Macro Overview - The report indicates a cautious optimism regarding China's holiday economy, with moderate growth in consumption during the National Day holiday. Key trends include strong performance in green, smart, and experiential consumption [2][4] - Despite recent relaxations in real estate policies in first-tier cities, the real estate market remains weak, with a significant year-on-year decline in new and second-hand housing sales [3][6] - The report anticipates that core CPI and PPI growth will rebound, alleviating deflationary pressures, with liquidity conditions expected to remain loose for at least the next two quarters [2][7][8] Internet Sector - The online travel agency (OTA) sector shows resilience, with keywords "quality" and "long-distance travel" indicating strong demand. Long-distance travel bookings on Ctrip increased by 3 percentage points year-on-year [28][30] - During the holiday, Alibaba's Fliggy reported a 14.6% year-on-year increase in average transaction value, while Tongcheng Travel noted nearly 100% growth in outbound group travel bookings [28][31] - The report maintains a "buy" rating for Ctrip (TCOM US) and Tongcheng Travel (780 HK) based on these positive trends [28] Consumer Discretionary - The report expresses a cautious outlook for retail sales growth during the 2025 National Day holiday, attributing potential risks to high base effects from 2024, lack of government subsidies, and ongoing macroeconomic pressures [32][35] - The report highlights a preference for consumer downgrade themes and high-dividend stocks, with concerns over profit margin pressures due to increased competition and discounting [32][35] Automotive Sector - The report notes a significant divergence in sales during the National Day holiday, with new energy vehicles (NEVs) outperforming traditional fuel vehicles. The introduction of popular NEV models is expected to drive order growth [6][32] - The forecast for national passenger vehicle retail and wholesale sales in 2025 has been slightly raised, reflecting better-than-expected sales in Q3 and potential pre-purchase demand for NEVs [6][32] Real Estate Sector - The report indicates that the effectiveness of real estate policies is diminishing, with a notable decline in sales volume for new and second-hand homes during the holiday period [3][6] - The report anticipates that further easing measures may be necessary to stimulate housing demand, as sales data remains weak despite policy support [3][6] Selected Stocks - The report identifies several preferred stocks, including Luckin Coffee (LKNCY US), Guoquan (2517 HK), Green Tea Group (6831 HK), Jiumaojiu (9922 HK), Li Ning (2331 HK), Bosideng (3998 HK), and JS Global Life (1691 HK) [33][41]

Core Insights - The wholesale sales of new energy passenger vehicles in September 2025 are estimated to reach 1.5 million units, representing a year-on-year increase of 22% and a month-on-month increase of 16% [1][2] - Cumulative wholesale sales from January to September 2025 have reached 10.446 million units, showing a year-on-year growth of 32% [1] - The market is experiencing a structural high growth due to the recent breakthroughs in electrification by major automakers and the launch of popular new models [2] Industry Trends - The Ministry of Industry and Information Technology, along with multiple departments, is working to further regulate the competitive order in the new energy vehicle industry, which has shown significant effects [1] - The sales characteristics of the automotive market are increasingly showing a "low at the beginning and high at the end" trend, with a strong market performance expected towards the end of the year [1] - The introduction of new models around the Chengdu Auto Show is expected to attract consumer attention and contribute to market growth [1] Company Performance - Major manufacturers such as Geely, Changan, Leap Motor, Dongfeng, Xpeng, Great Wall, NIO, SAIC Passenger Cars, and others have achieved record high wholesale sales of new energy vehicles in September [2] - The overall sales of new energy vehicles have been boosted by strong exports and excellent performance from many second-tier automakers [2] - The top manufacturers in terms of new energy vehicle sales include SAIC-GM, GAC Toyota, Dongfeng Nissan, and others, with significant sales figures reported [4]

