Core Viewpoint - The 2025 International Motor Show and Smart Mobility Expo in Munich showcases the latest trends in green and intelligent mobility, emphasizing cross-border cooperation among approximately 750 companies from over 30 countries and regions [1] Group 1 - The theme of the exhibition is "'Moving' Everything," highlighting the focus on modern mobility solutions [1] - Approximately 750 companies are participating in the event, indicating strong global interest and engagement in the automotive and mobility sectors [1] - The exhibition features a diverse range of participants, from vehicle manufacturers to component suppliers, reflecting the comprehensive nature of the industry [1]

Group 1 - The company, formerly known as Lifan Technology, was established in 1992 and became the first private passenger car enterprise listed on the Shanghai Stock Exchange in 2010 [1] - In February 2025, the company officially changed its name to "Qianli Technology," marking a new phase of development focused on intelligence and internationalization [1] - The core strategy of the company is centered around "AI + Vehicle," aiming to innovate its industrial development model and create a global smart mobility technology brand [1] Group 2 - The company's core business is divided into two main segments: terminal business and technology business, covering motorcycles and automobiles [1] - The terminal business includes motorcycle brands "Lifan" and "Paifang," as well as the new energy vehicle brand "Ruilan," forming a diversified product matrix [1] - The technology business focuses on developing industry-leading smart driving and smart cockpit solutions, establishing an AI intelligent travel open platform [1] Group 3 - The company is actively discussing the issuance and listing process with relevant intermediaries, considering shareholder interests and market conditions [1] - The company plans to complete the issuance and listing at an appropriate time within the validity period of the shareholders' meeting resolution [1]

Core Viewpoint - The new generation of IM LS6, a "super five-seat intelligent SUV," has been launched, featuring cutting-edge technology and competitive pricing, positioning itself as a benchmark in the 200,000 RMB market segment [1][12]. Group 1: Technology and Performance - The IM LS6 introduces the "Star Super Range Extender," addressing common concerns such as range anxiety and charging difficulties, with a pure electric range of 450 km and a fuel consumption of 0.06L per 100 km [3][12]. - The vehicle is equipped with the upgraded "Lingxi Digital Chassis," offering performance comparable to luxury models, including features like "Lingxi Tire Blowout Stability Control" and "Active Anti-Rollover 2.0" [5][6]. - It boasts a unique dual-direction 18° four-wheel steering system, achieving a minimum turning radius of just 4.49 meters, enhancing maneuverability [6]. Group 2: Comfort and Safety - The IM LS6 emphasizes family comfort with a spacious interior, high space utilization, and features like a dual-door refrigerator and immersive entertainment screens [8][12]. - Safety is prioritized with a robust structural design and advanced safety features, including a comprehensive AEB system and redundant safety measures [8][12]. Group 3: Pricing and Market Position - The IM LS6 is priced between 197,900 RMB and 269,900 RMB, with the Pro version breaking the 200,000 RMB barrier, making advanced technology accessible to a broader audience [12][14]. - The Max version includes high-end features at competitive prices, positioning it as a "price-performance king" in the market [12]. Group 4: User Benefits and Launch Incentives - First-time owners will receive lifetime battery warranty and five years of free access to the IM AD full functionality package, enhancing customer confidence [14]. - The vehicle is now available for pre-order, with immediate delivery options, promoting a seamless purchasing experience [14].

Group 1: Corporate Strategy and Leadership - Changan Automobile appointed Zhang Xiaoyu as Vice President in charge of strategy, indicating a potential upgrade in strategic focus as a new central enterprise [1] - The company aims to strengthen its core manufacturing capabilities while leveraging its ecological platform to expand service profitability through a "hard-soft combination" model [2] Group 2: Future Industry Planning - Changan plans to develop new technologies in humanoid robots and flying cars, with the first manned flying car expected to be launched in 2026 and mass production by 2028 [3] - The company will explore unmanned commercial vehicles, including cleaning robots and agricultural machinery, leveraging existing capabilities [3] Group 3: Recent Product Launches - The fourth-generation Yidong was launched on September 7, and the fourth-generation CS55PLUS is expected to be released within the year [4] - The A06 and new Q05 models were showcased at the fifth Technology Ecology Conference, with the Q05 featuring a 506 km electric range and advanced technologies [5] Group 4: Intelligent Driving Brand "Tianshu Smart Driving" - Tianshu Smart Driving aims to provide "extremely safe intelligent travel solutions," focusing on risk perception and real-time risk avoidance [6] - The Tianshu cockpit integrates AI technology for enhanced user interaction and experience, including a 3D surround sound system and health monitoring features [7] Group 5: Global Market Expansion - Changan is accelerating its global "Sea of Stars" plan, with over 28 brand launch events held in Europe and the Middle East Africa in the past year [8] - The company has established a presence in over 100 countries, with a global network exceeding 14,000 outlets, and plans to build 20 overseas factories [8] - By the end of the year, Changan's overseas production capacity is expected to reach 460,000 vehicles [9] Group 6: Regional Market Strategies - In Southeast Asia, Changan aims to enter the world brand TOP 10 by 2027, with its Thailand production base already operational [9] - In Europe, the company plans to introduce six new energy models by 2027 and complete marketing and service infrastructure by 2025 [9] - In Central and South America, Changan aims to enter the Brazilian market by 2025 and achieve full product line coverage [9] - In the Middle East and Africa, the company will focus on fuel vehicles and establish channels for the Deep Blue brand by 2025 [9]

