Core Viewpoint - The departure of Zhao Changjiang, a key executive at BYD, marks a significant shift in the company's high-end brand strategy, particularly for the Tengshi brand, which has seen both growth and challenges during his tenure [1][2][3]. Group 1: Zhao Changjiang's Career at BYD - Zhao Changjiang joined BYD in 2009 as a regional sales manager and rose through the ranks to become the youngest sales company general manager in BYD's history at the age of 31 in 2017 [2]. - He played a crucial role in establishing the high-end foundation for the "Han" and "Tang" series, which were pivotal in BYD's entry into the market above 200,000 yuan [2]. Group 2: Challenges Faced by Tengshi - In 2021, Zhao was appointed as the general manager of Tengshi, which was struggling with low sales and brand recognition, having sold only 4,783 units that year [3][4]. - Under his leadership, Tengshi underwent significant brand, product, and operational transformations, including the launch of the Tengshi D9, which disrupted the market previously dominated by the Buick GL8 [4]. Group 3: Performance and Market Position - The Tengshi D9 achieved cumulative sales of over 250,000 units, raising the brand's average selling price from 250,000 yuan to 380,000 yuan [4]. - Despite these successes, the brand faced structural challenges, with the D9 accounting for 75% of Tengshi's sales, indicating a lack of product diversity [4][7]. - Tengshi's sales in the first three quarters of 2025 reached 108,800 units, trailing behind the Fangchengbao brand's 113,100 units, but significantly outperforming the Yangwang brand [9]. Group 4: Future Outlook - The market for new energy MPVs is expected to grow, with Tengshi D9 holding a 32% market share in the 300,000 to 500,000 yuan segment [10]. - However, the introduction of new models like the Tengshi N7 and Z9 series has faced challenges, with significant drops in sales for these vehicles, highlighting the need for a more robust product lineup [8].

Core Viewpoint - The article provides a comprehensive overview of new vehicle launches scheduled for October 2025, detailing specifications, market segments, and pricing for various models from different manufacturers. Group 1: New Vehicle Launches - NIO's ET5T is set to launch on October 17, 2025, as a B Wagon with a starting price of 316,000 CNY, featuring a pure electric powertrain and a range of 710 km [11]. - FAW Toyota's Crown Land is scheduled for release on October 18, 2025, as a B SUV, with prices ranging from 284,800 to 332,800 CNY, offering both hybrid and gasoline engine options [19]. - Chery's Jietu Zongheng G700 will debut on October 19, 2025, as a C SUV, priced between 329,900 and 422,900 CNY, equipped with a plug-in hybrid system [35]. - BYD's Fangcheng Leopard series, including models Leopard 5 and Leopard 8, will launch on October 20, 2025, with prices ranging from 269,800 to 399,800 CNY for the Leopard 8 [59][67]. - The Cadillac CT6 from SAIC General will be available on October 22, 2025, as a C NB, with prices from 369,900 to 429,900 CNY [107]. Group 2: Specifications and Features - The NIO ET5T features a power output of 360 kW and a torque of 700 Nm, with a battery capacity of 100 kWh [11]. - The FAW Toyota Crown Land offers a 2.5L hybrid engine with a power output of 139 kW and a torque of 236 Nm [19]. - Chery's Jietu Zongheng G700 has a power output of 155 kW from its engine and 510 kW from its electric motor, with a battery capacity of 34.13 kWh [35]. - BYD's Fangcheng Leopard 5 has a combined power output of 143 kW from its gasoline engine and 485 kW from its electric motor, with a battery capacity of 47.8 kWh [59]. - The Cadillac CT6 features a 2.0T engine with a power output of 174 kW and a torque of 350 Nm [107]. Group 3: Market Segments and Pricing - The new models cover various market segments, including B Wagons, B SUVs, C SUVs, and C NBs, catering to a wide range of consumer preferences [11][19][35][59][107]. - The pricing strategy reflects a competitive approach, with models like the Jietu Zongheng G700 positioned at a premium price point compared to other offerings in the same segment [35]. - The article highlights the trend of manufacturers introducing hybrid and electric options, indicating a shift towards more sustainable vehicle choices in the market [11][19][35][59][107].

