Core Viewpoint - The equity change of ST Langyuan is due to the share transfer agreement signed between major shareholder Xinjiang Shanglong and Wang Guimei, resulting in a transfer of 68,334,266 shares, accounting for 14.51% of the total share capital [1] Summary by Sections Share Transfer Details - Xinjiang Shanglong will transfer 52,800,000 shares (11.21% of total shares) and Wang Guimei will transfer 15,534,266 shares (3.30% of total shares) to Hangzhou Dongfang Xingzhi Equity Investment Fund [1] - The transfer price is approximately 5.31 yuan per share, totaling 362,862,500 yuan for the transaction [1] Voting Rights - Wang Guimei voluntarily and irrevocably waives voting rights for the remaining 44,418,694 shares (9.43% of total shares) after the transfer, effective for 18 months from the date of transfer completion [1] - The voting rights delegation agreement signed on April 30, 2024, will remain in effect until the transfer is completed, after which Wang Guimei's voting rights will automatically terminate [1] Control and Shareholder Structure - The equity change will not result in a change of the controlling shareholder or actual controller of the company, with Dongfang Xingzhi remaining the controlling shareholder and Zhao Zheng as the actual controller [1] - Following the completion of the share transfer, Zhao Zheng, Wang Guimei, Qi Yongmao, and Xinjiang Shanglong will terminate their concerted action relationship [1]

Investment Rating - The report maintains an "Outperform" rating for the automotive intelligence sector [6]. Core Insights - The automotive intelligence industry is experiencing significant advancements, with companies like Xiaoma Zhixing and Wenyuan Zhixing preparing for their IPOs in Hong Kong, and Junsheng Electronics securing a global order worth 5 billion yuan [1]. - The penetration rates of advanced driver-assistance systems (ADAS) and related technologies are on the rise, indicating a robust growth trajectory for the sector [3][4]. Summary by Sections Industry News - Tesla's Robotaxi service is set to expand to 8 to 10 regions by the end of the year [1]. - Xiaoma Zhixing and Wenyuan Zhixing are initiating their IPO process, targeting a listing on November 6 [1]. - Stellantis collaborates with Nvidia, Uber, and Foxconn to accelerate its Robotaxi strategy [1]. - Hesai Technology continues its strategic partnership with Xiaomi Automotive through 2026-2027 [1]. - Junsheng Electronics has received a new global order worth 5 billion yuan in automotive intelligence [1]. - Youjia Innovation's unmanned vehicle has begun operations in Huaqiangbei, marking a new phase in smart logistics [1]. - Jiushi Intelligent has completed a $100 million Series B4 financing led by Ant Group [1]. High-Frequency Core Data Updates - The penetration rate of 8 million pixel cameras in passenger vehicles is projected to reach 67.8% by August 2025, up 10 percentage points year-on-year [2]. - Nvidia's chip penetration in passenger vehicle driving domains has increased to 33.2%, a year-on-year rise of 18 percentage points [2]. - The market share of LiDAR in passenger vehicles is expected to reach 10.4% by August 2025, reflecting a year-on-year increase of 4.3 percentage points [2]. Smart Driving - The penetration rate of passenger vehicles equipped with L2 or higher functions reached 33.3% in August, an increase of 18 percentage points year-on-year [3]. - The penetration rates for front-view cameras, forward millimeter-wave radars, and LiDAR are 67.8%, 57.5%, and 10.4%, respectively, showing significant growth [3]. - The driving domain controller penetration rate is 33.2%, up 17.5 percentage points year-on-year [3]. Investment Recommendations - Recommended companies include XPeng Motors, Leap Motor, and Geely for complete vehicles, while Xiaoma Zhixing and Wenyuan Zhixing are recommended for L4 technologies [4]. - For components, Hesai Technology is recommended for data acquisition, while companies like Horizon Robotics and Junsheng Electronics are suggested for data processing [4]. Key Company Earnings Forecast and Investment Ratings - XPeng Motors: Outperform, with a projected EPS of -3.03 yuan for 2024 [5]. - Xingyu Co., Ltd.: Outperform, with a projected EPS of 4.93 yuan for 2024 [5]. - Horizon Robotics: Outperform, with a projected EPS of 0.18 yuan for 2024 [5].

