Core Viewpoint - The global metal market is experiencing a significant surge, with aluminum potentially becoming a key player despite its relatively low price increase this year compared to other metals [1][2]. Demand Factors - The substantial rise in copper prices, which have increased over 20% this year, is expected to drive demand for aluminum as a substitute material [2]. - Aluminum is recognized as one of the four critical metals needed for the transition to renewable energy, alongside copper, lithium, and steel [4]. - The electric vehicle (EV) sector is a major growth area for aluminum demand, with EVs using approximately 150 pounds more aluminum than internal combustion engine vehicles [5]. - Aluminum plays a crucial role in the automotive industry, particularly in popular models like the Ford F-150, which has adopted aluminum to reduce weight [6]. Supply Constraints - Despite increasing demand, the supply of aluminum is constrained by electricity availability, which is essential for aluminum production [7]. - China's aluminum production is nearing a government-imposed cap of 45 million tons, leading to expectations of a shift from oversupply to potential shortages [7]. - The U.S. aluminum industry faces challenges in securing electricity contracts due to competition from tech companies, which are willing to pay significantly higher rates for power [8]. - Analysts predict that the global surplus of primary aluminum will decrease rapidly by 2026, leading to a projected shortfall of approximately 1.4 million tons by 2027 [8].

Core Insights - The Chinese automotive market is experiencing a significant differentiation in sales and annual target completion rates among leading companies as the "golden September and silver October" sales season begins [1] Group 1: Industry Overview - The overall automotive industry in China has maintained a stable and positive trend in the first three quarters of 2025, with high penetration rates of new energy vehicles [1] - The leading companies in the industry are showing clear differentiation in sales performance and completion rates of their annual targets [1] Group 2: Sales Data of Leading Companies - BYD and SAIC are at the forefront of the industry, with both exceeding 3 million units in cumulative sales from January to September 2025, achieving a target completion rate of 71% for their respective annual goals [2] - BYD's cumulative sales reached 3.26 million units, while SAIC's sales were 3.19 million units, both maintaining a robust performance in both fuel and new energy segments [2] Group 3: Second Tier Companies - Geely achieved a cumulative sales figure of 2.17 million units, leading the top ten companies with a target completion rate of 72% [3] - First Automotive Works (FAW) and Changan reported cumulative sales of 2.38 million and 2.07 million units, respectively, with completion rates of 69% [3] - Chery Group's cumulative sales reached 2.01 million units, with a target completion rate of 62%, while GAC achieved 1.49 million units with a 65% completion rate, significantly driven by new energy models [3] Group 4: Market Dynamics and Future Outlook - As the fourth quarter approaches, the ability to adapt and the effectiveness of new energy transitions will be crucial in shaping the competitive landscape of the automotive market [3] - Companies that continue to innovate in technology, production capacity, and market responsiveness are expected to meet their annual sales targets and contribute to the high-quality development of the Chinese automotive industry [3]

同时，技术迭代仍是四季度竞争的核心赛道。新能源领域，续航里程、充电效率仍是消费者核心关切点，车企需持续突破技术瓶颈以解决用户痛点；智能网 联领域，自动驾驶、车联网功能已成为新的竞争焦点，谁能率先实现技术落地与普及，谁就能抢占市场先机。市场响应速度同样不可或缺——车企需密切追 踪市场动态与消费需求变化，及时调整产品策略与营销方向，例如针对不同区域、不同消费群体的需求特点，推出定制化产品与服务，最大化市场渗透率。 随着"金九银十"销售旺季大幕全面拉开，中国车市正式迈入全年销量冲刺的关键窗口期。进入四季度，车企的体系能力强弱与新能源转型成果，已成为重塑 车市竞争格局的核心变量——头部车企已开启冲刺模式，全面开启市场份额的争夺战。 对于目标完成率较低的车企而言，四季度已是 "背水一战"。需借鉴头部企业的成功经验，加快新能源转型步伐、加大技术创新力度、提升市场响应效率， 唯有如此才能在激烈竞争中实现销量突破，为全年目标发起最后攻坚，同时为中国汽车产业高质量发展贡献力量。而整个车市在 "金九银十" 及四季度的表 而那些在技术迭代、产能优化、市场响应速度上持续突破的企业，不仅将为达成全年销量目标发起最后攻坚，更能为中国汽车 ...

