Group 1 - The core point of the news is that FAW Audi is launching the Q6L e-tron family, the first vehicle developed in collaboration with Huawei, at the upcoming Guangdong-Hong Kong-Macao Auto Show on May 31 [1][5] - FAW Audi is focusing on enhancing its service network and user convenience, as demonstrated by the recent visit of the company's general manager to the new showroom, indicating a commitment to product and channel development [1] - The company is experiencing a significant transformation with the introduction of new products based on the PPE luxury electric platform, which is expected to drive product upgrades and market competitiveness [1][3] Group 2 - FAW Audi has invested heavily in channel development this year, successfully increasing its dealership count to nearly 600, reflecting strong confidence from investors, with 83% of them operating for over five years [3] - The company is set to launch several new models this year, including the A5L, new Q5L, new Audi A6L e-tron, and Q6L e-tron family, targeting both fuel and new energy segments [3] - In the first four months of 2025, FAW Audi sold 173,000 vehicles, leading the domestic luxury car segment, but faces competition from both domestic new energy vehicles and its own sibling brand, SAIC Audi [5]

公司多元化产品线同步推进，液力缓速器产品2024年量产交付规模显著增长，获商用车客户认可。2025年一季度经营延续向好态势，期间 费用率下降叠加新能源产品收入增长，驱动整体业绩提升。德尔股份表示将持续深化固态电池产业化进程，同时发挥卡酷思全球化布局优 势，把握汽车电动化发展机遇。 （校对/黄仁贵） 德尔股份自2018年设立日本德尔开启固态电池研发，经多轮技术路线论证后锁定"氧化物+有机复合电解质"方案。2023年其固态电池样品通 过第三方针刺、加热及过充测试，2024年获国家发明专利授权，并与江西江铃集团新能源达成战略合作，计划搭载验证整车。2025年1月上 海试制线建成后，生产工艺验证取得突破，2月携最新产品亮相东京国际电池展，展现技术实力。 在业务协同方面，子公司卡酷思作为全球领先的汽车声学与热管理方案商，持续强化在新能源汽车领域的布局。其电池阻燃防护罩等产品 已实现批量供货，为大众等品牌提供安全解决方案。依托北美、欧洲及国内生产基地，卡酷思构建起覆盖奔驰、宝马、奥迪等头部车企的 客户网络，新能源汽车产品收入占比持续提升。 近日，德尔股份在接受机构调研时表示，公司上海已经建成固态电池样品试制线，并在进行各 ...

在这场发布会上，宁德时代一口气发布了75 #标准化换电块 、全场景底盘换电解决方案，宣布底盘式换电让电动重 卡的经济性达到了"电气同价"里程碑，甚至喊出2030年构建"八横十纵"换电网络、推动重卡电动化三年渗透率达 50%的目标，宁德时代对自身发展乃至行业蓝图的擘划都可谓是独具一格。 那么，这场发布会背后，究竟有多少现实支撑，又有多少理想化的成分？值得我们冷静拆解。 01 头部选手的解题思路 作者 | 贝隆行业研究 数据支持 | 勾股大数 据（www.gogudata.com） 在全球能源转型与"双碳"目标的大背景下，传统燃油重卡作为碳排放"大户"，面临着愈发严峻的节能减排压力，亟 待向电动化转型。然而重卡电动化之路并不平坦，重重桎梏之下，也静待一场深度变革来破局。 5月18日，宁德时代在山西大同召开了一场发布会， 这场发布会看似是技术新品推广，但实际上暗藏了对重卡产业 格局重塑的雄心 。在2天后宁德时代港股上市敲钟现场，董事长曾毓群也反复提及了这场发布会及换电业务。 重卡电动化之路，长期以来被成本、效率、兼容性这"三座大山"所压迫，行业整体发展因此而受阻。尽管众多企业 前赴后继提出一系列解决方案，试图突破瓶 ...

Core Viewpoint - Del Corporation (德尔股份) is experiencing positive operational performance in 2024 and 2025, driven by improved management efficiency and rapid revenue growth in the new energy vehicle (NEV) sector [1][2][3] Group 1: Company Overview - Del Corporation is a global automotive parts supplier specializing in noise, vibration, and harshness (NVH) products, thermal insulation, lightweight products, electric pumps, motors, and automotive electronics [1] - Major clients include renowned automotive manufacturers such as Mercedes-Benz, BMW, Audi, Volkswagen, SAIC, Geely, Great Wall, and Chery [1] Group 2: Business Segments - The company's subsidiary, Kakuisi, focuses on thermal insulation, noise reduction, and lightweight products, accounting for nearly 70% of total revenue [2] - Kakuisi established a NEV division in 2021, developing products like battery flame-retardant covers and electromagnetic shielding for battery packs [2] Group 3: Strategic Initiatives - Del Corporation has made significant advancements in solid-state battery technology, receiving a national invention patent in 2024 [2][3] - A strategic cooperation agreement was signed with Jiangling Group for product validation of solid-state batteries in their vehicles [2] - The company aims to accelerate the industrialization of solid-state batteries for applications in NEVs, drones, robots, and electric tools [3] Group 4: Market Positioning - The company is well-positioned to meet the overseas supply needs of leading domestic automakers expanding internationally, with existing production capabilities in the US, Mexico, and Europe [2] - Solid-state battery samples have passed rigorous safety tests, indicating high safety and stability, with a focus on reducing production costs through mature coating processes [3]

