Investment Rating - The report does not explicitly state an investment rating for the automotive suspension industry Core Insights - The automotive suspension industry is undergoing a profound transformation driven by electrification and intelligence, shifting the competitive focus from traditional mechanical hardware to a comprehensive system capability defined by software [4] - The demand for lightweight structural components and high-performance suspensions is increasing due to electrification, while intelligence is pushing the evolution of suspensions from passive adaptation to active prediction [4] - The value distribution across the entire industry chain will be redefined in this technological revolution, with investment opportunities focusing on leading domestic component manufacturers, system integrators with advantages in electric control suspensions, and suppliers providing key enabling technologies for intelligent suspensions [4] Summary by Sections Industry Overview - The automotive suspension system connects the vehicle body to the wheels, playing a crucial role in cushioning road impacts and ensuring good contact between the wheels and the ground [5] - The industry can be categorized into passive, semi-active, and active suspensions based on their working principles and application scenarios [5][6] Industry Characteristics - High-end market core technology barriers are significant, with foreign companies having established a "patent moat" in core suspension technologies [8] - Electrification is driving technological iterations, with new energy vehicles imposing stricter requirements on suspension systems [9] - Intelligent technology is enabling the transition of suspension systems from mechanical passive modes to electronically controlled active modes [10] Development History - The automotive suspension system has evolved from passive systems in the 1930s to semi-active systems in the 1970s, and to active systems gaining traction in the 1990s [11][12][13][14][15] Industry Chain Analysis - The automotive suspension industry chain consists of upstream (core materials and components), midstream (system design and assembly), and downstream (vehicle application and aftermarket services) [16] - The upstream component supply segment is highly concentrated, dominated by international suppliers like ZF and Continental [17][22] - Midstream, system integrators are increasingly investing in R&D to enhance differentiation and supply chain security [18][19] Market Size and Growth - The automotive suspension market size is projected to grow from 67.25 billion RMB in 2019 to 83.42 billion RMB in 2024, with a compound annual growth rate (CAGR) of 4.40% [29] - The market is expected to further expand to 111.45 billion RMB by 2029, with a CAGR of 6.10% [29] Future Trends - The demand for high-performance suspension systems is increasing, with technology being downscaled to mid-range markets [32] - The rise of line-controlled suspension systems is anticipated to support the development of automotive intelligence [33] Competitive Landscape - The competitive landscape is characterized by a "global leaders and Chinese tiered catch-up" scenario, with high market concentration [39] - Chinese manufacturers are rapidly closing the technology gap with international giants, driven by the growth of the new energy vehicle market [43][44]

中新网长沙12月10日电(记者 唐小晴)为期六天的第二十一届中国(长沙)国际汽车博览会(简称"长沙国际 车展")10日在长沙国际会展中心启幕。 " 我们打造了超3000平方米的智能化体验场景，涵盖智能驾驶、整车智能、智能座舱三大技术板 块。"比亚迪长沙片区销售经理刘豹告诉记者，为全方位呈现新能源汽车领域的技术实力，比亚迪展示 了全场景数字钥匙、智能泊车场景和全球首款量产车载无人机系统。 小鹏汇天"陆地航母"分体式飞行汽车的亮相亦十分吸睛。"这是全球首款面向个人用户量产交付的飞行 汽车产品，采用'陆行体+飞行器'分体设计。"汇天航空航天公司副总裁李锐说，位于广州的小鹏汇天飞 行汽车量产工厂满产状态下，生产线每30分钟可下线一台飞行器，工厂已将汽车工业的流水线引入航空 领域。 在本届长沙国际车展上，还有20多款首发新车迎来华中首秀，许多热门新车也纷纷亮相，鸿蒙智行全系 新车则展示最前沿的智驾科技。 年轻人在 车企布置的打卡区拍照。中新网记者 唐小晴 摄 作为中部地区规模最大、最具影响力的汽车行业盛会，本届长沙国际车展共有71个知名汽车品牌参展， 近1000款新车亮相，集中展示汽车领域的电动化、智能化新趋势。 民众 ...

