Core Insights - The automotive service sector experienced a slight increase of 0.17% on November 14, with Jiaoyun Co. leading the gains [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Automotive Service Sector Performance - Jiaoyun Co. (600676) closed at 6.47, up 1.89% with a trading volume of 119,800 shares and a transaction value of 77.28 million yuan [1] - Shenbiao Holdings (600653) closed at 2.20, up 1.85% with a trading volume of 526,400 shares and a transaction value of 116 million yuan [1] - Xiamen Xinda (000701) closed at 6.79, up 1.80% with a trading volume of 688,400 shares and a transaction value of 466 million yuan [1] - Other notable performances include Beiba Media (600386) up 1.21% and Haowu Co. (000757) up 0.37% [1] Capital Flow Analysis - The automotive service sector saw a net outflow of 44.70 million yuan from institutional investors, while retail investors contributed a net inflow of 28.43 million yuan [2] - Speculative funds recorded a net inflow of 16.27 million yuan [2] Individual Stock Capital Flow - Shanghai Wumao (600822) had a net inflow of 6.80 million yuan from institutional investors, but a net outflow of 6.43 million yuan from retail investors [3] - Jiaoyun Co. (600676) experienced a net inflow of 5.66 million yuan from institutional investors, with retail investors showing a net outflow of 4.26 million yuan [3] - Other stocks like Beiba Media (600386) and Haowu Co. (000757) also showed mixed capital flows, with varying impacts from institutional and retail investors [3]

Market Overview - The automotive service sector increased by 0.45% on November 13, with Xiamen Xinda leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Stock Performance - Xiamen Xinda (000701) closed at 6.67, up 3.41% with a trading volume of 574,700 shares and a transaction value of 382 million [1] - Dezhong Automobile (920030) closed at 7.69, up 2.53% with a trading volume of 118,200 shares [1] - Shunhua Holdings (600653) closed at 2.16, up 1.41% with a trading volume of 492,800 shares [1] - Other notable performances include Shanghai Wumao (600822) at 11.41, up 0.88%, and Jiao Yun Co. (600676) at 6.35, up 0.63% [1] Capital Flow - The automotive service sector experienced a net outflow of 13.4 million from institutional investors, while retail investors saw a net inflow of 13.4 million [2] - The detailed capital flow indicates that Xiamen Xinda had a net inflow of 25.2 million from institutional investors, while retail investors had a net outflow of 26.4 million [3] - Other stocks like China Automotive Research (601965) and Jiao Yun Co. (600676) also showed mixed capital flows with varying net inflows and outflows [3]

Core Viewpoint - The automotive service sector experienced a slight decline of 0.29% on November 12, with Altr leading the drop. The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1]. Group 1: Stock Performance - Xiamen Xinda (000701) closed at 6.45, up 1.90% with a trading volume of 428,900 shares and a transaction value of 276 million yuan [1]. - Dezhong Automobile (920030) closed at 7.50, up 1.63% with a trading volume of 46,100 shares and a transaction value of 34.48 million yuan [1]. - China Automotive Research (601965) closed at 17.22, up 0.17% with a trading volume of 23,700 shares and a transaction value of 40.88 million yuan [1]. - Altr (300825) closed at 10.71, down 2.72% with a trading volume of 131,500 shares and a transaction value of 141 million yuan [2]. Group 2: Capital Flow - The automotive service sector saw a net outflow of 35.19 million yuan from institutional investors, while retail investors contributed a net inflow of 23.56 million yuan [2]. - Major stocks like Jiao Yun Co. (600676) had a net inflow of 8.88 million yuan from institutional investors, while Altr (300825) experienced a net outflow of 9.39 million yuan [3]. - Shanghai Wumao (600822) faced the largest net outflow of 16.45 million yuan from institutional investors, indicating a significant shift in capital dynamics within the sector [3].

