1月7日，广汽集团发布2025年12月产销公告。12月广汽集团汽车销量超18.74万辆，环比增长4.3%，2025全年汽车销量172.15万辆，全年终端销量181.35万 辆。数据显示，第四季度全集团销量超53.78万辆，较第三季度增长25.56%，连续三个季度销量实现环比正增长，且增速不断扩大。同时，广汽海外拓展提 速，自主品牌全年海外销量近13万辆，同比增长47%。 广汽集团三大自主品牌 2025年以来，广汽集团积极加快创新技术上车及新品投放速度。广汽埃安12月销量达4.2万辆，环比增长10%。广汽传祺全年新能源车型销量突破15万辆。 广汽丰田年销量达75.6万辆，同比增长2.4%。广汽本田12月销量超5万辆，环比增长23.3%。 2025年是广汽破旧立新的改革之年，全年围绕转型、变革、重构，为未来高质量发展打基础、调姿势。随着"番禺行动"一体化改革的持续深化，其积极效应 正逐步传导至市场端，不仅为企业注入了韧性增长的强劲动力，带动广汽集团销量持续向好，更推动公司在产品、科技创新、国际化布局及产业生态建设等 重点板块实现多维突破，进一步巩固了其高质量发展的坚实基础。 变革的广汽 激发内生动力，重塑组织效能 ...

ZUZSFE 同比增长8.5 总销量强势领跑 连续6年 三大新能源品牌齐创新高 海外销量乘风破浪用 本报讯 （记者冯雨瑶）在2025年汽车行业竞争白热化的市场环境中，长安汽车（000625）以一系列突破性业绩，提交了一份企业稳健向上的出色答卷。 2026年1月2日发布的销量快报显示，长安汽车2025年全年总销量强势领跑，创近9年新高。与此同时，新能源板块首破百万辆大关，三大新能源品牌齐创新 高；海外市场亦乘风破浪，再创佳绩。2025年，长安汽车以"四大维度齐创新高"的优秀成绩，系统展现了企业高质量发展的强劲势头和可持续发展的战略韧 性。 另一方面也根植于长安汽车始终坚持以科技创新，持续夯实自身核心竞争力。新能源领域，自研"金钟罩"电池、智慧新蓝鲸，以及行业首款多合一电驱等成 果相继落地；智能化领域，"北斗天枢"计划迭代至2.0版，打造了全球领先的SDA平台，发布了"新长安 新安全——天枢智能"品牌、确立了"泛安全"体系。 特别是在智能驾驶领域，长安汽车作为首批获得L3级自动驾驶产品准入许可的汽车企业，率先推动中国汽车品牌进入L3级自动驾驶时代，将技术优势直接 转化为产品竞争力与用户信任力，智能化正成为驱动企业 ...

设计 | 甄 尤 美 撰文 | 杜 咏 芳 编辑 | 黄 大 路 如果要给2025年的中国汽车产业找一个关键词，你脱口而出的关键词会是什么？ 过去的这一年，一方面国家反内卷有了一定起色，一方面企业又在转型阵痛里磕磕绊绊。存量市场里拼杀血腥气没有一丝一毫的减少，出海寻找 出来面临全球格局变数，焦虑感是行业通病。 面对焦虑，轩辕矩阵CEO贾可说："出发了，就不必再焦虑"（ 贾可2026元旦献词 | 出发了，就不必再焦虑 ）。细读国内各大车企掌舵人2026新年 献词，倾听他们的回顾与展望，我们体会到了反焦虑的一种力量顽强浮现出来——那便是"进"。 不是那种顺风顺水的"进"，而是不服输、不躺平，咬着牙在泥泞里硬蹚出来的"进"。 新年伊始，《汽车商业评论》打捞中国汽车产业2026年新年献词，看2025年，中国汽车究竟"进"在何处？我们又将如何走向未来？ 共探新营销，共创新可能 2025年，"进"在何处？ 2025年，"进"在不再只看销量数字，而是看"含金量"。 北汽集团宣布自主品牌销量6年之后重回百万辆。他们强调这是一个"里程碑式的新'百万'"，其背后，是新能源占比的显著提升，是乘商协同发 力。 长安汽车则告诉大家，它 ...

