Investment Rating - The report maintains a "Positive" investment rating for the automotive and automotive parts industry [7]. Core Insights - The "Automotive Industry Stability Growth Work Plan (2025-2026)" was issued by the Ministry of Industry and Information Technology and seven other departments on September 12, 2025. The plan aims to enhance the quality and reasonable growth of the automotive industry from both supply and demand sides, promote the industrial application of intelligent connected technology, and conditionally approve the production access of L3 level vehicles [2][4]. - The gradual implementation of policies and regulations is expected to accelerate the growth of advanced intelligent driving. The concept of "equal rights for intelligent driving" is likely to reassess the value of complete vehicles, with intelligent driving becoming a new opportunity for reshaping the market following electrification. Strong intelligent driving vehicles are anticipated to capture a larger market share while enhancing their AI capabilities through data accumulation, thus driving investment opportunities in core segments of the industry chain [2][4]. Summary by Sections Policy and Market Outlook - The plan targets achieving approximately 32.3 million vehicle sales in 2025, a year-on-year growth of about 3%, with new energy vehicle sales expected to reach around 15.5 million, reflecting a year-on-year increase of about 20%. The automotive export is also projected to maintain stable growth [4]. Intelligent Driving Development - The report emphasizes the push for the industrial application of intelligent connected technology, with L3 level intelligent driving expected to accelerate. The plan encourages the approval of intelligent connected vehicles and the establishment of pilot programs for road access, alongside improvements in legal frameworks related to traffic safety insurance [4]. Investment Opportunities - The report identifies two main lines of investment opportunities: 1. **Functionality Enhancement**: The continuous exploration of intelligent driving capabilities and the reduction of costs associated with high-level intelligent driving systems are expected to enhance consumer appeal [4]. 2. **Cost Reduction**: Technological advancements are anticipated to lower the costs of intelligent driving systems, with companies like Xiaopeng and BYD leading the charge in making intelligent driving more affordable [4]. Recommended Companies - The report recommends several companies for investment, including: - **Complete Vehicle Manufacturers**: Xiaopeng Motors, Great Wall Motors, Geely, BYD, Xiaomi Group, Leap Motor, Li Auto, SAIC Motor, and Changan Automobile [4]. - **Parts Suppliers**: Top Group, Bertel, and Xingyu Co., with a focus on companies like Desay SV and Coboda [4].

Market Performance - The three major U.S. stock indices closed higher, with the Dow Jones Industrial Average up 0.11%, the S&P 500 up 0.47%, and the Nasdaq Composite up 0.94% [1] - The S&P 500 and Nasdaq reached new closing highs [1] Technology Sector - Major tech stocks saw significant gains, with Google rising over 4%, making it the fourth U.S. publicly traded company to surpass a market capitalization of $3 trillion [1] - Tesla and Oracle both increased by over 3% [1] Chinese Stocks - Most popular Chinese stocks experienced an upward trend, with the Nasdaq Golden Dragon China Index rising by 0.87% [1] - Notable performers included Xiaoma Zhixing up 10.94%, Canadian Solar up 10.28%, and Li Auto, Bilibili, and Daqo New Energy each rising up to 6.9% [1] - Other significant gains included JinkoSolar up 4.90%, NIO up 4.34%, Weibo up 3.67%, and various companies like Zhihu, EHang, and Xpeng Motors at least up 2.22% [1] - Tencent Music, Zeekr, and Alibaba saw increases of at least 1.92% [1]

Core Viewpoint - The China Automobile Industry Association (CAAM) has launched an initiative advocating for automakers to pay small and medium-sized suppliers in cash or bank acceptance bills, aiming to establish a healthy and transparent financial order in the industry [1] Group 1: Industry Response - Major automakers including SAIC Motor, BYD, and Xpeng have expressed their support for the initiative, emphasizing the importance of a healthy and transparent supply chain [1][2] - Dongfeng Motor Group has committed to implementing the initiative across key processes such as order confirmation, delivery, payment, and contract duration to protect supplier rights and enhance supply chain resilience [2] - SAIC Motor announced that by June 2025, it will standardize supplier payment terms to within 60 days and will not use commercial acceptance bills to avoid increasing supplier financial pressure [2] - GAC Group has maintained a payment principle of not exceeding 60 days for suppliers since its establishment in 1997, demonstrating its commitment to supply chain stability [2] Group 2: Specific Company Actions - Chery Group plans to shorten the average payment period for suppliers through four strategies: standardizing payment terms, implementing full-chain execution, digitizing approvals, and establishing a prepayment mechanism [3] - Xpeng Motors has reiterated its commitment to a payment term of within 60 days and aims to ensure timely acceptance of goods and efficient reconciliation [4] - Li Auto has pledged to collaborate with upstream and downstream enterprises to build a stable and mutually beneficial partnership within the automotive supply chain [4] - BYD has also committed to the initiative, focusing on key areas such as order confirmation and payment processes, while leveraging technological innovation and management optimization [4]

