Core Insights - Chery is advancing its global innovation strategy in electric, connected, intelligent, and shared mobility sectors, showcased at the 2025 Global Innovation Conference in Wuhu, Anhui [1][5] - The company aims to establish a global innovation system covering new energy, intelligence, and AI, enhancing its brand and ensuring compliance with evolving regulations [3][5] Group 1: Achievements and Developments - Chery has achieved five historical breakthroughs in sales scale, new energy, exports, brand recognition, and capital markets, while maintaining high growth and operational quality [5] - The company has listed on the Hong Kong Stock Exchange, marking a new chapter in its international capital market journey [5] - As of September, Chery has over 17.72 million global users, with more than 5.43 million users overseas [5] Group 2: Innovation and Research - The Kaoyang Laboratory, established during last year's innovation conference, has created an efficient closed-loop mechanism for transforming research into market-ready products [6] - Chery is collaborating with over 100 top universities on more than 4,000 projects to foster continuous innovation and technological advancements [8] - The company is focused on developing groundbreaking technologies, including the Kunpeng Tianqing engine with a thermal efficiency of 48%, which surpasses the industry standard [9] Group 3: Global Expansion and Localization - Chery's products are exported to over 120 countries and regions, supported by 16 KD factories and a global innovation network with over 30,000 R&D personnel [11] - Plans are in place to establish 26 overseas R&D centers to enhance local market competitiveness and meet regulatory requirements [11] - The conference highlighted Chery's technological capabilities and innovation, contributing to China's automotive industry's advancement on the global stage [11]

Group 1 - The core viewpoint of the report indicates that domestic construction machinery demand remains under pressure, but small excavators continue to see growth in domestic sales, supported by stock updates, machine replacements, agricultural water conservancy, and urban renovation projects. Future large-scale engineering projects and the opening of mining rights in Xinjiang and Inner Mongolia are expected to boost medium and large excavator sales [1] - In September, excavator domestic sales reached 9,249 units, a year-on-year increase of 21.5%, while export sales reached 10,609 units, a year-on-year increase of 29%. The structure of domestic sales shows rapid growth in small excavators, while medium and large excavators face pressure [1] - The sales of loaders in September totaled 10,530 units, a year-on-year increase of 30.5%, with domestic sales at 5,051 units (up 25.6%) and exports at 5,479 units (up 35.3%). The electrification rate in September was 24.56%, a decrease of 1.68 percentage points month-on-month [1] Group 2 - The average working hours for major construction machinery products in September were 78.1 hours, a year-on-year decrease of 13.3%, while the average operating rate was 55.2%, a year-on-year decrease of 9.08 percentage points [3] - In September, the operating hours of Komatsu excavators in North America and Europe showed significant recovery, with year-on-year growth rates of 10.2% and 7.3%, respectively [3] - The report highlights a trend towards high-end, electrified, and intelligent equipment in the industry, with various companies showcasing new electric and intelligent products at BICES 2025 [4]

