华域汽车（600741）(600741.SH)公告，公司拟以2.06亿元人民币收购公司控股股东上海汽车集团股份有 限公司("上汽集团（600104）")持有的上海上汽清陶能源科技有限公司("上汽清陶")49%股权。本次股权 收购，标志着公司首次进入固态电池领域，有利于补全"智能动力"平台产品矩阵，实现"固态电池"业务 与"电驱动"、"热管理"等业务的协同发展。 ...

Core Viewpoint - Huayu Automotive plans to acquire a 49% stake in Shanghai SAIC Qingtao Energy Technology Co., Ltd. from its controlling shareholder SAIC Group for 206 million yuan, marking an internal asset restructuring within SAIC Group [2] Group 1: Acquisition Details - The acquisition price of 206 million yuan is considered low due to Huayu Automotive being a state-owned enterprise controlled by SAIC Group, indicating an internal asset restructuring rather than a market transaction [2] - After the acquisition, SAIC Qingtao will be renamed to "Qingtao Power Technology (Shanghai) Co., Ltd." [2] Group 2: Business Focus and Strategy - Huayu Automotive focuses on three major technology platforms: intelligent driving, intelligent cockpit, and intelligent power, covering various fields including interior and exterior parts and functional components [2] - The acquisition allows Huayu Automotive to enter the solid-state battery sector, enhancing its "intelligent power" product matrix and facilitating the synergy between solid-state battery business and other areas like electric drive and thermal management [2] Group 3: Industry Ecosystem and Production Capacity - Qingtao Energy has established a complete industrial ecosystem encompassing "new energy materials - solid-state lithium batteries - automated equipment - comprehensive utilization of lithium battery resources - research results incubation - industrial investment" [3] - The first-generation semi-solid-state battery utilizes an oxide + polymer technology path, while the second-generation solid-state battery will adopt an oxide + halide + polymer path, with plans to develop the second generation by 2025 and mass production of the third generation by 2027, targeting an energy density exceeding 500 Wh/kg and a cost reduction of 40% compared to equivalent lithium iron phosphate or ternary batteries [3] Group 4: Production Bases - Qingtao Energy has established solid-state battery production bases in multiple locations, including Urumqi, Chengdu (15 GWh), Yichun, Jiangxi (10 GWh), Kunshan, Jiangsu (10 GWh), and Taizhou, Zhejiang (20 GWh), with a total planned production capacity of 65 GWh [3] Group 5: Client Applications - Qingtao Energy's solid-state batteries have been applied in various models, including the Zhiji L6 and Foton Lefoo series. Recent announcements indicate that three new models equipped with Qingtao Energy's semi-solid-state batteries have entered the market, demonstrating the company's presence in passenger vehicles, commercial vehicles, and logistics vehicles [4]

Group 1 - In July, the pickup market in China sold 41,000 units, a year-on-year increase of 1.7% but a month-on-month decrease of 15%, maintaining a median level over the past five years [1] - From January to July, the total sales of pickups reached 348,000 units, representing an 11% year-on-year growth [1] - The top five companies in July sold over 3,000 units each, with Great Wall Motors leading the market [2][3] Group 2 - Great Wall Motors sold 110,000 pickups from January to July, capturing one-third of the market with a year-on-year increase of 5.8% [2] - In July, Great Wall Motors sold 13,800 pickups, a 14.5% increase year-on-year, significantly ahead of competitors [2] - The domestic pickup market is characterized by a "one super, three strong" structure, with Great Wall Motors, Jiangling Motors, and Zhengzhou Nissan performing well [3] Group 3 - The new energy pickup market is growing rapidly, with significant increases in sales in regions like Guangdong [3][4] - New energy pickup sales in 2025 reached 46,000 units from January to July, a staggering 702% year-on-year increase [3] - The overall trend indicates a shift towards private consumption of pickups, driven by models like Radar New Energy [4] Group 4 - The export market for pickups is thriving, with 18,100 units exported from January to July, a 37% year-on-year increase [5] - By July 2025, the export volume of pickups reached 23,000 units, with exports accounting for 56% of total sales in that month [5][6] - Great Wall Motors remains the leader in pickup exports, but other brands like SAIC Maxus and BYD are also showing strong performance [6] Group 5 - The China Automotive Industry Association predicts that domestic demand for pickups could exceed 1 million units by 2030, with total sales potentially reaching 2 million units [7]

（文章来源：证券日报） 证券日报网讯 8月27日晚间，华域汽车发布公告称，公司拟以20，589.69万元人民币收购公司控股股东 上海汽车集团股份有限公司持有的上海上汽清陶能源科技有限公司49%股权。本次交易完成后，公司将 持有上汽清陶49%的股权。本次交易构成关联交易。 ...

