Group 1: Market Overview - In the period from September 1 to 27, 2025, the national retail sales of passenger cars reached 1.776 million units, showing a year-on-year growth of 0% and a month-on-month increase of 12% [1] - Cumulative retail sales for the year reached 16.54 million units, reflecting an 8% year-on-year increase [1] - For the same period, wholesale sales of passenger cars amounted to 2.103 million units, with a year-on-year growth of 1% and a month-on-month increase of 16% [1] Group 2: New Energy Vehicles - Retail sales of new energy vehicles from September 1 to 27 reached 1.039 million units, marking a 9% year-on-year increase and a 17% month-on-month increase [1] - The penetration rate of new energy vehicle retail sales was 58.5%, with cumulative retail sales for the year at 8.609 million units, a 24% year-on-year growth [1] - Wholesale sales of new energy vehicles during the same period were 1.154 million units, reflecting a 12% year-on-year increase and a 21% month-on-month increase [1] Group 3: Sales Trends - The first week of September saw an average daily retail of 43,885 units, a 10% year-on-year decline [3] - The second week recorded an average daily retail of 48,652 units, showing a 1% year-on-year increase [3] - The third week had an average daily retail of 59,236 units, with a 9% year-on-year growth [4] Group 4: Wholesale Trends - The first week of September had an average daily wholesale of 44,984 units, a 5% year-on-year decline [8] - The second week recorded an average daily wholesale of 67,580 units, a 1% year-on-year decline [8] - The fourth week saw an average daily wholesale of 132,397 units, reflecting a 2% year-on-year increase [8] Group 5: Export Performance - In August 2025, China exported 764,000 vehicles, a 25% year-on-year increase, with cumulative exports from January to August reaching 4.94 million units, a 21% year-on-year growth [4] - The top ten countries for vehicle exports included Russia, UAE, and Mexico, with significant increases in exports to Australia and Algeria [10] - The export of new energy vehicles showed strong performance, particularly in markets like Belgium and the Philippines [12] Group 6: Market Dynamics - The introduction of new models at the Chengdu Auto Show has led to increased sales, although the overall contribution of new models has been below expectations due to a lack of entry-level popular models [5] - The traditional peak season of "Golden September and Silver October" is expected to boost sales, aided by national and local subsidies [6] - The market is experiencing a shift towards larger family vehicles, driven by changing family structures and increased demand for comfort and space [13]

现在什么样的人，会花四五十万买车？ 他们大致可以分为两类。一类是老钱，老钱的财富是过去完成时，消费是为了捍卫圈层和价值观，看 重底蕴、追求品质、主打"懂得自然懂"。所以，他们买车时更倾向于选择传统外资豪华品牌，因为它 们更有底蕴，有百年经典的奢华设计、可信的机械素质。 而另一类是新贵，新贵的财富是现在进行时，消费是为了链接新的潮流，更看重名气、追求新奇、主 打"想学跟我来"。所以，他们更乐意选择有科技互联网公司背景的国产新势力品牌，它们在当下，似 乎能提供更多外显的情绪价值。 但是，既能取悦新贵，又能彰显老钱，这样一款车在市面上并不多见。 老钱和新贵，有了共同的选择 时尚圈这两年流行一种新的风格——低调奢华（Quiet Luxury），其精髓在于将品牌标志淡化，让奢 侈品本质回归到精湛工艺和细腻细节。 LVMH旗下的意大利品牌Loro Piana，就是典型例子。它被誉为羊绒界的"百达翡丽"，素以高品质的 羊毛羊绒制品闻名于世。摒弃显眼的LOGO，追求看不见的奢华。圈内流行一句话——"当你触摸羊 绒的柔软，你就知道它是Loro Piana"。 这映射了，在今天的社会经济背景下，老钱和新贵达成了某种消费共识： 比 ...

9月29日晚，极氪品牌旗舰SUV极氪9X上市，售价45.59万至58.99万元。发布会后，吉利汽车集团高级 副总裁、极氪科技副总裁林杰在接受《每日经济新闻》记者采访时透露，极氪9X上市13分钟大定突破1 万辆，小定接近8万辆。随后，吉利控股集团高级副总裁杨学良在微博上表示：小定近8万，数据是真实 的。 ...

