文｜祎 依 编辑｜张 坤 在价格战反复上演、技术快速下沉、淘汰压力持续加码的背景下，2025年已经成为过去。 这一年，中国汽车产业没有出现戏剧性的逆转时刻，却在持续的高强度运行中，完成了一次重要过渡：电动化进入普及区间，智能化开始接受安全与责任 的现实检验；企业扩张的冲动被压缩，效率、治理与组织能力被推到更显眼的位置。 一些旧的竞争方式正在失效。一味依赖规模、速度和营销话语，越来越难以支撑长期增长；取而代之的，是对技术边界、产业协同和规则秩序的重新重 视。无论是反内卷治理、国企改革推进，还是出海逻辑与资本路径的变化，这些看似分散的事件，正在共同指向一个事实——中国汽车产业，正在进入一 个更重耐力、也更考验成熟度的阶段。 基于我们的观察，仅以几个关键瞬间，回顾2025年的中国汽车。 反内卷全面启动：中国汽车被拉回规则竞争 但答案不止于反内卷，更在于摒弃同质化竞争 新长安成立，央企改革这堂课有了鲜活新案例 对一个长期强调市场竞争的行业而言，这样的高强度介入并不常见，却并不令人意外。 因为以价格战为代表的内卷式恶性竞争，早已不只是企业之间的博弈问题。价格持续下探，吞噬整车企业利润的同时，也通过账期、压库和成本转嫁， ...

[Table_scodeMsg1] 港股研究丨公司点评丨小鹏汽车-W（09868.HK） [Table_Title] 小鹏汽车获 L3 级自动驾驶测试牌照，开启 L3 测试新阶段 报告要点 [Table_Summary] 小鹏汽车在广州市获 L3 级自动驾驶道路测试牌照，并启动常态化 L3 道路测试，主要适用范围 为广州市智能网联测试高快速路上进行有条件自动驾驶测试。小鹏汽车 AI 应用历史积淀深厚， 当前全面转向 AI 战略，定位面向全球的 AI 汽车公司，并明确未来十年将转型为 AI 汽车智能科 技企业，AI 业务全面起势。 分析师及联系人 丨证券研究报告丨 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 小鹏汽车-W（09868.HK） cjzqdt11111 [Table_Title 小鹏汽车获2]L3 级自动驾驶测试牌照，开启 L3 测试新阶段 [Table_Summary2] ...

Core Viewpoint - The company positions itself not just as a Chinese automotive manufacturer but as a technology enterprise focused on cutting-edge intelligent driving technology, emphasizing the integration of AI in future mobility solutions [1] Group 1: Company Perspective - The Vice President of the company, Chen Han, highlighted the vision of AI vehicles and flying cars working in unison through a unified AI brain, transforming them from isolated tools into intelligent symbionts in users' lives [1] - The company believes that the rapid advancement of technology presents vast opportunities in the future mobility sector [1] Group 2: Industry Trends - The current trend of "anti-involution" is seen as a critical step towards the industry's maturation and a move towards high-quality development [1]

Core Insights - The release of the Cyrus Magic Cube Technology Platform 2.0 marks a significant upgrade in the company's technology system, aiming to establish itself as a leading brand in high-end and intelligent vehicles in China [1][3] - The platform emphasizes AI-driven smart electric vehicles, enhancing features such as smart energy, intelligent chassis, EEA architecture, and smart space [1] - Since its collaboration with Huawei in 2021, the company has developed advanced smart technologies, including the Qian Kun intelligent driving and Harmony cockpit, enhancing vehicle connectivity and AI capabilities [2] Group 1 - The Magic Cube Technology Platform 2.0 is designed to create a more emotional, intelligent, safe, and reliable mobile companion for users [1] - The cumulative delivery of the AITO series vehicles has surpassed 900,000 units, indicating strong market acceptance [1] - The company has established a solid technological moat through innovations like the Magic Cube Technology Platform and Super Range Extension technology [3] Group 2 - The company raised a net amount of HKD 14.016 billion through its IPO on the Hong Kong Stock Exchange, with approximately 70% of the funds allocated for research and development [3] - The AI-enabled smart range extension technology solution integrates high-pressure architecture for optimal vehicle performance and efficiency [2] - The company aims to lead the luxury new energy vehicle sector and drive higher quality development in the Chinese automotive industry [3]

