Group 1 - The liquidity of the battery ETF managed by Jiashi has a turnover rate of 4.03% with a transaction volume of 49.47 million yuan, and the average daily transaction volume over the past month is 91.82 million yuan [3] - The latest scale of the battery ETF managed by Jiashi has reached 1.18 billion yuan, with a total inflow of 112 million yuan over the last 10 trading days [3] - As of September 22, 2025, the net value of the battery ETF managed by Jiashi has increased by 94.99% over the past year, ranking 543 out of 3021 in the index stock fund category, placing it in the top 17.97% [3] Group 2 - Dongwu Securities indicates that the demand for energy storage batteries continues to exceed expectations, with profitability showing improvement elasticity [4] - The global demand for energy storage batteries is revised upward by 25% to 500-550 GWh for 2025, representing a year-on-year increase of 60%, with a forecasted growth of over 35% for 2026 [4] - The top ten weighted stocks in the China Securities Battery Theme Index include companies such as Sunshine Power, CATL, and EVE Energy, accounting for a total of 53.03% of the index [4]

Group 1 - Wanxiang Qianchao and Lianang Micro both hit the daily limit up [1] - Dayang Electric and Heertai previously reached the daily limit up [1] - Wave Optoelectronics, Sanhua Intelligent Control, and Junsheng Electronics also experienced a rise [1]

Domestic News - The Ministry of Industry and Information Technology and four other departments have issued a plan for the steel industry, targeting an average annual growth of around 4% in value added over the next two years, focusing on quality upgrades in major steel-consuming industries such as automotive and machinery [2] - In August, the retail sales of new energy passenger vehicles increased by 7.5% year-on-year, with a penetration rate of 55.2%, indicating a steady growth in the consumption market [3] - The State Administration for Market Regulation has revised and published national standards for urban public transport and car rental services, which will take effect on November 1, emphasizing the verification of rental operators and vehicles [4] - Since the beginning of the 14th Five-Year Plan, the cumulative insurance coverage for motor vehicles has exceeded 1.6 billion instances, marking a 40% increase compared to the previous five-year period [5] International News - In the first 20 days of September, South Korea's automobile export value increased by 14.9% year-on-year, reaching $3.42 billion, despite an overall export decline due to new U.S. tariff policies [6] - Belgium's exports of passenger cars to the U.S. plummeted by 45% from May to July, contributing to a trade deficit of €2.2 billion with the U.S. during this period [7] - Porsche announced a significant adjustment to its electric platform development timeline, extending the market lifecycle of existing internal combustion engine models while introducing new models [8] Company News - China FAW Group Corporation is in the public announcement period for its acquisition of a stake in Shenzhen Zhuoyu Technology Co., which specializes in advanced driver-assistance systems (ADAS) [9] - Geely Automobile issued 24,000 ordinary shares due to the exercise of stock options under its plan adopted in April 2023 [10] - Li Xiang, CEO of Li Auto, clarified that there is no model named "Li Xiang i7," addressing public inquiries about the vehicle [11] - CATL signed a strategic cooperation agreement with the People's Government of Milin City, focusing on new energy projects and zero-carbon industries [12] - WeRide partnered with Grab to launch the Ai.R autonomous driving service in Singapore, marking the first such service in residential areas [13]

Market Overview - On September 22, the Shanghai Composite Index rose by 0.22%, the CSI 300 increased by 0.46%, the STAR 50 surged by 3.38%, the CSI 1000 climbed by 0.69%, the ChiNext Index went up by 0.55%, while the Hang Seng Index fell by 0.76% [4] - The best-performing sectors on September 22 were electronics (+3.71%), computers (+1.7%), non-ferrous metals (+0.98%), machinery equipment (+0.86%), and non-bank financials (+0.81%). The worst-performing sectors included social services (-2.04%), beauty and personal care (-1.36%), retail (-1.31%), food and beverage (-1.21%), and construction decoration (-1.07%) [4] - The total trading volume for the A-share market on September 22 was 21,425 billion yuan, with a net inflow of 12.736 billion Hong Kong dollars from southbound funds [4] Company Analysis - The report focuses on Junsheng Electronics (600699), which operates in the robotics and automotive Tier 1 sectors. The company announced a new large order with a total lifecycle order value of approximately 15 billion yuan [5] - The new order is expected to enhance the company's performance, indicating a recovery in profitability and potential growth in the humanoid robotics business [5] - Key catalysts for investment include accelerated mass production of humanoid robots and progress from leading overseas companies [5]

