Investment Rating - The report provides a standard investment rating for the automotive industry, specifically focusing on Chery Automobile [5]. Core Insights - Chery Automobile has undergone three significant phases since its establishment in 1997: technological self-reliance, strategic restructuring, and comprehensive transformation towards new energy and intelligence [6][12]. - The company has achieved a notable global presence, with overseas sales reaching 1.145 million units in 2024, marking a 21.4% increase year-on-year, and overseas revenue accounting for 37.4% of total income [6][16]. - Chery's new energy vehicle (NEV) business is experiencing rapid growth, with a year-on-year sales increase of 98.6% in 2025H1, contributing to 28.1% of total revenue [16][18]. - The company is focusing on a dual strategy of hybrid and pure electric vehicles, with significant advancements in technology and product offerings [6][21]. Summary by Sections 1. Chery Automobile's Development Journey - Chery has evolved through three stages: initial breakthroughs in technology, strategic restructuring to focus on core competencies, and a current phase emphasizing new energy and smart technologies [12][13]. - The company successfully completed its IPO on the Hong Kong Stock Exchange in September 2025, with funds primarily allocated to R&D and global expansion [12][16]. 2. Competitive Advantages - Chery has established a robust technological foundation with over 13,900 patents, including significant advancements in engine and transmission technologies [20][21]. - The company has a comprehensive product lineup covering various market segments through its five brands: Chery, Exeed, Jetour, iCAR, and Zhijie, ensuring broad market coverage from economy to luxury vehicles [23][24]. 3. Growth Drivers - Chery's overseas market strategy has solidified its position as a leading exporter of passenger vehicles in China, with a focus on emerging markets and local production to mitigate trade barriers [33][36]. - The NEV segment is a key growth area, with Chery's hybrid and electric vehicles leading the industry in sales growth [6][18]. - Collaborations with technology partners like Huawei are enhancing Chery's capabilities in smart driving technologies [6][21]. 4. Investment Opportunities - The report suggests focusing on three main investment lines: technology positioning and domestic substitution, performance resonance and growth elasticity, and manufacturing upgrades and industry extensions [7].

Group 1 - Desay SV Automotive announced that it will accept investor research on January 7-8, 2026, with participation from its securities affairs department representatives [1] - The company will engage with investors from Taikang Asset Management and address their inquiries during the research session [1] Group 2 - An exclusive interview highlighted a Tesla FSD user who completed a 4,400-kilometer journey without taking control of the steering wheel, showcasing the capabilities of Tesla's "pure vision" approach [1] - The individual, a lidar salesperson, expressed support for Elon Musk's vision despite their professional background, indicating a shift in perspective within the industry [1]

Group 1: Company Overview and Strategic Plans - The company is planning a Hong Kong IPO to tap into the global electric smart vehicle industry's growth cycle, which is seen as a necessary step for core enterprises in China's supply chain to expand internationally [2][4] - The Hong Kong market offers unique advantages such as high internationalization and diverse investor structures, which can facilitate the company's global business layout [4] - The IPO aims to achieve three core values: building an international capital cooperation platform, enhancing brand international influence, and creating efficient cross-border financing channels [4] Group 2: Business Development and Innovations - The company's autonomous vehicle business focuses on cost reduction, business model innovation, and urban experience, covering key areas such as vehicle design and core software/hardware development [4] - The autonomous driving algorithms are self-developed and integrated with the company's existing technology, showcasing strong capabilities in technical collaboration and practical application [4] - The trend of integrated cockpit and driving systems is becoming more pronounced, with the company's 8775 integrated solution expected to optimize costs and enhance performance compared to non-integrated solutions [4]

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [2][38]. Core Insights - The automotive sector has shown a recent upward trend, with the Shenwan Automotive Index rising by 3.52% over the past two weeks, outperforming the CSI 300 Index by 1.47 percentage points [4][11]. - The report highlights the implementation of a new vehicle scrappage and replacement policy for 2026, which includes subsidies for purchasing new energy vehicles and fuel-efficient cars, aimed at boosting consumer confidence and sales [33][34]. - The report notes a significant decline in retail sales of passenger vehicles in December 2025, with a year-on-year decrease of 13%, indicating a cautious market sentiment as consumers await new subsidy policies [21][34]. Summary by Sections Automotive Industry Trends and Valuation Review - As of January 8, 2026, the Shenwan Automotive Index has increased by 1.49% since the beginning of the year, ranking 23rd among 31 industries [11][12]. - The automotive sub-sectors have also experienced growth, with the automotive parts sector rising by 4.66% and the motorcycle and other sectors increasing by 2.44% [13][14]. Industry Data Tracking - Raw material prices have seen increases, with steel prices up by 0.70%, aluminum by 6.95%, and lithium carbonate by 16.88% as of January 8, 2026 [18][19]. Industry News - The Ministry of Industry and Information Technology has initiated testing and safety evaluations for smart connected vehicles equipped with autonomous driving features [20]. - The Ministry of Commerce projects that 17.67 million vehicles will be scrapped from 2024 to 2025, with an annual growth rate of 45.8% [22]. Corporate News - Xiaomi's new electric vehicle, the SU7, is expected to launch in April 2026 [26]. - Desay SV plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international presence [28]. - Hesai Technology has been selected by NVIDIA as a lidar partner for its autonomous driving platform [30]. Investment Recommendations - The report suggests focusing on companies like BYD and Seres, which are expanding their overseas markets and benefiting from the increasing penetration of smart driving technologies [33][35].