Core Viewpoint - The launch of the Cyrus Magic Cube Technology Platform 2.0 at the Guangzhou International Auto Show marks a significant advancement in the AITO brand's technology system, aiming to establish itself as the "first brand in China's high-end and intelligent automotive sector" [1] Group 1: Technology and Innovation - The new platform emphasizes panoramic intelligence and intelligent safety, upgrading smart energy, intelligent chassis, EEA architecture, and smart space, positioning itself as an AI-driven smart electric vehicle platform [1][3] - Since 2021, Cyrus has collaborated with Huawei to develop a comprehensive suite of intelligent technologies, including the Qian Kun intelligent driving and Harmony cockpit, and has initiated full-dimensional networking with dual-card dual-communication and 360° satellite communication [3][4] - The platform integrates advanced technologies such as an 800V high-voltage architecture and 5C ultra-fast charging, ensuring efficient travel and rapid recharging experiences [3][4] Group 2: Safety and User Experience - The platform features a four-tier intelligent safety system focusing on life protection, vehicle body protection, health care, and privacy protection, utilizing aerospace-grade materials for a lightweight and strong vehicle body [4] - The AITO brand has launched multiple models, including the M9, M8, M7, and M5, with a cumulative user base exceeding 900,000, indicating strong market acceptance [4][5] - The M9 and M8 models have achieved significant sales milestones, leading their respective segments, while the vehicles' assisted driving systems have accumulated over 4.45 billion kilometers of driving distance [5] Group 3: Future Outlook - AITO plans to continue focusing on user-centric development through deep collaboration with strategic partners, promoting innovation and rapid iteration of products and technologies in the AI and automotive sectors [5]

Core Insights - Xiaopeng Motors has launched its second-generation VLA, which enables direct output from visual signals to action commands [1] - This model is the first mass-produced physical world large model from Xiaopeng, designed to provide a unified intelligent foundation for AI vehicles, humanoid robots, and flying cars [1] - The second-generation VLA will initiate a pioneer co-creation experience in December this year, with a full rollout in Ultra models planned for the first quarter of next year [1] - Volkswagen has become the first strategic partner for the launch of Xiaopeng's second-generation VLA [1]

Core Viewpoint - Xiaopeng Motors has been at the forefront of innovative ideas in the automotive industry, with its chairman highlighting the company's journey from bold concepts to tangible advancements in technology [1] Group 1: Technological Innovations - Xiaopeng Motors has introduced several ambitious ideas over the past six years, including urban assisted driving, flying cars, and robotics, which are now becoming industry trends [1] - The company is set to showcase multiple groundbreaking technological achievements at the 2025 Xiaopeng Technology Day, covering key areas such as AI vehicles, intelligent robots, Robotaxi, and flying cars [1] Group 2: Product Development - Xiaopeng's second-generation VLA large model will be unveiled at the event, boasting higher efficiency and faster response times [1] - The second-generation VLA is designed to handle various road conditions seamlessly, claiming to excel in both narrow and wide roads, and perform well at all times of the day [1]

