Core Viewpoint - The current trend of Chinese automotive companies going global is not only a sign of industry upgrade but also a focal point for capital market attention, with companies that can sustain overseas expansion and penetrate high-barrier markets expected to enjoy higher valuation levels [1][4]. Summary by Sections Export Performance - In the first three quarters of this year, China's automotive export volume reached 4.95 million units, a year-on-year increase of 14.8%. In September alone, the export volume was 652,000 units, up 21% year-on-year, indicating strong momentum [1]. - Chery's export performance stands out, with a single-month export of 137,624 units in September, a year-on-year increase of 26.2%, setting a new record. From January to September, Chery exported a total of 936,428 units, up 12.9% year-on-year [1][5]. Market Positioning - Chery leads the industry with an export volume that is double that of the second-ranked company, showcasing its strong scale effect. The models Chery exported, such as the Tiggo 7 and Tiggo 5X, consistently ranked among the top two in September [5][6]. - Chery has maintained its position as the top exporter of passenger cars in China for 22 consecutive years, achieving significant milestones such as the first Chinese brand to export over 5 million units cumulatively [8][9]. Growth Logic - Chery's success in overseas markets is attributed to its dual strategy of "technology defining standards" and "localization reconstructing ecosystems." The company has established a robust technological foundation through its "Yaoguang 2025" strategy, which includes five core technology matrices [11][12]. - Chery's global expansion is supported by eight R&D centers worldwide, allowing for localized product adaptations to meet regional market demands [11][12]. Financial Performance - Chery's overseas revenue has shown a consistent upward trend, with revenues of 30.39 billion yuan, 77.06 billion yuan, 100.90 billion yuan, and 26.29 billion yuan from 2022 to the first quarter of 2025, representing 32.8%, 47.2%, 37.4%, and 38.5% of total revenue respectively [10]. - The company plans to establish 45 sales outlets in Europe by the end of 2025, expanding to 100 by 2026, which will further solidify its market presence and revenue growth [17][18]. Investment Potential - Chery is transitioning from an "export champion" to a "global industrial ecosystem builder," which is expected to release significant value for investors. The company's focus on high-value markets like Europe positions it for quality growth [17][18]. - Chery's current PE TTM is 10.10, which is considered undervalued in the context of the recent automotive sector pullback. The company is expected to achieve revenues of 269.90 billion yuan and a net profit of 14.33 billion yuan in 2024, indicating a robust operational style [18][19]. Conclusion - Chery's impressive export achievements are the result of over two decades of commitment to globalization, technology development, and localization. This case serves as a benchmark for the global competitiveness of Chinese automotive brands, emphasizing the importance of solid technological foundations and sustainable global strategies [22].

Core Viewpoint - The new Geely Xingyuan has quickly gained popularity since its launch, with cumulative sales exceeding 400,000 units in one year, and the new model was released on October 10 with a starting price of 65,800 yuan, maintaining its classic design and rich features [1][17]. Group 1: Sales and Market Performance - The dealership experienced a busy day with many consumers present, indicating strong interest in the vehicle despite it being a weekday [3]. - The new model's pricing strategy includes a limited-time offer starting at 65,800 yuan, which enhances its competitiveness in the A0 electric vehicle market [17]. Group 2: Vehicle Features and Specifications - The new Geely Xingyuan features the Galaxy Flyme Auto intelligent cockpit system, with a 10.1-inch screen for the 310km version and a 14.6-inch screen for other models [8]. - The vehicle is equipped with a dual-zone voice interaction system that can understand both clear commands and vague expressions, enhancing user experience [10]. - The 310km version has a maximum output power of 58kW and a torque of 130N·m, while the 410km version offers 85kW and 150N·m [11]. Group 3: Driving Experience - The vehicle's rear-wheel drive layout improves driving efficiency and responsiveness, with three driving modes available: energy-saving, comfort, and sport [13]. - The suspension system, featuring a front MacPherson and rear multi-link independent setup, provides superior handling stability and comfort, effectively filtering out road imperfections [15]. Group 4: Pricing and Financing Options - For the 310km Dream Edition, the total cost after additional fees is approximately 79,100 yuan, with financing options available, including a two-year interest-free service [16].

