1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - By 2035, new energy vehicles will become the mainstream of newly sold vehicles in China, with the net greenhouse gas emissions in the entire economic scope decreasing by 7%-10% from the peak, non-fossil energy consumption accounting for over 30% of the total energy consumption, and other goals to be achieved [1][109][118]. - The penetration rate of the Chinese new energy vehicle market exceeded 30% in 2023 and 50% in 2024. In 2025, high - competitiveness new car products are continuously launched, and price wars are gradually stopped. Overseas markets face trade protectionism in Europe and the United States, so attention should be paid to new growth points such as countries along the Belt and Road and the Middle East. The market share of independent brands continues to expand [3][120]. 3. Summary According to Relevant Catalogs 3.1 Financial Market Tracking - The one - week price changes of related sectors and listed companies are presented in charts. For example, BYD's one - week price decline was 1.65%, while Seres' was 9.48% [12][15]. 3.2产业链数据跟踪 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports**: Data on China's new energy vehicle sales, penetration rate, domestic sales, exports, and sales of EV and PHV are presented in charts [16][21][23]. - **Inventory Changes**: Charts show the monthly new additions to new energy passenger vehicle channel inventory and manufacturer inventory [24][25]. - **Delivery Volumes of Chinese New Energy Vehicle Enterprises**: Monthly delivery volumes of enterprises such as Leapmotor, Li Auto, XPeng, NIO, etc., are presented in charts [27][28][32]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: From January to July, global new energy vehicle sales reached 9.233 million, a year - on - year increase of 25.9%. Except for China, Europe and other regions also had significant growth, with year - on - year increases of 29.5% and 53.4% respectively [2]. - **European Market**: Data on European new energy vehicle sales, penetration rate, and sales of EV and PHV in countries like the UK, Germany, and France are presented in charts [44][50][55]. - **North American Market**: In August, US new energy vehicle sales and penetration rate reached record highs. Due to the expiration of the federal electric vehicle tax credit on September 30, high market enthusiasm is expected to continue in September, followed by a sharp decline. Data on North American new energy vehicle sales, penetration rate, and sales of EV and PHV are presented in charts [2][119]. - **Other Regions**: Data on new energy vehicle sales, penetration rate, and sales of EV and PHV in regions such as Japan, South Korea, and Thailand are presented in charts [62][70][72]. 3.2.3 Power Battery Industry Chain - Data on power battery installation volume, export volume, weekly average price of battery cells, material costs, and the operating rates and prices of various battery materials are presented in charts [79][81][85]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of rubber, glass, steel, and aluminum are presented in charts [102][103][104]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - By 2035, new energy vehicles will become the mainstream of newly sold vehicles in China. From 2026, export license management will be implemented for pure - electric passenger vehicles [109]. 3.3.2 China: Industry Dynamics - From September 1 - 21, new energy vehicle retail sales increased by 10% year - on - year, and cumulative retail sales since the beginning of the year increased by 24%. In the 38th week (September 15 - 21), new energy passenger vehicle retail sales were 299,000, a year - on - year increase of 5.9%, and cumulative retail sales since the beginning of the year were 8.214 million, a year - on - year increase of 23.0% [111][112][113]. 3.3.3 China: Enterprise Dynamics - Chery Automobile was listed on the Hong Kong Stock Exchange, raising HK$9.14 billion. Li Auto and Sunwoda Power jointly established a battery company [114]. 3.3.4 Overseas: Policy Dynamics - Australia announced a 2035 emission reduction target, aiming to reduce emissions by 62 - 70% compared to 2005. The US lowered the import tariff on EU cars to 15%, and Turkey imposed new tariffs on imported passenger cars [114][116][119]. 3.3.5 Overseas: Enterprise Dynamics - BYD's Brazilian factory obtained an international green certificate. Porsche adjusted its product strategy, slowing down electrification and lowering its 2025 performance expectations [117][118]. 3.4 Investment Advice - Pay attention to new growth points such as countries along the Belt and Road and the Middle East. Focus on enterprises with strong product capabilities, smooth overseas expansion, and stable supply [3][120].