汽车ETF（516110）跟踪的是800汽车指数（H30015），该指数从汽车相关行业中筛选出具有代表性的 上市公司证券作为成分股，涵盖整车制造、零部件供应及汽车服务等细分领域，以全面反映汽车行业整 体表现。该指数凭借较高的行业集中度和市场代表性，为投资者提供了便捷的行业投资工具。 万联证券指出，"十五五"期间，汽车及零部件行业将受益于智能制造与绿色转型双轮驱动。数据要素的 广泛使用推动传统制造业转型升级，提高产业链供应链韧性和安全水平。智能网联汽车与零部件领域是 重点发展方向，汽车产业正经历电动化、智能化、网联化变革，新能源汽车市场渗透率持续提升，催生 充电桩、智能座驾、车联网、电池回收等新需求。在产业链零部件领域，电池管理、自动驾驶算法、车 规级芯片等关键零部件和技术具有广阔前景。同时，绿色低碳转型推动新能源与储能系统发展，电化学 储能、氢能等储能技术迎来窗口期，为汽车行业提供配套支持。政策强调"构建以先进制造业为骨干的 现代化产业体系"，汽车行业作为制造业重要组成部分，将在智能化、绿色化进程中实现升级。 （文章来源：每日经济新闻） ...

Group 1 - The core viewpoint of the articles highlights the mixed performance of the Chinese automotive market in November, with retail sales showing a year-on-year decline of 7% but a month-on-month increase of 1%, indicating underlying market resilience despite concerns about potential market saturation and the impact of subsidy reductions [1][2]. - The decline in November's retail sales is attributed to a high comparison base from the previous year, where sales reached 2.423 million units, marking a 16.5% year-on-year increase, suggesting that the current year's performance is still stable with double-digit growth compared to the same period last year [1]. - The Chinese government continues to support automotive consumption, as evidenced by a recent policy that encourages green and low-carbon consumption in the automotive sector, indicating a long-term commitment to fostering a sustainable automotive market [2]. Group 2 - China's automotive exports have emerged as a new growth point, with exports reaching 5.616 million units from January to October, reflecting a 15.7% year-on-year increase, showcasing the increasing competitiveness of Chinese brands in international markets [3]. - The automotive market's natural fluctuation after rapid growth is seen as a transition towards high-quality development rather than a sign of market exhaustion, emphasizing the industry's ongoing innovation and adaptation [3]. - The continuous improvement in electric and intelligent vehicle penetration rates, along with a robust supply chain, positions the Chinese automotive market for sustained long-term growth and resilience against market risks [3].

Core Insights - The company has undergone several developmental phases, starting from local component manufacturing to becoming a global Tier 1 supplier in the automotive industry [1][2] Phase Summaries Foundation Phase (2004–2010) - The company began by supplying interior and functional components to domestic automakers, establishing core customer relationships and understanding vehicle development processes [1] - Focus was on solidifying manufacturing, quality, and supply chain management systems, evolving from "able to supply" to "reliable, stable, and replicable" [1] Internationalization Phase (2011–2018) - The company went public in 2011, using capital market support to acquire quality assets like Preh and KSS, transitioning from a single Chinese supplier to a global Tier 1 player [1] - Key strategies included acquiring capabilities, customers, and platforms, gaining access to advanced technologies and global automotive projects [1] - The company established R&D and production bases in Europe and America, creating an operational network across China, Europe, and North America [1] Optimization and Integration Phase (2019–2024) - Building on successful acquisitions, the company entered a phase of "digesting and optimizing," increasing R&D investment in smart cabins, vehicle networking, and energy management [2] - The company is restructuring global factories and supply chains, aiming to enhance efficiency and profitability, with a noticeable recovery in gross margin and expense ratio starting in 2023 [2] - The focus is on transforming previously acquired assets into reusable platform capabilities to realize scale effects in profitability [2] Re-Entrepreneurship Phase (2025–Present) - The company aims to innovate and expand into a dual pillar development path of "automotive + robotics Tier 1" while maintaining stability and improving profitability in its core business [2] - It plans to deepen its expertise in automotive safety and electronics while establishing a subsidiary for humanoid robots, leveraging automotive-grade capabilities in new applications [2] - The shift is towards surrounding intelligent hardware and embodied intelligence ecosystems, laying the groundwork for future growth [2]

