摘要 ► 本 周数据： 2025年9月第1周（9.1-9.7）乘用车销量36.8万辆，同比-9.5%，环比-29.8%；新能源乘用车销量22.1万辆，同比+3.1%，环比-23.6%；新能源渗透率 60.2%，环比+4.8pct。 ► 本周行情 ：汽车板块本周表现强于市场 本周（9月8日-9月12日）A股汽车板块上涨3.9%，在申万子行业中排名第13位，表现强于沪深300（2.9%）。细分板块中，汽车零部件、汽车服务、商用载货 车、摩托车及其他、商用载客车分别上涨6.7%、4.8%、3.0%、3.0%、0.8%，乘用车下跌0.8%。 ► 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 】 。 ► 机器人板块Q4迎来重磅催化 T链将成为核心主线 特斯拉预计将于10月下旬举办2025Q3业绩会、11月6日举办2025年股东大会，Optimus V3发布在即。1）客户维度：重视特斯拉确定性主线。Optimus V3将 于2025Q4发布，目标于年内生产数百台V3原型机，Optimus产量提升速度将超过特斯拉任何其他产品，5年内能够 ...

Investment Rating - The report maintains a positive investment rating for the automotive industry, particularly highlighting the performance of the robotics supply chain and suggesting a focus on leading companies and new opportunities [3]. Core Insights - The automotive sector's performance is primarily driven by the robotics supply chain, with catalysts expected to persist in the second half of the year. Traditional supply chains remain weak. The Ministry of Industry and Information Technology's "Automotive Industry Stabilization Growth Work Plan (2025-2026)" emphasizes the industrialization of intelligent connected technologies, including the conditional approval for L3 level vehicle production and accelerating breakthroughs in key technologies such as automotive chips, operating systems, artificial intelligence, and solid-state batteries. This indicates a shift in industry support from total volume logic to new technology logic [3][4]. Data Tracking - In August, new energy vehicle deliveries showed significant growth, with XPeng delivering 37,709 units, a year-on-year increase of 168.7%. BYD delivered 373,626 units, up 0.1% year-on-year, while traditional automakers like SAIC and Geely also reported substantial increases in sales [5][23][26]. - The average discount rate in late August was 9.9%, a decrease of 0.2 percentage points from earlier in the month, while the average discount amount was 22,198 yuan, down 344 yuan [5][27][28]. - The report recommends continued focus on electric vehicle manufacturers and traditional automakers with potential recovery, such as Jianghuai Automobile and SAIC [7]. Industry News - The report highlights several key developments, including the listing of Chery Automobile on the Hong Kong Stock Exchange and the launch of new models by various manufacturers, such as the LYNK & CO 10 EM-P and BYD's new SUV, the Titanium 7 [32][33]. - The retail sales of passenger vehicles in August reached 1.995 million units, a year-on-year increase of 4.6%, with new energy vehicles accounting for 110,100 units sold, up 7.5% year-on-year [32]. Market Performance - The automotive sector saw a weekly increase of 1.46%, ranking 17th out of 29 sectors. The overall market indices also showed positive growth, with the Shanghai Composite Index rising by 1.52% [10][36].

