西部证券（002673）发布研报称，首次覆盖，给予奇瑞汽车(09973)"买入"评级，奇瑞汽车在海外先发 优势显著，预计随着新能源车加速出海以及新市场不断拓展，海外销量收入有望保持增长;国内在风 云、iCAR等新车型推动下，新能源转型有望步入快车道。 西部证券主要观点如下： 五大品牌各有亮点，新能源转型实现突破/高端化有进展 自成立以来，奇瑞坚持自主研发，目前核心技术包括鲲鹏动力、猎鹰智驾、火星架构、雄狮智舱等，并 于2025年4月完成首批墨甲人形机器人220台的全球交付。 目前奇瑞汽车旗下涵盖奇瑞、捷途、星途、iCAR及智界五大品牌体系，每个品牌都有独特的定位、出 行风格和审美认知，覆盖各具显著增长潜力的细分赛道。其中新能源化方面，2025年奇瑞品牌旗下风云 序列跃升为独立品牌运营，未来3年计划推出16款新车;iCARV27预计26Q1全球上市，助力Icar品牌成 为"特色新能源车全球第一品牌"。高端化方面，捷途发布纵横序列，切入豪华越野市场并进军国际化， 有望带来销量盈利的双突破。 坚持自主研发，核心技术全覆盖 奇瑞汽车在海外布局二十余年，具有显著的先发优势：1)海外经销商网络广泛，2025年海外经销商超 ...

坚持自主研发，核心技术全覆盖 智通财经APP获悉，西部证券发布研报称，首次覆盖，给予奇瑞汽车(09973)"买入"评级，奇瑞汽车在海 外先发优势显著，预计随着新能源车加速出海以及新市场不断拓展，海外销量收入有望保持增长;国内 在风云、iCAR等新车型推动下，新能源转型有望步入快车道。 西部证券主要观点如下： 五大品牌各有亮点，新能源转型实现突破/高端化有进展 目前奇瑞汽车旗下涵盖奇瑞、捷途、星途、iCAR及智界五大品牌体系，每个品牌都有独特的定位、出 行风格和审美认知，覆盖各具显著增长潜力的细分赛道。其中新能源化方面，2025年奇瑞品牌旗下风云 序列跃升为独立品牌运营，未来3年计划推出16款新车;iCARV27预计26Q1全球上市，助力Icar品牌成 为"特色新能源车全球第一品牌"。高端化方面，捷途发布纵横序列，切入豪华越野市场并进军国际化， 有望带来销量盈利的双突破。 自成立以来，奇瑞坚持自主研发，目前核心技术包括鲲鹏动力、猎鹰智驾、火星架构、雄狮智舱等，并 于2025年4月完成首批墨甲人形机器人220台的全球交付。 海外市场空间广阔，奇瑞具有先发优势，出海销量有望持续增长 奇瑞汽车在海外布局二十余年，具有 ...

iCAR将推出V27智能硬派大五座和V25A+级增程方盒子。 星途品牌将推出EX6、EX7和ES7； 捷途山海将推出旅行者7/7L、环游者、X90L、自由者四款车型； 捷途纵横将推出G700全领域豪华越野SUV和F700全地形豪华电混越野皮卡； 【文/观察者网 潘昱辰 编辑/高莘】1月8日，奇瑞汽车宣布将在2026年推出17款新车，涵盖燃油、混 动、增程、纯电四大品类。 奇瑞汽车2026年产品计划 观察者网 其中，奇瑞品牌将推出全新瑞虎8、艾瑞泽8L、艾瑞泽7三款燃油车和风云T9L、风云A9、QQ3三款新能 源车； 2025年，奇瑞累计销量为280.64万辆，同比增长7.8%；新能源车销量为90.38万辆，同比增长54.9%；出 口汽车134.4万辆，同比增长17.4%。此前，奇瑞已宣布2026年的销量目标为320万辆。 本文系观察者网独家稿件，未经授权，不得转载。 ...

日前，汽车补贴新政发布，若要全额补贴燃油新车需要15万元起，新能源需要16.67万元起的车型。 那么，按照这个标准来，盘点2026年第一季度超过15万起的重磅新车。既能享受全额补贴，又能体验最新技术。以下就为大家盘点其中几款值得关注的高 价值车型，为正在观望的消费者提供参考。 宝骏华境S 作为上汽通用五菱与华为深化战略合作的首款旗舰车型，宝骏华境S融合了亲民定位与高阶智能化配置，市场关注度持续升高。新车全面搭载华为乾崑智 驾ADS 4 Pro系统、鸿蒙座舱HarmonySpace 5以及乾崑车云HUAWEI IVCS，在智能驾驶与座舱交互层面具备领先实力。 车身尺寸方面，其长宽高达到5235mm，轴距为3105mm，定位中大型SUV，与理想L7等车型形成对标。最引人注目的是其预计15-20万元的售价区间，在 同等配置与尺寸车型中显示出较强的价格竞争力，适合注重智能体验与实用空间的家庭用户。 iCAR V27 iCAR V27以"家庭新硬派SUV"为定位，在硬朗设计风格与家庭用车需求之间寻求平衡。该车是品牌首款增程式车型，搭载奇瑞1.5T增程系统，纯电续航 达210km，CLTC综合续航则超过1200km，显著 ...