Core Viewpoint - The company held a Q3 2025 earnings presentation on December 9, 2025, to provide insights into its operational results and financial status, emphasizing its commitment to innovation and market expansion in both traditional and new energy sectors [1]. Group 1: Earnings Presentation Overview - The earnings presentation was conducted via the Shanghai Stock Exchange's online platform, featuring participation from the company's chairman and key executives [1]. - The meeting aimed to address investor inquiries regarding the company's performance and future strategies [1]. Group 2: Investor Questions and Company Responses - The company plans to continue focusing on its core engine business while accelerating the development of new energy products such as hybrid, hydrogen fuel cells, and electric drive systems [2]. - The subsidiary Yuanjun Hydrogen is currently in the testing and trial production phase for hydrogen fuel cell systems, with no commercial application yet [2]. - The company aims to enhance its product structure and quality, expand market share, and explore overseas markets as potential growth areas for 2025 and beyond [2][3]. - The company is committed to technological innovation, increasing R&D efforts, and optimizing product performance across various energy types, including traditional and clean energy [2]. - To improve profitability, the company is focusing on market expansion, internal management enhancement, and cost reduction strategies [3].

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [6] Core Insights - The automotive industry is expected to see stable growth in consumer demand due to supportive policies and increasing sales of new energy vehicles [16][4] - The report highlights the importance of focusing on leading companies in smart technology and the resonance of technology and model cycles in the vehicle sector, as well as the electric and intelligent incremental segments in the parts sector [4][16] Summary by Sections Market Review - The automotive sector rose by 1.38% from December 1 to December 5, 2025, outperforming the overall A-share market, ranking 10th among all primary industries [18][21] - The largest gain was in automotive parts, which increased by 1.83%, while passenger vehicles saw the smallest increase of 0.21% [21] Industry Data Tracking 1. **Total Industry Volume**: In October 2025, approximately 3.322 million vehicles were sold, with a month-on-month increase of 3% and a year-on-year increase of 8.8%. New energy vehicles accounted for about 51.6% of the market share [2][36] 2. **Company Sales**: BYD, Geely, and FAW-Volkswagen were the top three in retail sales for October 2025, with sales of approximately 296,000, 266,000, and 136,000 vehicles, respectively [2] 3. **Weekly Data**: For November 1-30, 2025, retail sales of passenger vehicles were about 2.263 million, down 7% year-on-year but up 1% month-on-month [38] 4. **Raw Material Prices**: As of December 5, 2025, the price of battery-grade lithium carbonate was approximately 93,250 CNY/ton, a decrease of 1% from the previous week [45] Industry News and Company Announcements - Several automakers announced purchase tax subsidy plans, including a maximum subsidy of 15,000 CNY from GAC and a cash discount of up to 17,000 CNY from Leap Motor [3][49] - Cao Cao Mobility announced a strategic goal for its Robotaxi service, aiming for a 100 billion CNY investment over ten years across 100 cities [3][49] Investment Recommendations - The report suggests focusing on companies that lead in smart technology and those that align with the technological and model cycles, such as SAIC Motor, Xpeng Motors, Xiaomi, and Leap Motor [4][16] - In the parts sector, it recommends looking at companies involved in electric and intelligent incremental segments, including Huaguang Co., Chuanhuan Technology, Yinlun Co., and Horizon Robotics [4][16]

