【文/观察者网 张家栋 编辑/高莘】 据CBT NEWS、路透社、《欧洲汽车新闻》等多家外媒报道，Stellantis历时数月寻找新任首席执行官将 迎来最终结果。据知情人士透露，现任北美首席运营官安东尼奥·菲洛萨 （Antonio Filosa）已成为多位 候选人中最有力的竞争者。 Stellantis北美首席运营官安东尼奥·菲洛萨 欧洲汽车新闻 去年12月，前首席执行官唐唯实（Carlos Tavares）因与董事会成员发生冲突以及多年的领导失误而被罢 免，同年，Stellantis也迎来合并后规模最大的全球业绩暴跌。 此后，这家汽车制造商成立了一个由董事长约翰·埃尔坎（John Elkann）领导的临时领导执行委员会， 并向投资者保证将在2025年上半年任命继任者。然而，由于临时领导下的决策停滞不前，任命新首席执 行官的紧迫性日益增强。 目前，Stellantis的市值约为280亿美元，相较去年3月的峰值跌幅近70%，且由于失去CEO的管理，该跌 势仍在持续。 除了内部挑战外，该公司还面临越来越大的外部压力，包括特朗普对进口汽车征收关税、欧洲持续的产 能过剩问题以及来自中国汽车制造商的激烈竞争。由于一系列 ...

Core Insights - BMW Group reported a total revenue of €33.758 billion (approximately ¥270.6 billion) for Q1 2025, a year-on-year decline of 7.8% (8.7% adjusted for exchange rates) [1][3] - The automotive business revenue was €29.211 billion (approximately ¥234.2 billion), down 5.6% year-on-year [1][3] - The company's pre-tax profit (EBT) for Q1 was €3.113 billion (approximately ¥25 billion), a decrease of 25.2%, with a pre-tax profit margin of 9.2%, down 2.2 percentage points from the previous year [1][3] Revenue and Profit Analysis - BMW's net profit for Q1 was €2.173 billion (approximately ¥17.4 billion), reflecting a year-on-year decline of 26.4% [1][3] - Global vehicle deliveries reached 586,100 units, a decrease of 1.4% year-on-year, with significant declines in the Chinese market (down 17.2%) [3] - In Europe, deliveries increased by 0.3%, while the U.S. market saw a decline of 5.6% [3] Market and Product Strategy - The decline in demand is attributed to structural adjustments in the high-end vehicle market, as stated by BMW's CFO Walter Mertl [3] - In 2024, electric vehicle sales accounted for 26.9% of total sales, with pure electric vehicle sales increasing by 32.4% year-on-year [3] - BMW plans to launch over 10 new models in China this year, including new fuel and electric vehicles, with more than 20 new models expected by 2026 and 2027 [3] Future Outlook - BMW maintains its financial outlook for 2025, expecting pre-tax profit to remain stable compared to the previous year, with an automotive division operating profit margin of 5%-7% [3] - The company anticipates a reduction in certain U.S. tariffs starting in July, but warns that any increase in tariff rates or extended implementation periods could impact actual performance [4]

证券研究报告 行业研究 2025 年 5 月 13 日 4 月重卡销量重回正增长 电动化或成竞争关键 核心观点： 第一创业证券研究所 风险提示： 请务必阅读正文后免责条款部分 第 1 页 共 6 页 邮箱：guoqiang@fcsc.com 根据第一商用车网披露的数据，2025 年 4 月份我国重卡市场共计销售 9 万辆 左右（批发口径，包含出口和新能源），同比增长约 9.4%。相对于一季度重 卡总计销量约 26.5 万辆，同比减少约 2.7%的情况，4 月份重卡销量的增长表 现较好。说明 3 月 18 日交通运输部、国家发展改革委、财政部发布《关于实 施老旧营运货车报废更新的通知》发布后，对重卡销售的正面刺激已开始。 分析师：郭强 证书编号：S1080524120001 电话：0755-23838533 根据第一商用车网数据，4 月份新能源重卡终端销量预计在 1.25 万-1.3 万辆， 同比增长超过 1.7 倍，创造了该细分领域 4 月销量的新高，行业渗透率在 20% 左右。4 月份天然气重卡月销量降至 2 万辆以下，同比降幅超过 35%，渗透率 在 26-27%左右。从 2023 年开始，新能源重卡销量 ...

