未经许可，不得转载或者引用。 投资要点 本周细分板块涨跌幅排序： 本周细分板块涨跌幅排序： SW摩托车及其他(1.1%) SW商用载客车(0.9%) >SW汽车零部件 (0.3%) >SW汽车（-0.1%） >SW乘用车（-1.4%) >SＷ商用载货车(-1.7%) 。本周已覆盖标的 经 纬恒润-W、亚太股份、均胜电子、德赛西威、北汽蓝谷 涨幅前五。 本周团队研究成果： 外发2026汽车策略报告、敏实集团首次覆盖报告、11月深圳试驾报告、重卡月报。 本周行业核心变化： 1） 12月15日长安汽车旗下深蓝汽车产品获批搭载L3级自动驾驶功能的智能网联汽车产品准入 许可，北汽新能源旗下极狐阿尔法S（L3版）正式获批自动驾驶车型产品准入许可； 2） 沙特 红海全球集团、SIXT公司采购的近200辆宇通纯电动客车，其中首批90辆已在沙特红海地区正 式投运； 3） 12月16日，小鹏汽车已在广州市获得L3级自动驾驶道路测试牌照，允许小鹏汽车在广州市 指定高快速路段开展L3级有条件自动驾驶测试。 Q4重视AI智能车投资机会 本周汽车行业表现如何？ 本周SW汽车跑赢大盘，子行业中摩托车及其他表现最佳。核心变化：1） 12月1 ...

Investment Highlights - The automotive sector has shown positive performance this week, with the SW motorcycle and other segments leading with a gain of 1.7% [4][13] - The top five stocks covered this week include Chunfeng Power, Xusheng Group, Great Wall Motors, Hengshuai Co., and Desay SV [4][13] Industry Core Changes - On December 12, 2025, the State Administration for Market Regulation released the "Guidelines for Compliance with Pricing Behavior in the Automotive Industry (Draft for Comments)" [6][13] - The Central Economic Work Conference was held to optimize the implementation of the "Two New" policies [6][13] - Longxin General announced a partnership with Zhiyuan Robotics, focusing on industrial manufacturing and intelligent mobility, aiming to accelerate the development of L2 and L3 product lines [6][13] - Hezhima Intelligent and Yuanrong Qixing have reached a deep cooperation agreement to promote the mass production of advanced driver assistance technologies [6][13] - WeRide and Uber announced a partnership with the Dubai Roads and Transport Authority (RTA) to officially launch Robotaxi services through the Uber app in Dubai [6][13] Current Automotive Sector Configuration - The automotive industry is perceived to be at a new crossroads, with the electric vehicle (EV) boom nearing its end and the intelligent vehicle sector entering a phase of innovation [9][14] - Three main investment opportunities are identified: - **AI Intelligent Vehicle Main Line**: Focus on Robotaxi and Robovan, with key players including Tesla, Xiaopeng Motors, and Horizon Robotics [9][14] - **Upstream Supply Chain Key Stocks**: Include B-end vehicle OEMs like BAIC Blue Valley and GAC Group, as well as core suppliers in testing, chips, and sensors [9][14] - **AI Robotics Main Line**: Focus on selected components from companies like Top Group and Junsheng Electronics [9][14] Market Performance Overview - The automotive sector ranked 9th in A-shares and 14th in Hong Kong this week, with motorcycles and other segments performing the best [18][21] - The overall automotive sector has shown stability, with the SW motorcycle and other segments leading in performance [21][28]

证券研究报告 汽车周观点： 重申汽车行业价格行为监管，继续看好汽车板块 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年12月15日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2025.12.8-2025.12.14 2 ◼ 本周细分板块涨跌幅排序：SＷ摩托车及其他(+1.7%) >SW商用载客车（+1.4%） >SW汽车(+0.2%) =SW乘用车(+0.2%) > SW商用载货车(-0.3%) 。本周已覆盖标的 春风动力、旭升集团、长城汽车、恒帅股份、德赛西威涨幅前五。 （ ◼ 本周团队研究成果：外发零部件、智能化、商用车2026年策略报告。 ◼ 本周行业核心变化：1） 2025年12月12日国家市场监督管理总局发布《汽车行业价 格行为合规指南（征求意见稿）》 ；2）中央经济工作会议召开，优化"两新"政策 实施；3）隆鑫通用公告与智元机器人合作，双方重点聚焦工业制造、智能出行两大 核心赛道，建设L2级、L3级产品产线，加快研发更适合于摩托车和通机制造场景的 "具身智能装备"和"具身智能产品"；4 ...

