Core Viewpoint - The automotive market in September saw significant activity with nearly 80 new models launched, leading to record sales for several companies, particularly in the new energy vehicle sector [2]. Group 1: BYD - In September, BYD achieved total sales of 396,270 vehicles, a year-on-year decline of approximately 5.52% but a month-on-month increase of about 6.06% [3]. - Cumulatively, BYD sold 3.26 million vehicles from January to September, representing a year-on-year growth of 18.64% [3]. - Overseas sales of passenger cars and pickups reached 70,851 units in September, marking a year-on-year increase of 107% [3]. Group 2: SAIC Motor - SAIC Motor's sales for September included over 97,000 units from the Roewe and MG brands, a year-on-year increase of over 52% [4]. - The sales of Zhiji Automotive reached 11,107 units in September, a month-on-month increase of 81.8%, setting a brand record [4]. - The total sales for SAIC Volkswagen in September were 91,300 units, with a month-on-month growth of 1.4% [4]. Group 3: China FAW Group - In September, China FAW Group sold over 302,000 vehicles, a year-on-year increase of 6.3% [5]. - The Hongqi brand saw cumulative sales of 340,000 units, with a year-on-year growth of 8.8% [5]. - The sales of the new energy segment under the Benni brand increased by 164.5% year-on-year [5]. Group 4: Chery Group - Chery Group sold 280,469 vehicles in September, a year-on-year increase of 14.7% [5]. - The group’s new energy vehicle sales reached 91,590 units in September, a year-on-year increase of 55.4% [5]. - Cumulatively, Chery Group surpassed 2 million vehicle sales in 2023, achieving this milestone at the fastest pace in its history [5]. Group 5: Geely Automobile - Geely's September sales reached 273,125 vehicles, a year-on-year increase of 35% [6]. - The total sales for Geely from January to September reached 2.17 million units, a year-on-year growth of 46% [6]. - Geely's new energy vehicle sales in September were 165,201 units, with a year-on-year increase of 81% [6]. Group 6: Changan Automobile - Changan's total sales in September were 266,000 vehicles, a year-on-year increase of 25% [7]. - New energy vehicle sales reached 103,000 units, marking a year-on-year increase of 87% [7]. - The sales of the Deep Blue brand reached 33,626 units in September, a year-on-year increase of 48.1% [7]. Group 7: Great Wall Motors - Great Wall Motors sold 133,639 vehicles in September, a year-on-year increase of 23.29% [8]. - The sales of Great Wall's new energy vehicles reached 45,961 units, a year-on-year increase of 52.55% [8]. - Cumulatively, Great Wall Motors sold 923,358 vehicles from January to September, a year-on-year growth of 8.15% [8]. Group 8: Dongfeng Motor - Dongfeng's sales in September reached 157,000 vehicles, a year-on-year increase of 1.3% [9]. - The sales of the Yipai brand reached 30,256 units, a year-on-year increase of 15.8% [9]. - The Lantu brand delivered 15,224 vehicles in September, a year-on-year increase of 52% [9]. Group 9: GAC Group - GAC's Aion brand sold 29,113 vehicles in September, a month-on-month increase of 7.65% [10]. - Aion's sales in Portugal marked the brand's entry into the European market [10]. Group 10: New Energy Vehicle Startups - Leap Motor achieved a record monthly delivery of approximately 66,700 vehicles in September, a year-on-year increase of 97% [10]. - XPeng Motors delivered about 41,600 vehicles in September, a year-on-year increase of 95% [11]. - Xiaomi Motors also surpassed 40,000 deliveries in September, exceeding the figures of Li Auto and NIO [12].

Core Insights - Multiple electric vehicle brands reported their September sales figures, with Leap Motor achieving a record delivery of 66,657 vehicles, marking a year-on-year growth of over 97% [1] - Xpeng Motors followed closely with a delivery of 41,581 vehicles in September, a year-on-year increase of approximately 95% [2] - NIO delivered 34,749 vehicles in September, reflecting a year-on-year growth of 64% [2] - Li Auto maintained its leading position in the SUV market above 200,000 yuan, with a total delivery of 33,951 vehicles in September [3] Company Performance - Leap Motor's total deliveries from January to September reached 395,516 vehicles, representing a year-on-year increase of 128.8% [1] - Xpeng Motors achieved a cumulative delivery of 313,196 vehicles in the first nine months of the year, showing a year-on-year growth of approximately 218% [2] - NIO's cumulative deliveries reached 872,785 vehicles, with the NIO brand accounting for 762,176 vehicles [2] - Li Auto's total cumulative deliveries reached 1,431,021 vehicles as of September 30, 2025 [2] Market Trends - The overall retail market for narrow passenger vehicles in September is estimated at around 2.15 million units, with a month-on-month growth of 6.5% and a year-on-year growth of 2.0% [5] - The retail sales of new energy vehicles are expected to reach approximately 1.25 million units, with a penetration rate of 58.1% [5] - The market is anticipated to enter a new phase of rapid growth for new energy vehicles, driven by the release of new models and increasing consumer interest [5]

