记者丨张明艳 何煦阳 编辑丨吴晓宇 11月20日，由南方财经全媒体集团指导、21世纪经济报道主办，以"破旧立新 决战未来"为主题的"2025新汽车年度盛典"在广州隆重举 办。 2025年，中国汽车产业正站在一个关键的十字路口。 一面是高歌猛进：中国品牌以超过60%的市场份额，实现了从追随者到引领者的蜕变。另一面却是危机暗涌：行业利润持续探底，惨烈 的价格战已触及生存底线。 这"冰火两重天"的境地，迫使每一位玩家都必须直面一个灵魂拷问：当中国汽车驶入存量市场，参与者靠什么活下去？ 破旧立新，已然成为行业突围的必由之路。 在这个重要的历史节点，2025新汽车年度盛典以"破旧立新，决胜未来"为主题，试图在行业迷雾中，围绕用户、技术、生态与战略四大 维度，勾勒出通向最终竞争圈的核心路径。 盛典分别从重构用户价值、多元技术共生、智造赋能产业、攻坚海外市场、迎接全新未来五大篇章，邀请来自车企及供应链企业的嘉 宾，深度剖析汽车产业的破局突围之路，甄选出引领行业发展潮流的优秀案例，并进行案例分享，通过与行业嘉宾的深度互动，解析汽 车行业现状、发展瓶颈及未来趋势，为行业发展提供前瞻性建议。 南方财经全媒体集团副总编辑，21世纪 ...

Core Insights - The Chinese automotive industry is at a critical juncture in 2025, experiencing both rapid growth with domestic brands capturing over 60% market share and facing challenges such as declining profits and intense price wars [2][3] - The theme of the "2025 New Automotive Annual Ceremony" is "Breaking the Old and Establishing the New," focusing on user value, technology, ecosystem, and strategy to navigate the industry's future [3][5] Industry Trends - The automotive sector is transitioning from a growth phase to a competitive landscape, necessitating a shift in strategies to meet user demands and enhance product offerings [10][11] - The integration of AI and advanced technologies is reshaping the automotive experience, with companies emphasizing the importance of user feedback and co-creation in product development [13][14] Technological Innovations - Companies are exploring a dual approach of "software-defined vehicles" and "hardware-locked experiences," with a focus on enhancing user experience through innovative design and technology [6][23] - The rapid iteration of technology requires robust R&D capabilities to ensure safety and reliability in new features, as demonstrated by the significant collision avoidance statistics reported by Li Auto [8] Market Dynamics - The overseas market is becoming increasingly important for Chinese automotive companies, with challenges such as regulatory barriers and cultural differences being addressed through initiatives like NESTA-Global [19] - The emphasis on electric vehicles is clear, with a consensus that pure electric technology will dominate the future, while hybrid and extended-range solutions serve as complementary options [16][17] Notable Achievements - The "2025 New Automotive Annual Ceremony" recognized several companies for their contributions, including Xiaopeng for design, Horizon Robotics for intelligent driving, and AION for manufacturing excellence [24][25]

撰文 | 魏 微 编辑 | 黄 大 路 设计 | 甄 尤 美 "我攻击汽车制造商纯粹是为了好玩。"独立安全研究员伊顿·兹维尔（Eaton Zveare）在2025年8月举行的DEF CON极客大会上说道。 独立安全研究员，一个更广为人知的名字是"白帽黑客"或"道德黑客"。而DEF CON这一被誉为"黑客奥斯卡"的盛会，便是他们的重要舞台。 该会议始于1993年，每年于拉斯维加斯召开，参与者涵盖计算机安全专家、研究员、记者、政府人员及律师，构成了一个极具影响力的多元社 群。 新汽车生态合作，报名中国版CES！ 在2025年的DEF CON大会上，汽车制造商成了参会黑客们的嘲笑对象。用伊顿·兹维尔的话说，"他们（车企）都是规模庞大、历史悠久公司，他 们的基础设施非常庞大……但他们拥有成千上万个子域名，每一个子域名都可能成为（黑客）攻击的目标。" "DEF CON大会"主要涉及的领域包括软件安全、计算机架构、硬件修改和其他容易受到攻击的信息领域。 伊顿·兹维尔在DEF CON主舞台上还展示了他如何利用经销商网站上的脚本创建了一个管理员账户。他能利用该账户访问这家经销商店所有的车主 个人信息和库存信息，还可以解锁车辆 ...

