Core Points - The Shanghai Composite Index fell by 0.26% on September 15, with 15 industries rising, led by power equipment and media, which increased by 2.22% and 1.94% respectively [1] - The automotive industry saw a rise of 1.44%, with a net inflow of 31.66 billion yuan in capital [1][2] - A total of 27 industries experienced net capital outflows, with the electronics sector leading at 87.73 billion yuan, followed by non-ferrous metals at 86.06 billion yuan [1] Industry Summary - The automotive sector had 277 stocks, with 161 rising and 12 hitting the daily limit. The top net inflow stocks included BYD with 8.92 billion yuan, Top Group with 8.21 billion yuan, and Jianghuai Automobile with 5.61 billion yuan [2] - The automotive sector's outflow list included Shanzhi Gaoke with a net outflow of 2.44 billion yuan, Weichai Power also at 2.44 billion yuan, and Zhongtai Automobile with 1.19 billion yuan [3] - The automotive industry had a total of 130 stocks with net inflows, while 6 stocks experienced outflows exceeding 1 billion yuan [2][3]

Group 1 - The commercial vehicle sector increased by 2.58% on September 15, with Jianghuai Automobile leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] - Jianghuai Automobile's closing price was 58.14, reflecting a rise of 6.68% with a trading volume of 1.3597 million shares and a transaction value of 7.728 billion [1] Group 2 - The commercial vehicle sector saw a net inflow of 405 million in main funds, while retail funds experienced a net outflow of 108 million [3][4] - Jianghuai Automobile had a net inflow of 423 million in main funds, with a net outflow of 32.3 million in speculative funds [4] - The trading volume and transaction values for other companies in the sector varied, with notable performances from Zhongtong Bus and Ankai Bus, which saw increases of 2.78% and 2.43% respectively [1][3]

人民财讯9月15日电，9月15日，江汽集团官微发布声明称，江汽集团一直以来深入贯彻工信部的部署要 求，积极响应行业协会的倡议，已全面推进60天账期承诺。为进一步提升支付效率与透明度，江汽集团 将持续优化支付流程，加快推进供应链支付信息化系统建设，全面保障包括中小企业在内的所有供应商 获得高效、公平的支付体验，减轻供应链资金压力。江汽集团坚信，长期、稳定、互信的合作关系是推 动汽车产业高质量发展的基础。江汽集团将以切实行动持续深化供应商账款支付承诺，以技术赋能管理 升级，与供应链伙伴携手共进，共同推进汽车产业可持续、高质量发展。 ...

