Core Insights - The 2025 Guangzhou Auto Show highlights that while new energy vehicles (NEVs) have established themselves as the market mainstream, the technological pathways to the future are increasingly diverse and fragmented [1][2][3] Market Trends - The total number of vehicles at the Guangzhou Auto Show reached 1,085, with 629 new energy models, accounting for 58%, an increase of 14.3 percentage points from 2024 [1] - The penetration rate of new energy passenger vehicles in the market has exceeded 52.9% in the first ten months of this year, significantly surpassing the 20% target set for 2025 in the "New Energy Vehicle Industry Development Plan (2021-2035)" [1] - In October, the retail sales of pure electric vehicles grew by 20% year-on-year, while range-extended models saw a decline of 7.7% [1][7] Technological Developments - Industry insiders assert that while pure electric vehicles are seen as the ultimate solution, range-extended and hybrid models remain critical transitional options [2] - The focus on emotional value and user service is becoming essential for automakers in the post-subsidy era, with deep intelligence in smart cabins and driving systems being a key area of development [2][4] - Huawei's introduction of the MoLA architecture aims to address traditional voice assistant limitations, marking a significant step towards "smart cabin L3" capabilities [2] Strategic Collaborations - Foreign automakers are increasingly recognizing the importance of Chinese suppliers, with partnerships like BMW and Momenta, and Mercedes-Benz and Momenta, aimed at enhancing their competitive edge in the Chinese market [4][5] - Audi has embraced Huawei's technology, launching the A5L as the first fuel vehicle equipped with Huawei's advanced driving system [5] Market Dynamics - Despite a decline in the market share of range-extended vehicles, the number of such models being launched is increasing, indicating a complex market response [7][8] - Companies like Xpeng and Geely are actively introducing range-extended models, reflecting a strategic pivot despite market trends [7][8] - The consensus among industry experts is that while pure electric vehicles are the future, a combination of pure electric, range-extended, and hybrid technologies will coexist for the foreseeable future [8][9][10]

点击蓝字 关注我们 新能源商用车周报 (总第0130期 2025年11月第3周) 目录 CONTENTS 政策法规 市场洞察 企业监测 乘联分会&科瑞咨询联合发布 工信部：探索"人工智能+制造"，到 2027年建成200个左右高标准数字园区 内蒙古人民政府办公厅：到2027年新增 汽车(不含货车)中新能源汽车占比达到 35% 江苏省交通运输厅：推行道路普货运输教 . 育改正不罚 2025年1-10月新能源轻卡销售13.6万辆，同比增 长81.0% 远程新能源稳居第一，1-10月累计销售2.6万辆, . 同比增长48.2% 远程星智长期占据榜首，销售超2.5万辆，市场份 · 额占18.5% 四款热门新能源轻卡产品 . 福田汽车：发布全新一代微卡Wonder Plus 魏桥新能源商用车：发布第二代高端铝VAN车型V80, 轻量化再升级 奇瑞商用车:与轻舟智航达成战略合作,打造量产级 . L4物流产品 芯联集成：发布全新碳化硅G2.0技术平台 . 新能源和Al数据中心电源 政策法规 工信部：探索"人工智能+制造"，到2027年建成200个左右高标准数字园区 【科瑞咨询|KERUL CONSULTING KEI亚业和 ...

