建成后，新基地将聚焦国家战略性新兴产业及未来产业，深耕智能网联汽车关键共性技术，引领技术进 步，助力中国汽车产业高质量发展。（新浪财经） 中汽中心在天津正式启动智能网联科技创新基地建设，该基地将成为我国首个智能网联汽车全价值链技 术创新的综合性基地，标志着我国在智能网联汽车领域迈入系统性创新新阶段。 新基地将构建世界一流的智能网联综合技术服务体系，覆盖智能驾驶、智能座舱、信息安全、车联网、 人工智能、低空经济等领域的36个先进试验室集群，实现研发测试能力的全覆盖。 ...

Core Viewpoint - The "Automobile Industry Stabilization Growth Work Plan (2025-2026)" aims to stabilize and promote growth in the automotive sector, with specific targets for vehicle sales and production value over the next two years [1][5]. Summary by Sections Industry Growth Targets - The plan sets a target of approximately 32.3 million vehicle sales in 2025, representing a year-on-year growth of about 3%, with new energy vehicle sales projected at around 15.5 million, reflecting a growth of about 20% [1][5]. - The automotive manufacturing value-added is expected to grow by around 6% year-on-year [1]. Addressing Competition and Market Issues - The plan addresses the issue of disorderly competition in the automotive industry, particularly in the new energy vehicle sector, by proposing enhanced cost investigations and price monitoring [2]. - It emphasizes the importance of maintaining payment commitments between major automakers and suppliers to stabilize the supply chain [2]. Promotion of Smart and Connected Vehicles - The plan encourages the industrial application of smart and connected vehicle technologies, including pilot projects for integrated vehicle-road-cloud applications and the promotion of high-performance communication modules [3]. - It aims to facilitate the production approval of L3-level autonomous vehicles, indicating a significant advancement in China's autonomous driving technology [3]. Consumer Promotion and Market Development - The plan includes measures to support vehicle trade-ins and the replacement of old vehicles, promoting incremental consumption in the automotive sector [3]. - It also focuses on the development of the automotive aftermarket, proposing reforms to expand consumption in areas like vehicle modification and rentals [3]. Policy Changes for Vehicle Purchase and Use - The plan encourages the optimization of vehicle purchase restrictions, shifting from purchase management to usage management, which is expected to balance automotive consumption with urban traffic management [4]. - It proposes measures to facilitate the second-hand vehicle market, such as reverse invoicing and online transaction management [4]. Long-term Industry Impact - The implementation of the plan is expected to solidify the automotive industry’s role as a pillar of the national economy, with potential to replace real estate as a key economic driver [5]. - The focus on smart and connected vehicles, particularly L3-level autonomous driving, is anticipated to accelerate competition in automotive intelligence [5][6]. Supply Chain and Investment Shifts - The plan is likely to lead to a restructuring of the automotive supply chain, with increased value distribution to key component suppliers related to smart and electric technologies [6]. - Investment focus may shift from traditional automakers to upstream technology suppliers, such as those providing automotive chips and AI algorithms [6]. Consumer Benefits and Market Environment - The measures to promote automotive consumption are expected to unleash consumer potential, enhancing the overall market environment for vehicle purchases [6][7]. - Improvements in the automotive usage environment, including better infrastructure and traffic management, are projected to enhance vehicle efficiency and reduce congestion [7].

Core Viewpoint - The stock of Nexperia (01316) has risen nearly 6%, reaching a new high of 7.64 HKD since February 2022, driven by favorable government policies and strong order growth in the automotive sector [1] Group 1: Government Policy Impact - The Ministry of Industry and Information Technology and eight other departments have issued the "Automotive Industry Stabilization Growth Work Plan (2025-2026)", promoting the industrial application of intelligent connected technology [1] - The plan includes pilot approvals for L3-level vehicle production and improvements in traffic safety and insurance regulations [1] Group 2: Market Position and Competitiveness - Nexperia holds over 50% of the global market share in steer-by-wire systems, with only a few competitors like Bosch and ZF achieving mass production [1] - The company is recognized for its leading steer-by-wire technology and is well-positioned to capitalize on industry trends [1] Group 3: Order Growth and Future Prospects - In the first half of the year, Nexperia secured new orders worth 1.5 billion USD, including contracts from Chinese and European automakers [1] - The company maintains its annual order target of 5 billion USD and is actively advancing steer-by-wire chassis development, enhancing its competitiveness [1] - Analysts expect Nexperia to secure more steer-by-wire related projects in the second half of the year [1]

