► 本周行情 ：汽车板块本周表现弱于市场 本周（ 11 月 17 日 -11 月 23 日） A 股汽车板块下跌 5.0% ，在申万子行业中排名第 20 位，表现弱于沪深 300 （ -2.9% ）。细分板块中，商用载货车、摩 托车及其他、商用载客车、汽车零部件、汽车服务、乘用车分别 -2.7% 、 -4.0% 、 -4.7% 、 -4.9% 、 -5.9% 、 -5.9% 。 ► 本周观点： 本月建议关注核心组合 【 吉利汽车、小鹏汽车、比亚迪、小米集团、理想汽车、伯特利、拓普集团、新泉股份、沪光股份、春风动力 】 。 ► 小米 25Q3 汽车业务首次盈利 小鹏机器人下月进阶" ET0 "量产阶段 小米集团发布 2025 年第三季度业绩公告，单季营收达 1,131 亿元，同比增长 22.3% 。本季度，小米汽车及 AI 等创新业务首次实现单季度经营盈利，经营收 益达到 7 亿元； 2025 年 11 月 18 日，小鹏汽车董事长 CEO 何小鹏在 Q3 财报电话会上透露，小鹏全新一代量产机器人将于下月进入" ET0 "阶段，并计划于 2026 年底实现规模化量产。何小鹏预判，到 2030 年小鹏机器人年销量 ...

汽车 汽车 2025 年 11 月 23 日 投资评级：看好（维持） 行业走势图 -10% 0% 10% 19% 29% 38% 2024-11 2025-03 2025-07 汽车 沪深300 数据来源：聚源 汽车研究团队 傅昌鑫（分析师） 证书编号：S0790525090005 徐剑峰（分析师） 证书编号：S0790525090004 王镇涛（研究员） 证书编号：S0790124070021 相关研究报告 《零跑汽车年度累计销量已超 50 万 台，优必选人形机器人启动批量交付 —行业周报》-2025.11.16 《小鹏发布第二代 VLA 大模型，潍柴 动力签定 SOFC技术协议—行业周报》 -2025.11.9 《同源性优势明显，机器人打开车企 成长空间—2026 年度汽车行业投资策 略》-2025.11.1 邓健全（首席分析师） 证书编号：S0790525090003 赵悦媛（联席首席分析师） 证书编号：S0790525100003 赵旭杨（分析师） 证书编号：S0790523090002 小鹏汽车第 100 万台整车下线，广州车展车企竞逐具 身智能新赛道 ——行业周报 | 邓健全（分析师） | 赵悦媛 ...

Core Insights - The 2025 Guangzhou International Auto Show highlights significant changes in the Chinese automotive market, particularly in the areas of electric vehicles (EVs), competition among brands, and technological advancements [2] Group 1: Changes in Market Dynamics - The proportion of new energy vehicles (NEVs) at the auto show increased from 43.7% to 58%, indicating a shift towards electric vehicles as the majority [3] - In the first ten months of 2025, the domestic passenger car market saw a total sales volume of 19.256 million units, a year-on-year increase of 8.0%, with NEVs selling 10.15 million units, up 21.9% [6] - The penetration rate of NEVs reached 40.9% in 2024, with October 2025 marking the first month where the penetration rate exceeded 50% [6] Group 2: Absence of Foreign Brands - Over ten mainstream foreign brands were absent from the auto show, reflecting a decline in their market share and competitiveness in the face of rising domestic brands [7] - Import car sales dropped by 32% in the first nine months of 2025, with total imports expected to be only 700,000 units for the year, a 12% decrease [8] Group 3: Rise of Domestic Brands and New Players - Domestic brands and new entrants like BYD and Leap Motor are gaining significant market share, with Leap Motor's sales increasing by 105.3% year-on-year [9][13] - Huawei has established itself as a key player in the automotive sector, with over 100,000 units sold in collaboration with various car manufacturers [12] Group 4: Technological Advancements and Consumer Trends - The competition among new energy vehicles has intensified, with advanced driving technologies becoming more accessible to consumers, as seen in the pricing of high-end features [16] - Hybrid technology is gaining traction as a practical choice for many brands, reflecting a shift in consumer preferences towards cost-effective and advanced technology [16]

