汽车行业周报 ❑ 个股行情回顾 汽车板块个股：本周，汽车板块个股下跌居多。其中，涨幅居前的个股有天 普股份（+14.7%）、路畅科技（+8.1%）和浙江荣泰（+7.6%）；跌幅居前 的个股有富临精工（-20.3%）、新朋股份（-18.1%）和立中集团（-17.2%）。 重点覆盖个股：本周，已覆盖个股周度下跌居多。其中，涨幅居前的个股为 康隆达（+8.3%）、华纬科技（+4.3%）和江淮汽车（+0.8%）；跌幅居前的 个股有道氏技术（-15.5%）、星源卓镁（-14.7%）和神驰机电（-11.7%）。 华为连发"两境"新品牌，特斯拉开放 Robotaxi 服务 中游制造/汽车 ❑ 风险提示：生产不及预期；消费不及预期；盈利不及预期。 11 月 16 日至 11 月 23 日，汽车行业整体下跌 5.1%。11 月 20 日，东风与华为 乾崑深度合作的 DH 项目中文品牌定名"奕境"，首款车型将于明年 4 月的北 京车展发布，后续每年至少有一款全新车型上市。同日，启境品牌将在华为乾 崑生态大会上正式发布，明年启境计划推出两款车型，首款车型将于明年 6 月 上市交付。 证券研究报告|行业定期报告 2025 年 11 ...

点 击 蓝 字 关 注 我 们 本文全文共 3432 字，阅读全文约需 11 分钟 目录 国内新闻 1.总投资近百亿元 16个新能源产业领域重点项目签约落户常州 2.吉利雷诺集团巴西战略合作正式启动 3.上汽通用五菱与清华大学签约 4.零跑汽车上海造型中心启用 加速布局全球化设计 5.一汽大众在四川成立新公司 含充电桩销售业务 2.特斯拉:全球超级充电桩数量突破75000根 3.马自达计划借人工智能将生产效率提升一倍 4.纯电吸引力下降 丰田在美全力押宝混动 商用车 1. 潍柴全球首批通过氢内燃机国际标准预研 2. 上汽大通无人驾驶商用车广州车展重磅首秀 6.前10个月北京新能源汽车产量同比增长1.5倍 7.北汽集团新设全资汽车销售服务公司 布局新能源与后市场业务 8.小米汽车第50万辆整车正式下线 里程碑时刻 国外新闻 1.特斯拉Robotaxi服务正式向公众开放 3. 成功汽车KD组件首航越南 4. 五菱红标全面迈入新能源时代 国内新闻 1 总投资近百亿元 16个新能源产业领域重点项目签约落户常州 时间:2025.11.20 来源:财联社 11月19日，"常州发布"微信公众号消息，作为2025年产业链供应 ...

Investment Rating - The report maintains a "Recommended" rating for the automotive industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [3]. Core Insights - Tesla's Robotaxi service officially opened to the public on November 18, marking a shift from closed testing to commercial operation, with over 2 million downloads on the first day [2]. - The initial service areas include Austin, Texas, and the San Francisco Bay Area, with a fleet size estimated at around 100 vehicles across both locations [2]. - Future plans include deploying over 1,500 vehicles by the end of 2025, expanding to additional states such as Arizona, Nevada, and Florida [2]. - Significant financial impacts from Robotaxi are expected in the second half of 2026, with plans to cover 8-10 cities by year-end [2]. Summary by Sections Industry Scale - The automotive industry comprises 265 companies, with a total market capitalization of approximately 4,529.5 billion and a circulating market capitalization of about 3,917.7 billion [3]. Performance Metrics - Absolute performance over 1 month, 6 months, and 12 months shows changes of -4.3%, 20.7%, and 38.5% respectively, while relative performance indicates changes of -5.5%, 3.3%, and 22.8% [4].

Core Insights - Tesla's AI software vice president Ashok Elluswamy warned employees that 2026 will be the "most difficult year" of their careers, urging them to prepare for unprecedented work intensity to meet company goals [1] - The company has set aggressive timelines for the production of the Optimus robot and the expansion of Robotaxi services, which are critical for CEO Elon Musk's recently approved compensation plan [1][3] - Tesla's Q3 2025 financial report indicated a revenue of $28.095 billion, a 12% year-over-year increase, but a net profit decline of 37% to $1.37 billion, highlighting the challenges posed by intense competition and price wars in the electric vehicle market [5] Financial Performance - Tesla's Q3 total revenue reached $28.095 billion, up 12% year-over-year, while net profit fell to $1.37 billion, down 37% [5] - Global vehicle deliveries in Q3 hit a record high of 497,100 units, primarily driven by the Model 3/Y series, which accounted for 481,200 units [5] - The energy business also achieved a record deployment of 12.5 GWh in storage products [5] Market Reaction - Following the financial report, Tesla's stock closed at $401.99, down 6.64%, resulting in a market value loss of approximately $95.2 billion (around 67.55 billion yuan) [5][6]

