Core Viewpoint - The recent developments in L3 conditional autonomous driving in China, particularly involving Huawei's vehicles, signify a major step towards commercial application in the automotive industry [3][7]. Group 1: L3 Autonomous Driving Testing - Huawei's Hongmeng Zhixing has initiated L3 level conditional autonomous driving testing in collaboration with the Shenzhen Municipal Transportation Bureau and other relevant departments [3][7]. - The pilot program covers all high-speed roads in Shenzhen, totaling 1,000 kilometers, with Huawei employees participating using the 2025 model of the AITO Wenjie M9 and the AITO Zunji S800 [3][7]. Group 2: Regulatory Milestones - On December 15, the Ministry of Industry and Information Technology officially announced the first batch of L3 conditional autonomous driving vehicle permits in China, marking a transition from testing to commercial application [3][7]. - Two models suitable for urban congestion and highway scenarios will be tested in designated areas of Beijing and Chongqing [3][7]. Group 3: User Interaction Features - The L3 exclusive human-machine interaction interface of Huawei's Qian Kun Zhijia ADS has been made public, featuring a voice reminder that activates when L3 autonomous driving is engaged [3][7].

证券研究报告 汽车 行业定期报告 hyzqdatemark 2025 年 12 月 10 日 投资评级： 看好（维持） 李泽 SAC：S1350525030001 lize@huayuanstock.com 游泽晨 youzechen@huayuanstock.com 板块表现： 看好高端车市场自主品牌崛起 ——汽车行业双周报（20251124-20251207） 证券分析师 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 市场空间：40 万元以上高端车市场空间稳定，看好纯电放量驱动新能源渗透率提升。 2018 年以来，绝大多数年份 40 万元以上高端车销量均保持在 70-120 万辆区间内， 在汽车总销量中占比基本在 5%以上，市场空间整体稳定。目前 40 万元以上高端车 的能源类型仍以 ICE 为主，2025 年 1-10 月累计销量中 ICE 占比为 52.9%，BEV 仅 15.0%。随着充电效率的提升和补能网络逐步完善，纯电车型有望凭借更大的空间、 更顺畅的驾驶体验和更高的能源转化效率等优势在高端市场快速放量，驱动新能源 渗透率进一步提升，预计 2026 年 40 万元以上高端车新能 ...

虽然还有大半个月才翻篇到 2026 年。 但我已经能感受到明年的车圈有多 " 血腥 " 了。 看你咋理解哈，你也可以说是车企在年底冲 KPI ，也可以长远点看这套 " 兜底 " 促销方案...... 可以说，明年这样的场景会更常见。 一个非常核心的因素：明年各大品牌的 " 车海战术 " ，是真的很恐怖。 例如鸿蒙智行，根据爆料简单盘一盘，大概有超 20 款新车要发布； 小鹏有 7 款增程新车发布； 而且这些新车都或多或少涉及大尺寸、长续航、高阶智驾等关键堆料信息。 大方向看三面吧，首先政策退坡，明年减免少了，那车市的价格竞争力就变相削弱了，是大有可能削弱消费的。 其次行业增长放缓，产能、库存双压之下，厂商面临着增量向存量的转变，所以大环境也更严酷了。 再就是与之相对的价格战，生存压力大了，那开启新一轮价格战的趋势，还是很有可能的。 后两方面的情况，可以举个今天的全新的例子： 这还是新能源汽车的一隅，所以汽车行业算是 " 地狱难度 " ，大概率是 " 极致内卷 " 的一年了！ 不过所有主流车企都会面临 " 饱和式竞争 " ，并不意味着全是危机，挑战机遇也并存。 拿小米汽车来说，其实今年本来已经很卷了，但小米带着 ...

