Group 1: Industry Trends - Investment, trade, and technology are currently the most popular directions for Chinese companies expanding into Dubai [2] - TikTok's monthly active users in Southeast Asia have surpassed 460 million, with Indonesia leading at 160 million [5] - Taobao has launched 2.1 million new products globally for this year's Double 11 shopping festival, aiming to enhance the international competitiveness of domestic brands [5] Group 2: Company Developments - Pop Mart opened its first store in the Middle East at Hamad International Airport in Doha, Qatar, marking its global expansion strategy [6] - OPPO launched its Find X9 series flagship smartphone in Spain, priced at €1,299 (approximately ¥10,700), aligning with the trend of increasing average smartphone prices [6] - Meituan's international delivery brand Keeta has officially started operations in Abu Dhabi, expanding its presence in the UAE market [6] Group 3: Financial Performance - Anker Innovations reported a revenue of ¥21.019 billion for the first three quarters of 2025, with overseas business contributing over 96% of total revenue [7] - Geely has officially entered the UK market with the launch of its first pure electric SUV, the EX5, and aims to sell 100,000 units by 2030 [7] - BYD unveiled its K-EV model at the 2025 Tokyo Mobility Show, introducing a dual strategy of pure electric and hybrid vehicles [7] Group 4: Investment and Financing - Yuan Tian Biological received strategic investment from Toyota Tsusho, aiming to penetrate the automotive supply chain [9] - Seres plans to raise over HK$13 billion through a global offering of H shares, with expansion plans across multiple international markets [9] - JBD completed over ¥1 billion in financing, setting a record for the MicroLED micro-display sector, with applications in nearly 50 smart glasses [10] Group 5: Policy and Market Initiatives - The China Council for the Promotion of International Trade will release a directory of key cross-border e-commerce enterprises to promote healthy development in the sector [11] - KrASIA launched new English media services aimed at Chinese companies going abroad, enhancing global brand visibility [11]

Core Insights - The overall delivery volume of new energy vehicle companies in October showed a month-on-month increase compared to September, with significant contributions from both traditional and new energy vehicle manufacturers [1] Group 1: Company Performance - BYD achieved a total sales volume of 441,706 units in October, marking an 11.47% increase month-on-month but a 12.13% decrease year-on-year [1] - Geely New Energy and Chery New Energy ranked second and third in sales, with year-on-year increases of 63.61% and 54.70%, respectively [1] - Leap Motor's monthly delivery volume reached a record high of 70,289 units, representing an 84.11% increase year-on-year [1] Group 2: State-Owned Enterprises - Among state-owned enterprises, Deep Blue, BAIC New Energy, and Lantu ranked highest in sales, with Lantu achieving nine consecutive months of growth since 2025 [1] - BAIC New Energy reported a remarkable year-on-year increase of 112.02% in sales, reaching 30,542 units in October [1] - Lantu's sales increased by 69.52% year-on-year, totaling 17,218 units [1] Group 3: Emerging Players - Companies like Xpeng and NIO also reported significant growth, with Xpeng achieving a year-on-year increase of 75.66% and NIO experiencing a decline of 38.25% [1] - The overall performance of new energy vehicle startups indicates a competitive landscape, with several companies breaking their previous monthly delivery records [1]

► 本周行情 ：汽车板块本周表现弱于市场 本周（10月27日-10月31日）A股汽车板块上涨2.2%，在申万子行业中排名第10位，表现强于沪深300（+0.8%）。细分板块中，商用载客车、汽车零部件、摩托 车及其他、商用载货车、汽车服务上涨7.7%、3.5%、3.4%、2.1%、0.8%，乘用车板块-1.0%。 ► 本周观点： 本月建议关注核心组合 【 吉利汽车、小鹏汽车、理想汽车、比亚迪、小米集团、伯特利、拓普集团、新泉股份、沪光股份、春风动力 】 。 ► Optimus预计于2026年一季度发布 看好T链核心主线 本周，人形机器人公司1X Technologies发布全球首款真正面向消费者的人形机器人NEO，正式进军家庭服务场景；小鹏AI DAY定档11月5日；乐聚智能 （深圳）股份有限公司完成IPO辅导备案，计划于2026年3至6月完成辅导工作。短期来看，特斯拉股东大会将于北京时间11月7日召开、有望带来机器人重 要更新，小鹏科技日将于11月5日举办、新一代机器人即将亮相；中期来看，特斯拉量产进程与技术路线迭代仍是核心主线，同时国产机器人主机厂即将密集 进入IPO阶段，有望成为全新强催化。客户维度-重视 ...

