Market Overview - The US stock market experienced a collective adjustment, while A-shares and Hong Kong stocks rebounded, with the Hang Seng Index closing up 1.37% [1] - Federal Reserve Chairman Jerome Powell indicated that stock price valuations are relatively high, impacting market sentiment [1] - Former President Trump expressed a reversal in views on the Russia-Ukraine conflict, suggesting Ukraine could regain lost territory, which may influence military-related stocks [1] Industry Developments - China's Fujian aircraft carrier showcased significant technological strength, marking a strategic shift in the navy's focus from coastal defense to open-sea defense [2] - The first direct container shipping route from China to Europe via the Arctic has commenced, enhancing confidence in European trade [2] - The Chinese government introduced 13 specific measures to support service exports, positively impacting related stocks such as Haixin Home Appliances and TCL Electronics, which saw increases of over 14% and 6% respectively [2] Semiconductor Sector - Domestic breakthroughs in photolithography machines were announced, with Shenzhen Wending Juxin Technology Co. producing its first high-precision stepper lithography machine [3] - Micron Technology reported better-than-expected revenue and profit for Q4 2025, driven by strong demand for high-bandwidth memory chips [3] - Stocks in the semiconductor sector, including SMIC and Hua Hong Semiconductor, saw gains of nearly 6% and 4% respectively, reflecting optimism in the AI-driven market [3] Automotive and Lithium Industry - The sales of passenger cars equipped with combined driving assistance systems reached 7.76 million units in the first seven months of 2025, with a penetration rate of 62.6% [4] - The U.S. government is negotiating terms for a $2.3 billion loan to Lithium Americas, highlighting the strategic importance of lithium resources [4] - Ganfeng Lithium's stock rose over 3% amid these developments [4] Xiaomi's Market Moves - Xiaomi's CEO Lei Jun announced simultaneous strategies for car manufacturing and chip production, with new smartphone models set to launch [5] - Xiaomi's supply chain stocks, such as Qiu Tai Technology, increased by nearly 6% in anticipation of these developments [5] Solar Glass Industry - The inventory of photovoltaic glass reached a one-year low, and prices have begun to recover due to improved supply-demand dynamics [6] - Key players in the photovoltaic glass market include Xinyi Solar and Fuyao Glass [7] Kuaishou's Financial Performance - Kuaishou reported a revenue of 35.046 billion yuan for Q2 2025, a year-on-year increase of 13.1%, with an adjusted net profit of 5.618 billion yuan, up 20.1% [8] - The company announced its first special dividend since going public, distributing 0.46 HKD per share, totaling approximately 2 billion HKD [8] - Kuaishou's daily active users reached 409 million, a 3.4% increase year-on-year, indicating robust growth in user engagement [9]

Group 1 - The article highlights the upcoming CINE2025 Solid-State Battery Exhibition and Industry Annual Conference, scheduled for November 6-8, 2025, in Guangzhou, with over 200 exhibitors and 20,000 professional attendees expected [1] - Anson Resources has signed an agreement with LG Energy Solution to supply 4,000 tons of battery-grade lithium carbonate annually starting in 2028, which represents nearly half of the projected output from Anson's Paradox Basin project in Utah [2] - LG Energy Solution is facing intense competition from Chinese battery companies and is actively seeking to diversify its growth by transitioning to lithium iron phosphate (LFP) batteries, as evidenced by its recent agreements and acquisitions [3][4] Group 2 - LG Energy Solution has secured a significant order from Longpan Technology, increasing the supply from 160,000 tons to 260,000 tons, valued at approximately 10 billion RMB, marking it as the largest LFP order globally for 2024 [3] - The company has also partnered with Chery Automobile to supply 8 GWh of cylindrical batteries over six years, valued at over 5 billion RMB, marking a significant step in supplying cylindrical batteries directly to a Chinese automaker [4] - In July, LG announced a major LFP battery order worth approximately 30.9 billion RMB, expected to account for a quarter of its total sales in 2024, with speculation that the client may be Tesla [5] Group 3 - LG Energy Solution is upgrading its Ultium Cells factory in Tennessee to produce LFP batteries, with commercial production expected by the end of 2027 [5] - The company is also expanding its North American energy storage battery business, aiming for a production capacity of 30 GWh by the end of next year [6] - Despite the transition to LFP batteries, LG Energy Solution will continue to rely on Chinese suppliers for key materials, indicating a long-term dependency on the upstream supply chain [6]

