Policy and Regulation - Six departments issued a plan to expand automotive aftermarket consumption, focusing on areas like vehicle modification and RV camping, aiming for significant optimization of consumer goods supply structure by 2027 [2][3] - The Ministry of Industry and Information Technology (MIIT) announced the creation of demonstration bases for emerging industries, targeting new technologies and industries, with plans to establish around 100 park-type and 1,000 enterprise-type bases by 2035 [4] - A UN global technical regulation on electric heavy vehicle battery durability was passed, which will standardize testing methods and requirements for battery performance, supporting the global electric truck industry [5] - A new group standard for automotive data export safety assessment was approved, providing clear guidelines for data compliance in the automotive sector [6] - The Ministry of Public Security proposed a standard limiting passenger cars' acceleration to 100 km/h in no less than 5 seconds, promoting safety in vehicle performance [7][8] - The Ministry of Commerce and other departments announced stricter controls on new cars being exported as used cars, aiming to address the issue of "zero-kilometer used cars" [9] - MIIT set new credit ratio requirements for new energy vehicles for 2026 and 2027, mandating 48% and 58% respectively, to encourage investment in new energy [10][11] Industry Information - The automotive industry donated over 80 million HKD to support Hong Kong after a severe fire incident, showcasing corporate social responsibility [13][14] - Two new academicians from the automotive industry were elected, indicating a boost in innovation and research capabilities within China's new energy vehicle sector [15][16] - At the Guangzhou Auto Show, nearly 60% of the displayed vehicles were new energy vehicles, marking a significant shift towards electric and intelligent vehicles [17] - In the first ten months of the year, China's new energy vehicle exports exceeded 2 million units, highlighting the sector's growth and importance in the global market [18][19] - China's combined driving assistance technology has reached an international leading level, with a market penetration rate of 62.58% [20][21] - The 8th China International Import Expo showcased advancements in the automotive ecosystem, emphasizing electric, intelligent, and low-carbon technologies [22][23] International News - In Europe, new car sales increased by 4.9% in October, with electric vehicle registrations surpassing gasoline and diesel vehicles, although overall sales remain below pre-pandemic levels [25] - The UK government announced an additional £1.3 billion in electric vehicle subsidies and £200 million for charging infrastructure, reinforcing its commitment to zero-emission vehicles [26][27] - Japan's exports to the US have declined for seven consecutive months, with a 7.5% drop in automotive exports, reflecting the impact of external trade policies [28] - The Eurasian Economic Union initiated an anti-dumping investigation on Chinese heavy-duty tires, indicating potential challenges for Chinese exports [29] - In the US, electric vehicle sales dropped significantly in October following the expiration of federal subsidies, highlighting the importance of policy support for market growth [30][31] Company Information - NIO reported a significant increase in gross margin and revenue for Q3 2025, with a revenue of 21.79 billion CNY, and expressed confidence in achieving profitability in Q4 [33] - GAC Group announced the completion of a pilot production line for solid-state batteries, marking a key step towards mass production [34] - Huawei applied for the "Qijie" trademark, indicating its ongoing commitment to the smart automotive sector [35] - The Aion UT super electric vehicle was launched exclusively on JD.com, aiming to invigorate the small electric car market [37] - Seres completed its IPO on the Hong Kong Stock Exchange, raising 14.016 billion HKD, marking the largest IPO for a Chinese car company to date [39] - Geely and Renault signed a strategic cooperation agreement in Brazil, with plans to invest 3.8 billion BRL in new energy technology [41][42]

研究员： 纪晓云 从业资格： F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | | | | | | | 钢材: | | --- | --- | --- | --- | | | | | 【行情复盘】 | | | | | 周五螺纹热卷收涨。夜盘收涨， | | | | | 【重要资讯】 | | | | | 1、工信部：智能网联汽车将形成万亿元级消费领域。 | | | | | 2、 中钢协：2025 年 11 月焦煤长协煤钢联动浮动值，比 10 月上涨 78 元。 | | | | | 3、重庆：支持使用专项债券收回收购符合条件的存量闲置土地。 | | | | | 4、全联冶金商会会长龚盛强调，在全球贸易壁垒加剧、传统需求收缩的情况下， | | | | | 必须苦练内功创新发展，以自身的确定性应对外部的不确定性。民营钢铁企业要加 | | | | | 大研发投入，突破关键技术；推进智能化改造，提升生产效率；深化绿色化发展， | | | | | 构建绿色制造体系。 | | | | | 5、国家统计局数据显示，11 月份我国制造业 PMI 为 49.2%，比上月上升 0.2 个百 | ...

