Core Insights - The automotive industry is undergoing a transformation towards electrification and intelligence, prompting joint ventures to clarify their direction and accelerate their transition [1][2] - The shift from "manufacturing in China" to "designing for China" and "defining by China" marks the emergence of the "Automotive Joint Venture 2.0" era, emphasizing deep collaboration and ecosystem integration [1] Market Dynamics - The market environment for joint venture car manufacturers has changed significantly, with their market share in China's passenger car market dropping from 61.6% in 2014 to an estimated 31.5% in 2024 [2] - The number of joint venture brand 4S networks is projected to decline, with a total of 7,744 joint venture brand outlets in 2024, a year-on-year decrease of 13.5% [2] Pricing Strategies - Joint venture car manufacturers are breaking away from traditional pricing models, with companies like SAIC Volkswagen adopting a "one-price" marketing strategy to enhance price transparency and convenience for consumers [3] - The "one-price" model has shown positive market performance, indicating a recovery in sales [3] R&D Innovations - Joint ventures are restructuring their R&D models, moving from unilateral input to collaborative output, with increased investment in local R&D centers [4][5] - Toyota has established a dedicated electric vehicle and battery R&D center in Shanghai, emphasizing local market needs and integrating Chinese engineers into the development process [4] - Nissan plans to invest 10 billion yuan in electric vehicle R&D over the next two years, aiming to accelerate technology iteration and product launch [4] Local Ecosystem Integration - The development of a robust smart electric vehicle supply chain in China is facilitating the transition of joint ventures towards electrification and intelligence [6] - Joint ventures are increasingly collaborating with local suppliers to enhance product offerings and meet consumer demands, particularly in smart technology and user experience [6][7] Strategic Partnerships - Many joint ventures are expanding their partnerships with local suppliers to leverage their technological strengths, which helps in quickly adapting to market changes and improving product competitiveness [7] - Executives from major automotive companies express a commitment to showcasing the competitive advantages of China's electric vehicle supply chain on a global scale [7]

新华财经北京5月22日电（记者王鹤王钊）全球汽车产业正加速向"新"向"智"转型，半导体是驱动这场 变革的核心引擎。作为全球汽车半导体龙头，英飞凌以13.5%的市场份额领跑赛道。 新华财经：中国汽车芯片自给率目前提升至约15%左右水平，预计还将不断提升，英飞凌如何看待本土 厂商的崛起？ 在近日举办的中国电动汽车百人会论坛（2025）期间，英飞凌科技高级副总裁、汽车业务大中华区负责 人曹彦飞发布了英飞凌汽车业务"在中国，为中国"的本土化战略，并与新华财经记者就英飞凌本土产品 定义、本土化价值链生产、本土化生态圈的思考进行了深度对话。 新华财经：汽车智能化是当下行业的热点和焦点，英飞凌如何看待这样一个趋势？ 曹彦飞：汽车行业电动化是上半场、智能化是下半场，行业确实在按照这个趋势发展。汽车产品的卖点 从电动化早期更关注续航里程、电池等动力总成相关的指标逐步转向智能辅助驾驶。 在智能辅助驾驶领域，英飞凌做了多年的产品布局。舱外感知方面，我们的毫米波雷达已经有15年历 史，上一代产品已陆续投放市场3亿多片。未来一年，英飞凌将推出28纳米CMOS工艺的4D毫米波成像 雷达，该技术将有助于未来智能辅助驾驶的发展需求。舱内感知 ...

Core Insights - The price of the Mercedes EQB 260 has dropped significantly from 352,000 yuan to 176,000 yuan, making it the cheapest Mercedes, yet it is struggling to attract buyers in China due to technological inferiority compared to domestic brands [1][3] - Mercedes lacks competitive advantages in the three core technologies of electric vehicles: batteries, electric control, and intelligent driving, which has led to a decline in its electric vehicle market position [3][5] - In 2024, Mercedes is projected to sell only 185,000 electric vehicles, while Xiaomi is expected to sell 135,000 units, indicating a shift in consumer preference towards domestic brands [3][5] Group 1 - The decline in sales of Mercedes electric vehicles is attributed to the strong competition from domestic brands like Xiaomi, NIO, Li Auto, and Zeekr, which have surpassed Mercedes in terms of sales and average price per vehicle [5][7] - Audi and BMW are taking proactive steps to enhance their electric vehicle offerings by collaborating with technology companies like Huawei and Alibaba, while Mercedes has yet to make significant moves in this direction [7][9] - The trend of decreasing prices for luxury brands like Mercedes (BBA) is leading to a loss of brand allure among Chinese consumers, who are becoming less willing to pay high prices for these vehicles [9] Group 2 - The introduction of new models like the Audi A5L, which combines traditional fuel vehicle advantages with intelligent driving features, represents a strategic shift in the market [7][9] - BMW's upcoming "new generation" concept car, which incorporates AI technology developed in partnership with Alibaba, is set to enter mass production, indicating a focus on innovation [7][9] - The overall trend shows that traditional fuel vehicles are struggling to keep pace with the electric vehicle revolution, leading to a significant shift in consumer preferences and market dynamics [9]

