Core Viewpoint - The article discusses the current state and trends in the pickup truck market in China, highlighting sales performance, export growth, and the rise of electric pickups. Pickup Sales - In August 2025, the pickup market sold 40,000 units, a year-on-year decrease of 0.3% and a month-on-month decrease of 3.0%, maintaining a mid-to-high level compared to the past five years [2] - From January to August 2025, total pickup sales reached 387,000 units, showing a year-on-year growth of 12.7% [2] - Great Wall Motors continues to lead the pickup market, with strong performance both domestically and internationally, supported by consistent export growth [2] - The main demand for pickups is concentrated in the Southwest and Northwest regions, accounting for 45% of total demand in August 2025 [2] Pickup Exports - In 2024, China exported a total of 244,000 pickups, marking an 85% increase [3] - In August 2025, 21,000 pickups were exported, reflecting a year-on-year increase of 3% but a month-on-month decrease of 9% [3] - The export share of pickups reached 53% in August 2025, up from 45% in 2024, indicating a rapid increase in China's self-owned pickup exports [3] New Energy Pickups - In 2024, sales of new energy pickups reached 21,200 units, a significant year-on-year increase of 170% [3] - In August 2025, new energy pickup sales were 3,000 units, showing a year-on-year increase of 68% but a month-on-month decrease of 20% [3] - From January to August 2025, cumulative sales of new energy pickups reached 49,000 units, a remarkable year-on-year growth of 536% [3] - Major contributors to new energy pickup sales in August included Geely Radar with 1,221 units, BYD with 861 units, and Changan with 710 units [3]

Group 1 - The core viewpoint of the report highlights the positive momentum in the automotive industry, supported by government policies aimed at stabilizing growth from 2025 to 2026 [1][2] - The report notes that the A-share automotive sector outperformed the broader market, with the Shanghai and Shenzhen 300 Index rising by 1.38% and the automotive sector increasing by 1.74% [1][2] - Key developments in the industry include the release of the "Automotive Industry Stabilization Growth Work Plan (2025-2026)" by the Ministry of Industry and Information Technology and other departments, as well as significant advancements in electric vehicle sales and technology [2][3] Group 2 - The report suggests focusing on various companies within the automotive sector, including BYD, Great Wall Motors, and Li Auto, among others, indicating a diverse range of investment opportunities [3] - In the commercial vehicle segment, companies such as China National Heavy Duty Truck Group and FAW Jiefang are highlighted as potential investment targets [3] - The automotive parts sector is also emphasized, with recommendations for companies like Midea Group and Fuyao Glass, showcasing a broad spectrum of investment prospects across the industry [3]

Group 1 - The Wei brand's Gaoshan 7 model is expected to become a bestseller, potentially diverting sales from the Gaoshan 8, with total sales for the Gaoshan series projected to exceed 10,000 units by the end of the year [1] - The Tank 500 Hi4-Z version accounts for over 65% of sales, indicating a successful shift in customer demographics, with monthly sales expected to reach between 4,500 and 6,000 units; future models Tank 400 and 700 will also adopt the Hi4-Z version, while Tank 300 may focus on exports [2] - Haval is set to launch new models, with domestic sales expected to reach 38,000 units in September [3] Group 2 - The main engine manufacturers are focusing on battery cell procurement, balancing performance and cost [8] - CATL is experiencing growth in the energy storage market that surpasses that of the power market [12]

Core Insights - The 21st China Automotive Industry Development (Teda) International Forum was successfully held in Tianjin from September 11 to 14, focusing on the theme "Increasing Momentum, Opening New Chapters, and Going Global" [1] - Key industry leaders emphasized the need for enhancing independent innovation capabilities, promoting the transition from old to new driving forces, and deepening international cooperation to shape a new future for the automotive industry [1][2] Group 1: Forum Highlights - The forum featured discussions on cross-industry integration, quality improvement, government-enterprise dialogue, and cutting-edge field seminars, showcasing new highlights and distinctive features [1] - A total of 27 think tank outcomes were presented, including 8 special reports, 11 industry research reports, and various consensus discussions [3] Group 2: Policy and Development Recommendations - Government officials provided insights on vehicle emission pollution control, new automotive industry growth measures, and the integration of data elements into the automotive sector [2] - Recommendations were made for constructing a new ecosystem for intelligent connected new energy vehicles and upgrading automotive market consumption [2] Group 3: Structural and Mechanism Enhancements - The forum upgraded its organizational structure by inviting industry organizations and leading enterprises from energy and AI sectors to participate, fostering cross-industry innovation [4] - A dialogue mechanism was established to ensure policy formulation is evidence-based and responsive to enterprise needs, promoting mutual advancement between policy and industry [5] Group 4: Strategic Discussions and Future Outlook - High-level discussions were held to accurately grasp policy orientations and development directions, providing intellectual support for planning the "14th Five-Year Plan" [6] - The forum invited experts to discuss core topics such as technological innovation and globalization, aiding the industry in understanding cutting-edge technology trends [7] Group 5: International Collaboration and Regional Development - Two specialized forums were set up to discuss global automotive industry trends and international market opportunities, facilitating high-quality overseas expansion for enterprises [8] - The Tianjin Economic and Technological Development Zone has become a significant automotive industry hub, with a production output of 419,700 vehicles from January to August 2025, representing a year-on-year increase of 5.06% [8]

