Core Insights - Dongfeng Motor sold 231,000 vehicles in September, representing a year-on-year increase of 6.2% [1] - In September, sales of new energy vehicles reached 103,000 units, showing a year-on-year growth of 20.4% [1] - Cumulatively, from January to September, new energy vehicle sales totaled 681,000 units, marking an 11.1% year-on-year increase [1]

Core Insights - The new general manager of Mengshi Technology, Wan Liangyu, has outlined three strategic directions: deepening cooperation with Huawei, building a partner ecosystem, and strengthening user operations [1] - This marks a significant move for the Mengshi brand, which aims to accelerate its presence in the smart off-road vehicle market through enhanced intelligence and channel development [1] Group 1: Strategic Directions - The collaboration with Huawei will extend across multiple dimensions, including product definition, technology research and development, and marketing promotion, to strengthen Mengshi's competitive edge in the luxury smart off-road sector [1] - Mengshi is exploring new channel construction models in partnership with Huawei, aiming to integrate the DFSW sales system with Huawei's channel methodologies to create a more competitive terminal network [1] Group 2: Recent Developments - In September, Dongfeng Group established a joint venture for smart off-road vehicles, which is seen as a key move to enhance the technical support for the Mengshi brand [1] - The Mengshi brand has already launched China's first luxury electric off-road technology solution, the M TECH architecture, in 2022, and this year introduced a luxury smart off-road technology solution in collaboration with Huawei [2]

Core Points - Dongfeng Motor Corporation (600006.SH) announced that it received government subsidies related to revenue amounting to 58 million yuan, which represents 198.89% of the company's audited net profit attributable to shareholders for the fiscal year 2024 [1] Summary by Category - **Government Subsidies**: The company received a significant government subsidy of 58 million yuan [1] - **Financial Impact**: This subsidy accounts for nearly double the company's projected net profit for 2024, indicating a substantial financial boost [1]

Core Points - Dongfeng Co., Ltd. announced on September 30 that it received government subsidies related to revenue amounting to 58 million yuan by September 30, 2025 [2] Summary by Category Financial Performance - The company has received a government subsidy of 58 million yuan, which is expected to positively impact its financial performance [2] Government Support - The announcement highlights the government's support for the company, indicating a favorable regulatory environment [2] Future Outlook - The receipt of the subsidy may enhance the company's revenue prospects moving forward, contributing to its growth strategy [2]

证券代码：600006 证券简称：东风股份 公告编号：2025—059 特此公告。 东风汽车股份有限公司董事会 2025 年 10 月 1 日 一、 获得补助的基本情况 2025 年 9 月 30 日，公司收到与收益相关的政府补助资金 5,800 万元，占公司 2024 年度经审计归属于上市公司股东净利润的 198.89%。 二、补助的类型及其对上市公司的影响 上述政府补助与公司日常经营活动相关，但不具有可持续性。根据《企业会计准 则第 16 号-政府补助》的相关规定，将上述收到的政府补助资金认定为与收益相关的 政府补助。该笔政府补助将对公司 2025 年度的利润产生积极影响，具体的会计处理 以及对公司当年损益的影响最终以审计机构年度审计确认的结果为准，敬请广大投资 者注意投资风险。 东风汽车股份有限公司 关于获得政府补助的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 ...

Core Insights - The commercial vehicle sector experienced a 0.81% increase on September 30, with Dongfeng Motor leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Commercial Vehicle Sector Performance - Dongfeng Motor (600006) closed at 8.06, with a rise of 6.05% and a trading volume of 1.23 million shares, amounting to a transaction value of 972 million [1] - Other notable performers included: - Zhongjun Vehicles (301039) at 9.61, up 1.69% [1] - Shuguang Co. (600303) at 3.91, up 1.56% [1] - Jianghuai Automobile (600418) at 53.90, up 1.51% [1] - The sector saw a net inflow of 248 million in main funds, while retail investors experienced a net outflow of 206 million [3][4] Fund Flow Analysis - Main funds showed significant net inflows in several companies: - Dongfeng Motor: 218 million, accounting for 22.41% of the total [4] - Yutong Bus (600066): 93.02 million, 17.44% [4] - Jianghuai Automobile: 58.23 million, 1.77% [4] - Retail investors showed net outflows in various companies, with notable outflows from: - Yutong Bus: 6.89 million, -12.93% [4] - Jiangling Motors: 14.95 million, -11.50% [4] - China National Heavy Duty Truck (000951): 15.97 million, -9.42% [4]

