Core Viewpoint - General Motors (GM) expresses strong confidence in the Chinese market, showcasing locally innovative models at the expo, emphasizing their vision for the future of personal mobility [1] Group 1: Market Position and Strategy - GM has accumulated deep experience and expertise in the Chinese new energy market, which provides a competitive edge for expanding into international markets [1] - The rapid changes in consumer trends and technological advancements in China are creating new opportunities for global collaboration [1] Group 2: Partnerships and Innovation - GM's joint ventures with SAIC Group are central to maintaining competitiveness in China and will continue to drive local innovation [1]

Group 1 - The China International Import Expo (CIIE) has seen significant participation from local procurement teams, with Shanghai's procurement orders reaching approximately $2.776 billion and additional projects worth about 2.99 billion yuan signed by major enterprises [1][2] - Various local procurement teams from regions such as the Yangtze River Delta, Greater Bay Area, and others are targeting procurement goals starting from 10 billion yuan [1][2] - The Zhejiang procurement team has sent 47,000 professional buyers, focusing on products like biscuits and candies, and has signed import agreements worth 14.5 billion yuan with suppliers from 14 countries [2][3] Group 2 - The CIIE serves as a platform for Chinese companies to reconnect with existing clients and seek new partnerships, with a focus on understanding global product trends and innovations [3][4] - AI and healthcare technologies are key areas of interest, with companies like Dian Diagnostics signing contracts for medical equipment and diagnostic reagents [3][4] - The Fujian procurement team has intentions to purchase over $2.2 billion worth of goods, including medical devices and food products, maintaining stable procurement levels compared to previous years [5][6] Group 3 - Shenzhen's procurement team is expected to exceed previous years' purchasing amounts, focusing on high-tech products and green energy [7][8] - The Anhui procurement team has registered over 1,900 units and expects procurement intentions to surpass previous years, aiming to leverage the CIIE for economic development [8][9] - The Henan province is utilizing the CIIE to enhance its import structure and attract quality resources for economic growth [9][10] Group 4 - The global market environment is shifting, with Chinese companies looking to expand into European markets as traditional export models face challenges [10] - Data indicates a 7% year-on-year increase in China's exports to Europe, highlighting the need for companies to adapt their strategies for better market presence [10]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The penetration rate of the Chinese new energy vehicle market exceeded 30% in 2023 and 50% since 2024. In 2025, high - competitiveness new car products are continuously launched, and the call for "anti - involution" is growing louder [4][121]. - In the overseas market, severe trade protectionism in Europe and the United States brings volatility risks to exports. Attention should be paid to new growth points such as countries along the Belt and Road and the Middle East [4][121]. - In terms of the competitive landscape, the market share of domestic brands continues to expand. Companies with strong product strength, smooth overseas expansion, and stable supply should be focused on [4][121]. 3. Summary According to Relevant Catalogs 3.1 Financial Market Tracking - The weekly price - to - earnings ratios and price - to - book ratios of related sectors and listed companies are presented in the report, including the closing prices and weekly price changes of companies such as BYD, Seres, and Great Wall Motor [14][17]. 3.2 Industrial Chain Data Tracking 3.2.1 China New Energy Vehicle Market Tracking - **China Market Sales and Exports**: Data on China's new energy vehicle sales, penetration rate, domestic sales, and exports are provided, as well as sales data for electric vehicles (EV) and plug - in hybrid vehicles (PHV) [18][20][26]. - **China Market Inventory Changes**: Information on the monthly new additions to new energy passenger vehicle channel inventory and manufacturer inventory is given [27][28]. - **China New Energy Vehicle Manufacturer Deliveries**: Monthly delivery data for new energy vehicle manufacturers such as Leapmotor, Li Auto, XPeng, and NIO are presented [31][32][35]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: Data on global new energy vehicle sales, penetration rate, and sales of EV and PHV are provided [41][42][44]. - **European Market**: Information on European new energy vehicle sales, penetration rate, and sales of EV and PHV in countries like the UK, Germany, and France are presented [45][46][51]. - **North American Market**: Data on North American new energy vehicle sales, penetration rate, and sales of EV and PHV are provided [58][59][60]. - **Other Regions**: Information on new energy vehicle sales, penetration rate, and sales of EV and PHV in regions such as Japan, South Korea, and Thailand are presented [61][62][65]. 