【文/观察者网 潘昱辰 编辑/高莘】11月21日，第二十三届广州国际汽车展览会正式拉开帷幕。作为国内车市年终压轴大戏，广州车展一向是中国汽车产业 的风向标。随着中国汽车产业电动化、智能化、国际化转型的深化，本届车展进一步彰显了中国汽车行业从政策导向向市场导向、从"价格战"向"价值战" 的深刻转变。 2025（第二十三届）广州国际汽车展览会 观察者网 面对市场竞争格局带来的变化，各个品牌都在围绕市场现实需求，寻找自己的生存之道。 近年来，混动技术成为越来越多品牌的务实选择。本届车展前后，便有小鹏、广汽埃安、智己、极氪等过去只出品纯电动车型的企业，将更受消费者欢迎的 混动车型填充完善自身的产品序列。 市场需求成为行业主导 据统计，本届广州车展共推出1085台展车，其中包括629台新能源车型，93台为全球首发。与此同时，广州车展新能源车型的占比高达58%，比上届提升 14.3个百分点，成为中国汽车产业变革加速的直接体现。 中国汽车工业协会的数据显示，今年前10个月，中国新能源车累计销量已超过1000万辆，市场渗透率突破52.9%。10月，中国新能源汽车销量占比更是首次 突破50%。 值得一提的是，在过去多年间，政策 ...

乘用车：车企盈利分化，Q4增长可期 行业方面，2025Q3，乘用车板块实现营收同比+7.4%，低于并表销量端的同比+14.4%，主要系价格战 影响下单车均价同比-0.99万元/辆；乘用车板块扣非归母净利润94.9亿元，同比-25.1%。 个股方面，新品上市+高端化成为乘用车企营收增长主要驱动力；销量方面，小鹏汽车、零跑汽车等新 势力车企在低基数效应以及重磅新车放量带动下销量同比增长迅速；吉利汽车、上汽集团（600104）等 传统自主车企新能源转型稳步推进、叠加传统品牌销量修复，带动整体销量实现较快增长。高端化方 面，豪华市场的问界M8以及超豪华市场的尊界S800两款标志性产品带动对应车企赛力斯（601127）和 江淮汽车（600418）单车收入同比显著提升。 华龙证券发布研报称，2025Q3，乘用车板块实现营收同比+7.4%，低于并表销量端的同比+14.4%，主 要系价格战影响下单车均价同比-0.99万元/辆；扣非归母净利润94.9亿元，同比-25.1%。展望2025Q4， 整车端，2026年优惠政策退坡预期下，板块销量增长可期；商用车市场有望在政策持续发力下有望延续 Q3高景气度。零部件端，已发布&待发布强 ...

Core Insights - The automotive sector has shown a significant performance improvement from early 2025 to October, with the Shenwan Automotive Index rising by 23.82%, outperforming the CSI 300 Index by 5.88 percentage points [1][2] Group 1: Commercial Vehicles - The commercial vehicle segment has experienced a notable recovery since June 2025, with sales showing significant year-on-year improvement, continuing strong growth into Q3 [2][3] - The commercial vehicle and auto parts sectors have generated excess returns, driven by improved sales and valuation recovery [1][2] Group 2: Passenger Vehicles - The passenger vehicle sector reported a revenue increase of 7.4% year-on-year in Q3 2025, although this was lower than the 14.4% increase in sales volume, primarily due to a price war leading to a decrease in average selling price by 0.99 million yuan per vehicle [3] - The net profit attributable to the parent company for the passenger vehicle sector dropped by 25.1% year-on-year to 9.49 billion yuan, largely due to temporary sales pressure on leading manufacturer BYD [3] - Excluding BYD, the sector's net profit increased by 44.34% year-on-year, indicating a divergence in performance among manufacturers [3] Group 3: Auto Parts - The auto parts sector achieved a revenue of 368.37 billion yuan in Q3 2025, reflecting a year-on-year growth of 10.4%, with a net profit of 19.64 billion yuan, up 22.6% [4][5] - Nearly 80% of auto parts companies reported revenue growth in Q3 2025, driven by strong terminal sales [4] Group 4: Buses and Heavy Trucks - The bus segment saw a revenue increase of 30.6% year-on-year in Q3 2025, with net profit rising by 86.6% due to improved gross margins [6] - The heavy truck segment reported a revenue of 108 billion yuan, up 26.9% year-on-year, with net profit increasing by 55.3% [6] Group 5: Investment Outlook - The outlook for Q4 2025 suggests continued growth in the automotive sector, particularly in commercial vehicles, supported by favorable policies [7] - The introduction of new products and the increasing penetration of intelligent driving systems are expected to drive performance in the auto parts sector [7]

