证券研究报告 汽车 汽车延续两新补贴，利好中高端车 华泰研究 2025 年 12 月 31 日│中国内地 动态点评 SAC No. S0570525020001 wanglixian@htsc.com +(86) 755 8249 2388 张高栋* 联系人 SAC No. S0570124120007 zhanggaodong@htsc.com +(86) 10 6321 1166 行业走势图 (5) 5 14 24 33 Jan-25 May-25 Sep-25 Dec-25 (%) 汽车 沪深300 资料来源：Wind，华泰研究 重点推荐 | | | 目标价 | | | --- | --- | --- | --- | | 股票名称 | 股票代码 | (当地币种) | 投资评级 | | 小鹏汽车-W | 9868 HK | 122.71 | 买入 | | 吉利汽车 | 175 HK | 27.07 | 买入 | | 比亚迪 | 002594 CH | 136.93 | 买入 | | 理想汽车-W | 2015 HK | 84.80 | 买入 | 汽车 增持 (维持) | 12 月 30 日，国家发展改革委 ...

Core Insights - The article discusses the evolving dynamics of the electric vehicle (EV) market, highlighting the strategic adjustments of various automakers, particularly traditional brands like FAW Bestune, which is adapting to industry changes and competition [2] Group 1: Growth Trajectory - FAW Bestune's recent data indicates that its transformation has reached a critical juncture, with overall sales expected to grow year-on-year by November 2025, and over 80% of sales coming from new energy vehicles [3] - The sales growth over the past three years shows distinct phases, with 2023 serving as a performance baseline following initial efforts in EV transformation, and significant year-on-year increases anticipated in 2024 due to new model launches and channel adjustments [3] - By 2025, the brand aims to achieve record sales, with new energy products becoming the primary contributors, indicating a successful transition in growth momentum [3] Group 2: Product Reconstruction - FAW Bestune has accelerated its transition to the new energy sector, launching a new product series called "Yueyi" aimed at mainstream EV consumers [5] - The "Yueyi 03," a pure electric SUV, targets the entry-level and mainstream home EV market, while the "Yueyi 07," a plug-in hybrid SUV, caters to families with higher range requirements [5] - The introduction of the higher-end "Yueyi 08" sedan reflects the company's intent to enhance product positioning and explore advanced features in range and intelligent driving assistance [5] Group 3: Technical Support - The company has introduced a technology system named "Zhuri Power," which encompasses various technical paths including pure electric and hybrid technologies, rather than focusing on a single route [7] - FAW Bestune has highlighted its hybrid system's low fuel consumption under specific conditions as a key technical feature, and is also collaborating with Horizon Robotics to develop advanced intelligent driving assistance systems [7] Group 4: Service Upgrade - In the era of new energy vehicles, FAW Bestune is transforming its service system to enhance the user experience, introducing a service philosophy of "three lifetime guarantees, two plans, and one family" [9] - The company is upgrading its offline channels to "Yueyi Service Centers," which emphasize new energy experiences and services, aiming to optimize the entire customer journey from selection to ownership [9] - Overall, FAW Bestune is responding to the irreversible trends of electrification and intelligence through a combination of new product development, multi-path technology research, and service ecosystem upgrades, with plans to launch multiple new energy models in the mainstream market over the next three years [9]

