Core Viewpoint - The article discusses the development and implementation of AI-Brain, an intelligent hardware solution by the Li Auto Lianshan team, aimed at enhancing production line efficiency and decision-making through AI integration [2][6]. Group 1: AI-Brain Overview - AI-Brain is a compact and cost-effective intelligent hardware that enables AI algorithms to perform real-time inference directly on the production line, enhancing the intelligence of manufacturing processes [2]. - The solution ensures data privacy and security by operating independently in a closed network environment [2]. - The platform has demonstrated significant performance in various business sectors of Li Auto, achieving over 90% accuracy and recall rates in after-sales service and 99% accuracy in core manufacturing processes [3][4]. Group 2: Challenges and Solutions - The Li Auto Lianshan team identified common pain points between component suppliers and vehicle manufacturers, leading to the decision to share their intelligent solutions with a broader range of enterprises [6]. - The team aims to create a collaborative AI product that allows engineers, regardless of their coding skills, to effectively utilize AI tools for problem-solving [7]. Group 3: AI-Brain Capabilities - AI-Brain addresses several industry challenges, including low efficiency and high costs of manual inspections, difficulty in knowledge transfer from experienced engineers, and lengthy decision-making processes due to inadequate data [8]. - It supports over 10 industrial communication protocols for seamless integration with production equipment, ensuring real-time data collection and analysis [9]. - The hardware boasts a processing power of up to 275 TOPS, enabling real-time execution of complex AI models for quality issue prediction [11]. Group 4: Market Engagement and Future Prospects - Currently, nearly 500 AI-Brain units are operational in Li Auto and its suppliers' production lines, with significant commercial partnerships established with 49 suppliers, including 5 in negotiation stages [15]. - The Li Auto Lianshan team aims to collaborate with more quality enterprises in the automotive industry to further explore AI technology applications in industrial settings [15].

较低交付体验主要以下四个维度： 1.认为交付慢（主要集中于i8i6） 2.错过置换补贴 3.交付时间给的太宽泛，如果在此期间要外出会比较不方便，匹配成功后延期方式不灵活 4.认为交付人员在各种细节上广义的态度差 造成以上四个维度的原因为： 理想给的交付时间应该是谋求尽可能不要晚于APP时间，应该是基于种种原因理想确实无法提前给出 非常精确的交付时间（看起来其他家似乎也是类似情况） 理想交付考核的是该月交付数与交付率，故理想交付天然倾向于匹配到车后尽量让用户早交付。 导致起的效果是，一定比例的用户觉得自己提前给你说了我那段时间有可能不空，你又不给我说到底 哪天可以交付，临时给我说，冗余太少。 认为交付慢： 包含理想在内的任何一家车企，无法很好的判断方法判断新车型究竟会有多少需求，理想多备产能少 备产能都有各自的益处坏处，产能多备的坏处是如果订单不足，要多赔钱。 目前存在大量用户偏好宁德时代电池，理想现阶段顺应了这块的市场需求，宁德时代产能临时提升空 间有限。 结合25款L系列超预期下跌前提与李想把大量精力花在AI，现阶段理想很难做出i8i6要准备超多产能 的预期。 下次发布会，又是下次的选择，如果备多了，也是有 ...

