报告摘要 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 期缩短至14-38周（vs. 12月为28-38周），SU7 Ultra交付周期延长至6-9周（vs. 12月为4-7周）；2 月前下定小米YU7可享3年0息限时优惠。5）华为：鸿蒙智行12月交付量同比+81.1%/环比+9.5%至9.0 万辆、再创历史新高；尚界H5推出9,000元现金优惠等限时权益。 2026E以旧换新政策延续，关注1Q26E车市表现、以及机器人主题发酵 2025年12月30日商务部等8部门发布《2026年汽车以旧换新补贴实施细则》，报废补贴旧车范围在 2025年政策范围基础上延扩1年，报废/置换补贴上限与2025年政策相同、补贴方式从定额补贴调整为按 新车销售价格定比例补贴。 风险提示： 政策波动；供应链 ...

北京时间1月2日晚上，特斯拉公布了2025年交付数据，全年卖了163.6万辆车，同比下滑8.6%。这个数 字一出，美股盘前直接跳水5个多点。 为啥？因为特斯拉把戴了十年的"全球电车销冠"这顶王冠，亲手交到了比亚迪手里。 你没听错，比亚迪2025年纯电车销量突破了225万辆，同比增长近28%，把特斯拉甩开整整60多万辆。 这差距不是微弱失手，是被碾压了。 更扎心的是，特斯拉这已经是连续两年销量下滑，而比亚迪却在市场"价格战"打得最凶的一年里逆势暴 涨。 一个时代的句号 说实话，看到这个消息我一点都不意外。2024年特斯拉还以2万辆的微弱优势险胜比亚迪，当时我就跟 朋友打赌，2025年这王座铁定保不住。 只是没想到输得这么彻底，不是被偷袭，是被正面击溃。 特斯拉自己可能也没想到。两年前分析师还预测它2026年能卖300万辆，现在华尔街的预期已经腰斩到 180万辆。 马斯克年初说的"轻微增长"目标，现在看来更像是个美好的愿望。第四季度交付41.8万辆，同比暴跌 15.6%，连特斯拉自己做的分析师共识预期都没达到。 这背后是什么？ 是电动车市场从"拓荒期"正式进入"淘汰赛"的转折点。 | | 產量 | 跨量 | | ...

2025年，新能源汽车的销量数字仍在刷新记录。 前11个月，新能源乘用车市场累计零售量1147.2万辆，同比增长19.6%，反超传统燃油乘用车146.2万辆。11月新能源车国内零售渗透率更是冲高至 59.3%，同比增长了七个百分点。 | 零售(4) | | | | | PODE | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 零售 (增位: 万购) | BEV 规电 | PHEV 摘电 | EREV 增程 | NEV 合计 | C (单位:万辆) | BEV 规电 | PHEV 摘电 | EREV 場播 | NEV 응사 | | 11月份 | 82.7 | 37.8 | 11.6 | 132.1 | 11月份 | 16.2 | 11.9 | 0.3 | 28.4 | | 10月份 | 81.0 | 36.0 | 11.2 | 128.2 | 10月份 | 14.9 | 8.3 | 0.6 | 23.8 | | 同期 | 75.7 | 38.9 | 12.1 | 126.7 | 同期 | 6.1 | 2.1 | ...

点 击 蓝 字 关 注 我 们 | | 目录 | | | | | | --- | --- | --- | --- | --- | --- | | 序号 | 生产厂商 | 子车型 | 上市时间 | 细分市场及车身结构 | 工程更改规模 | | 1 | 上汽奥迪 | A5L Sportback | 2025 / 12 / 12 | B NB | NM | | 2 | 一汽轿车 | 红旗 HS6 | 2025 / 12 / 16 | C SUV | NP | | 3 | 长城汽车 | 欧拉5 | 2025 / 12 / 16 | A SUV | NP | | র্ব | 蔚来汽车 | ELS | 2025 / 12 / 16 | B MB | NM | | 5 | 蔚来汽车 | ET5T | 2025 / 12 / 16 | B Wagon | NM | | ୧ | 光束汽车 | MINI 纯电动 | 2025 / 12 / 17 | AO HB | NM | | 7 | 蔚来汽车 | 乐道 L60 | 2025 / 12 / 18 | B SUV | NM | | 8 | 光束汽车 | MINI 纯电动 | 20 ...

