同时，Stellantis方面指出，集 团重新制定了财务指导方针，预计2025年下半年财务指标将持续改善。 与此同时，Emanuele Cappellano将继续领导集团Pro One商用车业务，并同时被任命为集团欧洲区和欧洲品牌负责人；安巴托（Jean-Philippe Imparato）将担 任玛莎拉蒂品牌CEO，并致力于推动玛莎拉蒂品牌和"Stellantis&You"业绩的提升，向Emanuele Cappellano汇报工作；巴西和南美地区轻型商用车业务的现任 商业运营负责人Herlander Zola被任命为Stellantis集团南美区负责人，接替Emanuele Cappellano的工作；Samir Cherfan ...

岚图汽车汉口全功能用户中心内，人流量比平日多出几倍。国庆期间售出近40台新车， 其中全新岚图知音最受欢迎。"很多是一家人全家上阵来买车，还有外地游客专程来看。"店 长熊乙云告诉长江日报记者，"尤其是知道我们和华为合作的几款车型，不少人一试完车就 下定了。" 十月的武汉，从网球场到商圈都在热。 光谷国际网球中心里，顶尖选手正挥拍拼搏；30多公里外的岚图汽车全功能用户中心， 人们正围着四款新车讨论智能驾驶与续航。赛事与汽车，场内与场外，恰好拼成了这座城市 在国庆中秋假期的另一种节奏——向上、向新、向未来。 赛场之外的"流量担当" 10月6日，2025年东风·岚图汽车武汉网球公开赛在光谷开幕。作为赛事独家冠名赞助 商，岚图再度成为"顶级赛场的出行担当"。 展区也成了"第二赛场"：刚刚开启预售的旗舰轿车岚图追光L——搭载全域800V岚海智 混技术、5C超快充系统和华为乾崑ADS 4，12分钟即可从20％充到80％，410公里纯电续 航，令不少球迷驻足打卡。"这车外形太惊艳了。"来自杭州的球迷王筝笑着说，"看完球我 都想去试试智能驾驶。" "武网冠名"让岚图在国际赛场上打出了品牌势能，而门店里的销售场景，则是这个"假 ...

能源市场这几年真是风起云涌，石油价格像过山车一样忽高忽低。 说起2023年那次大动作，沙特阿拉伯和俄罗斯带头搞了个石油减产协议，当时每天减产总量高达366万桶，这事儿在国际上闹得沸沸扬扬。 不少人担心全球油价会飙升，尤其是像中国这样的大进口国，会不会供应跟不上。但实际情况是，中国这边石油供应稳得一批，没啥大问题。 石油是全球经济命脉，产油国们为了稳住价格，经常通过OPEC+这个组织来协调产量。OPEC是石油输出国组织，里面主要是中东国家，沙特是老大。 后来俄罗斯等非OPEC国家加入，就成了OPEC+。2022年下半年，全球石油市场供过于求，美国那边页岩油产量猛增，油价开始往下走。 2022年10月，OPEC+就决定减产200万桶每天，从11月开始执行到2023年底。这已经是很大一笔了，占全球需求的2%左右，目的是抬高油价，保护产油国的 收入。 大家一开始都怕中国石油供应会出问题，成品油价格会不会跟着涨。但说实话，中国没那么脆弱。 首先，中国石油储备超级充足，据国际能源署数据，中国是全球最大石油储备国，战略储备加上商业库存，达到4.5亿桶以上。这能顶几个月的需求波动， 就算短期减产，也够缓冲。 其次，中国和俄罗 ...

