Core Viewpoint - The luxury automotive market in China is undergoing a significant transformation, with the emergence of new players like the Xiangjie brand, which is reshaping the competitive landscape traditionally dominated by German brands (BBA) [1][2][18] Industry Transformation and Consumer Awakening - The luxury automotive market is experiencing a reshuffle driven by industry transformation and evolving consumer preferences, with the penetration rate of new energy vehicles (NEVs) surpassing 50% in 2025 [2] - A report indicates that 35% of high-net-worth individuals in China prefer new energy vehicle brands over traditional German brands, marking a historic shift in brand preference [2] - The traditional luxury market segment of mid-to-large luxury sedans, previously dominated by BBA, is being disrupted, with Xiangjie S9T achieving top sales in this segment [2][11] Changing Consumer Demands - The motivations for purchasing luxury vehicles have shifted from social status symbols to driving enjoyment and practical experiences, reflecting a more rational consumer trend [6] - The advent of L3 autonomous driving technology has made advanced features and quality experiences central to luxury perceptions, leading consumers to prioritize value over brand prestige [6] Xiangjie's Strategic Positioning - Xiangjie’s product strategy aligns with industry trends, focusing on dual flagship models (S9 and S9T) that cater to diverse consumer needs, effectively breaking through BBA's market defenses [7] - The pricing strategy positions Xiangjie within the competitive luxury price range of 300,000 to 450,000 yuan, offering fully equipped models that challenge traditional luxury pricing models [7][10] Product Features and Market Performance - The new Xiangjie S9 targets business elites and high-end families, while the S9T is designed for outdoor and travel needs, creating a dual-track strategy that enhances market coverage [8][10] - Both models utilize advanced technology platforms, offering features such as industry-leading autonomous driving capabilities and extensive range, addressing consumer concerns about practicality and emotional value [10] Sales and Brand Recognition - Xiangjie has established a positive feedback loop of sales growth, brand reputation, and channel expansion, successfully penetrating the core luxury market [11][12] - Over 60% of new customers for Xiangjie come from traditional luxury brands, indicating a successful shift from being a secondary choice to a primary target for consumers [12] Future Growth and Strategic Partnerships - Xiangjie is committed to deepening its market presence through channel expansion and product innovation, with plans to introduce new SUV and MPV models [15] - A strategic partnership with Huawei aims to enhance technological capabilities and ensure ongoing development in key areas, with a planned investment of 20 billion yuan over three years [14][15] Conclusion - Xiangjie’s growth trajectory illustrates a new path for high-end automotive brands in China, moving from traditional luxury to a new standard defined by technology and consumer-centric value [17][18]

2025年临近年末，汽车第一省易主安徽基本板上钉钉，正在全力争夺新能源第一城的合肥贡献半壁江 山。从布局汽车产业链起步，到坐拥六大整车厂，合肥以新能源汽车转型为突破口，抢先一步启动城市 高端产业升级。 大众汽车(安徽)数字化销售服务有限公司CEO汤廷万 在发展节奏上，金标大众坚持稳健原则。"过去我们在销量和财务目标上都采取了稳健、循序渐进的规 划方式，去年只有一款车型，但两项目标都顺利达成。"汤廷万表示，明年虽将密集推出4款新车，但仍 会"谨慎、明智地规划各项举措"。因为，"如果在太短时间内发展过快，会影响发展质量。" 差异化布局与价值创新双驱并行 正在这个城市创业的车企中，不仅有"新势力"，也有德国大众最重要的新能源孵化项目"金标大众"。在 第一款车落地完成外资品牌新能源转型的蜕变后，金标大众的本土化进程再一次提速。11月10日，金标 大众第二款车与众08登陆工信部目录，这款尺寸更大、造型更具科技感的新车，也是与小鹏合作的首款 车型。 这也是一批又一批从北京扎根合肥的大众员工陆续来到这座最牛风投城市的第五年。2020年成立，2021 年开工，2022年一期交付，2023年多个配套竣工，2024年首款新车上市 ...