Core Insights - The automotive industry in 2025 is marked by significant transformations, including the penetration rate of new energy vehicles surpassing 50%, advancements in AI and autonomous driving, and a shift in consumer preferences towards high-value options from traditional luxury brands [1][2] Industry Transformation and Consumer Awakening - The reshaping of the Chinese luxury car market is a result of simultaneous industry transformation and consumer evolution, with the penetration rate of new energy vehicles reaching a milestone of over 50% in 2025 [1] - A report indicates that 35% of high-net-worth individuals in China now prefer new energy brands over traditional German brands (BBA), marking a historic shift in brand preference [1] Market Dynamics and Competitive Landscape - The traditional luxury market, previously dominated by BBA, is being disrupted as the Enjoy brand enters the market, achieving top sales in the new energy segment [2] - The Enjoy brand fills a significant gap in high-end intelligent new energy vehicles, as traditional luxury brands lag in adopting AI and autonomous driving technologies [2] Changing Consumer Demands - The motivations for purchasing luxury vehicles have shifted from social status symbols to driving enjoyment and practical experiences, particularly after the introduction of L3 autonomous driving [5] - Consumers are now more willing to pay for advanced technology and quality experiences rather than brand prestige, leading to a redefinition of luxury from brand heritage to value creation [5] Product Strategy and Market Positioning - Enjoy's product strategy aligns with industry trends, focusing on dual flagship models to establish a technological benchmark and cater to diverse consumer needs [7] - The Enjoy S9 and S9T models are positioned competitively within the 300,000 to 450,000 yuan luxury price range, offering full-featured luxury at entry-level prices [7] - The pricing strategy emphasizes value without relying on traditional luxury brand markups, appealing to rational consumers [7] Product Features and Innovations - The Enjoy S9 targets business elites and high-end families, while the S9T is designed for outdoor and travel needs, showcasing a dual-track strategy that enhances market coverage [8] - Both models utilize advanced technology platforms, offering superior driving assistance, smart cabin features, and impressive range capabilities, addressing modern consumer demands [10] Sales Performance and Market Penetration - Enjoy has established a positive feedback loop of sales growth, brand reputation, and channel expansion, successfully penetrating the core luxury market [12] - Over 60% of new customers come from traditional luxury brands, indicating a successful shift from being a secondary choice to a primary target for consumers [12] Strategic Partnerships and Future Growth - Enjoy is deepening its collaboration with Huawei, ensuring ongoing investment in key technology areas to support long-term growth [14] - The brand is expanding its product lineup with new SUV and MPV models to meet diverse consumer needs, capitalizing on the growing market for intelligent electric vehicles [15] Conclusion - Enjoy's rapid rise illustrates a new path for high-end automotive brands in China, focusing on technology and consumer-centric value rather than merely replicating traditional luxury models [17] - The emergence of the "SBBA" competitive landscape signifies a significant shift in market dynamics, with Enjoy poised to redefine luxury automotive standards in the country [17]

Core Viewpoint - The luxury automotive market in China is undergoing a significant transformation, with the emergence of new players like the Xiangjie brand, which is reshaping the competitive landscape traditionally dominated by German brands (BBA) [1][2][18] Industry Transformation and Consumer Awakening - The luxury automotive market is experiencing a reshuffle driven by industry transformation and evolving consumer preferences, with the penetration rate of new energy vehicles (NEVs) surpassing 50% in 2025 [2] - A report indicates that 35% of high-net-worth individuals in China prefer new energy vehicle brands over traditional German brands, marking a historic shift in brand preference [2] - The traditional luxury market segment of mid-to-large luxury sedans, previously dominated by BBA, is being disrupted, with Xiangjie S9T achieving top sales in this segment [2][11] Changing Consumer Demands - The motivations for purchasing luxury vehicles have shifted from social status symbols to driving enjoyment and practical experiences, reflecting a more rational consumer trend [6] - The advent of L3 autonomous driving technology has made advanced features and quality experiences central to luxury perceptions, leading consumers to prioritize value over brand prestige [6] Xiangjie's Strategic Positioning - Xiangjie’s product strategy aligns with industry trends, focusing on dual flagship models (S9 and S9T) that cater to diverse consumer needs, effectively breaking through BBA's market defenses [7] - The pricing strategy positions Xiangjie within the competitive luxury price range of 300,000 to 450,000 yuan, offering fully equipped models that challenge traditional luxury pricing models [7][10] Product Features and Market Performance - The new Xiangjie S9 targets business elites and high-end families, while the S9T is designed for outdoor and travel needs, creating a dual-track strategy that enhances market coverage [8][10] - Both models utilize advanced technology platforms, offering features such as industry-leading autonomous driving capabilities and extensive range, addressing consumer concerns about practicality and emotional value [10] Sales and Brand Recognition - Xiangjie has established a positive feedback loop of sales growth, brand reputation, and channel expansion, successfully penetrating the core luxury market [11][12] - Over 60% of new customers for Xiangjie come from traditional luxury brands, indicating a successful shift from being a secondary choice to a primary target for consumers [12] Future Growth and Strategic Partnerships - Xiangjie is committed to deepening its market presence through channel expansion and product innovation, with plans to introduce new SUV and MPV models [15] - A strategic partnership with Huawei aims to enhance technological capabilities and ensure ongoing development in key areas, with a planned investment of 20 billion yuan over three years [14][15] Conclusion - Xiangjie’s growth trajectory illustrates a new path for high-end automotive brands in China, moving from traditional luxury to a new standard defined by technology and consumer-centric value [17][18]

