Group 1 - The "Annual Outstanding High-end Manufacturing Enterprises" award recognizes companies that have made significant achievements in intelligent, green, and service-oriented development within the high-end manufacturing sector [4] - The award selection process involved comprehensive analysis from technical, value, and industrial perspectives, utilizing quantitative data analysis and expert review [4] - Six companies, including Pulinhengshan (01809.HK), Chery Automobile (09973.HK), Seres (601127.SH/09927.HK), Sutech (02498.HK), Innolux (02577.HK), and China Construction Industry (00830.HK), were honored with the award [1][4] Group 2 - The "Golden Grid Award" aims to create a reference list of the most valuable listed companies and unicorns in the investment community, covering all listed companies on major exchanges including Hong Kong, Shanghai, Shenzhen, New York, and NASDAQ [4] - The initiative is driven by the vision of "global perspective, betting on China" [4]

2025年12月15日，在联合国环境规划署（UNEP）位于肯尼亚内罗毕的全球总部，奇瑞汽车入选"创建可持续品牌"愿景倡议2025年度代表性案例， 向世界展示中国企业在可持续发展道路上的卓越实践。在联合国这一权威多边舞台上，此举不仅彰显了中国品牌的全球责任担当，更呼应了国际社 会对商业向善、绿色转型的深切期待。 "创建可持续品牌"愿景倡议（又称"日内瓦愿景倡议"）由"可持续企业家论坛"（SBLF）与中国标准化协会可持续商业与品牌工作委员会（SBBC） 共同发起。该倡议旨在发掘将可持续发展与品牌价值创造深度融合的典型案例，为全球可持续商业生态提供可借鉴的行动路径，讲述中国品牌在可 持续发展方面的积极实践。 奇瑞承诺未来三年新增600万美元投入用于联合国儿童基金会教育项目 区别于传统的"筛选—淘汰"模式，奇瑞更注重与供应商携手共进。通过年度能力提升计划、现场辅导、专题培训及行业标杆交流等形式，系统赋能 合作伙伴提升ESG管理水平。同时，奇瑞依托数字化诚信管理体系，实现供应商绩效的实时识别、评估与持续改进，推动供应链管理向动态化、智 能化转型。2024年，奇瑞携手十家核心供应商共同启动"可持续供应链倡议"，围绕九大战 ...

Core Viewpoint - The humanoid and intelligent service robot sector is recognized as a potential $10 trillion market, with Chery Automobile positioning itself as a leader by achieving mass production and delivery of robots, marking a significant technological and strategic advancement in the industry [1][18]. Group 1: Chery's Strategic Positioning - Chery has successfully completed the mass production of 220 Mornine humanoid robots by April 2025, becoming the first automotive company globally to achieve this milestone [1]. - The company has also delivered over 1,000 units of its Argos robotic dog, indicating a new phase of large-scale application [1]. - Chery's strategic focus on technology-driven growth has allowed it to ignite a second growth engine beyond its core automotive business [1][6]. Group 2: Technological Advancements - The Mornine robot has transitioned from a promotional virtual image to a functional intelligent assistant capable of executing tasks in real environments, achieving a technological leap from L2 to L3 capabilities [3]. - Chery's "Intelligent Construction of the Whole Domain" technology system supports the Mornine robot's advanced features, including multi-modal perception and independent task execution [3][9]. - The integration of automotive and robotic technologies allows for significant cost reductions in research and manufacturing, leveraging shared resources and expertise [8][9]. Group 3: Market Expansion Strategy - Chery has outlined a three-step strategy for expanding the Mornine robot's application: deepening automotive scenarios, expanding into public services, and ultimately entering household services [4]. - The company aims to sell over 40,000 robots and 90,000 robotic dogs by 2030, targeting a significant scale-up in production and market presence [4]. - Chery's robots have already been deployed in over 30 countries, including Malaysia, Indonesia, and the UAE, showcasing their global reach [13]. Group 4: Globalization and Market Penetration - Chery's established global channels and strong export performance, with 136,700 vehicles exported in November 2025 alone, provide a solid foundation for its robot business [12]. - The company has built a robust global operational system, with over 18.28 million users worldwide, facilitating the rapid entry of its robots into international markets [12]. - Chery's robots have received essential certifications for entry into the European market, further enhancing their global competitiveness [13]. Group 5: Financial Performance and Market Recognition - Chery's automotive sales reached 2.5615 million units in the first eleven months of 2025, with a notable 69.4% increase in electric vehicle sales [14]. - The company's diverse brand matrix supports its financial strength, providing resources for the development and market expansion of its robotic business [17]. - Analysts have recognized Chery's strategic positioning and growth potential, with positive ratings reflecting confidence in its long-term value [14].

