Core Insights - Li Auto reported a total delivery of 33,951 vehicles in September, with a year-on-year decline of 36.8% compared to 53,709 vehicles delivered in September 2024, marking a decrease of nearly 20,000 units [1] - The third quarter saw Li Auto deliver 93,211 vehicles, continuing a downward trend for the fourth consecutive month since June, although September's deliveries showed a 19% month-on-month increase from August's 28,529 vehicles due to the delivery of two new electric models, the i8 and i6 [1] - In contrast, Leap Motor led the market with a record delivery of 66,657 vehicles in September, achieving over 97% year-on-year growth, and a total of 395,516 vehicles delivered from January to September, reflecting a 128.8% increase [1] - Xpeng Motors delivered 41,581 vehicles in September, marking a year-on-year increase of approximately 95% and a month-on-month growth of 10%, with total deliveries reaching 313,196 vehicles for the year, up about 218% [1] - NIO reported 34,749 vehicle deliveries in September, a year-on-year increase of 64% and a month-on-month increase of 11%, setting a new historical high [1] - Xiaomi Auto also surpassed 40,000 vehicle deliveries in September, marking its first month of exceeding this threshold, following a previous milestone of over 30,000 deliveries in August [2] Company Performance - Li Auto's September deliveries: 33,951 vehicles, down 36.8% year-on-year [1] - Leap Motor's September deliveries: 66,657 vehicles, up over 97% year-on-year [1] - Xpeng Motors' September deliveries: 41,581 vehicles, up approximately 95% year-on-year [1] - NIO's September deliveries: 34,749 vehicles, up 64% year-on-year [1] - Xiaomi Auto's September deliveries: over 40,000 vehicles, first month exceeding this figure [2] Market Trends - Li Auto's deliveries show a recovery trend with a 19% month-on-month increase in September [1] - Leap Motor and Xpeng Motors demonstrate significant growth rates, indicating a competitive market landscape [1] - The overall performance of the electric vehicle sector remains strong, with multiple companies achieving record deliveries [1][2]

Core Viewpoint - In September, the sales of new energy vehicles (NEVs) in China saw a significant increase for many manufacturers, while BYD experienced a decline in monthly sales compared to the previous year, primarily due to a drop in plug-in hybrid vehicle sales [2][5][6]. Summary by Category BYD Performance - BYD's NEV sales in September were 396,270 units, a year-on-year decrease of 5.52% [5][6]. - The decline was mainly attributed to a 25.58% drop in plug-in hybrid vehicle sales, which totaled 188,000 units, while pure electric vehicle sales increased by 24.31% to 205,000 units [6][10]. - BYD's overseas sales have stagnated since reaching a peak in June, with September's figures only slightly above those of January and February [9][10]. Competitor Performance - Geely's NEV sales reached 165,201 units in September, marking an 81.27% increase year-on-year [5][12]. - Great Wall Motors achieved 45,961 units in NEV sales, a 52.55% increase year-on-year [5][11]. - New energy vehicle sales from emerging manufacturers like Leap Motor and Xiaomi also hit record highs, with Leap Motor delivering 66,670 units, a 97.40% increase [5][17]. Emerging Manufacturers - Leap Motor became the first among new car manufacturers to exceed 60,000 monthly deliveries, marking a significant milestone [15][17]. - Xiaopeng and Xiaomi both surpassed 40,000 units in September, indicating a rising threshold for new energy vehicle sales among emerging manufacturers [17][20]. - NIO's deliveries reached 34,700 units, a 64.06% increase year-on-year, while Li Auto's deliveries fell by 36.79% to 34,000 units [20][25]. Market Trends - The market is witnessing a shift towards pure electric vehicles, with NIO focusing on this technology route and expecting 2025 to be a pivotal year for the NEV market [24][25]. - Li Auto is transitioning to pure electric models, with new launches aimed at enhancing their market position [27].

Core Insights - The new energy vehicle (NEV) sector in China is experiencing significant growth, with several emerging automakers reporting record delivery numbers in September 2023 [1][3][4] Group 1: Delivery Performance - Leap Motor achieved a record monthly delivery of approximately 66,700 vehicles in September, marking a 97% year-on-year increase [3] - Xpeng Motors delivered around 41,600 vehicles in September, a 95% year-on-year increase and a 10% month-on-month increase [3] - Xiaomi Motors surpassed 40,000 deliveries in September, with total deliveries exceeding 100,000 units in Q3, outpacing both Li Auto and NIO [3][4] - NIO delivered approximately 34,700 vehicles in September, a 64% year-on-year increase, while Li Auto delivered 33,951 vehicles, reversing a three-month decline [4] Group 2: Quarterly Performance - In Q3, Leap Motor delivered 173,900 vehicles, Xpeng Motors delivered 116,000 vehicles, Xiaomi Motors delivered over 100,000 vehicles, Li Auto delivered 93,200 vehicles, and NIO delivered 87,100 vehicles [4] Group 3: Industry Trends and Policies - The automotive industry is witnessing a shift with new entrants like Chase Technology entering the market, indicating a dynamic competitive landscape [6] - Recent government policies aim to boost the automotive sector, targeting a total vehicle sales volume of approximately 32.3 million by 2025, with NEV sales projected to reach around 15.5 million [8] - The Ministry of Industry and Information Technology emphasizes the importance of international cooperation and support for both domestic and foreign enterprises in the automotive industry [8]

