证券研究报告 汽车 | 乘用车 非金融|首次覆盖报告 hyzqdatemark 2026 年 02 月 28 日 证券分析师 李泽 SAC：S1350525030001 lize@huayuanstock.com 秦梓月 SAC：S1350525070008 qinziyue@huayuanstock.com | 基本数据 | | | | | 2026 | 年 | 02 | 月 27 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 7.99 | | 一 年 内 低 | 最 | 高 | / | 最 | | | | 9.68/6.57 | | （元） | | | | | | | | | | 总市值（百万元） | | | | | | | | 50,873.56 | | 流通市值（百万元） | | | | | | | | 39,084.78 | | 总股本（百万股） | | | | | | | | 6,367.15 | | 资产负债率（%） | | | | | | | | 83.81 | | 每股 ...

Core Viewpoint - The collaboration between BAIC Group and Beijing Green Exchange to launch the "Carbon Passport" for users of the Arcfox brand represents a significant step in promoting low-carbon practices in the automotive industry, transforming users' travel into quantifiable carbon reduction actions and marking BAIC's transition from a green car manufacturer to a green ecosystem builder [1][20]. Group 1: Carbon Passport Initiative - The Carbon Passport is an industry-first initiative that quantifies and incentivizes green travel, allowing individual users to see their contributions to carbon reduction [8][20]. - The initiative is based on a personalized carbon reduction accounting system that utilizes standards from the Ministry of Industry and Information Technology, enabling users to track their carbon savings based on actual vehicle energy consumption [8][12]. - By 2025, Arcfox users are projected to achieve a cumulative carbon reduction of over 450,000 tons, equivalent to planting over 25 million tamarisk trees, showcasing the effectiveness of the Carbon Passport in activating individual carbon reduction efforts [8]. Group 2: Comprehensive Low-Carbon Transformation - BAIC Group has integrated "low-carbon" into its core strategy, leading to continuous reductions in total carbon emissions and intensity [3]. - The company has established a comprehensive low-carbon development system through its "BLUE Plan," focusing on technology research, production, supply chain collaboration, and user engagement [5]. - BAIC's efforts have earned it the highest rating of "five-star enterprise" in carbon management evaluations, solidifying its position as a leading green product supplier [5]. Group 3: User Engagement and Community Building - The Carbon Passport initiative encourages user participation in environmental actions, transforming users from mere consumers into active participants and co-creators of a green ecosystem [13][19]. - The establishment of the "Guardians of the Extreme" alliance exemplifies the collaboration between the company and users in promoting environmental protection [16]. - The interactive features of the Carbon Passport, such as team competitions and ecological rewards, enhance user engagement and spread green concepts through social interactions [9][20]. Group 4: Broader Implications for the Industry - The Carbon Passport serves as a bridge between green consumer behavior and carbon trading markets, potentially allowing users to gain incentives from carbon markets [12][20]. - BAIC's approach provides a replicable model for low-carbon transformation in the automotive industry and beyond, demonstrating that companies can lead in creating sustainable lifestyles and harnessing social green power [20].

日常开车也能成为低碳达人？2月6日，在北京绿色交易所，举行了一场别开生面的"碳"仪式——北汽集团与北京绿色交易所携手，举办"低碳共筑 绿色新 程"极狐用户碳护照发布仪式。活动现场，北京绿色交易所向北汽新能源颁发企业碳减排荣誉证书，并向10位北汽极狐用户代表颁发首批个人"碳护照"。 极狐碳护照将车主每一次出行变成可量化、有意义的减碳行动，让普通用户轻松迈入"双碳"行动第一线。北汽集团董事长张建勇，北京国资公司董事长赵及 锋，北汽集团副总经理、北汽新能源董事长张国富，北京绿色交易所董事长王乃祥，北京碳中和学会副秘书长原晶共同见证了这一时刻。 张建勇在致辞中表示，北汽集团主动融入国家绿色低碳转型大局，以推动高质量发展为核心，将"低碳化"纳入集团"一主五化"核心战略，并以此为导向，成 功实现了碳排放总量与强度的连续降低。在此基础上，北汽积极推动绿色出行社会共建，联合北京绿色交易所，创新打造北汽极狐用户专属"碳护照"，同步 围绕用户碳普惠持续构建碳护照权益体系，引领用户一起"逐绿而行"。 赵及锋表示，北汽集团与北京绿色交易所联合发布碳护照，是北京市属国资企业在绿色低碳领域深化合作的又一重磅成果。北汽碳护照借鉴和吸收工信 ...

