证券研究报告 汽车 报告日期：2025 年 12 月 15 日 汽车反内卷新政出台，行业价格乱象有望纠正 ——汽车行业周报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 分析师：杨阳 执业证书编号：S0230523110001 邮箱：yangy@hlzq.com 分析师：李浩洋 执业证书编号：S0230525080001 邮箱：lihy@hlzq.com 报》2025.12.09 请认真阅读文后免责条款 . 本周观点：汽车反内卷新政出台，行业价格乱象有望纠正。2025 年 12 月 12 日，国家市场监督管理总局发布《汽车行业价格行为 合规指南（征求意见稿）》（以下简称《指南》），从生产端、销售 端和制度建设三方面对汽车行业价格行为进行规范。《指南》发布 后，已有比亚迪、北汽集团和小鹏汽车等多家车企表态积极响应。 本次《指南》的发布是 2025 年初以来汽车行业反内卷的重要政策 拼图，有望进一步遏制不合理、不合法竞争行为，从零部件到整 车厂再到经销商的各环节盈利空间也有望迎来边际修复。 行业动态：行业要闻，一是 2026 年鸿蒙智行将走入 L3、L3+时 代；二是理想汽车预计三年内推出首款 L4 级自 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies within it [20]. Core Insights - The 2025 IAA Mobility event highlighted the competitive dynamics between Chinese and European automakers, with over 100 Chinese companies participating, making China the largest foreign exhibitor [6][1]. - Chinese automakers are accelerating their overseas expansion, focusing on a full-chain strategy that includes products, channels, and supply chains to enhance their market presence in Europe [7][2]. - European automakers are prioritizing cost reduction and efficiency to maintain profitability while facing increasing competition from Chinese brands [8][3]. - The report identifies three key trends: rapid overseas expansion by Chinese OEMs, a shift in competition towards system-level capabilities, and a pragmatic market structure in Europe that includes both PHEVs and entry-level BEVs [9][4]. Summary by Sections Event Overview - The IAA Mobility event took place from September 8-14, 2025, in Munich, featuring 748 exhibitors, with a significant representation from Chinese companies [1][6]. Chinese Automakers' Strategies - BYD plans to start production in Hungary and establish over 1,000 stores in Europe by the end of 2025, expanding to 2,000 by 2026 [7][2]. - XPeng showcased new models and announced a new R&D center in Munich, emphasizing its AI and mobility ecosystem [7][2]. - Leapmotor and GAC also introduced new models targeting the European market, highlighting their commitment to local production and market penetration [7][2]. European Automakers' Responses - BMW aims to reduce EV costs by 40-50% and achieve profitability levels comparable to ICE vehicles by 2026 [8][3]. - Mercedes-Benz and Volkswagen are focusing on maintaining their market positions without engaging in price wars, while Renault and Stellantis are adjusting their strategies to emphasize lower-cost models [8][3]. Key Trends - The report outlines three major trends: the acceleration of Chinese automakers' overseas expansion, the transition of competition towards comprehensive system capabilities, and the emergence of a dual market structure in Europe that accommodates both PHEVs and entry-level BEVs [9][4].

Core Insights - Pony.ai is advancing its Robotaxi mass production and commercialization with public road testing of its seventh-generation Robotaxis in China [1][2] - The new Robotaxis are based on Guangzhou Auto's Aion V model and feature Pony.ai's latest autonomous driving system, which was recently unveiled [2][3] - The Gen-7 system boasts significant improvements, including a 70% reduction in BOM costs and the exclusive use of automotive-grade components [3][4] Company Developments - Pony.ai has received regulatory approval for road tests, marking a shift from closed-track validation to real-world testing [2] - The company has accumulated over 45 million kilometers of autonomous test mileage and operates in over 2,000 square kilometers across major Chinese cities [5] - The goal for 2025 is to achieve mass production, with plans to deploy a fleet of over 1,000 vehicles by year-end [6] Technological Advancements - The Gen-7 system includes six types of sensors for comprehensive perception and a proprietary sensor cleaning solution for adverse conditions [4] - The technology is designed to exceed human safety standards and improve navigation in complex environments through reinforcement learning [4] Strategic Partnerships - Pony.ai has formed partnerships with major players in technology and mobility services, including Tencent Cloud, Alipay, and Uber, to support widespread adoption [7] - The company aims to create a sustainable business model for the mass production and deployment of autonomous vehicles [8]

Group 1 - GAC Group plans to start selling electric vehicles in Brazil from May 24, including four electric models and one hybrid model [1] - The company intends to build a vehicle manufacturing plant in Catalão, Goiás, Brazil by the second half of 2026, producing three new energy models [1][4] - GAC Group aims to invest $1 billion in Brazil over the next five years, including the establishment of factories, R&D centers, and parts warehouses [2] Group 2 - GAC's international business manager expects sales of 100,000 vehicles in Brazil over the next five years, highlighting the rapid growth of the electric vehicle market in the country [2][3] - Electric vehicle sales in Brazil increased by 37.4% year-on-year in the first four months of 2025, reaching 70,500 units, while overall light vehicle sales grew only 3.4% [2] - GAC is actively pursuing an overseas expansion strategy, having recently entered Ethiopia and announced plans for local production projects in Egypt [4]