奇瑞汽车股份有限公司将为召回范围内的车辆免费检查发动机ECU分支线束的装配情况，必要时为线束 进行维修或更换，以消除安全隐患。 奇瑞汽车股份有限公司将通过授权经销商以挂号信、电话、短信等方式，通知相关用户此次召回事宜。 用户可拨打奇瑞汽车股份有限公司客户服务热线：400-883-8888，进行咨询。此外，也可登录市场监管 总局召回中心网站www.samrdprc.org.cn，关注微信公众号（SAMRDPRC），了解更多信息，反映缺陷 线索。 经济观察网 据市场监管总局网站消息，日前，奇瑞汽车股份有限公司根据《缺陷汽车产品召回管理条 例》和《缺陷汽车产品召回管理条例实施办法》的要求，向国家市场监督管理总局备案了召回计划。 召回编号S2026M0007V：自即日起，召回2025年4月1日至2025年12月8日期间生产的部分奇瑞牌探索06 和全新瑞虎7 1.6T车型，共计1108辆。 本次召回范围内的部分车辆，由于生产装配问题，可能未按操作规范固定发动机ECU分支线束卡扣，导 致线束磨损。极端情况下，造成车辆行驶中熄火，存在安全隐患。 ...

Core Viewpoint - China COSCO Shipping Specialized Carriers has won a bid for the complete vehicle logistics project of Chery Automobile in Peru, aiming to establish an efficient end-to-end vehicle supply chain system based in the Chancay Port of Peru, which will enhance Chery's market expansion in Latin America and deepen economic cooperation in the region [1] Group 1 - The project involves collaboration with various parties to build a high-efficiency supply chain for Chery's OMODA and JAECOO vehicles [1] - The initiative is expected to inject new momentum into Chery's expansion efforts in the Latin American market [1] - The logistics project is part of broader economic cooperation efforts in the Asia-Latin America trade [1]

Group 1 - Chery Automobile has launched its AI strategy blueprint, marking its entry into the AI 2.0 (AI+) era, aiming to transition from a "technology Chery" to a "global AI technology company" [2] - The AI Night showcased advancements in Chery's AI technology, including the upgraded Falcon Intelligent Driving series, which now features models 500, 700, and 900 tailored for different driving scenarios, with the Falcon 700 excelling in challenging driving competitions [2] - The Lingxi Smart Cabin 3.0 has achieved upgrades in interaction, memory, and privacy, with the AI assistant "Xiao Qi" capable of providing personalized services based on individual user memory [2] Group 2 - Chery's AI strategy has expanded beyond the automotive sector, with the Mocha Robot being the first humanoid robot certified by both hardware and software standards in the EU, now operating in over 30 countries and covering more than 100 scenarios [2] - The company has announced three major upgrade plans: smart cabin upgrades, driving assistance upgrades, and enhanced range capabilities, aiming to provide a better quality of life through AI [2] - The Lingxi Smart Cabin is set to be implemented across all major models by Q1 2026, with over 35 vehicle models featuring Falcon Intelligent Driving planned for 2026, and hybrid models achieving over 200 km of pure electric range [2][3]

日前，以"科技有AI"为主题的2026奇瑞汽车AI之夜在安徽芜湖举行。活动现场，奇瑞汽车重点展示了全 域AI战略技术蓝图，更携超级AI智能体"小奇同学"、猎鹰智驾、灵犀智舱、墨甲机器人等AI核心成果 集体亮相，正式宣告奇瑞AI智能化进入2.0时代，加速从"技术奇瑞"向"全球AI科技公司"全面跃迁。 此次活动上，奇瑞还发布涵盖猎鹰智驾、灵犀智舱、飞鱼数智底盘及鲲鹏动力等领域的最新AI成果与 进展，系统展示了从技术到体验的全维进化。在智能座舱领域，奇瑞带来灵犀智舱，以新一代AI技术 架构，完成交互变革、类人记忆和隐私保护三维升级。交互层面，奇瑞基于品牌DNA重新打磨UI交 互，推出超级AI智能体——"小奇同学"，基于新一代AI架构，凭借类人记忆框架，确保记忆不断档、常 用常新，为用户打造专属自己、懂自己的超级助手，高效完成"千人千面"的需求直达服务。此外，底盘 和动总也焕新进化。飞鱼数智底盘以AI重塑驾驭边界和驾驶风格，为用户提供主动预防、个性驾乘、 动态优化和人车合一的用车体验；动力电池搭载AI电池数字大脑，为电池提供7×24h全天候守护，确保 电池高安全、行车强动力以及电池长寿命。 （文章来源：证券时报网） ...

