【#小米三款新车齐曝光#，家庭、性能、豪华全都要】最近小米汽车交出了一份亮眼的成绩单，而与此 同时，一个覆盖家庭、性能和豪华的全系产品蓝图，正快速浮出水面。 第一款：YU9，瞄准一家老小的出行 小米的"昆仑"，内部代号指的就是YU9，它一上来目标就很明确，就是要和理想L9、问界M9这些热门 车抢家庭用户。这是一台大家伙，车长预计超过5.2米，提供六座或七座，用的还是能用油也能用电的 增程系统，明显就是冲着长途出行和没有续航焦虑来的。不久前，雷军亲自带着团队，跑到新疆帕米尔 高原去测试这辆车，又是跑高寒又是测续航，看得出来这车离正式上市不远了，也足见小米对它的重 视。它要干的活儿，就是帮小米从"年轻人的玩具"，真正走进千家万户，成为家庭主力车。 第二款：YU7 GT，去纽北赛道刷脸的狠角色 第三款：SU7 L，加长的是车身，更是野心 很多人还在回味SU7的驾驶感，小米已经在准备它的加长豪华版了。最近网上曝光的SU7 L路试谍照， 能明显看出B柱之后的部分被拉长了，整车长度可能突破5.2米，轴距超过3.1米。 它瞄准的是行政豪华轿车市场，就是那种更看重后排空间和豪华体验的车型。有分析认为，它的关系可 能类似保时捷 ...

Investment Rating - The investment rating for the engineering machinery industry is "Recommended" (maintained) [5] Core Viewpoints - The report highlights significant structural growth characteristics, with high-end products and exports being the core driving forces for the machine tool sector [4] - In November 2025, excavator sales reached 20,027 units, a year-on-year increase of 13.9%, with domestic sales at 9,842 units (up 9.11%) and exports at 10,185 units (up 18.8%) [8] - For the period from January to November 2025, a total of 212,162 excavators were sold, marking a 16.7% year-on-year increase, with domestic sales at 108,187 units (up 18.6%) and exports at 103,975 units (up 14.9%) [8] - Loader sales in November 2025 reached 11,419 units, a year-on-year increase of 32.1%, with domestic sales at 5,671 units (up 29.4%) and exports at 5,748 units (up 34.8%) [8] - The report indicates a strong domestic replacement demand for engineering machinery, driven by equipment renewal policies, and a rapid growth in exports with an improving structure [8] - The "Belt and Road" initiative regions are experiencing industrialization and infrastructure growth, while the North American market is expected to recover due to a rate cut cycle and replenishment demand [8] - The European market shows signs of marginal improvement after two years of decline, and Chinese brands have significant growth potential in the European and American markets due to low penetration rates [8] - Electrification and intelligence are opening new growth curves, enhancing both volume and pricing, while also broadening application scenarios [8] - Leading companies are expected to continue increasing their market share overseas, supported by technological upgrades and global expansion strategies [8] Summary by Sections - **Excavator Sales Data**: November 2025 saw excavator sales of 20,027 units, with a 13.9% year-on-year increase. Year-to-date sales reached 212,162 units, up 16.7% [8] - **Loader Sales Data**: November 2025 loader sales were 11,419 units, a 32.1% increase year-on-year, with year-to-date sales at 115,831 units, up 17.2% [8] - **Investment Recommendations**: The report suggests focusing on leading companies with a well-established global presence, including XCMG (000425.SZ), SANY Heavy Industry (600031.SH), LiuGong (000528.SZ), Shantui (000680.SZ), Hengli Hydraulic (601100.SH), and Zhongji United (605305.SH) [8]

从销量数据看，比亚迪11月产销快报显示，公司11月销量为48.02万辆，同比下降5.25%；今年前11月累 计销量为418.20万辆，同比增长11.3%。 12月5日，比亚迪（002594）在深圳坪山举行临时股东大会。在汽车行业竞争加剧的当下，比亚迪作为 行业龙头企业，新动向备受市场关注。 对于未来发展，比亚迪董事长兼总裁王传福明确了三大核心方向。其一，未来2—3年将持续攻坚电动化 及智能化技术，加大技术研发力度，推出更具领先性的技术成果，继续扩大技术领先优势；其二，正视 过去"顺风"市场环境下滋生的营销惰性，未来将同步强化营销等配套能力，精准对接用户需求，实现技 术优势向市场竞争力的高效转化；其三，加大力度开拓海外市场。 强调"技术为王" 在股东会提问环节，多位比亚迪股东带着事先准备好的发言稿，对王传福发起"灵魂拷问"，其中不乏直 击品牌影响力不足、营销薄弱的尖锐问题。王传福一一予以回应。 在短短1小时的问答环节中，王传福多次提及"技术为王"。他直言，当前行业技术同质化特征渐显。"每 一次成功都是新一轮危机的开始，要做好充足的准备，才能让公司在每一次市场周期中处于不败之 地。"王传福说。 "我们还有多项重磅 ...