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, highlighting key companies such as Geely, Xpeng, Li Auto, BYD, and Xiaomi Group as potential investment opportunities [5]. Core Insights - The automotive sector is experiencing a shift towards smart and electric vehicles, with significant growth expected in the intelligent driving and global expansion of quality domestic brands [11][12]. - The robot sector is poised for a major catalyst in Q4 2025, with Tesla's Optimus V3 expected to drive production and market interest [9][14]. - The report emphasizes the importance of the T-chain in the robotics industry, indicating a strong focus on hardware advancements and the ongoing process of domestic robot manufacturers moving towards IPOs [9][14]. Summary by Sections Weekly Overview - The automotive sector outperformed the market, with the A-share automotive sector rising by 3.9% from September 8 to September 12, 2025, surpassing the Shanghai Composite Index's increase of 2.9% [30]. Weekly Data - In the first week of September 2025, passenger car sales reached 368,000 units, a year-on-year decrease of 9.5% and a month-on-month decrease of 29.8%. New energy vehicle sales were 221,000 units, showing a year-on-year increase of 3.1% [3][41]. Key News - Chery Automobile has passed the Hong Kong Stock Exchange listing hearing, potentially marking the largest IPO of a car company in Hong Kong this year [10]. - NIO announced plans to issue 181.8 million Class A ordinary shares to fund research in core technologies for smart electric vehicles [10]. Investment Recommendations - For passenger vehicles, the report recommends focusing on quality domestic brands that are accelerating in smart technology and global markets, specifically naming Geely, Xpeng, Li Auto, BYD, and Xiaomi Group [11]. - In the parts sector, it suggests investing in companies involved in intelligent driving and smart cockpits, as well as those in the new energy vehicle supply chain [12][13]. Robotics Sector - The report highlights the upcoming release of Tesla's Optimus V3, which is expected to significantly increase production capacity and market presence [9][14]. - It also notes the importance of hardware advancements in the robotics sector, particularly in areas such as dexterous hands and lightweight materials [9][14]. Motorcycle Sector - The report indicates a rapid expansion in the large-displacement motorcycle market, with sales in July 2025 showing a year-on-year increase of 21.7% [21][22]. - It recommends focusing on leading companies in this segment, such as Chunfeng Power and Longxin General [22]. Heavy Truck Sector - The heavy truck market is expected to benefit from expanded subsidies for replacing old vehicles, with July 2025 sales showing a year-on-year increase of 45.6% [24][25]. - The report suggests focusing on leading companies like China National Heavy Duty Truck Group and Weichai Power [25]. Tire Sector - The tire industry is experiencing growth driven by high demand and low valuations, with a focus on companies that are expanding their global presence [26][27]. - The report recommends companies like Sailun Tire and Senkiren for investment [27].

新华社海口9月14日电 题：海南自贸港：加紧政策落地 冲刺封关运作 自2020年6月《海南自由贸易港建设总体方案》发布以来，海南加快推进自贸港各项政策落地，从 贸易、投资自由化便利化政策，到金融、运输、人员往来等全方位自由化便利化措施，一系列制度型开 放举措逐步从蓝图变为现实，为全岛封关运作奠定坚实基础。 据海口海关统计，截至今年6月，海南自贸港累计进口"零关税"货物241.6亿元，免税46.8亿元。起 步于洋浦保税港区的加工增值内销免关税政策，如今已扩大至海南自贸港全域试点，截至2025年7月， 加工增值内销货值累计达104.6亿元，免征关税约8.1亿元。 在和之力（海南）汽车有限公司厂房内，工人们正忙着改装特种车辆。作为海南首家备案专用车改 装企业，该公司主要通过进口汽车部件，改装医疗、警用、应急等特种车辆。 前不久，该公司完成了加工增值内销免关税政策的相关申报，以进一步抢占汽车改装市场。公司负 责人麦叶青说，自贸港封关运作未来可期，公司还将瞄准海南自贸港旅游消费需求，拓展露营车、商务 车等车辆改装业务。 根据已发布的封关政策，加工增值内销免关税政策在封关运作后将进一步优化，包括放宽企业享惠 门槛、扩大进 ...

（原标题：山东政商要情（9.8—9.14）） 1，2025年前8个月 山东进出口同比增长5.8% 青岛海关、济南海关9月10日联合发布消息：今年前8个月，山东实现进出口2.32万亿元人民币，同比 （下同）增长5.8%。其中，出口1.42万亿元，增长5.4%；进口9046.2亿元，增长6.4%。在全国前五大外 贸省市中，山东进出口增速排名第一。 从贸易方式上看，前八个月，山东一般贸易进出口1.53万亿元，增长7.1%，占65.7%。同期，保税物流 进出口3846.1亿元，增长2.8%，占16.6%；加工贸易进出口3494.9亿元，增长6.9%，占15%。 从市场主体看，前八个月，山东民营企业进出口1.76万亿元，增长7%，占75.6%，提升0.8个百分点。同 期，外商投资企业进出口3538.6亿元，下降1.5%，占15.2%；国有企业进出口2118.7亿元，增长9.1%， 占9.1%。 提示：山东是经济大省，也是外贸大省，前8个月的外贸数据，呈现稳中有增的态势，这对于稳定全国 外贸大局，起到了关键作用。 2，山东出台13项措施 真金白银加力稳就业 为丰富和完善稳就业政策工具箱，加大政策供给力度，山东近日出台了《 ...

