从质疑"失去灵魂"到全面拥抱合作，车企"国家队"正与华为携手开启一场智能化转型的深度革命。 10月9日，东风奕派正式启动与华为联合打造的DH项目品牌征名——中文名称限定为两个字，且明确给 出"X 境"的参考范式。 这一细节揭开华为与车企合作的新暗号：继广汽"启境"之后，"境"字辈正成为科技巨头与"国家队"车企 绑定的标志性符号。国家知识产权局商标信息显示，深圳引望已申请注册"宝境""逸境" "瞬境"等多 个"境"字商标，其中，深圳引望与东风汽车注册的 "奕境""东风奕境" 已进入受理尾声。 而在此之前的9月22日，深圳华为总部迎来关键会面——东风汽车董事长杨青与华为创始人任正非的对 话，为这场产业绑定释放更强信号。 而另一边，曾经高呼"灵魂论"的上汽集团（600104），其与华为联合打造的尚界品牌首款车型预售一周 小订便突破8万台；"启境"品牌发布，广汽集团（601238）董事长冯兴亚坦言："广汽与华为在新环境下 开启新的战略合作，华为不仅是广汽的重要合作伙伴，也是再造新广汽的老师和样板。" 从一汽、长安、江淮，到上汽、广汽、东风，主流国有车企纷纷与华为加强合作关系，中国汽车产业的 竞争版图正被重新定义。 从 ...

Core Insights - Beijing Automotive Group Co., Ltd. has demonstrated outstanding performance in quality operations, innovative breakthroughs, and social contributions, leading to its preliminary evaluation for inclusion in the "2024-2025 Most Respected Enterprises" by Economic Observer [1] Group 1 - The company has excelled in various metrics such as quality operations, innovation, and social contributions [1]

Core Viewpoint - The Chinese passenger car market experienced significant growth in September, with retail sales reaching 2.241 million units, a year-on-year increase of 6.3% and a month-on-month increase of 11.0%. Cumulatively, retail sales for the year reached 17.005 million units, marking a 9.2% year-on-year growth and setting a new historical peak [1]. Group 1: Market Performance - In September, 11 out of 14 listed car companies reported year-on-year sales growth, accounting for 78.6% of the sample. New energy vehicles (NEVs) were the primary driver of this growth, with total sales exceeding 1.32 million units among the 14 major companies [1]. - The penetration rate of NEVs in the overall passenger car retail market reached 57.8% in September, an increase of 5 percentage points compared to the same period last year. Among domestic brands, the penetration rate for NEVs reached 78.1% [1]. Group 2: Company-Specific Sales Data - SAIC Motor Corporation achieved sales of 439,777 units in September, a year-on-year increase of 40.39%, reclaiming the title of monthly sales champion among Chinese listed car companies after five months. Cumulative sales for the first nine months reached 3.193 million units, up 20.53% year-on-year [2]. - BYD's sales in September were 396,270 units, marking a year-on-year decline of 5.52%, ending an 18-month growth streak. The sales of pure electric models were 205,000 units, up 24.31%, while plug-in hybrid models saw a significant drop of 25.58% [3]. - Geely Automobile reported sales of 273,125 units in September, a year-on-year increase of 35.24%. NEV sales reached 165,201 units, up 81.27%, with a market penetration rate of 60.49% [3]. - Chery Automobile's sales reached 255,584 units in September, a year-on-year increase of 8.90%, with NEV sales at 83,498 units, up 17.24% [4]. - New force in the automotive sector, Leap Motor, achieved a record monthly delivery of 66,657 units in September, a year-on-year increase of 97.4% [4]. Group 3: Market Trends and Future Outlook - The automotive market in September saw the launch of over 70 new models, driven by government subsidies and local purchase incentives, which boosted consumer purchasing enthusiasm [5]. - The Secretary-General of the China Passenger Car Association, Cui Dongshu, indicated that the rapid release of new models, particularly from domestic brands, is enhancing competitiveness in the NEV market. The fourth quarter is expected to maintain stable growth due to policy guidance and a strong growth foundation [5].

业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 朱傅哲 (8621)23297818× zhufz@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 10 月 13 日 紧抓科技主线，寻找低估成长新机 会 看好 ——2025/10/9-2025/10/10 汽车周报 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 业 及 产 业 行 汽车 - ⚫ 观点：四季度补贴额度吃紧带来一波市场抢装，好产品也需要大产能支撑。我们看到近 期密集上市一批改款车型，有望让火爆的 Q4 车市再上强度。对于整车可关注供给能有 效释放的企业，如吉利、比亚迪、长城，理想、蔚来等。同时我们建议在消费端不明朗 的情况下关注"未来产业"，科技才是持续创造超额收益的主要阵地。而当下阶段更应 该关注业绩有支撑、估值相对较低且有提升潜力的公司，包括机器人、AI、低空经济等 科技引领赛道。推荐质地优、 ...

