11月21日，第二十三届广州国际汽车展览会（以下简称"2025广州车展"）如期而至。据广州国际车展官方披露，本届车展共有93台全球首发新车，创下历 史新高——过去两年分别为78台和59台。但进一步梳理可见，多数全球首发新车实际为改款车型，且以亮相而非上市为主。 相较于往年节奏，2025年广州车展的新车前瞻来的比过去晚了一些，核心原因一方面在于，众多车企已将旗下重磅新车的发布节点前置，提前于车展前完 成亮相；另一方面，部分车企有意保留参展阵容的神秘感，将关键信息留至最后。 吴迪/摄 例如岚图泰山、小鹏X9增程版、零跑Lafa5等车型，也都悉数避开了车展首日，选择在车展前后举办上市发布会。 具体来看，自主品牌占据本次车展新车主体，且核心竞争力集中于电动化技术与配置下沉。 鸿蒙智行新款享界S9于车展前夕同步完成上市，起售价未变化仍是30.98万起，但顶配车型售价下调了8万元，S9T版本重点优化智能座舱交互逻辑与后置 电机功率，CLTC工况续航提升至700km。 据不完全统计，本届车展上，搭载华为乾崑ADS 4.0的车型超过20款，采用宁德时代电池的有35款。 截至2025年10月底，华为乾崑已和14家车企达成合作， ...

Core Viewpoint - The 2025 Guangzhou International Auto Show serves as a critical indicator for the automotive market, showcasing 93 new car launches with nearly 60% being new energy vehicles, reflecting a shift in focus towards intelligent and electric vehicles [3][12]. Group 1: Event Overview - The 2025 Guangzhou Auto Show features a total of 1,085 vehicles, with a significant presence of new energy cars [3]. - The event appears less vibrant compared to previous years, with notable figures like Lei Jun and Yu Chengdong absent, leading to a quieter atmosphere [3][9]. Group 2: Huawei's Role - Huawei's subsidiary, HiCar, has transitioned from a behind-the-scenes supplier to a prominent player at the show, showcasing multiple cooperative models such as the A800 and the Nissan Teana [5][8]. - HiCar plans to collaborate on over 80 models by 2026, with expectations of more than 20 vehicles featuring advanced driving capabilities in the coming year [8][12]. Group 3: Competition Among Brands - Traditional joint venture brands are actively engaging in the smart vehicle market, partnering with Huawei to enhance their offerings in intelligent driving and cockpit technology [12][14]. - Audi, Nissan, and Toyota are among the brands emphasizing their commitment to smart vehicle technology, with Audi's models set to feature Huawei's driving technology [14][15]. Group 4: Market Trends - The automotive industry in China is entering a critical phase of intelligent transformation, with both foreign and joint venture brands leveraging local suppliers like Huawei and Momenta to boost sales [12][15]. - Volkswagen plans to launch 21 new energy models by 2027, aligning with its strategy to accelerate innovation and manufacturing in China [15].

今年最后一个A级车展已开启。 11月21日，第二十三届广州国际汽车展览会（以下简称"2025广州车展"）如期而至。作为每年最后一个 A级车展，广州车展一直被视为车市"承上启下"的关键节点，是来年车市的风向标。此次广州车展上共 有93款首发新车，展车总数1085辆，其中，新能源车占比接近6成。 对比去年，今年的广州车展，随着雷军、余承东、周鸿祎等流量人物的退场，稍显冷清。曾经被市场视 为明星焦点的小米汽车和鸿蒙智行，被另一家明星供应商华为乾崑取代。十余个汽车品牌的宣传中出现 乾崑智驾或鸿蒙座舱，吸引眼球。 与此同时，合资车企打响智能化反攻战，迭代的合资油车、新出的合资电动汽车齐刷刷联合中国供应商 上新智能座舱、辅助驾驶，积极抢占市场份额。 华为乾崑走向台前 2025广州车展上，鸿蒙智行并没有举办发布会，但华为乾崑在馆内摆起了独立展台，从原本的车企幕后 供应商走向消费者面前。在华为智能汽车解决方案的展台，多款合作车型被展出，比如：昊铂A800、 享界S9、东风日产天籁、阿维塔07、东风猛士M817等。 记者在车展现场观察到，包括东风猛士、阿维塔、一汽红旗等自主品牌展台的宣传中，出现了乾崑智驾 或鸿蒙座舱，同时，广 ...

