Investment Highlights - In the fourth week of September, compulsory insurance reached 644,000 vehicles, with a week-on-week increase of 26.7% and a month-on-month increase of 25.0% [2][9] - The performance of segmented automotive sectors ranked as follows: SW commercial cargo vehicles (+3.8%) > SW passenger vehicles (+2.8%) > SW automotive (+1.7%) = SW automotive parts (+1.7%) > SW commercial passenger vehicles (-1.7%) [2][9] - The top five stocks covered this week with the highest gains were Songyuan Safety, Jingwei Hengrun-W, Silis, Xinquan Co., and Yadi Holdings [2][9] Core Industry Changes - Tesla released the FSD V14 version, expanding the model scale by 10 times and increasing the context length by 3 times; a simplified version of Model 3 and Model Y was launched in the U.S. market with a price reduction of $5,000 to cope with subsidy declines [3][9] - Xiaopeng Motors delivered 42,000 vehicles in September, a year-on-year increase of 95% and a month-on-month increase of 10% [3][9] - Li Auto delivered 34,000 vehicles in September, a year-on-year decrease of 37% but a month-on-month increase of 19% [3][9] - WeRide entered the third emirate of the UAE, Ras Al Khaimah, to begin trial operations of Robotaxi and Robobus [3][9] - 700 Yutong buses were delivered to Turkmenistan [3][9] - Xinquan Co. redeemed its "New 23 Convertible Bonds" ahead of schedule [3][9] Q4 Focus on AI Smart Vehicle Investment Opportunities - The automotive industry is entering a new crossroads phase, with the electric vehicle (EV) dividend nearing its end and the smart vehicle sector in a "dark before dawn" stage, indicating a shift in investment logic [4][5] - Key investment opportunities include: - **AI Smart Vehicle Mainline**: Focus on Robotaxi and Robovan, with downstream application core stocks including Tesla, Xiaopeng Motors, and Qianli Technology [5][10] - **C-end Vehicle Sales Perspective**: Key players include Xiaopeng Motors, Li Auto, and the Huawei and Xiaomi ecosystems [5][10] - **Upstream Supply Chain Perspective**: Key players include BAIC Blue Valley, GAC Group, and SAIC Group for B-end vehicle manufacturing, and various core suppliers for components like chips and sensors [5][10] Market Performance Overview - The automotive sector's performance in the A-share market ranked 10th this week, while the Hong Kong market ranked 12th [14] - The automotive sector has shown a general upward trend, with SW commercial cargo vehicles performing the best [19][20] - The overall vehicle insurance data for the week indicates a total of 644,000 vehicles, with new energy vehicles accounting for 368,000, reflecting a penetration rate of 57.2% [52]

Core Insights - The automotive market in China experienced a surge in sales during the "Double Festival" period, with a total of over 48,500 vehicles sold from September 30 to October 7, driven by a wave of new car launches and promotional activities [1][3]. Industry Overview - The retail sales of passenger vehicles reached 1.776 million units from September 1 to 27, marking a 12% month-on-month increase, indicating a strong performance in the "Golden September" period [2][8]. - The introduction of new vehicles and various local promotional policies contributed to the increased consumer demand, with discounts ranging from thousands to tens of thousands of yuan [2][3]. Policy Impact - Two significant national policy adjustments are influencing consumer behavior: the reduction of the new energy vehicle purchase tax starting January 1, 2026, and the early termination of the "old-for-new" subsidy policy in some provinces [3][4]. - Local governments and car manufacturers are offering layered subsidies, with some regions providing up to 24,000 yuan in combined incentives for vehicle purchases [4][5]. Brand Promotions - Major brands are leading the promotional efforts, with companies like Li Auto and XPeng offering substantial trade-in subsidies and financing options during the holiday period [5][7]. - The sales of new energy vehicles are particularly strong, with some dealerships reporting sales figures comparable to monthly averages during the "Double Festival" [7]. Market Dynamics - The competition among leading brands remains intense, with BYD and SAIC leading in sales, while traditional fuel vehicles are also showing resilience through transparent pricing strategies [8][9]. - Despite the promotional activities, dealers are facing significant financial pressure, with over 52% reporting losses and a high inventory warning index [11][12]. Future Outlook - The automotive market is expected to maintain a "high open and flat" trend in October, supported by seasonal demand and ongoing local subsidies, with a cautious optimism for a 5% to 10% year-on-year sales growth in the fourth quarter [12].

