华鑫证券近日发布汽车行业周报：2025年9月23日，工信部部长李乐成在第25届中国国 际工业博览会开幕式上致辞表示，"十五五"时期（2026-2030年），在培育壮大新兴和未来 产业方面，工信部要实施培育新兴产业打造新动能行动，统筹技术创新、规模化发展和应用 场景建设，加快打造一批新兴支柱产业；建立未来产业投入增长机制，加强前沿技术研发和 应用推广，开辟人形机器人、脑机接口、元宇宙、量子信息等新赛道，创建一批未来产业先 导区。 以下为研究报告摘要： 投资要点 十五五时期将打造人形机器人等新兴支柱产业，Figure正构建世界上最大的机器人训练 数据集 2025年9月23日，工信部部长李乐成在第25届中国国际工业博览会开幕式上致辞表 示，"十五五"时期（2026-2030年），在培育壮大新兴和未来产业方面，工信部要实施培育 新兴产业打造新动能行动，统筹技术创新、规模化发展和应用场景建设，加快打造一批新兴 支柱产业；建立未来产业投入增长机制，加强前沿技术研发和应用推广，开辟人形机器人、 脑机接口、元宇宙、量子信息等新赛道，创建一批未来产业先导区。2024年国家发改委发 布"十五五"研究课题征集公告，聚焦不同层面的关 ...

Core Insights - In 2023, China surpassed Japan to become the world's largest automobile exporter, marking a significant milestone in its automotive globalization journey [1] - Chinese automakers, including Geely, are focusing on enhancing brand value and technological advantages in overseas markets, moving beyond mere vehicle exports [1][6] - Geely's European Innovation Center, Uni3, exemplifies the integration of European engineering with Chinese manufacturing, positioning the company competitively in the global automotive technology landscape [3][5] Group 1 - Geely's Swedish R&D center is a hub for innovation, having developed over 2000 patents and focusing on safety technologies, including a unique all-domain safety system [5] - The center's safety design features, such as the torsional rigidity of 41600 N·m/deg and advanced safety testing results, highlight Geely's commitment to high safety standards [5] - Geely's global innovation strategy is not just about product output but also about establishing systemic capabilities that align with global standards [5][6] Group 2 - The global expansion of Chinese automakers is evident in various initiatives, such as BYD's battery factory in Europe and Great Wall's innovation in Thailand, indicating a deeper phase of globalization [6] - Chinese car manufacturers are transitioning from a "follower" role to becoming "co-creators" and "standard setters" in key areas like new energy and intelligent driving [6][7] - The establishment of overseas R&D centers is enhancing the understanding of international consumer needs and improving brand internationalization [6][7]

Core Viewpoint - The article discusses the strategic investment by Luxshare Precision, led by Wang Laichun's family, in Chery Automobile, highlighting the financial gains and business synergies resulting from this investment [6][12]. Group 1: Investment Details - Luxshare Limited acquired a 19.88% stake in Chery Holdings, a 7.87% stake in Chery Automobile, and a 6.24% stake in Chery New Energy for a total cost of 10.054 billion RMB [6]. - As of now, Luxshare holds 920 million shares of Chery Automobile, representing 15.96% of the company, valued at approximately 27 billion RMB based on the IPO closing price [5][6]. - The investment has yielded significant returns, with the family reportedly gaining over 16 billion RMB in unrealized profits from Chery Automobile alone [5]. Group 2: Financial Performance - Chery Automobile's revenue for 2022 was 92.618 billion RMB, with a net profit of 5.806 billion RMB, and no dividends were distributed [9]. - The company is projected to see substantial growth, with revenues expected to reach 269.9 billion RMB by 2024 [9]. - The strategic focus on the overseas market and electric vehicles has contributed to Chery's explosive growth in recent years [9][10]. Group 3: Strategic Synergies - The investment in Chery is seen as a way to secure priority in component procurement for Luxshare Precision, which aims to enhance its automotive business [13]. - Luxshare Precision has established a strategic partnership with Chery, leading to increased business volume, with transactions rising from 31.72 million RMB in 2022 to 510 million RMB in Q1 2025 [16]. - Wang Laichun's dual role in both companies facilitates closer collaboration and operational synergies [14]. Group 4: Future Outlook - Chery's stock structure is expected to become clearer by 2025, potentially paving the way for an IPO [12]. - Luxshare Precision's market capitalization has exceeded 400 billion RMB, allowing it to leverage more resources for larger acquisitions, such as the planned acquisition of a majority stake in the German automotive wiring company Leoni [18]. - The family dynamics within Luxshare, with Wang Laichun and her siblings holding significant stakes, indicate a unified approach to business expansion and investment strategy [20].