Core Insights - Stellantis Group is reportedly in preliminary cooperation discussions with Dongfeng Group to deepen collaboration based on the existing PSA brand, expanding to the development of Jeep's off-road vehicles using the platforms and technologies of the Lantu and Mengshi brands [2][4] - Both Stellantis and Dongfeng have acknowledged ongoing communications but have refrained from confirming specific details, labeling them as speculation [2][3] Group 1: Collaboration and Strategy - The collaboration aims to leverage Dongfeng's platforms for electric vehicle development, which is crucial for Jeep's future in the Chinese market [4] - Stellantis is shifting towards a "Joint Venture 2.0" model, where the French side focuses on design and chassis tuning while the Chinese side leads on core technologies like electric systems and autonomous driving [4] Group 2: Market Context and Performance - Stellantis has faced significant challenges in the Chinese market, with a 13% year-over-year decline in revenue to €74.3 billion and a net loss of €2.3 billion in the first half of the year [5] - The decline in performance is attributed to reduced revenues in North America and Europe, highlighting the need for a stronger presence in China [5]

Core Insights - ZhiFeng Industrial Electronics Group has signed a cooperation memorandum with Bayambang City, Philippines, to promote electric motorcycle and battery swapping projects, marking a significant step in the company's global renewable energy strategy [1][3][4] Group 1: Project Details - The cooperation aims to replace approximately 6,000 traditional fuel motorcycles within the first year, with a target of 30,000 units over three years, and an overall goal of 200,000 electric motorcycle replacements in the surrounding areas [3][4] - ZhiFeng has developed various products in the renewable energy sector, including charging stations, electric motorcycles, battery swapping systems, and energy storage products, supported by an intelligent management system for monitoring and remote control [3][4] Group 2: Market Context - The Philippines has prioritized renewable energy and climate change in its policies, implementing zero tariffs on imported electric vehicles and expanding tax incentives for hybrid and electric motorcycles, aiming for a 75% reduction in greenhouse gas emissions by 2030 [4] - Bayambang City, with a population of approximately 3.04 million, is positioned to benefit from the renewable energy project, which is expected to enhance the local renewable energy industry and create more job opportunities [4] Group 3: Strategic Importance - The partnership is seen as a crucial step towards sustainable development in the region, with ZhiFeng's chairman emphasizing the importance of reducing urban carbon emissions and improving air quality through this initiative [5]

□ 本报记者韩雷许愿 国庆假期，记者来到苏州英特模科技股份有限公司，实验室内，工作人员孙钦正紧盯屏幕，根据实时数 据调整参数，为客户加紧进行减速器机械效率测试。"时间紧、任务重，正好利用这段时间往前赶一赶 减速器机械效率的测试进度。" 记者来到3万转/每分钟高速单电机测试台，工况界面显示，系统正在对电机进行第28项测试，测试时长 145秒。下拉界面列表，可以看到，这组测试包含92项，在不同的环境，不同的变量下，检测电机的实 际转速和扭矩。"这是我们自主研发的自动化测控软件MTest，能高效控制测试台的各个设备，实时监测 试验环境，同时及时采集并输出数据。"刘玉国介绍。 2017年前后，中国汽车产业进入新能源转型的快车道。英特模迅速布局新能源研发检测项目，首要的便 是软件的开发。刘玉国认为，只有把软件的源代码掌握在自己手里，企业才有更高的灵活性，对不同的 测试环境、项目和产品做出改变，快速跟上下游客户的需求变化。 汽车研发测试服务是一项综合性能力，需要基础设施、核心设备和懂技术的人才。过去，国内汽车行业 的这一领域，大多被外资品牌所主导。 正是看准这一市场的空白，2014年4月，英特模的8位创业团队成员从常熟经 ...

Core Viewpoint - Lantu Automotive has submitted its prospectus to the Hong Kong Stock Exchange for a listing via "share distribution + absorption merger" without raising new funds, following a significant improvement in sales and a temporary turnaround in profitability after years of losses [1][3][4]. Financial Performance - From 2022 to 2024, Lantu Automotive is projected to achieve revenues of 6.052 billion, 12.749 billion, and 19.361 billion yuan, with net losses of 1.538 billion, 1.496 billion, and 91 million yuan respectively [4]. - In the first seven months of 2025, the company reported revenue of 15.782 billion yuan, a year-on-year increase of 90.2%, and a net profit of 434 million yuan, marking a phase of profitability [4][5]. - Cumulative new car sales reached 97,000 units in the first three quarters of 2025, representing a year-on-year growth of 84.6% [7]. Sales and Market Performance - Despite significant sales growth, Lantu's average monthly sales have only recently reached 10,000 units, with September sales at 15,224 units, showing a modest year-on-year increase of 12.7% and a notable slowdown in growth [8]. - The newly launched Lantu FREE+, which was expected to perform well, has underperformed with July sales below 5,000 units and August sales at 5,239 units, falling short of earlier expectations [9][10]. R&D and Marketing Expenditure - Lantu's R&D expenditure as a percentage of revenue has decreased to 4% in the first seven months of this year, significantly lower than comparable companies like Leap Motor [13]. - The sales expense ratio is close to 20%, indicating a heavy focus on marketing over R&D, which raises concerns about the long-term competitiveness of its products [15]. Strategic Implications - Dongfeng Motor Group believes that Lantu's listing will help reassess the value of its H-shares, although the market's acceptance of Lantu's valuation post-listing remains uncertain [2][17].