Core Insights - Toyota will extend the sales cycle of its flagship models from an average of 7 years to 9 years, utilizing software updates to maintain product value [1][3] - This shift represents a significant change in the automotive industry's business model, moving away from integrating new features solely in new vehicles [1] - Toyota will still make functional and aesthetic changes to key models while adopting a flexible pricing strategy for wholesale prices based on model and sales conditions [3] Group 1 - The average 9-year sales cycle for Toyota's flagship models is unprecedented, with previous cycles being around 5 years and gradually extending to 7 years [3] - The RAV4 is expected to undergo its first full model change in approximately 7 years, with a release planned for the fiscal year 2025 [3] - Toyota is currently facing a high volume of orders, leading to extended delivery times, which may result in owners having more opportunities to purchase popular models without significant depreciation [3] Group 2 - For models exclusively offered in China, Toyota will maintain development efficiency to adapt to local market conditions [4] - In comparison to other manufacturers, Honda typically changes models every 6-7 years, while Nissan may take nearly 10 years, whereas Tesla updates every 3-5 years and some Chinese manufacturers may do so annually [4]

Core Insights - BMW Group is accelerating the localization of its intelligent driving technology in China, collaborating with local tech company Momenta to develop a new generation of intelligent driving assistance solutions tailored for the Chinese market [1][2] - The new system is set to debut in the domestically produced BMW iX3 model, which is scheduled for production and launch in 2026, and will subsequently be applied to other future BMW models [1] Group 1 - The core technology of the new solution is an AI-driven "perception-planning-control" integrated architecture, aiming to enable vehicles to understand complex road conditions and make decisions similar to human drivers [1] - The project employs a "virtual-real combination" testing approach, utilizing high-frequency virtual simulation tests at BMW's Munich driving simulation center and extensive real-world road testing across major Chinese cities [1] - The testing focuses on validating the system's performance in China's unique high-density traffic and complex conditions, leveraging over a billion kilometers of simulation data [1] Group 2 - This localized driving assistance system is part of BMW's transition towards "software-defined vehicles," integrating intelligent interaction, control, and driving assistance [2] - The new generation models will feature advanced interfaces such as a 3D head-up display and panoramic views, which will work in conjunction with the driving assistance system [2] - BMW's collaboration with Momenta represents an effort to merge global automotive safety engineering standards with cutting-edge AI technology in China, aiming to provide a safe and reliable intelligent driving experience tailored to local consumers [2]

宝马新世代车型象征着进入"软件定义汽车"的新篇章，将重新定义智能驾趣，宝马在驾控和交互领域划时代的自研技术突破与本土智能驾驶辅助方案相 结合，共同构成了宝马在智能驾驶体验领域的优势与护城河。宝马凭借在汽车智能人机交互领域二十余年的深厚积淀，将通过新世代车型搭载的划时代人机 交互为用户呈现安全可靠的智能驾驶辅助体验。BMW新世代超感智能座舱以直观的操作方式，通过全新3D抬头显示、视平线全景显示、超感方向盘和超感 中控四大界面，以及灯光及声音为驾驶者精准提供必要信息。同时，全新车内摄像头可实时监测驾驶员状态。 宝马在开发阶段就综合考虑智能交互、操控和驾驶辅助的协同整体性方案，力求达到智能便利、驾驶乐趣、行车安全三者的完美平衡。宝马自动驾驶和 驾驶辅助的开发理念是智能驱动（Smart）、共驾思维（Symbiotic）、安全为本（Safe）。安全始终是宝马对驾驶辅助技术的第一要求。新一代系统在设计 上融入了宝马20余年来在驾驶辅助领域的安全技术积淀，建立起全方位的安全冗余和风险应对机制，让用户真正体验到"放心敢用"的智能驾驶辅助。 通过与本土科技力量Momenta的强强联合，宝马将汽车安全工程与中国尖端的人工智能技术 ...

