转自：新华财经 新华财经上海11月25日电（李一帆）11月21日，第二十三届广州车展拉开帷幕。作为每年车市的"收官之展"，广州车展对上汽大众党委书记、总经理陶海龙 而言，意义更为具体："车企往往借这个机会，把一年来在中国市场推出的新车做一个集中呈现，同时也为下一年的产品布局提前释放信号。我们也不例 外，希望借助这个窗口，把过去的积累和未来的规划一并展示给消费者。" 展台上，上汽大众带来了一系列引人关注的新动作。全新的新能源产品序列ID. ERA正式亮相，首款车型也是大众品牌首款"9系旗舰"，定位"德系满级旗舰 SUV"。同时，Pro家族也迎来了首款插电混动车型帕萨特ePro，标志着Pro系列正式进入混动市场。从纯电到混动、增程，上汽大众正在构建覆盖多元能源 路线的产品矩阵。 值得注意的是，在这一轮产品布局中，"智能化"成为主线，上汽大众持续发力"油电同智"，打破传统能源与新能源之间的技术壁垒，推动全系产品向智能出 行终端进化。这家拥有深厚制造底蕴的合资企业，正变得更灵活、更开放、更懂中国市场。 燃油车市占率近9%，Pro系列以"智能平权"夯实基本盘 2024年，上汽大众深化"在中国，为中国"战略，标志着其本土 ...

新华财经上海11月25日电 11月21日，第二十三届广州车展拉开帷幕。作为每年车市的"收官之展"，广 州车展对上汽大众党委书记、总经理陶海龙而言，意义更为具体："车企往往借这个机会，把一年来在 中国市场推出的新车做一个集中呈现，同时也为下一年的产品布局提前释放信号。我们也不例外，希望 借助这个窗口，把过去的积累和未来的规划一并展示给消费者。" 展台上，上汽大众带来了一系列引人关注的新动作。全新的新能源产品序列ID. ERA正式亮相，首款车 型也是大众品牌首款"9系旗舰"，定位"德系满级旗舰SUV"。同时，Pro家族也迎来了首款插电混动车型 帕萨特ePro，标志着Pro系列正式进入混动市场。从纯电到混动、增程，上汽大众正在构建覆盖多元能 源路线的产品矩阵。 值得注意的是，在这一轮产品布局中，"智能化"成为主线，上汽大众持续发力"油电同智"，打破传统能 源与新能源之间的技术壁垒，推动全系产品向智能出行终端进化。这家拥有深厚制造底蕴的合资企业， 正变得更灵活、更开放、更懂中国市场。 燃油车市占率近9%，Pro系列以"智能平权"夯实基本盘 2024年，上汽大众深化"在中国，为中国"战略，标志着其本土化进程进入深度攻坚 ...

反弹科技先行, 重视 T 链 VIV -2025/11/17-2025/11/21 汽车周报 2025 年 11 月 25 日 版 发行业 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 朱傅哲 (8621)23297818× zhufz@swsresearch.com 本期投资后示 1. 本周事件 1.1 重点报告回顾 《科技赋能下的换道再提速——2026 年汽车行业投资策略》 汽车需求受到政策变化的影响有限，乐观看到中高端需求的超预期回暖。无论是消费 习惯、能力、人口结构,还是产品竞争力都相较于 8 年前有了较大变化,因此我们不必刻 舟求剑对明年的退坡过度担忧。我们相信优秀的 B/C 级新产品将会显著激发用户的换车需 求。政策扰动对 A0/A00 市场会有结构性扰动，但新能源渗透率进一步提升已成定局 整车出海的盈利确定性来自工程师红利的套利，我们相信这轮中国智能电动车的全球 化之路已经开启，5 年后海外销量有望接近 1000 万台。 科技看小鹏、蔚来、理想，白马看比亚迪、 ...

