未经许可，不得转载或者引用。 投资要点 为什么在2020年整车行情出现向上拐点？ 2020年起虽有疫情干扰，但指数开始向上，主要原因为行业销量同比转正；新能源渗透 率开始出现实质性的拐点，且本轮新能源浪潮带动自主品牌份额显著提升，自主整车车企分得 更多行业蛋糕。 n新能源渗透率出现核心拐点的原因主要为：特斯拉国产化后带来产业趋势 强化，Model 3迅速爬坡上量成为爆款。产业链经济性的改善带来供给端百花齐放。 几次整车指数见底向上分别发生了什么？ 21年5月：电动化逻辑仍很强势（渗透率约为10%），终端需求未减弱，缺芯阶段性缓解。 行 业缺芯问题从2021年初开始全面爆发，指数对应下跌。21年5月开始市场普遍预期7-8月供应问 题将逐步缓解（预计马来西亚芯片工厂8月将复工等），股价提前反应行业基本面改善的前 景。 22年5月：电动化逻辑较强势（渗透率约为25%），封控区复工复产，购置税补贴政策落地， 电池成本高位震荡。 22Q1上海等地由于疫情影响长三角地区供应链体系也受到较大影响，同 时电池成本飙升，指数快速调整。22年5月国常会宣布阶段性减征乘用车购置税 600 亿元，对 30 万元以下、2.0L 及以下 ...

完整早报音频，请点击标题下方小耳机收听 【贾国龙首次发声：靠吃安眠药入睡】 西贝风波已经过去 100 天。近日，西贝创始人贾国龙接受媒体采访。贾国 龙接受采访时表示，这次风波对西贝影响比以往所有的经营危机量级都要大。他表示自己连续 40 天靠吃安眠药入 睡，每天有"处理不完的事"，憋了一肚子的心里话。采访中，他表达对这次风波的深刻反思。贾国龙表示当时不应 该选择硬刚，未来会耐心听每位顾客的意见。"我认错，向顾客认错，向员工认错，也向我自己认错"。（第一财 经） 【保时捷中国回应 "郑州中原保时捷中心疑似跑路"：正与警方和相关部门在现场核查事实】 针对"郑州中原保时捷 中心疑闭店'跑路'"一事，保时捷中国回应记者称，对于此次事件给各位车主及消费者带来的困扰与担忧致以最诚挚 的歉意，将积极推动事件妥善处理，将消费者合法权益放在首位。"我们高度关注保时捷授权经销商郑州中原保时 捷中心出现经营异常情况，目前与警方和相关部门正在现场核查事实。"近日，多位网友反映，郑州中原保时捷中 心"人去楼空"，涉及金额从数万元至数十万元不等。（财联社） 【京东发布 2025 年终奖 计划：采 销平均 25 薪，上不封顶】 从知情人士 ...

1.【保时捷中国回应"郑州中原保时捷中心疑似跑路"：正与警方和相关部门在现场核查事实】针 对"郑州中原保时捷中心疑闭店'跑路'"一事，保时捷中国回应记者称，对于此次事件给各位车主及消 费者带来的困扰与担忧致以最诚挚的歉意，将积极推动事件妥善处理，将消费者合法权益放在首 位。"我们高度关注保时捷授权经销商郑州中原保时捷中心出现经营异常情况，目前与警方和相关部 门正在现场核查事实。"近日，多位网友反映，郑州中原保时捷中心"人去楼空"，涉及金额从数万元 至数十万元不等。（财联社） 2.【深蓝董事长回应和小鹏对比】近日，有网友在社交平台发布自己在小鹏M03与深蓝L06之间的深 度对比试驾体验，并最终选择深蓝L06，由此引发了关于智能辅助驾驶新能源购车选择的讨论。对 此，深蓝汽车董事长邓承浩回应称，感谢用户对深蓝的认可，小鹏是可敬的友商，未来将继续专注于 以安全为基石的智能辅助驾驶研发。据悉，此前长安汽车在重庆被授予首块L3级自动驾驶专用正式号 牌"渝AD0001Z"，并于12月23日正式上路通行。（和讯网） 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。 3.【阿维塔回应南极 ...