Core Viewpoint - Jiangling Motors has commenced the construction of the second phase of its product research and development building, which will serve as a center for technological innovation and talent aggregation, focusing on key technologies such as intelligent cockpits, autonomous driving, electric drive systems, new architectures, and new chassis designs [1] Group 1 - The groundbreaking ceremony for the second phase of Jiangling Motors' R&D building took place on September 29 [1] - The second phase is positioned as a future technology innovation hub for Jiangling Motors [1] - Key areas of focus for the new R&D center include autonomous development of core technologies [1]

Core Viewpoint - The commercial vehicle sector experienced a rise of 1.22% on September 29, with Hanma Technology leading the gains. The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1]. Group 1: Market Performance - The commercial vehicle sector saw significant individual stock movements, with Hanma Technology closing at 8.05, up 5.23%, and a trading volume of 963,600 shares, amounting to 773 million yuan [1]. - Other notable performers included Zhongshun Vehicles, which rose 5.00% to 9.45, and Jianghuai Automobile, which increased by 2.85% to 53.10 [1]. - The overall trading volume for the commercial vehicle sector was substantial, with Jianghuai Automobile achieving a transaction value of 3.016 billion yuan [1]. Group 2: Fund Flow Analysis - The commercial vehicle sector experienced a net inflow of 239 million yuan from institutional investors, while retail investors saw a net outflow of 38.64 million yuan [3][4]. - Jianghuai Automobile attracted the highest net inflow from institutional investors at 185 million yuan, while Zhongshun Vehicles had a net inflow of 22.17 million yuan [4]. - Conversely, Yutong Bus faced a net outflow of 35.65 million yuan from retail investors, indicating a shift in investor sentiment [4].

Core Viewpoint - Jiangling Motors Corporation and East China Jiaotong University have obtained a patent for a torque distribution control method, system, and vehicle, indicating advancements in automotive technology and potential competitive advantages in the market [1] Group 1: Patent Details - The patent is titled "A Torque Distribution Control Method, System, and Vehicle" [1] - The patent authorization announcement number is CN119858540B [1] - The application date for the patent is January 2025 [1]

Core Viewpoint - Ford China is restructuring its sales channels by establishing a wholly-owned subsidiary, Ford Automotive Sales Service (Shanghai) Co., Ltd., to manage marketing, sales, and service for Ford's passenger cars and pickups in China, effective October 1 [2][4]. Group 1: Company Restructuring - The new subsidiary will consolidate the sales services of Ford's two joint ventures in China: Jiangling Ford and Changan Ford, aiming to enhance operational efficiency and profitability amid increasing market competition [3][6]. - Chen Xiaobo has been appointed as the president of the new sales service company, reporting to Ford China's president and CEO, Wu Shengbo [5][6]. - Jiangling Motors has signed a distribution service contract with the new company, indicating that it will still participate in the sales of Ford vehicles, sharing sales responsibilities with the new entity [7]. Group 2: Market Challenges - Ford is facing significant pressure in the Chinese market, with declining sales and the need for transformation, as evidenced by a 16.43% year-on-year drop in Changan Ford's sales in the first five months of the year [4][12]. - Jiangling Ford's projected sales from 2022 to 2024 are not expected to exceed 50,000 units, with losses exceeding 1.6 billion yuan during the same period [13]. - The competitive landscape in the Chinese automotive market is intensifying, prompting Ford to consolidate resources to improve efficiency and maintain competitiveness [10][14]. Group 3: Historical Context - This is not Ford's first attempt at channel integration in China; previous efforts, such as the establishment of the National Dealer Service Development (NDSD) in 2018, were unsuccessful due to limitations in resource allocation [9]. - The automotive industry expert Mei Songlin noted that the current market conditions necessitate channel consolidation to enhance operational efficiency, especially as foreign and joint venture brands face declining sales [10].

Group 1 - The core product "Senfeng No.1" potato is cultivated in the fertile black soil of Yakeshi City, with higher vitamin C and potassium content compared to ordinary potatoes, benefiting over 5,000 farmers, especially women [1] - Transportation challenges due to poor road conditions previously hindered the development of the potato industry, prompting the company to invest in suitable vehicles for efficient logistics [1][4] - The introduction of the Jiangling Dadao All-rounder vehicle significantly improved transportation efficiency, reducing potato damage during transport from 8% to under 3% [5][6] Group 2 - The All-rounder vehicle's design features, such as a high ground clearance and a mechanical differential lock, enhance its performance on challenging terrains, ensuring safe and efficient transport even in harsh winter conditions [4][5] - Smart features of the All-rounder, including 540° panoramic imaging and voice-controlled navigation, have increased the efficiency of agricultural technicians, allowing them to monitor more fields in less time [6] - The company plans to expand its potato processing capabilities, leveraging the All-rounder to create a more stable supply chain from cultivation to processing [8]