广州车展正在举行。22万平方米的展厅内，1085台展车中629台新能源车型占据半壁江山，93台首发新 车里合资品牌贡献近半数席位。 面对前10个月自主品牌65%的零售市占率和46.7%的新能源汽车累计渗透率，一汽丰田、上汽大众、东 风日产以及BBA等合资乃至豪华品牌巨头不再固守"全球模板"，而是带着本土化研发的新车与技术亮 相，从战略放权到产品落地，这些合资企业正在尝试把住中国车市的脉搏。 战略放权，本土团队接过"方向盘" 在上汽大众朗逸Pro的亮相现场，主持人用四川话喊出"打开空调，播放川剧选段"，中控屏迅速响应。 这款限时8.88万元起售的"国民家轿"，搭载高通骁龙8155芯片与科大讯飞（002230）语音系统，支持四 川话、粤语等方言识别，还能联动腾讯生态。一汽-大众也带来了ID.4 CROZZ智驾版的演示：其搭载了 交通标志识别系统，能精准识别中文路牌信息，中控屏升级为12.9英寸并搭载ID.S 5.0车机系统，内置 本土化应用，操作流程更贴合中国用户使用习惯。 跨国车企过去习惯于"一款车卖全球"，这条路在中国市场已渐渐行不通。当自主品牌凭借对本土需求的 精准把握持续挤压市场空间，合资品牌终于意识到， ...

Core Viewpoint - The Guangzhou Auto Show highlights the shift of multinational automotive companies towards localization and adaptation to the Chinese market, as they face increasing competition from domestic brands. Group 1: Market Dynamics - The Guangzhou Auto Show features 1,085 vehicles, with 629 being new energy models, indicating a strong presence of electric vehicles in the market [1] - Domestic brands hold a 65% retail market share and a 46.7% penetration rate in new energy vehicles over the first ten months [1] - Multinational brands are moving away from a "one-size-fits-all" approach and are instead focusing on localized research and development to better meet Chinese consumer demands [2][4] Group 2: Strategic Changes - Companies like Dongfeng Nissan are adopting a "GLOCAL" model, investing over 10 billion yuan in R&D and expanding their local teams to over 4,000 people [2] - Toyota has implemented a "China Chief Engineer" system, granting local teams full decision-making authority, which has led to successful product adaptations like the new RAV4 [3] - Volkswagen is launching a new product series, ID.ERA, aimed at the Chinese market, with plans to introduce multiple models from 2026 [3] Group 3: Technological Advancements - The auto show showcases advancements in smart technology, with companies like SAIC Volkswagen and Dongfeng Nissan introducing intelligent cockpit systems that cater to local user preferences [5][6] - Dongfeng Nissan's new model features a "scene-based intelligence" concept, integrating local services and real-time updates [6] Group 4: Product and Pricing Strategies - Brands are focusing on creating products tailored to the Chinese market, with competitive pricing strategies that include lowering prices and enhancing configurations [7][9] - Beijing Benz's new electric CLA model is priced competitively within the mid-range of domestic brands, reflecting a shift in luxury brand strategies [7] - BMW and Audi are also enhancing their product offerings with better configurations and competitive pricing, indicating a broader trend among luxury brands to adapt to local market demands [8][9]

Core Insights - SAIC Volkswagen has accelerated the implementation of its "Joint Venture 2.0" strategy with the launch of the new ID.ERA electric vehicle series, marking its entry into the competitive mid-to-high-end flagship market with its first 9-series model [1][6] - The ID.ERA series will introduce multiple pure electric, hybrid, and range-extended products by 2026, catering to diverse user travel needs [1][6] Group 1 - The ID.ERA series signifies a new phase for SAIC Volkswagen in brand renewal, technological upgrades, and user experience enhancement [6] - The company aims to establish a new era through six core initiatives: diverse new ecosystems, new energy patterns, advanced intelligence, benchmark driving assistance, evolved heritage, and improved service experiences [6] Group 2 - In terms of ecological collaboration, SAIC Volkswagen plans to integrate Chinese and German advantages and partner with top global technology firms to expand its "technology circle" [6] - The new series will cover three major technological routes: pure electric, hybrid, and range-extended [6] - The intelligent cockpit will incorporate comprehensive perception and multi-modal AI models to better understand user needs [6] - Collaborations with leading tech firms like CoolCore and Momenta will focus on developing advanced driving assistance systems [6] - The German engineering legacy will be integrated into the new intelligent drive architecture and safety systems, creating a reliable foundation for software and hardware synergy [6] - Service experience will be enhanced through online app upgrades and the expansion of offline showrooms and pop-up networks to optimize user touchpoints [6]

