新京报贝壳财经讯(记者白昊天)2月13日，有消息称宝马汽车公司正发起全球范围的大召回。针对中国 市场是否会在召回范围内，宝马中国在接受新京报贝壳财经记者采访时表示，宝马已与中国主管机构建 立沟通，积极推进解决方案。目前，该事件仍在推进进程中，会适时公布。 据悉，此次全球召回或涉及约575000辆汽车，原因是起动器磁开关的磨损可能导致过热，在极少数情况 下还会导致车辆起火。 ...

作为奇瑞汽车全球技术创新中心的智驾中心国际交付部主任工程师，李坤鹏主要负责国际高阶智驾方案的量产交付，为了确保海外智能新能源汽车的高 质量交付，李坤鹏和同事们确立了"专业、协同、务实，目标及结果导向"的工作准则，拿出了不错的工作成果。 受国内汽车市场竞争的影响，智驾中心工作节奏也越来越快，研发流程体系也在向敏捷化、客户需求导向转变；用户的需求日新月异，也推动研发部门 对产品的迭代更加迅速。 专业、协同、务实，目标及结果导向 2025年，中国汽车出口超过700万辆，再上一个新台阶。智能化、电动化成为中国汽车出口的重要推动力。奇瑞作为中国汽车出口的领军企业，2025年 的出口量达到134.4万辆，占奇瑞汽车当年总销量的近一半。智能新能源汽车竞争力的快速提升，支撑奇瑞汽车在国内国际两个市场快速开拓。 随着销量的大幅增长，奇瑞汽车也在不断加大研发投入，提升技术水平。智驾中心在智驾方面也取得了很多新突破，如更先进的自动驾驶算法、更智能 的驾驶辅助系统等。李坤鹏表示，"这些新技术的应用，不仅让车辆的安全性和舒适性得到了显著提升，也为整个汽车行业的发展提供了新的思路和方向。" 在李坤鹏看来，对于企业来说，销量的增长和技术的 ...

Core Viewpoint - Anhui Jianghuai Automobile Group Co., Ltd. has signed a tripartite supervision agreement for the management of raised funds, ensuring investor protection and compliance with relevant regulations [1][3]. Fundraising Details - The company issued 70,168,404 shares at a price of 49.88 RMB per share, raising a total of approximately 3.5 billion RMB (around 35 billion) [1]. - After deducting issuance costs of approximately 20.02 million RMB, the net amount raised is approximately 3.48 billion RMB (34.80 billion) [1]. Fund Management Agreement - A special account has been established for the raised funds, which will only be used for the development of high-end intelligent electric platforms [3]. - The company can manage temporarily idle funds through safe financial instruments, with the requirement to report to the supervising party [4]. - The supervising party has the right to monitor the use of funds and can conduct on-site investigations [5]. Compliance and Reporting - The company must notify the supervising party if withdrawals exceed 50 million RMB or 20% of the net raised funds within 12 months [7]. - The supervising party can replace designated representatives and must report any non-compliance to the Shanghai Stock Exchange [7][8]. - Confidentiality obligations are established for all parties regarding sensitive information obtained during the agreement [7].

Group 1 - The core viewpoint of the article is that Hanma Technology is actively restructuring its assets by increasing capital and transferring ownership of its subsidiary Shanghai Suoda Transmission Machinery to optimize its asset structure and activate idle assets [1][3]. Group 2 - Hanma Technology's wholly-owned subsidiary Anhui Hualing Automobile plans to increase the registered capital of Shanghai Suoda from 400 million to 975 million yuan, with an investment of 575 million yuan primarily aimed at repaying debts of approximately 566 million yuan owed to Hualing Automobile [1]. - Following the capital increase, Hualing Automobile intends to transfer 100% equity of Shanghai Suoda for 485 million yuan to Zhejiang Longli Robot Industry Development Co., Ltd., which will result in Shanghai Suoda no longer being included in Hanma Technology's consolidated financial statements [3].