智通财经APP获悉，乘联分会秘书长崔东树发文称，2025年1-9月份的世界新能源的373万台增减量贡献度中，中国占了68%，德国和美国各占了增量的5% 和4%的贡献度作用。所以整个世界新能源车总体的增量贡献基本就是在中国。近几年中国贡献了世界8成左右的增量，中国车市是世界新能源车竞争的核 心的焦点。 2025年1-9月份世界汽车销量达到7053万台，新能源汽车达到1571万台。2025年1-9月世界广义新能源车销售比例达到世界汽车销量占比为29.2%，比2024 年全年增长2.9个百分点的水平，而狭义新能源车达到了22.3%的水平，呈现相对较强的状态。2025年1-9月的新能源车份额达到22.3%，其中纯电动车的占 比达到14.8%，插电混动达到7.5%的汽车比例，新能源表现优秀。 世界新能源车渗透率总体呈现快速提升趋势，2022年已经达到13%水平，2023年达到16%，2024年达到19.5%，2025年3季度渗透率达到24.5。2025年9月新 能源渗透率中，中国新能源渗透率达到46%，德国达到27%，挪威达到80%，英国32%，而美国仅有13%，日本仅有2%，因此世界新能源发展的不均衡性 极为明显。 ...

Group 1 - The Chinese automotive market continued its strong growth momentum in October, with 14 out of 18 surveyed automakers reporting both year-on-year and month-on-month sales increases [2][5] - SAIC Motor Corporation led the sales chart with approximately 454,000 vehicles sold in October, marking a year-on-year increase of 12.96%. BYD followed closely with 441,700 vehicles sold, achieving over 11% month-on-month growth [5][6] - New energy vehicle sales saw significant growth, with Geely and Chery achieving breakthroughs in multi-brand operations and transitions to new energy. Geely's sales exceeded 300,000 vehicles for the first time in October, while Chery's sales grew by 3.3% year-on-year, with over 110,000 new energy vehicles sold [2][5] Group 2 - New energy vehicle brands under traditional automakers, such as Deep Blue, Lantu, and Zhiji, also experienced strong sales growth in October [3] - The China Automobile Dealers Association reported an increase in the automotive consumption index for October 2025, indicating a slight rise in the market for November. Factors contributing to this include the arrival of government subsidies and promotional activities during the Guangzhou Auto Show [3] - The market is expected to maintain an upward trend in November, driven by increased consumer demand due to government incentives and promotional efforts from dealers [3]

10月中国汽车市场延续强劲增长势头。新京报贝壳财经统计的18家车企中，14家10月销量实现同比、环比双增长。 自主车企中，上汽集团夺下销量榜首，10月份销售整车约45.40万辆，同比增长12.96%；比亚迪以44.17万辆的单月销量实现超11%的环比增长，值得关注的 是，今年前10个月比亚迪累计销量达370.19万辆。 吉利汽车与奇瑞集团则在多品牌运营与新能源转型中实现突破。其中，吉利汽车10月份销量首次超30万辆；奇瑞集团10月份销量同比增长3.3%，其中新能 源汽车销售首次实现超11万辆。 自主车企中,上汽集团10月份销售整车45.40万辆,同比增 44.17万辆的单月销量实现超11%的环比增长,值得关注的题 计销量达370.19万辆;吉利汽车10月份乘用车销量首次超3 跑汽车、小鹏汽车和蔚来汽车均创各自历史新高,理想汽车归 水平。 环比增幅 0 8家自主车企2025年10月销量(辆) ● le 上汽集团 453978 3.23% T 比亚迪 441706 11.5% 吉利汽车集团 307133 12.45% 中国一汽 305000 0.99% 奇瑞集团 281161 0.25% 长安汽车 278436 ...

再度联手雷诺，吉利加速海外布局。11月3日，吉利控股集团和吉利汽车控股有限公司（以下统称"吉 利"），与雷诺集团正式签署巴西战略合作最终协议（以下简称"协议"），双方将深化战略合作，通过 雷诺巴西公司生产及销售吉利和雷诺的新能源车型。 协议显示，吉利收购雷诺巴西公司26.4%的股份，雷诺集团继续保持控股股东地位并合并财务报表。作 为少数股东，吉利可共享雷诺巴西公司的工厂产能和市场网络，加速拉美地区汽车市场的拓展。此外， 雷诺巴西公司将成为吉利旗下新能源汽车产品在巴西的经销商，在销售、金融和售后服务方面开拓新增 长机会。而吉利电动SUV车型EX5通过雷诺的品牌经销商渠道全网销售。 同时，吉利的技术和新能源产品也将帮助雷诺进一步打开巴西市场。协议显示，通过双方的合作，雷诺 可利用先进的新能源技术扩展产品线，满足巴西市场电动化需求。雷诺位于巴西南部的埃尔顿•塞纳工 业园区，除生产雷诺车型外，还将生产吉利品牌产品，助力雷诺巴西公司提高产能利用率，进一步提升 园区竞争力。中国汽车流通协会专家委员会成员颜景辉认为，双方合作后，有助于推动吉利汽车产品国 际化，借助雷诺在巴西的渠道与工厂，以更低成本顺利地打开巴西市场，进一步 ...

