中国致力于出口经济实惠的电动汽车，这既是一项经济举措，也是一项全球环境政策。世界银行的研究 表明，即使基础设施有限，只要电力来源相对清洁，中等收入国家推广电动汽车也有望在10年内将交通 排放减少30%。 与此同时，西方富裕国家却陷入一种自满与错误信息的循环：消费者抱怨充电设施不足，制造商高估电 动化的成本，媒体渲染转型过程的"艰难"与"昂贵"。讽刺的是，就在"全球北方的专家们"依然在无中生 有地制造困难之际，数以百万计的新兴市场消费者已然在购买、使用电动汽车，在家中便捷充电，轻松 出行。 许多富裕国家的民众在接纳电动汽车上进展迟缓，并非因资源不足，更多是源于思维定式。与此同时， 中国则在持续建厂、出口电池、铺设充电网络、签署双边协议，系统地推动着从基础开始的全球电动化 进程。这造就了一个引人深思的悖论：全球电动化的未来图景，正在秘鲁利马、巴西圣保罗和智利圣地 亚哥的街头生动上演，而非在加利福尼亚或柏林。 在拉美这样的地区，燃料成本对国民经济影响显著，且居民的出行模式相对固定，因此选择电动出行并 非出于技术追捧，而是纯粹的经济理性选择。 中国敏锐地把握了这一趋势。由于特斯拉及传统西方汽车制造商奉行高利润率策略， ...

11月21日，第二十三届广州国际汽车展览会（以下简称"2025广州车展"）如期而至。据广州国际车展官方披露，本届车展共有93台全球首发新车，创下历 史新高——过去两年分别为78台和59台。但进一步梳理可见，多数全球首发新车实际为改款车型，且以亮相而非上市为主。 相较于往年节奏，2025年广州车展的新车前瞻来的比过去晚了一些，核心原因一方面在于，众多车企已将旗下重磅新车的发布节点前置，提前于车展前完 成亮相；另一方面，部分车企有意保留参展阵容的神秘感，将关键信息留至最后。 吴迪/摄 例如岚图泰山、小鹏X9增程版、零跑Lafa5等车型，也都悉数避开了车展首日，选择在车展前后举办上市发布会。 具体来看，自主品牌占据本次车展新车主体，且核心竞争力集中于电动化技术与配置下沉。 鸿蒙智行新款享界S9于车展前夕同步完成上市，起售价未变化仍是30.98万起，但顶配车型售价下调了8万元，S9T版本重点优化智能座舱交互逻辑与后置 电机功率，CLTC工况续航提升至700km。 据不完全统计，本届车展上，搭载华为乾崑ADS 4.0的车型超过20款，采用宁德时代电池的有35款。 截至2025年10月底，华为乾崑已和14家车企达成合作， ...

当全球车企加速电动化之际，日系车企巨头却陷入战略摇摆，面对不佳的市场表现，不得不重新评估其 电动化战略的节奏和规模。其集体后撤，既是技术、市场、财务等多重因素叠加下的选择，也暴露了其 面临的深层战略困境。汽车产业的电动化浪潮不可逆转，日系车企需要找到传统优势与创新突破的平衡 点，如何在坚守与变革间找到最佳路径，将决定其在新汽车时代的地位。 （文章来源：经济日报） 近期，日本汽车巨头的一系列动向引发市场关注。受成本上涨、半导体芯片零部件短缺、亚洲销量下滑 等多重因素影响，本田汽车宣布将2025年利润预期大幅下调21%，原定2025年12月之前销售的纯电动汽 车旗舰车型"GT"推迟到2026年以后推出。另一日系车企斯巴鲁则表示将重新评估其规模达1.5万亿日元 的电气化计划，削减对电动汽车的投资，把更多资源转向混合动力车型。这些决策不仅反映了企业个体 的战略调整，更揭示了日系车企在电动化浪潮中集体面临的困境。 再次是盈利能力承压。电动汽车业务目前仍处于高投入、低回报阶段。在全球经济不确定性加剧的背景 下，日本多家车企面临严峻的财务危机和经营困境。以日产为例，整个2024财年，日产的净亏损达到惊 人的6709亿日元， ...

机构：中金公司 研究员：邓学/任丹霖/厍静兰/崔力丹 我们与市场的最大不同？市场关注公司机器人技术能力，我们提示公司产能全球布局，机器人及液冷在 海外客户拓展上均有潜力。 潜在催化剂：机器人/数据中心液冷业务获得订单。 盈利预测与估值 我们预计公司FY26-27 年EPS 分别为0.28/0.30 美元，FY25-27CAGR 为5.0%，当前股价对应FY26/27 14.4/13.3x P/E。采用P/E估值，给予目标价43.6 港元，对应FY26/27E 20.0/18.9x P/E，较当前股价有 40.2%的上行空间，给予跑赢行业评级。 风险 投资亮点 首次覆盖德昌电机控股（00179）给予跑赢行业评级，目标价43.60港元，基于P/E 估值法，对应估值倍 数FY26 20X，公司是全球微电机头部企业，进军人形机器人及液冷新领域。理由如下： 公司是汽车微电机领军企业，深度覆盖全球市场多年。公司深耕微电机行业60 余年，发展为微电机、 控制器等全球头部企业。据 FY2025 数据，分业务看汽车/工商业营收占比约85%/15%，汽车贡献近年来 主要增长；亚太/美洲/欧洲&中东&非洲的营收占比36.8%/32 ...