Domestic News - Hainan Province has adjusted the 2025 automobile scrapping and renewal subsidy policy, requiring both the registration location of the scrapped old vehicle and the new vehicle to be in Hainan Province starting from November 4, 2025 [4] - The first batch of L4-level autonomous driving Robotaxi pilot projects has been launched in Shenzhen, with plans to expand the service area and create new job roles in the smart mobility sector [5] - The "Yue Che Nan Xia" policy for Hong Kong has been announced, allowing vehicles from four cities to enter Hong Kong, with specific timelines for parking and entry into the city [6][7][8] - XPeng Motors has released the X9 model featuring the Kunpeng Super Range Extender technology, achieving a comprehensive range of 1602 kilometers, making it the longest-range seven-seater vehicle globally [9] - GAC Group has introduced a cross-year vehicle purchase tax subsidy plan for its brands, offering up to 15,000 yuan in subsidies for eligible vehicles [10] - The new MG4 model has launched a purchase tax cross-year subsidy, providing up to 27,000 yuan in benefits for customers who lock in orders by November 30 [11] - Zeekr has also announced a cross-year purchase tax subsidy plan, covering the tax difference for customers whose vehicles are delayed into 2026, with a maximum subsidy of 15,000 yuan [12] - A strategic partnership has been formed between Gaode and HERE Technologies to provide seamless navigation and ADAS functions for over 30 Chinese automotive brands [13] International News - Hyundai Motor has strengthened its collaboration with NVIDIA to develop mobile solutions and AI capabilities for smart factories, planning to integrate 50,000 Blackwell GPUs for AI model training [14] - Mazda is enhancing its partnership with Nippon Steel to optimize vehicle development and supply chain management, addressing challenges such as rising raw material costs [15] - Honda has unveiled the Honda 0 α, a new pure electric SUV concept, which is expected to launch in 2027 targeting markets in Japan and India [17] - Volkswagen has secured a credit line of 4.25 billion USD from Brazil's national development bank to support the development of hybrid vehicles [18] Commercial Vehicles - A new national standard for the safety of commercial electric vehicle battery swapping has been implemented, promoting the safe and reliable operation of electric commercial vehicles [20] - Shell and FAW Jiefang have introduced an innovative immersion cooling technology for commercial vehicle batteries, enhancing safety and reliability [21] - The Euman Galaxy new energy heavy truck has been launched in Shijiazhuang, achieving strong market response with 115 strategic contracts signed [22] - Suzhou King Long has been recognized as a "National Manufacturing Single Champion Enterprise," highlighting its expertise in high-end public buses and extensive market coverage [23]

Group 1 - The core viewpoint is that Xiaopeng Motors is expanding into range-extended electric vehicles (EREVs) to meet diverse global customer needs and infrastructure variations [1] - Xiaopeng Motors emphasizes its advanced battery technology as a foundation for developing the next generation of EREVs, combining the efficiency of pure electric vehicles with the convenience of fuel vehicles [1] - The company has successfully tested its new model, the Xiaopeng X9, accumulating over 20 million kilometers across 20 countries and more than 330 cities [2]

Core Insights - 博泰车联 and 商汤智能科技 have signed a two-year strategic cooperation framework agreement to promote artificial intelligence in smart connected vehicles and related fields [1][2] - The collaboration will focus on AI cockpit, large models, humanoid robots, vehicle-road collaboration, integrated cockpit and driving, and international market expansion [1] Group 1: AI Cockpit Development - The companies will jointly develop a multimodal human-machine interaction system that integrates voice, image, gesture, and emotion recognition technologies to enhance the immersive experience for drivers and passengers [1] - They will create an in-car AI assistant based on large models and AIGC technology, capable of real-time Q&A, itinerary planning, and entertainment recommendations [1] - AIGC will be utilized to build an in-car content ecosystem, providing personalized audio, video, and digital human interaction services [1] Group 2: Large Model and Computing Infrastructure - 博泰车联 and 商汤智能科技 will deploy high-performance servers and leverage AIDC infrastructure along with self-developed AI inference and training chips to support computing power [2] - The collaboration will optimize cockpit experiences through a synergy of local edge models and cloud-based large models, enhancing immersive 3D experiences and safety integration [2] - They aim to establish an advanced supercomputing center platform and solutions for the next generation of smart connected vehicles, achieving "chip-cloud integration" capabilities [2] Group 3: Humanoid Robot Development - The partnership will explore cutting-edge humanoid robot fields by integrating core advantages from both companies [2] - 商汤智能科技's visual perception algorithms will be used to develop the "brain" and "visual system" for humanoid robots, while 博泰车联 will contribute its hardware design and engineering experience [2] - The goal is to create a highly flexible and intelligent humanoid robot platform adaptable to various scenarios, aiming to reshape the future of human-machine interaction [2] Group 4: International Market Expansion - 博泰车联 and 商汤智能科技 will leverage international resources and 博泰's overseas business foundation to expand into global markets [3] - They will develop smart connected solutions tailored to different regional regulations and market demands, enhancing global competitiveness [3] Group 5: Company Background and Market Position - 博泰车联 became the first company focused on smart cockpit solutions to be listed on the Hong Kong Stock Exchange on September 30 [3] - The company is one of the earliest developers of smart cockpit solutions in China and has established a differentiated "software + hardware + cloud service" integrated model [3] - 博泰车联 holds the highest number of registered invention patents among domestic smart cockpit and connected service solution providers as of December 31, 2024 [3]