Core Insights - Chery Group has reported a significant increase in overseas sales, exporting approximately 1.1996 million vehicles in the first 11 months of 2025, marking a year-on-year growth of 14.7% [1][2] - The company has established a strong presence in the global market, covering over 120 countries and regions, and has been recognized as the leading exporter of automobiles in China [1][2] - Chery Group is committed to sustainable development, implementing a multi-level governance structure and actively pursuing carbon neutrality goals [1] Sales Performance - In November 2025, Chery Group sold 272,500 vehicles, with exports accounting for 136,700 units, reflecting a year-on-year increase of 30.3% [2] - Cumulatively, from January to November 2025, the company sold 2.5615 million vehicles, achieving an 11.1% year-on-year growth [2] - The total number of global users has surpassed 18.28 million, with over 5.7 million users located overseas [2] Product Development - Chery Group has launched several new models, including the fifth-generation Tiggo 8 and various electric and hybrid vehicles, enhancing its product lineup to cater to diverse market needs [3] - The company showcased 34 key models across five brands at the 2025 Guangzhou Auto Show, covering mainstream segments such as sedans, SUVs, and off-road vehicles [3] Brand Strategy - Chery Group's globalization strategy has evolved from merely exporting products to a more integrated approach involving brand collaboration and ecosystem development [4] - The company has established a diverse brand matrix, including OMODA, JAECOO, EXEED, CHERY, JETOUR, iCAUR, and LEPAS, to cover various market segments from mass to premium [4] - The launch of the luxury hybrid off-road vehicle, Zongheng G700, in Dubai has received high praise from international media, enhancing the brand's image and value [4] Research and Development - Chery Group has implemented a global R&D system, ensuring products meet stringent local standards and diverse market demands [5] - The company has achieved significant milestones in vehicle reliability, with the Jietu T1 successfully completing the Pan-American Highway challenge [5] - Chery's EXEED brand has received a five-star safety rating from Euro NCAP, with a total of 56 models achieving various five-star safety certifications, leading among Chinese automakers [5] Robotics Development - Chery Group has made notable advancements in the field of intelligent robotics, with its Chery Mocha robots entering over 30 countries [6][7] - The first humanoid robot, Mornine, has received multiple EU certifications, marking a significant achievement in the robotics sector [6] - The company plans to expand its robotics sales strategy from automotive 4S stores to broader public service sectors, aiming for substantial sales growth by 2030 [7]

12月16日，iCAR汽车首届用户节在珠海开幕，全新用户品牌iCAR CLUB正式发布，秉持"车生活一起 玩"的理念，iCAR致力于打造年轻人的社交场和共创平台，链接和赋能用户的多元兴趣和玩车梦想。与 此同时，iCAR V27官宣将于2026年第一季度正式上市，1月中旬全国陆续到店。 iCAR CLUB全球首发：年轻人的社交场与共创生态 iCAR CLUB定位为"年轻人的社交平台"，旨在打破传统车主社群边界，构建集价值共创、生活方式拓 展于一体的生态闭环，实现从"用车"到"玩车"再到"共创"的生态升级。该平台涵盖iCAR兴趣俱乐部、 iCAR好物俱乐部和iCAR玩车俱乐部三大核心板块。兴趣俱乐部以多元兴趣连接用户，好物俱乐部助力 创意落地，玩车俱乐部则支持个性化改装与玩车文化发展，共同构建可参与、可创造、可分享的活力生 态圈。 活动现场，用户改装车、V23官改车及V27展车，组成数百台风格各异的品牌车阵，现场更同步设置后 备厢市集、趣味互动等环节，生动演绎 "一台车一起玩" 的理念和生活方式。 iCAR V27官宣明年一季度上市，高能产品定义"家庭新硬派" 作为iCAR特色车战略下的全新力作，iCAR V27 ...

Core Viewpoint - Horizon Robotics-W (09660) has seen a stock increase of over 4%, currently trading at 9.01 HKD with a transaction volume of 547 million HKD, following a significant partnership announcement with BAIC Group to develop an all-scenario urban NOA system [1] Group 1: Partnership and Technology Development - On December 9, BAIC Group and Horizon Robotics announced a deep collaboration to jointly develop an all-scenario urban NOA system based on two Horizon Journey 6M chips [1] - The partnership will integrate BAIC's self-developed "Yuanjing AI Central Brain" technology, marking a significant breakthrough in intelligent technology for BAIC and injecting new momentum into the development of autonomous brand smart vehicles [1] Group 2: Market Expectations and Product Adoption - Goldman Sachs reported that Horizon Robotics' HSD solutions have been adopted by multiple new models from Chery, including the Exeed ET5, Fengyun T9, and iCAR V27 [1] - Goldman Sachs anticipates that by 2026, Horizon Robotics will see more models enter mass production and secure additional new projects, which will drive an increase in shipment volumes and higher average selling prices through product mix upgrades [1]

高盛发布研报称，地平线机器人-W(09660)旗下HSD(Horizon SuperDrive)解决方案已被奇瑞(09973)多款 新车型采用，包括星途ET5、风云T9和iCAR V27。高盛预计，2026年地平线机器人将有更多车型实现 量产，同时获得更多新项目，这将推动其出货量提升，并通过产品组合升级带来更高的综合平均售价。 维持目标价15.3港元及"买入"评级。 ...

