EPS电机作为电动助力转向系统(EPS)的动力源，是汽车转向系统的核心零部件。受技术壁垒与起步较 晚影响，EPS电机市场主要被以日电产(Nidec)为代表的国际巨头占据。在此背景下，德昌股份凭借深厚 的技术积累与产品实力，持续推动国产化替代，抢占市场份额，显示出了广阔的增长空间。据2025年半 年报披露，公司上半年汽车零部件业务实现营收2.81亿元，同比增长89.86%，新增定点项目8项，预期 全生命周期总销售金额将超过19亿元。 11月26日，德昌股份（605555）(605555.SH)董事会审议通过《"提质增效重回报"行动方案》，提出将 继续深耕新能源汽车与人形机器人驱动领域，从制造型向技术型平台企业转型。公司聚焦高水平业务突 破，既表示了公司创造核心价值、积极回报股东的决心，更展现了公司清晰长远的发展战略。 德昌股份是国产EPS电机头部企业，中国十大吸尘器出口企业。自2017年创办"德昌科技"切入汽车零部 件领域以来，经过近十年的技术攻坚与客户沉淀，公司汽车EPS无刷电机、制动电机产品受到市场的广 泛认可，客户覆盖耐世特、采埃孚等国内外知名转向、制动系统供应商。 针对公司远期发展，行动方案锚定了"全球 ...

Core Viewpoint - The company, Huazhong Xinchang, is aligning its industrial and technological reserves with the "14th Five-Year Plan," focusing on strategic emerging industries such as new energy vehicles, low-altitude economy, and next-generation energy technologies [1] Group 1: New Energy Vehicles - The company is developing capabilities in automotive electronics and intelligent cockpit technologies, enhancing the self-sufficiency of the domestic supply chain [1] Group 2: Low-altitude Economy - The company is entering the aviation electronics sector, preparing to meet the technical requirements for low-altitude economic equipment [1] Group 3: Next-generation Energy Technologies - The company is proactively investing in next-generation power battery technologies, aligning with the industrialization direction of new power batteries [1]

Group 1 - Toyota reported a net profit of approximately 43 billion RMB in the third quarter, but industry insiders express concerns about the company's underlying anxieties [1] - The strong financial performance is attributed to Toyota's long-standing presence in global markets and significant profits from its financial services sector, despite a noticeable decline in vehicle sales [1] - The primary concern for Toyota is its slow progress in the new energy vehicle (NEV) sector, which has resulted in a loss of competitive edge [1] Group 2 - In contrast, Chinese automakers are thriving, with NEV sales surpassing 50% of total sales for the first time in October, indicating a shift towards a NEV-dominated market [2] - BYD achieved record sales of 441,700 units in October, with a cumulative sales increase of 13.9% year-on-year, while Geely and SAIC ranked second and third in NEV sales [2] - Chinese automakers are also making significant strides in international markets, with exports reaching 3.083 million vehicles in the first half of the year, a 10.4% increase, and companies like BYD and Chery gaining substantial market shares abroad [2] Group 3 - The consensus in the industry is that smart technology will be the main battleground for automakers in the NEV sector, with Chinese companies like BYD and Hongmeng Zhixing leading the way [2] - The technological barriers established by Chinese automakers in the NEV field are becoming increasingly difficult for traditional Western companies, including Toyota, to overcome [3] - Despite Toyota's status as a strong company, its future growth direction and potential are in question, leading to its current anxieties [3]

