[Table_Stock] 北汽蓝谷（600733） 证 券 研 究 报 告 [Table增_R持at（ing维] 持） [行Ta业ble_Industry] : 汽车 日期: shzqdatemark 2026年01月09日 [T分ab析le师_Author] : 仇百良 E-mail: qiubailiang@shzq.com SAC 编号: S0870523100003 [基Ta本bl数e_据BaseInfo] | 公 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | [行Ta业ble_Industry] | | | | | | | | 司 | | | | | | | | 汽车 | : | 点 | 2026年01月09日 | 日期: | shzqdatemark | | | 评 | | | | | | | | [T分ab析le师_Author] | 仇百良 | : | Tel: | | | | | E-mail: | qiubailiang@shzq.com | 编号: | SAC | S0870523100003 | | | | [ ...

2025年中国车市在新能源转型持续深化与行业竞争日趋白热化中落下帷幕，"整体增长，内部分化"是主要特征。 在目前已发布2025年销量的汽车集团中，比亚迪、上汽等7家实现正增长，4家集团的年销量超300万辆，头部领跑格局稳固。尤其在海外市场，奇瑞、上 汽、比亚迪凭借差异化战略布局，组成了海外销量"百万辆俱乐部"，稳居第一梯队。 相比之下，新势力阵营的"分化加剧"特征更为显著。40万辆年销量已成为关键的规模分水岭，零跑、赛力斯、小鹏、小米、理想跨过此门槛，拉开与后续梯 队的差距。从目标达成率看，已公布年销量的11家新势力车企中，零跑、小鹏、小米3家如期完成目标，多数车企仍面临销量未达预期的现实压力。 分化背后，是中国车市逐步进入存量博弈阶段的真实写照。车企之间较量的维度不再局限于单纯的产品与销量竞争，更延伸至技术迭代速度、生态构建能力 与组织运营效率的全方位、体系化比拼。 展望2026年，"竞争加剧"已成为行业共识。无论是传统头部企业加码高端化与智能化，还是新势力车企试图通过技术快速迭代寻求差异化突围，都预示着市 场洗牌或将更为剧烈。 7家车企集团销量上扬 汽车集团方面，截至发稿时，东风、北汽、江淮暂未公布完整年 ...

新华社记者唐诗凝、吴慧珺 比亚迪登上全球纯电动汽车销量榜首，最新全球车企市值排名中两家中国公司稳居前四……2026年伊始，中国汽车产业新动向再度成为海内 外关注的焦点。 多家车企近日陆续公布2025年成绩单，销量攀升的亮眼数据背后，一条主线愈发清晰——中国汽车产业坚守创新内核、联动产业生态、深耕 市场需求，在持续的技术突破中不断向高质量发展跃升。 新华社北京1月6日电 作为2025年新势力赛道的最大"黑马"，零跑汽车全年交付近60万辆，同比增长103%，拿下新势力销冠，年度目标达成率超119%。 零跑科技创始人朱江明表示，凭借全域自研技术实力，零跑实现占整车成本65%的核心零部件自研自制，打造30万元以内市场极具竞争力的 产品矩阵，实现了从技术积淀到市场爆发的全面突破。 华为凭借在信息与通信技术领域的深厚积累赋能车企，与赛力斯、北汽等合作推出的问界、享界等"五界"车型热销，鸿蒙智行2025年合计交 付近59万辆；小鹏汽车全年交付量近43万辆，实现翻倍以上增长…… 这是2025年11月3日在郑州航空港区比亚迪总装工厂拍摄的新能源汽车"宋Pro"生产线。新华社记者李嘉南 摄 2025年销售超过460万辆，比亚迪蝉 ...

新华财经北京1月7日电 （记者唐诗凝、吴慧珺）比亚迪登上全球纯电动汽车销量榜首，最新全球车企 市值排名中两家中国公司稳居前四……2026年伊始，中国汽车产业新动向再度成为海内外关注的焦点。 多家车企近日陆续公布2025年成绩单，销量攀升的亮眼数据背后，一条主线愈发清晰——中国汽车产业 坚守创新内核、联动产业生态、深耕市场需求，在持续的技术突破中不断向高质量发展跃升。 2025年销售超过460万辆，比亚迪蝉联中国汽车年度销量冠军。从"全价格带覆盖+爆款车型矩阵"展现硬 核产品力，到核心三电、云辇智能底盘等全产业链技术升级，再到以全球化战略布局打开全新增长空 间……比亚迪的全面突破，正是中国车企向新向优迈进的生动缩影。 中国一汽2025年整车销量超330万辆，同比增长3.2%，合资品牌中，一汽—大众销售超158万辆，蝉联 合资车企销量第一、燃油车销量第一；吉利汽车销量超302万辆，超额完成全年目标，创历史新高…… 2025年，新央企中国长安汽车集团成立，加速推进新能源、智能化、全球化突破，阿维塔、深蓝汽车等 差异化品牌矩阵满足多样化市场需求，为销量稳步增长构筑坚实基础，最终交出291万辆的全年答卷， 创下近九年销 ...

