鸿蒙智行全系 43个月，累计交付突破100万辆。 大家可能会觉得这只是又一个枯燥的行业里程碑。但如果把时间轴拉长，把背景板换成过去三年的价格战，这个数字的含金量就完全不同了。 刚刚过去的 11月，行业里充满了焦虑的降价声，但鸿蒙智行交出的答卷是：全系交付破8万台，同比增长89.61%。在总量几乎见顶的存量市场里，接近 90%的增长并不是凭空创造的需求，而是从传统老钱BBA那里硬生生抢下来的份额。 月均 8万多台的销量，意味着市场权重的剧烈转移，是一场关于汽车定价权、供应链重构以及豪华定义权的降维打击。 2025年的狂飙只是序曲，明年，这支军团将全面开战：智界进军豪华MPV、尚界切入主流轿跑、问界巩固SUV全矩阵、享界探索越野与旅行、尊界强攻超 豪华顶层。从家用到性能，从城市到野外，鸿蒙智行的产品网络正覆盖几乎所有出行场景。 蓄力之年已过，真正的大戏即将开场。余承东直言，下一百万， "只需要十来个月就行"。随之而来的，是中国汽车产业从未有过的、对旧有豪华格局的全 面替代。 在汽车领域多年耕耘，鸿蒙智行终是等来爆发前的曙光。 狂飙背后的市场投票 12月9日，余承东攒局，带着"五界"的一号位齐聚上海，亮相鸿蒙智行年 ...

转自：智通财经 首批汽车智能底盘实测研究报告发布 12月25日，中国汽车工程研究院宣布，行业内首批汽车智能底盘实测研究报告在重庆发布。这次中国汽 车工程研究院选取10余款市场主流车型，设计了13类测试工况，包括"弯道爆胎""十字路口过弯抗滑干 扰""对开坡道起步"等场景，并设置了20多项关键指标进行了全面测评。 保时捷中国回应"郑州中原保时捷中心疑似跑路"：正与警方和相关部门在现场核查事实 12月25日，针对"郑州中原保时捷中心疑闭店'跑路'"一事，保时捷中国回应智通财经记者称，对于此次 事件给各位车主及消费者带来的困扰与担忧致以最诚挚的歉意，将积极推动事件妥善处理，将消费者合 法权益放在首位。"我们高度关注保时捷授权经销商郑州中原保时捷中心出现经营异常情况，目前与警 方和相关部门正在现场核查事实。"近日，多位网友反映，郑州中原保时捷中心"人去楼空"，涉及金额 从数万元至数十万元不等。 智通财经汽车：此事不仅暴露豪华车经销商模式的脆弱性，更考验品牌方对终端风险的管控与消费者权 益的兜底能力。 深蓝汽车完成61.22亿元C轮融资 12月25日，深蓝汽车宣布完成C轮融资。本轮增资由长安汽车、重庆渝富控股集团有限公 ...

Core Viewpoint - The surge in market capitalization of domestic GPU manufacturers like Moore Threads and Muxi Co., exceeding 600 billion yuan, reflects a capital frenzy in the industry, similar to previous trends observed in the market [1]. Group 1: IPO Trends and Market Dynamics - Several companies, including the first domestic GPU stock in Hong Kong, Birun Technology, are preparing for IPOs, driven by the optimized listing regulations in Hong Kong, particularly the new Chapter 18C, which allows unprofitable "specialized and innovative" tech companies to go public [3][10]. - The Hong Kong market has seen a significant increase in IPO activity, with 102 companies listed by 2025, raising a total of 272.476 billion HKD, a year-on-year increase of 226.62%, marking a four-year high [3]. - As of December 17, there are 298 companies in the IPO hearing process in Hong Kong, with 28 new applications in just half a month of December, surpassing the 18 from the same period in November [3]. Group 2: Financial Pressures and Market Entry - Many suppliers are pursuing IPOs primarily to address "blood-making" needs, often driven by contractual obligations rather than purely for growth capital [6][14]. - Companies like Yushi Technology, which filed for an IPO on November 28, reported significant financial losses, with pre-tax losses of 250 million yuan, 213 million yuan, and 212 million yuan projected for 2022 to 2024, indicating a pressing need for capital [8]. - The flexible and inclusive nature of Hong Kong's listing requirements, especially for unprofitable companies, has attracted many firms seeking funding support [10]. Group 3: Industry Challenges and Competitive Landscape - The automotive intelligence suppliers face common challenges, including ongoing losses, funding pressures, and insufficient self-sustaining capabilities, which are critical for their survival [14][16]. - The rapid technological iteration in the automotive sector necessitates continuous high R&D investment, impacting short-term profitability and creating a competitive environment where even successful IPOs do not guarantee long-term success [16]. - The shift in Hong Kong's capital market towards a more rational and stringent review process poses additional challenges for companies seeking to enter the market, as the focus has moved from merely having a good "tech story" to demonstrating solid technological capabilities and future growth potential [10][16].