Investment Highlights - This week, the automotive sector outperformed the market, with the commercial passenger vehicle segment showing the best performance at 4.5% increase [4][12][13] - Key stocks that performed well this week include China National Heavy Duty Truck Group H, Xinquan Co., Top Group, Xingyu Co., and Huguang Co. [4][12][27] Research Outcomes - The team released an in-depth report on Xiaopeng Motors and a sales review for Yutong Bus for November [5][12] Industry Changes - Cao Cao Mobility held a strategic upgrade conference for Robotaxi, proposing a "Ten Years, Hundred Cities, Hundred Billion" strategy and launched the first future urban transportation hub, the "Green Intelligent Passage Island" [6][12][13] - Top Group is advancing its H-share listing [6][12][13] - Desay SV plans to establish Huizhou Chuanxing Zhiyuan Technology Co., Ltd. to develop Robovan business [6][12][13] - WeRide's end-to-end ADAS solution won the China Smart Driving Competition [6][12][13] Current Automotive Sector Configuration - The automotive industry is entering a new crossroads, with the end of the electric vehicle (EV) dividend and the dawn of automotive intelligence. Three main investment opportunities are emerging during this transition phase [8][14] - **AI Intelligent Vehicle Main Line**: Focus on Robotaxi/van and C-end vehicles. Key targets include: - **Robotaxi Perspective**: Integrated models like Tesla, Xiaopeng Motors, and Qianli Technology; technology providers and operational sharing models like Horizon Robotics and Baidu; transformation of ride-hailing/taxi services like Cao Cao Mobility [8][14] - **Robovan Perspective**: Desay SV and others [8][14] - **C-end Vehicle Sales Perspective**: Whole vehicles from Xiaopeng Motors, Li Auto, Huawei, Xiaomi, etc. [8][14] - **Upstream Supply Chain Key Targets**: B-end vehicle manufacturing like BAIC Blue Valley, GAC Group, SAIC Group; core suppliers in testing, chips, domain controllers, sensors, and more [8][14] AI Robotics Main Line - Focus on selected components such as Top Group, Junsheng Electronics, Xinquan Co., and others [8][14] Dividend & Good Pattern Main Line - Focus on passenger vehicles (Yutong Bus), heavy trucks (China National Heavy Duty Truck A-H, Weichai Power), and two-wheelers (Chunfeng Power, Longxin General) [9][14]

证券研究报告 汽车周观点： 曹操出行Robotaxi战略升级，继续看好汽车板块 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年12月7日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2025.12.1-2025.12.7 2 ◼ 本周细分板块涨跌幅排序：SW商用载客车(4.5%) >SW汽车零部件(1.8%) >SW汽车 （1.4%） >SＷ商用载货车(0.5%) >SW乘用车（0.2%) 。本周已覆盖标的中国重汽 H、新泉股份、拓普集团、星宇股份、沪光股份涨幅前五。 （ ◼ 本周团队研究成果：外发小鹏汽车深度报告，外发宇通客车11月销量点评。 ◼ 本周行业核心变化：1）曹操出行举行Robotaxi战略升级发布会，提出"十年百城千 亿"战略目标，并发布首个未来城市交通枢纽"绿色智能通行岛"；2）拓普集团正 推进H股上市；3）德赛西威拟成立惠州市川行致远科技有限公司开展Robovan业务； 4）文远知行一段式端到端ADAS方案问鼎中国智驾大赛。 板块最新观点 3 ◼ Q4重视AI智能车投资机会 ◼ 本 ...

Investment Highlights - This week, the automotive sector outperformed the market, with the best-performing sub-sector being commercial vehicles, which rose by 3.0% [4][14] - The top five stocks covered this week include GAC Group, Ruima Precision, King Long Automobile, Leap Motor, and Daimay [4][13] Key Industry Changes - Xiaoma Zhixing reported Q3 earnings, achieving profitability on a per-vehicle basis in urban areas, with a target of 1,000 Robotaxis to be completed ahead of schedule, and plans to expand to 3,000 vehicles next year [6][14] - WeRide announced Q3 earnings with a year-on-year revenue increase of 144.3%, and Robotaxi revenue surged by 761.0% [6][14] - The Starway ET5 will be globally launched on November 28, featuring Horizon Robotics' HSD technology [6][14] - Li Auto's Q3 2025 delivery volume reached 93,211 units, with total revenue of 27.36 billion, reflecting a year-on-year decline of 36.2% and a net loss of 620 million [6][14] Current Investment Opportunities - The automotive industry is at a crossroads, with the end of the electric vehicle boom and the dawn of automotive intelligence. Three main investment themes are emerging: - **AI Intelligent Vehicles**: Focus on Robotaxi and Robovan, with key players including Tesla, XPeng Motors, and Horizon Robotics [9][14] - **AI Robotics**: Emphasis on selected components such as Top Group and Junsheng Electronics [10][14] - **Traditional Growth**: Opportunities in buses (Yutong Bus), heavy trucks (China National Heavy Duty Truck Group), and two-wheelers (Chunfeng Power) [10][14] Market Performance - The automotive sector's performance this week was led by SW automotive parts (+3.7%), followed by SW automotive (+3.2%) and SW commercial passenger vehicles (+3.0%) [4][13] - The overall market sentiment for the automotive sector remains positive, with all sub-sectors showing an upward trend [22][39]

