每经记者｜孙桐桐 每经编辑｜裴健如 7月22日，"东风汽车"微信公众号发布消息称，东风汽车集团有限公司召开领导班子（扩大）会，通报了中央组织部有关决定：周锋任东风汽车集团有限公 司副总经理、党委常委。相关职务任命按有关法律规定办理。 公开资料显示，周锋生于1979年，2004年毕业于清华大学核能与新能源技术研究院核科学与技术专业，获工程硕士学位。2004年7月，周锋加入东风日产技 术中心，历任东风日产技术中心第一开发部副部长、车型开发部部长、车身开发部部长、技术中心专职副中心长、技术中心副中心长、东风启辰汽车公司副 总经理、东风日产研发和采购部门党委书记等职务，一直从事技术研发工作。 2021年3月，周锋北上武汉，出任东风公司战略规划部副总经理，后任战略规划与科技发展部总经理、战略发展研究中心总经理。2023年12月6日，周锋重回 南方，任东风有限副总裁、东风日产副总经理，成为东风日产中方"一把手"，此后又出任东风有限执行副总裁。 值得注意的是，周锋任职东风日产中方"一把手"期间，成功推出了合资新能源中的现象级产品——东风日产N7。此前，东风日产曾对外宣布，旗下首款纯 电车型N7仅50天大定便突破2万台。 就 ...

联系人 邵翼 (8621)23297818× shaoyi@swsresearch.com 理想，蔚来；东风集团股份 看好 ——一周一刻钟，大事快评（W116） 2025 年 07 月 21 日 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 行 业 及 产 业 汽车 ⚫ 理想和蔚来方面：近期理想与蔚来因相互争执引发广泛关注，我们认为事件本身对两家 公司均具正向推动作用。从技术端看，小鹏座舱引入 700T 芯片标志行业即将迈入独立 思考型座舱阶段，我们认为理想和华为在该领域具备领先潜力。理想座舱 AI 能力预计 将在 8 月底通过 OTA 上线。蔚来方面，乐道 L90 在 BaaS 加持下实现高端体验与中端 价格的匹配，若月交付量如预期突破万台，将显著验证蔚来长期投入的资产价值，建议 重点关注。 ⚫ 在反内卷政策背景下 ...

Core Insights - Dongfeng Motor is accelerating its transition towards new energy vehicles, aiming for a target of one million units [1][2][4] - The company is enhancing its brand matrix, covering various segments in the passenger vehicle market, including luxury and mainstream categories [1][2] - Dongfeng is focusing on technological innovation and building a comprehensive ecosystem for new energy vehicles, including battery recycling and smart manufacturing [3][4] Brand Development - Dongfeng has established a diverse brand matrix in the passenger vehicle sector, including brands like Mengshi, Lantu, and Fengshen, catering to different market segments [1] - The company has launched several new products this year, including the M817 SUV and the Lantu Dreamer, which quickly topped the sales charts in the new energy MPV category [2] Sales Performance - From January to May this year, Dongfeng delivered a total of 905,000 vehicles, with 536,000 from its own brands, and achieved a 4.9% increase in exports [2] - The export of its own brands and new energy vehicles saw significant growth, with increases of 30% and 331% respectively [2] New Energy Strategy - Dongfeng is committed to high-quality development and is accelerating its layout across the entire value chain of new energy vehicles [2][3] - The company plans to launch seven new self-owned new energy passenger vehicles and three new energy commercial vehicle models this year [2] Technological Innovation - Dongfeng is focusing on core components of new energy vehicles, including batteries and electric drive systems, to create a new industrial ecosystem [3] - The company has developed its own high-performance automotive-grade MCU chip and launched the "Tianyuan Intelligent" technology brand [3] Collaborative Ecosystem - Dongfeng has signed strategic cooperation agreements with 80 partners across various sectors, enhancing its supply chain autonomy [4] - The company has established over 12 industrial innovation alliances with more than 300 partners, improving overall industry efficiency by over 30% [4] Market Positioning - Dongfeng aims to provide long-term value to customers by focusing on user value and technological innovation, rather than competing solely on price [4] - The company is positioning itself as a leader in high-quality, sustainable automotive development, responding to industry changes with innovative solutions [4]

Core Insights - Dongfeng Motor is actively developing its new energy vehicle strategy, showcasing a comprehensive strategic layout that adapts to the transition towards new energy [1] - The company aims to achieve a target of 1 million new energy vehicles, supported by a strong product matrix and technological advancements [1][2] Group 1: Sales and Market Performance - In the first five months of this year, Dongfeng Motor delivered a total of 905,000 vehicles, with 536,000 from its own brands, and achieved the highest market share in the domestic heavy truck sector [1] - Exports reached 94,000 units, marking a year-on-year increase of 4.9%, with exports of its own brands and new energy vehicles growing by 30% and 331% respectively [1] Group 2: Product Development and Technological Advancements - Dongfeng has launched several new products, including the luxury smart off-road SUV M817 and the Lantu FREE+, which features Huawei's ADS 4 and HarmonySpace 5 [2] - The company has established a comprehensive power brand system covering energy-saving, hybrid, and pure electric vehicles, along with three major passenger car platforms [2] Group 3: Innovation in Hydrogen Energy - Dongfeng holds the highest number of invention patents in the hydrogen energy sector and has developed the first full-power fuel cell passenger vehicle in China [3] Group 4: Industry Chain and Ecosystem Layout - The company is focused on controlling core resources in the new energy vehicle industry chain, achieving significant sales in pure electric drive assemblies and breaking foreign monopolies in IGBT technology [4] - Dongfeng is also building a smart charging ecosystem and has launched advanced charging stations, promoting battery operation and recycling initiatives [5] Group 5: Brand Development and Recognition - Dongfeng Motor has improved its ranking in the central enterprise brand construction report, now positioned 7th overall and maintaining the top spot in the automotive industry for four consecutive years [5]

Core Viewpoint - Dongfeng Motor Corporation is advancing its transformation in the new energy vehicle sector, showcasing its capabilities in smart manufacturing and a comprehensive brand matrix across various vehicle categories [3][5]. Group 1: Smart Manufacturing and Production - The Dongfeng Lantu smart factory utilizes 5G and big data technologies to achieve mixed-flow production of various vehicle types, with a new car rolling off the line every 118 seconds [1][3]. - The factory is recognized as a national-level smart manufacturing demonstration site, highlighting the integration of advanced technologies in automotive production [1]. Group 2: Sales and Market Performance - In the first five months of this year, Dongfeng delivered 905,000 vehicles, with 536,000 from its own brands, and achieved a 4.9% year-on-year increase in exports, totaling 94,000 vehicles [5]. - The company reported significant growth in exports of its own brands and new energy vehicles, with increases of 30% and 331% respectively [5]. Group 3: Product Development and Innovation - Dongfeng is accelerating the launch of new products, including the M817 SUV with Huawei's advanced driving system and the Lantu FREE+ with cutting-edge technology [5][9]. - The company has established a comprehensive powertrain brand structure, including energy-efficient, hybrid, and pure electric systems, and has made significant advancements in hydrogen energy technology [7][8]. Group 4: Strategic Partnerships and Technological Advancements - Dongfeng has signed a strategic cooperation agreement with Huawei to enhance automotive intelligence and digital transformation, focusing on smart cockpits and intelligent vehicle control [9]. - The company is developing a comprehensive ecosystem for new energy vehicles, including battery recycling and smart charging infrastructure [8].