Core Insights - The 2025 Guangzhou International Auto Show showcases the transition of China's automotive industry towards electric and intelligent vehicles, marking a significant shift in market dynamics and competition [1][2][3] Industry Overview - The auto show features 1,085 vehicles, with 629 being new energy vehicles (NEVs), indicating that NEVs now dominate over half of the exhibition [2][3] - In October 2025, NEVs accounted for 51.6% of new car sales in China, a historic milestone for the automotive market [2][3] - The event serves as a critical window for observing market evolution and predicting future competition in the automotive sector [1] Market Trends - The share of NEVs in the market is expected to continue rising, with a projected penetration rate of 50.2% in the first half of 2025, significantly exceeding the 20% target set for that year [2][3] - The product range of NEVs is becoming increasingly diverse, covering all market segments from micro-mobility to luxury vehicles [3] Company Strategies - Traditional joint venture brands are adapting their strategies to compete in the NEV market, emphasizing a dual approach of maintaining fuel vehicles while investing in electric models [5][6] - Companies like SAIC Volkswagen are implementing a strategy of "oil-electric integration," showcasing both traditional and electric models at the auto show [5][6] Technological Advancements - The focus on intelligent technology is more pronounced at the 2025 Guangzhou Auto Show, with brands highlighting advancements in smart driving and ultra-fast charging technologies [7][8] - The integration of high-tech features, such as Qualcomm's 8295 chip in vehicles like the Audi E5 Sportback, reflects the industry's shift towards smart, user-friendly experiences [8][9] Competitive Landscape - The competition in the automotive market is shifting from product-centric to technology and ecosystem integration, with smart technology becoming a key differentiator [7][9] - The Chinese automotive industry has established a comprehensive supply chain for electric vehicles, but still faces challenges in high-end chips and core technologies [9]

Core Insights - The Guangzhou International Auto Show showcases 1,085 vehicles, with 93 global debuts and 629 new energy vehicles, highlighting the shift towards electric and intelligent automotive products [2][3][4] - The event serves as a critical window for observing market dynamics and predicting competition trends in the Chinese automotive industry, particularly as it approaches the end of the "14th Five-Year Plan" [2] Industry Trends - The proportion of new energy vehicles at the show exceeds 50%, indicating a transition from policy-driven to market-driven growth in China's new energy vehicle sector [3][4] - By 2024, China's new energy vehicle production and sales are expected to surpass 10 million units, reflecting a 5.4-fold increase in ownership since 2020 [3][4] - The penetration rate of new energy vehicles is projected to reach 50.2% by mid-2025, significantly exceeding the 20% target set in the "New Energy Vehicle Industry Development Plan (2021-2035)" [4] Competitive Landscape - Traditional joint venture brands are undergoing strategic transformations to regain competitiveness, focusing on localized smart ecosystems and differentiated powertrains [7][9] - Companies like SAIC Volkswagen are adopting a dual strategy of maintaining both fuel and new energy vehicles, emphasizing their commitment to both markets [7][8] - The emergence of new energy vehicles as a dominant force in the market is evident, with major brands showcasing a wide range of products across all segments, from micro-mobility to luxury vehicles [4][5] Technological Advancements - The auto show emphasizes the importance of technology, particularly in smart driving and ultra-fast charging, as key competitive factors in the industry [10][11] - The integration of advanced technologies, such as Qualcomm's 8295 chip in vehicles, is becoming standard in mid-to-high-end models, enhancing user experience [10][11] - The shift towards intelligent features is seen as essential for market entry, with smart capabilities becoming a core value proposition for new vehicles [11] Future Outlook - The next three years are expected to see a shift in market competition from product-centric to a focus on technology, ecosystem, and brand integration, with smart technology at the forefront [10][11] - Despite the advantages in electric vehicle production, challenges remain in high-end chips and foundational software, which could impact the industry's resilience to geopolitical disruptions [11]