Core Viewpoint - Chery Automobile has shown strong performance in the dark market trading, with a price increase of 9.14% compared to the offering price, indicating robust investor interest ahead of its listing [1] Group 1: Financial Performance - Chery plans to issue nearly 300 million H-shares, aiming to raise up to HKD 9.14 billion, with a public offering accounting for 10% of the total shares [1] - From 2022 to 2024, Chery's total revenue is projected to grow from RMB 92.6 billion to RMB 269.9 billion, reflecting a compound annual growth rate (CAGR) of 70.7% [1] - Net profit is expected to increase from RMB 5.8 billion to RMB 14.3 billion during the same period, with a CAGR of 57.1% [1] - In 2024, Chery's total vehicle sales are forecasted to reach 2.295 million units, representing a year-on-year growth of 49.4% [1] Group 2: Market Position and Strategy - Chery has established a brand matrix consisting of five brands: Chery, Jetour, Exeed, iCAR, and Zhijie, covering both mass-market and luxury segments [1] - The company is the only one among the top twenty global passenger car manufacturers to achieve high growth across all dimensions, including new energy vehicles, fuel vehicles, and both domestic and overseas markets [1] - As of March 31, 2025, Chery has a global network of 2,958 dealerships across Asia (excluding China), Europe, Africa, Oceania, and the Americas [2] - Chery's vehicles are sold in over 100 countries and regions, with cumulative global sales exceeding 13 million units [2] - In key overseas markets such as Europe, South America, and the Middle East and North Africa, Chery ranks first among Chinese independent brand passenger car companies in terms of sales [2] Group 3: Future Growth Potential - The increasing penetration of global electric vehicles and the continuous rollout of new technologies and models are expected to provide strong growth momentum for Chery [2] - The advancement of localized production in Europe will further enhance growth opportunities [2] - Chery aims to deepen its "Technology Chery" strategy, increase R&D investment, and enhance its global layout to become a trusted leader in intelligent mobility ecosystems [2]

Group 1 - Chery Automobile's dark market trading opened strongly, with a price of HKD 33.56, up 9.14% from the IPO price of HKD 30.75, allowing a profit of HKD 281 per lot of 100 shares [1] - The company plans to issue nearly 300 million H-shares, with a maximum fundraising target of HKD 9.14 billion, and the subscription was oversubscribed by over 238 times, with a total subscription amount close to HKD 220 billion [1] - Chery has maintained rapid growth, with total revenue projected to increase from RMB 92.6 billion in 2022 to RMB 269.9 billion in 2024, representing a compound annual growth rate (CAGR) of 70.7%, and net profit expected to rise from RMB 5.8 billion to RMB 14.3 billion, with a CAGR of 57.1% [1] Group 2 - Chery has established a comprehensive global network with 2,958 overseas dealerships across various continents, and its vehicles are sold in over 100 countries, achieving cumulative global sales of over 13 million units [2] - The company ranks first among Chinese brands in key overseas markets such as Europe, South America, and the Middle East and North Africa for passenger vehicle sales [2] - Chery's future growth is supported by the increasing penetration of global electric vehicles and the advancement of local production in Europe, with a focus on the "Technology Chery" strategy and increased R&D investment [2]

Group 1 - Luca Samal, a 29-year-old software engineer, has visited Wuhu, Anhui, China nine times to collaborate on the simulation systems for spray painting robots [2] - CMA Robotics, the Italian company where Samal works, has over 20 years of experience in manufacturing spray painting robots and was acquired by Efort Intelligent Equipment Co., Ltd. in 2015 [2] - Efort, which originated from Chery Automobile's factory, has established a research and development center for intelligent spray painting robots in Italy, facilitating collaboration between Chinese and Italian engineers [2]