Group 1 - The demand for "large space and multiple seats" is driving the sales of new energy MPVs, with three-row seating providing comfortable travel for families [1] - The new policy aims to enhance the adaptability of supply and demand in consumer goods, targeting the smart connected vehicle sector as one of the three trillion-level consumption areas by 2027 [1] - The implementation plan encourages the development of iconic products and innovative enterprises in the new energy vehicle sector, promoting green low-carbon consumption [1] Group 2 - China's new energy vehicle production has surged from approximately 1.4 million units in 2020 to over 13 million units in 2024, with a market scale that has more than tripled [2] - By October 2025, new energy vehicle sales accounted for 51.6% of total new car sales, marking a significant milestone [2] Group 3 - The automotive industry is enhancing supply quality to meet the growing and diverse consumer demands, with a complete smart connected vehicle industry system established [3] - New passenger cars with Level 2 driving assistance features now represent over 60% of new car sales, showcasing advancements in technology [3] - The average range of pure electric passenger vehicles is nearing 500 kilometers, with battery costs reduced by 30% and charging speeds improved by over three times [3] Group 4 - The Ministry of Commerce plans to promote automotive circulation reforms, expand the used car market, and develop the automotive aftermarket, including modifications, rentals, and camping [4]

如何挖掘更大汽车消费空间？实施方案明确，增强供给与需求的适配性，进一步释放消费潜力。例如， 聚焦智能网联新能源汽车等重点行业，打造百个标志性产品、百家创新企业和一批可体验可推广的新产 品首用场景样板；鼓励新能源汽车等领域绿色低碳消费；支持企业深入农村开展新能源汽车下乡活动 等。 "适配，就是消费品生产供给端主动适应消费趋势变化，从产品设计开始就精准匹配多元消费需求，实 现供给和需求的双向奔赴。"工业和信息化部副部长谢远生说，要实现生产和消费从量到质的转变，让 企业从生产更多向生产更对、生产更好转变，以高质量供给激发和满足各类消费需求。 最近几年，人们的一个直观感受是，身边的新能源汽车越来越多了。 从2020年的140万辆左右跃升到2024年的1300多万辆，我国新能源汽车产量实现跨越式增长，市场规模 也同步扩容，大概翻了三番多。最新数据显示，2025年10月份，新能源汽车新车销量达到汽车新车总销 量的51.6%，占有率首次过半。 面对不断增长和日趋多元的汽车消费需求，供给端的提质升级也迈出新步伐。 目前，我国已建成涵盖智能座舱、自动驾驶、网联云控等在内的完整智能网联汽车产业体系，大算力芯 片、多模态感知、智能 ...

Core Insights - The smart connected vehicle sector is poised to reach a trillion-level consumption market by 2027, as outlined in a recent government plan [3][5] - The penetration rate of new passenger cars with Level 2 driving assistance features reached 62.58% in the first seven months of this year, with total sales of 7.76 million units [3] - There is a significant talent gap in the smart connected vehicle industry, with an estimated shortage of 1.03 million skilled workers [4][9] Industry Development - The automotive industry is transitioning from electrification to intelligentization, integrating advanced technologies such as autonomous driving, vehicle-road collaboration, 5G communication, and artificial intelligence [5][6] - The government has emphasized the importance of developing smart connected vehicles as a strategic emerging industry, aiming to solidify China's leading position in this sector [6] Talent Shortage - The current educational system is not keeping pace with the rapid development of the smart connected vehicle industry, with only three relevant programs producing around 120,000 graduates annually, while the industry needs significantly more [4][9] - The demand for skilled talent is evolving, with over 260 distinct job roles identified in the smart connected vehicle sector, each requiring hundreds to thousands of personnel [8][9] Educational Initiatives - New competitions and training programs are being introduced to address the talent gap, focusing on practical skills in smart connected vehicle technology [9][10] - Educational institutions are adapting their curricula to include elements of new energy and smart connected vehicles, ensuring graduates are better prepared for the current job market [10]