Core Points - The Ministry of Industry and Information Technology, Ministry of Finance, and State Taxation Administration have announced adjustments to the technical requirements for energy-saving new energy vehicles (NEVs) eligible for vehicle and vessel tax exemptions, effective January 1, 2026 [1][6] - The new regulations increase the minimum pure electric range for plug-in hybrid (including range-extended) passenger vehicles from 43 kilometers to 100 kilometers [1][3] - Current popular models such as BYD Qin PLUS DM-i (55km version) and Galaxy A7 (70km version) will need to reapply to be included in the tax exemption list under the new rules [1][6] Summary by Category Technical Requirements Adjustments - The new regulations set the minimum pure electric range for plug-in hybrid passenger vehicles at 100 kilometers, while the requirements for pure electric buses and trucks remain unchanged [2][3] - The minimum pure electric range for pure electric buses (excluding fast-charging types) is set at 200 kilometers, and for pure electric trucks, it is 80 kilometers [2][3] Fuel Consumption Standards - New fuel consumption limits for energy-saving vehicles have been established, with specific thresholds based on vehicle weight and seating capacity [3][5] - For energy-saving passenger vehicles weighing less than 1,090 kg, the fuel consumption limit is set at 5.06 liters per 100 kilometers for two-row models and 5.41 liters for three-row models [3][5] - For vehicles weighing more than 1,580 kg, the limits are 6.28 liters for two-row models and 6.63 liters for three-row models [3][5] Policy Implementation - The new vehicle and vessel tax exemption policy will replace the previous regulations from 2024, and vehicles that meet the new criteria will be automatically included in the updated directory [6] - Non-compliant vehicles will need to rectify and reapply to be listed under the new tax exemption directory [6]

Core Insights - The Chinese new energy vehicle (NEV) market is expected to experience a strong performance in September 2025, driven by favorable production and sales conditions, as well as government policies promoting vehicle upgrades and local incentives [1][2] - Major automakers have reported record high wholesale sales of NEVs in September, contributing to a structural growth in the market [2] - The overall wholesale sales of NEVs in September are projected to reach 1.5 million units, marking a 22% year-on-year increase and a 16% month-on-month increase [2][4] Industry Overview - The Ministry of Industry and Information Technology (MIIT) has implemented measures to regulate competition in the NEV sector, leading to noticeable improvements in market order [1] - The market has shown a "low start and high finish" sales pattern, with a significant uptick expected as the year-end approaches [1] - The introduction of new models at events like the Chengdu Auto Show is anticipated to further stimulate consumer interest and sales [1] Sales Performance - In August 2025, the wholesale sales of NEVs from manufacturers exceeding 10,000 units accounted for 93.5% of the total NEV sales for that month [2][4] - The cumulative wholesale sales of NEVs from January to September 2025 reached 10.446 million units, reflecting a 32% year-on-year growth [2] Manufacturer Highlights - Key manufacturers such as Geely, Changan, and Leap Motor achieved record high wholesale sales in September, while others like Chery and Dongfeng Nissan also reported significant performance [2][3] - The top manufacturers' wholesale sales figures for September include: - BYD: 291,150 units - Hongqi: 171,070 units - Benz: 162,140 units - Leap Motor: 160,160 units - Others also contributed to the overall growth [3]

Core Viewpoint - The article highlights the upcoming launch of four significant electric vehicles, emphasizing their advanced features, performance, and design elements, which cater to the growing demand for smart and efficient vehicles in the automotive market [1][12]. Group 1: Vehicle Launches - The four new vehicles set to launch this month are Zeekr 001, Jietu Zongheng G700, Smart 5 EHD, and Mercedes-Benz Electric CLA, each showcasing unique attributes and technological advancements [1]. - Zeekr 001 features significant upgrades in power, range, and intelligent driving capabilities, including the Thor-U chip with a computing power of 700 TOPS and advanced sensor systems [1][3]. - Jietu Zongheng G700 is a rugged mid-large SUV with a pre-sale price of 349,900 to 429,900 CNY, offering a powerful hybrid system and advanced driving assistance features [5][6]. - Smart 5 EHD, the first plug-in hybrid model from Smart, boasts a unique design and advanced interior features, with a hybrid system that includes a 1.5T engine and a driving motor [6][8]. - The all-new Mercedes-Benz Electric CLA, based on the MMA platform, offers a long range of 866 km and advanced driver assistance systems, with a pre-sale price starting at 259,000 CNY [10][12]. Group 2: Technical Specifications - Zeekr 001's performance includes a maximum power of 680 kW, acceleration from 0 to 100 km/h in just 2.83 seconds, and a range of up to 810 km with the 103 kWh battery [3][5]. - Jietu Zongheng G700 features a hybrid system with a maximum power of 665 kW and a 0-100 km/h acceleration time of 4.6 seconds, along with a robust off-road capability [5][6]. - Smart 5 EHD offers two battery versions with electric ranges of 252 km and 120 km, and a combined range of 1615 km, showcasing its efficiency [6][8]. - The Mercedes-Benz Electric CLA includes an 800V electrical architecture, a maximum power of 200 kW, and a fast charging capability that allows for 370 km of range in just 10 minutes [10][12]. Group 3: Design and Features - Zeekr 001 maintains a classic shooting brake design with modern upgrades, including a spacious interior and advanced comfort features [3][5]. - Jietu Zongheng G700's design is inspired by the Himalayas, featuring a rugged exterior and luxurious interior materials, enhancing its appeal as a premium SUV [5][6]. - Smart 5 EHD incorporates a distinctive "time capsule" design language with a spacious and flexible interior layout, catering to modern consumer needs [6][8]. - The Mercedes-Benz Electric CLA features a sleek design with a low drag coefficient of 0.21, enhancing its aerodynamic efficiency [10][12].

