"千里科技"是一个新生的品牌。自去年底注入 AI 基因并完成更名以来，千里科技以全新姿态开启"AI+"战略转型。依托重庆雄厚的制造业基础 和产业链优势，结合自身在 AI 技术和人才方面的长期积累，并借助战略合作伙伴吉利在汽车产业的深厚积淀，千里科技在不到一年时间内， 已完成在智能驾驶、智能座舱和智能出行领域的全面业务布局。 在智能驾驶领域，智驾系统正进入由 AI 大模型驱动的发展阶段。在智能座舱领域，大模型与座舱的结合未来应用前景广阔，不仅将极大提升 用户体验，其客户价值也绝不低于智能驾驶。在智能出行领域，随着技术迭代、成本下探和政策开放，预计 Robotaxi 在未来三年进入快速普 及期。目前，千里科技已制定相应计划，目标在未来 18 个月完成 Robotaxi 全链路产业布局。 千里智驾采用一段式端到端模型，持续降低"白盒"依赖，大幅提升了智能辅助驾驶系统的"含模量"。目前，千里已构建起强大的大模型底座， 坚持以强化学习为核心，通过奖惩机制降低对模仿式学习数据分布的强依赖，能以更少场景数据高效解决特定驾驶问题。这一技术路线，在性 能与成本之间取得了良好平衡，展现出可持续的落地前景。 2025 年 9 月 ...

同时，小艺推出美团、喜马拉雅、口语练习生三大智能体，进一步拓展出行场景的服务边界，让多元化 生活需求在车内就能无缝解决。下班高峰堵车时想提前订晚餐，只需说"小艺，我想订餐到家"，美团智 能体会自动推荐家附近高分餐厅，确定选择后指令完成预约及点单，全程语音操作无需停车。堵车无聊 时还可以召唤小雅，"找一期娱乐相关的播客"，小雅大窗会显示多条播客列表供选择播放，精准匹配泛 听需求；语言学习爱好者也可以通过小艺"召唤口语陪练"开启英语对话，口语练习生Kathy会模拟机场 问询、商务谈判等场景，帮助你训练口语，并提供实用表达，让碎片时间也能高效提升英语口语能力。 懂你每一刻：个性化适配不用调 冬天上车总要先调座椅加热，夏天刚坐进车厢就急忙开空调降温，这些重复操作令许多车主头痛。尤其 当家人交替用车后，座椅角度、后视镜位置都要重新调整，繁琐的操作破坏了出行好心情。 "小艺习惯推荐"的出现让这些烦恼成为过去。当小艺通过15个行车周期的观察，发现你每天上车后都会 将座椅调至最低位置、空调设为23度自动模式，便可以自定义生成习惯，习惯生成后首次上车会主动语 音播报提示，一旦保存习惯，后续上车无需对话即可自动执行。无论是座椅角 ...

9月25日，全球领先的乘用车公司奇瑞汽车股份有限公司(以下简称"奇瑞汽车"、"公司"，股票代码为 9973.HK)成功于香港联交所主板挂牌上市。此次奇瑞汽车全球发售以每股30.75港元高端定价，发行总 规模约为11.74亿美元(绿鞋前)，本次发行另设置15%超额配股权，为2023年以来规模最大的首发H股 IPO，同时为2025年规模最大的整车企业港股IPO。本次发行的国际配售部分获得11.61倍认购，香港公 开发售部分获得308.18倍认购。华泰国际于本次发行中担任联席保荐人、保荐人兼整体协调人、整体协 调人、联席全球协调人、联席账簿管理人及联席牵头经办人。 奇瑞汽车致力于成为创新驱动、全球信赖的智能出行生态引领者。本次上市是奇瑞汽车融入国际资本市 场的重要举措，通过国际资本市场平台赋能，公司将进一步打造全球化品牌形象、深化国际化战略布 局，并加速其战略目标的实现，同时也让中国优质企业进一步走进国际投资者的视野。 奇瑞汽车作为一家全球化的乘用车公司，通过设计、开发、制造和销售多样化且不断扩展的乘用车产品 组合，能够持续满足国内外市场用户的多样性需求。公司2024年营业收入2,698.97亿元，同比增长 65. ...