Core Viewpoint - The Chinese passenger car market experienced significant growth in September, with retail sales reaching 2.241 million units, a year-on-year increase of 6.3% and a month-on-month increase of 11.0%. Cumulatively, retail sales for the year reached 17.005 million units, marking a 9.2% year-on-year growth and setting a new historical peak [1]. Group 1: Market Performance - In September, 11 out of 14 listed car companies reported year-on-year sales growth, accounting for 78.6% of the sample. New energy vehicles (NEVs) were the primary driver of this growth, with total sales exceeding 1.32 million units among the 14 major companies [1]. - The penetration rate of NEVs in the overall passenger car retail market reached 57.8% in September, an increase of 5 percentage points compared to the same period last year. Among domestic brands, the penetration rate for NEVs reached 78.1% [1]. Group 2: Company-Specific Sales Data - SAIC Motor Corporation achieved sales of 439,777 units in September, a year-on-year increase of 40.39%, reclaiming the title of monthly sales champion among Chinese listed car companies after five months. Cumulative sales for the first nine months reached 3.193 million units, up 20.53% year-on-year [2]. - BYD's sales in September were 396,270 units, marking a year-on-year decline of 5.52%, ending an 18-month growth streak. The sales of pure electric models were 205,000 units, up 24.31%, while plug-in hybrid models saw a significant drop of 25.58% [3]. - Geely Automobile reported sales of 273,125 units in September, a year-on-year increase of 35.24%. NEV sales reached 165,201 units, up 81.27%, with a market penetration rate of 60.49% [3]. - Chery Automobile's sales reached 255,584 units in September, a year-on-year increase of 8.90%, with NEV sales at 83,498 units, up 17.24% [4]. - New force in the automotive sector, Leap Motor, achieved a record monthly delivery of 66,657 units in September, a year-on-year increase of 97.4% [4]. Group 3: Market Trends and Future Outlook - The automotive market in September saw the launch of over 70 new models, driven by government subsidies and local purchase incentives, which boosted consumer purchasing enthusiasm [5]. - The Secretary-General of the China Passenger Car Association, Cui Dongshu, indicated that the rapid release of new models, particularly from domestic brands, is enhancing competitiveness in the NEV market. The fourth quarter is expected to maintain stable growth due to policy guidance and a strong growth foundation [5].

业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 朱傅哲 (8621)23297818× zhufz@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 10 月 13 日 紧抓科技主线，寻找低估成长新机 会 看好 ——2025/10/9-2025/10/10 汽车周报 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 业 及 产 业 行 汽车 - ⚫ 观点：四季度补贴额度吃紧带来一波市场抢装，好产品也需要大产能支撑。我们看到近 期密集上市一批改款车型，有望让火爆的 Q4 车市再上强度。对于整车可关注供给能有 效释放的企业，如吉利、比亚迪、长城，理想、蔚来等。同时我们建议在消费端不明朗 的情况下关注"未来产业"，科技才是持续创造超额收益的主要阵地。而当下阶段更应 该关注业绩有支撑、估值相对较低且有提升潜力的公司，包括机器人、AI、低空经济等 科技引领赛道。推荐质地优、 ...

Tesla’s Price Cuts: A Calculated Gamble That Could Reshape the EV MarketThe Thematic Investor4 min read·1 hour ago1 hour ago--SummaryTesla’s price cuts signal a strategic shift to mass-market EV adoption.Competitors face intense pressure to adjust pricing and value propositions.Increased EV volume creates growth opportunities across the entire supply chain.The EV market is maturing, favouring companies with operational scale and efficiency.Tesla’s Price War: A Stroke of Genius or a Desperate Gamble?Just whe ...

Core Viewpoint - Major Chinese technology and auto stocks experienced significant declines due to renewed trade tensions between the U.S. and China, impacting investor sentiment across Asian markets [1][5]. Group 1: Market Performance - Hong Kong's Hang Seng index fell by 2.28%, while mainland China's CSI 300 declined by 0.95% [1]. - South Korea's Kospi dropped by 1.10%, and Australia's S&P/ASX 200 closed down by 0.84% [5]. Group 2: Key Stock Movements - Alibaba Group Holding Ltd. saw a decrease of 3.87% in its Hong Kong-listed stock [2][4]. - Baidu Inc. experienced a drop of 4.61% [2][4]. - JD.com Inc. fell by 4.78%, and Tencent Holdings declined by 3.03% [3][4]. - Other notable declines included Kuaishou Technology (-5.66%), Pinduoduo Inc. (-5.23%), NIO Inc. (-5.80%), and Li Auto Inc. (-4.50%) [3][4]. Group 3: Trade Tensions - The market downturn was attributed to escalating trade friction, with China's Ministry of Commerce stating they are "not afraid" of a trade war following President Trump's threats of new tariffs [4][5]. - Beijing accused the U.S. of a "textbook double standard" in response to Trump's promise of 100% tariffs after China's new export controls on rare earth minerals [5]. Group 4: U.S. Market Reaction - Following Trump's comments suggesting not to worry about China, U.S. stock futures rallied, with Dow Jones, S&P 500, and Nasdaq futures trading higher [6]. - However, this did not immediately reverse the declines in Asian markets, which had already factored in the risks of a prolonged trade dispute [7].