"'十五五'期间必将是中国汽车品牌成为世界品牌的关键时期，全球化不再是单一的产品出口，而 是技术、品牌、制造、供应链与文化价值的生态出海。"长城汽车CTO吴会肖，在9月13日举办的2025泰 达汽车论坛上表示，这就要求我们要应对市场、法规，理解环境不同的偏好，实现研发、生产、供应链 和品牌建设的全面布局。 回顾"十四五"，中国汽车产业凭借前瞻政策和市场创新活力，完成了从政策驱动向市场驱动的转 身，实现从跟跑到并跑到部分领跑的历史性跨越，新能源汽车渗透率突破了50%，智能网联汽车从几年 前的前沿概念走向了规模化量产，中国汽车也正在从汽车大国稳步迈向汽车强国。 "但是我们也应该看到，在这样一个高速增长的背后存在资源错配、内卷加剧的问题，这对于中国 汽车产业公信力是有负面影响的。"吴会肖直言不讳地表示，未来五年，期待行业进入稳步精进阶段， 这里的稳不是慢，而是回归造车本质，谋求长期主义下的系统能力跃升。 吴会肖解释道，这就要求我们更加精准地洞察用户需求，更高效地整合技术资源，更加扎实地构建 整个体系的韧性，在每个细分领域、技术细节上深耕细作，实现从量的积累到质的突破。 过去五年，中国汽车产业的技术创新，多是以三电、 ...

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].

Investment Rating - The report maintains a positive investment rating for the automotive industry, particularly highlighting the performance of the robotics supply chain and suggesting a focus on leading companies and new opportunities [3]. Core Insights - The automotive sector's performance is primarily driven by the robotics supply chain, with catalysts expected to persist in the second half of the year. Traditional supply chains remain weak. The Ministry of Industry and Information Technology's "Automotive Industry Stabilization Growth Work Plan (2025-2026)" emphasizes the industrialization of intelligent connected technologies, including the conditional approval for L3 level vehicle production and accelerating breakthroughs in key technologies such as automotive chips, operating systems, artificial intelligence, and solid-state batteries. This indicates a shift in industry support from total volume logic to new technology logic [3][4]. Data Tracking - In August, new energy vehicle deliveries showed significant growth, with XPeng delivering 37,709 units, a year-on-year increase of 168.7%. BYD delivered 373,626 units, up 0.1% year-on-year, while traditional automakers like SAIC and Geely also reported substantial increases in sales [5][23][26]. - The average discount rate in late August was 9.9%, a decrease of 0.2 percentage points from earlier in the month, while the average discount amount was 22,198 yuan, down 344 yuan [5][27][28]. - The report recommends continued focus on electric vehicle manufacturers and traditional automakers with potential recovery, such as Jianghuai Automobile and SAIC [7]. Industry News - The report highlights several key developments, including the listing of Chery Automobile on the Hong Kong Stock Exchange and the launch of new models by various manufacturers, such as the LYNK & CO 10 EM-P and BYD's new SUV, the Titanium 7 [32][33]. - The retail sales of passenger vehicles in August reached 1.995 million units, a year-on-year increase of 4.6%, with new energy vehicles accounting for 110,100 units sold, up 7.5% year-on-year [32]. Market Performance - The automotive sector saw a weekly increase of 1.46%, ranking 17th out of 29 sectors. The overall market indices also showed positive growth, with the Shanghai Composite Index rising by 1.52% [10][36].