Group 1 - Huawei and SAIC have launched the first SUV of the Shangjie brand, the Shangjie H5, with a starting pre-sale price of 169,800 yuan [2] - The Shangjie H5 has received over 50,000 small orders within 18 hours of its pre-sale, marking a significant entry for Huawei's HarmonyOS driving technology into the budget electric vehicle market [2] - The Shangjie H5 is positioned against competitors like Leapmotor C11, Xpeng G6, and Deep Blue S07, offering advanced Huawei technology at a more accessible price point [2] Group 2 - SAIC Group reported a 43.49% year-on-year increase in new energy vehicle sales, totaling 763,500 units from January to July this year [3] - The Shangjie H5 features both range-extended and pure electric powertrains, with the range-extended version offering a maximum range of 1,360 km and the pure electric version providing up to 655 km [3] - The Shangjie H5 is developed based on the SAIC Roewe ES39 model and utilizes the SAIC Star Cloud pure electric platform, benefiting from SAIC's supply chain [3] Group 3 - Over 1,500 dealers, including luxury brand 4S stores like Porsche and Volvo, have expressed interest in joining the Shangjie brand [4] - The official launch event for the Shangjie H5 is scheduled for September 23, with potential price adjustments based on continued demand [4] - The Shangjie brand faces challenges in brand recognition and consumer trust regarding quality control and after-sales service [3][4]

Core Viewpoint - Huayu Automotive plans to acquire a 49% stake in Shanghai SAIC Qingtao Energy Technology Co., Ltd. from its controlling shareholder SAIC Group for 206 million yuan, marking its entry into the solid-state battery sector [1][2] Group 1: Acquisition Details - The acquisition price for the 49% stake in SAIC Qingtao is 206 million yuan, and after the transaction, Huayu Automotive will hold 49% of the company [1] - SAIC Qingtao was established in November 2023 with a registered capital of 1 billion yuan, where SAIC Group holds 49% and Qingtao Energy holds 51% [1] - SAIC Qingtao's main products include semi-solid and solid-state batteries, primarily serving automotive manufacturers like SAIC Passenger Vehicles [1] Group 2: Financial Performance - In 2024, SAIC Qingtao reported zero revenue and a net loss of 63.35 million yuan; for the first half of the current year, it generated 46,600 yuan in revenue and a net loss of 40.68 million yuan [1][2] Group 3: Strategic Implications - The acquisition signifies Huayu Automotive's first foray into the solid-state battery field, enhancing its "smart power" platform and facilitating synergy between solid-state battery operations and other business areas like electric drive and thermal management [1] - Post-acquisition, SAIC Qingtao will be renamed to "Qingtao Power Technology (Shanghai) Co., Ltd." and aims to leverage existing management and customer resources to enhance operational mechanisms, quality control systems, R&D capabilities, and production capacity [2] Group 4: Additional Acquisition - Huayu Automotive's wholly-owned subsidiary, Shanghai Huizhong Automotive Manufacturing Co., Ltd., plans to acquire a 5.2957% stake in Lianchuang Automotive Electronics Co., Ltd. for no more than 155 million yuan [2] - Lianchuang Automotive Electronics, with a registered capital of 422 million yuan, is controlled by SAIC Group and specializes in intelligent steering control systems, intelligent braking control systems, and other smart automotive products [2] Group 5: Industry Trends - The automotive industry is witnessing a shift towards integrated intelligent chassis systems, with Huayu Automotive's acquisition being a strategic move to enhance its capabilities in smart chassis and intelligent networking [3] - In the first half of the year, Huayu Automotive reported revenues of 84.68 billion yuan, a year-on-year increase of 9.55%, and a net profit of 2.883 billion yuan, reflecting a growth of 0.72% [3]

消息称尚界品牌明年还有两款新车：一款轿车、一款 SUV，后者将于今年上半年推出。为保证尚界车 型的交付，上汽与华为在产能、渠道上都做了充分的准备。（36氪汽车） #曝尚界明年还有两款新车#【消息称#尚界H5月销目标2万辆#】据"36 氪汽车"援引多位行业人士消息 称，上汽、华为为尚界品牌首款车型尚界 H5 制定了月销 2 万辆的销量目标。同时，双方结合后续新车 近期向供应链释放了年销 40 万辆的备料计划。 ...