Core Viewpoint - The 2025 Guangzhou International Auto Show will highlight the advancements in the domestic and international electric vehicle (EV) market, showcasing strategic changes among participating brands that outline the new market landscape for 2026 [1] Group 1: Market Performance - The domestic EV market has achieved a historic breakthrough in 2025, with over 10 million applications for vehicle trade-in subsidies, of which 57.2% are for EVs, leading to a 24.4% year-on-year increase in retail sales of new energy passenger vehicles from January to September [2] - In October, new energy vehicle sales reached 51.6% of total new car sales, indicating a significant structural shift in the domestic automotive market [2] Group 2: Sales and Production Data - In terms of production and sales, pure electric vehicles (BEVs) produced 841.0 thousand units (up 43.4% year-on-year) and sold 833.0 thousand units (up 42.9% year-on-year) [3] - Plug-in hybrid electric vehicles (PHEVs) saw production of 460.2 thousand units (up 17.7% year-on-year) and sales of 461.0 thousand units (up 17.8% year-on-year) [3] - Fuel cell vehicles experienced a decline, with production at 0.3151 thousand units (down 32.7% year-on-year) and sales at 0.3164 thousand units (down 32.6% year-on-year) [3] Group 3: Policy and Market Demand - The sustained growth in EV sales is attributed to both policy incentives, such as trade-in subsidies and tax exemptions, and increasing market demand driven by a diverse product matrix and technological advancements [5] - The Guangzhou Auto Show will feature 58% of its exhibits as new energy models, significantly surpassing previous years, with 93 new models debuting, most of which emphasize electrification and intelligence [5] Group 4: Competitive Landscape - Major global brands will participate in the auto show, showcasing a diverse competitive landscape, with traditional brands accelerating their electrification efforts and new entrants focusing on smart technology [7] - Data from October indicates that domestic brands achieved a 77.9% penetration rate in new energy vehicle retail, while joint ventures only reached 7%, suggesting a strong competitive advantage for domestic manufacturers [7] Group 5: Future Market Trends - The 2026 EV market is expected to feature three parallel technology routes: pure electric, range-extended, and plug-in hybrid, with competition focusing on ultra-fast charging, long range, and smart features [9] - The emphasis will shift from range and aesthetics to smart driving assistance systems and intelligent cabins, with advanced features becoming standard in mid-to-high-end models [11] - The collaboration between tech companies and automakers is expected to enhance the implementation of smart technologies, creating a synergistic effect that optimizes user experience [11] Group 6: Market Outlook - The 2026 Chinese EV market is projected to expand in scale, with increased competition and improved quality, supported by ongoing policies like trade-in incentives and charging infrastructure [13] - The penetration rate of new energy vehicles is anticipated to exceed 60%, with a growing share of high-end models and intensified competition in the mainstream market [13] - Technological advancements in battery energy density, reliability of smart driving systems, and charging efficiency are expected to attract consumers seeking quality and technological sophistication in their transportation choices [13]

Core Insights - The 2025 Guangzhou International Auto Show will open on November 21, showcasing the achievements of domestic and international electric vehicles and outlining the new market landscape for 2026 [1] - The domestic electric vehicle market has achieved a historic breakthrough in 2023, with over 10 million applications for vehicle trade-in subsidies, of which 57.2% are for electric vehicles, leading to a 24.4% year-on-year increase in retail sales of new energy passenger vehicles from January to September [2][5] - The market structure of the domestic automotive industry has shifted, with electric vehicles accounting for 51.6% of total new car sales in October [2] Policy and Market Dynamics - The sustained growth in electric vehicle sales is driven by both policy incentives and market demand, including trade-in subsidies and tax exemptions, which enhance consumer purchasing power [5] - The variety of domestic electric vehicle products, technological upgrades, and improved charging infrastructure are meeting diverse consumer needs, making the Guangzhou Auto Show a significant platform for showcasing electric vehicles [5] Competitive Landscape - Major global brands will participate in the auto show, indicating a diversified competitive landscape, with traditional brands accelerating their electrification efforts and new entrants focusing on smart technology [7] - Data from October shows that domestic brands have a retail penetration rate of 77.9% in the new energy vehicle market, while joint ventures only account for 7% [7] Technological Trends - The 2026 electric vehicle market will feature three parallel technological routes: pure electric, range-extended, and plug-in hybrid, with a focus on ultra-fast charging, long range, and smart features [9] - The competition will shift towards intelligent driving assistance systems and smart cockpit features, with high-end models increasingly equipped with advanced technologies [11] Future Market Outlook - The Chinese electric vehicle market is expected to continue expanding, with a penetration rate projected to exceed 60% by 2026, maintaining its lead in the global market [13] - The competition in the mainstream market (priced between 100,000 to 200,000 yuan) will intensify, focusing on product performance and cost-effectiveness [13]

Core Insights - RoboSense has been awarded the pre-installation mass production designation by SAIC Audi for its new pure electric vehicle, providing advanced high-line count digital lidar technology [1] - The leading generation of digital technology is significantly enhancing the application of luxury new energy vehicles globally, accelerating towards Level 3 automation [1] - RoboSense has also secured designated orders from multiple brands under the Volkswagen Group, with exclusive orders from North American new energy vehicle companies, totaling over 1 million units [1] - The advanced digital technology from RoboSense is driving the intelligent upgrade of new energy vehicles for overseas automakers [1]

Core Viewpoint - RoboSense has secured a pre-installation mass production order from SAIC Audi for its new pure electric vehicle, providing advanced digital lidar technology, which is accelerating the application of L3 automation in luxury new energy vehicles [1] Group 1: Company Developments - RoboSense has received multiple pre-installation orders from various brands under the Volkswagen Group, with a total order scale exceeding 1 million units [1] - The advanced digital technology from RoboSense is significantly enhancing the intelligent upgrade of new energy vehicles for overseas automakers [1]