Major Events - Jinye International Group (08549) plans to issue 100 million shares from September 30 to October 6 [1] - Zhida Technology (02650) intends to globally issue 5.9789 million shares, expecting to list on October 10 [1] - CSPC Pharmaceutical Group (01093) received clinical trial approval for SYH2070 injection (double-stranded small interfering RNA drug) in China [1] - Mixue Group (02097) plans to invest in a fresh beer product company to seize opportunities in the fresh beer industry [1] - Shangshan Gold (01939) proposes a placement at a discount of approximately 19.88%, aiming to raise about HKD 245.8 million [1] - GC Construction (01489) sees a change in controlling interest with a buyout offer at a discount of about 45.91%, resuming trading on October 2 [1] - Times Financial Services Group (00510) major shareholder plans to sell some shares, resuming trading on October 2 [1] - Huajian Medical (01931) confidentially submitted an F-1 registration statement for a dual listing in the U.S. [1] - Ding Shi Capital (00804) intends to acquire 100% equity of a distressed asset disposal business, actively entering the distressed asset market [1] - Chuangmeng Tiandi (01119) plans to issue a total of 236 million shares [1] - Zhaogang Group-W (06676) intends to conduct a share buyback [1] - Daren International (01957) is exploring the possibility of acquiring up to 100 bitcoins [1] - Sihuan Pharmaceutical (00460) received approval from the National Medical Products Administration for its self-developed L-carnosine composite solution water light needle "Frozen Beauty" [1] Bonds and Notes - Minmetals Resources (01208) plans to issue USD 500 million zero-coupon convertible bonds maturing in 2030 [2] Share Buybacks - Tencent Holdings (00700) repurchased approximately 832,000 shares for about HKD 551 million on September 30 [2] - Midea Group (00300) spent approximately CNY 146 million to repurchase 2.0015 million A-shares on September 30 [2] - Anta Sports (02020) repurchased approximately 1.000 million shares for about HKD 99.87 million on September 30 [2] - SF Holding (06936) repurchased approximately 937,600 A-shares for about CNY 37.78 million on September 30 [2] - HSBC Holdings (00005) repurchased approximately 2.1133 million shares for about GBP 22.07 million on September 29 [2] Operating Performance - BYD Company (01211) reported approximately 3.2601 million new energy vehicle sales in the first nine months, a year-on-year increase of 18.64% [2] - Geely Automobile (00175) reported total vehicle sales of 273,100 units in September, a year-on-year increase of approximately 35% [2] - Great Wall Motors (02333) reported total vehicle sales of approximately 133,600 units in September, a year-on-year increase of 23.29% [2] - NIO Inc. (09866) delivered 34,749 vehicles in September, setting a new monthly record with a year-on-year increase of 64.1% [2] - Li Auto (02015) delivered 33,951 new vehicles in September [2]

Group 1: Box Office and Consumer Behavior - The box office for the National Day holiday in 2025 exceeded 4 billion yuan [1] - The expected cross-regional flow of people during the holiday is over 330 million [1] - On the first day of the holiday, the national railway is expected to send 23 million passengers [1] Group 2: Automotive Industry Performance - BYD reported September sales of 396,300 new energy vehicles, a decrease from 419,400 units in the same month last year [1] - Great Wall Motors sold 133,600 new vehicles in September, with new energy models and overseas sales reaching new highs [1] - NIO delivered 34,749 new vehicles in September, setting a historical record [1] - Xiaomi's vehicle deliveries in September exceeded 40,000 units [1] - XPeng Motors delivered 41,581 new vehicles in September, achieving a historical high for single-month deliveries [1] - Li Auto delivered 33,951 new vehicles in September [1] - Leap Motor achieved total deliveries of 66,657 units in September, marking a new high [1]

Group 1 - The U.S. federal government has entered a shutdown for the first time in nearly seven years, marking the 14th shutdown since 1980 [1] - The ADP employment report for September shows a decrease of 32,000 jobs, the largest decline since March 2023, falling short of the expected increase of 50,000 [1] - U.S. stock index futures are collectively down, with the Dow Jones futures down 0.29%, S&P 500 futures down 0.39%, and Nasdaq 100 futures down 0.45% [1] - European stock markets are up, with the FTSE 100 rising 0.65%, CAC 40 increasing by 0.38%, and DAX 30 up by 0.39% [1] - The U.S. Senate has rejected a bipartisan funding bill, leading to the government shutdown and affecting hundreds of thousands of federal employees [1] Group 2 - NIO delivered 34,749 new vehicles in September, a year-on-year increase of 64% [2] - XPeng Motors delivered 41,581 new vehicles in September, marking a 95% year-on-year growth [2] - Li Auto delivered 33,951 vehicles in September, with a total of 93,211 vehicles delivered in the third quarter [2] - BMW is recalling over 145,000 vehicles in the U.S. due to a potential fire risk from overheating engine starters [2] - ExxonMobil plans to implement a global layoff plan that will affect 15% of its workforce in Singapore by the end of 2027 [2] - Tesla has raised leasing prices for all its models in the U.S. following the expiration of a $7,500 tax credit aimed at promoting electric vehicle sales [2]