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [6] Core Insights - The automotive industry is expected to see stable growth in consumer demand due to supportive policies and increasing sales of new energy vehicles [16][4] - The report highlights the importance of focusing on leading companies in smart technology and the resonance of technology and model cycles in the vehicle sector, as well as the electric and intelligent incremental segments in the parts sector [4][16] Summary by Sections Market Review - The automotive sector rose by 1.38% from December 1 to December 5, 2025, outperforming the overall A-share market, ranking 10th among all primary industries [18][21] - The largest gain was in automotive parts, which increased by 1.83%, while passenger vehicles saw the smallest increase of 0.21% [21] Industry Data Tracking 1. **Total Industry Volume**: In October 2025, approximately 3.322 million vehicles were sold, with a month-on-month increase of 3% and a year-on-year increase of 8.8%. New energy vehicles accounted for about 51.6% of the market share [2][36] 2. **Company Sales**: BYD, Geely, and FAW-Volkswagen were the top three in retail sales for October 2025, with sales of approximately 296,000, 266,000, and 136,000 vehicles, respectively [2] 3. **Weekly Data**: For November 1-30, 2025, retail sales of passenger vehicles were about 2.263 million, down 7% year-on-year but up 1% month-on-month [38] 4. **Raw Material Prices**: As of December 5, 2025, the price of battery-grade lithium carbonate was approximately 93,250 CNY/ton, a decrease of 1% from the previous week [45] Industry News and Company Announcements - Several automakers announced purchase tax subsidy plans, including a maximum subsidy of 15,000 CNY from GAC and a cash discount of up to 17,000 CNY from Leap Motor [3][49] - Cao Cao Mobility announced a strategic goal for its Robotaxi service, aiming for a 100 billion CNY investment over ten years across 100 cities [3][49] Investment Recommendations - The report suggests focusing on companies that lead in smart technology and those that align with the technological and model cycles, such as SAIC Motor, Xpeng Motors, Xiaomi, and Leap Motor [4][16] - In the parts sector, it recommends looking at companies involved in electric and intelligent incremental segments, including Huaguang Co., Chuanhuan Technology, Yinlun Co., and Horizon Robotics [4][16]

Summary of Li Auto's Conference Call Company Overview - **Company**: Li Auto - **Industry**: Automotive, specifically electric vehicles (EVs) Key Points and Arguments Current Market Challenges - Li Auto faces significant competition from rivals such as Geely's Lynk & Co 900 and Zeekr 9X, leading to a decline in sales and stock price, particularly in the large six-seat SUV market [2][3] - Short-term challenges include insufficient battery supply for the Li L6 model due to constraints from CATL, resulting in low delivery numbers in October [2][4] - Long-term challenges arise from a diminishing reliance on range-extended vehicles and large six-seat SUVs, with increasing competition from models like the AITO M9 and Zeekr 9X, as well as potential new entrants like Xiaomi's Kunlun series E9 [2][4] Strategic Adjustments - To combat competition, Li Auto is updating its vehicle lineup to enhance features and cost-effectiveness, with the L9 series set to improve in space, configuration, chassis, and materials while maintaining stable pricing [2][5] - The company is moving away from its previous "platform sharing" strategy, which involved using similar designs to reduce costs, recognizing that this approach is insufficient against emerging competitors like Huawei and Xiaomi [2][6][10] - Organizational restructuring has been implemented, with CEO Li Xiang taking direct control of key decision-making areas to improve efficiency and responsiveness [2][7][10] Future Outlook - There is a high probability of a turnaround for Li Auto by 2026, although it is not guaranteed, as the company has begun strategic and organizational adjustments to enhance its market position [3][5] - The anticipated improvements in battery supply are expected to lead to increased delivery volumes, with projections of around 10,000 units for November and close to 20,000 units for December [4] - Li Auto aims to launch more differentiated new models in 2026, focusing on innovation and market appeal to strengthen its competitive edge [10] Competitive Landscape - The competitive landscape is intensifying, with established players like Huawei significantly improving their vehicle offerings over the past three and a half years, highlighting the need for Li Auto to accelerate its product updates and innovation [9][10] - The company recognizes the necessity to enhance its understanding of competitor features and address its weaknesses while reinforcing its strengths to achieve comprehensive improvements [10] Additional Important Insights - The decline in October deliveries, which were over 30% lower year-on-year, underscores the urgency for Li Auto to adapt to the rapidly changing market dynamics [3][4] - The shift in strategy towards more innovative and differentiated products is crucial for Li Auto to regain market share and improve its competitive positioning against both established and emerging rivals [5][10]