Group 1: Corporate Appointments - The State-owned Assets Supervision and Administration Commission (SASAC) appointed four external directors to China Changan Automobile Group, including Shao Lin, Li Shulei, Fan Bing, and Gao Hesheng [1] Group 2: Automotive Sales Performance - In September 2025, China's automotive market share reached 38%, with total global sales of 8.55 million units, a year-on-year increase of 10% [2] - SAIC Motor sold 454,000 vehicles in October 2025, a 13% year-on-year increase, with cumulative sales of 3.647 million units from January to October, up 19.5% [2] - BYD achieved record sales of 441,706 vehicles in October 2025, with cumulative sales of 3.701 million units from January to October [3] - Geely Automobile reported passenger car sales of 307,133 units in October 2025, a 35% increase, with new energy vehicle sales reaching 177,882 units, up 64% [4] - Chery Group sold 281,161 vehicles in October 2025, a 3.3% increase, with new energy vehicle sales of 110,346 units, up 54.7% [5] - Changan Automobile's total sales in October 2025 were 278,000 units, an 11% increase, with new energy vehicle sales of 119,000 units, up 36% [6] - Great Wall Motors sold 143,078 new vehicles in October 2025, a 22.5% increase, with significant growth in various models [7] - BAIC Group's total vehicle sales exceeded 160,000 units in October 2025, an 11% increase, with the Arcfox brand achieving a 110% increase in sales [8] Group 3: Recalls and Quality Issues - Toyota announced a recall of 99,178 vehicles in Canada due to software issues affecting the rearview camera display, impacting over 30 models including Lexus [9]

Core Insights - The article highlights the short-selling ratios and amounts for several major companies, indicating significant bearish sentiment in the market, particularly for Tencent Holdings and JD.com [1][2]. Short-Selling Ratios - Tencent Holdings-R (80700) and JD.com-SWR (89618) both have a short-selling ratio of 100.00%, indicating complete bearish positions [2]. - SenseTime-WR (80020) follows with a short-selling ratio of 87.56% [1][2]. Short-Selling Amounts - Alibaba-SW (09988) leads in short-selling amount with 1.807 billion, followed by BYD Company (01211) at 1.358 billion, and Tencent Holdings (00700) at 0.977 billion [1][2]. - The short-selling amounts for these companies suggest a high level of investor concern regarding their future performance [1][2]. Deviation Values - Tencent Holdings-R (80700) has the highest deviation value at 51.02%, followed closely by JD.com-SWR (89618) at 50.01% [1][2]. - The deviation values indicate a significant difference between current short-selling ratios and their historical averages, suggesting heightened market volatility for these stocks [1][2].

Core Insights - Geely Auto reported record sales of 307,133 vehicles in October, marking an increase of 12% month-over-month and 35% year-over-year [1] - The company's new energy vehicle sales reached 177,882 units in October, representing a year-over-year growth of 64% and a month-over-month increase of 8%, with a penetration rate of 58% for new energy vehicles [1] - Geely Galaxy achieved its annual sales target of one million units ahead of schedule, becoming the fastest new energy vehicle brand to reach this milestone [1] Sales Breakdown - Geely brand sold 245,497 vehicles in October [5] - Lynk & Co brand sold 40,213 vehicles in October [5] - Zeekr brand sold 21,423 vehicles in October [5]