此前，邓承浩用十个字概括了L06最核心的竞争力："公路磁悬浮，智驾老司机。"他解释，"磁流变悬 架"是市场唯一供给，源自军用技术，此前仅用于顶级豪车；"智驾老司机"则指L06标配带激光雷达的城 区NCA，实现"人无我有"。 据了解，深蓝L06主打"磁流变悬架"技术，官方称其为中国品牌首款搭载该系统的量产车型。该系统具 备10毫秒级响应能力，可实现全场景自适应软硬调节。智能驾驶方面，车辆配备包括1颗激光雷达在内 的27颗传感器，搭载双地平线J6芯片，算力达256TOPS，支持高速与城市领航辅助等90项智能驾驶功 能。 凤凰网科技讯12月25日，近日，有网友在社交平台发布自己在小鹏M03与深蓝L06之间的深度对比试驾 体验，并最终选择深蓝L06，由此引发了关于智能辅助驾驶新能源购车选择的讨论。对此，深蓝汽车董 事长邓承浩回应称，感谢用户对深蓝的认可，小鹏是可敬的友商，未来将继续专注于以安全为基石的智 能辅助驾驶研发。 ...

Core Insights - The new energy vehicle companies are experiencing significant differentiation, with varying sales targets and financial performances among them [1][3] Group 1: Sales Performance - Leap Motor has achieved a cumulative delivery of approximately 174,000 vehicles, resulting in a 97.3% year-on-year revenue increase to 19.45 billion yuan, and a net profit of 150 million yuan for the second consecutive quarter [4] - Li Auto reported the highest revenue among the four companies at 27.4 billion yuan, but faced a loss due to a recall of its MEGA model, which was linked to a fire incident [6] - Xpeng Motors recorded the highest gross margin at 20.1%, although its automotive gross margin was lower than that of Li Auto and NIO due to increased sales of lower-priced models [7] Group 2: Strategic Choices - Leap Motor and NIO focus on their core automotive business, with Leap Motor adopting a "high configuration, low price" strategy and NIO emphasizing cost reduction and efficiency to stabilize sales [2][10] - Xpeng Motors and Li Auto are pursuing AI technology, with Xpeng aiming to transform into a global embodied intelligence company and Li Auto returning to an entrepreneurial model to enhance its product and technology direction [2][13][14] Group 3: Future Directions - NIO plans to launch multiple new models in the coming year while focusing on high-margin vehicles to improve profitability [11] - Leap Motor aims to double its annual sales target to 1 million vehicles by 2026 and expand into technology sales, emphasizing its role as a technology provider [12] - Li Auto is transitioning back to an entrepreneurial management model to better adapt to the rapidly changing automotive landscape and aims to excel in embodied intelligence [13][14]

Core Viewpoint - The company is a leading provider of modified polymer material solutions in China and serves as a core material supplier and strategic partner for XPeng Motors, contributing to the innovation and development of smart vehicles [1] Group 1: Company Overview - The company supplies materials for multiple XPeng models, including M03, P7, G6, and G9, supporting XPeng's continuous innovation in the smart automotive sector [1] Group 2: Industry Focus - The company is closely monitoring the rapid development of the robotics industry and emphasizes the application of new materials in areas such as lightweighting and functionality, replacing steel with plastics [1] - The company's materials can be utilized in humanoid robots for components like joints, bearings, gears, skeletal support parts, structural components, and skin [1] - The company is actively collaborating with relevant clients to develop and validate the use of its materials in the humanoid robotics sector [1]

Group 1 - The company, as a leading provider of modified polymer material solutions in China, is a core material supplier and strategic partner for XPeng Motors, covering multiple models including M03, P7, G6, and G9, contributing to XPeng's innovation and development in the smart automotive sector [1] - The company is closely monitoring the rapid development of the robotics industry and places significant emphasis on the application of new materials in areas such as substituting steel with plastics, lightweighting, and functionalization [1] - The company's material products can be utilized in humanoid robots for components such as joints, bearings, gears, skeletal support parts, structural components, and skin, and it is actively collaborating with relevant clients for joint development and validation in these applications [1]

大家好，我是深蓝的销售顾问，今天跟大家分享一下刚上市的L06。 这个月每天有多少客户来看车？ 我们 是 中部 一个五线 的 小城市，受到上个月省补改为摇号的影响，进店量 相比之前下降了 3 、 4成 。 之前 工作日 进店 是 6-7组 ，周末15-16组， 现在 降到了 平时 3-4组，周末10组出头。不过好在 11 月18号L06 的 正式上市， 拉起 了一波热度，进店 数量有所回升，尤其是通过网络留资的 多了起 来。 现在买车都有什么权益？ 现在订车可以享受厂家2000元现金优惠，他品3000 元、 本品5000 元 的置换补贴 。 另外还限时 赠送 紫色车漆，磁流变悬架和科技舒享包（电动尾门 、 256色氛围灯），以及 城区智驾包（说是限时免费，大概率会一直送），11月30号24点前下订还可以赠送大疆pocket 3。 最畅销的是什么配置/颜色？ 目前客户选择最多的配置是560 Ultra+， 颜色最多的是今年最流行的 紫色外观搭配紫色内饰，占比达到了60%。 现车 有4台 560 Ultra 、 2台 Ultra+ 。11月21号才开始交付，目前还不清楚具体 的 提车时间，看官网是0-6周。 通过交 ...