Core Insights - The article discusses the upcoming launch of the AITO M6, which is expected to target the 250,000 yuan family SUV market, offering both range-extended and pure electric versions [5] - AITO's M9 and M9L models will also be launched next year, expanding the product lineup to cover the 200,000 to 500,000 yuan price range [7] - The competitive landscape includes models like Li Auto i6, Tesla Model Y, and Xiaomi YU7, which overlap in pricing and features with the M6 [6] Product Launch and Market Positioning - AITO M6 is set to launch in Q2 next year, maintaining the existing M5 model without replacement [5] - The M9 and M8 models are positioned as luxury SUVs, with the M9 achieving over 49,000 units sold in October, although sales have declined compared to last year [7][8] - The M7 model, once a top seller, has seen a significant drop in sales, now averaging around 5,000 units per month [8] Competitive Analysis - The M6 will face stiff competition in the 200,000 to 300,000 yuan segment, which has seen 18 new mid-to-large SUVs launched in the last three months [8] - The M5's sales have been weak, with a peak of 7,000 units per month dropping to under 3,000 units recently, indicating challenges in maintaining market interest [8] - Other competitors like the Zhiji R7 and Lantu FREE are also positioned in the same price range, further intensifying competition [7][9] Sales Performance - AITO's M9 has experienced a decline in sales since May, with October sales dropping to 8,000 units, half of the previous year's figures [7] - The M7's price increase to 279,800 yuan has shifted it into a more competitive bracket, potentially affecting the M6's pricing strategy [8] - The overall performance of AITO's models in the mid-range market will significantly impact the brand's annual sales figures [9]

Core Viewpoint - Company Seres has successfully listed on the Hong Kong Stock Exchange (HKEX) with an issue price of HKD 131.5, becoming a dual-listed company in both A-shares and H-shares markets, joining other Chinese automotive companies like NIO and BYD [2][27]. Financial Performance - On its first trading day, Seres' stock opened at HKD 128.9, a 2% drop from the issue price, with a maximum decline exceeding 5% [6]. - For Q3 2025, Seres reported a revenue increase of 15.75% year-on-year, but net profit decreased by 1.74% [8]. - In the first three quarters of 2025, total revenue reached CNY 110.5 billion, a 3.67% increase, while net profit was CNY 53.12 billion, up 31.56% [8][14]. Market Position and Strategy - Seres is uniquely positioned in the Chinese electric vehicle (EV) market due to its long-standing partnership with Huawei, which has significantly benefited its performance [10]. - The company achieved a remarkable revenue growth of 305.5% in 2024, reaching CNY 145.1 billion, and turned a net profit of CNY 59 billion, marking a turnaround from a loss of CNY 2.4 billion in 2023 [11]. - Despite a challenging start in 2025, with Q1 revenue down 27.91%, Seres is focusing on product development and market expansion, including plans for new models and increased R&D investment [13][19]. R&D and Innovation - In the first half of 2025, Seres invested CNY 5.198 billion in R&D, a 154.9% increase, and secured 6,826 patents, reflecting a commitment to innovation [19]. - The company has developed several advanced technologies, including a high-efficiency electric drive system and a new technology platform showcased at the 2025 China Automotive Engineering Society conference [20]. International Expansion - Seres aims to enhance its international presence, having already begun deliveries of its SERES 5 model in Europe and planning to expand into various global markets [29]. - The company is also focusing on localizing production and operations in international markets, with plans to introduce new models under the AITO brand [30][32]. Brand Development - The AITO brand is positioned to lead Seres' international expansion, although challenges exist in gaining recognition in overseas markets compared to its domestic success [33]. - Seres has seen increasing brand recognition, with its AITO models receiving high scores in brand confidence and customer recommendations [22]. Production Capacity - To support the growth of the AITO brand, Seres has established a highly automated super factory, enhancing production capabilities and achieving significant delivery milestones for its models [25]. - The company has delivered over 800,000 vehicles across its AITO brand, with notable sales figures for the AITO M9 and M8 models [25]. Conclusion - Overall, Seres is navigating a complex landscape of financial performance, market positioning, and international expansion, with a focus on innovation and brand development as it seeks to solidify its place in the global automotive market [26][29].

