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].

Group 1 - Xibei issued an apology letter stating it will adjust its pre-prepared food processing to on-site processing in stores by October 1, 2025 [3] - Luo Yonghao announced he would not pursue further action against Xibei after receiving an apology from the owner of Hua Yu Hua [4] - Xiaomi's Lei Jun stated that the Xiaomi 17 series will directly compete with the iPhone, featuring significant upgrades and the global debut of the fifth-generation Snapdragon 8 processor [4] Group 2 - China and the U.S. reached a basic framework consensus to resolve TikTok issues through cooperation, aiming to reduce investment barriers and promote economic cooperation [4] - The 2025 China Enterprise 500 list was released, with the revenue threshold for entry set at 47.96 billion yuan, an increase of 579 million yuan from the previous year [8] - The number of enterprises with revenue exceeding 100 billion yuan reached 267, accounting for 53.4% of the list [8] Group 3 - Zeekr Technology's shareholders approved a merger agreement with Geely Automobile, with 94.2% voting in favor [10] - Reports of Burger King's closures in Shenzhen were confirmed, attributed to changes in business strategy [10] - Amazon Web Services denied rumors of layoffs in its Greater China region, stating it continues to actively recruit talent [12] Group 4 - Apple is expected to launch its first display-less smart glasses within the next 12 to 16 months, competing with Meta's Ray-Bans [13] - Faraday Future announced the initiation of a spin-off listing plan for its Crypto Flywheel project [16] - Xiangjie Automotive plans to invest 20 billion yuan over three years to develop a dedicated team for its brand strategy [16] Group 5 - The first low-altitude economy internet platform in Hunan was launched, allowing users to book drone services similarly to ride-hailing [18] - Anku Energy completed an A+ round of financing, with previous funding from Xiaomi Group exceeding 100 million yuan [18] - Chip Vision Microelectronics completed a C+ round financing, focusing on ToF sensor chips for various applications [18]

Investment Rating - The report maintains a "Positive" investment rating for the automotive and automotive parts industry [7]. Core Insights - The "Automotive Industry Stability Growth Work Plan (2025-2026)" was issued by the Ministry of Industry and Information Technology and seven other departments on September 12, 2025. The plan aims to enhance the quality and reasonable growth of the automotive industry from both supply and demand sides, promote the industrial application of intelligent connected technology, and conditionally approve the production access of L3 level vehicles [2][4]. - The gradual implementation of policies and regulations is expected to accelerate the growth of advanced intelligent driving. The concept of "equal rights for intelligent driving" is likely to reassess the value of complete vehicles, with intelligent driving becoming a new opportunity for reshaping the market following electrification. Strong intelligent driving vehicles are anticipated to capture a larger market share while enhancing their AI capabilities through data accumulation, thus driving investment opportunities in core segments of the industry chain [2][4]. Summary by Sections Policy and Market Outlook - The plan targets achieving approximately 32.3 million vehicle sales in 2025, a year-on-year growth of about 3%, with new energy vehicle sales expected to reach around 15.5 million, reflecting a year-on-year increase of about 20%. The automotive export is also projected to maintain stable growth [4]. Intelligent Driving Development - The report emphasizes the push for the industrial application of intelligent connected technology, with L3 level intelligent driving expected to accelerate. The plan encourages the approval of intelligent connected vehicles and the establishment of pilot programs for road access, alongside improvements in legal frameworks related to traffic safety insurance [4]. Investment Opportunities - The report identifies two main lines of investment opportunities: 1. **Functionality Enhancement**: The continuous exploration of intelligent driving capabilities and the reduction of costs associated with high-level intelligent driving systems are expected to enhance consumer appeal [4]. 2. **Cost Reduction**: Technological advancements are anticipated to lower the costs of intelligent driving systems, with companies like Xiaopeng and BYD leading the charge in making intelligent driving more affordable [4]. Recommended Companies - The report recommends several companies for investment, including: - **Complete Vehicle Manufacturers**: Xiaopeng Motors, Great Wall Motors, Geely, BYD, Xiaomi Group, Leap Motor, Li Auto, SAIC Motor, and Changan Automobile [4]. - **Parts Suppliers**: Top Group, Bertel, and Xingyu Co., with a focus on companies like Desay SV and Coboda [4].

Group 1 - The Suzhou Industrial Park has signed a cooperation memorandum with Nexteer Automotive (China) to invest 1 billion RMB in establishing an Asia-Pacific headquarters, R&D center, and smart manufacturing base, focusing on new energy vehicle steering systems and autonomous driving technology, expected to generate an annual output value exceeding 10 billion RMB post-2026 [1] - Bosch, the world's largest automotive technology supplier, has also signed a memorandum with the Suzhou Industrial Park to invest 10 billion RMB over the next five years, collaborating on intelligent driving assistance and smart cockpit technologies [1] - The automotive industry is a core component of high-end equipment manufacturing and plays a crucial role in promoting high-quality development in manufacturing, with significant foreign investment indicating the strong appeal of the Suzhou Industrial Park in the new energy and intelligent connected vehicle sectors [1] Group 2 - The Suzhou Industrial Park has attracted major foreign companies such as Bosch, Aptiv, BorgWarner, and TE Connectivity, while also nurturing innovative domestic firms like Zhixing Technology and Haige Electric Control, covering various fields including chassis electronic systems and electric vehicle controllers [2] - The park has established a "vehicle-road-cloud integration" development system, deploying 1,300 road testing facilities covering 114 kilometers, and creating a regional intelligent connected vehicle cloud control platform [2] - The automotive industry chain in the park is expected to generate over 140 billion RMB in revenue in 2024, with 140+ enterprises and 68 high-tech companies contributing to a leading automotive parts and intelligent driving industry cluster [2] Group 3 - Domestic automotive brands are also establishing a presence in the park, with Great Wall Motors launching an intelligent platform R&D center, focusing on smart driving and cockpit technologies [3] - Local innovative companies are expanding internationally, with Zhixing Technology establishing a joint venture in Malaysia and Jiushi Intelligent partnering with Emirates Post for L4 autonomous delivery services [3] - The park aims to leverage the automotive industry's advantages to enhance collaboration with integrated circuits and robotics, driving the entire industry towards high-end development [3]

