2025 年 11 月 25 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 200 期 观点精粹: 最新报告摘要 收入达指引高端，业务结构优化带动毛利率提升--万物新生/海外(RERE/2180) 点评报告（港股美股） 债市情绪处于分歧之中--债券研究周报 基金发行端回暖，杠杆资金有所放缓--策略周报 广州车展开幕，小鹏 X9 增程版/享界 S9 新款上市，华为举办乾崑大会--行业周报 证券研究报告 1、最新报告摘要 1.1、收入达指引高端，业务结构优化带动毛利率提升--万物新生/海外 (RERE/2180) 点评报告（港股美股） 分析师：马川琪 S0350523050001 联系人：丁婧欣 S0350124040002 事件： 2025 年 11 月 20 日，万物新生（RERE）发布 2025Q3 业绩公告：公司 Q3 营收 51.49 亿元，同比+27.1%； Non-GAAP 经营利润 1.40 亿元，同比+34.9%；Non-GAAP 净利润 1.1 亿元，同比+22.3%。公司 ...

证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 广州车展开幕，小鹏 [Table_Title] X9 增程版/享界 S9 新款上市， 华为举办乾崑大会 ——汽车行业周报 最近一年走势 2025 年 11 月 24 日 行业研究 评级：推荐(维持) 研究所： 《商用车行业动态研究：2025 年 6 月重卡销量同 比显著增长，看好全年重卡内需景气度（推荐）* 商用车*戴畅》——2025-07-04 《商用车行业深度研究：BEV 重卡：渗透率、竞争 格局、投资机会展望（推荐）*商用车*戴畅》—— 2025-06-26 《商用车行业动态研究：以旧换新密集落地，2025 年重卡内需有望景气回升（推荐）*商用车*戴畅》 ——2025-05-17 《汽车行业周报：10 月乘用车批发同比增 7.5%， 上汽智己 LS9 上市（推荐）*汽车*戴畅》—— 2025-11-18 《汽车行业专题研究：2025Q3 板块业绩分化，客 车及零部件业绩亮眼（推荐）*汽车*戴畅》—— 2025-11-11 投资要点： 国海证券研究所 请务必阅读正文后免责条款部分 行业相对表现 2025/11/21 表现 ...

转自：北京日报客户端 北京越野ELMT Max"发飙" BJ40探险家开启预订 本届广州车展开幕当天，北京越野举行"经典之上 再造经典"发布会，北汽集团首席设计官、全球设计 副总裁罗伟基发布北京越野ELMT Max未来原型车，其全新标识也首次亮相。罗伟基表示，这款具有突 破性的概念化车型，不仅是北京越野品牌的有力宣言，更勾勒出"设计驱动未来"的发展蓝图。ELMT Max的车门采用"无门设计"，采用独特的楔形前脸设计，前大灯位置更靠中央，以实现更长的悬架行程 和更出色的转向性能；打造的一套具有灵活性的模块化系统，为车辆提供多种改装可能；外骨架采用外 露式设计，既能展现工程美学，也让功能性直观可见；一体式车身结构赋予了其超强的坚固性与轻量化 特性，在安全性和实用性上都具有优势。同时，ELMT Max中文名称共创活动正式开启。 11月21日，2025第二十三届广州国际汽车展览会在广交会展馆开幕。北汽集团携北京越野、北汽极狐、 享界汽车三大自主乘用车品牌亮相5.1号馆，带来超多全新产品。北京越野未来原型车全球首发，BJ40 探险家开启预订，BJ40无人机上车，北汽极狐MPV全球首秀，全新发布的享界S9新品，北汽元境智 ...

2025广州车展开幕，作为年度收尾的A级车展，许多重磅车型都借此机会上市。 小鹏X9超级增程：30.98万元起 小鹏X9超级增程版是小鹏汽车首款增程式动力车型，采用"大油箱+大电池"的组合，实现CLTC综合续航1602km、纯电续航452km。 新车搭载800V混合碳化硅同轴电驱，实现CLTC工况93.5%的超高效率，搭载63.3kWh超快充磷酸铁锂增程大电池，支持5C+800V超充倍率，10分钟即可 补能313km，增程器兼容92号汽油，让用户即使在西藏、青海等缺少高标号燃油的地区也能畅行无阻。 安全方面，A柱内嵌2000MPa热气胀工艺膨胀管，强度提升30%。同时车头拥有8892cm³超大前端吸能盒，全车标配9个安全气囊，含前排双腔远端气囊 与2.97米超长侧气帘。 内部拥有三排电动三折叠，支持三排座椅四六分折叠纯平收纳，满足4/5/6/7人出行场景。内饰采用阿尤斯真木材质，配备27颗扬声器环绕声音响与3.6m 环舱氛围灯，并搭载自然光航空阅读灯，营造出家庭温馨感。全系标配主/副驾12向电动调节、二排零重力太空座椅以及三排3个座位的坐垫及靠背加热，全 系还采用无铬鞣全粒面Nappa真皮。 岚图梦想家山河： ...