纯电动车领域，Honda将调整商品投入的计划，预计2030年全球纯电动车的销量占比将会低于此前设定的30%的预期目标。此外，对于当前需求旺盛的混合 动力车型，Honda将以2027年后推出的新一代车型为核心强化产品阵容，使其在电动汽车普及过渡时期中发挥核心作用。 作为智能化关键技术的组成部分，Honda正在自主开发全新一代ADAS（先进驾驶辅助系统），该技术将广泛搭载于2027年在北美和日本投放的纯电动和混 合动力等主力产品。而在电动化和智能化领域率先发展的中国市场，Honda将与中国智能驾驶公司Momenta共同开发打造适合中国道路环境的新一代 ADAS，未来在中国市场推出的所有全新车型都将搭载该项技术。 Honda将全方位升级自主开发的双电机混合动力系统"e:HEV"及搭载该系统的平台。对于搭载在中小型车辆的系统，其将通过扩大发动机高效工作区间和提 高混合动力单元的驱动效率等方式，旨在打造出更高效的动力总成系统。此外，新一代平台可以提高车辆的操控稳定性，进一步减轻车身重量，而新开发的 电动AWD（四轮驱动系统）单元则可以实现高度精准、反应灵敏的电机控制。通过两者的结合，将有助于提升10％以上的燃油效率。2 ...

瑞银于近日发布研报称，该行Evidence Lab对电动汽车消费者的第九轮调查(1.05万名参与者)显示，考虑 购买纯电动车(BEV)的消费者比例下降至41%(较上年同期下降5个百分点)，考虑购买插电式混合动力车 (PHEV)的消费者比例也仅为36%(较上年同期下降5个百分点)——这与多家车企(OEM)提高对PHEV的预 期和投资形成反差。 此外，瑞银认为，1)保时捷——产品组合单一，电动化转型进度滞后。2)沃尔沃汽车——品牌电动化程 度高，但销量基数有限。3)蔚来——品牌认知集中在中国市场，海外扩张难度大，且面临资金和交付挑 战。 瑞银指出，多数OEM已针对中国以外地区BEV销售放缓的趋势做出了反应——调整了产品计划，更加 注重灵活性，以应对区域性趋势和不断上升的贸易壁垒。同时，真正的全球OEM必须推进BEV创新， 明智地利用中国的技术和成本优势。 瑞银认为，最有竞争力的OEM需具备：1)强大的BEV产品力;2)高度的战略灵活性;3)相对有限的ICE(内 燃机)投资需求(同时保持内燃机车型盈利能力)。按照这些标准，瑞银认为，宝马、比亚迪、起亚、丰田 汽车(TM.US)和通用汽车(GM.US)在电动化主题下处 ...

Core Viewpoint - The automotive ETF (516110) has dropped over 3%, but the long-term trends of intelligent driving commercialization and electrification are progressing in parallel [1] Industry Summary - According to the latest data from the Passenger Car Association, from May 1 to May 18, the national retail sales of passenger cars reached 932,000 units, a year-on-year increase of 12%. Among these, retail sales of new energy vehicles (NEVs) were 484,000 units, achieving a penetration rate of 52% [1] - The China Association of Automobile Manufacturers reported that from January to April, the market share of domestic brand passenger cars reached 68.7%, marking a historical high. In April alone, sales increased by 23.5% year-on-year to 1.571 million units [1] - According to Kaiyuan Securities, intelligent driving is gradually moving towards commercialization, with limited operational design domains (ODD) and specific speed autonomous driving expected to achieve commercial closure first, particularly in logistics and sanitation scenarios where advantages are already evident [1] - The passenger car industry is seeing a surge in new product releases, indicating that intelligent driving features are becoming a key differentiator in competition. Retail sales of narrow passenger cars in May are expected to reach 1.85 million units, with NEV penetration exceeding half, continuing the trend of electrification in the industry [1] - The global commercialization of autonomous driving is steadily advancing, and the components sector is benefiting from domestic substitution and overseas expansion. Some companies are actively transitioning into the robotics field, which may lead to valuation premiums [1] ETF Summary - The automotive ETF (516110) tracks the 800 Automotive Index (H30015), which is compiled by China Securities Index Co., Ltd. This index focuses on the automotive industry chain and comprehensively reflects the overall performance of listed companies related to the automotive sector, showcasing distinct industry characteristics and representativeness [1]

