交银国际指出，2026年新能源购置税减免政策调整（从全免到减半）有望刺激消费者在年底前集中购 车，叠加"金九银十"旺季和年末车企冲量，看好四季度车市销售表现。申万宏源指出，近期看到密集上 市一批改款车型，有望让火爆的Q4车市再上强度。对于整车可关注供给能有效释放的企业，如吉利、 比亚迪、长城，理想、蔚来等。 公开信息显示，港股通汽车ETF（159323）标的指数为港股通汽车指数（931239.CSI）。该指数高度聚 焦港股整车板块，乘用车含量在同类指数中领先，且拥有相对A股稀缺的造车新势力。此外，港股通汽 车指数囊括地平线机器人等智驾产业链标的，相较于A股汽车主题指数，该指数智驾含量更高。 10月14日早盘，恒生科技指数高开低走，港股汽车板块走强。主流ETF方面，A股同赛道规模最大的恒 生科技指数ETF（513180）跟随指数震荡，持仓股中，小鹏汽车、蔚来、京东集团、比亚迪股份、理想 汽车等涨幅居前；港股通汽车ETF（159323）一度涨超2%，小鹏汽车、京城机电股份、亿华通、潍柴 动力、吉利汽车、比亚迪股份等持仓股领涨。 ...

Core Insights - The automotive market in China showed positive growth in August, with retail sales reaching 1.995 million units, a year-on-year increase of 4.6% and a month-on-month increase of 8.2% [2][3] - In September, the cumulative registration of domestic passenger cars reached 1.9989 million units, a year-on-year increase of 0.9%, while new energy vehicles (NEVs) saw a significant year-on-year increase of 13.2% with 1.1667 million units registered [2][3] - The production and sales figures for August were 2.815 million and 2.857 million units respectively, reflecting month-on-month increases of 8.7% and 10.1%, and year-on-year increases of 13% and 16.4% [2][3] Market Performance - The CS automotive sector rose by 6.38% in September, outperforming the CSI 300 index by 3.18 percentage points and the Shanghai Composite index by 5.73 percentage points [3] - Year-to-date, the CS automotive sector has increased by 54.34%, significantly outperforming the CSI 300 and Shanghai Composite indices, which rose by 35.25% and 30.52% respectively [3] Cost Tracking - As of September 30, 2025, prices for float glass, aluminum ingots, and zinc ingots showed year-on-year changes of +7.4%, +3.7%, and -10.7% respectively, with month-on-month changes of +5.4%, -0.1%, and -1.6% [3] Inventory Levels - The inventory warning index for Chinese automotive dealers in September 2025 was 54.5%, indicating a year-on-year increase of 0.5 percentage points and a month-on-month decrease of 2.5 percentage points, remaining above the threshold [3] Market Focus - The report highlights advancements in autonomous driving and robotics, including Tesla's FSD version updates and various companies launching robotaxi services [4] - There is a strong emphasis on the growth of new energy vehicles and the introduction of new models from various manufacturers, including Tesla and Geely [4] Investment Recommendations - The report suggests focusing on domestic brands and electric vehicle trends, recommending companies like Leap Motor, JAC Motors, and Geely for their strong new product cycles [5] - It also highlights opportunities in the smart technology sector with companies like Coboda and Huayang Group, as well as in the robotics sector with Top Group and Sanhua Intelligent Control [5]

Core Viewpoint - The Hong Kong automotive stocks experienced a collective rebound, with significant gains observed in companies such as Xpeng Motors and BYD, driven by positive market expectations for the fourth quarter of the year [1] Group 1: Market Performance - Xpeng Motors and BYD saw price increases of approximately 4%, while NIO and Geely Motors rose nearly 3% [1] - Other companies like Chery Automobile, Beijing Automotive, GAC Group, Leap Motor, and Li Auto also experienced gains, albeit at lower percentages [1] Group 2: Industry Outlook - According to Cui Dongshu, Secretary-General of the China Passenger Car Association, the automotive market is expected to maintain stable growth in Q4 due to policy guidance and a strong growth foundation [1] - The adjustment of the new energy vehicle purchase tax exemption policy in 2026 is anticipated to stimulate consumer purchases before the end of the year, alongside the peak sales seasons of "Silver September and Golden October" [1] - The combination of high export growth and ongoing policy measures, such as trade-in programs and rural subsidies, is likely to lead to an upward revision of the annual market forecast [1]