Core Findings - In 2025, a total of 170 Chinese companies with VC/PE backgrounds went public, marking a 27.82% increase from 133 in 2024, with a VC/PE penetration rate of 57.82% [10][7] - The electronic information sector reported an exit return of nearly 200 billion yuan, with the Hong Kong Stock Exchange's main board showing the highest exit returns [7][11] - A total of 294 Chinese companies successfully completed IPOs globally, with both the number of IPOs and the amount raised showing signs of recovery [20][23] VC/PE Investment Analysis - The scale of VC/PE exit returns reached 431.8 billion yuan in 2025, a 116% increase from 199.9 billion yuan in 2024, with an average return rate of 2.89 times [11][10] - The electronic information industry had the highest exit return at 182.81 billion yuan, while the consumer sector had the highest return multiple at 13.71 times [11][16] IPO Market Overview - In 2025, the total number of IPOs in A-shares, Hong Kong, and U.S. markets was 294, with a 29.52% year-on-year increase, and the total amount raised was 372.5 billion yuan, up 152% [20][23] - The Hong Kong Stock Exchange's main board led with 111 IPOs, while the Nasdaq Capital Market followed with 57 [23][38] Sector Performance - The electronic information sector led with 48 IPOs, followed by advanced manufacturing and healthcare with 47 and 41 IPOs, respectively [53][56] - The energy and mining sector raised the most funds at 784.38 billion yuan, while the average fundraising amount in the public utility sector surged by 6,935% [57][58] Regional Analysis - Jiangsu, Guangdong, and Hong Kong had the highest number of IPOs, with 46, 42, and 38 respectively, while Fujian led in fundraising with 571.78 billion yuan [59][64] - The number of IPOs in Inner Mongolia increased threefold, marking the highest growth rate [63][64] Notable IPOs - The top fundraising companies included Huadian New Energy, which raised over 100 billion yuan, and several electronic information companies like Moer Thread and Muxi Co., Ltd. [35][18]

北京商报讯（记者 王蔓蕾）1月20日晚间，上交所官网显示，芜湖埃泰克汽车电子股份有限公司（以下 简称"埃泰克"）主板IPO当日上会获得通过。 据了解，埃泰克主要从事汽车电子产品的研发、生产及销售，同时为客户提供汽车电子EMS和技术开 发服务，产品覆盖车身域、智能座舱域、动力域以及智能驾驶域四大核心功能域。公司IPO于2025年6 月20日获得受理，当年7月16日进入问询阶段。本次冲击上市，公司拟募集资金约15亿元。 在上市委会议现场，上市委要求埃泰克结合报告期内与奇瑞汽车销售变动、年降政策及幅度、主要客户 毛利率差异、新增定点及在手订单等情况，说明关联交易是否公允合理，单一客户集中是否对持续经营 产生重大不利影响。 另外，上市委要求埃泰克结合主要产品技术和成本优势、下游客户群体类型、主要客户自研汽车电子零 部件情况及发展趋势、近年来相关客户收入变动等，说明主要产品是否具有较强竞争力，经营业绩是否 具有稳定性和可持续性。 ...

Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Insights - The company is positioned as a "national brand" aiming for global expansion, leveraging its technological advancements and multi-brand strategy to drive growth [8]. - The company has established a comprehensive technology stack and a diverse brand matrix to cater to various consumer needs, focusing on both domestic and international markets [8]. - The financial outlook is strong, with significant revenue and profit growth projected over the next few years, supported by a robust international presence and innovative product offerings [8]. Financial Summary - The company’s revenue is projected to grow from RMB 163.21 billion in 2023 to RMB 454.24 billion by 2027, with growth rates of 76.2% in 2023 and 17.9% in 2027 [2]. - EBITDA is expected to increase from RMB 17.40 billion in 2023 to RMB 40.37 billion in 2027 [2]. - Net profit attributable to shareholders is forecasted to rise from RMB 11.95 billion in 2023 to RMB 24.96 billion in 2027, with a notable growth rate of 90.8% in 2023 [2]. - The earnings per share (EPS) is anticipated to grow from RMB 2.19 in 2023 to RMB 4.30 in 2027, with a price-to-earnings (P/E) ratio projected to decrease from 8.8 in 2025 to 6.4 in 2027 [2]. Business Model - The company operates primarily in the passenger vehicle sector, with a revenue share of 91.5% from passenger vehicles in 2024 [25]. - The brand matrix includes five major brands: Chery, Jietu, Xingtu, iCAR, and Zhijie, each targeting different market segments [25]. - The company has a strong international presence, with overseas revenue expected to reach RMB 1,008.97 billion by 2024, accounting for 46.3% of total revenue [32]. Future Outlook - The company aims to enhance its product offerings and expand its global footprint through strategic investments in R&D and international operations [54]. - The focus on new energy vehicles (NEVs) is expected to drive significant revenue growth, with NEV revenue projected to reach RMB 589.31 billion in 2024, representing a year-on-year increase of 644.8% [44]. - The company is committed to continuous innovation and technological advancement, positioning itself as a leader in the evolving automotive landscape [8].

