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].

Core Viewpoint - The development of power battery matching is moving towards a more market-oriented and open direction [3] Group 1: Product Launch and Market Response - The new model, Arcfox T1, was officially launched on September 11, with over 11,000 orders within two hours of pre-sale starting on August 22, and cumulative orders exceeding 43,000 by the launch date, marking it as another "phenomenal hit" in the A0-level pure electric market [4] Group 2: Battery Technology and Collaboration - The Arcfox T1 utilizes battery cells from three manufacturers: Zhongchuang Xinhang, Inpai Battery, and JuWan Technology, marking the entry of internal battery companies into the external market [5] - Inpai Battery, previously supplying Aion from GAC, has seen its June shipment volume rank among the industry's top, with a cell energy density of 195 Wh/kg and high manufacturing consistency [5] - JuWan Technology leads in ultra-fast charging, providing a solution for charging from 30% to 80% in 16.9 minutes, with the Arcfox T1 achieving a real-world range of 479.8 km under mixed urban and highway conditions [5] Group 3: Industry Trends and Standards - The collaboration between battery manufacturers and the Arcfox T1 reflects a shift in focus for automakers from brand background to whether battery cells meet system-level standards and application requirements [6] - Entering the Arcfox supply chain serves as industry recognition of the technical strength of battery companies [7] - The Arcfox T1 features the Aurora battery system, which exceeds national safety standards, with tests showing performance far above the new national standards in various stress tests [8] - The introduction of commitments like "burn one, compensate one" and "lifetime warranty for the first owner" raises battery safety standards and pressures battery companies to enhance product reliability and consistency [8] Group 4: Market Dynamics and Future Outlook - The battery supply model for the Arcfox T1 indicates a turning point in the power battery industry, with GAC's battery companies supplying to BAIC for the first time, breaking traditional supply chain barriers between automakers [9][10] - Future competition in the power battery sector will encompass system integration, safety verification, and user experience, with the Arcfox T1 serving as an important example of this new competitive landscape [10]

Core Insights - The 2025 China International Welfare Expo showcased over 10,000 assistive devices for the elderly and disabled, highlighting the growing demand for accessible transportation solutions [2][12] - Major automotive companies like Toyota, GAC Trumpchi, Great Wall, and SAIC Maxus presented welfare vehicles equipped with advanced technologies to enhance mobility for people with disabilities [2][12] Industry Trends - The welfare vehicle market is experiencing rapid growth due to an aging population and increasing demand from over 85 million disabled individuals in China, making accessible transportation a pressing social need [12][15] - Companies are expanding their focus from single product innovation to building a complete ecosystem that includes research, production, sales, and service [12][15] Technological Innovations - Toyota's welfare vehicles, such as the bz3 welfare modified version, feature electric rotating seats and spacious storage for wheelchairs, catering to diverse user needs [5][13] - GAC Trumpchi's M8 model includes a detachable welfare seat that transforms into an electric wheelchair, controlled via a mobile app, enhancing user independence [7][13] - Great Wall's new high mountain welfare version integrates voice prompts and programmable safety features, emphasizing comfort and safety [9][14] Market Challenges - The welfare vehicle market faces challenges such as limited purchasing channels and high prices for premium models, which may hinder broader adoption [15] - Companies are exploring modular modification solutions to reduce costs and maintain vehicle functionality, with over 60% of families opting to install welfare seats for disabled members [15] Future Outlook - Analysts predict that as modular modification solutions and intelligent services become more prevalent, welfare vehicles will transition from niche products to mainstream choices, promoting equal and dignified mobility for all [16]

