来源：新浪港股-好仓工作室 2025年11月26日，佑驾创新（股份代号：2431）公告称，通过一般授权以配售新H股方式融资，其中配 售新H股发行14,012,800股（约1.4亿股），募集约2.1亿港元；扣除费用后净得约2.0亿港元。本次融资由 中信里昂、国泰君安国际、软库中华金融担任联席配售代理。 配售价每股14.88港元较前一交易日收市价16.53港元折让约10.0%，较前五个交易日平均收市价折让约 14.0%。配售股份占现有已发行股本约3.45%，完成后占扩大股本约3.33%。 佑驾创新专注于智能驾驶、智能座舱、智慧出行、智慧物流等技术的创新与落地，致力于以技术创新塑 造汽车智能化产业生态。所得款项中，约2.0亿港元将用于L4无人物流车的业务发展、基础研发平台的 升级。本次发行根据股东大会授予的一般授权实施，预计于2025年12月3日完成。 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据 ...

Core Viewpoint - Western Securities has initiated coverage on Junsheng Electronics, highlighting its position as a leading global provider of smart automotive technology solutions and its recent listing on the Hong Kong Stock Exchange, establishing an "A+H" dual capital platform [1] Group 1: Company Overview - Junsheng Electronics has announced its strategic upgrade to "Automotive + Robotics Tier 1," expanding into the humanoid robotics sector to create a dual-driven growth model [1] - The company serves over 100 global automotive brands, including the top ten manufacturers in China and worldwide, with 74.7% of its revenue projected to come from overseas sales in 2024 [2] - Junsheng Electronics maintains a strong position in automotive safety and electronics, ranking second globally in automotive safety and fourth in intelligent cockpit domain control [2] Group 2: Order and Revenue Growth - The company has secured a record high in new project orders, with a total lifecycle amount of approximately 83.9 billion yuan, and over 60% of these orders are related to new energy vehicles [2] - In the first half of 2025, the company continues to see strong growth in orders, with new project orders amounting to about 31.2 billion yuan, of which over 20.6 billion yuan is related to new energy vehicles, accounting for more than 66% [2] Group 3: Global Operations - Junsheng Electronics has established an efficient global operation system, achieving synchronized R&D, supply chain collaboration, and production sales network with global automakers [3] Group 4: Innovation in Automotive Electronics - The company is positioned in key areas of automotive electronics, including intelligent cockpit domain control, smart connectivity, and intelligent driving, enhancing its competitive edge through a comprehensive product offering [4] - Junsheng Electronics has launched innovative products in the intelligent cockpit sector, including the immersive smart cockpit JoySpace+, which integrates various advanced technologies for an enhanced user experience [5] Group 5: Safety Solutions - The company is innovating in automotive safety products, integrating electronic technology with safety solutions to meet higher demands for both active and passive safety products [6] - New safety products include a zero-gravity seat safety solution and a new generation of optical-enhanced seat belts, aimed at improving safety and comfort [6] Group 6: Robotics Sector Development - Junsheng Electronics is expanding into the robotics sector, leveraging its core automotive component expertise to provide integrated hardware and software solutions for key robotic components [7] - The company has formed strategic partnerships with domestic and international robotics and AI companies to accelerate its smart technology initiatives [8]

J 华宝英金 型向柱 FU 港股汽车50 T+0交易 * H * * * 50E TF 520780 520783 | 帮 认购 火热发行中 汽车行业,尤其新能源汽车,国内渗透 率已达阶段天花板,叠加明年补贴政 策退坡,很多车企面临巨大盈利压力, 近年来好几家车企破产清算,行业前 景怎么看? 当前政策真空期,叠加年底市场活跃 度下降、外围冲击,港股市场,尤其港 股汽车会否还有较大调整? 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 2021 - 2022 - 2023 - 2024 - 2025 近期港股汽车已明显跑输其他板块,对明年低增速预 朗已经price in,整体调整幅度或可控。预期明年市场 会有比较好的政策支撑,因此当前悲观预期下或是较 好的布局时点。 对于中国汽车出海,今年和明后年的 销售数据、收入盈利数据能否做一下 预测?全球关税政策、单边主义,对汽 车出海的影响怎么预估? 目前月度新能源渗透率仅为55.3%,仍有较大上行空 间。 补贴层面,根据近期终端调研,10月起多数省市补贴政 策开始退坡(金额下降、资格需要摇号或者直接停止) 导致四季度旺季不旺,同比下滑明显。消费者进入 ...

