（文/观察者网 张家栋 编辑/高莘） 日前，英国会计师事务所安永发布一份报告称，由于政策逆转、贸易战以及对电动汽车基础设施和成本 日益增长的怀疑，全球汽车买家正在回归燃油车。 该报告重点提到了美国政策"逆转"是燃油车复苏的关键，事实上，自本月初特朗普政府宣布将放松美国 燃油经济性（CAFE）标准的监管力度，并重新评估上一届政府制定的节能要求后，行业内便普遍将之 看作是特朗普为燃油车提供政策松绑的关键一步。 Pixabay 从今年就任美国总统以来，特朗普对于电动车的打压以及电动车的扶持早已成为公开的战略，但这份单 一市场的政策推动，究竟能否让燃油车在全球"复兴"，恐怕仍需要打上一个大大的问号。 从全球市场规模结构和车企的运营与投资逻辑来看，美国市场在短期内或将因政策的变更带来燃油车的 销量回升，但无论在产业还是市场层面，汽车行业电动化的全球趋势显然已经是不可逆的状态。 9月全球电动汽车销量统计 MOTORWATT 值得一提的是，尽管特朗普政府百般阻挠电动化，甚至唱衰电动车市场前景，但全球各主销市场的电动 车销量依然在稳步增长。今年前三季度，全球新能源汽车销量同比大幅增长32%。其中，纯电动车占据 主导地位，销量 ...

内容概况：在全球汽车产业电动化、智能化转型的背景下，汽车照明系统正经历从传统功能照明向智能 场景定义的重要变革，成为影响行车安全与交互体验的核心部件。中国凭借完善的产业链基础、持续的 技术创新能力以及有力的政策支持，已发展成为全球汽车照明领域的重要力量。近年来，随着我国汽车 照明智能化进程加速推进，以及单车智能照明系统价值含量的显著提升，行业规模呈现持续增长态势。 数据显示，中国汽车照明系统行业市场规模从2020年的558.6亿元增长至2024年的809亿元，年复合增长 率为9.7%。未来，随着自适应远光、像素化控制、光场交互等先进技术的进一步普及，汽车照明系统 将朝着更智能、更集成、更个性化的方向持续演进，推动行业进入高质量发展新阶段。 关键词：汽车照明系统行业发展历程、汽车产销量、汽车照明系统行业产业链、芯片产量、全球汽车照 明系统行业产值、中国汽车照明系统行业市场规模、汽车照明系统行业发展趋势 一、汽车照明系统行业概述 汽车照明系统是为保障行车安全设计的装置，是车辆的重要组成部分，由外部照明、内部照明和灯光信 号系统构成。外部照明包含前照灯、雾灯、示宽灯、刹车灯、转向灯等设备，在夜间行车时提供路面照 明 ...

2025 年 12 月 5 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 行业及公司点评 全球市场观察 半导体行业 – 宽禁带半导体 – SiC/GaN：驱动新一轮 AI 基础设施升级 我们认为，在碳化硅（SiC）和氮化镓（GaN）的带动下，宽禁带半导体行 业正步入一个全新的、多年持续的增长阶段。汽车电动化依然是核心的长期 驱动力，但更具结构性的新需求前沿正在打开，即 AI 数据中心的电力架构重 构。 行业正从传统 54V 直流供电（DC）加速迈向 800V 高压直流（HVDC）架构， 这一转变对新一代高功率 AI 机架至关重要，而其物理和经济可行性都高度依 赖 SiC 和 GaN 的应用。这一演进正把相关材料的定位，从单纯的"性能增 强器"提升为"关键基础设施组件"，由此形成一个具备高度延续性的投资 主线。我们预计，那些具备规模优势、在 8 英寸晶圆上技术领先、拥有车规 级认证产品管线，并具备系统级解决方案能力的企业，将成为本轮趋势中的 主要受益者。 行业点评 强劲的市场增长。根据 TrendForce 数据，2024 年全球 SiC 功率器件市场规 模约 34 亿美元，同比增长 12%， ...