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, highlighting potential growth opportunities in the sector [6]. Core Insights - The automotive industry is experiencing a sequential increase in sales and favorable cost conditions, with a notable rise in both total and new energy vehicle sales in Q3 2025 [2][3]. - The report emphasizes the importance of intelligent and globalized breakthroughs in the automotive sector, recommending key players such as Geely, Xpeng, Li Auto, BYD, and Xiaomi Group [4][5]. Summary by Sections 0.1 Passenger Vehicles - Total passenger vehicle sales in Q3 2025 reached 7.686 million units, representing a year-on-year increase of 14.7% and a quarter-on-quarter increase of 8.1% [11][24]. - New energy passenger vehicle sales were particularly strong, with 4.024 million units sold, up 24.2% year-on-year and 10.9% quarter-on-quarter, achieving a penetration rate of 52.4% [11][24]. - The report notes a stable pricing environment, with discounts remaining consistent compared to previous months [25]. 0.2 Auto Parts - The auto parts sector is benefiting from a decrease in raw material costs and shipping fees, which is expected to alleviate cost pressures for companies [3][45]. - Key raw materials such as polypropylene and hot-rolled coil prices have seen significant declines, contributing to improved margins for auto parts manufacturers [45]. 0.3 Heavy Trucks - The heavy truck market is experiencing a boost due to the implementation of trade-in subsidy policies, with wholesale sales reaching 282,000 units in Q3 2025, a year-on-year increase of 58.1% [3]. - New energy heavy truck sales surged by 181.5% year-on-year, indicating strong demand in this segment [3]. 0.4 Motorcycles - The report forecasts a total of 258,000 units for mid-to-large displacement motorcycles in Q3 2025, reflecting an 18.9% year-on-year increase [4]. - Export sales for motorcycles are also strong, with a 50.5% year-on-year increase, driven by growth in the 500-800cc segment [4]. 1.1 Weekly Insights - The automotive sector's performance has been weaker than the overall market, with a 6.1% decline in the A-share automotive sector during the week of October 13-17, 2025 [2]. - The report suggests focusing on key companies such as Geely, Xpeng, and BYD for potential investment opportunities [2][4]. 1.2 Intelligent Electric Vehicles - The report highlights the accelerating growth of intelligent electric vehicles, recommending companies involved in smart driving and smart cockpit technologies [4]. 1.3 Robotics - The report notes the entry of leading companies into the robotics sector, indicating a new era of embodied intelligence [4]. 1.4 Liquid Cooling - The demand for AI is driving the need for higher power density in liquid cooling solutions, positioning it as a necessary choice for high-density applications [4]. 1.5 Motorcycles - The report identifies a trend towards consumer upgrades in the motorcycle segment, recommending leading companies in the mid-to-large displacement category [4]. 1.6 Heavy Trucks - The expansion of trade-in subsidy policies is expected to stimulate demand for medium and heavy trucks, contributing to market recovery [4]. 1.7 Tires - The report emphasizes the ongoing acceleration of globalization in the tire industry, recommending leading and high-growth companies [4].

激荡十五载 瞭望新征程 2025第十五届高工锂电年会 暨十五周年庆典&高工金球奖颁奖典礼 G高工锂电修 2025年11月18-20日 深圳前海华侨城JW万豪酒店 冯 笑 星恒电源 董事长 放眼全球,有1/3的人依赖两轮、三轮车 出行,这是既成事实。他们现在或许骑人力自 行车,或许骑油动摩托车,但未来十年,这其 中20-25亿人,都是星恒电源的潜在客户。我始 终认为,两轮车是最高效率的交通工具,这个 市场会持续存在。而且future is electric, 等未来所有场景实现电动化,星恒会努力推动 标准化。如果都能够用一款电池打天下,用一 个、两个、四个或者六个去任意地组合,对做 电池的人来讲以及对消费者来讲会是非常美好 的未来。 来源：高工锂电15周年策划《飞哥对话冯笑》 2025.08 ■ re i 码 上 报 名 ...

Core Insights - Volkswagen Anhui is entering a strategic window with plans to launch three key models by 2026, targeting the A and B sedan markets as well as the SUV segment [2][3] - The first model, the "With Zhong 07," has completed its application process and is designed specifically for the Chinese market, utilizing the new CEA electronic architecture [2][4] - The upcoming year is critical for Volkswagen Anhui, as the success of these models will determine the company's future in the competitive electric vehicle market [2][6] Company Background - Volkswagen Anhui was established in December 2017 and is the third joint venture of Volkswagen in China, focusing on electric vehicles [4] - The company was restructured in December 2020, with Volkswagen increasing its stake to 75%, making it the first wholly-owned joint venture in China [4] Market Performance - The initial model, ID. With Zhong, has struggled in the market, leading to multiple price adjustments since its launch [4][5] - The latest model, With Zhong 06, has seen limited sales, maintaining monthly sales in the hundreds, with a peak of around a thousand units in April [5] Future Product Strategy - The upcoming With Zhong 07 is expected to offer a unique product experience due to its new electronic architecture, which is anticipated to enhance its competitiveness in the market [7][8] - Volkswagen Anhui plans to expand its retail network to 120 stores across 60 cities by 2025, preparing for the launch of the new models [8] Management Changes - Significant personnel changes have occurred within Volkswagen Anhui, including the appointment of a new CEO and CMO in 2023 [9]