中国汽车工程研究院智能底盘开发高级专家余颖弘：部分搭载智能底盘的车型，刹车时系统能实时感知车身状态，提前调整悬架，抑制晃动，让减速更平 稳。在对开路面中，智能传感器可以提前识别路况，没等车轮打滑就主动调整，避免车辆跑偏。 记者昨天（24日）从中国汽车工程研究院获悉，行业内首批汽车智能底盘实测研究报告在重庆发布。 记者了解到，随着汽车智能化的快速发展，车辆的智能底盘愈加受到重点关注。这次中国汽车工程研究院选取10余款市场主流车型，设计了13类测试工况， 包括"弯道爆胎""十字路口过弯抗滑干扰""对开坡道起步"等场景，并设置了20多项关键指标进行了全面测评。 专家表示，智能底盘的性能不断提升，将能更好地保障驾乘安全性，其中的关键硬件配置和智能软件的协同应用，是提高这一智能化零部件安全性的重要因 素。 中国汽车工程研究院底盘研究中心主任唐俊：下一步，我们将继续关注智能驾驶与智能底盘功能融合发展，丰富既有体系的评价维度，创新测试方法与工 具，通过加强协同合作与标准体系更新，推动行业在硬件升级与软件创新上双向发力。 （文章来源：央视新闻） ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 12 24 年 月 日 敏实集团（00425.HK） 电池盒放量驱动业绩高增，机器人等新兴赛道打开长期成长空间 全球汽车外饰与车身结构部件领先企业，业务布局兼具深度与广度。敏实 集团深耕行业三十余年，核心业务涵盖金属饰条、塑件、铝件及新能源汽 车电池盒四大产品线。作为全球化供应商，公司的业务布局广泛，服务宝 马、奔驰、特斯拉、比亚迪等 70 余家国内外头部车企，海外收入占比从 2021 年 41%提升至 2025H1 的 65%，全球化战略推进效果显著。业务结 构持续优化，电池盒业务作为重点发展的业务，2025H1 营收占比达 27%， 跃升为第一大收入来源；铝件产品受益于汽车轻量化趋势，2020 到 2024 年营收 CAGR 为 12%，毛利率维持 30%以上。同时受益于产能利用率提 升和成本管控，公司的营收和净利润均实现较快增长。 外饰件业务稳健贡献，电池盒与结构件已成增长引擎。敏实传统业务地位 稳固，金属饰条、塑件、铝件产品类别丰富，业绩持续增长。公司凭借轻 量化与智能化双重升级打开价值空间：铝合金外饰件渗透率持续提升，相 关产品逐步 ...

（文章来源：证券日报） 证券日报网讯 12月24日，华阳集团在互动平台回答投资者提问时表示，公司围绕汽车智能化、轻量化 布局，为客户提供更全面、更高效、更高性价比的产品和服务。公司不断深化与众多国内外客户的合作 关系，合作项目不断增加，配套车型不断丰富。 ...

采埃孚（ZF）还是把自己的辅助驾驶业务卖掉了。 汽车音响制造商——哈曼集团宣布，已与采埃孚集团达成最终协议，收购采埃孚的高级驾驶辅助系统（ADAS）业务，交易估值达15亿欧元（约合人民币 124亿）。 但这项交易需经相关监管机构审批，预计将在2026年下半年完成，而哈曼集团的背后则是另一个电子巨头——三星。 在协议达成的现场，采埃孚的新任CEO Mathias Miedreich看起来似乎相当开心。 因为采埃孚终于有钱还债了，截至2025上半年，还背着约106亿欧元的巨额债务，此时的采埃孚财务捉襟见肘，用Mathias Miedreich的话来讲，集团的利 润基本用于偿债。 这不仅是一笔急需的"救命钱"，同样也是在战略收缩下，一场残酷而必要的结构性出清。 01 员工也"卖"掉 采埃孚这次卖掉的并不是整个ADAS事业部，而是将其中的几个核心业务板块统一打包售卖。 根据协议，采埃孚将剥离事业部中的计算解决方案、智能摄像头、雷达技术、ADAS软件功能等ADAS相关业务，像底盘电子元件和用于主动安全技术的 电子元件业务则仍将保留在采埃孚，用以继续推进商用车领域的驾驶辅助及自动驾驶业务。 等待相关监管机构批准后，这些资 ...