Investment Rating - The industry investment rating is maintained as "Positive" [7] Core Insights - The launch of the Shangjie H5 model has seen significant pre-order success, with over 10,000 orders within the first hour and a total of 160,000 pre-orders, indicating strong market demand [3][12] - The U.S. has implemented a 15% tariff on EU automobiles, which may impact pricing and competitiveness in the market [13] - Chery Automobile has successfully listed on the Hong Kong Stock Exchange, raising approximately 9.14 billion HKD (around 8.38 billion RMB), marking it as the largest IPO in the Hong Kong market for the year [13] - Leap Motor has achieved a milestone of producing its 1 millionth vehicle in just 343 days, with revised sales targets for 2025 set between 580,000 to 650,000 units [14] - GAC Group is accelerating its European expansion, entering markets in Switzerland, Austria, Hungary, Slovenia, and Croatia [16] - The new brand "Qijing" by GAC and Huawei targets young consumers, focusing on smart driving and high-quality electric vehicles [15] Market Performance - The Shanghai and Shenzhen 300 Index increased by 1.07%, while the automotive sector saw a modest gain of 0.11%, ranking 6th among A-share industries [4][23] - The passenger vehicle index decreased by 1.18%, with companies like Seres and Changan leading the gains [4][26] - The commercial vehicle index fell by 2.15%, with Shuguang and Hanma Technology showing strong performance [4][30] - The automotive parts index rose by 1.10%, with New Coordinates and Kebo Da leading the sector [4][30] Investment Recommendations - For passenger vehicles, the demand for domestic high-end luxury cars is exceeding expectations, with recommendations for Jianghuai Automobile and Seres, while Geely is identified as a beneficiary [4] - In the automotive parts sector, profitability is expected to improve, with recommendations for Desay SV and Zhejiang Xiantong, and beneficiaries including Kebo Da, Huayu Automotive, and Fuyao Glass [4]

Core Insights - Chery is undergoing a comprehensive acceleration in its new energy strategy, significantly altering its competitive positioning in the automotive industry [1] - The company has launched ten new models in 2024, with nine being new energy vehicles, indicating a continuous increase in the proportion of new energy vehicles in its product matrix [1] - Chery's stock debuted on the Hong Kong Stock Exchange on September 25, 2025, with an opening increase of 11.22%, bringing its market capitalization close to HKD 200 billion [1] New Energy Business as a Growth Engine - Chery's journey in new energy development reflects a long-term commitment, having established a clean energy vehicle task force as early as 1999 [2] - In 2024, Chery is the only company among the top twenty global passenger car manufacturers to achieve over 25% growth in new energy vehicle sales, fuel vehicle sales, and both domestic and overseas market sales compared to 2023 [2] - New energy vehicle sales are projected to grow over 265% year-on-year in 2024, making it a crucial growth driver for the company [2] Revenue Growth - Chery's revenue surged from CNY 92.618 billion in 2022 to CNY 269.897 billion in 2024, with a compound annual growth rate (CAGR) of 70.7% [3] - Net profit increased from CNY 5.806 billion to CNY 14.334 billion during the same period, with a CAGR of 57.1% [3] - In Q1 2025, revenue rose by 24% year-on-year to CNY 68.2 billion, with new energy vehicle sales revenue contributing significantly to this growth [3] Hybrid Strategy and Technology Sharing - Chery has leveraged its deep expertise in internal combustion engine technology to achieve breakthroughs in hybrid power systems [4] - The company launched a hybrid technology open-source initiative, promoting collaborative innovation and enhancing industry standards [4] Multi-Brand Differentiation Strategy - Chery employs a multi-brand strategy to cater to diverse markets and consumer needs, with nine out of ten new models in 2024 being new energy vehicles [6] - The iCAR brand has emerged as a leader in the new energy box car segment, while the Zhijie brand, developed in partnership with Huawei, aims to create high-end new energy vehicles [7] Intelligent and New Energy Advancement - Chery plans to allocate 25% of its IPO funds for the development of next-generation vehicles and advanced technologies, with 10% specifically for electrification [8] - The company aims to achieve full brand coverage of intelligent driving systems by the end of 2025, enhancing its competitive edge in smart mobility [9] Globalization Strategy - Chery has established R&D centers and production bases in various countries, including Germany, Spain, Brazil, and Malaysia, to support its globalization strategy [11] - The company is positioned to leverage capital market support to accelerate its transition to new energy, aiming for significant breakthroughs in the sector [11]