Core Insights - The Ministry of Industry and Information Technology (MIIT) is implementing a new round of the "Automobile Industry Stabilization and Growth Work Plan (2025-2026)" to optimize tax incentives for new energy vehicles and promote electric vehicles in public sectors [1][3] - The plan sets a target of approximately 32.3 million vehicle sales in 2025, with new energy vehicle sales expected to reach around 15.5 million, reflecting a 20% year-on-year growth [1][4] Group 1: Policy and Economic Goals - The "Work Plan" aims to achieve key economic development targets for the automobile industry, which is considered a pillar of the national economy [3][9] - The MIIT has outlined several measures to boost domestic automobile consumption, including promoting electric vehicles in public sectors and enhancing charging infrastructure [6][8] Group 2: Market Performance and Projections - In the first eight months of 2025, China's automobile production and sales both exceeded 20 million units, with year-on-year growth of 12.7% and 12.6% respectively [4] - The average monthly sales in the domestic market reached 2.641 million units, suggesting a potential increase of about 10 million units in the remaining months of 2025 [4] Group 3: Challenges and Industry Dynamics - The automobile industry faces challenges such as intensified overseas competition, insufficient effective demand, and irrational competition within the market [7][8] - The MIIT has initiated a three-month special action to address online irregularities in the automobile industry, aiming to create a healthier competitive environment [7][8] Group 4: Technological Advancements - The plan emphasizes the need for breakthroughs in key technologies such as automotive chips, operating systems, and solid-state batteries to enhance product performance and meet consumer demands [8][9] - It also proposes the advancement of intelligent connected vehicles and the approval of L3-level vehicle production [8]

Group 1 - The 21st China Automotive Industry Development (Teda) International Forum highlighted the importance of flying cars and eVTOLs in building a new ecosystem for integrated air-ground transportation [2][3] - The forum reached three consensus agreements focusing on emerging industries, carbon cycle ecology, and digital intelligence, with the first consensus emphasizing the need for a low-altitude economic industry system [2][3] - The low-altitude economy is seen as a crucial aspect of new aviation, encompassing drones, eVTOLs, and flying cars, which are expected to alleviate urban traffic congestion and expand urban transportation space [3][4] Group 2 - Numerous automotive companies are entering the low-altitude economy sector, transforming into integrated transportation service providers, with examples including XPeng Motors and Chery [4][5] - The flying car industry is rapidly advancing, with several companies like Geely and GAC Group making significant progress in testing and certification of their flying car models [5][6] - The integration of low-altitude economy and automotive technology is essential, with a reported 70% overlap in the industrial chain between flying cars and traditional electric vehicles [6][7] Group 3 - The collaboration between automotive and aviation sectors is driven by technological integration, focusing on power systems, auxiliary driving, and manufacturing systems [6][7] - Companies are leveraging existing automotive supply chains to reduce manufacturing costs and improve product quality, with over 80% supply chain reuse and over 90% localization reported [7][8] - The low-altitude economy market is projected to reach 10 trillion yuan by 2040, with flying cars expected to account for approximately one-third of this market by 2035 [9]

Core Insights - Guangzhou Automobile Group Co., Ltd. is focusing on developing end-to-end large model architecture based on generative AI for smart driving, enhancing collaboration with technology companies [1] - The company has achieved coverage of smart driving technology from Level 2 to Level 4, with a nationwide rollout of urban navigation assistance systems and has obtained the first batch of national Level 3 road test qualifications [1] - The self-developed Level 4 Robotaxi has commenced demonstration operations, and the company has partnered with Didi to launch the first mass-produced Level 4 vehicle with global adaptability [1] - In terms of low-carbon electrification, the company will concentrate on core technologies related to batteries and integrated electric drive systems, accelerating self-research and production [1] - The company plans to develop a new generation of high energy density batteries and electric drive controllers, with expectations to have the new battery cells installed in vehicles by 2027 [1]

Core Viewpoint - Guangzhou Automobile Group Co., Ltd. (the "Company") has approved several resolutions during its board meeting on September 12, 2025, including the issuance of corporate bonds and medium-term notes to enhance financing channels and improve debt structure [1][3][25]. Group 1: Corporate Bond Issuance - The Company plans to issue corporate bonds not exceeding RMB 15 billion to broaden financing channels, improve debt structure, and reduce financing costs [3][25]. - The bond issuance will be conducted in accordance with relevant laws and regulations, and the specific issuance details will be determined based on market conditions [27][26]. - The bonds will have a face value of RMB 100, a fixed interest rate determined by market conditions, and a maturity of up to 10 years [28][29]. Group 2: Medium-Term Note Issuance - The Company also intends to issue medium-term notes not exceeding RMB 15 billion to diversify financing options and avoid over-reliance on a single financing channel [5][37]. - Similar to the corporate bonds, the medium-term notes will have a face value of RMB 100, a fixed interest rate, and a maturity of up to 10 years [38][40]. - The funds raised will be used for repaying interest-bearing debts, equity investments in the technology sector, and supplementing working capital [44]. Group 3: Authorization and Governance Changes - The board has proposed to authorize the management to handle all matters related to the registration and issuance of the corporate bonds and medium-term notes [7][48]. - The Company has also approved changes to its registered capital, reducing it from RMB 10,463,957,657 to RMB 10,197,065,900 due to stock option grants and share buybacks [51]. - The supervisory board will be abolished, with its responsibilities transferred to the audit committee [52].

