Group 1 - The core event of the article is the launch of a collaborative demonstration of vehicle-road-cloud integration by 15 major automotive companies in Chongqing, marking a historic breakthrough in cross-border and cross-brand vehicle collaboration on a unified cloud control platform [2] - The demonstration included dynamic applications such as cloud-supported automatic emergency braking (C-AEB), cloud-supported green wave speed guidance (C-GLOSA), and collaborative vehicle merging (C-CVM) [2] - The article highlights the stable technological advancements in tax-exempt electric vehicle models, with 4,460 models listed for 2025, including 414 new models introduced in October [2] Group 2 - Dongfeng and Huawei are accelerating the implementation of the DH project, integrating Huawei's latest intelligent automotive solutions into Dongfeng's products [2] - Geely aims to sell 100,000 vehicles annually in the UK, planning to introduce 10 plug-in and electric hybrid models over the next three years, targeting a 5% market share [2]

► 本 周数据： 2025年9月第4周（9.22-9.28）乘用车销量65.3万辆，同比+1.5%，环比+26.6%；新能源乘用车销量37.1万辆，同比+13.8%，环比+23.6%；新能源渗透 率56.9%，环比-1.4pct。 ► 本周行情 ：汽车板块本周表现弱于市场 本周（10月20日-10月26日）A股汽车板块下跌0.6%，在申万子行业中排名第26位，表现弱于沪深300（+1.7%）。细分板块中，汽车服务、商用载 客车、汽车零部件上涨1.3%、1.1%、0.3%，商用载货车、摩托车及其他、乘用车分别-1.7%、-2.0%、-2.1%。 ► 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，特斯拉在三季度财报电话会上宣布，第三代Optimus预计于2026年一季度发布，并计划建设年产百万台的生产线，年底开始投产，为支持未来 发展，特斯拉首席财务官Taneja表示，公司预计2025年资本支出约90亿美元，2026年将大幅增加，以支持人工智能相关项 ...

Investment Rating - The report maintains a recommendation for the traditional automotive sector, focusing on potential recovery in stock prices due to various catalysts [1]. Core Insights - The market has largely priced in expectations for a decline in automotive policies next year, yet stock prices in the traditional automotive sector remain under pressure, with potential catalysts including better-than-expected retail sales post-Chinese New Year, improved export performance, and favorable policies [1][5]. - The report anticipates strong financial performance in Q3 for the automotive sector, driven by good wholesale growth and the effects of reduced competition, but investment opportunities in Q4 are expected to concentrate on high-risk sub-sectors [1][5]. Data Tracking - In early October, the discount rate slightly decreased to 9.5%, down 0.1 percentage points month-on-month, but up 1.1 percentage points year-on-year [3]. - The average discount amount was 21,384 yuan, a decrease of 108 yuan month-on-month, but an increase of 2,937 yuan year-on-year [3]. Market Performance - The automotive sector saw a weekly increase of 2.95%, ranking 9th out of 29 sectors [8]. - The overall market indices also showed positive performance, with the Shanghai Composite Index rising by 2.88% and the ChiNext Index increasing by 8.05% [8][33]. Industry News - As of the end of September, China's electric vehicle charging infrastructure reached 18.063 million units, a year-on-year increase of 54.5% [31]. - The "Energy-saving and New Energy Vehicle Technology Roadmap 3.0" was released, setting ambitious targets for carbon emissions reduction in the automotive industry by 2040 [31]. - In September, the retail sales of new energy vehicles reached 632,000 units, a year-on-year increase of 5% [31].

