Core Viewpoint - Morgan Stanley has a positive outlook on GAC Group (02238) due to the significant recovery of its joint venture with Toyota, believing it enhances the long-term profit prospects, with a target price of HKD 3.9 and a rating of "Overweight" [1] Group 1: Company Developments - GAC Group is set to launch a new vehicle in November in collaboration with JD Group-SW (09618) and CATL (03750) [1] - The new vehicle is expected to be a battery-swapping version of the existing Aion model, utilizing CATL's technology and leveraging JD's e-commerce platform for sales [1] - While the impact of the product launch may not meet some investors' high expectations, it is viewed as a strong marketing initiative [1] Group 2: Market Position and Brand Recognition - Morgan Stanley believes that the news will help enhance brand awareness and allow the brand to reach a different customer base [1] - The profitability turning point for Aion is anticipated to take time, but the recent developments are seen as beneficial for market positioning [1]

广汽集团传出将于11月与京东集团-SW(09618)及宁德时代（300750）(03750)共同推出新车。该行相 信，这款新车是埃安现有型号的电池更换版本，将采用宁德时代的技术，并将利用京东的电商平台出 售。虽然产品推出的影响可能不如部分投资者预期巨大，但仍是很好的市场推广举措。大摩认为，埃安 的盈利转折点仍然需时，但上述消息有助提升品牌认知度，并可帮助品牌接触不同的客户基础。 摩根士丹利发布研报称，由于广汽集团（601238）(02238)与丰田合资的企业显著复苏，看好广汽，相 信或为其长期盈利前景带来更好的展望，目标价3.9港元，评级"增持"。 ...

大摩认为，埃安的盈利转折点仍然需时，但上述消息有助提升品牌认知度，并可帮助品牌接触不同的客 户基础。由于广汽与丰田合资的企业显著复苏，相信或为广汽长期盈利前景带来更好的展望，目标价 3.9港元，评级"增持"。 摩根士丹利发表研究报告指，广汽集团传出将于11月与京东及宁德时代共同推出新车。该行相信，这款 新车是埃安现有型号的电池更换版本，将采用宁德时代的技术，并将利用京东的电商平台出售。虽然产 品推出的影响可能不如部分投资者预期巨大，但仍是很好的市场推广举措。 ...

Core Viewpoint - JD Auto, in collaboration with CATL's Times Electric and GAC Group, is set to launch a new vehicle, with exclusive sales through JD during the Double 11 shopping festival, indicating a strategic move into the automotive sector [1][3] Group 1: Collaboration and Product Features - The partnership leverages GAC's strengths in smart manufacturing and global R&D, combined with JD's supply chain resources and CATL's advanced battery technology, aiming for a fully integrated smart upgrade from production to user experience [3] - The new vehicle is expected to adopt the "Chocolate Battery Swap" model, allowing for quick battery exchanges in about 100 seconds, enhancing user convenience [3] - The anticipated price range for the new vehicle is between 100,000 to 120,000 yuan [3] Group 2: Market Context and Sales Performance - GAC Group's sales have faced challenges, with a total of 1.1837 million units sold in the first nine months of the year, reflecting a year-on-year decline of 11.34% [3] - In September alone, GAC's sales were 173,200 units, down 5.17% year-on-year but up 27.6% month-on-month [3] - Specific brands under GAC, such as GAC Trumpchi and GAC Aion, have seen significant declines in sales, with year-on-year drops of 15.84% and 19.99% respectively [4]

10月15日，广汽集团涨7.44%，成交额12.38亿元。两融数据显示，当日广汽集团获融资买入额1.40亿 元，融资偿还1.24亿元，融资净买入1565.19万元。截至10月15日，广汽集团融资融券余额合计25.51亿 元。 融资方面，广汽集团当日融资买入1.40亿元。当前融资余额25.48亿元，占流通市值的4.27%，融资余额 超过近一年60%分位水平，处于较高位。 融券方面，广汽集团10月15日融券偿还2.25万股，融券卖出12.15万股，按当日收盘价计算，卖出金额 98.29万元；融券余量42.59万股，融券余额344.55万元，超过近一年90%分位水平，处于高位。 机构持仓方面，截止2025年6月30日，广汽集团十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股1.20亿股，相比上期增加1987.11万股。华泰柏瑞沪深300ETF（510300）位居第九大流通 股东，持股3971.23万股，相比上期增加346.09万股。易方达沪深300ETF（510310）位居第十大流通股 东，持股2812.67万股，相比上期增加279.54万股。 责任编辑：小浪快报 资料显示，广州汽车集团股份有限公司位 ...

