证券日报网讯12月29日，山推股份（000680）在互动平台回答投资者提问时表示，公司近年来建立正向 研发体系，并一直保持4%左右的研发投入强度，在保证研发投入的基础上，提高研发效率，研发人员 占比行业领先。今年以来，公司推出了1000马力的混动大马力推土机，持续巩固行业内技术优势。 ...

小米和仰望，就先后在 纽北 刷新了圈速纪录。除了证明自身实力以外，也让纽北在国内成功破圈，让大家意识到这条"绿色地狱"赛道对汽车行业发展的意 义。 最近，又有一家中国品牌大举入局赛车领域，就是奇瑞旗下的高端品牌—— 星途。 不过，星途并没有像小米和仰望一样死磕圈速，而是选择了参加 勒芒24小时耐力赛 。 12月13日，星途与勒芒的主办方ACO，正式在马来西亚吉隆坡签署战略合作协议。 关注 「电动车公社」 和我们一起重新思考汽车 大家好，我是电动车公社的社长。 经常关注车圈的朋友应该已经感受到了，最近几年不少国产品牌，都在朝着 赛车 领域发起冲击。 到了12月22日的星途品牌之夜活动上，星途也正式发布了 "EXEED勒芒计划" 。 这一计划，将分为三个阶段执行： 第一阶段（2026年） 启动"星途统规赛"，与勒芒主办方联手 在奇瑞总部所在地芜湖打造勒芒认证赛道 ，推动勒芒在中国落地，同时开始在中国本土选拔和 培养赛事人才，积累技术和经验； 第二阶段（2027年） 加入亚洲勒芒系列赛（ALMS），在区域顶级赛场进一步锤炼技术团队与赛车性能； 第三阶段（2028年） 将正式组建 "星途勒芒车队" ，目标是杀入勒芒2 ...

在当下多元化的用车场景中，皮卡早已不再是单一的工具车形象。用户期待它既能承载生 计，也能拓展生活；既能穿梭于城市，也能驰骋于荒野。然而，传统燃油皮卡高油耗、高噪 音、低舒适性的短板，以及纯电皮卡续航与补能的不便，依然困扰着许多潜在用户。 正是在这样的背景下，江淮悍途PHEV以全球首款"千扭电混皮卡"的身份登场，试图以"一步 到位"的解决方案，打破皮卡使用的边界。近日，第一商用车网受邀参加了一场江淮悍途 PHEV线下试驾，这也是继成都车展上市之后，笔者首次开上这款号称"千扭混动皮卡"，具体 感受如何，请容我细细道来。 "相比纯油车，其有着更强的动力性能；相较于纯电皮卡，其经济性与舒适表现也不遑多 让。" 这是初次体验悍途PHEV给我的第一印象，也是其最大的亮点。因为搭载了H-Power悍行超 级电混架构，所以，它可以在多重驱动方式中自如切换，给予驾乘者更丰富的体验。具体来 说，这套系统以2.0T GDI混动专用发动机为核心，配合前桥P2.5电机与后桥P4电机，组 成"三源动力"结构，并搭载行业首创的4DHT解耦式电混变速箱。 在实际驾驶中，这套系统可根据路况智能切换纯电、增程、直驱、油电并驱等模式。当我们 驾驶 ...