证券研究报告 行业研究 2025 年 5 月 13 日 4 月重卡销量重回正增长 电动化或成竞争关键 核心观点： 第一创业证券研究所 风险提示： 上述观点主要根据过去数据分析得出，可能因为后续产能出清不理想、下游需求 不如预期，而出现最终结果与分析预测结论相背离的情况。 请务必阅读正文后免责条款部分 第 1 页 共 6 页 邮箱：guoqiang@fcsc.com 根据第一商用车网披露的数据，2025 年 4 月份我国重卡市场共计销售 9 万辆 左右（批发口径，包含出口和新能源），同比增长约 9.4%。相对于一季度重 卡总计销量约 26.5 万辆，同比减少约 2.7%的情况，4 月份重卡销量的增长表 现较好。说明 3 月 18 日交通运输部、国家发展改革委、财政部发布《关于实 施老旧营运货车报废更新的通知》发布后，对重卡销售的正面刺激已开始。 分析师：郭强 证书编号：S1080524120001 电话：0755-23838533 根据第一商用车网数据，4 月份新能源重卡终端销量预计在 1.25 万-1.3 万辆， 同比增长超过 1.7 倍，创造了该细分领域 4 月销量的新高，行业渗透率在 20% 左右。4 月 ...

Core Insights - The new energy commercial vehicle industry is at a critical turning point, with technological iteration and scenario innovation creating a strategic opportunity for deepening technology and expanding scenarios [2] - The penetration rate of new energy commercial vehicles in China has reached 20%, marking the beginning of a high-growth phase [3] - The market for lithium batteries in engineering machinery is projected to exceed 80GWh by 2030, becoming the third growth pole after passenger and commercial vehicles [4] Group 1: Industry Developments - The penetration rate of new energy VAN vehicles has surpassed 40%, indicating a synchronous resonance with the passenger vehicle market [3] - New energy light trucks have a penetration rate close to 20%, with a significant acceleration in electrification [3] - The upcoming "megawatt-level" 453kWh battery can charge from 10% to 80% in just 18 minutes, potentially saving over 50,000 yuan in operational revenue per user annually [3] Group 2: Technological Innovations - The 41.86kWh standardized battery for urban logistics vehicles can achieve rapid charging in 18 minutes, reducing energy costs [5] - The 160kWh light truck battery maintains 85% energy efficiency in low-temperature environments, addressing winter range anxiety [6] - The 448kWh battery system has been integrated into the vehicle body, reducing weight by 0.5 tons, which can increase cargo capacity and reduce transportation costs significantly [6] Group 3: Market Strategies - The company has introduced a 43.8kWh battery with a 10-year or 1 million kilometers warranty to address the "vehicle-battery lifespan mismatch" issue [7] - Collaborations with major vehicle manufacturers like Huawei and SANY highlight the importance of ecosystem synergy in the industry [7] - The shift from focusing solely on performance metrics to creating value throughout the entire lifecycle of commercial vehicles is a key trend [8]

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：宁德时代 近日，宁德时代与长安马自达汽车有限公司（以下简称"长安马自达"）在上海签署合作备忘 录。 双方将基于宁德时代CIIC一体化智能底盘（即滑板底盘）与长安马自达的整车制造优势， 共同打造更智能高效的新能源汽车产品。此次合作，不仅为长安马自达的电动化战略注入强劲 动能，也为行业提供了"技术融合+高效开发"的转型范本。 宁德时代客户总监俞嘉帅、长安马自达采购总监马大勇代表双方签约。宁德时代市场体系联席 总裁谭立斌、海外业务执行总裁李小宁、时代智能董事总经理杨汉兵，长安马自达执行副总裁 邓智涛出席并见证签约仪式。 双方将充分发挥各自优势，在滑板底盘领域加深合作。其中，宁德时代滑板底盘的上下车体解 耦设计、子系统模块化设计、标准化接口与软硬解耦架构设计支持多车型快速适配，将助力合 作双方大幅缩短整车开发周期，共同灵活应对市场需求变化。 未来，宁德时代与长安马自达还将持续探索新能源汽车最新技术的落地应用，为消费者提供优 质安全的新能源汽车产品，推动电动化转型。 会议详情 I C C S I N O 会议主办： 鑫 ...

Core Viewpoint - CATL and Changan Mazda have signed a memorandum of cooperation to develop smarter and more efficient electric vehicles, leveraging CATL's integrated intelligent chassis and Changan Mazda's vehicle manufacturing strengths [1] Group 1: Partnership Details - The collaboration aims to inject strong momentum into Changan Mazda's electrification strategy and provide a model for "technology integration + efficient development" in the industry [1] - Both companies will deepen their cooperation in the skateboard chassis field, which features decoupled design, modular subsystem design, standardized interfaces, and soft-hard decoupling architecture [1] Group 2: Benefits and Future Plans - The skateboard chassis design will support rapid adaptation for multiple vehicle models, significantly shortening the vehicle development cycle and allowing both companies to respond flexibly to market demand changes [1] - CATL and Changan Mazda will continue to explore the application of the latest technologies in electric vehicles, aiming to provide high-quality and safe electric vehicle products for consumers and promote electrification transformation [1]