点 击 蓝 字 关 注 我 们 本文全文共 831 字，阅读全文约需 2 分钟 9月新能源乘用车市场预判 2025年9月共有22个工作日，较去年同期工作日相同，生产销售时间相对充裕。由于2024年中秋节在9 月，2025年的中秋节在国庆假期中，因此今年9月市场的热度更高一些。 为引导行业健康发展，工信部联合多部门部署进一步规范新能源汽车产业竞争秩序工作，效果明显。近 几年车市"前低后高"的销量特征日益明显，在政策等助力下9月开始的年末车市走强特征显现。虽然今年9月开 局终端人气有所回落，但受益于以旧换新政策以及地方刺激政策的双重拉动，月中市场热度逐渐恢复平稳。分 能源类型来看，新能源人气走势优于8月底，而燃油车热度基本持平。成都车展前后迎来年内新一轮新产品密 集发布期，多款全新车型上市吸引消费者广泛关注，随着新车陆续开启交付，预计新品对市场贡献将逐步提 升，新能源市场再度进入高速增长阶段。 随着近期主力车企的电动化突破和部分爆款新品的推出，带动9月车市结构性高增长。9月的吉利汽车、 长安汽车、零跑汽车、东风汽车、小鹏汽车、长城汽车、蔚来汽车、上汽乘用车、极狐汽车、广汽丰田和长安 马自达等厂商新能源批发销量创出 ...

Core Viewpoint - The article provides a comprehensive overview of upcoming vehicle models from various manufacturers, detailing their specifications, market segments, and expected launch dates. Group 1: Upcoming Vehicle Models - Changan Mazda's EZ-60 is set to launch on September 26, 2025, categorized as a B SUV with a price range of 119,900 to 160,900 CNY [10]. - Volvo's XC70 will also debut on September 26, 2025, classified as a C SUV, with prices ranging from 416,900 to 496,900 CNY [18]. - GAC Motor's Chuanqi Xiangwang S7 is scheduled for release on September 27, 2025, in the C SUV segment, priced between 159,800 and 179,800 CNY [26]. - FAW-Volkswagen's Golf will launch on September 27, 2025, as an A HB with a price range of 129,900 to 158,900 CNY [34]. - BYD's Fangchengbao Titanium 3 is expected to be available on September 27, 2025, as an A SUV, priced at 149,800 CNY [90]. Group 2: Specifications and Features - The Changan Mazda EZ-60 features a 1.5L range extender engine and EVT transmission, with a maximum power output of 72 kW and a torque of 190 Nm for the electric motor [10]. - The Volvo XC70 is equipped with a 1.5T plug-in hybrid engine, offering a power output of 120 kW and a torque of 255 Nm [18]. - GAC Motor's Chuanqi Xiangwang S7 utilizes a 1.5T plug-in hybrid engine, delivering 118 kW and 220 Nm of torque [26]. - FAW-Volkswagen's Golf is powered by a 1.5T engine, producing 118 kW and 250 Nm of torque [34]. - The BYD Fangchengbao Titanium 3 is a pure electric vehicle with a range of 501 km and a power output of 160 kW [90]. Group 3: Market Segmentation - The vehicles are categorized into various segments, including A SUV, B SUV, C SUV, and A HB, indicating a diverse offering to cater to different consumer preferences [10][18][26][34][90]. - The pricing strategy reflects the competitive landscape, with models positioned to attract a range of buyers from budget-conscious consumers to those seeking premium features [10][18][26][34][90].