Core Viewpoint - The company is focused on expanding its market presence, particularly in overseas markets, while enhancing its product and technology innovation capabilities to drive growth and improve operational efficiency [1][2][3] Group 1: Company Overview - The company, Tianyouwei, specializes in the research, design, production, sales, and service of automotive instruments, and is gradually expanding into the smart cockpit sector [1] - Key products include electronic combination instruments, full LCD combination instruments, dual-screen instruments, and other electronic products and services [1] - The company has established three R&D institutions in Suifenhe, Harbin, and Dalian, along with an EMC professional laboratory [1] Group 2: Market Expansion and Strategy - The company is actively expanding its overseas market presence, with current clients including Hyundai Kia Group, Stellantis Group, SsangYong, and Proton [2] - The two-wheeler market is seen as having significant growth potential, driven by the wave of smart and diversified industrial upgrades [2] - Strategic partnerships have been established with leading domestic and international two-wheeler companies, including Yadea, Aima, Qianjiang, Dayun, Benda, and Wuyang Honda [2] Group 3: Acquisition and Integration - The company plans to use €1 million of its own funds to acquire 100% of the shares of Kr mer Automotive Systems GmbH (Kramer), which specializes in in-car infotainment systems, digital cockpits, and connected vehicle solutions [3] - Following the acquisition, Kramer will be included in the company's consolidated financial statements, enhancing its capabilities in providing competitive products and services to high-end passenger car clients in Europe [3] - Kramer has supplier qualifications for well-known automotive brands such as Bentley, Jaguar, Land Rover, Porsche, Mercedes-Benz, and Volkswagen, aligning well with the company's existing technology and business expansion needs [3]

Group 1: Precious Metals and Geopolitical Risks - International gold and silver futures prices have reached historical highs, driven by geopolitical tensions, particularly the U.S. seizure of a Venezuelan oil tanker, adding uncertainty to an already strained geopolitical landscape [1] - Despite the current high prices, analysts express skepticism about the sustainability of these levels, suggesting that expectations for Venezuelan safe-haven flows to push gold higher may be overly optimistic [1] Group 2: Currency and Fiscal Policies - Japanese authorities may struggle to support the yen through foreign exchange interventions unless fiscal policy risks are effectively managed, as concerns grow over potential excessive spending in the upcoming 2026 budget [2] - The U.S. dollar is expected to weaken further in 2026, with a projected decline of about 5%, as the Federal Reserve is anticipated to implement several rate cuts, contrasting with the European Central Bank's likely stable rates [3] Group 3: Automotive and Technology Investments - The approval of L3 autonomous driving models in China marks a significant step towards commercialization, highlighting investment opportunities in automotive intelligence and technology [3] - The global liquid cooling market is projected to reach $21.8 billion by 2027, driven by the increasing demand for energy-efficient data center solutions amid rising AI server power consumption [4][5] Group 4: Market Trends and Investment Strategies - The A-share market is entering a critical window for "spring excitement" as external uncertainties diminish, with a focus on technology growth sectors such as AI, commercial aerospace, and robotics [6] - The ongoing power capacity shortage in the electricity system is expected to support long-term development in energy storage solutions [7] Group 5: International Trade and Tariffs - The EU's decision to delay anti-dumping duties on Chinese semi-steel tires does not change the trend of Chinese tire manufacturers seeking stable overseas production capacity to fulfill EU orders [9] - Liquid cooling solutions are becoming increasingly important in addressing the "power shortage" issues faced by AI data centers, with significant advantages over traditional cooling methods [10][11]

在 12 月 21 日，丰田在华的两家合资公司同步完成了核心轿车产品的年度更新，推出了全新卡罗拉和雷 凌 L。 ▲ 全新卡罗拉 ▲雷凌 L 两款新车的轴距都从原先的 2700mm 拉长到了 2750mm，车身长度也随之跃升。以雷凌 L 为例，其车长 达到 4695mm，轴距加长带来的 50mm 增量被全数投入到了后排。 ▲ 雷凌 L 一汽丰田的新款卡罗拉在设计上则更强调「科技精致感」，换上了丰田最新一代的前脸，采用了星环式 贯穿灯带配合 C 字形灯组。 座舱内部，两款新车都开始着重补足中国用户比较在意的智能化和座舱材质。 ▲雷凌 L 广汽丰田表示，雷凌 L 的后排膝部空间提升到了 980mm，配合降低后的中央地台，后排的纵向开阔感 已经不再是传统 A 级车的水平。 ▲雷凌 L 设计细节上，雷凌 L 换装了更有立体感的黑色蜂窝网状格栅，车窗饰条等部位也做了大面积黑化，这 种处理方式让整车在视觉上更趋向于年轻和运动。内饰升级了一体式高靠背座椅，并加入了 64 色氛围 灯，中控台则采用了横向贯穿式的空调出风口布局。 智能化方面，一丰和广丰都带来了 8.8 英寸液晶仪表与 12.9 英寸高清中控屏，更核心的硬件底层则 ...