3.2.3 Power Battery Industrial Chain - Data on power battery installation volume (by material), export volume (by material), weekly average price of battery cells, and material costs are provided. Information on the production start - up rates and prices of ternary materials, ternary precursors, lithium iron phosphate, and other materials are also included [78][80][85]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of rubber, glass, steel, and aluminum are presented [101][102][103]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - The State Council Information Office released the white paper "China's Actions for Carbon Peak and Carbon Neutrality", highlighting China's achievements in green and low - carbon transformation and the promotion of new energy vehicles [108]. 3.3.2 China: Industry Dynamics - According to the Passenger Car Association, from October 1 - 31, new energy vehicle retail sales increased by 17% year - on - year, and cumulative retail sales since the beginning of the year increased by 23%. The estimated wholesale growth rate of new energy vehicles in October was 16% [110][112]. 3.3.3 China: Enterprise Dynamics - Seres was listed on the main board of the Hong Kong Stock Exchange on November 5, becoming the first luxury new energy vehicle company with "A + H shares". The Aian UT Super 1 car jointly built by JD.com, GAC, and CATL was officially launched [113][114]. 3.3.4 Overseas: Policy Dynamics - The EU Council reached an agreement on the 2040 climate target, aiming to reduce net greenhouse gas emissions by 90% compared to 1990 by 2040 [115]. 3.3.5 Overseas: Industry Dynamics - In the UK, passenger car sales in September increased by 13.7%, with pure - electric and plug - in hybrid electric vehicles increasing by 29.1% and 56.4% respectively. In the US, car sales in October decreased by 5.1% year - on - year, and the new energy vehicle market was in trouble due to the expiration of tax credits [117][118]. 3.4 Industry Views - In the domestic market, in October, new energy passenger vehicle retail sales were 1.4 million, a year - on - year increase of 17% and a month - on - month increase of 8%. From January to October, cumulative retail sales were 10.27 million, a year - on - year increase of 23%. In October, new energy passenger vehicle wholesale was 1.614 million, a year - on - year increase of 16% and a month - on - month increase of 8%. From January to October, cumulative wholesale was 12.061 million, a year - on - year increase of 30%. The new energy retail penetration rate in October was 58.7%, and the wholesale penetration rate was 55.2% [2][119]. - Globally, from January to September, new energy vehicle sales increased by 30% year - on - year to 15.42 million. In the European market, cumulative sales were 2.78 million, a year - on - year increase of 28%; in the North American market, cumulative sales were 1.42 million, a year - on - year increase of 10%; in other regions, cumulative sales were 0.77 million, a year - on - year increase of 54%. The UK reached a new high in September, mainly due to the government's electric vehicle subsidy policy [2][119]. - In the US, new energy vehicle sales and penetration rates reached consecutive record highs in August and September, mainly because the federal electric vehicle tax credit ($7,500) expired on September 30. In October, car sales decreased by 5.1% year - on - year, Ford's electric vehicle sales decreased by 24.8% year - on - year, and Tesla's sales decreased by 30.4% year - on - year in October after a growth in September. Tesla launched low - cost versions of Model Y and Model 3 in October, and the market reaction remains to be seen [3][120]. 3.5 Investment Suggestions - Focus on the new energy vehicle industry in China, pay attention to new growth points in overseas markets such as countries along the Belt and Road and the Middle East, and select companies with strong product strength, smooth overseas expansion, and stable supply [4][121].

