Core Viewpoint - The company anticipates that the main factors affecting its net profit growth in the first three quarters of 2025 will be rising raw material prices and reduced foreign exchange gains, alongside increased investments in R&D and marketing [1] Group 1: Financial Performance - The company is facing challenges in net profit growth due to rising raw material costs and decreased foreign exchange income [1] - Increased investments in research and development, as well as marketing, are expected to impact profitability in the near term [1] Group 2: Strategic Initiatives - The company plans to deepen its large customer strategy to enhance the share of high-end products [1] - There is a focus on exploring new products and technologies, particularly in high-value areas such as intelligent driving, smart cockpits, vehicle electronics, and wireless communication [1] Group 3: Operational Efficiency - The company aims to improve operational efficiency and gross margin through refined management, process optimization, and cost control measures [1]

Core Insights - In 2025, BMW Group achieved global business growth, with China remaining the largest market, delivering over 625,000 BMW and MINI vehicles to meet diverse customer mobility needs [1][2] - The BMW M family showed strong performance with a year-on-year sales increase of 27.9% in China, while the 3 Series and 5 Series maintained robust positions in the luxury sports sedan segment [1][4] - In 2026, approximately 20 new models of BMW, MINI, and BMW motorcycles will be introduced to Chinese consumers, enhancing brand competitiveness [1][7] Market Performance - BMW Group delivered a total of 2,463,715 vehicles globally, with 625,527 units sold in China, demonstrating strong business resilience amid intense market competition [1][2] - The BMW 3 Series family has been the best-selling model in its segment for 15 consecutive months, with high-end models accounting for over 50% of its sales [3] - The 5 Series achieved an average monthly sales of over 10,000 units, being the only luxury model to receive top safety ratings across five major global markets [3] Product Strategy - BMW is committed to enhancing product value and brand competitiveness by launching differentiated and personalized models, such as the 50th Anniversary Edition of the BMW 3 Series and new configurations for the 5 Series and X5 [2][3] - The MINI brand also contributed to growth, with over 25% year-on-year sales increase, launching more than 10 special edition models in 2025 [5] Innovation and Local Collaboration - BMW is deepening its local innovation foundation in China, establishing the largest R&D network outside Germany, including four innovation hubs and three software companies [6] - Collaborations with local partners like Momenta, Huawei, and Alibaba are aimed at developing localized intelligent driving systems and redefining smart cockpit experiences [6] Future Outlook - The launch of the long-wheelbase version of the new generation BMW iX3 is set for global debut in the first half of 2026, featuring advanced technologies tailored for Chinese consumers [7] - BMW aims to balance innovation with responsibility, integrating green development and public welfare into its long-term commitment to the Chinese market [7]

Investment Rating - The report provides a standard investment rating for the automotive industry, specifically focusing on Chery Automobile [5]. Core Insights - Chery Automobile has undergone three significant phases since its establishment in 1997: technological self-reliance, strategic restructuring, and comprehensive transformation towards new energy and intelligence [6][12]. - The company has achieved a notable global presence, with overseas sales reaching 1.145 million units in 2024, marking a 21.4% increase year-on-year, and overseas revenue accounting for 37.4% of total income [6][16]. - Chery's new energy vehicle (NEV) business is experiencing rapid growth, with a year-on-year sales increase of 98.6% in 2025H1, contributing to 28.1% of total revenue [16][18]. - The company is focusing on a dual strategy of hybrid and pure electric vehicles, with significant advancements in technology and product offerings [6][21]. Summary by Sections 1. Chery Automobile's Development Journey - Chery has evolved through three stages: initial breakthroughs in technology, strategic restructuring to focus on core competencies, and a current phase emphasizing new energy and smart technologies [12][13]. - The company successfully completed its IPO on the Hong Kong Stock Exchange in September 2025, with funds primarily allocated to R&D and global expansion [12][16]. 2. Competitive Advantages - Chery has established a robust technological foundation with over 13,900 patents, including significant advancements in engine and transmission technologies [20][21]. - The company has a comprehensive product lineup covering various market segments through its five brands: Chery, Exeed, Jetour, iCAR, and Zhijie, ensuring broad market coverage from economy to luxury vehicles [23][24]. 3. Growth Drivers - Chery's overseas market strategy has solidified its position as a leading exporter of passenger vehicles in China, with a focus on emerging markets and local production to mitigate trade barriers [33][36]. - The NEV segment is a key growth area, with Chery's hybrid and electric vehicles leading the industry in sales growth [6][18]. - Collaborations with technology partners like Huawei are enhancing Chery's capabilities in smart driving technologies [6][21]. 4. Investment Opportunities - The report suggests focusing on three main investment lines: technology positioning and domestic substitution, performance resonance and growth elasticity, and manufacturing upgrades and industry extensions [7].