11月18日，在2025年最后一个A级车展、第二十三届广州车展即将启幕之际，岚图泰山正式发布。 在决定豪华车型驾控品质的核心领域——底盘系统上，岚图泰山搭载的国产首发三腔空气悬架，此前仅 应用于劳斯莱斯、库里南、保时捷Taycan等百万级豪车，岚图泰山是"世界第五、中国第一"配备三腔空 气悬架的车型。 相比传统单腔或双腔空悬，三腔结构提供4种刚度、5挡高度调节，结合EDC魔毯底盘与双向16°后轮转 向，岚图泰山将过坎冲击度降低13%、余震收敛性降低40%，驾驶的平顺性提升40%，大幅提升驾驶舒 适性。配合蟹行模式，转弯半径仅5.4米，操控灵活性堪比A级车。这改变了"中国底盘调校不如欧美"的 行业成见。 今年1—10月岚图汽车累计交付量同比增长82%，实现"九连涨"。截至今年10月底，搭载华为乾崑智驾 系统的岚图车型，已实现1.45亿公里辅助驾驶里程，成功避免近4万次碰撞风险。 按照公司构想，岚图泰山背靠东风56年造车底蕴，是岚图顶级整车技术与华为智能科技的集大成者，与 其它中国旗舰SUV一同"争峰"豪华大六座SUV市场。 岚图汽车相关负责人表示，在全球汽车产业加速迈向智能化与新能源化的时代浪潮中，中国汽车正经 ...

得益于2025"All in智能化"的战略布局，岚图全系车型陆续搭载华为乾崑智能解决方案，让华为行业顶 尖智能化技术与岚图硬核整车平台能力深度融合。今年1-10月岚图汽车累计交付量同比增长82%，实 现"九连涨"。截至今年10月底，搭载华为乾崑智驾系统的岚图车型，已实现1.45亿公里辅助驾驶里程， 成功避免近4万次碰撞风险。值得一提的是，岚图泰山首批搭载华为最新、最顶尖的华为乾崑智驾ADS 4四激光方案。 11月18日，岚图泰山在深圳正式上市，37.99万起售，新车共推出Max版、Max+版、Ultra版、黑武士版 四个版型。 "真正的对手从来不是别人，而是我们自己。"岚图汽车董事长、总经理卢放这句话，道出了中国汽车产 业近年来的心路历程。从2015年到2024年，中国新能源汽车完成了一条从追赶到引领的攀登之路。各品 牌崛起，高端市场不再是海外跨国品牌的天下。 公开数据显示，岚图用三个"十万辆"提速周期，演绎了中国高端新能源的进化加速度：突破首个十万辆 用时34个月，第二个十万辆缩短至12个月，第三个十万辆仅用7个月。10月，随着第30万辆——岚图泰 山下线，岚图成为首个跨越30万产销门槛的央国企高端新能源品 ...

Core Insights - The introduction of two new electric vehicles equipped with LiDAR technology marks a significant reduction in the price barrier for high-end intelligent driving features, with models like Great Wall Motors' Ora 5 priced between 109,800 to 142,800 yuan [1] - The penetration of LiDAR into mainstream price segments is driven by declining supply chain costs and intensified market competition, with the technology previously only available in vehicles priced above 250,000 yuan [1] - The competitive landscape of the electric vehicle market is shifting from "electrification replacement" to "intelligent upgrade," with high-end features becoming core competitive points in the 150,000 yuan segment [2] Industry Developments - Great Wall Motors' Ora 5 will be publicly showcased at the Guangzhou Auto Show and is expected to officially launch in Q4 2023, featuring a maximum power output of 150 kW and two battery options with ranges of 480 km and 580 km [2] - The introduction of high-end configurations like LiDAR is reshaping the competitive dynamics of the electric vehicle market, with companies like Chery and Huawei pushing for "technology equality" to meet increasing consumer demands for cost-effectiveness [2] - The electric vehicle industry is approaching a critical policy adjustment in 2025, with current tax exemptions set to change in 2026, creating a time-sensitive environment for automakers [2] Market Trends - The uncertainty in the policy environment necessitates that automakers enhance their adaptability in product planning, capacity layout, and marketing strategies [3] - The gradual withdrawal of subsidies will compel companies to strengthen their core competitiveness and reduce reliance on government support [3] - The price reduction of high-end features like LiDAR reflects both the industry's competitive "involution" and the inevitable outcomes of technological advancement and market maturation [3]