Core Viewpoint - The article discusses the concept of "hidden champions," small and medium-sized enterprises that dominate niche markets but remain largely unknown to the public. It highlights the decline of these companies in Germany and Japan due to various economic challenges and the rise of Chinese companies in the same space [4][14][36]. Group 1: Definition and Characteristics of Hidden Champions - Hidden champions are defined as companies that hold a top two global market share, have annual sales below $10 billion, and are not widely recognized by the public. This definition has evolved to include companies with annual revenues below $50 billion [5][14]. - As of 2023, there are 3,406 hidden champions globally, with Germany having 1,573, the highest number, followed by the United States and Japan [5][9]. Group 2: Economic Decline of German and Japanese Hidden Champions - Germany's economy has faced significant challenges, with GDP declining by 0.2% last year and a further 0.3% drop in the second quarter of this year, marking a rare occurrence of consecutive annual GDP shrinkage since 1950 [16][19]. - The automotive industry, a cornerstone of Germany's manufacturing sector, has seen a dramatic increase in bankruptcies, with over 80% growth in the number of bankrupt companies since 2021 [16][19]. - Major automotive companies like Bosch and Volkswagen are planning significant layoffs, with Bosch cutting 13,000 jobs and Volkswagen planning to lay off 35,000 employees by 2030 [19][21]. Group 3: Rise of Chinese Companies - Chinese companies are increasingly taking over roles traditionally held by hidden champions in Germany and Japan, with 300 German companies acquired by Chinese firms between 2014 and 2020 [32]. - China has developed a robust ecosystem of hidden champions, with over 14,000 specialized small and medium enterprises and 1,500 single-item champion companies [33][34]. - The number of identified hidden champions in China has increased from about 100 to 300 in the past five years, indicating a significant growth in this sector [34]. Group 4: Challenges Faced by Traditional Hidden Champions - German and Japanese hidden champions are struggling with digital transformation, with many companies lagging in adopting new technologies and innovations [26][28]. - The reliance on traditional business models and a lack of sensitivity to new industries have hindered their ability to adapt to changing market conditions [28][29]. - The emergence of electric vehicles and the energy crisis in Europe have further exacerbated the challenges faced by these companies, leading to a decline in their market positions [22][24].

Core Viewpoint - The article highlights the growing gap between the electric vehicle (EV) industries in the U.S. and China, exacerbated by the recent policy shifts under the Trump administration, which have led to a significant decline in U.S. EV investments [1][3]. Investment Trends - U.S. EV-related investments fell nearly one-third year-on-year in Q3, dropping to $8.1 billion [1]. - Approximately $7 billion in EV investment plans were canceled between April and September [1]. - In contrast, Chinese EV supply chain companies invested about $16 billion overseas last year, surpassing domestic investments for the first time since 2014 [7]. Market Predictions - AlixPartners predicts that by 2026, pure electric vehicles will account for only 7% of total U.S. sales, a significant reduction from previous forecasts [3]. - By 2030, the share of pure electric vehicles in the U.S. is expected to be 18%, compared to 40% in Europe and 51% in China [3]. Industry Responses - Traditional automakers face a dilemma due to the Trump administration's support for gasoline engines, as they seek profits from gasoline vehicles while fearing competition from Chinese firms like BYD and Geely in the EV market [3]. - Stellantis announced a record investment of $13 billion in the U.S. over the next four years to increase production of gasoline and hybrid vehicles [4]. - Ford's CEO described the revival of gasoline engines as a "multi-billion dollar opportunity," despite the company's EV business losing $3.6 billion in the first three quarters of the year [5][6].