Recall Information - BMW (China) Automotive Trade Co., Ltd. and Brilliance BMW Automotive Ltd. have filed a recall plan involving over 7,000 imported and domestic vehicles due to safety concerns related to insulation faults in the vehicle's monitoring mechanism [2][4] - The recall is divided into two parts: - Recall S2025M0182V includes 17 imported i7 series vehicles and 85 imported iX vehicles produced between December 12, 2022, and November 30, 2023 [4] - Recall S2025M0183V includes 917 domestic i5 vehicles, 1,707 domestic iX1 vehicles, and 5,014 domestic i3 vehicles produced between April 20, 2024, and January 4, 2025 [4] - The recall is a follow-up to a previous recall on August 8, 2025, where some vehicles did not have the correct software version; BMW will now upgrade the software for the recalled vehicles free of charge [4] Sales Performance - BMW's global sales in Q3 reached 588,300 units, marking an 8.8% year-on-year increase, while total sales for the first three quarters were 1,795,894 units, up 2.4% [5] - However, in the Chinese market, BMW experienced a decline, with Q3 sales of 147,121 units, down 0.4%, and total sales for the first three quarters at 464,971 units, down 11.2% [5] Future Plans - BMW is focusing on electric vehicle (EV) development, aiming for over 50% of global sales to be electric by 2030 [5] - The company plans to launch 20 new models in the next two years, with over 80% expected to be electric [5] - By the end of 2027, BMW intends to introduce more than 40 new models, primarily consisting of mid-cycle updates and replacements of existing models [5] - The new generation BMW iX3 made its global debut on September 5, with the overseas version set for production and delivery in Europe by the end of the year, while the Chinese version is expected to be produced by 2026 [5]

Group 1 - In November, Germany saw a significant increase in new electric vehicle registrations, with a year-on-year growth of 58.5%, totaling 55,741 vehicles, which accounted for over 22% of all new car registrations [1] - BYD, a Chinese brand, experienced the most remarkable growth, registering over 4,000 new vehicles in November, marking an increase of over 834% year-on-year, achieving a market share of 1.6% [1] - Tesla's market share in Germany continued to decline, with 1,763 new registrations in November, representing a year-on-year decrease of over 20% [1] Group 2 - The German automotive market is undergoing a noticeable shift towards electrification, driven by declining battery costs and the introduction of new models [1] - The German Automobile Importers Association predicts a strong growth in the electric vehicle market by 2026, estimating that new electric vehicle registrations will reach approximately 740,000 [2] - The association's president emphasized the need for competitive electricity prices and the acceleration of charging infrastructure development to support this growth [1]

Core Viewpoint - The Los Angeles Auto Show, despite being the oldest and largest auto exhibition in the U.S., has received criticism for lacking innovative electric vehicle (EV) offerings and failing to attract major European automakers, leading to a perception of stagnation in the American automotive market [1][4][5]. Group 1: Event Overview - The Los Angeles Auto Show concluded on November 29, 2023, but was met with disappointment from both consumers and media, echoing sentiments from previous years [1][4]. - The event was overshadowed by the upcoming Tokyo Auto Show and SEMA aftermarket show, with many manufacturers focusing their efforts elsewhere [4][5]. Group 2: Participation and Offerings - Only American companies like Rivian, Lucid, and Tesla showcased new models, while Japanese and Korean manufacturers presented a diverse range of products [7]. - Notable electric vehicles displayed included the 2026 Nissan Leaf with a range of 487 km, Chevrolet Bolt with 410 km, and Jeep Recon with 370 km [9]. - Rivian and Lucid introduced models priced at $77,000 and $80,000 respectively, with ranges of 659 km and 724 km [11]. Group 3: Market Trends and Challenges - The U.S. electric vehicle market experienced a temporary surge in Q3 2023, particularly in California, but this growth did not translate into long-term stability [12]. - Following the cancellation of EV tax incentives by the Trump administration, the market share of electric vehicles dropped significantly from 12.9% in September to 5.2% in October [12]. - Major automakers like Acura, Ford, and GM have announced plans to halt production of certain EV models and cancel new development projects, reflecting uncertainty in future product strategies [12][14]. Group 4: Industry Sentiment - The hesitance of U.S. automakers to fully commit to electric vehicle production is evident, with many companies still focusing on traditional fuel models while exploring hybrid options [14]. - Media reports highlight a conflicting narrative regarding the future of electric vehicles in the U.S., oscillating between optimism and caution [16].