Core Insights - The 2025 World Intelligent Connected Vehicle Conference opened in Beijing, where Cao Cao Mobility announced significant advancements in its Robotaxi fleet, becoming the first platform globally to scale the application of low-orbit satellite communication technology in Robotaxi operations [2][3] - Geely Holding Group's Chairman Li Shufu emphasized the importance of Cao Cao Mobility as the primary commercial vehicle for Robotaxi, enhancing emergency response capabilities and operational safety through stable satellite communication services provided by the Geely constellation [2] - The integration of satellite communication technology allows vehicles to maintain stable connections with the operation center even in areas with unstable 4G/5G signals, significantly improving safety redundancy and operational reliability in various scenarios [2] Company Developments - Cao Cao Mobility's CTO Qiang Qi highlighted that safety is a prerequisite for the commercial deployment of autonomous driving, and the introduction of satellite communication is crucial for building an integrated safety system [3] - The company is accelerating the deployment of the second generation of Robotaxi vehicles and collaborating with Geely and business partners to develop customized vehicles with pre-installed proprietary autonomous driving components and applications [3] - The collaboration reflects the internal ecological synergy within Geely Holding Group, with Space-Time Daoyu's CTO Ding Sheng noting the importance of an integrated information network for smart transportation [3]

Core Viewpoint - The article provides a comprehensive overview of new car models set to launch in October 2025, detailing specifications, pricing, and market segments for various manufacturers [2][4][6]. Group 1: New Car Launches - FAW-Volkswagen is set to launch the Sagitar and Magotan on October 10, 2025, both classified as A NB with no major engineering changes, priced between 14.99 and 20.69 million yuan [2][17]. - Geely Auto will introduce the Xingyuan on October 10, 2025, an AO HB model with a price range of 6.88 to 9.88 million yuan, featuring electric powertrains [22][25]. - BYD will launch the Seal 05 DM-i on October 11, 2025, an A NB model priced at 7.98 million yuan, equipped with a 1.5L plug-in hybrid engine [30][33]. - The Hongqi Guoyao from FAW Car will debut on October 11, 2025, as a D SUV with a price range of 156.00 to 166.00 million yuan, featuring a 4.0T engine [38][41]. - The Zeekr 001 from Geely will launch on October 11, 2025, as a C HB model priced between 26.98 and 32.98 million yuan, featuring electric powertrains [46][49]. Group 2: Specifications and Features - The Sagitar features a 1.5T engine with a DCT7 transmission, dimensions of 4,791mm x 1,801mm x 1,465mm, and a wheelbase of 2,731mm [9]. - The Magotan offers two engine options: a 1.4T and a 2.0T, with dimensions of 4,866mm x 1,832mm x 1,479mm and a wheelbase of 2,871mm [17]. - The Xingyuan has a length of 4,135mm (or 4,155mm), width of 1,805mm, and height of 1,570mm, with a wheelbase of 2,650mm [25]. - The Seal 05 DM-i has dimensions of 4,780mm x 1,837mm x 1,515mm and a wheelbase of 2,718mm, featuring a 1.5L engine and E-CVT transmission [30][33]. - The Hongqi Guoyao measures 5,695mm x 2,095mm x 2,010mm with a wheelbase of 3,309mm, powered by a 4.0T engine [38][41]. Group 3: Market Segments - The new models span various market segments, including A NB, B NB, C HB, and D SUV, indicating a broad strategy to capture different consumer preferences [2][4][22]. - The pricing strategy reflects a competitive approach, with models like the Xingyuan targeting budget-conscious consumers while the Hongqi Guoyao aims at the luxury segment [25][38].