Group 1 - The meeting between Chinese Vice Premier He Lifeng and a U.S. congressional delegation indicates a strategic direction for stabilizing China-U.S. relations, emphasizing mutual respect and cooperation [5] - The U.S. stock market saw all three major indices rise, with the Dow Jones up 0.14%, Nasdaq up 0.7%, and S&P 500 up 0.44%, marking new closing highs [5] - International precious metals futures experienced a general increase, with COMEX gold futures rising by 2.03% to $3781.20 per ounce and silver futures up by 3.17% to $44.32 per ounce [6] Group 2 - The People's Bank of China reported that as of the end of June, the total assets of the banking sector reached nearly 470 trillion yuan, ranking first in the world [10] - The China Securities Regulatory Commission (CSRC) announced plans to deepen reforms in the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange, aiming to enhance the capital market's attractiveness and competitiveness [11] - The Shanghai Stock Exchange aims to promote long-term capital inflows to stabilize and activate the capital market, supporting the development of new productive forces [12] Group 3 - The announcement of the acquisition of Shenzhen Zhuoyu Technology by China First Automobile Works (FAW) is significant for FAW's strategy in the advanced driver-assistance systems (ADAS) sector [18] - Huawei's upcoming WATCH GT 6, featuring a new high-silicon stacked battery, promises a 50% increase in battery life compared to its predecessor, potentially enhancing user experience in the smartwatch market [20] - BYD's response to Warren Buffett's divestment from the company emphasizes a mature perspective on stock investment, highlighting the normalcy of buying and selling in the market [22] Group 4 - Xiaomi's upcoming launch of the Xiaomi 17 series on September 25, along with CEO Lei Jun's annual speech, is expected to positively impact the company's market performance and strategic direction [23] - Li Auto's restructuring of its autonomous driving department may influence the company's future technological advancements and product development in the smart driving sector [24] - DeepSeek's update to version 3.1 aims to improve user experience and demonstrates the company's commitment to technological development, potentially leading to industry innovation [25]

Core Viewpoint - The recent viral video claiming that a battery ejection technology developed by the China Automotive Collision Repair Technology Research Center and Junsheng Electronics can safely eject batteries during a thermal runaway situation has been denied by Junsheng Electronics, stating no collaboration exists with the center [1][2]. Group 1: Technology and Safety - A video circulating online demonstrates a technology that can eject batteries from electric vehicles within one second during a thermal runaway event, aiming to achieve vehicle-battery separation [2]. - The concept of battery ejection has sparked discussions among netizens regarding potential safety concerns, such as the implications for other vehicles if a battery is ejected during a collision [4]. Group 2: Company Information - The China Automotive Collision Repair Technology Research Center has not been verifiably linked to any credible information, and reports suggest it may be associated with the Mate Group, which operates in the Chinese automotive aftermarket [6]. - The Mate Group's website indicates it owns several brands and is a significant player in the automotive repair industry, holding positions in various automotive associations [6]. - Attempts to contact the Mate Group's headquarters were unsuccessful, raising questions about the transparency and credibility of the organization [7].

Investment Rating - The automotive industry is rated as "Outperform" compared to the market index [3][11]. Core Insights - The automotive sector experienced a weekly increase of 2.95%, outperforming the Shanghai Composite Index, which declined by 0.44% [3][5]. - Tesla's strategic shift towards AI and robotics, particularly with the launch of the AI5 chip, is expected to significantly enhance productivity and drive future growth [3]. - The report highlights the emergence of a concentrated market structure in smart vehicles, driven by leading companies leveraging AI and computational power [3]. Summary by Sections Industry Performance - The A-share automotive sector index closed at 8,106.5 points, ranking 4th out of 31 sectors [3][5]. - The top-performing sub-sectors included automotive parts (+4.29%) and passenger vehicles (+1.89%), while commercial vehicles saw a decline of 0.98% [3][7]. Stock Performance - The top five A-share stocks in the automotive sector this week were: - Junsheng Electronics (+44.25%) - Shanzi Gaoke (+39.71%) - Kaiter Co. (+33.76%) - Kebo Da (+32.17%) - Wanxiang Qianchao (+31.93%) [3][8]. - In the Hong Kong market, the top performers included: - Dechang Motor Holdings (+40.61%) - NIO (+21.88%) - Nexperia (+18.73%) [3][9]. Strategic Developments - Tesla's "Macro Plan 4.0" focuses on AI and robotics, with expectations that 80% of its future value will come from the Optimus robot [3]. - The AI5 chip, produced using TSMC's 3nm technology, boasts a performance increase of 3-5 times over its predecessor, with significant enhancements in memory and processing capabilities [3]. - The report suggests that the shift towards smart vehicles will create increased demand for testing and inspection services, highlighting opportunities for companies like China Automotive Research [3].