Core Viewpoint - Shenzhen aims to establish itself as a global comprehensive transportation hub by 2030, enhancing its logistics capabilities and becoming a modern international metropolis [1][11]. Transportation Infrastructure Development - Shenzhen has made significant advancements in transportation, achieving over ten domestic firsts and industry-leading accomplishments, including 100% electrification of public transport and the establishment of the first smart connected vehicle regulations in China [3][12]. - The city has developed a robust transportation network, integrating air, sea, land, and rail systems into a seamless operational framework [9][12]. Airport Development - Shenzhen Airport is evolving into a major international air hub, with plans to enhance its capacity to handle 100 million passengers and 500,000 tons of cargo annually by expanding its facilities [4][12]. - The airport has achieved record passenger and cargo throughput, with 61.47 million passengers and 1.88 million tons of cargo in 2024, marking a year-on-year increase [12][13]. Port Development - Shenzhen Port is recognized as a leading container hub globally, with a total of 144 operational berths and a focus on smart and green port initiatives [5][12]. - The port's container throughput reached 33.39 million TEUs in 2024, maintaining its position among the top four globally and third domestically [13]. Rail and Road Network Expansion - The railway system in Shenzhen is expanding, with a projected capacity to handle 120 million passengers annually, supported by a comprehensive network of high-speed rail and urban transit [7][12]. - Future plans include the construction of three logistics hubs to enhance road connectivity and efficiency in resource utilization [9][11]. Global Connectivity - Shenzhen's transportation network connects to 55 international and regional passenger destinations and 43 cargo destinations, facilitating trade and travel [9][11]. - The city aims to improve its global connectivity, increasing the 12-hour travel reach to major cities from 40% to over 90% by 2035 [11]. Technological Innovations - Shenzhen is at the forefront of low-altitude economy development, with significant advancements in drone logistics and smart transportation regulations [14]. - The city has implemented the first national regulations for smart connected vehicles, promoting innovation in the automotive sector [3][14].

Core Insights - The 2025 International Internet of Vehicles Technology Conference was held in Chengdu, focusing on smart connected vehicles, low-altitude economy, "vehicle-road-cloud integration," and green low-carbon initiatives [1][2] - A collaborative initiative called "Chengdu-Chongqing Vehicle-Road-Cloud Integration Unified Action" was launched by ten companies from Chengdu and Chongqing, aiming to create a world-class smart connected new energy vehicle industry cluster [1] Group 1: Event Overview - The conference gathered industry experts and representatives to create a platform for technology exchange and industrial collaboration [1] - Various activities included keynote speeches, thematic meetings, and results releases [1] Group 2: Chengdu's Initiatives - Chengdu Economic and Technological Development Zone showcased its "vehicle-road-cloud integration" achievements, establishing a cloud control platform and a regulatory service platform for smart connected vehicles [2] - The cloud control platform integrates perception, communication, and intelligent decision-making capabilities, significantly enhancing vehicle coordination and traffic efficiency [2] - The regulatory service platform includes three main components: access management, safety supervision, and decision support, forming a vehicle networking operation management system [2] Group 3: Achievements and Future Outlook - Chengdu has become one of the first national pilot cities for "vehicle-road-cloud integration," connecting over 4,000 traffic signal lights and opening 680 kilometers of testing roads [2] - A total of 110 testing and demonstration application licenses have been issued, with over 2 million kilometers of testing mileage recorded [2] - The 2025 Internet of Vehicles Blue Paper was released, providing forward-looking insights and recommendations on technological innovation, cross-industry integration, and standard regulations [2]

11月26日，2025上海国际汽车零配件、维修检测诊断设备及服务用品展览会（Automechanika Shanghai）隆重开幕。 本届展会参展企业数量达到7465家，来自44个国家及地区，展商数量同比增长10%。同时，展会面积扩容9%，达383000平方米，并首次启用国家会展 中心（上海）全部15个展馆，各项纪录皆创历届之最。今年展会的国内及国际参与度均显著提升，吸引15个国家及地区展团，以及众多国内重要汽车产业基 地的代表性地方展团，共同构筑集市场推广、商贸服务、信息交流与产业教育于一体的全球性专业服务平台。 在上午举行的开幕式上，中国机械国际合作股份有限公司董事长张力女士表示，二十多年来，中机国际与法兰克福展览公司精诚合作，将 Automechanika Shanghai打造为汇聚行业智慧、驱动技术创新、促进全球产业链共通共融的重要平台。我们携手各方合作伙伴，深耕产业发展，坚持专业立 展、国际化办展、品牌强展，不断促进展会价值更深赋能，助力全球合作更进一步，推动展会影响更上层楼。 法兰克福展览（香港）有限公司总经理周劭阑女士表示："作为推动全球汽车产业协同发展的重要平台价值，Automechanika ...

