Core Viewpoint - The visit of Changan Automobile's chairman to Huawei's founder highlights the collaboration and strategic discussions aimed at enhancing competitiveness in the automotive industry [2][4]. Group 1: Company Developments - Changan Automobile Group was established on July 29, with Zhu Huarong as the chairman and party secretary, marking it as the third central enterprise in the automotive sector after FAW Group and Dongfeng Motor Group [6]. - The new central enterprise comprises 117 subsidiaries and focuses on various business areas including vehicle manufacturing, sales, financial services, and logistics [6]. Group 2: Strategic Goals - The company aims to develop new production capabilities in smart automotive robotics, flying cars, and embodied intelligence, while exploring a multi-dimensional transportation ecosystem [6]. - There is a strong emphasis on accelerating globalization efforts, targeting markets in Southeast Asia, the Middle East, Africa, Central and South America, and Europe [6]. Group 3: Leadership Insights - Zhu Huarong expressed deep appreciation for Ren Zhengfei's insights and guidance regarding the support for Changan Automobile and Avita brands, indicating a strong mentorship relationship [4]. - The discussions included strategic advice on industry competition and future market dynamics, reflecting a collaborative approach to innovation and growth [4].

Group 1 - Changan Automobile's Chairman Zhu Huarong visited Huawei's founder Ren Zhengfei to discuss industry competition and future market dynamics [1] - Ren provided targeted and guiding advice to support Changan Automobile and its Avita brand, highlighting his vision and insights [1] - The establishment of China Changan Automobile Group, a new central enterprise, was announced, with Zhu Huarong as the Chairman [3] Group 2 - The new central enterprise has 117 subsidiaries and focuses on various automotive-related businesses, including vehicle manufacturing, sales, finance, and logistics [3] - Future plans for the enterprise include developing smart automotive robots, flying cars, and exploring new transportation ecosystems across land, sea, and air [3] - Changan Automobile Group aims to accelerate globalization and expand into five major regional markets: Southeast Asia, Middle East and Africa, Central and South America, Eurasia, and Europe [3]

Group 1 - Changan Automobile Group Chairman Zhu Huarong visited Huawei's founder Ren Zhengfei to discuss industry competition and future market dynamics, receiving targeted guidance for Changan and Avita brands [2][5][8] - Avita Technology, co-owned by Changan and CATL, reported a significant sales increase of 178% year-on-year in July, with over 10,000 units sold for five consecutive months [5][7] - Changan plans to break traditional boundaries of automotive manufacturing, aiming to build an ecosystem with user engagement and scenario integration capabilities [7][8] Group 2 - Other automotive companies, including Dongfeng Motor, are also deepening their collaboration with Huawei, focusing on technology integration and market expansion [9][11] - Dongfeng's new company, Dongfeng Yipai Automotive Technology, is entering a deeper collaboration phase with Huawei, integrating their teams for comprehensive cooperation from R&D to market [11] - Industry experts note that collaboration with giants like Huawei and CATL is becoming essential for automotive companies amid the transition to electrification and smart technology [12]

Group 1 - Changan Automobile's Chairman Zhu Huarong visited Huawei CEO Ren Zhengfei to discuss industry competition and future competitive landscape [1] - Ren Zhengfei provided targeted and guiding advice to support Changan Automobile and its Avatr brand [1] - Zhu Huarong expressed deep appreciation for the insights and support received from Huawei's leadership [1] Group 2 - Avatr is a high-end smart electric vehicle brand under Avatr Technology, focusing on research and innovation in future mobility [4] - Changan Automobile and CATL are the largest shareholders of Avatr, holding 40.99% and 14.1% of the shares respectively, with Huawei as a partner [4] - Changan Automobile Group was established in Chongqing, marking it as a new state-owned automobile enterprise in China [4]

