（文章来源：证券日报） 证券日报网讯 1月23日，华安鑫创在互动平台回答投资者提问时表示，公司重视与头部车企的合作，公 司的客户和业务情况，敬请关注公司披露的相关数据。在自动驾驶及智能辅助驾驶领域，公司通过控股 子公司主要提供自动泊车、车道保持辅助等解决方案及相关产品、软件开发与芯片增值服务，相关业务 暂未规模化创收，请注意投资风险。 ...

回首2025年，"全民智驾""智驾平权"的口号响彻业界，构成贯穿全年的行业最强音。智能辅助驾驶产业的发展逻辑正从追求规模普及，转向聚焦用户 体验。面向新的一年，这场变革将在技术、市场、供应链与用户端形成共振，以"价值深化"为主题重塑行业竞争格局。 车企打出自研与开放组合拳 对于整车企业而言，实现智能辅助驾驶价值深化的核心在于，如何将巨大的投入转化为可持续的竞争优势，以及用户认可的真实价值。这个细分行 业也正从同质化的"军备竞赛"，分化为不同侧重的价值创造路径。 车企全栈自研是一条重要路径。全栈自研路径凭借对技术的深度掌控、对用户需求的精准响应，成为头部企业实现智能辅助驾驶价值深化的关键选 择，其核心逻辑在于通过构建生态闭环，让研发投入真正转化为难以复制的竞争力。 选择这条路径的车企，希望以时间和资金换取长期利润、技术主权及品牌差异化。例如，比亚迪在智能辅助驾驶领域"亮剑"，巨额资金与庞大团队彰 显决心。资料显示，截至2025年12月，比亚迪搭载"天神之眼"的车型累计超250万辆，形成了中国最大的车云数据库，辅助驾驶系统每天生成的有效 行驶里程已突破1.5亿公里，覆盖多种路况。AI算法领域，比亚迪正推动"AI智 ...

除整车业务稳步扩张外，赛力斯亦积极布局前沿科技领域，聚焦具身智能赛道，推动AI技术在移动终 端的产业化落地。中金公司指出，赛力斯在智能辅助驾驶与机器人领域的稳步推进，有望进一步增厚公 司智能化优势，为企业构建起长期的增长动能。 综合考虑新品周期与智能化业务价值增量，中金公司维持赛力斯"跑赢行业"评级，并维持176元的目标 价，彰显其对赛力斯长期发展前景的坚定信心。 2025年，赛力斯新能源汽车销量再攀高峰，以全年超47万辆的成绩创下年度销量新里程碑。旗下核心品 牌问界表现尤为亮眼，全年交付突破42万辆，成功登顶国产豪华品牌榜首。国海证券在最新研报中指 出，赛力斯业绩增长的核心驱动力，来自于问界新车型的持续热销与高端化战略的有效落地，这一爆款 逻辑有望延续至后续新车及改款车型，驱动公司销量进一步攀升，上调至"买入"评级。 截至目前，问界全系累计交付已突破100万辆，全面占据高端市场高地，成为该领域极具标杆性的品 牌。其中，问界M9累计交付超27万辆，累计21个月稳居50万级销冠；问界M8连续6个月稳居40万级车 型销冠；问界M7累计交付超40万辆，市场表现强劲。 中金公司分析认为，问界品牌力已获充分验证，这为产 ...

Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Insights - The company is positioned as a "national brand" aiming for global expansion, leveraging its technological advancements and multi-brand strategy to drive growth [8]. - The company has established a comprehensive technology stack and a diverse brand matrix to cater to various consumer needs, focusing on both domestic and international markets [8]. - The financial outlook is strong, with significant revenue and profit growth projected over the next few years, supported by a robust international presence and innovative product offerings [8]. Financial Summary - The company’s revenue is projected to grow from RMB 163.21 billion in 2023 to RMB 454.24 billion by 2027, with growth rates of 76.2% in 2023 and 17.9% in 2027 [2]. - EBITDA is expected to increase from RMB 17.40 billion in 2023 to RMB 40.37 billion in 2027 [2]. - Net profit attributable to shareholders is forecasted to rise from RMB 11.95 billion in 2023 to RMB 24.96 billion in 2027, with a notable growth rate of 90.8% in 2023 [2]. - The earnings per share (EPS) is anticipated to grow from RMB 2.19 in 2023 to RMB 4.30 in 2027, with a price-to-earnings (P/E) ratio projected to decrease from 8.8 in 2025 to 6.4 in 2027 [2]. Business Model - The company operates primarily in the passenger vehicle sector, with a revenue share of 91.5% from passenger vehicles in 2024 [25]. - The brand matrix includes five major brands: Chery, Jietu, Xingtu, iCAR, and Zhijie, each targeting different market segments [25]. - The company has a strong international presence, with overseas revenue expected to reach RMB 1,008.97 billion by 2024, accounting for 46.3% of total revenue [32]. Future Outlook - The company aims to enhance its product offerings and expand its global footprint through strategic investments in R&D and international operations [54]. - The focus on new energy vehicles (NEVs) is expected to drive significant revenue growth, with NEV revenue projected to reach RMB 589.31 billion in 2024, representing a year-on-year increase of 644.8% [44]. - The company is committed to continuous innovation and technological advancement, positioning itself as a leader in the evolving automotive landscape [8].

