证券研究报告 行业研究 / 行业点评 2025 年 08 月 18 日 汽车 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 徐姝婧 S0820124090004 021-32229888-25517 xushujing@ajzq.com 行业及产业 小鹏、大众 CEA 架构覆盖燃油车，或带来显著增量 ——汽车行业周报（2025/08/11-2025/08/17） 请仔细阅读在本报告尾部的重要法律声明 强于大市 投资要点： 本周汽车板块涨跌幅+3.08%。本周 A 股申万汽车行业板块报收 7,461.2 点，涨跌幅+3.08%， 板块排名 9/31，同期沪深 300 指数报收 4,202.4 点，涨跌幅+2.37%。本周申万汽车二级行 业子板块涨跌幅由高到低依次为：摩托车及其他+6.90%，汽车零部件+3.53%，乘用车 +2.11%，商用车+1.29%，汽车服务-1.35%。 热管理、液冷概念景气，人形机器人运动会催化上涨。本周 A 股申万汽车行业涨幅前 5 个股 依次为：飞龙股份+39.06%，腾龙股份+35.05%，神通科技+28.95%，华密新材+28.25%， 川环 ...

续航短、充电慢、冬天掉电凶，增程车亏电就"蔫儿"……这些问题像一只只"拦路虎"，不仅让用户对新能源车望而却步，更成了行业向前发展的绊脚石。 万一真的忘了充电，或者身处充电不便的远方，也无需过分心疼钱包。5.32L/100km的馈电油耗，甚至比同级别的传统油车还要省油。更关键的是， 275.5kW的低电量放电功率，让车辆即便在馈电状态下，动力输出依旧澎湃有力，彻底告别了"有电生龙活虎，没电萎靡不振"的尴尬年代。为了直观展示其 平顺静谧性，智己甚至在LS6机盖上搭起了2米高的积木塔，增程器介入时积木依然平稳！ 痛点终结者：油、电、增程的终极答案？ 在增程混战正酣的当下，智己LS6的颠覆远未停止。1500km无焦虑续航终结里程口水战，-20℃极寒环境下170kW充电功率击碎冬季补能魔咒，5.32L/100km 馈电油耗重写节能规则。这些硬核参数不仅捅破增程技术天花板，更重新划定了行业技术边界。 450km+纯电续航，智己LS6让焦虑彻底掉队 你有多久没体验过真正的用车自由了？当别人还在为续航焦虑精打细算时，智己LS6已拥有450km+纯电续航，这绝非单纯的电池升级，更是给生活解绑的 钥匙。 回想一下，传统增程车那2 ...

Domestic News - In July, China's manufacturing PMI dropped to 49.3%, influenced by seasonal production slowdowns and adverse weather conditions. However, industries like rail, shipping, aerospace, and electronics showed strong production and new order indices, indicating active demand [5] - Shandong province is promoting the application of assisted driving and smart city infrastructure, aiming to enhance vehicle-road collaboration and improve urban logistics systems [6] - Guangzhou is drafting guidelines for the application of autonomous driving equipment, with significant testing hours and mileage already achieved by local companies [7] - Guizhou province has launched a special action plan to boost consumption, focusing on investment in education, healthcare, and tourism sectors [8] - SAIC Zhiji has released the "Star" super-range extension system, featuring a 1.5T engine and a 66kWh battery, achieving over 450 km of pure electric range and over 1500 km of total range [9] - Hongmeng Zhixing has introduced a renewal plan for non-assisted driving vehicle owners, offering substantial purchase subsidies for upgrading to newer models [10] - Dongfeng's solid-state battery is set to be launched in 2026, boasting a density of 350Wh/kg and a range exceeding 1000 km [11] - NIO has partnered with Midea to enhance home-vehicle connectivity, integrating smart home technology with its vehicle systems [12] International News - Italy's new car sales fell by 5.11% in July, with Stellantis experiencing a more significant decline of approximately 13% [13] - The UK saw a 27% increase in electric vehicle charging points, adding 17,370 new chargers, while the government announced subsidies for new electric vehicles [14] - A new trade agreement between the US and South Korea has reduced tariffs on Korean car imports from 25% to 15%, potentially saving Hyundai and Kia over $3 billion, although they still face significant losses due to previous tariff exemptions [15] - Lyten has raised $200 million to acquire assets from the bankrupt battery manufacturer Northvolt, aiming to expand its presence in the European energy storage market [17] Commercial Vehicles - Isuzu and Volvo Group have signed a new strategic cooperation agreement to jointly develop medium and heavy-duty trucks for the Japanese and Asian markets [18] - Foton's Tuya and Xingchengyao have formed a strategic partnership to enhance the high-end RV experience in China [19] - SAIC Maxus is set to unveil its new "Star" platform for pickup trucks, which integrates advanced technologies for enhanced performance [20][21] - Weichai's new electric light truck, the Blue Whale X7, has begun mass delivery, showcasing strong market demand and advanced battery technology [22]

Group 1 - The report indicates a positive outlook for the automotive sector, with a 13.2% week-on-week increase in passenger car insurance registrations, totaling 440,000 units for the week [2][52] - The report highlights the performance of various segments, with commercial trucks showing the best performance, while the overall automotive sector experienced a decline [2][18] - Key companies such as Xpeng Motors and Li Auto are launching new models, with Xpeng's new P7 debuting on August 6 and Li Auto's i8 set for delivery on August 20 [3][67] Group 2 - The report emphasizes the importance of electric vehicle (EV) penetration, with 236,000 units of new energy vehicles registered, reflecting a 10.5% increase week-on-week and a penetration rate of 53.7% [52] - The report projects that the domestic retail sales of passenger vehicles will reach 23.69 million units in 2025, representing a year-on-year growth of 4.1% [53] - The report outlines the expected growth in the heavy truck segment, forecasting 750,000 units in insurance registrations for 2025, a year-on-year increase of 24.9% [58] Group 3 - The report discusses the competitive landscape for intelligent driving technologies, predicting that L3 automation will reach a penetration rate of 27% by 2025, driven by companies like Tesla and Huawei [56] - The report notes that the domestic market is expected to see a 15% growth in vehicle sales in 2025, supported by policies promoting vehicle trade-ins [61] - The report highlights the strategic partnerships in the robotics sector, indicating a growing interest in humanoid robots and automation technologies [64][65]