近日，2027款梅赛德斯-AMG GLC 53系列车型发布，最大亮点是更换全新3.0升直列六缸双涡轮增压发动机，并有48V轻混系统加持。 内饰方面，配备了12.3英寸仪表盘、11.9英寸触摸中控屏以及三辐平底方向盘。座舱有Burmester 3D音响系统、全景天窗、无线手机充电器、带记忆功能的 电动前排座椅、双区空调和电动尾门。 目前在售的GLC43和GLC63车型均搭载2.0T涡轮增压发动机，相比之前的V6和V8机型，四缸机似乎少了一些"灵魂"。全新的2027款AMG GLC 53则改变了 这种情况。 动力系统方面，改进后的M256M 3.0T直六发动机针对气缸盖、进排气、凸轮轴、进气系统、中冷器全面升级，涡轮增压器增压值高达1.5bar，还配备电动涡 轮系统，在超增压模式下峰值扭矩达640牛米，可维持10秒。 传动系统方面，匹配的是AMG SPEEDSHIFT® TCT 9G变速箱，并有四驱系统加持，0-100km/h加速时间为4.2秒，最高时速可达270km/h。值得一提的是，新 车还能断开前轴，仅通过后轴驱动车辆行驶。 其他配置方面，具备滑行、舒适、运动、运动+、个人模式等驾驶模式。制动性能上，前轴配 ...

Core Insights - The automotive industry in China is rapidly transitioning towards electrification and intelligence, necessitating that automakers become more agile and user-centric to capture market opportunities [1][4] - The management of product families in joint ventures poses significant challenges, particularly in integrating family branding with electrification and intelligence [1][4] Group 1: Product Development and Localization - The approach to product development has shifted from merely adapting global models to actively defining core technologies based on local market needs [4][5] - The upcoming electric vehicle models from SAIC Volkswagen, set to launch in 2026, are developed through extensive local user scenario testing, incorporating leading industry technologies and enhancing supply chain collaboration [4][5] - The development of a high-performance battery pack tailored for Chinese consumers exemplifies the shift towards local customization, ensuring top safety standards while optimizing range [4][5] Group 2: Safety and Quality Standards - SAIC Volkswagen has established a "five-star safety protection" system for battery packs, incorporating multiple safety measures to prevent thermal runaway and enhance durability [6] - The battery pack design integrates both German safety standards and Chinese design innovations, ensuring compliance with global safety tests while meeting local performance expectations [6][7] - The successful testing of the Passat ePro under stringent safety standards marks a significant milestone in the company's commitment to quality in the electric vehicle sector [6][7] Group 3: Collaboration and User-Centric Design - The collaboration between Chinese and German teams has evolved to involve early-stage discussions on user scenarios, technical routes, and cost structures, fostering a more integrated approach to product development [8][9] - Product managers are now expected to engage deeply with user needs and vehicle scenarios, enhancing their understanding of system architecture and energy management [8][9] - The goal is to create vehicles that resonate with users, leading to feedback that indicates the vehicle truly understands their needs [8][9]

以"融合攻坚"推动汽车安全性能提升 在周大永看来，中国汽车品牌高端化突破的过程中，在"智"与"质"两个维度有着很大变化，而这些变化也让中国汽车的工程和性能开发有了更多突破。 首先是"智"的全面渗透。智能化已经全面渗透到汽车开发的每一个环节。过去调校一辆车的安全、NVH、CFD等性能，需要反复制作样车进行物理测 试，周期长、成本高。现在，AI等智能化的工具，深度融入了汽车开发仿真与验证体系。比如在性能开发中，利用智能化工具对车身结构、系统参数进行 海量模拟和自动优化，在虚拟世界中快速寻找最佳方案，将部分优化周期从数月大幅缩短，而且方案更科学、更极致。"这不仅是效率的提升，更意味着我 们的开发从'经验驱动'向'数智驱动'转变。效率、质量都有了很大提升。"周大永如是说。 其次是"质"的系统性跨越。以往，我们更偏向于"技术应用"，而目前，我们通过"体系创新"，实现质的飞跃。吉利在这方面的变化非常明显。2025年 底，吉利正式发布全域安全2.0技术体系和吉利全球全域安全中心。把汽车安全的视角，升级成面向未来的"人-车-路-云-星"的出行生态，首次纳入了"公域安 全"的范畴，这是汽车安全技术领域的标志性升级。围绕全域安全 ...