Investment Rating - The report maintains a "Recommend" rating for the automotive industry, with an optimistic outlook for the second half of the year [1]. Core Insights - Traditional automakers are expected to ramp up marketing activities in August, leading to a positive sales outlook for the second half of the year. The market is still digesting weak investment sentiment, and patience is advised while waiting for the release of semi-annual reports [1]. Data Tracking - In July, new energy vehicle deliveries showed significant growth for Xpeng, with a year-on-year increase of 2.3 times, while Li Auto saw a decline of 39.7% year-on-year. BYD delivered 344,296 vehicles, a slight increase of 0.6% year-on-year, but a decrease of 10.0% month-on-month [2][18]. - Traditional automakers also saw notable sales growth, with Geely's sales reaching 238,000 units, up 57.6% year-on-year. SAIC Group led the sales with 338,000 units, a 34.2% increase year-on-year [20]. Discount Rates and Amounts - The average discount rate in late July was 10.0%, a slight increase of 0.1 percentage points from early July, and the average discount amount was 22,311 yuan, up 126 yuan from early July [3][22]. Industry News - The report highlights significant developments in the automotive sector, including the launch of new models by various manufacturers, such as the new Audi A5L and Q6L e-tron, and the introduction of the third-generation UNI-V by Changan [28][29]. - The penetration rate of new energy vehicles reached 54.0% in July, marking a 2.7 percentage point increase year-on-year, with new energy vehicles accounting for 21.4% of the market share [28]. Market Performance - The automotive sector saw a weekly increase of 2.35%, ranking 9th among 29 sectors. The overall market indices also showed positive growth, with the Shanghai Composite Index rising by 2.11% [7].

Group 1 - The retail volume of passenger cars in China reached 12.728 million units in the first seven months of the year, representing a year-on-year increase of 10.1%. In July alone, retail volume was 1.826 million units, up 6.3% compared to the previous year [2] - Domestic brands showed the most significant growth, with retail volume reaching 1.21 million units in July, a 14% increase year-on-year, and market share rising to 65.9%, an increase of 4 percentage points [2] - The wholesale volume of passenger cars also hit a record high in July, reaching 2.221 million units, a 13% year-on-year increase [3] Group 2 - New energy vehicles (NEVs) have become a key driver of growth, with wholesale sales reaching 1.181 million units in July, a 24.4% increase year-on-year, and retail sales at 987,000 units, up 12% [3] - The market share of new force brands in the NEV segment reached 21.4%, an increase of nearly 2 percentage points year-on-year [3] - The inventory pressure in the car market is easing, with total inventory decreasing by 90,000 units in July, and the dealer inventory warning index dropping to 57.2%, down 2.2% year-on-year [4] Group 3 - The competitive pricing environment is stabilizing, with only 17 models seeing price reductions in July compared to 23 in the same month last year [4] - The upcoming release of new models in August is expected to further boost retail sales, supported by the third batch of national subsidies for trade-in policies [5]

Core Viewpoint - Changan Automobile's Chairman Zhu Huarong visited Huawei's CEO Ren Zhengfei to discuss industry competition and future market dynamics, highlighting the importance of collaboration in the automotive sector [2][6]. Group 1: Company Developments - Zhu Huarong's visit to Huawei occurred just 11 days after he assumed the role of Chairman of Changan Automobile Group [7]. - Changan Automobile Group was officially established in Chongqing in July 2023, becoming a new state-owned enterprise in the automotive sector, following China FAW Group and Dongfeng Motor Group [7]. - The State-owned Assets Supervision and Administration Commission (SASAC) announced the establishment of Changan Automobile Group, which will be managed under its oversight [7]. Group 2: Strategic Partnerships - Ren Zhengfei provided targeted and guiding advice to support Changan Automobile and its brand Avita [6]. - Avita was founded in 2018 as a joint venture between Changan Automobile and NIO, and after NIO's exit in 2021, it attracted strategic investors Huawei and CATL, forming a collaborative model known as "CHN" (Changan, Huawei, CATL) [6].

