[Table_Stock] 北汽蓝谷（600733） 证 券 研 究 报 告 [Table增_R持at（ing维] 持） [行Ta业ble_Industry] : 汽车 日期: shzqdatemark 2026年01月09日 [T分ab析le师_Author] : 仇百良 E-mail: qiubailiang@shzq.com SAC 编号: S0870523100003 [基Ta本bl数e_据BaseInfo] | 公 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | [行Ta业ble_Industry] | | | | | | | | 司 | | | | | | | | 汽车 | : | 点 | 2026年01月09日 | 日期: | shzqdatemark | | | 评 | | | | | | | | [T分ab析le师_Author] | 仇百良 | : | Tel: | | | | | E-mail: | qiubailiang@shzq.com | 编号: | SAC | S0870523100003 | | | | [ ...

Group 1 - In 2025, BAIC New Energy's total sales exceeded 200,000 units, reaching 209,576 units, representing an 84% year-on-year growth [2] - December 2025 saw a monthly sales figure of 35,205 units, marking a 115% increase year-on-year, with three consecutive months surpassing 30,000 units [2] - The "Xiangjie" brand achieved its first monthly sales exceeding 10,000 units in December, becoming the top seller in the luxury new energy sedan segment priced above 300,000 yuan [2] Group 2 - The "Extreme Fox" brand's annual sales surpassed 160,000 units, doubling its sales for three consecutive years, with December sales exceeding 24,000 units, a 103% year-on-year increase [2] - The dual-brand strategy of "Extreme Fox + Xiangjie" significantly propelled BAIC New Energy's performance, leading industry growth [2] - The approval of the Extreme Fox Alpha S (L3 version) by the Ministry of Industry and Information Technology and the issuance of a special license plate for autonomous driving in Beijing validate the company's technological capabilities [2] Group 3 - BAIC New Energy, established in 2009, is a high-tech listed company under BAIC Group and a pioneer in the independent operation of new energy vehicles in China [3] - The company went public in 2018, becoming the "first stock of Chinese new energy vehicles" (stock name: BAIC Blue Valley, stock code: 600733) [3] - The company is focused on developing two main vehicle brands: "Extreme Fox," which targets the mid-to-high-end new energy vehicle market, and "Xiangjie," a luxury flagship brand co-developed with Huawei [3]

证券日报网讯12月19日，北汽蓝谷（600733）在互动平台回答投资者提问时表示，当前，公司聚焦 于"极狐"与"享界"双品牌发展战略，持续完善产品矩阵、提升产品力与品牌影响力。 ...

Group 1 - The core viewpoint of the articles highlights the significant advancements of Beijing-based automaker BAIC New Energy in the electric vehicle sector, particularly with the launch of the Arcfox Alpha S (L3 version), which has received conditional autonomous driving approval [1][2] - The Arcfox Alpha S (L3 version) is one of the first models in China to obtain L3-level (conditional autonomous driving) road trial qualifications, marking a critical milestone in the country's autonomous driving technology transition from validation to mass production [1] - The vehicle can operate on specific highways and urban expressways in Beijing at speeds of up to 80 km/h, showcasing the company's competitive edge in the smart driving arena [1] Group 2 - BAIC New Energy's sales performance has been impressive, with October and November sales exceeding 30,000 units, and November sales reaching 32,328 units, representing a year-on-year growth of 113% [2] - From January to November, the total sales reached 174,371 units, reflecting a year-on-year increase of 79%, positioning the company among the top tier of new energy vehicle manufacturers [2] - The sales surge is attributed to the collaborative efforts of the Arcfox and Xiangjie brands, with Arcfox achieving cumulative sales of 136,592 units (up 97.99% year-on-year) and Xiangjie, developed in partnership with Huawei, leading the luxury electric sedan market with 6,708 units sold in November [2]

每经AI快讯，有投资者在投资者互动平台提问：公司在无人驾驶方面聚焦车载 T-Box终端与智能驾驶系 统，国内市占率较高，请问公司与北汽合作体现在哪些方面？ 兴民智通（002355.SZ）12月17日在投资者互动平台表示，公司作为国内车载T-Box头部供应商，从2012 年起即开始与北汽新能源合作，为北汽提供TBOX产品及数据云控平台、远程升级（OTA）、远程诊断 平台等智能网联软硬件产品；近年来公司与北汽集团不断加深合作，产品在极狐、北京越野、北汽股份 等众多车型上大量搭载。 （文章来源：每日经济新闻） ...

