其中，新能源汽车占比快速提升。2025年1-11月新能源汽车（含出口）1478万辆，国内渗透率50.3%， 预计全年约1670万辆；2026年新能源汽车销量（含出口）有望达到2000万辆，国内渗透率57%；2030年 国内渗透率超过70%。 电动化中新一代电池技术进入兑现应用期，全固态电池有望在未来2年完成小批量上车，预计2030初步 规模化应用，2035大规模量产应用；同时辅助驾驶实现规模化上车，L2级组合驾驶辅助功能进入普及 阶段，下沉市场是重点。今年1-9月L2组合驾驶辅助功能乘用车新车渗透率64.0%，2026年将达70.0%， 2030年达到90.0%。 对于明年国内汽车销量的增长预期，张永伟在媒体问答环节给出了三个方面的动力。一是政策助力。明 年经济发展更加依赖汽车行业，从稳经济的角度来讲，确实需要更加重视汽车的发展，特别是消费，汽 车是核心拉动性的领域。这两年消费侧的政策对新能源汽车是重要的支撑作用，明年这个产业的发展仍 然非常需要消费端政策的支持。 二是出海的增量。他认为，出海不只是产品销售的需要，也是企业盈利的需要。大家都知道到海外卖车 利润率高。所以他会拼命去海外卖车，改变自己的盈利结构。 ...

2025年12月16日，在中国电动汽车百人会论坛（2026）媒体沟通会上，车百会正式宣布中国电动汽车百人会论坛（2026）将于2026年3月27 日-29日在北京召开。 本次媒体沟通会由车百会副理事长刘小诗主持。会上，车百会理事长张永伟分享了对2026年产业趋势的洞察与研判。车百会副理事长、车百智库研究院 院长师建华介绍了百人会论坛（2026）的设计、组织、筹备情况。 张永伟理事长表示，2026年是奠定"十五五"重要开局之年，也是汽车"排位淘汰赛"进入白热化的一年。在这一关键时点，第十二届百人会论坛将围 绕"推进新能源汽车智能化、绿色化、融合化、国际化发展"主题，继续邀请国家及部委有关领导、国内外机构代表、企业领导人和专家学者，就有关议题发 表演讲并研讨交流。 师建华副理事长介绍，本届论坛坚持高端前瞻，把握产业脉动，采取"2+2+11"的结构，共举办15场次会议，具体包括1场高层论坛、1场国际论坛、2场 闭门会议、11场主题论坛，同期还有四场展览活动与研究成果发布。 01 在全球汽车产业加速融合的当下，此次国际论坛也升级为全天会议，既是响应中国车企"出海"的现实需求，也是应对全球电动化转型不均衡的必然选 择， ...

一边是市场渗透率跃上50%的关键节点，一边是头部企业利润承压，中国新能源汽车产业正在经历一场 看似"分裂"的成长。 度将逐渐回落，即国内市场将从增量扩张阶段，逐步进入存量替代阶段。 作为新能源汽车行业的领头羊，比亚迪财报显示，今年第三季度营收同比降3%，净利润下滑了33%， 称主要受行业竞争加剧和持续的价格战影响。与之形成微妙对比的，是整个行业在10月份迎来了历史性 时刻——新能源汽车的单月新车销量占比首次超过一半，达到51.6%。 图片来源：视觉中国 渗透率过半后，中国新能源汽车的新长征宣告开启。尽管像比亚迪这样的龙头企业出现了业绩波动，但 目前尚难断言整个行业由此进入下行周期，更有可能的是行业从早期的"普及期"迈入了"淘汰升级期"， 竞争的核心逻辑正在发生根本性转变。 跨过拐点，新能源汽车市场步入新常态 51.6%这一数字，标志着新能源汽车已经从政策驱动的"新物种"，转变为市场主导的"新常态"。 中国汽车工业协会的数据显示，今年1-8月，新能源汽车销量突破960万辆，同比增长36.7%，新车销量 占比达到45.5%。渗透率曲线呈现出典型的S型增长特征，意味着新能源汽车处在从早期采纳者向早期 大众过渡的陡峭 ...

东风日产 N7 作为天演架构下首款纯电家轿，充分展现出"在中国、为中国"的决心，以 GLOCAL 模式赋能，将日产全球技术和制造品质与中国本土新能源研发优势相结合，展现出了强大的市场韧 性。 新能源汽车渗透率与日俱增，竞争迈入智能化，原本不被市场看好的合资车企掀起了一场反击战，将 沉淀已久的电动化技术、智能化技术尽数搭载上新车，为中国新能源汽车市场注入了一股新活力。在 一众合资新能源汽车中，最具有代表性的车型当属东风日产 N7 。 伴随一系列 OTA 升级，东风日产 N7 强化了其 14 万级长续航智能舒适大满配的智能化标签，真正 实现了 " 常用常新 " ，用丰富的实用场景和功能，满足用户对智能化生活的需求。为用户创造持续 进化的长期价值。 同时，基于对用户的深度洞察和极致体验的不懈追求，给用户带来更多的个性化选择，东风日产在今 年成都车展上发布了全新限定 " 玫瑰摩卡 " 内饰。这一内饰精准切中目标消费群体的喜好，上市次 月选装率高达 4 成， 30 岁以下用户占 7 成以上，成功圈粉年轻群体。 除了高颜值的"玫瑰摩卡"内饰选择外，年轻群体更能够通过"魔法画布"手机端、趣味贴纸、节日壁 纸、魔法相机等定制 ...