Group 1 - Jianghuai Automobile's stock increased by 5.19%, reaching 57.33 CNY per share, with a trading volume of 4.693 billion CNY and a turnover rate of 3.84%, resulting in a total market capitalization of 125.209 billion CNY [1] - Jianghuai Automobile, established on September 30, 1999, and listed on August 24, 2001, is based in Hefei, Anhui Province, and its main business includes the research, production, sales, and service of commercial vehicles, passenger vehicles, automotive chassis, and core automotive components [1] - The revenue composition of Jianghuai Automobile is as follows: commercial vehicles 54.97%, passenger vehicles 25.10%, others 11.82%, buses 7.67%, and chassis 0.44% [1] Group 2 - Changcheng Fund has one fund heavily invested in Jianghuai Automobile, specifically the Changcheng Industry Rotation Mixed A (002296), which held 586,700 shares in the second quarter, accounting for 2.91% of the fund's net value, ranking as the eighth largest holding [2] - The Changcheng Industry Rotation Mixed A fund was established on January 12, 2016, with a current size of 774 million CNY, and has achieved a year-to-date return of 30.19%, ranking 2638 out of 8246 in its category [2] - The fund manager, Yang Yu, has been in charge for 4 years and 49 days, with the fund's total asset size at 809 million CNY, and the best and worst returns during his tenure being -24.96% and -34.33%, respectively [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The "Automobile Industry Steady Growth Work Plan (2025 - 2026)" aims for about 32.3 million vehicle sales in 2025, a 3% YoY increase, with around 15.5 million new energy vehicle sales, a 20% YoY increase, and a 6% YoY growth in automobile manufacturing added - value. In 2026, the industry is expected to maintain a stable and positive development trend [1][105][116]. - From January to August, China's automobile sales reached 21.128 million, a 12.6% YoY increase, and new energy vehicle sales were 9.62 million, a 36.7% YoY increase, achieving 65.4% and 61.9% of the annual targets respectively [1][106][118]. - In the 36th week (September 1 - 7), new energy passenger vehicle retail sales were 220,000, a 0.5% YoY decrease, and the annual cumulative retail sales were 7.645 million, a 23.4% YoY increase. The single - week penetration rate reached 60.6%, and the annual cumulative penetration rate was 51.9%, showing a slow upward trend [2][109][118]. - In July, global new energy vehicle sales reached 1.392 million, an 18.5% YoY increase, and from January to July, sales were 9.233 million, a 25.9% YoY increase. Except for China, Europe and other regions had significant growth, with 29.5% and 53.4% growth respectively from January to July [2][118]. - In August, the US new energy vehicle sales were 177,000, an 18.4% YoY increase, much higher than the overall vehicle growth rate of 2%. From January to August, the cumulative sales were 1.01 million, a 2.4% YoY increase [2][112][119]. 3. Summary by Related Catalogs 3.1 Financial Market Tracking - The weekly price changes of relevant sectors and listed companies are presented. For example, BYD's closing price on September 12 was 105.91 yuan, with a - 1.26% weekly change; CATL's closing price was 325 yuan, with a - 0.03% weekly change [13][15][16]. 3.2产业链数据跟踪 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports**: In August, new energy vehicle production and sales were 1.391 million and 1.395 million respectively, with YoY growth of 27.4% and 26.8%. From January to August, production and sales were 9.625 million and 9.62 million respectively, with YoY growth of 37.3% and 36.7%. In August, new energy vehicle exports were 224,000, a 100% YoY increase. From January to August, exports were 1.532 million, an 87.3% YoY increase [106][107][108]. - **Inventory Changes**: Data on monthly new additions to new energy passenger vehicle channel inventory and manufacturer inventory are provided [25][26]. - **Delivery Volumes of Chinese New Energy Vehicle Manufacturers**: Monthly delivery volumes of manufacturers such as Leapmotor, Li Auto, XPeng, NIO, Zeekr, Aion, Voyah, and Deepal are presented [28][29][33]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: In July, global new energy vehicle sales reached 1.392 million, an 18.5% YoY increase, and from January to July, sales were 9.233 million, a 25.9% YoY increase [2][118]. - **European Market**: Relevant data on new energy vehicle sales and penetration rates in Europe, including the UK, Germany, and France, are provided [44][45][49]. - **North American Market**: In August, US new energy vehicle sales were 177,000, an 18.4% YoY increase. From January to August, the cumulative sales were 1.01 million, a 2.4% YoY increase. Data on North American new energy vehicle sales and penetration rates are also presented [2][112][119]. - **Other Regions**: Data on new energy vehicle sales and penetration rates in other regions, such as Japan, South Korea, and Thailand, are provided [60][61][65]. 3.2.3 Power Battery Industry Chain - Data on power battery installation volume (by material), export volume (by material), weekly average price of power battery cells, and material costs are presented. Information on the operating rates and prices of ternary materials, precursors, lithium iron phosphate, negative electrode materials, electrolytes, and other related materials is also provided [76][78][82]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of rubber, glass, steel, and aluminum are provided [97][98][100]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - The eight - department joint issuance of the "Automobile Industry Steady Growth Work Plan (2025 - 2026)" aims to achieve specific sales and growth targets for 2025 and 2026 [1][105][116]. - The six - department joint launch of a three - month special rectification action for online chaos in the automobile industry aims to improve the handling efficiency of online chaos and regulate marketing and publicity behaviors [105]. - The two - department release of the "Implementation Opinions on Promoting High - Quality Development of 'Artificial Intelligence +' Energy" promotes the application of artificial intelligence in energy - related fields [106]. 3.3.2 China: Industry Dynamics - In August, new energy vehicle production and sales data are as stated above. From January to August, the production and sales of new energy vehicles also showed significant growth [106][107][108]. - From September 1 - 7, new energy retail sales decreased by 3% YoY, and the cumulative retail sales increased by 25% [109]. - In August, China's power battery installation volume was 62.5GWh, a 32.4% YoY increase. From January to August, the cumulative installation volume was 417.9GWh, a 43.1% YoY increase [110][111]. - The China Association of Automobile Manufacturers is preparing to establish a new energy vehicle battery branch [111]. 3.3.3 Overseas: Policy Dynamics - Mexico plans to raise import tariffs on products from Asian countries such as China, South Korea, and India to 50%, which requires congressional approval [112]. - The US has exempted a variety of products, including gold, graphite, and nickel, from tariffs [112]. 3.3.4 Overseas: Industry Dynamics - In August, US new energy vehicle sales were 177,000, an 18.4% YoY increase [112][113][119]. 3.3.5 Overseas: Enterprise Dynamics - Construction of South Korean battery factories in the US has been interrupted due to immigration enforcement. LG Energy Solution has taken corresponding measures [113][114]. - VinFast delivered 72,167 vehicles globally in the first half of 2025, with significant growth in vehicle and motorcycle sales. In the second quarter, revenue increased by 91.6% YoY, and the net loss was approximately 812 million US dollars [115]. - InoBat, a Slovakian electric vehicle battery manufacturer, received 54 million euros in subsidies and 456,000 euros in loans from the Spanish government to support the construction of a battery super - factory [116][117]. 3.4 Industry Views The "Automobile Industry Steady Growth Work Plan (2025 - 2026)" sets clear goals for 2025 and 2026, and current market data shows the development status of the new energy vehicle industry [1][116][118]. 3.5 Investment Suggestions - China's new energy vehicle market penetration rate has reached a relatively high level. In 2025, high - competitiveness new models are continuously launched, and price wars are gradually ending. - Due to severe trade protectionism in Europe and the US, there are risks in exports. Attention should be paid to new growth points such as Belt and Road countries and the Middle East. - In the competitive landscape, domestic brands' market shares continue to expand. Attention should be paid to enterprises with strong product capabilities, smooth overseas expansion, and stable supply [3][120][121].