Core Insights - The Chinese automotive market is experiencing a significant differentiation in sales and annual target completion rates among leading companies as the "golden September and silver October" sales season begins [1] Group 1: Industry Overview - The overall automotive industry in China has maintained a stable and positive trend in the first three quarters of 2025, with high penetration rates of new energy vehicles [1] - The leading companies in the industry are showing clear differentiation in sales performance and completion rates of their annual targets [1] Group 2: Sales Data of Leading Companies - BYD and SAIC are at the forefront of the industry, with both exceeding 3 million units in cumulative sales from January to September 2025, achieving a target completion rate of 71% for their respective annual goals [2] - BYD's cumulative sales reached 3.26 million units, while SAIC's sales were 3.19 million units, both maintaining a robust performance in both fuel and new energy segments [2] Group 3: Second Tier Companies - Geely achieved a cumulative sales figure of 2.17 million units, leading the top ten companies with a target completion rate of 72% [3] - First Automotive Works (FAW) and Changan reported cumulative sales of 2.38 million and 2.07 million units, respectively, with completion rates of 69% [3] - Chery Group's cumulative sales reached 2.01 million units, with a target completion rate of 62%, while GAC achieved 1.49 million units with a 65% completion rate, significantly driven by new energy models [3] Group 4: Market Dynamics and Future Outlook - As the fourth quarter approaches, the ability to adapt and the effectiveness of new energy transitions will be crucial in shaping the competitive landscape of the automotive market [3] - Companies that continue to innovate in technology, production capacity, and market responsiveness are expected to meet their annual sales targets and contribute to the high-quality development of the Chinese automotive industry [3]

同时，技术迭代仍是四季度竞争的核心赛道。新能源领域，续航里程、充电效率仍是消费者核心关切点，车企需持续突破技术瓶颈以解决用户痛点；智能网 联领域，自动驾驶、车联网功能已成为新的竞争焦点，谁能率先实现技术落地与普及，谁就能抢占市场先机。市场响应速度同样不可或缺——车企需密切追 踪市场动态与消费需求变化，及时调整产品策略与营销方向，例如针对不同区域、不同消费群体的需求特点，推出定制化产品与服务，最大化市场渗透率。 随着"金九银十"销售旺季大幕全面拉开，中国车市正式迈入全年销量冲刺的关键窗口期。进入四季度，车企的体系能力强弱与新能源转型成果，已成为重塑 车市竞争格局的核心变量——头部车企已开启冲刺模式，全面开启市场份额的争夺战。 对于目标完成率较低的车企而言，四季度已是 "背水一战"。需借鉴头部企业的成功经验，加快新能源转型步伐、加大技术创新力度、提升市场响应效率， 唯有如此才能在激烈竞争中实现销量突破，为全年目标发起最后攻坚，同时为中国汽车产业高质量发展贡献力量。而整个车市在 "金九银十" 及四季度的表 而那些在技术迭代、产能优化、市场响应速度上持续突破的企业，不仅将为达成全年销量目标发起最后攻坚，更能为中国汽车 ...

Core Insights - The overall retail sales of passenger cars in China reached 2.241 million units in September, marking a year-on-year increase of 6.3% and a month-on-month increase of 11.0% [1] - Cumulative retail sales for the year have reached 17.005 million units, representing a year-on-year growth of 9.2%, setting a new historical peak [1] - New energy vehicles (NEVs) have been the primary driver of sales growth, with 14 major car manufacturers collectively selling over 1.32 million NEVs in September [1] Industry Performance - The penetration rate of NEVs in the domestic passenger car market reached 57.8% in September, an increase of 5 percentage points compared to the same period last year [1] - Domestic brands achieved a NEV penetration rate of 78.1% [1] Company Performance - SAIC Motor Corporation achieved sales of 439,777 units in September, a year-on-year increase of 40.39%, reclaiming the title of monthly sales champion among Chinese listed car companies [2] - BYD's sales in September were 396,270 units, a decline of 5.52%, marking the first month of year-on-year decline since March 2024 [3] - Geely Automobile reported sales of 273,125 units in September, a year-on-year increase of 35.24%, with NEV sales reaching 165,201 units, up 81.27% [3] - Chery Automobile's sales reached 255,584 units in September, a year-on-year increase of 8.90%, with NEV sales of 83,498 units, up 17.24% [4] - Leap Motor achieved a remarkable sales increase of 97.4% in September, with 66,657 units delivered, setting a new record for new car manufacturers [5] Market Trends - The automotive market in September saw over 70 new car models launched, contributing to increased consumer purchasing enthusiasm [5] - The fourth quarter is expected to maintain stable growth, driven by policy guidance and high growth foundations, with an anticipated increase in consumer purchases before the adjustment of NEV tax policies in 2026 [6]