Group 1: Industry Trends - The 2025 Guangzhou Auto Show, as the last A-level auto show of the year, featured 93 global premieres, with smart electric vehicles taking center stage as a new industry trend [1][19] - In October 2025, China's new energy vehicle exports reached 256,000 units, marking a year-on-year increase of 99.9% and a month-on-month increase of 15.4% [2] - Total automobile exports in October 2025 were 666,000 units, reflecting a year-on-year growth of 22.9% [4] Group 2: Company Developments - Xiaopeng Motors plans to launch three super electric range-extended products in Q1 2026, aiming to address user pain points in the range-extended market [6] - GAC Honda is in the process of acquiring 100% of Dongfeng Honda Engine Co., which will allow GAC Honda to have sole control over the engine company [7] - A strategic investment of over 3.6 billion yuan from China FAW Group into Zhuoyue Technology has been announced, with the latter maintaining its independent operational strategy [13][15] Group 3: Technological Advancements - The National Energy Administration reported that as of October 2025, China's electric vehicle charging infrastructure reached 18.645 million units, a year-on-year increase of 54.0% [11] - The market regulatory authority has launched an upgraded automotive chip certification system, marking a significant advancement in establishing a self-controlled quality assurance system for automotive chips in China [10] Group 4: Recognition and Awards - Two prominent figures in the automotive industry, Lian Yubo from BYD and Wu Kai from CATL, have been elected as academicians of the Chinese Academy of Engineering [16]

证券研究报告 晨会 hyzqdatemark 2025 年 12 月 11 日 投资要点： | 市场数据 指数名称 | 收盘价 | 涨跌幅 | 年初至今 | | --- | --- | --- | --- | | 上证指数 | 3,873.32 | -0.70% | 18.72% | | 创业板指 | 3,163.67 | -1.41% | 53.54% | | 沪深 300 | 4,552.18 | -0.86% | 19.15% | | 中证 1000 | 7,312.00 | -1.30% | 26.13% | | 科创 50 | 1,325.83 | -1.55% | 38.78% | | 北证 50 | 1,443.17 | 3.84% | 41.50% | 资料来源：聚源，华源证券研究所，截至2025年12月11日 华源晨会精粹 20251211 汽车 看好高端车市场自主品牌崛起——汽车行业双周报：40 万元以上高端车市场空 间稳定，且目前自主份额占比较低，自主车企具备较大提升空间。在智能电动化时 代，竞争要素由品牌+参数性能向以科技属性+感性体验为外在表征的新要素转变。 在新的竞争框架下，自主车 ...

证券研究报告 汽车 行业定期报告 hyzqdatemark 2025 年 12 月 10 日 投资评级： 看好（维持） 李泽 SAC：S1350525030001 lize@huayuanstock.com 游泽晨 youzechen@huayuanstock.com 板块表现： 看好高端车市场自主品牌崛起 ——汽车行业双周报（20251124-20251207） 证券分析师 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 市场空间：40 万元以上高端车市场空间稳定，看好纯电放量驱动新能源渗透率提升。 2018 年以来，绝大多数年份 40 万元以上高端车销量均保持在 70-120 万辆区间内， 在汽车总销量中占比基本在 5%以上，市场空间整体稳定。目前 40 万元以上高端车 的能源类型仍以 ICE 为主，2025 年 1-10 月累计销量中 ICE 占比为 52.9%，BEV 仅 15.0%。随着充电效率的提升和补能网络逐步完善，纯电车型有望凭借更大的空间、 更顺畅的驾驶体验和更高的能源转化效率等优势在高端市场快速放量，驱动新能源 渗透率进一步提升，预计 2026 年 40 万元以上高端车新能 ...