Core Insights - The visit of King Felipe VI of Spain to the Haesstemp factory in Beijing has increased visibility for the Spanish automotive parts company [2] - Haesstemp, founded in 1997, specializes in the design and manufacturing of automotive metal components, with projected revenues of $11.7 billion in 2024, ranking 25th among global automotive parts suppliers [2] - China is a key market for Haesstemp, accounting for 14% of its global revenue in 2024, with an impressive 80% growth in revenue from 2021 to 2024 [2] Industry Trends - The shift towards new energy vehicles in China has led to the rise of local automotive parts companies and increased competition from international giants [2] - Haesstemp's strategy to enhance its technological and production capabilities in the Chinese market is crucial to navigate the evolving industry landscape [2] Technological Innovations - Haesstemp focuses on lightweight components and battery box systems to improve electric vehicle range and reduce manufacturing costs [3] - The company has pioneered the application of integrated hot stamping technology in the automotive sector, which can reduce vehicle weight by approximately 15% and carbon emissions by 15% [3][4] - The Ges-Gigastamping™ technology offers flexibility and cost optimization, reducing mold development investment by 50% and production costs by 10% [4] Financial Performance - In 2024, Haesstemp's revenue slightly declined to €12.212 billion from €12.45 billion in 2023, with a profit drop of 14.41% [5] - Despite challenges in international markets, Haesstemp's performance in China remains strong, with production value increasing from ¥800 million in 2022 to ¥2.3 billion, projected to reach ¥4.3 billion by 2025 [5] Local Strategy - Haesstemp has established joint ventures and local partnerships in China, significantly boosting its business through collaborations with major automotive manufacturers [6] - The company emphasizes localization, with 99.5% of its workforce in China being local talent, and has set up R&D centers in Kunshan and Shanghai [6][7] - Haesstemp aims to replicate its localized solutions from China to its global operations, leveraging its extensive network of 115 factories across 24 countries [7][8]

Core Insights - The 23rd Guangzhou International Auto Show successfully concluded, attracting 855,000 visitors and featuring over 12,300 journalists from more than 6,000 media outlets, highlighting its significance in the global automotive industry [1] Group 1: Electric Vehicle Penetration - The auto show showcased 93 new car launches, with a total of 1,085 vehicles, of which 629 were new energy vehicles (NEVs), marking a significant shift as NEVs accounted for 58% of the total, indicating the acceleration of electrification in China's automotive industry [2] - In the first ten months of 2025, China's NEV sales reached 12.943 million units, a year-on-year increase of over 33%, with October's penetration rate surpassing 51.6%, reflecting a substantial shift in consumer preferences and the effectiveness of policies and innovations during the 14th Five-Year Plan [2] Group 2: Advancements in Intelligent Systems - The auto show highlighted breakthroughs in smart driving and ultra-fast charging technologies, with smart driving becoming standard in mid-to-high-end models, and consumers increasingly valuing the performance of intelligent systems over traditional specifications [3] - Innovations in charging technology were showcased, including 800V high-voltage platform vehicles capable of achieving 400 kilometers of range with just 10 minutes of charging, and solid-state battery prototypes that nearly double the energy density compared to existing lithium batteries [3] Group 3: Changing Consumer Values - The emergence of new-generation consumers and multi-scenario family users is reshaping automotive consumption from merely meeting needs to creating resonance, with a focus on personalized vehicles that align with lifestyle and values [4] - The exhibition featured vehicles tailored for specific uses, such as six-seat SUVs for family travel, modified vehicles for outdoor exploration, mini electric cars for urban commuting, and MPVs catering to both family and business needs, reflecting deep insights into diverse consumer lifestyles [4] Group 4: Industry Collaboration and Cultural Heritage - The auto show included an "Automotive Industry Chain and Culture Exhibition Area," showcasing the complete automotive ecosystem and cultural achievements, attracting 18,000 professional visitors from 35 countries [5] - The outdoor cultural exhibition area became a focal point, featuring classic car displays, automotive models, and interactive experiences, promoting the popularization and inheritance of automotive culture [5] Group 5: Official Forum and Industry Insights - The "2025 Guangzhou Automotive Development Summit Forum" gathered industry leaders to discuss trends and share insights, focusing on themes like intelligent driving and global collaboration [6] - Various high-level forums and technical seminars provided valuable industry insights, with experts discussing topics such as central computing platform evolution and challenges in cross-domain integration [6] Group 6: Service Upgrades and Sustainability - The auto show emphasized service upgrades, introducing digital and low-carbon initiatives, including an AI customer service program that significantly improved response times and problem resolution rates [7] - The event adopted sustainable practices, using 85% recyclable materials for booth construction and offering electric shuttle services, enhancing visitor experience while demonstrating the industry's commitment to sustainability [7] Group 7: Future Outlook - The growth of NEV production and sales in China is projected to rise from 3.52 million units in 2021 to an estimated 12 million units by 2025, with penetration rates increasing from 13.4% to over 50%, marking a historic leap for the industry [8] - The 24th Guangzhou International Auto Show is scheduled for November 27 to December 6, 2026, aiming to continue fostering high-quality development in China's automotive sector [8]

