Core Insights - The company, Haowu Co., announced that by the first half of 2025, its automotive parts division is expected to produce 1.1857 million crankshafts and achieve sales of 1.1063 million units, resulting in a net profit of 44.0316 million yuan [1] Company Performance - The projected production and sales figures for crankshafts indicate a strong operational capacity within the automotive parts sector [1] - The net profit forecast of 44.0316 million yuan reflects the company's profitability in its automotive components business [1] Clientele and Market Position - The company's crankshaft products are supplied to a range of domestic and international OEMs, including Chery, Li Auto, Dongfeng Xiaokang (Seres), BYD, and others [1] - This diverse client base highlights the company's significant market presence and its role as a key supplier in the automotive industry [1] Future Developments - The company is actively monitoring the development trends in the field of embodied robotics, although its shaft products have not yet been applied in this sector [1]

证券研究报告 汽车 行业定期报告 板块表现： 投资评级： 看好（维持） 26 年汽车总量思考（1）：纯电和混 动价差缩小，并非一定导致混动销量 承压 证券分析师 ——汽车行业双周报（20251006-20251019） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 2026-2027 年享受购置税减免的插电+增程乘用车的纯电续航里程要求提升超 100%，静态看预计有约 40%的插混+增程乘用车无法再享受补贴，尤其或将对 7~20 万元紧凑型、中型插混车型（以比亚迪等经济型插混车型为代表）造成影响。2025 年 10 月 9 日，工信部等三部门发布《关于 2026-2027 年减免车辆购置税新能源汽 车产品技术要求的公告》，并指出 2026-2027 年减免车辆购置税的插电式（含增程 式）混合动力乘用车纯电动续驶里程应满足有条件的等效全电里程不低于 100 公里， 较此前的不低于 43 公里有明显提升。2025H1 插混+增程乘用车上险量约 203 万辆， 我们筛选了市占率前 95%的插混+增程乘用车并测算发现，其中 WLTC 续航在 43~100km（含 43，不含 100）、100km 以 ...

Group 1: Business Expansion and Market Strategy - The company has been deeply engaged in the automotive wheel hub bearing unit sector, focusing on both domestic and international markets, with key clients including Chery, Changan, Geely, and others [3] - The company is actively expanding its international aftermarket business while optimizing customer and market structure, targeting mid-to-high-end markets in regions like the Middle East and Southeast Asia [3] - The company has successfully completed a fundraising project for an annual production capacity of 3.6 million automotive wheel hub bearing units, with funds fully utilized [4] Group 2: Production Capacity and Technological Development - The company adheres to a cautious investment and scientific layout principle in expanding production capacity, which will gradually be released as business scales up [4] - The company is advancing its electric control business in response to the rapid development of electrification, intelligence, and connectivity in the automotive industry, with small batch supply already achieved [5] - A strategic cooperation framework agreement was signed with Nuo Nai Robotics to leverage mutual strengths in talent, technology, and industry collaboration [6] Group 3: Future Strategic Planning - The company aims to strengthen its core business while expanding into international markets and domestic mainframe supply markets, focusing on increasing business scale [7] - The company is also monitoring emerging industries and market trends, planning to gradually enter fields such as humanoid robots and intelligent driving [8]

