2025 年 9 月 16 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 宏观点评 全球市场观察 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 26,447 | 0.22 | 31.84 | | 恒生国企 | 9,385 | 0.21 | 28.74 | | 恒生科技 | 6,044 | 0.91 | 35.26 | | 上证综指 | 3,861 | -0.26 | 15.18 | | 深证综指 | 2,471 | 0.36 | 26.26 | | 深圳创业板 | 3,066 | 1.52 | 43.17 | | 美国道琼斯 | 45,883 | 0.11 | 7.85 | | 美国标普 500 | 6,615 | 0.47 | 12.47 | | 美国纳斯达克 | 22,349 | 0.94 | 15.73 | | 德国 DAX | 23,749 | 0.21 | 19.29 | | 法国 ...

Core Viewpoint - The China Automotive Industry Association released the "Supplier Payment Norms Initiative" on September 15, urging automakers to comply with the "Regulations on Payment to Small and Medium-sized Enterprises" and to avoid exploiting their dominant positions to harm suppliers' interests, aiming to build a collaborative and win-win ecosystem in the automotive industry for high-quality development [1]. Group 1: Industry Response - A total of 17 automakers, including FAW, Dongfeng, Changan, SAIC, GAC, BAIC, Chery, Jiangqi, BYD, Geely, Great Wall, Seres, NIO, Li Auto, Xpeng, Leap Motor, and Xiaomi, have publicly committed to the payment initiative [1]. - The initiative provides clear guidance for building a collaborative ecosystem between complete vehicles and components, promoting high-quality development in the automotive industry [5][8]. Group 2: Specific Company Actions - FAW has unified the payment term for suppliers to within 60 days and optimized internal procurement and financial settlement processes to maintain a healthy market economy [3]. - Dongfeng will implement the initiative's requirements in key areas such as order confirmation, delivery, acceptance, payment, and settlement to protect supplier rights and enhance supply chain resilience [5]. - Changan has also committed to a 60-day payment term and has implemented an innovative payment process to ensure efficient cash flow for suppliers [7]. - SAIC has announced a unified 60-day payment term and will avoid using commercial acceptance bills that increase supplier financial pressure [8]. - GAC has adhered to a payment principle of not exceeding 60 days for 28 years and has established a comprehensive management system for the payment process [10]. - BAIC emphasizes equal, voluntary, fair, and honest principles in supplier relationships and opposes unreasonable payment practices [12]. - Chery has implemented measures to shorten the average payment period for suppliers and alleviate financial pressure on small and medium-sized enterprises [14]. - Jiangqi is enhancing payment efficiency and transparency while ensuring all suppliers receive fair and efficient payment experiences [15]. - BYD is focusing on key areas such as order confirmation and payment to build a collaborative ecosystem with suppliers [17]. - Geely has committed to a 60-day payment term and will not use practices that increase supplier financial pressure [18]. - Great Wall is committed to timely payments and optimizing payment processes to maintain a healthy supplier relationship [21]. - Seres calls for industry self-discipline to enhance supply chain resilience and competitiveness [23]. - NIO aims to establish long-term, mutually beneficial relationships with partners to ensure product quality and user experience [26]. - Li Auto and Xpeng both reaffirm their commitment to a 60-day payment term and efficient payment processes to support their partners [28][30]. - Leap Motor is dedicated to implementing the initiative and ensuring supply chain stability [32]. - Xiaomi emphasizes the importance of timely payments as a fundamental respect for partners and aims to enhance supply chain resilience [35].

"得益于整体规模效应，即便配置升级了，成本依然可控。"林杰举例说道，"这次搭载的千里浩瀚H7方案，过去仅极氪一个品牌使用，当时单车 分摊的软件开发成本占比很高；而现在随着方案在领克车型上的大规模应用，软硬件成本的分摊逻辑（已发生显著变化）。" 中经记者夏治斌石英婧上海报道 "2024年9月，领克发布了领克Z10，这也是领克的第一款纯电产品。Z10上市后，我们收到了很多用户的呼吁，他们认为领克应该在最擅长的插 电混动EM-P领域也推出一款这样的轿车，领克10 EM-P正是承载着用户期待而来。"日前，吉利汽车集团高级副总裁、极氪科技副总裁、领克汽 车销售公司总经理林杰在接受《中国经营报》等媒体记者采访时说道。 9月8日，领克10 EM-P上市，限时优惠价16.38万元起，共推出120四驱Halo、120四驱Ultra、240四驱Ultra、240四驱Ultra运动版四个版本。作为 领克首款中大型插电式混合动力轿车，领克10 EM-P全系标配智电四驱系统和激光雷达，在轿车中率先搭载英伟达Thor辅助驾驶芯片，支持千里 浩瀚辅助驾驶H7方案，搭载LYNK Flyme Auto 2智能座舱系统。 "用规模产生效益，让好 ...

