Core Insights - The 2025 China Off-Road Rally Championship Jinta Station and the 6th Dunhuang Off-Road Endurance Race took place from September 13 to 16, featuring a total distance of nearly 1000 kilometers across four special stages with diverse terrains [1] Group 1: Event Overview - The Dunhuang Off-Road Endurance Race is the fourth event of the annual China Off-Road Rally Championship, presenting high demands on drivers and teams due to significant temperature variations and complex terrains such as deserts and riverbeds [1] - French lubricant brand Motul sponsored the event, providing support to Great Wall Motors, marking their second collaboration in Chinese off-road events after the 2025 China Rally [1][2] Group 2: Motul's Product Offerings - Motul supplied various lubricants for Great Wall Motors' participating models, including the 300V racing oil, Gear Competition 75W140 gear oil, RBF 660 high-performance brake fluid, and Auto Cool -25°C antifreeze [2] - The 300V racing oil utilizes ester technology to maintain engine stability under high temperature and high RPM conditions, while the other products enhance the performance and protection of different vehicle systems [2] Group 3: Future Developments - Motul's China Market and Strategy Director expressed intentions to introduce new technology products, such as the NGEN Hybrid series, to meet the diverse needs of the Chinese market [2] - Great Wall Motors' motorsport director highlighted the goal of promoting a healthy and sustainable event ecosystem in collaboration with Motul [2] Group 4: Performance Feedback - Driver Yao Weiqiang from the Great Wall Motors Tank Hi4 team reported stable engine performance and smooth power output while using Motul oil during the challenging conditions of the race [5] Group 5: Sponsorship and Support - Motul has a history of sponsoring top-tier automotive and motorcycle events globally, including the Dakar Rally, and aims to continue supporting local Chinese events to enhance the competitiveness of Chinese teams and drivers on the international stage [6]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 長城汽車股份有限公司 呈交日期： 2025年9月16日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 確認 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 | 否 | | | | 證券代號 (如上市) | 601633 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已 ...

Group 1 - The company, Great Wall Motors (601633)(02333), announced the cancellation of 1.0754 million restricted A-shares on September 16, 2025 [1]

智通财经APP讯，长城汽车(02333)发布公告，于2025年9月16日该公司注销107.54万股A股限制性股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 | 否 | | | | 證券代號 (如上市) | 601633 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 ...

Core Viewpoint - The passenger car sector experienced a decline of 0.58% on September 16, with Haima Automobile leading the drop, while the Shanghai Composite Index rose by 0.04% and the Shenzhen Component Index increased by 0.45% [1] Group 1: Market Performance - The closing price for the passenger car sector showed mixed results, with notable declines in companies like BYD (-0.83%) and Seres (-1.20%), while Beiqi Blue Valley and GAC Group saw slight increases of 0.91% and 0.90% respectively [1] - The total net outflow of main funds in the passenger car sector was 843 million yuan, while retail investors contributed a net inflow of 566 million yuan [1] Group 2: Fund Flow Analysis - Beiqi Blue Valley had a main fund net inflow of 89.43 million yuan, while Haima Automobile saw a net outflow of 14.35 million yuan [2] - The main fund net outflow for Seres was significant at 310 million yuan, indicating a strong selling pressure [2] - Retail investors showed a positive net inflow in several companies, including BYD with 313 million yuan and GAC Group with 17.31 million yuan [2]