极星汽车，背靠吉利与沃尔沃，曾被誉为特斯拉终极挑战者，如今却在中国市场沦为"凉凉"，今儿咱们 就来聊聊极星。 ...

Core Viewpoint - Chery Automobile is in talks with Renault to establish manufacturing and sales cooperation in South America, focusing on Colombia and Argentina, to expand their business in the region [2][3]. Group 1: Partnership Details - Chery plans to utilize Renault's factory in Envigado, Colombia, to produce fuel vehicles, with most vehicles branded as Renault and a portion under the Chery brand [2][3]. - In Argentina, Chery is considering investing in a plug-in hybrid pickup production line at Renault's Córdoba factory, with Renault handling distribution [2][3]. - The collaboration aims for Chery to provide products and technology while Renault offers factory facilities and sales channels [2][3]. Group 2: Market Context - The domestic automotive market in China is experiencing slow growth, prompting Chinese automakers to accelerate their globalization efforts, particularly in South America, which has significant market potential and a gap in the electric vehicle market [2][3]. - Chery has been a leader in export sales among Chinese automakers, with overseas sales projected to reach 1.145 million units in 2024, a 21.4% increase year-on-year [3]. Group 3: Competitive Landscape - Renault is a significant player in the South American market, with established factories in Colombia and Argentina, including a complete vehicle production capacity of approximately 100,000 units per year in Colombia [3]. - Chery's sales in the Latin American market grew by 42% last year, primarily in Mexico and Chile, indicating potential for further market penetration through the new partnership [3]. Group 4: Strategic Implications - Collaborating with Renault allows Chery to operate with a light asset model, minimizing heavy investments in factory construction and reducing market entry time and costs [3]. - For Renault, partnering with Chery can leverage Chery's technological and electric vehicle strengths, accelerating its market expansion in South America [5]. - Chery's recent IPO on the Hong Kong Stock Exchange, raising 9.14 billion HKD, has increased its interest in collaborating with Renault [5].

Domestic News - During the National Day and Mid-Autumn Festival holiday, the average daily sales revenue of consumption-related industries in China increased by 4.5% year-on-year, with goods and service consumption growing by 3.9% and 7.6% respectively [5] - From October 1 to 3, the charging volume on highways in China increased by 51.33% year-on-year, reaching 43.81 million kilowatt-hours, which is 2.54 times the average daily charging volume [6] - Hainan Province announced the suspension of the 2025 automobile replacement subsidy policy starting from October 6, 2025, affecting new car purchases after this date [7] - Wenzhou, Zhejiang Province, will also suspend the automobile replacement subsidy policy starting from October 10, 2025 [8] - Geely Auto plans to implement a share repurchase program with a maximum amount of HKD 2.3 billion, aiming to optimize capital structure and enhance earnings per share [9] - BYD has commenced electric vehicle sales in Argentina, taking advantage of the country's removal of import tariffs on electric and hybrid vehicles [10] - Leap Motor will launch its sales in Brazil in November, starting with the B10 and C10 models [11] - Three Hongqi ceremonial vehicles have been exported to the UAE for diplomatic receptions, marking a significant milestone for the brand in the Middle East [12] International News - In India, passenger car retail sales increased by 5.8% year-on-year in September, driven by GST incentives and promotional schemes from manufacturers [13] - Toyota plans to launch pure electric vehicles equipped with all-solid-state batteries between 2027 and 2028, in collaboration with Sumitomo Metal Mining [14] - Mercedes-Benz is developing an advanced mobile charging vehicle, currently in the experimental stage, which features multiple charging interfaces and aims to explore the limits of charging technology [15] - Tesla has introduced budget versions of the Model 3 and Model Y, priced at $36,990 and $39,990 respectively, targeting a broader consumer base [16] Commercial Vehicles - BYD has established its first electric bus battery after-sales service center in the UK, marking a commitment to the UK market [18] - BAIC Foton's first CKD pickup model has successfully rolled off the production line in South Africa, showcasing the company's localization efforts [19] - MG has launched a new commercial vehicle brand at the BusWorld Brussels, focusing on high-end electric commercial vehicles [20] - Suzhou King Long showcased three new electric buses at the BusWorld, emphasizing the transition from manufacturing to intelligent and high-end solutions [21]

