研报掘金丨民生证券：维持上汽集团“推荐”评级，9月销量同环比亮眼，尚界H5上市即热销

Core Insights - The report from Minsheng Securities highlights that SAIC Motor Corporation is benefiting from innovation in its self-owned brands and resilient exports, projecting a 40.4% year-on-year increase in wholesale sales by September 2025, with a 21.0% increase compared to the previous month [1] - For the first nine months of 2025, wholesale sales are expected to rise by 20.5%, with terminal delivery volume reaching 3.378 million units, surpassing wholesale sales of 3.193 million units [1] - The partnership with Huawei for the launch of the Shangjie H5 has resulted in strong sales, which is believed to help Huawei enhance its "full price range coverage" ecosystem [1] Company Developments - SAIC Motor is anticipated to benefit from Huawei's core technologies in intelligent driving and cockpit systems, leveraging its marketing and distribution capabilities to boost sales [1] - With support from the Shanghai municipal government and the new management team, the company is expected to accelerate its reform initiatives and expedite its transition to smart electric vehicles [1] - The company is also benefiting from state-owned enterprise reforms and its collaboration with Huawei to enhance its intelligence capabilities, maintaining a "recommended" rating [1]