Regulatory Changes - The Ministry of Commerce, Ministry of Industry and Information Technology, General Administration of Customs, and State Administration for Market Regulation have decided to implement export license management for pure electric passenger vehicles starting January 1, 2026 [1] Automotive Market Trends - As of June 2024, the total number of 4S dealerships in China is approximately 32,000, reflecting a 1.9% decrease compared to the end of 2024, indicating a structural adjustment in the industry [1] - In the first eight months of 2023, China imported 320,000 vehicles, a significant year-on-year decline of 33%, with projections indicating a total import of 800,000 vehicles for the year, down 10% from 2022 [2] New Product Launches - Anew AITO M7 has officially begun nationwide delivery, with a monthly production capacity of up to 30,000 units [3] - The Huawei and JAC Motors collaboration, the AITO S800, has received 15,000 pre-orders within four months of its launch, with prices ranging from 708,000 to 1,018,000 RMB [4] Corporate Developments - Beijing Jidu Automotive Parts Co., Ltd. has had approximately 35.69 million RMB worth of equity frozen for three years due to legal actions [5] - BYD's electric bus factory in Azerbaijan is set to begin CKD production mode in 2027, following the delivery of 50 electric buses [5] Market Expansion - XPeng Motors has officially entered the markets of Switzerland, Austria, Hungary, Slovenia, and Croatia, with plans to launch new models in these regions [6][7] - Nissan has initiated road tests for its next-generation ProPILOT advanced driving assistance system, expected to launch in Japan by the 2027 fiscal year [7] Recall and Production Issues - BMW is recalling nearly 200,000 vehicles in North America due to potential overheating and short-circuiting issues with the engine start relay [8] - In August 2023, UK automotive production hit its lowest level in nearly 70 years, with a total output of approximately 38,700 vehicles, down 18.2% year-on-year, attributed to weak overseas demand and tariff barriers [9]

Investment Rating - The investment rating for the automotive industry is "Positive" [1] Core Insights - Since Q2 2024, companies like Geely, Leapmotor, Xiaopeng, and Xiaomi have seen continuous growth in sales and market share, while leading companies have lost market share [5][11] - The growth of new entrants is primarily at the expense of leading companies such as BYD and Tesla, which saw their market shares decrease by 5.1% and 2.3% year-on-year, respectively [5][15] - The scale effect is becoming evident, with Leapmotor and Xiaopeng showing significant improvements in gross margins, reaching 13.6% and 17.3% respectively in Q2 2025, while Xiaomi's gross margin is at 26.4% [5][19] - Companies like Leapmotor, Xiaopeng, and Xiaomi are expected to achieve breakeven on a quarterly basis within the year, with annual sales around 500,000 units likely to lead to single-vehicle profitability [6][24] Sales Trends - The introduction of cost-effective models by Geely, Leapmotor, and Xiaopeng has driven rapid sales growth, with new entrants achieving quarterly sales between 80,000 to 130,000 units [7][11] - The market share of leading companies has been eroded, with a significant portion of growth coming from the exit of weaker competitors [11][15] Revenue Trends - Companies with increasing market shares, such as Geely, Xiaopeng, and Leapmotor, reported revenue growth rates of 41%, 125%, and 166% year-on-year in Q2 2025 [16] - BYD, despite a decline in market share, maintained a revenue growth of 15% year-on-year [16] Gross Margin - The gross margins of new entrants like Xiaopeng and Leapmotor are improving due to scale effects, with margins approaching normal industry levels [19] - Traditional automakers are facing declining gross margins due to the transition to electric vehicles, with some companies like GAC reporting negative margins [19][20] Operating Expenses - Leapmotor and Xiaopeng have seen a significant reduction in per-vehicle operating expenses due to scale effects, with combined R&D, sales, and management expense ratios around 23.9% and 23.1% respectively in Q2 2025 [21] Single Vehicle Profitability - Companies like Xiaopeng and Xiaomi are nearing breakeven points, with Leapmotor already close to breakeven in Q2 2025 [24] - Annual sales of approximately 500,000 units are projected to lead to single-vehicle profitability for these companies [24]

