董晓彬 兴业证券汽车首席: 好的，那个，尊敬的各位机构投资者，大家新年好！我是兴业汽车首席董小斌。那非常感 谢大家今天下午来参加我们春节系列电话会的第五期。那在最后一期的话，主要是想跟各 位领导再汇报一下我们对于整车板块的观点。我们的观点很鲜明，推荐的标的话就两个， 在今年一季度，整车整车推荐的标的就两个，一个是比亚迪，一个的话是江淮。另外如果 再加一个的话，就是江铃汽车，我们一直都是比较看好的。那也跟各位领导分别汇报一下 为什么在现阶段看好这样两个标的。 首先就是从行业的情况来看，就是大家的预期其实已经非常悲观了。一方面就是 1 月份的 这个主要的主机厂的这个产销快讯发布了之后，我们看到可能比大家预预估的还要差一些 股价的话其实也有了一些调整，另外的话就是在乘联会在春节假期前也发布了 1 月份的零 售的数据，下滑百分之十四点几。这个跟大家的体感或者说跟大家预期其实差不多。第二 个的话，其实从板块的持仓上来看，现在整车的持仓应该是历史最低。整个汽车的持仓的 话，现在主要是在零部件和机器人，机器人这边的话应该是占大头。 所以像比亚迪的机构持仓的话。应该也达到了一个历史的一个非常低的位置。所以无论是 行业的产销数 ...

Core Insights - The Chinese automotive industry faced both challenges and opportunities in 2025, with total sales expected to reach 24.4 million vehicles, marking a historical high [1] - Roland Berger's report highlights the transition from price competition to high-quality competition, driven by policy adjustments and market dynamics [3] Group 1: Industry Trends - The report identifies six key transformations in the automotive sector, emphasizing the acceleration of competition and the elimination of weaker players [3][4] - The competition is shifting from price wars to a focus on comprehensive value chain capabilities, including R&D, manufacturing, supply chain, and user operations [4] - The internationalization of the Chinese automotive industry is deepening, with a shift from "product export" to "full value chain output," despite facing structural changes and increased competition [5] Group 2: Technological and Capital Dynamics - Technological leadership is becoming increasingly critical for both vehicle manufacturers and suppliers, influencing product competitiveness and brand positioning [5][6] - The capital race is intensifying, with companies needing to manage cash flow and mergers effectively to survive in a challenging market environment [6] - AI is emerging as a transformative force in the industry, with significant efficiency improvements of 30%-50% reported in certain applications, making 2026 a pivotal year for AI deployment [6][7]

"我们的消费实际上也进入到一个新阶段，汽车行业的消费过去是有没有，现在是千挑万选，认不认可 的问题，消费者在选择上是日趋理性的。"张永伟表示，在这种理性趋势下，企业唯有将资源投向技术 研发与服务优化，才能构建长期竞争力。 2025年以来，汽车行业在规模扩张与盈利承压间持续博弈。数据显示，2025年前11个月国内汽车销量 2478.3万辆，新能源渗透率突破50.3%，但行业利润率仅4.5%，较2017年的7.8%大幅下滑。据中国证券 报记者不完全统计，截至2025年9月，超260款车型官方降价，平均降幅达11.2%。在此背景下，行业如 何规范价格竞争、实现全球化进阶、通过技术突破重塑资本价值，成为汽车行业共同关注的焦点。 "完全靠市场很难解决竞争的过度和无序的问题，长期发展下去就是资源的浪费，实现不了资源优化配 置的目的。"在中国电动汽车百人会论坛（2026）媒体沟通会上，车百会理事长张永伟针对《汽车行业 价格行为合规指南（征求意见稿）》的回应，直指当前汽车行业转型的核心矛盾。 ● 龚梦泽 熊永红 行业向有序竞争回归 "不要替代消费者做选择，那就做过了；不要替代企业做决策定价，那也做过了。"张永伟在回应政策边 ...