| 排名 | 品牌logo | 品牌 | 所属国家 | | --- | --- | --- | --- | | 1 | SAMSUNG | 三星 | ●,韩国 | | 2 | Hisense | 海信 | (中国 | | හ | TCL | TCL | 1 中国 | | 4 | GLG | LG电子 | ● 韩国 | | 5 | והו | 小米 | 第中国 | | 6 | SONY SONY | | ● 日本 | | 7 | SKYWORTH | 创维 | 中国 | | 00 | Haier | 海水 | 四中国 | | 9 | PHILIPS | 飞利浦 | | | 10 | SHARP | 夏普 | ○ 日本 2000 A to 16 2 | 如图所示，你使用的电视是哪个品牌？体验如何？欢迎留言区讨论... 早安，艾瑞巴蒂（手动问好），一起来看今天的早报： 【黑马高调早报】第2968期 更多创业内容请访问www.iheima.com Fast Reading 今日头条 中美就妥善解决TikTok问题达成基本框架共识 据央视新闻，中国商务部国际贸易谈判代表兼副部长李成钢15日傍晚在此间表示，中美双方就以合 ...

9月15日，中国汽车工业协会正式发布《汽车整车企业供应商账款支付规范倡议》(以下简称《支付规范 倡议》)，旨在推动汽车行业落实《保障中小企业款项支付条例》，破解行业内长期存在的付款周期 长、验收效率低等痛点问题，规范整车企业与供应商的账款支付流程。 往前回溯，今年6月1日，《保障中小企业款项支付条例》正式施行，为解决汽车产业链账期顽疾提供了 政策依据。此后，17家重点车企公开承诺"支付账期不超过60天"，但因账款支付涉及环节多、流程复 杂，且各车企供应链管理体系存在差异，实际执行尺度不一。在此背景下，中国汽车工业协会广泛调 研、征求意见，最终形成《支付规范倡议》，从订单确认、交付与验收、支付与结算、合同期限四大关 键环节给出明确指引。 四大关键环节发力 《支付规范倡议》发布后，截至记者发稿，已有中国一汽、奇瑞集团、吉利集团、蔚来汽车、小鹏汽车 等十余家车企发布声明，将积极落实账款支付倡议，以实际行动推动汽车产业链上下游协同发展。 中国一汽发布公告称，将继续坚决贯彻落实《保障中小企业款项支付条例》要求，响应《支付规范倡 议》，严格履行"60天付款"承诺，携手产业链上下游企业构筑健康、可持续的汽车产业发展生态。 ...

Group 1 - The core viewpoint of the article revolves around the conflict between Luo Yonghao and Xibei, with Luo deciding to abandon further pursuit of Xibei but continuing with a collective lawsuit regarding the use of pre-prepared dishes [3][5][16] - Xibei issued an apology letter on September 15, promising to adjust multiple dishes to be made fresh in-store instead of using pre-prepared ingredients [5][17] - Luo Yonghao expressed dissatisfaction with Xibei's handling of the situation, stating that he would have sought justice if he had pursued the matter further [5][16] Group 2 - Xibei's apology letter was initially deleted and then reissued, with a notable change in the wording of a quote from its founder, which included the term "abuse" in quotation marks [5] - Multiple Xibei locations confirmed they received notifications about the adjustments, with some already implementing changes such as using non-GMO oil and fresh vegetables [17] - Luo Yonghao mentioned that the marketing consulting firm, Hua Yu Hua, which has worked with Xibei for 10 years, has apologized to him, indicating a resolution to that part of the conflict [16]

完整早报音频，请点击标题下方小耳机收听 【西贝就 "预制菜风波"致歉：将尽可能调整到门店现场加工，罗永浩：决定放弃进一步追究西贝】 9 月 15 日， 西贝发布致歉信称，将尽可能把中央厨房前置加工工艺调整到门店现场加工。 2025 年 10 月 1 日前，西贝全国门 店会陆续完成相关调整。 9 月 15 日，罗永浩发文表示，决定放弃进一步追究西贝。（南方都市报） 上下滑动可查看长图 【罗永浩称华与华老板已向其道歉】 9 月 15 日，罗永浩发文称，"华与华的老板已经跟我道了歉，这件事可以过 去了，毕竟它只是一个跑题的插曲。严肃的主题还是餐饮企业使用预制菜时，为什么必须给消费者知情权。"此前， 华与华营销咨询有限公司董事长华杉在社交平台力挺西贝创始人贾国龙，称"西贝可以说是中国最好的企业之一，遭 到这种网络黑嘴的网暴，老板选择硬杠，一定要辩个清楚明白，这也给习惯于忍辱负重、苟且偷生的好人做了一个 示范"。（中华网） 【雷军：小米 17 系列全面对标 iPhone ，正面迎战】 9 月 15 日，雷军发文称，小米 17 系列，产品力跨代升 级，全面对标 iPhone ，正面迎战。此前，小米集团总裁卢伟冰在社交平台 ...

