Core Insights - The passenger car sector experienced a 0.64% increase on October 21, with Beiqi Blue Valley leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Passenger Car Sector Performance - Beiqi Blue Valley (600733) closed at 7.78, with a rise of 2.10% and a trading volume of 772,900 shares, amounting to 594 million yuan [1] - Other notable performers include: - Seres (601127) at 158.04, up 1.50%, with a trading volume of 212,300 shares and a turnover of 3.332 billion yuan [1] - Great Wall Motors (601633) at 23.17, up 0.83%, with a trading volume of 131,700 shares and a turnover of 304 million yuan [1] - SAIC Motor (600104) at 16.51, up 0.43%, with a trading volume of 305,800 shares and a turnover of 504 million yuan [1] - GAC Group (601238) at 7.77, up 0.26%, with a trading volume of 324,800 shares and a turnover of 252 million yuan [1] - BYD (002594) at 104.76, up 0.23%, with a trading volume of 299,100 shares and a turnover of 3.134 billion yuan [1] - Changan Automobile (000625) at 12.39, up 0.08%, with a trading volume of 1,074,400 shares and a turnover of 1.331 billion yuan [1] - Haima Automobile (000572) at 6.59, down 1.35%, with a trading volume of 2,300,900 shares and a turnover of 1.503 billion yuan [1] Capital Flow Analysis - The passenger car sector saw a net inflow of 47.4825 million yuan from institutional investors, while retail investors contributed a net inflow of 37.7483 million yuan [1] - Notable capital flows for specific companies include: - Seres (601127) had a net inflow of 34.2 million yuan from institutional investors but a net outflow of 17.5 million yuan from retail investors [2] - Beiqi Blue Valley (600733) saw a net inflow of 18.6111 million yuan from institutional investors, with a slight outflow from retail investors [2] - SAIC Motor (600104) had a net inflow of 17.3522 million yuan from institutional investors, while retail investors contributed a small net inflow [2] - Great Wall Motors (601633) experienced a net outflow of 2.258 million yuan from institutional investors, with retail investors showing a significant outflow [2] - BYD (002594) faced a net outflow of 131 million yuan from institutional investors, despite some inflow from retail investors [2] - Changan Automobile (000625) had a substantial net outflow of 170 million yuan from institutional investors, with retail investors showing a positive net inflow [2]

大拿V1L主攻物流赛道，得仓率70%，最大容积8.9方，额定载重1.43吨（优于同级30%）；520mm超低货台适配人体工学，270°对开尾门兼容叉车作 业。其搭载鸿图架构浩核六合一集成电驱，综合效率91%，CLTC续航至高535km。 价格方面，纯电高端商务舱大拿M1，搭载83度宁德天行电池售价19.78万元起；纯电品质大轻客大拿V1L，83度宁德天行电池版售价17.08万元起；50度 宁德天行电池版售价12.48万元起，限时一口价9.58万元起。 大拿家族以大VAN市场多元化需求为核心，通过场景化创新重构产品价值。 近日，上汽大通MAXUS专为大VAN市场多元需求打造的大拿纯电轻客家族核心车型——大拿M1、大拿V1L正式焕新上市，全面覆盖专业物流、营运客 运、定制改装等场景。此次发布会还带来鸿图超级商用电动架构，在动力、空间、智能等维度实现颠覆性升级，联合宁德时代首发83度天行L电池。 大拿M1则聚焦客运场景，提供7座、9座布局，最大腿部空间280mm，乘客区通道宽超485mm；7座版后备箱容积3.3m³，可容纳15个26寸行李箱。电池 通过新国标针刺不起火测试，融合热控技术使-20℃极寒环境下能耗优化2 ...