Core Insights - The automotive industry in China is experiencing growth, with production and sales in August 2025 reaching 2.815 million and 2.857 million units respectively, marking a month-on-month increase of 8.7% and 10.1%, and a year-on-year increase of 13% and 16.4% [1][2] - The sales of new energy vehicles (NEVs) in August 2025 reached 1.395 million units, representing a year-on-year growth of 26.8% and accounting for 48.8% of total new vehicle sales [1][2] Financial Performance - In the first half of 2025, CS Automotive reported revenue of 1,833.56 billion yuan, a year-on-year increase of 7.96%, and a net profit attributable to shareholders of 76.08 billion yuan, up 2% [2] - For Q2 2025, CS Automotive's revenue was 981.32 billion yuan, reflecting a year-on-year increase of 9.14% and a quarter-on-quarter increase of 16.58%. However, net profit decreased by 6.64% year-on-year to 38.62 billion yuan [2] Market Trends - As of August 31, 2025, the CS Automotive sector saw an increase of 11.72%, with passenger vehicles rising by 8.01% and automotive parts by 16.04%, outperforming the CSI 300 index by 1.39 percentage points [3] - The inventory warning index for Chinese automotive dealers stood at 57.0% in August 2025, indicating a year-on-year increase of 0.8 percentage points but a month-on-month decrease of 0.2 percentage points [3] Industry Developments - Significant advancements in autonomous driving and smart vehicles are noted, including the first OTA update for XPeng G7 Ultra and strategic partnerships aimed at accelerating Robotaxi commercialization [4] - The government is focusing on the development of intelligent connected vehicles, with additional budgets allocated for vehicle replacement programs [4] Investment Recommendations - The automotive sector is viewed positively under the current geopolitical climate, with recommendations for passenger vehicles and domestic replacement parts, highlighting companies like Leap Motor, JAC Motors, and Geely [5] - Companies in the smart technology and robotics sectors, such as Kobot, Huayang Group, and Top Group, are also recommended for investment [5]

Investment Rating - The report maintains a "Positive" investment rating for the automotive and automotive parts industry [7]. Core Insights - The "Automotive Industry Stability Growth Work Plan (2025-2026)" was issued by the Ministry of Industry and Information Technology and seven other departments on September 12, 2025. The plan aims to enhance the quality and reasonable growth of the automotive industry from both supply and demand sides, promote the industrial application of intelligent connected technology, and conditionally approve the production access of L3 level vehicles [2][4]. - The gradual implementation of policies and regulations is expected to accelerate the growth of advanced intelligent driving. The concept of "equal rights for intelligent driving" is likely to reassess the value of complete vehicles, with intelligent driving becoming a new opportunity for reshaping the market following electrification. Strong intelligent driving vehicles are anticipated to capture a larger market share while enhancing their AI capabilities through data accumulation, thus driving investment opportunities in core segments of the industry chain [2][4]. Summary by Sections Policy and Market Outlook - The plan targets achieving approximately 32.3 million vehicle sales in 2025, a year-on-year growth of about 3%, with new energy vehicle sales expected to reach around 15.5 million, reflecting a year-on-year increase of about 20%. The automotive export is also projected to maintain stable growth [4]. Intelligent Driving Development - The report emphasizes the push for the industrial application of intelligent connected technology, with L3 level intelligent driving expected to accelerate. The plan encourages the approval of intelligent connected vehicles and the establishment of pilot programs for road access, alongside improvements in legal frameworks related to traffic safety insurance [4]. Investment Opportunities - The report identifies two main lines of investment opportunities: 1. **Functionality Enhancement**: The continuous exploration of intelligent driving capabilities and the reduction of costs associated with high-level intelligent driving systems are expected to enhance consumer appeal [4]. 2. **Cost Reduction**: Technological advancements are anticipated to lower the costs of intelligent driving systems, with companies like Xiaopeng and BYD leading the charge in making intelligent driving more affordable [4]. Recommended Companies - The report recommends several companies for investment, including: - **Complete Vehicle Manufacturers**: Xiaopeng Motors, Great Wall Motors, Geely, BYD, Xiaomi Group, Leap Motor, Li Auto, SAIC Motor, and Changan Automobile [4]. - **Parts Suppliers**: Top Group, Bertel, and Xingyu Co., with a focus on companies like Desay SV and Coboda [4].