Core Insights - The report indicates an overall increase in vehicle retention rates in China, particularly among luxury brands and domestic brands in the new energy segment [1] Group 1: Luxury Brands and Mainstream Brands - Luxury brands have shown a comprehensive recovery in retention rates, with BBA (Benz, BMW, Audi) maintaining stable performance due to a well-rounded product line [2] - Among mainstream overseas brands, Japanese brands have seen a narrowing advantage, with Toyota, Honda, and Nissan experiencing price declines; however, German brands have performed steadily, with Volkswagen's retention rates improving, particularly in sedan products [2] Group 2: Domestic Brands and New Energy Segment - Domestic brands exhibit mixed performance, with traditional strong brands like GAC and Geely remaining stable, while brands like BYD, which are rapidly transitioning to electrification, show robust performance [3] - In the new energy segment, domestic brands demonstrate strong competitiveness: the Lada L60 ranks first in retention rates for pure electric mid-size SUVs, followed by Tesla Model Y and Zeekr 7X; in the pure electric compact SUV market, Song PLUS New Energy, AION Y, and Yuan PLUS occupy the top three positions; in the plug-in hybrid market, Wuling M9 ranks first among plug-in hybrid models [3] Group 3: Market Trends and Policy Implications - The report highlights the release of a growth plan for the automotive industry, which includes 15 specific measures, particularly emphasizing the facilitation of used car transactions [3] - Despite a cooling off in end-of-month trade-in transactions, the overall market activity remains robust, with an increase in online vehicle supply [3] - Industry analysis suggests that the current vehicle retention rate market is undergoing structural adjustments, with brands possessing core technologies, comprehensive service systems, and clear development strategies gaining greater advantages in retention rates [3]

【#关海涛发声##极氪关海涛离职#】针对外界传闻，极氪科技集团CBO关海涛今日在朋友圈发文宣布 即将离职。 他表示，"人生天地，过隙白驹。一起奋斗的日子是最难忘的，能经历极氪高速发展、登顶、IPO，再 到极氪科技成立、回归吉利，也是职场生涯中最珍贵的荣幸。感谢大家关心，即将结束杭漂，感谢所有 一起奋斗的战友、朋友，感恩这个时代，日子绵长，情谊不散。青山绿水，江湖再见。希望大家继续支 持极氪、支持吉利。" 资料显示，关海涛此前曾任荣耀中国区CMO、电商部部长。2023年，关海涛从荣耀离职加盟极氪出任 CMO，2025年2月担任极氪科技集团首席商务官（CBO）。（新浪科技） 感谢大家关心,即将结束杭漂 感谢所有一起奋斗的战友、朋友,感恩这个 时代,日子绵长,情谊不散 青山绿水,江湖再见 希望大家继续支持极氪、支持吉利 。 收起 6分钟前 关海涛 (极氪 CMO) 人生天地,过隙白驹 一起奋斗的日子是最难忘的 能经历极氪高速发展、登顶、IPO，再到极 氪科技成立、回归吉利,也是职场生涯中最 珍贵的荣幸 6 OHRR ...

据悉，极氪科技集团CBO关海涛于近日离职，不再担任公司任何职务。目前其微博名已从"极氪关海 涛"改为"关海涛 Thomas"，但微博认证仍为"极氪科技集团CBO"，其微博自今年8月初后已停更2个月。 此前有知情人士称关海涛仍在职，且网友发布的相关离职帖子被投诉下架，理由是涉嫌发布不实信息、 侵犯名誉权。 10月10日，关海涛在朋友圈正式宣布离职，回顾了在极氪的经历，并表示即将结束杭漂生活，感谢所有 战友和朋友，希望大家继续支持极氪和吉利。 ...