生及社 2025 年 10 月 21 日 时发 行业 相关研究 送研究报 证券分析师 載文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 朱傅哲 (8621)23297818× zhufz@swsresearch.com F SEER V BER 周一刻钟, 大事快评 (W128) 本期投资提示: 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 比亚迪：Q3 销量 111 万台，预计 Q3 盈利约 85 亿，单车盈利回至 8 千元上下。 ● 吉利：Q3 销量环比增长，中高端车型销量提升，预计 Q3 利润 35 亿元左右。 ● ● 蔚来：Q3 销量 8.7 万台，乐道贡献主要销量，毛利率或改善。Q3 亏损预计在 25 亿元 左右。 ● 上汽集团：Q3 自主品牌与海外销售良好，Q3 利润预计在 35 亿元上下。 ● 冠盛股份：业务受海外不稳定性影响。 预计 Q3 利润同比增幅在 20%左右。 ● 优信： Q3 销量同比增 130%。门店盈亏优于预期，Q3 有望 EBITDA ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [2][15]. Core Insights - The report highlights strong sales performance in Q3 for major companies like BYD, Geely, and SAIC, with BYD's sales reaching 1.11 million units and an estimated profit of approximately 8.5 billion [3][4]. - The report emphasizes the recovery of profitability in the automotive sector, driven by improved sales and reduced discounting strategies [4][5]. - The analysis suggests a focus on domestic leading manufacturers and companies involved in technological advancements and state-owned enterprise reforms [3][4]. Summary by Relevant Sections Q3 Key Company Tracking - BYD reported Q3 sales of 1.11 million units, with an estimated profit of 8.5 billion, indicating a recovery in per-unit profitability [4]. - Geely's Q3 sales showed a strong increase, with profits expected around 3.5 billion, benefiting from improved sales of mid-to-high-end models [4]. - NIO's Q3 sales were 87,000 units, with a projected loss of 2.5 billion, although gross margins are expected to improve [4]. - SAIC's Q3 profit is estimated at 3.5 billion, supported by strong performance in both domestic and overseas markets [5]. - Other companies like Xpeng and Li Auto are also highlighted for their sales performance and future growth potential [8][9]. Investment Analysis Recommendations - The report recommends focusing on leading domestic manufacturers such as BYD, Geely, and Xpeng, as well as companies involved in smart technology like Jianghuai Automobile and Seres [3]. - It suggests monitoring state-owned enterprise consolidations, particularly in SAIC and Dongfeng Motor [3]. - The report identifies component manufacturers with strong growth potential, recommending companies like Fuyao Glass and New Spring [3].

Core Viewpoint - The commercial vehicle market in China experienced a significant year-on-year growth of 30% in September 2025, with the truck market growing by 29%. However, the light truck segment showed a modest growth of only 3%, indicating a divergence in performance within the truck market [1][3][5]. Sales Performance - In September 2025, the total truck sales reached 312,000 units, marking a month-on-month increase of 15% and a year-on-year increase of 29%. The light truck market sold 161,400 units, with a month-on-month growth of 15% but a year-on-year growth of only 3%, which is a decrease of 3 percentage points compared to the previous month [3][5][12]. - The light truck market's performance in September is considered normal, ranking third in the last ten years, although it is significantly lower than the peak sales in September 2020 [7][9]. Cumulative Sales - From January to September 2025, the cumulative sales of light trucks reached 1.4819 million units, representing a year-on-year growth of 6%. This figure is within the normal range observed over the past decade [9][19]. - The cumulative sales growth of light trucks in the first nine months of 2025 is attributed to an additional 87,100 units sold compared to the same period last year [9][24]. Company Performance - In September 2025, seven companies sold over 10,000 light trucks, with Foton leading at 36,100 units, followed by Changan and Jianghuai. The top five companies accounted for 56.95% of the market share [11][12][19]. - Among the top ten companies, six experienced year-on-year sales growth, with notable increases from companies like Changan and Jiangling, which grew by 24% and 27% respectively [16][17][21]. Market Share Dynamics - The market share of leading companies such as Foton, Great Wall, and BYD has increased, with BYD showing a remarkable growth of 517% year-on-year [21][23]. - The competitive landscape has shifted, with companies like Jianghuai and Jiangling improving their rankings in the market, while others like Foton and Changan maintained their positions [17][23].

"低碳转型、重视ESG能力建设是大势所趋，未来十年二十年关系到车企的生死存亡，"中国会计学会 副会长、厦门国家会计学院教授黄世忠对虎嗅表示。在电动化之外，车企如何构建ESG能力，如何提 升碳足迹核算和披露水平，正逐步影响它们在全球资本、监管、市场层面的"通关能力"。 那么，中国主流车企在ESG治理上到底处于什么水平？哪些品牌开始"做得像样"，又有哪些还停留在 口号与营销噱头？ 环境维度： 头部新势力领跑，传统车企治理 出品｜虎嗅ESG组 作者｜陈玉立 头图｜AI生成 本文是 #ESG进步观察 #系列第151篇文章 本次观察关键词：车企ESG 今年上半年，Wind 数据显示A 股新能源汽车整车行业在 ESG 信息披露方面的活跃度显著提升：16 家上市公司中已有 14 家发布了 ESG 或可持续发展报告，披露率高达 87.5%。 具体到企业，小鹏汽车于上半年完成四款在售车型的全价值链碳核算，在新势力车企中率先公开披露 范围三碳排放分类明细数据；吉利也在最新发布的ESG报告中披露"单车全生命周期碳排放下降 18%"。一系列动作背后，是汽车企业在电动化浪潮中对 ESG 能力的重新审视——在"卷性能""卷智 驾"之后， ...