Market Overview - Major U.S. stock indices closed mixed, with the Dow Jones reaching a new all-time high while the Nasdaq continued to weaken as investors shifted from high-valuation tech stocks to other sectors, betting on the end of the longest government shutdown in U.S. history [1] - The Dow Jones increased by 326.86 points, or 0.68%, closing at 48,254.82 points, while the Nasdaq fell by 61.84 points, or 0.26%, to 23,406.46 points [4] - The S&P 500 index rose by 4.38 points, or 0.06%, to 6,850.99 points, with mixed performance across its 11 sectors [4] Sector Performance - The energy sector declined by 1.42%, telecommunications fell by 1.18%, and consumer discretionary dropped by 1.05%, while the information technology sector rose by 0.25% [4] - The healthcare sector increased by 1.36%, and financials rose by 0.9%, indicating a shift in investor focus towards these areas [4] Company News - Waymo, a subsidiary of Alphabet, launched a paid highway Robotaxi service in key markets, marking a significant expansion in the competitive autonomous driving sector [7] - Anthropic announced a $50 billion investment in AI infrastructure, with plans to build customized data centers in Texas and New York, creating approximately 800 permanent jobs and 2,400 construction jobs [7] - Toyota plans to invest an additional $10 billion in the U.S. over the next five years to expand hybrid vehicle production, following the launch of its North Carolina battery plant [8] Notable Stock Movements - AMD shares surged by 9% after the CEO projected a 35% annual revenue growth over the next three to five years, emphasizing AI spending as a strategic investment [5] - Gold stocks saw gains, with Hecla Mining and Harmony Gold rising over 5%, driven by expectations of a Federal Reserve rate cut in December [5] - Major tech stocks showed mixed results, with Meta down 2.88% and Nvidia up 0.33%, reflecting the ongoing volatility in the tech sector [5][6]

Core Insights - Hong Kong's capital market has become a significant international financing channel for China's new generation of technology companies, particularly in hard tech sectors like artificial intelligence [1][8] - In the first ten months of 2025, the number of companies listed on the Hong Kong Stock Exchange (HKEX) reached 81, a 50% year-on-year increase, with strategic emerging industries like healthcare and information technology accounting for over 70% of IPOs [1] - The total amount raised through IPOs in Hong Kong reached HKD 216.47 billion, marking a 203.5% increase year-on-year, positioning Hong Kong as the leading global market for IPO fundraising [1] Investment Trends - Qiming Venture Partners has invested in over 100 projects in the AI sector, indicating a strong focus on technology with potential for significant future value [2] - The Greater Bay Area has seen the establishment of 349,900 new technology innovation companies in the past year, highlighting its status as one of China's most active regions for tech startups [2] Globalization of Chinese Enterprises - Chinese companies are increasingly viewed as "born global," with the capability to compete on a global scale from inception, rather than waiting until they have matured in the domestic market [3][4] - The need for investment firms to adapt to this trend is emphasized, as they must support companies in establishing an international perspective from their early stages [5] Hong Kong's Role in Supporting Tech Companies - Hong Kong's unique financial, legal, and talent environment provides systematic support for technology companies navigating regulatory and cultural differences in various markets [8] - Recent initiatives like the "Tech Company Fast Track" aim to attract venture capital and support the development of tech startups by signaling a welcoming environment for tech IPOs [10] AI Investment Focus - Qiming Venture Partners prioritizes teams with a deep understanding of AI technology, as the field is still maturing and requires knowledgeable leadership to explore innovative applications [12] - The firm is particularly interested in areas such as embodied intelligence and key upstream components, indicating a diverse approach to AI investment [13] Market Sentiment and Future Outlook - Despite concerns about an "AI bubble," the investment community remains optimistic about the potential for significant value creation in the tech sector, particularly in embodied intelligence [14]

与此同时，天瞳威视方面表示，公司已取得L4级解决方案的意向订单，涵盖逾2500辆Robobus、Robotaxi及Robotruck，合约总价值约10亿元，预计未来3至5 年内完成交付。 "上市热"的背后，是自动驾驶技术商业化落地的明显加速。车百智库研究院报告显示，L2级智能辅助驾驶已实现大规模普及，并正稳步向L3级有条件自动 驾驶迈进。 在L4级自动驾驶领域，聚焦无人物流车、自动驾驶矿卡的希迪智驾于10月31日获得中国证监会境外上市备案；出行平台享道出行也于10月28日提交上市申 请。招股书显示，享道出行本次募集资金部分将用于自动驾驶技术研发及Robotaxi服务商业化推广。 在此轮上市企业中，天瞳威视于10月31日向港交所递交上市申请。招股书显示，天瞳威视成立于2016年，是一家以软件为核心的智能驾驶解决方案提供商， 业务涵盖L2至L4级自动驾驶及舱驾一体方案。 财务数据显示，天瞳威视2022年至2024年收入分别为1.72亿元、2.03亿元和4.82亿元，同期亏损分别为3.24亿元、2.31亿元和4.62亿元。2025年上半年，其营 业收入为1.57亿元，亏损1.92亿元。 从具体业务来看，天瞳威视当前 ...

