该行认为，随着OEM在新能源车的产品布局日益完善，在各价格范围内具备规模优势的企业，将最有 可能受益。同时认为，采用双轨定位，即内燃机车型和新能源车型的OEM，在2026年的竞争中更具优 势，因这能在可能的政策变化中提供对冲保护。 中信里昂发布研报称，根据本周中国汽车订单情况，认为新车型周期仍是2026年的重要催化剂。总体而 言，该行看好比亚迪（002594）控股(01211)、吉利汽车(00175)和零跑汽车(09863)，因其规模优势及稳 定的平均销售价格。 报告中称，理想汽车-W(02015)承诺加速其车型管线，吉利汽车银河系列则计划明年保持与今年相同的 新产品推出量。然而，该行预计主要整车制造商(OEM)的产品组合将从2026年逐步稳定，并以比亚迪控 股的策略，即优先改款车型而非全新车型，以及主要国际OEM为基准。 ...

报告中称，理想汽车-W(02015)承诺加速其车型管线，吉利汽车银河系列则计划明年保持与今年相同的 新产品推出量。然而，该行预计主要整车制造商(OEM)的产品组合将从2026年逐步稳定，并以比亚迪控 股的策略，即优先改款车型而非全新车型，以及主要国际OEM为基准。 该行认为，随着OEM在新能源车的产品布局日益完善，在各价格范围内具备规模优势的企业，将最有 可能受益。同时认为，采用双轨定位，即内燃机车型和新能源车型的OEM，在2026年的竞争中更具优 势，因这能在可能的政策变化中提供对冲保护。 智通财经APP获悉，中信里昂发布研报称，根据本周中国汽车订单情况，认为新车型周期仍是2026年的 重要催化剂。总体而言，该行看好比亚迪控股(01211)、吉利汽车(00175)和零跑汽车(09863)，因其规模 优势及稳定的平均销售价格。 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - In the 37th week of 2025 (from September 8th to September 14th), the single - week retail sales of passenger cars were 453,000 units, a year - on - year decrease of 4.1%. Since the beginning of this year, the retail sales have reached 1.5182 million units, a year - on - year increase of 6.3%. The single - week retail sales of new energy passenger cars were 270,000 units, a year - on - year increase of 6.3%. Since the beginning of this year, the retail sales have reached 791,500 units, a year - on - year increase of 22.7%. The year - on - year growth rate has slowed down due to the high base and the termination of subsidies in some regions this year [1][11]. - The single - week penetration rate of new energy vehicles reached 59.6%, and the cumulative penetration rate for the year was 52.1%, showing a slow upward trend [1][21]. - The new energy vehicle market pattern is constantly changing. Traditional car companies such as Geely, Changan, and Chery are achieving excellent performance in new energy vehicle sales, and new brands like Xiaomi are bringing new variables to the market. Car companies like BYD, Tesla, and Li Auto have negative year - on - year growth, while XPeng, NIO, Leapmotor, Xiaomi, and Voyah maintain relatively high growth rates [2][27]. 3. Summary According to the Directory 3.1 Passenger Car Market Weekly Overview - In the 37th week of 2025, the single - week retail sales of passenger cars were 453,000 units, a year - on - year decrease of 4.1%. Since the beginning of this year, the retail sales have reached 1.5182 million units, a year - on - year increase of 6.3%. The single - week retail sales of new energy passenger cars were 270,000 units, a year - on - year increase of 6.3%. Since the beginning of this year, the retail sales have reached 791,500 units, a year - on - year increase of 22.7%. The growth rate has slowed down due to the high base and subsidy termination [1][11]. - By power type, in passenger cars, traditional fuel, hybrid, and new energy vehicles had retail sales of 167,000 units, 16,000 units, and 270,000 units respectively, with year - on - year changes of - 16.2%, - 15.1%, and 6.3%, accounting for 36.8%, 3.6%, and 59.6% of passenger cars respectively. In new energy passenger cars, pure - electric, plug - in hybrid, and extended - range vehicles had retail sales of 180,000 units, 68,000 units, and 23,000 units respectively, with year - on - year changes of 23.0%, - 14.5%, and - 21.3%, accounting for 66.5%, 25.1%, and 8.4% of new energy passenger cars respectively [22]. - By production attribute, in passenger cars, self - owned and joint - venture brands had retail sales of 307,000 units and 147,000 units respectively, with year - on - year changes of 2.9% and - 16.0%, accounting for 67.7% and 32.3% of passenger cars respectively. In new energy passenger cars, self - owned and joint - venture brands had retail sales of 243,000 units and 27,000 units respectively, with year - on - year changes of 7.9% and - 6.1%, accounting for 89.8% and 10.2% of new energy passenger cars respectively [24]. 