Core Viewpoint - The launch of the SAIC Volkswagen Lavida Pro marks a significant upgrade in the A+ class sedan market, aiming to redefine standards and enhance the quality of family transportation with a starting price of 88,800 to 112,900 yuan [1] Design and Features - The Lavida Pro adopts the latest family design language, with a body length of 4,720 mm, achieving A+ class standards. It offers two front styles: a chrome grille for a stable family look and a black grille for a more tech-savvy appearance [3] - The interior features a minimalist design inspired by Nordic home aesthetics, enhancing space and convenience with ergonomic seating and integrated air conditioning outlets [4] Performance and Technology - The Lavida Pro is the first in the series to feature a four-wheel independent suspension, tailored for Chinese road conditions, improving ride stability and comfort. The 1.5T model is equipped with the EA211 1.5T EVOⅡ engine, delivering 118 kW of power and 250 N·m of torque, with a fuel consumption of 5.54 L per 100 km [6] - The vehicle incorporates advanced technology with the Qualcomm 8155 chip, enhancing response speed and multitasking capabilities. It integrates AI features and Tencent ecosystem services for improved convenience and safety during driving [6] Safety and Manufacturing - Safety remains a strong point for the Lavida Pro, with 81% high-strength steel in its construction, seven airbags including a central airbag, and advanced seatbelt systems that adjust based on collision intensity. Manufacturing precision is emphasized with a control error of 0.02 mm and the use of laser welding and cavity wax injection for durability [6] - The vehicle has undergone extreme testing for reliability throughout its lifecycle, ensuring it meets high safety and durability standards [6] Market Position - Since its introduction in 2008, the Lavida family has evolved through five generations, achieving a cumulative user base of 6.5 million, solidifying its status as a representative model in the Chinese sedan market. The launch of the Lavida Pro signifies the brand's entry into a new era, enhancing its competitive edge in the family car segment [7]

Core Viewpoint - The launch of the new Langyi Pro from SAIC Volkswagen represents an upgrade in design, safety, and technology, aiming to strengthen its position in the family sedan market. Design and Dimensions - The Langyi Pro adopts the latest family design language with a body length of 4720mm, meeting A+ class vehicle standards, and features a balanced and elegant visual effect [2] - Two front design options are available: a classic chrome grille for traditional family users and a starry version for younger consumers [2] - The vehicle includes a streamlined low-drag roof and a minimalist tail design, combining elegance with dynamism [2] Interior and Comfort - The interior maintains a minimalist and refined style, inspired by Nordic home design, enhancing space and usability [4] - Ergonomically designed seats provide good support and comfort [4] Performance and Configuration - The Langyi Pro features a four-wheel independent suspension for improved shock absorption and driving smoothness [4] - The 1.5T model is equipped with the EA211 1.5T EVOⅡ engine, delivering a maximum power of 118kW and peak torque of 250N·m, paired with a 7-speed dual-clutch transmission, achieving a combined fuel consumption of 5.54L per 100km [4] Safety Features - The vehicle's structure incorporates high-strength steel, with 81% of the body made from high-strength materials, creating a "mobile safety cabin" [6] - It includes seven airbags, a central airbag, and advanced seatbelt systems to maximize passenger safety during collisions [6] - The manufacturing process employs precision techniques, ensuring durability and corrosion resistance, with parts' precision error around 0.02mm [6] - The Langyi Pro has undergone extensive testing to ensure reliability in various conditions [6] Smart Technology - The new model is equipped with the Qualcomm 8155 chip and MQB-EVO intelligent architecture, enabling smooth multitasking [7] - The AI cockpit integrates Baidu's Wenxin Yiyan and Tencent's ecosystem, offering features like Tencent Maps and in-car WeChat, enhancing convenience and safety during driving [7]