2025年10月11日，比亚迪（002594）汉长续航版正式上市。新车聚焦美学、舒享、生态、智能、安全、 效能六大维度豪华进阶。汉DM-i长续航版纯电续航提升至245公里，亏电油耗仅3.44L/100km，汉EV长 续航版百公里电耗更低至10.6kW·h。同时新车升级搭载TBC高速爆胎稳行系统、云辇-C智能阻尼车身控 制系统等，并带来全新车色、内饰用料与舒享配置全面升级。 作为中国品牌向上突破的时代标杆，比亚迪汉家族始终致力于为用户打造高品质出行体验。至今，汉家 族累计销量已超百万辆，树立了重要的市场里程碑。在此基础上，全新推出的汉长续航版，正是汉家族 深度践行"用户思维"、回应市场需求的又一诚意力作。 动力系统技术跃升，彰显百万硬实力 汉长续航版直面用户核心关切，在续航与能耗上实现重大突破。汉DM-i长续航版全系标配第五代DM技 术，通过首发动力域控7合1系统，纯电续航达到245公里，轻松满足用户一周通勤零油耗需求。而 3.44L/100km超低亏电油耗、1560km综合续航里程，更让用户畅享"跨省出行不焦虑"的诗和远方。 汉EV长续航版则搭载全新八合一智能电驱系统，纯电续航起步635公里，最高705公里， ...

2025年10月11日，比亚迪汉长续航版正式上市。新车聚焦美学、舒享、生态、智能、安全、效能六大维度豪华进阶。汉DM-i长续航版纯电续航提升至245公 里，亏电油耗仅3.44L/100km，汉EV长续航版百公里电耗更低至10.6kW·h。同时新车升级搭载TBC高速爆胎稳行系统、云辇-C智能阻尼车身控制系统等，并 带来全新车色、内饰用料与舒享配置全面升级。 作为中国品牌向上突破的时代标杆，比亚迪汉家族始终致力于为用户打造高品质出行体验。至今，汉家族累计销量已超百万辆，树立了重要的市场里程碑。 在此基础上，全新推出的汉长续航版，正是汉家族深度践行"用户思维"、回应市场需求的又一诚意力作。 动力系统技术跃升，彰显百万硬实力 汉长续航版直面用户核心关切，在续航与能耗上实现重大突破。汉DM-i长续航版全系标配第五代DM技术，通过首发动力域控7合1系统，纯电续航达到245 公里，轻松满足用户一周通勤零油耗需求。而3.44L/100km超低亏电油耗、1560km综合续航里程，更让用户畅享"跨省出行不焦虑"的诗和远方。 生态、智能齐发力，诠释百万智慧实力 新车着眼于家庭出行的真实场景，深度整合的智能生态尤为亮眼，与好孩子智能 ...

Group 1: Company Insights - The report highlights the continuous improvement in the financial performance of Guoshengtang, with a revenue of 1.495 billion yuan in H1 2025, representing a 9.5% year-on-year increase, and a net profit of 152 million yuan, up 41.9% year-on-year [3][4] - Guoshengtang has launched 10 AI models in traditional Chinese medicine, enhancing service quality and patient experience through AI technology [3] - The company has maintained a high cash dividend and stock repurchase ratio, with a mid-year dividend of 0.35 HKD per share and a total repurchase amount of 166 million HKD as of October 3, 2025 [4] Group 2: Industry Trends - The report notes that the industrial automation sector is experiencing a recovery, with Inovance Technology achieving a revenue of 20.509 billion yuan in H1 2025, a 26.73% increase year-on-year, and a net profit of 2.968 billion yuan, up 40.15% year-on-year [17][19] - The electric vehicle sector is also highlighted, with Inovance's revenue from this segment reaching 9 billion yuan in H1 2025, a 50% increase year-on-year, driven by new model launches and increased production [20] - The automotive industry is seeing a shift towards high-end and intelligent upgrades, supported by government policies encouraging vehicle replacement, which is expected to boost sales in 2025 [33]

