2026 年 01 月 05 日 两新补贴正式落地符合预期，看好 预期修复下的交易机会 看好 ——2025/12/29-2026/1/4 汽车周报 《补贴落地践行渐进，看好预期修复下的 交易机会——2025/12/22-2025/12/28 汽车周报》 2025/12/29 《L3 智驾车型许可发放，继续看好智能 化、中高端和二手车市场—— 2025/12/15-2025/12/19 汽车周报》 2025/12/22 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 朱傅哲 A0230524080008 zhufz@swsresearch.com 行 业 及 产 业 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 本期投资提示： 1.1 新势力月度销量更新 究 / 行 点 业 评 汽车 ⚫ 观点：两新补贴正式落地，计算方式由定额制转向按车价比例计算，结构导向更加清 晰，此前对行业 26 年总量的担心有望得到修复。看好中低端需求为主的比亚迪、吉 利，以及基本面α弹性显著的北汽、江淮 ...

Group 1 - The core viewpoint of the article is that Qijing Automotive is set to launch two new vehicles this year, both equipped with Huawei's latest intelligent driving and HarmonyOS cockpit technologies [1] - Huawei's Intelligent Automotive Solutions BU CEO stated that Qijing is a new brand co-created by both companies, representing a fresh exploration in the smart automotive sector [1] - The first vehicle from Qijing, an elegant shooting brake model with the internal code F03, is positioned as "the most beautiful Chinese sedan" and is expected to be released in 2026 [1] Group 2 - The design development of Qijing's first product involved nearly a hundred participants from both Huawei's Milan Aesthetics Research Institute and the Qijing team, taking eight months of rigorous refinement to finalize the design [1] - Huawei's executive team, led by Yu Chengdong, visited GAC Group to discuss building the HarmonyOS ecosystem and toured the GAC exhibition hall [1]

1月5日消息，广汽集团（601238）与华为联合打造的全新品牌"启境"首款猎装轿跑近期频繁被目击于公 共道路，引发广泛关注。作为华为乾崑"第一境"，启境是华为乾崑唯一技术、团队、流程、理念四大资 源毫无保留投入的品牌，代表了华为乾崑在智能汽车领域的最高战略意图。 综合汽车社区、路测追踪平台及行业信源信息，该车型的路测活动已扩展至全国20余座城市，测试密度 和地理跨度均处于行业前列。尽管外观仍处保密状态，但其猎装轿跑形态，融合轿跑流线美学与掀背式 尾门实用性，已通过车身轮廓显露无遗。 测试内容不仅包括传统机械性能，如转向精准度、悬架滤震表现，更深入考察智能座舱语音识别准确 率、多屏联动流畅度、自动泊车成功率等用户体验细节。此外，有消息表示，该款车型在不同网络环境 下的V2X通信稳定性也成为验证重点之一。 此次广泛路测也被视为市场预热的重要环节，在消费者对智能化、设计感与实用性的综合要求日益提升 的当下，启境通过实车高频曝光，逐步建立产品认知与品牌期待。随着工程验证进入尾声，这款集美 学、科技与性能于一体的猎装轿跑，将在今年6月份正式揭开面纱，冲击细分市场格局。 ...

Core Viewpoint - The recent launch of the fourth phase project by Jinghe Integrated Circuit, with a total investment of 35.5 billion yuan, marks a significant expansion in the company's production capacity and technological capabilities in the semiconductor industry [2][10]. Investment and Production Capacity - The fourth phase project involves the construction of a 12-inch wafer foundry production line, with a planned monthly capacity of 55,000 wafers [3][11]. - Upon completion, the total production capacity of Jinghe Integrated Circuit will increase to approximately 170,000 wafers per month, solidifying its leading position among wafer foundries in mainland China and ranking ninth globally [7][15]. Technological Focus - The production line will focus on advanced process nodes of 40nm and 28nm, targeting applications in CMOS image sensors (CIS), OLED display driver chips, and logic chips [3][11][12]. - The project aims to meet the market demands of cutting-edge applications, including OLED display panels, AI smartphones, AI computers, smart vehicles, and various artificial intelligence devices [5][13]. Historical Context and Previous Phases - Jinghe Integrated Circuit's first phase project began construction in October 2015 and was officially put into production in October 2017, with both the first and second phases now operating at full capacity [6][14]. - The third phase project, with a total investment of 21 billion yuan and a monthly capacity of 50,000 wafers, is expected to commence production in August 2024 [6][14]. Financial Backing and Future Plans - The third phase project has received significant capital increases from various institutional investors, including state-owned banks, raising its registered capital to approximately 9.59 billion yuan, which will be used for equipment procurement and operations [8][16]. - The fourth phase project is scheduled to begin equipment installation in the fourth quarter of 2026 and aims to reach full production by the second quarter of 2028 [17].