Core Viewpoint - Jaguar Land Rover (JLR) is undergoing a significant transition towards electrification, with plans to cease production of certain models in China by September 2025, while focusing on electric vehicle development [1][3][4]. Group 1: Production Changes - The production of Jaguar XEL, XFL, and E-PACE models at the Chery Jaguar Land Rover plant in Changshu will officially end in September 2025 [1][3]. - The Land Rover models, including Range Rover Evoque and Discovery Sport, are also set to stop production by the end of next year [3]. - Future production plans will be adjusted according to global strategies, with a shift towards electric models [1][8]. Group 2: Electrification Strategy - JLR aims to achieve net-zero emissions across its supply chain and operations by 2039, with a focus on launching electric models and high-end brands by 2026 [8]. - The company has halted the sale of new gasoline vehicles in the UK and is transitioning to electric and hybrid models, with plug-in hybrid sales increasing by 21.7% over the past year [8]. - A strategic cooperation agreement was signed between Chery and JLR to develop new electric products, enhancing their product matrix for the upcoming electric era [9]. Group 3: Financial Performance - JLR has increased its investment in electric product development from £15 billion to £18 billion over the next five years [9]. - For the fiscal year 2025, JLR reported global revenues of £29 billion and a pre-tax profit of £2.5 billion, despite a 34% decline in sales in China, resulting in a loss of £14 million for the joint venture with Chery [9].

2025 年 5 月 22 日 行业研究 工程机械上市公司业绩稳健增长，行业维持复苏趋势 ——工程机械行业 2025 年 4 月月报 机械行业 买入（维持） 作者 分析师：陈佳宁 执业证书编号：S0930512120001 021-52523851 chenjianing@ebscn.com 分析师：黄帅斌 执业证书编号：S0930520080005 0755-23915357 huangshuaibin@ebscn.com 分析师：李佳琦 执业证书编号：S0930524070006 021-52523836 lijiaqi@ebscn.com 分析师：汲萌 执业证书编号：S0930524010002 021-52523859 jimeng@ebscn.com 联系人：夏天宇 xiatianyu@ebscn.com 行业与沪深 300 指数对比图 -30% -10% 10% 30% 50% 24/05 24/08 24/11 25/02 25/05 机械行业 沪深300 资料来源：Wind 要点 2024 年及 2025Q1 工程机械行业营收稳健增长，利润增速高于营收增速 为分析工程机械行业整体 2024 年 ...

| 来看，随着 L3+自动驾驶普及和法规放开，线控转向作 | | --- | | 为关键执行部件前景广阔。 | | 2、问：公司如何看待近两年商用车产品成长性？ | | 答：尽管传统商用车市场增速可能放缓，但新能源、智 | | 能化转型带来的结构性机会明确。公司自研的电动循环 | | 球转向器、电液循环球转向器将依托技术优势，推动商 | | 用车相关业务的可持续增长。 | | 3、问：公司对于国际汽车厂商客户的布局进展如何？ | | 答：国际化是公司核心战略之一，近年来我们通过技术 | | 突破、产品升级，客户群体更加多元化。目前，公司正 | | 与数个国际车厂开展资格认证和项目交流工作。 | | 4、问：公司 2025 年随着客户增长，预计收入会增长多 | | 少？ | | 答：公司预计 2025 年收入将保持稳健增长，增速主要 | | 受行业需求拉动和公司产品竞争力提升双重驱动。总体 | | 来看，公司增长具备较强的可持续性，未来将继续围绕 | | 智能化、电动化技术路线，强化与战略客户的协同，推 | | 动业绩稳健增长。具体财务目标请以后续定期报告披露 | | 为准。 | | 5、问：随着产品放量，公司 ...

Investment Rating - The report maintains a "Buy" rating for the engineering machinery industry [1] Core Viewpoints - The engineering machinery industry is experiencing steady revenue growth, with profit growth outpacing revenue growth in 2024 and Q1 2025 [3][4] - The industry is benefiting from cost reduction, efficiency improvements, and product structure optimization, leading to a recovery in profitability [5] - The demand for engineering machinery is expected to continue its recovery due to strong government support and infrastructure investment [7] - The trend towards electrification in the engineering machinery sector is accelerating, with significant growth in electric loader sales [9] Summary by Sections Revenue and Profit Performance - In 2024, the overall revenue of listed companies in the engineering machinery industry reached 355.12 billion yuan, a year-on-year increase of 3.5% [3] - For Q1 2025, the revenue was 96.13 billion yuan, reflecting a year-on-year growth of 10.4% [3] - The net profit attributable to shareholders in 2024 was 29.77 billion yuan, up 16.9% year-on-year, with Q1 2025 showing a 30.2% increase to 9.72 billion yuan [4] Profitability Metrics - The overall gross margin for the industry in 2024 was 25.5%, a slight increase from the previous year, while the net margin improved to 8.7% [5] - In Q1 2025, the gross margin slightly decreased to 25.1%, but the net margin rose to 10.3% [5] Sales Trends - From January to April 2025, excavator sales reached 83,514 units, a year-on-year increase of 21.4%, with domestic sales growing by 31.9% [6] - The report highlights a significant increase in electric loader sales, with a year-on-year growth of 254.8% in Q1 2025 [9] Government Support and Market Outlook - The government plans to issue 1.3 trillion yuan in long-term special bonds to support infrastructure projects, which is expected to boost demand for engineering machinery [7] - The report anticipates continued growth in the international market for engineering machinery, particularly in Southeast Asia, Africa, and the Middle East [8] Investment Recommendations - The report recommends investing in leading companies such as Sany Heavy Industry, Zoomlion, XCMG, LiuGong, and Shantui, as well as component manufacturers like Hengli Hydraulic [10]