Core Insights - The passenger car sector experienced a slight increase of 0.19% on October 20, with Great Wall Motors leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Passenger Car Sector Performance - Great Wall Motors (601633) closed at 22.98, with a gain of 0.57% and a trading volume of 127,400 shares, amounting to a transaction value of 293 million [1] - SAIC Motor (600104) closed at 16.44, up 0.55%, with a trading volume of 278,600 shares and a transaction value of 458 million [1] - GAC Group (601238) closed at 7.75, gaining 0.52%, with a trading volume of 329,900 shares and a transaction value of 256 million [1] - BYD (002594) closed at 104.52, with a minimal gain of 0.09%, trading 355,600 shares for a total value of 3.722 billion [1] - Changan Automobile (000625) closed at 12.38, down 0.80%, with a trading volume of 1.478 million shares and a transaction value of 1.833 billion [1] Fund Flow Analysis - The passenger car sector saw a net outflow of 1.078 billion from institutional investors, while retail investors contributed a net inflow of 674 million [1] - Among individual stocks, SAIC Motor had a net inflow of 18.776 million from institutional investors, while Great Wall Motors experienced a net outflow of 15.0508 million [2] - BYD faced a significant net outflow of 633 million from institutional investors, indicating a potential concern among larger investors [2]

Core Viewpoint - The light commercial vehicle (LCV) market in China has shown significant growth, achieving a 37% year-on-year increase in September 2025, marking a continuous upward trend for six consecutive months [3][10][22]. Market Performance - In September 2025, the overall bus market sold 55,800 units, with a month-on-month increase of 25% and a year-on-year increase of 34%. The light bus segment accounted for 43,600 units sold, reflecting a month-on-month growth of 26% and a year-on-year growth of 37% [3][4]. - The light bus market's share in the overall bus market reached 78.17% in September, slightly up from 77.59% in August. For the first nine months of 2025, the light bus segment's market share was 79.67%, an increase from 77.18% in the entire year of 2024 [4][9]. Historical Trends - An analysis of the light bus sales over the past five years reveals a fluctuating trend, with September 2025 recording the highest sales of 43,600 units, surpassing the previous five-year high and the lowest sales in September 2022 by 12,700 units [6][22]. - Cumulatively, from January to September 2025, the light bus market achieved sales of 324,500 units, the highest in five years, with an increase of over 30,000 units compared to the same period last year [6][15]. Market Share and Competition - The top three companies—Changan, Dongfeng, and Jiangling—held a combined market share of 75.38% in September 2025, with individual shares of 31.36%, 22.06%, and 21.96% respectively [14][20]. - Among the top ten companies, eight experienced sales growth compared to the previous year, with Changan, Dongfeng, and Yutong showing significant increases of 75%, 77%, and 90% respectively [11][18]. Future Outlook - The light bus market has maintained a growth trajectory since April 2025, with cumulative sales growth of 10% year-on-year by the end of September. The industry is keen to see if this upward trend can continue [9][22].