新浪科技讯 12月9日下午消息，今日，华为余承东携手问界、智界、享界、尊界、尚界五大品牌掌门人 首次同台。余承东谈及汽车技术创新时表示，我们的巨鲸电池，到现在为止，全世界零燃烧事故。 他透露，智界将会首发鸿蒙智行首款MPV，名为智界V9，"将会是世界上最棒的MPV，9代表我们的旗 舰。"余承东表示，（罗宁） 责任编辑：杨赐 新浪科技讯 12月9日下午消息，今日，华为余承东携手问界、智界、享界、尊界、尚界五大品牌掌门人 首次同台。余承东谈及汽车技术创新时表示，我们的巨鲸电池，到现在为止，全世界零燃烧事故。 他透露，智界将会首发鸿蒙智行首款MPV，名为智界V9，"将会是世界上最棒的MPV，9代表我们的旗 舰。"余承东表示，（罗宁） 责任编辑：杨赐 ...

Core Insights - The influence of Chinese automotive brands in Finland is continuously rising due to their technological innovation, product performance, and price competitiveness [1][2] - Finnish consumers show a high acceptance of new technologies and are increasingly interested in the diversity of products offered by Chinese brands [1] - Key factors for Finnish consumers when purchasing vehicles include charging speed, battery life, and warranty conditions, which align with the strengths of Chinese automotive brands [1] Group 1 - The Finnish automotive market is accelerating its transition to electrification, providing an opportunity for Chinese brands to enhance their market presence [1] - Local media frequently publishes detailed reviews of new Chinese models, which helps to build market recognition and trust among consumers [1] - The CEO of the Finnish Automotive Trade and Repair Central Organization emphasizes the importance of establishing long-term relationships with local importers and dealers while strengthening after-sales service systems [1] Group 2 - There is significant potential for cooperation between China and Finland in the automotive industry, particularly in areas such as charging technology and software development [2] - The Finnish automotive software industry cluster consists of approximately 100 companies, many of which are eager to collaborate with Chinese partners [2] - The Finnish Automotive Trade and Repair Central Organization, established in 1933, has 167 member companies and plays a crucial role in promoting communication and cooperation between the Chinese and Finnish automotive industries [2]

Core Insights - The 2025 Chery Global Innovation Conference, themed "Innovation. Leading the World," showcased Chery's latest achievements in electrification, connectivity, intelligence, and sharing [1] - Chery Group has achieved five historical breakthroughs in sales scale, new energy, exports, brand, and capital markets [1] - As of the end of September, Chery Group has over 17.72 million global users, with more than 5.43 million overseas users [1] - Chery Automobile was listed on the Hong Kong Stock Exchange on September 25 [1] Group 1 - Chery launched a collaborative innovation center and established a strategic alliance with Kaiyang Laboratory to bridge the gap between industry, academia, and research [1] - The conference introduced over 10 globally leading technologies, including the Flying Fish chassis and the Kunpeng Tianqing engine, which has a thermal efficiency of 48%, potentially leading hybrid vehicles into a new era of fuel consumption [1] - Chery currently operates 16 overseas KD factories, 8 major R&D centers, and employs over 30,000 R&D personnel, with plans to establish 26 additional overseas R&D centers in the future [1] Group 2 - The company has initiated over 4,000 Spark projects, building a global technology innovation system to support the Chinese automotive industry in becoming a global leader [1] - Chery aims to usher in a new era of Chinese automotive technology on the global stage [1]

Core Insights - Chery Group's G700 successfully crossed the Yangtze River, marking a historic achievement in the automotive industry as the first mass-produced off-road vehicle to do so [1][3][5] - The event symbolizes a significant milestone for China's automotive industry, showcasing the country's advanced autonomous vehicle technology and breaking the long-standing dominance of Western brands in the luxury off-road segment [3][12] Group 1: Achievement and Significance - The G700's crossing took 22 minutes over a distance of 1480 meters, navigating a river width of approximately 1.2 kilometers with water currents of 5-10 km/h [5] - This achievement is seen as a "battle" for the Chinese automotive industry, representing a new era of mobility that transcends traditional boundaries [3][7] - The G700 is positioned as a new benchmark for luxury off-road SUVs, combining capabilities for land, water, and air environments [8][11] Group 2: Technological Advancements - The G700 features advanced technologies such as an 800V high-voltage silicon carbide propulsion system, a six-axis gyroscope for stability, and IP68 waterproof standards, making it comparable to high-end luxury off-road vehicles [5][11] - The vehicle's design integrates luxury features like a million-level air suspension and high-end audio systems, redefining the off-road experience [11][12] Group 3: Market Impact and Future Prospects - The G700's pre-sale saw over 10,000 orders within 100 hours, indicating strong market interest and potential for significant sales [12] - The global launch of the G700 is set for October 19, 2025, which is expected to further enhance Chery's position in the automotive industry and contribute to the export of China's automotive supply chain [14]