本报讯（记者赵语涵）新能源汽车行业赛场上，北京车企正努力跑出加速度。近日，北汽新能源在智能 化与市场化双线作战中交出亮眼答卷：旗下极狐阿尔法S（L3版）获得工业和信息化部产品准入许可， 成为国内首批获得L3级（有条件自动驾驶）上路通行试点资格的车型。同时，企业销量再攀新高，10 月、11月连续两月突破3万辆。 目前面向大众消费者上市的乘用车中，智驾功能最高级别为L2级（部分自动驾驶）。而从自动驾驶分 级标准来看，L3级堪称自动驾驶的一大分水岭。因为在L0至L2级自动驾驶中，人类驾驶员始终是行动 主体和责任主体，系统仅起到辅助驾驶作用。而进阶到L3级后，自动驾驶系统将在一定条件下成为车 辆行动主体。 在智能化领域抢占先机的同时，北汽新能源在市场销量上同样表现抢眼。继10月首次突破3万辆销量大 关后，11月销量达32328辆，同比增长113%。整体看，1至11月，公司累计销量达到174371辆，同比增 长79%，跻身新势力车企第一梯队。 销量的爆发增长，源于北汽新能源旗下极狐、享界双品牌的协同发力。1至11月，极狐累计销量136592 辆，同比增长97.99%。在不久前举办的广州车展上，北汽极狐全球首秀中大型豪华 ...

Core Points - The company Xingmin Zhitong (002355.SZ) has signed a strategic cooperation agreement with Beijing Automotive Group Co., Ltd. (BAIC Group) on November 10, 2025, focusing on resource sharing and professional collaboration in the fields of new energy vehicle technology research and vehicle sales [1] - The agreement aims to leverage the strengths of both parties in capital, industry, technology, and products, establishing a comprehensive and multi-level strategic partnership [1] - As part of the collaboration, BAIC Group and its subsidiaries plan to purchase no less than 200 vehicles from Xingmin Zhitong's brands, including Xiangjie, Jihu, Beijing Off-road, and Foton, over the next three years [1] Summary by Categories Strategic Cooperation - The signing of the strategic cooperation agreement marks the formal establishment of a partnership between Xingmin Zhitong and BAIC Group [1] - The collaboration will focus on mutual brand and product promotion, enhancing visibility and market reach for both companies [1] Resource Sharing - The partnership is designed to create a synergistic development model through complementary advantages and resource sharing [1] - Both companies will work together in compliance with national policies, laws, regulations, and specific approval requirements [1]

Core Viewpoint - The announcement highlights a strategic cooperation agreement between Xingmin Zhitong and Beijing Automotive Group, focusing on resource sharing and professional collaboration in the field of new energy vehicles [1] Group 1: Strategic Cooperation - The agreement was signed on November 10, 2025, and aims to enhance collaboration in new energy vehicle technology research and vehicle sales [1] - Both parties will leverage their respective strengths in capital, industry, technology, and products to establish a comprehensive and multi-level strategic partnership [1] - The cooperation will include mutual brand and product promotion, with plans for the purchase of no less than 200 vehicles from Xingmin Zhitong's brands over the next three years [1] Group 2: Resource Sharing and Development - The partnership is expected to create a synergistic development model through complementary advantages and resource sharing [1] - The collaboration is contingent upon compliance with national policies, relevant laws, regulations, and mutual approval requirements [1]

Core Viewpoint - The strategic cooperation agreement between Xingmin Zhitong and Beijing Automotive Group aims to enhance collaboration in the fields of new energy vehicle technology research and development, vehicle sales, and resource sharing, leveraging each party's expertise in capital, industry, technology, and products [1][2]. Group 1: Strategic Cooperation - Both parties will establish a deep technical cooperation mechanism focusing on the next-generation in-vehicle intelligent systems, particularly in vehicle communication evolution, supporting 5G, and preparing for 6G [1]. - The collaboration will involve joint development of multi-domain integrated controller solutions to accelerate the construction of advanced electronic and electrical architecture platforms, enhancing vehicle intelligence and development efficiency [1]. - The partnership aims to improve the reliability and compliance of Beidou positioning technology, increasing its application depth and breadth in mass-produced vehicles [1]. Group 2: Data and Computing Collaboration - The companies plan to build a "computing power + data + model" collaborative system, establishing a flexible computing base to support rapid implementation of intelligent driving, smart cockpits, intelligent customer service, and smart manufacturing for Beijing Automotive [2]. - The collaboration will integrate chip-level security solutions and digital twin technology to achieve joint innovation of data elements, reduce operational costs, and enhance operational efficiency [2]. - Both parties will promote each other's brands and products, with a plan to purchase no less than 200 vehicles from Xingmin Zhitong's brands over the next three years [2].

Core Viewpoint - The company, Xingmin Zhitong, has signed a strategic cooperation agreement with BAIC Group to collaborate in the fields of new energy vehicle technology research and development, vehicle sales, and other areas [1] Group 1: Strategic Cooperation - The cooperation will involve innovation and optimization of wheel products, joint development of intelligent connected technologies, and the establishment and operation of a shared platform [1] - A key focus of the partnership is to jointly promote the construction of a "computing power + data + model" collaborative system, which aims to create a demand-based and flexible computing power foundation [1] Group 2: Procurement Plans - Xingmin Zhitong plans to purchase no less than 200 vehicles from BAIC Group's brands (including brands such as Xiangjie, Jihu, Beijing Off-road, and Foton) within the next three years [1]