在动力系统多元化的背景下，谁能提供这么多的动力系统及解决方案呢？在展会现场，记者陪同部分专家参观了浩思动力的展台，他们对浩思动力的 产品性能、种类齐全以及解决方案赞赏有加。从传统动力到混动动力，从发动机、变速箱到整车匹配全套解决方案都让专家们印象深刻。 第七届世界新能源汽车大会(WNEVC)在海口举办，与会专家在演讲中都提及中国及全球汽车市场多元化动力已成趋势。 动力多元化成为趋势 浩思动力子业务集团——极光湾科技技术规划部部长刘国庆博士在专题论坛演讲中表示，全球乘用车电气化动力总成(xEV)正持续增长，但地区差异 较大。2024年中国市场PHEV市场份额激增，2025年一季度趋于平稳，略有下调；而xEV市场份额已稳超50%，目前已转变为以市场驱动为主。而在美国 和欧洲市场，HEV市场份额增长最快，BEV和PHEV则仍以政策驱动为主。 为何中国的xEV与欧美差异这么大？有专家告诉记者，这是多重因素导致的结果。中国发展电动汽车与中国的电力领先全球有着密切联系。我国在 2025年7月实现了全球首次单月用电量突破1万亿千瓦时的历史性成就，超过日本全年用电量、欧盟四至五个月用电量以及美国一个季度的用电量，相当于 东盟 ...

Group 1: Passenger Car Market Performance - In the period from September 1 to 27, the retail sales of passenger cars in China reached 1.776 million units, showing a year-on-year growth of 0% and a month-on-month increase of 12% [1][5] - Cumulative retail sales for the year reached 16.54 million units, reflecting an 8% year-on-year increase [1][5] - Wholesale figures for the same period were 2.103 million units, with a year-on-year growth of 1% and a month-on-month increase of 16% [1][10] Group 2: New Energy Vehicle Market - Retail sales of new energy vehicles from September 1 to 27 totaled 1.039 million units, marking a 9% year-on-year increase and a 17% month-on-month increase [1][5] - The penetration rate of new energy vehicle retail sales reached 58.5%, with cumulative retail sales for the year at 8.609 million units, a 24% year-on-year growth [1][5] - Wholesale of new energy vehicles was 1.154 million units, up 12% year-on-year and 21% month-on-month, with a cumulative total of 10.098 million units for the year, reflecting a 31% year-on-year increase [1][10] Group 3: Market Trends and Influences - The market showed stable retail trends in early September 2025, remaining flat compared to 2023 but weaker than the performance in early September 2024 [5] - The "Golden September and Silver October" traditional peak season is expected to boost sales, aided by national and local subsidies [6] - The introduction of new models at the Chengdu Auto Show has generated significant interest, although the contribution of new models has been below expectations due to a lack of popular entry-level vehicles [6] Group 4: Wholesale Trends - Daily average wholesale figures for passenger cars showed a year-on-year decline of 5% in the first week of September, but increased by 26% in the second week [9][10] - The overall wholesale performance from September 1 to 27 was 2.103 million units, with a year-on-year increase of 1% and a month-on-month increase of 16% [1][10] - The cautious approach of leading manufacturers in maintaining market price stability and managing inventory pressures has been noted [10]

Core Insights - The Hong Kong Stock Connect market is undergoing normalization adjustments, with 67 stocks added and 61 removed by the end of September 2025, raising concerns about the assessment period and subsequent price volatility of newly listed stocks [1][2] Group 1: Stock Inclusion Rules - Stocks must achieve an average daily market capitalization covering the top 95% in the Hong Kong market and pass liquidity tests to be included in the Hang Seng Composite Index [1] - Large and medium-sized stocks can be directly included in the Stock Connect, while small stocks must meet an additional requirement of an average month-end market capitalization of at least 5 billion HKD [1][2] Group 2: Market Manipulation Concerns - Companies with low market capitalization and small float are targeted for speculation due to their "easily manipulable" nature, leading to two types of market activities: collusion between companies and funds, and passive speculation by market funds [4] - The cases of Yaojie Ankang and Cao Cao Chuxing exemplify these speculative activities, where funds leveraged the inclusion in Stock Connect for profit [4] Group 3: Yaojie Ankang Case - Yaojie Ankang, a clinical-stage biopharmaceutical company, raised only 200 million HKD during its IPO, the smallest in the medical sector for 2025, and had a highly concentrated shareholding structure [5] - After being included in the Stock Connect on September 8, 2025, the stock price surged due to passive fund inflows, but subsequently plummeted by 54% in a single day, trapping retail investors [6][5] Group 4: Cao Cao Chuxing Case - Cao Cao Chuxing faced weak institutional demand during its IPO, leading to a reliance on retail investors to fill the gap [7] - Following its inclusion in the Stock Connect, the stock price initially surged by 143% but then fell sharply, indicating potential market manipulation [9][10] Group 5: Trading Data Insights - Trading data revealed that Citibank was the largest net buyer before the inclusion, but quickly became the largest net seller afterward, suggesting a strategy of accumulating shares before the inclusion and selling to retail investors post-inclusion [10][12]

