Group 1 - The core viewpoint of the report is that the automotive market in 2026 will be influenced by multiple factors, with a focus on the rise of new energy vehicle penetration, exports, and the advancement of intelligent high-end vehicles despite uncertainties in the vehicle replacement policy and the reduction of purchase tax [1][2] - The automotive industry is experiencing a divergence in performance, with the auto parts sector outperforming the vehicle manufacturing sector due to the acceleration of automotive intelligence and the development of the robotics industry, as evidenced by a 34.76% increase in the auto parts index compared to a 0.40% decline in the passenger vehicle index from January 1 to December 12, 2025 [1] - The passenger vehicle sector is seeing revenue growth driven by the "old-for-new" policy, but profitability is declining due to intensified competition, while the auto parts sector benefits from scale effects and demand from emerging industries [1] Group 2 - The outlook for 2026 indicates that while the "old-for-new" policy has not yet been implemented, there are still growth opportunities in automotive exports, particularly for new energy vehicles, which are expected to show strong competitive advantages [2] - The penetration rate of L2+ intelligent driving functions is projected to reach 48% by 2024, with the year 2026 anticipated to be a critical point for the commercialization of L3 autonomous driving systems [2] - The intelligentization of chassis systems is becoming a key focus area to ensure the reliability of advanced autonomous driving, with domestic companies breaking through technical barriers in core components [3] Group 3 - The development of braking and steering systems is progressing towards electronic control, supported by national standards set to be implemented in 2026, which will facilitate the application of electronic braking and steering systems [4]

推动电动十多年，一夜回到解放前。 随着特朗普政府取消联邦购车退税补贴，美国电动车行业骤然进入寒冬。一方面电动车销量暴跌腰斩， 消费者对电车需求低迷；另一方面，传统车企纷纷踩下急刹车，减产甚至停产诸多电动车型，将资本与 产能投入混动车，甚至是传统燃油车型。 补贴没了销量腰斩 今年10月1日，对美国电动车产业无疑是一个分水岭，一个转折点。 随着特朗普政府推动的"大美丽法案"（One Big Beautiful Bill）正式实施，美国延续了十七年之久的联邦 电动车税收抵免政策在这一天戛然而止。这项激励政策原本计划延续到2032年，但却在共和党上台之 后，提前七年宣告终结。 这项购置退税补贴对于电动车消费者至关重要。按照此前的政策，用户购置一辆纯电动新车可以获得 7500美元退税补贴，购置二手车也可以获得4000美元的补贴。在特朗普第一任期，他就曾经撤销了这些 补贴，拜登上任之后才重新恢复。 这一政策变化带来的影响立竿见影。根据Cox Automotive的数据，由于潜在购车者急于在截止前获得退 税，今年9月美国电动车销量同比暴增40%，市场份额更是创下12.4%的历史新高。 但这却是最后的狂欢。随着退税政策正式结 ...

Core Viewpoint - The automotive industry is expected to benefit from the acceleration of automotive intelligence and the development of the robotics industry, with the auto parts sector outperforming the vehicle manufacturing sector in 2025 [1][2]. Group 1: Market Performance - From January 1 to December 12, 2025, the CITIC passenger car index decreased by 0.40%, while the CITIC auto parts index increased by 34.76%, indicating a significant outperformance of the auto parts sector compared to the vehicle manufacturing sector [1]. - The vehicle manufacturing sector has shown weakening performance due to intensified price wars and fierce market competition, while the auto parts sector has benefited from opportunities arising from the rapid development of AI and related industries [1]. Group 2: Revenue and Profitability - The passenger car sector experienced revenue growth in the first three quarters of 2025, driven by the "old-for-new" policy, but faced a decline in short-term profitability due to increased competition [1]. - The auto parts sector, on the other hand, has seen continuous performance improvement driven by economies of scale and demand from emerging industries [1]. Group 3: 2026 Outlook - The automotive market in 2026 is expected to see a decline in policies such as the "old-for-new" program, which may affect car purchase demand, while the export of new energy vehicles is projected to grow rapidly, showcasing strong competitiveness in China's new energy vehicle industry [2]. - The penetration rate of new energy vehicles continues to rise, with intelligent and high-end features becoming new growth drivers [2]. Group 4: Technological Advancements - The intelligentization of chassis systems is a key area of focus to ensure the reliability of high-level autonomous driving, with domestic companies actively promoting the implementation of intelligent technologies in suspension, steering, and braking systems [3][4]. - The development of intelligent suspension systems is advancing, with active suspension becoming a necessary choice for intelligent driving vehicles, and domestic parts manufacturers are becoming major players in this field [3]. Group 5: Investment Strategy - The automotive market in 2026 will be influenced by various factors, with the rise in new energy vehicle penetration, exports, and intelligent high-end features expected to be structural highlights [4]. - Companies that continue to focus on automotive intelligence and are positioned to benefit from the mass application of intelligent driving technologies, particularly those involved in active suspension and line control systems, are recommended for investment [5].