Group 1 - The Suzhou Industrial Park has signed a cooperation memorandum with Nexteer Automotive (China) to invest 1 billion RMB in establishing an Asia-Pacific headquarters, R&D center, and smart manufacturing base, focusing on new energy vehicle steering systems and autonomous driving technology, expected to generate an annual output value exceeding 10 billion RMB post-2026 [1] - Bosch, the world's largest automotive technology supplier, has also signed a memorandum with the Suzhou Industrial Park to invest 10 billion RMB over the next five years, collaborating on intelligent driving assistance and smart cockpit technologies [1] - The automotive industry is a core component of high-end equipment manufacturing and plays a crucial role in promoting high-quality development in manufacturing, with significant foreign investment indicating the strong appeal of the Suzhou Industrial Park in the new energy and intelligent connected vehicle sectors [1] Group 2 - The Suzhou Industrial Park has attracted major foreign companies such as Bosch, Aptiv, BorgWarner, and TE Connectivity, while also nurturing innovative domestic firms like Zhixing Technology and Haige Electric Control, covering various fields including chassis electronic systems and electric vehicle controllers [2] - The park has established a "vehicle-road-cloud integration" development system, deploying 1,300 road testing facilities covering 114 kilometers, and creating a regional intelligent connected vehicle cloud control platform [2] - The automotive industry chain in the park is expected to generate over 140 billion RMB in revenue in 2024, with 140+ enterprises and 68 high-tech companies contributing to a leading automotive parts and intelligent driving industry cluster [2] Group 3 - Domestic automotive brands are also establishing a presence in the park, with Great Wall Motors launching an intelligent platform R&D center, focusing on smart driving and cockpit technologies [3] - Local innovative companies are expanding internationally, with Zhixing Technology establishing a joint venture in Malaysia and Jiushi Intelligent partnering with Emirates Post for L4 autonomous delivery services [3] - The park aims to leverage the automotive industry's advantages to enhance collaboration with integrated circuits and robotics, driving the entire industry towards high-end development [3]

Group 1 - The company is currently focused on the intelligent connected vehicles and autonomous driving testing fields [1] - The company's intelligent connected vehicle testing facility in the Yangtze River Delta (Yancheng) has been completed, meeting all scenario requirements for testing intelligent connected vehicles and autonomous driving capabilities [1] - The facility can directly support the closed-field verification needs of automotive companies in their L3 development [1] Group 2 - The company serves as a national technology standard innovation base for intelligent connected vehicle testing scenario standard verification [1] - The company is supporting multiple national standards verification work related to intelligent connected vehicles through its testing facility [1] - Currently, the company does not have plans or feasibility studies for automotive robotics testing or chip computing service centers [1] Group 3 - The company will closely monitor opportunities arising from the iteration of intelligent driving technology [1] - The company aims to continuously evaluate and explore new business areas and development directions to achieve sustainable growth and breakthroughs [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - Affected by CATL's meeting related to the resumption of production at the Jianxiawo lithium mine, the market sentiment is negative, and there is a renewed discussion about whether eight major mines will shut down simultaneously on September 30. Fundamentally, if they shut down, the impact on the total supply will be limited as other sources can provide supplements. Emotionally, if they shut down, it will stimulate the bullish sentiment in the market. In the short term, the futures price is expected to fluctuate, and attention should be paid to the end - of - month time node [2] Group 3: Summary by Relevant Catalogs Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 72,450, down 400; the average price of SMM industrial - grade lithium carbonate is 70,200, down 400 [1] Lithium Ore - The price of lithium spodumene concentrate (CIF China) is 842, down 2; the price of lithium mica (Li20:1.5% - 2.0%) is 1075; the price of lithium mica (Li20:2.0% - 2.5%) is 1775; the price of amblygonite (Li20:6% - 7%) is 5770; the price of amblygonite (Li20:7% - 8%) is 6845 [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 33,375, down 95; the average price of ternary material 811 (polycrystalline/power type) is 146,300, up 400; the average price of ternary material 523 (single - crystal/power type) is 119,350, up 600; the average price of ternary material 613 (single - crystal/power type) is 123,800, up 250 [2] Price Spreads - The spread between battery - grade and industrial - grade lithium carbonate is 2250; the spread between battery - grade lithium carbonate and the main contract is 1290, down 560; the spread between the near - month and the first - continuous contract is - 140, unchanged; the spread between the near - month and the second - continuous contract is - 340, up 100 [2] Inventory - The total inventory (weekly, tons) is 138,512, down 1580; the inventory of smelters (weekly, tons) is 36,213, down 3262; the inventory of downstream (weekly, tons) is 58,279, up 3072; the inventory of others (weekly, tons) is 44,020, down 1390; the registered warehouse receipts (daily, tons) is 38,625, up 234 [2] Production Profits - The cash cost of purchasing lithium spodumene concentrate externally is 73,410, and the profit is - 2019; the cash cost of purchasing lithium mica concentrate externally is 76,792, and the profit is - 7378 [2]

