同心同行 共鉴辉煌 2025年，商用车行业竞争日趋激烈，广大合作伙伴与中国重汽同心同行、砥砺奋进，共同铸就辉煌业绩：全 年汇总收入预计同比增长17%；整车销量预计突破45万辆，同比增长25%。其中，重卡产销规模突破30万 辆，再创中国重汽历史新高，连续4年稳居中国重卡行业前列。 依托大集团资源优势，中国重汽全力推进国内国际双循环发展格局，实现海内外市场协同增长。在国内市 场，各业务板块均表现亮眼：重卡预计销量15万辆，同比增长33%；轻卡预计销量12万辆，同比增长29%； VAN和皮卡同比增长116%。出口业务同步实现历史性突破，重卡出口超15万辆，同比增长11%，连续21年位 居中国重卡出口前列。与此同时，中国重汽坚持拓宽出口产品品类，轻卡出口销量同比增长161%，后市场配 件出口销售收入同比增长53%，构建起全品类出海的战略新格局。 亮眼成绩的背后，离不开合作伙伴的鼎力支持。大会现场隆重揭晓并颁发2025年山东重工中国重汽集团营销 功勋奖等多项荣誉，既是对优秀合作伙伴的表彰激励，更彰显中国重汽秉持长期主义、深化共赢合作的坚定 理念。 五大优势 筑牢根基 大会对年度成绩卓越、贡献突出的优秀合作伙伴进行了表彰 ...

场景深耕+海外拓展 打开增长空间 传统能源业务并非"存量博弈"，从市场场景来看，传统能源商用车在长途干线、复杂工况等领域的不可 替代性，决定了其仍将长期占据市场核心地位。近年来，中国重汽集团针对工程建设、长途物流等细分 场景，已构建覆盖轻中重全系的传统能源产品矩阵，2025年上半年中国重汽传统燃油市场领先优势不断 扩大，在行业低位运行中实现逆势突围。 技术升级+生态构建 筑牢护城河 中国重汽集团依托国家级技术中心与近百年造车积淀，持续推动传统能源产品向高效低碳升级。财报显 示，在传统能源领域，中国重汽全新一代中重卡平台以307项专利加身，将风阻系数降至0.45，油耗降 低12%。以实打实的技术升级，让产品稳居行业效能与可靠性第一梯队。 同时，在智能化、网联化浪潮下，中国重汽集团积极推动新技术与传统能源产品的深度融合。目前， L2级智能辅助驾驶系统已在传统能源商用车领域广泛普及，2025年高阶智能辅助驾驶系统销量达1500 辆，国内市占率超40%。为巩固技术领先地位，集团持续加大研发投入，未来五年将组建超8000人的顶 级研发团队，持续强化核心技术攻关能力。 中证报中证网讯（记者 张鹏飞）在新能源转型加速与行业 ...

在新能源转型加速与行业结构深度调整的双重背景下，传统能源商用车仍占据国内70%左右的市场份额，其在商用车 领域的根基尚未动摇。因此，中国重汽并未将传统能源业务进行被动收缩，而是通过战略性调整，以技术迭代突破效 能瓶颈，以生态共建拓展服务边界，在细分市场与海外布局中持续挖掘增量空间，实现传统能源业务的逆势突围与高 质量发展。 中国重汽集团依托国家级技术中心与近百年造车积淀，持续推动传统能源产品向高效低碳升级。财报显示，在传统能 源领域，中国重汽（3808.HK）全新一代中重卡平台以307项专利加身，将风阻系数降至0.45，油耗降低12%。以实打 实的技术升级让产品稳居行业效能与可靠性第一梯队。 同时，在智能化、网联化浪潮下，中国重汽集团积极推动新技术与传统能源产品的深度融合。目前，L2级智能辅助驾 驶系统已在传统能源商用车领域广泛普及，2025年高阶智能辅助驾驶系统销量达1500辆，国内市占率超40%。为巩固 技术领先地位，集团持续加大研发投入，未来五年将组建超8000人的顶级研发团队，持续强化核心技术攻关能力。 在行业集中度持续提升的趋势下，单纯的整车销售已难以满足市场竞争需求。传统能源领域需构建全产业链布局 ...

Group 1 - The automotive industry is facing challenges in monetizing software subscription models, with many companies unable to provide a clear timeline for profitability through this approach [1][2][3] - The emergence of a "free alliance" among domestic automakers, offering advanced driver assistance systems (ADAS) as standard features, has raised concerns about the sustainability of the software subscription model [1][8] - Bosch's call for not promoting high-level intelligent driving systems for free highlights the potential risks to the future profitability of the automotive sector [1][7] Group 2 - Global automakers initially viewed software subscriptions as a key revenue model, but the trend towards free offerings in China has led to a reevaluation of this strategy [2][5] - Companies like Tesla and Huawei remain committed to charging for software, with Tesla's Full Self-Driving (FSD) priced at 64,000 yuan, indicating a willingness to pay for advanced technology [2][13] - The competitive landscape has shifted, with many Chinese automakers adopting a model of embedding hardware and offering software for free, aiming to increase usage and data collection [9][10] Group 3 - The feasibility of subscription models is questioned due to consumer expectations for free access to intelligent driving features, making it difficult for companies to charge for software [3][12] - The hardware subscription model has seen limited success, with luxury brands experimenting but facing backlash from consumers who feel they should not pay extra for features already included in the vehicle [4][5] - The potential for a successful subscription model may depend on the development of higher-level autonomous driving technologies, which could change consumer willingness to pay [12][13] Group 4 - The automotive industry is experiencing a shift towards standardizing high-level intelligent driving systems, with many new models offering these features at no additional cost [8][9] - Companies are exploring various pricing strategies, including limited-time free access and one-time buyouts, to encourage adoption of intelligent driving technologies [9][10] - The long-term viability of subscription models remains uncertain, with industry experts suggesting that only a few companies may successfully implement them due to ongoing price competition [12][14]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights the evolution of advanced driver assistance systems (ADAS) in China, focusing on the expansion of operational design domains (ODD), technological equity, safety concerns, and supportive policies [4][21][23] - It emphasizes the need for algorithm, data, and computing power upgrades to address safety shortcomings in high-level ADAS technologies [23][66] - The report discusses the transition from modular to end-to-end architectures in vehicle algorithms, aiming for human-like driving capabilities [66][68] Summary by Sections 1. Market Background - The expansion of high-level ADAS ODD is noted, with a focus on technological inclusivity and addressing accident anxiety through safety redundancies [4][21] - Policy support is highlighted as crucial for rational promotion of ADAS technologies [4][21] 2. Technology Insights - The report decodes the underlying logic of data, algorithms, and computing power in high-level ADAS [4][28] - It discusses the computing power landscape, noting the shift towards higher TOPS (trillions of operations per second) capabilities in vehicle and cloud computing [42][44] - Data challenges, including collection and positioning technologies, are identified as critical areas for development [4][28] 3. Competitive Analysis - The competitive landscape is analyzed, detailing the tiered structure of companies and their development strategies [29][30] - The report outlines various collaboration models among automotive manufacturers and technology providers, emphasizing the balance between self-research and external sourcing [83] 4. Trend Insights - The report notes the commercialization progress of passenger vehicle L3 systems, indicating a growing market for advanced ADAS [31][32] - It highlights the importance of continuous upgrades and iterations in ADAS functionalities to meet evolving consumer expectations and safety standards [82][83]