近日，"福田欧辉销量'现象级'爆涨"的新闻在客车圈内被热议。说的是福田欧辉客车10月 份销量大增179%、新能源猛增 289%、出口劲增 158%，三大核心指标均远超行业平均 水平。"2025年，欧辉客车全年销量预计达到1.1万辆，同比增长100%，跃居行业前 五。"福田欧辉新能源客车总裁韩冬在12月18日举行的福田汽车2026商务年会上这样表 示。 显然，福田欧辉在销量上的猛增并非偶然，更不是突然一次的"冒头"，而是一步一个脚印 的长期积累。而销量方面的"爆发"，或许只是欧辉客车精准把握市场脉搏、预判趋势变 化，进行系统能力提升的具象化表现之一。 为什么这么说？我们把视线拉回到到福田欧辉在2026商务年会上发布的智能巴士，看看福 田欧辉在下怎样一步大棋。 L4级，福田欧辉6米智能巴士从科幻走进现实 对于乘客而言，智能巴士提供的是安全、高效、舒适、智能的出行体验，而对当前的转型中 客车行业而言，福田欧辉则提供了一个把技术、场景、生态融合的成功样本。 融合技术+场景+生态，构建从感知决策到云端调度的闭环体系 福田欧辉智能巴士是如何融合技术、场景、生态的？ 作为国内新能源客车的先行者与领航者，欧辉客车自2003年 ...

Core Insights - The smart car ETF (159889) saw an intraday increase of over 1.7%, driven by industry trends and policy developments [1] - According to招商证券, 2026 is projected to be a breakout year for the smart driving and Robotaxi industries, with ongoing market attention on these trends [1] - Nvidia's release of the open-source VLA model Alpamayo 1 signifies a pivotal moment for physical AI, with unmanned taxis expected to be among the first beneficiaries [1] Industry Developments - Waymo is expected to exceed 450,000 weekly orders by 2025, while Tesla's Robotaxi operations are expanding in Austin, with Full Self-Driving (FSD) technology likely to validate the gradual transition from Level 2 to Level 4 [1] - Pony.ai has achieved single-vehicle profitability in Guangzhou, and WeRide has obtained a fully autonomous driving commercial license in the UAE [1] - Regulatory advancements are indicated by the establishment of national standards for L3 access permits and autonomous driving regulations, suggesting a faster pace of progress in legislation [1] Market Dynamics - The smart car ETF (159889) tracks the CS Smart Car Index (930721), which selects listed companies involved in smart driving and vehicle networking from the A-share market, covering the entire industry chain from hardware to software [1] - The index's constituent stocks are concentrated in the electronics, computer, and automotive sectors, providing a comprehensive reflection of the overall performance of the smart car-related industries [1]

近期，在内外双重因素的共同推动下，智能驾驶板块关注度显著提升。一方面，英伟达在CES 2026上 宣布推出新一代开源自动驾驶AI模型，推动技术开发进程；另一方面，国内首块L3级自动驾驶汽车专 用号牌正式发出，标志着高阶自动驾驶商业化落地迈出关键一步，共同构成了板块的积极催化。今日， 相关板块早盘表现再度活跃。（资料来源：券商中国《5分钟，封死涨停！刚刚，重磅利好来 袭！》-26/1/6、人民网《XX汽车获得首块L3级自动驾驶专用正式号牌》-25/12/21；数据来源：Wind） 在消息面利好催化下，资金借道ETF布局的意愿强烈。智能驾驶ETF（516520）今年以来四个交易日 （26/1/5-26/1/8）连续获资金加仓，区间累计"吸金"2.82亿元，超过2025年度净流入总额的八成；产品 成交同步活跃，昨日2.80亿元的单日成交额刷新成立以来（21/2/9-26/1/8）新高。在增量资金的推动 下，产品最新份额、规模双双攀升至成立以来新高，达7.10亿份、9.62亿元。（数据来源：Wind、交易 所，截至25/1/8，2025年智能驾驶ETF净流入3.34亿元） 德邦证券近日指出，智能驾驶产业链已形成"感知 ...

近日，有网友分享了在低温情况下小鹏超级增程的驾驶情况。 责任编辑：李思阳 近日，有网友分享了在低温情况下小鹏超级增程的驾驶情况。 对此，小鹏汽车董事长何小鹏转发博文表示，感谢鹏友对小鹏X9超级增程的信任和喜欢。也再次提醒 大家，智驾是得力助手，但复杂情况、极端路况，务必及时接管，让我们共同守护出行安全。 对此，小鹏汽车董事长何小鹏转发博文表示，感谢鹏友对小鹏X9超级增程的信任和喜欢。也再次提醒 大家，智驾是得力助手，但复杂情况、极端路况，务必及时接管，让我们共同守护出行安全。 责任编辑：李思阳 ...