Investment Rating - The report assigns a "Buy" rating for Jianghuai Automobile, marking its first coverage [3]. Core Views - Jianghuai Automobile is transitioning from a traditional vehicle manufacturer to a high-end intelligent mobility technology enterprise, with a focus on commercial and passenger vehicles [15][19]. - The partnership with Huawei is expected to enhance the company's product offerings, particularly with the launch of the ultra-high-end model, the Zun Jie S800, which aims to compete in the luxury vehicle market [6][10]. - The company anticipates significant improvements in profitability following the introduction of the Zun Jie brand and its products [7][10]. Financial Data and Profit Forecast - Total revenue projections for Jianghuai Automobile are as follows: - 2024: 42.202 billion CNY - 2025: 49.055 billion CNY - 2026: 70.100 billion CNY - 2027: 101.428 billion CNY - The expected growth rates are -6.3% for 2024, 16.2% for 2025, 42.9% for 2026, and 44.7% for 2027 [2]. - The net profit attributable to shareholders is projected to be -1.784 billion CNY in 2024, improving to 5.047 billion CNY by 2027 [2]. - The gross margin is expected to rise from 10.5% in 2024 to 24.5% in 2027, indicating a recovery in profitability [2]. Business Strategy and Product Development - Jianghuai's product strategy includes a diversified portfolio with three main passenger vehicle brands: Jianghuai, Jianghuai Yiwei, and Jianghuai Ruifeng, covering various market segments [40][46]. - The company has established multiple partnerships with industry leaders like NIO, Baidu, and Volkswagen to enhance its product offerings and market presence [15][40]. - The Zun Jie brand, developed in collaboration with Huawei, is positioned in the ultra-luxury segment, with the Zun Jie S800 expected to achieve sales of 12,099 units in 2025 [6][10]. Market Position and Competitive Landscape - Jianghuai's commercial vehicle segment remains a core strength, with revenue from commercial vehicles projected at 248 billion CNY in 2024, accounting for 59% of total revenue [51]. - The company is focusing on high-end electric vehicles, with the Zun Jie S800 expected to differentiate itself through luxury features and advanced technology [10][12]. - The competitive landscape includes established players in the high-end market, but Jianghuai aims to leverage its unique offerings to capture market share [10][12].