3.2 Key New Energy Vehicle Companies' Sales Analysis - **Overall Situation**: In the 37th week, BYD sold 71,000 units, Geely Automobile 33,000 units, SAIC - GM - Wuling 19,000 units, Tesla (China) 15,000 units, Changan Automobile 14,000 units, Chery Automobile 10,000 units, and Hongmeng Zhixing 10,000 units. Among new - force car companies, Leapmotor sold 13,000 units, Xiaomi 10,000 units, Wenjie 9,000 units, XPeng and Li Auto 8,000 units each, and NIO 6,000 units [2][27]. - **BYD**: The weekly sales were 71,000 units. Since July, the year - on - year growth rate has turned negative. The cumulative sales this year reached 2.28 million units, with a year - on - year growth rate of 2.6%. The sales of pure - electric and plug - in hybrid (including extended - range) models are basically half and half. From January to August this year, the global cumulative sales were 2.864 million units, and the overseas cumulative sales of passenger cars and pick - up trucks were 630,000 units [31]. - **Geely Automobile**: The weekly sales were 49,000 units, including 33,000 new energy vehicles. The electrification rate of the car company is about 67%. The cumulative sales this year reached 1.591 million units, with a year - on - year growth of 48.2%, and the cumulative new energy sales were 942,000 units, with a year - on - year growth of 99.3% [33]. - **SAIC - GM - Wuling**: The overall weekly sales of passenger cars were 20,000 units, including 19,000 new energy vehicles. The electrification rate of the car company is as high as 91%. The cumulative sales this year reached 573,000 units, with a growth rate of 19.8%, and the new energy sales were 492,000 units, with a growth rate of 36.1%. Pure - electric models dominate the sales [36]. - **Changan Automobile**: The overall weekly sales of passenger cars were 23,000 units, including 14,000 new energy vehicles. The electrification rate of the car company is about 59%. The cumulative sales this year reached 821,000 units, with a year - on - year growth of 2.0%, and the new energy sales were 408,000 units, with a year - on - year growth of 18.7% [41]. - **Chery Automobile**: The overall weekly sales of passenger cars were 23,000 units, including 10,000 new energy vehicles. The electrification rate of the car company is about 43%. The cumulative sales this year reached 843,000 units, with a year - on - year growth of 24.0%, and the new energy sales were 302,000 units, with a year - on - year growth of 66.7% [46]. - **Tesla**: The weekly sales in China were 15,000 units. The cumulative sales this year reached 395,000 units, with a year - on - year negative growth of - 6.7%. The sales of Model 3, Model Y, and Model Y L were about 5,000 units, 9,000 units, and 1,000 units respectively. Tesla has launched multiple preferential activities this year, and the price of the long - range version of Model 3 has increased since July 1st [51]. - **Hongmeng Zhixing**: The weekly sales were 10,000 units, including about 9,000 units of Wenjie. The Shangjie H5, a new car in cooperation with SAIC, is planned to be officially launched in September [54]. - **New - Force Car Companies**: Leapmotor sold 13,000 units, Xiaomi 10,000 units, Wenjie 9,000 units, XPeng and Li Auto 8,000 units each, and NIO 6,000 units. XPeng, NIO, Leapmotor, Xiaomi, Voyah, etc. maintained relatively high year - on - year growth rates [62].