此次曝光的原型车首次完整展示了后侧窗玻璃轮廓，其标志性的向上卷曲设计得以保留，与911车型形 成差异化。车顶线条向后延伸更远，形成更明显的"气泡"形态，取消了现款车型的小型前备厢，整体轮 廓更显修长。后挡板疑似采用全玻璃材质，或具备弹出式后窗功能，为尾部造型增添未来感。 外媒还曾曝光其前脸设计仍遵循保时捷跑车的低矮姿态，大灯组或采用矩阵式LED光源。车侧保留了 718系列标志性的进气口，但尺寸与位置可能针对电动化需求进行调整。 来源：环球网 【环球网科技综合报道】10月18日消息，汽车媒体CarBuzz发布了一组保时捷下一代电动718 Cayman原 型车的路测照片，揭示这款纯电跑车已进入量产前冲刺阶段。从谍照中可见，新车在延续经典设计语言 的同时，通过细节创新强化了家族辨识度，并展现出保时捷对电动化时代的独特理解。 据技术分析，电动718 Cayman可能基于保时捷与奥迪联合开发的Premium Platform Electric（PPE）平台 打造，采用800V高压架构，支持超快充技术。电池布局或采用T型设计，填充中央通道与座椅后方区 域，以优化车内空间与重心分布。 动力方面，外媒预测入门级车型预计输出功 ...

Core Viewpoint - The article provides a detailed calendar for the disclosure of third-quarter reports for key automotive companies in October 2025, highlighting the importance of these disclosures for investors and industry stakeholders [1]. Summary by Sections Disclosure Calendar - The calendar lists various automotive companies scheduled to release their third-quarter reports from October 13 to October 30, 2025, including notable firms such as Weitang Dingye, Xinzhi Group, and Chang'an Automobile [1]. - The final disclosure dates are subject to the actual release by the companies, indicating the dynamic nature of financial reporting in the automotive sector [2]. Industry Focus - The article emphasizes the ongoing transformation in the automotive industry, particularly focusing on the four key trends: intelligence, electrification, globalization, and high-end development [6]. - It highlights the potential investment opportunities arising from these trends, suggesting a significant shift in the automotive landscape that could reshape industry dynamics over the next decade [16].

Core Viewpoint - The company is expected to achieve significant growth in net profit and operating income in the first three quarters of 2025, driven by strong performance in various business segments and the expansion of the Wujie brand [2][3][6]. Financial Performance - The company forecasts a net profit attributable to shareholders of 1.52 to 1.62 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 69.1% to 80.3% [2]. - The expected non-net profit is projected to be between 1.48 to 1.58 billion yuan, with a year-on-year growth of 75.7% to 87.5% [2]. - For Q3 2025, the net profit is estimated at 500 million yuan, a year-on-year increase of 60.5% but a quarter-on-quarter decrease of 12.5% [3]. Business Growth Drivers - The growth is primarily driven by the Wujie brand, which saw a 22.1% increase in sales of large-displacement motorcycles (over 250cc) in July and August, totaling 28,000 units [3]. - The all-terrain vehicle segment also contributed positively, with sales of 6,000 units in the same period, marking a 40.7% increase [3]. - The three-wheeler and general machinery businesses are also experiencing growth, alongside continuous optimization of the Wujie product lineup [3]. Brand and Market Expansion - The Wujie brand achieved a revenue of 1.98 billion yuan in the first half of 2025, reflecting a year-on-year growth of 30.2%, with exports accounting for 1.19 billion yuan, a significant increase of 83.3% [4]. - The number of domestic sales outlets for the Wujie brand reached 1,053, while overseas outlets totaled 1,292, with a notable increase in Europe [4]. - The brand's visibility in overseas markets has improved, with a total exposure of 9.27 million times, up 70.85% year-on-year [4]. Global Market Performance - Sales of large-displacement motorcycles for the Wujie brand reached 108,000 units in 2024 and 68,000 units in the first half of 2025, with year-on-year increases of 43.1% and 32.8%, respectively [5]. - Export sales for these motorcycles were 51,000 units in 2024 and 48,000 units in the first half of 2025, showing increases of 24.8% and 69.4% [5]. - The Wujie brand has made significant inroads in the European market, with sales in Spain reaching 12,000 units, a year-on-year increase of 83.9%, and in Italy, sales increased by 69.4% [5]. Future Projections - The company anticipates revenues of 20.16 billion yuan in 2025, 23.41 billion yuan in 2026, and 27.05 billion yuan in 2027, with corresponding net profits of 1.98 billion yuan, 2.32 billion yuan, and 2.71 billion yuan [6][8]. - The earnings per share (EPS) are projected to be 0.96 yuan in 2025, 1.13 yuan in 2026, and 1.32 yuan in 2027, with price-to-earnings (PE) ratios of 14, 12, and 11, respectively [6][8].

