Core Insights - The overall retail sales of passenger cars in December 2025 reached 2.261 million units, a year-on-year decrease of 14.0% but a month-on-month increase of 1.6% [1] - Cumulative retail sales for the year amounted to 23.744 million units, reflecting a year-on-year growth of 3.8% [1] - The wholesale growth rate for passenger cars in 2025 is projected at 8.8%, with new energy vehicles (NEVs) expected to grow at 25.2%, meeting the growth expectations set for the "14th Five-Year Plan" [1] Market Performance - December's passenger car retail sales showed a significant decline in fuel vehicles, down 30% year-on-year, while pure electric vehicle sales increased by 2.5% [2] - The penetration rate of new energy vehicles in December reached 59.1%, indicating a shift towards a "new energy-dominated" market [2][11] - The retail share of domestic brands in December was 64.3%, a year-on-year increase of 2.2 percentage points [3] Production and Wholesale - Passenger car production in December was 2.791 million units, a year-on-year decrease of 4.6% [4] - December's wholesale volume for passenger cars was 2.789 million units, down 9.0% year-on-year [5] - The production of new energy vehicles in December reached 1.560 million units, a year-on-year increase of 7.6% [7] Export Trends - In December, the export of passenger cars (including complete vehicles and CKD) was 588,000 units, a year-on-year increase of 46.2% [4] - New energy vehicles accounted for 46.4% of total exports in December, up 15.6 percentage points from the previous year [4][13] - Cumulative exports of new energy vehicles for the year reached 2.422 million units, a growth of 86.2% [7] Inventory and Market Dynamics - The overall inventory in December decreased by 60,000 units, indicating proactive inventory reduction by manufacturers [6] - The market is experiencing a significant adjustment in consumer sentiment due to changes in trade-in policies and the expiration of tax exemptions for new energy vehicles [1][2] - The competitive landscape is shifting, with traditional manufacturers like Geely, Changan, and Great Wall showing improved market shares [3] Future Outlook - The January 2026 market is expected to benefit from a favorable production and sales environment, with a focus on the upcoming Spring Festival driving consumer demand [18] - The implementation of new policies aimed at promoting vehicle upgrades and trade-ins is anticipated to support market stability and growth in early 2026 [20] - The overall passenger car market is projected to maintain a stable trajectory, with a forecasted wholesale growth of 1% for 2026 [20]

Core Insights - The automotive industry is entering a deep transformation phase towards electrification and intelligence, with the penetration rate of new energy vehicles exceeding 50% by 2025, marking a shift from early cultivation to large-scale commercialization and value realization [2] - A significant IPO wave is expected in the automotive sector, with over 100 companies projected to go public in the A-share market in 2025, raising more than 110 billion yuan, with approximately 30% of these companies belonging to the automotive supply chain [2] IPO Highlights - Major IPO events in 2025 include the listings of CATL, Chery Automobile, and Seres, which are expected to enhance China's automotive industry's global competitiveness [3] - CATL's IPO on May 20, 2025, raised approximately 35.3 billion HKD, marking the largest IPO in Hong Kong in nearly four years, with 90% of the funds allocated for projects in Hungary to support local supply strategies [3] - Chery Automobile successfully listed on September 25, 2025, raising about 9.145 billion HKD, with 35% of the funds dedicated to passenger vehicle R&D and 25% for next-generation automotive technologies [4] - Seres achieved the largest IPO for a car company in 2025, raising 14.016 billion HKD on November 5, with 70% of the funds earmarked for R&D in new energy vehicle technologies [4][5] Market Trends - The IPOs of companies in the intelligent driving and laser radar sectors, such as Pony.ai and WeRide, reflect the acceleration of commercialization in these fields, with significant capital inflow supporting technological advancements [6] - The listing of leading laser radar companies, including Hesai Technology, indicates a growing focus on core components that facilitate the large-scale implementation of intelligent driving [7] - The overall trend in 2025 shows a surge in IPOs for automotive-related component companies, driven by the increasing demand for vehicle electronics as the industry shifts from product competition to ecosystem competition [8]