Core Insights - Hefei's internet industry remains vibrant, driven by precise policies, continuous output from universities, and a unique "investment-led" model [1] - Six standout companies representing different development directions have been identified in Hefei's internet landscape [1] Company Summaries 1. Juming Technology - Juming Technology is a significant internet platform in Anhui, ranking among the top three in national domain services [3] - The company aims to become a leading enterprise in Anhui's internet industry, expanding its business into various fields including digital marketing, AI applications, and cybersecurity [3] - Juming Technology hosted the "Digital Empowerment · All-domain Growth" event, promoting digital marketing collaboration [3] 2. Sensing Data - Sensing Data is a leading data intelligence service provider, offering a product matrix that includes analysis and marketing clouds [4] - The company enables local clients to achieve full-link data intelligence transformation through comprehensive data integration [4] 3. NIO Inc. - NIO Inc. focuses on the research and production of smart electric vehicles, with a diverse product line including models like ET5 and ES6 [5] - The company has established a production base in Hefei and emphasizes continuous technological innovation and user experience [5] 4. Keda Intelligent - Keda Intelligent is a leader in smart vehicle equipment and new energy solutions, focusing on integrated solutions for energy storage and charging [6][7] - The company produces 20% of the new charging piles in China and is deeply involved in the robotics industry [6][7] 5. Huami Technology - Huami Technology is a global leader in smart wearable health technology, with a comprehensive health ecosystem built on self-developed chips and cloud platforms [8] - The company has shipped over 200 million health devices and continues to expand its market share in smartwatches globally [8]

Core Insights - NIO reported Q3 2025 revenue of 21.79 billion yuan, a year-on-year increase of 16.7% and a quarter-on-quarter increase of 14.7% [1][2] - The net loss for Q3 was 3.48 billion yuan, narrowing by 31.2% year-on-year and 30.3% quarter-on-quarter [1][2] - The company aims to achieve profitability in Q4 2025, with a revenue guidance of 32.76 billion to 34.04 billion yuan, representing a year-on-year growth of 66.3% to 72.8% [3][7] Financial Performance - Q3 automotive sales revenue reached 19.20 billion yuan, up 15.0% year-on-year and 19.0% quarter-on-quarter [4][2] - Gross margin for Q3 was 13.9%, compared to 10.7% in Q3 2024, with automotive gross margin at 14.7% [6][2] - The company’s cash reserves increased to 36.7 billion yuan, up nearly 10 billion yuan from the previous quarter [1] Delivery and Production - NIO achieved a record delivery volume of 87,071 vehicles in Q3, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8% [4][5] - The company expects Q4 deliveries to range between 120,000 and 125,000 vehicles, a year-on-year increase of 65.1% to 72% [4][7] Strategic Outlook - NIO's CEO expressed confidence in achieving profitability in Q4, driven by high-margin models such as the new ES8 and L90 [3][9] - The company plans to launch new models in 2026, aiming for a gross margin of 20% by optimizing costs and focusing on high-end electric vehicles [10][9] - The penetration rate of electric vehicles in the high-end market (over 300,000 yuan) has increased from 12% to 18% in 2023, indicating significant growth potential [9][10]

11月20日，在华为乾崑生态大会上，启境品牌首次正式公开亮相。作为华为乾昆生态首个落地品牌，启境的诞生不仅是一次简单的品牌发布， 更被业内视为科技企业与主流车企深度融合的里程碑事件。当广汽数十年的制造积淀遇上华为百亿级的智能技术研发投入，这场跨界共创究竟重构 了什么？又将为智能汽车产业带来怎样的变革？ 从技术输出到生态共生的范式重构 启境的诞生并非偶然，而是源于华为与广汽集团顶层战略的深度同频。时间回溯到2024年11月，双方签署深化合作协议，历经多轮高层会晤与体系化筹 备，2025年9月启境品牌正式官宣，其"开启新境界"的命名由任正非提议，既承载着品牌初心，更暗藏着双方对合作模式的颠覆性构想。 在智能汽车产业的合作史上，"技术供应商+制造方"的浅度绑定并不鲜见，而启境构建的"合署办公、同频同步、共同决策"体系彻底打破了这一传统。 自2025年初起，数百名华为乾昆团队成员已进驻启境，全面介入产品定义、研发、测试、营销等全环节，形成"嵌入式协作"格局。这种融合并非简单的人员 叠加，更体现在体系层面的深度植入——启境全面导入华为沉淀多年的IPD（集成产品开发）与IPMS（集成产品营销服务）体系，华为团队全程陪跑， ...

Core Insights - Avita 12's launch marks the introduction of Huawei's four-laser radar system into the 250,000 RMB market segment, with six versions priced between 269,900 RMB and 429,900 RMB, and a post-rights price range of 259,900 RMB to 419,900 RMB [2] - The vehicle faces stiff competition from models like Tesla Model Y and NIO ET5, with its market performance since November 2023 falling short of expectations due to brand recognition challenges [2] - Avita's sales strategies for 2024 include price adjustments and product lineup expansions, but these efforts have not yielded significant results, leading to a "good reputation but poor sales" scenario [2] Product Features - The Avita 12 four-laser version features a comprehensive Huawei four-laser radar system, including three long-range high-sensitivity laser radars and one rear high-precision solid-state laser radar, providing 360° perception coverage [2] - The vehicle's intelligent driving hardware configuration shows advantages over competitors, which typically have only 1 to 3 laser radars focused mainly on forward perception [3] Strategic Development - The launch of the four-laser version is a key milestone in Avita's "Strategy 2.0," which aims to deepen the integration of the CHN model (Changan, Huawei, CATL) into a strategic partnership [3] - The strategy includes a shift from technical cooperation to a HI PLUS model, expanding collaboration from technology supply to product development, marketing, and ecosystem building [3] - Avita plans to launch five upgraded models by 2026 and a total of 17 models by 2030, targeting global sales of 800,000 units [3] Market Positioning - In the 300,000 RMB new energy sedan market, hardware specifications are merely entry tickets; the real competitive edge lies in converting technical advantages into user experience benefits [4] - The market performance of the Avita 12 four-laser version will test the effectiveness of the "technology down" strategy and is crucial for Avita to break through the current market landscape [4]

