（文/观察者网 张家栋 编辑/高莘） 与5年前宏光MINI EV用创新式的低价打法改变了A00级市场不同。多年来，众多精品小车的推出，正 在成为A0级纯电市场复兴的重要推手。 除了在该市场中长期位居前列的比亚迪海鸥、海豚系列，吉利星愿、极狐T1、蔚来萤火虫等产品均在 试图从智能电动时代，重新定义A0级车型的价值。 而在今年较晚入局的缤果S，则期望在空间与安全等差异化卖点上，塑造出自身的精品化定义。 9月27日，五菱旗下全新A0级车型——缤果S正式上市，新车置换补贴后售价6.38万—7.68万元。 文中图片均来自上汽通用五菱官网 作为五菱"代步车3.0战略"的核心落子，新车定位于"高质感缤纷座驾"，该车型不仅将成为五菱推动小 型电动车向精品化、全球化转型的战略支点，同时也是五菱试图以"入门即高配"打破同级市场"丐版"印 象的一次尝试。 尽管在燃油车降价与混动产品不断下探的冲击下，曾撑起纯电车型销量半边天的A0级轿车，一度在去 年遭遇了增长瓶颈，甚至是严重下滑。空间小、配置低也成为这类过渡车型被边缘化的重要原因。 但今年以来，A0级纯电市场却一反常态，面对国内车市新能源渗透率的与日俱增，这一被忽视的细分 市场正重 ...

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4][18]. Core Insights - The humanoid robot sector is gaining attention, particularly showcased at the 2025 Shanghai Industrial Expo, indicating a growing demand for innovative technologies [2][16]. - The report emphasizes the importance of identifying high-cost performance technology routes similar to lithium iron phosphate batteries in the electric vehicle sector, and companies with inherent advantages like CATL [18][17]. - The domestic passenger car market is facing increased competition as the effects of vehicle replacement programs diminish, leading to a recommendation for companies that focus on differentiated competition [18][15]. Summary by Sections 1. Industry Weekly Market Review - The automotive index remained flat over the past week, while the new energy vehicle index fell by 2%. The commercial vehicle index decreased by 3% [2][7]. - Over the past month, the automotive index increased by 5%, while the new energy vehicle index decreased by 2% [8][9]. 2. Investment Strategy and Recommendations - The report suggests focusing on companies like Dechang Motor Holdings and Haoneng Co., which are positioned to benefit from the humanoid robot supply chain [18][19]. - It highlights the potential of companies like Great Wall Motors, SAIC Motor, and JAC Motors in the competitive passenger car market [18][19]. - Recommendations for the heavy truck market include China National Heavy Duty Truck Group, Foton Motor, and Weichai Power, which are expected to benefit from industry upgrades [18][19]. - In the automotive parts sector, companies like Nexteer Automotive and Asia-Pacific Holdings are recommended due to their growth potential [18][19]. 3. Passenger Car Weekly Sales - From September 1 to 21, 2025, retail sales of passenger cars reached 1.191 million units, a year-on-year increase of 1% [15]. - The retail penetration rate for new energy vehicles reached 58.5%, with cumulative retail sales of 8.267 million units this year, reflecting a 24% year-on-year growth [15][18]. 4. Humanoid Robots at the Expo - The report notes the participation of several humanoid robot manufacturers at the Shanghai Industrial Expo, showcasing advancements in robotics technology [16][17]. - Companies like Xynova Future are highlighted for their comprehensive production capabilities in the humanoid robot sector, indicating a trend towards innovation and cost efficiency [17][18].

每经AI快讯，有投资者在投资者互动平台提问：你好，请问贵司有销售润滑油吗？销量如何？ （文章来源：每日经济新闻） 潍柴动力（000338.SZ）9月28日在投资者互动平台表示，公司全资子公司山东欧润油品有限公司可销售 润滑油，本年度销量同比实现小幅增长。 ...

Compared to the feedback we gathered in 1Q (see our Feb trip takeaways) and 2Q (see our Jun trip takeaways), we are of the view that industry participants continue to raise their 2025 full-year volume outlook, now expecting HDT domestic sales volume to be within the range of 700k-800k units (vs. GSe: 757k units, see our latest industry forecasts) as the positive impact from the equipment upgrade program turned out to be stronger than expected. That said, no one seems to have a strong view on the demand in 2 ...