Core Viewpoint - The company reported a steady increase in sales and production, with a notable rise in overseas sales, indicating a successful global expansion strategy [2][4]. Sales Performance - In November 2025, the company achieved wholesale sales of 133,000 vehicles, a year-on-year increase of 4.6% but a month-on-month decrease of 6.9%. Cumulatively, from January to November, total wholesale reached 1.2 million vehicles, up 9.3% year-on-year [2]. - Specific brand performances included: - Haval: 75,000 units sold in November, down 3.8% year-on-year and down 14.6% month-on-month; cumulative sales of 692,000 units, up 11.1% year-on-year [2]. - Wey: 13,000 units sold, up 81.1% year-on-year and up 0.5% month-on-month; cumulative sales of 89,000 units, up 93.9% year-on-year [2]. - Pickup trucks: 16,000 units sold, up 1.0% year-on-year and up 13.6% month-on-month; cumulative sales of 166,000 units, up 3.4% year-on-year [2]. - Ora: 5,000 units sold, down 17.0% year-on-year and down 14.6% month-on-month; cumulative sales of 40,000 units, down 31.4% year-on-year [2]. - Tank: 24,000 units sold, up 19.6% year-on-year and up 9.5% month-on-month; cumulative sales of 212,000 units, up 1.2% year-on-year [2]. Product Launches - The Tank brand saw a significant increase in sales, with the new Tank 400 launched on November 6, featuring advanced technology and luxury amenities, aimed at enhancing the brand's high-end image [2]. - Haval introduced the H6L model, designed by former Mercedes and BMW designers, featuring a 14.6-inch central control screen and a new high-power engine, expected to strengthen its market position [3]. International Expansion - The company reported overseas wholesale sales of 57,000 vehicles in November, a year-on-year increase of 32.7% and a month-on-month increase of 0.3%. Cumulatively, from January to November, overseas sales reached 449,000 units, up 8.9% year-on-year [4]. - The company is actively expanding into international markets, including Thailand and Chile, and has established a factory in Uzbekistan, enhancing its global footprint [4]. Financial Projections - Revenue projections for 2025-2027 are as follows: - 2025: 226.78 billion yuan - 2026: 289.8 billion yuan - 2027: 318.78 billion yuan - Net profit attributable to shareholders is projected to be: - 2025: 12.67 billion yuan - 2026: 17.52 billion yuan - 2027: 19.4 billion yuan - The company maintains a price-to-earnings ratio (PE) of 15 for 2025, decreasing to 10 by 2027 [5].

在全球汽车产业经历百年未有之大变局的今天，中国市场已成为智能电动化浪潮的中心。消费趋 势如何演变？本土化研发走向何方？安全与创新如何平衡？高端品牌的价值核心又该如何重塑？ 近日，第一财经总编辑杨宇东在北京独家对话全球顶级汽车品牌的掌门人——梅赛德斯-奔驰集团 董事会主席、首席执行官康林松。在这场题为《静水深流：汽车业的中国命题与世界答案》的对谈 中，两位嘉宾从消费趋势、智能辅助驾驶、本土研发到品牌价值，展开了一场深度碰撞。 本土研发战略升级： 从"服务中国"到"赋能全球" 康林松强调，从被动安全到主动安全，从辅助驾驶到有条件自动驾驶，安全的内涵在演进，但我们的 承诺从未改变。 消费新格局： 康林松开宗明义："中国不仅是全球最大的汽车市场 ， 也是 我 们全球最大的市场。"他特别指出，中 国已成为多款旗舰车型的全球第一大市场。 而更值得关注的是，其在华发展战略已从早期的"中国研发，服务中国"，升级为"中国研发，服务中 国，赋能全球"。康林松举例说，在中国研发的后排娱乐系统，已应用于全球市场的旗舰轿车；针对中国 复杂路况开发的自动泊车技术，也正反向输出至全球。 "我们坚持'人才在哪里，就在哪里深耕'，"康林松表示 ...