Core Viewpoint - The article presents a detailed account of a car owner's experience with the 2025 Sea Lion 06 EV 545KM flagship model, highlighting the purchasing process, financial aspects, and user experience. Financial Summary - The original price of the vehicle was ¥129,800, with a total discount of ¥8,000, resulting in a final purchase price of ¥116,800 [4][3]. - The financing included a manufacturer interest-free loan of ¥65,100, with additional costs such as insurance (¥4,500) and registration fee (¥300) [5][3]. Purchase Decision Factors - The owner chose the Sea Lion 06 EV due to its appealing design, the availability of home charging, and the need for a vehicle to accommodate daily driving needs [6][8]. - Other considered models included the Xpeng M03, Model 3, and Xiaomi SU7, but were ultimately rejected for various reasons such as lack of features or personal preferences [8][10]. Purchase Experience - The owner conducted extensive price comparisons across different regions, finding the best deal in Chengdu, which offered significant discounts [11]. - Additional perks included free accessories and a video of the delivery ceremony, enhancing the overall purchase experience [13]. Vehicle Usage and Performance - The primary use of the vehicle is for transporting a partner, with a total of 4,300 kilometers driven in two months [14]. - The owner noted practical features such as ventilated seats for hot weather and the convenience of assisted driving [19]. Advantages and Disadvantages - Advantages include effective cooling features and ease of driving with assistance [19]. - Disadvantages mentioned were the lack of a hatchback design for transporting bicycles and the higher cost of 18-inch tires compared to lower trims [19][20].

Investment Rating - The report suggests a structural allocation strategy in the automotive sector, emphasizing a shift towards "dividend style" investments in the second half of 2025 [3]. Core Insights - The automotive industry is at a crossroads, with the electric vehicle (EV) boom nearing its peak and the smart vehicle sector still in its early stages. Historical transitions in 2011 and 2018 indicate potential for structural market opportunities [3]. - The report highlights a mixed performance across different segments, with passenger vehicles showing strong retail and export growth, while heavy trucks and buses are experiencing a rise in demand due to policy support [4][7][8]. - The overall financial indicators for the automotive sector improved in Q2 2025, but the performance of leading passenger vehicle manufacturers fell short of expectations due to intensified competition and pricing pressures [4]. Summary by Sections Passenger Vehicles - The passenger vehicle sector experienced a high growth phase, with retail, export, and wholesale figures increasing by 14%, 15%, and 14% year-on-year respectively in Q2 2025. This growth was supported by a low base from the previous year [4][30]. - Despite the overall positive growth, the penetration rate of new energy vehicles remained below expectations, influenced by competitive pricing strategies from traditional fuel vehicle brands [4][31]. - Leading companies like BYD and Great Wall Motors showed strong export performance, particularly in non-Russian markets [4][30]. Heavy Trucks - The heavy truck segment saw a slight increase in wholesale sales, with a year-on-year growth of 18.3% in Q2 2025, driven by the effectiveness of trade-in policies [7]. - The report anticipates continued growth in the heavy truck sector due to supportive government policies and a recovering market after a prolonged downturn [7]. Buses - The bus sector's performance was mixed, with leading companies like Yutong achieving excess returns despite overall market challenges. The report suggests that the second half of 2025 may see improved demand due to policy incentives [8]. Motorcycles - The motorcycle industry experienced significant growth in exports, particularly in the large displacement segment, with a year-on-year increase of 22% in Q2 2025. However, domestic sales showed a decline [9]. - The report indicates a favorable outlook for exports, with the potential for continued growth in the overseas motorcycle market [9]. Components - The component sector displayed resilience, with varying performance across companies. The report notes that companies with strong management and competitive structures are better positioned to navigate cost pressures [14]. - The report emphasizes the importance of cost reduction and efficiency improvements as key trends in the component sector [13]. Robotics - The robotics segment showed a mixed performance, with some companies benefiting from structural changes while others faced challenges due to market conditions. The report highlights the potential for growth in the human-robot collaboration space [15].