油气装备：产品耗材属性强，有望跟随下游放量获得长期较快增长航天能源成立于2013 年，是一家从 事油气设备领域射孔器材、高端完井装备研发与制造的高新技术企业。航天能源生产的页岩油气分簇射 孔装备整体处于国际先进水平，2021 年公司国内非常规油气开采市占率超60%，常规油气开采领域市 占率约为35%。随着国内油气增储上产推动产量提升，深海、深地等领域逐步开发，非常规油气开采前 景广阔，公司产品作为耗材与油气开采量强相关，有望获得长期较快增长。另外，公司新获取大药量药 柱批产任务，装备建设需求迫切，市场前景广阔。我们预计公司油气装备业务2025-2027 年收入CAGR 为17.94%。 我们与市场观点不同之处 市场对公司的长期成长性认知不足，我们认为公司汽车零部件业务受益于下游客户电动化、网联化、智 能化转型带来的单车价值量提升；油气装备业务受益于深海科技、深地科技等政策支持，相关新型领域 资源勘探需求带来的射孔器材及完井装备用量持续提升，另外，公司新拓展的药柱业务前景广阔。 首次覆盖航天智造并给予"买入"评级，目标价26.00 元，基于26 年20 倍PE 估值。我们看好公司"技术壁 垒+政策红利"双轮驱动 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The Chinese new energy truck industry is defined as vehicles powered by non-traditional fuels, including pure electric trucks, hydrogen fuel cell trucks, and plug-in hybrid trucks, contributing to a green transportation transition [4][5] - The market for new energy trucks is expected to grow rapidly, with a compound annual growth rate (CAGR) of over 30%, and is projected to reach a scale of one million vehicles by 2030 [15][16] - The industry is supported by government policies, including purchase subsidies and infrastructure development, which have significantly reduced costs for enterprises and users [14][27] Summary by Sections 1. Industry Overview - New energy trucks are categorized into three main types: pure electric trucks, hydrogen fuel cell trucks, and plug-in hybrid trucks, each with unique advantages and challenges [6][10] - The application range of new energy trucks includes urban delivery, long-distance transport, logistics warehousing, cold chain transport, and short-distance transport within ports and parks [5][6] 2. Industry Development History - The new energy truck industry in China began in the early 2000s, initially limited by technology and high costs, focusing on public transport and logistics [13] - Government policies have played a crucial role in promoting the industry, leading to a significant expansion in market size and user acceptance [14] 3. Current Industry Analysis - As of 2024, the market size of new energy trucks in China has surpassed several hundred thousand units, with strong demand from urban delivery and government procurement sectors [15] - Major players in the market include traditional commercial vehicle manufacturers like BYD, Foton, and Jiangling, as well as high-tech companies like NIO and CATL, which are driving technological innovation [19][20] 4. Market Environment Analysis - The macroeconomic environment is favorable for the new energy truck market, with strong demand driven by the growth of e-commerce and cold chain logistics [25] - The development of charging and hydrogen refueling infrastructure is progressing, although there are significant regional disparities in infrastructure availability [43][44] 5. Demand Analysis - Logistics companies prioritize high-efficiency, low-cost, and environmentally compliant vehicles, influencing their purchasing decisions [47] - The urban delivery and express delivery sectors show rapid growth in demand for new energy trucks, emphasizing operational efficiency and environmental performance [48] 6. Competitive Landscape - Leading domestic manufacturers like BYD, Foton, and Jiangling maintain a competitive edge through strong R&D capabilities and market expansion strategies [52] - Emerging innovative companies are rapidly entering the market, focusing on technology advancements in hydrogen fuel cells and other areas [53][56] 7. Industry Chain Analysis - The new energy truck industry chain includes upstream raw material suppliers, midstream vehicle manufacturers, and downstream sales and service networks [59][66] - The supply chain for key components like batteries and electric motors is complex and heavily influenced by international market dynamics [59] 8. Future Development Trends - Future technological innovations will focus on enhancing battery energy density and the commercialization of solid-state batteries, which are expected to revolutionize the industry [76] - Market demand is shifting towards more diversified applications, including long-distance transport and specialized vehicles, reflecting evolving consumer needs [77]