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [7]. Core Insights - The humanoid robot concept index increased by 2.97% from September 14 to September 19, 2025, outperforming the CSI 300 index by 3.41 percentage points. Year-to-date, the humanoid robot index has risen by 78.38%, surpassing the CSI 300 index by 60.54 percentage points [2][12]. - Figure AI, a leading startup in humanoid robotics, announced it raised over $1 billion in Series C funding, achieving a post-money valuation of $39 billion. This funding round was led by Parkway Venture Capital, with participation from major investors like NVIDIA and Intel Capital. This milestone is seen as crucial for the next phase of growth in humanoid robotics [5][26]. - The report highlights significant advancements in the humanoid robot sector, including strategic partnerships, technological innovations, and substantial investments, indicating a robust growth trajectory for the industry [3][21][24]. Weekly Market Review - The humanoid robot index saw the highest weekly gain from Junsheng Electronics at +44.25%, while Jiangsu Beiren experienced the largest decline at -16.18% [19][22]. - The report notes that the central enterprises have invested 8.6 trillion yuan in strategic emerging industries since the 14th Five-Year Plan, reflecting strong governmental support for the sector [21]. Key Company Announcements - TOSY Robotics has completed multiple rounds of validation for its first humanoid robot product, "Xiao Tuo," which can autonomously perform complex tasks in industrial settings [24]. - Zhongding Holdings has established strategic partnerships in the humanoid robot field, leveraging its proprietary technologies [29]. - Wanxiang Qianchao is focusing on developing key components for humanoid robots, with plans to enhance production capacity significantly by 2025 [30]. Industry News - The Ministry of Science and Technology is promoting the application of humanoid robots in various sectors, including automotive manufacturing and logistics, which is expected to lay a solid foundation for the future trillion-dollar industry [23]. - Yusheng Micro has developed Ethernet communication products suitable for robot motion control, indicating advancements in communication technology for humanoid robots [32].

Core Viewpoint - A video demonstrating a new battery ejection technology during thermal runaway in electric vehicles has gone viral, raising safety concerns and controversy regarding its implications for public safety and liability [2]. Group 1: Technology and Development - The video shows a vehicle equipped with a technology that can eject the battery 3 to 6 meters away from the car during thermal runaway, achieving separation between the vehicle and the battery [2]. - The technology was reportedly developed in collaboration with Junsheng Electronics and the "China Collision Repair Technology Center" [2]. Group 2: Company Responses and Clarifications - Junsheng Electronics (600699.SH) stated that they do not have any formal development agreement with the "China Collision Repair Technology Center" [2]. - The "China Collision Repair Technology Center" is associated with the Mate Group, which operates several automotive brands but lacks official business registration information [2]. Group 3: Industry Context - The Mate Group, established in 1992, primarily focuses on the automotive aftermarket sector [2]. - Attempts to contact the Mate Group's headquarters and Beijing branch revealed unresponsive or non-existent phone lines, raising questions about the company's operational status [2].

Core Viewpoint - A video demonstrating a new battery ejection technology for electric vehicles has gone viral, showing a vehicle capable of ejecting its battery 3 to 6 meters away during thermal runaway incidents. This technology was reportedly developed by "China Collision Repair Technology Center" in collaboration with Junsheng Electronics, although Junsheng has denied any formal partnership [3][4]. Group 1 - The viral video features a vehicle with a technology that allows the battery to be ejected during thermal runaway, enhancing safety by separating the battery from the vehicle [3]. - The technology has sparked controversy, with public reactions questioning the ethics of potentially endangering others while ensuring personal safety [4]. - Junsheng Electronics clarified that they do not have any collaboration with "China Collision Repair Technology Center," which is associated with the Mite Group, a company primarily engaged in the automotive aftermarket [4][5]. Group 2 - "China Collision Repair Technology Center" lacks any registered business information, raising questions about its legitimacy [4]. - The Mite Group, established in 1992, operates under various automotive brands but has not provided clear contact information, as attempts to reach their headquarters and branches were unsuccessful [5].