Summary of Chery Automobile Conference Call Company Overview - Chery Automobile has entered a growth phase since 2022, significantly increasing its market share due to technological advancements such as Kunpeng Power and Mars Architecture, as well as export growth [2][4] Core Industry Insights - Chery maintains a dual development strategy for traditional fuel vehicles and new energy vehicles, with steady market share growth in the domestic market [2][4] - Strong sales performance from models like the Tiggo 8 series and Arrizo 7 contribute significantly to revenue [2][4] - The company has expanded its overseas market presence, achieving over 1 million units sold abroad, with Europe, Southeast Asia, and Latin America as key focus areas, particularly strong performance in the Brazilian market [2][4][6] Technological Advancements - Chery has a notable advantage in engine technology, with the Kunpeng engine achieving a thermal efficiency of 48%, placing it at a global leading level, enhancing competitiveness in fuel and hybrid vehicle segments [2][5] - The company is progressing in the smart technology sector through a 2.0 strategic partnership with Huawei, gradually applying Huawei's Intelligent Driving 4.0 solutions to its Zhijie platform, resulting in increased sales of updated Zhijie models [2][5] Future Development Strategy - Chery plans to integrate domestic operations and strengthen brand collaboration, focusing on the Fengyun and Tiggo brands for new energy transformation, with the Fengyun series targeting the Geely Galaxy [6] - The company aims to launch multiple new models based on CCDM 6.0, including the Fengyun T11 and upgraded T9L, while continuing to focus on the Arrizo and Tiggo product lines in the fuel vehicle sector [6] - The overseas market remains a crucial growth point, with plans to achieve a production capacity of 50,000 units in Europe by 2027 and 150,000 units by 2029 [6] Financial Projections and Investment Recommendations - Chery is projected to achieve a net profit of approximately 18 billion RMB in 2025, potentially reaching around 20 billion RMB in 2026, with a current valuation of about 10 times earnings [3][7] - Despite a weak beta in the overall automotive industry, the expected stable growth in overseas business and continuous iteration of the Fengyun brand, along with the potential success of the Zhijie MPV, could drive further valuation increases [7]

依托长期技术积累，奇瑞明确了混动产品的规模化落地路径。根据规划，2025年奇瑞将推出39款混动产 品，加速推动高性能混动技术的普及。同时，凭借"节能与性能兼顾"的产品特性，多款混动车型在海外 市场持续获得认可，出口表现亮眼，不断刷新销售纪录。数据显示，2025年1-7月份，奇瑞累计出口汽 车669,360辆，继续保持中国车企出口第一，平均每27秒就有一辆"奇瑞造"走向海外。 当前，中国新能源汽车市场电动化转型深化，混动车型因兼顾节能与使用便利性，成为衔接燃油与纯电 的关键赛道，市场竞争日趋激烈。在此格局下，如何突破现有技术瓶颈、满足用户升级需求，成为车企 亟待解决的课题。奇瑞汽车股份有限公司执行副总裁李学用表示，对当下新能源市场的开拓来说，市场 格局越是风云变幻，就越要志向弥坚，继续拼搏。 随着混动车型市场渗透率持续提升，用户基盘从早期技术尝鲜群体逐步扩展至家庭用户、长途通勤者等 大众群体，对产品的需求也从"解决续航焦虑"转向"兼顾全场景体验"。在此过程中，现有混动技术和产 品的弊端也逐步显露——部分车型为追求低油耗，牺牲了加速性能与驾驶平顺性，难以满足中国消费者 对"全能出行"的期待。"混动车型不应该为了节 ...

Core Insights - The 2025 Guangzhou International Auto Show highlights significant changes in the Chinese automotive market, particularly in the areas of electric vehicles (EVs), competition among brands, and technological advancements [2] Group 1: Changes in Market Dynamics - The proportion of new energy vehicles (NEVs) at the auto show increased from 43.7% to 58%, indicating a shift towards electric vehicles as the majority [3] - In the first ten months of 2025, the domestic passenger car market saw a total sales volume of 19.256 million units, a year-on-year increase of 8.0%, with NEVs selling 10.15 million units, up 21.9% [6] - The penetration rate of NEVs reached 40.9% in 2024, with October 2025 marking the first month where the penetration rate exceeded 50% [6] Group 2: Absence of Foreign Brands - Over ten mainstream foreign brands were absent from the auto show, reflecting a decline in their market share and competitiveness in the face of rising domestic brands [7] - Import car sales dropped by 32% in the first nine months of 2025, with total imports expected to be only 700,000 units for the year, a 12% decrease [8] Group 3: Rise of Domestic Brands and New Players - Domestic brands and new entrants like BYD and Leap Motor are gaining significant market share, with Leap Motor's sales increasing by 105.3% year-on-year [9][13] - Huawei has established itself as a key player in the automotive sector, with over 100,000 units sold in collaboration with various car manufacturers [12] Group 4: Technological Advancements and Consumer Trends - The competition among new energy vehicles has intensified, with advanced driving technologies becoming more accessible to consumers, as seen in the pricing of high-end features [16] - Hybrid technology is gaining traction as a practical choice for many brands, reflecting a shift in consumer preferences towards cost-effective and advanced technology [16]