Core Insights - The Chinese automotive market continued its strong growth in October, with major automakers reporting impressive sales figures, led by SAIC Motor with 454,000 units sold, followed by BYD and Chery Group, both exceeding 280,000 units [1][2] - The market dynamics were influenced by local subsidy policies, the National Day auto show, and year-end promotions, alongside the implementation of the fourth batch of trade-in subsidies and the launch of multiple new models [1][5] - The overall performance indicates a shift towards high-quality development in the Chinese automotive industry, with significant advancements in new energy vehicle penetration, high-end market positioning, and global expansion [1][5] Group 1: Major Automakers Performance - SAIC Motor achieved a monthly sales record of 454,000 vehicles in October, marking a year-on-year increase of 12.96% [2] - BYD sold 441,700 vehicles in October, with cumulative sales for the first ten months reaching 3,701,900 units, nearing its annual target for 2024 [2] - Geely and Chery also reported significant growth, with Geely's passenger vehicle sales at 307,100 units (up 35% year-on-year) and Chery's sales at 281,200 units (up 3.3%), including a remarkable 54.7% increase in new energy vehicle sales [2] Group 2: New Energy and Emerging Brands - New energy vehicles are becoming a key growth driver, with companies like Leap Motor achieving record sales of 70,300 units in October [3][4] - Hongmeng Zhixing and XPeng Motors are making strides in the high-end market, with Hongmeng selling 68,200 vehicles and XPeng achieving 420,100 units sold, reflecting a 76% year-on-year increase [4] - NIO and Li Auto are also progressing in multi-brand operations, with NIO selling nearly 40,400 units (up 92.6% year-on-year) and Li Auto reaching 31,800 units, with cumulative sales surpassing 1.46 million [4] Group 3: Market Outlook - The automotive market is expected to maintain its momentum into November, driven by promotional events like "Double 11" and the Guangzhou Auto Show, alongside continued subsidies [5] - The demand is anticipated to remain strong, with potential increases in sales due to the impending expiration of the new energy vehicle purchase tax exemption [5]

New Car Launches - The new Zeekr 7X has been launched with a price range of 229,800 to 269,800 CNY, featuring three models and significant upgrades in design and technology [2][3][11] - The new Avita 12 Four Laser Edition is priced between 269,900 and 429,900 CNY, offering both range-extended and pure electric versions with advanced driving assistance systems [14][20][22] - Smart's new model, the Smart 5 EHD, is priced from 189,900 to 239,900 CNY, featuring a hybrid system and a luxurious interior [23][30] - The new Denza N8L is launched at a price of 299,800 to 329,800 CNY, showcasing a modern design and advanced technology features [4][38] - Beijing Hyundai's EO model is available for pre-sale at 119,800 to 149,800 CNY, targeting the compact SUV market with competitive features [5][47] - Chery's new model, the Wind Cloud T11, is priced between 189,900 and 249,900 CNY, boasting high-end configurations and a spacious interior [6][54] - The Galaxy Star 6 has been launched with a price range of 74,800 to 105,800 CNY, featuring a new design and advanced technology [7][58] - The Deep Blue L06 has opened for pre-sale with a price range of 139,900 to 161,900 CNY, featuring a sporty design and advanced driving assistance [8][67] Company Dynamics - Horizon Robotics has partnered with ZF to develop a city navigation assistance system, set to be mass-produced by 2026 [70][75] - Xiaopeng Motors is establishing the first low-altitude flying car "6S" store in Guangzhou, aiming to integrate various flying services [76][79] - 4D Map has rebranded to SEEWAY.AI, focusing on AI strategies and expanding into autonomous driving technologies [81][84] - SAIC Group reported a growth in both sales and revenue in Q3, driven by strong performance in the electric vehicle segment [87][90] - BYD's Q3 revenue decreased by 3.05% to 194.99 billion CNY, with net profit down 32.6% due to competitive pressures [91][92] - Seres reported a 15.75% increase in revenue to 48.13 billion CNY, while net profit slightly declined [94][95] Sales Performance - BYD's October passenger car sales reached 436,856 units, maintaining a leading position in the electric vehicle market [100][104] - SAIC Group sold 207,000 new energy vehicles in October, leading the industry in total sales [106] - Geely's October new energy vehicle sales were 177,882 units, with significant contributions from its Galaxy brand [107][110] - Chery's new energy vehicle sales reached 110,346 units in October, marking a significant milestone [111][112] - Chang'an's new energy vehicle sales were 119,000 units, with strong performance from its Deep Blue brand [119] - Great Wall Motors sold 46,155 new energy vehicles in October, reflecting its ongoing transition to electric vehicles [120][121] - Leap Motor delivered 70,289 units in October, showcasing its strong market presence [122] - Hongmeng Zhixing delivered 68,216 units in October, benefiting from increased production capacity [125][127] - Xiaopeng Motors delivered 42,013 units in October, with new models contributing to sales growth [128][130] - NIO delivered 40,397 units in October, reflecting a successful year for the brand [131][133] - Xiaomi's vehicle deliveries exceeded 40,000 units in October, supported by favorable market conditions [134][136] - FAW delivered 38,900 new energy vehicles in October, marking a significant achievement [137][138] - Li Auto delivered 31,767 units in October, facing competitive pressures in the market [143][144] - Dongfeng Yipai Technology delivered 31,107 units in October, showing steady growth [146][148] - BAIC New Energy sold 30,542 units in October, driven by new model launches [149][152] - Lantu delivered 17,218 units in October, continuing its upward trajectory [153][155] - Jishi delivered 1,426 units in October, with plans for future expansion [156][159]