11月9日，据央视新闻报道，中国汽车工程研究院发布《组合驾驶辅助技术发展报告》，其中指出，通过对40余款热门车型 的专项测试，覆盖高速路、城市道路等多种交通场景，测试结果表明我国组合驾驶辅助技术整体水平得到显著提升，已能应对 大部分行驶场景，技术水平在国际领先。报告还提到，2025年1至7月，我国具备组合驾驶辅助系统的乘用车市场渗透率达 62.58%。 11月以来我国快递日均业务量超6亿件 国家邮政局数据显示，11月以来我国快递日均业务量已连续多日超过6亿件，显示出市场活力和消费潜力。 国家统计局：10月份工业生产者出厂价格同比降幅继续收窄 环比由平转涨 据国家统计局，2025年10月份，全国工业生产者出厂价格同比下降2.1%，降幅比上月收窄0.2个百分点；环比由上月持平转 为上涨0.1%。工业生产者购进价格同比下降2.7%，降幅比上月收窄0.4个百分点；环比上涨0.1%，涨幅与上月相同。1—10月平 均，工业生产者出厂价格比上年同期下降2.7%，工业生产者购进价格下降3.2%。 ◆国内新闻 商务部：造成当前全球半导体供应链混乱的源头和责任在荷方 据商务部网站11月9日消息，记者提问：近日，欧盟委员会贸易和经 ...

Core Viewpoint - The listing of Xiaoma Zhixing on the Hong Kong Stock Exchange faced a lackluster market response, with the stock price dropping significantly from its initial offering price, reflecting investor skepticism and competitive pressures in the autonomous driving sector [1][2]. Group 1: Company Performance - Xiaoma Zhixing's stock opened at 124 HKD, down 10.79% from the offering price of 139 HKD, and closed at 126.10 HKD, a decline of 9.28%, resulting in a market capitalization of approximately 53.88 billion HKD [1]. - The company issued 48.249 million shares, raising a net amount of about 6.454 billion HKD, with total fundraising increasing to approximately 6.71 billion HKD after exercising the over-allotment option [1]. - The offering price of 139 HKD was 22.78% lower than the peak subscription price of 180 HKD, and represented a discount of about 4.59% compared to the converted price of 145.7 HKD based on the US stock closing price [1]. Group 2: Market Reaction - The market response to Xiaoma Zhixing's IPO was relatively tepid, with the Hong Kong public offering being subscribed 15.88 times and the international offering only 7.72 times, significantly lower than the over 100 times subscription seen in 45 other new listings this year [1]. - Prior to the Hong Kong listing, Xiaoma Zhixing's US stock price fell from 21.87 USD to 16.25 USD, a cumulative drop of 25.7% over seven trading days, indicating a significant loss in market value [2]. Group 3: Competitive Landscape - The decline in Xiaoma Zhixing's stock price coincided with public accusations from competitor WeRide, questioning the accuracy of the company's IPO roadshow materials, which heightened market concerns [2]. - The autonomous driving industry, particularly in the L4 level segment, faces challenges, with Xiaoma Zhixing's revenue structure showing a heavy reliance on autonomous truck services, which accounted for 48.8% of total revenue, while Robotaxi services contributed only 9.2% [3]. - The competitive landscape is intensifying, with other companies like XPeng Motors and Yuanrong Qihang planning to launch their own autonomous driving models, raising questions about Xiaoma Zhixing's ability to leverage its IPO proceeds for commercialization and stock price recovery [3].

中国经济网北京11月6日讯 小马智行(02026.HK)今日在港交所上市，开盘即破发，下跌10.79%报 124.00港元。截至收盘，该股报126.10港元，跌幅9.28%。 公司港股最终发售价为139.00港元，所得款项总额为67.07亿港元，所得款项净额64.54亿港元。 | | 公司資料 | | --- | --- | | 股份代號 | 2026 | | 股份簡稱 | PONY-W | | 開始買賣日 | 2025年11月6日* | | 價格資料 | | | --- | --- | | 最終公開發售價及國際發售價(「發售價」) | 139.00港元 | | 最高公開發售價 | 180.00港元 | | 所得款項 | | | --- | --- | | 所得款項總額(附註) | 6,706.61百萬港元 | | 減：基於最終發售價的估計應付上市開支 | 252.25 百萬港元 | | 所得款項淨額 | 6.454.36百萬港元 | 小马智行全球发售的发售股份数目为48,249,000股发售股份(经计及发售量调整权获悉数行使及视乎 超额配股权行使与否而定，其中香港发售股份数目为4,195,600股发售股份， ...