2025年9月23日，工信部部长李乐成在第25届中国国际工业博览会开幕式上致辞表示，"十五五"时期 （2026-2030年），在培育壮大新兴和未来产业方面，工信部要实施培育新兴产业打造新动能行动，统 筹技术创新、规模化发展和应用场景建设，加快打造一批新兴支柱产业；建立未来产业投入增长机制， 加强前沿技术研发和应用推广，开辟人形机器人、脑机接口、元宇宙、量子信息等新赛道，创建一批未 来产业先导区。2024年国家发改委发布"十五五"研究课题征集公告，聚焦不同层面的关键问题展开布 局。第一批课题重点围绕"十五五"时期的宏观层面问题展开，涵盖全球科技革命与产业变革、人工智能 应用、产业新赛道培育等宏观领域的重大问题及发展趋势，其中包括"新一轮全球科技革命和产业变革 趋势及对我国影响研究"、"人工智能技术变革对'十五五'时期经济社会发展影响研究"、"我国产业未来 发展新赛道新优势研究"等课题。 Figure宣布Go-Big项目，正在构建世界上最大的人形预训练数据集。Figure正式与Brookfield的合作， Brookfield拥有超过100,000个住宅单元，将住宅中的人类视频数据直接传输到Helix进行训练，这 ...

Group 1: Emerging Industries and Policies - The Ministry of Industry and Information Technology (MIIT) aims to cultivate emerging industries during the "14th Five-Year Plan" period (2026-2030), focusing on humanoid robots, brain-computer interfaces, the metaverse, and quantum information [1] - The National Development and Reform Commission (NDRC) will launch research topics related to macro-level issues, including the impact of global technological revolutions and industrial transformations on China [1] Group 2: Figure's Go-Big Project - Figure is constructing the world's largest humanoid pre-training dataset through a partnership with Brookfield, utilizing human video data for end-to-end learning [2] - The Helix neural network can now output operations and navigation based on language and pixel inputs, indicating significant advancements in machine learning [2] - The investment in data collection centers by Figure highlights the necessity of vast real-world data for humanoid robot model iterations, positioning Figure as a leader in the industry [2] Group 3: Automotive Industry Developments - Chery Automobile successfully listed on the Hong Kong Stock Exchange, raising HKD 9.14 billion, with 20% of the funds allocated for overseas market expansion [3] - Chery aims to leverage international capital to strengthen its overseas channel advantages and accelerate global expansion [3] - Seres has initiated its "A+H" dual capital market strategy, focusing on R&D, overseas marketing, and charging network development [4] Group 4: Investment Recommendations - The humanoid robot sector presents new opportunities, with a continued positive outlook for the automotive industry [4] - Recommended companies include Rongtai Co., Kedi Co., Shuanglin Co., and others involved in key components for humanoid robots and automotive parts [4]

华鑫证券近日发布汽车行业周报：2025年9月23日，工信部部长李乐成在第25届中国国 际工业博览会开幕式上致辞表示，"十五五"时期（2026-2030年），在培育壮大新兴和未来 产业方面，工信部要实施培育新兴产业打造新动能行动，统筹技术创新、规模化发展和应用 场景建设，加快打造一批新兴支柱产业；建立未来产业投入增长机制，加强前沿技术研发和 应用推广，开辟人形机器人、脑机接口、元宇宙、量子信息等新赛道，创建一批未来产业先 导区。 以下为研究报告摘要： 投资要点 十五五时期将打造人形机器人等新兴支柱产业，Figure正构建世界上最大的机器人训练 数据集 2025年9月23日，工信部部长李乐成在第25届中国国际工业博览会开幕式上致辞表 示，"十五五"时期（2026-2030年），在培育壮大新兴和未来产业方面，工信部要实施培育 新兴产业打造新动能行动，统筹技术创新、规模化发展和应用场景建设，加快打造一批新兴 支柱产业；建立未来产业投入增长机制，加强前沿技术研发和应用推广，开辟人形机器人、 脑机接口、元宇宙、量子信息等新赛道，创建一批未来产业先导区。2024年国家发改委发 布"十五五"研究课题征集公告，聚焦不同层面的关 ...