Core Viewpoint - Li Auto (02015) reported a year-on-year decrease of 24.44% in new vehicle deliveries for December 2025, totaling 44,200 units, while the total deliveries for Q4 2025 reached 109,200 units [1] Group 1: Delivery Performance - As of December 31, 2025, Li Auto achieved a cumulative delivery milestone of 1.5402 million vehicles [1] - The company delivered 109,200 vehicles in the fourth quarter of 2025 [1] - The December 2025 delivery figure represents a significant decline compared to the previous year [1] Group 2: Market Expansion - Li Auto launched its models L9, L7, and L6 in Egypt, Kazakhstan, and Azerbaijan, marking its entry into the Central Asia, Caucasus, and African markets [1] - The company has established a total of 548 retail centers across 159 cities in China [1] Group 3: Infrastructure Development - Li Auto has set up 3,907 supercharging stations and 21,651 charging piles nationwide [1] - The company operates 561 after-sales service and authorized repair centers, covering 224 cities [1] Group 4: Product Launch - Li Auto officially released the Livis AI glasses, receiving positive user feedback [1]

Core Insights - Chery Group achieved a record annual sales of 2,806,393 vehicles in 2025, marking a 7.8% year-on-year increase, with significant breakthroughs in sales, exports, new energy vehicles, and quality performance [30][31]. Sales Performance - Chery Automobile Co., Ltd. sold 2,631,381 vehicles in 2025, reflecting an 8% increase year-on-year [30]. - The Chery brand alone recorded sales of 1,700,940 vehicles [31]. - The Exeed brand (星途) achieved sales of 120,369 vehicles [31]. - The Jetour brand (捷途) sold 622,590 vehicles [31]. - The iCAR brand sold 96,989 vehicles [31]. - The Zhijie brand (智界) reached sales of 90,493 vehicles [31]. Export Achievements - Chery exported 1,344,020 vehicles in 2025, a 17.4% increase from the previous year [3][30]. - The company achieved a record monthly export of 144,430 vehicles in December, a 46.8% year-on-year increase [30]. - Chery has maintained its position as the top Chinese brand in passenger car exports for 23 consecutive years [5][30]. New Energy Vehicle Growth - Chery sold 903,847 new energy vehicles in 2025, representing a 54.9% year-on-year growth [6][30]. - The company has established a strong lineup of popular new energy models, with several models achieving monthly sales exceeding 10,000 units [6][30]. Quality Recognition - Chery received a nomination for the "China Quality Award" and ranked first among domestic brands in five categories of J.D. Power's quality assessments [30]. - The company has achieved a total of 60 models with five-star safety ratings globally, leading among Chinese automotive brands [30]. Strategic Directions - Chery is focusing on five new strategic directions: new fuel, new energy, new overseas markets, new business, and new technology [32][34]. - The company is enhancing its product matrix to meet global user demands, with a significant emphasis on both fuel and electric vehicles [32][34]. - Chery is accelerating its entry into high-regulation markets in Europe and has established local production in Spain [34]. Brand Development - Chery's global user base reached 18.53 million by the end of 2025, with 5.85 million users located overseas [28][46]. - The company ranked 233rd in the 2025 Fortune Global 500, marking a significant leap of 152 places from the previous year [46][50]. Future Outlook - Chery aims to achieve a sales growth rate exceeding the industry average by 10-20 percentage points in 2026, focusing on high-quality development [50].

Li Auto Inc. 理想汽車 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2015） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 1 股東及潛在投資者於買賣本公司證券時，務請謹慎行事。 承董事會命 理想汽車 董事長 李想 自願公告 2025年12月交付更新資料 於2026年1月1日，中國新能源汽車市場的領導者理想汽車（「理想汽車」或「本公 司」）（納斯達克：LI；香港交易所：2015）宣佈，2025年12月，理想汽車交付新車 44,246輛。2025年第四季度，理想汽車交付109,194輛。截至2025年12月31日， 理想汽車歷史累計交付量為1,540,215輛。 2025年12月，理想汽車跨過150萬輛累計交付量的里程碑；理想L9、理想L7及理 想L6三款車型同步登陸埃及、哈薩克斯坦和阿塞拜疆市場，開啟橫跨中亞、高加 索地區及非洲的市場佈局；此外，本公司正式發佈理想AI眼鏡Livis，收穫用戶積 極反饋。 截至202 ...