Core Viewpoint - The news highlights the positive impact of multiple policies on the new energy sector, particularly in the electric vehicle (EV) market, leading to significant stock price increases for key players in the industry [1][3]. Industry Overview - The electric vehicle ETF (516380) saw a price increase of over 4.6% during the day, closing up 2.93%, reaching its highest point since August 2022 [1]. - Key stocks in the battery sector, such as Tianci Materials and Hunan Youneng, experienced substantial gains, with Hunan Youneng rising by 10.77% and Tianci Materials by 9.99% [3]. - The automotive sector is witnessing a shift towards smart technology, with major companies like Junsen Electronics and Top Group also seeing significant stock price increases [3]. Policy and Market Drivers - The Ministry of Industry and Information Technology, along with seven other departments, recently issued a plan aiming for approximately 32.3 million vehicle sales in 2025, including 15.5 million new energy vehicles [3]. - The upcoming World Energy Storage Conference in Ningde, Fujian, from September 16-18, is expected to further promote advancements in energy storage technologies [4]. - The solid-state battery industry is accelerating its development, with major companies like CATL and Guoxuan High-Tech announcing mass production plans, aiming for GWh-level capacity by 2026 [4]. Investment Opportunities - The automotive parts sector is expected to benefit from the integration of smart technologies, with projections for significant valuation increases across the automotive industry [5]. - The smart electric vehicle ETF (516380) focuses on leading companies in both electrification and smart technology, presenting long-term investment opportunities for those interested in the electric vehicle sector [7].

Market Overview - The A-share market showed mixed performance, with the Shanghai Composite Index declining by 0.26% to 3860.5 points, while the Shenzhen Component Index rose by 0.63% to 13005.77 points, and the ChiNext Index increased by 1.52% to 3066.18 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 23034 billion yuan, a decrease of 2452 billion yuan compared to the previous day [1] Automotive Sector - The automotive industry chain stocks experienced a strong rally, with Haon Electric rising approximately 12% and hitting a daily limit, while Wanxiang Qianchao and Zhejiang Shibao also reached their daily limit [2][3] - The Ministry of Industry and Information Technology and other departments released a plan to promote the industrial application of intelligent connected vehicles, which includes pilot projects for L3-level vehicle production approval [4][5] Semiconductor Sector - The semiconductor sector was active, with Shengbang Co. hitting a daily limit of 20%, and Naxin Micro rising over 10% [9][10] - The U.S. Department of Commerce added 23 Chinese entities to its entity list, including 13 semiconductor companies, which may create a more favorable market environment for domestic manufacturers [11] Energy Storage Sector - The energy storage concept surged, with Tengya Precision and Ningde Times both reaching new highs, with Ningde Times rising over 9% [6][7] - The National Development and Reform Commission and the National Energy Administration announced a plan for new energy storage, aiming for over 100 million kilowatts of new installed capacity by 2027, which could lead to direct investment of about 250 billion yuan [8] Biotechnology Sector - Yaokai Ankang's stock price surged over 110% in a single day, with a cumulative increase of nearly 500% over four trading days [12] - The company received clinical approval for its core product, Tinengotinib, for treating specific types of breast cancer, indicating potential breakthroughs in treatment [12]