Group 1: Industry Standards and Regulations - The "Automotive Data Export Security Assessment Method" group standard has been officially approved and will be implemented immediately, providing clear guidelines for companies to comply with data export regulations [1] Group 2: Market Trends and Performance - The overall automotive market in China showed strong performance in October, with significant growth in the commercial vehicle sector, particularly in trucks and buses [2] - Retail sales of passenger vehicles experienced a decline in October, but manufacturer sales growth remained strong due to exports and inventory increases [2] - The new energy vehicle segment continued to perform well, with structural growth observed in the commercial vehicle market driven by electrification [2] Group 3: Company Developments - GAC Group appointed He Xianqing as the new General Manager and Wang Dan as the Chief Accountant, along with several Vice General Managers [2] - Dongfeng Motor announced a new automotive brand in collaboration with Huawei, set to be unveiled on November 20, 2023, focusing on mid-to-high-end intelligent vehicles [3] - Leap Motor achieved over 500,000 cumulative sales for 2025 ahead of schedule and aims to reach a target of 1 million sales in the coming year [4] - Hongqi announced the pre-sale of its HS6 PHEV model, with prices starting at 178,800 yuan [5] - Chery launched the A9L Glory (four-wheel drive) model with a starting price of 181,900 yuan [6] - GAC High Domain completed a Pre-A round financing of 200 million yuan, bringing total financing for the year to 500 million yuan [7] Group 4: Strategic Partnerships and Innovations - GAC Energy and Alipay signed a strategic cooperation agreement to implement convenient payment features, including a "tap" payment function for charging stations [8][9] Group 5: Investment Plans - Hyundai Motor Group plans to invest over 61 trillion won (approximately 611.1 billion yuan) in South Korea over the next five years, focusing on AI, software-defined vehicles, and robotics [9]

Core Viewpoint - The collaboration between Volkswagen and Rivian marks a significant step in the electric vehicle sector, focusing on developing advanced software architecture and electric vehicle platforms to enhance competitiveness against industry leaders like Tesla [4][16]. Group 1: Collaboration Details - Volkswagen and Rivian's partnership has led to the development of models like the Volkswagen ID.Every1, Audi, and Scout, which are currently in the final stages of winter testing [5][7]. - The joint venture RV Tech aims to integrate Rivian's electric architecture and software capabilities into Volkswagen's future vehicle platforms, with a target to launch the first model in 2027 [16][17]. - Volkswagen has committed to increasing its investment in Rivian from $5 billion to $5.8 billion, demonstrating strong commitment to the partnership [15][16]. Group 2: Investment Conditions - Rivian's access to the full $5.8 billion investment is contingent on meeting specific milestones, including achieving a gross profit of over $50 million for two consecutive quarters in 2025 [18][20]. - If the winter testing in 2026 is successful, Volkswagen will invest an additional $1 billion; otherwise, Rivian may need to secure a loan against its equity in the joint venture [20][21]. Group 3: Market Context and Challenges - Volkswagen's electric vehicle sales in China dropped by 34% in the first half of 2025, highlighting the urgency for strategic partnerships to regain market position [39][40]. - The company faces significant challenges in software development, with its Cariad division struggling to create a competitive technology framework, leading to delays in key electric vehicle launches [43][45]. - The collaboration with Rivian and investment in Xpeng are part of Volkswagen's strategy to leverage external expertise and technology to accelerate its electric vehicle transition [48][50]. Group 4: Future Outlook - The RV Tech joint venture is expected to impact around 30 vehicle projects, potentially covering up to 30 million cars, which could significantly enhance Volkswagen's electric technology capabilities [49]. - The ID Unyx 08, developed in partnership with Xpeng, is set to be a key model featuring advanced AI and high-performance charging capabilities, aiming to meet the demands of the Chinese market [30][32][34].