Investment Rating - The report maintains an investment rating of "Outperform the Market" for BYD [7] Core Viewpoints - The luxury image of traditional brands is a result of historical accumulation, technology, and brand strength. Under the wave of new energy, domestic brands are redefining luxury through new technologies. BYD's path to high-end positioning relies on its technological advantages to foster brand preference among consumers [4][11] - BYD's high-end strategy is built on "technology foundation, brand stratification, and global expansion," utilizing a three-tier brand matrix for precise market coverage [11][59] Summary by Sections Introduction: Where Will BYD's High-End Path Lead? - In 2024, BYD's passenger car sales reached 4.25 million units, with models priced below 200,000 yuan accounting for 84.3% of sales. The launch of the Tengshi D9 in 2022 marked the beginning of BYD's high-end journey, followed by the introduction of the Yangwang and Fangchengbao brands [8][15] Quantitative Standards for Successful High-End Definition - High-end brands are defined as those with an average price above 300,000 yuan. In 2024, 14 brands met this criterion, with six being domestic brands. The top three brands by sales were traditional luxury brands "BBA," followed by domestic brands like Li Auto and AITO [20][23] Key to BYD's High-End Breakthrough: Focus on Technological Strength - BYD's high-end strategy includes the Tengshi brand, which integrates advanced technologies to create a comprehensive product matrix. The Tengshi brand achieved sales of 107,000 units in 2024, with an average transaction price of approximately 350,000 yuan [32][36] - The Fangchengbao brand focuses on the personalized automotive market, leveraging leading technologies to create unique products [46] Investment Recommendations - The report suggests that BYD's exploration of high-end positioning is gradually correcting its strategic direction, with a focus on technology-driven sales growth. The "Universal Intelligent Driving" strategy is expected to accelerate brand high-end positioning and enhance revenue and profit margins in the medium to long term [12][59]

Investment Rating - The report maintains a "Recommended" rating for the automotive sector [1] Core Insights - The automotive industry is expected to benefit from the continuation of the vehicle replacement policy in 2025, supporting upward consumer demand. The sector is undergoing a transformation towards high-end and intelligent upgrades, with a focus on companies that can provide quality vehicles priced above 300,000 yuan [6][15] - The report highlights several companies as potential beneficiaries: Li Auto, JAC Motors, Geely, BYD, and Great Wall Motors, with a recommendation to pay attention to Seres [6][15] - The report also notes that the penetration rate of advanced driving assistance systems is expected to increase significantly due to the "affordability" of high-level intelligent driving, recommending companies like XPeng Motors, Huayang Group, Desay SV, and Coboda [6][15] - The report emphasizes the potential for mass production of robots, recommending companies with high certainty and leading positions in the industry chain, such as Top Group, Sanhua Intelligent Control, and Beite Technology [6][15] Summary by Sections Recent Trends - The automotive sector outperformed the Shanghai Composite Index, with a weekly increase of 1.7% from September 29 to September 30, 2025, compared to the Shanghai Composite Index's increase of 1.4% [16] - Notable stock performances include Li Auto, XPeng Motors, NIO, and Geely, with respective changes of -4.6%, +1.5%, +6.2%, and +7.9% during the same period [16] Company Focus and Earnings Forecast - Key companies and their earnings per share (EPS) forecasts for 2024 to 2026 are highlighted, with recommendations to buy for several companies including Silver Wheel, Baolong Technology, and BYD [8][53] - The report provides a detailed table of stock prices, EPS, and price-to-earnings (PE) ratios for various companies, indicating a bullish outlook for the automotive sector [53] Industry Indicators - In August 2025, the automotive production and sales reached 2.815 million and 2.857 million units, respectively, showing a year-on-year growth of 13% and 16.4% [31] - The report notes that the production and sales of passenger vehicles were 2.5 million and 2.54 million units, with year-on-year growth of 12.5% and 16.5% [31]