Core Insights - Shenzhen Jialichuang Technology Group Co., Ltd. (Jialichuang) has reported significant growth in both revenue and net profit for the first half of 2025, with a strong focus on high-end and global strategic layouts [1][2] Business Performance - In H1 2025, Jialichuang achieved a revenue of 4.679 billion yuan, representing a year-on-year increase of 25.95%, and a net profit of 590 million yuan, up 23.5% [2] - The company registered 8.225 million users on its online self-service ordering platform, an increase of 1.1061 million from the end of 2024, and processed over 9.5 million orders, a growth of 15.85% [2] - The three core business segments—Printed Circuit Boards (PCB), electronic components, and PCB assembly (PCBA)—generated revenues of 1.821 billion yuan, 1.696 billion yuan, and 790 million yuan respectively, with year-on-year growth rates of 13.33%, 28.38%, and 49.9% [2] Business Synergy and New Growth - The PCBA business contributed an additional 210 million yuan to PCB revenue, accounting for 31.62% of PCB's revenue growth, indicating enhanced business synergy [2] - New business segments, particularly in the mechanical industry chain services, generated 226 million yuan, a significant increase of 73.18%, with the 3D printing segment alone contributing 67.4852 million yuan, up 39.1% [2] - International revenue reached 949.5 million yuan, reflecting a year-on-year increase of 41.56% [2] High-End Strategy and Efficiency - The demand for high-layer PCBs in sectors like AI servers and electric vehicles has led to a 1.26 billion yuan increase in multi-layer board revenue, accounting for 58.90% of PCB business growth [3] - Jialichuang has implemented advanced PCB technologies, including 64-layer ultra-high-layer PCBs and HDI boards, while expanding PCBA production capacity by 31.97% [3] - The company has invested in automation with over a hundred CTU material handling robots and AGV systems to support rapid order fulfillment [3] R&D Investment and Ecosystem Development - R&D expenses for H1 2025 reached 170 million yuan, a growth of 3.28%, with a total of 180 patents and 285 software copyrights acquired [4] - The company's self-developed EDA software has surpassed 5.7 million registered users globally, facilitating over 43 million hardware design projects [4] - New software tools, including ECAD electrical design software and cloud ERP systems, have been launched to lower innovation costs and stimulate creativity in the industry [4]

供应端：主要矿区扰动边际缓解，全球供应迎来修复窗口 2026年全球锡矿供应紧张局面有望结构性缓和。缅甸佤邦复产进程虽有波折但趋势明确，进口量预期回 升；印尼RKAB审批推进，合规产能释放加快；刚果（金）Bisie矿等核心项目的供应稳定性提升。随着 原料约束缓解，国内冶炼端开工率预计稳步回升，精锡产量有望实现同比小幅增长，全球供应弹性有所 恢复。 期货市场：宏观情绪回暖有色金属板块整体走强，隔夜伦锡收涨5.46%；最新收盘报42195，比前一交 易日上涨2185美元，涨幅为5.46%，成交量为840手，持仓量23981万增加96手；国内方面，夜盘沪期锡 高位运行，尾盘大幅收涨。主力合约沪锡2602收报329210元/吨，涨4830，涨幅报1.49%。 伦敦金属交易所（LME）12月30日伦锡库存量5330吨，较前一交易日库存量增加185吨。 长江锡业网讯：今日沪锡期货全线高开，主力月2602合约开盘报327910涨3530，9：15分沪锡主力2602 合约报327940涨3560；沪期锡开盘高开高走，盘面维持高位运行；宏观面，锡，这个常被忽视的工业金 属，正站在宏观与产业共振的"风口"。美联储"降息方向已定，节 ...

设 计 | 甄尤 美 撰 文 | 丁晶 晶 编 辑 | 张 南 Editor's notes 编者按 最近几年来，以成就新汽车人为使命的轩辕同学和以"打造最强新汽车合作生态圈"为使命的世界新汽车生态协会，一直在努力促 进中国汽车产业全球化进程。 在连续进行北美考察、东南亚考察之后，2025年9月7日开始，贾可博士又率领轩辕新汽车产业欧洲北非考察团，对德国、波兰、 匈牙利、塞尔维亚、西班牙和摩洛哥进行了为期10天的商务访问。 共探新营销，共创新可能 期间，当地时间9月8日晚上，轩辕同学和世界新汽车生态协会在德国慕尼黑举行主题为"长风破浪"的2025轩辕新汽车之夜，一百 余位中外汽车人齐聚一堂（ 详见2025年9月9日《汽车商业评论》微信公众号文章《One night in Munich》 ）。 如今，在2025年即将结束之际，《汽车商业评论》发表此次考察相关报道，为奔波于全世界的中国汽车产业从业者提供一些有益 参考。今天刊发第一篇《到欧洲北非去之一|走进克拉科夫，感受波兰中欧新桥头堡》。敬请关注，并提出宝贵意见。 2022年9月，张家口金融控股入局，完成对京西重工 55.45% 的股权收购。历经十余年的沉淀，公 ...

