天眼查工商信息显示，10月13日，山东理想汽车电池有限公司成立，法定代表人为刘立国，注册资本3 亿人民币，经营范围包括电池制造、电池销售、新兴能源技术研发、电动汽车充电基础设施运营等。股 东信息显示，该公司由北京理想汽车有限公司、欣旺达动力科技股份有限公司共同持股。 ...

Core Viewpoint - The Hong Kong automotive stocks experienced a collective rebound, with significant gains observed in companies such as Xpeng Motors and BYD, driven by positive market expectations for the fourth quarter of the year [1] Group 1: Market Performance - Xpeng Motors and BYD saw price increases of approximately 4%, while NIO and Geely Motors rose nearly 3% [1] - Other companies like Chery Automobile, Beijing Automotive, GAC Group, Leap Motor, and Li Auto also experienced gains, albeit at lower percentages [1] Group 2: Industry Outlook - According to Cui Dongshu, Secretary-General of the China Passenger Car Association, the automotive market is expected to maintain stable growth in Q4 due to policy guidance and a strong growth foundation [1] - The adjustment of the new energy vehicle purchase tax exemption policy in 2026 is anticipated to stimulate consumer purchases before the end of the year, alongside the peak sales seasons of "Silver September and Golden October" [1] - The combination of high export growth and ongoing policy measures, such as trade-in programs and rural subsidies, is likely to lead to an upward revision of the annual market forecast [1]

| 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 09868 | (0) 小鹏汽车-W | 87.350 | 3.80% | | 01211 | 比亚迪股份 | 110.500 | 3.95% | | 09866 | 蔚来-SW | 56.900 | 2.61% | | 00175 | 吉利汽车 | 19.440 | 2.80% | | 09973 | 奇瑞汽车 | 31.460 | 2.34% | | 02473 | 喜相逢集团 | 10.360 | 2.07% | | 01958 | 北京汽车 | 2.080 | 1.46% | | 02015 | 理想汽车-W | 90.400 | 1.63% | | 02238 | 广汽集团 | 3.260 | 0.93% | | 09863 | 零跑汽车 | 62.000 | 0.65% | 港股汽车股集体反弹，其中，小鹏汽车、比亚迪股份涨约4%，蔚来汽车、吉利汽车涨近3%，奇瑞汽车 涨超2%，北京汽车、广汽集团、零跑汽车、理想汽车跟涨。 消息上，乘联分会秘书长崔东树昨日表 示，今年四季度车市在政策引导和高增 ...

国庆假期后，国内自动驾驶竞争进入新阶段。10月9日，小鹏汽车自动驾驶中心人事变动，刘先明 接替李力耘；同日，蔚来多名智驾相关负责人离职。此前，理想汽车已对自动驾驶部门组织架构进行重 新梳理。 ...

Core Viewpoint - The establishment of Shandong Li Auto Battery Co., Ltd. marks a strategic move by Li Auto to enhance its battery manufacturing capabilities through a joint venture with battery manufacturer Xinwanda, aiming to produce self-developed power battery products [2] Group 1: Company Overview - Shandong Li Auto Battery Co., Ltd. has been established with a registered capital of 300 million yuan [2] - The legal representative of the company is Liu Liguo [2] - The business scope includes battery manufacturing, battery sales, emerging energy technology research and development, centralized fast charging stations, new material technology research and development, and software development [2] Group 2: Joint Venture Details - Li Auto and Xinwanda will invest in a 50:50 ratio to form the joint venture [2] - The joint venture is specifically aimed at producing Li Auto's self-developed power battery products [2]

理想汽车CEO李想以总报酬近6.8亿港元位于榜首，京东集团创始人刘强东以约4.49亿港元排行第四。 香港知名股评人"股坛长毛"David Webb所创办的财经网站Webb-site，公布2024年香港上市公司董事薪酬排行榜，按董事总报酬由高至低列出前1000名董事 资料，当中31名董事2024年报酬逾1亿港元，其中： 理想汽车(02015.HK)创始人、董事长兼CEO李想以总报酬近6.8亿港元位于榜首； JS环球生活(01691.HK)董事长兼首席执行官王旭宁以约5.21亿港元位居次席； 去年董事薪酬排名第一的贝壳(02423.HK)联合创始人、董事长兼CEO彭永东，以4.26亿港元排名第五； 布鲁可(00325.HK)创始人、董事长朱伟松，以3.83亿港元排名第六； 贝壳联合创始人及执行董事单一刚，哔哩哔哩(09626.HK)董事长兼CEO陈睿，JS环球生活(01691.HK)首席财务官韩润，新濠国际(00200.HK)主席兼CEO何 猷龙，进入前十。 另外，长和(00001.HK)主席李泽钜以2.12亿港元排名第11；汇丰(00005.HK)行政总裁艾桥智以近1.28亿港元排名第23。 | 排名 | 上市 ...

