Core Insights - The 2025 IAA Munich Auto Show showcased the debut of Haosi Power's new generation powertrain solutions, including hybrid systems, range extenders, hydrogen, and alternative fuels [3] - Haosi Power introduced innovative technologies such as the gallium nitride range extender power system and amorphous motors, which significantly reduce core losses and improve efficiency [3][10] - The company aims to produce a highly integrated, lightweight 1.5-liter four-cylinder power system that supports multiple fuel types, with plans for mass production by 2027 [10][14] Group 1: Product Innovations - Haosi Power's amorphous motor features a core loss reduction of over 50% and peak efficiency of 98.22%, with plans for application in the next-generation super hybrid system by 2027 [3] - The gallium nitride range extender power system, featuring the "Ice Blade" power module, will deliver engineering prototypes to overseas clients next year, achieving a 20% reduction in system size and axial length [3] - The new powertrain system integrates the engine, motor, and transmission into a compact module, offering a width of 740mm for performance versions and 650mm for ultra-compact versions [10] Group 2: Market Expansion and Performance - The Horse B15 hybrid engine and 3DHT160 electric drive system have been successfully integrated into the Lynk & Co 08 EM-P model, achieving a maximum power of 436kW and peak torque of 905N·m [14] - Haosi Power operates 17 production bases across 9 countries and maintains 5 major R&D networks, aiming to provide diverse powertrain products and services to global OEMs [14] - The company is committed to supporting automotive brands in expanding their global market presence while promoting a transition towards a more efficient and low-carbon automotive industry [14]

Core Viewpoint - The launch of the Arcfox T1 has generated significant consumer interest, with over 43,000 orders placed within hours of its pre-sale, indicating strong market demand for this new electric SUV model [1][5][3]. Group 1: Product Features and Market Position - The Arcfox T1 is positioned as a family-oriented electric SUV with a price range of 62,800 to 87,800 yuan, which is competitive in the A0 segment [1][8]. - The vehicle boasts a spacious design with a 2,770 mm wheelbase, offering a maximum cargo space of 1,352 liters, making it suitable for various family needs [10]. - It features a range of 425 kilometers and can charge from 30% to 80% in just 16.9 minutes, enhancing its practicality for everyday use [10][13]. Group 2: Strategic Goals and Company Vision - Arcfox aims to establish itself as a leading brand in the electric vehicle market, with the T1 model being a key strategic product for the company [5][8]. - The company emphasizes a commitment to quality and customer satisfaction, offering lifetime warranties on key components and free maintenance for the first owner [1][5]. - The leadership expresses a strong ambition for the T1 to achieve 400,000 orders, reflecting the company's aggressive sales targets [5][3]. Group 3: Competitive Landscape - The Arcfox T1 faces competition from established models like the Geely Xingyuan and BYD Sea Gull, which have already captured significant market share [7]. - Despite the competition, the company believes in the T1's unique value proposition, which combines affordability with advanced features and safety [8][13]. Group 4: Marketing and Consumer Engagement - The marketing strategy includes engaging presentations and humorous public appearances by executives, aimed at resonating with younger consumers [3][5]. - The company has successfully leveraged social media and public events to create buzz around the T1, enhancing its visibility in the market [3][5].

Core Insights - The domestic automotive industry in China is rapidly expanding its global presence, with the Shanghai Waigaoqiao Haitong Terminal leading in vehicle roll-on/roll-off throughput [1] - The terminal's success is attributed to the strong growth of Chinese automotive brands such as SAIC, BYD, Chery, Geely, and Great Wall, which are increasing their overseas market presence [1] - The introduction of the first fully enclosed automated vehicle storage facility in China is enhancing the terminal's throughput capacity and operational efficiency [2] Group 1 - The Waigaoqiao Haitong Terminal is currently the largest port for automotive imports and exports in China, benefiting from innovative operational models [1] - The terminal has optimized its operational processes and improved customer service to maximize efficiency despite challenges such as limited shoreline resources [1] - The automated storage facility, covering 14,600 square meters, can accommodate up to 6,160 vehicles, significantly reducing the required storage area compared to traditional methods [2] Group 2 - The automated system can handle 160 vehicle entries and exits per hour, alleviating space constraints caused by rising automotive exports [2] - Since its launch, the facility has processed over 440,000 vehicles, maintaining an average inventory rate above 80% and serving 48 different brands [2] - The facility demonstrates outstanding performance in operational efficiency, cost management, energy conservation, and land utilization, providing a replicable solution for smart vehicle storage and transportation at ports [2]