Core Viewpoint - The silver market is experiencing a remarkable bull market in 2025, driven by supply constraints and surging industrial demand, with prices reaching historical highs, significantly outpacing gold [1][2]. Group 1: Market Dynamics - The silver market is approximately one-tenth the size of the gold market, leading to more volatile price movements and the potential for short squeezes [1]. - Recent market tensions have escalated to extreme levels, with some silver deliveries being transported by air instead of sea to meet demand [1]. - Historical peaks in silver prices occurred in January 1980, 2011, and now in 2025, with the current market dynamics being fundamentally different from previous speculative-driven rallies [1]. Group 2: Demand Factors - The surge in silver demand is particularly pronounced in India, where traditional consumption peaks coincide with significant festivals, such as Diwali, leading to a price increase of 85% since the beginning of the year [2]. - India, as the largest consumer of silver, consumes approximately 4,000 metric tons annually, primarily for jewelry and decorative items [2]. Group 3: Supply Constraints - India relies heavily on imports for silver, with 80% of its supply sourced from abroad, while global silver inventories, particularly in London, have decreased significantly [4]. - The London Bullion Market Association reported a decline in silver inventory from 31,023 metric tons in June 2022 to 22,126 metric tons in March 2025, a reduction of about one-third [4]. - The silver supply is facing long-term challenges, with global mine production declining over the past decade, particularly in Central and South America [4]. Group 4: Industrial Demand - The industrial applications of silver are expanding, particularly in electric vehicles, artificial intelligence, and solar energy, with a standard electric vehicle containing approximately 25 grams of silver [5]. - The transition to solid-state silver batteries could increase silver requirements to one kilogram or more per vehicle, highlighting the metal's critical role in future technologies [5]. - Analysts believe that the current bull market, driven by real supply and demand factors, is just beginning to reveal the true value of silver [5].

Core Viewpoint - Huadian Electronics Co., Ltd. (沪士电子股份有限公司) has submitted an application to list on the Hong Kong Stock Exchange, highlighting its position as a leading provider of PCB solutions in the data communication and smart automotive sectors, driven by the growing demand for AI-driven data centers and the rapid development of electric, intelligent, and connected vehicles [1] Group 1: Company Overview - Huadian Electronics is recognized as a global leader in PCB solutions for data communication and smart automotive applications [1] - The company is backed by joint sponsors, China International Capital Corporation (中金公司) and HSBC [1] Group 2: Market Position and Performance - As of June 30, 2025, Huadian Electronics holds the top position in the global PCB market for data centers, with a market share of 10.3% [1] - The company ranks first globally in the production of PCBs with 22 layers or more, capturing 25.3% of the market [1] - Huadian Electronics leads the market for PCBs used in switches and routers, with a share of 12.5% [1] - The company's L2+ autonomous driving domain controller high-end HDI PCB also ranks first globally, holding a market share of 15.2% [1]