格隆汇10月17日丨吉利汽车(00175.HK)公告，董事会会议将于2025年11月17日(星期一)上午十一时，假 座香港湾仔港湾道23号鹰君中心23楼2301室举行，以审议及批准(其中包括)公司及其附属公司截至2025 年9月30日止9个月未经审核季度业绩。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並表明不會就因本公佈全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 張頌仁 香港，二零二五年十月十七日 175 80175 董事會會議日期 吉利汽車控股有限公司（「本公司」）董事會（「董事會」）欣然宣佈，董事會會議將於二零二 五年十一月十七日（星期一）上午十一時，假座香港灣仔港灣道23號鷹君中心23樓2301室 舉行，以審議及批准（其中包括）本公司及其附屬公司截至二零二五年九月三十日止九個 月未經審核之季度業績。 承董事會命 吉利汽車控股有限公司 公司秘書 GEELY AUTOMOBILE HOLDINGS LIMITED 於本公佈日期，本公司執行董事為李書福先生（主席）、李東輝先生（副主席）、桂生悅先 生（行政總裁）、淦家閱先生及毛鑒明先生；而本公司獨立非執行董事為高劼女士、俞麗 萍女士、朱寒松先生及曾瀞漪女士。 ...

#一星机器人已解散#【成立不到半年，李书福儿子坐镇的项目被曝原地解散，公司公众号已清空内容！ 1个月前还获数亿元融资】#李书福之子创立一星机器人已解散# 一家头顶光环的具身智能公司突然走到 了命运拐点。近日，关于具身智能创业公司一星机器人（OneStar）解散的传闻逐渐发酵。据第一财经 报道，该公司确实处于解散阶段。 一星机器人由浙江吉利控股集团有限公司股东、吉利集团创始人之子李星星在今年5月发起创立。公司 在今年8月宣布完成"亲友轮"融资，本轮融资由曹操出行、晶能微电子等吉利相关产业的过往投资者参 与。 就在上个月，一星机器人还官宣完成数亿元种子轮融资。BV百度风投、同创伟业、银河通用、蓝黛科 技等参与投资。 公众号 - D 一架相器人 OneStar一星机器人 天眼查显示，苏州一星机器人法定代表人为潘运滨。公司的股东阵容经股权穿透后，显示为李星星、潘 运滨、李妮。除了李星星之外，潘运滨来自也吉利核心圈层，曾担任吉利卫星板块总裁，现任吉利半导 体公司CEO，也担任一星机器人的董事长。 据第一财经报道，一知情人士称："当前一星机器人中有吉利背景的相关人员已经基本撤出。" 目前一星机器人的微信公众号"OneSt ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Overseas risk - aversion sentiment is fermenting. A - shares are experiencing wide - range fluctuations and increased differentiation. In the short - term, the stock market is expected to be weak, while in the long - term, there is value in bargain - hunting. The bond market is expected to be strong in the short - term [2][3]. - Precious metals are expected to continue their upward trend, and the short - squeeze in silver is still ongoing. The international silver price is expected to reach $60 per ounce [4][5]. - Copper prices are expected to continue to fluctuate in the short - term, and attention should be paid to the evolution of Sino - US trade relations [6][7]. - Aluminum prices are expected to maintain a favorable trend due to good fundamentals [8]. - Alumina prices are expected to remain weak in the short - term, but the downward space is limited [9][10]. - Zinc prices are expected to continue to fluctuate in a narrow range, waiting for macro - factor guidance [11]. - Lead prices are under adjustment pressure due to the weakening of fundamental support [12]. - Tin prices are expected to maintain a high - level oscillation [13][14]. - Industrial silicon prices are expected to maintain a low - level oscillation in the short - term [15][16]. - Lithium prices are cautiously bullish in the short - term [17][18]. - Nickel prices are expected to oscillate strongly [19][20]. - Attention should be paid to the opportunity of correcting the price difference between soda ash and glass [21][22]. - Steel prices are expected to oscillate under pressure [23][24]. - Iron ore prices are expected to oscillate and adjust [25]. - Bean and rapeseed meal prices are expected to oscillate weakly in the short - term [26][27]. - Palm oil prices are expected to oscillate widely in the short - term [28][29]. Summary by Related Catalogs 1. Metal Main Variety Trading Data - The report provides yesterday's trading data of main metal futures, including closing prices, changes, change percentages, trading volumes, and open interests of various metal contracts such as copper, aluminum, zinc, lead, etc. [30] 2. Industrial Data Perspective - **Copper**: SHFE copper main contract price dropped, LME copper price rose. LME copper inventory decreased, and SHFE copper inventory remained unchanged. The spot premium of SHFE copper remained stable, and the LME copper premium decreased [31]. - **Nickel**: SHFE nickel main contract price rose, LME nickel price rose. SHFE nickel warehouse receipts decreased, and LME nickel inventory increased [31]. - **Zinc**: SHFE zinc main contract price dropped, LME zinc price rose. SHFE zinc warehouse receipts increased, and LME zinc inventory decreased [34]. - **Lead**: SHFE lead main contract price rose, LME lead price rose. SHFE lead warehouse receipts remained unchanged, and LME lead inventory increased [34]. - **Aluminum**: SHFE aluminum main contract price rose, LME aluminum price rose. SHFE aluminum warehouse receipts increased, and LME aluminum inventory decreased [34]. - **Alumina**: SHFE alumina main contract price dropped, and the national average spot price of alumina decreased. SHFE alumina warehouse receipts decreased [34]. - **Tin**: SHFE tin main contract price dropped, LME tin price rose. SHFE tin warehouse receipts decreased, and LME tin inventory remained unchanged [34]. - **Precious Metals**: COMEX gold and silver prices rose. There were changes in the price differences between futures and spot prices of gold and silver [34]. - **Steel and Iron Ore**: The prices of rebar, hot - rolled coils, and iron ore futures had different trends. There were also changes in relevant price differences and shipping rates [36]. - **Coking Coal and Coke**: The prices of coking coal and coke futures rose. There were changes in price differences and basis [36]. - **Lithium**: The price of lithium carbonate futures rose, and relevant spot prices remained stable [36]. - **Industrial Silicon**: The price of industrial silicon futures rose, and relevant spot prices had different trends [36]. - **Bean and Rapeseed Meal**: CBOT soybean and bean oil prices rose, and the prices of bean and rapeseed meal futures had different trends. There were also changes in import prices and price differences [36][38].

