中国汽车工业协会今天（14日）发布的最新数据显示，2025年，我国汽车行业继续展现出强大的发展 韧性和活力，多项经济指标再创新高。 2025年，汽车产销量分别为3453.1万辆和3440万辆，同比分别增长10.4%和9.4%，产销量再创历 史新高，连续17年稳居全球第一。 其中，新动能加快释放，新能源汽车产销量超1600万辆，其中国 内新车销量占比超50%，成为我国汽车市场主导力量。在对外贸易方面，呈现出较强韧性，汽车出口 超700万辆，出口规模再上新台阶。其中， 新能源汽车出口261.5万辆，同比增长1倍 。 中国汽车工业协会副秘书长陈士华介绍，"十四五"期间，我国汽车行业取得多方面突破，产销量连续 三年保持3000万辆以上规模， 营业收入突破10万亿元，出口跻身世界第一 ，电动化与智能化、网联 化加速融合，形成产业领先优势。 陈士华说，2026年，"两新"政策平稳有序衔接。包括9部门联合印发的《关于实施绿色消费推进行动 的通知》，将加快发展方式和消费模式绿色转型，这将稳定市场预期，提振汽车消费。2026年，中国 汽车产业将持续推进高质量发展，整体市场保持稳健运行。 来源｜央视新闻 编辑 ｜瑜见 2025年 ...

中国汽车工业协会今天（14日）发布的最新数据显示，2025年，我国汽车行业继续展现出强大的发展韧性和活力，多项经济指标再创新高。 中国汽车工业协会副秘书长 陈士华：2026年，"两新"政策平稳有序衔接。包括9部门联合印发的《关于实施绿色消费推进行动的通知》，将加快发展方式 和消费模式绿色转型，这将稳定市场预期，提振汽车消费。2026年，中国汽车产业将持续推进高质量发展，整体市场保持稳健运行。 （总台央视记者 朱江 罗宏进 制图 喻偌洢） 责编:刘安琪 | 审核:李震 | 监审:古筝 2025年，汽车产销量分别为3453.1万辆和3440万辆，同比分别增长10.4%和9.4%，产销量再创历史新高，连续17年稳居全球第一。新动能加快释放，新能 源汽车产销量超1600万辆，其中国内新车销量占比超50%，成为我国汽车市场主导力量。在对外贸易方面，呈现出较强韧性，汽车出口超700万辆，出口 规模再上新台阶。其中，新能源汽车出口261.5万辆，同比增长1倍。 中国汽车工业协会副秘书长 陈士华："十四五"期间，我国汽车行业取得多方面突破，产销量连续三年保持3000万辆以上规模，营业收入突破10万亿元， 出口跻身世界第一，电 ...

具体到各个子品牌来看，奇瑞品牌2025年销量达170.09万辆，其一直坚持"油电同进"的战略；星途品牌 2025年销售12.03万辆，该品牌目前主打"性能豪华"；捷途品牌2025年销量达62.25万辆，该品牌以"旅行 +"战略创新高增长纪录，7年累销破200万辆；iCAR品牌2025年销售9.69万辆，主要面向年轻用户的个 性化需求；纵横品牌是2025年新推出的豪华越野品牌，纵横G700销售8327辆。 在汽车销量稳健、新能源快速增长的基础上，2025年，奇瑞汽车完成了港股上市，开启资本全球化阶 段。此外，奇瑞集团在《财富》世界500强排名中跃升至第233位，排名较上年大幅跃升152位。 奇瑞当前的品牌梯队明晰，分为奇瑞、星途、捷途、纵横、iCAR五个品牌。2025年奇瑞上市的全新产 品中新能源占比超90%，风云A9L、纵横G700、风云T11、iCAR V23等车型表现抢眼，五大品牌均有新 能源车型上市。 （原标题：奇瑞2026年挑战320万辆目标） 近日奇瑞集团公布了2025年销量成绩，全年累计销售汽车280.63万辆，同比增长7.8%，全球累计用户突 破1853万。其中，全年出口134.40万辆，同比增 ...