晨会纪要 证券研究报告 2026 年 01 月 09 日 核心结论 分析师 【汽车】奇瑞汽车（09973.HK）首次覆盖报告：五大品牌各有亮点，先发 优势助力出海领先 预计 2025-2027 年公司营业收入分别为 3077 亿元、3570 亿元、3944 亿元， 分别同比增长 14%/16%/10%；归母净利润分别为 181 亿元、214 亿元、248 亿元，同比 28%/18%/16%，当前股价对应 PE 估值为 8.7/7.4/6.4 倍。首次 覆盖，给予"买入"评级。 【计算机】从 Gemini 电视到豆包上车，巨头不断深化 AI 终端布局 从 Gemini 电视到豆包上车，巨头不断深化 AI 终端布局 【计算机】数字人民币开启 2.0 时代：从 M0 向 M1 升维，生态繁荣可期 数字人民币开启 2.0 时代：从 M0 向 M1 升维，生态繁荣可期 【石油石化】石油石化行业点评：石化行业拐点或已出现，26 年长丝供需 格局改善盈利有望增长 1、全球炼化宏观条件逐步改善，石化行业拐点或已出现。2、25 年长丝链 条景气度上行，预计 26 年供需格局将进一步改善。3、反内卷有望带动行业 盈利增长，对应公 ...

Core Insights - The automotive industry is undergoing a significant transformation, with the supply chain demonstrating resilience and evolving from a follower to a leader in electric, intelligent, connected, and low-carbon technologies [2] - The "14th Five-Year Plan" period has seen various companies achieve notable advancements and innovations, setting the stage for the "15th Five-Year Plan" [3][4][5][6][8][9] Achievements and Experiences - Desay SV achieved a compound annual growth rate of 34% in R&D investment over the past five years, establishing 12 global R&D centers and successfully launching multiple innovative technologies [3] - MogoCar released the first deep understanding model, MogoMind, and secured a project for L4 autonomous buses in Singapore, marking international recognition of its technology [4] - Times Intelligent introduced an integrated intelligent chassis, achieving global-leading performance in energy management and safety [5] - Yuanrong Qixing delivered over 200,000 vehicles equipped with its urban NOA system, showcasing its mass production capabilities [6][7] - Pony.ai became one of the few companies to operate fully unmanned L4 Robotaxis, accumulating over 10 million kilometers of safe driving [8] - Baixinniu's L4 autonomous logistics vehicles are operational in over 170 cities, emphasizing the importance of understanding logistics scenarios for sustainable value creation [9] Challenges and Solutions - Desay SV faces challenges in integrating technology and brand value in diverse regional markets, implementing a "2+1+1" international organizational model to address this [10] - MogoCar's main challenge is adapting autonomous vehicles to complex urban environments, which it addresses by enhancing AI capabilities and real-time data integration [11] - Times Intelligent is working to establish trust in its innovative chassis technology amidst a lack of industry maturity [12] - Yuanrong Qixing focuses on the VLA model to handle complex urban scenarios, continuously optimizing its data collection and processing [13] - Pony.ai aims to overcome technical, policy, and market acceptance challenges through technology enhancement and collaboration [14] - Baixinniu has refined its logistics focus to address commercial viability and customer needs, establishing partnerships with major logistics companies [15] Technological Trends - Desay SV is focused on AI technology driving innovation in smart vehicles, anticipating 2025 as the year AI cockpit models will be widely adopted [17] - MogoCar emphasizes the scaling of L4 autonomous driving technology, particularly in public transport [18] - Times Intelligent is concentrating on L3 to L4 autonomous driving technology and integrated control systems [19] - Yuanrong Qixing is advancing the VLA model for enhanced understanding and reasoning in complex driving scenarios [20] - Pony.ai identifies AI as a key driver for industry development, leveraging advancements in integrated circuits and deep learning [21] - Baixinniu is focused on end-to-end architecture and world models for logistics vehicles, aiming for breakthroughs in safety and efficiency [22] Future Development Expectations - Desay SV plans to accelerate international market expansion and enhance user experience through technological innovation [23] - MogoCar aims to deepen AI model capabilities and expand its market presence, starting with Singapore [24] - Times Intelligent seeks to scale its products in passenger vehicles and promote international collaboration [24] - Yuanrong Qixing targets a cumulative delivery of 1 million vehicles by 2026, focusing on mass production of assisted driving [25] - Pony.ai aims for profitability while advancing core technology and industry collaboration [25] - Baixinniu anticipates significant growth in L4 autonomous logistics vehicles, aiming for a global market presence [25] Differentiated Competitive Advantage - Desay SV emphasizes an "open, full-stack, rapid realization" growth model to achieve resilient, high-quality growth [27] - MogoCar focuses on integrating AI capabilities with real-world data to adapt to complex urban scenarios [28] - Times Intelligent aims to build a high-barrier system capability through innovative technologies and a sustainable supply chain [28] - Yuanrong Qixing believes in a long-term, consistent technology roadmap combined with strong engineering and user understanding [29] - Pony.ai prioritizes continuous R&D investment to build a robust technological moat [30] - Baixinniu integrates various supply chain elements to create a comprehensive operational model for sustainable growth [31]