智通财经APP获悉，国信证券发布研报称，奇瑞汽车(09973)有深厚的历史积淀，目前公司新能源业务、 出海进入新篇章。近年营收高速增长，盈利能力稳定。目前公司品牌矩阵为奇瑞、捷途、iCAR、星 途、智界五大品牌，以及Omoda、Jaecoo两个海外品牌，公司在海内外产能丰富。首次覆盖，给予"优 于大市"评级。 海外市场，公司体系化出海，在多个地区取得成绩 公司海外业务布局早，目前处于体系化全面出海阶段。2025年，公司深化海外本土生产，多家海外新增 产能将投产；公司从过去的以燃油车出口为主的商业模式，走向多方位、全生态的体系化出海。公司产 能、渠道布局广泛，并建设有海外研发基地，以适配不同地区的需求和法规；O&J两大品牌深耕海外市 场。东南亚，公司加大资源投入，打造海外重要基地；欧洲市场，公司实现本土化生产，进入高速增长 阶段。 盈利预测与估值：预计公司2025-2027年营业收入分别为3014.62/3616.58/4107.44亿元，增速分别为 11.70%/19.97%/13.57%；归属母公司净利润分别为185.97/214.07/254.43亿元，同比增速分别为 31.6%/15.1%/18.9%， ...

12月底，在武汉经开区，神龙汽车的生产线一如往日地正常运转。 这家诞生于合资浪潮中的老牌车企，曾经是"外国技术+中国市场"的典型样本：成熟的 海外技术体系，对接中国快速扩张的消费市场，构成了武汉汽车工业的重要底盘。 而今天，它所参与和见证的，正在发生反转——中国新能源、智能化技术，开始反向走 向海外市场。 也正是在这样的背景下，一组数据显得意味深长：今年，全市新能源汽车产量同比增长 56.7%，占整车产量比重提升至52.72%。 这不是简单的增量变化，而是一道结构性分水岭。 合作逻辑之变：从"引进来"到"走出去" 33年前，神龙汽车诞生，成为我国最早的合资车企之一。 在相当长的一段时间里，它的逻辑清晰而稳定：海外品牌输出技术，中国市场提供规 模。这种"外国技术+中国市场"的模式，支撑起了武汉汽车工业的早期发展。 但新能源时代到来后，产业逻辑开始被重写。 电动化、智能化重构了汽车产业的核心竞争力——不再只是发动机和变速箱，而是三电 系统、智能控制、软件算法，以及产业链协同能力。 这一次，中国不再只是市场。 而神龙，正站在这道分水岭上。 12月26日，东风猛士M817第10000辆整车在武汉经开区的猛士科技智慧园 ...

年中脱离兵装集团升级为一级央企后，长安汽车（000625）再度迎来重要时刻。 12月10日上午，在阿维塔的数智工厂内，随着一辆阿维塔12四激光版驶下生产线，长安汽车正式迎来了第3000万辆中国品牌汽车的下线。 在党委书记、董事长朱华荣看来，这是长安汽车的历史性时刻。"这是中国汽车人在改革开放四十余年间深耕细作的成果之一。这份成果虽集中体现在长 安汽车身上，但它所展现的，是中国品牌自强不息、向新向上、历经千辛万苦的发展成果"。 更重要的是，朱华荣说："我们将今天这一时刻视作一个新的起点——在这个新起点上，会有更多中国品牌走向全球、跻身世界前列、引领行业发展。" 他在现场回顾了长安汽车的发展史，"从1981年前辈们自筹3500万元进入汽车领域到1984年中国第一辆微车下线，我们用30年突破了1000万辆，又用7年累 计突破了2000万辆，再用4年半达成了3000万辆"。 这也意味着，长安成为最快达成3000万辆的中国汽车企业。 从时间轴来看，长安汽车3个1000万的达成呈加速态势。 朱华荣认为，这背后的原因是多重的，离不开国家产业政策的方针指引与牵引；向全球开放中国市场，共享中国发展，也为产业发展提供了重要支撑； ...

