Investment Rating - The report does not explicitly state an investment rating for the industry or company Core Insights - Huawei has transitioned from a component supplier to a comprehensive solution provider in the smart automotive sector, adhering to a "no car manufacturing" strategy while deeply collaborating with automotive companies, creating a differentiated competitive landscape compared to BYD's vertical integration approach [3] - The report emphasizes Huawei's automotive business development through three parallel models: component supply, HI intelligent driving, and HarmonyOS intelligent driving, with the HI model showing the most growth potential due to its non-threatening nature to automotive companies [3] - The report aims to analyze Huawei's strategic layout and development status in the automotive industry, focusing on its technological innovation, business model transformation, and industrial ecosystem construction under the "no car manufacturing" strategy [3] Summary by Sections Huawei's Automotive Business Development - Huawei's automotive journey began with in-car communication (2013-2015), evolved through collaborations with car manufacturers (2016-2018), and has now reached the stage of providing comprehensive solutions since 2019 [3] Production Capacity and Market Performance - Huawei's smart selection vehicle business has established an annual production capacity of 1.7 million units, achieving rapid growth in the high-end new energy market, with standout models like the Zhijie R7 and Xiangjie S9 [4] - The production layout includes various factories, with the Wanjie M5, M7, and M9 produced at different facilities, totaling capacities of 700,000, 150,000, and 150,000 units respectively [4] Revenue Projections - By 2030, Huawei's automotive business is projected to achieve revenues of 63.51 billion yuan from HarmonyOS intelligent driving and 24.27 billion yuan from smart automotive solutions, with intelligent driving and cockpit technologies being the main growth drivers [5][16] - The HarmonyOS intelligent driving sales are expected to increase from 78,000 units to 1.56 million units, primarily driven by the Wanjie series [5] Business Models - Huawei's smart automotive business operates through five major solutions, providing comprehensive support from components to complete vehicles, leveraging both direct sales and partnerships with automotive companies [7] - The sales network consists of direct brand outlets and strategic partnerships, including self-operated retail points and authorized specialty stores [8] Case Study: Seres - The collaboration between Seres and Huawei has evolved through various stages, leading to a product line expansion from the SF5 to multiple models like the Wanjie M5/M7/M9, achieving peak monthly sales of over 40,000 units [11] - The innovative marketing strategy of the smart selection model has significantly contributed to Seres' success, offering a transparent pricing system and a user-centered purchasing experience [11]

ASML CEO 认为美国推动更多芯片限制。 全球最大光刻机制造商 ASML（ASML.O）CEO Christophe Fouquet 本周在一场科技峰会上预计， 美国将进一步向其国内公司和盟友施压，要求进一步限制向出口关键半导体产品。"问题是什么对 荷兰是正确的？什么对欧洲是正确的？" 他说。目前中国仍然是 ASML 最大市场，最近一个季度的 销售额达到 30 亿美元，几乎占 ASML 总销售额的一半。 通用中国前三季度亏损超 3 亿美元。 通用汽车（GM.N）中国在上半年亏损 2.1 亿美元后，又在第三季度继续亏损 1.37 亿美元，管理层 安抚市场称中国库存正在下降且销售额上升。即便如此，通过成本削减和其他运营调整，通用汽车 预计全年税前利润在 140 亿至 150 亿美元之间，符合年中上调后的利润预期。三季度，通用汽车在 中国市场零售销量超过 42 万辆（包括 32.8 万辆左右的五菱与宝骏品牌）。 李宁预告三季度销售额同比下滑。 李宁（2331.HK）公告称，今年三季度销售点（不包括李宁 YOUNG）于整个平台的零售流水同比 个位数下降。其中，线下渠道（包括零售及批发）高个位数下降，其中零售（直接 ...