Core Viewpoint - The article highlights the significant rise in U.S. stock indices and Chinese concept stocks, driven by external and internal factors, including the anticipation of a potential interest rate cut by the Federal Reserve and supportive policies for China's technology sector [10][12][14]. Market Performance - As of September 15, major U.S. indices showed positive performance: Dow Jones up 0.27%, Nasdaq up 0.72%, and S&P 500 up 0.52% [1][2]. - The Nasdaq Golden Dragon China Index increased by 25% year-to-date, reflecting strong performance in Chinese concept stocks [10][12]. Key Stock Movements - Tesla's stock surged over 6% following Elon Musk's purchase of approximately $1 billion in shares [2]. - Notable gains were observed in several Chinese concept stocks, with ROBO.AI rising over 41% and other companies like Bilibili and Li Auto also showing significant increases [5][10]. Economic Indicators - The U.S. 10-year Treasury yield decreased by one basis point to 4.06%, indicating a slight increase in bond prices amid risk-averse sentiment [6]. - Gold prices rose to $3,663 per ounce, reflecting a 0.56% increase, while silver also saw gains [6]. Factors Influencing Market Trends - The weakening of the U.S. dollar and the potential for the Federal Reserve to enter a rate-cutting cycle are expected to benefit non-U.S. assets, including Chinese concept stocks [12][14]. - China's policy shift towards stabilizing expectations and capital returns is seen as a positive factor for the market, with increased share buybacks and dividends from major companies [12][13]. Valuation Insights - The Nasdaq Golden Dragon China Index's forward P/E ratio stands at 15.58, still below the historical average of 17.68, suggesting potential for further appreciation [13]. - The MSCI China forward P/E is approximately 13 times, significantly lower than U.S. stocks, indicating room for improvement and safety margins [13].

25年9月15日22:56理想第二产品线负责人张晓微博表示： 另外，此时此刻定购理想i8，预计交付时间已经排到了11月中旬，还在犹豫的朋友们，可以听听身边已提车车主的评价，尽快锁单锁定产能， 以便年内能开上心爱的理想i8。 应焦急等待交付的准车主朋友需求，跟大家同步一下目前理想i8 的交付进度。 截至今天晚上8点，我们已经有4653位理想i8的用户提到了爱车，再加上已经匹配好车辆待交付的用户，已匹配车辆的小订时间已经来到了7月 17日10时53分16秒。 当您的定单匹配车辆后，App里的定单页面会发生变化，会显示您的车辆已在运输中，交付专家会联系您约定具体的交付时间，并办理交付相 关的手续。 当然，在交付过程中也有一些特殊情况，有的用户的车辆已经到交付中心等待交付了，但车主由于某种原因选择暂时不提车（比如要改配、指 标有点问题、贷款有点问题），这些现车会根据所在城市就近按顺序匹配新定单，所以会偶尔出现比自己晚下订单但先提车的情况，但这种比例在全量 定单里只有不到1%…… 还未匹配车辆的用户，App里定单页面显示的预计交付时间是准确的，不会更晚但也很难提前。所有在8月12日及以前小订转大定的用户，我们 都会在十 ...

Core Viewpoint - The article discusses a recent experience related to the vehicle registration process for the MEGA Home model, highlighting the importance of understanding the differences between vehicle inspection exemptions and verification exemptions in the registration process [2][4]. Group 1: Vehicle Registration Process - The vehicle registration process involves two key procedures: inspection exemption and verification exemption, which are often confused due to their similar names [4]. - Inspection exemption means that the vehicle does not need to undergo on-site checks at the vehicle management office, such as lighting and emissions tests [4]. - Verification exemption indicates that the vehicle does not require checks of the chassis number or the three certificates during registration [4]. Group 2: Recent Developments - The MEGA model is currently undergoing the verification exemption process, which is a recent initiative by relevant authorities to facilitate vehicle registration [4]. - The verification exemption work at the Beijing factory, where the MEGA is produced, was completed in August, allowing for smoother registration for customers [5]. Group 3: Customer Experience - A customer initially faced challenges with the registration process due to a misunderstanding about the requirements, but ultimately received successful registration after confirming with local authorities [5][7]. - The article emphasizes the importance of customer diligence and communication with the company to avoid potential issues during the vehicle registration process [7].