中国青年报客户端讯（中青报·中青网记者 王京辉）在11月21日开幕的2025年广州车展上，一汽奥迪正 式推出搭载华为乾崑智驾系统的A5L燃油车型。这款新车的上市，标志着传统豪华品牌在智能化转型中 迈出关键一步，也为燃油车的智能化发展提供了新的实践样本。 作为首款搭载华为乾崑智驾系统的奥迪燃油车型，A5L智驾版基于PPC豪华燃油智能平台开发，采用E³ 1.2电子电气架构，通过高性能中央计算平台和车载千兆以太网，实现了对驾驶辅助、动力、底盘等系 统的集中管控。这一技术架构为燃油车的智能化升级提供了基础支撑。 值得注意的是，为了解决传统燃油车在智能化转型中面临的动力响应迟滞问题，奥迪特别引入了VMM 车辆运动管理系统。该系统集成驱动、制动和转向三大系统的控制，能够基于环境感知和驾驶辅助指 令，实现更精准的车辆动态响应。这一技术创新展现了传统车企在保持驾控基因的同时，积极拥抱智能 化的转型思路。 当前，汽车行业普遍存在"智能即电动"的认知倾向，而奥迪与华为的此次合作，则试图打破这一固有观 念。通过将先进的智能驾驶系统搭载于燃油车型，双方展示了"油电同智"的技术可能性。这种合作模 式，不仅为传统燃油车注入了新的生命力， ...

Core Insights - The 2025 Automotive Technology and Equipment Development Forum showcased 22 innovative achievements in four key areas: breakthrough automotive technologies, intelligent manufacturing equipment, intelligent chassis, and intelligent computing chips, highlighting China's core technological breakthroughs and industrial chain upgrades in the smart transformation of the automotive industry [1][7]. Breakthrough Automotive Technologies - Multiple achievements have made systematic breakthroughs, including the development of an end-to-end driver assistance system testing and evaluation technology by the China Automotive Research Institute (Jiangsu), which covers a vast array of scenarios [3]. - NIO Inc. launched SkyOS, China's first full-domain operating system for vehicles, achieving a comprehensive technological breakthrough applied in multiple mass-produced models [3]. - Tianlu Flying Car Technology Co., Ltd. introduced the "Tianlu X," a split-type land-air integrated flying car that complies with road regulations and possesses pure electric vertical take-off and landing capabilities [3]. - Jiushi (Suzhou) Intelligent Technology Co., Ltd. developed an L4-level multi-modal fusion perception autonomous driving system, enabling commercial operations for unmanned delivery across over 300 cities [3]. - Ideal Auto (Beijing Chehejia Information Technology Co., Ltd.) plans to equip all models with laser radar by 2025, enhancing active safety standards for family travel [3]. Intelligent Manufacturing Equipment - Key advancements in detection and production line technologies were made, such as the development of embodied intelligent robot testing equipment by Chongqing Kairui Robot Technology Co., Ltd., serving over 300 enterprises [4]. - Dongfeng Motor Corporation's Mingshi Automotive Technology Company developed online software flashing technology for intelligent connected vehicles, improving production efficiency and software consistency [4]. - China FAW Group Corporation independently developed an intelligent detection equipment system for production lines, integrating AI large models and digital twin technologies for full-process intelligent detection [4]. Intelligent Chassis - Localized and intelligent solutions became core breakthroughs, with Zhejiang Konghui Automotive Technology Co., Ltd. overcoming limitations of single torsional stiffness in active stabilizers, significantly enhancing vehicle stability and comfort [5]. - Dongfeng Motor Group's Mingshi Automotive Technology Company integrated AI and chassis control technologies in the M817 intelligent off-road chassis for all-terrain adaptability [5]. - The China Automotive Engineering Research Institute developed a "human-vehicle-road" closed-loop simulation testing platform for multi-dimensional verification of intelligent chassis from components to complete vehicles [5]. Intelligent Computing Chips - Domestic high-performance computing chips have achieved multi-scenario applications, such as the Huashan A1000 chip from Hezhima Intelligent Technology Co., Ltd., which supports L2+ level driver assistance functions [6]. - Suzhou Guoxin Technology Co., Ltd. innovatively integrated NPU and quantum-safe modules in the CCFC3009PT chip for comprehensive intelligent upgrades [6]. - Beijing Huixi Intelligent Information Technology Co., Ltd. launched the R1 chip, filling the gap in the domestic high-performance combined driver assistance chip market [6]. - Shanghai Weijing Technology Co., Ltd. introduced the VS919 series integrated control chip, breaking traditional external MCU designs for multi-scenario intelligent driving applications [6]. Summary of Innovations - The innovative achievements presented this year demonstrate significant progress in key technological areas within China's automotive industry, paving the way for a smarter, safer, and more efficient future, and establishing a solid foundation for China's continued leadership in global automotive competition [7][8].