Core Viewpoint - Chery Automobile has shown strong performance in the dark market trading, with a price increase of 9.14% compared to the offering price, indicating robust investor interest ahead of its listing [1] Group 1: Financial Performance - Chery plans to issue nearly 300 million H-shares, aiming to raise up to HKD 9.14 billion, with a public offering accounting for 10% of the total shares [1] - From 2022 to 2024, Chery's total revenue is projected to grow from RMB 92.6 billion to RMB 269.9 billion, reflecting a compound annual growth rate (CAGR) of 70.7% [1] - Net profit is expected to increase from RMB 5.8 billion to RMB 14.3 billion during the same period, with a CAGR of 57.1% [1] - In 2024, Chery's total vehicle sales are forecasted to reach 2.295 million units, representing a year-on-year growth of 49.4% [1] Group 2: Market Position and Strategy - Chery has established a brand matrix consisting of five brands: Chery, Jetour, Exeed, iCAR, and Zhijie, covering both mass-market and luxury segments [1] - The company is the only one among the top twenty global passenger car manufacturers to achieve high growth across all dimensions, including new energy vehicles, fuel vehicles, and both domestic and overseas markets [1] - As of March 31, 2025, Chery has a global network of 2,958 dealerships across Asia (excluding China), Europe, Africa, Oceania, and the Americas [2] - Chery's vehicles are sold in over 100 countries and regions, with cumulative global sales exceeding 13 million units [2] - In key overseas markets such as Europe, South America, and the Middle East and North Africa, Chery ranks first among Chinese independent brand passenger car companies in terms of sales [2] Group 3: Future Growth Potential - The increasing penetration of global electric vehicles and the continuous rollout of new technologies and models are expected to provide strong growth momentum for Chery [2] - The advancement of localized production in Europe will further enhance growth opportunities [2] - Chery aims to deepen its "Technology Chery" strategy, increase R&D investment, and enhance its global layout to become a trusted leader in intelligent mobility ecosystems [2]

Group 1 - Chery Automobile's dark market trading opened strongly, with a price of HKD 33.56, up 9.14% from the IPO price of HKD 30.75, allowing a profit of HKD 281 per lot of 100 shares [1] - The company plans to issue nearly 300 million H-shares, with a maximum fundraising target of HKD 9.14 billion, and the subscription was oversubscribed by over 238 times, with a total subscription amount close to HKD 220 billion [1] - Chery has maintained rapid growth, with total revenue projected to increase from RMB 92.6 billion in 2022 to RMB 269.9 billion in 2024, representing a compound annual growth rate (CAGR) of 70.7%, and net profit expected to rise from RMB 5.8 billion to RMB 14.3 billion, with a CAGR of 57.1% [1] Group 2 - Chery has established a comprehensive global network with 2,958 overseas dealerships across various continents, and its vehicles are sold in over 100 countries, achieving cumulative global sales of over 13 million units [2] - The company ranks first among Chinese brands in key overseas markets such as Europe, South America, and the Middle East and North Africa for passenger vehicle sales [2] - Chery's future growth is supported by the increasing penetration of global electric vehicles and the advancement of local production in Europe, with a focus on the "Technology Chery" strategy and increased R&D investment [2]

Core Insights - The autumn product launch event by Hongmeng Zhixing introduced new models including the Wanjie M9 in a new color "Silver Purple" and the new Wanjie M7 and Shangjie H5, enhancing the product matrix under the HarmonyOS ecosystem [1][21] - The Wanjie M9 has achieved over 240,000 cumulative deliveries as of the launch event [3] Product Upgrades - The Wanjie M9 features a new "Luxury Package" with over 50 upgraded functions, including zero-gravity seats and smart privacy windows, enhancing its high-end business appeal [5] - The new Wanjie M7 is priced between 279,800 to 379,800 yuan, offering both range-extended and pure electric options, and has undergone three years of development with an investment exceeding 4 billion yuan [7][21] - The Shangjie H5, priced from 159,800 to 199,800 yuan, targets the 150,000 yuan market segment, featuring a range of 1360 km and advanced driving assistance systems [16][19] Technical Specifications - The Wanjie M7 boasts a low drag coefficient of 0.249Cd, dimensions of 5080×1999×1780 mm, and a wheelbase of 3030 mm, providing spacious interior comfort [7][10] - The Wanjie M7 is equipped with a 16.1-inch 3K floating central control screen and various entertainment screens for enhanced passenger experience [10] - The Wanjie M7's performance includes a comprehensive range of safety features and a high-strength steel body, with a moose test score of 76.6 km/h [12][20] Charging and Range - The range-extended version of the Wanjie M7 offers a comprehensive range of 1625 km, while the pure electric version has a CLTC range of 710 km, with fast charging capabilities [14] - The charging network covers over 350 cities and 1.4 million charging piles, allowing users to reach a charging station within an average of 10 minutes [14] Strategic Goals - Hongmeng Zhixing aims to achieve annual sales of one million vehicles by enhancing its product offerings across various market segments, supported by the HarmonyOS ecosystem [21]