Group 1 - The automotive industry is increasingly focusing on safety and technology integration to enhance vehicle performance and consumer trust [19][50][60] - Companies are investing in smart vehicle technologies and advanced safety features to meet evolving market demands [49][61] - The shift from traditional automotive manufacturing to smart and connected vehicles is becoming a key trend in the industry [41][42][43] Group 2 - The market is witnessing a rise in the adoption of intelligent driving solutions, which are expected to improve overall safety and reduce accident rates [50][70] - Companies are exploring new business models and partnerships to leverage technological advancements in the automotive sector [18][19][22] - The emphasis on safety and technology is likely to drive competitive advantages for companies that successfully innovate in these areas [31][32][36]

10月16日，大明电子股份有限公司（简称"大明电子"）披露招股意向书、发行安排及初步询价公告、招 股意向书提示性公告，证券代码为603376，拟在上交所主板上市。 根据招股书，本次募集资金扣除发行费用后将全部投入募集资金投资项目，"大明电子（重庆）有限公 司新建厂区项目（二期）"和"补充流动资金"。 大明电子专注于汽车电子零部件配套领域，是一家专业从事汽车车身电子电器控制系统设计、开发、生 产和销售的综合解决方案供应商。它深耕该领域三十余年，逐渐实现汽车车身电子电器控制系统全系列 产品设计自主化、品种多样化，形成了核心生产工艺技术并实现产业化。从单一零部件到全系列控制系 统，从跟跑者到细分领域引领者，其发展逻辑始终围绕技术护城河展开。 大明电子公司及子公司共获得166项专利权，其中发明专利16项。更值得关注的是其研发投入强度—— 2024年研发费用达1.19亿元，占营收比例4.37%。同时，大明电子获得国家级"专精特新小巨人"企 业、"省级高新技术企业研究开发中心"、"省级企业研究院"等荣誉称号。这种对技术的长线投入，让其 产品在可靠性、集成度等关键指标上形成显著优势。 在汽车产业链中，能与头部车企深度绑定， ...