Core Insights - The overall retail sales of passenger cars in China reached 2.241 million units in September, marking a year-on-year increase of 6.3% and a month-on-month increase of 11.0% [1] - Cumulative retail sales for the year have reached 17.005 million units, representing a year-on-year growth of 9.2%, setting a new historical peak [1] - New energy vehicles (NEVs) have been the primary driver of sales growth, with 14 major car manufacturers collectively selling over 1.32 million NEVs in September [1] Industry Performance - The penetration rate of NEVs in the domestic passenger car market reached 57.8% in September, an increase of 5 percentage points compared to the same period last year [1] - Domestic brands achieved a NEV penetration rate of 78.1% [1] Company Performance - SAIC Motor Corporation achieved sales of 439,777 units in September, a year-on-year increase of 40.39%, reclaiming the title of monthly sales champion among Chinese listed car companies [2] - BYD's sales in September were 396,270 units, a decline of 5.52%, marking the first month of year-on-year decline since March 2024 [3] - Geely Automobile reported sales of 273,125 units in September, a year-on-year increase of 35.24%, with NEV sales reaching 165,201 units, up 81.27% [3] - Chery Automobile's sales reached 255,584 units in September, a year-on-year increase of 8.90%, with NEV sales of 83,498 units, up 17.24% [4] - Leap Motor achieved a remarkable sales increase of 97.4% in September, with 66,657 units delivered, setting a new record for new car manufacturers [5] Market Trends - The automotive market in September saw over 70 new car models launched, contributing to increased consumer purchasing enthusiasm [5] - The fourth quarter is expected to maintain stable growth, driven by policy guidance and high growth foundations, with an anticipated increase in consumer purchases before the adjustment of NEV tax policies in 2026 [6]

Core Insights - The collaboration between ChipLink Integrated and Li Auto has reached a significant milestone with the mass production of silicon carbide (SiC) products, marking a new phase in their strategic partnership [2] - The SiC products are expected to enhance the efficiency and range of Li Auto's electric vehicles, particularly in the i-series models [2] - ChipLink Integrated has reported over 1 billion yuan in SiC revenue for 2024, reflecting a year-on-year growth of over 100% [3] Group 1 - The partnership event between ChipLink Integrated and Li Auto signifies the successful implementation of their strategic cooperation in the SiC product domain [2] - The mass production of SiC products is a critical component of Li Auto's pure electric strategy [2] - The SiC products demonstrate superior performance in terms of conduction resistance and application junction temperature compared to mainstream market products [2] Group 2 - ChipLink Integrated has established the first domestic 8-inch SiC MOSFET production line, achieving mass production with industry-leading performance metrics [3] - The company has completed customer validation for China's first integrated DrMOS 55nm BCD chip, with mass production expected in the second half of the year [3] - ChipLink Integrated anticipates that revenue from AI-related projects will reach double digits as several projects, including server power chips and robotic laser radar chips, are expected to ramp up production by 2026 [3]

