14 Oct 2025 12:15:46 ET │ 13 pages Vi e w p o i n t | China Auto Manufacturers 11 Figures; 11 Trends (Sep-25 Summary) CITI'S TAKE Summary below on Sep-25 insurance retail sales trend. Figure 1: Who gained NEV market shares – Tesla, Chery, Great Wall, SAIC Motor, etc., gained NEV market shares MoM in Sep-25; Insurance retail data suggest Sep-25 China domestically produced NEV-PV sales were +17% MoM (+17% YoY), beating expectations (China Auto Manufacturers - CPCA Sep Update; NEV Retail Registers Slight Beat) ...

October 14, 2025 10:18 AM GMT China Autos & Shared Mobility | Asia Pacific Investor Presentation: China Autos Overview | Downloaded by Neil.Wang@troweprice.com M | Not for redistribution without written consent of Morgan Stanley | | | --- | --- | --- | | | | Foundation | | October 14, 2025 10:18 AM GMT | | | | China Autos & Shared Mobility Asia Pacific | Morgan Stanley Asia Limited+ | | | | Tim Hsiao | | | | Equity Analyst | | | Investor Presentation: China Autos Overview | Tim.Hsiao@morganstanley.com | +85 ...

汽车以旧换新总量将超过1200万辆 中国汽车流通协会相关负责人表示，今年以来，国家的相关政策有效撬动了汽车市场的消费活力，促消 费的效果超出了预期。根据中国汽车流通协会的监测数据，以旧换新等政策可以说对车市起到了规模巨 大的拉动效应。预计到今年政策期满时，补贴申请的汽车以旧换新总量将超过1200万辆，直接带动的新 车销售额接近1.7万亿元。 中汽协：9月乘用车销量285.9万辆，同比增长13.2% 中国汽车工业协会数据显示，9月，乘用车产销分别完成290万辆和285.9万辆，环比分别增长16%和 12.5%，同比分别增长15.9%和13.2%。1-9月，乘用车产销分别完成2124.1万辆和2124.6万辆，同比分别 增长13.9%和13.7%。 天眼查工商信息显示，10月13日，山东理想汽车电池有限公司成立，法定代表人为刘立国，注册资本3 亿人民币，经营范围包括电池制造、电池销售、新兴能源技术研发、电动汽车充电基础设施运营等。股 东信息显示，该公司由北京理想汽车有限公司、欣旺达动力科技股份有限公司共同持股。 赛力斯增资至约16.33亿元，增幅约8% 天眼查工商信息显示，10月13日，赛力斯（601127）发生 ...

(一)重要市场新闻 1、美股三大指数收盘涨跌不一，道指涨0.44%，纳指跌0.76%，标普500指数跌0.16%，大型科技股多数 下跌，英伟达跌超4%，博通跌超3%，特斯拉、亚马逊跌超1%；英特尔跌超4%，Strategy、Coinbase等 跌超4%，美光科技、Arm等跌超2%；沃尔玛百货收涨5%，创收盘历史新高。纳斯达克中国金龙指数跌 1.95%，中概股普遍下跌，蔚来跌超5%，百度跌超4%，哔哩哔哩跌超3%，世纪互联、阿里巴巴、小鹏 汽车等跌超2%。 2、美联储鲍威尔周二警告称，美国劳动力市场显示出进一步的困境迹象，暗示他可能准备支持本月晚 些时候再次降息。鲍威尔指出："就业的下行风险已经上升。"这是迄今为止最强烈的暗示，表明美联储 官员认为他们有足够的证据支持将美国借贷成本再次下调25个基点。鲍威尔还表示，美联储可能即将结 束长期以来缩减其资产负债表的努力，即广为人知的量化紧缩政策。考虑到美联储长期以来的目标是在 金融体系中留下足够的流动性，以便牢牢控制短期利率和正常的货币市场波动，鲍威尔说，"我们可能 在未来几个月接近这一点，我们正在密切关注一系列指标，以了解这一目标是否已经实现"。 3、现货黄金涨0 ...