Investment Rating - The industry investment rating is maintained as "Positive" [7] Core Insights - The launch of the Shangjie H5 model has seen significant pre-order success, with over 10,000 orders within the first hour and a total of 160,000 pre-orders, indicating strong market demand [3][12] - The U.S. has implemented a 15% tariff on EU automobiles, which may impact pricing and competitiveness in the market [13] - Chery Automobile has successfully listed on the Hong Kong Stock Exchange, raising approximately 9.14 billion HKD (around 8.38 billion RMB), marking it as the largest IPO in the Hong Kong market for the year [13] - Leap Motor has achieved a milestone of producing its 1 millionth vehicle in just 343 days, with revised sales targets for 2025 set between 580,000 to 650,000 units [14] - GAC Group is accelerating its European expansion, entering markets in Switzerland, Austria, Hungary, Slovenia, and Croatia [16] - The new brand "Qijing" by GAC and Huawei targets young consumers, focusing on smart driving and high-quality electric vehicles [15] Market Performance - The Shanghai and Shenzhen 300 Index increased by 1.07%, while the automotive sector saw a modest gain of 0.11%, ranking 6th among A-share industries [4][23] - The passenger vehicle index decreased by 1.18%, with companies like Seres and Changan leading the gains [4][26] - The commercial vehicle index fell by 2.15%, with Shuguang and Hanma Technology showing strong performance [4][30] - The automotive parts index rose by 1.10%, with New Coordinates and Kebo Da leading the sector [4][30] Investment Recommendations - For passenger vehicles, the demand for domestic high-end luxury cars is exceeding expectations, with recommendations for Jianghuai Automobile and Seres, while Geely is identified as a beneficiary [4] - In the automotive parts sector, profitability is expected to improve, with recommendations for Desay SV and Zhejiang Xiantong, and beneficiaries including Kebo Da, Huayu Automotive, and Fuyao Glass [4]

Group 1 - The core product lineup of the company includes the new Wanjie M7, M8, and M9, which have shown strong performance in the luxury SUV market priced above 300,000 to 500,000 yuan [2] - The new Wanjie M7 achieved over 30,000 pre-orders within the first hour and reached 40,000 within 24 hours, solidifying the brand's leading position in the market [2] - The new Wanjie M7 features advanced specifications such as a 3030mm wheelbase, a multi-screen intelligent cockpit, and a comprehensive safety design with high-strength materials [3][6] Group 2 - The automotive industry is currently experiencing a peak sales season, with various manufacturers launching new products to meet annual sales targets [4] - The Wanjie M7 was launched on September 23 and began nationwide deliveries just 72 hours later, showcasing the company's efficient production and delivery capabilities [4][8] - The production base for the Wanjie M7, the Sairisi Super Factory, has achieved a peak monthly production capacity of over 30,000 units due to its highly automated processes [10] Group 3 - The company has implemented a user-centered approach by allowing customers to participate in vehicle testing before delivery, ensuring performance validation [7] - The delivery system has been upgraded to include innovative models such as "factory acceptance delivery" and "city-wide coordinated delivery," enhancing customer experience and reducing delivery times [11] - The overall product strength of the Wanjie M7 has been significantly improved, leading to increasing sales and market interest [11]

Core Viewpoint - The automotive industry is experiencing anxiety due to an impending price war starting in December 2024, prompting traditional automakers to focus on smart driving technologies [3][12]. Group 1: Industry Dynamics - The second half of 2025 may represent a turning point for traditional automakers as they adapt to new market conditions [5]. - A significant shift in leadership is occurring within the automotive sector, with 13 companies undergoing executive changes in September alone [10]. - The smart driving sector is accelerating, with traditional automakers determined not to fall behind [12]. Group 2: Strategic Approaches - Traditional automakers are adopting various strategies to enhance their competitiveness: - Acquisition Strategy: Companies like FAW are directly acquiring stakes in tech firms, such as the 35.8% stake in Zhuoyu Technology [6][17]. - Broad Investment Strategy: Some companies are diversifying their partnerships with multiple suppliers, including GAC's collaborations with Huawei and others [18]. - Partnership Strategy: Companies like Seres are exploring symbiotic relationships with tech firms [19]. - Self-Development Strategy: BYD and Changan are focusing on in-house development, with Changan recently achieving significant progress in its parking technology [24]. Group 3: Market Trends - The penetration rate of new energy vehicles in China is expected to exceed 50% by July 2025, marking a critical milestone for the industry [27]. - The competition in the smart driving sector is intensifying, with the market dynamics shifting as traditional manufacturers ramp up their efforts [28].

在国家"双碳"战略全面深化、全球可持续发展迈向新阶段的时代背景下，新能源汽车产业作为实现绿色发展的关键力量，正迎来新的使命与机遇。9月26日，"赛链同行 碳索新篇"赛力斯可持续 赛力斯集团轮值总裁张正萍，工业和信息化部国际经济技术合作中心副研究员房增强，以及赛力斯供应链伙伴、研究机构代表共同出席了论坛。 张正萍在致辞中强调，赛力斯将可持续发展作为企业基因，积极响应国家"双碳"目标，将ESG理念深度融入发展战略。他分享了赛力斯在碳管理数字化平台、技术、产品、绿色制造等方面的实践 房增强以《工业绿色低碳政策研究及绿色供应链管理工作实践》为主题解读了绿色供应链政策。他指出，"十三五"以来工信部以构建绿色供应链等"四个绿色"为牵引，全面推动产业绿色低碳转 随后，安永代表、延锋代表分别从研究机构、供应链角度分享了ESG理念落地的实践路径与行业洞察，为赛力斯推进绿色战略提供了启发与参考。 论坛期间举办了"赛链同行 碳索新篇"启动仪式，标志着赛力斯与供应链伙伴协同推进低碳转型的全新征程正式开启。 赛力斯集团战略规划总监张有洪在《坚持可持续发展 推动汽车低碳变革》主题发言中，具体阐述了赛力斯可持续发展的探索——"低碳设计"" ...