新华社北京1月6日电 题：从车企年报透视中国汽车产业突围密码 新华社记者唐诗凝、吴慧珺 比亚迪登上全球纯电动汽车销量榜首，最新全球车企市值排名中两家中国公司稳居前四……2026年伊始，中国汽车产业新动向再度成为海内 外关注的焦点。 多家车企近日陆续公布2025年成绩单，销量攀升的亮眼数据背后，一条主线愈发清晰——中国汽车产业坚守创新内核、联动产业生态、深耕 市场需求，在持续的技术突破中不断向高质量发展跃升。 这是2025年11月3日在郑州航空港区比亚迪总装工厂拍摄的新能源汽车"宋Pro"生产线。新华社记者李嘉南 摄 作为2025年新势力赛道的最大"黑马"，零跑汽车全年交付近60万辆，同比增长103%，拿下新势力销冠，年度目标达成率超119%。 零跑科技创始人朱江明表示，凭借全域自研技术实力，零跑实现占整车成本65%的核心零部件自研自制，打造30万元以内市场极具竞争力的 产品矩阵，实现了从技术积淀到市场爆发的全面突破。 华为凭借在信息与通信技术领域的深厚积累赋能车企，与赛力斯、北汽等合作推出的问界、享界等"五界"车型热销，鸿蒙智行2025年合计交 付近59万辆；小鹏汽车全年交付量近43万辆，实现翻倍以上增长…… ...

极狐品牌全年销量突破16万辆，连续3年实现销量翻番，12月单月销量突破2.4万辆，同比增长103%， 持续巩固主流市场的价值标杆地位，也夯实了北汽新能源销量基盘。 2025年，"极狐+享界"双品牌战略深入推进，北汽新能源业绩呈现爆发态势，增长显著领先行业。同 时，随着极狐阿尔法S（L3版）正式获得工信部准入许可及北京自动驾驶专用号牌，北汽新能源的科技 硬实力得到权威认可。2026年，北汽新能源以"业绩增长+科技突围"双擎驱动，持续展现创业型新国企 的跃升发展新貌。 北汽新能源是北汽集团旗下的高科技上市公司和绿色智慧出行一体化解决方案提供商，成立于2009年， 是国内最早独立运营的新能源车企。2018年正式登陆A股市场，成为"中国新能源汽车第一股"（股票名 称：北汽蓝谷，股票代码：600733），主营业务包括新能源乘用车研发设计、生产制造与销售服务。目 前公司正全力打造"极狐"和"享界"两大整车品牌。极狐定位中高端新能源汽车，享界是北汽与华为联合 打造的全新智能新能源汽车豪华旗舰品牌。 享界品牌12月销量首次破万辆，创品牌单月历史新高，稳居30万元以上豪华新能源轿车销量冠军，位列 30万元以上豪华轿车销量TOP ...

Group 1 - Xiaomi Auto reported a monthly delivery of over 50,000 units in December 2025, achieving an annual cumulative sales of approximately 410,000 units, exceeding the annual sales KPI by about 20% [1] - Xiaomi Auto introduced a new "3 years 0 interest" installment plan for the YU7 model, with a down payment starting at 74,900 yuan and monthly payments as low as 4,961 yuan [1] - Xiaomi Auto expanded its channel network by adding 36 new stores in December, bringing the total to 477 stores across 138 cities, with plans to add 9 more stores in January 2026 [1] Group 2 - Huawei's HarmonyOS vehicle brand, Hongmeng Zhixing, delivered 89,611 units in December, marking a historical high for four consecutive months, with a total annual delivery of 589,107 units, a year-on-year increase of 32% [2] - The sales of Dongfeng Mengshi reached 3,002 units in December, with an annual total of 10,228 units, reflecting a year-on-year growth of 387% [2] - Geely Auto's sales exceeded 60,000 units in December, with the Zeekr brand selling 30,267 units and Lynk & Co selling 33,751 units, while setting a 2026 sales target of 3.45 million units, a 14% increase from 2025 [2] Group 3 - Zhiji Auto achieved a total sales of 81,017 units in 2025, marking a historical high, and reported its first full-cost profitability in December [3] - The Ministry of Commerce announced that the "old-for-new" program in 2025 generated sales exceeding 2.6 trillion yuan, benefiting over 360 million people, with over 11.5 million vehicles involved [3] - The 2026 automotive "two new" policy is expected to stabilize market growth and promote new vehicle consumption, with an estimated 12 million vehicles expected to benefit from the "old-for-new" policy [4]