Core Insights - The article provides a comprehensive update on the automotive industry for September 2025, highlighting significant sales growth and trends in various segments of the market [3][12]. Overall Automotive Industry - In September 2025, total automotive sales reached 2.857 million units, representing a year-on-year increase of 16.4% and a month-on-month increase of 10.1%. Cumulatively, from January to September 2025, sales totaled 21.128 million units, up 12.6% year-on-year [3][21]. - Passenger vehicle sales in September were 2.859 million units, up 13.2% year-on-year and 12.5% month-on-month, while commercial vehicle sales were 368,000 units, showing a year-on-year increase of 29.6% [3][21]. - The inventory coefficient for automotive dealers slightly increased to 1.35 in September from 1.31 in August, with variations among different brand categories [3][21]. Sales Structure - Market share by vehicle type in September 2025 was as follows: domestic brands 70.1%, European brands 12.8%, Japanese brands 9.5%, American brands 6.2%, and Korean brands 1.4% [4]. - By vehicle classification, the market shares were: A00 4.1%, A0 12.5%, A 36.0%, B 30.5%, C 13.8%, and D 1.8% [5]. - In terms of pricing, the market shares for different price ranges were: 0-100,000 RMB 21.3%, 100,000-150,000 RMB 29.4%, 150,000-200,000 RMB 15.9%, 200,000-250,000 RMB 13.1%, 250,000-300,000 RMB 7.8%, and above 300,000 RMB 12.6% [5]. Discount Rates - The overall discount rate in September 2025 remained stable compared to August, with a slight increase to 15.9% in early September and a slight decrease to 15.8% by the end of the month [6][7]. - Fuel vehicle discount rates increased slightly to 20.4% by the end of September, while new energy vehicle discounts remained at 10.2% [8][9]. Commercial Vehicle Sales - Truck sales in September reached 312,000 units, reflecting a year-on-year increase of 28.9% and a month-on-month increase of 14.9% [10]. Investment Recommendations - The article suggests focusing on key players in the automotive sector, including Geely, Xpeng, Li Auto, BYD, and Xiaomi, as well as companies in the parts and components sector [11][15][16][18].

本报（chinatimes.net.cn）记者温冲 于建平 北京报道 10月23日，中国共产党第二十届中央委员会第四次全体会议公报正式发布。公报中关于"建设现代化产 业体系，巩固壮大实体经济根基""加快高水平科技自立自强，引领发展新质生产力"等宏观战略方向， 为汽车产业发展提供了顶层指引，为"新汽车"产业高质量发展指明了前进方向。 汽车产业作为实体经济和先进制造业的重要组成部分，可依托这一重要指引继续推动智能化、绿色化转 型，并促进汽车产业与交通、网络、能源等领域融合的创新，为建设"交通强国"贡献力量。同时加强自 动驾驶算法、共性支撑技术等关键技术的攻关，推动科技创新和产业创新深度融合发展，提升自主创新 能力，抢占科技发展制高点，催生汽车产业新质生产力。 坚持智能化、绿色化、融合化发展方向 全会提出，建设现代化产业体系，巩固壮大实体经济根基。坚持把发展经济的着力点放在实体经济上， 坚持智能化、绿色化、融合化方向，加快建设制造强国、质量强国、航天强国、交通强国、网络强国， 保持制造业合理比重，构建以先进制造业为骨干的现代化产业体系。要优化提升传统产业，培育壮大新 兴产业和未来产业，促进服务业优质高效发展，构建现 ...