Core Viewpoint - Suzuki is strategically expanding its production capacity in India by investing approximately $550 million to increase annual production capacity by up to 1 million units, responding to rising domestic demand for vehicles [4][5][6]. Group 1: Production Expansion - Maruti Suzuki has announced plans to add a new plant in Gujarat, which will be its second passenger vehicle factory in the state, to address the current pressure on production capacity [8][12]. - The company currently has a total installed capacity of about 2.4 million vehicles, with peak capacity nearing 2.6 million, which is fully utilized [8][9]. - The new plant is part of a broader strategy where Suzuki aims to invest $8 billion in India over the next five to six years, positioning the country as a global production hub for electric vehicles [5][12]. Group 2: Market Demand and Sales Growth - Maruti Suzuki reported a record monthly sales figure of 178,646 units in December 2025, reflecting a year-on-year increase of 37% [4]. - The Indian automotive market is experiencing significant growth, with a 26.8% year-on-year increase in vehicle shipments to dealers in December 2025, marking the highest monthly growth for that year [8]. - The demand for entry-level models is strong, with an order backlog of approximately one and a half months, indicating robust consumer interest [4][8]. Group 3: Electric Vehicle Market Dynamics - Despite the growth in electric vehicle sales, which exceeded 270,000 units in 2025 (an 86% increase from 2024), the overall penetration rate of electric vehicles in the Indian passenger car market remains low at only 4% [15][16]. - The Indian government's electric vehicle manufacturing promotion plan has faced challenges, with no car manufacturers responding to the initiative, leading to its characterization as "nominally existent" [16][17]. - The uncertainty surrounding the government's electric vehicle policies has prompted Suzuki to focus on expanding production capacity and export capabilities to stabilize output and meet domestic and international demand [17].

证券日报网讯1月13日，钱江摩托（000913）在互动平台回答投资者提问时表示，公司始终密切跟踪全 球交通出行、休闲娱乐及新能源技术的发展趋势，摩托车业务是公司的主营业务，公司持续巩固核心竞 争力，注重产品科技含量的提升，为产品搭载智能仪表、AMT自动换挡、ARAS驾驶辅助、智能电控混 动技术等多项新技术，将产品向电动化、智能化、网联化升级转型，成为全球骑行领域引领者。 ...

Core Insights - Volkswagen Group delivered over 8.98 million vehicles globally in 2025, with 983,100 of those being pure electric vehicles, marking a 32% year-on-year increase and accounting for 10.9% of total deliveries [1] - In China, the group delivered over 2.69 million vehicles, successfully achieving its annual target and maintaining its leading position among foreign car manufacturers [1] Group 1 - The company emphasized a "value first" approach amidst intense price competition in the Chinese automotive market, focusing on profitability rather than merely increasing market share [1] - In the fuel vehicle segment, Volkswagen Group plans to deliver over 2.57 million fuel vehicles in China by 2025, capturing over 22% of the Chinese fuel vehicle market [1] - The Volkswagen brand, including Jetta, leads the Chinese fuel vehicle market, with models like Passat, Lavida, and Sagitar performing strongly in their respective segments [1] Group 2 - The group is accelerating its "In China, for China" strategy, with significant advancements in electrification and intelligent transformation [2] - By 2025, the group will enter a strategic "delivery model," launching new electric intelligent models like the Audi Q6L e-tron and Audi E5 Sportback, which have received positive market feedback [2] - Volkswagen Group has invested over €3.5 billion in Hefei to establish an intelligent connected vehicle innovation center, aiming to create a comprehensive end-to-end R&D system by the end of 2025 [2] Group 3 - The company plans to launch over 20 new energy models in China by 2026, including pure electric, plug-in hybrid, and range-extended vehicles, equipped with advanced intelligent connected technology and L2++ level driving assistance [3] - By 2027, the group aims to introduce over 30 electrified models in China, with projections reaching around 50 models by 2030 [3] - Volkswagen Group officially commenced vehicle export operations in 2025, successfully exporting its first batch of vehicles to the Middle East, with plans to expand into ASEAN, Middle East, Central Asia, Latin America, and Africa [3]