放眼全球资本市场，今年来各路资本对于"硬科技"的投资热情都到了近乎无以复加的程度。就拿这其中颇具代表性的激光雷达来 说，目前整个产业正持续受益于"智驾平权"趋势和技术进步带来的成本大幅下降，行业已经在事实层面进入了放量兑现期。在此背 景下，产业链上相关标的的市场关注度也达到了空前的高度。 激光雷达概念股的投资热度持续攀升，与此同时，智通财经注意到还有一家激光雷达领域里的全球龙头即将登陆港股。10月14日， 图达通境外发行上市备案正式获得中国证监会批准。紧接着的11月12日，图达通顺利通过了港交所聆讯。这一系列关键进展既标志 着图达通自身的资本化进程将按下"加速键"；同时也预示着继速腾聚创与禾赛相继上市后，不日图达通也将登陆港股，届时香港股 市将集齐全球"激光雷达三强"。 考虑到现阶段全球投资者正对激光雷达企业进行系统性价值重估，图达通上市亦料将受到海外内资金的热捧。毕竟不论是从激光雷 达行业发展的趋势以及市场的竞争格局来说，抑或是就图达通自身的竞争优势而言，图达通未来的成长确定性及增长弹性均较高， 该公司算得上是十分符合资本市场审美的标的。后续完成上市后，图达通的表现自然分外值得期待。 全面进化的全球"激光雷 ...

激光雷达概念股的投资热度持续攀升，与此同时，智通财经注意到还有一家激光雷达领域里的全球龙头即将登陆港股。10月14日， 图达通境外发行上市备案正式获得中国证监会批准。紧接着的11月12日，图达通顺利通过了港交所聆讯。这一系列关键进展既标志 着图达通自身的资本化进程将按下"加速键"；同时也预示着继速腾聚创与禾赛相继上市后，不日图达通也将登陆港股，届时香港股 市将集齐全球"激光雷达三强"。 考虑到现阶段全球投资者正对激光雷达企业进行系统性价值重估，图达通上市亦料将受到海外内资金的热捧。毕竟不论是从激光雷 达行业发展的趋势以及市场的竞争格局来说，抑或是就图达通自身的竞争优势而言，图达通未来的成长确定性及增长弹性均较高， 该公司算得上是十分符合资本市场审美的标的。后续完成上市后，图达通的表现自然分外值得期待。 放眼全球资本市场，今年来各路资本对于"硬科技"的投资热情都到了近乎无以复加的程度。就拿这其中颇具代表性的激光雷达来 说，目前整个产业正持续受益于"智驾平权"趋势和技术进步带来的成本大幅下降，行业已经在事实层面进入了放量兑现期。在此背 景下，产业链上相关标的的市场关注度也达到了空前的高度。 全面进化的全球"激光雷 ...

Group 1: Business Expansion - The company achieved a revenue of 119,752.13 million yuan in the first three quarters of 2025, representing a year-on-year growth of 51.65% due to increased demand from key customers and successful new product launches [1] - The panoramic/sports camera business saw a significant revenue increase of over 50% year-on-year, with a focus on capacity release and customer development to strengthen its leading position in this niche market [1] Group 2: Machine Vision Business - The company made initial progress in the machine vision sector, successfully entering the supply chains of well-known domestic brands, with applications in lawn mowing robots and motion-sensing gaming devices [1] - Machine vision products feature high resolution, stability, and modular design, leveraging the company's core technological advantages for innovation and development in this field [2] Group 3: Smart Automotive Business - The smart automotive business has experienced rapid growth due to the company's efforts in providing complete lens solutions for vehicles, aligning with the promotion of the "smart driving equality" concept [2] - The advancement of high-level smart driving functions into lower-priced models is driving a new high-growth cycle in the automotive camera industry [2] Group 4: Profitability and Future Outlook - The company's overall gross margin for the first three quarters of 2025 was 24.23%, remaining stable compared to the first half of 2025 [2] - Future strategies to maintain and enhance gross margin include adjusting product structure, improving production processes, and reducing material costs [2]

这距离其去年11月登陆纳斯达克尚不到一年。此次IPO最高募集总额达77亿港币，不仅创下"2025年全球自动驾驶领域最大规模IPO"，还成为"2025年港股 AI领域最大IPO"。就在小马智行港股上市的同一天，另一家自动驾驶企业文远知行也在港交所挂牌。自动驾驶行业在资本市场久违地迎来"双响日"，但市 场反应谨慎——两家公司首日均遭遇破发。 资本市场的冷热反差，恰恰映射出自动驾驶行业从技术狂欢走向商业理性的关键时刻。 两家国内头部自动驾驶企业"同一天上市"和"双双破发"，反映了资本市场对自动驾驶行业"既给希望，又泼冷水"的复杂态度。11月6日，国内头部自动驾 驶企业小马智行正式在香港联交所主板挂牌上市，成为2025年全球自动驾驶领域最大规模IPO。 01 资本破局：双重上市撬动全球化战略 在2025年全球资本市场波动加剧的背景下，小马智行在不到一年时间内完成美股、港股双重上市，成为其全球化布局的核心一步。 招股书中的资金规划体现了其战略决心：未来五年，50%募资用于L4自动驾驶技术在关键市场的大规模商业化，40%投入L4自动驾驶技术研发，10%补充 营运资金。 与2024年11月登陆纳斯达克时相比，此次港股上市进 ...