Market Overview - The automotive sector experienced a weekly increase of +1.28%, with the auto parts sub-sector performing the best at +3.54% [1][2] - In comparison, the overall A-share market rose by +1.93%, placing the automotive sector at 17th among 31 primary industries [1][2] - The performance of various automotive sub-sectors included: automotive parts +3.54%, automotive services +3.38%, commercial vehicles +1.27%, motorcycles and others +0.27%, and passenger vehicles -1.99% [1][2] Company Performance - The top five companies in the automotive sector by weekly performance were: Zhongtai Automobile +39.70%, Haowu Shares +30.38%, Zhejiang Rongtai +22.48%, Tianpu Shares +21.00%, and Zhaomin Technology +19.85% [2] - Conversely, the bottom five performers included: Paiter -23.56%, Huayang Racing -20.28%, Huawei Technology -9.91%, Tianming Technology -9.82%, and Yishi Precision -9.73% [2] Sales Data - From September 1 to September 7, the average daily wholesale volume of domestic passenger car manufacturers was 43,900 units, a year-on-year decrease of 5.00%, while the average daily retail volume was 43,500 units, down 10.00% year-on-year [2] - In August, automotive sales reached 2.857 million units, reflecting a month-on-month increase of 10.1% and a year-on-year increase of 16.4% [3] - Cumulatively, from January to August, automotive sales totaled 21.128 million units, with a year-on-year increase of 12.6% [3] Export and Market Trends - In August, traditional fuel vehicle exports were 387,000 units, a month-on-month increase of 10.6% but a year-on-year decrease of 3.5%. In contrast, new energy vehicle exports reached 224,000 units, a year-on-year increase of 100% [4] - The market share of domestic brands in passenger vehicle sales rose to 69.5% in August, up 2.6 percentage points year-on-year [4] Future Outlook - The Ministry of Industry and Information Technology and seven other departments aim for total automotive sales of approximately 32.3 million units by 2025, representing a year-on-year growth of about 3% [5] - The target for new energy vehicle sales is around 15.5 million units, with a year-on-year growth of about 20% [5] Investment Recommendations - Companies involved in intelligent vehicle technology and those with potential for overseas sales are recommended for investment [6] - Suggested automotive manufacturers include Beiqi Blue Valley, Great Wall Motors, China National Heavy Duty Truck Group, and Foton Motor [6] - Recommended auto parts companies include Songyuan Safety, Zhejiang Xiantong, Lingyun Shares, and Yinhong Shares [6]

Core Insights - The Weipai Gaoshan 7 is designed to address parking difficulties associated with MPV models, featuring a length of 5050mm and a wheelbase of 3085mm, allowing it to fit into standard parking spaces [1] - The vehicle incorporates the Coffee Pilot Ultra driver assistance system, achieving a parking space recognition success rate of 96% [1] - The Gaoshan 7 boasts a spacious interior with a 61.1% usable area ratio and a flat floor design, enhancing flexibility for seating arrangements and cargo space [1] - The vehicle's powertrain delivers a maximum power of 337kW and a maximum torque of 644N·m, with a 0-100 km/h acceleration time of 5.7 seconds [1] - The Gaoshan 7 features a high-strength cage structure with 81.96% high-strength steel, ensuring passenger safety [2] - The vehicle has undergone 89 rigorous tests for battery safety, reinforcing its reliability [2] - Weipai has seen a significant increase in market trust, with sales exceeding 10,000 units for two consecutive months and cumulative deliveries of the Weipai Blue Mountain surpassing 100,000 units in August [2]