Overall Performance - The automotive business continues to decline, while the engine business shows growth [1] Key Data - In September, total production was 6,388 units and sales were 7,433 units; cumulative production for the first nine months was 83,752 units (down 23.01% year-on-year), and cumulative sales were 92,146 units (down 20.28% year-on-year) [1] Segment Performance - Light trucks: cumulative production down 20.25% year-on-year, and sales down 17.19% year-on-year [1] - Buses: cumulative production and sales down approximately 60% year-on-year [1] - New energy vehicles: cumulative production down 25.44% year-on-year, and sales down 16.20% year-on-year [1] Key Features - The traditional commercial vehicle market is under significant pressure, and the effects of the transition to new energy are limited; however, the joint venture engine business maintains a good growth momentum [1]

每经记者｜孙桐桐 每经编辑｜裴健如 10月8日，Stellantis集团宣布对其领导团队架构进行调整。其中，中国市场现任战略负责人及资深顾问奥立维（Grégoire Olivier）被任命为Stellantis集团中国 及亚太区负责人，并担任集团领导团队成员。 针对净营收下滑的原因，Stellantis集团解释称，这主要是受北美和欧洲地区收入同比下滑影响，部分被南美地区增长所抵消。同时，Stellantis方面指出，集 团重新制定了财务指导方针，预计2025年下半年财务指标将持续改善。 与此同时，Emanuele Cappellano将继续领导集团Pro One商用车业务，并同时被任命为集团欧洲区和欧洲品牌负责人；安巴托（Jean-Philippe Imparato）将担 任玛莎拉蒂品牌CEO，并致力于推动玛莎拉蒂品牌和"Stellantis&You"业绩的提升，向Emanuele Cappellano汇报工作；巴西和南美地区轻型商用车业务的现任 商业运营负责人Herlander Zola被任命为Stellantis集团南美区负责人，接替Emanuele Cappellano的工作；Samir Cherfan ...

Core Viewpoint - The article highlights the growth and market presence of Lantu Motors during the National Day and Mid-Autumn Festival in Wuhan, showcasing its new vehicle launches and strong sales performance, while also emphasizing its strategic partnership with Huawei and plans for an IPO in Hong Kong. Group 1: Event and Brand Presence - The 2025 Dongfeng Lantu Motors Wuhan Tennis Open commenced on October 6, with Lantu as the exclusive title sponsor, enhancing its brand visibility on an international stage [2] - Lantu's flagship sedan, the Lantu Chasing Light L, features advanced technology such as an 800V mixed power system and a rapid charging capability, attracting significant attention from attendees [2] - The Lantu Han Yang full-service user center experienced a surge in foot traffic, with nearly 40 new cars sold during the holiday, particularly the new Lantu Zhiyin model [3] Group 2: Sales Performance - Lantu Motors reported a 30% year-on-year increase in sales during the National Day holiday, driven by the launch of four new models equipped with Huawei systems [3] - In September, Lantu delivered 15,224 vehicles, marking a 52% year-on-year increase, and cumulative deliveries for the first nine months exceeded 97,000 units, up 85% [4][5] Group 3: Market Data and Growth - Dongfeng Motor Group's data indicated that in September, total vehicle sales reached 231,000 units, a 6.2% increase year-on-year, with new energy vehicle sales at 103,000 units, up 20.4% [4] - Lantu's sales growth reflects a broader trend in the industry, with a compound annual growth rate of 103.2% from 2022 to 2024, and revenue increasing to 19.36 billion yuan [5] Group 4: Technological Advancements - Lantu Motors is advancing its technology and manufacturing capabilities, with significant growth in high-tech manufacturing in Wuhan, where Lantu's growth was noted at 108.4% [6] - The company is enhancing its technological framework through collaborations with major tech firms like Huawei and Tencent, focusing on AI and smart cockpit technologies [6] Group 5: Future Outlook - Lantu Motors has submitted its IPO application to the Hong Kong Stock Exchange, marking a significant step towards global expansion [5] - The company aims to establish itself as a leading high-end new energy brand, with plans to produce 200,000 vehicles by April 2025 [5][8]