公司发布9月产销快报，9月新能源汽车批发销售39.6万辆，同比-5.5%，环比+6.1%；新能源乘用车批发销售39.3万辆，同比-5.9%，环比+5.8%。分品牌看，9月王 朝海洋、腾势、方程豹、仰望销量分别35.6万辆、12,407辆、24,121辆、758辆。 0 2 分 析 判 断 ► 9月批发环比增长 出海稳步推进 公司9月新能源乘用车批发销售39.3万辆，同比-5.9%，环比+5.8%，批发环比提升受益部分地区补贴延续刺激主流市场观望需求落地，终端需求有所回暖。1-9月新能 源乘用车累计批发321.9万辆，同比+17.6%。9月，插混乘用车销售18.8万辆，同比-25.6%，环比+9.4%；纯电乘用车销售20.5万辆，同比+24.3%，环比+2.7%。分 品牌看，王朝海洋销量35.6万辆，腾势/仰望/方程豹销量分别1.2/0.07/2.4万辆，合计3.7万辆，占比9.4%，高端化加速突破。 ► 方程豹钛7带动品牌销量向上 高端化稳步突破 公司近期高端化品牌作出众多调整，比亚迪腾势品牌此前初完成管理层调整，旨在强化品牌体系化建设，突破高端化瓶颈。李慧作为比亚迪20年老将，以战略统筹与 直营体系搭建见长 ...

Core Viewpoint - Chery Automobile successfully listed on the Hong Kong Stock Exchange on September 25, raising approximately HKD 9.145 billion, marking the largest IPO for a car company in Hong Kong in 2025 [1][4] Group 1: Company Background and Development - Chery Automobile was founded by Yin Tongyue in 1995, starting from a small team in Wuhu, and has grown into a global automotive group [2][3] - The company has been the top exporter of Chinese passenger cars for 22 consecutive years, showcasing its leadership in the international market [1][5] Group 2: IPO Journey - The IPO journey faced multiple challenges, including complex equity relationships and external economic factors, delaying previous attempts in 2004, 2008, and 2016 [3][4] - The successful IPO in 2025 is seen as a significant milestone for Chery, providing necessary capital for its transformation and growth [1][4] Group 3: Financial Performance - Chery's revenue has shown significant growth, with figures of CNY 926.18 billion in 2022, CNY 1,632.05 billion in 2023, and CNY 2,698.97 billion in 2024, alongside net profits of CNY 58.06 billion, CNY 104.44 billion, and CNY 143.34 billion respectively [7] - The company’s overseas revenue reached CNY 1,008.97 billion in 2024, accounting for 37.4% of total revenue, with total sales reaching 2.6039 million units, a year-on-year increase of 38.4% [6][7] Group 4: Strategic Focus and Challenges - Chery is focusing on innovation and technology, with R&D investments projected to increase from CNY 4.128 billion in 2022 to CNY 10.544 billion in 2024 [5][6] - Despite strong sales growth, Chery faces challenges in the new energy vehicle sector, with a significant portion of revenue still coming from traditional fuel vehicles [7][8] - The company aims to enhance its high-end market presence, but struggles with the performance of its core brand, Exeed, and its collaboration with Huawei [8][9]