编前：5年，意味着什么？于个人而言，不过是漫漫人生中的一段寻常光景；于中国汽车产业而言，却是一次足以改写发展轨迹的关键跨 越。从发动机的轰鸣交响到电车的静谧驰骋，从机械工具到智能终端，从单点技术突破到全产业链协同跃升，"十四五"期间，中国汽车产业用5 年的时间向世界证明了中国汽车的无限潜力。本期开始，"奋进'十四五'"专栏从产销规模、出口、中国品牌、政策体系等多个维度系统回顾"十四 五"中国汽车的高光时刻。 产销量跨越式增长，是中国汽车5年奋进之路最直观、最鲜活的注脚。从国内市场来看，"十四五"期间，我国汽车产销增量突破500万辆，市场规 模增长20％；从国际市场来看，我国汽车全球销量占比达到35％，其中新能源汽车份额突破75％，引领全球汽车电动化发展。 曲折中前进 汽车产销逐年攀升 将时间拨回5年前，2021年，顶着新冠肺炎疫情、"缺芯"之困、原材料价格飙升等多重压力，中国汽车产业在众多不确定因素的影响下，迈出 了"十四五"征程的第一步。令人欣喜的是，这一步走得平稳、走得踏实、走得坚定有力。这一年，中国汽车产销分别完成2608.2万辆和2627.5万 辆，同比分别增长3.4％和3.8％，结束了2018年以来 ...

Group 1 - Lei Jun reiterated Xiaomi's automotive safety design philosophy in response to public concerns, emphasizing the balance between aesthetics and safety in vehicle design [1] - Xiaomi's future market performance will be closely monitored by investors and consumers, potentially intensifying discussions on brand positioning and product safety within the industry [1] Group 2 - Dongfeng Motor announced a new automotive brand in collaboration with Huawei, set to launch on November 20, marking a significant partnership in the automotive sector [2] - The collaboration is expected to enhance competitive intelligence in the automotive industry, potentially boosting investor interest in related sectors [2] Group 3 - Leap Motor achieved over 500,000 cumulative sales for 2025 ahead of schedule, with plans to target 1 million sales next year, showcasing strong market expansion capabilities [3][4] - The company has maintained a leading position in sales, with over 70,000 units delivered in October, reflecting a year-on-year growth of over 84% [4] Group 4 - The commercial vehicle market exhibited structural growth in October, driven by national consumption promotion policies, with notable recovery in truck and bus markets [5] - The electric vehicle segment within commercial vehicles is accelerating, particularly in logistics and transportation, indicating a shift towards electrification in the industry [5]

Group 1 - The automotive parts industry is experiencing new development opportunities due to the accelerated electrification and intelligent transformation of downstream automakers [1][2] - Companies are increasingly becoming strategic partners with automakers, indicating a shift towards "deep collaboration" in the automotive industry [1] - The collaboration is expected to enhance the high-end development of the automotive industry and improve resource optimization and international competitiveness [1] Group 2 - Zhejiang Tiancheng's subsidiary received a notification to supply a total of 480,000 passenger car seat assemblies, with production expected to start in March 2026 and a project lifecycle of five years [1] - Huada Automotive Technology announced it has secured 23 project designations, with a total sales amount expected to reach 2.9 billion yuan [1] - Several companies, including Shenzhen Haon Automotive Electronics and Ningbo Junsen Electronics, have also announced project designations since October [2] Group 3 - New energy-related products are dominating the project designations, with Star Source Magnesium expected to generate approximately 2.021 billion yuan in sales over four years for a new energy vehicle component [2] - Junsen Electronics' subsidiary will develop a range of intelligent electric vehicle products for global customers [2] - Zhejiang Jingu received a project designation from a leading German automaker to develop low-carbon wheels for its European new energy models [3] Group 4 - The automotive parts industry is shifting its value focus from traditional mechanical components to "incremental components" such as batteries, electric drives, and intelligent cockpits [3] - Companies are encouraged to emphasize technological innovation and develop system-level solution capabilities to remain competitive in the future [3]