推动电动十多年，一夜回到解放前。 这项购置退税补贴对于电动车消费者至关重要。按照此前的政策，用户购置一辆纯电动新车可以获得 7500美元退税补贴，购置二手车也可以获得4000美元的补贴。在特朗普第一任期，他就曾经撤销了这些 补贴，拜登上任之后才重新恢复。 随着特朗普政府取消联邦购车退税补贴，美国电动车行业骤然进入寒冬。一方面电动车销量暴跌腰斩， 消费者对电车需求低迷；另一方面，传统车企纷纷踩下急刹车，减产甚至停产诸多电动车型，将资本与 产能投入混动车，甚至是传统燃油车型。 补贴没了销量腰斩 今年10月1日，对美国电动车产业无疑是一个分水岭，一个转折点。 随着特朗普政府推动的"大美丽法案"（One Big Beautiful Bill）正式实施，美国延续了十七年之久的联邦 电动车税收抵免政策在这一天戛然而止。这项激励政策原本计划延续到2032年，但却在共和党上台之 后，提前七年宣告终结。 11月的情况甚至更糟糕，电动车销量同比暴跌40%，仅为7.6万辆，环比比10月继续下滑5%，普及率进 一步下降到5.1%。上一次美国电动车普及率在5%，还是2022年初。换言之，美国电动车市场已经回到 了近四年前的状况。 这一 ...

推动电动十多年，一夜回到解放前。 随着特朗普政府取消联邦购车退税补贴，美国电动车行业骤然进入寒冬。一方面电动车销量暴跌腰斩， 消费者对电车需求低迷；另一方面，传统车企纷纷踩下急刹车，减产甚至停产诸多电动车型，将资本与 产能投入混动车，甚至是传统燃油车型。 补贴没了销量腰斩 今年10月1日，对美国电动车产业无疑是一个分水岭，一个转折点。 随着特朗普政府推动的"大美丽法案"（One Big Beautiful Bill）正式实施，美国延续了十七年之久的联邦 电动车税收抵免政策在这一天戛然而止。这项激励政策原本计划延续到2032年，但却在共和党上台之 后，提前七年宣告终结。 这项购置退税补贴对于电动车消费者至关重要。按照此前的政策，用户购置一辆纯电动新车可以获得 7500美元退税补贴，购置二手车也可以获得4000美元的补贴。在特朗普第一任期，他就曾经撤销了这些 补贴，拜登上任之后才重新恢复。 这一政策变化带来的影响立竿见影。根据Cox Automotive的数据，由于潜在购车者急于在截止前获得退 税，今年9月美国电动车销量同比暴增40%，市场份额更是创下12.4%的历史新高。 但这却是最后的狂欢。随着退税政策正式结 ...

12月18日，2025年度武汉投资促进大会上，安波福电气分配系统事业部副总裁兼中国区 董事长祁松透露，位于武汉经开区新建的电气分配系统制造工厂和研发中心项目正加快建 设，预计2026年下半年投产。据悉，这是安波福在武汉的第四次追加投资。 安波福是全球领先的汽车技术公司，专注于汽车智能化、电动化、网联化等前沿领域的 创新突破。2007年，安波福在武汉经开区设立首个电气系统生产基地，为神龙汽车、东风日 产、东风乘用车、上海通用等车企提供线束产品。此后，安波福陆续在武汉经开区建设连接 器系统武汉工程中心、连接器系统高压产品武汉工厂。 祁松在发言中高度评价了武汉的营商环境，特别提及公司注册过程中政府展现的高效、 专业与务实作风，认为这极大缩短了企业筹备周期。祁松表示，选择持续加码武汉，是基于 对武汉战略区位、雄厚汽车产业根基、丰富人才储备及优质营商环境的充分信心。 展望未来，祁松表示，安波福将坚定不移地看好中国汽车市场的广阔前景，将持续加大 在华投入，深化本土研发和新产品布局，为中国车企提供更优质的服务与支持，助力中国汽 车产业高质量发展。 编辑：张靖 祁松表示，在以中国为主导的汽车电动化、智能化浪潮中，安波福武汉基 ...

A e the state of the state of the station of the station of the state of the station of the station of the station of 10 汽车芯片与软件工程、车联网通信、低空智联网……近日，教育部发布《关于做好2026年职业教育拟招生专业设置管理工作的通知》及附件 《2025年职业教育专业目录增补清单》。清单显示，此次新增57个职业教育专业。其中，中职专业3个、高职专科专业31个、职业本科专业23个。其 中有多个与汽车智能化、电动化以及汽车工业智能制造相关的专业，也覆盖了汽车业正在发力的低空经济、具身智能等前沿领域。 人才培养"千年大计" 有关行业人士认为，这不仅为职业教育注入新活力，更为汽车业的人才培养与产业升级带来深远影响。 新增本科专业中，汽车芯片与软件工程技术是其中之一。行业专家认为，汽车行业正经历电动化、智能化的深刻变革，芯片与软件成为核心竞争力之 一。然而，近年来全球不断出现的芯片供应链风险，暴露了汽车业在关键技术领域的韧性不足的问题。此次增设的汽车芯片与软件工程技术专业，旨在培养 既懂芯片设计 ...