Core Viewpoint - TaoTao Automotive, founded by Cao Matao, is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international presence and capital strength [1][7]. Group 1: Company Background - Cao Matao, born into a wealthy family, established TaoTao Automotive in 2015, focusing on the smart electric vehicle sector after recognizing the need for transformation in the automotive industry due to environmental regulations [2][3]. - The company has a registered capital of 30 million yuan and has received significant financial support from family members, allowing it to adopt a heavy asset model from the start [3]. Group 2: Financial Performance - In the first half of 2025, TaoTao Automotive reported revenues of 1.713 billion yuan, a year-on-year increase of 23.19%, and a net profit of 342 million yuan, up 88.04% [6]. - The company achieved a remarkable revenue of 1.386 billion yuan in 2020, reflecting an 84.33% increase compared to the previous year, and a net profit growth of 203.62% [4]. Group 3: Market Strategy and Expansion - The company has strategically reduced its reliance on the U.S. market, which previously accounted for over 60% of its revenue, by expanding into Southeast Asia and Europe [3]. - TaoTao Automotive is also investing in new product lines, including electric golf carts, and has established a factory in the U.S. for local assembly and future localization of core components [6]. Group 4: Stock Market Performance - Since its listing on the Shenzhen Stock Exchange in 2023, the company's stock price has surged from 64.11 yuan per share at the beginning of the year to 218.94 yuan by September 19, 2025, marking a 241.51% increase [6][7]. - The current market capitalization of TaoTao Automotive stands at 23.88 billion yuan, with Cao Matao's shareholding value estimated at 16.2 billion yuan [7].

Core Insights - The electric two-wheeler market is experiencing a significant transformation driven by the demand for high safety and high value solutions, as highlighted by the launch of a comprehensive solution by New Energy An at the 2025 China Motorcycle Expo [1][6] - The current domestic electric motorcycle market has nearly 400 million units, but faces challenges such as discrepancies between actual and advertised range, battery degradation over time, and performance issues in cold weather [2][5] - Safety is emphasized as a fundamental aspect of development in the two-wheeler industry, with New Energy An aiming to establish safety as the baseline for all products [5][6] Industry Challenges - Users experience "range anxiety" due to significant differences between advertised and actual performance, as well as "power anxiety" when carrying heavy loads [2][5] - The prevalence of substandard battery modifications poses safety risks and undermines the overall user experience [2][5] New Energy An's Solutions - New Energy An's approach includes a comprehensive safety framework that spans the entire product lifecycle, with over 16,000 testing cases to ensure battery safety and reliability [5][6] - The company has introduced the "Snow Leopard" battery for urban commuting, which utilizes aerospace-grade magnesium alloy for lightweight and high strength, enhancing energy density and efficiency [6] - The launch of the 72V90Ah large single-cell lithium battery aims to address range and performance limitations, offering a capacity of 6.5 kWh and a range of 195 kilometers, while maintaining over 100% capacity retention after 300 cycles [6][9] Market Positioning - New Energy An's battery solutions are positioned as essential assets for commercial operators, enhancing efficiency and reliability in operations [7] - The collaboration with Ninebot aims to integrate smart mobility with intelligent energy solutions, focusing on providing users with safer, smarter, and more flexible travel experiences [9]