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]

Core Insights - The conference focused on the theme "Intelligent Electric Integration, New Journey of Intelligent Driving," discussing various aspects of the automotive industry, including economic trends, policy directions, and the future of the new energy vehicle (NEV) market [3][5]. Market Trends - The passenger car market in China is characterized by a "fast start and slow finish" rhythm, influenced by the tightening of trade-in subsidies in certain regions [5]. - There is a notable growth in pure electric vehicles (EVs) while plug-in hybrids (PHEVs) are experiencing slower growth [5]. - The market is seeing a shift from "one strong player" to "a hundred flowers blooming" in terms of competition, with NEVs becoming a growth engine for exports [8]. Policy and Economic Analysis - The government is expected to implement measures to address "involution" in the automotive industry for high-quality development [7]. - The "14th Five-Year Plan" emphasizes safety, which is crucial for automakers to consider [7]. - The global economic landscape is undergoing significant changes, with a focus on supply chain restructuring and technological advancements [7]. User Demand and Market Dynamics - User preferences are evolving, with BEV users valuing "freedom of electricity" as a new identity symbol, while PHEV users face amplified range anxiety [9]. - The demand for intelligent and technologically advanced vehicles is increasing, impacting consumer choices [9]. Competitive Landscape - The competitive environment is intensifying, with traditional automakers and new entrants adapting to market demands [5][8]. - The pricing strategies in the market are shifting, with a focus on technology rather than just price competition [8][9]. Future Outlook - The NEV market is expected to see a stable growth rate of over 5% year-on-year, driven by new policies and market dynamics [10]. - By 2026, the automotive market is projected to reach 40 million units, with a significant shift towards NEVs and intelligent vehicles [10].

Core Viewpoint - BYD's overseas business is becoming a significant growth engine, with a focus on localizing operations, technological innovation, and advancements in energy storage solutions [1][2][4]. Group 1: Overseas Business - BYD's overseas sales surged by 155.5% year-on-year, with 83,524 vehicles sold in October and a cumulative total of 785,103 vehicles from January to October [2]. - The company has expanded its presence in over 110 countries and regions across six continents, enhancing the penetration rate of electric vehicles in Europe, Latin America, and Asia-Pacific [2]. - BYD is accelerating its localization efforts in research, design, and operations, with plans to launch 7 to 8 electric and hybrid models in Japan by 2027 [2]. Group 2: Technological Innovation - BYD emphasizes "technology as king and innovation as fundamental," with R&D investments ranking among the top in A-share listed companies [3]. - The company has introduced technologies such as the "blade battery" for safety, "DM-i super hybrid" for efficiency, and "Tian Shen Zhi Yan" for intelligent driving, further solidifying its technological edge [3]. - The "Tian Shen Zhi Yan" system has been installed in over 2 million vehicles, generating more than 130 million kilometers of data daily, and offers advanced parking capabilities comparable to L4 level [3]. Group 3: Energy Storage Business - BYD's energy storage business has expanded globally, covering over 110 countries and providing solutions for hundreds of projects [4]. - As of October 2025, the total installed capacity of BYD's power batteries and energy storage batteries exceeded 230 GWh, representing a year-on-year increase of over 55% [4]. - The company launched the "Haohan" energy storage product featuring the world's largest dedicated blade battery, improving energy density by over 300% compared to conventional products [4].

Core Insights - FAW Audi showcases its technological prowess and innovation in both fuel and electric intelligent vehicles at the 23rd Guangzhou International Auto Show [1][12] - The launch of the A5L QianKun Intelligent Driving Edition redefines the intelligent image of luxury fuel vehicles, priced at 286,800 yuan [1][4] - The A6L e-tron, as the first pure electric sedan on the PPE luxury electric platform, merges avant-garde design with flagship brand genes, establishing itself as a new flagship in the C-class intelligent electric era [1][9] Product Highlights - The A5L QianKun Intelligent Driving Edition is the first fuel vehicle to integrate Huawei's QianKun Intelligent Driving technology, featuring advanced driving assistance systems [6][8] - The A6L e-tron boasts a length of 5073mm and a wheelbase of 3076mm, incorporating electric vehicle characteristics while maintaining an executive profile [11] - The A6L e-tron is equipped with a 107kWh battery, offering a range of 785km under CLTC conditions and the ability to recharge 302km in just 10 minutes [11] Strategic Direction - FAW Audi aims to provide a new luxury travel experience by integrating Audi's century-old luxury, Chinese manufacturing, and Huawei's intelligence [3][12] - The company is committed to a long-term, customer-centric development strategy, focusing on the intelligent upgrade of its product lineup, including both luxury fuel and electric vehicles [12]