Core Viewpoint - The collaboration between BAIC Group and Beijing Green Exchange aims to promote carbon reduction initiatives through the launch of the "carbon passport" for users of the Arcfox brand, facilitating individual contributions to carbon neutrality goals [1][3]. Group 1: Carbon Passport Initiative - The carbon passport for Arcfox users quantifies each trip taken by car owners as a meaningful carbon reduction action, encouraging ordinary users to actively participate in carbon neutrality efforts [3]. - The launch event included the issuance of the first batch of personal carbon passports to 10 Arcfox user representatives, highlighting the initiative's community engagement aspect [1]. Group 2: Technological and Manufacturing Advancements - BAIC New Energy is focusing on the development of core technologies such as electric drive, intelligent driving, and lightweight materials, embedding green attributes into their products [3]. - The Arcfox model, the Enjoy S9, received a "five-star healthy car" certification, while the Arcfox Alpha S5 was awarded "China's Top Ten Cars" and "Best Low Carbon Award," showcasing the brand's commitment to sustainability [3]. - The Arcfox factory is recognized as one of the first national-level green factories, and the Enjoy Super Factory achieved Beijing-level green factory status within 16 months of operation, reflecting the company's dedication to green manufacturing practices [3]. Group 3: Ecological Collaboration - BAIC Group emphasizes ecological collaboration through green procurement and supply chain synergy, working with partners to achieve carbon neutrality goals collectively [3].

Core Viewpoint - The article discusses the evolving landscape of the electric vehicle (EV) market, emphasizing the need for sustainable sales strategies beyond initial hype and the importance of establishing a strong value proposition for long-term success [6][54]. Group 1: Market Dynamics - The EV market has seen a surge in new models, but success is often measured by initial sales figures and year-end rankings, which can be misleading [6][7]. - Traditional "internet celebrity cars" tend to follow a parabolic sales curve, peaking shortly after launch and then declining, relying on short-term marketing and product appeal [11][12]. - The article identifies three new models that have successfully navigated the market, showcasing different strategies for sustained sales [12]. Group 2: Case Studies of Successful Models - **Xiaomi SU7**: Achieved peak sales of nearly 30,000 units in March 2025, supported by Xiaomi's extensive user base and effective marketing. However, it faces the challenge of maintaining interest beyond initial hype [15][16]. - **Xpeng MONA M03**: Launched in August 2024, it quickly reached over 10,000 units in sales within three months and maintained monthly sales between 10,000 and 16,000 units, capitalizing on a key price segment and offering advanced features [18][20]. - **AITO M8**: Experienced a "deep squat and jump" sales pattern, stabilizing at over 20,000 units monthly by summer 2025, benefiting from Huawei's technology integration and brand recognition [23][24]. Group 3: Challenges and Market Positioning - The article highlights the importance of establishing a "value anchor" in consumers' minds to ensure long-term sales, as seen with models like Li Auto L6, which despite a decline, remains a top seller due to its defined market position [28][29]. - Models in the competitive 200,000 to 300,000 yuan price range face significant challenges, with many struggling to differentiate themselves in a crowded market [31][32]. - The **智界 R7** and **享界 S9** illustrate the difficulties faced by models that fail to establish a unique market position, leading to declining sales despite technological backing [34]. Group 4: The Importance of Sustainable Sales - The article emphasizes the existence of "low-profile long runners" that, while not flashy, maintain steady sales through balanced product offerings and precise market positioning [36][38]. - Models like **零跑 C10** and **腾势 D9** demonstrate the effectiveness of a stable sales strategy, contributing significantly to their brands' overall performance [41][43]. - The need for a healthy product matrix is highlighted, as brands that rely solely on a single "hit" model face increased risks in a competitive environment [51]. Group 5: Emerging Market Rules - The article outlines new market rules where "smart equality" becomes a baseline requirement, and the importance of a comprehensive product matrix is emphasized for risk mitigation [51][52]. - The concept of "value for money" has evolved to include total ownership costs, making it a critical factor in consumer decision-making [51]. - The success of models like AITO is attributed to deep collaboration between technology providers and manufacturers, contrasting with less effective loose partnerships [52].