Group 1 - China First Automobile Group Co., Ltd. (FAW) is set to acquire a 35.8% stake in Shenzhen Zhuoyu Technology Co., Ltd. from New Territory Technology Company Limited, following a public announcement by the State Administration for Market Regulation [1] - Prior to the transaction, New Territory held a 70.65% stake in Zhuoyu Technology, allowing it to have sole control over the company. Post-transaction, FAW will jointly control Zhuoyu Technology with New Territory, which will hold a 34.85% stake [1] - Zhuoyu Technology specializes in Advanced Driver Assistance Systems (ADAS) and was previously a division of DJI, known for its drone technology, before becoming an independent entity in 2023 [2] Group 2 - FAW was established on June 28, 2011, in Changchun, Jilin Province, and focuses on the development, production, and sales of passenger and commercial vehicles [2] - New Territory was founded on October 3, 2022, in Hong Kong, primarily holding shares in Zhuoyu Technology and is controlled by a natural person involved in various technology sectors including drones and robotics [2] - Zhuoyu Technology's current automotive partners include major companies such as Volkswagen, SAIC-GM-Wuling, Chery, FAW, Dongfeng, and Great Wall Motors, with a specific collaboration on the Hongqi brand vehicles with FAW [2]

Macro Policy - Beijing supports the switching of ordinary small car indicators for purchasing either fuel or new energy vehicles without any limit on the number of switches [2][3] - The Ministry of Industry and Information Technology (MIIT) and five other departments launched a three-month special rectification action to address online chaos in the automotive industry [4][5] - The MIIT released a work plan aiming for approximately 32.3 million vehicle sales in 2025, with new energy vehicle sales targeted at around 15.5 million, reflecting a 20% year-on-year growth [6][7] - MIIT is soliciting public opinions on mandatory national standards for driving assistance systems, with a deadline for feedback set for November 15, 2025 [8][9] - The Ministry of Commerce announced the establishment of five industry standardization technical committees, focusing on key sectors including automotive and pharmaceuticals [10][11] - New national standards for recreational vehicles will be implemented in March 2026, emphasizing safety measures during operation [12][13] - MIIT is seeking public input on mandatory safety standards for car door handles, with feedback due by November 22, 2025 [14][15] - The State Administration for Market Regulation announced the first quality inspection of new energy vehicle products to curb irrational competition [17][18] - The Ministry of Commerce and three other departments will implement export license management for pure electric passenger vehicles starting January 1, 2026, to promote healthy trade in new energy vehicles [19][20] Industry Trends - Multiple Chinese automotive brands showcased their capabilities during the 80th anniversary of the victory in the Anti-Japanese War [21][22] - In the first eight months of 2025, China's automotive production and sales exceeded 21 million units, marking a year-on-year increase of approximately 12.7% and 12.6% respectively [23][24] - Several automakers committed to a "60-day payment term" initiative to support small and medium-sized suppliers [25][26] - As of August 2025, the total number of electric vehicle charging infrastructure units reached 17.348 million, reflecting a 53.5% year-on-year increase [27][28] - The Ministry of Ecology and Environment announced plans to eliminate nearly 20 million high-emission vehicles during the 14th Five-Year Plan period [29][30] - The Financial Regulatory Bureau reported that over 1.6 billion motor vehicles have been insured