Group 1: Automotive Market Performance - Retail sales of passenger vehicles from September 1-21 reached 1.191 million units, a year-on-year increase of 1%, and an 8% increase compared to the previous month. Cumulative retail sales for the year reached 15.955 million units, up 9% year-on-year [1][2] - Wholesale of passenger vehicles during the same period was 1.307 million units, showing no year-on-year growth but a 16% increase from the previous month. Cumulative wholesale for the year reached 19.349 million units, up 12% year-on-year [1][2] Group 2: New Energy Vehicle Insights - Retail sales of new energy passenger vehicles from September 1-21 totaled 697,000 units, a 10% year-on-year increase and an 11% increase from the previous month. The retail penetration rate for new energy vehicles reached 58.5%, with cumulative retail sales for the year at 8.267 million units, up 24% year-on-year [2] - Wholesale of new energy passenger vehicles during the same period was 724,000 units, reflecting a 10% year-on-year increase and a 19% increase from the previous month. The wholesale penetration rate for new energy vehicles was 55.4%, with cumulative wholesale for the year at 9.668 million units, up 31% year-on-year [2] Group 3: Policy and Technological Advancements - The Ministry of Transport is advancing the "Artificial Intelligence + Transportation" initiative, focusing on large-scale innovative applications of AI in the transportation sector as a primary direction [3] - A joint directive from eight departments, including the Ministry of Commerce, encourages the acceleration of R&D in digital products and the exploration of intelligent connected vehicle trials [3] Group 4: Mergers and Collaborations - China First Automobile Works is acquiring Shenzhen Zhuoyu Technology Co., which specializes in advanced driver-assistance systems (ADAS) with a focus on low-cost high-level intelligent driving [4] - Dongfeng Motor's chairman met with Huawei's executives to discuss deepening strategic cooperation and innovation in corporate governance and operational mechanisms [5]

Core Insights - The recent launch of a China-Europe freight train from Wuhan has significantly improved customs clearance efficiency, reducing the time by nearly 50% [1][4]. Group 1: Trade Facilitation and Logistics - The cooperation framework agreement signed between Wuhan and Alashankou port has led to a substantial reduction in average customs clearance time for China-Europe freight trains, effectively lowering overall logistics costs and supporting enterprises in international markets [4][6]. - The new regulatory model "check first, then load" introduced in Wuhan has reduced the average inspection time for export consolidated cargo by 1 to 2 days since its implementation in 2024, addressing the traditional lengthy and costly inspection processes [5]. - In the first half of 2025, the "rapid customs clearance" initiative in Wuhan has resulted in a 1 to 2-day reduction in total transportation time, with logistics costs for enterprises decreasing by approximately 8% due to the exemption of certain fees from taxable prices [5][7]. Group 2: Policy Innovations and Digital Transformation - Wuhan's Business Bureau has introduced 21 specific measures to promote cross-border trade facilitation, focusing on enhancing customs efficiency and regulatory reforms [7]. - The implementation of smart port initiatives has led to a 92% paperless rate in customs processes, significantly streamlining operations and reducing the need for physical presence by enterprises [7][8]. - The launch of the "Foreign Affairs Pass" digital platform has improved the efficiency of foreign business invitations and travel card applications, reducing processing times to under four working days [8]. Group 3: Industry Growth and Export Performance - The automotive sector, particularly Dongfeng Motor Corporation, has seen a 75% year-on-year increase in export volume, driven by tailored cross-border trade facilitation measures [7]. - The establishment of the Huahu International Free Trade Airport has enabled the operation of five international routes, facilitating the collection of over 25,000 tons of cargo [8].