证券代码：300473 证券简称：德尔股份 二、问答环节 Q1、公司固态电池的布局进展？ 公司于 2018 年设立日本德尔，开始致力于固态电池的开 发。日本德尔先后分别对聚合物、氧化物、硫化物各种技术路 线进行了深入研究。经过多轮研发，公司选择了氧化物为主， 复合有机材料的电解质方案。 2023 年，公司在日本研发的固态电池样品通过了第三方 机构的针刺、加热和过充电实验。2024 年，公司固态电池技 术获得国家发明专利授权。2024 年 8 月，公司与江西江铃集 团新能源汽车有限公司签订了《固态电池战略合作协议》，约 定公司研发的固态电池将搭载至该公司整车进行验证。2025 年 1 月，公司在上海建成固态电池试制线，确认了公司固态电 池生产技术和工艺的可复制性。2025 年 2 月，公司携最新一 代的固态电池样品参加了日本东京国际二次电池与储能展会。 公司上海已经建成固态电池样品试制线，并在进行各项技 术测试。目前公司具备了各类样品的试制能力，能够根据不同 应用场景的客户需求以及不同的技术要求为客户量身定制相 应的方案。根据固态电池客户开发验证和市场需求情况，公司 目前正在积极推进和落实后续的中试线及量产线基 ...

编 译 / 路 行 设 计 / 赵昊然 来 源 / e l e c t r i v e 、 华 尔 街 日 报 、 路 透 社等 作 者 / C h r is R a n d a l l 、 C h r ist o p h e r O t ts 、E r i c Wa l z 等 可以预见的，汽车产品线将普遍回归混合路线，燃油汽车、混合动力汽车和纯电动汽车将协同发展 ——未来或仍将实现全面电动化，但其普及速度将比之前预期的要慢得多。 福特将与日产分享肯塔基州电池工厂产能 福特与SK On于2022年成立了合资公司BlueOval SK，并在肯塔基州格伦代尔（Glendale）开始建设 两座电池工厂。这两家工厂将为福特及其子公司林肯的电动汽车生产电池，每家工厂的年产能为 43GWh。 《华尔街日报》报道，这两座工厂目前都已建成，但其中一座完全没有投入使用，另一座也只是部 分地在为福特生产电池。 近几年，汽车制造商纷纷公布了电动车型的乐观销量预测，并宣布了雄心勃勃的增长目标。 与此 同时，华尔街提高了传统汽车制造商和初创企业的估值，部分原因在于他们对电动汽车未来的愿 景。 如今，随着市场环境趋于冷静，围绕电动汽车 ...

Core Viewpoint - Deep Blue Automotive is at a critical juncture in its brand development, aiming to capture a larger share of the high-end market with the launch of the Deep Blue S09, a six-seat SUV priced between 239,900 and 309,900 yuan [3][4]. Market Strategy - The company aims to establish a significant presence in the large six-seat SUV market, targeting a sales share of 20% to 30% [4]. - The S09 is positioned to compete with popular models like the AITO M9 and Li Auto L9, with over 170,000 pre-orders received since its pre-sale began [3][4]. Target Audience - Deep Blue Automotive is focusing on attracting younger consumers, with the average age of its target demographic being 10 years younger than that of its parent brand, Changan [5][6]. - The S09 is designed to appeal to young families and individuals in their 30s to 45s, reflecting a shift in brand positioning towards a younger audience [5][6]. Product Features - The S09 boasts competitive pricing and emphasizes "real value" in terms of space and intelligence, with a body size of 5205x1996x1800mm and a wheelbase of 3105mm [7][8]. - It features a spacious interior that accommodates six passengers and their luggage, along with advanced safety measures, including a unique third-row crash test performance [7][8]. Technological Collaboration - The vehicle is equipped with Huawei's advanced driving system, ADS 3.3, and will be among the first to receive OTA upgrades to ADS 4 by late 2025 [8][9]. - The S09 also includes the HarmonySpace 5 cockpit and over 23 active safety features, enhancing its appeal in the smart vehicle segment [8][9]. Future Strategy - Deep Blue Automotive plans to open-source its key patents, including 112 related to battery safety and 50 for heating technology, as part of its strategy to transition into an AI-driven company [9][10]. - The company aims to achieve sales of 2 million vehicles by 2030, with 35% of sales coming from overseas markets, and plans to invest over 100 billion yuan in R&D [10][11]. Market Position - With 400,000 vehicles sold in three years, Deep Blue Automotive has established itself as a leading player in the domestic new energy vehicle market, and the S09 is seen as a crucial product for proving its capability to transition to a higher brand tier [11].