Group 1 - The automotive market is transitioning from a high-intensity "sprint" to a "marathon" mode by 2026, with electric vehicle (EV) growth slowing and consumers becoming more cautious about value and reliability [1] - Consumers are increasingly embracing hybrid and plug-in hybrid vehicles as a "bridge solution" to reduce range anxiety and stabilize purchasing decisions [1] - The supply side is experiencing compressed model development cycles, with a shift towards rapid iteration similar to the Chinese model, making "annual updates" and "mid-cycle facelifts" essential [1] Group 2 - The focus for 2026 is shifting towards addressing "problems" rather than just introducing "new cars," including questions about brand coherence and the ability to maintain consumer trust [2] - The success of the SU7 indicates that a clear product positioning and ongoing conversation can mitigate the disadvantages of late market entry, but the YU9 faces a crowded high-end SUV segment [3][7] Group 3 - The YU9 is expected to target the family flagship market with a three-row layout and reduced range anxiety, but it must adapt its sporty narrative to emphasize comfort and long-distance experience [7] - The Z model from Tengshi aims to rebrand the company by packaging its technological capabilities into a more appealing product narrative, enhancing its market presence [35] Group 4 - The iX3 from BMW is positioned to address how joint venture electric vehicles can differentiate themselves in the Chinese market, focusing on comfort and local adaptations while retaining driving characteristics [47][49] - The second-generation Roadster from Tesla, delayed for nearly nine years, needs to redefine its narrative to maintain its market allure amidst increasing competition in the high-performance electric vehicle segment [51][54] Group 5 - The introduction of large GT and convertible models by Genesis is seen as a brand investment rather than a sales strategy, aiming to elevate brand perception and value in the luxury market [56][59]

Group 1 - Volkswagen is set to launch the ID.Cross, a compact electric crossover SUV, in 2026, featuring a unique design and a focus on simplicity and stability [1][3] - The ID.Cross will have a powertrain with a 155 kW motor, an expected WLTP range of 420 km, and a top speed of 175 km/h [3] - The ID.ERA, a full-size SUV from SAIC Volkswagen, will also debut in 2026, emphasizing a new design language and innovative technology [5][7] Group 2 - Dongfeng Nissan's NX8, a mid-large SUV based on the Tianyan architecture, will offer both pure electric and range-extended versions, with a planned launch in the first half of 2026 [8][10] - The NX8 will feature a 2.4-meter wide light strip and two electric motor configurations with power outputs of 215 kW and 250 kW [10] Group 3 - SAIC-GM-Wuling's Huajing S, developed in collaboration with Huawei, will be a six-seat SUV equipped with advanced driving and smart cabin technologies, expected to launch in the first half of 2026 [11][13] - The Huajing S will feature a hybrid system with a 1.5T engine and two battery options of 31 kWh and 41.9 kWh [13] Group 4 - SAIC Audi's AUID E7X, a large SUV, will be unveiled at the 2026 Beijing International Auto Show, featuring a power output of up to 500 kW and a top speed of 205 km/h [14][16] - The AUID E7X will have a distinctive design with circular light frames and advanced LED technology [16] Group 5 - Leap Motor's D19, a large SUV, will offer both pure electric and range-extended versions, with a pure electric range of 720 km and a power output of 540 kW [22] - The D19 will feature a luxurious interior with advanced comfort features and a focus on user experience [22] Group 6 - The new generation A6L (C9) from FAW Audi will be launched in 2026, featuring a modern design and multiple engine options, including a 3.0T engine with 270 kW [20][35] - The A6L will have a larger wheelbase compared to its predecessor, enhancing interior space [20] Group 7 - Xpeng Motors will introduce the G7 and P7+ models with range-extended versions in 2026, featuring a 1.5T engine and a maximum power output of 218 kW [37] - The P7+ will offer a pure electric range of up to 725 km and support for fast charging technology [37]

到2030年将电动汽车和混合动力汽车出口量提高一倍以上。通过此次中长期投资，现代汽车集团将获取 企业的未来增长动力，同时培育人工智能和机器人产业并发展绿色能源生态圈。 日前，现代汽车集团董事长表示，公司计划从2026年至2030年在韩国投资125万亿韩元（约862亿美 元）。这远超现代汽车集团2021年至2025年在本土投资规模（89.1万亿韩元），创历史新高。投资领域 分别包括，人工智能、软件定义汽车(SDV)、电动化、机器人科学、氢能等未来新项目领域（50.5万亿 韩元）；未来移动出行的研发（38.5万亿韩元）；建设和维修设施（36.2万亿韩元）。 ...

