Core Viewpoint - The article discusses the frequent personnel changes in the Chinese automotive industry as of June 2025, highlighting the need for organizational restructuring to adapt to rapid industry changes and competitive pressures [2][4]. Foreign Enterprises - Volkswagen and BMW have made significant personnel changes in their Chinese operations, with Robert Cisek appointed as the new CEO of Volkswagen's passenger car brand in China, effective July 1, 2025 [8][11]. - Cisek has a strong background in production strategy and has previously managed operations in South Africa, ensuring stability during crises like the pandemic and chip shortages [9][12]. - Birgit Böhm-Wannenwetsch will take over as President and CEO of BMW Brilliance from Franz Decker on August 1, 2025, bringing extensive experience from her previous roles in the automotive sector [16][19]. State-owned Enterprises - Chen Cui has been appointed as the General Manager of the MG brand, marking a significant leadership change as part of SAIC Group's push to accelerate its passenger vehicle business reform [22][24]. - North China Industries Group has appointed Liu Xuguang and Sun Jing as vice presidents, with Liu having a strong background in market strategy and Sun having successfully improved employee management efficiency [25][30][32]. - Dongfeng Motor Finance has seen leadership changes with Ding Guoxiang becoming the Party Secretary and Chairman, while Li Hua takes over as General Manager [34][35]. Private Enterprises - Lars Bialkowski has been appointed as the head of BYD's operations in Germany, focusing on expanding the company's presence in the European market [38][41]. - GWM has appointed Lü Wenbin as the General Manager of the Ora brand, which is facing challenges in market performance and aims to revitalize its sales strategy [42][46]. - Zhou Xing has joined Lynk & Co as the Executive Vice President, bringing a wealth of experience in automotive marketing and brand development [47][50]. New Forces - Li Auto has restructured its organization by merging its R&D and sales groups into a new "Smart Vehicle Group," aimed at enhancing collaboration across the value chain [51][53]. - Hu Chengchen, a key figure in NIO's technology planning, has left the company, while Chen Guang has joined Xiaomi Auto as the head of perception for assisted driving [56][61].

Investment Rating - The report assigns a "Buy" rating to several companies, including Changan Automobile, Asia-Pacific Holdings, and Haon Electric, while maintaining an "Overweight" rating for the overall automotive industry [1][4]. Core Insights - The automotive sector experienced a slight increase of 0.1% from June 30 to July 4, 2025, underperforming the CSI 300 index by 1.44 percentage points. The passenger vehicle segment rose by 0.43%, while commercial vehicles increased by 1.49% [9][36]. - Heavy-duty truck sales in June 2025 exceeded expectations, with a year-on-year increase of 32% and a month-on-month increase of 6%. Approximately 94,000 units were sold, with major manufacturers like China National Heavy Duty Truck and Dongfeng showing significant growth [2][36]. - The report highlights the launch of the Xiaopeng G7, the first AI car with L3-level computing power, priced between 195,800 and 225,800 yuan, showcasing advanced technology features [5][36]. Summary by Sections Market Review - The automotive sector's performance from June 30 to July 4, 2025, showed a 0.1% increase, with various segments performing differently against the CSI 300 index [9][36]. - The overall PE-TTM for the automotive industry was 25.95, reflecting a slight increase from the previous week [10][36]. Major Company and Industry Events - Heavy-duty truck sales in June reached approximately 94,000 units, with significant contributions from major manufacturers [2][36]. - Xiaopeng G7 was officially launched, marking a significant advancement in AI automotive technology [5][36]. New Vehicle Launches - A total of 33 new models were launched during the week, including the Xiaopeng G7 and various updated versions of existing models [34][36]. Investment Recommendations - The report suggests a cautious approach to investment in the automotive sector, given the mixed performance of different segments and the overall market conditions [36].

