这家中国领先的汽车出口品牌于 9 月 25 日挂牌上市，融资逾 10 亿美元，其股价在前三个交易日内 累计上涨 4% ▶ 奇瑞股票自上周IPO以来取得稳健开局。与其国内最大竞争对手相比，市盈率仍有上升空间 ▶ 维持高增速将成为这家车企的首要挑战——正是这种增长态势使其跃居中国汽车出口榜首，并成为今 年国内第六大新能源车销售商 Key takeaways: 奇瑞汽车 （9973.HK）以发行价区间上限定价成功募资逾10亿美元，成为今年全球最大车企IPO，市场为之 振奋。而现在考验真正来临：作为中国本土汽车出口领头羊，奇瑞必须持续向长线投资者证明，为何其仍 是在国际巨头与本土劲敌混战的全球汽车红海中的优质标的。 估值维度显示，投资者已给予公司较强信心。但着眼长远，奇瑞须维持令人艳羡的增长动能——近期的出 口规模对增长贡献很大。在中国市场饱受产能过剩与激烈竞争困扰的态势下，随着利润率承压，公司还需 证明能实现长期盈利。 年内出口量突破关键临界值——占比超总销量一半——已成为奇瑞持续实现强劲双位数增长与盈利的重要 支撑。作为中国最早出海的车企之一，公司自2003年起稳居汽车出口榜首。但本土竞争对手亦在全力拓展 海外市 ...

9月1-27日，全国乘用车新能源市场零售103.9万辆，同比去年9月同期增长9%，较上月同期增长17%，全国乘用车新能源零售渗透率58.5%，今 年以来累计零售860.9万辆，同比增长24%;9月1-27日，全国乘用车厂商新能源批发115.4万辆，同比去年9月同期增长12%，较上月同期增长 21%，全国乘用车厂商新能源批发渗透率54.9%，今年以来累计批发1,009.8万辆，同比增长31%。 1.2025年9月全国乘用车市场零售销量走势 智通财经APP获悉，9月30日，乘联会发文称，9月1-27日，全国乘用车市场零售177.6万辆，同比去年9月同期增长0%，较上月同期增长12%， 今年以来累计零售1,654万辆，同比增长8%;9月1-27日，全国乘用车厂商批发210.3万辆，同比去年9月同期增长1%，较上月同期增长16%，今 年以来累计批发2,014.5万辆，同比增长12%。 | | 1-7日 | 8-14日 | 15-21日 | 22-27日 | 28-30日 | 1-27日 | 毛目 | | --- | --- | --- | --- | --- | --- | --- | --- | | 23年 | 4 ...

据中国汽车工业协会整理的海关总署数 据显示 ， 20 2 5 年 8 月 , 汽车整车出口 76.3 万辆，环 比增长 10.0% ，同比增长 25.1% ，出口金额达 128.2 亿美元，环比增长 8.3% ，同比增长 17.3% 。 来源： 中汽协会行业信息部 2025 年 1 - 8 月， 汽车整车出口 492.8 万辆，同比增长 20.4% ；出口金额达 843.1 亿美元，同 比增长 10.8% 。 ...

Group 1 - The automotive industry chain experienced significant movements today, with multiple stocks such as Disenli, Wanxiang Qianchao, and Tianqimo reaching their daily limit up [1][2] - Seres' market capitalization surpassed 260 billion yuan, hitting a historical high, with a peak stock price of 163.52 yuan per share [2] - Analysts predict that as the price war in the passenger car market eases, the profitability of car manufacturers is expected to recover in the second half of the year [7][8] Group 2 - In August, China's automotive industry returned to a growth trend, with production and sales reaching 2.815 million and 2.857 million units respectively, marking a month-on-month increase of 8.7% and 10.1% [3] - New energy vehicles (NEVs) accounted for 48.8% of total new car sales in August, indicating a steady increase in market penetration [3] - The China Automobile Dealers Association anticipates strong consumer demand in September due to seasonal factors, projecting total passenger car sales to reach 2.2 million units [3][4] Group 3 - From January to August, China's automotive exports reached 4.94 million units, with a year-on-year growth rate of 21% [5][6] - The export of new energy vehicles in August was 315,000 units, reflecting a year-on-year increase of 83% [5] - Analysts expect that by 2025, China's new energy vehicle penetration rate will exceed 50%, with significant growth in overseas markets [6][7] Group 4 - The Ministry of Industry and Information Technology has issued a growth stabilization plan for the automotive industry, aiming to set clear growth targets and specific measures [8] - The ongoing "trade-in" policy is expected to stimulate consumer demand in the automotive market [8] - The development and commercialization of intelligent driving technology are anticipated to create investment opportunities in related component industries [8]