Group 1 - Global automotive markets, except for Russia, showed growth in September and the first three quarters of the year, driven by various factors such as electric vehicle (EV) subsidies in the US and tax reforms in India [2] - In the US, electric vehicle sales surged before the expiration of a $7,500 subsidy, with Q3 sales exceeding 438,000 units, marking a record quarter and a market share of 10.5% [3][4] - Major automakers in the US reported increased sales, with Ford's sales up 8.2%, General Motors up 8%, and Hyundai up 13%, largely driven by electric vehicle demand [4] Group 2 - In Europe, the automotive market saw a slight increase in passenger car sales, with a total of 8.69 million units sold from January to August, a 0.4% year-on-year growth [6] - Chinese automakers, particularly BYD and SAIC, have become significant players in the European market, with BYD's sales skyrocketing by 280% [7] - The UK experienced its highest new car sales in September since 2015, driven by strong electric vehicle performance and government subsidies [8] Group 3 - India's automotive market showed resilience with a total of 3.8 million new vehicles sold in the first three quarters, a 2.3% increase year-on-year, supported by tax reforms [9][10] - The new GST 2.0 tax structure in India has significantly improved the affordability of small cars, boosting consumer confidence and sales [10] - In Japan, new car sales reached 3.465 million units in the first nine months, a 5% increase, although the market faced challenges in the latter part of the year [11][12] Group 4 - Brazil's automotive market reported a 2.9% increase in September sales, with a total of 1.91 million vehicles sold in the first nine months, driven by strong export performance [13][14] - The Brazilian government plans to reintroduce tariffs on electric and hybrid vehicles starting in 2024, aiming to stimulate local production [15] - Russian automotive sales plummeted by 23% in the first nine months, with a significant decline in new car sales due to geopolitical factors and rising costs [16][17]

Core Insights - The Galaxy brand of Geely has seen significant success with its small electric vehicle, the Xingyuan, which has sold over 40,000 units for four consecutive months, becoming the best-selling model in the A0 electric vehicle market [2][3] - The launch of the 2026 Xingyuan model, priced from 65,800 yuan, includes new color options and upgraded features to maintain market interest [2] - The growth of the small electric vehicle market in China has been driven by declining battery prices, improved configurations, and government incentives, leading to a resurgence in sales [2][3] Market Performance - The A0-level new energy vehicle sales reached 629,000 units in the first eight months of 2025, marking a 97.6% year-on-year increase [2] - Geely Galaxy's cumulative sales reached 1.45 million units by September 2023, with the Xingyuan accounting for nearly 30% of this total [4] - The Galaxy brand has also introduced other models with strong sales, including the Galaxy A7 and the Panda, contributing to its overall growth [4] Competitive Landscape - The small electric vehicle market has become increasingly competitive, with notable models from BYD and Wuling, among others [3] - Geely Galaxy's strategy focuses on both low-cost models and mid-to-high-end vehicles, with the recent launch of the flagship Galaxy M9 SUV showing promise in the higher-end market [4] - Despite the success of the Xingyuan, Geely Galaxy faces challenges in establishing a strong presence in the mid-to-high-end market compared to BYD [5]

| 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 09868 | (0) 小鹏汽车-W | 87.350 | 3.80% | | 01211 | 比亚迪股份 | 110.500 | 3.95% | | 09866 | 蔚来-SW | 56.900 | 2.61% | | 00175 | 吉利汽车 | 19.440 | 2.80% | | 09973 | 奇瑞汽车 | 31.460 | 2.34% | | 02473 | 喜相逢集团 | 10.360 | 2.07% | | 01958 | 北京汽车 | 2.080 | 1.46% | | 02015 | 理想汽车-W | 90.400 | 1.63% | | 02238 | 广汽集团 | 3.260 | 0.93% | | 09863 | 零跑汽车 | 62.000 | 0.65% | 港股汽车股集体反弹，其中，小鹏汽车、比亚迪股份涨约4%，蔚来汽车、吉利汽车涨近3%，奇瑞汽车 涨超2%，北京汽车、广汽集团、零跑汽车、理想汽车跟涨。 消息上，乘联分会秘书长崔东树昨日表 示，今年四季度车市在政策引导和高增 ...

Core Insights - The Honda Fit, once a popular compact car in China, has seen a dramatic decline in sales, with only 23 units sold in August 2025, marking a significant drop from its peak sales of 146,000 units annually [2][4][8] - The decline is attributed to changing consumer preferences towards electric vehicles (EVs) and the rise of domestic brands offering better value and technology [9][10][12] Sales Performance - In August 2025, the Fit's sales plummeted to just 23 units, a stark contrast to its previous high of 14.6 million units annually [2][4] - Cumulative sales for the first three quarters of 2025 reached only 2,676 units, with an average monthly sales of around 400 units in the first half of the year [4][8] - The Fit's sales dropped below double digits for the first time in July 2025, with only 75 units sold [4][8] Market Position - The Fit was once celebrated for its compact size, affordability, and fuel efficiency, appealing primarily to young consumers [5][7] - The vehicle's competitive edge has diminished as domestic brands like Geely and BYD have introduced electric models that outperform the Fit in terms of cost and technology [10][12][14] Consumer Shift - Many former Fit buyers are now opting for electric vehicles due to lower operating costs and advanced technology features [10][12] - For instance, the Geely Star Wish has a monthly operating cost of approximately 5.35 yuan per 100 km, significantly lower than the Fit's cost of about 39.6 yuan per 100 km [10][12] Brand Evolution - Honda is attempting to revitalize the Fit brand with a new model set to launch in the fourth quarter of 2025, which will include both gasoline and hybrid versions [19][20][22] - The new Fit will feature improved fuel efficiency, with the hybrid version achieving a WLTC combined fuel consumption of 3.8L/100km [22] Industry Context - The decline of the Fit reflects broader challenges faced by Japanese automakers in the Chinese market, with significant drops in profits reported by major brands like Honda, Toyota, and Nissan [18][19] - Honda is shifting its focus towards electric vehicles and has plans to launch a new electric brand in China, aiming to adapt to the evolving market landscape [19][20]