Core Insights - Xiaopeng Motors' X9 Super Range has established a new benchmark for high-end MPV travel and experience, featuring six core product strengths that provide a worry-free travel experience across various scenarios [2] Market Performance - The X9 has achieved a remarkable year-on-year delivery growth of 289.1%, with 5,424 units delivered in December 2025, making it a standout performer in a sluggish MPV market [2] - The X9 has become the top choice for personal users in the high-end MPV segment, leading its competitors by approximately 35 percentage points in personal user deliveries [2] User Demographics - The X9 has a high first-time buyer ratio of 21%, nearly double the industry average, with 57.2% of buyers being born in the 1990s and 13.7% in the 2000s, indicating a significant appeal to younger families [5] - Female users account for 22% of X9 buyers, reflecting its attractiveness among family-oriented consumers [5] Product Features - The X9 boasts the longest range in its class at 1,602 km, with a 63.3 kWh battery and a pure electric range of 452 km, effectively eliminating range anxiety for users [12] - It features a unique three-row electric folding design, allowing for versatile space configurations to meet various travel needs [10] - The vehicle is equipped with advanced driving assistance capabilities, achieving full-scene coverage from highways to urban areas, enhancing user convenience [10] Technological Innovations - The X9 incorporates a pioneering "big battery + big fuel tank" combination, allowing for rapid charging and compatibility with 92-octane gasoline, making it suitable for regions with limited fuel availability [12] - The vehicle's ice and snow stability system is designed to address real-world challenges faced by northern families, providing effective solutions for adverse weather conditions [12] Brand Positioning - The X9 has gained recognition as a preferred choice among high-end users, with a significant portion of buyers coming from luxury brands, particularly BBA (Benz, BMW, Audi) owners [6] - Its modern design and advanced technology have made it a popular choice for tech-savvy and fashion-conscious consumers, further solidifying its position in the market [6]

Core Insights - The emergence of the Xiaopeng X9 has successfully linked MPVs with younger consumers, particularly appealing to families [1][3] Market Trends - Xiaopeng X9 has captured nearly 60% of its user base from the post-90s generation, with a first-time purchase rate of 21% [3] - Despite an expected decline of 2.3% in the overall Chinese MPV market by 2025, Xiaopeng X9's delivery volume reached 5,424 units in December 2025, marking a year-on-year growth of 289.1% [3] User Demographics - Among Xiaopeng X9 users, 57.2% are from the post-90s generation and 13.7% from the post-00s generation, significantly younger than the average MPV user [5] - Female users account for 22% of Xiaopeng X9 buyers, indicating its appeal among family-oriented consumers [6] Product Features - The Xiaopeng X9 features a futuristic design that challenges traditional MPV aesthetics, attracting younger buyers [5] - The vehicle offers advanced technology and continuous upgrades, enhancing its appeal to tech-savvy consumers [5] - Key selling points include its stylish appearance, superior handling, flexible space configurations, advanced driving assistance, impressive range, and winter driving capabilities [8][10] Performance Metrics - The Xiaopeng X9 boasts a comprehensive range of 1,602 km and a pure electric range of 452 km, with rapid charging capabilities [10] - The vehicle's trial conversion rate stands at 50%, indicating strong interest among potential buyers [6]