Core Insights - The second-hand car market is increasingly appealing to young consumers, particularly those entering the workforce, with attractive pricing and a focus on vehicle condition and cost [1][2] Group 1: Young Consumer Demographics - The primary demographic for second-hand car purchases consists of first-time male buyers, making up approximately 94% of the market, while repeat buyers account for only 6% [1] - Male consumers represent about 63% of the young user base in the second-hand car market [1] Group 2: Purchase Motivations and Preferences - About 80% of young users purchase second-hand cars primarily for daily commuting needs, with 61% citing cost reduction and economic pressure as their main motivation [2] - Vehicle reliability is prioritized by 69% of young consumers, followed closely by price advantages at 63%, indicating a focus on long-term ownership costs and user experience [2] Group 3: Information and Purchase Channels - Young consumers heavily rely on digital channels for information, with 72% using automotive apps and 64% utilizing short videos and live streaming platforms to assess vehicle conditions [2] - The preference for second-hand car trading platforms is evident, with 37% of young users choosing this route due to diverse vehicle options, digital convenience, and assurance of vehicle condition and transaction safety [3] Group 4: Market Trends and Future Outlook - Traditional fuel vehicles hold nearly 60% of the second-hand car market share, while electric vehicles account for 28%, indicating a growing acceptance of electric mobility among young consumers [3] - The report anticipates that the second-hand electric vehicle market will expand due to factors such as increasing ownership, policy incentives, advancements in battery technology, and improved charging infrastructure [3]

Core Viewpoint - The automotive industry is undergoing significant transformation driven by electrification, intelligence, and globalization, with new energy vehicles (NEVs) being a key focus in the Chinese market. [5][6] Group 1: Industry Trends - From January to November 2023, domestic sales of NEVs reached 12.466 million units, a year-on-year increase of 23.2%, with passenger vehicles at 11.715 million units (up 21.3%) and commercial vehicles at 750,000 units (up 62.4%) [5] - The penetration rate of NEVs in China is expected to exceed 40% by 2024, with some months reaching 50%, indicating rapid growth and opportunity in the sector [15] - The competition among domestic NEV manufacturers has intensified, leading to a prolonged price war that has lasted nearly four years, with companies employing price cuts and limited-time offers to capture market share [5][6] Group 2: Supply Chain Transformation - The traditional linear supply chain model is being replaced by a networked ecosystem that emphasizes co-creation among manufacturers, technology companies, and suppliers to enhance product quality and cost control [6][20] - Long-term strategies are being developed to address compliance pressures from EU battery regulations and carbon emissions, necessitating improvements in supply chain resilience and green compliance [6][20] - Changan Automobile has implemented a systematic supplier certification process and expanded its supplier base to over 1,500, including 100 overseas suppliers, to build a global supply chain resource system [25][27] Group 3: Technological Advancements - The integration of advanced technologies such as AI and smart driving systems is reshaping the automotive landscape, with a focus on enhancing user experience while maintaining safety standards [17][20] - Changan is pursuing a modular and platform-based approach to vehicle design, allowing for greater flexibility and adaptability in production processes [28][29] - The company is also focusing on digital transformation, improving procurement and supply chain systems to enhance efficiency and connectivity [43] Group 4: Strategic Partnerships - Collaborative efforts with suppliers and technology partners are being emphasized to create a win-win ecosystem, fostering transparency and mutual support in the supply chain [36][40] - Changan is exploring diverse cooperation models with traditional Tier 1 suppliers and ICT giants, aiming for strategic alliances that address technological challenges [35][36] - The company is committed to building a shared, open, and win-win networked ecosystem, transitioning from short-term transactional relationships to strategic collaborations [21][36]