Investment Rating - The report maintains a "Recommended" rating for the automotive industry [1] Core Views - The automotive industry is expected to benefit from the continuation of the vehicle replacement policy in 2025, supporting upward consumption trends. The industry is also experiencing a structural shift towards high-end and intelligent upgrades, which presents investment opportunities [18] Summary by Sections Recent Developments - Chery Automobile has successfully listed on the Hong Kong Stock Exchange, raising HKD 9.14 billion with a record oversubscription of 238 times. The company's revenue is projected to grow from CNY 92.618 billion in 2022 to CNY 269.899 billion by 2024, with a compound annual growth rate (CAGR) of 70.7% [5][13] - The Ideal i6 was launched at a price of CNY 249,800, featuring advanced technology and performance specifications [14] - The Shangjie H5 was launched with a starting price of CNY 159,800, offering both electric and range-extended versions [15] - The all-new Wanjie M7 was launched with a price range of CNY 279,800 to CNY 379,800, providing multiple powertrain options [17] Market Performance - From September 22 to September 26, the automotive sector underperformed compared to the Shanghai Composite Index, with the automotive index remaining flat while the overall index rose by 0.2% [19] - The automotive sector's weekly trading volume decreased, indicating a potential decline in investor interest [19] Investment Opportunities - The report highlights several companies poised to benefit from the industry's transition to high-end and intelligent vehicles, including Ideal Auto, Jianghuai Automobile, Geely, BYD, and Great Wall Motors [18] - The report also identifies opportunities in high-level intelligent driving technologies, recommending companies like XPeng Motors and Huayang Group [18] - In the commercial vehicle sector, it anticipates a recovery in heavy truck demand in 2025, recommending leading companies such as Foton Motor and China National Heavy Duty Truck Group [18] Key Company and Earnings Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several key companies, indicating a bullish outlook for firms like Yiyuan Co., Baolong Technology, and Xinyu Co. [8]

Core Viewpoint - Chery Automobile has officially listed on the Hong Kong Stock Exchange after overcoming previous obstacles related to its complex shareholding structure, but it still faces multiple challenges that need to be addressed [1] Group 1: Financial Performance - Chery's revenue is projected to grow from 92.618 billion to 269.897 billion from 2022 to 2024, with a compound annual growth rate (CAGR) of 70.7%, while net profit is expected to rise from 5.806 billion to 14.334 billion [2] - The company's gross margin is forecasted to be 13.5% in 2024, declining to 12.4% in the first quarter of 2025 [2] - Chery's debt ratio remains high, with asset-liability ratios of 93%, 92%, and 89% from the end of 2022 to the third quarter of 2024, and reaching 87.7% in the first quarter of 2025 [2] - Prior to the IPO, Chery distributed a significant dividend of 3.993 billion, equivalent to 27.8% of its 2024 net profit, which may impact its financial flexibility [2] Group 2: Product and Market Position - Fuel vehicles continue to be Chery's primary revenue source, accounting for 69.7% of passenger vehicle revenue in the first quarter of 2025 [3] - In the first eight months of 2025, Chery's new energy vehicle sales reached 496,000 units, representing approximately 28.7% of total sales, which is still below the industry average retail penetration rate [3] - The high-end brand, Exeed, has seen disappointing results, with sales of 7,659 units in August 2023, down 32.45% year-on-year, and a cumulative decline of 3.84% in the first eight months [3] - Chery's new energy brands show uneven development, with iCAR selling 6,947 units in the first quarter of 2025, while the higher-priced ZhiJie sold only 4,461 units [3] Group 3: International Market and R&D - Chery's overseas market is heavily reliant on Russia, which accounted for 54% of its overseas revenue in 2023, posing significant risks due to potential tariff increases [4] - In the first quarter of 2025, Chery's revenue from the Russian market dropped to 27.8%, while growth in Europe, the Middle East, Latin America, and Southeast Asia is accelerating [4] - Despite a research and development expenditure exceeding 10.5 billion in 2024, Chery's R&D expense ratio is low at 3.3% in the first quarter of 2025 compared to industry leaders [4] - Chery's advanced driver-assistance systems are primarily at the L2+ level, while leading domestic competitors are advancing to L3 [4] - The funds raised from the IPO are intended for expanding the passenger vehicle product lineup, developing next-generation vehicles and advanced technologies, implementing global strategies, upgrading the Wuhu production base, and supplementing working capital [4]

Group 1 - The core viewpoint of the article is that Xiaomi's CEO Lei Jun emphasizes the company's commitment to high-end automotive technology, drawing comparisons to traditional luxury car manufacturers like Porsche [1] - Xiaomi is the first Chinese car manufacturer to utilize the Nürburgring racetrack as a benchmark for vehicle performance, which is considered essential for developing high-quality cars [1] - The company has invested significantly in car paint technology, highlighting the importance of aesthetics in the automotive industry and contributing to the high-end positioning of domestic vehicles [1]