今日热点导览 TOP3大新闻 西贝发布致歉信承诺多款菜品调整为门店现做，罗永浩宣布"停战" 9月15日中午，西贝餐饮发布致歉信，称将尽可能把中央厨房前置加工工艺调整到门店现场加工，多款菜品调整为门店现做。不 久后，这封道歉信被删除重发，区别是引用的贾国龙表态截图"顾客虐我千百遍"中的"虐"字加了引号。 9月15日，在西贝发布道歉信后，罗永浩发布长文，称决定放弃追究西贝。文中称："西贝官方发了道歉信，但是没跟我个人道 歉。贾国龙本人没有再次发声，也没有跟我就污蔑我是"网络黑社会"一事道歉。按我过去的性格，一定会跟他们讨要一个公正 的说法，即使要为此耗上长期的时间精力。但五十岁后，我亲眼看到无数我认识的中年人，尤其是取得了一些事业成就的，可 以为了所谓的"面子"做出多愚蠢、多糟糕、多不顾后果的事。"（第一财经、凤凰网科技） 多家西贝门店称已收到调整通知 中美就妥善解决TikTok问题达成基本框架 苹果回应金属手机壳或影响信号：建议手机壳尽量不要带金属配件 太二酸菜鱼所属集团半年关店88家 英伟达违反反垄断法，市场监管总局依法决定实施进一步调查 2025中国企业500强总营收达110.15万亿 有老朋友问我,那你如 ...

•国家外汇管理局：取消外商投资企业境内再投资登记 允许外商直接投资项下外汇利润境内再投资 优化资本项目外汇收入支付便利化 业务 转自：新华财经 •中美就妥善解决TikTok问题达成基本框架共识 •8月份国民经济运行总体平稳 规模以上工业增加值同比增长5.2% 社会消费品零售总额同比增长3.4% •中国商务部国际贸易谈判代表兼副部长李成钢15日表示，中美双方就以合作方式妥善解决TikTok问题、减少投资障碍、促进有关经 贸合作等达成了基本框架共识。当地时间9月14日至15日，中美双方经贸团队在西班牙马德里举行会谈。李成钢在会谈结束后中方代 表团举行的新闻发布会上说，过去两天，中美双方积极落实两国元首通话重要共识，充分发挥中美经贸磋商机制作用，在相互尊重、 平等协商的基础上，就TikTok等双方关注的经贸问题进行了坦诚、深入、建设性的沟通。（新华社） •国家统计局数据显示，8月份，我国规模以上工业增加值同比增速较上月回落0.5个百分点至5.2%，回落幅度小于上月的1.1个百分 点；8月份，社会消费品零售总额同比增速较上月回落0.3个百分点至3.4%，回落幅度小于上月的1.1个百分点；1至8月，固定资产投资 同比增 ...

Investment Rating - The report maintains a "Positive" investment rating for the automotive and automotive parts industry [7]. Core Insights - The "Automotive Industry Stability Growth Work Plan (2025-2026)" was issued by the Ministry of Industry and Information Technology and seven other departments on September 12, 2025. The plan aims to enhance the quality and reasonable growth of the automotive industry from both supply and demand sides, promote the industrial application of intelligent connected technology, and conditionally approve the production access of L3 level vehicles [2][4]. - The gradual implementation of policies and regulations is expected to accelerate the growth of advanced intelligent driving. The concept of "equal rights for intelligent driving" is likely to reassess the value of complete vehicles, with intelligent driving becoming a new opportunity for reshaping the market following electrification. Strong intelligent driving vehicles are anticipated to capture a larger market share while enhancing their AI capabilities through data accumulation, thus driving investment opportunities in core segments of the industry chain [2][4]. Summary by Sections Policy and Market Outlook - The plan targets achieving approximately 32.3 million vehicle sales in 2025, a year-on-year growth of about 3%, with new energy vehicle sales expected to reach around 15.5 million, reflecting a year-on-year increase of about 20%. The automotive export is also projected to maintain stable growth [4]. Intelligent Driving Development - The report emphasizes the push for the industrial application of intelligent connected technology, with L3 level intelligent driving expected to accelerate. The plan encourages the approval of intelligent connected vehicles and the establishment of pilot programs for road access, alongside improvements in legal frameworks related to traffic safety insurance [4]. Investment Opportunities - The report identifies two main lines of investment opportunities: 1. **Functionality Enhancement**: The continuous exploration of intelligent driving capabilities and the reduction of costs associated with high-level intelligent driving systems are expected to enhance consumer appeal [4]. 2. **Cost Reduction**: Technological advancements are anticipated to lower the costs of intelligent driving systems, with companies like Xiaopeng and BYD leading the charge in making intelligent driving more affordable [4]. Recommended Companies - The report recommends several companies for investment, including: - **Complete Vehicle Manufacturers**: Xiaopeng Motors, Great Wall Motors, Geely, BYD, Xiaomi Group, Leap Motor, Li Auto, SAIC Motor, and Changan Automobile [4]. - **Parts Suppliers**: Top Group, Bertel, and Xingyu Co., with a focus on companies like Desay SV and Coboda [4].