Core Insights - The domestic automotive market is entering a critical phase in Q4 2025, with multiple significant new models set to launch, covering the core price range of 200,000 to 500,000 yuan, which will reshape competitive dynamics [1] Sedan Segment: New Energy and Fuel Models - New sedans launching in Q4 range from 120,000 to 300,000 yuan, featuring technological upgrades to enhance competitiveness while addressing family users' needs for comfort and practicality [3] - Mercedes-Benz's new pure electric CLA is positioned as a compact electric sedan with a pre-sale price of 259,000 to 299,000 yuan, featuring advanced technology tailored for the Chinese market [4][6] - Dongfeng Nissan's N6 is a mid-size plug-in hybrid sedan, emphasizing high cost-performance and family comfort [7][9] - Geely's fifth-generation Emgrand targets the national family car market with comprehensive upgrades in design, size, power, and intelligence [10][12] - Lantu's Zhaiguang L is a mid-large plug-in hybrid sedan that combines technological luxury with Chinese aesthetics [13][15] SUV/MPV Segment: Focus on Size and Premium Features - New SUVs and MPVs in Q4 emphasize space expansion and luxury features across various price ranges, catering to family users' needs for spaciousness and high-end consumers' demands for safety and technology [17] - Leap Motor's D19 is a flagship large-range extender SUV targeting the 250,000 to 300,000 yuan market, featuring a design that blends family elements with high-end luxury [18][20] - Jietu's Zongheng G700 is a mid-large SUV with a pre-sale price of 349,900 to 429,900 yuan, designed for the high-end off-road market [21][23] - Buick's Zhijing Shijia is a high-end new energy MPV based on the Xiaoyao architecture, offering both PHEV and pure electric versions [24][26] - iCAR's V27 is a new mid-large hard SUV with a retro design and long range, featuring a powertrain that includes a 1.5T engine and electric motor [27][29] Conclusion - The automotive market in Q4 2025 is poised for an explosion of new energy models, with both pure electric and plug-in hybrids advancing, while intelligent technology configurations will become a focal point of competition. Consumers will find options that meet their needs for both cost-effectiveness and technological experience [1][29]

民生证券发布研报称，吉利汽车(00175)新能源品牌势能向上，盈利加速，预计2025-2027公司营收 4,047.8/4,896.9/5,728.3亿元，归母净利162.1/220.9/259.7亿元(暂不考虑极氪私有化)，EPS1.61/2.19/2.58 元(暂不考虑回购)，对应10月6日19.03港元收盘价的PE11/8/7倍，维持"推荐"评级。公司发布9月销量公 告，9月批发总销量27.3万辆，同比+35.2%，环比+9.2%;1-9月批发总销量217.0万辆，同比+45.7%。 宣布股份回购计划，展现发展信心 10月6日，公司公告宣布拟实施一项最高金额达23亿港元的股份回购计划，该计划在获得香港联交所批 准后，将通过自动化机制在公开市场分批回购，回购资金来自吉利汽车现有的资本及现金储备，展现了 吉利汽车对长期发展前景的坚定信心，回购将优化资本结构、提升每股收益并有助合理反映公司估值。 近期，极氪科技与吉利汽车向美国证券交易委员会提交CB表格，吉利和极氪的"大合并"交割工作有望 在今年年底前完成，看好推进"一个吉利"战略，促进经营效益提升、降本增效。 9月批发总销量27.3万辆，同比+35.2%，环 ...