Core Insights - Li Auto delivered 44,246 vehicles in December 2025, with a total of 109,194 vehicles delivered in Q4 2025, and a cumulative delivery of 1,540,215 vehicles as of December 31, 2025 [2] Group 1: Business Milestones - Li Auto became the first new force brand in China to surpass 1.5 million cumulative deliveries [2] - The company launched its main models, Li L9, Li L7, and Li L6, in Egypt, Kazakhstan, and Azerbaijan, marking its expansion into key markets across Central Asia, the Caucasus, and Africa [2] - The company officially released the Livis AI glasses, receiving positive feedback from users due to its advanced technology and practical experience [2] Group 2: Future Outlook - The CEO expressed gratitude to users and partners, emphasizing a focus on value creation and enhancing user experience in 2026 [2] Group 3: Infrastructure Development - As of December 31, 2025, Li Auto had established 548 retail centers covering 159 cities, and 561 after-sales service and authorized repair centers covering 224 cities [2] - The company has deployed 3,907 Li Supercharging stations with a total of 21,651 charging piles across the country [2]

Core Insights - The article reflects on the evolution and growth of the Dongwu Automotive team over the past decade, emphasizing the journey of self-discovery and the establishment of a cohesive team [2][4][6]. Group 1: First Decade (2013-2022) - The first decade was characterized by a process of self-exploration and trial-and-error, navigating through the SUV boom and the rise of electric vehicles, ultimately leading to a clearer direction for the team [2]. - The team achieved recognition as the second-best automotive analyst in the New Fortune awards in 2022, marking a significant milestone in their growth [2]. Group 2: Transition Period (2023-2025) - The years 2024-2025 are anticipated to bring further accolades, with expectations of being recognized as the top automotive analyst, although the team acknowledges that this success is not built on a solid competitive advantage but rather on luck [4]. - The team aims to embrace a new goal of "seeking common ground while allowing for differences," recognizing the balance between personal growth and team development [4]. Group 3: Second Decade (2026-2035) - Starting in 2026, the team will focus on each member's journey of self-discovery and contribution, with a vision to witness the global rise of the Chinese automotive industry and serve the capital market [6]. - The team's philosophy emphasizes independent thinking, objectivity, and foresight, with a flexible framework that encourages innovation and iteration [6]. - The team plans to release an updated division of labor annually to better serve the capital market and the automotive industry, inviting collaboration and internships [6]. Group 4: Team Structure and Expertise - The team is structured into three main segments: smart automotive full industry chain, large vehicles (electrification & globalization), and automotive parts & robotics, each led by experienced analysts [7][9][13][18][20]. - Analysts within the team focus on various aspects of the automotive industry, including technology iteration, market demand, and investment opportunities, ensuring a comprehensive approach to research and analysis [9][11][18][20].

Investment Rating - The report rates the automotive industry as "Outperform" [2] Core Insights - The Ministry of Industry and Information Technology approved two models with L3 conditional autonomous driving capabilities, marking the transition of L3 autonomous driving from testing to commercial application in China [2] - The penetration rate of electric vehicles is expected to exceed 50%, with smart technology becoming a survival necessity for automakers. By 2030, smart vehicle sales in China are projected to exceed 30 million units [2][6] - The evolution of high-level autonomous driving technology is expected to accelerate, with significant breakthroughs anticipated in L4/L5 levels around 2027-2028 [2][13] Summary by Sections 1. Automotive Intelligence Transition - Automotive intelligence is moving from an introduction phase to a growth phase, transforming vehicles from traditional fuel-powered tools to AI-driven mobile terminals [6] - The penetration rate of electric vehicles in China is expected to rise from 50% to 80% between 2025 and 2030, with smart technology becoming essential for leading automakers [6] 2. High-Level Autonomous Driving as a Key Technology - High-level autonomous driving (L3-L5) is the main technological development line, with L2+ functionalities becoming widespread and L3 commercial trials beginning [7] - The report highlights the challenges faced in the development of high-level autonomous driving, including regulatory improvements and user acceptance [7] 3. Automotive Industry Chain Overview - The automotive industry chain consists of upstream suppliers providing core components, midstream solution providers integrating systems, and OEM manufacturers responsible for final vehicle performance [22] 4. Upstream Components: Computing Power as a Foundation - Domain controllers are crucial for the evolution of automotive electronic architectures, transitioning from distributed to centralized systems [30] - The demand for high computing power in autonomous driving and cockpit systems is increasing, with SoC chips becoming essential [51] 5. Midstream Vehicle Manufacturing: New Players Leading the Charge - New entrants in the automotive market are leveraging smart technology to gain competitive advantages, with a focus on high-end models priced above 200,000 yuan [2] 6. Downstream Operations: Emergence of New Business Models - The shift towards smart mobility is driving the development of new business models like Robotaxi, with expectations of over 30% penetration in the smart mobility market by 2030 [2][4] 7. Investment Recommendations - The report suggests focusing on leading automakers with full-stack self-research capabilities and component suppliers with technological advantages in high-growth segments [2]