Core Viewpoint - The market is highly focused on the development of Shennan Circuit, a leading company in the PCB industry, as evidenced by over a hundred institutions conducting on-site research [1] Group 1: Business Performance - In Q1 2023, Shennan Circuit achieved revenue of approximately 48 billion yuan and a net profit attributable to shareholders of about 5 billion yuan, both showing over 20% year-on-year growth [1][2] - The company's revenue for the first three months was 47.83 billion yuan, a 20.75% increase year-on-year, while the net profit was 4.91 billion yuan, up 29.47% year-on-year [2] - The growth in revenue and profit is attributed to increased demand in high-speed network communication, computing power, and the automotive electronics sector [2] Group 2: Product and Market Strategy - Shennan Circuit's PCB business focuses on communication devices, data centers, and automotive electronics, with a notable increase in orders from the wireless communication sector [2] - The company has a diverse range of packaging substrate products, which have seen improved demand, particularly in storage products [3] - The company is expanding its overseas market presence with a factory in Thailand, investing approximately 12.74 billion yuan to enhance global supply capabilities [1][7] Group 3: Financial Health and Expansion - As of the end of 2024, Shennan Circuit's total assets increased from 207.27 billion yuan in 2022 to 253.02 billion yuan [7] - The company maintains a healthy financial position with a debt ratio of 42.14% and cash reserves of 17.08 billion yuan as of March 2023 [7] - Shennan Circuit has a history of steady dividends, proposing a cash dividend of 7.69 billion yuan for 2024, with a payout ratio of 40.97% [8][9] Group 4: Industry Position - According to Prismark, Shennan Circuit is expected to rank fourth among global PCB manufacturers in 2024, an improvement of four positions from 2023 [6] - The company has demonstrated resilience in the PCB industry, achieving continuous revenue and profit growth since 2016, except for a decline in 2023 due to market fluctuations [3][4]

"态度倨傲、人群膜拜、一呼百应、花钱无数、模特成群……"一位资深媒体人向《21汽车》回忆了十年 前他眼中上海车展上的合资车企。 这一风光的景象大约从二十年前开始，持续了十年有余。回看历史，2014年，在中国乘用车市场占据主 导地位的合资品牌市场份额高达66%，德系、日系、美系、韩系、法系都在中国市场上分得一杯羹，正 是风头正盛之时。这一年，蔚小理等新势力才刚刚萌芽。 历经了十年汽车行业的变迁，自主品牌在新赛道的快速崛起"杀得"合资车企们措手不及，在过去几年的 时间里，主导权在外方的合资们在电动化、智能化的方向上显得犹豫彷徨，转型的步伐因此也变得缓 慢。 但在2025年的车展上，包括德系、美系、日系在内的合资车企主动夺回话语权，放下身段，"破冰"新能 源，主动寻找"中国合伙人"，拿出实际行动向外宣示转型决心。 做法有两种：一是推出全新的新能源序列、品牌，例如上汽通用汽车别克正式推出了全新高端新能源子 品牌"至境"，东风本田也推出了独立新能源品牌"灵悉"。 另一种方式就是和本土企业深度合作，补齐智能化短板，例如上汽奥迪推出的两款新车Audi A5L 和 Audi A5L Sportback 搭载的都是华为乾崑智驾 ...

德国车企BBA（宝马集团、奔驰集团、奥迪集团）于近日公布了2025年第一季度财报，业绩下滑态势 仍在持续。 从交付量来看，今年一季度，宝马交付新车58.61万辆，同比下滑1.4%；奔驰的交付量同比下滑7%至 52.92万辆；奥迪的交付量同比下滑3.3%至38.88万辆。 然而，如今的中国市场已经发生深刻变化。 从去年整体表现来看，中国市场成为宝马、奔驰销量下滑最大的市场。宝马价格波动，营收、销量、净 利齐跌；奥迪销量、净利增长乏力；奔驰的终端市场价格相对稳定，但利润也受到一定影响。 销量下滑直接导致净利润的普遍下跌。奔驰净利润下降幅度最大，达42.8%，其一季度净利润仅剩17.31 亿欧元；宝马同期净利润同比下滑26.4%至21.73亿欧元；奥迪净利润则同比下滑14.5%至6.3亿欧元。 此外，在中国市场，BBA在高端市场的份额也受到自主品牌的挑战，进一步拉低净利润表现。奔驰在 财报中称目前中国高端与豪华车细分市场持续承压，"中国市场竞争加剧"成为影响其利润的重要因素。 然而，在一片跌势中，奥迪和宝马的纯电销量均实现增长。 财报显示，奥迪一季度营收同比增长12.4%至154.31亿欧元，尽管仍仅为奔驰和宝马集 ...