Market Overview - Global stock markets experienced significant declines last week, but US markets are actively seeking recovery, with Hong Kong stocks responding positively, rising by 1.97% [1] - The US and Ukraine have reportedly made progress in peace talks regarding the Russia-Ukraine conflict, which could positively impact the stock market if a ceasefire is achieved [1] - The US is considering allowing Nvidia to export advanced H200 chips to China, which could stabilize Nvidia and, by extension, the US stock market [1][2] Automotive Industry - GAC Group announced the completion of China's first large-capacity all-solid-state battery production line, capable of mass production of products with over 60 amp-hours, potentially doubling energy density and addressing range anxiety in electric vehicles [2] - GAC's new technology is set for small-scale testing in 2026 and aims for mass production between 2027 and 2030, significantly enhancing electric vehicle capabilities [2] - GAC's stock surged over 12% following this announcement [2] Electric Vehicle Localization - XPeng Motors launched its first localized production project in Austria, marking a significant step for Chinese manufacturers in Europe, with predictions of an increase in annual production capacity by 800,000 units by 2030 [3] - Other new energy vehicle companies like NIO and Li Auto also saw stock increases of over 4% [3] Technology Sector - Alibaba's AI assistant, Qianwen App, achieved over 10 million downloads in its first week, surpassing other AI applications, indicating strong market interest [4] - Alibaba's stock rose over 5% ahead of its quarterly earnings report, with positive sentiment also boosting other tech stocks like Kuaishou and Baidu [4] Military and Defense - Japan plans to deploy medium-range missiles on the Ryukyu Islands, raising tensions with China, which has led to increased interest in military stocks [5] - Companies like China Shipbuilding Defense and AVIC Aerospace saw significant stock increases due to heightened military concerns [5] Real Estate Sector - The real estate sector remains active with various local initiatives to promote affordable housing and relax policies, leading to stock gains for companies like Evergrande Property and Poly Property [6] - The Ministry of Housing and Urban-Rural Development is focusing on innovative approaches to urban renewal, which may further support the sector [6] Hydrogen Energy - Jiangsu Guofu Hydrogen Energy Technology signed a significant agreement in Malaysia, marking a shift towards large-scale hydrogen energy projects [6] - The company's stock rose nearly 11% following this development, indicating strong market interest in hydrogen energy initiatives [6] Index Changes - The Hang Seng Index will include Innovent Biologics as of December 8, 2025, increasing the number of constituent stocks [7] Fusion Energy Research - The Chinese Academy of Sciences launched the BEST research plan for nuclear fusion, aiming to demonstrate energy output exceeding consumption by 2027 [8] - The project involves significant procurement, with over 2 billion yuan allocated for various systems, benefiting companies like Shanghai Electric and Dongfang Electric [8] Bilibili's Performance - Bilibili reported strong Q3 results with a revenue of 7.69 billion yuan, a 5% year-on-year increase, and a net profit of 470 million yuan, marking a 691.4% increase [9] - The company's self-developed game "Escape from Duckkov" achieved over 3 million sales, contributing to its revenue growth [9] - Bilibili's user engagement metrics also improved, with daily active users reaching 117 million, a 9% increase year-on-year [10]

Core Viewpoint - Linyi Intelligent Manufacturing (领益智造) is seeking to expand its financing platform by applying for an IPO on the Hong Kong Stock Exchange, aiming to alleviate liquidity concerns and support its global ambitions while facing challenges in asset-liability management and funding needs for acquisitions [2][10]. Group 1: Financial Performance - For the first three quarters of 2025, Linyi Intelligent Manufacturing reported revenue of 37.59 billion yuan, a year-on-year increase of 19.25%, and a net profit of 1.94 billion yuan, up 37.66% compared to the previous year [2][7]. - The company generated a significant operating cash flow of 2.30 billion yuan, reflecting a more than 60% increase year-on-year, indicating a solid business foundation to support new ventures [7]. Group 2: Strategic Focus and Expansion - The company aims to transition from traditional manufacturing to high-value sectors such as AI, humanoid robots, and new energy vehicles, with a focus on four core areas: humanoid robots, XR, foldable screens, and servers [3][4]. - Linyi Intelligent Manufacturing has established strategic partnerships with leading firms in the robotics sector and aims to leverage its precision manufacturing capabilities to become a key player in the AI hardware market [4][5]. Group 3: Acquisition Strategy - The company has been actively pursuing acquisitions to enhance its automotive business, including a recent cash acquisition of Zhejiang Xianglong for 2.40 billion yuan, which strengthens its position in the automotive transmission system [6][10]. - Linyi Intelligent Manufacturing's acquisition strategy is characterized by a dual approach of internal growth and external expansion, aiming to build a comprehensive product matrix in the automotive supply chain [6][10]. Group 4: Financial Challenges - Despite strong revenue growth, the company faces increasing short-term debt, which surged to 7.33 billion yuan, more than doubling from the beginning of the year, raising concerns about short-term repayment pressures [8][9]. - The company's cash and cash equivalents stood at 3.67 billion yuan, indicating a potential liquidity gap when considering the substantial cash outflows required for acquisitions and operations [8][9]. Group 5: IPO Rationale - The IPO on the Hong Kong Stock Exchange is seen as a crucial step for Linyi Intelligent Manufacturing to enhance its capital structure, reduce debt levels, and improve liquidity [9][10]. - The company aims to utilize the funds raised from the IPO to support its global expansion and mitigate currency risks associated with its international operations [9][10].