较低交付体验主要以下四个维度： 1.认为交付慢（主要集中于i8i6） 2.错过置换补贴 3.交付时间给的太宽泛，如果在此期间要外出会比较不方便，匹配成功后延期方式不灵活 4.认为交付人员在各种细节上广义的态度差 造成以上四个维度的原因为： 理想给的交付时间应该是谋求尽可能不要晚于APP时间，应该是基于种种原因理想确实无法提前给出 非常精确的交付时间（看起来其他家似乎也是类似情况） 理想交付考核的是该月交付数与交付率，故理想交付天然倾向于匹配到车后尽量让用户早交付。 导致起的效果是，一定比例的用户觉得自己提前给你说了我那段时间有可能不空，你又不给我说到底 哪天可以交付，临时给我说，冗余太少。 认为交付慢： 包含理想在内的任何一家车企，无法很好的判断方法判断新车型究竟会有多少需求，理想多备产能少 备产能都有各自的益处坏处，产能多备的坏处是如果订单不足，要多赔钱。 目前存在大量用户偏好宁德时代电池，理想现阶段顺应了这块的市场需求，宁德时代产能临时提升空 间有限。 结合25款L系列超预期下跌前提与李想把大量精力花在AI，现阶段理想很难做出i8i6要准备超多产能 的预期。 下次发布会，又是下次的选择，如果备多了，也是有 ...

Core Viewpoint - The Chinese passenger car market experienced significant growth in September, with retail sales reaching 2.241 million units, a year-on-year increase of 6.3% and a month-on-month increase of 11.0%. Cumulatively, retail sales for the year reached 17.005 million units, marking a 9.2% year-on-year growth and setting a new historical peak [1]. Group 1: Market Performance - In September, 11 out of 14 listed car companies reported year-on-year sales growth, accounting for 78.6% of the sample. New energy vehicles (NEVs) were the primary driver of this growth, with total sales exceeding 1.32 million units among the 14 major companies [1]. - The penetration rate of NEVs in the overall passenger car retail market reached 57.8% in September, an increase of 5 percentage points compared to the same period last year. Among domestic brands, the penetration rate for NEVs reached 78.1% [1]. Group 2: Company-Specific Sales Data - SAIC Motor Corporation achieved sales of 439,777 units in September, a year-on-year increase of 40.39%, reclaiming the title of monthly sales champion among Chinese listed car companies after five months. Cumulative sales for the first nine months reached 3.193 million units, up 20.53% year-on-year [2]. - BYD's sales in September were 396,270 units, marking a year-on-year decline of 5.52%, ending an 18-month growth streak. The sales of pure electric models were 205,000 units, up 24.31%, while plug-in hybrid models saw a significant drop of 25.58% [3]. - Geely Automobile reported sales of 273,125 units in September, a year-on-year increase of 35.24%. NEV sales reached 165,201 units, up 81.27%, with a market penetration rate of 60.49% [3]. - Chery Automobile's sales reached 255,584 units in September, a year-on-year increase of 8.90%, with NEV sales at 83,498 units, up 17.24% [4]. - New force in the automotive sector, Leap Motor, achieved a record monthly delivery of 66,657 units in September, a year-on-year increase of 97.4% [4]. Group 3: Market Trends and Future Outlook - The automotive market in September saw the launch of over 70 new models, driven by government subsidies and local purchase incentives, which boosted consumer purchasing enthusiasm [5]. - The Secretary-General of the China Passenger Car Association, Cui Dongshu, indicated that the rapid release of new models, particularly from domestic brands, is enhancing competitiveness in the NEV market. The fourth quarter is expected to maintain stable growth due to policy guidance and a strong growth foundation [5].

业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 朱傅哲 (8621)23297818× zhufz@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 10 月 13 日 紧抓科技主线，寻找低估成长新机 会 看好 ——2025/10/9-2025/10/10 汽车周报 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 业 及 产 业 行 汽车 - ⚫ 观点：四季度补贴额度吃紧带来一波市场抢装，好产品也需要大产能支撑。我们看到近 期密集上市一批改款车型，有望让火爆的 Q4 车市再上强度。对于整车可关注供给能有 效释放的企业，如吉利、比亚迪、长城，理想、蔚来等。同时我们建议在消费端不明朗 的情况下关注"未来产业"，科技才是持续创造超额收益的主要阵地。而当下阶段更应 该关注业绩有支撑、估值相对较低且有提升潜力的公司，包括机器人、AI、低空经济等 科技引领赛道。推荐质地优、 ...

Tesla’s Price Cuts: A Calculated Gamble That Could Reshape the EV MarketThe Thematic Investor4 min read·1 hour ago1 hour ago--SummaryTesla’s price cuts signal a strategic shift to mass-market EV adoption.Competitors face intense pressure to adjust pricing and value propositions.Increased EV volume creates growth opportunities across the entire supply chain.The EV market is maturing, favouring companies with operational scale and efficiency.Tesla’s Price War: A Stroke of Genius or a Desperate Gamble?Just whe ...