Core Insights - The launch of the Zhijie V9 marks the expansion of the Hongmeng Zhixing product line into multiple vehicle categories, including MPVs, sedans, SUVs, and station wagons [1][3][25] - The Zhijie V9 is positioned as a flagship model within the Hongmeng Zhixing system, featuring a length of approximately 5.3 meters and a wheelbase close to 3.2 meters, comparable to the Lantu Dreamer [3][25] - The vehicle is designed with a focus on spaciousness and convenience, incorporating features such as dual electric sliding doors and a minimalist interior layout [3][5][7] Product Features - The Zhijie V9 will include notable interior features such as dual zero-gravity seats for the front passengers, rear drawers, and an electric front trunk [5][27] - A large integrated display screen will combine the instrument panel, central control, and entertainment functions, potentially utilizing Huawei's self-developed automotive-grade OLED panel [5][28] - The second-row seats will offer multi-directional electric adjustments, heating, and ventilation, with a possible touch screen for controlling climate and audio [7][30] Target Market and Strategy - The Zhijie V9 aims to attract a broader customer base beyond families, targeting business and social gatherings [9][32] - The vehicle will be available in both range-extended and pure electric versions, with the latter expected to have a CLTC range exceeding 600 kilometers [9][32] - The introduction of the Zhijie V9 is seen as a critical opportunity for the brand to penetrate the high-end market, especially given the underperformance of the S7 model [11][34] Investment and Development - Chery plans to invest over 10 billion yuan in the Zhijie brand and establish a dedicated R&D team of over 5,000 personnel to enhance its capabilities in smart driving and vehicle architecture [13][36] - This strategic shift comes after a reflection on past dual-brand strategies that diluted resources and market clarity, with a focus now on consolidating efforts around the Zhijie brand [15][38] Market Context - The MPV market in China has been historically dominated by joint venture brands, but domestic brands are increasingly entering the mid-to-high-end segment [17][40] - Recent sales data indicates that traditional brands like Toyota and Buick still lead in MPV sales, with the Toyota Sienna selling 46,158 units in the past six months [18][41] - The competitive landscape suggests that success in the MPV segment will require differentiation beyond just size, focusing on luxury, energy efficiency, and smart features [19][42]

Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [6]. Core Views - Geely Automobile reported a total sales volume of 310,000 units in November 2025, representing a year-on-year increase of 24.1% and a month-on-month increase of 1.1%. Cumulatively, from January to November 2025, total sales reached 2.788 million units, up 41.8% year-on-year. The new platform is expected to empower Geely to enter a new product era [2][4][7]. - The GEA architecture supports a new vehicle cycle, with positive developments across the Zeekr, Lynk & Co, and Galaxy brands. The transition to new energy vehicles is progressing smoothly, and the scale effect is expected to enhance profitability. The company maintains a solid foundation in fuel vehicles, and joint ventures are exploring innovative overseas expansion models. The smart driving strategy is set to accelerate the enhancement of intelligent driving capabilities, indicating significant profitability elasticity in the new vehicle cycle [2][7]. Summary by Sections Sales Performance - In November 2025, Geely's sales were 310,000 units, with a breakdown of 247,000 for the Geely brand, 35,000 for Lynk & Co, and 29,000 for Zeekr. Year-on-year growth rates were 29.4%, 7.3%, and 6.8%, respectively. The Galaxy model saw a remarkable year-on-year increase of 76.3% with sales of 133,000 units [7]. - The export volume in November was 42,000 units, reflecting a year-on-year increase of 22.2% [7]. New Energy Vehicles - In November, new energy vehicle sales reached 188,000 units, marking a year-on-year increase of 53.4% and accounting for 60.5% of total sales, which is an increase of 11.5 percentage points year-on-year [7]. Product Strategy - Geely plans to launch 10 new energy models in 2025, including 5 new models and several facelifts under the Geely brand. The Zeekr brand will introduce the Zeekr 007 GT and Zeekr 9X, while Lynk & Co will launch the Lynk 900 EM-P [7]. - The company is fully embracing smart technology, with a significant increase in the adoption rate of intelligent driving features across its new and updated models [7]. Financial Outlook - The expected net profit for 2025 is projected to be 17 billion yuan, with a corresponding price-to-earnings ratio of 9.2 times, indicating a strong outlook for profitability [7].