Core Viewpoint - Chery Automobile has successfully listed on the Hong Kong Stock Exchange, raising HKD 91.45 billion, positioning itself as a leading player in the automotive industry with significant growth potential and a strong export record [4][6]. Group 1: Company Overview - Chery Automobile was founded in a modest setting in Wuhu, Anhui, and has grown to become a prominent Chinese automotive brand, known as the "King of Exports" [6][8]. - The company has achieved remarkable revenue growth, with projected revenues of CNY 926.18 billion, CNY 1,632.05 billion, and CNY 2,698.97 billion from 2022 to 2024, reflecting a compound annual growth rate (CAGR) of 70.7% [4][6]. - Chery's net profit is expected to grow from CNY 58.06 billion in 2022 to CNY 143.34 billion in 2024, with a CAGR of 57.1% [4][6]. Group 2: Market Position and Performance - In the first eight months of this year, Chery exported 798,800 vehicles, marking a 10.8% year-on-year increase, maintaining its position as the top exporter of Chinese automobiles [4][7]. - In the first half of 2025, the domestic automotive market saw sales of 15.65 million units, with Chery leading the export segment with 548,000 units sold, a 10.4% increase [7][8]. Group 3: Leadership and Strategic Development - The success of Chery is attributed to its chairman and general manager, Yin Tongyue, who has been instrumental in the company's growth over the past 21 years [7][8]. - Yin Tongyue's background includes extensive experience in the automotive industry, having worked at major companies before founding Chery, which has allowed him to navigate the challenges of the domestic market effectively [8][9]. Group 4: Investment and Shareholder Dynamics - Chery's IPO has significantly benefited its largest shareholder, Wuhu Investment Holdings, which holds a 21.17% stake, translating to a market value of over HKD 400 billion [14][15]. - The company has undergone several changes in its shareholding structure, with significant investments from IDG Capital, which has supported Chery's growth and international expansion [10][11]. Group 5: Future Prospects and Industry Impact - Chery plans to utilize the funds raised from its IPO to enhance research and development in fuel vehicles, new energy vehicles, and smart driving technologies, as well as to expand its production facilities in Anhui [15]. - The establishment of new projects, such as a partnership with Huawei to create a smart vehicle production super factory, aims to solidify Wuhu's position in the global automotive supply chain [15].

Group 1 - Chery Automobile (9973.HK) has officially listed on the Hong Kong Stock Exchange, marking a significant step in its internationalization journey [1][5] - The company is headquartered in Wuhu, China, and offers a diverse range of passenger vehicles, including both fuel and new energy vehicles, to meet the evolving demands of domestic and international markets [6][8] - According to Frost & Sullivan, Chery is the second largest independent passenger vehicle brand in China and the eleventh largest globally based on projected sales in 2024 [6] Group 2 - Chery is the only company among the top twenty global passenger vehicle manufacturers to achieve over 25% growth in sales for both new energy and fuel vehicles, as well as in domestic and overseas markets compared to 2023 [8][27] - The company has exported vehicles to over 100 countries and regions, with cumulative global sales exceeding 13 million units [26] - In 2024, Chery's passenger vehicle sales in China are expected to grow by 56% compared to 2023, while new energy vehicle sales are projected to increase by 277.3% [27] Group 3 - Chery has maintained its position as the top exporter of passenger vehicles among Chinese independent brands for 22 consecutive years since 2003 [28] - The company has a diverse brand matrix, including Chery, Jetour, and iCAR, targeting various consumer segments from family users to tech-savvy younger generations [30][31] - Chery's competitive advantages include strong R&D capabilities, a global market presence, and a collaborative innovation ecosystem [33] Group 4 - Financial data indicates that Chery's revenue is projected to grow from RMB 92.618 billion in 2023 to RMB 163.205 billion in 2024 [37] - The gross profit is expected to increase from RMB 26.090 billion in 2023 to RMB 36.308 billion in 2024 [39]