证券研究报告 汽车周观点： Robotaxi落地加速，继续看好汽车板块 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年12月1日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2025.11.17-2025.11.23 2 ◼ 本周细分板块涨跌幅排序：SＷ汽车零部件(+3.7%) >SW汽车（+3.2%）>SW商用 载客车(+3.0%) >SW乘用车(+2.6%) > SW商用载货车(+1.5%) 。本周已覆盖标的广 汽集团、瑞玛精密、金龙汽车、零跑汽车、岱美股份涨幅前五。 （ ◼ 本周团队研究成果：外发客车、重卡11月月报，外发理想汽车汽车三季报点评。 ◼ 本周行业核心变化：1）小马智行发布Q3财报：城市级单车盈利转正，Robotaxi千 台目标将提前完成，明年规模扩至3000辆；2）文远知行发布Q3财报：季度营收同 比增长144.3%，Robotaxi营收同比增长761.0%；3）星途ET5首搭地平线HSD，11 月28日全球上市；4）理想汽车2025Q3交付量93211辆，总收入273.6亿，同 ...

Investment Highlights - The automotive sector experienced a mixed performance this week, with the SW commercial cargo vehicle segment showing the best performance at -2.1%, while the SW passenger vehicle segment declined by -5.9% [4][13]. - The top five stocks covered this week include Chunfeng Power, JAC Motors, Suzhou Axle, Mingyang Technology, and Yinlun Technology, which showed positive growth [4][13]. Industry Core Changes - Xiaopeng Motors launched the X9 Super Range Extender, with the Max version starting at 309,800 yuan and the Ultra version at 329,800 yuan [6][14]. - Geely Automobile reported Q3 2025 revenue of 89.19 billion yuan, with year-on-year growth of 26.5% and a net profit of 3.82 billion yuan, reflecting a year-on-year increase of 59.3% [6][8][14]. - Leap Motor's Q3 2025 revenue reached 19.45 billion yuan, marking a year-on-year increase of 97.3% [6][8][14]. - Horizon Robotics continues to expand its mass production lineup, showcasing new models at the Guangzhou Auto Show [6][14]. - Pony.ai's fourth-generation autonomous truck family is set for mass production next year [6][14]. - WeRide's Robotaxi received a pure unmanned license in Switzerland [6][14]. Current Automotive Sector Configuration - The automotive industry is perceived to be at a crossroads, with the electric vehicle boom nearing its end and the smart vehicle era beginning [9][15]. - Investment opportunities are categorized into three main lines: AI smart vehicles, AI robots, and traditional vehicle segments [9][15]. - Key targets for AI smart vehicles include: - Robotaxi perspective: Tesla, Xiaopeng Motors, and Qianli Technology [9][15]. - Technology providers and operational sharing models: Horizon Robotics, Baidu, Pony.ai, and WeRide [9][15]. - Transformation of ride-hailing and taxi services: Cao Cao Mobility, Didi, and others [9][15]. - For the AI robot line, preferred components include Top Group, Junsheng Electronics, and others [9][15]. - The traditional vehicle segment includes buses (Yutong Bus), heavy trucks (China National Heavy Duty Truck Group, Weichai Power), and motorcycles (Chunfeng Power, Longxin General) [10][15].