小鹏X9超级增程版是小鹏汽车首款增程式动力车型，采用"大油箱+大电池"的组合，实现CLTC综合续航1602km、纯电续航452km。 新车搭载800V混合碳化硅同轴电驱，实现CLTC工况93.5%的超高效率，搭载63.3kWh超快充磷酸铁锂增程大电池，支持5C+800V超充倍率，10分钟即可补能 313km，增程器兼容92号汽油，让用户即使在西藏、青海等缺少高标号燃油的地区也能畅行无阻。 安全方面，A柱内嵌2000MPa热气胀工艺膨胀管，强度提升30%。同时车头拥有8892cm³超大前端吸能盒，全车标配9个安全气囊，含前排双腔远端气囊与 2.97米超长侧气帘。 2025广州车展开幕，作为年度收尾的A级车展，许多重磅车型都借此机会上市。 小鹏X9超级增程：30.98万元起 内部拥有三排电动三折叠，支持三排座椅四六分折叠纯平收纳，满足4/5/6/7人出行场景。内饰采用阿尤斯真木材质，配备27颗扬声器环绕声音响与3.6m环舱 氛围灯，并搭载自然光航空阅读灯，营造出家庭温馨感。全系标配主/副驾12向电动调节、二排零重力太空座椅以及三排3个座位的坐垫及靠背加热，全系还 采用无铬鞣全粒面Nappa真皮。 岚图梦想家山河： ...

【文/观察者网 潘昱辰 编辑/高莘】11月20日，华为与北汽联合打造的新款享界S9正式上市。新车共推 出四个版本，售价区间为30.98万—36.98万元，对尾灯、智能座舱、智能驾驶、电动门、底盘、座椅等 六方面进行了升级，向中大型轿车市场发起冲击。 回顾享界S9的发展历程，其首代产品于去年8月上市，起售价高达39.98万元，且仅提供纯电版本。在品 牌认知度不足的情况下，直接面对56E等传统豪强的竞争，其难度可想而知。 品牌认知度低是初代享界S9的首要障碍——享界作为全新品牌，甚至没有正式的图形车标，车辆前后 仅有一串字母标识。 产品层面，享界S9最初没有增程式版本，而纯电动的定位在豪华轿车市场本身就不占优势。 针对初代产品的痛点，新款享界S9进行了全方位的革新。 新款享界S9 享界 设计上，新款享界S9启用全新"寰宇之星"图形车标，替代了老款车型上的字母标识。这一变化虽细微， 却对提升品牌形象具有重要意义。此外，新车尾部搭载全新星云尾灯，可多层映射动态成像。 对华为和北汽而言，享界品牌具有战略意义，是其向高端新能源转型的关键抓手。此外，北汽与华为已 就享界品牌达成进一步深化合作。双方计划在3年内投入200亿元 ...

Core Insights - The 23rd Guangzhou International Auto Show opened on November 21, 2025, showcasing a variety of new products from BAIC Group, including the global debut of the Beijing Off-road ELMT Max concept vehicle and the launch of the BJ40 Explorer for pre-order [1][5][7]. Product Highlights - BAIC Group presented multiple new models, including the BJ40 Explorer, which emphasizes comfort and intelligence, and the ELMT Max, described as "the most extreme off-road vehicle in Chinese history" featuring a unique doorless design and modular system [5][7]. - The flagship 9 series, including the newly launched Enjoy S9 and S9T, offers advanced luxury, safety, and driving experiences, with features such as a spacious interior and multiple safety enhancements [11][14]. Brand Engagement and Marketing - The event featured appearances by athletes and celebrities, enhancing the brand's visibility and engagement with the audience [3]. - BAIC Group collaborated with the popular Longling Wildlife World to create an immersive experience, integrating celebrity animal IPs into the auto show [3][20]. Technological Innovations - The company introduced its AI and intelligent driving technologies, showcasing the "Yuanjing" intelligent system, which aims to transform vehicles into "fully integrated intelligent entities" [17]. - The new models incorporate advanced safety features and innovative designs, such as the world's first embedded roll cage in an MPV and the introduction of the Snapdragon 8775 integrated cockpit solution [14][11]. Strategic Vision - BAIC Group aims to enhance its market presence through a focus on independent brand development, digitalization, and low-carbon initiatives, while maintaining a commitment to innovation and user engagement [23].