Investment Rating - The report assigns a "Buy" rating for Lingyun Co., Ltd. (600480) for the first time [1]. Core Views - Lingyun Co., Ltd. is a leading automotive parts manufacturer with a focus on expanding into liquid cooling and robotics sectors. The company has a robust growth trajectory with a projected revenue CAGR of 6% and a net profit CAGR of 39% from 2022 to 2024 [9]. - The company is well-positioned in the metal and plastic parts sector, benefiting from the ongoing electrification trend in the automotive industry, with significant growth expected in the battery box and liquid cooling markets [9]. - The report anticipates a steady increase in net profit, projecting it to reach 800.99 million yuan in 2025, 908.54 million yuan in 2026, and 1,054.65 million yuan in 2027, with corresponding year-on-year growth rates of 22.21%, 13.43%, and 16.08% respectively [1]. Summary by Sections Company Overview - Lingyun Co., Ltd. has been operating for over 30 years, focusing on automotive metal and plastic components, and has expanded into emerging fields such as thermal management and sensors. The company has a stable ownership structure, with significant control by the China Ordnance Industry Group [15][23]. Metal Segment - The metal segment is benefiting from the trend towards lightweight and electrification, with the hot-formed stamping parts expected to see increased demand. The domestic market for hot-formed parts is projected to exceed 200 billion yuan by 2024 [9][36]. - The company has established a competitive advantage through technological advancements and capacity expansion, particularly in the battery box sector, where it serves major clients like BMW and Porsche [9][56]. Automotive Pipeline Segment - The automotive pipeline segment is experiencing steady growth, driven by the increasing penetration of electric vehicles. The domestic market for automotive pipelines is expected to surpass 200 billion yuan by 2024 [9][30]. - The company has formed strategic partnerships to enhance its product offerings and has successfully entered new markets, including high-end oil service equipment and nuclear power sectors [9][30]. New Business Ventures - Lingyun Co., Ltd. is rapidly entering the liquid cooling market, which is projected to be worth hundreds of billions. The company has developed a product matrix that includes liquid cooling pipes and connectors, securing orders from data centers and supercomputing facilities [9][5]. - In the sensor field, the company is leading a project funded by the Ministry of Industry and Information Technology to develop six-dimensional force sensors, with several small batch orders already delivered [9][5]. Financial Projections - The report forecasts that the company's net profit will reach 800.99 million yuan in 2025, 908.54 million yuan in 2026, and 1,054.65 million yuan in 2027, with corresponding P/E ratios of 19, 17, and 14 respectively [1][9].

"敬畏市场，拥抱竞争，是保持企业活力的关键。"鹏翎股份（300375）总裁王东在接受中国证券报记者 采访时，一语道破鹏翎股份三十余载风雨淬炼下穿越周期、成长壮大的底层逻辑。 深耕汽车零部件行业三十多年以来，鹏翎股份锚定核心业务，在汽车流体管路行业保持引领地位。新能 源汽车市场的爆发，为企业带来前所未有的战略机遇窗口。"面对巨大的市场变化，我们进攻了三年， 处于'急行军'状态。过去三年，我们从传统的汽车零件供应商逐步向系统总成提供商转型，同时公司自 制率也在提升，这是一个很大的转变。"王东介绍。 "公司力争在三年内成为具备科技属性的先进制造业企业。"王东明确表示，公司将立足流体管路及密封 件的现有产业，抓住国家战略规划发展机遇，积极布局产业升级发展新路线。目前公司已切入热管理赛 道，开发轻量化、高集成度的热管理总成产品，同时进一步通过对外投资的方式拓展高潜领域。下一 步，公司将依托高附加值、高科技含量的产品，构筑长期价值增长引擎。 固根本：以专业主义深耕市场 "要做，就要做专。"王东开门见山，点明了鹏翎股份长期坚持的核心理念。鹏翎股份始建于1988年，主 营业务为汽车流体管路和汽车密封部件的设计、研发、生产和销 ...