Core Viewpoint - The smart vehicle ETF, TaiKang (159720), is experiencing a significant upward trend driven by policy, technology, and global market conditions, indicating a shift from "electrification" to "intelligentization" in the automotive sector [1][5]. Short-term Driving Logic - Policy expectations have been fulfilled with clear guidelines on L3 access trials and energy storage targets, reducing market uncertainty and enhancing sector valuations [2]. - Accelerated technological iterations, such as breakthroughs in solid-state batteries and AI models for vehicles, validate industry growth potential and open long-term opportunities [3]. - Global benchmarks, including Tesla's Robotaxi progress and large orders from Hesai, confirm the commercial viability of smart vehicles and strengthen the global supply chain position [4]. Medium to Long-term Trends - The competitive focus is shifting from battery range to intelligent driving experiences, with software-defined vehicles becoming a core barrier to entry [5]. - The deepening of domestic substitution in critical areas like semiconductors and lidar, along with accelerated overseas expansion (e.g., localized production in Europe), is building global competitiveness [5]. Profit Model Reconstruction - Automotive companies are transitioning from "hardware sales" to "software services" (e.g., subscription-based intelligent driving), with future gross margins expected to continue rising [6]. Related Products - The smart vehicle ETF, TaiKang (159720), employs a full replication investment strategy closely tracking the CSI Smart Electric Vehicle Index, achieving a recent scale of 59.69 million yuan, a six-month high [1][7]. - The ETF's top ten holdings include leading companies in electric and smart vehicle sectors, with a combined weight of 55.33%, indicating strong alignment with the electrification and intelligentization trends [7][8]. - The ETF is positioned to benefit from the positive cycle of "technological breakthroughs - commercial implementation - scale expansion," particularly as Robotaxi operations grow and intelligent driving hardware costs decrease [7][8]. - The CSI Smart Electric Vehicle Index reflects the overall performance of listed companies in the smart electric vehicle industry, with key players like CATL and BYD establishing competitive advantages in battery technology and smart cockpit areas [9].

Core Viewpoint - The China Automotive Industry Association released the "Supplier Payment Norms Initiative" on September 15, urging automakers to comply with the "Regulations on Payment to Small and Medium-sized Enterprises" and to avoid exploiting their dominant positions to harm suppliers' interests, aiming to build a collaborative and win-win ecosystem in the automotive industry for high-quality development [1]. Group 1: Industry Response - A total of 17 automakers, including FAW, Dongfeng, Changan, SAIC, GAC, BAIC, Chery, Jiangqi, BYD, Geely, Great Wall, Seres, NIO, Li Auto, Xpeng, Leap Motor, and Xiaomi, have publicly committed to the payment initiative [1]. - The initiative provides clear guidance for building a collaborative ecosystem between complete vehicles and components, promoting high-quality development in the automotive industry [5][8]. Group 2: Specific Company Actions - FAW has unified the payment term for suppliers to within 60 days and optimized internal procurement and financial settlement processes to maintain a healthy market economy [3]. - Dongfeng will implement the initiative's requirements in key areas such as order confirmation, delivery, acceptance, payment, and settlement to protect supplier rights and enhance supply chain resilience [5]. - Changan has also committed to a 60-day payment term and has implemented an innovative payment process to ensure efficient cash flow for suppliers [7]. - SAIC has announced a unified 60-day payment term and will avoid using commercial acceptance bills that increase supplier financial pressure [8]. - GAC has adhered to a payment principle of not exceeding 60 days for 28 years and has established a comprehensive management system for the payment process [10]. - BAIC emphasizes equal, voluntary, fair, and honest principles in supplier relationships and opposes unreasonable payment practices [12]. - Chery has implemented measures to shorten the average payment period for suppliers and alleviate financial pressure on small and medium-sized enterprises [14]. - Jiangqi is enhancing payment efficiency and transparency while ensuring all suppliers receive fair and efficient payment experiences [15]. - BYD is focusing on key areas such as order confirmation and payment to build a collaborative ecosystem with suppliers [17]. - Geely has committed to a 60-day payment term and will not use practices that increase supplier financial pressure [18]. - Great Wall is committed to timely payments and optimizing payment processes to maintain a healthy supplier relationship [21]. - Seres calls for industry self-discipline to enhance supply chain resilience and competitiveness [23]. - NIO aims to establish long-term, mutually beneficial relationships with partners to ensure product quality and user experience [26]. - Li Auto and Xpeng both reaffirm their commitment to a 60-day payment term and efficient payment processes to support their partners [28][30]. - Leap Motor is dedicated to implementing the initiative and ensuring supply chain stability [32]. - Xiaomi emphasizes the importance of timely payments as a fundamental respect for partners and aims to enhance supply chain resilience [35].