格隆汇9月29日丨浙江世宝(002703.SZ)在互动平台表示，公司主要业务为汽车转向系统的一级配套，主 要客户为国内领先整车厂商及主流新势力车企。公司目前主要的研发投入均投向电动化、智能化转向技 术。公司的线控转向、后轮转向已获得数个主流客户定点，尚未量产。公司是小米汽车的转向中间轴供 应商。 ...

当前，全球汽车产业正处在电动化、智能化与地缘政治交织的关键节点，比如关税变动、地缘政治重塑供应链格局与反内卷并行。而中国作为 全球最大汽车市场与技术变革策源地，正成为全球Tier 1的战略必争之地。 在此背景下，9月26日，安波福董事会主席兼首席执行官Kevin Clark接受媒体专访，解码这家在华深耕30余年的全球汽车科技巨头，如何以深度本土化 与全球化应对挑战，以硬件+软件全栈能力构筑竞争优势，从而在行业变革的浪潮中前行。 构建深度本土化能力 积极应对挑战 今年以来，关税变动、制造业回流等冲击着汽车产业，多数跨国Tier 1陷入成本上升与供应链转移的两难。对此，Kevin Clark提出安波福的破局逻辑， 安波福始终避免卷入地缘政治纷争，而应对挑战的关键，早已藏在多年布局的本地化能力中。 据介绍，安波福凭借本地化能力，包括资源本地化、产品组合本地化、技术研发本地化，以及过去十年深度融入本地供应链的协同努力，已拥有服务市 场与客户的理想条件。 保持中国市场竞争力，不是选择，而是必然。Kevin Clark强调，中国市场对安波福至关重要，因为中国不仅是全球最大的汽车市场，在新能源车、主动 安全技术、座舱技术、 ...

Core Viewpoint - The global electric vehicle (EV) industry is experiencing unprecedented growth, but it faces challenges such as geopolitical tensions and trade protectionism. Industry leaders at the 2025 World New Energy Vehicle Conference in Hainan believe that collaborative development in the global EV sector will deepen, with globalization remaining a major trend [1]. Group 1: Global Cooperation and Market Trends - The penetration rate of global electric vehicles is increasing, leading to a shift from one-way exports to a two-way integration of cooperation [1]. - Chinese automakers are evolving their overseas strategies from simple vehicle exports to comprehensive solutions that include "models + supply chains" and localized sales and service systems [1]. - Guangzhou Automobile Group is expanding its overseas terminal sales and has established smart factories in five countries, including Thailand, Malaysia, and Indonesia, while promoting the export of the new energy ecosystem [1]. Group 2: R&D Investments and Strategic Upgrades - Foreign automakers are increasing their R&D investments in China, pushing for a "Made in China for the World" strategy [2]. - Mercedes-Benz is building a "dual-engine" R&D framework in China, leveraging local talent in Beijing and Shanghai to drive technological advancements [2]. - Toyota has introduced the ONE R&D system and Regional-Chief Engineer roles to enhance local R&D capabilities and strengthen partnerships with local suppliers [2]. Group 3: Technological Innovation and Collaboration - The trend of mutual learning and collaboration between Chinese and foreign automakers is emerging, with calls for stable policy environments to encourage broader cooperation in technology R&D and supply chain development [2]. - Technological innovation is identified as the core driver of collaborative development in the global automotive industry, particularly in electrification and intelligence [2]. - The automotive industry is expected to evolve towards an integrated smart mobility ecosystem, with increased collaboration in intelligent technology development between domestic and foreign companies [2]. Group 4: Establishment of International Organizations - The World New Energy Vehicle Development Organization (WNEVDO) has been established to facilitate global automotive governance and multilateral cooperation [3]. - The organization aims to act as a catalyst for technological innovation, a coordinator for global standards, and a facilitator for efficient trade [3]. - The establishment of a stable dialogue framework is essential for discussing diverse technological paths, infrastructure development, safety regulations, and tax incentives in the automotive industry [4].