8月9日晚，长安汽车（000625）董事长朱华荣微博发文，称8月8日前往深圳拜访华为CEO任正非，围绕 产业竞争态势、未来竞争格局等交流学习。 任正非还就支持长安汽车、阿维塔品牌等提出针对性、指导性意见。 朱华荣表示："任总的视野、格局、睿智、激情，我等感触颇深，受益匪浅，令人敬佩。" 据了解，阿维塔成立于2018年，最初由长安汽车与蔚来汽车合资成立(当时称作"长安蔚来")。在2021年 蔚来退出后，阿维塔引入华为、宁德时代（300750）两大战略投资者，形成"CHN(长安、华为、宁德时 代)"协同模式。 值得注意的是，当天是朱华荣履新中国长安汽车集团董事长的第11天。 今年7月，中国长安汽车集团有限公司在重庆挂牌成立，这是继中国一汽集团、东风汽车集团后的又一 家汽车央企。 7月29日，国务院国资委网站发布3户中央企业10名领导人员职务调整。其中，中国长安汽车集团有限公 司方面，朱华荣任中国长安汽车集团有限公司党委书记、董事长；赵非任中国长安汽车集团有限公司党 委副书记、董事，提名为中国长安汽车集团有限公司总经理人选；谭本宏任中国长安汽车集团有限公司 党委副书记、董事；贾立山、邓威、邓跃明任中国长安汽车集团有 ...