since the beginning of the 14th Five-Year Plan, a 40% increase compared to the previous five-year period [31][32] International Developments - Hyundai workers initiated partial strikes demanding a reduction in weekly working hours and wage increases [33][34] - The 2025 Munich Auto Show featured a significant increase in Chinese exhibitors, showcasing advancements in various automotive sectors [35][36] - ZF Friedrichshafen announced the early departure of its CEO amid financial challenges [37][39] - NVIDIA invested $5 billion in Intel, acquiring approximately 4.91% of its total shares [40][41] - Porsche announced a strategic shift to extend the lifecycle of internal combustion engine models in response to declining sales and profits [42][43] - The U.S. government implemented a 15% tariff on EU automotive imports, expected to significantly impact the European automotive industry [44][45] Corporate Dynamics - The China Automotive Technology and Research Center announced the establishment of a new smart connected vehicle innovation base in Tianjin, with an investment of nearly 2 billion yuan [46][47] - Didi Chuxing revealed that its average commission rate for 2024 will be 14%, down from previous years [48][49] - Hesai Technology successfully listed on the Hong Kong Stock Exchange, marking the largest IPO in the lidar industry [50][51] - Chery Automobile officially listed on the Hong Kong Stock Exchange, raising approximately 9.14 billion HKD [54][55] - Seres announced that its H-share issuance has been approved by the China Securities Regulatory Commission, marking a significant step towards its Hong Kong listing [56][57]

Core Viewpoint - The article discusses significant advancements in solid-state lithium batteries, highlighting breakthroughs by Chinese researchers that could lead to safer and higher energy density batteries, essential for the electric vehicle industry [3][5][10]. Group 1: Research Breakthroughs - A team led by Professor Zhang Qiang from Tsinghua University has developed a new fluorinated polyether electrolyte, enhancing the physical contact and ionic conductivity at solid-solid interfaces, achieving an energy density of 604 Wh/kg in polymer batteries [5][6]. - The research published in Nature indicates that the new electrolyte addresses challenges in solid-state batteries, such as interface contact issues and compatibility with high-voltage cathodes and strong reducing anodes [5][6]. - Another team from Wuhan University has created a novel cation-anionic polymer electrolyte, improving lithium ion migration and conductivity, which has successfully powered drones, indicating its potential for safe, high-energy density solid-state batteries [7][8]. Group 2: Industry Implications - The solid-state battery industry is entering a critical commercialization phase, with projections indicating that global shipments could reach 614.1 GWh by 2030, corresponding to a market size exceeding 100 billion yuan [10][12]. - Major automotive companies, including BYD and FAW, have announced plans for mass production of solid-state batteries by 2027, marking a pivotal year for the industry [11][12]. - Recent reports suggest that the solid-state battery supply chain has developed faster than expected, with several companies already producing automotive-grade cells [11][12]. Group 3: Market Potential - By 2025, global demand for solid-state batteries is expected to reach 16.4 GWh, with a market space of 14.4 billion yuan, and by 2030, demand could rise to 270.8 GWh, translating to a market potential of 218 billion yuan [12]. - The Chinese government is actively supporting the development of solid-state batteries through various policies, aiming to establish 3 to 5 leading global enterprises in this field by 2027 [10][11].