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, highlighting potential growth opportunities in the sector [6]. Core Insights - The automotive industry is experiencing a sequential increase in sales and favorable cost conditions, with a notable rise in both total and new energy vehicle sales in Q3 2025 [2][3]. - The report emphasizes the importance of intelligent and globalized breakthroughs in the automotive sector, recommending key players such as Geely, Xpeng, Li Auto, BYD, and Xiaomi Group [4][5]. Summary by Sections 0.1 Passenger Vehicles - Total passenger vehicle sales in Q3 2025 reached 7.686 million units, representing a year-on-year increase of 14.7% and a quarter-on-quarter increase of 8.1% [11][24]. - New energy passenger vehicle sales were particularly strong, with 4.024 million units sold, up 24.2% year-on-year and 10.9% quarter-on-quarter, achieving a penetration rate of 52.4% [11][24]. - The report notes a stable pricing environment, with discounts remaining consistent compared to previous months [25]. 0.2 Auto Parts - The auto parts sector is benefiting from a decrease in raw material costs and shipping fees, which is expected to alleviate cost pressures for companies [3][45]. - Key raw materials such as polypropylene and hot-rolled coil prices have seen significant declines, contributing to improved margins for auto parts manufacturers [45]. 0.3 Heavy Trucks - The heavy truck market is experiencing a boost due to the implementation of trade-in subsidy policies, with wholesale sales reaching 282,000 units in Q3 2025, a year-on-year increase of 58.1% [3]. - New energy heavy truck sales surged by 181.5% year-on-year, indicating strong demand in this segment [3]. 0.4 Motorcycles - The report forecasts a total of 258,000 units for mid-to-large displacement motorcycles in Q3 2025, reflecting an 18.9% year-on-year increase [4]. - Export sales for motorcycles are also strong, with a 50.5% year-on-year increase, driven by growth in the 500-800cc segment [4]. 1.1 Weekly Insights - The automotive sector's performance has been weaker than the overall market, with a 6.1% decline in the A-share automotive sector during the week of October 13-17, 2025 [2]. - The report suggests focusing on key companies such as Geely, Xpeng, and BYD for potential investment opportunities [2][4]. 1.2 Intelligent Electric Vehicles - The report highlights the accelerating growth of intelligent electric vehicles, recommending companies involved in smart driving and smart cockpit technologies [4]. 1.3 Robotics - The report notes the entry of leading companies into the robotics sector, indicating a new era of embodied intelligence [4]. 1.4 Liquid Cooling - The demand for AI is driving the need for higher power density in liquid cooling solutions, positioning it as a necessary choice for high-density applications [4]. 1.5 Motorcycles - The report identifies a trend towards consumer upgrades in the motorcycle segment, recommending leading companies in the mid-to-large displacement category [4]. 1.6 Heavy Trucks - The expansion of trade-in subsidy policies is expected to stimulate demand for medium and heavy trucks, contributing to market recovery [4]. 1.7 Tires - The report emphasizes the ongoing acceleration of globalization in the tire industry, recommending leading and high-growth companies [4].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The penetration rate of China's new energy vehicle market exceeded 30% in 2023 and 50% in 2024. In 2025, high - competitiveness new models continue to be launched, and price wars are gradually ending. - Overseas markets face risks from trade protectionism in Europe and the US, so new growth points such as the Belt and Road countries and the Middle East should be focused on. - In the competitive landscape, the market share of domestic brands continues to expand. Attention should be paid to companies with strong product strength, smooth overseas expansion, and stable supply [5][121]. 3. Summary According to the Directory 3.1 Financial Market Tracking - The weekly price changes of relevant sectors and listed companies are presented. Among listed companies, some vehicle manufacturers like BYD, Great Wall Motor, and SAIC Motor had price drops, while GAC Group and Chang'an Automobile had price increases. In the battery and materials sector, companies such as Contemporary Amperex Technology Co., Limited (CATL) and EVE Energy Co., Ltd. had price drops, and Do - fluoride New Materials Co., Ltd. had a price increase [13][16]. 3.2产业链数据跟踪 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports in the Chinese Market**: In September, China's new energy vehicle sales were 1.604 million, a year - on - year increase of 24.6%. From January to September, cumulative sales were 11.228 million, a year - on - year increase of 34.9%. In September, exports were 222,000, a year - on - year doubling, and from January to September, cumulative exports were 1.758 million, a year - on - year increase of 89.4%. From October 1 - 12, new energy vehicle retail sales decreased by 1% year - on - year, and cumulative retail sales this year increased by 23% year - on - year [3][110][111][112][113]. - **Inventory Changes in the Chinese Market**: Relevant data on new energy vehicle inventory changes are presented, including channel inventory and manufacturer inventory [26]. - **Delivery Volume of Chinese New Energy Vehicle Manufacturers**: Data on the monthly delivery volumes of various new energy vehicle manufacturers such as Leapmotor, Li Auto, XPeng, and NIO are presented [29]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: From January to August, global new