Core Viewpoint - The automotive parts industry in A-shares is experiencing positive growth, driven by the recovery of the global automotive market and the increasing popularity of new energy vehicles, with over 60% of listed companies reporting a year-on-year increase in net profit for the first three quarters of 2025 [1] Group 1: Industry Performance - As of the latest reports, 129 listed companies in the automotive parts sector have disclosed their Q3 results, with 80 companies showing a year-on-year increase in net profit [1] - Companies such as Zhejiang Jingu Co., Ltd. and Fuyao Glass Industry Group Co., Ltd. reported both revenue and net profit growth in the first three quarters of this year, with 8 companies achieving a net profit growth rate exceeding 100% [1] - The demand for new energy vehicles is a key factor driving the positive performance of automotive parts companies, with significant increases in orders and revenue reported by companies like Jiangsu Bojun Industrial Technology Co., Ltd. [2] Group 2: Technological Transformation - The industry's shift towards intelligent transformation is contributing to new growth, as seen in Zhejiang Shibao Co., Ltd., which reported a 35.44% year-on-year increase in revenue, benefiting from trends in electrification and globalization [3] Group 3: Expansion into Robotics - Automotive parts companies are increasingly focusing on emerging fields such as robotics, with several companies entering strategic partnerships to develop robotic components for various applications [4] - Zhejiang Rongtai Electric Equipment Co., Ltd. has made significant investments in humanoid robotics, acquiring stakes in companies to enhance its capabilities in precision transmission and intelligent equipment [4] - The move into robotics is seen as a way to reduce dependence on the automotive sector and mitigate industry cycle risks, while also providing opportunities for growth and transformation [5]

Group 1 - Chery Automobile's chairman, Yin Tongyue, stated that by 2025, overseas market revenue will surpass domestic contributions, reflecting the company's commitment to global expansion and governance improvement [1] - Chery's strategy aims to enhance its attractiveness in international capital markets and strengthen investor confidence in its governance structure, with nearly half of its revenue already coming from overseas [1] - This move is expected to accelerate the globalization of the automotive supply chain, benefiting related sectors such as components and logistics, and aligns with the broader trend of Chinese manufacturing globalization [1] Group 2 - ZF's new brake system factory in Wuhan has officially commenced operations, expanding the production capacity for electronic parking brakes (EPB) [2] - The factory plans to introduce next-generation electromechanical brake (EMB) production lines, which are crucial for line control braking systems, indicating ZF's strategic focus on the Chinese electric vehicle supply chain [2] - This development is likely to enhance ZF's market position in core components for intelligent driving and attract investor interest in its technological advancements [2] Group 3 - Ledo Automotive has delivered its 100,000th vehicle, marking a significant milestone for the young electric vehicle brand [3] - The achievement is seen as a foundation for future growth and may enhance market recognition of Ledo's brand potential, supporting future financing efforts [3] - This event highlights ongoing structural growth opportunities in China's electric vehicle market, sustaining investor enthusiasm for the automotive supply chain [3] Group 4 - Porsche announced the appointment of Michael Leiters as the new CEO, effective January 1, 2026, replacing Oliver Blume, who will continue as CEO of Volkswagen Group [4] - The leadership change raises concerns about strategic continuity, but Blume's focus on top-level management may enhance overall group synergy [4] - Michael Leiters' experience in the supercar sector is expected to bring new technical perspectives to Porsche's electrification efforts, potentially influencing the luxury car segment's management practices [4]