Core Viewpoint - Chery Automobile has successfully listed on the Hong Kong Stock Exchange, marking a significant step in its internationalization journey and opening a new chapter for the company [1] Company Overview - Chery Automobile designs, develops, manufactures, and sells a diverse and expanding range of passenger vehicles, including both fuel and new energy vehicles, under five brands: Chery, Jetour, Exeed, iCAR, and Zhijie [1] - According to Frost & Sullivan, Chery is the second-largest domestic passenger car company in China and the eleventh-largest globally based on projected sales for 2024 [1] Sales Growth - The company is expected to achieve a 49.4% year-on-year growth in passenger vehicle sales in 2024, leading the growth rate among the top 20 global passenger car companies [1] Market Position - Chery has achieved several notable milestones this year, including being the top exporter of Chinese automobiles, holding the highest market share in the SUV segment, ranking first in global growth among Fortune Global 500 companies, and leading in quality among domestic brands [1] Government Support - Central government initiatives, such as subsidies for new energy vehicles, export tax rebates, and diplomatic efforts (e.g., the Belt and Road Initiative), have facilitated Chery's accelerated overseas expansion [1] Historical Performance - Since 2003, Chery has maintained its position as the top exporter of Chinese passenger vehicles for 22 consecutive years, highlighting its sustained global competitive advantage [1] IPO Details - The IPO attracted 13 cornerstone investors, including well-known institutions, upstream and downstream enterprises, and local governments, with total subscriptions amounting to $587 million (approximately HKD 4.573 billion) [2] - Notable investors include state-owned fund Jingquan Shanrui, Hillhouse Capital, and various A-share companies participating through their subsidiaries [2] Future Plans - The funds raised from the IPO will be directed towards research and development, electric vehicle upgrades, and overseas expansion, indicating the company's ambition to penetrate the global market [1]

Core Viewpoint - Chery Automobile (09973) has successfully listed, pricing each share at HKD 30.75, with a total issuance of 297 million shares, resulting in a net amount of approximately HKD 8.879 billion. The stock has seen an increase of 11.22%, trading at HKD 34.2 with a transaction volume of HKD 678 million [1] Group 1: Company Performance - Since its establishment in 1997, Chery has focused on industry innovation and international market penetration, providing high-quality passenger vehicles to global users [1] - According to Frost & Sullivan, Chery ranks as the second largest domestic brand passenger vehicle company in China and the eleventh largest globally based on projected 2024 passenger vehicle sales [1] - Chery is the only company among the top twenty global passenger vehicle manufacturers in 2024 to achieve over 25% year-on-year growth in four key metrics: new energy vehicles, fuel vehicles, domestic sales, and overseas sales [1] Group 2: Export and Market Position - Chery has maintained the top position in passenger vehicle exports among Chinese domestic brands for 22 consecutive years since 2003 [1] - The company ranks first among Chinese domestic brands in passenger vehicle sales in Europe, South America, and the Middle East and North Africa as of the nine months ending September 30, 2024, and second in North America and Asia (excluding China) [1]