Core Viewpoint - Zhao Changjiang, General Manager of BYD's Tengshi Equation Leopard Direct Sales Division, announced his temporary departure from BYD for personal adjustments, reflecting on his 16-year journey with the company from traditional fuel vehicles to the rise of new energy vehicles and the success of the Tengshi brand in the MPV market [1] Company Performance - In September, Tengshi Automobile sold 12,407 units, maintaining its position as the top luxury MPV in the market [1] - From January to September, Tengshi Automobile's cumulative sales reached 115,605 units, marking a year-on-year growth of 28.2% [1] Leadership Background - Zhao Changjiang joined BYD in 2009, starting from a frontline sales position and gradually advancing to management due to his outstanding performance [1]

Core Insights - Zhao Changjiang, a long-time executive at BYD, has announced his departure from the company after 16 years, with speculation about his next move possibly involving a role at Zhijie Automotive, although this remains unconfirmed [1][5]. Group 1: Background and Career Progression - Zhao joined BYD in 2009 as a sales manager and rose to become the youngest sales company general manager at the age of 31 in 2017 [3]. - He played a pivotal role in the relaunch of the Tengshi brand in collaboration with Mercedes-Benz, overseeing significant developments in channel construction and marketing [3][4]. - Under his leadership, Tengshi launched the popular high-end MPV model Tengshi D9, which disrupted the market dominance of Buick GL8 [3]. Group 2: Sales Performance and Challenges - Tengshi's annual sales figures have shown significant growth, from less than 5,000 units in 2021 to 12,780 units in 2023, with a target of 300,000 units by 2025 [4]. - In the first nine months of 2023, Tengshi achieved a cumulative sales figure of 115,605 units, reflecting a year-on-year increase of 28.2% [4]. - The sales structure indicates a heavy reliance on the Tengshi D9, which accounted for 67.7% of sales in September 2023 [4].

Investment Rating - The report indicates a positive investment outlook for the solid-state battery industry, highlighting significant growth potential and technological advancements [4][5][6]. Core Insights - The solid-state battery sector is experiencing rapid development, with a notable increase in financing, reaching over 18 billion yuan in Q1 2025, accounting for 45% of total financing in the new energy sector [4]. - The adoption rate of solid-state batteries in new energy vehicles (NEVs) has surged to 22% in Q1 2025, up from just 5% in 2023 [4]. - The transition from liquid to solid-state batteries is being facilitated by semi-solid batteries, which are currently in mass production and serve as a bridge technology [4][5]. - Full solid-state batteries are still in the R&D phase, with mass production expected to begin between 2026 and 2030, with 2027 identified as a critical year for production [5][6]. - Government policies are accelerating the development of solid-state batteries, with initiatives aimed at standardizing technology and promoting industrialization [6]. Summary by Sections Market Performance - In Q1 2025, solid-state battery financing exceeded 18 billion yuan, representing 45% of the total financing in the new energy sector [4]. - The NEV adoption rate for solid-state batteries reached 22% in Q1 2025, a significant increase from 5% in 2023 [4]. Technology Development - Semi-solid batteries are being mass-produced as a transitional technology, leveraging existing liquid battery production processes [4]. - Full solid-state batteries are expected to achieve mass production between 2026 and 2030, with major automakers like Nissan and Toyota setting ambitious production timelines [5]. Policy Support - The Chinese government has prioritized solid-state batteries in its New Energy Vehicle Industry Development Plan (2021-2035), emphasizing the importance of accelerating R&D and industrialization [6]. - New standards for solid-state batteries are being established to guide technology development and market application [6]. Global Comparison - Solid-state battery R&D is concentrated in China, Japan, South Korea, the US, and Europe, with each region pursuing different technological routes [9]. - China is positioned to dominate the solid-state battery market, with projections indicating that by 2030, its production capacity could exceed 400 GWh, accounting for 60% of global capacity [10][11]. Competitive Landscape - Leading companies in China, such as CATL and BYD, are focusing on full solid-state battery development, while others are advancing semi-solid battery production to capture market share [15][16]. - The competitive landscape is characterized by a mix of established players and emerging companies, with varying degrees of technological maturity and commercialization progress [15][16]. Future Outlook - The solid-state battery market is expected to expand significantly, driven by applications in NEVs, eVTOLs, humanoid robots, and energy storage systems [28][29]. - As technology advances and costs decrease, solid-state batteries are anticipated to replace traditional lithium-ion batteries in various applications [28].