【#王传福称比亚迪将加大技术研发力度#】#王传福称比亚迪还有重磅技术发布#12月5日，在比亚迪 2025年第二次临时股东会上，比亚迪董事长兼总裁王传福表示，在电动化上半场，低温充电速度慢等用 户需求痛点，亟待通过技术突破予以解决。"后面比亚迪还有重磅技术发布，但目前不方便透露。"王传 福表示，比亚迪的核心竞争力在于技术，公司麾下12万工程师团队，是公司后续技术攻坚、重塑领先优 势的关键底气与支撑。 程师团队，是公司后续技术攻坚、重塑领 先优势的关键底气与支撑。 对于未来发展,比亚迪明确了几大方 向。王传福表示，其一，未来2至3年将 全面攻坚电动化技术及智能化下半场，加 大技术研发与投放力度,推出更具领先性 的技术成果,继续扩大技术领先优势;其 二,未来将同步强化营销等配套能力,精 准对接用户需求，实现技术优势向市场竞 争力的高效转化;其三,持续加大力度开 拓海外市场。 对于未来发展，比亚迪明确了几大方向。王传福表示，其一，未来2至3年将全面攻坚电动化技术及智能 化下半场，加大技术研发与投放力度，推出更具领先性的技术成果，继续扩大技术领先优势；其二，未 来将同步强化营销等配套能力，精准对接用户需求，实现技术优势 ...

Core Insights - BMW announced that the new generation BMW iX3, specifically designed for the Chinese market, will be launched in the second half of 2026 [1] Group 1: Product Features - The long-wheelbase version of the new generation BMW iX3 is tailored for Chinese customers, featuring customizations in smart cockpit, intelligent driving assistance, and ride comfort [3] - The design of the new generation BMW iX3 embodies the electric era's core principles, combining luxury, technology, and aesthetics, with a distinctive appearance that remains recognizable as a BMW [5] - The vehicle includes innovative features such as a super-sensitive steering wheel, a super-sensitive central control, and a new 3D head-up display, all designed to enhance driver focus [5] Group 2: Technology and Performance - The new generation BMW iX3 is equipped with the latest sixth-generation BMW eDrive technology, featuring a revolutionary cylindrical battery and a self-developed energy management system [7] - It boasts an impressive electric range of over 900 kilometers under CLTC conditions, with a record-setting test showing a range of over 1,007 kilometers on a single charge [7]

Core Viewpoint - Sany Heavy Industry (600031) shares rose over 4%, reflecting positive market sentiment driven by strong excavator sales data and the company's competitive advantages in the engineering machinery sector [1] Group 1: Sales Performance - In October, a total of 18,096 excavators were sold, marking a year-on-year increase of 7.77% [1] - Domestic sales accounted for 8,468 units, with a year-on-year growth of 2.44% [1] - Export sales reached 9,628 units, showing a significant year-on-year increase of 12.9% [1] Group 2: Market Analysis - CITIC Construction Investment emphasizes the importance of tracking overseas sales data, as many companies derive over 70% of their profits from international markets [1] - The current upward trend in both domestic and international sales is being validated, indicating a robust market environment for engineering machinery [1] Group 3: Company Positioning - Sany Heavy Industry is recognized as a leading player in the engineering machinery sector, with advanced strategies in internationalization and electrification [1] - The company maintains strong competitive advantages in products, channels, and services, particularly in its flagship excavator segment [1] - As domestic industry demand stabilizes and the industry enters a renewal cycle, Sany's revenue and performance are expected to accelerate, particularly in overseas markets [1]