宣布股份回购计划，展现发展信心 10月6日，公司公告宣布拟实施一项最高金额达23亿港元的股份回购计划，该计划在获得香港联交所批 准后，将通过自动化机制在公开市场分批回购，回购资金来自吉利汽车现有的资本及现金储备，展现了 吉利汽车对长期发展前景的坚定信心，回购将优化资本结构、提升每股收益并有助合理反映公司估值。 近期，极氪科技与吉利汽车向美国证券交易委员会提交CB表格，吉利和极氪的"大合并"交割工作有望 在今年年底前完成，看好推进"一个吉利"战略，促进经营效益提升、降本增效。 民生证券主要观点如下： 1-9月新能源销量同比大增全年销量目标300万辆 9月批发总销量27.3万辆，同比+35.2%，环比+9.2%;出口方面，公司9月出口销量4.1万辆，环比 +12.7%，表现亮眼。吉利银河旗舰SUV车型M9于9月上市，限时置换补贴价17.38-23.88万元，新车长宽 高分别为5,205/1,999/1,800mm，轴距为3,030mm，空间优越，车顶配备了激光雷达，搭载吉利千里浩瀚 H5智能安全辅助驾驶系统,上市24小时订单破2.3万。该行看好反内卷下公司销量兑现，同时规模化提振 主品牌盈利。 极氪9X上市高端市 ...

Core Insights - Zeekr's new flagship SUV, Zeekr 9X, was officially launched on September 29, 2025, with four variants priced from 465,900 RMB to 599,900 RMB, with promotional prices slightly lower [1][3] - Zeekr has achieved over 180 technological breakthroughs since its establishment, making it the Chinese luxury brand with the most first-launch technologies, and has sold over 550,000 units globally [1][3] Product Features - The Zeekr 9X is built on the Haohan-S architecture and features four core technologies: Haohan Super Electric Hybrid, Haohan AI Digital Chassis, Haohan Safety Armor, and Qianli Haohan Assisted Driving, showcasing generational advancements in electric and hybrid technology [2][4] - It is equipped with a world-first three-motor megawatt hybrid electric drive system, delivering over 1,400 horsepower, achieving 0-100 km/h in as little as 3.1 seconds, and a top speed of 240 km/h [6] - The vehicle offers two battery options: a 70 kWh battery with a pure electric range of 380 km and a 55 kWh battery with a range of 300 km, both supporting ultra-fast charging [6][7] Advanced Technology - The Haohan AI Digital Chassis includes advanced features such as a closed double-chamber air suspension and a 48V active stabilizer bar, enhancing ride stability and comfort [8] - The vehicle's body is constructed with 91% high-strength steel and aluminum alloy, achieving a torsional rigidity of 41,600 N·m/deg, and includes advanced safety features for collision avoidance [8] - The Qianli Haohan H7 and H9 systems provide advanced driving assistance, utilizing NVIDIA DRIVE Thor-U chip with 700 TOPS of computing power for real-time scenario processing [9] Design and Comfort - The Zeekr 9X features a luxurious interior with a spacious cabin of 6.3 square meters, accommodating six adults comfortably, and includes high-quality Nappa leather seating [12] - The vehicle boasts a powerful audio system developed in collaboration with Naim, featuring 3,868 watts of peak power and 32 speakers [13] - It introduces the Zeekr AI OS 7, the industry's first native AI intelligent cockpit operating system, enhancing user interaction through smart recommendations [13]

Core Viewpoint - Meili Technology is a leading enterprise in China's spring industry, gradually forming a global market competitiveness through continuous expansion of its industrial layout [1] Company Overview - The company has established deep cooperative relationships with domestic new energy vehicle leaders such as Geely, BYD, and Li Auto, as well as long-term stable partnerships with international Tier 1 suppliers like Wando and ZF [1] - In 2023, the production capacity utilization rates of its subsidiaries, Beijing Dayuan and Jiangsu Dayuan, have significantly improved, showcasing scale effects and effective mergers and acquisitions [1] Financial Performance - The main business gross profit margin has reached a recent high, with projected gross profit margin of 20.8% and net profit margin of 6.5% for 2024, indicating continuous improvement in profitability [1] Growth Drivers - The company is actively expanding its product categories and is making significant strides in emerging industries such as robotics, leveraging dual engines of intelligence and globalization to unlock growth potential [1]