0100 T IC 4 20 007 I VSVP LONDON | RNCHORAGE TOKYO DURAI LOC ↑ ← 4 EMER × X 41 11 SELIN D × × L 2016 D R1 LIUND DFG l" lonlandoplantanlanbachmlond. Innhunland == > E GLODAL IONETIK Y child in an and resident of the religion YAD X l n MO OR | | | | | | SERVE ii th . : HLET l I l + = "十四五"期间，我国汽车业形成了极具韧性的供应链体系。在日前举行的2025中国汽车供应链大会上，中国机械工业联合会副会长叶定达指出，近年 来，随着新一轮科技革命和产业变革加速突破，我国汽车产业紧紧围绕电动化、智能化、网联化、低碳化方向，走出了一条昂扬向上的发展路线，构建了全 球最完整、最具韧性的新能源汽车产业链和供应链体系。 "十五五"时期是我国实现碳达峰的冲刺阶段，也是从汽车大国迈向汽车强国的关键阶段，巩固和扩大智能网联新能源汽车产业领先优势是行业发展 ...

Core Insights - The 21st China (Changsha) International Auto Expo showcases the rapid advancement of intelligent technology in China's new energy vehicle (NEV) sector, with major automakers competing in the low-altitude smart transportation market [1][3] - By October 2025, the penetration rate of NEVs in China is expected to exceed 40%, with L2-level and above intelligent driving functions becoming increasingly common, driven by AI as a core engine for industry transformation [3] - The Chinese NEV industry is undergoing a significant transformation, focusing on electrification, intelligence, connectivity, and sharing, reshaping the global automotive landscape [3][4] Industry Developments - The exhibition highlights the integration of advanced intelligent technologies in NEVs, with features like millimeter-wave radar, laser radar, and intelligent driving assistance systems becoming standard in mid-range models [1] - The demand for smarter and safer NEVs is rising, with 90% of consumers willing to pay extra for advanced intelligent driving services, indicating a shift in consumer preferences [3] - The introduction of solid-state batteries is expected to significantly enhance the range of NEVs, while companies are also exploring low-altitude smart transportation solutions [3] Innovations in Flying Cars - The global debut of the first split-type flying car, "Land Carrier," has garnered attention, with plans for mass production in Guangzhou [4] - Chinese companies are focusing on developing flying cars that can operate in both ground and aerial environments, featuring capabilities such as electric flight, distributed drive, and vertical takeoff and landing [4] - The evolution of NEVs is transforming them from mere transportation tools into "evolving mobile intelligent spaces," leading the industry towards greener, smarter, and more premium offerings [4]

数据里的冲刺力 今年1—10月 郑州累计生产汽车95.6万辆 其中新能源汽车50.8万辆 □本报记者 王延辉 上图 海马汽车第三智能工厂，智行盒子定制生产的智慧出行系列车。 本报记者 王延辉 摄 新能源汽车产业赛道上，河南造车新势力加速入场，驱动"车轮上的新河南"滚滚向前。 12月9日，郑州经开区海马汽车第三智能工厂里，一辆辆智行盒子INJOY系列定制车有序生产、下线。 今年9月底，海马汽车·智行盒子智慧出行系列车型发布，标志着我省新能源汽车产业智能化转型正式迈出从 技术突破到场景落地的关键一步。作为省、市、区三级国资联袂培育的本土新能源自主出行品牌，智行盒子 聚焦B端智慧出行，在3年内完成了从设计研发到量产交付的跨越式发展。 近年来，汽车行业正经历以电动化、智能化、网联化、共享化为核心的深度变革，汽车正逐渐从单纯的交通 工具演变为人们生活的"第三空间"。 "随着汽车产业从机械时代迈向智能时代，出行工具的定义正从单一代步载体升级为场景化服务入口。"智行 盒子（河南）科技有限公司创始人、董事长张署光说。目前，智行盒子已向南阳出租车公司、郑州达喀尔、 马邦出行等合作伙伴交付车辆，涵盖大众出行、政企服务、文旅休闲、 ...