Core Viewpoint - The significant investment of 2.2 billion by E Fund in Beiqi Blue Valley, representing 36.67% of the total fundraising, indicates strong confidence in the company's potential for a turnaround in the competitive new energy vehicle market [1][19]. Group 1: Financial Performance and Growth Potential - Beiqi Blue Valley's projected loss for 2025 is between 4.35 billion to 4.65 billion, with a reduction in loss margin of 33% to 37%, marking the best performance in six years [6]. - The company expects to sell 209,600 vehicles in 2025, a year-on-year increase of 84.06%, with revenue projected to reach approximately 28 billion, reflecting a 93% growth [6]. - The gross margin turned positive for the first time at 1.8% in Q3 2025, breaking the previous cycle of losses [8]. - Operating cash flow turned positive with a net amount of 754 million in the first three quarters of 2025, indicating improved financial health [9]. Group 2: Strategic Positioning and Brand Development - Beiqi Blue Valley is transitioning from a traditional automaker to a tech-driven company with dual brand strategies, focusing on the "Extreme Fox" and "Xiangjie" brands [11]. - The "Extreme Fox" brand targets the mid-to-high-end consumer market, achieving a monthly sales record of over 24,000 units in December 2025, a 103% year-on-year increase [11]. - The "Xiangjie" brand, developed in collaboration with Huawei, aims at the luxury car market, with significant sales growth and recognition [12]. Group 3: Governance and Investment Dynamics - The entry of E Fund is expected to optimize Beiqi Blue Valley's governance structure and enhance operational efficiency, opening up new capital operation possibilities [13]. - The concentration of shareholding in the recent fundraising round, with E Fund alone accounting for 36.67%, reflects a strong commitment and thorough due diligence [18][19]. - E Fund's investment strategy emphasizes long-term growth by aligning with industry leaders, suggesting confidence in Beiqi Blue Valley's future performance [13][19].

扫码可订阅产业日报 欢迎加入 睿兽分析会员 ，解锁 AI、汽车、智能制造 等相关 行业日报、图谱和报告 等。 1.【享界全系升级华为ADS 4.1】1月29日，享界汽车宣布，享界全系升级华为乾崑智驾ADS 4.1， eAES性能增强（支持通用障碍物），支持eAES防夹心、三点式掉头等。具体升级车型覆盖享界S9纯 电 2024款、享界S9增程 2025款、享界S9纯电/增程 2026款、享界S9T 增程/纯电款。（新浪科 技） 2.【货拉拉综合抽佣率降至10.9%，平台为订单设置抽佣上限】货拉拉1月29日公布平台降抽佣、订 单补贴及高峰服务费算法规则。内容显示，平台针对用户出价单、顺路单、拼车单等特定订单类型以 及100公里以上订单等实行降抽。同时，为每笔订单设置抽佣上限，未使用减佣卡司机的抽佣金额上 限为100元/单，使用减佣卡司机的抽佣金额上限则为50元/单。货拉拉披露，2025年平台综合抽佣 率已从2023年的12.2%降低至目前的10.9%。（每日经济新闻） 3.【2025年特斯拉电动车亚太市场交付量创新高】1月29日，特斯拉正式发布2025年第四季度及全 年财报。特斯拉电动车与储能业务全年表现亮眼，全 ...