Market Overview - The Hong Kong stock market saw a positive performance on October 21, with the Hang Seng Index rising by 0.65% to 26,027.55 points, the Hang Seng Tech Index increasing by 1.26% to 6,007.94 points, and the National Enterprises Index up by 0.76% to 9,302.66 points [1] - The Hang Seng Index opened 301.41 points higher at 26,160.24 points, reached a peak of 26,367.35 points during the day, and closed with a gain of 168.72 points. The main board recorded a trading volume exceeding 264.6 billion HKD [1] - There were 1,315 stocks that rose, 884 that fell, and 1,000 that remained unchanged by the end of the trading day [1] Sector Performance - Most sectors experienced gains, particularly in chips, AI healthcare, insurance, and brokerage stocks. However, sectors such as oil and gas, building materials, and banks showed mixed results, while gold, non-ferrous metals, coal, and new consumption sectors mostly declined [1] Notable Stocks - Individual stock movements included: - Jushuitan surged by 23.86% - Xiaomi Group fell by 1.44% - Meituan decreased by 0.16% - Industrial and Commercial Bank of China rose by 0.68% - China Construction Bank increased by 0.90% - China Petroleum & Chemical Corporation gained 1.43% - Giant Bio fell by 4.01% - Yaojie Ankang dropped by 11.48% - Zijin Mining decreased by 0.37% - Ding Shi Capital surged by 33.12% - Tencent Holdings rose by 0.48% - Geely Automobile increased by 3.23% - NIO rose by 2.78% - CATL increased by 3.03% [1] Top Traded Stocks - The top three traded stocks included: - Alibaba, which rose by 1.98% with a trading volume exceeding 18.5 billion HKD - Pop Mart, which fell by 8.08% with a trading volume exceeding 9.8 billion HKD - SMIC, which increased by 3.13% with a trading volume exceeding 9.1 billion HKD [2]

（文/观察者网 张家栋 编辑/高莘） 据《欧洲汽车新闻》当地时间10月21日报道，欧盟发布文件显示，日产欧洲公司将与比亚迪整合期二氧 化碳排放量，以达到欧洲2025年至2027年的减排目标。 报道称，日产在此前曾与其联盟合作伙伴雷诺以及三菱达成联合碳排放协议，但该协议在2024年便已经 结束。同时，在欧洲仅销售纯电和插电式混动汽车的比亚迪，则提供了更具吸引力的替代方案。 日产发言人称，"经过对潜在合作伙伴的全面评估，我们最终选择了比亚迪，因为它拥有充足的信用额 度，并且具备综合竞争力。这项协议使我们能够持续推进向零排放的转型。" 去年，由于日产在全球的销量以及利润的下滑，这家日本汽车制造商正陷入向资本市场与合作伙伴重新 证明价值的难题。 在今年一季度确定更换CEO后，日产重新确立了一项"降本与产品重塑"的战略计划，并正在全球范围内 进行革新。但在此之前，期望在欧洲扩大电动化车型产线的日产，仍需要面临严峻的欧洲碳排放法规。 日产Ariya 欧洲汽车新闻 外媒表示，日产曾一度凭借聆风（Leaf）车型成为纯电汽车领域的先驱，但截至今年8月，其只有艾睿 雅（Ariya）车型的销量值得关注。 根据数据分析机构Dataf ...

Core Viewpoint - Daming Electronics (603376) is set to debut on the Shanghai Stock Exchange on October 24, marking a significant milestone as a rare player in the automotive body electronic control systems sector within the A-share market [1][3]. Company Overview - Daming Electronics is one of the few domestic companies capable of researching and mass-producing complete automotive body electronic control systems, showcasing strong market competitiveness and long-term resilience in performance growth [3][4]. - The company has a clear growth trajectory, evolving from its origins as Huaxia Radio Factory in 1989, and has developed a diverse product range including driving assistance systems, cockpit control systems, intelligent optical systems, window control systems, and seat adjustment systems [4][5]. Market Position and Clientele - Daming Electronics has successfully integrated into the supply chains of major domestic automakers such as Changan Automobile, SAIC Group, BYD, and Geely, as well as foreign brands like Ford and Toyota, establishing stable partnerships [5][6]. - The company has demonstrated robust growth potential, with projected revenues of 1.713 billion yuan, 2.147 billion yuan, and 2.727 billion yuan from 2022 to 2024, alongside net profits of 143 million yuan, 196 million yuan, and 279 million yuan for the same period [6]. Technological Innovation - Daming Electronics emphasizes technological innovation as a core driver of growth, having accumulated significant expertise in structural design, mold development, manufacturing processes, and intelligent applications over more than 30 years [7][8]. - The company holds 166 patents, including 16 invention patents, reflecting its commitment to continuous innovation and technical advancement [7]. Industry Trends and Opportunities - The automotive industry is undergoing a transformation towards electrification and intelligence, presenting substantial growth opportunities for automotive component manufacturers [9]. - The global automotive electronics market is expected to grow from $217.9 billion in 2020 to $400.3 billion by 2028, with a compound annual growth rate of approximately 8% [9]. IPO and Future Prospects - Daming Electronics plans to raise 400 million yuan through its IPO, with approximately 300 million yuan allocated for a new plant project that will add an annual production capacity of 12.637 million sets of body electronic control systems [10]. - The company aims to enhance its operational scale, profitability, and market share through this capital raise, positioning itself as a leading supplier of comprehensive automotive body electronic control solutions [10].