Core Insights - The automotive industry is witnessing a significant transformation with the emergence of the "Hongmeng Intelligent Hotel," which has gained popularity for its premium customer experience, surpassing traditional luxury car dealerships [2][3] - The monthly delivery of new vehicles under the Hongmeng Intelligent system has exceeded 80,000 units, indicating strong market demand and operational success [2] - A strategic collaboration among the five brands under Hongmeng Intelligent aims to enhance R&D, manufacturing, charging, and marketing, while establishing a standardized service system for a high-quality customer experience [2][5] Group 1: Customer Experience and Service Innovation - The "Hongmeng Intelligent Hotel" has introduced unique dining experiences at various locations, enhancing customer satisfaction and engagement [4][9] - Despite the positive reception, there are concerns regarding service consistency and quality across different service centers, highlighting the need for a unified approach to after-sales service [4][5] - The recent adjustments to free services due to cost pressures raise questions about the sustainability of the current customer experience model [3][10] Group 2: Strategic Developments and Industry Trends - The shift from direct sales to a dealership model aims to reduce operational costs and accelerate market penetration, reflecting a broader trend in the automotive industry [6][7] - The establishment of a cross-brand shared after-sales service network is seen as an innovative move, although it is not the first instance of such a model in the industry [8][9] - Analysts suggest that the focus on user experience must be balanced with cost management to ensure long-term viability and profitability [10][11]

12月30日，华为技术有限公司（以下简称"华为"）公众号发布了华为轮值董事长孟晚舟的2026年新年致 辞。孟晚舟回顾了华为在2025年的奋斗历程，并系统阐述了公司在新一年的战略聚焦方向。 孟晚舟表示，在生态伙伴的支持下，鸿蒙生态体验加速从"可用"到"好用"，鸿蒙5.0以上终端设备超过 3600万（台）。2026年华为将在强化行业垂直作战、构建开源开放的鲲鹏昇腾生态、繁荣鸿蒙生 态、"水战略"等方面进行战略聚焦。 取得多项关键成果 这一年，华为不仅在技术上持续突破，更在应用领域实现"遍地开花"。 另外，华为鸿蒙智行智界汽车近日宣布，智界汽车在今年12月份交付突破10000台，已连续三个月实现 交付破万台。 华为鸿蒙智行在年度直播中也释放了2026年的新车信号，旗下"五界"——问界、智界、享界、尚界、尊 界将共同发力，覆盖轿车、SUV、MPV、轿跑、硬派越野等多类车型，产品矩阵进一步清晰，显示出 华为在智能汽车领域的全面布局。 目前，华为尚未公布全年业绩，但从上半年业绩来看整体符合预期。根据华为投资控股有限公司在北京 金融资产交易所披露的2025年半年度报告，华为上半年营收4270.39亿元，同比增3.95%；净 ...

Core Viewpoint - The automotive industry is witnessing a significant transformation with the emergence of the "Hongmeng Intelligent Hotel," which offers a luxurious customer experience that surpasses traditional 4S stores of brands like Mercedes-Benz, BMW, and Audi. This initiative has led to a monthly delivery of over 80,000 new vehicles within the Hongmeng Intelligent system, indicating a strong market presence and customer engagement [2][15]. Group 1: Strategic Developments - The recent gathering of the five brands under Hongmeng Intelligent in Shanghai marks a deepening of strategic cooperation, focusing on enhancing collaboration in research, manufacturing, charging, and marketing [2][15]. - The establishment of a standardized service system aims to create the first cross-brand shared after-sales service network in the industry, ensuring high-quality service across the entire process from pre-sale to after-sale [2][15]. Group 2: Customer Experience and Challenges - The "Hongmeng Intelligent Hotel" has gained popularity for its unique offerings, such as diverse regional menus and a welcoming atmosphere, which have been well-received by customers [4][17]. - However, there are concerns regarding the sustainability of free services due to rising operational costs, leading to changes in several complimentary policies [3][16][24]. Group 3: Industry Comparisons and Innovations - The concept of shared after-sales service networks is not entirely new, as other companies like SAIC and Toyota have implemented similar strategies to enhance service efficiency and customer satisfaction [21][22]. - Analysts suggest that the shift from direct sales to a dealer model may help reduce costs and accelerate market coverage, indicating a strategic pivot in the operational approach of Hongmeng Intelligent [19][23]. Group 4: Future Directions - The company is currently focused on enhancing user experience as part of a three-step development strategy, with future expansions likely to prioritize efficiency and scale over lavish customer services [25].