Group 1: Lithium Battery Industry - Longpan Technology has announced plans to build a new production base for high-pressure lithium iron phosphate with an annual capacity of 240,000 tons, with a total investment not exceeding 2 billion yuan, due to existing capacity being insufficient to meet customer demand [1] - Multiple companies, including Fulin Precision, Dongfang Zirconium, Zhongkuang Resources, and Xinzhoubang, have announced lithium battery project investments, continuing the expansion trend seen since 2025 [1] - Industry experts predict that the investment boom in the lithium battery sector will continue into 2026, driven by improving supply-demand dynamics [1] Group 2: Fund Sales and Regulations - The public fund industry is at a critical transformation point as the scale continues to reach new heights, with recent regulations aimed at reducing fund subscription and sales service fees to enhance investor experience [2] - The new regulations are designed to guide the fund industry back to long-term investment and strengthen investor satisfaction [2] Group 3: State-Owned Enterprise Restructuring - The restructuring of China Petroleum & Chemical Corporation and China Aviation Oil Group has been approved, aiming to reduce aviation fuel supply costs and enhance competitiveness in the aviation fuel industry [3] - This merger aligns with the trend of state-owned enterprise reform focused on optimizing capital layout and avoiding homogeneous competition [3] Group 4: H-Share Listings - Several A-share companies, including 聚辰股份 and 鹏辉能源, have announced plans for H-share listings, indicating a trend of companies seeking to capitalize on favorable policies and financing needs [4] - This "batch southward" movement is expected to reshape the Hong Kong stock market structure and enhance the global resource allocation capabilities of leading Chinese enterprises [4] Group 5: Commercial Aerospace - Several companies, dubbed "China's version of SpaceX," are vying to become the first commercial rocket stock, with valuations exceeding 10 billion yuan [6] - The commercial space race is intensifying, with significant capital influx and project competition, indicating a shrinking investment window [6] Group 6: Margin Trading in A-Shares - As the A-share market becomes more active, the margin trading balance has reached a historical high of 2.6047 trillion yuan, marking a significant increase [7] - The trading volume of margin transactions has also surged, with a notable increase in daily trading amounts [7] Group 7: Advanced Manufacturing in Guangzhou - Guangzhou's government has released a plan to accelerate the construction of an advanced manufacturing city, aiming for significant progress by 2030 [8] - The plan includes optimizing industrial structure and enhancing quality and efficiency, with a focus on creating world-class manufacturing clusters [8] Group 8: AI and Semiconductor Market - Beijing Zhiyu Huazhang Technology has become the first Hong Kong-listed company focused on original general models, with a market capitalization of 57.9 billion HKD [10] - The demand for AI computing power is driving a surge in storage chip prices, with significant increases noted in server memory costs due to structural supply-demand imbalances [10]