Core Viewpoint - The new energy light commercial vehicle (LCV) market in 2025 is experiencing fluctuations, with a total sales increase of 15% after July, despite two months of year-on-year decline in the first seven months. The penetration rate of new energy vehicles in this segment has exceeded 60%, indicating a strong market presence [1][3][7]. Sales Performance - In August 2025, the domestic new energy LCV market sold 23,500 units, representing a 7% decrease month-on-month but a 2% increase year-on-year. The growth rate compared to the previous month has narrowed by 20 percentage points [3][31]. - From January to August 2025, the cumulative sales of new energy LCVs reached 169,600 units, showing a year-on-year growth of 13%. This cumulative growth rate has decreased by 2 percentage points compared to the post-July figure [9][25]. Market Penetration - The penetration rate of new energy vehicles in the light commercial vehicle market reached 63.48% in August, marking the highest level for 2025. This rate has consistently exceeded 60% for four consecutive months [7][19]. - The overall penetration rate for the first eight months of 2025 was 60.01%, an increase of over 3 percentage points compared to the previous year [7][12]. Regional Insights - In the first eight months of 2025, all 31 provincial-level administrative regions in mainland China registered new energy LCVs, with 26 regions exceeding 1,000 registrations. Guangdong province alone accounted for nearly 30,000 registrations, representing 17.65% of the national total [12][14]. Company Performance - In August 2025, the top-selling companies in the new energy LCV market included Yuan Cheng, which sold 5,626 units, and Wuling, with sales exceeding 5,500 units. The threshold for entering the top ten sales list was 340 units [19][23]. - The market share of major companies showed varied performance, with Wuling leading at 22.60%, followed by Yuan Cheng at 18.71%, and Changan at 12.53%. Notably, companies like Foton and Jiangling saw significant year-on-year growth [29][21]. Future Outlook - The new energy LCV market has experienced a wave of four consecutive months of year-on-year growth, with the potential for continued momentum in the coming months. The industry is closely monitoring whether this growth trend can be sustained [31].

Core Viewpoint - The article provides a comprehensive overview of upcoming vehicle models from various manufacturers, detailing their specifications, market segments, and expected launch dates. Group 1: Upcoming Vehicle Models - Changan Automobile will launch the Deep Blue S07 on September 19, 2025, positioned as a B SUV with a price range of 156,900 to 173,900 CNY [12]. - GAC Passenger Vehicle is set to release the GAC Trumpchi Xiangwang S9 on September 19, 2025, classified as a C SUV, with prices ranging from 229,900 to 259,900 CNY [20]. - Jiangling Ford will introduce the Ford Lema on September 19, 2025, categorized as a B SUV, with a price range of 386,600 to 436,600 CNY [28]. - NIO will launch the ES8 on September 20, 2025, a D SUV priced between 406,800 and 446,800 CNY [36]. - NIO's ET9 will also debut on September 20, 2025, classified as a D NB with a price of 818,000 CNY [44]. - Avita Technology will release the Avita 07 on September 20, 2025, a B SUV with prices from 219,900 to 279,900 CNY [52]. - Chery New Energy will launch the iCAR V23 on September 21, 2025, an A SUV priced between 122,800 and 174,800 CNY [60]. - Geely Automobile will introduce the Lotus ELETRE on September 21, 2025, a C SUV with a price range of 558,000 to 863,000 CNY [68]. - Geely will also launch the Lotus EMEYA on September 21, 2025, a D NB priced between 538,000 and 873,000 CNY [76]. - Dongfeng Honda will release the CR-V on September 22, 2025, an A SUV with prices ranging from 185,900 to 239,900 CNY [84]. - SAIC General Motors will launch the Buick GL8 on September 22, 2025, a C MPV priced between 309,900 and 369,900 CNY [91]. - GAC Aion will introduce the Aion RT on September 22, 2025, an A NB with prices from 99,800 to 123,800 CNY [96]. - SAIC General Motors will also release the Cadillac XT5 on September 23, 2025, a B SUV priced between 379,900 and 459,900 CNY [103]. - GAC Toyota will launch the Fenglanda on September 23, 2025, an A SUV with prices ranging from 132,800 to 172,800 CNY [114]. - GAC Toyota will also release the Sienna on September 23, 2025, a C MPV priced between 299,800 and 393,800 CNY [130]. - GAC Toyota will introduce the Camry on September 23, 2025, a B NB priced at 191,800 CNY [138]. - Geely will launch the Starry on September 23, 2025, an A NB with prices ranging from 98,700 to 138,700 CNY [145]. - Geely will also release the Xingyue L on September 23, 2025, an A SUV priced between 158,700 and 179,700 CNY [151]. Group 2: Specifications and Features - The Deep Blue S07 features a pure electric engine with a maximum power of 200 kW and a range of 550 km [12]. - The GAC Trumpchi Xiangwang S9 is equipped with a 1.5T plug-in hybrid engine, offering a maximum power of 118 kW and an electric range of 252 km [20]. - The Ford Lema has a 2.3T engine with a maximum power of 202 kW and a torque of 429 N·m [28]. - The NIO ES8 offers a maximum power of 520 kW and a torque of 700 N·m, with a battery capacity of 102 kWh and a range of 635 km [36]. - The Avita 07 features a pure electric engine with a maximum power of 252 kW and a range of 610 km [52]. - The iCAR V23 has a maximum power of 185 kW and offers a range of 550 km [60]. - The Lotus ELETRE features a maximum power of 450 kW and a range of 650 km [68]. - The CR-V offers a 1.5T engine with a maximum power of 174 kW and a torque of 350 N·m [84]. - The Buick GL8 has a 2.0T engine with a maximum power of 174 kW and a torque of 350 N·m [91]. - The Aion RT features a pure electric engine with a maximum power of 150 kW and a range of 650 km [96].