2025年11月27日，重庆传来消息，阿维塔科技正式向香港联合交易所递交了IPO申请，这一动作标志着其在拓宽资本渠道、深化全球化战略的进程中迈出了 关键一步。 回顾阿维塔的融资历程，其早已收获资本市场的高度青睐。在此之前，阿维塔已经顺利完成了四轮融资，累计募集资金超过190亿元，其中C轮融资金额更 是突破110亿元，成为当年度国内最大的单笔融资，这一成绩不仅彰显了企业自身的硬实力，也体现了资本市场对其发展成绩的认可和未来前景的坚定看 好。 除了常规融资，阿维塔还在资本合作上走出了创新一步。其率先拿出115亿元入股引望，拿下10%的股份，与华为构建起以资本为纽带的新型战略合作关 系。这种深度绑定，让阿维塔得以整合华为在智能科技领域的优势，为自身的智能电动化发展筑牢根基。 此次赴港IPO，阿维塔也有着明确的资金用途规划。招股书显示，募集资金将主要投向产品开发、平台和技术开发、品牌建设、销售服务网络建设以及补充 运营资金等方面，每一笔资金都将精准助力企业增强核心竞争力，为后续的全球化布局和产品矩阵扩张提供充足底气。 佣金、0.0027%證監會交易徵費、 0.00565% 香港聯交所交易費及 聯席保薦人 ·[編纂] ...

图源：零跑官方 作者丨彭鑫 编辑丨安安 11月21日，零跑汽车于广州国际车展正式揭幕全新A平台首款车型——零跑A10，标志着零跑补齐A、B、C、D四大系列矩阵的最后一块拼图，正式进入主 流细分市场全覆盖的新阶段。作为一款定位"智能精品长续航SUV"的全球车型，零跑A10以"好而不贵、科技普惠"为核心理念，集500km CLTC超长续航、高 通8295P+8650双旗舰芯片、车位到车位全场景智能辅助、油冷电驱、88.1%空间得房率等配置。新车同步开启盲订，并计划于2026年上半年开启交付。 图源：零跑官方 零跑A10以"科技自然美学2.0"为设计理念，将创新科技与自然纯粹相融合，塑造出"纯粹、向上、愉悦"的视觉语言。外观上，零跑A10以经典SUV比例为基 础，融入情感化设计细节。车身长度超4200mm，轴距超2600mm，凭借88.1%的超高得房率，实现小车身大空间的越级体验。前脸搭配"嘻嘻灯"，以三段式 弧线延续家族经典设计；车尾采用"哈哈尾灯"元素，前后呼应，成为零跑A10独有的情绪符号。1133mm俯冲式长机盖、18英寸活力运动轮毂、6处辅助驾驶 小蓝灯、半隐藏门把手与贯通式进气风道等设计态。 色彩方面， ...

2025年11月21日，零跑汽车于广州国际车展正式揭幕全新A平台首款车型——零跑A10，标志着零跑补齐A、B、C、D四大系列矩阵的最后一块拼图， 正式进入主流细分市场全覆盖的新阶段。作为一款定位"智能精品长续航SUV"的全球车型，零跑A10以"好而不贵、科技普惠"为核心理念，集500km CLTC超 长续航、高通8295P+8650双旗舰芯片、车位到车位全场景智能辅助、油冷电驱、88.1%空间得房率等越享配置，打破10万元级市场"智能妥协、续航焦虑、 空间必挤"的行业困局，为主流家庭及追求品质的用户提供全场景不将就的出行解决方案。新车同步开启盲订，并计划于2026年上半年开启交付。 盲订权益部分，预付99元意向金，抢先盲订享5重专属限时权益： 1、盲订用户转大定并提车，赠送A10限定神秘礼品（价值400元，限量2000名）； 2、盲订用户转大定并提车，即享3000能量积分； 3、解锁零跑A10专属个性化身份标识（含头像框、徽章等）； 4、优先参与APP专属活动，有机会赢得惊喜大奖、积分； 5、优先参与官方产品共创品鉴等专属活动。 色彩方面，零跑A10推出6款全球自然色，灵感源于全球特色城市及地区。"橡果棕"如 ...