Core Viewpoint - Huafeng Power Co., Ltd. (605100.SH) faced significant performance pressure in the first half of 2025, with a 33.10% year-on-year decline in revenue and a 71.94% drop in net profit attributable to shareholders, primarily due to structural changes in demand for traditional core components and setbacks in overseas operations [2][3][4]. Group 1: Financial Performance - In the first half of 2025, the company reported revenue of 373 million yuan, a decrease of 33.10% year-on-year, with specific revenue breakdowns: 58 million yuan from diesel engines and units, 306 million yuan from components, and 7 million yuan from maintenance services [3]. - The net profit attributable to shareholders was 13.15 million yuan, reflecting a substantial decline of 71.94% year-on-year, while the net profit after deducting non-recurring items was 11.55 million yuan, down 74.66% [3][4]. Group 2: Business Challenges - The decline in performance was attributed to market demand fluctuations, changes in customer product structures, and strategic adjustments leading to reduced orders [4]. - The heavy truck market in China saw a total sales volume of 539,000 units in the first half of 2025, a year-on-year increase of 6.9%, but the market exhibited a bifurcation between traditional business recovery and rapid growth in new energy vehicles [4]. - The company currently lacks a business segment for new energy heavy truck components, which has hindered revenue support despite the significant growth in new energy heavy truck sales, which increased approximately 186% year-on-year [4]. Group 3: Overseas Market Impact - The company's overseas operations, particularly in India, faced challenges due to strategic adjustments by key clients and changes in visa policies, leading to a 64.21% year-on-year decline in revenue and a 96.49% drop in net profit for its Indian subsidiary [5]. - Despite these challenges, the company is focusing on expanding its overseas market presence, particularly in data centers and communication base stations, and has seen an increase in export orders for generator sets [5]. Group 4: Strategic Initiatives - The company has identified the data center market as a key area for business expansion, particularly in response to the growing demand for backup power solutions in developed markets [6]. - In August 2025, the company signed a strategic cooperation agreement with Shanghai Jipian AI Technology Co., Ltd. to supply power equipment for a computing center, marking a significant step in its business transformation [6]. - To address its shortcomings in the new energy sector, the company established Huafeng New Energy (Changzhou) Co., Ltd. in June 2025, focusing on developing new energy batteries and exploring integrated applications [7]. Group 5: Future Outlook - Analysts suggest that if the company can secure similar cooperation orders as with Shanghai Jipian, it could effectively fill the revenue gap from traditional heavy truck components and provide short-term performance support [8]. - The progress of the solid-state battery project and the order situation for new energy battery products will be crucial for the company's long-term competitiveness in the new energy sector [8].

作为五菱深化代步车市场布局的战略车型，截至9月27日下午4点，五菱缤果S的预售订单已突破5万辆，并且已提前交付6600辆。 精准瞄准女性用户群体是缤果S的鲜明特点。缤果S专门设置了口红槽、中岛化妆柜，用来存放口红、包等。五菱还请来了中国青年演员孟子义成为五菱缤 果家族全球代言人，以强化缤果S在女性用户中的影响力。 9月27日，上汽通用五菱旗下缤果S正式上市，共推出四款配置，上市指导价为6.68万至7.98万元，叠加置换政策可享置换补贴价6.38万至7.68万元。 值得注意的是，面对日益激烈的市场竞争，五菱需要避免同品牌产品内部竞争。 目前，五菱缤果家族有缤果、缤果S和缤果PLUS三种车型，三款车型同处一个细分市场，产品定位和定价策略需精准把握。 小车市场是一个不大的细分市场，五菱不仅需要奋力保卫自身份额不被竞争对手抢走，还需要开拓新的市场需求。 与竞品相比，缤果S在保持亲民价格的同时，提供了更丰富的配置。车辆提供325km和430km两种续航版本，搭载75kW高效油冷扁线电驱系统，最高时速达 150km/h。 上汽通用五菱正在加快推进新能源转型。据最新数据显示，2025年9月，上汽通用五菱实销15.55万辆， ...

Group 1: Sales Performance - GAC Aion achieved a record high sales of 29,113 vehicles in September, while GAC Toyota sold 71,220 units, totaling 567,515 units for the first nine months, showing positive year-on-year growth [1] - GAC Trumpchi has not yet released September sales figures, but reported 26,648 units sold in August, reflecting a month-on-month increase of 14.15% [2] Group 2: Product Launches and Innovations - GAC Aion's new model, the "Bawanglong Family Edition," delivered over 6,000 units in its first month, highlighting strong product capabilities and competitive pricing [1] - GAC Trumpchi launched the Trumpchi Xiangwang S9 and S7 Pro+ series in September, with the S9 priced from 229,900 yuan and the S7 starting at 159,800 yuan, featuring advanced technology and attractive financing options [2] Group 3: Strategic Initiatives - GAC Group's chairman announced the "Panyu Action" plan, aiming for self-owned brands to account for 60% of total sales by 2027, with a target of 2 million annual sales [1] - GAC Aion introduced the "安心交付" policy with various incentives to enhance customer confidence and boost sales [1] Group 4: Market Trends and Insights - The automotive industry is witnessing a coexistence of fuel and electric vehicles, with traditional fuel vehicle sales showing resilience despite the rise of new energy vehicles [4][5] - In August, traditional fuel vehicle sales reached 902,000 units, a year-on-year increase of 107,000 units, indicating a 13.5% growth [4]