Core Viewpoint - Dazhu CNC Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing R&D and operational capabilities, expanding overseas sales, increasing PCB equipment production capacity, and supplementing working capital [2] Industry Background - China is the largest PCB production base globally, with a projected PCB output value of $41.2 billion in 2024, accounting for approximately 56% of the global market, expected to rise to $49.7 billion by 2029 [2] - The Chinese PCB industry is undergoing a structural transformation, shifting from traditional through-hole boards to high-end HDI, packaging substrates, and high-frequency boards, with increasing demand for high-precision PCB equipment driven by AI and smart electric vehicles [2] Company Overview - Dazhu CNC has over 20 years of experience in the PCB equipment sector, providing end-to-end solutions for manufacturers in various industries, including automotive electronics and consumer electronics [3] - The global PCB equipment market is competitive and fragmented, with the top five manufacturers holding about 20.9% of the market share; Dazhu CNC is the largest PCB equipment manufacturer in China, with a market share of 10.1% [3] R&D and Innovation - R&D is a core competitive advantage for Dazhu CNC, with 742 R&D personnel, representing 25.5% of total employees, and 72.2% holding a bachelor's degree or higher [5] - The company has established several research centers to enhance its technological capabilities, focusing on laser processing equipment for packaging substrates and other key areas [5] Product and Production Capacity - Dazhu CNC's product range covers critical PCB production processes, including drilling, exposure, lamination, forming, and testing, with sales across over 10 countries [5] - Sales data for key equipment types: - **Drilling Equipment**: Sales of 2,514 units in 2022, 1,129 in 2023, and projected 3,119 in 2024, with varying production and sales rates [5] - **Exposure Equipment**: Sales of 132 units in 2022, 79 in 2023, and 141 in 2024, with production rates reflecting market conditions [6] - **Testing Equipment**: Sales of 519 units in 2022, 400 in 2023, and 446 in 2024, with a noted decrease in production rates due to inventory levels [6] - **Forming Equipment**: Sales of 463 units in 2022, 289 in 2023, and 596 in 2024, maintaining stable production rates [6] - **Attachment Equipment**: Sales of 74 units in 2022, 183 in 2023, and 206 in 2024, with production rates indicating market adaptation [7] - **Lamination Equipment**: Introduced in 2024 with initial sales of 2 units, reflecting early market entry challenges [7]

Core Viewpoint - Avita Technology has filed for an IPO on the Hong Kong Stock Exchange, but faces significant challenges including low sales completion rates, high debt levels, and safety concerns related to recent vehicle fires [1][2][14]. Sales and Revenue Performance - Avita's sales and revenue have shown significant growth over the past two years, with revenues increasing from 0.28 billion in 2022 to 151.95 billion in 2025 [3]. - Despite this growth, the company has struggled to meet its sales targets, achieving only 73% of its 2024 goal of 100,000 units and 53.8% of its 2025 target of 220,000 units [3][4]. Profitability and Cost Structure - Avita's gross margin is significantly lower than competitors like Seres, primarily due to its reliance on Changan Automobile for manufacturing and a high sales expense ratio of 19.98% in 2024 [4][6]. - The company has incurred substantial losses, with cumulative losses exceeding 10 billion from 2022 to mid-2025 [6]. Pricing Strategy and Market Competition - The average selling price of Avita vehicles has been declining, dropping below 200,000 in 2024, which increases competitive pressure from both external rivals and internal brands like Deep Blue and Changan Qiyuan [8][10]. - New models, Avita 07 and Avita 06, have not performed well in the market, with the latter experiencing a significant drop in monthly sales to around 3,000 units [11]. Safety Concerns - Avita has faced multiple safety incidents, including three vehicle fires within six months, raising concerns about its safety architecture and impacting investor confidence ahead of the IPO [13]. Financial Health and Future Outlook - Despite raising over 19 billion through four rounds of financing since 2021, Avita's debt ratio remains high at 76%, making additional fundraising critical [14].