Core Viewpoint - Dongfeng Motor's new generation Mahle power engine has successfully ignited, achieving a maximum thermal efficiency exceeding 48%, setting a new industry record [1] Group 1 - The new engine technology represents a significant advancement in thermal efficiency, surpassing previous benchmarks in the automotive industry [1] - This achievement highlights Dongfeng Motor's commitment to innovation and leadership in engine technology [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - By 2035, new energy vehicles will become the mainstream of newly sold vehicles in China, with the net greenhouse gas emissions in the entire economic scope decreasing by 7%-10% from the peak, non-fossil energy consumption accounting for over 30% of the total energy consumption, and other goals to be achieved [1][109][118]. - The penetration rate of the Chinese new energy vehicle market exceeded 30% in 2023 and 50% in 2024. In 2025, high - competitiveness new car products are continuously launched, and price wars are gradually stopped. Overseas markets face trade protectionism in Europe and the United States, so attention should be paid to new growth points such as countries along the Belt and Road and the Middle East. The market share of independent brands continues to expand [3][120]. 3. Summary According to Relevant Catalogs 3.1 Financial Market Tracking - The one - week price changes of related sectors and listed companies are presented in charts. For example, BYD's one - week price decline was 1.65%, while Seres' was 9.48% [12][15]. 3.2产业链数据跟踪 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports**: Data on China's new energy vehicle sales, penetration rate, domestic sales, exports, and sales of EV and PHV are presented in charts [16][21][23]. - **Inventory Changes**: Charts show the monthly new additions to new energy passenger vehicle channel inventory and manufacturer inventory [24][25]. - **Delivery Volumes of Chinese New Energy Vehicle Enterprises**: Monthly delivery volumes of enterprises such as Leapmotor, Li Auto, XPeng, NIO, etc., are presented in charts [27][28][32]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: From January to July, global new energy vehicle sales reached 9.233 million, a year - on - year increase of 25.9%. Except for China, Europe and other regions also had significant growth, with year - on - year increases of 29.5% and 53.4% respectively [2]. - **European Market**: Data on European new energy vehicle sales, penetration rate, and sales of EV and PHV in countries like the UK, Germany, and France are presented in charts [44][50][55]. - **North American Market**: In August, US new energy vehicle sales and penetration rate reached record highs. Due to the expiration of the federal electric vehicle tax credit on September 30, high market enthusiasm is expected to continue in September, followed by a sharp decline. Data on North American new energy vehicle sales, penetration rate, and sales of EV and PHV are presented in charts [2][119]. - **Other Regions**: Data on new energy vehicle sales, penetration rate, and sales of EV and PHV in regions such as Japan, South Korea, and Thailand are presented in charts [62][70][72]. 3.2.3 Power Battery Industry Chain - Data on power battery installation volume, export volume, weekly average price of battery cells, material costs, and the operating rates and prices of various battery materials are presented in charts [79][81][85]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of rubber, glass, steel, and aluminum are presented in charts [102][103][104]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - By 2035, new energy vehicles will become the mainstream of newly sold vehicles in China. From 2026, export license management will be implemented for pure - electric passenger vehicles [109]. 3.3.2 China: Industry Dynamics - From September 1 - 21, new energy vehicle retail sales increased by 10% year - on - year, and cumulative retail sales since the beginning of the year increased by 24%. In the 38th week (September 15 - 21), new energy passenger vehicle retail sales were 299,000, a year - on - year increase of 5.9%, and cumulative retail sales since the beginning of the year were 8.214 million, a year - on - year increase of 23.0% [111][112][113]. 3.3.3 China: Enterprise Dynamics - Chery Automobile was listed on the Hong Kong Stock Exchange, raising HK$9.14 billion. Li Auto and Sunwoda Power jointly established a battery company [114]. 3.3.4 Overseas: Policy Dynamics - Australia announced a 2035 emission reduction target, aiming to reduce emissions by 62 - 70% compared to 2005. The US lowered the import tariff on EU cars to 15%, and Turkey imposed new tariffs on imported passenger cars [114][116][119]. 3.3.5 Overseas: Enterprise Dynamics - BYD's Brazilian factory obtained an international green certificate. Porsche adjusted its product strategy, slowing down electrification and lowering its 2025 performance expectations [117][118]. 3.4 Investment Advice - Pay attention to new growth points such as countries along the Belt and Road and the Middle East. Focus on enterprises with strong product capabilities, smooth overseas expansion, and stable supply [3][120].