Industry and Company Analysis Summary Industry Overview - The smart driving and cockpit industry is experiencing significant collaboration among domestic OEMs, including BYD, Geely, Chery, FAW, Dongfeng, Changan, BAIC, SAIC, and GAC, with China Automotive Intelligent Technology (Tianjin) Co., Ltd. for research and user experience evaluation of intelligent connected vehicles [1][3] - The evaluation system for smart driving performance is based on N-CAP and CICAP standards, combined with consumer subjective evaluations, providing objective and scientific improvement suggestions for automakers [1] Key Companies and Their Performance - **Huawei**: Leading in L3 level autonomous driving with an aggressive strategy. Their ADS system has version differences, with high-end models like the Aito M8/M9 using ADS 4.0, while the M7 uses a downgraded version. Full features require additional payment, but the downgraded version is sufficient for low traffic cities and highways [1][8] - **Xpeng Motors**: Shows slightly lower stability compared to Huawei but performs well in certain scenarios [6] - **Li Auto**: Has a conservative but stable strategy, closely matching Huawei and Xpeng in overall performance [7] - **NIO and Xiaomi**: Positioned in the third tier, with NIO showing limited progress and Xiaomi needing algorithm optimization for better urban performance [7] Technological Developments - **Qualcomm 8,397 Chip**: Expected to be adopted by Li Auto and Xiaomi in 2026, with some traditional manufacturers potentially following suit due to issues with NVIDIA's Sora development [4][15] - **L2 Mandatory Standards**: Implementation is expected to increase compliance costs for automakers by 15%-20%, particularly affecting Xiaomi due to recent accident scenarios [4][17] User Experience Evaluation - The user experience evaluation for smart driving includes fixed-route tests in urban and highway environments, assessing various scenarios such as tunnels and complex intersections. The results are based on both professional evaluations and actual user feedback, ensuring a comprehensive analysis [5][10] Smart Cockpit Interaction - The evaluation of smart cockpit human-machine interaction focuses on usability, safety, creativity, and emotional engagement. New force car companies like NIO, Xpeng, and Li Auto excel in this area, while traditional manufacturers like BYD and Geely are catching up [12][13] - Huawei's HarmonyOS cockpit system is competitive but lacks customization features, leading to product homogenization [13] Future Trends - The future of smart cockpits will focus on five dimensions: visual, auditory, tactile, physiological monitoring, and optoelectronic applications. Key developments include DMS and OMS becoming mandatory standards, enhanced auditory quality, and more natural human-machine dialogue [19] - Touch interaction technology will rely on advancements in holographic technology, which could enable more complex gesture controls [20] Emerging Technologies Impacting Supply Chain - Technologies such as HUD and AR HUD, electronic rearview mirror systems, and smart seating are expected to significantly impact the automotive supply chain. These innovations will drive demand for related components and systems [22][25] Conclusion - The smart driving and cockpit industry is rapidly evolving, with significant advancements in technology and user experience evaluation. Key players like Huawei, Xpeng, and Li Auto are leading the charge, while regulatory changes are reshaping compliance costs and testing requirements. The future will see a focus on enhanced interaction and emerging technologies that will further transform the automotive landscape [1][4][19]