Group 1 - Guangzhou government has issued a plan to accelerate the construction of an advanced manufacturing city, aiming to double industrial added value by 2035 and develop 15 strategic industrial clusters [1][9] - The plan emphasizes the development of six emerging pillar industries, including smart connected vehicles, ultra-high-definition video, biomedicine, green petrochemicals, software and internet, and intelligent equipment [1][9] - Additionally, five strategic leading industries will be cultivated, such as artificial intelligence, semiconductors, new energy, low-altitude economy, and biomanufacturing [1][9] Group 2 - Lu Xin Investment announced a significant stock price increase of 86.94% over the last 10 trading days, but holds only 0.89% of Blue Arrow Aerospace, indicating limited financial impact [2][18] - Northern Long Dragon plans to acquire 51% of Shenyang Shunyi Technology, which will become a subsidiary, and the stock will not be suspended during this major asset restructuring [3][19] - Vanke A announced the retirement of its executive vice president, Yu Liang, effective January 8, with no further roles in the company [4][20] Group 3 - China Petroleum and Chemical Corporation (Sinopec) and China Aviation Oil have been approved for a merger, which is expected to enhance the competitiveness of the aviation fuel industry and promote green transformation [5][21][27] - The storage chip market is experiencing a price surge driven by AI demand, with prices for 256GB DDR5 server memory exceeding 50,000 yuan [10][29] - MiniMax, an AI company, is set to go public at a price of 165 HKD per share, with pre-listing trading showing a significant increase [6][7][22][31] Group 4 - The trend of A-share companies seeking H-share listings is gaining momentum, with over 10 companies making announcements within the first week of 2026 [8][23] - The commercial aerospace sector is witnessing a surge in interest, with several companies aiming to become the first commercial rocket stock, each valued over 10 billion yuan [11][26] - The automotive industry is facing scrutiny over marketing practices that may misrepresent vehicle performance, raising concerns about safety and reliability [15][30]

Core Viewpoint - Desay SV's plan to list H-shares in Hong Kong aims to advance its internationalization strategy and enhance its global presence in the smart automotive electronics sector [1][2]. Group 1: Internationalization Strategy - Desay SV is actively pursuing a globalization strategy, emphasizing the need for deep localization and diversified innovation models in response to the trend of de-globalization [2]. - The company has established strategic partnerships with global core chip manufacturers and OEMs, securing new projects with clients like VW and Toyota in the first half of 2025 [2]. - Desay SV is building an international supply chain system that includes global R&D and manufacturing, regional supplier collaboration, and localized services across major markets such as Germany, France, Spain, Japan, and Singapore [2]. Group 2: Production Capacity and Financial Performance - The company has initiated production capacity in Indonesia and Mexico, enhancing supply chain resilience and local service efficiency in Southeast Asia and the Americas, respectively [3]. - Desay SV's revenue and net profit have shown significant growth from 2020 to 2024, with revenues increasing from 67.99 billion to 276.18 billion and net profits from 5.18 billion to 20.05 billion, representing growth rates of 306% and 287% respectively [4]. - In the first three quarters of 2025, the company reported revenues of 223.4 billion and net profits of 17.88 billion, reflecting year-on-year growth of 17.72% and 27.08% [4]. Group 3: Fundraising and Financial Health - In the second half of 2025, Desay SV completed a fundraising project through a private placement of A-shares, raising approximately 43.99 billion, which will be used to optimize production capacity and R&D layout [5]. - As of September 2025, the company had cash and cash equivalents of 52.49 billion and a reduced debt ratio of 45.73%, indicating strong financial health and the ability to cover its liabilities [6].

Core Viewpoint - The trend of A-share companies listing in Hong Kong is primarily driven by technology and biopharmaceutical sectors, with a significant increase in listings expected in 2026, continuing the momentum from 2025 [1][2]. Group 1: Technology Companies - A-share companies "going south" to list in Hong Kong are predominantly technology firms, including companies like Jucheng Technology, Jingwang Electronics, and Penghui Energy, which focus on chip design, printed circuit boards, and battery products respectively [1]. - The trend reflects a broader strategy among these companies to enhance their global presence and access international capital markets [3]. Group 2: Biopharmaceutical Sector - Biopharmaceutical companies such as Yifang Biotech are also keen on listing in Hong Kong, with a focus on major diseases and a strong pipeline of innovative drugs [1]. - The increasing interest in this sector indicates a robust demand for capital to support research and development efforts [3]. Group 3: Market Dynamics - In 2025, 19 A-share companies listed in Hong Kong, raising approximately 1,399.93 million HKD, which accounted for nearly half of the total IPO volume in Hong Kong for that year [2]. - The average time for "A+H" listings was reported to be between 4 to 6 months, with some companies achieving listings in as little as 3 months [2]. Group 4: Strategic Motivations - Companies are motivated to list in Hong Kong to raise funds for international expansion and to establish a diversified capital operation platform [3]. - The favorable policy environment, including streamlined approval processes and support from regulatory bodies, has made cross-border listings more feasible [4]. Group 5: Future Expectations - The Hong Kong IPO market is expected to perform well in 2026, with projections of over 3,000 million HKD in IPO scale and 150 to 200 projects anticipated [5]. - The growth in the MSCI China Index's earnings is expected to reach 14% or higher, driven by sectors such as internet platforms and high-end manufacturing [5].