8月9日晚，长安汽车董事长朱华荣微博发文，称8月8日前往深圳拜访华为CEO任正非，围绕产业竞争态 势、未来竞争格局等交流学习。 今年7月，中国长安汽车集团有限公司在重庆挂牌成立，这是继中国一汽集团、东风汽车集团后的又一家汽车 央企。 7月29日，国务院国资委网站发布3户中央企业10名领导人员职务调整。其中，中国长安汽车集团有限公司方 面，朱华荣任中国长安汽车集团有限公司党委书记、董事长；赵非任中国长安汽车集团有限公司党委副书记、 综合自：朱华荣长安汽车微博号、国务院国资委网站、国资小新 董事，提名为中国长安汽车集团有限公司总经理人选；谭本宏任中国长安汽车集团有限公司党委副书记、董 事；贾立山、邓威、邓跃明任中国长安汽车集团有限公司党委常委，提名为中国长安汽车集团有限公司副总经 理人选；王锟任中国长安汽车集团有限公司党委常委，提名为中国长安汽车集团有限公司总会计师人选；蒲星 川任中国长安汽车集团有限公司党委常委，提名为中国长安汽车集团有限公司副总经理人选。 责编：李丹 校对：吕久彪 当天，国务院国资委发布公告称，经国务院批准，组建中国长安汽车集团有限公司，由国务院国有资产监督管 理委员会代表国务院履行出资人职责 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In the 31st week of 2025 (July 28 - August 3), domestic passenger car and new energy passenger car sales increased week - on - week. Passenger car retail sales were 465,000 units, a year - on - year increase of 2.8%; new energy passenger car retail sales were 247,000 units, a year - on - year increase of 10.4%, with a penetration rate of 53.1%. Since the beginning of the year, cumulative passenger car retail sales were 12.563 million units, a year - on - year increase of 7.0%; cumulative new energy passenger car retail sales were 6.407 million units, a year - on - year increase of 26.9%, with a cumulative penetration rate of 51.0% [2][110][118]. - The China Passenger Car Association slightly raised the full - year forecast for 2025. It is expected that passenger car retail sales will reach 24.35 million units, a 6% increase, with the forecast volume 300,000 units more than the June forecast; passenger car exports will be 5.46 million units, a 14% increase, with the forecast volume 160,000 units higher than the initial forecast; new energy passenger car wholesale will be 15.48 million units, a 27% increase, with the forecast volume slightly down from the June forecast, and the new energy wholesale penetration rate will reach 56%; automobile wholesale will be 34.04 million units, an 8% increase, with the forecast volume 5 percentage points higher than the initial forecast [2][108][118]. 3. Summary According to the Directory 3.1. Key Target Tracking - The report presents the weekly price changes of relevant sectors and listed companies. For example, among listed companies, Great Wall Motor (601633.SH) had a weekly increase of 3.00%, while BYD (002594.SZ) had a weekly decrease of 1.77% [16]. 3.2. Industrial Chain Data Tracking 3.2.1. China New Energy Vehicle Market Tracking - **Sales and Exports**: Charts show the sales (seasonal), penetration rate, domestic sales (seasonal), exports (seasonal), and sales of EV and PHV in the Chinese new energy vehicle market [17][22][24]. - **Inventory Changes**: Charts display the monthly new inventory of new energy passenger vehicle channels and manufacturers [26]. - **Delivery Volume of New Energy Vehicle Manufacturers**: Charts present the monthly delivery volumes of several new energy vehicle manufacturers such as Leapmotor, Li Auto, XPeng, etc. [29][33][35]. 3.2.2. Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: Charts show the sales (by region), penetration rate, and sales of EV and PHV in the global new energy vehicle market [41][44]. - **European Market**: Charts present the sales, penetration rate, and sales of EV and PHV in the European new energy vehicle market, as well as the sales of EV and PHV in the UK, Germany, and France [46][49][50]. - **North American Market**: Charts show the sales, penetration rate, and sales of EV and PHV in the North American new energy vehicle market [59][60]. - **Other Regions**: Charts display the sales, penetration rate, and sales of EV and PHV in other regions, including Japan, South Korea, and Thailand [62][63][67]. 3.2.3. Power Battery Industry Chain - Charts show the power battery loading volume (by material), export volume (by material), weekly average price of battery cells, cell material cost, and the operating rates and prices of various battery materials such as ternary materials, precursors, lithium iron phosphate, etc. [78][82][83]. 3.2.4. Other Upstream Raw Materials - Charts present the daily prices of rubber, glass, steel, and aluminum [102][104]. 3.3. Hot News Summary 3.3.1. China: Policy Dynamics - The State Administration for Market Regulation plans to build a number of national carbon measurement centers by 2030, with priority given to the carbon measurement needs of key industries such as power batteries [108]. 3.3.2. China: Industry Dynamics - The China Passenger Car Association slightly raised the full - year forecast for 2025, including the increase in passenger car retail, exports, and automobile wholesale, and a slight decrease in new energy passenger car wholesale forecast [108]. - In July, the new energy wholesale sales were 1.18 million units, a year - on - year increase of 25%, and the cumulative wholesale from January to July was 7.63 million units, a year - on - year increase of 35% [109]. - From July 1 - 31, new energy retail sales increased by 14% year - on - year, and the cumulative retail sales since the beginning of the year increased by 30% year - on - year [110]. - From January to June, the domestic charging infrastructure increment was 3.282 million units, a year - on - year increase of 99.2%, and the vehicle - to - charging - pile increment ratio was 1.8:1 [111]. 3.3.3. China: Enterprise Dynamics - Sunwoda plans to list in Hong Kong and build a new production base in Vietnam with a total investment of no more than RMB 2 billion [113]. - Leapmotor's first batch of electric SUVs arrived in Brazil [114]. 3.3.4. Overseas: Policy Dynamics - Russia will allocate 5.7 billion rubles from 2025 - 2027 to develop electric vehicle charging infrastructure, aiming to have 28,000 DC charging stations with an output power over 149kW in operation by 2030 [114]. 3.3.5. Overseas: Industry Dynamics - In the UK, July passenger car sales decreased by 5.0% to 140,000 units, while pure - electric and plug - in hybrid vehicles increased by 9.1% and 33.0% respectively [115]. - In Germany, July passenger car sales increased by 11.1% to 265,000 units, with pure - electric and plug - in hybrid vehicles increasing by 58.0% and 83.6% respectively [116]. - In Brazil, July new car sales increased by 0.8% to 243,000 units, with pure - electric and plug - in hybrid vehicles increasing by 48.2% and 22.3% respectively [116]. 3.4. Industry Views - Similar to the core views, it emphasizes the sales situation in the 31st week of 2025 and the adjustment of the full - year forecast by the China Passenger Car Association [118]. 3.5. Investment Suggestions - The penetration rate of the Chinese new energy vehicle market exceeded 30% in 2023 and 50% since 2024. In 2025, high - competitiveness new car products continue to be launched, and price wars are gradually halted. Overseas, due to strong trade protectionism in Europe and the US, there are risks in exports. Attention should be paid to new growth points such as countries along the Belt and Road and the Middle East. In terms of the competitive landscape, domestic independent brands' market share continues to expand, and attention should be paid to companies with strong product capabilities, smooth overseas expansion, and stable supply [3][119].