Core Insights - Wuhan Economic Development Zone is transforming from traditional automotive manufacturing to a focus on new energy and intelligent connected vehicles, showcasing a successful model of high-quality development in the automotive industry [1][10]. Policy Guidance - The development of the "Car Valley" is supported by policies that encourage the transition from traditional fuel vehicles to new energy vehicles, with a significant increase in production capacity and technological innovation [1][4]. - The establishment of the Wuhan Intelligent Automotive Software Park and supportive policies for the intelligent connected vehicle sector highlight the region's commitment to innovation [3]. Production and Growth - In the first nine months of this year, the production of vehicles in Wuhan Economic Development Zone reached nearly 600,000 units, with over 300,000 being new energy vehicles, marking a year-on-year growth of nearly 60% [2]. - The rapid production capabilities of Lantu Automotive, which can produce a vehicle every 63 seconds, reflect the increasing demand and efficiency in the sector [1][2]. Capital Empowerment - Lantu Automotive's application for listing on the Hong Kong Stock Exchange signifies the region's efforts to connect enterprises with capital markets, enhancing financial support for local companies [6]. - The establishment of the Wuhan Car Valley Science and Technology Investment Fund, with a total scale of 1 billion yuan, aims to support hard technology enterprises, indicating a focus on long-term growth and innovation [7]. Industry Ecosystem - The integration of innovation, industry, and supply chains is driving high-quality development in the region, with a focus on creating a comprehensive ecosystem for the automotive industry [8][9]. - The "Changjiang Automotive Chain" platform, which has attracted nearly 30,000 enterprises, aims to enhance collaboration and efficiency within the automotive supply chain [9]. Future Outlook - The Wuhan Economic Development Zone aims to cultivate leading enterprises and enhance the global competitiveness of the "Car Valley" brand, positioning itself as a significant player in the global automotive market [9][10].

Investment Rating - The report maintains a cautious outlook for the semiconductor industry, particularly for FY26, with expectations of moderate revenue growth driven by AI-related business despite macroeconomic challenges [4][12]. Core Insights - Infineon's FY4Q25 revenue reached EUR 3.94 billion, slightly above market expectations, driven by recovery in automotive and industrial segments and growth in AI power solutions [8]. - The company reported a Non-GAAP EPS of EUR 0.34, below consensus estimates, primarily due to unfavorable exchange rates and low capacity utilization [8]. - Infineon anticipates significant growth in its AI datacenter power solutions, projecting FY26 revenue to reach EUR 1.5 billion, nearly doubling from the previous year [9]. - The management expects global AI datacenter power demand to reach 10 GW by 2030, indicating a total addressable market (TAM) of EUR 8-12 billion for AI power electronics [9]. Summary by Sections Financial Performance - FY4Q25 revenue was EUR 3.94 billion, with a QoQ increase of 6% but a YoY decrease of 2% [8]. - For FY25, total revenue was EUR 16.66 billion, reflecting a 2% decline YoY, with an operating margin of 17.5% [8]. - Adjusted free cash flow for FY25 was EUR 1.8 billion, representing 12.3% of revenue [8]. AI Business Outlook - Infineon's AI datacenter power solutions revenue for FY25 was approximately EUR 700 million, nearly tripling YoY [9]. - The company holds a market share of 30-40% in the AI datacenter power delivery chain and aims to maintain its leadership position [9]. - Collaboration with NVIDIA on an 800V centralized power supply architecture is expected to enhance energy efficiency and performance [9]. Market and Industry Trends - The automotive semiconductor market faces challenges from trade tensions and inventory corrections, with expectations of a gradual recovery [4][11]. - Demand in the industrial sector remains subdued, with delays in recovery for automation and household appliances [11]. - Renewable energy installations are expected to slow down after reaching peak levels, but growth in power grid expansion and AI datacenter construction will provide structural demand [11]. Future Projections - For FY1Q26, Infineon expects revenue around EUR 3.6 billion, reflecting a seasonal decline [12]. - The operating margin is projected to be in the mid- to high-teens range [12]. - Management anticipates that AI-related power demand will continue to support structural growth despite macroeconomic pressures [12].