Core Viewpoint - The automotive market in China is expected to maintain strong growth in 2025, driven by government policies promoting consumption, with passenger vehicle growth projected at 11% and significant recovery in both truck and bus markets [1][2]. Group 1: Market Trends - The automotive market is experiencing a clear differentiation between passenger and commercial vehicles, with passenger vehicle consumption improving while commercial vehicle sales are weaker [4][6]. - In the first 11 months of 2025, total automotive sales reached 30.94 million units, with a cumulative growth rate of 11% [6]. - November 2025 saw total automotive sales of 3.42 million units, reflecting a year-on-year growth of 3% [6]. Group 2: Company Performance - There is significant performance differentiation among major automotive groups, with some state-owned enterprises lagging behind while companies like BYD and Chery show strong performance [9][12]. - The competitive landscape is shifting, with private enterprises like Geely, BYD, and Chery becoming the main players in the industry, indicating a sustainable trend [12][13]. Group 3: Passenger Vehicle Dynamics - Cumulative sales of narrow passenger vehicles reached 26.75 million units in the first 11 months of 2025, with an 11% growth rate [17]. - In November 2025, narrow passenger vehicle sales totaled 3 million units, showing a year-on-year increase of 2% [17][19]. - The retail sales of narrow passenger vehicles maintained a year-on-year growth of 5% since 2023, although a downward trend was observed from September 2025 [21]. Group 4: New Energy Vehicle Trends - In November 2025, sales of new energy passenger vehicles reached 1.71 million units, marking a year-on-year increase of 19% [24]. - Cumulative wholesale sales of new energy passenger vehicles from January to November 2025 reached 13.77 million units, reflecting a year-on-year growth of 28% [24][26]. Group 5: Commercial Vehicle Insights - The commercial vehicle market is characterized by structural growth driven by equipment renewal subsidies, with high subsidies accelerating the electrification of logistics and transportation [1][4]. - In the first 11 months of 2025, cumulative truck sales reached 3.35 million units, with a growth rate of 10% [37]. - November 2025 saw truck sales of 340,000 units, representing a year-on-year increase of 26% [37][39].

Core Viewpoint - The automotive market is shifting towards a trend of "price reduction and moderate promotions," with retail sales of passenger cars declining by 8% in November 2025, significantly lower than the 2% growth in wholesale sales [1] Group 1: Market Trends - The retail sales of passenger cars fell by 8% in November 2025, while wholesale sales increased by 2% [1] - The A0-class sedans and C-class SUVs became the main retail drivers in November, with strong performance in high-end SUVs [1] - The retail environment is influenced by consumer urgency due to the expiration of tax exemptions for new energy vehicles, leading to increased sales in December [2] Group 2: Economic Vehicle Market Performance - A00-class sedans saw wholesale of 171,900 units in November 2025, with a year-on-year decline of 1% and a month-on-month increase of 4% [4] - A0-class sedans had wholesale of 183,500 units in November 2025, showing a year-on-year growth of 25% [5] - A0-class SUVs experienced a wholesale decline of 9% year-on-year in November 2025, with retail sales also down by 22% [6] Group 3: A-Class Vehicle Market - A-class sedans had wholesale of 445,800 units in November 2025, with a year-on-year decline of 7% [8] - A-class SUVs had wholesale of 880,000 units in November 2025, with a year-on-year decline of 2% [9] Group 4: B-Class Vehicle Market - B-class sedans had wholesale of 380,500 units in November 2025, with a year-on-year growth of 3% [10] - B-class SUVs saw wholesale of 454,200 units in November 2025, with a year-on-year growth of 10% [11] - The high-end SUV market is witnessing a rapid rise in autonomous new energy vehicles, while traditional fuel vehicles are losing their competitive edge [12] Group 5: MPV Market Trends - B-class MPVs had wholesale of 45,100 units in November 2025, with a year-on-year growth of 40% [13] - C-class MPVs experienced a year-on-year decline of 20% in wholesale in November 2025 [14] - The MPV market is transitioning from a high-growth phase to a low-growth trend, with strong performances from brands like BYD and Tengshi [14]