9月15日，理想汽车、小米汽车、北汽集团、长城汽车先后就当日7点左右中国汽车工业协会（以下简称"中汽协"）发布的《汽车整车企业供应商账款支付规 范倡议》（以下简称"《倡议》"）作出积极回应。 《中国经营报》记者从接近中汽协人士处了解到，"政府主导部门、行业协会和各家企业一直就供应商账期问题进行密切的交流协商，希望通过达成共识促 进行业健康良性发展。" 一家零部件上游供应商告诉记者："自6月1日《保障中小企业款项支付条例》开始施行，多家与其合作的主机厂已经将支付账期统一至60天内，较此前有很 大提升。企业的积极性和回款周期、流动性（指标）全面提升。" 记者关注到，截至发稿，已有包括理想汽车、小米汽车、北汽集团、长城汽车、上汽集团、东风汽车等十余家企业积极响应中汽协倡议。 十余家车企响应"60天"付款倡议 记者关注到，此次中汽协倡议，明确了汽车整车企业对供应商的"60天账期"支付起算时间，整车企业的支付账期自供应商企业交货并通过车企验收合格之日 起计算，最长不超过60个自然日（如支付当日遇法定节假日顺延）。另外，倡导车企与供应商建立长期稳定的合作关系，每次签订合同的有效期不少于一 年。 针对《倡议》，9月15日中 ...

Core Viewpoint - The China Automotive Industry Association (CAIA) has released a payment initiative for supplier accounts, which has been supported by 17 major automotive companies, aiming to promote high-quality development in the automotive industry [1][2]. Group 1: Initiative Details - The initiative outlines requirements for goods delivery acceptance, payment terms, reconciliation, and payment processes, specifying that the payment period for automotive companies (the buyer) should not exceed 60 calendar days from the date of delivery and acceptance by the buyer [1]. - The initiative is expected to alleviate financial pressure on suppliers, which is crucial for fostering innovation and building a robust supply chain in the automotive sector [1]. Group 2: Supporting Companies - The 17 automotive companies that have committed to this initiative include major players such as BYD, Xiaomi, Dongfeng Motor Group, and SAIC Motor Corporation, among others [2]. - These companies have previously made public commitments regarding the payment term of not exceeding 60 days [2]. Group 3: Industry Impact - If effectively implemented, the initiative could enhance cash flow efficiency within the industry, leading to improved production efficiency and overall competitiveness of the Chinese automotive sector [1].

Core Viewpoint - The China Automotive Industry Association (CAAM) has issued a payment standard initiative for automotive manufacturers, establishing a maximum payment term of 60 days for suppliers, effective from the date of delivery acceptance [1][2]. Group 1: Initiative Details - The initiative specifies that the payment term starts from the date of delivery and acceptance, with a maximum of 60 calendar days [1]. - It outlines requirements for delivery acceptance, payment terms, reconciliation, and payment processes, including a principle that delivery acceptance should not exceed three working days [1]. - The initiative encourages stable cooperation between suppliers and manufacturers, with contracts having a minimum validity of one year [1]. Group 2: Industry Response - Seventeen major automotive companies, including FAW, Dongfeng, Changan, SAIC, and BYD, have committed to implementing the initiative, aiming to foster a collaborative ecosystem between vehicle manufacturers and parts suppliers [1][2]. - In August, these companies collectively sold approximately 2.6 million vehicles, accounting for over 90% of China's total automotive sales for that month, indicating strong industry support for the initiative [2]. Group 3: Market Impact - Following the announcement of the initiative, the A-share automotive sector saw a net inflow of 3.27 billion yuan, with a 1.1% increase in stock prices [2]. - Several listed parts suppliers, such as Wanxiang Qianchao and Zhejiang Shibao, experienced stock price surges, while vehicle manufacturers like Haima and Jinbei also saw significant gains [2]. Group 4: Regulatory Context - The initiative aligns with recent regulatory actions aimed at promoting the healthy development of the automotive industry, including a three-month special campaign to address online irregularities in the sector [2]. - The Ministry of Industry and Information Technology has also released a work plan for stabilizing growth in the automotive industry from 2025 to 2026, focusing on structural optimization and quality improvement [2]. Group 5: Historical Context - Prior to this initiative, CAAM had already advocated for fair competition and healthy industry development, with commitments from major companies to adhere to a 60-day payment term [3]. - Data from Wind indicates that the average payment cycle for major domestic automakers was 183 days in the first half of this year, an increase of about 7 days compared to the same period in 2024 [3].