Core Insights - The Chinese automotive market is undergoing a structural transformation, with the retail penetration rate of new energy vehicles (NEVs) reaching a record high of 55.3% in August, marking six consecutive months above 50% [1] - The sales performance of leading automotive companies from January to August shows significant differentiation, with NEVs becoming the main growth driver [1] Group 1: Sales Performance - BYD leads the market with cumulative sales of 2.86 million units, achieving 62% of its annual target of 4.6 million units [1] - Geely Automotive has also performed well, with sales of 1.9 million units, reaching 63% of its annual target of 3 million units, the highest completion rate among the top ten companies [1] - SAIC, FAW, and Changan have sales of 2.75 million, 2.08 million, and 1.8 million units respectively, achieving 61%, 60%, and 60% of their annual targets [1] Group 2: Strategic Factors - The performance of NEV businesses is a key factor influencing the target completion rates of automotive companies [1] - BYD's strategy of "technology equality + overseas expansion" has led to NEV exports of 630,700 units from January to August, surpassing the total for the entire year of 2024 [1] - Technological innovations such as the "Heavenly Eye" driver assistance system and the Super e-platform have helped BYD consolidate its competitive advantage [1] Group 3: Market Outlook - The upcoming fourth quarter is critical for automotive companies to achieve their annual targets, with comprehensive competitiveness in system capabilities, technological strength, and global layout being decisive for market positioning [2] - The effectiveness of advancing NEV businesses will remain an important variable affecting the industry landscape [2]

Core Viewpoint - Geely Auto Group is actively implementing its "One Geely" strategic integration plan, focusing on consolidating its intelligent driving business and optimizing resource allocation across its various brands [2][3]. Group 1: Organizational Restructuring - The intelligent driving business integration plan is expected to be completed within September, with a new dual CEO structure established for Qianli Technology [2]. - The internal restructuring includes a matrix management approach for R&D departments, adding three horizontal departments to enhance collaboration and efficiency [2][3]. - The integration aims to eliminate resource waste caused by multiple teams working independently, thereby improving research and development efficiency and reducing costs [3]. Group 2: Brand Management and Research - Geely has established independent research institutes for its brands, including Lynk & Co, Zeekr, and Geely, under a "central technology platform + independent brand research institute" management model [5][6]. - This model allows for technical collaboration while enabling each brand to respond flexibly to market demands, enhancing overall competitiveness [6]. - The privatization of Zeekr has been approved by shareholders, marking a significant step in the implementation of the "One Geely" strategy [6].

Core Viewpoint - Solid-state batteries are identified as the next generation of high-performance batteries, with increasing demand for oxide semi-solid batteries and the potential for sulfide all-solid-state batteries to demonstrate vehicle integration, indicating a strengthening trend in the solid-state battery market [1][2]. Investment Recommendations - Solid-state batteries are expected to become a key development direction for high-performance batteries due to their advantages in safety and energy density, with significant market potential in consumer batteries, new energy vehicles, and low-altitude applications. Companies that are proactively investing in solid-state batteries and key materials and equipment are viewed positively [2]. - The safety and performance improvements of solid-state batteries are driven by both policy and demand. Compared to mainstream liquid lithium batteries, solid-state batteries utilize non-flammable solid electrolytes, reducing the need for flammable organic electrolyte solvents, and can be paired with higher activity materials, significantly enhancing energy density. The Chinese government plans to invest approximately 6 billion yuan in solid-state battery research and development, involving major companies like CATL and BYD [2][3]. Market Dynamics - The solid-state battery market has transitioned from being demand-driven to technology-driven. Before 2024, the focus was on semi-solid batteries, which faced challenges due to high costs and limited market acceptance. However, the demand for aviation-grade lithium batteries in the low-altitude economy is expected to drive the semi-solid battery market's growth [3]. - In November 2024, significant advancements in sulfide technology patents and increased R&D investments in all-solid-state batteries by major companies like CATL have garnered market attention, leading to a systematic rise in the new energy lithium battery sector [3]. Future Outlook - The solid-state battery industry is expected to see an upward trend in market conditions, with the gradual release of semi-solid demand and the potential for all-solid-state products to demonstrate vehicle integration. The oxide solid electrolyte is currently the most mature technology, and the commercial viability of semi-solid batteries is being realized with competitive pricing [4]. - The urgency for R&D in all-solid-state batteries is highlighted by the production planning timelines set by various automotive and battery companies for 2027, indicating a strong push towards commercialization [4].