Core Insights - Jianghuai Automobile reported a decline in both production and sales for August, with total production at 27,601 units, down 23.22% year-on-year, and total sales at 32,447 units, down 13.23% year-on-year [2][3] Production and Sales Overview - Total production for the first eight months reached nearly 250,000 units, reflecting a year-on-year decrease of 9.78% [2] - Total sales for the first eight months also approached 250,000 units, with a year-on-year decline of 9.97% [2] Vehicle Segment Performance - SUV production was 4,762 units, down 49.03% year-on-year, while sales were 5,951 units, down 30.89% [3] - MPV production increased by 29.86% to 1,496 units, with sales rising 109.91% to 2,647 units [3] - Sedan production decreased by 29.89% to 4,870 units, with sales down 8.09% to 7,588 units [3] - Commercial vehicle production included 10,572 trucks (up 4.18%) and 3,530 pickups (down 44.23%), with respective sales of 10,397 trucks (down 0.34%) and 3,733 pickups (down 30.95%) [3] New Energy Vehicle Performance - In the new energy vehicle segment, production for August was 2,537 units, up 8.98% year-on-year, but cumulative production for the first eight months was 12,824 units, down 14.89% [4] - Sales of new energy vehicles in August were 2,208 units, down 27.15%, with cumulative sales for the first eight months at 12,430 units, down 32.93% [4] Financial Performance - Jianghuai Automobile reported significant losses from 2020 to 2024, with cumulative losses exceeding 10 billion yuan [4] - In the first half of 2025, the company achieved revenue of 19.36 billion yuan, down 9.10%, and a net loss of 777 million yuan, an increase in loss of 356.89% year-on-year [4] - Management expenses surged by 43.99% to 1.12 billion yuan, while R&D expenses fell by 12.87% to 687 million yuan, indicating a concerning trend in cost management [4] Strategic Challenges - The company has struggled with a dependency on contract manufacturing, which has hindered its ability to build its own brand and innovate [5] - Recent partnerships, such as with Huawei for the ZunJie brand, face challenges in a competitive luxury car market, complicating the conversion of orders into actual sales and profits [5]

Core Viewpoint - Traditional automotive brands are accelerating their elimination, leading to a disruption in the value chain of the automotive industry, with new ecosystems and value chains emerging [1] Group 1: Company Strategy - Jianghuai Automobile Group emphasizes a commitment to independent innovation and open cooperation to accelerate high-quality transformation and development [1] - The company aims to ensure the commercial success of its Zun Jie brand, focusing on high-quality development and market launch of the Zun Jie series products [1] - Jianghuai plans to deepen collaboration with technology companies like Huawei to transition into a "technology-oriented" enterprise [1] Group 2: Strategic Goals - The company is working towards achieving its "Million Trillion" strategic goal, indicating ambitious growth and market expansion plans [1]

Group 1 - The commercial vehicle sector experienced a decline of 1.02% on September 12, with King Long Automobile leading the drop [1][3] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] - Major stocks in the commercial vehicle sector showed mixed performance, with Yutong Bus increasing by 1.39% and King Long Automobile decreasing by 1.49% [1][3] Group 2 - The net outflow of main funds in the commercial vehicle sector was 540 million yuan, while retail investors saw a net inflow of 315 million yuan [3][4] - The detailed fund flow indicated that King Long Automobile had a significant net outflow of 39.38 million yuan from main funds [4] - Other companies like Ankai Bus and Foton Motor also experienced varying levels of net inflow and outflow from different investor categories [4]

Core Viewpoint - The heavy truck market in China experienced significant growth in August 2025, achieving a sales volume of 91,600 units, representing a year-on-year increase of 47%, marking the fifth consecutive month of growth [5][10][20]. Sales Performance - In August 2025, the total sales of trucks (including chassis and tractors) reached 271,600 units, with a month-on-month increase of 3% and a year-on-year growth of 17% [3]. - The heavy truck segment alone sold 91,600 units in August, with a month-on-month increase of 8% and a year-on-year increase of 47%, which is an expansion of 1 percentage point compared to July's growth of 46% [10][20]. - Historically, August is typically a slow season for heavy truck sales, with the average sales over the past decade being approximately 68,400 units. The sales in August 2025 are considered a strong performance [3][6]. Cumulative Sales Data - From January to August 2025, cumulative heavy truck sales reached 715,700 units, ranking second in the last five years and sixth in the last decade, with a year-on-year increase of 14% [8][15]. - The average monthly sales for the first eight months of 2025 approached 90,000 units, significantly higher than the average monthly sales in 2024 and 2023, indicating a clear recovery in the heavy truck market [8]. Market Share and Competition - In August 2025, five companies achieved sales exceeding 10,000 units, with the top five companies accounting for 91.34% of the market share [10][12]. - The leading companies in sales for August included Heavy Truck with 25,600 units, followed by Liberation, Dongfeng, Shaanxi Automobile, and Foton [10]. - Cumulatively, the top ten companies accounted for 98.06% of the market share from January to August 2025, with the top five companies holding a combined share of 90.90%, indicating increased industry concentration [17]. Growth Trends - All top ten companies in the heavy truck market reported year-on-year growth in August, with notable increases from Foton and Chery, which saw growth rates of 172% and 237%, respectively [12][15]. - The heavy truck market is expected to continue its growth trend into the traditional peak season of "Golden September and Silver October" [20].