1月23日，北汽蓝谷发布《关于投资建设享界超级工厂高端平台车型产业化及产线数智化提升项目的公告》，此次投资的核心主体 为子公司北汽新能源，项目总投资达人民币199,100万元。 回溯项目背景，2023年北汽新能源为满足新车型投产需求，对北京高端智能生态工厂建设项目进行迁址变更，打造了享界超级工 厂，用于生产升级后的BE22平台产品，目前已成功导入享界S9、享界S9T等车型。 此次投资是在现有工厂基础上的进一步升级，旨在通过对关键工艺、设备的改造及数智化升级，让工厂具备BE223.0高端平台车型 生产能力，全方位提升制造体系的柔性化、效率、质量和智能化水平，从而持续提升品牌价值与企业竞争力，契合子公司整体发展 战略下的产品规划。 从投资要素来看，本次投资属于投资新项目，出资方式为现金，资金来源于北汽新能源自有及自筹资金，不涉及跨境投资，也不构 成关联交易或《上市公司重大资产重组管理办法》规定的重大资产重组事项。公司已于2026年1月23日审议通过了该投资议案。 关于投资标的具体情况，该项目以"生产效率提升"为核心，聚焦新车型导入，遵循"适用"前提统筹规划、分步实施，改造内容覆盖 享界超级工厂冲压、焊装、涂装、总 ...

【导读】多家车企进一步拥抱华为，北汽蓝谷拟近20亿元升级享界超级工厂 中国基金报记者 邱德坤 1月23日晚间，北汽蓝谷发布公告称，公司子公司北京新能源汽车股份有限公司（以下简称北汽新能 源）拟出资19.91亿元，投建享界超级工厂高端平台车型产业化及产线数智化提升项目（以下简称享界 高端项目）。 作为华为智选车业务的"五界"之一，享界由北汽蓝谷与华为联合打造，主打30万元以上的新能源轿车市 场。北汽蓝谷公告称，公司计划通过此次投资，巩固并提升享界的高端形象与市场地位。 面向2026年竞争更为激烈的汽车市场，多家车企选择进一步拥抱华为。除了北汽新能源拟提升生产优 势，岚图汽车还与华为旗下公司签订深化合作协议。 截至1月23日收盘，北汽蓝谷股价报8.45元/股，涨幅达3.17%，总市值为471亿元。 北汽蓝谷公告称，享界高端项目以"生产效率提升"为核心，聚焦新车型导入，以"适用"为前提，统筹规 划、分步实施，是确保BE22 3.0平台规划的三款高端车型得以落地生产和实现品质保障的关键。 享界高端项目助力三款高端车型落地生产 北汽新能源拟投建享界高端项目，是为了深化与华为终端有限公司的智选车业务合作。 2023年，北 ...

Group 1 - North Beijing Blue Valley plans to invest 1.991 billion yuan in the construction of the Xiangjie Super Factory high-end project to enhance its high-end image and market position in the new energy vehicle sector [2][4] - The Xiangjie project aims to improve production efficiency and support the launch of three high-end models based on the BE22 3.0 platform, addressing production bottlenecks and optimizing capacity [4][5] - The Chinese new energy vehicle market is expected to see steady growth, with significant opportunities in high-end MPVs, sedans, and rugged urban SUVs due to insufficient supply of strong new energy products [5] Group 2 - Multiple automakers are expanding their collaboration with Huawei, including Lantu Automotive, which signed a strategic cooperation agreement with Huawei's subsidiary to enhance smart driving and cockpit development [6][8] - The collaboration between Lantu and Huawei will involve establishing a joint team for consumer software operations, aiming to accelerate the marketization of software services [8] - Seres has acquired 100% of Longsheng New Energy Technology for 8.164 billion yuan to secure stable production capabilities for its smart electric vehicle products [6][8]