Economic Indicators - In September, China's CPI showed a slight year-on-year increase of -0.3%, with the core CPI rising to 1.0%, marking the first time in 19 months it has reached this level [2] - The PPI decreased by 2.3% year-on-year, but the decline was less severe than in previous months, indicating a potential stabilization in industrial prices [3] Monetary Policy - The central bank conducted a 600 billion yuan reverse repurchase operation to maintain liquidity in the banking system, with a total of 4 trillion yuan in reverse repos planned for October [4] - The need for fiscal stimulus is increasing as macroeconomic recovery shows signs of slowing, with expectations for potential interest rate cuts or reserve requirement ratio reductions in the fourth quarter [5] Global Economic Outlook - The IMF has raised its global economic growth forecast to 3.2% for 2025, citing reduced trade uncertainties due to new agreements, particularly between the US and other countries [6] - Global inflation is expected to decline, with the IMF projecting a drop to 4.2% by 2025, although disparities exist between different regions [7] Smartphone Market - Global smartphone shipments grew by 3% in Q3 2025, driven primarily by leading manufacturers like Samsung and Apple, with Apple achieving a 4% increase in iPhone sales [8] - The demand for smartphones is being supported by new product launches, although overall market recovery remains limited [9] Manufacturing Sector - The Chinese government has implemented tax reductions and refunds totaling approximately 1.3 trillion yuan to support the manufacturing sector, which has seen a 4.7% increase in sales revenue year-on-year [10] - Despite short-term impacts on tax revenue, these measures are expected to enhance the resilience and vitality of economic growth in the long run [11] Automotive Industry - JD.com is set to launch a new car in collaboration with GAC Group and CATL, with a price range of 100,000 to 120,000 yuan, aiming to leverage its e-commerce platform for sales [12] - The automotive market remains challenging for online sales, as previous attempts by JD.com have not yielded significant success [13] Retail Innovations - Walmart is partnering with OpenAI to allow customers to shop directly through ChatGPT, indicating a shift towards integrating AI in retail [14] - This collaboration may pave the way for broader applications of AI across various sectors, although the effectiveness of this model remains to be validated [15] Stock Market Performance - On October 15, the Shanghai Composite Index rose by 1.22%, reflecting a recovery in the market driven by policies aimed at boosting domestic demand [16] - The automotive sector has shown significant growth, with various economic indicators indicating a positive trend in the industry [16]

Core Insights - JD.com is expanding its automotive division by recruiting for multiple positions, indicating a strategic push into the car sales market following its announcement to sell vehicles in collaboration with GAC Group and CATL [1][3][7] Recruitment and Job Roles - JD.com is offering high salaries for key positions in its automotive division, with algorithm roles reaching up to 1.23 million yuan and procurement roles exceeding 1.1 million yuan, targeting candidates with relevant industry experience [1][3] New Vehicle Launch - JD.com, in partnership with GAC Group and CATL, is set to launch a new electric vehicle priced between 100,000 and 120,000 yuan during the Double Eleven shopping festival on November 9 [3][5] - The new model will feature a rechargeable and swappable battery, tailored specifically for JD.com users [3][5] Strategic Partnerships - The collaboration between JD.com, GAC, and CATL has been in the works since last year, with previous agreements focusing on battery subscription services and electric vehicle infrastructure [3][5][7] - JD.com is not involved in the manufacturing of vehicles but focuses on sales and after-sales services, emphasizing its role as a retailer rather than a manufacturer [7] Sales Model Innovation - JD.com aims to revolutionize the automotive sales model, leveraging its extensive experience in e-commerce to simplify the car buying process, akin to purchasing a smartphone [10][22] - The company plans to offer a comprehensive automotive ecosystem that includes sales, customization, maintenance, and after-sales services [10][22][23] GAC's Strategic Shift - GAC Group is undergoing a transformation towards a user-centric approach, highlighted by the establishment of a user insight department and the adoption of Huawei's Integrated Product Development (IPD) process [25][26] - The partnership with JD.com is seen as a crucial step in enhancing GAC's ability to gather user feedback and optimize product offerings in a competitive market [26][27]