汽车ETF（516110）跟踪的是800汽车指数（H30015），该指数从汽车相关行业中筛选出具有代表性的 上市公司证券作为成分股，涵盖整车制造、零部件供应及汽车服务等细分领域，以全面反映汽车行业整 体表现。该指数凭借较高的行业集中度和市场代表性，为投资者提供了便捷的行业投资工具。 万联证券指出，"十五五"期间，汽车及零部件行业将受益于智能制造与绿色转型双轮驱动。数据要素的 广泛使用推动传统制造业转型升级，提高产业链供应链韧性和安全水平。智能网联汽车与零部件领域是 重点发展方向，汽车产业正经历电动化、智能化、网联化变革，新能源汽车市场渗透率持续提升，催生 充电桩、智能座驾、车联网、电池回收等新需求。在产业链零部件领域，电池管理、自动驾驶算法、车 规级芯片等关键零部件和技术具有广阔前景。同时，绿色低碳转型推动新能源与储能系统发展，电化学 储能、氢能等储能技术迎来窗口期，为汽车行业提供配套支持。政策强调"构建以先进制造业为骨干的 现代化产业体系"，汽车行业作为制造业重要组成部分，将在智能化、绿色化进程中实现升级。 （文章来源：每日经济新闻） ...

2025年12月11日，山城重庆，聚势启新。 东风商用车将于重庆国际博览中心隆重举行2026 年度合作伙伴大会。本次大会以"定赛道、聚合力、携手跃新程"为主题，全国经销商、战略供 应商、权威媒体及特邀嘉宾等千余名精英伙伴汇聚一堂，共叙合作情谊，共绘发展蓝图，携手 迈向高质量发展的新征程。 锚定可靠根基，2025跑出发展加速度 2025年，商用车行业在新能源化、智能化、网联化、国际化的赛道上加速竞逐。面对经济结 构调整和新能源化、智能化转型升级，东风商用车作为中国商用车领域的"国家队"，始终以可 靠为基因，坚定品牌向上战略，全链条协同，稳舵奋楫，成果斐然：全年预计完成批发销量 13.1万台，同比增长24%；传统能源市场份额提升至16%以上，份额跑赢大市；新能源商品 销量过万，同比增长98%，跑出发展加速度。 第一商用车网的读者朋友们可以通过左侧二 维码,进入第一商用车网读者交流群 这份成绩单背后，是东风商用车"全价值链革新"的定力。战略洞察上，东风商用车坚持"传统 能源与新能源并进" ，前瞻性地布局纯电、氢燃料、混动等多能源技术路线，为不同运营需求 的客户提供全面选择；自主创新领域，东风商用车核心技术自主攻关取 ...

Core Viewpoint - The "2025 China Automotive Supply Chain Conference" emphasizes the transformation and innovation within the automotive supply chain, focusing on the integration of electric, intelligent, connected, and low-carbon technologies to enhance China's position in the global automotive industry [1][3]. Group 1: Industry Transformation - The "14th Five-Year Plan" period is a critical phase for China's automotive industry, aiming for peak carbon emissions and transitioning from a major automotive nation to a strong one, with a focus on maintaining leadership in smart and connected new energy vehicles [3]. - The automotive supply chain is undergoing profound adjustments, necessitating innovation-driven development and exploration of international expansion paths [4]. - The automotive supply chain's resilience and innovation are crucial for adapting to new market conditions and ensuring sustainable growth [5]. Group 2: Strategic Insights - Key strategies for enhancing the automotive supply chain include innovation leadership, collaboration among industry leaders, and fostering an open and cooperative ecosystem for mutual benefits [5]. - The importance of transforming China's supply chain advantages into localized stability within the global market is highlighted, with a focus on creating a sustainable and cooperative supply chain [5][6]. - The "361" supply chain development strategy aims to address core challenges faced by the automotive industry, including supply assurance, innovation, cost management, and sustainability [7]. Group 3: Research and Development - The "2025 China Automotive Supply Chain Development Report" outlines significant achievements in the automotive parts industry, including strengthened foundations, enhanced innovation capabilities, improved industry ecology, and progress towards green and low-carbon transitions [9]. - The globalization of China's automotive parts industry is now seen as a necessity, with the upcoming blue paper providing a comprehensive guide for companies looking to expand internationally [9][10]. - The blue paper introduces a "5C" globalization strategy framework, covering compliance, supply chain, capital, brand, and talent, serving as a practical tool for companies to formulate their international strategies [10].