Group 1 - Chery Automobile's chairman, Yin Tongyue, stated that by 2025, the company's revenue from overseas markets will surpass that from domestic markets, reflecting a strategic shift towards global capital market integration and governance enhancement [1] - Chery's global revenue contribution nearing 50% indicates a significant international expansion, which may accelerate the globalization of the automotive supply chain and enhance the competitiveness of Chinese manufacturing [1] Group 2 - ZF's new brake system factory in Wuhan has officially commenced operations, expanding the production capacity for electronic parking brakes (EPB) and planning to introduce next-generation electromechanical brake (EMB) production lines [2] - The establishment of the new factory underscores ZF's commitment to the Chinese electric vehicle supply chain, enhancing its market position in smart driving components and fostering technological upgrades within the local supply chain [2] Group 3 - Ledo Automotive has delivered its 100,000th vehicle, marking a significant milestone for the young electric vehicle brand, which aims to continue its growth trajectory in the competitive market [3] - This achievement is expected to bolster market confidence in Ledo's growth potential and maintain investor interest in the structural growth opportunities within China's electric vehicle sector [3] Group 4 - Porsche announced the appointment of Michael Leiters as the new CEO, effective January 1, 2026, succeeding Oliver Blume, who will continue as CEO of the Volkswagen Group until the end of 2030 [4] - The leadership change raises concerns about strategic continuity, while Leiters' experience in the supercar sector may provide new insights for Porsche's electrification efforts, potentially influencing management practices across luxury automotive brands [4]

Core Viewpoint - The upcoming listing of Botai Che Lian (2889.HK) on the Hong Kong Stock Exchange on September 30, 2025, signifies a critical transition from a technology leader to a public company, enhancing its capital market recognition and enabling accelerated product development and global expansion [2] Industry Insights - The Chinese smart cockpit solutions industry is entering a golden decade, with market size projected to reach 129 billion yuan in 2024 and 299.5 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of 18.4% [4] - The penetration rate of domain controllers, a core component, is expected to rise from 13.7% in 2020 to 44.1% in 2024, and surpass 90% by 2029, indicating a shift from fragmented competition to concentrated leadership [4] Company Strengths - Botai Che Lian leads the industry in registered invention patents and has been recognized as a "National Enterprise Technology Center" by multiple government bodies [5] - The company has established a unique position in the "Hongmeng ecosystem" and is one of the few suppliers offering solutions based on the Kirin 9610A processor and Hongmeng operating system [6] Market Position - Botai Che Lian's solutions are adopted by three of the top five OEMs in China, with a significant presence in the high-end market, particularly with the Snapdragon 8295 chip [7] - The company's revenue grew from 1.218 billion yuan in 2022 to 2.557 billion yuan in 2024, representing a CAGR of 44.9%, with domain controllers driving substantial revenue growth [7] Valuation Potential - The company is set to list at a price of 102.23 HKD per share, with a total market capitalization of 15.334 billion HKD, reflecting a reasonable increase from its previous D-round valuation [8] - The initial public offering (IPO) has garnered significant interest, with a subscription multiple of 3.77 times on the first day, indicating strong market enthusiasm [8] Policy Support - Botai Che Lian benefits from national policies supporting the smart connected vehicle industry, including the "14th Five-Year Plan" and various local initiatives [9] Investment Logic - Investing in Botai Che Lian represents a bet on the future of automotive intelligence transformation in China, supported by its comprehensive capabilities, strong customer validation, global expansion, and the industry's growth potential [11] - The company's improving gross margin and revenue scale are expected to enhance profitability and valuation, providing long-term value growth opportunities for investors [12]

Group 1: Automotive Industry Inventory and Sales - As of the end of August 2025, the national passenger car inventory in China is 3.16 million units, a decrease of 130,000 units from the previous month, with a 42-day sales support based on current inventory levels [1] - The inventory pressure has significantly decreased compared to August 2023, where the sales support was 52 days, indicating a more rational production control by manufacturers from May to August [1] Group 2: Strategic Partnerships - Changan Automobile and China Guoxin signed a strategic cooperation agreement to deepen collaboration in investment, business cultivation, and promote technological and industrial innovation [2] - The partnership aims to enhance the quality development of the Chinese automotive industry [2] Group 3: New Product Launches and Developments - Huawei and GAC Toyota's collaboration will upgrade to a full-stack solution, with plans to launch three new vehicles within two years, including models equipped with advanced driving and cockpit technologies [4] - The Enjoy S9T has been officially launched with prices starting at 309,800 yuan, featuring advanced technology and significant range capabilities [11] - BYD has unveiled the e-Bus platform 3.0, which includes a 1000V high-voltage architecture and aims to accelerate the electrification of public transport [11] Group 4: IPO and Valuation - Chery Automobile plans to open its IPO subscription on September 17, targeting a valuation of 140 billion HKD [6]