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, highlighting strong performance in the sector [5]. Core Insights - The automotive sector has shown resilience, with the A-share automotive sector rising by 2.2% from October 27 to October 31, outperforming the Shanghai and Shenzhen 300 index, which increased by 0.8% [29]. - Key companies to focus on include Geely Automobile, Xiaopeng Motors, Li Auto, BYD, Xiaomi Group, Berteli, Top Group, New Spring Co., Hu Guang Co., and Chunjun Power [9][12]. Summary by Sections Weekly Market Performance - The automotive sector outperformed the market, with various segments such as commercial passenger vehicles and automotive parts seeing significant increases in stock prices [29]. Weekly Insights - The report emphasizes the upcoming IPOs of Wenyan and Xiaoma, indicating a rapid development in smart driving technology [3][11]. - The report suggests a focus on the T-chain core line, with optimism surrounding the release of the Optimus robot in Q1 2026 [10]. Passenger Vehicles - The report highlights the positive impact of the "old-for-new" policy, which is expected to stimulate demand for passenger vehicles, particularly for high-quality domestic brands [12]. Smart Electric Vehicles - The report notes the ongoing growth in the smart electric vehicle segment, with a focus on the increasing market share of domestic brands and the potential for significant growth in the automotive parts sector [13]. Robotics - The report discusses the entry of leading companies into the robotics sector, indicating a new era of embodied intelligence and the potential for significant advancements in this field [15][17]. Motorcycles - The report highlights the rapid expansion of the large-displacement motorcycle market, with significant year-on-year sales growth [21][22]. Heavy Trucks - The report indicates a recovery in the heavy truck market, driven by expanded subsidies for replacing old vehicles, which is expected to boost demand [23][24]. Tires - The report emphasizes the ongoing globalization of the tire industry, with a focus on leading companies that are well-positioned for growth [25][27].

Core Insights - TikTok's monthly active users in Southeast Asia have surpassed 460 million, with Indonesia leading at 160 million, followed by Vietnam at 70 million and Thailand at 50 million, marking the highest user growth in the region [3] - Taobao has launched 2.1 million new products globally for this year's Double 11 shopping festival, aiming to enhance the international competitiveness of Chinese brands [3] - Anker Innovations reported a revenue of 21.02 billion yuan for the first three quarters of 2025, with overseas business accounting for over 96% of total revenue [5] - Geely has officially entered the UK market with the launch of its first pure electric SUV, aiming to sell 100,000 units by 2030 [5] - ByteDance is set to launch an overseas gaming distribution platform called GameTop, similar to Steam, to cater to international gaming needs [6] Group 1 - TikTok's Southeast Asia monthly active users reached 460 million, with Indonesia at 160 million, Vietnam at 70 million, and Thailand at 50 million, leading regional growth [3] - Taobao's Double 11 event features 2.1 million new products launched globally, with over 1 million participating merchants and more than 400 million items eligible for free shipping [3] - Anker Innovations achieved a revenue of 21.02 billion yuan in the first three quarters of 2025, with 96.7% of revenue coming from overseas markets [5] Group 2 - Geely launched its first pure electric SUV in the UK, with plans to establish 100 sales and service outlets by 2026 [5] - ByteDance is launching GameTop, a new gaming platform for overseas markets, providing personalized gaming content and tools for creators [6] - JBD completed over 1 billion yuan in financing, focusing on MicroLED display technology for AR glasses, with applications in nearly 50 smart glasses [8] Group 3 - Meituan's international delivery brand Keeta has officially launched in Abu Dhabi, expanding its presence in the UAE [5] - Source Biological received strategic investment from Toyota Tsusho, aiming to enter the automotive supply chain with a focus on recycling PET [7] - The China Council for the Promotion of International Trade will release a directory of key cross-border e-commerce enterprises to enhance global business connections [9]