Core Insights - The luxury automotive market is facing a pivotal moment in 2026, with brands like BMW needing to define luxury in the era of smart electric vehicles [1][4] - BMW is focusing on a new generation of technology, including electric drive systems and smart driving solutions, with the first product being the new generation BMW iX3, set to be produced in Shenyang in 2026 [1][7] - The company is experiencing pressure in the Chinese market, with a 11.2% decline in deliveries, highlighting the importance of electric vehicle sales as a growth engine [1][5] Electric Vehicle Strategy - BMW's electric vehicle sales reached 323,000 units in the first three quarters of 2025, marking a 10% year-on-year increase, but the company recognizes the need for accelerated electrification in China [1][6] - The sixth generation eDrive system will utilize large cylindrical batteries, which offer over 20% improvement in energy density and 30% increase in range compared to previous square batteries [5][7] - BMW has partnered with CATL and EVE Energy for battery supply, establishing a localized supply chain in China and Europe [7][8] Smart Technology Integration - BMW is integrating smart cockpit and driving features tailored for the Chinese market, collaborating with companies like Momenta and Huawei to enhance user experience [8][9] - The new generation smart cockpit system will debut with the iX3 and aims to differentiate BMW's offerings through a unique user interface and localized features [9][10] - The collaboration with Momenta for smart driving technology will utilize AI models to improve vehicle perception and decision-making, maintaining BMW's driving dynamics [10][11] Competitive Landscape - Other luxury brands like Mercedes-Benz and Audi are also focusing on 2026 for key product launches, indicating a competitive race in the electric and smart vehicle segments [3][11] - The automotive industry is witnessing a shift towards leveraging China's advanced supply chain and technology ecosystem to enhance product offerings [11]

Core Insights - China's global share of the automotive market has increased, reaching 38% in October, up 1 percentage point from last year [1] - Projections indicate that China's share will be 34.2% in 2024 and 34.9% in the first ten months of 2025, with October's share exceeding the annual average by 3 percentage points [1] - Among the world's top 10 automotive companies, three are Chinese, with BYD ranking 6th, Geely 8th, and Chery 10th, reflecting strong growth in their market shares [1] - The shift towards electrification is contributing to the decline of some international automotive brands, despite temporary strength in the U.S. market and positive performance from brands like Suzuki in India [1]

国海证券研报指出，柳工装载机+挖掘机比翼双飞，电动化+全球化勇立潮头。从柳工的α来看，柳工两 大拳头产品挖掘机和装载机率先充分受益复苏，电动装载机有望持续打造自身护城河。同时公司"十五· 五"战略制定了2030年实现营业收入600亿元的目标，其中国际收入占比超过60%，净利率不低于8%。 该行认为柳工的拳头产品优势+出海战略有望实现"十五·五"战略擘画的目标，维持公司"买入"评级。 ...

Core Viewpoint - The Shanghai Stock Exchange and China Securities Index Co., Ltd. announced adjustments to several indices, including the re-inclusion of SAIC Motor Corporation Limited in the SSE 50 Index, indicating a significant improvement in the company's fundamentals and recognition by the index expert committee [1]. Company Performance - SAIC Motor's core indicators such as revenue and profit margin for the first three quarters of 2025 exceeded those of the same period last year, with R&D expenses reaching 12.61 billion yuan, a year-on-year increase of 9.4% [4]. - The company has focused its investments on electric and intelligent vehicle technologies, achieving a thermal efficiency of 46.3% for its DMH hybrid engine and a low fuel consumption of 2.5 L/100 km for the Roewe M7 DMH [4]. - In the first ten months of 2025, SAIC's cumulative sales of new energy vehicles reached 1.29 million units, a year-on-year increase of 42.5%, outperforming the industry growth rate [4]. Product Strategy - The launch of popular models has significantly supported sales, with the Roewe M7 DMH achieving over threefold sales growth in October compared to the previous month [5]. - The MG4 model has maintained strong sales in both domestic and European markets, while the collaboration with Huawei on the Jiangjie H5 has resulted in rapid sales growth, with over 10,000 units delivered within 43 days of launch [5]. Market Position and Future Outlook - The re-inclusion in the SSE 50 Index is seen as a validation of SAIC's operational quality and profit expectations, which is expected to stabilize its valuation and attract long-term investment [6]. - The competitive landscape in electric and intelligent vehicle sectors remains intense, and the company's ability to maintain its recovery momentum will depend on its continued innovation and product offerings that meet consumer demands [6].