Core Insights - The 28th International Conference on Automotive Safety Technology was successfully held in Baoding, Hebei, where Great Wall Motors, led by Chairman Wei Jianjun, introduced a systematic approach to safety standards, establishing a new benchmark in the industry that transcends the traditional view of safety equating to collision tests [1][4] Group 1: Investment in Safety Infrastructure - Great Wall Motors has invested 510 million yuan to build the largest independent safety testing laboratory in Asia, covering an area of 57,000 square meters, which can conduct up to 1,500 tests annually [2] - The laboratory features a unique design with five collision zones and eight micro-traction tracks, enhancing testing efficiency and showcasing multiple internationally leading testing capabilities [2] Group 2: Advanced Testing Equipment - The company imported 34 advanced crash test dummies from the United States, valued at approximately 100 million yuan, including the latest models like THOR and WorldSID, to improve safety testing accuracy [3] - These dummies are equipped with high-precision sensors to collect data on force distribution and injury values across different demographics, aiding in the optimization of vehicle safety performance [3] Group 3: Commitment to Safety Leadership - Wei Jianjun's unwavering commitment to safety is evident in the substantial investments made in both the testing laboratory and the crash test dummies, positioning Great Wall Motors as a leader in automotive safety [4] - The conference not only highlighted the brand's safety capabilities but also provided new references for future safety research in the automotive industry, encouraging other companies to adopt a long-term approach to user safety [4]

Investment Rating - The report maintains a positive investment rating for the automotive industry, particularly highlighting opportunities in the passenger vehicle and component sectors [6]. Core Insights - The automotive industry is experiencing a divergence in profitability, with high-quality segments demonstrating resilience amid increasing competition and market pressures [1][2][3]. - The passenger vehicle segment is benefiting from scale effects and a shift towards high-end models, with wholesale sales reaching 7.111 million units in Q2 2025, a year-on-year increase of 13.0% [1]. - The component sector is witnessing sustained revenue growth, particularly in intelligent and lightweight segments, with Q2 2025 revenue at 266.42 billion yuan, up 15.7% year-on-year [2]. - The commercial vehicle sector, especially heavy trucks, is showing signs of recovery, with Q2 2025 wholesale sales of heavy trucks at 274,000 units, a year-on-year increase of 18.3% [3]. - The motorcycle segment is also thriving, with sales of 297,000 units in Q2 2025, reflecting a year-on-year growth of 23.9% [4]. Summary by Sections 1. Industry Overview - The automotive sector's fund holding ratio decreased to 6.25% in Q2 2025, indicating a cautious market outlook despite strong demand [12][19]. 2. Passenger Vehicles - The passenger vehicle segment is driven by policy support and a focus on high-end models, with significant sales growth in new energy vehicles, which saw a 33.9% increase in wholesale sales year-on-year [1][39]. - The average selling price (ASP) is showing divergence, influenced by the product mix and market positioning [1]. 3. Components - The components sector is experiencing robust revenue growth, with intelligent driving and automotive electronics leading the way, and a gross margin of 18.2% in Q2 2025, up from the previous quarter [2][3]. 4. Commercial Vehicles - Heavy trucks are recovering with a 1.0% year-on-year revenue increase, while buses are benefiting from both domestic and export demand, with a 7.6% increase in wholesale sales [3]. 5. Motorcycles - The motorcycle market is thriving, particularly in the mid-to-large displacement category, with a revenue increase of 20.5% year-on-year in Q2 2025 [4]. 6. Investment Recommendations - The report recommends investing in high-quality autonomous brands such as Geely, XPeng, Li Auto, BYD, and others, as well as key players in the component sector focusing on intelligent driving and new energy vehicle supply chains [5].

Core Viewpoint - The Dunhuang Rally has officially commenced, with Great Wall Motors participating in a unique model of "leading by top car manufacturers + participation of the leader," significantly enhancing the event's online visibility [1] Group 1: Event Overview - The Dunhuang Rally is recognized as a national A-level event certified by the China Automobile and Motorcycle Sports Federation, known for its long distances, high difficulty, and complex terrains, covering areas such as Gobi, canyons, riverbeds, and deserts, often referred to as "China's Dakar" [2] - The total distance of the rally is approximately 1100-1200 kilometers, with special stages accounting for about 1000 kilometers, and the event is divided into four days of competition [2] Group 2: Participant Details - Wei Jianjun, the 61-year-old chairman of Great Wall Motors, is personally driving the Haval H9 diesel version in the T2 production group, alongside navigator Yan Ke, challenging extreme terrains exceeding 1000 kilometers [1][2] - During the 10-kilometer qualifying race, Wei Jianjun described the qualifying as a warm-up to help participants get into the right state, indicating a smooth overall experience [2] Group 3: Vehicle and Group Classification - The rally features various vehicle classifications, including: - T1 modified group (including T1+/T1.1/T1.2/T1.3) for deep modifications aimed at extreme performance and off-road capability - T2 production group (including T2.1/T2.E/T2.3) allowing limited modifications while retaining key original components - T3-T4 UTV group for lightweight modifications to optimize performance under stable structures - T5 truck group (including T5.1/T5.2) for both modified and production trucks, enhancing load capacity and long-distance endurance [3]