当前，汽车产业正迎来全球化、智能化与绿色化趋势交融带来的深水区竞争，机遇与挑战并存。 "随着人工智能、大数据、物联网等技术与汽车产业的深度融合，汽车智能化也带来了责任认定难、系统风险高、数据安全隐患三大核心挑战。"石合 群表示，同时，在汽车电动化进程中，性能衰减的争议、热失控的威胁、残值的评估难也是现实难题。此外，在新能源汽车出海中，不同的市场在法规、 环境、文化等方面的差异也要求中国车企进行针对性适配，给车企提供本地化服务带来了巨大挑战。 （本文原标题为 中国平安财产保险股份有限公司党委副书记石合群：保险业要为新能源汽车产业发展增添新动能） 汽车产业的转型与变革，对产业链上下游及相关行业的同频共进、不断创新提出了更高的要求。"保险业可以赋能新能源汽车高质量发展，推动汽车 产业链的优化和整合，助推中国汽车产业在智能化、全球化进程中稳步前行，践行服务国家战略的使命，巩固中国新能源汽车的全球优势。"11月18日， 在中国汽车报社主办的第二十届中国经济论坛平行论坛——"展望'十五五' 巩固车优势"上，中国平安财产保险股份有限公司党委副书记石合群指出，保险 能够加持车企提升车辆安全水平，助力降低事故的发生率。"面向未 ...

临近年末，面对新能源汽车补贴即将终止、购置税优惠将减半的现实，新一轮汽车消费热潮持续升温。但在市场升温的同时，消费理念正 发生显著变化，许多购车者不再仅仅关注品牌，而是开始重视电机、电池等产业链产品的参数和品质。这一转变，反映了汽车消费逻辑正在重 塑。电动化浪潮推动了电池、电机技术的普及，打破了传统燃油车以发动机、变速器构建的壁垒；而智能化则重新定义了汽车的价值，传统品 牌的光环逐渐黯淡。汽车消费"脱虚向实"的趋势，正在为行业带来新的冲击波，也引发了新的思考：传统品牌若不能将历史底蕴转化为独特价 值，将难以吸引消费者，赢得市场。 消费逻辑正在改变 互联网时代，消费者能够通过多种渠道获取海量的车辆相关信息，不再单纯依赖汽车品牌。"以前买车主要看品牌，现在购买新能源汽车不仅 要看品牌，更要关注电机、电池、800V高压充电技术等核心零部件供应商及产品性能，甚至要区分是磷酸铁锂电池还是半固态电池。"正 如"90后"消费者王子晗所言，在购买新车尤其是新能源汽车前，深入了解其产业链情况，可以使消费者心中有数，不易被夸大其词的销售话术 误导。毕竟，车辆是自己和家人长期使用的，消费者需要买个放心。 年轻一代购车注重"开心就好 ...

一汽奥迪A5L乾崑智驾 版搭载双激光雷达，支持城区NOA/高速NOA/高级泊车辅助等功能。具备路口自 动减速避让、无保护左右转、识别红绿灯起停，应对加塞、主动避让大车与道路施工等能力。 郭永锋提到，面对中国汽车市场的智能化浪潮，一汽奥迪正在全力推进旗下产品的智能化升级。包括以 一汽奥迪Q6L e-tron家族、A6L e-tron为代表的豪华纯电车型，以一汽奥迪A5L、2026年初即将上市的全 新Q5L、A6L等为代表的豪华燃油车型，都将实现"油电同智"。 新京报贝壳财经讯（记者白昊天）11月21日，2025广州车展正式开幕。一汽奥迪A5L乾崑智驾 版上 市，售价28.68万元。一汽奥迪销售有限责任公司执行副总经理郭永锋表示，一汽奥迪将陆续推动旗下 全系产品的智能化升级，企业将开启全新智能化时代。 一汽奥迪展台。 企业供图 ...