恒生港股通汽车主题指数由港股通范围内40只汽车产业链相关股票组成，覆盖港股整车龙头及智能化供 应链核心公司。港股通汽车ETF易方达（159121）等产品跟踪该指数，为投资者参与汽车产业智能化价 值重估过程提供了便捷工具。 有分析称，行业首个L4级初阶能力VLA大模型的推出，标志着技术端从"辅助驾驶"向"高级别自动驾 驶"的关键跨越。更重要的是，该套系统旨在同时满足个人用户与Robotaxi运营需求，从技术、产品到 商业模式，系统性地验证了智能驾驶的未来价值和变现路径，为整个产业的智能化估值提供了坚实锚 点。 1月8日，小鹏汽车在新品发布会上系统阐述了其"物理AI"战略及明确的量产规划，核心包括运用行业首 个实现L4级初阶能力的第二代VLA大模型，并于第一季度向多款新车推送；2026年开启运营Robotaxi 等。 ...

Core Insights - RoboSense and HiDi Intelligent Driving have formed a strategic partnership to enhance the safety, efficiency, and intelligence of autonomous driving solutions, particularly in commercial vehicles like unmanned mining trucks and logistics vehicles [1][3][5] - The collaboration aims to leverage RoboSense's expertise in digital lidar technology and HiDi's experience in commercial vehicle intelligent driving to facilitate the large-scale implementation of smart driving technologies across various sectors [1][3] Company Developments - RoboSense's CEO highlighted the current explosive growth in the commercial vehicle intelligent driving industry, emphasizing the potential for significant advancements and applications [3] - HiDi Intelligent Driving has developed a comprehensive self-research technology system and has extensive experience in deploying autonomous mining vehicles, contributing to safety and efficiency improvements in the industry [5] - The partnership is expected to enhance HiDi's vehicle perception capabilities through high-performance digital products, promoting widespread application and high-quality development in the intelligent driving sector [3][5] Market Trends - The Chinese market for unmanned commercial vehicles reached 108.8 billion yuan in 2023, with projections to grow to 1.4492 trillion yuan by 2028, reflecting a compound annual growth rate of 67.8% [5] - The demand for unmanned commercial vehicles is driven by the need for safety and efficiency in high-risk environments such as mining areas, ports, and enclosed zones, leading to accelerated deployment in various applications [5] Strategic Goals - The partnership aims to deepen technological collaboration and expand the boundaries of cooperation, creating a more competitive ecosystem for intelligent driving [7] - Both companies intend to utilize the CES platform to showcase their commitment to innovation and industry integration, ultimately benefiting a broader range of sectors [7]

Core Insights - The automotive industry is entering a deep transformation phase towards electrification and intelligence, with the penetration rate of new energy vehicles exceeding 50% by 2025, marking a shift from early cultivation to large-scale commercialization and value realization [2] - A significant IPO wave is expected in the automotive sector, with over 100 companies projected to go public in the A-share market in 2025, raising more than 110 billion yuan, with approximately 30% of these companies belonging to the automotive supply chain [2] IPO Highlights - Major IPO events in 2025 include the listings of CATL, Chery Automobile, and Seres, which are expected to enhance China's automotive industry's global competitiveness [3] - CATL's IPO on May 20, 2025, raised approximately 35.3 billion HKD, marking the largest IPO in Hong Kong in nearly four years, with 90% of the funds allocated for projects in Hungary to support local supply strategies [3] - Chery Automobile successfully listed on September 25, 2025, raising about 9.145 billion HKD, with 35% of the funds dedicated to passenger vehicle R&D and 25% for next-generation automotive technologies [4] - Seres achieved the largest IPO for a car company in 2025, raising 14.016 billion HKD on November 5, with 70% of the funds earmarked for R&D in new energy vehicle technologies [4][5] Market Trends - The IPOs of companies in the intelligent driving and laser radar sectors, such as Pony.ai and WeRide, reflect the acceleration of commercialization in these fields, with significant capital inflow supporting technological advancements [6] - The listing of leading laser radar companies, including Hesai Technology, indicates a growing focus on core components that facilitate the large-scale implementation of intelligent driving [7] - The overall trend in 2025 shows a surge in IPOs for automotive-related component companies, driven by the increasing demand for vehicle electronics as the industry shifts from product competition to ecosystem competition [8]