Core Viewpoint - The Chinese passenger car market reached a new high in 2024 with sales of 27.563 million units, where 12 million users still opted for fuel vehicles. Chery emphasizes user needs and continuously updates fuel vehicle technology to enhance driving experiences [1] Group 1: "China New Fuel" Strategy - Chery officially launched the "China New Fuel" strategy during the launch event of the new models, aiming to lead the global fuel vehicle market into a new era with "new technology," "new intelligence," "new safety," and "new pattern" [1][3] - The strategy represents Chery's commitment to technological advancement and aims to reshape the value benchmark for fuel vehicles in China [3] Group 2: New Model Launches - The launch event introduced the first models under the "China New Fuel" strategy: the Tiggo 9X and Tiggo 9, along with a high-performance version of the Tiggo 9 [2] - Special promotional prices were announced for the Tiggo 9X starting at 127,900 yuan, with various purchase incentives including trade-in subsidies and lifetime warranties for the first non-commercial vehicle owners [2] Group 3: Technological Advancements - Chery is the only domestic brand to achieve full-stack self-research and manufacturing of the "three major components" of fuel vehicles, with over 3.1 million units of the new generation Kunpeng engine installed globally [6] - The second-generation Kunpeng 8AT transmission is noted as the only self-researched 8AT in China, enhancing performance and affordability [6] Group 4: Safety and User Experience - Chery has invested over 100 billion yuan in safety features, including a robust body structure and comprehensive airbag systems, ensuring user safety [6] - The Tiggo 9X features advanced intelligent driving systems and a spacious interior designed for comfort, accommodating up to seven passengers with ample luggage space [7][11] Group 5: Market Position and Global Reach - Chery ranks first in growth among the Fortune Global 500 companies and sells in over 120 countries, with one in five exported Chinese cars being a Chery vehicle [6] - The company aims to create a new global automotive landscape, leading in industry, competition, pricing, and growth [6] Group 6: Future Aspirations - Chery's "China New Fuel" strategy and the launch of the Tiggo 9 series are expected to propel the brand towards a product lineup of millions, aiming to create miracles in both the Chinese and global automotive markets [17]

Core Viewpoint - Chery Automobile has successfully listed on the Hong Kong Stock Exchange, raising HKD 91.45 billion, positioning itself as a potential leader in the automotive IPO market for 2025 [4][5]. Group 1: Company Overview - Chery's revenue projections for 2022-2024 are HKD 926.18 billion, HKD 1,632.05 billion, and HKD 2,698.97 billion, respectively, with a compound annual growth rate (CAGR) of 70.7% [6]. - The net profit for the same period is projected to be HKD 58.06 billion, HKD 104.44 billion, and HKD 143.34 billion, with a CAGR of 57.1% [6]. - By 2024, Chery's overseas market revenue is expected to reach HKD 1,008.97 billion, accounting for 37.4% of total revenue [6]. Group 2: Historical Development - Chery was founded in 1997 in Wuhu, Anhui, starting from humble beginnings in a "small grass house" [8]. - The launch of the "Fengyun" sedan in 2001 marked a significant milestone, followed by the introduction of the Chery QQ, which became the first domestic brand to sell over 1 million units [9]. - Chery began exporting vehicles in 2005, and by 2024, it is projected to sell 229.5 million vehicles, with 114 million units exported, surpassing BYD [9]. Group 3: Leadership - The company is led by Yin Tongyue, who has been at the helm for 21 years, guiding Chery through various phases of growth and development [10][12]. - Yin's background includes significant experience in the automotive industry, having worked at FAW and Volkswagen before founding Chery [11]. Group 4: Investment and Shareholding Structure - Chery's shareholding structure has evolved, with Wuhu Investment Holding becoming the largest shareholder, holding 21.17% of the company post-IPO [19]. - The investment from Qingdao Wudaokou New Energy Vehicle Industry Fund was significant, acquiring 18.5185% of Chery for HKD 68.63 billion [14]. - IDG Capital has also made substantial investments in Chery, supporting its growth and international expansion [15][17]. Group 5: Economic Impact on Wuhu - Chery's IPO has significantly increased the market value of Wuhu Investment Holding, with its stake valued at over HKD 400 billion [20]. - The success of Chery has attracted additional automotive projects to Wuhu, including a new energy vehicle factory and a partnership with Bosch for smart driving systems [22]. - By 2027, Wuhu aims to establish a comprehensive automotive industry ecosystem, with Chery as the leading entity [23].