Core Insights - FAW Toyota has launched its IT'S TiME 3.0 technology brand, focusing on rapid enhancement of intelligence in its vehicles, aiming to catch up in the smart driving and cockpit sectors [2][5] - The company has introduced three new models: the new intelligent hybrid Corolla, the new bZ3 smart family car, and the new RAV4, which cover fuel, hybrid, and pure electric powertrains [4] Group 1: Technology and Innovation - The IT'S TiME 3.0 technology upgrade emphasizes smart driving and cockpit enhancements, with the Toyota Pilot smart driving assistance system utilizing a dual approach of in-house development and open collaboration [2][5] - FAW Toyota's collaboration with Momenta aims to develop localized smart driving solutions tailored for complex Chinese road conditions, leveraging 33 high-precision perception hardware and 544 TOPS computing power [2][3] Group 2: Product Features and Performance - The new RAV4 offers three power options: 2.0L intelligent hybrid, 2.5L intelligent hybrid, and 2.0L gasoline version, with the intelligent hybrid model achieving a fuel consumption as low as 3.99 liters per 100 kilometers [3][4] - The new intelligent hybrid Corolla has been lengthened by 75 mm and has a wheelbase extended by 50 mm to enhance passenger space, with a fuel consumption of 4.13 liters per 100 kilometers for the 1.8L HEV version [4] Group 3: Market Strategy - FAW Toyota's strategy reflects a response to the competitive landscape, where joint ventures are no longer passive but actively pursuing technological advancements through partnerships and in-house development [5] - The introduction of the IT'S TiME 3.0 brand and the new models signifies a pragmatic approach to balancing traditional strengths with emerging market demands during the transition to electrification [4][5]

Core Insights - The article discusses the advancements in China's automotive engine technology, highlighting the shift from reliance on foreign technology to achieving self-sufficiency and innovation in engine manufacturing [4][5][6][8]. Group 1: Engine Development - The performance of the engine, referred to as the "heart" of the automobile, directly influences a vehicle's power, energy consumption, and reliability [4]. - Great Wall Motors has made significant strides in developing advanced engines over the past 25 years, transitioning from imitation to innovation [5][6]. - The company has established a comprehensive engine platform covering various displacement ranges, including gasoline and diesel engines, which are used in both its own and other brands' vehicles [7]. Group 2: Technological Breakthroughs - Great Wall Motors has successfully developed several cutting-edge technologies, including the Miller cycle and high-pressure injection systems, which have allowed it to reduce dependency on foreign engine suppliers [6][7]. - The company is now focusing on overcoming the technical barriers associated with large displacement engines, with a recent launch of a 4.0T V8 engine that boasts over 90% of its components developed in-house [8]. Group 3: Market Trends and Future Directions - The market is shifting towards a combination of internal combustion engines and electric vehicles, as the automotive ecosystem evolves towards high-quality development [8]. - The article emphasizes the importance of understanding diverse global markets, as different regions have varying regulations and infrastructure that affect the adoption of electric vehicles [8]. Group 4: Hybrid Technology - Geely has developed a hybrid engine with a thermal efficiency of 46.5%, which is set to improve to 47.26% by 2025, showcasing the company's commitment to maintaining core technology in-house [10][12]. - The integration of AI in Geely's hybrid systems allows for optimized performance and efficiency, enhancing user experience by reducing fuel consumption [12]. Group 5: Electric Motor Development - Fangzheng Electric has transitioned from sewing machine motors to becoming a leading supplier of electric motors for new energy vehicles, emphasizing the higher technical requirements in this sector [14][15]. - The company has improved electric motor efficiency from 93% to 98%, significantly impacting cost savings for manufacturers and enhancing consumer confidence in electric vehicle range [15][16]. Group 6: Industry Challenges - The rapid pace of technological iteration in the automotive industry necessitates accelerated research and development to meet consumer expectations for quality and performance [16]. - The article highlights the importance of reliability and safety in automotive drive systems, which are critical for gaining market trust [16].