Core Viewpoint - The development of low-altitude economy in China is crucial for enhancing the logistics system, particularly in addressing the shortcomings of regional air logistics and utilizing cost-effective cargo drones to meet real-world demands in the logistics sector [1][9]. Group 1: Low-altitude Economy and Logistics - The low-altitude economy is seen as a transformative force for China's logistics, particularly in regions with challenging geographical conditions, such as the northwest, where traditional infrastructure is difficult to develop [5][7]. - The establishment of a robust air logistics network can facilitate the flow of resources, including capital, technology, and talent, from economically developed southeastern regions to the less developed northwest [5][9]. Group 2: Industry Developments and Innovations - Companies like Yifei Aviation and Weizhi Aviation are focusing on the regional air logistics sector, with products like the ES1000 drone, which can carry 1.5 tons over a distance of 1000 kilometers, and the Macro Yunxiong drone, which can carry 500 kilograms over 500 kilometers [11][13]. - The recent order of 100 ES1000 drones by SF Express is viewed as a significant step in the commercialization of low-altitude economy and regional logistics in China [11]. Group 3: Comparison with Global Aviation Industry - China's aviation industry is currently at a disadvantage compared to the U.S., which has a significantly larger number of general aviation airports and a more developed aviation infrastructure [15][17]. - The shift towards electric and intelligent aviation technologies is expected to bridge the gaps in China's aviation capabilities, similar to how the country has advanced in the electric vehicle sector [17][19]. Group 4: Future Outlook - The low-altitude economy is anticipated to reshape various industries, including agriculture, electricity, and transportation, by leveraging the advantages of drones, such as low cost and high efficiency [19]. - There is a strong belief in the potential of China's low-altitude economy to evolve from a domestic focus to a global presence, driven by innovative technology and the capabilities of young entrepreneurs [19].

Core Viewpoint - The event held by Weipai Automobile emphasizes the company's commitment to user-centric changes and the launch of the new Blue Mountain model priced between 299,800 and 326,800 yuan, alongside the global debut of its next-generation all-power intelligent platform [1][3]. Group 1: Company Strategy - Weipai's chairman, Wei Jianjun, stated that "changing for users" is the core value of the brand, aiming to enhance customer confidence in purchasing and using vehicles [3]. - The company acknowledges its previous struggles to keep pace with the rapid developments in electrification and intelligence in the automotive market, which has led to a decline in its competitive position in the new energy vehicle sector [3][7]. - Weipai plans to produce and deliver a customized Blue Mountain vehicle within 9 hours based on user specifications [5]. Group 2: Brand Development - Over the past year, Weipai has established 430 user delivery centers across 110 cities to better connect with customers and understand their needs, with plans to expand to 600 centers covering 200 cities this year [5]. - The brand is utilizing new media channels to collect real-time user feedback and design customized service plans for different demographics [5][7]. Group 3: Product Innovation - Weipai has introduced various upgrades to meet diverse consumer demands, including multiple color options for the new Blue Mountain and enhancements in performance and technology [5][10]. - The newly launched "all-power intelligent super platform" features seven key characteristics, including compatibility with five power forms, a 2.0T super hybrid system, and a pure electric range exceeding 400 km for hybrid models [10].

汽车行业周报（25 年第 19 周） 优于大市 证券研究报告 | 2025年05月21日 Robotaxi 商业落地加速，AEB 系统标配标准进入公开征求意见阶段 月度产销：根据中汽协数据，4 月汽车产销分别完成 261.9 万辆和 259.0 万 辆，环比下降 12.9%和 11.2%，同比增长 8.9%和 9.8%。乘用车产销分别完成 225.7 万辆和 222.3 万辆，环比下降 12.4%和 10%，同比增长 10.2%和 11%。 新能源汽车产销分别完成 125.1 万辆和 122.6 万辆，同比分别增长 43.8%和 44.2%。新能源汽车新车销量占汽车新车总销量的 47.3%。汽车出口 51.7 万 辆，环比增长 2%，同比增长 2.6%。 周度数据：根据上险数据，5.5-5.11 国内乘用车上牌 45.40 万辆，同比 +4.9%，环比+7.1%；其中新能源乘用车上牌 22.61 万辆，同比+16.0%， 环比+10.7%。 本周行情：本周（20250514-20250518）CS 汽车上涨 1.25%，CS 乘用车 上涨 3.16%，CS 商用车下跌 2.02%，CS 汽车零部件上涨 0.6 ...