Core Insights - Huawei's QianKun intelligent driving system has surpassed 1 million vehicles equipped with its technology [1] - The majority of domestic automakers have chosen to collaborate with Huawei's QianKun, with over 22 brands covering 80% of the domestic market [1] - The QianKun system includes more than 22 mass-produced models, with price ranges from 150,000 to 1 million yuan, covering sedans, SUVs, MPVs, and off-road vehicles [1] Product Development - The QianKun intelligent driving ADS has undergone three generations of commercial development [1] - The ADS 1, released in 2022, achieved commercial deployment of urban intelligent driving assistance NCA [1] - The ADS 2, launched in 2023, introduced the industry's first "omnidirectional active safety" feature [1] - The ADS 3, set to release in 2024, will feature the industry's first parking-to-parking capability [1] - The latest generation, QianKun ADS 4, will see comprehensive upgrades in both technical architecture and user experience, with user rollouts starting in September [1]

Core Viewpoint - GAC Trumpchi's new flagship MPV, the Trumpchi Xiangwang M8 Qiankun series, is set to redefine high-end travel standards with its launch on June 20, 2025, in Nanjing, emphasizing a blend of technology and luxury [1] Design and Aesthetics - The exterior design of the Xiangwang M8 Qiankun is inspired by the "One品麒麟" concept, integrating Eastern aesthetics with modern design elements, such as a grille resembling the scales of the mythical Qilin [2] - The interior features high-quality materials like pear wood and a design that reflects harmony with nature, creating a serene environment for passengers [2] Comfort and Space - The M8 Qiankun offers a spacious interior with a long wheelbase of 3070mm and second-row legroom of 1910mm, providing a first-class travel experience [5] - Equipped with advanced seating technology, including a health-oriented zero-gravity seat with multiple massage functions and a unique heating system, enhancing passenger comfort [3] Technology and Connectivity - The vehicle incorporates Huawei's advanced driving assistance system (ADS) and HarmonyOS, providing a seamless user experience with features like voice control and multi-screen connectivity [7][8] - The M8 Qiankun supports 7-screen interconnectivity, allowing for a comprehensive digital experience during travel [8] Safety Features - The M8 Qiankun is designed with a robust safety structure, featuring a high-strength steel body and advanced airbag systems, ensuring comprehensive protection for passengers [9] - The vehicle's battery safety is enhanced by a monitoring system and rigorous quality control, significantly reducing the risk of battery failure [10] Powertrain and Efficiency - The M8 Qiankun is powered by a unique 2.0T + 2-speed DHT hybrid system, achieving low fuel consumption of 6.15L/100km and an impressive electric range of 248km [11] - The vehicle can be charged from 30% to 80% in just 14 minutes, addressing range anxiety for users [11] Market Position and Achievements - Since its launch of the first luxury MPV in 2017, GAC Trumpchi has established itself as a leader in the MPV market, achieving significant sales milestones and maintaining a strong brand reputation [12]

Core Viewpoint - The article emphasizes the importance of ensuring the safety of intelligent driving vehicles and calls for companies to avoid misleading advertising while taking responsibility for educating consumers about intelligent driving principles [3][5][6]. Group 1: Industry Concerns - The recent tragic accident involving a Xiaomi vehicle in NOA mode has raised serious concerns about the safety of intelligent driving systems, highlighting the gap between marketing claims and actual capabilities [5][6]. - Many car manufacturers have exaggerated the capabilities of their L2-level driving assistance systems, misleading consumers into believing they offer near L3-level autonomous driving [6][7]. - The penetration rate of NOA in China's passenger vehicles is less than 20%, indicating that the market is still in its early stages and that excessive competition has led to misleading marketing practices [7][14]. Group 2: Shift in Marketing Strategy - Following the accident and subsequent regulatory scrutiny, many companies have begun to downgrade their marketing language from "intelligent driving" to "assisted driving," reflecting a shift towards a more cautious approach [14][30]. - The Ministry of Industry and Information Technology has mandated stricter regulations on advertising for intelligent driving systems, prohibiting exaggerated claims and emphasizing the need for companies to take responsibility for safety [14][30]. - The initial excitement around "全民智驾" (Universal Intelligent Driving) has quickly faded, with companies now focusing on safety as a core selling point rather than just technological advancements [12][14]. Group 3: Safety as a Priority - The article highlights a growing consensus in the industry that safety must be prioritized, with many companies now integrating safety into their brand identity and product offerings [24][30]. - Prominent figures in the automotive industry have reiterated that safety is the ultimate luxury in vehicle design, emphasizing the need for a new safety perspective in the era of intelligent electric vehicles [19][20]. - The shift towards prioritizing safety is seen as a necessary response to increasing consumer awareness and regulatory pressure, marking a return to the fundamental values of the automotive industry [25][30].