Core Insights - The competition in China's luxury electric vehicle market, particularly the "9 series," is intensifying with various brands vying for dominance through innovative strategies and technology [1][10] - New entrants like Leapmotor D19, Lantu Taisan, and Zhiji LS9 are redefining the flagship segment by focusing on core technologies rather than merely enhancing specifications [1][10] Technical Pathways - Leapmotor adopts a "counter-consensus" approach by using a pure electric mindset for range extension, featuring an 80.3 kWh battery with a pure electric range of 500 km and a smaller fuel tank [2][3] - Zhiji LS9 emphasizes a "star super range" concept with a 66 kWh battery, claiming a comprehensive electric experience for 1500 km, while maintaining low energy consumption [3][4] - Lantu Taisan combines a 1.5T engine with dual motors in an 800V hybrid system, achieving a pure electric range of 370 km and a total range exceeding 1400 km [3][4] Cost Control and Pricing Strategies - Zhiji LS9 is priced between 322,800 to 352,800 yuan, strategically avoiding direct competition with other models while leveraging SAIC's supply chain advantages [6][9] - Leapmotor emphasizes "conscientious pricing" by focusing on high-quality suppliers for critical components while self-developing other parts to optimize costs [6][7] - Lantu aims for aggressive pricing through localized manufacturing, enhancing cost advantages and ensuring supply chain security [7][8] Brand System Competition - The competition among flagship models extends beyond product features to brand system capabilities, with Lantu achieving significant sales growth through user engagement and feedback mechanisms [9][10] - Zhiji focuses on long-term brand recognition through technological differentiation, while Leapmotor employs a "dimensional attack" strategy to penetrate the high-end market [9][10] - The entry of Leapmotor D19, Zhiji LS9, and Lantu Taisan signifies a more complex competitive landscape, where technology, pricing, and brand systems play crucial roles in determining market success [10]

Core Insights - The "9 series" in China's new energy vehicle market has evolved into a symbol of luxury flagship models, with intense competition among brands like Li Auto, AITO, Zeekr, Leap Motor, and Lantu [1] - New entrants are adopting disruptive strategies to challenge established players, focusing on core technologies rather than merely competing on specifications [1] Technical Pathways - Different brands are pursuing distinct technical solutions for hybrid systems, with Leap Motor opting for a "counter-consensus" approach by using a pure electric mindset for range extension, featuring an 80.3 kWh battery and a 500 km electric range [2][3] - AITO's LS9 emphasizes a "star super range" concept with a 66 kWh battery, aiming for a seamless electric driving experience even in low battery conditions, achieving a fuel consumption of 2.81 L/100 km [3] - Lantu's Taishan adopts a hybrid approach with an 800V intelligent super hybrid system, combining a 1.5T engine and dual motors, achieving a pure electric range of 370 km and a total range exceeding 1400 km [3] Differentiated Strategies - Leap Motor focuses on maximizing electric usage for user experience, while AITO emphasizes a balanced approach between technology compatibility and user experience [4] - AITO's LS9 features advanced technologies like a digital chassis for improved maneuverability, while Lantu collaborates with tech giants for enhanced product competitiveness [4] Cost Control and Pricing Strategies - Cost control is crucial for pricing flexibility in the luxury car market, with AITO LS9 priced between 322,800 to 352,800 yuan, strategically avoiding direct competition with other models [6] - Leap Motor emphasizes "conscientious pricing" and self-research for core components, aiming to keep costs low while ensuring safety and reliability [6][7] - Lantu aims for aggressive pricing strategies through local manufacturing and deep supply chain integration, enhancing cost advantages [7] Brand System Competition - The competition among flagship models extends beyond product features to brand system capabilities, with Lantu achieving significant sales growth attributed to technology self-research and user engagement [9] - AITO leverages its technological strengths to create a differentiated brand perception, while Leap Motor adopts a "downward attack" strategy to build brand recognition [9][10] - The entry of Leap Motor D19, AITO LS9, and Lantu Taishan signifies a more complex competitive landscape in the luxury vehicle segment, where technology, pricing, and brand systems play critical roles [10]