Core Insights - The domestic new energy commercial vehicle market has maintained a high operating status, with new energy heavy trucks showing a remarkable year-on-year growth of 180% [2] - Despite the booming market, new entrants in the truck sector have collectively captured less than 4% market share, highlighting the challenges faced by these "disruptors" [2][8] - The industry is transitioning from a capital-driven model to a value-driven phase, emphasizing the need for sustainable business practices [2][11] Market Dynamics - The new energy truck market has seen explosive growth, with heavy truck sales surpassing 10,000 units for the first time, reflecting a nearly threefold year-on-year increase [3] - Traditional truck manufacturers are actively expanding their new energy product lines to maintain their market dominance, while new entrants aim to disrupt the market through technological innovations [3][9] - The competition is characterized by a clear divide between traditional giants and new players, with the former leveraging their established advantages [4][9] Challenges for New Entrants - New energy truck startups face significant barriers, including high production costs, lack of manufacturing experience, and challenges in achieving scale [11][12] - Many new entrants are still in the "small batch trial production" phase, with only a few achieving stable deliveries [8] - The market share of new energy truck startups remains low, with only 3.25% as of July, indicating a stagnation in growth compared to the overall market [8] Competitive Landscape - Traditional truck manufacturers and cross-industry participants have shown strong competitive capabilities, capturing the majority of the new energy truck market [9] - Leading companies like FAW Jiefang and China National Heavy Duty Truck Group have reported sales exceeding 15,000 units, demonstrating robust growth [9] - The market is increasingly concentrated among top players, further squeezing the survival space for new entrants [9] Strategic Directions - New energy truck companies must focus on understanding the core needs of users and adapting their offerings accordingly to succeed in a competitive landscape [15][16] - A shift from merely selling vehicles to providing comprehensive lifecycle solutions is essential for new entrants to enhance their market position [17] - The industry is undergoing a value reconstruction, pushing companies to concentrate on core competencies and long-term viability rather than short-term gains [17]

Core Insights - The wholesale sales of pickup trucks in September 2025 reached 46,000 units, showing a year-on-year decline of 1.9% but a month-on-month increase of 14.6%, indicating a stable market position within the last five years [1] - For the first nine months of 2025, the pickup truck market sales totaled 432,000 units, reflecting an 11.2% increase compared to the same period in 2024 [1] Group 1: Market Performance - The leading position in the pickup truck market is maintained by Great Wall Motors, with stable performance both domestically and internationally [1] - The main regions for pickup truck demand are the Southwest and Northwest, accounting for 44.4% of total demand in September 2025 [1] - The sales of new energy pickups in September 2025 reached 4,000 units, marking a significant year-on-year growth of 104% and a month-on-month increase of 31% [2] Group 2: Export and New Energy Segment - Cumulative exports of pickups in 2024 reached 244,000 units, representing an 85% growth [2] - In the first nine months of 2025, pickup truck exports totaled 228,000 units, showing a year-on-year increase of 28% [2] - The new energy pickup market is expected to grow rapidly to meet domestic and international demand, with significant contributions from brands like Geely and BYD [2]