Market Overview - On September 15, global capital markets experienced a significant rally, driven by Trump's prediction of substantial interest rate cuts by the Federal Reserve, leading to all three major U.S. stock indices closing in the green, with the Nasdaq and S&P 500 reaching all-time highs [1] Stock Performance - The Dow Jones Industrial Average closed at 45,876.49, up by 42.27 points or 0.09% [2] - The Nasdaq Composite Index reached 22,281.81, increasing by 140.71 points or 0.64% [2] - The S&P 500 Index finished at 6,611.86, gaining 27.57 points or 0.42% [2] - Tesla's stock surged over 5%, following Elon Musk's purchase of more than 2.5 million shares on September 12 [2] - Alphabet (Google) saw its stock rise over 4%, marking a historic milestone with a market capitalization surpassing $3 trillion [2] Sector Performance - The Nasdaq China Golden Dragon Index rose over 1%, with significant gains in sectors such as photovoltaics, new energy, and lithium batteries [3] - Li Auto's stock increased by over 7%, NIO's stock rose by over 4%, and Xpeng's stock gained over 3% [5] - The U.S. solar index climbed by 5.95%, and the new energy index increased by 5.81% [4] Commodity Market - In the domestic futures market, most main contracts saw increases, with coking coal rising over 5% and other commodities like coke and glass increasing over 4% [5] - International commodities also showed positive performance, with gold, silver, and crude oil prices rising [6]

Core Viewpoint - The news highlights a significant rally in Chinese electric vehicle (EV) stocks, driven by the announcement of a new initiative aimed at improving payment practices between automakers and suppliers [1] Group 1: Stock Performance - Chinese EV stocks experienced a notable increase, with Li Auto (LI.US) rising over 5%, NIO (NIO.US) increasing by more than 3%, and Xpeng Motors (XPEV.US) gaining nearly 3% [1] Group 2: Industry Initiative - On September 15, the China Association of Automobile Manufacturers (CAAM) released the "Payment Norms Initiative for Automotive Manufacturers and Suppliers" [1] - Seventeen major automakers, including FAW, Dongfeng, Changan, SAIC, BAIC, GAC, Jiangling, Seres, Chery, Geely, Great Wall, BYD, Li Auto, NIO, Leap Motor, Xpeng, and Xiaomi, committed to actively implement this initiative [1] - The initiative aims to establish a collaborative and mutually beneficial ecosystem between vehicle manufacturers and parts suppliers, promoting high-quality development in the automotive industry [1]

9月15日，理想汽车、小米汽车、北汽集团、长城汽车先后就当日7点左右中国汽车工业协会（以下简称"中汽协"）发布的《汽车整车企业供应商账款支付规 范倡议》（以下简称"《倡议》"）作出积极回应。 《中国经营报》记者从接近中汽协人士处了解到，"政府主导部门、行业协会和各家企业一直就供应商账期问题进行密切的交流协商，希望通过达成共识促 进行业健康良性发展。" 一家零部件上游供应商告诉记者："自6月1日《保障中小企业款项支付条例》开始施行，多家与其合作的主机厂已经将支付账期统一至60天内，较此前有很 大提升。企业的积极性和回款周期、流动性（指标）全面提升。" 记者关注到，截至发稿，已有包括理想汽车、小米汽车、北汽集团、长城汽车、上汽集团、东风汽车等十余家企业积极响应中汽协倡议。 十余家车企响应"60天"付款倡议 记者关注到，此次中汽协倡议，明确了汽车整车企业对供应商的"60天账期"支付起算时间，整车企业的支付账期自供应商企业交货并通过车企验收合格之日 起计算，最长不超过60个自然日（如支付当日遇法定节假日顺延）。另外，倡导车企与供应商建立长期稳定的合作关系，每次签订合同的有效期不少于一 年。 针对《倡议》，9月15日中 ...

Core Viewpoint - The China Automotive Industry Association (CAIA) has released a payment initiative for supplier accounts, which has been supported by 17 major automotive companies, aiming to promote high-quality development in the automotive industry [1][2]. Group 1: Initiative Details - The initiative outlines requirements for goods delivery acceptance, payment terms, reconciliation, and payment processes, specifying that the payment period for automotive companies (the buyer) should not exceed 60 calendar days from the date of delivery and acceptance by the buyer [1]. - The initiative is expected to alleviate financial pressure on suppliers, which is crucial for fostering innovation and building a robust supply chain in the automotive sector [1]. Group 2: Supporting Companies - The 17 automotive companies that have committed to this initiative include major players such as BYD, Xiaomi, Dongfeng Motor Group, and SAIC Motor Corporation, among others [2]. - These companies have previously made public commitments regarding the payment term of not exceeding 60 days [2]. Group 3: Industry Impact - If effectively implemented, the initiative could enhance cash flow efficiency within the industry, leading to improved production efficiency and overall competitiveness of the Chinese automotive sector [1].