Investment Rating - The report maintains a positive outlook on the automotive sector, particularly highlighting the potential of AI smart vehicles and the recent launch of the Xiaopeng X9 range-extended model [1][3]. Core Insights - The automotive industry is at a crossroads, transitioning from the electric vehicle boom to the dawn of automotive intelligence, with significant investment opportunities in AI smart vehicles and robotics [5][60]. - Xiaopeng's X9 model was officially launched, with prices starting at 309,800 CNY for the Max version and 329,800 CNY for the Ultra version [2][4]. - Geely's Q3 2025 revenue reached 89.19 billion CNY, showing a quarter-on-quarter increase of 26.5% and a year-on-year increase of 14.7%, with a net profit of 3.82 billion CNY [2][4]. - Leap Motor reported Q3 2025 revenue of 19.45 billion CNY, with a quarter-on-quarter increase of 97.3% and a year-on-year increase of 36.7%, achieving a net profit attributable to shareholders of 150 million CNY [2][4]. Summary by Sections Industry Performance - The automotive sector showed mixed performance, with commercial freight vehicles performing the best, while passenger vehicles experienced a decline of 5.9% [2][4][17]. - The report indicates that the automotive sector is currently ranked 17th in A-shares and 22nd in Hong Kong stocks [9][11]. Investment Opportunities - The report identifies three main investment themes: AI smart vehicles, robotics, and traditional vehicle segments [5][60]. - Key investment targets include Robotaxi and Robovan applications, with companies like Tesla, Xiaopeng, and Horizon Robotics highlighted as potential leaders in the AI vehicle space [5][60]. Market Trends - The report anticipates a significant increase in the penetration of L3 and L2+ intelligent driving technologies by 2025, with expectations of 20% penetration for L3 and 34% for L2+ in the new energy vehicle segment [55][56]. - The domestic retail sales forecast for 2025 is projected at 23.62 million units, reflecting a year-on-year growth of 3.8% [52][60].

Investment Highlights - This week's sector performance ranking: SW Commercial Passenger Vehicles (+0.8%) > SW Auto Parts (-0.2%) > SW Autos (-1.2%) > SW Commercial Freight Vehicles (-3.2%) > SW Passenger Vehicles (-3.4%) [4][13] - Top five stocks covered this week include Weichai Power, China National Heavy Duty Truck Group H, Naisite, NIO-SW, and Jifeng Co., Ltd. [4][13] Research Outcomes - The team released Q3 performance summaries and reports on Top Group, Xusheng Group, Guangyang Co., and Bertley, as well as a report on Xingyuan Zhuomei [5][13] Industry Core Changes 1. Tesla's $1 trillion compensation plan was approved, with performance targets including the delivery of 20 million vehicles, 10 million active FSD users, 1 million Robotaxi commercial operations, delivery of 1 million Optimus robots, and an adjusted annual EBITDA target of $400 billion [6][13] 2. XPeng's Technology Day introduced VLA 2.0, the first fully self-developed Robotaxi, the new generation humanoid robot IRON, and two flight systems [6][8][13] 3. Seres, Pony.ai, and WeRide officially listed on the Hong Kong Stock Exchange [6][8][13] Current Automotive Sector Configuration - The automotive industry is at a crossroads: the electric vehicle (EV) boom is nearing its end, while automotive intelligence is in a "dark before dawn" phase, and robotics innovation is in the 0-1 stage. Three main investment opportunities are present during this transition [9][15] - **AI Smart Vehicle Main Line**: Focus on Robotaxi/vans first, followed by C-end applications. Key downstream targets include: - Robotaxi perspective: Integrated models (Tesla, XPeng, Qianli Technology); technology providers + operational sharing models (Horizon Robotics, Baidu, Pony.ai, WeRide); transformation of ride-hailing/taxi services (Didi, Cao Cao Mobility, Ruqi Mobility, Dazhong Transportation, Jinjiang Online) [9][15] - Robovan perspective: Desay SV, Zhongyou Technology, Kaile Co., etc. [9][15] - C-end vehicle sales perspective: Complete vehicles (XPeng, Li Auto, Huawei, Xiaomi, etc.) [9][15] - **Upstream Supply Chain Key Targets**: - B-end vehicle OEMs: BAIC Blue Valley, GAC Group, SAIC Group, etc. [9][15] - Core suppliers: Testing (China Automotive Research, China Automotive Industry Group, etc.), chips (Horizon Robotics, Black Sesame Intelligence), domain controllers (Desay SV, Jingwei Hirain, Joyson Electronics, Coboda, etc.), sensors (Sunny Optical Technology, Hesai Technology, Suteng Juchuang), steer-by-wire chassis (Bertley, Naisite, Zhejiang Shibao), lights (Xingyu Co., Ltd.), glass (Fuyao Glass) [9][15] - **AI Robotics Main Line**: Preferred components (Top Group, Joyson Electronics, Xinquan Technology, Precision Forging Technology, Fuda Co., Ltd., Xusheng Group, Aikedi, etc.) [9][15] - **Dividend & Good Pattern Main Line**: Buses (Yutong Bus), heavy trucks (China National Heavy Duty Truck A-H, Weichai Power), two-wheelers (Chunfeng Power, Longxin General) [10][15]