Domestic News - The Ministry of Transport emphasizes accelerating the safe and orderly development of the low-altitude economy and high-quality development of the car rental industry [6] - Hebei Province is implementing an industrial innovation project to accelerate the cultivation of industries such as intelligent connected vehicles [7] - FAW Toyota has launched the IT'S TiME 3.0 technology brand, introducing new models with advanced intelligent driving and safety systems [8] - BYD and Midea Group have signed a strategic cooperation agreement to create a smart ecosystem covering "people-vehicle-home" [9] - Avita Technology and Fuyou University have signed a strategic cooperation agreement to enhance collaboration in research and development [11] - Pony.ai and Sunshine Travel have established a strategic partnership to promote autonomous driving services in major cities [12] - The world's first right-hand drive replaceable electric taxi, Hongqi E-QM5, has been launched in Hong Kong, marking a new era for electric public transport [13] - CATL and Yibin have signed a strategic cooperation agreement to build a "zero-carbon Yibin" [14] International News - The U.S. has launched the "Genesis Mission" to accelerate research and development in artificial intelligence [15] - New car sales in Europe increased by 4.9% in October, indicating a potential positive growth trend in the automotive market [16] - NVIDIA has open-sourced the ACCV-Lab, an autonomous driving training acceleration toolkit [17] - Stellantis is increasing the production of Citroën models due to higher-than-expected market demand [18] Commercial Vehicles - China has led the development of the global technical regulation on the durability of electric heavy vehicle batteries, which has been officially implemented [19] - KAVO Group and Yuanda Juhua have reached a strategic cooperation agreement to establish a green technology logistics company [21] - Changan Kaicheng is collaborating with JD.com to promote the intelligence of commercial vehicles [22] - Scania has launched the NEXT ERA model, marking a significant development in the Chinese market [23]

Core Insights - Anhui province has emerged as a significant player in the automotive industry, particularly in the production of traditional and new energy vehicles, achieving the highest output in the country since 2025 [2][5] - The province's automotive production reached 2.06 million units from January to August, with new energy vehicles accounting for 1.02 million units, and exports of vehicles increased by 14% year-on-year [2][5] - The development of Anhui's automotive industry is supported by advanced manufacturing technologies, including automation and digitalization in factories [2][4] Industry Development - Anhui has adopted a "one chess game" strategy to optimize its automotive industry layout, creating an integrated development pattern centered around Hefei and Wuhu, supported by other cities [5][12] - The province has established a complete industrial chain, showcasing characteristics such as chain leadership, innovation aggregation, and talent support [5][12] - The automotive industry in Anhui includes major players like Chery, NIO, and BYD, forming a comprehensive product matrix covering passenger, commercial, and special vehicles [12][15] Technological Innovation - Companies in Anhui are focusing on technological innovation, with significant investments in automation and self-research capabilities [8][10] - Anhui Shenghuabo Automotive Electric Co., Ltd. has become a leader in the wiper market, holding approximately 30% of the domestic market share, and has developed fully automated production lines [7][10] - The province's automotive sector is supported by local universities and research institutions, fostering collaboration in key areas such as vehicle-grade chips and autonomous driving algorithms [10][15] Export and Global Reach - Anhui's automotive exports have expanded to over 150 countries and regions, maintaining the highest export volume in the country from January to August [17][18] - The province's new energy vehicle exports reached 5.45 billion yuan, reflecting a year-on-year growth of 57.6% [17][18] - Government policies have been implemented to strengthen the innovation-driven development of the new energy vehicle industry, creating a supportive ecosystem for businesses [17][18] Challenges and Future Outlook - Despite the growth, Anhui's automotive industry faces challenges in key areas such as high-performance chips and advanced sensors, indicating a need for further technological breakthroughs [18][20] - The industry requires a focus on developing composite R&D talents and enhancing industrial support capabilities to meet future demands [20][21] - As the global market for new energy vehicles grows, Anhui's automotive sector must improve in areas such as brand strength, service systems, and quality assurance to compete internationally [20][21]