Core Viewpoint - Wuhu Aiteke Automotive Electronics Co., Ltd. is approaching a critical milestone in its IPO process, with a review scheduled for January 20, 2026, after nearly seven months of waiting [1][3] Group 1: Company Overview - Aiteke specializes in the research, production, and sales of automotive electronic products, providing solutions across four core functional domains: body, intelligent cockpit, power, and intelligent driving [3] - The company has shown consistent growth in revenue and net profit over the reporting periods, with revenues of approximately 2.174 billion, 3.003 billion, 3.467 billion, and 1.522 billion yuan for the years 2022 to 2025 [3][4] Group 2: Financial Performance - Aiteke's net profits for the same periods were approximately 91.70 million, 191 million, 212 million, and 92.46 million yuan [3] - Accounts receivable have shown an increasing trend, with a balance of approximately 1.122 billion yuan as of mid-2025, accounting for 36.88% of the company's revenue [1][7] Group 3: Customer Relationships - Chery Automobile is a significant stakeholder and the largest customer of Aiteke, holding 14.99% of its shares, with sales to Chery increasing from approximately 600 million to 1.868 billion yuan over the reporting periods [4][5] - The sales to Chery accounted for 27.6%, 35.21%, 53.89%, and 50.26% of Aiteke's total revenue during the respective years [4] Group 4: Accounts Receivable Management - Aiteke's accounts receivable turnover ratio has been declining, recorded at 3.59, 3.29, 3.01, and 2.6 times from 2022 to mid-2025, consistently below the industry average [8] - The decline in turnover is attributed to increased sales to Chery, which utilizes a specific payment platform, leading to higher accounts receivable balances [8]

Core Viewpoint - Chery Automobile (9973.HK) has launched its full-domain AI strategy, marking the transition to the 2.0 phase characterized by "AI+" integration in its smart vehicle development [1] Group 1: AI Strategy and Integration - The company aims to center its strategy around smart vehicles, promoting deep integration of AI across various domains including intelligent driving, smart cockpit, powertrain and chassis, as well as manufacturing and operations [1] - Chery emphasizes the importance of technology accessibility and large-scale implementation in its AI strategy [1] Group 2: Technological Advancements - AI has already been incorporated into several of Chery's latest technologies, including Falcon Intelligent Driving, Lingxi Smart Cockpit, Kunpeng Power, Flying Fish Intelligent Chassis, and AI Intelligent Agents [1] - The company has committed to accelerating the adoption of advanced driver assistance systems and smart cockpit features in mainstream models [1]

Core Viewpoint - Chery Automobile's stock price surged nearly 6% on January 19, reaching 30.56 yuan, with a trading volume of 1.62 billion yuan, following the company's AI-themed event showcasing its full AI strategy and technological advancements [1] Group 1: AI Strategy and Technological Advancements - Chery Automobile held an event titled "AI with Technology" for its 2026 AI Night, where it unveiled its comprehensive AI strategy and key technological innovations [1] - The company introduced its super AI intelligent agent "Xiao Qi," along with other AI core achievements such as Falcon Intelligent Driving, Lingxi Intelligent Cabin, and Mocha Robot, marking the transition to the AI 2.0 (AI+) era [1] Group 2: Product Launch Plans - Chery announced that the Lingxi Intelligent Cabin is set to be implemented across all major models by the first quarter of 2026 [1] - The Falcon Intelligent Driving system is expected to be featured in over 35 models by 2026 [1] - Hybrid models are projected to achieve a pure electric range of over 200 km [1]