"路子对了，就要坚持走下去，久久为功"。协同上与下，中国制造将形成强大合力。畅通供与需，中国 制造将收获强劲动力。统筹"竞"与"合"，中国制造将开拓更大空间 今天，全球每卖出3辆新能源汽车，就有2辆来自中国。中国在新能源汽车领域一马当先，成功关键之一 就在于上下协同：顶层设计上，国家层面先后出台两个中长期发展规划，各部门相继推出财税金融、积 分管理、道路通行等诸多支持政策，超前布局、长期投入、优化生态；落地执行方面，各地区找准定 位、各展所长，发展产业链相关环节，广大企业积极响应，突破关键技术，推出创新产品。正是在各方 共同努力下，中国在短短10年间形成了一条较为完整的新能源汽车产业链、供应链，实现在汽车领域 的"换道超车""后来居上"。 上下同欲者胜。"十五五"规划建议擘画了未来5年发展蓝图，围绕"建设现代化产业体系，巩固壮大实体 经济根基"作出系统部署。坚持全国一盘棋，一张蓝图绘到底，充分调动产学研各方面积极性主动性创 造性，中国制造将不断跃上新台阶，中国式现代化的物质技术基础将更为坚实。 畅通供与需，中国制造将收获强劲动力。 酷炫的车身，考究的内饰，聪明的智驾系统，先进可靠的芯片、电池……这些年，比亚迪 ...

刘志强 "路子对了，就要坚持走下去，久久为功"。协同上与下，中国制造将形成强大合力。畅通供与需，中国 制造将收获强劲动力。统筹"竞"与"合"，中国制造将开拓更大空间 站在"十四五"末，回看5年汽车业发展，可谓亮点纷呈、成绩斐然—— 实力持续增强。看整体规模，2023年，全国汽车年产销量首次突破3000万辆。2025年前11个月，年产销 量双双突破3100万辆，持续保持全球第一。看外贸出口，2023年，中国汽车出口首次超越日本，位居全 球第一，2025年前11个月汽车出口634.3万辆，同比增长18.7%，我国稳居全球第一大汽车出口国。 转型持续推进。新能源汽车产量，2020年是140万辆左右，今年前10个月，就超过1300万辆。10月份， 新能源汽车月度新车销量更是首次超过汽车新车总销量的50%。智能化方面，具备组合辅助驾驶功能的 乘用车新车占比，从2020年的16.2%提升到2025年前三季度的64%。抓住电动化、智能化转型机遇，汽 车产业乘势而上，不断打开新空间。 技术持续进化。看新能源汽车"三电"技术，过去5年，我国动力电池充电效率提升4倍以上，电机和电控 系统全球领先。加上人机交互、协同感知等技术不断 ...

"路子对了，就要坚持走下去，久久为功"。沉甸甸的"十四五"汽车成绩单，为加快建设汽车强国奠定了 厚重基础，也为我们在"十五五"时期推动中国制造由大到强注入坚定信心。 "路子对了，就要坚持走下去，久久为功"。协同上与下，中国制造将形成强大合力。畅通供与需，中国 制造将收获强劲动力。统筹"竞"与"合"，中国制造将开拓更大空间 站在"十四五"末，回看5年汽车业发展，可谓亮点纷呈、成绩斐然—— 实力持续增强。看整体规模，2023年，全国汽车年产销量首次突破3000万辆。2025年前11个月，年产销 量双双突破3100万辆，持续保持全球第一。看外贸出口，2023年，中国汽车出口首次超越日本，位居全 球第一，2025年前11个月汽车出口634.3万辆，同比增长18.7%，我国稳居全球第一大汽车出口国。 转型持续推进。新能源汽车产量，2020年是140万辆左右，今年前10个月，就超过1300万辆。10月份， 新能源汽车月度新车销量更是首次超过汽车新车总销量的50%。智能化方面，具备组合辅助驾驶功能的 乘用车新车占比，从2020年的16.2%提升到2025年前三季度的64%。抓住电动化、智能化转型机遇，汽 车产业乘势而上，不 ...

自2025年4月3日起，美国特朗普政府对进口汽车加征25%关税；自2025年5月3日起，对关键进口零 部件加征25%关税。之后，美国启动一系列双边谈判，对英国、日本、欧盟、韩国等达成协议的国家和 地区，将汽车关税降至10%~15%不等，但要求对方做出市场开放、巨额投资等让步。例如，日本以 5500亿美元对美投资换取15%的汽车关税，欧盟则承诺增加6000亿美元对美投资。 美国关税政策给全球汽车业带来较大冲击，贸易流动与产业布局被迫重构。为对冲风险，企业各寻 出路。奥托立夫、法雷奥等零部件巨头将关税成本转嫁给客户；现代汽车、本田等加速美国本土产能扩 张；日产与本田探讨代工合作以提升美国工厂利用率。各国政府也采取反制或扶持措施，中国坚决反对 单边关税并诉诸世界贸易组织（WTO），韩日为相关企业推出融资和补贴措施。 点评：这场关税风波凸显了全球汽车产业的深度关联性，单边贸易保护主义不仅推高终端车价、加 重消费者负担，更扰乱了多年形成的全球供应链体系，未来行业将在贸易谈判与本土化布局中艰难寻求 平衡。 02 海外成关键增长引擎 编前：2025年，全球汽车业在变革与挑战中前行。一方面，电动化、智能化转型加速，中国车企凭 ...