Core Insights - The article discusses the emergence of a new trade route in Central Asia, facilitated by the "new caravan" of Chinese goods, particularly automobiles, through the Horgos port [1][3]. Group 1: Trade and Economic Impact - Horgos port exported 258,000 vehicles from January to August 2025, marking an 8.5% year-on-year increase, with electric vehicle exports reaching 102,000 units, a 45.2% increase [3][4]. - The "ferry" model of delivery has gained popularity due to its low cost and flexibility, appealing to foreign automobile importers [1][3]. - The market share of Chinese automobiles in Kazakhstan is projected to reach 39% by 2024, indicating a growing acceptance of Chinese products in the region [4]. Group 2: Logistics and Transportation - The Horgos railway port has dedicated models for new energy vehicles, with a train dispatched every two days carrying approximately 600 cars [3]. - Local drivers, like Yermik Yerkembay, have built trust in Chinese products, leading to an increase in cross-border transportation and the number of transport vehicles [5][7]. - The Horgos Jin Yi International Trade Group exports a variety of products, including daily necessities and large machinery, and has established facilities for drivers to rest [7].

11月3日，吉利控股集团和吉利汽车控股有限公司（统称"吉利"）与雷诺集团正式签署巴西战略合作最终协议。双方将深化协作，通过雷诺巴西公司 （Renault do Brasil）开展吉利及雷诺品牌新能源车型的生产与销售工作。 根据协议，吉利收购雷诺巴西公司26.4%的股份，雷诺集团继续保持控股股东地位并合并财务报表。作为少数股东，吉利可共享雷诺巴西公司的工厂产 能和市场网络，加速拉美地区汽车市场的拓展。雷诺巴西公司将成为吉利旗下新能源汽车产品在巴西的经销商，在销售、金融和售后服务方面开辟新的增长 机会。吉利电动SUV车型EX5通过雷诺的品牌经销商渠道全网销售。 通过合作，雷诺可利用先进的新能源技术扩展产品线，满足巴西市场电动化需求。雷诺位于巴西南部的埃尔顿·塞纳（Ayrton Senna）工业园区除生产雷 诺车型外，还将生产吉利品牌产品，助力雷诺巴西公司提高产能利用率，进一步提升园区竞争力。 雷诺集团首席执行官福兰（François Provost）表示："雷诺与吉利达成巴西战略合作，标志着我们的国际战略迈出了决定性的一步。此次合作基于卓越 的工业体系和领先的技术实力，形成了灵活高效的协作机制。强强联合让我们能够 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 2025 performance is under short-term pressure, with expectations for the "liquid cooling + robotics" dual track to deliver results in the future [1] - Revenue for Q1-Q3 2025 reached 20.928 billion yuan, a year-on-year increase of 8.14%, while net profit attributable to shareholders decreased by 11.97% year-on-year [7] - The company has received significant orders in its thermal management business, amounting to 1.5 billion yuan, and has secured product designations from major international clients [7] Financial Performance Summary - Q3 2025 revenue was 7.994 billion yuan, with a year-on-year increase of 12.11% and a quarter-on-quarter increase of 11.53% [7] - Q3 2025 net profit attributable to shareholders was 0.672 billion yuan, down 13.65% year-on-year and 7.93% quarter-on-quarter [7] - The gross margin for Q1-Q3 2025 was 19.20%, a decrease of 1.97 percentage points year-on-year, while the net profit margin was 9.40%, down 2.15 percentage points year-on-year [7] Earnings Forecast and Valuation - The company’s net profit forecasts for 2025-2027 have been revised down to 2.813 billion, 3.698 billion, and 4.650 billion yuan respectively [7] - The current market capitalization corresponds to a P/E ratio of 46, 35, and 28 times for 2025-2027 [7] - The report emphasizes that the company's thermal management orders and new product designations will provide ongoing growth momentum [7]

投资要点： 2026 年新能源汽车购置税补贴即将减半、 补贴技术要求亦将进一步提升。 国家自 2014 年 8 月 1 日起开始多次公告提出或延续对新能源汽车免征车辆购置税政策。其中， 在 2014 年 9 月 1 日至 2023 年底期间， 新能源汽车免征车辆购置税且无免税额限制。 2024 年至 2025 年底期间， 新能源汽车继续免征车辆购置税， 但每辆新能源乘用车免税额不超过 3万 元。 而在即将到来的 2026 年至 2027 年期间的新能源汽车将减半征收车辆购置税， 且每辆 新能源乘用车减税额不超过 1.5 万元。 在购置税补贴金额逐步限制的同时， 补贴对于车辆 本身续航、 燃料消耗量、 耗电量等技术要求也呈提升趋势。 以插混/增程乘用车的纯电续 航里程为例， 其纯电续航里程要求将从不低于 43km（ 2021~2025 年） 提升至不低于100km （ 2026~2027 年） 。 华源证券近日发布汽车行业总量专题：国家自 2014年 8 月 1 日起开始多次公告提出或 延续对新能源汽车免征车辆购置税政策。其中， 在 2014年 9 月 1 日至 2023 年底期间， 新 能源汽车免征车辆购置税 ...