晨会纪要 证券研究报告 2026 年 01 月 09 日 核心结论 分析师 【汽车】奇瑞汽车（09973.HK）首次覆盖报告：五大品牌各有亮点，先发 优势助力出海领先 预计 2025-2027 年公司营业收入分别为 3077 亿元、3570 亿元、3944 亿元， 分别同比增长 14%/16%/10%；归母净利润分别为 181 亿元、214 亿元、248 亿元，同比 28%/18%/16%，当前股价对应 PE 估值为 8.7/7.4/6.4 倍。首次 覆盖，给予"买入"评级。 【计算机】从 Gemini 电视到豆包上车，巨头不断深化 AI 终端布局 从 Gemini 电视到豆包上车，巨头不断深化 AI 终端布局 【计算机】数字人民币开启 2.0 时代：从 M0 向 M1 升维，生态繁荣可期 数字人民币开启 2.0 时代：从 M0 向 M1 升维，生态繁荣可期 【石油石化】石油石化行业点评：石化行业拐点或已出现，26 年长丝供需 格局改善盈利有望增长 1、全球炼化宏观条件逐步改善，石化行业拐点或已出现。2、25 年长丝链 条景气度上行，预计 26 年供需格局将进一步改善。3、反内卷有望带动行业 盈利增长，对应公 ...

Core Viewpoint - West Securities initiates coverage on Chery Automobile (09973) with a "Buy" rating, highlighting its significant first-mover advantage in overseas markets and the expected growth in overseas sales revenue as new energy vehicles accelerate their international expansion and new markets are developed [1] Group 1: Brand and Product Development - Chery's five major brands—Chery, Jetour, Exeed, iCAR, and Zhijie—each have unique positioning and growth potential in various segments, with a focus on new energy vehicles and high-end market penetration [1] - The Chery brand plans to elevate the Fengyun series to an independent brand by 2025, with a goal of launching 16 new models in the next three years; the iCAR V27 is expected to launch globally in Q1 2026, aiming to establish iCAR as a leading global brand in specialty new energy vehicles [1] - Jetour has introduced the Zongheng series, targeting the luxury off-road market and international expansion, which is anticipated to drive both sales and profitability [1] Group 2: Technological Advancements - Chery has consistently focused on independent research and development, achieving comprehensive coverage of core technologies, including Kunpeng Power, Falcon Intelligent Driving, Mars Architecture, and Lion Intelligent Cockpit [2] - The company is set to complete the global delivery of the first batch of 220 Moke humanoid robots by April 2025, showcasing its commitment to innovation [2] Group 3: Overseas Market Expansion - Chery has over 20 years of experience in overseas markets, providing it with a significant first-mover advantage, supported by a broad network of over 1,000 overseas dealers expected by 2025 and a global presence in production and R&D [3] - In the first half of 2025, Chery's retail sales in overseas markets increased by 20% year-on-year, with a notable rise in the proportion of new energy vehicles; this trend is expected to continue as Chery accelerates its international expansion and explores new markets [3]

Group 1 - Core viewpoint: Chery Automobile (09973) is rated "Buy" by Western Securities, with significant advantages in overseas markets and expected growth in overseas sales revenue due to accelerated export of new energy vehicles and expansion into new markets [1] - Five major brands have unique highlights, with breakthroughs in new energy transformation and progress in high-end positioning. Chery plans to launch 16 new models in the next three years, with the iCAR V27 expected to be globally launched in Q1 2026 [1] - The high-end brand Jietu has entered the luxury off-road market, which is expected to lead to a dual breakthrough in sales and profitability [1] Group 2 - Chery has maintained a commitment to independent research and development, covering core technologies such as Kunpeng Power and Falcon Intelligent Driving, with the first batch of 220 humanoid robots expected to be delivered globally by April 2025 [2] - Chery has a significant first-mover advantage in overseas markets, with over 1,000 overseas dealers expected by 2025 and a 20% year-on-year increase in overseas retail sales in the first half of 2025, with a notable rise in the proportion of new energy vehicles [3] - The company is expected to maintain rapid growth in overseas sales and revenue, supported by its first-mover advantage and the acceleration of new energy vehicle exports [3]

