Core Insights - Vivo has announced a strategic partnership with Xiaopeng Motors to enhance the connected experience between smartphones and vehicles, expressing anticipation for deeper collaboration in exploring the digital world [1] Group 1: Strategic Partnership - Vivo and Xiaopeng Motors aim to unlock new experiences in car connectivity through their strategic cooperation [1] - The partnership is expected to lead to further exploration of digital possibilities in the future [1] Group 2: Product Development - Vivo's OS Product Director revealed that the new OriginOS 6 will enhance the integration between smartphones and car systems [3] - The new features include screen mirroring and the launch of the "Xiao V" vehicle control system, which integrates voice assistants from both the car and the smartphone [3]

Core Viewpoint - Xiaopeng Motors (09868) has shown significant growth in overseas deliveries and market presence, with a strong performance in the electric vehicle sector, particularly in Europe [1] Group 1: Delivery and Sales Performance - From January to August, Xiaopeng Motors delivered over 24,702 vehicles in 46 countries and regions, representing a year-on-year increase of over 137% [1] - The company achieved the top position in pure electric vehicle sales among new forces in 12 countries and regions, and ranked first in total sales among new force brands in 32 countries/regions [1] - In Europe, Xiaopeng Motors secured the championship in pure electric vehicle sales among new forces during the same period [1] Group 2: Expansion and Strategic Developments - The number of overseas stores has doubled to 275 [1] - At the 2025 Munich International Motor Show, Xiaopeng showcased five new models, including the Xiaopeng P7 and 2025 versions of the G6, G9, and X9, along with advanced exhibits like humanoid robots and flying cars [1] - The company announced a significant milestone in its globalization strategy with the upcoming launch of its first R&D center in Europe [1]

Core Viewpoint - Xiaopeng Motors (09868) has shown significant growth in overseas deliveries and expansion of its global presence, with a notable increase in sales and the establishment of a new R&D center in Europe [1] Group 1: Delivery and Sales Performance - From January to August, Xiaopeng Motors delivered over 24,702 vehicles in 46 countries and regions, representing a year-on-year growth of over 137% [1] - The company achieved the top position in pure electric vehicle sales among new forces in 12 countries and regions, and ranked first in total sales among new force brands in 32 countries/regions [1] - In Europe, Xiaopeng Motors secured the championship in pure electric vehicle sales among new forces during the same period [1] Group 2: Expansion and Strategic Developments - The number of overseas stores has doubled to 275 [1] - At the 2025 Munich International Motor Show, Xiaopeng showcased five new models, including the new Xiaopeng P7, 2025 Xiaopeng G6, 2025 Xiaopeng G9, Xiaopeng X9, and Xiaopeng P7+ [1] - The company announced a significant milestone in its globalization strategy with the official opening of its first R&D center in Europe [1]

人民财讯9月19日电，小鹏汽车宣布，1—8月在境外46个国家和地区共交付24702辆，同比增长超过 137%；境外门店翻倍增长至275家。 ...

Group 1 - The emergence of flying cars, particularly eVTOLs, has garnered significant attention from the market, with over five automotive companies, including Changan Automobile, Geely, GAC Group, and XPeng Motors, incorporating flying cars into their strategic plans within five years [1] - Flying cars offer advantages such as bypassing ground traffic congestion and significantly reducing travel time, but face challenges including battery range, safety, autonomous driving capabilities, and the need for improved regulations [1][2] - The integration of flying cars into the automotive supply chain can reduce operational costs by 85% and procurement costs by 60%, leveraging existing technologies and resources from the automotive industry [2] Group 2 - XPeng Motors' CEO, He Xiaopeng, indicated that achieving a sales volume of 10,000 flying cars annually could lead to breakeven, while without automotive ecosystem support, the required sales volume would increase to 50,000 [3] - The development of solid-state batteries is a key focus for enhancing the range and safety of flying cars, with ongoing efforts to establish mutual certification standards for battery performance [3][4] - The global flying car market is projected to reach $1.5 trillion by 2040, with the low-altitude economy expected to exceed 3.5 trillion yuan by 2035, of which flying cars will account for approximately one-third, amounting to 1 trillion yuan [5]

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].