乐道产品负责人俞斌则从"终局视角"解释称，今天市场上涌现的大电池增程车，其实是三年前车企决策的产物。那时电池昂贵、基建不足，增程是合理的过 渡；但站在2025年，全国公共充电桩已达600-1000万根，且用户一旦习惯了纯电的静谧体验就"再也回不去"了。 410 44 I I itta CS 2000 CC 200 CD CLE 作者 | 柴旭晨 编辑 | 周智宇 从莫文蔚"来了"，到古天乐"道了"，李斌打造的家庭品牌加大了造势力度。 11月21日广州车展，请来古天乐的乐道，为自家旗舰L90推出了"黑武士特别版"。在过去一年经历了"命运过山车"后，乐道终是找到了状态。L60与L90双车 并进，月销稳定在2万辆左右，乐道总算是担起了蔚来的走量重任。 然而，站在2025与2026的交界点，乐道总裁沈斐并不能就此轻松下来。"现实点来讲，还是在想怎么能够多卖一点车。"被问及目前最大挑战，沈斐对华尔街 见闻直言道。 乐道接下来要面对的挑战不少。首先，面对明年即将调整的新能源购置税政策、地方补贴的退坡，以及"大电池增程"竞品围攻，乐道下一步该如何落子？ 回溯来看，2025年的SUV市场出现了一个怪象：上市的大三排SUV普遍 ...

Core Viewpoint - Taihong Wanli (603210) plans to expand production capacity by investing 480 million yuan to establish a wholly-owned subsidiary, Tianjin Taihong Wanli Automotive Parts Co., Ltd, focusing on the production of automotive body structural components [1][2] Group 1: Investment and Expansion Plans - The new project will be located in Tianjin Jingbin Industrial Park, covering an area of 96 acres, with an expected start date of April 30, 2026, and a construction period of 24 months, aiming for an annual production capacity of 1.15 million sets of automotive body structural components [1] - In addition to the current project, the company announced another investment plan in late October, proposing to invest 738 million yuan to establish a subsidiary in Kunshan, which will produce both automotive body and new energy battery structural components, adding an annual capacity of 1.15 million sets of automotive body components and 550,000 sets of new energy battery components [2] Group 2: Financial Performance - For the first three quarters of the year, the company achieved a revenue of 1.509 billion yuan, representing a year-on-year growth of 28.6%, and a net profit of 145 million yuan, with a year-on-year increase of 21.1% [2] Group 3: Customer and Product Structure Optimization - The company is optimizing its customer and product structure by deepening relationships with existing clients such as leading North American new energy vehicle companies, Geely, Great Wall, and Xiaomi, while also accelerating the development of new clients like Volkswagen, Toyota, and Chery [2] - The focus is on developing more platform-based and popular projects to continuously increase the value of components supplied per vehicle [2] Group 4: Capital Operations - The company plans to leverage capital markets to explore new business areas through mergers and acquisitions, aiming to maximize company value and shareholder interests [3]

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 90,480.00 | -540.00↓ 前20名净持仓（日，手） | -172,110.00 | -6039.00↓ | | 期货市场 | 主力合约持仓量（日，手） | 365,078.00 | -46249.00↓ 近远月合约价差（日，元/吨） | -580.00 | -380.00↓ | | | 广期所仓单（日，手/吨） | 26,916.00 | +68.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 92,150.00 | -150.00↓ 工业级碳酸锂平均价（日，万元/吨） | 89,750.00 | -150.00↓ | | | Li₂CO₃主力合约基差（日，元/吨） | 1,670.00 | +390.00↑ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 1,180.00 | -30.00↓ 磷锂铝石平均价（日，元/吨） | 9, ...