将安全置于首位，需车企建立安全优先的文化。从设计到材料选择，从测试到生产，每个环节都应坚持 安全优于成本的原则。消费者也需保持理性，不盲目追求华而不实的配置，用选择倒逼企业重视安全。 监管部门需完善标准体系，加强市场监管，为汽车安全构筑制度防线。同时，行业标准制定应具前瞻 性，及时应对新技术带来的挑战。 汽车产业正经历电动化、智能化、网联化的深刻变革。在这场变革中，坚守安全底线是对生命的尊重， 更是行业可持续发展的根本保障。安全是汽车与生俱来的属性，在这个创新迸发的时代，这一基本原则 更应被铭记和坚守。■ 汽车工业发展百余年，安全始终是首要前提。从三点式安全带到ABS防抱死系统，从安全气囊到车身稳 定控制，每一次创新都以安全为基石。 近年来，新能源汽车、智能驾驶快速发展，守牢安全底线更为迫切。电池安全、电控系统可靠性、新型 车身材料稳定性等挑战不断涌现，任何细小的疏漏都可能酿成悲剧。当下，部分车企热衷于制造"噱 头"，在营销中过度强调加速性能和智能配置。 汽车安全不仅是技术问题，更是社会责任。汽车上路，关系到所有道路参与者的生命安全。这种特殊性 决定了安全必须是汽车设计的第一原则，而非可选项。 文 | 钱沛杉 ...

Core Insights - The article highlights the launch of the GC15 bus by Xiamen Golden Dragon Bus Co., marking a significant moment for Chinese bus manufacturers in the global market, particularly in the context of new energy and intelligent technology [3][4] - The GC15 is positioned as a high-end, intelligent, and reliable vehicle, showcasing the company's commitment to global expansion and advanced technology [4][5] Group 1: Product Definition and Positioning - The GC15 bus is designed for the next 5-10 years, focusing on premium quality and intelligence, representing a new brand image for Golden Dragon [4] - The core positioning of the GC15 encompasses three dimensions: a balance of intelligence and premium quality, reliability and energy efficiency, and the use of forward-looking technology to define the future [4][5] Group 2: Intelligent and Premium Features - The integration of intelligence and premium features aims to address user pain points, such as reducing dangerous driving actions and enhancing human-machine collaboration [5][6] - The bus includes a multifunctional armrest for the driver, consolidating common operations to reduce labor intensity and improve safety [5][6] Group 3: Reliability and Energy Efficiency - The GC15 adheres to a "super power, super energy-saving, super safety" standard, exceeding international regulations with internal standards for energy consumption and safety [6][7] - The vehicle's electric architecture focuses on optimizing energy efficiency and lifecycle reliability, having undergone extensive testing in various environments [6][7] Group 4: Electronic and Electrical Architecture Innovation - The GC15 introduces a domain controller architecture, replacing numerous independent ECUs, which reduces wiring costs by approximately 30% and improves assembly efficiency by about 25% [7][8] - This simplification in production not only optimizes manufacturing processes but also enhances lifecycle cost efficiency [7][8] Group 5: Data-Driven Intelligent Upgrades - The integration of artificial intelligence in the bus's development and operation signifies a new phase in intelligent competition within the bus sector [8][9] - The vehicle's energy management system utilizes proprietary algorithms to dynamically adjust energy consumption strategies based on real-time conditions [9][10] Group 6: Future Trends in Bus Industry - The global bus market is moving towards integrated and modular electronic architectures, with centralized domain controllers becoming mainstream [10] - The ability to perform OTA updates and software enhancements will be crucial for competitive differentiation in the future [10]