Group 1 - The IAA Mobility 2025 showcased a significant presence of both Chinese and European automotive manufacturers, highlighting the ongoing rivalry between Europe and China in the automotive sector [2][3] - A notable number of Chinese OEMs were present, including Aito, BYD Auto, Changan, Chery, Dongfeng, FAW, GAC Group, Leapmotor, and Xpeng, while European manufacturers also increased their participation [2] - The availability of Chinese models in Europe is uncertain, with many models displayed requiring reconfiguration for the European market, indicating potential delays in market penetration [4] Group 2 - The homologation process for Chinese models is lengthy and costly, which may hinder the rapid introduction of these vehicles into the European market [4] - The evolution of models, such as the BYD Seagull to the Dolphin Surf, exemplifies the adjustments needed for compliance with European standards [4]

消息面上，近期有媒体报道，今年是中国对新能源汽车免征"车辆购置税"的最后一年，明年起购买新能 源车将恢复征收车辆购置税。报道指出，根据2023年财政部等公布的《关于延续和优化新能源汽车车辆 购置税减免政策的公告》，对购置日期在2026年1月1日至2027年12月31日期间的新能源汽车减半征收车 辆购置税。 银河期货发布研报称，周末八部门引发《汽车行业稳增长工作方案（2025—2026年）》，其中新能源汽 车销量2025年争取达到1550万辆左右，同比增长约20%，低于中汽协年初1600万辆预估。但今年是新能 源汽车新车购置税全免的最后一年，可能刺激四季度额外需求增量，或超方案目标。中信建投指出，随 着市场高低切换，下半年国补落地、行业反内卷和新能源购置税退坡预期背景下，行业有望迎来"金九 银十"行情。 智通财经APP获悉，汽车股今日普跌，截至发稿，小鹏汽车-W(09868)跌3.95%，报81.55港元；广汽集 团(02238)跌2.57%，报3.41港元；理想汽车-W(02015)跌2.49%，报101.9港元；长城汽车(02333)跌 1.26%，报17.26港元。 ...

Core Viewpoint - The automotive sector is experiencing a decline, particularly in electric vehicle (EV) stocks, amid news that the exemption from vehicle purchase tax for new energy vehicles (NEVs) in China will end this year, leading to potential changes in consumer demand and market dynamics [1] Group 1: Stock Performance - Xpeng Motors (09868) fell by 3.95%, trading at HKD 81.55 [1] - GAC Group (601238) decreased by 2.57%, trading at HKD 3.41 [1] - Li Auto (02015) dropped by 2.49%, trading at HKD 101.9 [1] - Great Wall Motors (601633) declined by 1.26%, trading at HKD 17.26 [1] Group 2: Policy Changes - Reports indicate that 2023 is the last year for the exemption of vehicle purchase tax for NEVs in China, with the tax set to be reinstated next year [1] - According to the Ministry of Finance, from January 1, 2026, to December 31, 2027, NEVs will be subject to a 50% reduction in vehicle purchase tax [1] Group 3: Market Outlook - A report from Galaxy Futures suggests that the "Automotive Industry Growth Stabilization Work Plan (2025-2026)" aims for NEV sales to reach approximately 15.5 million units by 2025, reflecting a year-on-year growth of about 20%, which is lower than the initial forecast of 16 million units by the China Association of Automobile Manufacturers [1] - The end of the full exemption on NEV purchase tax may stimulate additional demand in the fourth quarter, potentially exceeding the outlined targets [1] - CITIC Securities indicates that with market shifts, the implementation of national subsidies in the second half of the year, and expectations of a decline in NEV purchase tax, the industry may experience a favorable market period in September and October [1]

Two Chinese flying cars collided mid-air on Tuesday, September 16, during a rehearsal flight for the upcoming Changchun Air Show. Both vehicles belonged to Xpeng Aeroht, the flying car unit of Chinese electric vehicle (EV) maker Xpeng Inc.According to a report by Global Times, Xpeng Aeroht confirmed that two of its electric vertical take-off and landing (eVTOL) vehicles "made contact" during the practice session. One of the vehicles later caught fire after crashing to the ground.What happened during the reh ...