Core Insights - The global power battery industry has reached a significant turning point, with the top three companies in installed capacity now all being Chinese firms [2] - The competition among leading Chinese battery manufacturers is shifting from a focus on scale and cost to defining technological trends, building industry ecosystems, and leading the global value chain [3][4] - The rise of CALB to the global top three highlights the need to redefine the height of the Chinese battery industry beyond mere scale [5] Group 1: Electrification Trends - The electrification market is maturing, with consumers globally unified in their pursuit of charging experience, emphasizing range and fast-charging capabilities [6] - CALB's core competency lies in its ability to translate industry consensus and trends into mass-producible technological solutions [7] - CALB's fast-charging battery technology, featuring a 5C supercharging capability, meets the core demand of consumers for "charging in 15 minutes for a range of 400 kilometers" [8] Group 2: Strategic Alliances - CALB's choice of partners reflects a high degree of consensus in technology philosophy and market judgment, particularly with high-growth new energy vehicle manufacturers [10] - A notable example is CALB's joint investment of 7.5 billion yuan with Leap Motor to establish a battery company, solidifying a long-term cooperative relationship based on shared strategic goals [11] - CALB's deep collaboration with XPeng Motors, where all models of the XPeng G7 are equipped with CALB's 5C supercharging battery, underscores their mutual commitment to advanced electrification and intelligent integration [12] Group 3: Delivery and Global Expansion - CALB has entered the supply chains of major global automotive groups such as Volkswagen, Hyundai, and Toyota, indicating trust in its manufacturing and quality control capabilities [14] - The recent decision by SAIC Audi to adopt CALB's battery solutions for its high-end electric model E5 Sportback demonstrates CALB's alignment with the demands of the premium electric vehicle market [15] - CALB's production capacity is strategically synchronized with the production and market plans of its global customers, ensuring agile responses to market needs [16] Group 4: China's Electrification Power - CALB's ascent signifies that Chinese battery companies have achieved a historic milestone by occupying the top three positions globally [22] - The evolution of Chinese power battery and new energy vehicle supply chain companies into a paradigm force reflects a fundamental shift in global electrification competition logic [23] - This transformation positions China as a leader in innovation and value creation in the electrification sector, moving from a manufacturing hub to a source of technological advancement [24]

"发展自动驾驶"、"布局飞行汽车"、"推动汽车智能化、电动化"……近日，多省市纷纷出炉"十五五"规划建议，尽管各自立足不同的实际情况， 但其中的共同点之一，是均把汽车产业作为未来五年的发展重点，作出布局。 纷纷盯上汽车行业 布局汽车产业，重视汽车消费，成为各地未来五年共同追求的目标。 有关专家表示，全球汽车产业正经历着百年未有之大变局，而汽车智能化、电动化无疑是这场变革的核心驱动力。2025年，我国新能源乘用车零售的市 场渗透率达到59.3%，较去年同期提升7个百分点。这一数据不仅彰显了我国在新能源汽车领域的蓬勃发展态势，更意味着我国在新能源汽车位居世界领 先，而各地将汽车产业尤其是新能源汽车视为未来五年实现"换道超车"的关键抓手，正是因为新能源汽车产业既是朝阳产业，也是发展新质生产力的重要着 力点。 同时，各省市"十五五"规划建议中频繁出现的"固态电池"、"车网互动（V2G）"、"自动驾驶"等前沿技术方向，无一不指向汽车电动化与智能化融合的 未来赛道。固态电池被视为下一代电动汽车电池的理想选择，具有高能量密度、高安全性和长寿命等优势，一旦实现大规模商业化应用，将彻底改变电动汽 车的性能与市场格局。车网互动（ ...

每日经济新闻 （责任编辑：张晓波 ） 湘财证券指出，11月我国挖掘机总销量同比增长13.9%，装载机总销量同比增长32.1%，内外销量 均保持增长，主要因下游进入施工旺季及海外渠道补库。工程机械月均工作时长环比回升，国内更新需 求、电动化趋势及海外新兴市场增长将推动行业持续向好。人形机器人领域，众擎发布T800机器人， 具备高自由度与智能路径规划能力；领益智造完成超5000台人形机器人组装服务，国内外合作进展显 著。特斯拉Optimus机器人稳定性提升，美国政府计划加大产业支持力度。制造业PMI回升，政策发力 及"反内卷"措施有望带动机械设备需求好转。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 工业母机ETF（159667）跟踪的是中证机床指数（931866），该指数从沪深市场中选取50只涉及机 床整机及其关键零部件制造和服务的上市公司证券作为指数样本，以反映机床产业相关上市公司证券的 整体表现。该 ...