今日，尚界H5开启预售，预售价16.98万元起。预售开启后1小时，尚界H5收到了超2.5万张小订。这个 小订数据，令尚界内部对达成尚界H5销量目标更有信心。 据36氪汽车了解，明年尚界品牌还将推出两款新车，一款为轿车，另一款为SUV，其中SUV将于上半年 推出。 为保证尚界车型的交付，上汽与华为在产能、渠道上都做了充分的准备。 36氪汽车通过多位行业人士了解到，上汽与华为，为尚界品牌首款车型尚界H5，制定了月销2万辆的销 量目标；并结合后续新车，近期向供应链释放了年销40万辆的备料计划。 在产能方面，上汽不仅为尚界在临港建设了一座专属工厂，还盘下了上汽通用金桥工厂的部分产线。 在渠道方面，尚界除了会在鸿蒙智行用户中心进行销售，还会进入上汽与华为为它打造的专属用户中 心，从而形成双网服务体系，确保尚界新车上市即上量。 目前，尚界正广泛招募经销商，加大渠道铺设密度。8月14日尚界方面表示，已收到超过1500家经销商 报名，其中还包含保时捷、沃尔沃、路特斯等豪华品牌4S店的转投加盟。 资本市场对尚界亦是颇为热情。 8月20日，华为常务董事长余承东在微博宣布，尚界H5将在8月25日开启小定后，上汽股价迅速上涨， 截至 ...

◆ 电池 ◆ 华域汽车拟以2.06亿元 签署储能项目合作协议 02 8月26日，海辰储能宣布，公司已与沙特电力公司（Saudi Electric Company, SEC）、沙特公 用事业巨头阿尔法纳集团（Alfanar Projects）签署重大储能项目合作协议，将在沙特北部塔布克 省和哈伊勒省建设两座大型储能项目，总规模达1GW/4GWh。此次沙特项目，采用海辰储能自主 研发的∞Cell 1175Ah千安时长时储能专用电池及∞Power 6.25MWh沙漠之鹰系统解决方案。项 目计划2026年投运。 日产汽车与LiCAP合作 全固态电池电极生产工艺技术 03 8月26日，据日产汽车消息，日产汽车公司已与美国LiCAP科技公司达成合作，共同开发全固态电 池正极电极的生产工艺技术。据介绍，日产汽车已于2025年1月启动全固态电池试产线运营。公 司计划在2028财年推出搭载自主研发全固态电池的电动汽车，并正加速推进相关研发工作以实现 该目标。 清陶能源进入内蒙古 半固态电池储能项目中标候选 收购上汽清陶49%股权 01 华域汽车公告，公司计划以2.06亿元人民币收购控股股东上汽集团持有的上海上汽清陶能源科技 有 ...

Core Viewpoint - The report evaluates the risk management and financial stability of Shanghai Automotive Group Finance Co., Ltd. (SAIC Finance Company) as of the first half of 2025, indicating that the company operates under a sound governance structure and effective risk control measures [1][14]. Company Overview - SAIC Finance Company was established in April 1994, with a registered capital of RMB 15.38 billion and is a wholly-owned subsidiary of Shanghai Automotive Group Co., Ltd. [1][3]. - As of June 2025, the company had 524 employees and is located in the China (Shanghai) Pilot Free Trade Zone [1]. Governance Structure - The company does not have a shareholders' meeting; instead, the shareholders exercise their rights through a designated process, including appointing and dismissing directors and approving financial reports [2]. - The board of directors consists of five members appointed by the shareholders, responsible for operational decisions and financial planning [5]. Business Scope - The business activities of SAIC Finance Company include accepting deposits, providing loans, handling bill discounting, and offering financial advisory services among others [4]. Risk Management Overview - The company has established a comprehensive internal control system, including an authorization system, a regulatory framework, and a clear division of responsibilities [6][7]. - Regular risk assessments are conducted quarterly, focusing on compliance and operational risks [9]. Financial Performance Indicators - As of June 30, 2025, the total assets of SAIC Finance Company amounted to RMB 39.79 billion, with a net profit attributable to the parent company [13]. - The company maintains a good asset quality with a low non-performing loan ratio, indicating effective credit risk management [12]. Relationship with Huayu Automotive Systems Co., Ltd. - As of June 30, 2025, Huayu Automotive Systems Co., Ltd. and its subsidiaries had a deposit balance of RMB 11.175 billion with SAIC Finance Company, representing less than 10% of the total deposits [13]. - The company has access to timely and stable financial services from SAIC Finance Company, ensuring liquidity and safety in its financial dealings [14].