Group 1 - The Hong Kong IPO market has raised funds amounting to 2.1 times the total for the entire year of 2024, with expectations for the Hong Kong Stock Exchange to regain the top position in IPO financing by 2025, projecting over HKD 300 billion in IPO fundraising for next year [1] - The trading volume of placement and convertible bond products has significantly increased year-on-year, with major blue-chip companies such as BYD, Xiaomi, Alibaba, China Pacific Insurance, Ping An Insurance, Chow Tai Fook Jewelry, and NIO completing large-scale transactions exceeding USD 1 billion [1] Group 2 - The primary market for Hong Kong stocks is showing a strong recovery, with influential companies actively responding to the national strategy to develop Hong Kong's capital market, leading to the execution of large-scale financing projects [2] - CATL's IPO raised USD 5.3 billion, becoming the largest IPO globally in 2023, and has facilitated other leading companies like Zijin Mining, Sany Heavy Industry, Seres, Hansoh Pharmaceutical, Sanhua Intelligent Controls, Haitian Flavoring and Food, and Chery Automobile to complete financing exceeding USD 1 billion, occupying four spots in the global top ten IPOs [2]

Core Viewpoint - Goldman Sachs reports that Horizon Robotics (09660) has seen its HSD (Horizon SuperDrive) solution adopted by multiple new models from Chery (09973), including the Exeed ET5, Fengyun T9, and iCAR V27 [1] Group 1 - Goldman Sachs expects that by 2026, Horizon Robotics will have more models in mass production and secure additional new projects, which will drive an increase in shipment volume [1] - The company anticipates that product mix upgrades will lead to a higher overall average selling price [1] - Goldman Sachs maintains a target price of HKD 15.3 and a "Buy" rating for Horizon Robotics [1]

Core Insights - Chery Automobile showcased multiple new models at a launch event in Abidjan, Ivory Coast, targeting local consumer demand for high cost-performance, safety, and advanced technology vehicles [1] - Tractafric Motors, the local distributor, emphasized its extensive experience in the Ivory Coast market and understanding of local customer needs, which will enhance Chery's competitiveness [1] - Chery has established a strong global presence, with over 15 million users across more than 110 countries, and aims to achieve a total sales volume of 2.6 million units in 2024, including 1.14 million units for export, maintaining its position as the top Chinese passenger car exporter for 22 consecutive years [1]

新浪科技讯 12月9日下午消息，今日，华为余承东携手问界、智界、享界、尊界、尚界五大品牌掌门人 首次同台。奇瑞汽车董事长尹同跃在直播中表示，华为这个队友肯定是非常强的队友，肯定不是猪队 友。华为是最伟大的企业，任正非是最伟大的企业家。 他表示，国内目前面临低价内卷，华为在和我们打造各个界，让我们的产品远离了内卷，把中国工业搞 上去，高品质、高质量发展。 尹同跃将华为和奇瑞合作形容为打篮球，他提到，华为是汽车进攻者，我们是汽车防守者，我们防守是 守护安全，安全谁来守护，奇瑞守护，体验谁来表达，华为来表达。 "奇瑞是中国汽车工业中重要的一员，中国汽车一直想做大做强，这是一代一代汽车人的梦想，如今中 国汽车已经做大了，但是我们强不强？高端品牌我们有没有，有没有像BBA一样，华为能帮我们打造 更高端的产品，如果我们成为像BBA一样的高端品牌，多一些这样的品牌，那就说明我们强了。"尹同 跃表示。 责任编辑：杨赐 "奇瑞是中国汽车工业中重要的一员，中国汽车一直想做大做强，这是一代一代汽车人的梦想，如今中 国汽车已经做大了，但是我们强不强？高端品牌我们有没有，有没有像BBA一样，华为能帮我们打造 更高端的产品，如果我们成为 ...

Group 1 - The Shenzhen Stock Exchange announced on December 8 that due to the adjustment of the Hang Seng Composite MidCap Index, the list of eligible securities for the Stock Connect program will be updated [1] - Four companies have been added to the Stock Connect program, effective from December 8, 2025: FWD Group (01828), Aux Group (02580), Sinopharm Group (02591), and Chery Automobile (09973) [1][3] Group 2 - The adjustment includes the addition of FWD Group, Aux Group, Sinopharm Group-B, and Chery Automobile to the Stock Connect program [3]