Core Viewpoint - China Automotive Engineering Research Institute Co., Ltd. (China Automotive Research) has actively engaged in international industry exchanges and professional cooperation, achieving significant recognition and awards in the field of automotive safety technology [2][6]. Group 1: International Recognition and Achievements - China Automotive Research's automotive safety technology research team participated in the "SHIFT 2025" international conference in Malaysia, where they received the "ASEAN Safety Excellence Contribution Award" [2][6]. - The team also obtained the ASEAN New Car Assessment Program (ASEAN NCAP) testing authorization for 2026-2030 from the Malaysian Institute of Road Safety Research (MIROS) [2][6]. - A joint research outcome was released, focusing on motorcycle dummy targets and CPD child targets based on ASEAN road characteristics [2][8]. Group 2: Technical Collaboration and Knowledge Sharing - The head of the automotive safety technology center at China Automotive Research delivered a keynote speech on "Electric Vehicle Safety, Technology, and Evaluation," promoting advanced safety technologies and evaluation systems for new energy vehicles [5]. - A collaborative intent was established with the University of Virginia's Center for Applied Biomechanics (UVA-CAB) to advance research in injury biomechanics [2][13]. Group 3: Regional Safety Standards and Cooperation - The second China-Malaysia Automotive Road Traffic Safety Seminar was held, focusing on deepening safety cooperation and establishing clear standards for automotive safety in the ASEAN region [10]. - The Malaysian Road Safety Research Institute provided a comprehensive interpretation of safety evaluation systems for passenger cars, commercial vehicles, and motorcycles, aiding Chinese automotive companies in entering the ASEAN market [10]. - Four Chinese automotive companies were awarded the "ASEAN Road Safety Excellence Contribution Enterprise Award" for their outstanding safety performance [10]. Group 4: Future Directions and Commitments - China Automotive Research aims to enhance its role as a "testing technology lighthouse" and integrate Chinese wisdom and solutions into the global automotive safety system [14]. - The organization is committed to collaborating with top international academic institutions to address new safety challenges in the automotive industry [14].

Market Overview - The automotive service sector increased by 0.36% on November 10, with Xiamen Xinda leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - Xiamen Xinda (000701) closed at 6.29, up 2.78% with a trading volume of 316,100 shares and a turnover of 196 million yuan [1] - Shinhua Holdings (600653) closed at 2.13, up 1.43% with a trading volume of 376,100 shares [1] - Other notable performers include: - Zhongqi Co., Ltd. (301215) at 6.81, up 1.19% [1] - Beiba Media (600386) at 5.00, up 0.81% [1] - Guoji Automobile (600335) at 6.47, up 0.78% [1] Capital Flow - The automotive service sector experienced a net outflow of 27.81 million yuan from institutional investors and 18 million yuan from speculative funds, while retail investors saw a net inflow of 45.81 million yuan [2] - The detailed capital flow for individual stocks shows: - Shinhua Holdings had a net outflow of 14.89 million yuan from institutional investors [3] - Xiamen Xinda saw a net inflow of 4.89 million yuan from retail investors [3] - Zhongqi Co., Ltd. had a net inflow of 8.54 million yuan from retail investors despite a net outflow from institutional and speculative funds [3]

Core Insights - The report by the China Automotive Engineering Research Institute indicates a significant improvement in the level of combined driving assistance technology in China [1][3]. Group 1: Technology Development - The China Automotive Engineering Research Institute conducted specialized tests on over 40 popular vehicle models, covering more than 20 traffic scenarios and 30 complex risk scenarios that consumers are concerned about [1]. - The testing involved thousands of real-world traffic accident case analyses, demonstrating a notable enhancement in the overall level of combined driving assistance technology [1]. Group 2: Performance in Various Conditions - In typical urban scenarios such as roundabout merging, vehicles have shown substantial improvements in compliance with traffic regulations, hazard recognition, and smooth passage [3]. - The technology is capable of responding quickly in various environmental conditions, including rainy weather and when target objects are obstructed [3]. Group 3: Industry Standards and Future Directions - The chairman of the China Automotive Engineering Research Institute stated that the organization will continue to develop and improve industry standards, focusing on non-standard object recognition and edge case responses [5]. - This initiative aims to provide precise analysis of technical advantages and shortcomings for enterprises, while also helping consumers understand the functional boundaries of the systems [5]. Group 4: Market Penetration - As of January to July 2025, the market penetration rate of passenger cars equipped with combined driving assistance systems in China reached 62.58% [6]. - Experts suggest that the integration of combined driving assistance systems into vehicles is an inevitable trend in the automotive industry, highlighting the need to address existing shortcomings for future development [6].