Core Points - The new mandatory national standard for automotive door handles requires each door (excluding the tailgate) to be equipped with a mechanical release function, meaning traditional pull handles must be included alongside electronic options [1] - The criticism of hidden door handles is highlighted, as they can lead to user frustration and safety concerns, especially in adverse weather conditions [1] - The article emphasizes that safety should always be the priority in automotive design, and innovations that compromise safety for aesthetics or marketing gimmicks are not acceptable [2] Industry Insights - The automotive industry is facing scrutiny over design choices that prioritize aesthetics over functionality, such as hidden door handles and touch screens that distract drivers [1][2] - Companies that focus on practical innovations addressing consumer pain points are more likely to gain trust and positive reputation among consumers [2] - The article warns against companies that prioritize flashy marketing over quality and safety, suggesting that such approaches could lead to negative outcomes [2]

Group 1 - The automotive industry is experiencing a surge in the launch of large three-row SUVs in the second half of the year, with notable models including the Leidao L90, NIO ES8, and the newly pre-sold Geely Galaxy M9, among others [1] - Upcoming models such as the Zeekr 9X, Zhiji LS9, Chery Fengyun T11, and Jietu Zongheng G700 are all around 5.2 meters in length, emphasizing spaciousness as a competitive feature [1] - These vehicles are equipped with advanced technologies, exemplified by the Zeekr 9X, which features a 48V active stabilizer, the world's first five-laser radar-assisted driving, hybrid megawatt electric drive, and 6C ultra-fast charging battery [2] Group 2 - The performance of the new flagship model from Zeekr is under scrutiny, particularly in a competitive market filled with various alternatives [4] - The introduction of cutting-edge technology in these vehicles aims to challenge established luxury models like the Cullinan [5]

Core Viewpoint - Xiaomi's SU7 Ultra has set a new record for the fastest production electric vehicle at the Nürburgring, showcasing the technological prowess of the Chinese automotive industry and marking a shift in the global automotive landscape [4][14]. Group 1: Technological Achievements - The Xiaomi SU7 Ultra production version achieved a Nürburgring lap time of 7 minutes and 4.957 seconds, establishing it as the fastest production electric vehicle globally [4][14]. - Eight months prior, the prototype version of the SU7 Ultra recorded a time of 6 minutes and 46.874 seconds, defeating the Porsche Taycan and earning the title of the fastest four-door car at Nürburgring [7]. - The Nürburgring is recognized as a rigorous test for automotive performance, traditionally dominated by European manufacturers like Porsche and Tesla, but Xiaomi has successfully demonstrated its technical capabilities [7][14]. Group 2: Market Positioning - Xiaomi has maintained stable pricing for its vehicles, opting to compete on technology and user experience rather than engaging in price wars, which are prevalent in the Chinese automotive market [8][14]. - The company is positioning itself as a leader in the transition from a price-driven market to one focused on technological advancement and quality [14]. Group 3: Cultural Impact - The inclusion of the Xiaomi SU7 Ultra in the globally renowned racing game "GT7" marks a significant milestone, as it is the first Chinese model to be featured in the game's 28-year history, indicating a breakthrough in automotive culture [11][12]. - The collaboration with "GT7" was initiated by the game's developers, highlighting the recognition of Xiaomi's technological achievements and its representation of Chinese automotive culture [12]. Group 4: Industry Outlook - China is on the verge of becoming a global leader in the automotive industry, with projections indicating that the annual production and sales of new energy vehicles will exceed 12.88 million units in 2024, maintaining its position as the world's largest market for new energy vehicles for ten consecutive years [13]. - To transition from a major automotive nation to a strong one, Chinese automakers must enhance their technological capabilities and brand influence, moving beyond price competition [13][14].