Core Viewpoint - The Chinese electric vehicle (EV) industry is experiencing significant growth and innovation, leading to a loss of global market share for less competitive European automakers [1][3]. Group 1: Market Dynamics - Chinese automotive exports increased by 23% last year, reaching 6.4 million units, significantly surpassing Japan's exports by over 50% [3]. - By 2030, it is projected that Chinese manufacturers will capture 30% of the global market share, up from 21% last year, driven by growth in emerging markets [3]. - In the first nine months of this year, Chinese brands accounted for 5.7% of new car sales in Western Europe, up from 3.2% in the same period last year [3]. Group 2: Competitive Landscape - Chinese manufacturers have transitioned from being cost leaders to technology leaders, enhancing their competitiveness in the global market [1][3]. - The market share of Chinese electric vehicles in Europe has exceeded 10% in the past nine months, indicating strong demand [3]. - European automakers are struggling to compete with Chinese firms, leading to a rapid decline in their global market share [3]. Group 3: Shipping and Logistics - The rapid increase in Chinese automotive exports has created a significant challenge in shipping capacity, with the number of vessels not keeping pace with export growth [5]. - The rental price for a 6,500-car capacity auto transport ship surged from $10,000 per day in August 2020 to $115,000 per day by November 2023, reflecting a tenfold increase [5]. - Chinese companies are increasingly investing in their own shipping capabilities to address concerns over shipping capacity [6]. Group 4: Regulatory Environment - Some Western countries are attempting to impose restrictions on Chinese EV exports, with the U.S. limiting imports and the EU raising tariffs [6]. - The Chinese government emphasizes the importance of fair competition and collaboration in the global EV market, arguing that protectionist measures ultimately harm domestic industries and consumers [6].

- The report predicts adjustments to the constituent stocks of major indices, including CSI 300, CSI 500, CSI 1000, CSI 2000, SSE 50, and STAR 50, based on publicly available index compilation rules and data [5][10][16][18][20] - CSI 300 Index is constructed by selecting the top 50% stocks based on average daily trading volume over the past year, followed by the top 300 stocks ranked by average daily market capitalization, while adhering to a 10% adjustment limit, priority for old samples, and a 20% buffer zone rule [5] - The adjustment prediction for CSI 300 Index involves calculating the average daily market capitalization and trading volume of A-shares over the past year, excluding stocks with suspension, violations, or financial reporting issues [5] - The report defines a "shock coefficient" to measure the price impact and duration caused by passive index fund rebalancing, calculated as: $ Shock Coefficient = (Passive Buy Amount - Passive Sell Amount) / Average Daily Trading Volume $ This coefficient is applied to assess the impact of adjustments on stocks [6][9] - CSI 500 Index is constructed by excluding CSI 300 constituent stocks and the top 300 stocks by average daily market capitalization over the past year, followed by removing the bottom 20% stocks by average daily trading volume, and selecting the top 500 stocks by market capitalization, adhering to a 10% adjustment limit, priority for old samples, and a 10% buffer zone rule [10] - CSI 1000 Index is constructed by excluding CSI 800 constituent stocks, the top 300 stocks by market capitalization, and stocks with insufficient liquidity (bottom 20% by trading volume), selecting the top 1000 stocks by market capitalization over the past year [16] - CSI 2000 Index is constructed by excluding CSI 800 and CSI 1000 constituent stocks, the top 1500 stocks by market capitalization, and selecting the top 2000 stocks by market capitalization over the past year [16] - SSE 50 Index is constructed by selecting the top 50 stocks by market capitalization and liquidity from the Shanghai Stock Exchange, adhering to adjustment rules similar to other indices [18] - STAR 50 Index is constructed by selecting the top 50 stocks by market capitalization from STAR Market, excluding stocks with delisting risks, major violations, or low liquidity (bottom 10% by trading volume) [20] - The report predicts adjustments to the STAR 50 Index, with two stocks, Aojie Technology-U and Shengke Communication-U, being added [20] - The shock coefficients for the predicted adjustments are calculated for each stock, with the highest coefficients observed for stocks such as Guangqi Technology and Ningbo Port in CSI 300, and Sheneng Shares and Suzhou Supor in CSI 500 [7][11][19][21]