Core Insights - The domestic automotive market in September 2025 shows a dual trend of growth in both new energy and traditional fuel vehicles, with significant competition among new energy brands and a structural recovery in fuel vehicles [1][6][11] New Energy Vehicle Market - Leap Motor achieved a record monthly delivery of 66,657 units in September, marking a 97% year-on-year increase and becoming the top new energy brand [2] - Other leading new energy brands, such as Hongmeng Zhixing and Xiaopeng, also reported monthly deliveries exceeding 40,000 units, indicating a heightened competitive threshold in the market [2][4] - Xiaomi's automotive division has raised its annual delivery target from 300,000 to 350,000 units, with over 250,000 units delivered by September [2] Traditional Fuel Vehicle Market - The fuel vehicle market is experiencing a structural recovery, with approximately 9 models selling over 10,000 units in September, accounting for about 20% of total fuel vehicle sales [6][10] - Notable models like the Nissan Sylphy and CR-V are capitalizing on family user needs, with competitive fuel efficiency [9] - Traditional automakers are seeing growth in their new energy models, with Changan and Chery reporting significant year-on-year increases in sales [4][5] Market Dynamics - The fuel vehicle market is becoming increasingly concentrated, with a few top models dominating sales, leading to challenges for smaller brands [10][11] - The recovery of fuel vehicles is supported by price reductions and policy incentives, which have stimulated demand [7][9] - Future competitiveness for fuel vehicles will depend on their ability to innovate and differentiate in terms of technology and user experience, rather than relying solely on price competition [11][12]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 小鵬汽車有限公司（於開曼群島註冊成立以不同投票權控制的有限公司） 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09868 | 說明 | A類普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 9,250,000,000 | USD | | 0.00001 | USD | | 92,500 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 9,250,000,000 | USD | | 0 ...

Core Insights - The European Union Chamber of Commerce in China successfully held its second working meeting of the Automotive Working Group on October 6, 2023, with participation from major companies such as NIO, Changan, Xpeng, Xiaomi, Great Wall, Guoxuan High-Tech, HRC, and the China Automotive Technology and Research Center [1] Group 1: Meeting Highlights - The meeting involved in-depth discussions on the latest developments regarding EU electric vehicle tariffs and China's newly issued export licensing management policy for pure electric passenger vehicles [1] - Progress on the establishment of the European Connected and Automated Driving Vehicles Alliance (ECAVA) was also a key topic of discussion [1] - The working group outlined its priorities for the fourth quarter, aiming to ensure steady progress and effectiveness in achieving its tasks by the end of the year [1]

Core Insights - The automotive industry is experiencing a surge in new car launches, particularly in the electric vehicle (EV) segment, as companies rush to capitalize on government subsidies before they expire [1][5][19] - The demand for new cars has been robust, with several manufacturers reporting record sales in September, indicating a strong consumer interest in purchasing vehicles during the holiday season [1][6][19] - However, some brands are facing challenges, with lower foot traffic and sales during the National Day holiday, suggesting a mixed market response [12][15][19] New Car Launches - Nearly 80 new car models were launched in September, averaging two new cars per day, with a significant proportion being SUVs and electric vehicles [1] - Notable new models include the Li Auto i6, NIO ES8, and Zeekr 9X, which have attracted considerable consumer interest [1] Sales Performance - Several companies reported record sales in September, including Leap Motor exceeding 60,000 deliveries, and NIO maintaining over 30,000 monthly deliveries [1][6] - During the National Day holiday, some dealerships experienced high customer engagement, with significant interest in models like the Aito M7 and Zeekr 9X [6][9] Consumer Behavior - Consumers are increasingly motivated to purchase vehicles before subsidy programs end, leading to a rush in sales [10][19] - Some customers are opting to wait for better deals or are hesitant to purchase due to the uncertainty surrounding subsidy policies [10][19] Market Dynamics - The market is shifting from a "price war" to a "value war," with consumers becoming more discerning and focused on product quality rather than just price [19][21] - Companies are introducing tax rebate policies to attract buyers, indicating a strategic shift in response to changing consumer expectations [19][21] Regional Variations - Sales performance varies significantly by region, with some areas experiencing high demand while others, like certain Audi and Lantu dealerships, report low customer turnout [12][15] - Local subsidy policies are influencing consumer decisions, with some regions having already suspended or adjusted their vehicle replacement subsidies [10][19]

每经AI快讯，10月7日，纳斯达克中国金龙指数收涨1%，热门中概股多数上涨，小牛电动涨超23%，小 鹏汽车、百度涨超2%，知乎、京东、名创优品涨超1%，蔚来跌超1%。 ...