Investment Rating - The report rates the automotive industry as "Positive" [4] Core Insights - The adjustment of the vehicle replacement policy will slightly weaken demand, but the reduction in vehicle purchase tax will promote early purchases, leading to a competitive demand scenario in Q4. As of September 10, 2025, the number of applications for vehicle replacement reached 8.3 million, indicating a significant policy-driven effect. Despite the adjustments in the replacement policy, the pressure from the tax reduction is expected to encourage consumers to purchase new energy vehicles earlier. The report forecasts that China's new energy vehicle sales will reach 16.25 million units in 2025, representing a year-on-year growth of approximately 26% [2][18]. Monthly Focus - The adjustment of the vehicle replacement policy has increased application difficulty. Since June, applications for vehicle replacement have been suspended due to the exhaustion of funds, but recent funding has led to adjustments in the policy across various regions. The adjustments mainly include changes in application methods and subsidy standards, with some regions reducing the subsidy amount per vehicle [14][15]. - There is a significant funding gap for Q4, as the distribution of funds does not account for seasonal consumption patterns. The central government will allocate 69 billion yuan for Q4, which is the same as Q3, but the demand for vehicle consumption is typically stronger in the second half of the year, leading to an amplified funding gap for Q4 [16][17]. Key Data Tracking - In August, the sales of new energy vehicles in China reached 1.4 million units, a year-on-year increase of 27%. The penetration rate for new energy vehicles was 49%, remaining stable compared to the previous month. However, the sales of plug-in hybrid vehicles (PHEVs) experienced a decline for two consecutive months, primarily due to pressure on sales from major manufacturers [20][28]. - The report highlights that commercial vehicles and exports continue to maintain high growth rates, with new energy commercial vehicle sales in August reaching 70,000 units, a year-on-year increase of 52% [34][35]. - The report also notes that the export of new energy vehicles has been robust, with August exports reaching 224,000 units, a year-on-year increase of 104% [46][48]. Industry and Company Changes - The report indicates progress in the overseas production capacity of automotive companies, with several manufacturers establishing production bases in regions like Brazil and Austria. Additionally, companies like Chery and HeSai have listed on the Hong Kong stock exchange, while Dongfeng Group plans to privatize and spin off its Lantu brand to maintain its listing status [3][45].

Group 1 - The majority of popular Chinese concept stocks experienced a decline, with the Nasdaq Golden Dragon China Index falling by 1.56% [1] - Kingsoft Cloud saw an initial drop of over 10%, while Daqo New Energy fell by more than 8% [1] - NIO, Li Auto, Global Data, and Bilibili all recorded declines of at least 4%, whereas New Oriental rose by over 1% and Xpeng increased by 2.5% [1]

小鹏汽车-W为近一个月首次上榜，当日港股通成交额为27.31亿港元，成交净卖出2.91亿港元，该股当 日收盘上涨5.03%。（数据宝） 9月26日港股通成交活跃股榜单 | 证券 | 证券简称 | 成交金额（亿 | 净买入金额（亿 | 近一个月上 | 最新收盘价 | 日涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 代码 | | 港元） | 港元） | 榜次数 | （港元） | （%） | | 00700 | 腾讯控股 | 50.95 | 7.93 | 23 | 644.000 | -0.92 | | 00981 | 中芯国际 | 89.14 | -1.46 | 23 | 72.950 | -5.01 | | 01810 | 小米集团-W | 139.46 | 6.05 | 23 | 54.650 | -8.07 | | 09988 | 阿里巴巴-W | 175.01 | 24.12 | 23 | 166.500 | -3.20 | | 01347 | 华虹半导体 | 42.45 | -2.12 | 18 | 68.250 | 3.02 | | 09880 ...