智通财经APP获悉，12月30日，乘联分会秘书长崔东树发文表示，2025年11月的世界汽车销量达到859万台，同比增1%，环比10月增1%。随着中国和美国 车市的相对放缓，2025年11月世界车市销量增长放缓。2025年1-11月销量8766万台，同比增长6%。中国汽车的世界份额不断提升，11月中国的世界份额 回升到40%的较好水平，较去年提升1个百分点。2024年中国车市达到34.2%，2025年1-11月份中国车市达到世界35.4%，较同期增长1.2个百分点。 2025年1-11月的全球汽车销量增长6%，其中中国汽车销量3108万台增长11%，美国销量1518万台增2%，印度销量507万台增5%，日本销量422万台增3%， 德国销量289万台、与上年持平。目前看中国市场最有活力，增速快。俄罗斯市场下滑严重，墨西哥的增速放缓，而南美的阿根廷等市场表现较好。 今年世界前10车企中3家中国车企的份额是上升较强的，比亚迪达到世界第6位、吉利第8位，奇瑞第10位。电动化发展也导致部分国际车企逐步走向衰 落。除了美国市场异常暂时较强和铃木等印度市场较好的因素促进，其它国际品牌份额出现全面较大的下滑。 当月世界汽车销量 ...

中国售价百万以上的豪华轿车市场，曾由欧洲品牌书写全部规则。奔驰S级、宝马7系与保时捷 Panamera等车型，凭借深厚的品牌积淀与产品定义权，长期占据着这一细分市场超过95%的份额。 这被视为汽车工业皇冠上最难以触碰的明珠，中国品牌数次冲击，大多无功而返。 这一次，驱动汽车的技术内核发生了根本迁移，而掌握购买力的群体也完成了代际交替。 当电动化与智能化浪潮来临，新一代高净值消费群体开始用评价高端消费电子的标准，来 审视一辆豪华轿车。 2 0 2 5年5月，尊界S8 0 0以7 0 . 8万元的起售价进入这一市场。到1 2月1 6日，其第1 0 0 0 0台量 产车下线，并在数月内位居7 0万元以上豪华轿车销量榜首。 据鸿蒙智行披露的信息，1 2月交付预计突破4 0 0 0台。这也意味着，中国品牌首次在百万级 超豪华市场具备了稳定的规模化输出能力，正式进入与传统豪门比拼市场基盘的新阶段。 在尊界S8 0 0第1 0 0 0 0台量产车下线仪式当天，华为常务董事、产品投资评审委员会主任、 终端BG董事长余承东表示，尊界实现一个月量产几千台的规模对供应链要求非常高，这次 是带领中国汽车产业链向超高端超豪华品牌海量交 ...

Investment Rating - The report assigns a "Strong Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is positioned as a leader in the domestic engineering machinery sector, with a strategic goal to achieve revenue of 60 billion yuan by 2030, focusing on comprehensive solutions, full automation, and internationalization [7][29]. - The company has experienced a significant recovery in the domestic market, with a 21.5% year-on-year growth in excavator sales in the first three quarters of 2025, driven by infrastructure projects and equipment renewal policies [7][9]. - The mixed-ownership reform has revitalized the company's operational vitality, leading to a 52.9% year-on-year increase in net profit for 2024, indicating a shift towards high-quality growth [9][31]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 30,063 million, 34,258 million, 39,887 million, and 45,801 million yuan respectively, with year-on-year growth rates of 9.2%, 14.0%, 16.4%, and 14.8% [3]. - Net profit attributable to shareholders is forecasted to be 1,327 million, 1,627 million, 2,237 million, and 2,773 million yuan for the same years, with growth rates of 52.9%, 22.6%, 37.5%, and 24.0% [3]. - Earnings per share (EPS) are expected to be 0.65, 0.80, 1.10, and 1.36 yuan for 2024A, 2025E, 2026E, and 2027E respectively [3]. Business Overview - The company has established a comprehensive product system covering various machinery types, including excavators, loaders, and industrial vehicles, with a global presence in over 180 countries [14][16]. - The company has implemented a "three major growth curves" strategy, focusing on stabilizing its core earth-moving machinery business, accelerating growth in emerging sectors, and enhancing its international presence [7][29]. - The company is transitioning from a product-centric approach to a customer-centric model, providing integrated solutions that encompass the entire lifecycle of equipment [30]. Market Performance - The company has seen a significant increase in overseas revenue, which accounted for 46.9% of total revenue in the first half of 2025, serving as a stabilizing force against domestic market fluctuations [7][34]. - The company’s profitability has improved, with a gross margin stabilizing above 22% and a net margin increasing from 2.44% in 2022 to 4.93% in the first three quarters of 2025 [36]. Strategic Initiatives - The company has launched a convertible bond issuance to fund smart manufacturing and production upgrades, aiming to enhance operational efficiency and risk resilience [27]. - The mixed-ownership reform has led to a diversified shareholding structure, which is expected to facilitate further integration of resources and innovation [19][21]. Future Outlook - The company aims to achieve a revenue target of 60 billion yuan by 2030, with a focus on increasing the international revenue share to over 60% and improving net profit margins [29]. - The strategic emphasis on electric and high-margin products is expected to enhance competitiveness and profitability in the face of domestic price pressures [36].