Core Viewpoint - The 2025 World Artificial Intelligence Conference (WAIC) in Shanghai highlighted advancements in AI technology, particularly in the automotive sector, showcasing the integration of AI in various applications and the future of autonomous driving [3][12]. Group 1: AI and Autonomous Driving Developments - The "Shanghai High-Level Autonomous Driving Leading Area 'Mosu Zhixing' Action Plan" was released, aiming to establish a leading autonomous driving zone by 2027, covering 2,000 square kilometers and achieving 6 million passenger rides [5][12]. - Several companies, including SAIC, Pony.ai, Baidu, and Chery, provided L4-level autonomous driving shuttle services during the event, demonstrating the commercialization of autonomous driving [6][12]. Group 2: Company Showcases and Innovations - Geely showcased its full AI layout with new products like the Zeekr 9X and Lynk & Co 10EM-P, along with innovations in intelligent driving systems and AI wearable devices [7][12]. - Tesla presented its smart electric vehicles, humanoid robots, and advanced driver-assistance technologies, with plans to further implement these systems in China within the year [8][12]. - Yika Technology displayed its latest achievements in smart cockpit, assisted driving, and AI models, emphasizing the integration of AI in automotive applications [9][12]. Group 3: AI Models and Solutions - Various companies released AI models for different applications, such as MogoMind by Mushroom Car Union, which focuses on deep understanding of the physical world, and Hymala by Xijing Technology, designed for multi-modal logistics [10][12]. - Zebra Zhixing and Qualcomm introduced the world's first end-side multi-modal large model solution based on the Qualcomm 8397 platform, achieving 90% service closure on the vehicle side [11][12].

Core Viewpoint - The article provides an overview of new car models set to launch in September 2025, detailing their specifications, market segments, and pricing strategies. Group 1: New Car Models Overview - FAW-Volkswagen's Jetta VS8 is scheduled for release on September 5, 2025, positioned as a B SUV with a price range of 11.99 to 13.49 million yuan [9]. - SAIC Volkswagen's Volkswagen Tiguan L PRO will also launch on September 5, 2025, classified as a B SUV, with a price range of 23.68 to 26.68 million yuan [17]. - GAC Toyota's Toyota Sienna is set to debut on September 5, 2025, in the C MPV segment, with prices ranging from 32.48 to 39.38 million yuan [25]. - Changan Automobile's Changan Yidong will be available on September 7, 2025, as an A NB with a price range of 8.79 to 9.99 million yuan [33]. - Geely's Lynk & Co 10 EM-P will launch on September 8, 2025, as a C NB, priced between 17.38 and 21.18 million yuan [40]. - BYD's Fangchengbao Titanium 7 is set for release on September 9, 2025, classified as a C SUV, with prices from 17.98 to 21.98 million yuan [64]. - Chery's Exeed Lingyun will be available on September 8, 2025, as a B SUV, with a price range of 14.99 to 16.99 million yuan [56]. - FAW-Volkswagen's Sagitar L will launch on September 9, 2025, as an A NB, with prices ranging from 14.79 to 16.49 million yuan [72]. - SAIC-GM's Buick Envision Plus is scheduled for September 10, 2025, as a B SUV, priced between 22.99 and 25.99 million yuan [80]. - Changan Automobile's Qiyuan A07 will be released on September 10, 2025, as a C NB, with a price range of 13.99 to 15.99 million yuan [88]. - Zhiji Automobile's Zhiji LS6 will debut on September 10, 2025, as a C SUV, with prices from 21.79 to 28.49 million yuan [96]. - Chery's Tiggo 8 PLUS will be available on September 10, 2025, as a B SUV, priced between 12.99 and 13.49 million yuan [104]. - Chery's Tiggo 8 PRO will launch on September 10, 2025, as a B SUV, with a price of 13.29 million yuan [111]. - SAIC-GM's Buick GL8 will be released on September 11, 2025, as a C MPV, with a price of 24.99 million yuan [119]. - Geely's Galaxy E8 is set for September 11, 2025, as a C NB, priced between 16.18 and 16.78 million yuan [127]. - BAIC New Energy's ARCFOX T1 will launch on September 11, 2025, as an AO HB, with prices ranging from 6.28 to 8.78 million yuan [135]. Group 2: Engineering Changes and Specifications - The Jetta VS8 features a 1.4T engine and a TIP6 transmission, with a power output of 110 kW and torque of 250 N·m [9]. - The Tiguan L PRO is equipped with a 2.0T engine and DCT7 transmission, delivering 162 kW and 350 N·m of torque [17]. - The Sienna utilizes a 2.5L hybrid engine with E-CVT, producing 139 kW and 236 N·m from the engine, and 134 kW and 270 N·m from the electric motor [25]. - The Yidong offers a 1.5T engine with DCT7 transmission, generating 141 kW and 310 N·m of torque [33]. - The Lynk & Co 10 EM-P features a 1.5T plug-in hybrid engine with a power output of 120 kW and torque of 255 N·m [40]. - The Fangchengbao Titanium 7 is powered by a 1.5T plug-in hybrid engine, with an electric motor output of 200 kW and torque of 315 N·m [64]. - The Exeed Lingyun is equipped with a 1.6T engine, producing 148 kW and 300 N·m of torque [56]. - The Sagitar L features a 1.5T engine with DCT7 transmission, delivering 118 kW and 250 N·m of torque [72]. - The Envision Plus has a 2.0T engine with TIP9 transmission, producing 174 kW and 350 N·m of torque [80]. - The Qiyuan A07 offers a 1.5L range extender engine with EVT, generating 72 kW and 125 N·m from the engine and 200 kW and 290 N·m from the electric motor [88]. - The Zhiji LS6 features a 1.5L range extender engine and pure electric options, with power outputs varying from 114 kW to 245 kW [96]. - The Tiggo 8 PLUS is powered by a 1.6T engine, producing 145 kW and 290 N·m of torque [104]. - The Tiggo 8 PRO features a 1.6T engine, generating 145 kW and 290 N·m of torque [111]. - The Buick GL8 is equipped with a 2.0T engine, producing 174 kW and 350 N·m of torque [119]. - The Galaxy E8 is a pure electric vehicle with a power output of 250 kW and torque of 373 N·m [127]. - The ARCFOX T1 is a pure electric vehicle with power outputs ranging from 70 kW to 95 kW [135].