Core Viewpoint - Avita Technology, backed by Changan, Huawei, and CATL, is leveraging a collaborative model to enhance its resource advantages in technology, funding, and product layout, leading to rapid revenue and scale growth [1][4]. Revenue and Losses - Avita has reported over 10 billion yuan in losses over three and a half years, with a high debt-to-asset ratio, raising significant uncertainty regarding its long-term profitability [2][12]. - Despite rapid revenue growth, Avita's losses have also increased, with net profit losses of 20.16 billion yuan, 36.93 billion yuan, 40.18 billion yuan, and 15.85 billion yuan during the reporting period, totaling 113.12 billion yuan [6][8]. Safety Incidents - Multiple safety incidents have led to increased market skepticism during Avita's IPO preparations, including a fire incident involving the Avita 06 model [3][15]. IPO and Growth Strategy - Avita plans to go public on the Hong Kong Stock Exchange in the second quarter of 2026, having achieved significant revenue growth since delivering its first vehicle in late 2022 [4][7]. - The company aims to achieve sales targets of 400,000 vehicles by 2027, 800,000 by 2030, and 1.5 million by 2035, with a goal of reaching annual revenue of 100 billion yuan by 2027 [9][10]. Research and Development - Avita has significantly increased its R&D spending, with expenditures of 5.44 billion yuan, 6.6 billion yuan, 12.14 billion yuan, and 8.3 billion yuan during the reporting period, reflecting a 167% year-on-year increase in the first half of 2025 [8][9]. Market Position and Valuation - Avita's valuation has fluctuated, with estimates around 300 billion yuan, but recent transactions suggest a valuation closer to 260 billion yuan [14][15]. - The company has completed four rounds of financing totaling over 19 billion yuan, with significant investments from Changan Automobile [13][14]. Strategic Partnerships - The collaboration model involving Changan, Huawei, and CATL is central to Avita's strategy, providing a robust framework for product development and market positioning [18][19]. - Avita's product lineup includes four models, with plans to launch five upgraded models in collaboration with Huawei starting in 2026 [9][10]. International Expansion - Avita has begun exporting vehicles, generating 220 million yuan in overseas revenue in 2024 and 686 million yuan in the first half of 2025, with plans to enter over 80 countries by 2030 [10][11]. Leadership Changes - The recent change in leadership, with Wang Hui taking over as chairman, is expected to drive Avita's second phase of expansion, focusing on integrated product definition and supply chain collaboration [22][23].

EPS电机作为电动助力转向系统(EPS)的动力源，是汽车转向系统的核心零部件。受技术壁垒与起步较 晚影响，EPS电机市场主要被以日电产(Nidec)为代表的国际巨头占据。在此背景下，德昌股份凭借深厚 的技术积累与产品实力，持续推动国产化替代，抢占市场份额，显示出了广阔的增长空间。据2025年半 年报披露，公司上半年汽车零部件业务实现营收2.81亿元，同比增长89.86%，新增定点项目8项，预期 全生命周期总销售金额将超过19亿元。 11月26日，德昌股份（605555）(605555.SH)董事会审议通过《"提质增效重回报"行动方案》，提出将 继续深耕新能源汽车与人形机器人驱动领域，从制造型向技术型平台企业转型。公司聚焦高水平业务突 破，既表示了公司创造核心价值、积极回报股东的决心，更展现了公司清晰长远的发展战略。 德昌股份是国产EPS电机头部企业，中国十大吸尘器出口企业。自2017年创办"德昌科技"切入汽车零部 件领域以来，经过近十年的技术攻坚与客户沉淀，公司汽车EPS无刷电机、制动电机产品受到市场的广 泛认可，客户覆盖耐世特、采埃孚等国内外知名转向、制动系统供应商。 针对公司远期发展，行动方案锚定了"全球 ...

Core Viewpoint - The company, Huazhong Xinchang, is aligning its industrial and technological reserves with the "14th Five-Year Plan," focusing on strategic emerging industries such as new energy vehicles, low-altitude economy, and next-generation energy technologies [1] Group 1: New Energy Vehicles - The company is developing capabilities in automotive electronics and intelligent cockpit technologies, enhancing the self-sufficiency of the domestic supply chain [1] Group 2: Low-altitude Economy - The company is entering the aviation electronics sector, preparing to meet the technical requirements for low-altitude economic equipment [1] Group 3: Next-generation Energy Technologies - The company is proactively investing in next-generation power battery technologies, aligning with the industrialization direction of new power batteries [1]

Group 1 - Toyota reported a net profit of approximately 43 billion RMB in the third quarter, but industry insiders express concerns about the company's underlying anxieties [1] - The strong financial performance is attributed to Toyota's long-standing presence in global markets and significant profits from its financial services sector, despite a noticeable decline in vehicle sales [1] - The primary concern for Toyota is its slow progress in the new energy vehicle (NEV) sector, which has resulted in a loss of competitive edge [1] Group 2 - In contrast, Chinese automakers are thriving, with NEV sales surpassing 50% of total sales for the first time in October, indicating a shift towards a NEV-dominated market [2] - BYD achieved record sales of 441,700 units in October, with a cumulative sales increase of 13.9% year-on-year, while Geely and SAIC ranked second and third in NEV sales [2] - Chinese automakers are also making significant strides in international markets, with exports reaching 3.083 million vehicles in the first half of the year, a 10.4% increase, and companies like BYD and Chery gaining substantial market shares abroad [2] Group 3 - The consensus in the industry is that smart technology will be the main battleground for automakers in the NEV sector, with Chinese companies like BYD and Hongmeng Zhixing leading the way [2] - The technological barriers established by Chinese automakers in the NEV field are becoming increasingly difficult for traditional Western companies, including Toyota, to overcome [3] - Despite Toyota's status as a strong company, its future growth direction and potential are in question, leading to its current anxieties [3]