Investment Summary - The automotive industry is benefiting from the acceleration of smart technology and the development of the robotics industry, with the parts sector outperforming the vehicle sector. From January 1 to December 12, 2025, the CITIC passenger car index fell by 0.40%, while the CITIC automotive parts index rose by 34.76%, indicating a significant difference in performance between the two sectors [4][18][25]. Group 1: 2025 Market Performance and Earnings Review - The automotive parts sector achieved a revenue of 7,541.60 billion yuan in the first three quarters of 2025, a year-on-year increase of 8.75%, and a net profit of 460.10 billion yuan, up 19.60% year-on-year [49]. - The passenger vehicle sector's revenue reached 15,203.16 billion yuan, growing by 8.68% year-on-year, while the net profit decreased by 15.72% to 391.90 billion yuan [31][49]. - The performance of passenger vehicle companies varied, with most showing revenue growth, but some, like BYD and Great Wall Motors, experienced profit declines [39][42]. Group 2: Outlook for 2026 - The automotive market in 2026 is expected to see a decline in policies, while exports and new energy vehicles (NEVs) will continue to rise. The "old-for-new" policy is anticipated to drive high growth in vehicle sales in 2025, but its absence in 2026 may lead to a demand shortfall [5][62][66]. - The penetration rate of NEVs is expected to continue increasing, with smart and high-end vehicles becoming new growth drivers. By 2025, the penetration rate of NEVs reached 46.7% [72][73]. - The L3 commercial application is expected to reach a critical point in 2026, with smart chassis technology anticipated to be applied in large quantities [5][6]. Group 3: Investment Strategy - The investment strategy focuses on the smart automotive sector, particularly as the industry transitions from L2 to L3 autonomous driving. Companies that continue to invest in this area are expected to benefit significantly [6][8]. - Recommended companies in the vehicle sector include SAIC Motor, Jianghuai Automobile, and Chery Automobile, which are positioned to leverage advancements in smart driving technology [6][8]. - In the parts sector, companies like Baolong Technology and Top Group are highlighted for their potential to benefit from the implementation of line control steering and braking systems, which are set to enter mass application in 2026 [8][49].

证券日报网讯 12月17日，泰晶科技在互动平台回答投资者提问时表示，公司车规级产品已开发2000余 款料号，在车身域、智驾域、座舱域、动力域和底盘域等多场景全方位加快市场导入。汽车智能化、电 动化程度越高，晶振的使用量越多。 （文章来源：证券日报） ...

Core Insights - 2025 is identified as a pivotal year for automotive intelligence, initiating a three-year cycle that will elevate domestic electrification penetration rates to over 50%-80%, leading to a restructuring of the automotive landscape [4][11] - Leading intelligent driving manufacturers have successfully implemented complex urban scenarios such as roundabouts and U-turns, enhancing high-level functionalities like parking from space to space and scene understanding, thereby improving the driving experience for passengers and safety personnel [4][11] Group 1: Intelligent Driving Experience Evaluation - A comprehensive evaluation was conducted on seven intelligent driving manufacturers, including AITO, Blue Mountain, Xiaopeng, Ideal, Tengshi, Xiaomi, and NIO, using both large sample concentrated road tests and small sample in-depth road tests, focusing on scene realization, takeover frequency, and comfort [5][11] - The report does not rank the intelligent capabilities of specific manufacturers due to subjective factors and real-world conditions affecting the evaluation [5][11] Group 2: Performance Trends - Compared to Q1, the performance gap among manufacturers in Q4 is narrowing, with the second-tier manufacturers improving their capabilities in urban scenarios like roundabouts and U-turns, and showing a significant reduction in takeover frequency [7][11] - The first-tier manufacturers are currently undergoing a foundational architecture transition, with tangible results expected to be validated through iterative improvements [7][11] Group 3: Specific Manufacturer Insights - In Shenzhen, the intelligent driving systems must handle complex scenarios such as roadside parking and narrow road navigation, with proactive understanding being more suitable [6][11] - Huawei and Xiaopeng lead in overall takeover frequency and performance across various scenarios, particularly excelling in challenging situations [6][11] - Wei brand Blue Mountain demonstrated strong capabilities in handling complex scenarios during large sample concentrated road tests [6][11] Group 4: Road Test Methodology - The concentrated road test involved nearly 50 participants testing various models along a standardized route, while the small sample in-depth tests were conducted by the same evaluators under similar conditions to ensure consistency [12][15] - The concentrated road test aimed to assess the overall performance, reliability, and efficiency of the intelligent driving systems under real-world conditions [41][12] Group 5: Technical Developments - The report highlights advancements in intelligent driving technologies, including the latest iterations of systems from manufacturers like Huawei, Xiaopeng, and NIO, showcasing improvements in perception and decision-making capabilities [19][20][27] - Each manufacturer has adopted different hardware and software solutions, with most having developed their own intelligent driving chips [36][36]