Core Points - The Hang Seng Index fell by 1.35% on September 26, closing at 26,128.20 points, while southbound funds through the Stock Connect recorded a net inflow of HKD 10.541 billion [1] - The total trading volume for the Stock Connect on September 26 was HKD 160.921 billion, with a net buy of HKD 10.541 billion [1] - In the Shanghai Stock Connect, the trading volume was HKD 101.109 billion with a net buy of HKD 7.366 billion, while in the Shenzhen Stock Connect, the trading volume was HKD 59.812 billion with a net buy of HKD 3.174 billion [1] Trading Activity - The most actively traded stock in the Shanghai Stock Connect was Alibaba-W, with a trading volume of HKD 11.062 billion, followed by Xiaomi Group-W and SMIC, with trading volumes of HKD 7.476 billion and HKD 5.598 billion respectively [1] - In terms of net buy amounts, Xiaomi Group-W led with a net buy of HKD 2.274 billion, despite its closing price dropping by 8.07% [1] - The stock with the highest net sell amount was Xpeng Motors-W, with a net sell of HKD 224 million, while its closing price increased by 5.03% [1] Shenzhen Stock Connect Activity - In the Shenzhen Stock Connect, Xiaomi Group-W had the highest trading volume at HKD 6.471 billion, followed closely by Alibaba-W and SMIC, with trading volumes of HKD 6.439 billion and HKD 3.316 billion respectively [2] - Alibaba-W recorded the highest net buy amount in the Shenzhen Stock Connect at HKD 2.035 billion, despite a closing drop of 3.20% [2] - Xiaomi Group-W also had the highest net sell amount in the Shenzhen Stock Connect, with a net sell of HKD 1.669 billion, closing down by 8.07% [2]

★ 宏观动态 ★ 中国炼焦行业协会：从未发布或授权任何关于"强制限产""联合提价"的通知或倡议 9月26日，中国炼焦行业协会发布严正声明：中国炼焦行业协会从未发布或授权任何关于"强制限产""联合提 价"的通知或倡议。协会始终严格遵守国家法律法规，坚决维护公平竞争的市场环境。涉事机构及个人应立即 停止侵权行为，协会保留追究其法律责任的权利。 外汇局：8月我国国际收支货物和服务贸易进出口规模42818亿元，同比增长2% 8月，我国国际收支货物和服务贸易进出口规模42818亿元，同比增长2%。其中，货物贸易出口21395亿元，进 口15202亿元，顺差6193亿元；服务贸易出口2546亿元，进口3675亿元，逆差1129亿元。服务贸易主要项目 为：旅行服务进出口规模1887亿元，运输服务进出口规模1745亿元，其他商业服务进出口规模996亿元，电 信、计算机和信息服务进出口规模583亿元。按美元计值，8月，我国国际收支货物和服务贸易出口3357亿美 元，进口2647亿美元，顺差710亿美元。 教育部等六部门印发《县域普通高中振兴行动计划》 据央视新闻报道，我国有近60%的高中学生，是在县域中学读书，县中办得好不好， ...

Group 1 - Xpeng is increasing its exposure to the European market through partnerships with regional dealerships [2] - This move is part of a broader strategy to enhance competition with other players in the market [2]

Company News - Starbucks announced a $1 billion restructuring plan, which includes closing stores and laying off 900 employees, with $150 million allocated for employee severance compensation [1] - Boeing's stock rose over 3% in pre-market trading, as reports indicate that the company has sought to produce 42 units of the 737 MAX aircraft per month [1] - Xpeng Motors saw a nearly 5% increase in pre-market trading, following the Ministry of Commerce's announcement regarding the implementation of export license management for pure electric passenger vehicles [1] Market Dynamics - Major U.S. stock index futures are up, with the Dow futures rising by 0.15%, S&P 500 futures up by 0.09%, and Nasdaq futures increasing by 0.03% [1] - European major stock indices are also up, with the FTSE 100 rising by 0.5%, CAC 40 increasing by 0.7%, and DAX up by 0.6% [1] - Popular Chinese concept stocks are down in pre-market trading, with Bilibili falling nearly 4%, and Alibaba and JD.com both down nearly 2% [1]

Core Viewpoint - Xiaopeng Motors (XPEV) has officially entered five new markets in Europe, including Switzerland, Austria, Hungary, Slovenia, and Croatia, and plans to launch pop-up stores in three cities this fall to showcase its 2025 models [1] Group 1: Market Expansion - Xiaopeng Motors has announced its entry into the European markets of Switzerland, Austria, Hungary, Slovenia, and Croatia [1] - The company will launch pop-up stores in Budapest, Ljubljana, and Zagreb this fall to display the 2025 models of Xiaopeng G6 and G9 [1] Group 2: Technological Development - Xiaopeng Motors' subsidiary, Guangzhou Xiaopeng Motors Technology, has revealed a patent for a humanoid robot [1] - The patent describes a mechanical arm connected to a robot body via a movable support, enhancing the arm's flexibility and improving the humanoid appearance of the robot [1]