Summary of Key Points from the Automotive Industry Conference Call Industry Overview - The automotive industry is experiencing a slowdown in overall growth, with key companies showing a sequential sales growth of 7.29%, surpassing the industry average of 5.6% [2][8] - The performance of new energy vehicle manufacturers is notably stronger compared to traditional automakers [8] Company Performance and Expectations BYD - BYD's Q3 profit is expected to be between 8 billion to 8.5 billion yuan, a significant increase from 6.6 billion yuan in Q2, despite a year-on-year sales decline of 1.82% [1][3][4] - The increase in profit is attributed to higher per-vehicle profit and reduced end-user promotions [4] Geely - Geely's Q3 sales are projected to grow by 7.89%, with an expected profit of approximately 4.3 billion yuan, reflecting a year-on-year increase of 75% and a sequential increase of about 20% [1][5] - The growth is driven by the "anti-involution" effect and contributions from high-value models such as the Xingyao 8, M9, and Lynk & Co 900 [5] Great Wall Motors - Great Wall Motors achieved Q3 sales of 353,600 units, a sequential increase of 13%, with exports being a key growth driver [1][6] - Expected revenue is around 60 billion yuan, with profits estimated between 4.2 billion to 4.5 billion yuan, benefiting from improved gross margins [6] Changan Automobile - Changan's Q3 sales reached 77,100 units, with a sequential growth of 9.4% [1][7] - The expected revenue is around 44 billion yuan, with profits estimated between 1.5 billion to 1.8 billion yuan, aided by reduced losses in the new energy sector [7] New Energy Vehicle Manufacturers - Leap Motor: Sales of 174,000 units, with a sequential growth of nearly 30%, expected revenue of around 18 billion yuan, and achieving breakeven or slight profit [1][9] - Li Auto: Sales of 93,000 units, with expected profits of 300 to 500 million yuan [1][9] - Xpeng Motors: Sales of 116,000 units, expected revenue of around 21 billion yuan, but still facing losses of 400 to 500 million yuan [1][9] Traditional Automakers - SAIC Motor: Q3 revenue around 165 billion yuan, a year-on-year increase of 39%, with expected profits of 3.5 to 4 billion yuan [10] - BAIC BluePark: Q3 revenue around 6 billion yuan, but slightly higher losses compared to Q2 [10] - GAC Group: Q3 revenue increased by 10% year-on-year, but still in a loss position [10] Component Manufacturers - The automotive electronics sector is expected to perform well in 2025, benefiting from lower procurement costs and reduced pricing pressure from automakers [11] - Companies like Desay SV, Huayang Group, and Jingwei Hirain are expected to exceed expectations in Q3, with Desay SV's profit projected at around 700 million yuan, a year-on-year increase of over 20% [11][12] - Other component manufacturers such as Wemaise and Newray Ford are also expected to show strong performance, with Wemaise's year-on-year growth estimated to exceed 100% [13] Key Takeaways - The automotive industry is gradually recovering, with various companies implementing proactive measures to address market competition and challenges [8] - Geely, Great Wall, and Leap Motor are highlighted as the most likely to exceed expectations in the automotive sector [15] - In the component sector, companies like Jingwei Hirain, Wemaise, and Fuyao Glass are expected to outperform market expectations [16]

Core Viewpoint - The Nasdaq China Golden Dragon Index experienced a significant decline of 2.69%, with major Chinese concept stocks also falling, attributed to escalating Sino-U.S. trade tensions [1] Market Performance - Major Chinese concept stocks such as 房多多 (DUO.US) fell over 5%, while 阿里巴巴 (BABA.US), 小鹏汽车 (XPEV.US), and 理想汽车 (LI.US) dropped more than 3%, and 好未来 (TAL.US) decreased over 2% [1] - The Hang Seng Index declined by 1.73%, and the Shanghai Composite Index fell by 0.62% [1] Analysis and Outlook - Analysts from 东方证券 noted that the impact of the current trade war is somewhat weaker than expected, but there remains potential for fluctuations in the future [1] - The outlook suggests that while the upward recovery may be delayed, the overall upward trend in the market is unlikely to change [1]

亿纬与小鹏 "缘分不浅" 亿纬锂能创始人刘金成为技术人员出身，在 2014 年刘金成买到一辆特斯拉后，发现传说中的动力电池其实技术并没有多么出奇，经过长期 考虑和观察，最终决定在 2017 年从 18650 电池入手打造动力电池业务，并布局了方形 / 圆柱 / 软包不同封装形式的产品线，材料方面选 择三元与铁锂同时押注。 幸运的是，亿纬锂能动力电池业务刚成立不久就遇到了大客户，先是与 SKI 合作建立了软包电池产线，顺势进入奔驰供应链。 就这样过了两年， 2019 年 3 月 15 日亿纬锂能与小鹏汽车签署战略合作协议，为其提供从电芯到系统的全面解决方案，一直持续至今，在 小鹏供应商中占比较高。 | 倒计时23天 | | --- | | CINE2025固态电池展暨固态电池行业年会 | | 主办单位： 起点固态电池、起点锂电、SSBA固态电池联盟 | | 协办单位及固态年会总冠名： 茹天科技 | | 活动时间： 2025年11月6-8日 | | 广州南沙国际会展中心（2楼船厅及广州厅） 活动地点： | | 活动规模： 展商规模200+、参会企业2000+、专业观众20000+ | | 同期活动： 2025起点 ...