Core Insights - The sales of new energy vehicles (NEVs) in China reached 11.228 million units in the first nine months of the year, marking a year-on-year growth of 35.2% and a market share of 46.1% [1][8] - The China Association of Automobile Manufacturers predicts that the total annual sales of NEVs will exceed 16 million units by 2025 [1][8] - The rapid advancement in NEV technology, particularly in solid-state batteries, is expected to significantly enhance performance, with potential ranges exceeding 1000 kilometers [2][12] Industry Growth - The NEV market in China has seen explosive growth, with sales in 2021 reaching 3.521 million units, a year-on-year increase of 160% and a market share of 13.4% [4] - BYD emerged as the market leader in 2024 with sales of 4.27 million units, attributed to its vertical integration and self-developed core components [7] - The NEV market is expected to maintain a growth trend, with sales in the first nine months of 2025 already at 11.228 million units [8] Technological Advancements - Significant breakthroughs in electric vehicle technology include improvements in battery energy density and fast-charging capabilities, with mass-produced batteries exceeding 300 Wh/kg [12][13] - The introduction of 800V high-voltage platforms is expected to lead to nearly 1 million new energy vehicles equipped with this technology by 2025, with a compound annual growth rate of 270.9% [14] - The charging infrastructure is also expanding, with over 18.063 million charging points in China by September 2025, reflecting a 54.5% year-on-year increase [15] Market Dynamics - Consumer attitudes towards NEVs have shifted from skepticism to acceptance, with a growing trend of actively choosing NEVs during vehicle purchases [10][11] - The transition from policy-driven to market-driven sales is anticipated with the adjustment of the purchase tax for NEVs starting January 1, 2026 [16] - The "14th Five-Year Plan" period has established a dual leap in scale and technology for China's electric vehicle industry, positioning it as a global leader [20] Future Outlook - The "15th Five-Year Plan" is seen as a critical period for the NEV industry, focusing on solid-state battery industrialization and smart technology advancements [19][20] - Companies are planning to innovate and expand their product lines, with several manufacturers announcing new models and technological advancements by 2030 [18]

Core Viewpoint - Junsheng Electronics successfully listed on the Hong Kong Stock Exchange, completing its "A+H" dual capital platform layout, with a global issuance scale of 155 million H-shares at a maximum price of HKD 23.60 per share, raising funds to support its strategic focus on automotive intelligence and electrification [1][8] Group 1: Company Overview - Founded in 2004, Junsheng Electronics specializes in the research, manufacturing, and sales of automotive components, achieving a revenue of RMB 55.9 billion in 2024, ranking 41st in the global automotive parts industry [2] - The company has become the second-largest supplier of passive safety products in China and globally, and the second-largest supplier of intelligent cockpit products in China and the fourth globally [2] Group 2: Global Strategy and Operations - Junsheng Electronics has established a highly globalized platform through cross-border mergers and organic growth, with over 25 R&D centers and more than 60 production bases across 25 countries and regions, serving over 100 global automotive brands [4] - In 2024, the company's overseas sales accounted for 74.7% of total revenue, demonstrating the effectiveness of its globalization strategy [4] Group 3: Business Performance - In the first half of 2025, Junsheng Electronics achieved revenue of approximately RMB 30.35 billion, a year-on-year increase of 12.07%, with the automotive intelligence business contributing significantly to this growth [5] - The automotive safety business remains a stable revenue source, generating RMB 18.98 billion in the first half of 2025, maintaining a gross margin improvement from 9.14% in 2022 to 15.93% in 2025 [6] Group 4: Research and Development - The company is expanding into the embodied intelligent robotics sector, focusing on providing integrated hardware and software solutions for global automotive and robotics companies, with significant R&D investments [7] - In the first half of 2025, R&D expenditures reached RMB 2.488 billion, accounting for 8.2% of revenue, with a total R&D investment exceeding RMB 24 billion since 2018 [7] Group 5: Future Outlook - The global automotive industry is entering a new era driven by the trends of intelligence and electrification, with expectations for global new energy vehicle sales to reach 40.7 million by 2029, growing at a CAGR of 14.90% [9] - Junsheng Electronics is well-positioned to leverage its leading automotive safety business and rapidly growing intelligent business to accelerate technological development and international expansion, enhancing long-term value growth [9]

Group 1 - The 2025 United Nations Climate Change Conference opened in Belem, Brazil, with Brazilian President Lula arriving in a BYD electric vehicle, signaling Brazil's shift towards Chinese electric vehicles for official transportation [1][3] - Lula emphasized the need for a new, equitable, resilient, and low-carbon development model during his opening speech, highlighting Brazil's focus on sustainable practices [3] - The absence of former U.S. President Trump at the climate conference was noted, with experts suggesting that Brazil is signaling its ability to pursue alternatives to U.S. technology and political influence [3] Group 2 - Brazil has become the largest importer of Chinese-manufactured cars globally, with significant potential to develop as a regional production hub for electric vehicles [4] - In 2024, Brazil imported approximately 138,000 electric and hybrid vehicles from China, an increase of nearly 100,000 from the previous year, with projections indicating that Chinese models will capture over 80% of Brazil's electric vehicle market by early 2025 [4] - BYD is a leading automotive brand in Brazil, with President Lula personally owning a BYD vehicle, and the company has established a significant presence in the Brazilian market over the past 11 years [6]