2025 年 12 月 08 日 开源晨会 1208 ——晨会纪要 | 沪深300 | 及创业板指数近1年走势 | | 吴梦迪（分析师） | | --- | --- | --- | --- | | 沪深300 | 创业板指 | | wumengdi@kysec.cn | | 60% | | | 证书编号：S0790521070001 | | 40% | | | 观点精粹 | | 20% 0% | | | 总量视角 | | -20% | | | 【策略】本轮春季躁动的共性&个性——投资策略专题-20251207 | | -40% | | | 投资思路——科技与周期两翼齐飞 | | 2024-12 | 2025-04 2025-08 | | 【金融工程】权益择时的多策略框架：从宏观驱动到微观验证——大类资产配置 | | 数据来源：聚源 | | | 研究系列（14）-20251207 | | 昨日涨跌幅前五行业 | | | 行业公司 | | 行业名称 | | 涨跌幅(%) | 【中小盘】空间科技系列深度（一）产业催化不断，可复用火箭迎来大发展—— | | 非银金融 | | 3.500 | 中小盘主题-2025120 ...

行 业 研 究 2025 年 12 月 07 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2024-12 2025-04 2025-08 汽车 沪深300 汽车研究团队 邓健全（首席分析师） 证书编号：S0790525090003 赵悦媛（联席首席分析师） 证书编号：S0790525100003 赵旭杨（分析师） 证书编号：S0790523090002 傅昌鑫（分析师） 证书编号：S0790525090005 徐剑峰（分析师） 证书编号：S0790525090004 王镇涛（研究员） 证书编号：S0790124070021 相关研究报告 《特斯拉 FSD V14.2.1 上线，长安汽车 拟 2.25 亿元参与设立机器人公司—行 业周报》-2025.11.30 《小鹏汽车第 100 万台整车下线，广 州车展车企竞逐具身智能新赛道—行 业周报》-2025.11.23 《零跑汽车年度累计销量已超 50 万 台，优必选人形机器人启动批量交付 —行业周报》-2025.11.16 鸿蒙智行尊界 S800 轿车 11 月交付破 2000 台，宇树 科技完成 IP ...

Core Insights - The article discusses the recent appearance of the Hongmeng Zhixing "Era Flagship" Zun Jie S800 sedan in Dubai, with four units already registered in the UAE and more expected to arrive in the Middle East [1][3] Group 1: Product Details - The Hongmeng Zhixing Zun Jie S800 was launched on May 30, with a price range of 708,000 to 1,018,000 yuan [3] - The vehicle has achieved over 15,000 pre-orders within four months of its launch [3] - The Zun Jie S800 features innovative smart electric doors that can automatically adjust their opening angle up to 77 degrees, along with a smart welcome light carpet [3] Group 2: Technical Specifications - The dimensions of the Zun Jie S800 are 5480mm in length, 2000mm in width, and 1542mm in height, with a wheelbase of 3370mm [3] - It is equipped with Huawei's immersive head-up display system and the first-ever dual zero-gravity seat layout in the rear [3] - The vehicle is powered by HUAWEI ADS 4 and HUAWEI DriveOne 800V high-voltage silicon carbide motors, with a maximum output of 390kW for the dual-motor version and 635kW for the tri-motor version [3] - The range for the extended version is 1333km, while the pure electric version has a CLTC range of 702km [3] Group 3: Market Expansion - The vehicle's overseas availability is indicated to be through parallel imports, suggesting a strategy for international market penetration [3]

Investment Rating - The report maintains a "Buy" recommendation for the companies involved, specifically Jianghuai Automobile, Seres, and Wuxi Zhenhua [9]. Core Insights - The launch of the Hongmeng Zhixing Zun Jie S800 sedan has achieved over 6,500 pre-orders in its first month, breaking the monopoly of foreign brands in the million-level sedan market [4][6]. - The vehicle features advanced technology, including a high-pressure silicon carbide motor and a comprehensive range of 1,333 km for the range-extended version, and 702 km for the pure electric version [5][6]. - The report highlights the continuous high growth in pre-order numbers, with daily increments of 100-200 units recently [4]. Summary by Sections Market Performance - The automotive sector has shown a 30.5% increase over the past 12 months, while the Shanghai and Shenzhen 300 index has increased by 13.2% [1]. Investment Highlights - The Zun Jie S800's pre-order milestones include 1,000 units in the first hour, 1,600 in the first 24 hours, and 5,000 in 19 days, indicating strong market demand [4]. - The vehicle's dimensions are 5480×2000×1542 mm with a wheelbase of 3370 mm, and it offers various color options [4]. Company Focus and Earnings Forecast - Jianghuai Automobile is projected to have an EPS of 0.12 in 2024, increasing to 0.25 in 2025, with a PE ratio of 334.08 for 2024 [9]. - Seres is expected to have an EPS of 3.84 in 2024, rising to 4.61 in 2025, with a PE ratio of 34.98 for 2024 [9]. - Wuxi Zhenhua is forecasted to have an EPS of 1.41 in 2024, increasing to 1.80 in 2025, with a PE ratio of 24.23 for 2024 [9].