Group 1 - Chery Automobile is set to list on the Hong Kong stock exchange next week, and its prospectus includes Chery New Energy [2] - Keda Technology (300520.SZ) confirmed on the investor interaction platform that it has invested in Chery New Energy [2] - The company will fulfill its information disclosure obligations if any relevant listing matters arise that require disclosure [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the 38th week of 2025 (from September 15th to September 21st), the single - week retail sales of passenger cars reached 5.11 million, a year - on - year increase of 14.2%. The cumulative retail sales since the beginning of this year were 15.693 billion, a year - on - year increase of 5.9%. The single - week retail sales of new energy passenger cars were 2.99 million, a year - on - year increase of 5.9%, and the cumulative retail sales since the beginning of this year were 8.214 billion, a year - on - year increase of 23.0%. The single - week penetration rate of new energy vehicles reached 59.5%, and the cumulative annual penetration rate was 52.3%, showing a slow upward trend [1][13][16]. - The market pattern of new energy vehicles is constantly changing. Brands like BYD and Li Auto had a year - on - year negative growth, while XPeng, NIO, Leapmotor, Xiaomi, and Voyah maintained relatively high growth rates. New brands such as Xiaomi have added new variables to the market, and traditional automakers like Geely, Changan, and Chery have achieved excellent performance in new energy vehicle sales [2][22]. 3. Summary According to Relevant Catalogs 3.1 Passenger Car Market Weekly Overview - **Overall Passenger Car Sales**: In the 38th week of 2025, the single - week retail sales of passenger cars were 5.11 million, a year - on - year increase of 14.2%. The cumulative retail sales since the beginning of this year were 15.693 billion, a year - on - year increase of 5.9% [1][13]. - **New Energy Passenger Car Sales**: The single - week retail sales of new energy passenger cars were 2.99 million, a year - on - year increase of 5.9%. The cumulative retail sales since the beginning of this year were 8.214 billion, a year - on - year increase of 23.0% [1][13]. - **Penetration Rate**: The single - week penetration rate of new energy vehicles reached 59.5%, and the cumulative annual penetration rate was 52.3%, showing a slow upward trend [1][16]. - **Sales by Power Type**: Among passenger cars, traditional fuel, hybrid, and new energy vehicles had retail sales of 1.94 million, 0.18 million, and 2.99 million respectively, with year - on - year changes of - 4.1%, - 3.4%, and 31.9% respectively, accounting for 37.9%, 3.6%, and 58.5% of passenger cars. Among new energy passenger cars, pure - electric, plug - in hybrid, and extended - range vehicles had retail sales of 1.95 million, 0.79 million, and 0.25 million respectively, with year - on - year changes of 54.9%, 5.0%, and - 2.4% respectively, accounting for 65.2%, 26.5%, and 8.3% of new energy passenger cars [17]. - **Sales by Production Attribute**: Among passenger cars, self - owned and joint - venture brands had retail sales of 3.43 million and 1.69 million respectively, with year - on - year increases of 22.0% and 1.0% respectively, accounting for 67.0% and 33.0% of passenger cars. Among new energy passenger cars, self - owned and joint - venture brands had retail sales of 2.7 million and 0.3 million respectively, with year - on - year increases of 33.2% and 21.1% respectively, accounting for 90.1% and 9.9% of new energy passenger cars [19]. 3.2 Key New Energy Automaker Sales Analysis - **Overall Situation**: In the 38th week of this year, BYD sold 78,000 new energy passenger cars, Geely Automobile sold 37,000, SAIC - GM - Wuling sold 20,000, Tesla (China) sold 17,000, Changan Automobile sold 15,000, Hongmeng Zhixing sold 13,000, and Chery Automobile sold 11,000. Among new - force automakers, Leapmotor sold 13,000, Xiaomi sold 11,000, Wenjie sold 10,000, XPeng and Li Auto sold 9,000 each, and NIO sold 7,000 [2][22]. - **BYD**: The weekly sales were 78,000. Since July, the year - on - year growth rate has turned negative. The cumulative sales this year were 2.359 billion, with a year - on - year growth rate of 2.3%. The sales of pure - electric and plug - in hybrid (including extended - range) models were basically half and half. From January to August this year, the global cumulative sales were 2.864 billion, and the overseas cumulative sales of passenger cars and pickups were 630,000. Regarding the reported reduction of the annual sales target from 5.5 billion (including 800,000 in the overseas market) to 4.6 billion, the completion rate of the original target from January to August was 52%, and the overseas market target completion rate was 78.75%. After the target reduction, the completion rate was 62% [26]. - **Geely Automobile**: The weekly sales were 56,000, including 37,000 new energy vehicles (3,000 from the Zeekr brand), and the electrification rate was about 65%. The cumulative sales this year were 1.647 billion, a year - on - year increase of 48.5%, and the cumulative new energy sales were 979,000, a year - on - year increase of 100.0%. The company adjusted its 2025 sales target from 2.71 billion to 3 billion [28]. - **SAIC - GM - Wuling**: The overall passenger car sales were 21,000, including 20,000 new energy vehicles, and the electrification rate was as high as 92%. The cumulative sales this year were 594,000, with a growth rate of 19.9%, and the new energy sales were 511,000, with a growth rate of 35.4%. Pure - electric models dominated the sales [31]. - **Changan Automobile**: The overall passenger car sales were 25,000, including 15,000 new energy vehicles, and the electrification rate was about 59%. The cumulative sales this year were 846,000, a year - on - year increase of 2.1%, and the new energy sales were 423,000, a year - on - year increase of 19.2% [36]. - **Chery Automobile**: The overall passenger car sales were 26,000, including 11,000 new energy vehicles, and the electrification rate was about 44%. The cumulative sales this year were 869,000, a year - on - year increase of 23.5%, and the new energy sales were 313,000, a year - on - year increase of 66.5% [41]. - **Tesla**: The sales in China that week were 17,000, and the cumulative sales this year were 412,000, a year - on - year negative growth of - 5.7%. The sales of Model 3, Model Y, and Model Y L were about 6,000, 10,000, and 1,000 respectively. Tesla has launched multiple promotional activities this year. The price of the long - range version of Model 3 increased by 10,000 yuan since July 1st. Tesla's Model 3 and Model Y entered the rural subsidy catalog for the first time in 2025 [46]. - **Hongmeng Zhixing**: The weekly sales were 13,000, including about 10,000 for Wenjie and about 1,000 for Zhijie. The Shangjie H5, a new car in cooperation with SAIC, is planned to be officially launched in September, targeting the mass market [50]. - **New - Force Automakers**: Leapmotor, Xiaomi, Wenjie, XPeng, Li Auto, and NIO sold 13,000, 11,000, 10,000, 9,000, 9,000, and 7,000 respectively. XPeng, NIO, Leapmotor, Xiaomi, and Voyah maintained relatively high growth rates [2][22].

