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 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's first localized production project in Europe is set to launch in Q3 2025 at the Magna plant in Graz, Austria, with the first batches of the G6 and G9 models successfully rolling off the production line. The Munich R&D center in Germany has also been activated, with expectations to produce more models in the future [2][4]. - The company is expected to see steady sales growth driven by a strong new vehicle cycle, with the MONA M03 and P7+ models marking the beginning of this cycle. The combination of scale enhancement, cost reduction from platforms and technology, and the expansion of software profitability models will provide significant earnings flexibility in the future [2][8]. Summary by Sections Company Overview - The company has established a full value chain layout in Europe, covering both R&D and mass production. Since entering the European market in 2021, it has expanded to over 46 countries and regions, achieving overseas sales of 18,700 units from January to July 2025, a year-on-year increase of 217% [8]. Sales and Revenue Projections - For Q3 2025, the company anticipates delivery volumes between 113,000 and 118,000 units, representing a year-on-year growth of 142.8% to 153.6%. Expected revenue is projected to be between 19.6 billion and 21 billion yuan, reflecting a year-on-year increase of 94.0% to 107.9% [8]. New Product Launches - The new models G6 and G9 have been well-received, achieving multiple sales championships in their respective domestic segments. The G6 model accounts for approximately 67% of the sales in the European market, with the P7+ model set to launch soon, further enhancing the company's product lineup [8]. Profitability Outlook - The company is expected to achieve a quarterly turnaround in profitability by Q4, with an anticipated positive free cash flow for the entire year. The revenue forecast for 2025 is projected at 92.8 billion yuan, with a price-to-sales ratio of 1.6X, indicating a significant improvement in financial performance driven by software revenue [8].

Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Insights - The power semiconductor industry is experiencing a recovery in performance, with automotive and data center sectors showing clear growth trends [4] - The overall profit levels in the industry have reached a new high in the past eight quarters, driven by demand recovery and stabilization of prices [14] Summary by Sections Power Semiconductor Performance Review - The industry has seen revenue growth in Q2 2025, with traditional applications like industrial control and consumer electronics remaining stable. The automotive sector continues to be the main growth area, while server power demand is increasing the fastest [7] - The market share of domestic manufacturers is steadily increasing, particularly in the mid-to-low voltage power devices [14] New Energy Vehicles (NEVs) - In July 2025, the sales of NEVs reached 1.26 million units, a year-on-year increase of 27.4%, with a penetration rate of 48.7% [30] - The share of main drive power modules for NEVs with power above 200kW has increased from 9% in 2022 to 25% in the first seven months of 2025 [33] Market Trends and Projections - The penetration rate of SiC MOSFETs in NEVs reached 18% in the first seven months of 2025, with 800V models showing a penetration rate of 76% [5] - The report suggests that the industry is entering a phase of improvement, with overall profits at a new high and market share continuing to grow [6] Investment Recommendations - The report recommends focusing on companies such as Yangjie Technology, New Clean Energy, Huazhong Microelectronics, and others for their expansion in new devices, processes, and markets [6] - The transition from 6-inch to 8-inch substrates in the SiC sector is expected to benefit leading substrate companies [6]

Industry Overview - The "old-for-new" policy has shown further effects in Q2 2025, with both passenger and commercial vehicle sales increasing quarter-on-quarter [1] - The total wholesale sales of passenger vehicles in Q2 2025 reached 7.11 million units, a year-on-year increase of 13.0% and a quarter-on-quarter increase of 10.8% [2] - The total industry revenue for Q2 2025 was 921.1 billion yuan, a year-on-year increase of 9.1% and a quarter-on-quarter increase of 15.4% [1] - The overall net profit attributable to the parent company was 33.9 billion yuan, a year-on-year decrease of 8.9% but a quarter-on-quarter increase of 2.0% [1] Passenger Vehicles - The wholesale sales of new energy passenger vehicles in Q2 2025 reached 3.63 million units, a year-on-year increase of 33.6% and a quarter-on-quarter increase of 25.2%, with a penetration rate of 51.1% [2] - The passenger vehicle segment achieved total revenue of 532.2 billion yuan in Q2 2025, a year-on-year increase of 10.5% and a quarter-on-quarter increase of 21.4% [2] - The net profit attributable to the parent company for the passenger vehicle segment was 13.31 billion yuan, a year-on-year decrease of 29.1% and a quarter-on-quarter decrease of 5.5% [2] Components - The components sector achieved total revenue of 251.64 billion yuan in Q2 2025, a year-on-year increase of 10.5% and a quarter-on-quarter increase of 9.9% [3] - The net profit attributable to the parent company in the components sector was 14.97 billion yuan, a year-on-year increase of 19.4% and a quarter-on-quarter increase of 6.5% [3] - The accounts receivable turnover days improved to 88.3 days, a decrease of 8.0 days quarter-on-quarter [3] Trucks and Buses - Heavy truck sales increased quarter-on-quarter in Q2 2025, with leading companies performing better than expected due to strong product capabilities and cost control [4] - The net profit attributable to the parent company for Weichai Power and China National Heavy Duty Truck was 2.93 billion yuan and 360 million yuan, respectively, with China National Heavy Duty Truck showing a year-on-year increase of 4.0% [4] - The bus sector saw a net profit of 1.33 billion yuan in Q2 2025, a year-on-year increase of 12.1% and a quarter-on-quarter increase of 50.2% [4] Investment Recommendations - The "old-for-new" policy is expected to boost downstream consumer demand, with recommendations for companies such as Geely Automobile, BYD, and Xpeng Motors [5] - In the components sector, recommended companies include Xinquan Co., Top Group, and BYD Electronics [5] - For heavy trucks, recommendations include China National Heavy Duty Truck, Weichai Power, and Yutong Bus [6]

Group 1 - The core viewpoint of the news is that the Hong Kong stock market, particularly the technology sector, is experiencing a strong upward trend due to improved liquidity and expectations of interest rate cuts by the Federal Reserve [1] - The CSI Hong Kong Stock Connect Technology Index (931573) has risen by 2.83%, with notable increases in individual stocks such as SenseTime-W (00020) up 15.79% and Kingsoft Cloud (03896) up 11.71% [1] - Southbound capital has significantly increased its investment in Hong Kong stocks, with a net buying amount reaching 1.09 trillion HKD as of September 15, surpassing the total net buying for the entire year of 2024 [1] Group 2 - The CSI Hong Kong Stock Connect Technology Index selects 50 large-cap technology companies with high R&D investment and revenue growth, reflecting the overall performance of technology leaders in the Hong Kong Stock Connect [2] - As of August 29, 2025, the top ten weighted stocks in the index include Tencent Holdings (00700), Alibaba-W (09988), and Xiaomi Group-W (01810), accounting for a total of 64.91% of the index [2]