Core Insights - The Hong Kong Stock Connect market is undergoing normalization adjustments, with 67 stocks included and 61 stocks removed as of September 30, 2025, raising concerns about the assessment cycle and subsequent price volatility of newly listed stocks [1][6]. Inclusion Rules - Stocks must meet specific criteria to be included in the Hong Kong Stock Connect, including a daily average market capitalization covering the top 95% in the Hong Kong market and passing liquidity tests [2]. Adjustment Timeline - The review dates for adjustments are typically at the end of June and December, with eligible stocks being added to the Hang Seng Composite Index and the Stock Connect in September and March of the following year [3]. Market Manipulation Concerns - Smaller companies with low market capitalization are often targeted for manipulation due to their susceptibility to price movements with minimal capital, leading to two types of speculative activities: collusion between companies and funds, and passive speculation based on index inclusion expectations [5]. Case Study:药捷安康 - After its inclusion in the Stock Connect,药捷安康's stock price surged over 200% before plummeting 54% due to a lack of fundamental support, indicating that speculative trading led to significant losses for retail investors [6][8]. Case Study:曹操出行 - 曹操出行 experienced a 143% price increase post-stabilization period, followed by a sharp decline after its inclusion in the Stock Connect, suggesting potential market manipulation as institutional demand was weak during its IPO [9][10]. Trading Data Insights - Trading data revealed a pattern of accumulation before inclusion and rapid selling afterward, indicating a strategy to profit from retail investors entering the market post-inclusion [10][12].

Group 1 - The core viewpoint of the report is that there is a high interest in AI-driven robots and smart driving technologies, with a ranking of focus areas being robots > smart driving > complete vehicles and components [1] - The recommended companies in the humanoid robot sector include UBTECH Robotics (09880) and the supply chain is optimistic about Minth Group (00425) [1] - In the smart driving chain, key recommendations include Horizon Robotics-W (09660), Hesai Technology (HSAI.US), and SUTENG JUCHUANG (02498) [1] Group 2 - For complete vehicles and components, recommended companies are Geely Automobile (00175), XPeng Motors-W (09868), and Fuyao Glass (03606) [1] - The target price for UBTECH has been raised from HKD 155 to HKD 172, reflecting a forecasted price-to-sales ratio of 26.7 times for the fiscal year 2026, driven by sustained order growth [1] - UBTECH's Walker series humanoid robots have accumulated contract amounts nearing CNY 430 million, with a significant order of CNY 250 million received in September, marking the largest humanoid robot order globally [1] - The report anticipates that UBTECH's recent orders and deliveries will accelerate its technological iterations, with BOM costs expected to decrease by 20-30% by year-end and potentially by 30-50% next year, indicating a strong outlook for cost reduction and scalability [1]

Group 1 - The core viewpoint of the report is that there is a strong interest in AI-driven robots and smart driving technologies, with a ranking of focus areas being robots > smart driving > complete vehicles and components [1] - The report highlights the recommended companies in the humanoid robot chain, with a top pick being UBTECH Robotics (09880) and a favorable outlook on the supply chain company Minth Group (00425) [1] - In the smart driving chain, key recommendations include Horizon Robotics-W (09660), Hesai Technology (HSAI.US), and SUTENG JUCHUANG (02498) [1] Group 2 - For complete vehicles and components, the report recommends Geely Automobile (00175), XPeng Motors-W (09868), and Fuyao Glass (03606) [1] - The target price for UBTECH has been raised from HKD 155 to HKD 172, reflecting a projected price-to-sales ratio of 26.7 times for the fiscal year 2026, driven by sustained order growth [1] - UBTECH's Walker series humanoid robots have accumulated contract amounts nearing CNY 430 million, with a significant order of CNY 250 million received in September, marking the largest humanoid robot order globally [1] - The report anticipates that UBTECH's recent orders and deliveries will accelerate its technological iterations, with expectations of a 20-30% reduction in BOM costs by year-end and a further 30-50% reduction next year, indicating a significant potential for cost decline and large-scale application [1]

每经AI快讯，9月30日，港股汽车股今日普涨，截至发稿，吉利汽车(00175.HK)涨4.03%，报19.38港 元；小鹏汽车-W(09868.HK)涨3.56%，报93.1港元；蔚来-SW(09866.HK)涨2.6%，报57.15港元；理想汽 车-W(02015.HK)涨2.59%，报101.1港元。 ...