Core Insights - Shanghai Automotive Group has registered the trademark "Shangjie," indicating progress in its collaboration with Huawei for a new brand of smart electric vehicles [1][3] - The "Shangjie" brand is part of Huawei's HarmonyOS Intelligent Driving family, targeting mid-to-high-end electric vehicles for family users and young professionals [3] Trademark Registration - The trademark "Shangjie" (registration number 83071839) has been officially registered, with applications for related trademarks also in progress [1][2] - The trademark covers international classifications including advertising sales and transportation storage, with some trademarks currently under preliminary examination [1] Strategic Partnership - A strategic cooperation agreement was signed between Shanghai Automotive Group and Huawei on February 21, focusing on product definition, manufacturing, supply chain management, and sales services [3] - The first model under the "Shangjie" brand is expected to launch in the fall of 2025, based on the internal code "ES39" from SAIC's Roewe brand, featuring two pure electric range versions priced between 150,000 to 250,000 yuan [3] Production and Investment - The initial investment for the "Shangjie" vehicle production project is approximately 6 billion yuan, with plans to establish a professional team of over 5,000 personnel [3] - The battery supply project for the "Shangjie" vehicles will also be established concurrently in the Shanghai Lingang New Area [3] Sales Performance - Shanghai Automotive Group reported a vehicle wholesale of 2.053 million units in the first half of 2025, marking a 12.4% increase, with retail deliveries reaching 2.207 million units [4] - In June 2025, the company sold 365,000 vehicles, reflecting a year-on-year growth of 21.6% [4]

Group 1: Automotive Industry Overview - The automotive industry is experiencing varied performance among major players, with Volkswagen leading at 541.3 billion, followed by General Motors at 508.5 billion and Ford at 469.63 billion [2] - Notable declines are observed in companies like Honda, which saw a decrease of 16.38%, and Stellantis with a decline of 15.53% [2] - Emerging companies such as Li Auto and Xpeng are showing growth, with Li Auto increasing by 8.17% to 275.2 billion and Xpeng decreasing by 8.81% to 167.66 billion [2] Group 2: Company Performance Metrics - Volkswagen's revenue stands at 541.3 billion, reflecting a slight increase of 0.59% [2] - General Motors reported a revenue of 508.5 billion, with a significant decline of 10.48% [2] - Ford's revenue is at 469.63 billion, showing a decrease of 8.9% [2] - Other notable companies include Porsche at 453.57 billion (-3.2%), and Mahindra at 442.32 billion (-0.31%) [2] Group 3: Emerging and Regional Players - Companies like SAIC Motor and Geely are performing steadily, with SAIC at 281.27 billion (+1.46%) and Geely at 211.2 billion (+1.28%) [2] - New entrants such as Leapmotor and VinFast Auto are also in the mix, with Leapmotor at 88.93 billion and VinFast at 85.13 billion, the latter experiencing a decline of 3.15% [3] - NIO and Zeekr are also noteworthy, with NIO at 76.12 billion (-2.23%) and Zeekr at 66.01 billion (+0.03%) [3]

Core Insights - The Chinese automotive market in the first half of 2025 shows significant growth driven by policy guidance, technological innovation, and strategic adjustments by companies, characterized by "total growth, structural optimization, and energy transition" [1] Sales Performance - Major automakers achieved year-on-year sales growth, with domestic brands and new energy vehicles being the primary growth engines, capturing over 68% of the market share [2] - BYD led the industry with total sales of 2.146 million units, a 33.04% increase year-on-year, achieving 39% of its annual target [2] - SAIC Motor reported sales of 2.053 million units, up 12.4%, with its own brands contributing 1.304 million units, a 21.1% increase [3] - Geely's sales reached 1.409 million units, a 47% increase, with its new energy vehicle sales surging 126% [3] - Changan Automobile's sales hit 1.355 million units, marking an 8-year high, with new energy vehicle sales growing 48.8% [3] - Chery Group sold 1.26 million units, a 14.5% increase, with new energy vehicle sales up 98.6% [4] Technological and Strategic Shifts - The automotive industry is transitioning from price competition to technology competition, focusing on smart and globalized strategies [1][7] - Companies are investing in core areas such as battery life, smart driving, and vehicle systems, entering a new phase of "cost reduction and efficiency enhancement" [7] - The trend of "software-defined vehicles" is emerging, with AI integration in manufacturing and improved user experience becoming key purchase factors [7] Global Expansion - Chinese automakers are shifting from "single export" to "overseas factories and localized supply chains," with BYD and Chery establishing production bases abroad [8] - BYD's overseas sales reached 470,000 units, with other companies also increasing their overseas sales proportions [8] Market Outlook - The market is expected to become more competitive and vibrant in the second half of the year, with new models and enhanced production capacities from overseas factories [8]