Core Viewpoint - Chery Automobile is set to go public on the Hong Kong Stock Exchange on September 25, 2023, with an IPO price range of HKD 27.75 to HKD 30.75 per share, aiming to raise approximately HKD 84.41 billion in net proceeds [2][4]. Group 1: IPO Details - Chery plans to issue approximately 297 million shares, with a median price of HKD 29.25 per share, potentially raising a net amount of HKD 84.41 billion if the over-allotment option is not exercised [2]. - The public offering application will close on September 22, 2023, with the final offer price and subscription details to be announced on September 24, 2023 [2]. Group 2: Cornerstone Investors - Chery has secured cornerstone investment agreements with 13 investors, totaling approximately USD 587 million (around HKD 45.73 billion) [3]. - Notable cornerstone investors include JSC International Investment Fund SPC and HHLRA, among others [3]. Group 3: Financial Performance - Chery's revenue is projected to grow significantly, with expected revenues of CNY 926.18 billion, CNY 1,632.05 billion, and CNY 2,698.97 billion for the years 2022, 2023, and 2024, respectively [4]. - The net profit for the same years is expected to be CNY 58.06 billion, CNY 104.44 billion, and CNY 143.34 billion [4]. - In Q1 2023, Chery reported a revenue of CNY 682.23 billion, a year-on-year increase of 24.25%, and a profit of CNY 47.26 billion, up approximately 90.87% [4]. Group 4: Overseas Market Performance - Chery's overseas revenue is expected to reach CNY 303.87 billion, CNY 770.6 billion, and CNY 1,008.97 billion from 2022 to 2024, accounting for 32.8%, 47.2%, and 37.4% of total revenue, respectively [5]. - In Q1 2023, overseas revenue was CNY 262.89 billion, a year-on-year increase of 29.02%, with its share of total revenue rising from 37.1% to 38.5% [5]. Group 5: R&D Investment - Chery's R&D investment is projected to be CNY 41.28 billion, CNY 68.49 billion, and CNY 105.44 billion from 2022 to 2024, with Q1 2023 investment at CNY 27.61 billion [6]. - The company employs over 14,500 R&D staff, making up 25.8% of its workforce, second only to production staff [6]. Group 6: Use of IPO Proceeds - Chery plans to allocate 35% (HKD 29.54 billion) of the IPO proceeds for passenger vehicle R&D, including 20% (HKD 16.88 billion) for new energy vehicle development [7]. - 25% (HKD 21.10 billion) will be used for next-generation vehicle and advanced technology R&D, with 10% (HKD 8.44 billion) for electric technology upgrades [7]. - 20% (HKD 16.88 billion) will be directed towards expanding overseas markets and global strategies, including establishing production bases in countries like Vietnam and Malaysia [7]. - 10% (HKD 8.44 billion) will enhance production facilities at the Wuhu base, focusing on automation and digital integration [8]. - The remaining 10% (HKD 8.44 billion) will be allocated for working capital and general corporate purposes [8]. Group 7: Future Outlook - Chery aims to become a trusted global participant in the smart mobility ecosystem, focusing on product diversification, brand enhancement, and significant investment in new technology R&D [10]. - The upcoming IPO marks a new development phase for Chery, highlighting its technological foundation, rapid sales growth, and strong financial performance [10].

Core Insights - The newly launched Lantu Zhiyin has demonstrated strong market performance, ranking second in the sales of pure electric mid-size SUVs in China within just two weeks of its release, with a sales figure of 950 units in the second week of September [1][2][3] Group 1: Sales Performance - Lantu Zhiyin achieved a sales volume of 950 units, surpassing competitors such as Wanjie M5 (800 units) and Avita 07 (300 units), establishing itself as the "sales champion" among Huawei's pure electric vehicles priced under 300,000 yuan [1][2] - The sales ranking for pure electric vehicles under 300,000 yuan in the second week of September is as follows: 1. Lantu Zhiyin - 950 units 2. Avita 06 - 510 units 3. Zhijie R7 - 460 units 4. Zhijie S7 - 340 units 5. Shenlan S7 - 310 units 6. Wanjie M5 - 290 units 7. Shensheng L07 - 270 units 8. Avita 07 - 180 units 9. Wu Bo HT - 180 units 10. Avita 12 - 160 units [2] Group 2: Product Features - Lantu Zhiyin is a fully electric SUV developed in deep collaboration with Huawei, featuring the latest ADS Max super version equipped with Huawei's advanced driving system ADS 4 and HarmonySpace 5 cockpit, providing a top-tier intelligent travel experience [2][3] - The vehicle has undergone comprehensive upgrades in its three-electric system, comfort configurations, and interior space, aiming to meet the core needs of Chinese families with its appealing design, excellent handling, spacious interior, full configurations, and range anxiety alleviation [2][3] Group 3: Market Positioning - In the highly competitive 200,000 to 250,000 yuan mid-size pure electric SUV market, Lantu Zhiyin has successfully differentiated itself through industry-leading intelligent technology and robust product capabilities [3] - The strong sales performance since its launch positions Lantu Zhiyin as a potential phenomenon in the market, following the success of Lantu Dreamer, and it aims to challenge for the top sales position in its segment [3]