Meeting Details - The third extraordinary general meeting of shareholders for 2025 will be held on September 29, 2025, at 14:00 in Guangzhou [2] - The meeting will be convened by the board of directors, and voting will be conducted through a combination of on-site and online methods [2] - The on-site meeting will take place at the conference room on the first floor of Building T2, No. 668, Jingshan Avenue East, Panyu District, Guangzhou [2] Voting Procedures - The online voting system will be the Shanghai Stock Exchange's shareholder meeting online voting system, available on the same day from 9:15 to 15:00 [3][5] - Specific voting procedures for margin trading, transfer, and other related accounts must comply with relevant regulations [4] - Shareholders can vote through either the trading system or the internet voting platform, with identity verification required for first-time users [7] Shareholder Participation - Shareholders registered by the close of trading on the registration date are entitled to attend the meeting and may appoint a proxy to vote on their behalf [11] - The meeting is expected to last half a day, and attendees will bear their own travel and accommodation costs [14] Capital Changes and Corporate Governance - The company has approved a change in registered capital from 10,463,957,657 shares to 10,197,065,900 shares, and the registered capital will be adjusted accordingly [18] - The company will cancel its supervisory board, with responsibilities transferred to the audit committee, and relevant rules will be abolished [18]

Core Viewpoint - Guangzhou Automobile Group Co., Ltd. plans to issue corporate bonds and medium-term notes to expand financing channels, improve debt structure, reduce financing costs, and enhance financial management flexibility due to increasing capital demands from business growth [21][22]. Group 1: Corporate Bond Issuance - The company has passed a resolution to issue corporate bonds not exceeding RMB 15 billion [2][22]. - The bonds will be issued at a face value of RMB 100 each, at par [23][30]. - The bonds will have a fixed interest rate determined by market conditions at the time of issuance [24][32]. - The maturity of the bonds will not exceed 10 years [24][33]. - The funds raised will be used for repaying interest-bearing debts, equity investments, and supplementing working capital [26][37]. Group 2: Medium-Term Note Issuance - The company has also approved the issuance of medium-term notes not exceeding RMB 15 billion [3][29]. - Similar to the corporate bonds, the medium-term notes will be issued at a face value of RMB 100 each, at par [30]. - The notes will also have a fixed interest rate based on market conditions [32]. - The maturity of the medium-term notes will not exceed 10 years [33]. - The proceeds will be allocated for repaying interest-bearing debts and investments in the technology sector [37]. Group 3: Authorization and Governance - The board has proposed to authorize the management to handle all matters related to the registration and issuance of the bonds and notes [5][41]. - The authorization includes determining specific issuance plans, hiring intermediaries, and fulfilling disclosure obligations [41]. - All resolutions are subject to approval at the upcoming shareholders' meeting [4][11].

Core Insights - In July 2025, Chinese automotive brands captured a 55% market share in the Russian passenger car market, selling 65,000 units [1] - Leading brands such as GAC and Chery reported impressive sales growth, with month-on-month increases of 78% and 52% respectively [1] Market Performance - The top five Chinese brands in the Russian market by sales volume are: - Chery: 13,500 units sold, a 52% increase from June 2025 - Geely: 8,400 units sold, a 36% increase - Changan: 7,900 units sold, a 26% increase - BelGee: 6,500 units sold, a 60% increase - GAC: 2,800 units sold, a 78% increase [1]