Core Viewpoint - The article discusses the significant organizational and strategic changes being undertaken by Volkswagen Group in India, led by Skoda, in response to competitive pressures and regulatory challenges in the Indian automotive market [4][5][6]. Group 1: Organizational Changes - Volkswagen Group is conducting a comprehensive review of its operations in India, with Skoda leading the initiative to streamline processes and improve organizational efficiency [4][9]. - The company has hired a third party to provide an independent assessment and innovative ideas for improvement, indicating a commitment to adapt to market changes [9]. - Recent management changes have seen nearly 10 senior executives depart, covering key areas such as finance and quality management, to create a more agile organization [10][11]. Group 2: Market and Regulatory Challenges - The Indian automotive market is experiencing a slowdown, with projected wholesale passenger vehicle sales of approximately 4.3 million units in 2024, reflecting a growth rate decline to 2% for the fiscal year 2025 [15]. - Stricter fuel efficiency and emissions regulations are set to be implemented starting in 2027, prompting automakers to accelerate the introduction of energy-efficient and electric vehicles [15][24]. - Skoda's market share in India is critical as it has significantly reduced its presence in China and exited the Russian market, making India a key market outside Europe [14]. Group 3: Competitive Landscape - Competitors like Kia and Toyota have established a strong foothold in the Indian market, with Kia achieving sales of approximately 255,000 units in 2024, leveraging localized strategies [22]. - Toyota's collaboration with Maruti Suzuki has allowed it to achieve strong performance in the Indian market, highlighting the competitive pressure on Volkswagen and Skoda [22]. - The article emphasizes the need for Volkswagen to adapt its product and compliance strategies in light of competitors' successful local approaches [21][25]. Group 4: Financial Implications - Despite nearly doubling its revenue in India to $2.15 billion over five years, Volkswagen's profits have plummeted from approximately $85 million to $10.6 million, indicating that revenue growth has not translated into profitability [16]. - The company faces a potential tax bill of up to $2.8 billion due to allegations of misclassifying imported components, which could severely impact its operations in India [16][24].

如此"迅速"的节奏，在跨国豪华品牌中并不常见。选用本土伙伴加入，是实现这一"加速"的关键因素。 作为长期服务于奔驰、通用等车企的供应商，博泰车联不仅在车载信息娱乐领域积累了丰富经验，更熟 悉中国数字生态与用户习惯，使得跨国品牌能够缩短迭代周期，快速贴合中国市场的需求。 值得注意的是，博泰车联也将在9月30日正式在香港挂牌上市，这使得其与保时捷的合作不仅具有产业 意义，也为资本市场增加了一层想象空间。 根据介绍，新系统引入了大语言模型AI语音助手、3D车辆展示、地图与导航的智能预测，并已完成对 中国主流音乐、视频等应用的整合，同时支持杜比全景声体验。与过去"水土不服"的海外方案不同，此 次设计从立项之初便针对中国用户的痛点展开，这种思路与博泰车联长期积累的"场景化理解"高度契 合。 同场亮相的还有纯电动Macan 4劲驰版，这一中国市场的专属版本配备底盘保护装置、自适应空气悬挂 及专属驾驶模式，凸显保时捷将"定制化"战略延伸至整车层面。 （原标题：从车机到资本市场，博泰车联打入保时捷供应链） 在全球电动化浪潮加速的当下，跨国车企正在不断强化对中国市场的本土化投入。 9月27日至29日举行的第七届世界新能源汽车大 ...