Core Insights - Liu Zhou Wuling New Energy Vehicle Co., Ltd. has launched a new brand "Aishang Automobile" targeting the micro electric vehicle market, with its first model A100C set to be released on September 26 [1] - Aishang Automobile aims to introduce multiple models including sedans, SUVs, and MPVs over the next three years based on three self-developed technology platforms [1] - The micro electric vehicle market is currently saturated with strong competition from established players like SAIC-GM Wuling, Chery, Geely, Changan, and FAW Bestune [2] Company Overview - Liu Zhou Wuling New Energy was established in June 2021, with major shareholders including Guangxi Automobile Group Co., Ltd. and Wuling Automobile Group Holdings [1] - The company lacks production qualifications for passenger vehicles, leading to the A100C being manufactured by Henan Senyuan Electric Vehicle Co., Ltd. [1] Market Dynamics - The micro electric vehicle segment faces significant challenges due to intense competition and a saturated market, with leading models like Wuling Hongguang MINI EV and Changan Lumin dominating sales [2] - The pricing pressure from small and compact electric vehicles is squeezing the micro electric vehicle market, which has limited profit margins [2] - The long-term sustainability of micro electric vehicles is uncertain without achieving scale in production and sales [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，且表明不會就本公告全部或任何部分內容所導致或因倚賴該等內 容而產生的任何損失承擔任何責任。 奇瑞汽車股份有限公司 Chery Automobile Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：9973） 董事名單與其角色和職能 奇瑞汽車股份有限公司（「本公司」）董事會（「董事會」）成員載列如下： 執行董事 尹同躍先生 （董事長及總裁） 張國忠先生 非執行董事 王來春女士 李晶女士 王津華先生 王孝偉先生 鮑思語先生 尹祥領先生 胡敬源先生 獨立非執行董事 商文江先生 楊棉之先生 葉盛基先生 路風先生 楊善林先生 黎汝雄先生 1 董事會下設三個委員會。下表提供各董事會成員在此等委員會中所擔任職務之信 息。 | | 委員會 | 風險控制與審計 | 提名與薪酬考核 | 戰略與可持續發展 | | --- | --- | --- | --- | --- | | 董事 | | 委員會 | 委員會 | 委員會 | | 尹同躍先生 | | | | C | | 張國忠先生 | | | M ...

第二章 人員組成 第二條 戰略與可持續發展委員會由七名董事組成，其中獨立董事兩名。 奇瑞汽車股份有限公司 董事會戰略與可持續發展委員會工作細則 第一章 總則 第一條 為適應奇瑞汽車股份有限公司（以下簡稱「公司」）發展需要，提升 公司環境、社會及公司治理管理水平，增強公司核心競爭力，確定公司發展規 劃，健全投資決策程序，加強決策科學性，提高重大投資決策的效益和決策的質 量，根據《中華人民共和國公司法》《香港聯合交易所有限公司證券上市規則》（以 下簡稱「《香港上市規則》」）和《奇瑞汽車股份有限公司章程》（以下簡稱「《公司章 程》」），特設立董事會戰略與可持續發展委員會，並結合公司實際，制定《董事會 戰略與可持續發展委員會工作細則》（以下簡稱「本細則」）。 第三條 戰略與可持續發展委員會設主席一名，由董事長擔任，負責主持委 員會工作。 第四條 主席和委員由董事長或董事會提名委員會提名，並由董事會以全體 董事過半數選舉產生。選舉委員的提案獲得通過後，新任委員在董事會會議結束 後立即就任。 第五條 戰略與可持續發展委員會任期與董事會任期一致，委員任期屆滿， 可以連選連任。期間如有委員不再擔任公司董事職務，或應當具有獨立 ...