Investment Rating - The report maintains a positive investment rating for the automotive industry, particularly highlighting opportunities in the passenger vehicle and component sectors [6]. Core Insights - The automotive industry is experiencing a divergence in profitability, with high-quality segments demonstrating resilience amid increasing competition and market pressures [1][2][3]. - The passenger vehicle segment is benefiting from scale effects and a shift towards high-end models, with wholesale sales reaching 7.111 million units in Q2 2025, a year-on-year increase of 13.0% [1]. - The component sector is witnessing sustained revenue growth, particularly in intelligent and lightweight segments, with Q2 2025 revenue at 266.42 billion yuan, up 15.7% year-on-year [2]. - The commercial vehicle sector, especially heavy trucks, is showing signs of recovery, with Q2 2025 wholesale sales of heavy trucks at 274,000 units, a year-on-year increase of 18.3% [3]. - The motorcycle segment is also thriving, with sales of 297,000 units in Q2 2025, reflecting a year-on-year growth of 23.9% [4]. Summary by Sections 1. Industry Overview - The automotive sector's fund holding ratio decreased to 6.25% in Q2 2025, indicating a cautious market outlook despite strong demand [12][19]. 2. Passenger Vehicles - The passenger vehicle segment is driven by policy support and a focus on high-end models, with significant sales growth in new energy vehicles, which saw a 33.9% increase in wholesale sales year-on-year [1][39]. - The average selling price (ASP) is showing divergence, influenced by the product mix and market positioning [1]. 3. Components - The components sector is experiencing robust revenue growth, with intelligent driving and automotive electronics leading the way, and a gross margin of 18.2% in Q2 2025, up from the previous quarter [2][3]. 4. Commercial Vehicles - Heavy trucks are recovering with a 1.0% year-on-year revenue increase, while buses are benefiting from both domestic and export demand, with a 7.6% increase in wholesale sales [3]. 5. Motorcycles - The motorcycle market is thriving, particularly in the mid-to-large displacement category, with a revenue increase of 20.5% year-on-year in Q2 2025 [4]. 6. Investment Recommendations - The report recommends investing in high-quality autonomous brands such as Geely, XPeng, Li Auto, BYD, and others, as well as key players in the component sector focusing on intelligent driving and new energy vehicle supply chains [5].

Core Insights - The retail growth of passenger cars in August 2025 is projected to be 5%, significantly lower than the 15% growth in wholesale [1] - The retail decline in August is attributed to high interest rates, limited rebates, and the suspension of subsidies [1] - C-class SUVs emerged as the main retail force in August, with strong performance in the high-end SUV segment [1] Passenger Car Market Overview - The overall wholesale volume for passenger cars in August 2025 reached 246,000 units, reflecting a 15% year-on-year increase [2] - The cumulative wholesale volume for the first eight months of 2025 is 1.799 million units, showing a 13% increase compared to the previous year [2] - Retail sales in August 2025 totaled 200,000 units, a 5% increase year-on-year, with a cumulative retail volume of 1.474 million units, up 9% [2] A00 Segment Performance - A00-class cars had a wholesale volume of 117,300 units in August 2025, with a year-on-year increase of 22% but a month-on-month decrease of 5% [5] - Retail sales for A00-class cars decreased by 14% year-on-year but increased by 8% month-on-month [5] - The cumulative wholesale volume for A00-class cars from January to August 2025 is 1.0575 million units, with a 69% year-on-year increase [5] A0 Segment Performance - A0-class cars achieved a wholesale volume of 140,000 units in August 2025, marking an 87% year-on-year increase and a 6% month-on-month increase [8] - Retail sales for A0-class cars increased by 44% year-on-year and by 5% month-on-month [8] - The cumulative wholesale volume for A0-class cars from January to August 2025 is 972,500 units, reflecting a 76% year-on-year increase [8] A-Class Segment Performance - A-class cars had a wholesale volume of 358,700 units in August 2025, with no year-on-year growth but a 6% month-on-month increase [13] - Retail sales for A-class cars decreased by 9% year-on-year but increased by 4% month-on-month [13] - The cumulative wholesale volume for A-class cars from January to August 2025 is 2.6134 million units, showing a 5% year-on-year decline [13] B-Class Segment Performance - B-class cars had a wholesale volume of 345,900 units in August 2025, reflecting a 14% year-on-year increase and an 18% month-on-month increase [19] - Retail sales for B-class cars increased by 12% year-on-year and by 10% month-on-month [19] - The cumulative wholesale volume for B-class cars from January to August 2025 is 2.5364 million units, with a 6% year-on-year increase [19] MPV Market Trends - B-class MPVs had a wholesale volume of 52,700 units in August 2025, a 7% year-on-year decline but a 4% month-on-month increase [23] - Retail sales for B-class MPVs decreased by 9% year-on-year and by 1% month-on-month [23] - C-class MPVs saw a wholesale volume of 21,200 units in August 2025, with a 48% year-on-year increase but a 25% month-on-month decline [23]