Core Conclusion - UBS identifies five key themes for long-term investment, which are: Digital Consumers, Diversity and Equality, Enabling Technologies, Fintech, and Identifying the Next Frontier [2][3] Group 1: Investment Themes - **Digital Consumers**: The younger generation, particularly Gen Z, is reshaping consumption patterns, focusing on shared experiences rather than ownership. AI plays a crucial role in transforming traditional sectors like travel and entertainment [3][4] - **Diversity and Equality**: Global regulations are pushing companies to disclose diversity data, which can help reduce wealth gaps and potentially drive GDP growth over the next decade. Companies with strong diversity frameworks are likely to outperform the market [5][6] - **Enabling Technologies**: Technologies such as AI, AR/VR, big data, and 5G are expected to reshape multiple industries, with the AI market projected to reach $2.6 trillion by 2030, growing at a CAGR of 41% from 2024 [6][7] - **Fintech**: The fintech sector is anticipated to grow from $310 billion in 2024 to $580 billion by 2030, driven by urbanization, demand from younger demographics, and supportive policies [7][8] - **Identifying the Next Frontier**: Emerging and frontier economies are expected to be the main drivers of global GDP growth over the next decade, with over 50% of the population in the top 10 developing economies by 2024 [8][9] Group 2: Short-term Cautions - **Gene Therapy & Medical Technology**: These themes currently rank low in quantitative models, lacking short-term catalysts for improvement. The biotech sector faces significant capital constraints, and medical technology companies need to prove their profitability [9][10] - **Smart Mobility**: This theme has shown improvement in valuation and momentum, moving off the cautious list. The automotive decarbonization trend is expected to continue, with upcoming events showcasing advancements in electric and autonomous vehicles [11] Group 3: Long-term Investment Logic - **Population Growth**: The global population is projected to increase from 8.1 billion in 2024 to over 10 billion by 2100, primarily in low- and middle-income countries [12] - **Urbanization**: The urban population is expected to rise from 55% in 2018 to 68% by 2050, with most growth occurring in Asia and Africa [12] - **Aging Population**: By 2024, 1 in 10 people globally will be over 65, increasing to 1 in 6 by 2050, with developed countries facing more severe aging issues [12]

Group 1 - The core viewpoint of the article is the launch of the new mid-large SUV, the Zhiji LS6, by Zhiji Auto, which offers both pure electric and range-extended power options, showcasing its production capacity with immediate delivery after launch [1] - The Zhiji LS6 features a range-extended version equipped with the "Hengxing" super range extension system, combining a 1.5T engine and a high-power motor, achieving over 450 kilometers of pure electric range and over 1500 kilometers of comprehensive range with dedicated batteries [1] - The pure electric version offers single motor rear-wheel drive and dual motor all-wheel drive layouts, with the dual motor model delivering a total power of 500 kW and a CLTC pure electric range of 750 kilometers [1] Group 2 - The interior of the Zhiji LS6 features a new design with a 27.1-inch 5K MiniLED central display and a 15.6-inch 3K MiniLED co-driver entertainment screen, integrated with the AIOS 1.0 smart interaction system [2] - The vehicle includes practical features such as a co-driver seat with a 121° zero-gravity mode and an 11-liter onboard refrigerator, enhancing usability [2] - The Zhiji LS6 is equipped with advanced driving hardware, including a 520-line laser radar, and plans to incorporate the Nvidia Thor driving assistance chip in future versions, indicating its competitive edge in intelligent mobility [2]

Core Insights - Ninebot has achieved a cumulative shipment of over 9 million smart two-wheeled electric vehicles in the Chinese market, setting a new industry growth record [1][3] - The company has demonstrated accelerated growth, taking only 52 days to move from 8 million to 9 million units, compared to 64 days for the previous milestone [1] - This achievement marks a new phase of high-quality growth as Ninebot aims for the target of 10 million units [1][3] Company Strategy - Since entering the electric two-wheeler market in December 2019, Ninebot has adhered to a development philosophy centered on product focus, user orientation, innovation-driven, and safety as a baseline [3] - The company emphasizes long-term strategic execution, strong organizational resilience, and user trust as key factors for its rapid growth [3] Market Position - Ninebot has been the global leader in smart electric vehicle sales for three consecutive years (2022-2024) and has maintained the top position in the high-end electric vehicle market (over 4000 yuan) for two years (2023-2024) [3] - The company holds the highest market penetration rate in China's smart electric vehicle sector, with 70% of sales coming from Ninebot [3] - Ninebot has been recognized as the leading brand in user satisfaction for smart two-wheeled electric vehicles, reflecting its strong product experience and service quality [3] Sales and Service Network - Ninebot has established over 9,000 stores nationwide, creating a comprehensive sales and service network that enhances user experience [4] - The company aims to provide convenient access to "true smart" riding services across various cities and scenarios [4] Innovation and Technology - The company's growth is supported by a robust R&D system and intelligent manufacturing capabilities, with a focus on safety, intelligence, endurance, and technology [4] - Ninebot is investing in cutting-edge technologies such as NimbleOS, AI, and self-balancing technology to enhance the smart mobility experience [7] Future Goals - Ninebot aims to achieve annual sales of 7 million units and solidify its brand presence among young consumers by the end of 2027 [7] - The company plans to strengthen its channel construction, user operations, and service upgrades to better meet the needs of young consumers [8]