Core Viewpoint - The solid-state battery industry is set to accelerate commercialization, with small-scale applications expected by 2030 and large-scale global promotion by 2035, driven by technological breakthroughs and supportive policies [1][6]. Technological Breakthroughs - Chinese scientists have successfully overcome key challenges in all-solid-state lithium batteries, potentially doubling the range of a 100 kg battery from 500 km to over 1000 km [2]. - A research team developed an anion regulation technology that enhances the interface contact between the solid electrolyte and lithium electrode, crucial for practical applications [2]. - Another team achieved an integrated electrode-electrolyte material in a polymer system, improving electrochemical performance by reducing interface impedance [3]. Market Performance - Solid-state battery-related ETFs have shown significant activity, with the Guangfa Guozheng New Energy Vehicle Battery ETF (159755) seeing a net inflow of over 6.5 billion yuan in the last 20 trading days and a year-to-date increase of 57.60% [3]. - The Zhao Shang Zhong Zheng Battery Theme ETF (561910) has also experienced a year-to-date increase of 61.32%, with an average daily trading volume exceeding 300 million yuan [3]. Policy Support - Multiple government departments have issued policies to encourage the development of solid-state batteries, including the "New Energy Storage Manufacturing Industry High-Quality Development Action Plan" [4][5]. - Local governments, including Beijing and Shanghai, have incorporated solid-state batteries into their industrial planning, indicating strong policy backing [6]. Market Outlook - The solid-state battery market is projected to see a global shipment of 808 GWh by 2030, with significant demand anticipated for semi-solid-state batteries across various sectors [6]. - The industry is currently transitioning from pilot testing to production capacity building, with some companies nearing mass production capabilities [6].

Group 1: Policy Developments - The National Energy Administration issued an action plan to enhance the credit system in the energy sector by 2027, aiming for improved regulations, shared credit information, and effective mechanisms for rewarding trustworthiness and penalizing dishonesty [3] - The first national standard for carbon asset management was released, providing guidelines for organizations to enhance their carbon asset management capabilities [4] - The "Wind Energy Beijing Declaration 2.0" was launched, setting ambitious wind power installation targets for 2030 and 2035, emphasizing the importance of wind energy in achieving climate goals [7] Group 2: Industry Dynamics - The world's largest clean energy corridor, consisting of six major power stations, has generated over 4 trillion kilowatt-hours of electricity, significantly contributing to energy savings and CO2 emissions reduction [6] - The Guangxi Nanning pumped storage power station has completed its construction and is set to begin operations, marking a significant milestone in China's energy infrastructure [8] - South Africa plans to invest approximately $1267 billion to transition its energy sector, aiming to reduce coal dependency and increase renewable energy sources by 2039 [14] Group 3: Technological Advancements - Solid-state battery technology is progressing, with expectations for small-scale applications by 2030 and large-scale commercialization by 2035, driven by recent breakthroughs in battery performance [15][17] - Key technological advancements in solid-state batteries have been achieved, including improved energy density and efficiency, which are crucial for the battery's practical application [18] - The solid-state battery sector is experiencing increased market interest, with several ETFs related to this technology showing significant inflows and performance [19][20]

证券日报网讯比亚迪（002594）10月24日在互动平台回答投资者提问时表示，比亚迪储能始于2008年， 专注于储能系统及新型电池的技术研发和推广应用；已形成集储能产品研发、制造、销售、服务、回收 于一体的完整产业链，产品全面覆盖电源侧储能、电网侧储能、工商业储能、家庭储能、叉车电池、船 舶电池等应用领域。依托全球领先的电池研发制造技术和强大的创新能力，比亚迪储能已为国内外数百 个储能项目提供安全可靠的储能系统解决方案，新能源产品远销全球6大洲公司。 ...