Market Overview - The automotive service sector experienced a decline of 0.31% on November 6, with Xiamen Xinda leading the drop [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Stock Performance - Xiamen Xinda (000701) closed at 6.20, down 3.43% with a trading volume of 449,100 shares and a transaction value of 280 million [1] - Other notable declines included Beiba Media (600386) down 1.19%, and Dezhong Automobile (920030) down 1.07% [1] - Conversely, Guoji Automobile (600335) saw a slight increase of 0.31% [1] Capital Flow - The automotive service sector saw a net outflow of 33.96 million from institutional investors and 30.07 million from speculative funds, while retail investors contributed a net inflow of 64.02 million [3] - Xiamen Xinda experienced the largest net outflow among individual stocks, totaling 37.62 million [3] - Retail investors showed significant interest in Xiamen Xinda, with a net inflow of 60.31 million despite the overall decline [3]

Group 1: Overall Market Performance - The overall performance of the passenger car sector in Q3 2025 was below expectations, primarily due to a slowdown in industry growth and intensified competition across all price segments[3] - The passenger car industry saw a year-on-year growth rate of only 3% in retail sales, 23% in exports, and 13% in wholesale during Q3 2025, indicating a significant deceleration compared to previous quarters[27] - The inventory levels in the industry remain healthy, with a controlled increase in stock despite the overall market pressures[27] Group 2: Segment-Specific Insights - Heavy-duty trucks experienced a strong performance in Q3 2025, with wholesale, domestic, and export sales increasing by 58.1%, 64.5%, and 22.9% year-on-year, respectively[5] - The bus sector also performed well, with leading companies like Yutong achieving significant revenue growth, driven by robust demand from both domestic and international markets[6] - The motorcycle segment saw a 57.4% increase in large-displacement motorcycle exports, while domestic sales faced pressure, declining by 9.3% year-on-year[7] Group 3: Financial Metrics and Adjustments - The average selling price (ASP) for vehicles remained stable in Q3 2025, with some companies like BYD implementing price increases starting in July[3] - The gross profit margins for many companies showed slight recovery, attributed to stable sales and limited discounting in the market[3] - Several companies, including Great Wall Motors and Changan, reported a decline in net profit due to foreign exchange losses and inventory adjustments[4]

Market Overview - The automotive service sector increased by 1.02% on November 3, with Altec leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance - Altec (300825) closed at 11.72, with a rise of 2.45% and a trading volume of 227,000 shares, amounting to a transaction value of 266 million yuan [1] - Other notable performers included: - Sunbo Holdings (600653) at 2.10, up 2.44% [1] - Beiba Media (600386) at 4.95, up 2.06% [1] - China Automotive Research (601965) at 17.44, down 0.40% [2] Capital Flow Analysis - The automotive service sector experienced a net outflow of 8.8372 million yuan from institutional investors and 6.992 million yuan from speculative funds, while retail investors saw a net inflow of 15.826 million yuan [2] - Altec had a net inflow of 7.6732 million yuan from institutional investors, but a net outflow of 9.5789 million yuan from retail investors [3] - China Automotive Research faced a significant net outflow of 4.0169 million yuan from institutional investors, while retail investors contributed a net inflow of 5.3581 million yuan [3]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国汽车工程研究院股份有限公司（以下简称"中国汽研"或"公司"）于 2025 年 10 月 31 日（星期五）15:00-16:00 在上海证券交易所上证路演中心（网 址：https://roadshow.sseinfo.com），通过网络互动的方式召开了 2025 年第三 季度业绩说 明会。2025 年 10 月 25 日，公 司已在上 海证券交 易所网站 （www.sse.com.cn）披露了《中国汽研关于召开 2025 年第三季度业绩说明会的 公告》（公告编号：临 2025-046），现将此次业绩说明会召开的有关情况公告如 下： 一、业绩说明会基本情况 2025 年 10 月 31 日，公司董事长周玉林先生，董事兼总经理刘安民先生， 总会计师兼董事会秘书黄延君先生，独立董事金锦萍女士出席了本次业绩说明会。 公司就 2025 年前三季度经营成果、财务状况及后续规划等问题与投资者进行了 互动交流，在信息披露允许的范围内就投资者普遍关注的问题进行了回答。 二、本次业绩说明会投资者 ...