Core Insights - September marked a record high in retail sales for the domestic passenger car market, driven by traditional sales peaks and the expiration of new energy consumption policies, with retail sales reaching 2.244 million units, a year-on-year increase of 6.4% and a month-on-month increase of 11.2% [1][2] Sales Performance - In September, the breakdown of sales by vehicle type showed that sedans, SUVs, and new energy vehicles all exceeded one million units, with new energy vehicle sales reaching 1.299 million units, up 15.7% year-on-year and 16.5% month-on-month [2][12] - The total retail sales for the first nine months reached 17.008 million units, reflecting a year-on-year growth of 19.2% [2] Brand Competition - The competitive landscape in the retail market showed a clear trend of "independent brands expanding comprehensively while joint ventures face collective pressure," with independent brands capturing 66.9% of the retail market share, a year-on-year increase of 3.6 percentage points [3][7] - BYD led the sales rankings with 347,353 units sold in September, maintaining a market share of 15.5%, despite a year-on-year decline [4][12] Manufacturer Rankings - In the September sales rankings, Geely ranked second with 232,460 units sold, achieving a remarkable year-on-year growth of 42.8% [4][5] - Changan and Great Wall Motors also showed strong performance, with sales of 138,396 units and 75,813 units respectively, reflecting year-on-year increases of 32.1% and 37.3% [5][7] New Energy Vehicle Market - The new energy vehicle market saw retail sales of 1.296 million units in September, marking a year-on-year increase of 15.5% and a penetration rate of 57.8%, up 5 percentage points from the previous year [11][12] - BYD maintained its leading position in the new energy market with sales of 347,353 units, while Geely and Changan also reported significant growth in their new energy vehicle sales [12][13] Emerging Players - New entrants like Leap Motor, Hongmeng Zhixing, and Xiaomi Auto have made their mark, with Leap Motor achieving a remarkable year-on-year growth of over 84% [15] - Xiaomi Auto's sales reached 41,948 units, reflecting a year-on-year increase of 209.4%, driven by the successful positioning of its main model [15]

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing up 0.65% at 26,027.55 points and a total turnover of HKD 2,646.57 million [1] - Short-term volatility is expected, but long-term growth is anticipated due to developments in the AI industry, improved US-China relations, and policy implementations [1] Blue-Chip Stocks Performance - China Life (02628) led blue-chip stocks, rising 6.04% to HKD 24.94, contributing 16.55 points to the Hang Seng Index [2] - The company projected a net profit of RMB 156.79 billion to RMB 177.69 billion for the first three quarters of 2025, representing a year-on-year increase of 50% to 70% [2] - Other notable blue-chip performances included BYD Electronics (00285) up 3.77%, Techtronic Industries (00669) up 3.7%, while China Telecom (00728) and China Resources Mixc Lifestyle (01209) saw declines [2] Sector Highlights - Major technology stocks saw gains, with Alibaba and Kuaishou both rising nearly 2%, and Tencent up 0.48% [3] - The Apple concept stocks performed well, driven by strong demand for the iPhone 17 series, with several companies in the supply chain seeing significant increases in stock prices [4] - Insurance stocks generally rose, with China Life and New China Life both reporting substantial profit increases for the first three quarters of 2025 [5] Automotive Sector - The automotive sector continued its upward trend, with Xpeng Motors (09868) up 3.75% and Geely Automobile (00175) up 3.23% [5] - The China Association of Automobile Manufacturers reported record production and sales for new energy vehicles in September, with year-on-year growth of 23.7% and 24.6% respectively [6] Oil and Gas Sector - Some oil and gas stocks strengthened, notably Sinopec Oilfield Service (01033) which surged 12% [7] - The "Deep Earth Economy" is gaining attention as a strategic emerging industry, focusing on resource exploration and underground space utilization [7] Notable Stock Movements - Jushuitan (06687) debuted with a 23.86% increase, closing at HKD 37.9, focusing on e-commerce SaaS solutions [8] - Tsugami Machine Tool (01651) reached a new high with a 9.63% rise, forecasting a 48% increase in net profit for the first half of the 2026 fiscal year [9] - Bosideng (03998) rose 9.11% as colder weather is expected to boost winter clothing sales [10] - Bilibili-W (09626) gained 8.88% following successful game releases [11] - Aux Electric (02580) increased by 7.59% after announcing a dividend payout plan [12]