Investment Rating - The report maintains a "Strong Buy" rating for the company [4] Core Insights - The company is positioned in the smart electric vehicle sector, achieving a revenue of 110.53 billion yuan and a net profit of 5.31 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 31.56% [1] - The sales of high-end smart electric vehicles, particularly the Wanjie M9 and M8, have significantly contributed to profit growth, becoming champions in their respective price segments [1] - The company has entered a partnership with Beijing Huoshan Engine Technology Co., focusing on embodied intelligence, which aims to enhance the automotive industry's digital transformation [7] Financial Data and Valuation - The company is projected to achieve total revenue of 169.86 billion yuan in 2025, with a year-on-year growth of 17% [3] - The estimated net profit for 2025 is 8.29 billion yuan, corresponding to a PE ratio of 30.6 [3][10] - The company’s total assets are expected to reach 117.94 billion yuan by 2025, with a debt-to-asset ratio of 76.9% [8][10] Performance Metrics - The company reported a gross margin of 29.95% and a net profit margin of 5.32% in Q3 2025 [7] - The return on equity (ROE) is projected to be 42.5% in 2025, indicating strong profitability [10] - The company’s earnings per share (EPS) is expected to be 5.07 yuan in 2025, with a significant increase in subsequent years [9][10]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company reported a steady performance in Q3 2025, with total revenue of 110.53 billion yuan for the first nine months, a year-on-year increase of 3.7%. Q3 revenue reached 48.13 billion yuan, up 15.8% year-on-year and 11.3% quarter-on-quarter [1][2]. - The average selling price (ASP) per vehicle in Q3 2025 was 339,000 yuan, reflecting a year-on-year increase of 2,800 yuan and a quarter-on-quarter increase of 700 yuan, driven by the delivery of high-end new models [2][3]. - The company delivered a total of 341,000 vehicles in the first nine months of 2025, a decrease of 7.8% year-on-year, but Q3 deliveries were strong at 142,000 vehicles, up 6.3% year-on-year and 9.1% quarter-on-quarter [3]. - The company is advancing into the humanoid robot industry through a partnership with ByteDance, leveraging AI technology to enhance its growth potential [3][4]. Financial Summary - For 2025, the company expects revenues of 160.67 billion yuan, with net profits projected at 8.43 billion yuan. The forecast for 2026 and 2027 shows continued growth, with revenues reaching 202.50 billion yuan and 246.30 billion yuan, respectively, and net profits of 11.20 billion yuan and 13.82 billion yuan [5][9]. - The report indicates a significant increase in profitability, with a projected net profit growth rate of 41.7% for 2025 and 33.0% for 2026 [5][10]. - The company's price-to-earnings (PE) ratio is expected to decrease from 30 in 2025 to 18 in 2027, indicating improving valuation metrics over time [4][10].

Core Insights - Harmony Intelligent Mobility Alliance (HIMA) achieved a record monthly delivery of 68,216 vehicles in October, surpassing 1 million cumulative deliveries, marking the fastest record for a new force brand [2] - The average transaction price for vehicles in October was 390,000 yuan, contributing to the high-quality development of the Chinese automotive industry [2] Company Overview - HIMA was officially established by Huawei on November 9, 2023, as an upgrade to its smart car business, integrating over 30 years of ICT technology with automotive manufacturing capabilities [2] - The product matrix includes five series: Wanjie, Zhijie, Xiangjie, Zunjie, and Shangjie, covering price ranges from 150,000 to 1 million yuan [2] Product Highlights - Wanjie M9: Flagship SUV with Huawei Ascend 910B chip (400 TOPS computing power), leading the luxury car segment in China for 11 consecutive months [3] - Zhijie S7: First model with Harmony Smart Cockpit 4.0, equipped with 192-line LiDAR and valet parking AVP feature [3] - Xiangjie S9: Best-selling luxury pure electric sedan for 7 months in the 400,000 yuan and above category [3] - Zunjie S800: Premium model featuring distributed satellite communication on the Tuling Longxing platform [3] - Shangjie H5: First model co-developed with SAIC, targeting young consumers [3] Future Plans - HIMA aims to achieve annual sales of 1 million vehicles by 2025, with 5 new models and 5 annual facelift models already launched [3] - Plans to introduce 13 L4 autonomous driving models by 2026, with a goal for large-scale commercial use of L4 autonomous driving in urban areas by 2027 [3]