Core Insights - The eighth China International Import Expo (CIIE) has seen Shanghai's state-owned enterprises (SOEs) achieve significant procurement agreements, totaling 113 orders worth approximately $2.776 billion, indicating continued growth in participation and engagement [1] - Since the first CIIE, Shanghai's SOEs have organized 177,000 professional attendees and secured a cumulative procurement amount of $22.2 billion, maintaining the leading position among Shanghai's trade delegations for eight consecutive years [2] - A total of 12 projects from 11 major enterprises, including SAIC Motor and Shanghai Electric, were signed with a transaction amount of approximately 2.99 billion RMB, enhancing strategic partnerships with global companies [3] Group 1 - Shanghai's SOEs have played a crucial role in the CIIE, fulfilling major tasks related to infrastructure, transportation, and support services, thereby acting as a driving force for the event [1] - The total exhibition area for overseas enterprises reached 11,500 square meters, with 860 companies registering 21,500 professional attendees, reflecting a strong international presence [2] - The focus on high-quality procurement in sectors such as bulk commodities, biomedicine, high-end equipment, and intelligent systems has led to an increase in both procurement quality and transaction amounts [2] Group 2 - The ongoing reforms and development plans for Shanghai's SOEs are centered around the construction of "five centers," aiming to optimize state asset structures and enhance innovation capabilities [2] - The signing of contracts with global enterprises signifies a deeper collaboration and innovation ecosystem, extending the cooperation across broader dimensions and deeper levels of the industrial chain [3]

Group 1 - The eighth China International Import Expo (CIIE) in Shanghai has seen a significant number of investment and procurement projects signed, showcasing new collaborations and orders [1] - Shanghai state-owned enterprises signed 12 projects with a total transaction amount of approximately 2.99 billion yuan, reflecting an increase in procurement efforts across various sectors including bulk commodities, biomedicine, high-end equipment, and intelligent systems [2] - Since the first CIIE, Shanghai state-owned enterprises have organized 177,000 professional attendees and achieved a cumulative intended procurement amount of 22.2 billion USD with companies from over 20 countries and regions [2] Group 2 - The Shanghai Medical Security Bureau signed procurement intentions for selected drugs and high-value medical consumables, with a total intended procurement amount of approximately 2.07 billion yuan [4] - The procurement includes products from foreign enterprises that were selected in the national centralized procurement process, with companies like Sanofi and Abbott participating [4] - The city is exploring centralized procurement for high-value medical consumables, aiming to reduce medical costs for the public [4] Group 3 - The Hongkou division of the Shanghai trading group achieved a record high in procurement orders amounting to 1.88 billion USD, with significant contributions from companies like Shiseido and Panasonic [5] - The Jing'an district's procurement orders have consistently ranked first in the city for seven consecutive years, accounting for a quarter of the total procurement orders at this year's CIIE [5] - Major companies including Cargill, L'Oréal, and Calvin Klein signed procurement and cooperation agreements during the event [5] Group 4 - The Yangpu division of the Shanghai trading group reported a new high in intended transaction amounts, with notable procurement in food products and high-end consumer goods reflecting market consumption upgrades [6] - Strategic cooperation agreements were signed with companies like Synopsys and Amcor, indicating a focus on innovation and sustainable development in the industry [6]