Core Viewpoint - The integration of culture and technology is transforming the automotive industry, with the launch of the GAC Trumpchi M8 Qiankun at the 21st Cultural Expo highlighting the shift of cars from mere transportation to cultural and technological symbols [2][3]. Group 1: Event Overview - GAC Group, in collaboration with Huawei and the Central Radio and Television General Station, launched the Trumpchi M8 Qiankun at the Shenzhen International Convention and Exhibition Center during the Cultural Expo [2][3]. - This event marks the first time a new car has been unveiled at the Cultural Expo, emphasizing the importance of cultural empowerment in product innovation [2][3]. Group 2: Technological Features - The Trumpchi M8 Qiankun is equipped with Huawei's Qiankun Intelligent Driving ADS, offering enhanced vision, precision, and responsiveness [4]. - The vehicle features a HarmonyOS cockpit that supports full mobile application integration, allowing seamless interaction across multiple devices [4]. - The car's interior includes a 15.6-inch central screen and a 17.3-inch ceiling screen, enabling users to easily switch between media and control the environment through voice commands [4]. Group 3: Cultural and Technological Integration - The collaboration between GAC, Huawei, and the Central Radio and Television General Station aims to create a new audio-visual experience for family travel, utilizing the "Jingcai Sound" technology developed by the Central Station [4]. - This technology is designed to meet international standards for ultra-high-definition video and audio, enhancing the "human-car-home" experience [4]. Group 4: Future Vision - The automotive industry is evolving into a "third space," redefining smart living scenarios where vehicles serve as interconnected hubs for technology and culture [5][6]. - GAC's initiatives include the development of flying cars and intelligent robots, aiming to create a comprehensive "AI+" ecosystem that integrates various aspects of daily life [5][6]. - The concept of "car-linking everything" positions vehicles as smart mobile homes, facilitating seamless transitions between travel and home environments [6].

Core Insights - GAC Trumpchi launched its new high-end product series "Trumpchi Aspirations" at the 2025 Shanghai International Auto Show, featuring the global debut of the flagship models Trumpchi Aspirations S9 and the first flagship MPV Trumpchi Aspirations M8 Qian Kun, marking a significant milestone in China's automotive industry's transition to high-end and intelligent manufacturing [1][24]. Group 1: Company Development - GAC Trumpchi has evolved from a disruptor to a leader in the automotive industry over its 17 years of operation, achieving cumulative sales of over 4 million vehicles by 2024, showcasing the rise of Chinese self-owned brands [3]. - The company has set a target of selling 2 million vehicles annually in the future as part of GAC Group's "Three-Year Panyu Action" plan, with GAC Trumpchi as the main force in driving sales growth and enhancing brand value [7]. Group 2: Market Positioning - Trumpchi has established itself as a leader in the MPV segment, breaking the long-standing monopoly of joint venture brands in the mid-to-high-end MPV market since the launch of the Trumpchi M8 in 2017, achieving a milestone of 750,000 units sold [5]. - The brand has maintained its position as the top seller in the luxury MPV segment for 73 consecutive months, reinforcing its reputation as the "Chinese MPV Expert" [5]. Group 3: Technological Advancements - Trumpchi initiated its new energy strategy as early as 2009, establishing a comprehensive technology matrix that includes the i-GTEC 3.0 intelligent electric technology and the industry-first "dual-mode" power solution, positioning itself well for future collaborations with tech giants like Huawei and CATL [6]. - The collaboration with Huawei and CATL forms a "golden triangle" alliance, integrating hardware quality, intelligent ecosystems, and energy technology to enhance the overall product offering [11][13]. Group 4: Product Features - The Trumpchi Aspirations M8 Qian Kun features a design that merges Eastern aesthetics with modern design, offering luxurious seating with innovative massage functions and advanced safety technologies, including Huawei's ADS and CATL's battery technology [15][17]. - The Trumpchi Aspirations S9, designed for family travel, boasts a length exceeding 5 meters and a wheelbase close to 3 meters, providing a spacious interior with a European luxury style, and is equipped with advanced battery technology offering a pure electric range of 252 kilometers and a comprehensive range exceeding 1200 kilometers [19][21][23]. Group 5: Industry Impact - The launch of the Trumpchi Aspirations series symbolizes the ambition of Chinese manufacturing to be recognized globally, reflecting the broader narrative of China's automotive industry transitioning from a follower to a leader [24].