Domestic News - The Ministry of Industry and Information Technology is soliciting public opinions on the mandatory national standard for "Intelligent Connected Vehicles Combination Driving Assistance System Safety Requirements," aiming to enhance safety in the intelligent connected vehicle industry [6] - The Ministry of Commerce has announced the establishment of five industry standardization technical committees, including those for the automotive circulation and resource recovery industries [7] - The Horgos Port in Xinjiang has achieved a record high in automobile exports, with 258,000 vehicles exported from January to August 2025, marking an 8.5% year-on-year increase, including 102,000 electric vehicles, which saw a 45.2% increase [8] - Dongfeng Group has formed a new joint venture with local state-owned assets in Xiangyang, with a registered capital of 8.47 billion RMB, focusing on the development and sales of intelligent vehicles [9] - Leap Motor has announced the restart of its automobile manufacturing plans in Europe, with plans to launch two new models to meet market demand starting in 2026 [10] - GAC International has launched the AION UT in Indonesia, with prices ranging from 32.5 to 36.3 million Indonesian Rupiah (approximately 140,600 to 157,000 RMB) [11] - Hello Robotaxi has received strategic investment from Alibaba, indicating a deepening collaboration in the fields of intelligent driving models and commercializing Robotaxi services [12] - CATL's sodium-ion battery can provide over 500 kilometers of pure electric range, with a density of 175Wh/kg, meeting over 40% of the domestic passenger vehicle market demand [13] International News - South Korea's electric vehicle sales from January to August 2025 reached 142,456 units, a 48.4% increase from 95,998 units in the same period last year, with electric vehicles accounting for 12.7% of new registrations [15] - Japan's exports to the U.S. have declined for five consecutive months, with an August drop of 13.8% due to decreased exports of automobiles and machinery [16] - BMW will begin production of the iX3 model in Hungary next month, with the first mass-produced vehicle expected to roll off the line by the end of 2025 [17] - Waymo has received permission to test its autonomous taxi service at San Francisco International Airport, with plans to gradually roll out commercial services [18] Commercial Vehicles - FAW Jiefang has been nominated for the fifth China Quality Award for its "12347-E2E Excellent Operation Quality Management Model," highlighting advancements in quality management within the commercial vehicle sector [20] - JD Automotive and ZF have signed a memorandum to deepen their strategic cooperation in the commercial vehicle aftermarket, aiming to create an efficient and intelligent service ecosystem [21] - China National Heavy Duty Truck Group showcased nine core products at the Liangshan Special Vehicle Exhibition, emphasizing its leadership in the transition to new energy and intelligent vehicles [22] - Qingling Group has had three products selected as major industrial technology innovation products in Chongqing, showcasing advancements in hydrogen fuel cell and specialized vehicle technology [23][24]

Core Insights - In August 2025, the automotive production and sales reached 2.815 million and 2.857 million units respectively, with month-on-month growth of 8.7% and 10.1%, and year-on-year growth of 13% and 16.4% [2][3] - For the week of September 1-7, 2025, retail sales of passenger cars were 304,000 units, a year-on-year decrease of 10% and a month-on-month decrease of 4%, while wholesale sales were 307,000 units, a year-on-year decrease of 5% but a month-on-month increase of 9% [2][3] Weekly Market Performance - During the week of September 8-12, 2025, the CS automotive index rose by 0.21%, while the CS passenger vehicle index fell by 0.37%, and the CS commercial vehicle index decreased by 1.06% [2] - The CS automotive parts index increased by 0.72%, and the CS automotive sales and service index rose by 4.23%, while the electric vehicle index fell by 0.08% and the smart vehicle index increased by 1.36% [2] - The Shanghai Composite Index rose by 1.66% and the CSI 300 Index increased by 1.93%, indicating that the CS automotive index underperformed these indices by 1.72 percentage points and 1.45 percentage points respectively, with a year-to-date increase of 23.76% [2] Cost Tracking and Inventory - As of September 10, 2025, the prices of float glass, aluminum ingots, and zinc ingots changed year-on-year by -9.4%, +7.1%, and -5.2% respectively, and month-on-month by -6%, +0.5%, and -1.1% [3] - The inventory warning index for automotive dealers in August was 57.0%, showing a year-on-year increase of 0.8 percentage points and a month-on-month decrease of 0.2 percentage points [3] Market Focus - Key developments include partnerships in autonomous driving, such as Horizon Robotics collaborating with Hello to accelerate Robotaxi deployment, and the launch of new models like the all-new Wanjie M7, which saw over 100,000 pre-orders within an hour [3] - The Ministry of Industry and Information Technology and other departments issued a joint plan for stabilizing growth in the automotive industry for 2025-2026 [3] Investment Recommendations - In the medium to long term, the focus is on opportunities in incremental components driven by the rise of domestic brands and electric intelligence [4] - Recommended companies include Leap Motor, JAC Motors, and Geely for strong new product cycles, and companies like Kobot, Huayang Group, and Junsheng Electronics for smart technology [4]