Group 1 - The core announcement is that Tesla will discontinue the one-time purchase option for its Full Self-Driving (FSD) package on February 14, 2026, which may increase the adoption rate of FSD [2] - Currently, the FSD buyout price is set at $8,000 in the U.S. market and 64,000 RMB in the Chinese market [2] - Tesla had previously pushed FSD updates to a limited number of Chinese owners with HW4 hardware in the first half of 2025, but there have been no further updates since then [4] Group 2 - Elon Musk indicated during a shareholder meeting in November 2025 that some FSD features had been implemented in China, with hopes for the full version to be available around February or March of the following year [4]

Core Insights - The Chinese automotive industry has achieved significant milestones in 2025, with total vehicle production and sales exceeding 34 million units, and new energy vehicles (NEVs) surpassing 16 million units, marking a structural upgrade in the industry [5][6] - NEVs now account for over 50% of new car sales in China, indicating their dominance in the market [6][7] - The industry is experiencing rapid technological advancements, particularly in smart driving and battery technology, which are enhancing the competitiveness of electric vehicles [9][10] Industry Performance - In 2025, China's NEV production reached 16.62 million units, with sales at 16.49 million units, reflecting year-on-year growth of 29% and 28.2% respectively, maintaining the global leadership for 11 consecutive years [6][7] - BYD has surpassed Tesla in annual pure electric vehicle sales, marking a significant achievement for the company [7] - The introduction of L3-level autonomous driving vehicles by Changan and BAIC marks a transition from technology validation to mass production applications [8] Technological Advancements - The automotive industry is witnessing breakthroughs in battery technology, with advancements in energy density and charging efficiency, contributing to the reduction of "range anxiety" for electric vehicle users [9] - The integration of AI and robotics into the automotive sector is creating new opportunities for innovation and efficiency [10] - The collaboration between companies like JD, GAC Group, and CATL is enhancing the entire automotive value chain from R&D to sales [9][10] Regulatory and Market Dynamics - The industry is facing challenges related to "involution" competition, prompting regulatory measures to ensure fair market practices and promote high-quality development [12][13] - New guidelines and safety standards are being implemented to enhance the safety and reliability of electric vehicles [13][14] - The focus on building a modern industrial system and promoting green consumption is expected to drive the future growth of the automotive sector [14][15]

Core Viewpoint - The company aims to enhance operational efficiency and anticipates profitability opportunities in Q4 2025, driven by strategic investments in AI and product development [1][5]. Group 1: AI Investment and Strategy - The company plans to increase investments in artificial intelligence (AI) in 2026, focusing on integrating AI across all business units to improve product competitiveness and operational efficiency [2][4]. - An AI Technology Committee has been established to oversee the development and implementation of AI strategies, including industry insights, capability mapping, and community building for AI talent [3][4]. - The CEO emphasized the importance of AI in enhancing efficiency across various departments, stating that a 3% efficiency gain in each area could lead to significant overall improvements [11]. Group 2: Business Growth and Financial Goals - The company targets a sales volume of 456,400 to 489,000 vehicles in 2026, aiming for a steady growth rate of 40-50% [4][7]. - The gross margin for vehicles is expected to improve, with a target of 17-18% for Q4, supported by strong performance in new models and non-vehicle business segments [7][8]. - The company anticipates non-vehicle business revenue to exceed 10 billion, indicating substantial growth potential in this area [7]. Group 3: Operational Efficiency and Cost Management - The focus for 2025 includes controlling sales management expenses and ensuring a reasonable return on investment (ROI) for variable costs [8]. - The company is committed to enhancing efficiency through a structured approach, prioritizing high-impact initiatives while managing limited resources effectively [9][10]. - The CEO highlighted the need for a mindset shift within the organization, emphasizing the importance of maintaining a startup mentality despite achieving some scale [12].

Core Viewpoint - The company emphasizes its technological advantages and extensive production management experience, focusing on its core business while increasing R&D investment to enhance product quality and accelerate product updates [1] Group 1: R&D and Product Development - The company is committed to improving and upgrading its products through significant R&D investments [1] - It has developed various high-voltage, high-current connectors, high-definition, high-speed connectors, and high-frequency connectors in the new connector field [1] - The product range covers applications in new energy vehicles, ADAS intelligent driving assistance, intelligent networking, and 5G communications [1] Group 2: Collaboration and Market Position - The company collaborates with high-quality enterprises to promote the transformation of scientific research achievements [1] - It maintains a leading and forward-looking position in R&D levels within its industry [1]