Core Insights - The overall range of electric vehicles (EVs) continues to grow, particularly for pure electric vehicles from 2018 to 2023, with a notable increase in models offering ranges of 300-400 kilometers by 2025 [1][9] - The Ministry of Industry and Information Technology has published 22 batches of tax-exempt new energy vehicle models, with a total of 4,460 models listed for 2025, including 414 new models in October, indicating a decrease compared to previous quarters and the same period in 2024 [1][2] - The technology of tax-exempt models has shown steady improvement, with many pure electric passenger vehicles exceeding 600 kilometers in range as of October [1][9] Summary by Category 1. Tax-Exempt Vehicle Directory for 2025 - The 2025 tax-exempt directory includes 4,460 new energy vehicle models, with 414 new models added in October, reflecting a decrease from previous months in 2024 [2] - The overall number of new energy passenger vehicles in the directory for 2024-2025 is significantly higher than in previous years, indicating robust growth in the sector [3] 2. Changes in Powertrain Structure - The market for range-extended and plug-in hybrid vehicles is expected to see significant growth in 2025, despite a weaker performance in recent years [5] - Pure electric vehicles remain dominant in the bus segment, while hydrogen fuel vehicles are gaining attention, although no new hydrogen fuel passenger vehicles have been launched since the second half of 2024 [5] 3. Battery Energy Density - The energy density of batteries in pure electric vehicles has been gradually increasing, with a notable market push expected in 2025, particularly for models with energy densities around 130-145 Wh/kg [10][11] - Plug-in hybrids generally exhibit lower energy densities, with many products falling within the 100-120 Wh/kg range, while range-extended vehicles are increasingly equipped with high-energy-density batteries [11] 4. Electric Vehicle Range Analysis - The average range of pure electric passenger vehicles has reached 528 kilometers, with a growing number of models exceeding 600 kilometers in range by 2025 [9] - The average range for plug-in hybrid vehicles is around 137 kilometers, primarily concentrated in the 100-200 kilometer range, while range-extended vehicles average 205 kilometers [9] 5. Battery Technology and Market Trends - The market for battery technology is evolving, with a focus on higher energy densities and improved performance metrics for new energy vehicles, reflecting a shift towards more competitive and efficient products [10][11] - The introduction of new models from domestic brands such as BYD, Changan, and Geely is enhancing market competitiveness, with some models achieving low energy consumption rates [14][16]

Core Insights - The event on October 23 marked a significant collaboration between domestic and foreign automotive companies in China, focusing on the integration of vehicle, road, and cloud technologies [1] - The initiative is seen as a strategic choice for China and a global consensus towards future smart transportation, addressing key industry challenges such as vehicle safety and traffic efficiency [1] - The demonstration involved 15 major automotive companies showcasing core applications of "vehicle-road-cloud collaboration," which includes various advanced driving support technologies [2] Group 1 - The event was held in Chongqing's Western Science City, emphasizing China's commitment to developing a unique path for smart connected vehicles [1] - The collaboration is described as a historic breakthrough in the automotive industry, enabling cross-border and cross-brand vehicle coordination on a unified cloud control platform [1] - The focus is on overcoming interoperability challenges between different vehicle brands and cloud systems, aiming for a unified technical standard and industry norms in the future [1] Group 2 - Participating companies included major players such as FAW, Dongfeng, Changan, Toyota, BYD, and others, demonstrating dynamic applications like cloud-supported automatic emergency braking and green wave speed guidance [2] - Specific scenarios showcased during the event included cloud-supported collaborative vehicle merging and virtual-physical integrated multi-agent testing [2]

Core Insights - The release of the "AI Car" white paper marks the first time the automotive industry has focused on AI as a central theme, outlining the integration of AI technology in four key areas: assisted driving, intelligent cockpit, intelligent chassis, and intelligent power [2] - Geely has been integrating AI technology into its operations since the launch of its "Smart Geely 2025" initiative in 2021, establishing a comprehensive AI technology system that includes various advanced systems and products [2][3] Summary by Categories AI Technology Integration - The "AI CAR white paper" systematically analyzes the role of AI in transforming the automotive industry, providing a long-term development roadmap for the transition to the "AI CAR" era [2] - Geely has developed several AI-driven technologies, including the Qianli Haohan assisted driving system and the AI digital chassis, positioning itself as the only company globally with a comprehensive AI integration strategy [2] Product Development - Geely's latest products, such as the Galaxy M9 and Zeekr 9X, are gradually incorporating the latest advancements from the "full-domain AI" technology system [3] - The company aims to evolve cars into "intelligent mobility entities" that possess sensory capabilities, cognitive functions, and the ability to evolve through deep integration of AI and automotive technology [3] Future Vision - Geely's vision is to become a leading global technology mobility company, with AI as the core driving force behind its future developments [3]