享界S9所在的30万元以上的豪华车市场中，在自主品牌冲击下，部分传统豪华车产品销量下降。中国 汽车流通协会专家李颜伟披露的数据显示，今年1月~9月，30万元以上市场以及豪华车市场销量同比下 降约12%，主要受经济大环境影响，这一市场的整体规模在萎缩。 此次推出的新享界S9，涵盖增程、纯电共4个版本车型，售价区间为30.98万～36.98万元。享界S9于 2024年8月上市，以起售价39.98万元切入行政轿车赛道，对标奔驰E级、宝马5系等传统豪华车型。但受 限于新品牌认知度尚未充分建立、价格高于同级竞品，叠加智能辅助驾驶功能在商务场景中未达到有效 卖点等因素，享界S9上市后销量未达预期。 2025年4月，享界S9推出增程版车型将起售价拉低至30.98万元，同步完成车身加宽与智能辅助驾驶软硬 件升级，此后享界S9的销量小幅上涨。直到鸿蒙智行在今年9月份推出首款旅行车享界S9T后，享界销 量迎来转折点。余承东称，享界S9T上市66天大定破3万辆。 此次新款享界S9在配置上全面升级，搭载全新华为途灵平台、乾昆智驾ADS 4系统，起售价与S9T保持 一致，两者组成"旗舰9系双子星"。 11月20日，鸿蒙智行旗下享界新S ...

Core Insights - The article provides a detailed overview of upcoming vehicle models from various manufacturers, including their specifications, market segments, and launch dates. Group 1: Manufacturer and Model Overview - Beijing Benz will launch the Mercedes-Benz C-Class on November 14, 2025, in the B NB segment with a price range of 338,300 to 384,100 CNY [12]. - Geely Auto is set to release the Geely Bin Yue L on November 15, 2025, in the AO SUV segment, priced at 97,800 CNY [20]. - Chery Auto will introduce the Chery Fengyun A9L on November 15, 2025, in the C NB segment, with prices ranging from 181,900 to 236,900 CNY [28]. - GAC Aion will launch the Aion i60 on November 16, 2025, in the A SUV segment, with prices between 109,800 and 135,800 CNY [36]. - NIO will release the NIO ES6 on November 17, 2025, in the B SUV segment, priced at 349,800 CNY [44]. Group 2: Technical Specifications - The Mercedes-Benz C-Class features a 2.0T engine with a power output of 125 kW and torque of 250 Nm [12]. - The Geely Bin Yue L is equipped with a 1.5T engine, producing 133 kW and 290 Nm of torque [20]. - The Chery Fengyun A9L offers a 1.5T plug-in hybrid engine with a total power output of 115 kW from the engine and 160 kW from the electric motor [28]. - The Aion i60 has a 1.5L range extender engine with a power output of 74 kW and an electric motor producing 180 kW [36]. - The NIO ES6 features a pure electric powertrain with a total output of 360 kW and torque of 700 Nm [44]. Group 3: Market Segmentation and Launch Dates - The article categorizes vehicles into various segments such as B NB, AO SUV, C NB, and A SUV, indicating a diverse range of offerings from manufacturers [2][4]. - The launch dates for these models are strategically planned between November 14 and November 21, 2025, showcasing a concentrated effort to capture market interest during this period [2][4][7].

Group 1 - The founder of Bawang Tea Ji, Zhang Junjie, is getting married to Gao Haichun, daughter of the founder of Trina Solar, with a combined market value of approximately 613 billion yuan for their respective companies [5][6] - DJI has officially entered the consumer-grade 3D printing market by investing in Smart Pie Technology, indicating a strategic move towards innovative technology [11] - Ant Group's CTO He Zhengyu stated that the Lingguang App and Alibaba's Qianwen App are not competitors but rather allies in the pursuit of AGI [8][9] Group 2 - Xiaomi's 500,000th car has rolled off the production line, achieving this milestone in just 602 days, marking a record for global new energy vehicle companies [15] - Star Motion Era has completed nearly 1 billion yuan in A+ round financing, led by Geely Capital, indicating strong investor confidence in the robotics sector [17][18] - Huawei and GAC have had multiple disputes during their collaboration on the Qijiang project, highlighting the challenges in automotive partnerships [20][21] Group 3 - NetEase reported a Q3 revenue of 28.4 billion yuan, with gaming revenue reaching 23.3 billion yuan, reflecting a year-on-year growth of 11.8% [23] - The new Xiangjie S9 MPV from Huawei's Hongmeng Zhixing will be launched, featuring a price range of 309,800 to 369,800 yuan, with a focus on high-end configurations [24][25] - Meizu Technology has clarified that it will not relocate its headquarters despite a building being listed for sale, emphasizing its commitment to its current location [27][28] Group 4 - Nvidia has warned that its potential $100 billion investment in OpenAI is not guaranteed, reflecting the uncertainties in large-scale tech investments [37][38] - Qualcomm has filed a complaint leading to a raid on Arm's Seoul office by South Korea's antitrust agency, indicating ongoing tensions in the semiconductor industry [38][39] - Google has introduced AI content detection features in its Gemini application, aiming to enhance transparency in AI-generated content [39][40]