据摩洛哥世界新闻网站9月11日报道，领克汽车在摩洛哥举行发布会，正 式推出四款高端电动和混动车型，其中08车型（旗舰款SUV）和01车型为混 动，06车型（紧凑型SUV）和02车型为纯电。AEK集团旗下的LK汽车公司为 领克汽车在摩经销商，AEK集团同时是沃尔沃和铃木在摩独家进口商。 领克公司定位"新高端"市场，将极简主义、实用主义设计与互联性、可持 续性相结合，目前在全球40多个国家拥有超700个销售点，2024年销量超28万 辆。在沃尔沃于2024年11月退出后，领克公司股权结构发生显著变化，目前极 氪和吉利汽车分别持有其51%、49%的股份。 （原标题：领克汽车携高端电动/混动车型进军摩洛哥市场） ...

此外，比亚迪旗下中高端品牌也面临困境。腾势、方程豹和仰望等主力车型销量，早在几个月前就已出现颓势。如最高端车型仰望U8，5月起销量甚至跌破 百辆。这导致二季度整体单车利润大幅下滑、接近"腰斩"，单车净利润从一季度的约0.9万元降至二季度的0.5万元。 从销量结构来看，比亚迪在国内的压力明显更大。8月比亚迪本土销量为29.3万辆，同比下降14%；海外销量则同比大增157%，达到8万辆。比亚迪上半年海 外市场销量超47万辆，同比增长130%，已超过去年全年销量总和。比亚迪此前透露，2025年海外销量目标在80万辆左右，主要集中在东南亚、中南美洲和 欧洲三大区域，其产品已覆盖全球6大洲110余个国家和地区。 如今比亚迪下调销量目标，虽看似是对压力的妥协，但从某种程度上来看，也是回归理性的选择。目前，比亚迪与吉利汽车之间的角逐也更加激烈，或许此 刻的比亚迪比起销量目标的完成度，更在意2025年它和吉利汽车谁将站上第一宝座。GPLP犀牛财经也将持续观察。 近日，据媒体报道，比亚迪已将2025年销量目标下调16%，从此前的550万辆降至460万辆。目前比亚迪尚未对此作出明确回复，不过若按照新目标计算，比 亚迪2025年销 ...

Group 1: Market Overview - In August 2025, the national retail sales of passenger cars reached 1.995 million units, a year-on-year increase of 4.6% and a month-on-month increase of 8.2% [2] - Cumulative retail sales from January to August 2025 totaled 14.741 million units, reflecting a year-on-year growth of 9.5% [2] - The August sales figure set a new historical high, surpassing the previous record of 1.92 million units in August 2023 by 3.7% [2] Group 2: New Energy Vehicles - In August, the production of new energy passenger vehicles reached 1.256 million units, a year-on-year increase of 21.0%, while wholesale sales were 1.282 million units, up 22.3% [4] - Retail sales of new energy vehicles in August amounted to 1.101 million units, marking a year-on-year increase of 7.5% [4] - From January to August, cumulative production of new energy vehicles was 8.853 million units, with wholesale and retail figures at 8.931 million and 7.556 million units, respectively, all showing significant year-on-year growth [4] Group 3: Market Structure and Brand Performance - In August, domestic brands achieved retail sales of 1.32 million units, a year-on-year increase of 9%, raising their market share to 65.7% [5] - BYD led the market with sales of 374,000 units in August, a slight increase of 0.15%, while its cumulative sales for the year reached 2.864 million units, up 23% [5] - New force brands like Leap Motor and Xpeng saw significant growth, with Leap Motor delivering 57,000 units (up over 88%) and Xpeng 38,000 units (up 168.66%) in August [6] Group 4: Future Outlook - The Secretary-General of the Passenger Car Market Information Association, Cui Dongshu, anticipates that while September may show high sales typical of the "Golden September" period, growth may slow due to last year's high base and subsidy control in some regions [6] - Factors such as new car launches at the Chengdu Auto Show, increased consumer purchasing enthusiasm, and ongoing policy support are expected to drive market growth [6]