| 倒计时35天 | | --- | | CINE2025固态电池展暨固态电池行业年会 | | 主办单位： 起点固态电池、起点锂电、SSBA固态电池联盟 | | 协办单位及固态年会总冠名： 茹天科技 | | 活动时间： 2025年11月6-8日 | | 活动地点： 广州南沙国际会展中心（2楼船厅及广州厅） | | 活动规模： 展商规模200+、参会企业2000+、专业观众20000+ | | 同期活动： 2025起点固态电池金鼎奖颁奖典礼、SSBA固态电池产业联盟理事会 | | 第一批展商及赞助商： 金钠科技/茹天科技/海四达钠星/融捷能源/易事特钠电/泰和科技/隐功科技/科迈罗/国科炭美/晟钠新能/中钠能源/乔岳智能/津工能源/科达新能 | | 源/时代思康/富钠能源/极电特能/华普森/瑞扬新能源/亮见钠电/叁星飞荣/珠海纳甘新能源/皓升新能源/扬广科技/银川苏银产业园/兆钠新能源/精诚模具/儒特股份/希 | | 倍动力/先导干燥/瓦时动力/博粤新材料/苏州翼动新能/亿隆能源/钠创新能源/瑞森新材料/海裕百特/凯德利/长篙新材/清研电子 /孚悦科技 等 | 起点研究院 SPIR统计数据显示2025年上半年全 ...

盈利预测：我们预计公司2025-2027 年的营业收入分别为3150/3943/4856亿元， 归母净利润分别为 162.2/213.6/271.9 亿元， 对应PE 为10.40/7.90/6.20 倍，首次覆盖，给予"买入"评级。 风险提示：新车型发布节奏不及预期；车型销量不及预期；海外销量不及预期；原材料价格波动；业绩 预测和估值不达预期。 主流价格带市场排名第二。5-20W 价格带乘用车市场2025H1 批发销量为926.6 万辆，销量同比增长 16%。燃油车市占率为56.1%，插混车型为17.8%，纯电为26.1%，整体新能源渗透率为44.9%，自主品 牌市占率已经达到76.0%。奇瑞在该价位段2024 年销量增幅显著，从2023 年的175.0 万辆增长至2024 年 的237.5 万辆，销量排名第二，仅次于比亚迪。 新能源转型+出海助力，五大品牌销量齐增长。2022-2024 年，奇瑞主品牌汽车的销量分别为87.9、 128.6 与164.3 万辆，复合年增长率达36.7%，2024 年出口占比达到54.4%；捷途品牌的销量分别为 18.0、31.5 与56.8万辆，复合年增长率高达77.7%， ...

Core Insights - Chinese companies are sending a large number of workers to Europe for high-end battery factory construction, with CATL planning to send 2,000 workers, highlighting Europe's shortcomings in this sector [2] - The automotive industry is a pillar of the EU economy, with four of the world's ten most profitable car companies based in Europe, yet traditional automakers face immense pressure in the transition to electric vehicles due to late entry and insufficient investment [3] - There is a significant reliance on China for core electric vehicle technologies, which could be dangerous if Europe continues to resist cooperation with Chinese firms and follows a confrontational strategy against China [3] - The EU has made several strategic missteps in recent years, including over-reliance on the US regarding the Ukraine issue and a lack of clear judgment in its China policy, which has hindered cooperation and worsened economic prospects [3][5] - Internal reflection within the EU is occurring, with leaders like Hungary's Prime Minister criticizing past policies and advocating for stronger cooperation with China as a necessary choice for the EU's future [5] - The EU is now striving to strengthen ties with Chinese companies to attract investment and technology, aiming to address industrial development gaps and regain direction in the competition for energy transition [6]