Core Insights - The passenger car market in China showed strong performance in September 2025, with record highs in retail, export, wholesale, and production, particularly in the new energy vehicle (NEV) sector [1][2][5] Retail Performance - In September, the retail sales of passenger cars reached 2.241 million units, a year-on-year increase of 6.3% and a month-on-month increase of 11.0% [2][4] - Cumulative retail sales from January to September reached 17.005 million units, reflecting a 9.2% year-on-year growth [2][4] - The retail penetration rate of NEVs in September was 57.8%, with a notable increase in the share of domestic brands [12][14] Export Trends - In September, the total export of passenger cars was 528,000 units, marking a year-on-year increase of 20.7% [5][15] - NEVs accounted for 40.1% of total exports, with a significant year-on-year increase of 15 percentage points [5][15] - The export of domestic brands reached 463,000 units, a year-on-year growth of 27% [5][15] Production Insights - Passenger car production in September was 2.838 million units, a year-on-year increase of 17.2% [5][6] - Cumulative production from January to September reached 20.78 million units, reflecting a 13.9% year-on-year growth [5][6] Wholesale Data - In September, wholesale sales of passenger cars reached 2.803 million units, a year-on-year increase of 12.4% [6][12] - The wholesale penetration rate of NEVs was 53.5%, with domestic brands leading at 68.3% [12][15] New Energy Vehicle (NEV) Performance - NEV production in September reached 1.501 million units, a year-on-year increase of 22.9% [8][9] - NEV wholesale sales were 1.500 million units, reflecting a year-on-year growth of 22.4% [9][12] - The cumulative retail of NEVs from January to September was 8.866 million units, a growth of 24.4% [9][12] Brand Performance - In September, domestic brands achieved retail sales of 1.5 million units, a year-on-year increase of 13% [4][17] - The market share of domestic brands in the retail sector reached 66.9%, up 3.6 percentage points year-on-year [4][17] - New energy brands like BYD, Geely, and Chery showed strong performance in both retail and wholesale segments [16][17] Market Dynamics - The market is transitioning towards a more stable environment with reduced price wars and moderate promotional activities [3][4] - The competitive landscape is evolving, with emerging brands gaining market share and traditional brands adapting to new trends [16][17]

Market Overview - The U.S. stock market experienced significant declines last Friday, with the S&P 500 index falling by 2.71% to 6552.51 points, the Dow Jones down by 1.90% to 45479.60 points, and the Nasdaq dropping by 3.56% to 22204.43 points, marking the largest drop in six months [2][3] - Weekly performance showed the Dow Jones index down 2.73%, Nasdaq down 2.53%, and S&P 500 down 2.43% [3] Trade Relations and Market Sentiment - U.S. Vice President Vance indicated a willingness for rational negotiations with China, following President Trump's announcement of a 100% tariff on certain Chinese goods starting November 1 [5] - Market sentiment improved after Vance's comments, with Bitcoin rising over 2% and Ethereum increasing by over 7%, reflecting optimism about potential negotiations [5] Upcoming Economic Indicators - Investors are closely monitoring developments regarding Trump's tariff statements and the ongoing U.S. government shutdown, which has delayed the release of key economic data, including the September CPI report now scheduled for October 24 [6] - The upcoming earnings season for U.S. companies will be scrutinized for insights into the economic outlook and potential layoffs [6] Federal Reserve Developments - The last week before the Federal Reserve's October meeting is marked by increased communication from Fed officials, including Chairman Powell's scheduled speech [6] Bond Market - U.S. Treasury yields rose sharply, with the 10-year yield closing at 4.036% and the 2-year yield at 3.512% [9] Stock Performance - Notable declines in major tech stocks included Nvidia down 4.89%, Microsoft down 2.19%, Apple down 3.45%, and Amazon down 4.99% [10] - Nvidia's CEO sold 225,000 shares for over $42.8 million during the recent trading period [10][16] Global Market Trends - European and Asian markets also faced declines, with the FTSE 100 down 0.86%, CAC 40 down 1.53%, and Nikkei 225 down 1.01% [10] Chinese Stocks - Chinese stocks listed in the U.S. saw significant drops, with Alibaba down 8.45% and Tencent down 3.55% [11] Commodity Market - Gold prices reached a new high of $4060 per ounce before retreating, while silver also saw gains [14] - Oil prices fell sharply, with WTI crude dropping 5.43% to $58.17 per barrel, marking a five-month low [14]