Core Insights - China's automobile exports have shown resilience and competitiveness, with a total export volume of 2.854 million units, representing a year-on-year increase of 16.8%, and an export value of $48.89 billion, up 5.3% year-on-year [1] Group 1: Export Performance - In the first five months, China's automobile exports to Asia reached 1.178 million units, a year-on-year increase of 39.1%, accounting for 41.3% of total exports [2] - Exports to Europe totaled 680,000 units, a decline of 17.6%, making up 23.8% of total exports [2] - Exports to Latin America were 613,000 units, increasing by 20.4%, representing 21.5% of total exports [2] Group 2: Key Markets - The top three countries for China's automobile exports by volume are Mexico (240,000 units, +16.8%), UAE (190,000 units, +64.2%), and Russia (153,000 units, -59.0%) [2] - In terms of export value, the UAE leads with $3.19 billion (up 68.9%), followed by Mexico at $2.95 billion (up 16.3%), and Belgium at $2.67 billion (down 19.1%) [2] Group 3: Emerging Markets - Exports to emerging markets reached 2.33 million units, a year-on-year increase of 16.9%, with an export value of $38.08 billion, up 8.1% [3] - Significant growth was observed in exports to the UAE (+64.2%), Australia (+51.9%), Indonesia (+131.8%), and Kazakhstan (+86.9%) [3] - The shift in focus from reliance on a single market to a diversified approach is noted, with growth in Middle East, Southeast Asia, Australia, New Zealand, and Latin America [3] Group 4: Company Initiatives - Chinese automobile companies are actively expanding into new markets despite challenges in traditional markets like the EU [4] - BYD has launched models in Benin and Gabon, marking its entry into 17 African countries, aligning with local electric vehicle initiatives [4] - In South America, BYD introduced the Song PLUS in Brazil, tailored to local consumer preferences [5] - SAIC Group's IM LS7 SUV has been launched in Mexico, featuring advanced technology and design aimed at high-end markets [5] Group 5: Future Outlook - The Chinese automobile industry is expected to continue expanding its global market share by introducing high-quality products and innovative experiences [6]

Group 1 - The core index of the China Securities Index Shanghai State-owned Enterprises rose by 0.42% to 1378.21 points, with a trading volume of 16.32 billion yuan [1] - Over the past month, the index has increased by 1.59%, and over the past three months, it has risen by 3.10%, while it has decreased by 3.35% year-to-date [1] - The index reflects the performance of state-owned enterprises in Shanghai, selected based on profitability, growth potential, and shareholder return levels [1] Group 2 - The top ten weighted stocks in the index include China Pacific Insurance (8.4%), Guotai Junan Securities (6.05%), Shanghai Airport (5.7%), and others [1] - The index is composed entirely of stocks listed on the Shanghai Stock Exchange, with a sector breakdown showing finance at 29.42%, industry at 22.95%, and consumer discretionary at 11.71% [2] - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December [2]