Core Insights - In September 2025, the retail sales of narrow passenger vehicles in China reached 2.244 million units, marking a year-on-year increase of 6.4% and a month-on-month increase of 11.2% [1] - Cumulatively, from January to September 2025, the total sales reached 17.008 million units, reflecting a year-on-year growth of 9.2% [1] - The automotive market is experiencing strong growth ahead of year-end policy adjustments, with a shift towards stable pricing and reduced promotions [2] Wholesale Sales Rankings (September 2025) - BYD Auto led the wholesale sales with 393,060 units, a month-on-month increase of 5.8% but a year-on-year decrease of 5.9%, capturing a market share of 14.1% [3] - Geely Auto and Chery Auto followed with 273,125 and 269,070 units respectively, showing significant year-on-year growth of 35.2% and 13.5% [3] - The top ten manufacturers collectively reflect a diverse performance, with some experiencing declines while others show robust growth [3] Retail Sales Rankings (September 2025) - BYD Auto also topped the retail sales with 347,353 units, a month-on-month increase of 12.0% but a year-on-year decrease of 10.2%, holding a market share of 15.5% [5] - Geely Auto and Volkswagen ranked second and third with 232,460 and 138,655 units respectively, with Geely showing a year-on-year increase of 42.8% [5] - The retail landscape indicates a competitive environment with varying performance among the top players [5] Wholesale Sales Rankings (January to September 2025) - For the first nine months of 2025, BYD Auto led with 3.218 million units sold, a year-on-year increase of 17.6% and a market share of 15.4% [4] - Geely Auto and Chery Auto followed with significant growth rates of 45.7% and 14.3% respectively [4] - The overall market dynamics suggest a strong recovery and growth trajectory for several manufacturers [4] Retail Sales Rankings (January to September 2025) - In the cumulative sales from January to September 2025, BYD Auto again led with 2.542 million units, reflecting a modest year-on-year growth of 3.1% [6] - Geely Auto showed remarkable growth of 59.4%, reaching 1.875 million units [6] - The retail performance indicates a competitive market with varying growth rates among manufacturers [6] New Energy Vehicle (NEV) Wholesale Sales Rankings (September 2025) - BYD Auto dominated the NEV wholesale market with 393,060 units, holding a market share of 26.3% despite a year-on-year decline of 5.9% [7] - Geely Auto and Tesla China followed with significant increases in sales, particularly Geely with an 81.3% year-on-year growth [7] - The NEV segment is showing strong growth potential, with several manufacturers capitalizing on the trend [7] New Energy Vehicle (NEV) Retail Sales Rankings (September 2025) - In retail sales for NEVs, BYD Auto again led with 347,353 units, capturing a market share of 26.7% [9] - Geely Auto and Changan Auto followed with 150,570 and 84,237 units respectively, indicating strong year-on-year growth [9] - The NEV retail market is becoming increasingly competitive, with several players showing significant growth [9] New Energy Vehicle (NEV) Wholesale Sales Rankings (January to September 2025) - From January to September 2025, BYD Auto led the NEV wholesale market with 3.218 million units, reflecting a year-on-year growth of 17.6% [8] - Geely Auto showed impressive growth of 113.9%, reaching 1.167 million units [8] - The NEV market is expanding rapidly, with several manufacturers gaining market share [8] New Energy Vehicle (NEV) Retail Sales Rankings (January to September 2025) - In the NEV retail segment, BYD Auto led with 2.542 million units sold, a year-on-year growth of 3.1% [10] - Geely Auto and Changan Auto also showed strong performance with year-on-year growth rates of 107.2% and 40.2% respectively [10] - The NEV retail market is characterized by significant growth opportunities for various manufacturers [10]

点 击 蓝 字 关 注 我 们 本文全文共469 字，阅读全文约需 2 分钟 据中国汽车流通协会乘用车市场信息联席分会最新销量数据统计，2025年9月份国内狭义乘用车市场 零售 销量达224.4万辆，同比增长6.4%，环比增长11.2%；1-9月份累计销量1700.8万辆，同比增长9.2%。 | 9月销量 | | 1-9月累计销量 | | --- | --- | --- | | 224.4万5两 | | 1700.8万辆 | | 同比16.4% | | 同比↑9.2% | | 环比↑11.2% | | | | 各车型大类 | | | | 9月指量 | | 1-9月累计销量 | | 474 | 102.1万辆 | 780.0万辆 | | 同比↑4.9% 环比↑13.1% | | 同比↑8.5% | | MPV | 9.2万辆 | 78.2万辆 | | 同比↓ 4.9% 环比↑ 3.5% | | 同比↑ 3.8% | | SIM | 113.0万辆 | 842.6万辆 | | 同比↑ 8.9% 环比↑ 10.1% | | 同比↑ 10.4% | | NEV | 129.9万辆 | 886.9万辆 | | 同比↑ ...