Core Viewpoint - The company reported strong financial performance for the first three quarters of 2025, driven by growth in new consumer businesses and automotive lens segments [4][5]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.362 billion yuan, a year-on-year increase of 18.49%, and a net profit attributable to shareholders of 188 million yuan, up 40.99% year-on-year [4]. - In Q3 2025, the company recorded revenue of 946 million yuan, representing a year-on-year growth of 27.06% and a quarter-on-quarter increase of 18.22% [4]. - The gross profit margin for Q3 2025 was 24.37%, showing a slight year-on-year increase of 0.02 percentage points but a decrease of 0.81 percentage points from the previous quarter [4]. Cost Management - The overall expense ratio for the first three quarters of 2025 decreased to 14.10%, down 2.69 percentage points year-on-year, indicating effective cost management [5]. - The breakdown of expenses for Q3 2025 included sales, management, R&D, and financial expenses at 1.52%, 5.36%, 5.66%, and 1.56% respectively, all showing year-on-year reductions [5]. Industry Outlook - The glass aspheric lens market is experiencing high demand, particularly in applications such as automotive, action cameras, panoramic cameras, drones, and AI glasses [6]. - The company plans to invest 337 million yuan to expand its production capacity for glass aspheric lenses, which is expected to add 28.4 million pieces per year, enhancing its competitive edge [6]. Automotive Optical Business - Since 2021, the company has strategically focused on the automotive optical business, offering products like automotive lenses, HUD optical components, lidar optical components, and smart car lights [7]. - In the first half of 2025, the automotive optical business generated revenue of 164 million yuan, reflecting a year-on-year growth of 37.78%, indicating strong market acceptance [7].

Core Viewpoint - The article discusses the challenges and struggles faced by DJI Automotive in the intelligent driving sector, highlighting the risks of innovation without adequate validation and the consequences of strategic misalignment with partners [4]. Group 1: Initial Collaboration and Challenges - The collaboration between Chery New Energy and DJI Automotive began positively, with Chery recognizing DJI's technology during the iCAR 03 project [5][6]. - However, the project faced significant issues when DJI delivered a new pure vision driving solution that had not undergone rigorous validation, leading to safety concerns such as frequent false braking [6][7]. - The initial trust between the two companies began to erode due to these quality issues, which were deemed unacceptable in the automotive industry [9][10]. Group 2: Customization Dilemmas - The automotive industry has a zero-tolerance policy for basic functionality issues, and Chery's expectations for stability clashed with DJI's approach of rapid iteration and data-driven development [10][11]. - DJI's decision to push a new pure vision solution was influenced by the desire to minimize development costs by avoiding reliance on customized sensors from car manufacturers [12]. Group 3: Strategic Decisions and Market Dynamics - DJI's focus on development costs stemmed from their experience with the Volkswagen MQB platform, which highlighted the importance of scale in the automotive market [14][15]. - The collaboration with Volkswagen was fraught with challenges, as DJI struggled to meet Volkswagen's stringent requirements while also trying to innovate beyond their initial specifications [15][16]. - The shift in focus towards mid-range projects led to a dilution of technical talent and a misalignment with the evolving demands of the market, resulting in a strategic misstep [24][28]. Group 4: Future Prospects and Strategic Alliances - DJI Automotive, now known as Zhaoyu Technology, may need to pivot towards new technological opportunities, particularly in chip development, to regain competitive advantage [30]. - The recent acquisition by FAW (First Automobile Works) presents a potential pathway for Zhaoyu to leverage established automotive assets and enhance its market position [31][32].

事件： 公司发布2025年三季报，前三季度营收63.2亿元，同比+50.1%，归母净利润7.0亿元，同 比+156.0%，扣非归母净利润6.9亿元，同比+126.2%。25Q3营收25.3亿元，同比+44.6%/环比 +24.3%，归母净利润3.0亿元，同比+145.1%/环比+47.3%，扣非归母净利润2.9亿元，同比 +92.9%/环比+42.4%。我们点评如下： 前三季度业绩延续高增长， 25Q3 单季度利润创历史新高。 25 年前三季度营收 63.2 亿元，同比 +50.1% ，归母净利润 7.0 亿元，同比 +156.0% ，扣非归母净利润 6.9 亿元，同比 +126.2% 。 25Q3 营收 25.3 亿元，同比 +44.6%/ 环比 +24.3% ，归母净利润 3.0 亿元，同比 +145.1%/ 环比 +47.3% ，扣非归母净利润 2.9 亿元，同比 +92.9%/ 环比 +42.4% ，净利率 12.0% ，同比 +4.91pct/ 环比 +1.87pct 。营收高增长主要受益于下半年智能手机旺季，叠加汽 车电子、智慧安防业务全面发力带动；同时盈利能力增强，净利润率显著提升。公司费用率总 ...