Core Viewpoint - The U.S. stock market showed mixed results with the Dow Jones down 0.14%, while the Nasdaq and S&P 500 reached new closing highs, indicating a divergence in market performance driven by large tech stocks and specific sector movements [1] Group 1: Major Indices Performance - The Dow Jones decreased by 0.14% [1] - The Nasdaq increased by 0.71%, achieving a new closing high [1] - The S&P 500 rose by 0.36%, also reaching a new closing high [1] Group 2: Large Technology Stocks - Tesla's stock surged over 5% [1] - Microsoft and Google both saw increases of over 2% [1] - Nvidia experienced a decline of over 1% [1] - AMD's stock rose over 23% following a chip supply agreement with OpenAI [1] Group 3: Cryptocurrency and Precious Metals - The cryptocurrency sector saw significant gains, with Bitfarms increasing nearly 15% [1] - Hecla Mining rose over 4% and Pan American Silver increased over 2% [1] - Circle and Coinbase both saw increases of over 1% [1] Group 4: Chinese Stocks - The Nasdaq Golden Dragon China Index rose by 1% [1] - NIO surged by 23.01%, and Youdao increased by 7.08% [1] - Other notable gains included Manbang up 4.63%, and Boss Zhipin and WeRide both up to 3.66% [1] - Tiger Brokers and Xpeng both rose at least 2.43% [1] - Yum China and Baidu increased by up to 2.08% [1] - Other companies like EHang, Beike, JD.com, ZTO Express, Autohome, and Miniso saw increases of up to 1.83% [1]

Core Viewpoint - The traditional peak sales season for the automotive industry, known as "Golden September and Silver October," has seen a significant reduction in promotional efforts this year, with discounts primarily ranging from 2,000 to 3,000 yuan, compared to previous years where discounts were more substantial [1][3][9]. Group 1: Promotional Activities - Seven automotive brands have announced National Day promotional policies, including Li Auto, Xpeng Motors, GAC Honda, GAC Toyota, FAW Toyota, FAW Audi, and SAIC Volkswagen, with promotions mainly consisting of cash subsidies and trade-in incentives [3][5]. - The maximum discount offered by GAC Toyota is 51,000 yuan, but the actual additional discount for consumers is only about 3,000 yuan due to existing promotions [6]. - Li Auto is providing a significant promotion with a trade-in subsidy of 15,000 yuan and a limited-time financial rate of 1.99% [8]. Group 2: Market Conditions - The automotive industry is experiencing a price war, leading to car prices being at a low point, which limits the potential for further discounts during the National Day period [9][10]. - Data from the China Passenger Car Association indicates that the profit margin for the automotive industry has been declining, with an average profit margin of 4.5% for the first eight months of the year [9][11]. - A report from the China Automobile Dealers Association reveals that only 30.3% of dealers met their sales targets in the first half of the year, with 52.6% reporting losses [11][13]. Group 3: Dealer Perspectives - Dealers are reluctant to offer significant discounts during the National Day promotions, as many are already selling at a loss and rely on manufacturer rebates [10][11]. - Dealers are expected to allocate more promotional funds towards year-end sales rather than during the National Day period, anticipating greater promotional efforts later in the year [10][11].

Industry Overview - The automotive sector showed resilience in September, with retail sales of passenger vehicles expected to reach 2.15 million units, a year-on-year increase of 2.0% and a month-on-month increase of 6.5% [3] - The automotive sector's Beta trend continues to strengthen, with expectations for a valuation uplift in the fourth quarter due to seasonal demand and year-end purchasing [3] - The trend of AI applications is accelerating, driving capital expenditure and boosting the demand for cross-industry components, particularly in areas like chip manufacturing and autonomous driving [3] Company Performance - Geely Automobile reported total sales of 273,125 units in September 2025, a year-on-year increase of approximately 35%. Cumulative sales from January to September reached 2,170,189 units, up about 46% year-on-year [2] - XPeng Motors delivered 41,581 smart electric vehicles in September 2025, representing a year-on-year growth of 95% and a month-on-month increase of 10%. Cumulative deliveries for the third quarter reached 116,007 units, a year-on-year increase of 149% [2] - NIO delivered 34,749 vehicles in September 2025, a year-on-year increase of 64.1%. Cumulative deliveries for the third quarter reached 87,071 units, up 40.8% year-on-year [2] Notable Transactions and Developments - Seres completed the payment for the acquisition of a 10% stake in Shenzhen Yingwang Intelligent Technology Co., Ltd. from Huawei, with a transaction amount of 11.5 billion yuan [1] - Li Auto launched a tax subsidy plan for its i6 model, allowing users who complete their orders by October 31, 2025, to benefit from the subsidy if delivery is delayed until 2026 due to reasons related to Li Auto [1] - Rockstone Robotics submitted its application for a mainboard listing on the Hong Kong Stock Exchange [1]