记者丨 张明艳 见习记者 何煦阳 编辑丨吴晓宇 官宣卖车后，京东开始"招兵买马"。 10月15日晚，21世纪经济报道记者在招聘平台脉脉上发现，目前京东汽车已释放多个岗位。 其中，零售事业部算法岗年薪最高可达123万元（35k—65k*19薪），对有汽车行业从业经历 的候选人优先录取；汽车行业采销负责人年薪超过110万元（45k—70k*16薪），需要具备5— 10年相关经验，熟悉汽车零部件采购流程及供应链管理。 此前一天，京东宣布联合广汽集团、宁德时代旗下时代电服推出"国民好车"，新车将于11月9 日京东双十一期间正式发布，并由京东独家销售。 据悉， 这款新车预估定价在10万元—12万元之间。广汽向21记者表示，广汽为京东用户量身 打造了可充电可换电的新款车型，该车型标配宁德时代巧克力电池。 事实上，三方合作早有铺垫。早在去年12月17日，宁德时代旗下时代电服就官宣与京东养车达 成战略合作，共建检测、换电"一体站"，并将在京东开设品牌旗舰店上线电池订阅服务。 今年4月23日，时代电服又官宣与广汽合作，宣布埃安UT、埃安RT、智驾SUV埃安V霸王龙与 一款即将上市的A级SUV，将全面推出巧克力换电车型。 除广汽 ...

10月14日，京东宣布联合广汽集团、宁德时代旗下时代电服推出"国民好车"，新车将于11月9日京东双十一期间正式发布，并由 京东独家销售。 据悉，这款新车预估定价在10万元-12万元之间，或为广汽埃安换电车型，将采用宁德时代的"巧克力换电"模式。 事实上，三方合作早有铺垫。早在去年12月17日，宁德时代旗下时代电服就官宣与京东养车达成战略合作，共建检测、换电"一 体站"，并将在京东开设品牌旗舰店上线电池订阅服务。 今年4月23日，时代电服又官宣与广汽合作，宣布埃安UT、埃安RT、智驾SUV埃安V霸王龙与一款即将上市的A级SUV，将全面 推出巧克力换电车型。 除广汽外，时代电服此前已经与一汽、长安、北汽、奇瑞达成合作，计划携手五大车企发布10款换电新车型，覆盖行政商务、 家庭出行、年轻化代步等多元场景。 此次京东官宣新车时，中国长安汽车集团更是第一时间送上祝贺。 但需明确的是，京东在此次合作中扮演的角色是"卖车"而非"造车"。京东方面回应称，其主要提供用户消费洞察和独家销售， 不直接涉及制造环节。广汽集团也确认，京东目前没有参与研发环节，各方暂时也没有成立合资公司的打算，京东负责的主要 是销售环节以及售后服务等。 ...

Simon:下只個股廣汽集團(02238)，股價繼續向下行，股價跌穿保力加通道的底部。往往股價跌到技術 參數低位的時候，市場認為有機會搏反彈。比如2238除了跌穿底部之外，股價也來到見3個月低位，不 排除投資者搏反彈。目前技術信號總結為"買入"。窩輪市場上，暫時看到合適的認購證產品不多，這里 也可能需要發行商配合一下，出多一些產品。比如2238正股，投資者考慮認購證的時候，沒有合適的產 品，只能選擇等市場上新衍生品或參與正股。 Simon:比亞迪（01211）股價貼近保力加通道的底部69.8元。市場上有投資者看至65元左右。參考我們 技術分析的話，有機會挨近65元附近的。因為數據系統分析首要的支持位68.5元和66.3元，差不多貼近 65元。當然不排除有投資者認為會反彈？而結合目前技術信號為"買入"。也留意到近期有幾次，當1211 的股價挨近日線的保力加通道底部的時候，都有會反彈的情況。回到窩輪市場，認購證方面，首先參考 阻力位73.4元，這個行使價區間的產品有8只可以選擇，到期日都差不多，處於年底12月或明年1月初到 期。這8只產品中，首先看引伸波幅，產品的差別都比較大。這也是一個很好的例子，可以看到產品條 ...