Company Overview - Anhui Dachang Technology Co., Ltd. (Dachang Technology) has recently had its IPO application accepted by the Shenzhen Stock Exchange after more than a year since its previous withdrawal [1][3] - The company primarily engages in the research, production, and sales of automotive parts and related tooling, with key products including body structure components and chassis assemblies [3] Financial Performance - Dachang Technology's revenue for the years 2022 to 2024 was approximately 816 million yuan, 1.255 billion yuan, and 1.171 billion yuan, respectively, with corresponding net profits of about 73.54 million yuan, 104 million yuan, and 91.40 million yuan [3] - For the first three quarters of 2025, the company reported revenues of approximately 815 million yuan and a net profit of about 58.02 million yuan [3] Customer Concentration - The company has a high customer concentration, with sales to its top five customers accounting for 89.24%, 88.9%, 87.33%, and 80.71% of its main business revenue over the reporting periods [3][4] - Sales to Chery Automobile, its largest customer, represented 57.18%, 56.95%, 59.05%, and 51.89% of its main business revenue during the same periods [3][4] Accounts Receivable - Dachang Technology has significant and concentrated accounts receivable, primarily from major clients such as Chery Automobile, GAC Group, and GAC Honda, with total receivables amounting to 445 million yuan, 781 million yuan, 661 million yuan, and 640 million yuan at the end of each reporting period [5] IPO Details - The company aims to raise 502 million yuan in its current IPO, an increase from the previous target of 374 million yuan, with net proceeds intended for investment in various projects including an intelligent automotive parts factory and production lines [5][6] - The company has changed its sponsor from Guoyuan Securities to Zhongyin International Securities for this IPO [5][6]

Group 1 - Anhui Dachang Technology Co., Ltd. has re-applied for an IPO on the ChiNext board after withdrawing its previous application over a year ago, with the application recently accepted by the Shenzhen Stock Exchange [1][3] - The company primarily engages in the research, production, and sales of automotive parts and related tooling, with major products including body structure assemblies and chassis components [3] - The company's largest customer, Chery Automobile, contributes nearly 50% of its revenue, highlighting a significant customer concentration risk [1][3][4] Group 2 - Financial performance shows fluctuations, with revenues of approximately 816 million yuan, 1.255 billion yuan, and 1.171 billion yuan from 2022 to 2024, and a net profit of about 73.54 million yuan, 104 million yuan, and 91.40 million yuan for the same periods [3] - For the first three quarters of 2025, the company reported revenues of approximately 815 million yuan and a net profit of about 58.02 million yuan [3] - The company has a high customer concentration, with sales to the top five customers accounting for 89.24%, 88.9%, 87.33%, and 80.71% of total revenue in the respective reporting periods [3][4] Group 3 - The company plans to raise 502 million yuan in its current IPO application, an increase from the previous target of 374 million yuan, with proceeds allocated to various projects including an intelligent factory and production line enhancements [5] - The company has changed its sponsor from Guoyuan Securities to Zhongyin International Securities for this IPO, following regulatory scrutiny of the previous sponsors [5][6] - The company’s major receivables are concentrated among a few clients, with accounts receivable totaling approximately 445 million yuan, 781 million yuan, 661 million yuan, and 640 million yuan at the end of the respective reporting periods [4][6]

Core Viewpoint - Shanghai Zongheng Wujie Automobile Co., Ltd. has been established with a registered capital of 500 million yuan, fully owned by Chery Automobile (09973.HK) [1][2]. Group 1: Company Information - The legal representative of Shanghai Zongheng Wujie Automobile Co., Ltd. is Liu Yong [1]. - The company was registered with a capital of 500 million yuan and is located in Xuhui District, Shanghai [2]. - The business scope includes automobile sales, retail of auto parts, sales of automotive decoration products, lubricants, batteries, and charging piles [1][2]. Group 2: Ownership Structure - Chery Automobile holds 100% of the shares in Shanghai Zongheng Wujie Automobile Co., Ltd. [2].

人民财讯1月8日电，企查查APP显示，近日，上海纵横无界汽车有限公司成立，法定代表人为刘永，注 册资本为5亿元，经营范围包含汽车销售；汽车零配件零售；汽车装饰用品销售；润滑油销售；电池销 售；充电桩销售等。企查查股权穿透显示，该公司由奇瑞汽车全资持股。 ...

致：香港交易及結算所有限公司 公司名稱: 奇瑞汽車股份有限公司 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09973 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,354,771,974 | RMB | | 1 RMB | | 2,354,771,974 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 2,354,771,974 | RMB | | 1 RMB | | 2,354,771,974 | FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 | 2. 股份分類 | 普通股 | 股份 ...