10月1日，比亚迪、小米汽车等车企相继发布9月份的交付数据。 比亚迪股份公告，9月新能源汽车总销量396,270辆，去年同期为419,426辆；本年累计销量3,260,146辆， 累计同比增长18.64%。 鸿蒙智行公布数据显示，9月全系共交付新车52916台，全系累计交付突破95万台。 长城汽车公布数据显示，9月销售新车13.36万辆，同比增长23.29%。 吉利汽车9月销量273,125辆，同比增长35%。 零跑汽车9月交付量达66,657辆，同比增长97.4%，环比增长16.81%，刷新了造车新势力的单月交付最高 纪录，并连续七个月领跑新势力交付榜。零跑汽车以"高性价比"策略聚焦主流市场，其中B系列和C系 列车型在10万~20万元市场区间表现尤为突出。 小鹏汽车9月交付新车41,581辆，同比增长94.74%，环比增长10.27%，单月交付量首次突破4万辆，并连 续11个月交付过3万；1~9月，累计交付313,196辆，同比增长217.77%。 蔚来汽车9月交付新车34,749辆，同比增长64.06%，连续两个月交付量突破3万辆。其中，蔚来品牌交付 新车13,728辆；乐道品牌交付新车15,246辆；f ...

Core Viewpoint - The company underestimated the demand for four-wheel drive models, leading to insufficient inventory and delays in delivery [1] Group 1 - The company has received numerous messages from customers who chose four-wheel drive vehicles, expressing a desire for quicker delivery [1] - The company plans to increase production of four-wheel drive vehicles during the National Day holiday and will begin deliveries after the holiday [1] - The company acknowledges the issue and expresses gratitude for customer understanding and support [1] Group 2 - A WeChat group is available for in-depth discussions about the company's actual operating conditions and long-term fundamentals, not intended as a car owner group [2]

Core Viewpoint - Zhao Dong is recognized as a key figure in ensuring information security for new energy smart connected vehicles, emphasizing the importance of a robust automotive operating system for the industry's development [3][4]. Group 1: Background and Experience - Zhao Dong has extensive experience in information security, having worked in the field for decades and holding a master's degree from Tsinghua University in electrical engineering [4]. - He made a strategic decision to enter the new energy smart connected vehicle sector in 2014, believing it to be a crucial area for national development despite its nascent stage at the time [4]. Group 2: Security Framework Development - Under Zhao Dong's leadership, the team established a comprehensive defense system for automotive information security, integrating hardware and software to enhance security capabilities [5][6]. - The security philosophy is embedded in the Integrated Product Development (IPD) process, ensuring safety measures are included from the design phase through to testing [6]. Group 3: AI Integration and Innovation - Zhao Dong has proactively integrated AI technology into core security processes, significantly improving operational efficiency in vulnerability management and intrusion detection [3][8]. - The intelligent security platform developed under his guidance has become central to the company's defense strategy, utilizing big data and AI for proactive threat detection and response [8]. Group 4: Industry Contributions and Standards - Zhao Dong actively participates in industry standards development and has shared his expertise at various national and industry forums, earning high praise for his contributions [11][13]. - The open-source release of the self-developed operating system, Xinghuan OS, marks a significant milestone for the industry, allowing for community collaboration to enhance security features [10][12]. Group 5: Talent Development - Zhao Dong emphasizes talent cultivation within the organization, regularly organizing training and knowledge-sharing sessions to enhance the skills of team members [13].

Core Viewpoint - The article discusses the positive feedback and safety features of the Li Auto i6's towing capability, addressing user concerns and highlighting the vehicle's design and testing standards. Group 1: Towing Design and Compatibility - The towing hook structure of the Li Auto i6 is designed to be compatible with crash safety features, ensuring reliability and safety [2] - Similar designs are utilized by other luxury brands such as Volvo, Tesla, Mercedes-Benz, and NIO, indicating a mature industry standard [2] Group 2: Safety Standards and Testing - The Li Auto i6 meets the latest national safety standards, specifically the "GB 20072-2024" for rear collision safety [4] - The company has established a high safety development system with over 100 stringent vehicle-level collision standards, exceeding industry norms by more than double [4] - The towing hook and crash structure of the Li Auto i6 have undergone extensive design and testing, surpassing U.S. standards by 15%, with a rear-end collision speed threshold of 92 km/h [4]