Core Viewpoint - Mercedes-Benz is undergoing its largest-ever layoff, aiming for approximately 30,000 voluntary departures, which represents about 10% of its global indirect workforce, in response to significant challenges in the luxury automotive sector, including slow electrification, high costs, and increased competition [1][2][4] Group 1: Layoff Strategy - The layoff plan features a "high compensation + voluntary exit" strategy, with severance packages linked to employee rank and tenure, offering up to €500,000 for senior management [2][4] - The initiative aims to save approximately €5 billion annually by 2027 through layoffs, outsourcing, and not filling vacancies, with a target of reducing production and fixed costs by 10% [2][4] Group 2: Market Performance - Mercedes-Benz's global sales for Q3 2025 were 525,300 units, a 12% year-over-year decline, and a 9% drop in cumulative sales for the first three quarters [4][5] - The company is facing intense competition in the Chinese market, where it still leads among luxury brands, but growth has stagnated, and it is being pressured by new entrants like BYD and NIO [4][5][10] Group 3: Electrification Challenges - The company plans to launch 36 new models by 2027, including 17 electric vehicles, but currently, electric vehicle sales account for less than 20% of total sales [5][6] - Mercedes-Benz's electric vehicle business has not yet achieved profitability, with gross margins declining from 12.3% in 2021 to 8.7% in 2024 [6][7] Group 4: Competitive Landscape - The traditional luxury automotive model is becoming a burden in the electric vehicle era, as high costs and complex management structures hinder competitiveness [6][7] - Competitors like Tesla have significantly reduced manufacturing and sales costs, maintaining a gross margin above 18%, while Mercedes struggles with a heavier cost structure [6][7] Group 5: Technological Lag - Mercedes-Benz is falling behind in key areas such as smart driving and software-defined vehicles, with its MBUX system lagging in updates and functionality compared to competitors [7][9] - The company's L3 autonomous driving system is limited in application and high in cost, while rivals have achieved broader commercial deployment of their systems [9] Group 6: Strategic Importance of China - China was once a major growth engine for Mercedes-Benz, accounting for nearly one-third of global sales in 2020, but is now a highly competitive market [10] - The company is launching seven "China-exclusive models" to cater to local consumer preferences, reflecting its reliance on the Chinese market [10] Group 7: Future Outlook - The layoffs are part of Mercedes-Benz's "2025 strategy" and "Electric First" plan, aiming to streamline operations and regain market competitiveness [10] - The success of the layoff strategy and subsequent restructuring will determine whether Mercedes can create globally competitive electric smart vehicles by 2027 [10]

Core Viewpoint - NIO aims to achieve profitability in Q4, which is seen as a testament to the operational efficiency and management capabilities of the team [1][10][11] Sales Performance - NIO's overall sales exceeded 30,000 units in August and further increased to 34,749 units in September, marking a year-on-year growth of 64% [2] - In the third week of October, NIO's weekly deliveries surpassed 10,600 units, indicating a monthly delivery capacity that could exceed 40,000 units [3] Product Launch and Market Strategy - The launch of the L90 model on July 31 led to strong demand, with 10,575 units delivered in its first full month [3] - The new ES8 model, launched on September 20, complements the L90, enhancing market presence and driving sales for both models [3][4] Production Capacity and Demand - NIO's production capacity for the L90 model is set to increase from 10,000 units in August and September to 15,000 units in October, with total capacity across three brands expected to approach 56,000 units [4] - The company is experiencing stable demand, with monthly deliveries reaching production limits, suggesting potential for further growth if capacity is increased [4] Competitive Positioning - NIO's focus on large electric SUVs differentiates it from competitors like Li Auto and XPeng, which primarily target lower-priced segments [5] - The successful sales of the L90 and ES8 models are expected to position NIO among the top-tier sales leaders in the market [4][5] Organizational Efficiency and Technological Advancements - NIO has restructured its pricing strategy, making its products more competitive while maintaining high-quality features [6] - The company has invested over 60 billion yuan in core technologies over the past decade, resulting in significant advancements in product competitiveness [8] - NIO's charging and battery swap network has become a core advantage, with over 8,303 charging stations established, including 3,537 battery swap stations [7] Future Outlook - NIO is on track to achieve profitability in Q4, supported by stable operational costs and increasing delivery volumes [10] - The company is redefining the "high-end new energy" market landscape through enhanced production capacity and a diversified brand matrix [10][11]