2025.07. 07 本文字数：751，阅读时长大约1分钟 作者 | 第一财经 葛慧 2025年7月7日，一则关于蔚来汽车与江淮汽车合资公司注销的消息引发关注。第一财经从接近蔚来 人士处得知，此次合资公司注销与蔚来汽车实现独立生产相关。 有信息显示，江来先进制造技术（安徽）有限公司（下称"江来公司"）于近日发布注销备案公告，注 销原因为"决议解散"，公告期自6月10日起至7月24日止。 公开信息显示，江来公司成立于2021年3月，注册资本为5.1亿人民币，经营范围主要包括道路机动 车辆生产、生产线管理服务以及供应链管理服务等。 事实上，蔚来与江淮汽车的合作可追溯至2016年。当时双方宣布将共同开展新能源汽车项目。江淮 汽车为蔚来汽车提供生产服务。 2021年3月4日，江淮汽车与蔚来签署合资意向书，双方在双方新能源汽车制造合作的基础上更进一 步，引入资本层面的合作，成立合资公司。江来公司主要聚焦工厂整车及零部件的制造管理、供应链 管理、技术咨询等。 2023年12月5日，蔚来在港交所发布公告称，将从江淮汽车收购第一先进制造基地和第二先进制造 基地的生产设备和资产，不含税总价约为31.6亿元。此前，蔚来所有产品 ...

Group 1 - NIO and JAC Motors' joint venture, Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd., has been officially dissolved due to a resolution for dissolution, which is linked to NIO's achievement of independent production capabilities [1][4] - The dissolution of the joint venture does not affect the existing cooperation between NIO and JAC Motors, as both companies have established a strong friendship since their strategic partnership began in 2016 [3] - NIO has acquired production equipment and assets from JAC Motors for approximately 3.16 billion yuan, marking the end of their manufacturing collaboration [4] Group 2 - NIO's CEO, Li Bin, indicated that manufacturing costs would decrease by 10% if NIO manufactures its vehicles independently [5] - In June, NIO delivered 24,900 vehicles, representing a year-on-year increase of 17.5%, with a total of 114,200 vehicles delivered in the first half of the year, up 30.57% year-on-year [5]

Core Viewpoint - Jianghuai Automobile has launched three new electric vehicle models in Colombia, aiming to promote green transportation in the region [1][10]. Group 1: New Model Launch - The newly launched models include the E30X Highland Version, E10X urban electric vehicle, and E40X intelligent electric SUV, specifically designed for high-altitude areas and urban environments [1][3]. - The E30X features a nine-in-one super electric drive system, which integrates all high-voltage components except the battery, reducing size by 40% compared to the previous generation [4]. - The E30X achieves a maximum speed of 150 km/h, accelerates from 0 to 100 km/h in just 9.4 seconds, and has a braking distance of only 37 meters, leading its class in performance [4]. Group 2: Safety and Design Features - The E30X incorporates a CTB battery body integrated collision transmission structure, enhancing safety with a torsional stiffness of 30,000 N·m/deg, which is 1.3 times that of its competitors [4]. - The E10X is designed for young consumers, featuring a stylish design and advanced smart configurations, catering to diverse urban commuting needs [6]. - The E40X is tailored for family users, equipped with full vehicle networking capabilities, voice control, smart navigation, and remote control features, along with OTA updates [9]. Group 3: Market Strategy and Brand Development - Jianghuai Automobile has been strengthening its dealer network and after-sales service in Colombia, enhancing user loyalty and brand recognition, which supports sustained sales growth [9]. - The introduction of these three electric models is expected to provide Colombian users with diverse smart travel solutions, accelerating the transition to green transportation in the country [9]. - Jianghuai's expansion in Colombia represents a key step in its global new energy strategy and illustrates the broader trend of Chinese automotive brands advancing on the international stage [10].

Core Viewpoint - NIO and JAC's joint venture, Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd., has decided to dissolve, as indicated by a recent announcement on the Tianyancha App [1] Company Summary - The joint venture was established in March 2021 with a registered capital of 510 million RMB [1] - The company was involved in the production of road motor vehicles, production line management services, and supply chain management services [1] - The legal representative of the company was Li Ming, and it was jointly held by NIO Inc. and Anhui Jianghuai Automobile Group Co., Ltd. [1]

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]

Core Insights - The article highlights the rapid development of the new energy vehicle (NEV) industry in Anhui, showcasing companies like Jianghuai Automobile Group and NIO as leaders in technological innovation and production efficiency [1][2][3] Group 1: Technological Advancements - Jianghuai Automobile Group's "Zun Jie" super factory exemplifies the integration of advanced manufacturing technologies, with robots completing tasks such as car door installation in just 98 seconds [1] - NIO's advanced manufacturing facility utilizes self-developed algorithms, achieving 80% of manufacturing scenarios driven by AI decision-making [1][2] - The Zun Jie S800 model features cinema-level sound quality and personalized audio experiences, indicating a focus on enhancing user experience through technology [2] Group 2: Industry Growth and Performance - From January to May 2023, Anhui's automobile and NEV production reached 1.2357 million and 613,300 units respectively, ranking first in the nation [2] - The collaboration between Jianghuai and Huawei has led to the successful launch of the Zun Jie S800, with 6,500 pre-orders by the end of June, marking a significant entry into the luxury car market [3][4] Group 3: Collaborative Ecosystem - Anhui's NEV industry has developed a comprehensive supply chain covering vehicle manufacturing, battery technology, sales, maintenance, and recycling [2] - The partnership with Huawei enhances various aspects of vehicle development, including digital twin technology and supply chain integration [3] - NIO benefits from the Long Triangle integration, with over 90% of its supply chain partners located in the region and more than 50% of its customer base sourced from there [4] Group 4: Future Outlook - Anhui aims to establish itself as a significant player in the global NEV market, contributing to China's transition from a major automotive nation to a strong automotive nation [4]