Group 1 - The global automotive market is witnessing a shift with Chinese automakers leading in growth while traditional overseas giants are slowing down, indicating a competitive balance tilting towards the East [1] - In the first three quarters of 2025, Toyota led global sales with 8.358 million units, a 6% increase, while other major brands like Volkswagen and Ford saw minimal growth of 1%, and some like Mercedes-Benz experienced a 9% decline [2][3] - Chinese automakers are showing significant sales acceleration, with BYD leading domestic sales at 3.26 million units, a 19% increase, and companies like Xpeng achieving a remarkable 218% growth [4][5] Group 2 - Revenue growth among overseas automakers is limited, with none exceeding 10%, while Chinese companies like BYD and Geely reported revenue increases over 10%, and Xpeng's revenue doubled [5] - Profit margins for overseas automakers are under pressure, with companies like General Motors and Mercedes-Benz experiencing over 30% declines in net profit, while Chinese firms like Chery and SAIC reported net profit increases of over 15% [6][9] - R&D investment is crucial for competitiveness, with Chinese automakers significantly increasing their R&D spending, such as BYD's 31% increase to 43.75 billion yuan, while many overseas brands reduced their R&D budgets [10][11] Group 3 - The data from the first three quarters of 2025 reflects a transitional phase in the global automotive industry, with Chinese companies moving from "catching up" to "running alongside" their global counterparts [12] - The shift in market dynamics is attributed to Chinese firms leveraging their early advantages in new energy vehicles and smart technologies, leading to increased market share and competitiveness [12] - Chinese automotive exports reached 4.95 million units, a 14.8% increase, with new energy vehicle exports soaring by 89.4%, indicating a growing global presence led by companies like BYD and Chery [12]

Core Viewpoint - Zhongtai Securities initiates a "Buy" rating for Chery Automobile (09973), highlighting its strong export capabilities and first-mover advantage, with expectations for simultaneous growth in volume and profit due to orderly advancement of domestic new energy brands and deep collaboration with Huawei [1] Group 1: Industry Insights - The shift in core capabilities for automakers emphasizes demand control and the pace of electrification as critical for market share growth, moving away from traditional product cycles [2] - The competitive landscape has evolved post-2021, with domestic and joint venture brands increasing their market share through strategic adjustments [2] Group 2: Growth Review - Chery's market share has significantly increased since 2017, transitioning from reliance on low-cost small cars to a focus on quality and export growth [3] - The company has experienced a resurgence and growth phase from 2017 to 2021, marked by improved product strength and successful sub-brand strategies [3] - The current explosive growth phase (2022-present) is characterized by technological advancements and a rapid transition to new energy vehicles, leading to record sales [3] Group 3: Current Development Status - Chery's internal combustion vehicle lineup, particularly the Aiyre and Ruihu series, continues to perform well, supporting overall growth [4] - The Wind and Cloud sub-brand is beginning to show results in the new energy transition, while the Jietu and Zhijie brands are developing independently [4] - Financially, Chery is projected to achieve revenues of 269.9 billion yuan in 2024, a year-on-year increase of 65.4%, and a net profit of 14.14 billion yuan, up 18.3% year-on-year [4] Group 4: Core Competitiveness - Chery's first-mover advantage in exports has created a strong competitive moat, with leading engine technology and smart capabilities enhanced by Huawei [5] - The company has established a stable increase in export volumes, focusing on regions such as Europe, Latin America, and Southeast Asia, with overseas production capacity reaching approximately 1 million units [5] - The new Kunpeng engine boasts a thermal efficiency of 48%, the highest globally, with production capacity expected to double by 2026 [5] Group 5: Future Outlook - Chery plans to focus on the Wind and Cloud brands for market penetration, with significant advancements in technology and product offerings [6] - The company aims to enhance its domestic oil vehicle market share, which has increased by 4.1 percentage points over the past three years, positioning it as the second-largest among domestic brands [6] - Continued expansion in key overseas markets is anticipated to contribute positively to profits [6]