energy vehicle sales increased by 30.6% year - on - year to 13.257 million. Europe and other regions had strong growth. Europe's cumulative sales were 2.442 million, with a year - on - year growth rate of 30.8%, and other regions' cumulative sales were 665,000, with a year - on - year growth rate of 50.6%. The North American market's cumulative sales were 1.205 million, with a year - on - year growth rate of 4.8% (from January to September, cumulative sales were 1.399 million, with a year - on - year growth rate of 8.3%). The US had record - high new energy vehicle sales and penetration rates in August and September due to the expiration of the federal electric vehicle tax credit on September 30 [4][119]. - **European Market**: Europe's new energy vehicle market had a relatively strong growth, with cumulative sales of 2.442 million from January to August, a year - on - year growth rate of 30.8% [4][119]. - **North American Market**: The North American market had relatively slow growth in the early stage, with a cumulative sales of 1.205 million from January to August, a year - on - year growth rate of 4.8% (from January to September, cumulative sales were 1.399 million, with a year - on - year growth rate of 8.3%). The US had record - high sales and penetration rates in August and September [4][119]. - **Other Regions**: Other regions had a relatively high growth rate, with cumulative sales of 665,000 from January to August, a year - on - year growth rate of 50.6% [4][119]. 3.2.3 Power Battery Industry Chain - Data on power battery installation volume, export volume, weekly average price of battery cells, material cost, and the operating rates and prices of various battery materials are presented [79]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of raw materials such as rubber, glass, steel, and aluminum are presented [100]. 3.3 Hot News Summary 3.3.1 China: Policy Dynamics - The National Development and Reform Commission and other departments issued the "Three - Year Doubling Action Plan for the Service Capacity of Electric Vehicle Charging Facilities (2025 - 2027)", aiming to build 28 million charging facilities nationwide by the end of 2027, providing over 300 million kilowatts of public charging capacity to meet the charging needs of over 80 million electric vehicles. - The Ministry of Industry and Information Technology organized the formulation and revision of relevant regulations to improve the access requirements for vehicle production enterprises and products, promote the improvement of product quality and safety, and adapt to the development trend of the automotive industry [108][109]. 3.3.2 China: Industry Dynamics - In September, China's automobile sales were 3.226 million, a year - on - year increase of 14.9%, and new energy vehicle sales were 1.604 million, a year - on - year increase of 24.6%. From January to September, automobile production and sales were 24.333 million and 24.363 million respectively, with year - on - year increases of 13.3% and 12.9%. New energy vehicle production and sales were 11.243 million and 11.228 million respectively, with year - on - year increases of 35.2% and 34.9%. - In September, automobile exports were 652,000, a year - on - year increase of 21%, and new energy vehicle exports were 222,000, a year - on - year doubling. From January to September, automobile exports were 4.95 million, a year - on - year increase of 14.8%, and new energy vehicle exports were 1.758 million, a year - on - year increase of 89.4%. - From October 1 - 12, new energy vehicle retail sales decreased by 1% year - on - year, and cumulative retail sales this year increased by 23% year - on - year. - In September, China's power battery installation volume was 76 GWh, a year - on - year increase of 39.5%. From January to September, the cumulative installation volume was 493.9 GWh, a year - on - year increase of 42.5% [110][111][112][113][114]. 3.3.3 Overseas: Policy Dynamics - Germany extended the electric vehicle tax exemption period from the end of 2030 to the end of 2035 and will launch a new pure - electric vehicle subsidy plan in 2026, with a maximum subsidy of 4,000 euros. This is a resumption of support for electric vehicle purchases since the end of the previous subsidy policy in December 2023 [4][120]. 3.4 Industry Views - In the domestic market, from October 1 - 12, new energy vehicle retail sales decreased by 1% year - on - year, and cumulative retail sales this year increased by 23% year - on - year. In September, new energy vehicle sales were 1.604 million, a year - on - year increase of 24.6%, and cumulative sales were 11.228 million, a year - on - year increase of 34.9%. - Policy - wise, the goal is to build 28 million charging facilities nationwide by the end of 2027. - In the global market, from January to August, new energy vehicle sales increased by 30.6% year - on - year. Europe and other regions had strong growth, while the North American market had relatively slow growth. Germany extended the tax exemption period and will restart the subsidy policy [3][4][118][119][120]. 3.5 Investment Suggestions - China's new energy vehicle market penetration rate has reached a high level. In 2025, high - competitiveness new models are continuously launched, and price wars are ending. - Overseas markets face trade protectionism risks, so attention should be paid to new growth points such as the Belt and Road countries and the Middle East. - In the competitive landscape, domestic brands' market share is expanding, and attention should be paid to companies with strong product strength, smooth overseas expansion, and stable supply [5][121].