Group 1 - The core viewpoint of the article highlights the performance of the passenger car market in China, indicating a stable retail trend in September 2025 compared to previous years, with a slight year-on-year growth [1][5] - From September 1 to 21, 2025, the national retail sales of passenger cars reached 1.191 million units, a year-on-year increase of 1% and an 8% increase compared to the previous month [1][5] - The cumulative retail sales for the year reached 15.955 million units, reflecting a 9% year-on-year growth [1][5] Group 2 - The retail sales of new energy vehicles from September 1 to 21, 2025, amounted to 697,000 units, marking a 10% year-on-year increase and an 11% increase from the previous month [1][5] - The penetration rate of new energy vehicles in the passenger car market reached 58.5%, with cumulative retail sales for the year at 8.267 million units, a 24% year-on-year increase [1][5] - The article notes that the market is entering the traditional peak season of "Golden September and Silver October," with various local subsidies encouraging consumer purchases [5] Group 3 - The wholesale performance of passenger cars from September 1 to 21, 2025, showed 1.307 million units sold, a 0% year-on-year change and a 16% increase from the previous month [9] - Cumulative wholesale sales for the year reached 19.349 million units, reflecting a 12% year-on-year growth [9] - The article discusses the cautious approach of manufacturers in increasing domestic sales while maintaining price stability and reducing dealer inventory pressure [9]

Group 1: Market Overview - From September 1 to 21, 2025, the national passenger car retail market reached 1.191 million units, a year-on-year increase of 1% and an 8% increase compared to the previous month. Cumulative retail for the year is 15.955 million units, up 9% year-on-year [2][5] - During the same period, wholesale of passenger cars reached 1.307 million units, showing no year-on-year growth but a 16% increase from the previous month. Year-to-date wholesale totals 19.349 million units, up 12% year-on-year [2][9] Group 2: New Energy Vehicles - Retail sales of new energy passenger vehicles from September 1 to 21 reached 697,000 units, a 10% year-on-year increase and an 11% increase from the previous month. The penetration rate for new energy vehicles is 58.5%, with cumulative retail for the year at 8.267 million units, up 24% year-on-year [2][5] - Wholesale of new energy vehicles during the same period was 724,000 units, also a 10% year-on-year increase and a 19% increase from the previous month. Year-to-date wholesale totals 9.668 million units, up 31% year-on-year [2][5] Group 3: Market Trends and Challenges - The market is experiencing a stable start in September 2025, with performance similar to 2023 but weaker than September 2024. The "trade-in" policy initiated in late July 2024 has positively impacted sales, but some regions are cautious about the sustainability of subsidies [5][6] - The introduction of new models at the Chengdu Auto Show has generated significant interest, but the overall contribution of new models is below expectations due to a lack of entry-level popular models [6] Group 4: Wholesale Trends - Daily average wholesale for passenger cars in the first three weeks of September showed a mixed performance, with a decline in the first week but growth in the subsequent weeks. The cumulative wholesale for the first 21 days is 1.307 million units, reflecting a 0% year-on-year change [9][10] - Major manufacturers are focusing on maintaining price stability and reducing dealer inventory pressure, indicating cautious optimism in domestic sales growth [9] Group 5: Commercial Vehicles - The domestic commercial vehicle market saw a 14% year-on-year increase in insurance data, with August sales reaching 246,000 units. Year-to-date sales for commercial vehicles are 2.01 million units, up 8% year-on-year [10][11] - The penetration rate of new energy commercial vehicles has significantly increased, reaching 25% in the first eight months of 2025, indicating strong growth in this segment [11] Group 6: Future Outlook - The "14th Five-Year Plan" anticipates a total automotive sales volume of 40 million units, with an average annual growth rate of 3%. The growth is expected to be driven by increased domestic demand and exports [12][13] - The potential for growth in the automotive market is attributed to the expansion into lower-tier cities, the impact of electrification on vehicle ownership cycles, and the increasing share of Chinese brands in international markets [13] Group 7: International Market Analysis - The Russian automotive market saw a significant increase in sales in 2024, with a total of 1.83 million units sold, but a decline in 2025. Chinese brands have captured over 60% of the market share in Russia, indicating strong performance [14][15] - Chinese automakers are adopting various strategies to enhance their presence in the Russian market, including local production and supply chain restructuring to mitigate risks associated with tariffs and delivery times [16]