Core Viewpoint - The company, Seres, plans to issue up to 331 million overseas listed ordinary shares and list on the Hong Kong Stock Exchange, marking the initiation of its "A+H" dual capital market strategy to expand international financing channels [2][3]. Financial Performance - For the first half of 2025, Seres reported operating revenue of 62.40 billion yuan, a decrease of 4.06% year-on-year, while net profit attributable to shareholders increased by 81.03% to 2.94 billion yuan, driven by product diversification and new product launches [3][4]. - The company's total assets reached approximately 112.91 billion yuan, reflecting a year-on-year increase of 19.66%, and net assets attributable to shareholders increased by 118.20% to 26.76 billion yuan [4]. Business Strategy - The funds raised from the Hong Kong listing will primarily be used for R&D, overseas marketing channel development, charging network layout, and general working capital [3]. - Seres aims to enhance its global presence, focusing on overseas markets, with operations already established in Europe, the Middle East, the Americas, and Africa [4]. Shareholding Structure - The shareholding structure of Seres is relatively concentrated, with the actual controller, Zhang Xinghai, holding 28.57% of shares, followed by Xiaokang Holdings at 24.52% and Dongfeng Motor at 20.04% [5][7]. Market Context - The trend of A-share companies listing in Hong Kong has been robust, with 28 companies disclosing IPO progress in August alone, indicating a growing interest in the Hong Kong market, particularly among new energy vehicle manufacturers [8].

Core Viewpoint - The new mission and opportunities for the electric vehicle industry are highlighted in the context of China's "dual carbon" strategy and global sustainable development, emphasizing the importance of ESG-driven sustainable development [1] Group 1: Company Initiatives - The company integrates sustainable development into its core strategy, aiming for carbon neutrality in production operations by 2045 and near-zero emissions across the entire value chain [3] - The company reports that 70% of users choose economical and environmentally friendly travel options with its electric vehicles [3] - The company emphasizes collaboration with partners to build a green, low-carbon, and efficient new ecosystem for the electric vehicle industry [3][14] Group 2: Sustainable Development Strategies - The company focuses on "low-carbon design," "green manufacturing," and "intelligent management" as part of its sustainable development exploration [5] - Carbon footprint management is identified as crucial for achieving carbon neutrality, with supply chain carbon management being central to this effort [5] - The company calls for partners to incorporate green and low-carbon topics into their strategies and take practical actions for sustainable development [7] Group 3: Policy and Industry Insights - The Ministry of Industry and Information Technology has been promoting green supply chain policies since the 13th Five-Year Plan, aiming to enhance resource utilization efficiency and quality of development [9] - The forum included discussions on the challenges and opportunities in creating a green low-carbon supply chain, as well as the application value of a supply chain real-world database [15]

示，碳足迹管理是"碳中和"落地的关键，供应链碳管理则是车企碳足迹管理的核心。未来，赛力斯将持 续推动汽车低碳变革，提升ESG治理水平，并积极打造绿色产业链，为实现国家"双碳"目标贡献自己的 力量。 在国家"双碳"战略全面深化、全球可持续发展迈向新阶段的时代背景下，新能源汽车产业作为实现绿色 发展的关键力量，正迎来新的使命与机遇。9月26日，"赛链同行 碳索新篇"赛力斯可持续发展论坛 (2025)暨绿色产业链战略发布会在重庆举行。本次活动旨在展示赛力斯以ESG战略驱动可持续发展的成 果，推动构建多方共信的绿色价值生态。 赛力斯集团轮值总裁张正萍，工业和信息化部国际经济技术合作中心副研究员房增强，以及赛力斯供应 链伙伴、研究机构代表共同出席了论坛。 张正萍在致辞中强调，赛力斯将可持续发展作为企业基因，积极响应国家"双碳"目标，将ESG理念深度 融入发展战略。他分享了赛力斯在碳管理数字化平台、技术、产品、绿色制造等方面的实践，其中特别 提到了问界纯电行驶占比高达70%，这一数据表明多数用户日常选择经济又环保的出行方式。同时，他 也提出公司将以"2045年生产运营碳中和、全价值链条近零排放"为目标，从设计、供应链、制 ...