Investment Rating - The investment rating for the automotive and parts industry is maintained as Neutral [5] Core Insights - The report anticipates that competitive domestic brands and new forces in intelligent driving technology will continue to expand their market share by 2025 [3][15] - The report suggests ongoing attention to humanoid robotics, Huawei's supply chain, Xiaomi's supply chain, T-chain, and intelligent driving industry companies [3][15] - The expected impact of tariff fluctuations on certain export chains in the automotive parts sector is considered minimal [2][14] Summary by Sections Weekly Insights - Figure AI has officially launched the Figure 03 humanoid robot, which is expected to have strong mass production certainty, with a target annual production capacity of 12,000 units in its first phase [12] - The collaboration between Sairus and ByteDance's Volcano Engine aims to accelerate the development of the domestic robotics industry [13] - Tesla's Cybercab prototype has entered the collision testing phase, indicating readiness for mass production by 2026 [14] Sales Tracking - In September, the wholesale sales of passenger cars reached 2.77 million units, a year-on-year increase of 11%, while retail sales were 2.24 million units, up 6% year-on-year [19][22] Market Performance - The automotive sector underperformed compared to the CSI 300 index, with a decline of 1.5% [26][28] - The passenger vehicle and automotive parts sectors showed weaker performance, with the automotive parts sector experiencing a significant drop of 2.45% [26][30] Key Company Announcements - Sairus announced a cooperation framework with ByteDance to enhance the application of AI in the automotive industry [39] - BYD reported a sales figure of 396,300 units in September, a year-on-year decrease of 5.5% [43] - SAIC Motor's sales in September reached 439,800 units, a year-on-year increase of 40.4% [45]

Core Insights - In October, several automotive companies listed on the Shanghai Stock Exchange reported positive sales data for September, indicating a strong market performance [1] Company Performance - SAIC Motor Corporation (600104.SH) reported a September sales volume of 439,000 vehicles, representing a year-on-year increase of 40% and a month-on-month increase of 21% [1] - The significant sales growth for SAIC Motor was attributed to collective increases across its main vehicle segments, with SAIC-GM, SAIC Passenger Cars, SAIC-GM Wuling, and SAIC Maxus showing year-on-year growth rates of 124%, 72%, 44%, and 36% respectively [1] - The sales of Zhiji Motors increased by 77% year-on-year [1] - Great Wall Motors (601633.SH) achieved a September sales volume of 133,600 vehicles, a year-on-year increase of 23%, with its Haval brand selling 82,000 vehicles (up 30% year-on-year) [1] - Foton Motor (600166.SH) reported sales of 55,000 vehicles in September, reflecting an 11% year-on-year increase [1] New Energy Vehicle Performance - Foton Motor's sales of new energy vehicles reached 8,624 units in September, marking a year-on-year increase of 113% [1] - Dongfeng Motor (600006.SH) sold 2,086 new energy vehicles in September, with a year-on-year growth rate exceeding 87% [1] - SAIC Motor's new energy vehicle sales totaled 189,000 units in September, representing a year-on-year increase of over 46% [1]

本报讯 （记者毛艺融）10月份以来，一批沪市汽车类公司发布9月产销快报，销售数据释放积极信号。 上海汽车集团股份有限公司（以下简称"上汽集团"）10月初发布9月份产销快报，数据显示，上汽集团9月份销量达到43.9 万辆，同比大增40%，环比增长21%。 从数据上来看，上汽集团9月份的销量爆发，还是来自旗下主要整车板块的集体增长，如上汽通用、上汽乘用车、上汽通 用五菱、上汽大通等，同比增幅分别为124%、72%、44%、36%，其中值得一提的是，智己汽车销量同比增加77%。 事实上，一批已经公布9月份销量数据的老牌车企表现亮眼。例如，长城汽车股份有限公司9月份销量13.36万辆，同比增加 23%，其中，哈弗品牌实现销量8.2万台，同比增加30%，WEY品牌、坦克品牌销量同比增加63%、14%。北汽福田汽车股份有 限公司（以下简称"福田汽车"）9月份销售5.5万辆，同比增加11%。 各车企的新能源业务表现亮眼。例如，福田汽车的新能源汽车销售8624辆，同比增加113%。东风汽车股份有限公司9月份 新能源汽车销量2086辆，同比增幅超87%。上汽集团9月份新能源汽车销售18.9万辆，同比增幅超46%。 （编辑 张昕 ...