Core Viewpoint - The launch of the Lynk & Co 10 EM-P marks a significant advancement for the brand, transitioning into a comprehensive intelligent 2.0 era, reflecting on its technological and performance evolution over the past nine years [1][5]. Pricing and Product Details - The Lynk & Co 10 EM-P was officially launched on September 8, with four variants priced between 173,800 to 211,800 yuan. A limited-time discount brings the price down to 163,800 to 201,800 yuan for orders placed by October 31 [3][5]. Technological Advancements - As Lynk & Co's first mid-to-large plug-in hybrid sedan, the 10 EM-P features original design elements, standard intelligent electric four-wheel drive, and laser radar. It is equipped with the NVIDIA Thor driving assistance chip, supporting the advanced H7 driving assistance solution [5][8]. - The vehicle's intelligent cockpit is powered by the LYNK Flyme Auto 2 system, enhanced by the Qualcomm Snapdragon 8295 chip and Flyme AI model, significantly improving human-vehicle interaction and emotional engagement [10]. Strategic Reflections - The launch reflects Lynk & Co's introspection on its electric transformation, acknowledging past shortcomings in understanding user needs for smart technology and battery systems. The brand aims to enhance its product evolution capabilities in the 2.0 era [7][10]. - The company emphasizes a consumer-oriented approach, balancing responsiveness to user demands with innovative design and quality to maintain brand positioning [12]. Design Philosophy - Lynk & Co highlights its commitment to original design as a core value, incorporating signature design elements into the 10 EM-P, with a color palette inspired by "morning light" featuring six distinct colors [14]. Market Positioning and Challenges - Despite the advancements, Lynk & Co faces intensified competition in the electric vehicle market, with new entrants striving for profitability. The brand's differentiation strategy involves broadening its energy forms and product matrix while maintaining its brand identity [15]. - The performance and handling characteristics remain central to Lynk & Co's identity, particularly in the sedan segment, necessitating a balance between sportiness and comfort in the 10 EM-P [17][19].

转自：中国证券报·中证网 中证报中证网讯（王珞）9月9日，2025德国国际汽车及智慧出行博览会（IAA Mobility 2025）在慕尼黑 开幕，黑芝麻智能携多款芯片及解决方案参展，与全球伙伴探索AI驱动下智能汽车的未来。 本次展会，黑芝麻智能首次向国际市场推出"安全智能底座"解决方案。该方案以武当C1200家族跨域融 合芯片为核心，通过硬件级安全隔离等设计，破解车企跨域融合中的安全与成本难题，助力电子电气架 构向"舱驾一体"升级，实现"一次开发、多代复用"，降低开发成本与周期。 华山A2000芯片样片是展台一大焦点。该芯片集成CPU、NPU等多功能单元，内置黑芝麻智能九韶 ™NPU核心，搭配新一代通用AI工具链BaRT，构成强大辅助驾驶技术底座，还可满足机器人、通用计 算需求，目前已与刘胜团队及傅利叶在人形机器人等领域展开合作。 同时，武当C1200家族芯片及合作成果同步亮相。其中C1236是本土首款单颗支持领航辅助驾驶的SoC 芯片，C1296为行业首颗多域融合计算芯片；展会上还展示了安波福基于C1296开发的舱驾一体方案， 大陆、均胜等头部企业也在基于该芯片开发方案，东风汽车多款新车将采用其舱驾一体化 ...