证 券 研 究 报 告 中力股份（603194）深度研究报告 推荐（首次） 叉车 2025 年 09 月 27 日 当前价：44.72 元 华创证券研究所 证券分析师：范益民 电话：021-20572562 邮箱：fanyimin@hcyjs.com 执业编号：S0360523020001 电动叉车龙头，全面布局智慧搬运 目标价：52.1 元 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 6,552 | 7,325 | 8,272 | 9,472 | | 同比增速(%) | 10.7% | 11.8% | 12.9% | 14.5% | | 归母净利润(百万) | 840 | 902 | 1,045 | 1,248 | | 同比增速(%) | 4.2% | 7.4% | 15.9% | 19.4% | | 每股盈利(元) | 2.09 | 2.25 | 2.61 | 3.11 | | 市盈率(倍) | 21 | 20 | 17 | 1 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [1][6][20] Core Views - The launch of the Tengshi N8L, a large six-seat luxury SUV, positions it as a strong competitor against models like Li Auto L8 and Aito M8, with a price range expected between 300,000 to 400,000 CNY [3][4] - The market outlook for the Tengshi N8L is optimistic due to the growing consumer demand for high-end SUVs, supported by Tengshi's advantages in new energy technology and luxury features [4][5] - The automotive industry is experiencing a significant transformation driven by the acceleration of intelligent technology and the increasing penetration of new energy vehicles, creating substantial market opportunities [6][19] Market Performance - Over the past 12 months, the automotive industry has shown a relative return of 20.0% compared to the CSI 300 index, with an absolute return of 53.8% [2][8] - As of September 26, 2025, the automotive industry PE (TTM) stands at 31.11 times, and PB (LF) at 2.84 times, indicating strong valuation metrics [8][13] Product Highlights - The Tengshi N8L features a spacious interior designed for family and business use, with dimensions of 5200mm in length, 1999mm in width, and 1820mm in height, along with a wheelbase of 3075mm [4] - The vehicle is powered by a hybrid system that includes a 2.0T engine with a maximum power output of 207 horsepower and a combined power of 762 horsepower from three electric motors [4] Competitive Analysis - The Tengshi N8L is expected to face intense competition from both traditional luxury brands and emerging new energy brands, necessitating continuous improvement in product quality, brand marketing, and service experience [4][5] - The automotive sector is witnessing a rapid increase in the penetration of intelligent components, which is expected to benefit related companies significantly [6][19] Investment Recommendations - Investors are advised to closely monitor the pre-sale and delivery of the Tengshi N8L, as positive market performance could lead to further stock price appreciation [5] - The report suggests focusing on high-quality companies in the automotive and component sectors, particularly those involved in intelligent driving and electric vehicle technologies [6][19]

——汽车行业周报（09.22~09.26） 相关研究： 1.《20250417湘财证券-汽车行业 -特朗普或将豁免进口汽车零部 件关税，看好汽车零部件板块》 2025.04.17 2.《20250526湘财证券-汽车行业 周 报 - 小米发布首款 SUV 车 型 YU7对比特斯拉ModelY科技含 量更足》2025.05.26 行业评级：增持（维持） 证券研究报告 2025 年 09 月 27 日 湘财证券研究所 行业研究 汽车行业周报 腾势 N8L 携"大六座"入局，理想 L8、问界 M8 迎来强劲对手 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 1.2 0.2 20.0 绝对收益 3.0 15.1 53.8 -20% 0% 20% 40% 24/10 24/12 25/02 25/04 25/06 25/08 汽车(申万) 沪深300 注：相对收益与沪深 300 相比 分析师：汪炜 证书编号：S0500525070001 Tel：(8621)50299604 Email：ww07001@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： 腾势 N8 ...

Group 1 - The core viewpoint is that automotive electronics have become a significant strategic direction for the company, with a comprehensive coverage in electric vehicle systems, battery management, and power control [1] - The company's automotive electronics products have extended into smart driving and smart cockpit areas, including various vehicle-specific transformers, power inductors, magnetic rings, and ceramic products [3] - Industry experts believe that as the global automotive industry accelerates its transition to electrification and intelligence, the automotive electronics market is continuously expanding, and the company is expected to support its performance growth through increased R&D investment and product line expansion [3]

主要工程机械月工作时长和开工率同比均有所下滑 主要工程机械月开工小时同比有所下降。2025年8月工程机械主要产品月平均工作时长为78.4小时，同 比下降9.45%，环比下降2.92%。其中：挖掘机63.3小时；装载机96.3小时；汽车起重机113小时；履带 起重机92小时；塔式起重机48.9小时；压路机40.5小时；摊铺机51小时；旋挖钻机72.1小时；非公路矿 用自卸车128小时；混凝土泵车42.4小时；混凝土搅拌车67.7小时；叉车95.7小时。 智通财经APP获悉，国泰海通发布研报称，2025年8月销售各类挖掘机16523台，同比增长12.8%。其中 国内销量7685台，同比增长14.8%；出口量8838台，同比增长11.1%。分结构来看，2025年8月国内销量 占总销量的比例为47%，出口销量占总量的比例为53%。随着逆周期财政政策逐步发力和行业周期性向 上，挖掘机国内销量增速有望继续回升。出口虽然面临一定的贸易摩擦风险，但是大部分工程机械主机 厂美国敞口较小，处于风险可控状态，且龙头公司海外布局完善，逐步进入收获期。 主要工程机械月开工率同比有所下滑。2025年8月工程机械主要产品月开工率为55.1 ...