Global Macro - The report indicates that the likelihood of the proposed large-scale tariff increases by the US on China is low, despite recent announcements by President Trump regarding a 100% tariff increase on certain exports starting November 1, 2025 [3][4] - It is expected that both parties will likely reach a de-escalation arrangement during the upcoming summit, which would stabilize trade relations and create conditions for further economic stability [3][4] - Short-term fluctuations in Chinese assets are anticipated, but these should not alter the medium-term bullish trend, presenting potential buying opportunities [4] Automotive Industry - In September 2025, the penetration rate of new energy vehicles (NEVs) reached 57.8%, with retail sales of passenger vehicles hitting a record high of 2.241 million units, reflecting a year-on-year increase of 6.3% [5][7] - The export of passenger vehicles, including NEVs, maintained a strong growth momentum, with total exports reaching 528,000 units in September, a year-on-year increase of 20.7% [5][7] - The report suggests that the upcoming adjustment of the new energy vehicle purchase tax policy in 2026 is likely to stimulate consumer purchases before the end of the year, particularly during the peak sales season [7] - Investors are advised to remain cautious as the market may enter a consumption lull after the fourth quarter sales surge, with specific attention to stock price fluctuations in the sector [7]

Key Insights - The recent announcement by two departments regarding the governance of price disorder in the market is expected to stabilize the prices of epoxy propane and polyether, leading to a positive outlook for the chemical industry [3][4] - The chemical industry in China is anticipated to undergo a revaluation due to the reduction of overcapacity globally, which could enhance cash flow and dividend yields for companies in this sector [4] - The "Work Plan for Stable Growth in the Petrochemical Industry (2025-2026)" aims for an average annual growth of over 5% in the added value of the petrochemical industry, focusing on innovation and quality improvement [5][6] Industry Analysis - The chemical industry is expected to see a significant increase in demand for chromium salts due to the rising orders for gas turbines and commercial aircraft engines, with a projected shortfall of 250,000 tons by 2028 [8] - The report highlights four key investment opportunities in the chemical sector: low-cost expansion, improved industry conditions, new materials, and high dividend yields from state-owned enterprises [9][10] - The report emphasizes the importance of focusing on leading companies in various sub-sectors, such as Wanhua Chemical and Hualu Hengsheng, which are well-positioned to benefit from these trends [11] Market Trends - The report notes that the price of Brent and WTI crude oil has decreased by 3.53% and 4.04% respectively, indicating a potential impact on the chemical industry [12] - The domestic market for epoxy propane has shown a steady upward trend, supported by supply constraints and increased purchasing activity during the holiday season [13][14] - The report also mentions the stable pricing of various chemical products, including MDI and ammonium phosphate, suggesting a balanced supply-demand dynamic in the market [15][19] Company-Specific Insights - Companies like Zhenhua Co. are expected to benefit from the anticipated increase in demand for chromium salts, with a production capacity of 260,000 tons in 2024 [8] - The report highlights the performance of various companies in the chemical sector, including the stable pricing of products from companies like Yangu Huatai and Huafeng Chemical [16][23] - The report indicates that companies such as Yonghe Co. are projected to see significant profit growth in the upcoming quarters, with an expected net profit increase of over 200% [29]

2025年10月12日，由郑州市人民政府和中国汽车工程学会主办的2025"吉利杯"中国大学生方程式汽车大赛在郑州汽检中心智能网联汽车测试基 地圆满落幕。 吉林大学以总成绩927.61分的绝对实力再次夺冠，实现了六连冠。桂林航天工业学院、厦门理工学院分获亚军、季军。 颁奖典礼上，郑州市政府副秘书长陈立志在致辞中表示，本次大赛在郑州的成功举办，不仅为参赛选手提供了一个展示才华、交流学习的平台，更为郑 州市汽车产业的发展注入了新的活力和动力。 动态赛项之外，大学生们还要参加设计答辩、成本答辩、商业报告三个静态赛项，最终按总成绩排名，决出胜负。 中国大学生方程式汽车大赛由中国汽车工程学会于2010年主办，至今已连续举办十六届。已形成了包含中国大学生方程式汽车大赛、中国大学生电动方 程式大赛、中国大学生无人驾驶方程式大赛三项赛事。累积至今，大学生们已独立制造赛车2000余辆，并在造车实战的过程中，撰写技术论文上万篇。 赛车轰鸣散去，青春梦想延续。中国大学生方程式汽车大赛不仅是技术与速度的竞技场，更是一个促进学术交流、发掘、培养与输送人才、推动汽车产 业创新发展的广阔平台。 本届大赛共有70支车队报名，最终59支车队到场 ...