Summary of Horizon Robotics Conference Call Company Overview - **Company**: Horizon Robotics (9660.HK) - **Industry**: Robotics and Autonomous Driving Technology Key Points Client Base and Partnerships - Horizon Robotics is expanding its client base and partnerships, particularly with the Journey 6P and HSD (Horizon Robotics SuperDrive) solutions [1][2] - The HSD solution is being adopted by Chery's new models, including EXCEED ET5, Fulwin T9, and iCAR V27, with expectations for mass production of additional models like FAW BESTUNE in 2026 [1][2] - The pricing for Chery EXCEED ET5 with J6P is below Rmb150k, indicating a positive outlook for the J6P/HSD solution across a wider pricing range [1] Revenue Expectations - Anticipated rising revenue contributions from the HSD solution in 2026 due to mass production and new design wins, particularly for models priced below Rmb150k [2] High-End Product Development - Horizon Robotics announced a partnership with Deeproute.AI to develop high-end ADAS/AD solutions based on the J6P platform, aiming for better experiences at lower costs [3] - The company is also collaborating with KARGBOT to develop L4 freight transportation solutions, focusing on AI models for specific scenarios [3] Financial Position and Use of Proceeds - The company completed a share placement and subscription, raising net proceeds of HK$6.4 billion, primarily for overseas expansion, intelligent driving technology development, and investments in emerging sectors [3] Industry Challenges and Solutions - Management highlighted industry challenges such as high computing costs for AI model training, talent shortages, and rapid iteration cycles [4] - Horizon Robotics launched "HSD together," an algorithm service to assist OEM and transportation clients, aiming to lower overall spending and entry barriers [7] Valuation and Price Target - The 12-month target price for Horizon Robotics is set at HK$15.30, based on an EV/EBITDA multiple of 28.0x, with a projected EBITDA growth correlation to peers [8] - Current market cap is HK$112.8 billion, with a price of HK$8.98, indicating a potential upside of 70.4% [10] Risks - Key downside risks include: 1. Increased competition or pricing pressure in the auto supply chain amid slow demand [9] 2. Slower-than-expected product mix upgrades towards autonomous driving [9] 3. Delays in customer base expansion [9] 4. Supply chain risks due to geopolitical tensions [9] Conclusion Horizon Robotics is positioned for growth through expanding partnerships and innovative solutions in the robotics and autonomous driving sectors. The company faces challenges but has strategies in place to mitigate risks and capitalize on market opportunities.

Core Viewpoint - The article discusses the unique approach of Chery's iCAR brand in the competitive Chinese automotive market, emphasizing its strategy of creating distinctive, classic electric vehicles rather than participating in the prevalent price wars and mass production trends [4][29]. Group 1: Market Positioning and Strategy - The Chinese automotive market is characterized by a "sea of cars" strategy, leading to a homogenized product offering and intense price competition [4][8]. - iCAR aims to break this trend by focusing on creating unique, timeless models, with the goal of achieving significant global sales, similar to iconic models like the MINI and Beetle [7][29]. - The V27 model, which debuted at the Guangzhou Auto Show, is positioned as a versatile family SUV that meets diverse consumer needs while maintaining a distinct identity [9][11]. Group 2: Product Features and Innovations - The V27 is designed to cater to family needs, combining aesthetics, performance, and smart technology, making it a "happy family bucket" vehicle [9][15]. - It features a unique design that draws from classic elements while incorporating modern innovations, such as a spacious interior and customizable options for various activities [12][15]. - The vehicle is equipped with advanced safety and intelligent driving systems, meeting stringent safety standards and enhancing the overall driving experience [13][22]. Group 3: User Engagement and Community Building - iCAR has adopted a user-centric approach, engaging with potential customers through direct interactions and feedback to refine its product offerings [16][20]. - The brand focuses on a specific target demographic characterized by a youthful mindset, valuing individuality and family experiences over traditional market segmentation [17][18]. - iCAR's internal culture promotes open discussions and collaboration, allowing team members to contribute ideas freely, which enhances product development [20][22]. Group 4: Long-term Vision and Global Expansion - iCAR is committed to a long-term strategy, aiming to excel in niche markets rather than chasing short-term trends, which is reflected in its production philosophy of creating classic vehicles [23][26]. - The brand is expanding its presence internationally, with plans to establish over 100 sales networks by 2026, demonstrating its ambition to become a leading global player in the electric vehicle market [28][29]. - iCAR's focus on quality and distinctive features positions it to attract consumers who prioritize uniqueness and craftsmanship, allowing it to avoid price competition and foster brand loyalty [28][29].