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]

Investment Rating - The report maintains a "Recommended" rating for the automotive sector [1] Core Insights - The automotive industry is expected to benefit from the continuation of the vehicle replacement policy in 2025, supporting upward consumer demand. The sector is undergoing a transformation towards high-end and intelligent upgrades, with a focus on companies that can provide quality vehicles priced above 300,000 yuan [6][15] - The report highlights several companies as potential beneficiaries: Li Auto, JAC Motors, Geely, BYD, and Great Wall Motors, with a recommendation to pay attention to Seres [6][15] - The report also notes that the penetration rate of advanced driving assistance systems is expected to increase significantly due to the "affordability" of high-level intelligent driving, recommending companies like XPeng Motors, Huayang Group, Desay SV, and Coboda [6][15] - The report emphasizes the potential for mass production of robots, recommending companies with high certainty and leading positions in the industry chain, such as Top Group, Sanhua Intelligent Control, and Beite Technology [6][15] Summary by Sections Recent Trends - The automotive sector outperformed the Shanghai Composite Index, with a weekly increase of 1.7% from September 29 to September 30, 2025, compared to the Shanghai Composite Index's increase of 1.4% [16] - Notable stock performances include Li Auto, XPeng Motors, NIO, and Geely, with respective changes of -4.6%, +1.5%, +6.2%, and +7.9% during the same period [16] Company Focus and Earnings Forecast - Key companies and their earnings per share (EPS) forecasts for 2024 to 2026 are highlighted, with recommendations to buy for several companies including Silver Wheel, Baolong Technology, and BYD [8][53] - The report provides a detailed table of stock prices, EPS, and price-to-earnings (PE) ratios for various companies, indicating a bullish outlook for the automotive sector [53] Industry Indicators - In August 2025, the automotive production and sales reached 2.815 million and 2.857 million units, respectively, showing a year-on-year growth of 13% and 16.4% [31] - The report notes that the production and sales of passenger vehicles were 2.5 million and 2.54 million units, with year-on-year growth of 12.5% and 16.5% [31]

为全面锻炼参赛学生在设计、制造、成本控制、商业营销、沟通与协调等方面的综合能力，赛事分为三项静态项目和五项动态项目。静态项目包含设计 报告、商业报告和成本与制造分析；动态项目包含直线加速、8字绕环、高速避障、耐久性能和效率测试。 开幕式上，郑州市工业和信息化局党组成员、一级调研员吴忠阳肯定了大学生方程式汽车大赛在培养学生的创新精神和实践能力等方面发挥的积极作 用，并表示当前郑州市汽车产业正处于高速发展阶段，赛事在郑州举办，为广大青年学子提供了宝贵的学习交流平台，也为中国汽车工业的未来发展注入了 新鲜血液。 2025年10月9日上午，由中国汽车工程学会和郑州市人民政府共同主办的2025"吉利杯"中国大学生方程式汽车大赛在郑州机动车质量检测认证技 术研究中心有限公司河南省智能网联汽车测试基地开幕。 本届大赛吸引了来自中国、哈萨克斯坦、孟加拉、俄罗斯、日本等5个国家的70支车队报名参赛。车队队员和裁判、志愿者以及企业代表2000余人抵达 赛场，共同见证这一汽车工程教育领域的年度盛会。 自2010年起，中国大学生方程式汽车大赛已走过十六年辉煌历程，十六年间赛事培养了六万多名顶级工程师，见证了中国汽车行业从大国走向强国 ...

Market Overview - Spot gold has reached a new high, surpassing $4040 per ounce, with silver also rising over 2% to nearly $49 per ounce[9] - The Hang Seng Index closed at 26829.46, down 0.48% for the day, while the Hang Seng Tech Index fell 0.55%[3] - The Nasdaq Composite Index rose 1.12%, marking a new closing high, while the S&P 500 increased by 0.58%[9] Stock Performance - In the U.S. market, AMD surged over 11%, with a three-day cumulative increase of 43%[9] - Major tech stocks like NVIDIA and Amazon saw gains of over 2% and 1% respectively[9] - Chinese concept stocks showed mixed results, with NIO up 4.67% and Alibaba down 0.1%[14] Economic Indicators - The U.S. budget surplus for September was reported at $164 billion, with projected deficits of $1.809 trillion for FY 2025[12] - Japan's foreign investment in the stock market saw a net outflow of 3.7 trillion yen in September, the largest in six months[12] - The Japanese nominal wage growth rate for August was 1.5%, the lowest in three months, while real wages fell by 1.4%[12]

Core Insights - The integration of Zeekr and Lynk & Co. is significant for reducing operational costs and enhancing resource allocation within the Geely Group [1][2] - The merger aims to eliminate redundant investments and improve product competitiveness through shared technology and resources [1][2] Group 1: Merger and Integration - Geely Holdings announced an optimization of the equity structure for Zeekr and Lynk & Co. to streamline relationships and reduce related-party transactions [2] - The merger was completed within three months, resulting in the establishment of Zeekr Technology Group, which aims to leverage combined strengths in product development [2] Group 2: Product Strategy and Positioning - Zeekr will focus on the high-end market segment, targeting price ranges of 300,000 to 400,000 yuan, primarily with pure electric vehicles [3] - Lynk & Co. will maintain its unique design language while expanding its product line, emphasizing high-end branding supported by quality and performance [3][4] - The company is committed to a "value war" rather than a "price war," ensuring that consumers receive value for their investment [4] Group 3: Technological Advancements - Lynk & Co. is entering a new phase of smart technology with the launch of the Lynk 10 EM-P, which includes advanced driver assistance systems [3] - The brand aims to integrate the best technologies from the Geely Group into its products, with Zeekr taking the lead on new technology applications [5] Group 4: Market Performance and User Engagement - The Lynk 900 SUV achieved over 30,000 deliveries within four months of its launch, reflecting strong market acceptance [4] - Lynk & Co. has over 6.5 million registered users on its app, indicating a strong focus on user engagement and co-creation of products [5]