Group 1 - The Hong Kong automotive stocks experienced a rally, with NIO leading the gains by over 8%, followed by Geely, GAC Group, and Li Auto with increases of over 2%, and BYD with a rise of 1.55% [1] - The Ministry of Industry and Information Technology and seven other departments jointly issued the "Automobile Industry Stabilization and Growth Work Plan (2025-2026)" on September 13, 2025, aiming to promote qualitative improvements and reasonable quantitative growth in the automotive industry [1] - The plan targets approximately 32.3 million vehicle sales in 2025, representing a year-on-year growth of about 3%, with a specific goal of 15.5 million new energy vehicle sales, reflecting a year-on-year increase of around 20% [1] Group 2 - NIO announced that the NIO Day 2025 will be held on September 20, where the new ES8 will officially launch, and nationwide deliveries have already commenced [1] - BYD recently announced the launch of the Tang DM-i smart driving version with a new 175KM variant, offering three configurations with official prices ranging from 179,800 to 199,800 yuan [1] - Geely has received formal approval from its shareholders to privatize Zeekr [1]

Group 1 - The Hong Kong automotive stocks experienced a rally, with NIO leading the gains by over 8%, followed by Geely, GAC Group, and Li Auto with increases of over 2%, and BYD up by 1.55% [1] - The Ministry of Industry and Information Technology and seven other departments jointly issued the "Automobile Industry Stabilization and Growth Work Plan (2025-2026)" on September 13, 2025, aiming for qualitative improvements and reasonable quantitative growth in the automotive industry [1] - The plan targets approximately 32.3 million vehicle sales in 2025, representing a year-on-year growth of about 3%, with a specific goal of 15.5 million new energy vehicle sales, reflecting a year-on-year increase of around 20% [1] Group 2 - NIO announced that the NIO Day 2025 will be held on September 20, where the new ES8 will officially launch, and nationwide deliveries have already commenced [1] - BYD recently introduced the Tang DM-i Intelligent Driving version with a new 175KM variant, offering three configurations with official prices ranging from 179,800 to 199,800 yuan [1] - Geely has received formal approval from Zeekr shareholders for the privatization of Zeekr [1]

Core Insights - The automotive industry is undergoing a brutal reshuffle, with predictions that only five companies will survive in the future [1] - Traditional automakers are focused on survival, while new entrants are emerging despite the challenges [1] - The entry barrier for new automotive brands is estimated to require at least 30 billion yuan [1] Group 1: R&D and Manufacturing Costs - The first step in car manufacturing is R&D, with costs varying significantly based on company positioning; for instance, NIO spent 1.465 billion yuan in its first full fiscal year [2] - New brands often lack production qualifications and typically choose to outsource manufacturing; NIO invested over 220 million yuan in 2018 for its production line [2] - Component costs are a major expense, with raw material costs consistently accounting for over 90% of total costs for companies like Leap Motor [4] Group 2: Sales and Marketing Expenses - Sales channels can be direct, dealer-based, or mixed, with direct sales being the most expensive, costing 4-5 million yuan annually per store [4] - Marketing expenses for launching a new vehicle can range from 50 million to 200 million yuan, with total sales and management costs averaging around 3 billion yuan for the first vehicle [5] - New brands must continuously invest in R&D, marketing, and sales to survive, with cumulative financing often exceeding 10 billion yuan before reaching IPO [5][8] Group 3: Financial Viability and Challenges - New brands face significant financial challenges, with companies like Neta Motors reporting cumulative losses of 18.3 billion yuan from 2021 to 2023 [7] - Achieving profitability is a long journey, with companies like Li Auto and Leap Motor taking two years to reach breakeven [7] - The total investment required for a new automotive brand to reach profitability is estimated at around 30 billion yuan, considering R&D, manufacturing, and operational costs [8] Group 4: Market Dynamics and New Entrants - The influx of new automotive brands is notable, but only those with substantial financial backing, like Xiaomi with 100 billion yuan, are likely to succeed [9] - Some new entrants are opting for niche markets such as supercars and logistics vehicles to avoid direct competition [9] - Historical examples, such as Saleen Automotive, illustrate the risks of entering the automotive market without adequate financial planning [9]