Core Viewpoint - The commercial vehicle industry has experienced significant personnel changes in June, with major companies like Sinotruk, Foton, JAC, and King Long undergoing leadership adjustments [1][25]. Group 1: Sinotruk - On June 27, Sinotruk (Hong Kong) announced multiple high-level personnel changes and board committee restructuring [2]. - Wang Zhijian resigned as chairman and executive director, while Liu Zhengtai was appointed as the new chairman and executive committee chairman [4]. - The company established an ESG committee, with Liu Wei as chairman and other members appointed [5][6]. Group 2: Sinotruk Jinan Truck - On June 7, Sinotruk Jinan Truck Co., Ltd. announced the appointment of Zhao Hai as the new general manager and Zhang Xin as the board secretary [8]. - The previous CEO Zhao Erxiang resigned but will continue to serve as a director [8]. Group 3: Foton - On June 23, Foton Motor Co., Ltd. announced the departure of Gong Haidong from his position as vice president and employee representative director [13]. - Liu Xuguang and Sun Jing were appointed as new vice presidents, while Li Qinghua was elected as the employee representative director [13]. Group 4: JAC - In late June, JAC Motors announced the resignation of Wang Bing as the chairman of the supervisory board due to retirement [18][19]. Group 5: King Long - On June 6, King Long Automobile Group Co., Ltd. reported the resignation of director Chen Jianye, with no specific reason provided [20][21].

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 ...

Investment Rating - The report maintains a neutral investment rating for the automotive and parts industry [5] Core Viewpoints - The governance of "involution" competition is expected to promote healthy development in the industry, with continued focus on companies within the Huawei supply chain [1][13] - June sales in the automotive industry benefited from consumption promotion policies, with significant year-on-year growth observed [11][17] - The report suggests that companies related to the Huawei supply chain will be less affected by price competition, indicating a stable order growth for models like the Hongmeng Zhixing S800 [12][19] Summary by Sections Investment Suggestions and Targets - The report recommends continued attention to the Huawei supply chain, including complete vehicles and auto parts, with a focus on competitive domestic brands and new forces in intelligent driving technology expected to expand market share by 2025 [2][14] - Suggested companies for investment include SAIC Motor, JAC Motors, BYD, and several others in the automotive and parts sectors [15][16] Sales Tracking - In June, the wholesale sales of passenger cars reached 1.235 million units, a year-on-year increase of 15%, while retail sales reached 763,000 units, a year-on-year increase of 3% [17] - Notable sales growth was reported for several new energy vehicle brands, with Hongmeng Zhixing delivering 52,747 units in June, marking a new monthly high [19] Industry Dynamics - The automotive industry is taking proactive measures to combat "involution" competition, including shortening supplier payment terms to 60 days and implementing various actions to stabilize pricing and improve profitability [13][22] - The report highlights that the central government is focusing on eliminating low-price disorderly competition and enhancing product quality across the industry [13] Market Performance - The automotive sector's overall performance has been relatively flat, with the motorcycle and other segments showing better performance [22] - The report notes that the automotive industry has underperformed compared to the broader market indices, indicating a need for strategic adjustments [24]

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry, particularly focusing on the mid-to-high-end market and strong alpha companies [3][4]. Core Insights - The Chinese automotive market is transitioning between the third and fourth consumption eras, with a notable expansion in mid-to-large SUVs and personalized products, indicating untapped consumer potential [4]. - The report emphasizes the importance of innovative supply to stimulate market demand, highlighting products like Yu7, Zun Jie S800, and upcoming models from Li Auto as key drivers [4]. - The report suggests continued attention to strong alpha manufacturers such as Li Auto, JAC, Xiaomi, and Seres, as well as their corresponding supply chain companies [4]. Industry Update - Retail sales of passenger cars reached 570,000 units in the 26th week of 2025, with a month-on-month decrease of 1.38%. Traditional energy vehicles sold approximately 274,000 units, down 7.43%, while new energy vehicles sold 296,000 units, up 4.96%, achieving a penetration rate of 51.93% [4]. - The automotive industry experienced a total transaction value of 425.645 billion yuan this week, reflecting a week-on-week decrease of 5.01% [4]. - The automotive industry index rose by 0.10% this week, while the Shanghai and Shenzhen 300 index increased by 1.54%, indicating that the automotive sector's performance was below the broader market [11]. Market Conditions - The report notes that 123 automotive stocks rose while 159 fell this week, with the largest gainers being TaoTao Automotive, Hunan Tianyan, and Zhengyu Industrial, which saw increases of 29.8%, 21.0%, and 18.3%, respectively [15]. - Key events include the launch of the Xiaopeng G7, which exceeded pricing expectations and features advanced autonomous driving capabilities, and the opening of BYD's factory in Brazil, enhancing its presence in the Latin American market [5][8]. Investment Recommendations - The report recommends focusing on domestic strong alpha manufacturers such as BYD, Geely, and Xiaopeng, as well as companies involved in the trend of smart technology, including Jianghuai Automobile and Seres [4]. - It also suggests monitoring state-owned enterprise reforms, particularly with SAIC Motor, and identifying component manufacturers with strong growth potential, such as Fuyao Glass and New Spring [4]. Key Events - Xiaopeng G7 was launched with a starting price of 195,800 yuan, featuring advanced AI capabilities and a significant increase in autonomous driving performance [5][41]. - BYD's new factory in Brazil aims for an annual production capacity of 150,000 vehicles, with plans to expand to 300,000 units, marking a significant step in its global strategy [8][9].