Market Overview - The commercial vehicle sector experienced a decline of 1.28% on September 26, with Hanma Technology leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable stock performances included: - Shuguang Co., Ltd. (600303) rose by 9.97% to a closing price of 3.86, with a trading volume of 501,900 shares and a turnover of 190 million yuan [1] - Hanma Technology (600375) fell by 6.13% to a closing price of 7.65, with a trading volume of 1,389,300 shares and a turnover of 1.12 billion yuan [2] - Jianghuai Automobile (600418) decreased by 2.27% to 51.63, with a turnover of 401.7 million yuan [2] Capital Flow - The commercial vehicle sector saw a net outflow of 291 million yuan from institutional investors, while retail investors contributed a net inflow of 234 million yuan [2] - The capital flow for specific stocks included: - Shuguang Co., Ltd. had a net inflow of 82.08 million yuan from institutional investors, but a net outflow of 35.01 million yuan from speculative funds [3] - Zhongtong Bus (000957) experienced a net inflow of 12.51 million yuan from institutional investors [3]

Core Insights - The retail sales of commercial vehicles in China for the first eight months of 2025 reached 2.014 million units, representing a year-on-year growth of 7.37% [5] - In August 2025, the retail sales of commercial vehicles were 246,200 units, showing a year-on-year increase of 14.03% but a month-on-month decline of 1.52% [2][5] - The export sales of commercial vehicles for the first eight months of 2025 totaled 714,100 units, with a year-on-year growth of 23.77% [14] - In August 2025, the export sales of commercial vehicles were 94,000 units, reflecting a year-on-year increase of 11.52% but a month-on-month decrease of 0.36% [10] Retail Sales Overview - The top five companies accounted for 38.11% of the retail sales, with Foton Motor, SAIC-GM-Wuling, FAW Jiefang, Sinotruk, and Jiangling Motors leading the market [4][8] - In August 2025, truck sales were 204,300 units, up 17.62% year-on-year, while bus sales were 41,900 units, down 0.76% year-on-year [4] - For the first eight months, truck sales totaled 1.696 million units, with a year-on-year growth of 8.80%, while bus sales reached 318,300 units, with a slight growth of 0.34% [9] Export Sales Overview - The total export value of commercial vehicles in August 2025 was 20.116 billion yuan [10] - In August, truck exports were 83,900 units, up 8.81% year-on-year, while bus exports were 10,100 units, showing a significant year-on-year increase of 40.58% [13] - For the first eight months, truck exports reached 642,600 units, with a year-on-year growth of 22.85%, and bus exports totaled 71,500 units, with a year-on-year growth of 32.78% [17]