Core Insights - The article discusses the significance of cooperation between China and the EU in global climate governance, especially in light of the upcoming COP30 conference and the challenges posed by funding and technology disparities between developed and developing countries [2][4]. Group 1: Climate Cooperation - China and the EU have committed to seven cooperation directions in global climate governance, aiming to submit their 2035 Nationally Determined Contributions (NDC) before COP30 [2]. - The collaboration between China and Europe is seen as a key driver for global green transformation, with both parties complementing each other rather than competing [4]. Group 2: Economic Opportunities in Green Transition - The green transition is framed as an economic necessity rather than a moral choice, presenting significant business opportunities [3]. - China has successfully reduced the costs of green technologies, making them accessible for developing countries, which can now pursue alternative development paths [3][6]. Group 3: Leadership and Challenges - The unpredictability of U.S. policies creates uncertainty, positioning China and the EU as potential leaders in global climate action [4]. - The EU currently faces leadership challenges, with frequent changes in political leadership and a lack of stability, which hampers its ability to lead in green transition efforts [8]. Group 4: Investment and Infrastructure - China is encouraged to promote its green enterprises to invest abroad, which can facilitate technology transfer and support green development in other countries [10]. - The article highlights the need for a more efficient global funding mechanism to address the climate adaptation funding gap of $215 billion per year for developing countries [10]. Group 5: Renewable Energy and Market Dynamics - China dominates the global electric vehicle market and solar photovoltaic component production, supplying 90% of the world's solar panels [6]. - The competitive landscape in solar energy has led to a significant reduction in costs, benefiting developing countries that adopt solar power [6]. Group 6: ESG and Sustainability - The article emphasizes the importance of ESG (Environmental, Social, and Governance) principles, advocating for a focus on substantive issues rather than bureaucratic compliance that burdens smaller enterprises [13].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector relative to the market benchmark [3][13]. Core Insights - The report highlights strong sales performance across key companies in the automotive sector, with notable increases in profitability and sales volumes for brands like BYD, Geely, and SAIC [3][4][5]. - The report emphasizes the importance of technological advancements and state-owned enterprise reforms as key drivers for investment opportunities in the automotive industry [3][4]. - The report suggests a focus on companies with strong performance metrics and growth potential, particularly in the context of electric vehicles and smart technology [3][4][5]. Summary by Relevant Sections Company Performance - BYD reported Q3 sales of 1.11 million units, with an estimated profit of approximately 8.5 billion, indicating a recovery in per-vehicle profitability to around 8,000 [3][4]. - Geely's Q3 sales showed a strong increase, particularly in mid-to-high-end models, with expected profits around 3.5 billion [3][4]. - NIO's Q3 sales reached 87,000 units, with a projected loss of about 2.5 billion, although gross margins are expected to improve [3][4]. - SAIC Group's Q3 profits are anticipated to be around 3.5 billion, supported by strong performance in both domestic and overseas markets [5]. - Other companies like Xpeng and Li Auto are also highlighted for their sales growth and strategic partnerships, which may enhance future profitability [7][8]. Investment Recommendations - The report recommends focusing on leading domestic manufacturers such as BYD, Geely, and Xpeng, as well as companies involved in smart technology like JAC Motors and Seres [3][4]. - It also suggests monitoring state-owned enterprises like SAIC and Dongfeng for potential consolidation opportunities [3][4]. - For component manufacturers with strong growth prospects, companies like Fuyao Glass and Silver Wheel are recommended due to their robust performance and international expansion capabilities [3][4][5].