缤果S共推出325km尊享款、325km旗舰款、430km尊享款、430km旗舰款四款配置，上市指导价为6.68 万-7.98万元，叠加置换政策可享置换补贴价6.38万-7.68万元，更可叠加享受至高20,000元的国家/地方购 车补贴。 惊喜定价诚意拉满，购车好礼下订立享 无限流量礼：购车三年内车机无限流量。 广大用户可通过五菱汽车APP/小程序等线上渠道下订，立享至高价值16,000元的"孟子义甄选礼"： 此外，喜迎国庆中秋双节，五菱更是为广大用户推出价值2000元的双节同庆限时礼(双节同庆限时礼为 预售权益延续，不与预售权益叠加享受，限2025年10月8日24时前下订并于10月31日前完成提车方可享 受)： 轻松购车礼：限时赠送交强险； 美丽升级礼：限时赠送价值1000元拼色车顶。 超级置换礼：无门槛超级置换补贴3000元； 金融补贴礼：金融至高贴息2000元； 贴心守护礼：赠送价值3000元3M太阳膜； 9月27日，"缤纷生活正在热映"缤果S上市发布会在成都·科幻馆举行，缤果S正式上市。新车推出四款配 置，置换补贴价6.38万-7.68万元。上市之际，五菱官方还为购车用户提供多重购车福利，携手缤果家族 ...

缤果S共推出325km尊享款、325km旗舰款、430km尊享款、430km旗舰款四款配置。用户可通过五菱汽车APP/小程序等线上渠道下订，立享至高价值 1.6万元的"孟子义甄选礼"，此外，五菱还为广大用户推出了国庆中秋双节同庆限时礼。 缤果S是五菱洞察235万用户代步需求而来的高质感座驾，满足用户对美美出行、品质出行、安全出行的美好期待，更是五菱深化代步车市场布局的战 略车型。新车基于天舆架构M平台打造，在颜值、舒适性、智能化与安全性等方面实现全面进阶。 新车采用"鎏光美学"设计语言，车身比例契合高定美学"配比"，线条流畅修长，搭配飞翼式LED前大灯与脉冲星环贯穿尾灯。五菱还携手国际顶级车漆 品牌巴斯夫涂料，共同研发全新鎏光幻彩车色。新车提供松弛灰、自在蓝、逍遥紫、放空白四款车色选择，采用8涂层幻彩车漆工艺，历经2500小时严苛耐 久测试，不仅赋予缤果S流光溢彩的视觉魅力，更确保漆面持久耐磨，历久弥新。 9月27日，五菱缤果S正式在成都上市，置换补贴价6.38万-7.68万元。 作为新能源代步车品类开创者，五菱持续深耕产品迭代、技术升级、产业进化，全力推动新能源代步车精品化、全球化。截至目前，依托于宏光 M ...

濰柴動力股份有限公司 WEICHAI POWER CO., LTD. (a joint stock limited company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立之股份有限公司） (Stock Code 股份代號: 2338) 26 September 2025 Dear Non-Registered Holder(Note 1) , Weichai Power Co., Ltd. (the "Company") – Notice of Publication of Interim Report (the "Current Corporate Communication") As a non-registered shareholder, if you wish to receive corporate communications from the Company pursuant to the Listing Rules, you should liaise with ...

（记者 曾健辉） 每经头条（nbdtoutiao）——"9·24"一周年，A股总市值破116万亿元！四大变革重塑中国资本市场新生 态 每经AI快讯，潍柴动力发布公告称，2025年9月24日，潍柴动力接受富国基金等投资者调研，公司王 丽、韩彬参与接待，并回答了投资者提出的问题。 ...

濰柴動力股份有限公司 WEICHAI POWER CO., LTD. (a joint stock limited company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立之股份有限公司） (Stock Code 股份代號: 2338) 26 September 2025 Dear Registered Shareholder, Weichai Power Co., Ltd. (the "Company") – Notice of Publication of Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website at www.weichaipower.com and the HKEXnew ...

| Contents | | 目錄 | | --- | --- | --- | | Corporate Information | 2 | 公司資料 | | Financial Summary | 6 | 財務概要 | | Management Discussion and Analysis | 7 | 管理層討論與分析 | | Auditors' Review Report | 39 | 審閱報告 | | Reviewed Financial Statements | | 已審閱財務報表 | | Consolidated Balance Sheet | 40 | 合併資產負債表 | | Company Balance Sheet | 43 | 公司資產負債表 | | Consolidated Income Statement | 45 | 合併利潤表 | | Company Income Statement | 47 | 公司利潤表 | | Consolidated Statement of Changes in Equity | 48 | 合併股東權益變動表 | | Company Statement o ...