Core Viewpoint - The article discusses the potential resurgence of a global chip crisis, triggered by a Chinese semiconductor company, Anshi Semiconductor, which has led to significant disruptions in the automotive supply chain, particularly affecting major manufacturers like Volkswagen [2][5][11]. Group 1: Impact on Automotive Industry - Volkswagen has announced production halts at major factories, impacting core models like Golf and Tiguan, indicating a severe disruption in its product line [2][5]. - The German automotive industry faces serious production limitations, with the possibility of factory shutdowns if supply interruptions are not resolved quickly [7]. - The Japanese automotive industry has confirmed potential delivery issues, with companies actively seeking solutions to mitigate the crisis [9][10]. Group 2: Anshi Semiconductor's Background - Anshi Semiconductor, originally part of NXP Semiconductors, specializes in basic non-advanced process chips crucial for automotive applications, such as electric control and safety systems [12][14][15]. - The company was acquired by Chinese firm Wentech after facing bankruptcy, transforming it into a significant player in the semiconductor supply chain [30][36]. - Post-acquisition, Anshi Semiconductor's market share and revenue significantly increased, with a nearly 60% growth in revenue and a rise in gross margin from 20% to nearly 40% [37]. Group 3: Legal and Regulatory Challenges - The Dutch government has frozen Wentech's assets and knowledge rights in Anshi Semiconductor, citing concerns over supply chain security and governance issues [40][44]. - The legal actions taken against Wentech and its CEO, Zhang Xuezheng, are seen as part of a broader geopolitical struggle involving semiconductor technology and supply chains [51][55]. - The U.S. has expanded its sanctions, complicating the operational landscape for Anshi Semiconductor, which is now at risk of being included in the U.S. entity list due to its ties with Wentech [57][59]. Group 4: Response and Future Outlook - In response to the Dutch actions, the Chinese government has implemented export controls on Anshi's operations, significantly affecting its European supply chain [61][63]. - Anshi's Chinese operations have declared independence from Dutch management, asserting their capability to maintain production standards and meet customer demands [66][70]. - The development of a new wafer factory in China positions Anshi to potentially replace its European supply chain, indicating a shift in the semiconductor landscape [72][76][80]. Group 5: Broader Implications - The crisis highlights the ongoing global competition in the semiconductor sector, which has evolved from a focus on technology to a comprehensive confrontation over supply chains and regulations [93][94]. - The European automotive industry is likely to seek alternative supply solutions to avoid future disruptions, reflecting a shift in strategy following the crisis [91][92].

Core Viewpoint - The article discusses the phenomenon of "weekly sales rankings" in the Chinese automotive industry, highlighting how it reflects intense competition and the resulting "involution" in the market, affecting new car launches, pricing, technology, and services [2][4][8]. Summary by Sections Involution: Birth and Death of Weekly Rankings - The weekly sales rankings emerged as a response to the competitive pressures in the automotive market, with companies like Li Auto leading the way in publishing their own rankings, which spurred others to follow suit [6][8]. - The rankings created a chaotic environment where companies felt compelled to constantly update their models and strategies to avoid falling behind, leading to rapid product iterations and market confusion [7][8]. New vs. Old: Energy and Power Dynamics - Data shows a significant increase in the penetration of new energy vehicles (NEVs) in China, with monthly penetration rates rising from 4.06% in 2019 to 31.85% in 2022, indicating a shift in market dynamics [5][11]. - By September 2025, NEVs accounted for 58.37% of the market, with a notable increase in the number of brands and models competing in this space, reflecting a diversification of the market [11][12][18]. Subsidies: Support and Withdrawal - The article outlines the various subsidy policies supporting NEVs, including tax exemptions and local government incentives, which have significantly boosted sales [19][21]. - However, there are indications that these subsidies may be reduced or withdrawn in the coming years, leading to potential market adjustments and a need for companies to adapt to a new competitive landscape [22]. Market Trends and Future Outlook - The automotive market has seen a surge in new model launches, particularly in the NEV segment, with over 70 new models introduced in September 2025 alone, reflecting a heightened sense of urgency among manufacturers [18]. - The article suggests that the disappearance of weekly sales rankings and the call for reduced competition may lead to a more stable and orderly market environment in the future [22].