Core Insights - The eighth China International Import Expo (CIIE) has seen the Shanghai State-owned Assets and Enterprises Group achieve 113 intended procurement orders, amounting to $2.776 billion, indicating continued growth in participation and procurement activities [1] - Shanghai's State-owned enterprises have organized 177,000 professional attendees since the first CIIE, reaching a cumulative intended procurement amount of $22.2 billion, maintaining the top position among all sub-groups of the Shanghai trading group for eight consecutive years [2] - A total of 12 projects from 11 enterprise groups, including SAIC Motor Corporation and Shanghai Electric, were signed with a transaction amount of approximately 2.99 billion RMB, establishing closer strategic partnerships with global enterprises [3] Group 1 - The Shanghai State-owned Assets and Enterprises Group plays a crucial role in the CIIE, fulfilling major tasks related to infrastructure, transportation, and support services [1] - The focus for the next five years will be on building "five centers," deepening reforms, and expanding high-level opening-up to enhance connections between global enterprises and the Chinese market [1][2] - The procurement efforts have been intensified in sectors such as bulk commodities, biomedicine, high-end equipment, and intelligent systems, leading to improvements in both procurement quality and transaction amounts [2] Group 2 - The total exhibition area organized by Shanghai State-owned enterprises reached 11,500 square meters, with 860 companies and 21,500 professional attendees registered [2] - The strategic cooperation established through the signing of projects aims to extend collaboration across broader dimensions and deeper levels of the industrial chain [3] - The ongoing reform and development plans will focus on optimizing the structure of state-owned assets and enhancing innovation capabilities [2]

Market Overview - The Shanghai Composite Index fell by 0.25% on November 7, with 14 industries rising, led by basic chemicals and comprehensive sectors, which increased by 2.39% and 1.45% respectively [1] - The computer and electronics sectors experienced the largest declines, down by 1.83% and 1.34% respectively [1] - The automotive industry also saw a decrease of 1.16% [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 40.396 billion yuan, with six industries experiencing net inflows [1] - The basic chemicals sector had the highest net inflow of 5.943 billion yuan, corresponding to its 2.39% increase [1] - The power equipment sector followed with a 1.01% rise and a net inflow of 4.253 billion yuan [1] - A total of 25 industries faced net capital outflows, with the electronics sector leading at 10.212 billion yuan, followed closely by the computer sector at 10.005 billion yuan [1] Automotive Industry Performance - The automotive sector saw a net capital outflow of 5.536 billion yuan, with 281 stocks in the sector; 53 stocks rose while 226 fell [2] - The top inflow stock was Haima Automobile, with a net inflow of 543 million yuan, followed by Xinquan Co. and Shuanglin Co. with inflows of 150 million yuan and 97.147 million yuan respectively [2] - The outflow leaderboard included Sairisi, Wanxiang Qianchao, and Top Group, with net outflows of 841 million yuan, 837 million yuan, and 542 million yuan respectively [3] Automotive Sector Inflow and Outflow Details - Inflow stocks included: - Haima Automobile: +10.00%, 28.14% turnover, 543.41 million yuan inflow [2] - Xinquan Co.: -4.70%, 5.04% turnover, 149.75 million yuan inflow [2] - Shuanglin Co.: +3.89%, 6.61% turnover, 97.15 million yuan inflow [2] - Outflow stocks included: - Sairisi: -2.50%, 2.36% turnover, -840.67 million yuan outflow [3] - Wanxiang Qianchao: -1.15%, 11.19% turnover, -837.07 million yuan outflow [3] - Top Group: -5.47%, 3.67% turnover, -542.26 million yuan outflow [3]

Core Viewpoint - SAIC Motor Corporation has indirectly invested in the integrated circuit company Muxi, with a final shareholding ratio of 0.68% calculated based on the subscription ratio. This investment aims to enhance the chip industry ecosystem and accelerate the localization of automotive chips, aligning with the growing demand for automotive intelligence and seeking reasonable investment returns [1]. Group 1 - SAIC Motor's investment in the integrated circuit industry is part of a strategy to improve the chip industry ecosystem [1]. - The investment is intended to accelerate the localization process of automotive chips [1]. - The move is in response to the increasing trend of automotive manufacturers engaging in self-research, joint research, and investments in the integrated circuit industry [1].