Core Insights - The fifth Chang'an Automobile Technology Ecological Conference showcased the company's technological innovations in the era of smart vehicles, highlighting the launch of the intelligent brand "Tianshu Intelligent" [1] - The Chang'an Qiyuan A06, a key model under the Tianshu Intelligent brand, made its global debut, focusing on enhancing user experience in terms of space, comfort, intelligence, and safety [1][4] Group 1: Product Features - The Chang'an Qiyuan A06 addresses the conflicting needs of family users, offering a low-profile design with spacious interiors, advanced driving experience, and affordable technology [4] - The vehicle features a 10% increase in space utilization through innovative materials and structure, and a 65% reduction in charging time compared to 1.6C [4][8] - The A06's interior space is designed to accommodate 42 pieces of 20-inch luggage, with a total trunk capacity of 764L, the largest in its class [8][13] Group 2: Comfort and Safety - The A06 includes industry-leading features such as electric massage seats with 28-point settings, enhancing comfort for all passengers [16] - The vehicle's safety design incorporates a high-strength steel and aluminum mixed body structure, improving collision energy absorption efficiency by 70% [20] - The battery safety system includes multiple layers of protection and 24-hour monitoring, ensuring comprehensive safety for passengers and the vehicle [20] Group 3: Technological Advancements - The A06 is equipped with the Tianshu AI intelligent cockpit, enabling advanced human-vehicle interaction and enhanced perception capabilities through laser radar [17] - The vehicle's energy management system allows for a range of 630 km on a single charge, with an energy consumption of only 11.3 kWh per 100 km [17] - The A06 utilizes an 800V silicon carbide high-voltage platform, providing a rapid charging experience of "1 second for 1 kilometer" [17]

Group 1 - The core viewpoint of the article is the launch of Changan Automobile's "Tianshu Intelligent" brand, focusing on providing "extremely safe intelligent travel solutions" through advancements in driving assistance, cabin, and chassis technologies [1] - The company plans to collaborate with partners to explore applications in industrial robots and store service robots, aiming to break through core technologies related to robot "brain," "energy," and "drive" [1] - Changan Automobile aims to mass-produce humanoid automotive robots by 2028 and gradually expand into home service robots after 2030 [1]

Core Insights - The automotive consumption market in China is undergoing a transformation, with the "Z generation" becoming a significant force in car purchases, shifting the focus from traditional brands to autonomous brands due to their technological advancements and cost-effectiveness [1][9][12] - The average age of first-time car buyers has decreased to 30.5 years, with some "post-00s" purchasing their first car as early as 22 years old, indicating a trend of younger consumers entering the market [2][4] - Young consumers prioritize smart features, design, and overall experience over traditional metrics like brand history and engine specifications, reflecting a shift towards rational consumption [5][6][8] Group 1: Young Consumers' Preferences - The presence of young consumers at the 2025 Qilu Autumn Auto Show highlights a growing trend of youth engagement in the automotive market, with many making informed decisions based on online research prior to attending [4][5] - Approximately 25% of "post-90s" and "post-00s" buyers set their budget above 200,000 yuan, indicating a willingness to invest in autonomous and new energy vehicles rather than traditional luxury brands [4][12] - Young consumers express a desire for vehicles that serve as "smart travel partners" rather than mere transportation tools, emphasizing the importance of technology and personalization in their purchasing decisions [6][8] Group 2: Rise of Autonomous Brands - Autonomous brands have shifted from competing on price to leading in technology, with significant investments in R&D, particularly in the fields of new energy and smart technology [9][11][12] - Brands like BYD and Geely are experiencing increased consumer interest due to their performance and technological innovations, with a notable rise in market share, accounting for over 68% of total sales in the first half of the year [11][14] - The perception of autonomous brands has improved significantly, with consumers recognizing their advancements in quality, design, and overall value, leading to a growing trust in these brands [13][14] Group 3: Market Dynamics - The automotive market is witnessing a shift from a "function-oriented" approach to an "experience-oriented" one, where consumers consider technology, service, and emotional connection in their purchasing decisions [14] - The increasing focus on environmental responsibility among young consumers is driving the demand for new energy vehicles, supported by government incentives and a growing awareness of sustainable living [8][12] - The overall transformation in consumer behavior and preferences is reshaping the competitive landscape of the automotive industry in China, with autonomous brands poised to capture a larger share of the market [9][14]