Core Viewpoint - The China Automotive Industry Association released the "Supplier Payment Norms Initiative" on September 15, urging automakers to comply with the "Regulations on Payment to Small and Medium-sized Enterprises" and to avoid exploiting their dominant positions to harm suppliers' interests, aiming to build a collaborative and win-win ecosystem in the automotive industry for high-quality development [1]. Group 1: Industry Response - A total of 17 automakers, including FAW, Dongfeng, Changan, SAIC, GAC, BAIC, Chery, Jiangqi, BYD, Geely, Great Wall, Seres, NIO, Li Auto, Xpeng, Leap Motor, and Xiaomi, have publicly committed to the payment initiative [1]. - The initiative provides clear guidance for building a collaborative ecosystem between complete vehicles and components, promoting high-quality development in the automotive industry [5][8]. Group 2: Specific Company Actions - FAW has unified the payment term for suppliers to within 60 days and optimized internal procurement and financial settlement processes to maintain a healthy market economy [3]. - Dongfeng will implement the initiative's requirements in key areas such as order confirmation, delivery, acceptance, payment, and settlement to protect supplier rights and enhance supply chain resilience [5]. - Changan has also committed to a 60-day payment term and has implemented an innovative payment process to ensure efficient cash flow for suppliers [7]. - SAIC has announced a unified 60-day payment term and will avoid using commercial acceptance bills that increase supplier financial pressure [8]. - GAC has adhered to a payment principle of not exceeding 60 days for 28 years and has established a comprehensive management system for the payment process [10]. - BAIC emphasizes equal, voluntary, fair, and honest principles in supplier relationships and opposes unreasonable payment practices [12]. - Chery has implemented measures to shorten the average payment period for suppliers and alleviate financial pressure on small and medium-sized enterprises [14]. - Jiangqi is enhancing payment efficiency and transparency while ensuring all suppliers receive fair and efficient payment experiences [15]. - BYD is focusing on key areas such as order confirmation and payment to build a collaborative ecosystem with suppliers [17]. - Geely has committed to a 60-day payment term and will not use practices that increase supplier financial pressure [18]. - Great Wall is committed to timely payments and optimizing payment processes to maintain a healthy supplier relationship [21]. - Seres calls for industry self-discipline to enhance supply chain resilience and competitiveness [23]. - NIO aims to establish long-term, mutually beneficial relationships with partners to ensure product quality and user experience [26]. - Li Auto and Xpeng both reaffirm their commitment to a 60-day payment term and efficient payment processes to support their partners [28][30]. - Leap Motor is dedicated to implementing the initiative and ensuring supply chain stability [32]. - Xiaomi emphasizes the importance of timely payments as a fundamental respect for partners and aims to enhance supply chain resilience [35].

Investment Rating - The report maintains a "Positive" investment rating for the automotive and automotive parts industry [7]. Core Insights - The "Automotive Industry Stability Growth Work Plan (2025-2026)" was issued by the Ministry of Industry and Information Technology and seven other departments on September 12, 2025. The plan aims to enhance the quality and reasonable growth of the automotive industry from both supply and demand sides, promote the industrial application of intelligent connected technology, and conditionally approve the production access of L3 level vehicles [2][4]. - The gradual implementation of policies and regulations is expected to accelerate the growth of advanced intelligent driving. The concept of "equal rights for intelligent driving" is likely to reassess the value of complete vehicles, with intelligent driving becoming a new opportunity for reshaping the market following electrification. Strong intelligent driving vehicles are anticipated to capture a larger market share while enhancing their AI capabilities through data accumulation, thus driving investment opportunities in core segments of the industry chain [2][4]. Summary by Sections Policy and Market Outlook - The plan targets achieving approximately 32.3 million vehicle sales in 2025, a year-on-year growth of about 3%, with new energy vehicle sales expected to reach around 15.5 million, reflecting a year-on-year increase of about 20%. The automotive export is also projected to maintain stable growth [4]. Intelligent Driving Development - The report emphasizes the push for the industrial application of intelligent connected technology, with L3 level intelligent driving expected to accelerate. The plan encourages the approval of intelligent connected vehicles and the establishment of pilot programs for road access, alongside improvements in legal frameworks related to traffic safety insurance [4]. Investment Opportunities - The report identifies two main lines of investment opportunities: 1. **Functionality Enhancement**: The continuous exploration of intelligent driving capabilities and the reduction of costs associated with high-level intelligent driving systems are expected to enhance consumer appeal [4]. 2. **Cost Reduction**: Technological advancements are anticipated to lower the costs of intelligent driving systems, with companies like Xiaopeng and BYD leading the charge in making intelligent driving more affordable [4]. Recommended Companies - The report recommends several companies for investment, including: - **Complete Vehicle Manufacturers**: Xiaopeng Motors, Great Wall Motors, Geely, BYD, Xiaomi Group, Leap Motor, Li Auto, SAIC Motor, and Changan Automobile [4]. - **Parts Suppliers**: Top Group, Bertel, and Xingyu Co., with a focus on companies like Desay SV and Coboda [4].