Group 1 - The automotive industry shows varied performance among major companies, with Volkswagen leading at 542.04 million, followed closely by General Motors at 508.5 million, and Ford at 469.63 million [2] - Honda experienced a significant increase of 8.18% in its performance, reaching 412.9 million, while Tata Motors saw a decline of 1.04%, totaling 296.42 million [2] - New entrants like Li Auto and Xpeng are also making their mark, with Li Auto at 267.78 million and Xpeng at 167.66 million, both showing positive growth [2] Group 2 - The data indicates that traditional automakers like Nissan and Subaru are facing challenges, with Nissan reporting a decrease of 3.72% to 81.9 million and Subaru down by 2.81% to 124.17 million [3] - Emerging companies such as VinFast Auto and Leapmotor are also in the mix, with VinFast at 85.13 million, down by 2.57%, while Leapmotor shows a slight increase to 84.92 million [3] - The overall market dynamics suggest a competitive landscape where established brands must adapt to the rising presence of new players [3]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **China auto sector**, with a focus on various companies within this industry. Company Ratings and Price Targets - **BAIC Motor Corp LTD (1958 HK)**: Market Cap: $1.981 billion, Price Target: HKD 1.70, Rating: Neutral [3][8] - **Brilliance China Automotive (1114 HK)**: Market Cap: $2.044 billion, Price Target: HKD 4.50, Rating: Overweight [3][11] - **BYD Company Limited - A (002594 CH)**: Market Cap: $126.399 billion, Price Target: CNY 560.00, Rating: Overweight [3][13] - **Li Auto (2015 HK)**: Market Cap: $13.230 billion, Price Target: HKD 135.00, Rating: Overweight [3][45] - **NIO (NIO US)**: Market Cap: $3.533 billion, Price Target: CNY 4.10, Rating: Neutral [3][47] - **SAIC Motor Corp - A (600104 CH)**: Market Cap: $26.176 billion, Price Target: CNY 11.00, Rating: Underweight [3][49] Financial Performance Highlights - **BAIC Motor Corp**: - FY23 Revenue: CNY 197,949 million, Adj. Net Income: CNY 3,030 million, Adj. EPS: CNY 0.38 [8] - **Brilliance China Automotive**: - FY23 Revenue: CNY 1,121 million, Adj. Net Income: CNY 7,735 million, Adj. EPS: CNY 1.53 [11] - **BYD Company Limited - A**: - FY23 Revenue: CNY 602,315 million, Adj. Net Income: CNY 28,000 million, Adj. EPS: CNY 10.36 [13] - **Li Auto**: - FY23 Revenue: CNY 123,851 million, Adj. Net Income: CNY 11,704 million, Adj. EPS: CNY 11.90 [45] - **NIO**: - FY23 Revenue: CNY 55,618 million, Adj. Net Income: CNY (21,147) million, Adj. EPS: CNY (12.44) [47] Market Trends and Insights - The auto sector is experiencing a shift with increasing competition among electric vehicle manufacturers, particularly with companies like BYD and Li Auto gaining significant market traction. - The financial outlook for traditional automakers like BAIC and DongFeng is less optimistic, with some companies facing declining revenues and profitability challenges. Additional Insights - The conference highlighted the importance of adapting to changing consumer preferences towards electric vehicles and the need for traditional automakers to innovate to remain competitive. - Analysts noted potential risks associated with regulatory changes and market volatility that could impact the auto sector's growth trajectory. Conclusion - The China auto sector is poised for growth, particularly in the electric vehicle segment, but traditional manufacturers face significant challenges. Investors should consider both opportunities and risks when evaluating companies in this space.

行 业 研 究 2025 年 07 月 06 日 重磅车型持续推出，本土品牌竞争力持续强化 ——行业周报 （4）看好智驾强势主机厂及业绩优异产业链标的。整车：强产品打造能力、强 产品周期叠加强智驾能力玩家有望拥有持续优异销量表现。零部件：受益于国产 替代及出海，龙头公司业绩表现优异并有望延续高增长。 本周热点：问界 M9 大定破 6 万；理想 i8/小米 YU7 等将逐步亮相 比亚迪王朝、海洋网智驾版新车型降价。乘联分会：5 月狭义乘用车零售预计 185.0 万辆，新能源占比过半。比亚迪 4 月欧洲纯电车销量首次击败特斯拉，同比大涨 169%，匈牙利工厂 2025 年底将生产纯电小车海鸥等。2025 款问界 M9 上市 64 天大定突破 6 万台，拿下 50 万级销冠。2025 款问界 M9 上市 64 天大定突破 6 万台，拿下 50 万级销冠。吉利银河家族旗舰 M9 发布，综合续航超 1500km；星 愿小车上市 200+天，销量突破 20 万辆，刷新纯电车型最快纪录。小米汽车首款 SUV 车型 YU7 发布，预计 7 月上市。 投资建议 智驾逐步开启商业化落地，有关主机厂和零部件公司有望持续受益，智驾强 ...