Industry Overview - The domestic automotive industry is entering a new phase focused on quality and efficiency, moving away from price competition to technology innovation and product upgrades to attract consumers [1] - In 2025, domestic passenger car production and sales are expected to reach new highs, with various automakers announcing new vehicle plans across different segments [1] BMW Group - BMW Group plans to launch approximately 20 new models across its three brands by 2026, including the locally produced BMW iX3 long-wheelbase version [2] - The new models will incorporate advanced technologies such as BMW's new generation electric drive technology and AI integration [2][4] Mercedes-Benz - Mercedes-Benz will introduce over 15 new and updated products in 2026, adhering to a strategy of "oil-electric homogeneity" and "oil-electric intelligence" [5] - The lineup will include new models like the long-wheelbase pure electric GLC SUV and the next-generation S-Class sedan [5][7] FAW-Volkswagen - FAW-Volkswagen plans to launch up to 13 new models in 2026, covering fuel, hybrid, and pure electric vehicles [9] - New models will include the all-new Sagitar S, Tayron S, and several Audi models, with a focus on advanced intelligent cockpit and driving assistance systems [9] SAIC Volkswagen - SAIC Volkswagen aims to release at least 7 new energy vehicles in 2026, emphasizing a strategy of "oil-electric co-progression" [11] - The ID.ERA 9X will be the first model in the new ID.ERA series, marking a significant step in the brand's transition to new energy [11] BYD - BYD plans to launch multiple new models across its various brands in 2026, including flagship models in the Dynasty and Ocean series [13] - The company will hold 12 product launch events throughout the year, covering high-end SUVs, performance supercars, and sedans [13] Geely - Geely is expected to introduce over 10 new energy models in 2026, covering various segments such as sedans, SUVs, and MPVs [15] - The Galaxy series will see the addition of new mid-to-large sedans and SUVs, while the Zeekr brand will focus on high-end models [15] Leap Motor - Leap Motor plans to launch 4 new models targeting the mainstream and high-end markets, including a small pure electric SUV and a flagship MPV [17] NIO - NIO will introduce several new models across its three brands, including the flagship ES9 SUV and the L80, a "super five-seat SUV" [18] XPeng Motors - XPeng Motors will launch 7 new "dual-energy" models in 2026, including the new AI luxury SUV [20] - The company emphasizes the integration of self-developed technologies in its new models [20] Hongmeng Zhixing - Hongmeng Zhixing plans to launch 12 new models in 2026, covering a wide price range from family cars to ultra-luxury vehicles [22] - The lineup will include new SUVs and MPVs, with a focus on differentiating market segments [22]

Core Insights - The rapid growth of Lantu's intelligent driving team reflects the fast development of China's intelligent driving technology [1][5] - The team has expanded from 5 engineers in December 2019 to nearly 500 members, indicating significant scaling in response to increasing R&D demands [4][5] - Lantu's self-developed Kunpeng L3-level intelligent driving system, equipped with 48 sensors and over 700 laser radars, enhances safety and performance, achieving a 30% improvement in AEB braking compared to L2 systems [4][12] Team Development - The intelligent driving team at Lantu has transitioned from a supplier-based development model to a dual R&D model, combining supplier collaboration with in-house development [4][5] - The team faced challenges due to the influx of inexperienced graduates, necessitating a robust training and mentorship program to enhance their skills [5][6] - A culture of open communication and continuous learning has been established, fostering an environment where team members can ask questions and learn from each other [6][11] Technical Advancements - The team successfully implemented an agile development process during a critical "100-day sprint," which improved efficiency and morale by ensuring daily progress and feedback [7][11] - Lantu's self-developed technologies, such as the high-speed navigation assistance feature, have improved traffic efficiency by approximately 10% [12][13] - The company aims to create a comprehensive driving experience by developing features that address various driving scenarios, including high-speed service areas [12][13] Industry Context - The rapid pace of technological advancement in the intelligent driving sector poses significant challenges for companies, requiring them to innovate continuously [12][13] - Collaboration with suppliers is common, but the user experience varies significantly among companies, highlighting the need for effective innovation within teams [12][13] - The establishment of a supportive industry environment, including high-quality data sets, is essential for maximizing data value and enhancing overall R&D efficiency [13]

| 基本每股收益(元/股)： | 0.31 | | --- | --- | | 摊薄每股收益(元/股)： | 0.31 | | 每股净资产(元/股)： | 7.95 | | 净资产收益率(%)： | 2.72 | | 资料来源：常闻 | | 分析师： 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 贾国琛 执业登记编码：S0760525120001 邮箱：jiaguochen@sxzq.com 销量增长目标明确，大额回购彰显长期发展信心 乘用车Ⅲ 长安汽车（000625.SZ） 增持-A(首次) 2026 年 2 月 13 日 单击或点击此处输入文字。 公司研究/公司快报 | 市场数据：2026 年 2 月 | 11 日 | | | --- | --- | --- | | 收盘价（元/股）： | | 11.18 | | 年内最高/最低（元/ | | 13.84/11.00 | | 股）： | | | | 流通 A 股/总股本（亿 | | 82.67/99.13 | | 股）： | | | | 流通 股市值（亿元）： A | | 924.27 | | 总市值（亿元）： ...