东 兴 晨 报 东兴晨报 P1 2025 年 11 月 24 日星期一 经济要闻 1.美国：多名美国官员近日表示，美国准备在未来几天启动与委内瑞拉有关 的新一轮行动。目前暂不清楚新一轮行动的时间和范围，也不清楚美国总统 特朗普是否就采取行动做出了最终决定。有美国官员称，正在考虑中的选项 包括尝试推翻马杜罗政权。近期，美国在委内瑞拉附近加勒比海域部署多艘 军舰。委内瑞拉政府多次指责美国意图通过军事威胁在委内瑞拉策动政权更 迭，并在拉美进行军事扩张。（资料来源：同花顺） 2.工信部：工信部公示人形机器人标准化技术委员会委员名单。其中，宇树 科技股份有限公司王兴兴任副主任委员。（资料来源：同花顺） 3.内蒙古：内蒙古自治区党委关于制定国民经济和社会发展第十五个五年规 划的建议发布。其中指出，加强战略性矿产资源开发利用。坚持保护性开发、 高质化利用、规范化管理，加强稀土新技术、新工艺、新产品、新材料和新 装备的研发应用，加快轻稀土产业延链补链强链，加大中重稀土开发利用力 度，建设面向全国的稀土新材料科创中心和稀土产品交易中心，建成全国最 大的稀土新材料基地和全球领先的稀土应用基地。做大做强稀土永磁电机产 业，实施稀土 ...

面临多起诉讼。 新能源汽车兴起带动了上游行业的发展，锂电智能物流就是其中之一。 11月，中鼎智能（无锡）科技股份有限公司（下称"中鼎智能"或"公司"）向香港交易所递交《招股书》，计划在主板上市（IPO）。 统计数据显示，以2024年收入计，中鼎智能在国内智能场内物流解决方案行业中排名第四，市场份额为1.7%；在新能源锂电领域排名第一， 市场份额为22.1%。 据了解，中鼎智能曾于今年5月首次提交《招股书》，结果递表失效。此番"再战"港交所，中鼎智能最终能否成功IPO，还有待观察。 诺力股份的子公司 智能场内物流（Intralogistics）解决方案，简单来说，就是指在仓库、工厂、生产线等内部空间，通过硬件设备、软件平台和数据技术，实现 货物搬运、存取、分拣、库存管理等全流程的自动化与智能化。 近年来，随着电子商务、智能制造、工业4.0和新能源汽车行业的快速发展，场内物流的数字化、柔性化需求显著提升，市场规模也保持高速 增长。 《投资者网》张伟 中鼎智能的业务也以销售解决方案为主。2022年至2024年及今年上半年（下称"报告期内"），智能场内物流解决方案的营收占比一直在95%左 右。同时公司也提供例行维护、 ...

Investment Rating - The report maintains a "Recommended" rating for the automotive sector [1] Core Views - The automotive industry is experiencing a decline in performance due to high base effects, with expectations of a decrease in passenger vehicle year-on-year growth by the end of 2025. However, the high-end passenger vehicle market is expected to perform relatively better in 2026 due to policy adjustments [17] - The report highlights the rapid iteration capabilities of new models such as the Xiangjie S9 and Xiaopeng X9, indicating a trend towards advanced driving technologies becoming more accessible [14][15] - The report emphasizes the growth potential in the commercial vehicle sector, particularly heavy trucks, with a recovery in domestic demand anticipated in 2025 [17] Summary by Sections Recent Trends - The automotive sector has underperformed compared to the Shanghai Composite Index, with a weekly decline of 4.9% from November 17 to November 21, 2025 [5][18] - The Guangzhou Auto Show showcased 93 new car launches, with 58% being new energy vehicles, indicating a strong market presence for innovative technologies [13] Key Developments - The launch of the Xiangjie S9 and Xiaopeng X9 models reflects the industry's focus on high-end features and rapid product updates, with prices ranging from 309,800 to 369,800 yuan for the S9 [14] - Huawei's conference highlighted advancements in L3 autonomous driving technology, predicting a penetration rate of 30% by 2025 and over 50% by 2027 [15][16] Recommendations - For passenger vehicles, companies with quality offerings above 300,000 yuan are expected to benefit, with recommendations including Jianghuai Automobile, Geely, Xiaopeng, Great Wall, SAIC, Li Auto, Seres, and BYD [17] - In the parts sector, companies benefiting from the penetration of high-level intelligence into lower-priced models are recommended, including Huayang Group, Desay SV, and Kobot [17] - In the commercial vehicle segment, companies like Weichai Power, Foton, and China National Heavy Duty Truck are recommended due to expected recovery in heavy truck demand [17]