有色金属日报 2025-12-31 张世骄 从业资格号：F03120988 交易咨询号：Z0023261 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 五矿期货早报 | 有色金属 有色金属小组 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号：F03121027 交易咨询号：Z0023147 0755-23375139 zengyuke@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 陈仪方 从业资格号：F03152004 0755-23375125 chenyf3@wkqh.cn 离岸人民币走强，贵金属和铜价明显回升，昨日伦铜收涨 3.99%至 12673 元/吨，沪铜主力合约收至 99220 元/吨。LME 铜库存减少 5100 ...

Core Viewpoint - Northern Copper Industry, the largest copper conglomerate in North China, announced an extension of the construction period for its project to produce 50,000 tons of high-performance rolled copper foil and 2 million square meters of copper-clad laminate to December 31, 2026, due to various factors affecting project progress and market conditions [1][10]. Investment Project Update - The decision to extend the project timeline was made to ensure project quality and investment effectiveness, considering the actual progress, market environment changes, and funding usage rhythm [2][11]. - The project has seen a cumulative investment of approximately 181 million yuan, with a planned investment of about 662 million yuan from a total fundraising of approximately 951 million yuan [3][12]. - The investment progress stands at 27.41%, with the company adopting a dynamic control strategy in response to macroeconomic fluctuations and raw material price changes [3][12]. - The project is expected to enhance the company's ability to withstand copper price volatility and extend its industrial chain into high-value downstream segments [3][12]. Market Demand and Competitive Advantage - There is significant import substitution demand for high-end rolled copper foil products in sectors such as integrated circuits and printed circuit boards, with a trade deficit of approximately 576 million USD in copper foil from January to September 2025 [3][12]. - The company possesses raw material supply advantages, with a copper mine capable of producing 43,000 tons of metal and 320,000 tons of cathode copper, which supports stable raw material supply and cost control [4][13]. - The project aligns with national policies encouraging high-end copper-based new materials, potentially receiving support for technological innovation and industrial upgrades [4][13]. Financial Performance - Northern Copper Industry, previously known as Nanfeng Chemical, underwent a major asset restructuring in late 2021, shifting its focus to copper metal mining, smelting, and sales [5][14]. - The company has shown positive financial performance, with revenues of 99.65 billion yuan, 106.77 billion yuan, 93.23 billion yuan, and 241.1 billion yuan from 2021 to 2024, and net profits of 8.37 billion yuan, 5.55 billion yuan, 6.19 billion yuan, and 6.13 billion yuan during the same period [6][16]. - In the first three quarters of 2025, the company reported revenues of 199.73 billion yuan, a year-on-year increase of 9.89%, and a net profit of 6.89 billion yuan, reflecting a growth of 26.10% [8][17].

Core Viewpoint - The Chinese automotive market is experiencing intense competition, making funding crucial for major automakers like Changan Automobile, which has initiated a new round of refinancing with a planned investment of 6 billion yuan from the newly established state-owned enterprise, China Changan [1][2]. Group 1: Financing and Investment - Changan Automobile plans to raise 6 billion yuan through a private placement of A-shares, with the issuance of 630 million shares at a price of 9.52 yuan per share [2][3]. - The funds raised will be allocated to two main projects: 4.5 billion yuan for the development of new energy vehicles and smart platforms, and 1.5 billion yuan for the construction of a global R&D center [5]. - China Changan, as the indirect controlling shareholder, will increase its stake in Changan Automobile from 35.07% to 38.95% following the completion of the private placement [4]. Group 2: Financial Performance - Changan Automobile's net profit for 2023 is projected to decline by 35.37% to 7.32 billion yuan, despite a 3.58% increase in revenue to 114.9 billion yuan in the first three quarters [9]. - The company achieved a cumulative sales volume of 2.6582 million vehicles from January to November, representing a year-on-year growth of 9.25%, with new energy vehicle sales increasing by 54.66% [10]. Group 3: Subsidiary Developments - Changan's subsidiaries, Deep Blue Automobile and Avita, are actively seeking funding through various means, including capital increases and IPOs [2][14]. - Deep Blue Automobile raised 6.122 billion yuan through a capital increase, with Changan contributing 3.122 billion yuan, while also maintaining a 50.9959% stake [11][12]. - Avita, backed by Changan, CATL, and Huawei, is facing challenges in achieving significant market breakthroughs, with cumulative losses projected to reach 11.3 billion yuan from 2022 to 2024 [15].