Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected increase of over 10% in the industry index relative to the market over the next six months [4][8]. Core Insights - In August, the sales of excavators and loaders in China continued to show double-digit year-on-year growth, with excavator sales reaching 16,523 units (up 12.8%) and loader sales at 9,440 units (up 13.3%) [1][2]. - The recovery of the engineering machinery industry is supported by solid fundamentals and long-term logic, with domestic equipment renewal policies and infrastructure projects driving short-term demand, while global infrastructure needs and enhanced competitiveness of Chinese brands are expected to sustain overseas growth [3]. - The competition in the industry has shifted from price wars to comprehensive competition in technology, branding, channels, and supply chains, with leading companies in smart and electric technology expected to better navigate cyclical fluctuations and enjoy long-term growth benefits [3]. Summary by Sections Excavator Sales - In August, a total of 16,523 excavators were sold, marking a 12.8% year-on-year increase, with domestic sales at 7,685 units (up 14.8%) and exports at 8,838 units (up 11.1%) [2]. - From January to August 2025, 154,181 excavators were sold, reflecting a 17.2% year-on-year growth, with domestic sales of 80,628 units (up 21.5%) and exports of 73,553 units (up 12.8%) [2]. Loader Sales - In August, loader sales reached 9,440 units, a 13.3% year-on-year increase, with domestic sales at 4,774 units (up 18.3%) and exports at 4,666 units (up 8.69%) [2]. - For the first eight months of 2025, a total of 83,209 loaders were sold, representing a 12.9% year-on-year increase, with domestic sales of 44,945 units (up 20.2%) and exports of 38,264 units (up 5.3%) [2]. Future Outlook - The domestic market is expected to accelerate recovery due to equipment renewal and local government debt management policies, while the competitiveness of domestic manufacturers in overseas markets is anticipated to improve, driven by the cost-effectiveness of Chinese machinery [3]. - The engineering machinery industry is characterized by a resonance of domestic and international demand alongside technological upgrades, suggesting a positive outlook for companies with market advantages and proactive overseas strategies [3].

Core Insights - The new generation of electric vehicles is being shaped by a deep understanding of consumer needs, with companies like BMW adapting to the Chinese market and consumer preferences [1][12][24] Group 1: Collaborations and Innovations - BMW collaborates with Momenta to create a locally tailored intelligent driving assistance solution, providing comprehensive navigation features for various driving conditions [3] - A partnership with Alibaba aims to enhance the new BMW intelligent personal assistant using AI language models, set to debut in 2026 on domestic models [5] - Collaboration with Huawei introduces features like BMW digital key and HUAWEI HiCar, enhancing the in-car digital experience, with integration planned for 2026 [8] - BMW teams up with DeepSeek to improve human-machine interaction centered around the intelligent personal assistant, reflecting a commitment to meeting local user demands [10] Group 2: Product Features and Testing - The BMW iX3, set to launch in China, features a new electric platform and advanced systems, achieving a maximum range of over 900 kilometers under CLTC conditions [12][22] - The "Driving Control Super Brain" integrates key vehicle control systems for real-time adjustments, enhancing driving dynamics with a response time of less than one millisecond [14] - The BMW iX3 has undergone extensive testing, including extreme temperature trials, ensuring stability and performance under harsh conditions [21][22] - The vehicle's battery system supports rapid charging, achieving over 400 kilometers of range in just 10 minutes, ensuring consistent performance even in high temperatures [22] Group 3: Market Positioning - The upcoming BMW iX3 represents the company's commitment to leading the electric vehicle market and setting new luxury standards in the industry [24]

Core Viewpoint - Zhejiang Shibao (002703.SZ) focuses on automotive steering systems as a primary supplier, targeting leading domestic automakers and mainstream new energy vehicle companies [1] Group 1: Business Overview - The company primarily engages in the first-level supply of automotive steering systems [1] - Major clients include leading domestic automakers and mainstream new energy vehicle enterprises [1] Group 2: Research and Development - Current R&D investments are directed towards electrification and intelligent steering technologies [1] - The company has secured several mainstream clients for its steer-by-wire and rear-wheel steering technologies, which have not yet entered mass production [1] Group 3: Partnerships - The company serves as the steering intermediate shaft supplier for Xiaomi Automotive [1]

Core Insights - The global automotive industry is at a critical juncture characterized by electrification, intelligence, and geopolitical shifts, with China emerging as a strategic battleground for Tier 1 suppliers [1][4] Group 1: Company Strategy - Aptiv's CEO Kevin Clark emphasizes the importance of deep localization and global integration to navigate challenges, leveraging years of local supply chain collaboration [3][4] - The company plans to split its Electrical Distribution Systems (EDS) business by 2025 to enhance profit margins and focus on strategic technology development [5] - Aptiv aims to maintain competitiveness in the Chinese market, which is crucial due to its status as the largest automotive market and a leader in technology innovation [4][9] Group 2: Market Positioning - Aptiv has developed a comprehensive local supply chain, with over 80% of materials and components for products sold in China sourced from local suppliers [4] - The company possesses a unique advantage in offering both hardware and software solutions, positioning itself as a leader in the automotive technology space [6][7] - Aptiv is becoming a strategic partner for Chinese automakers looking to expand internationally, providing support across regulations, supply chains, and testing standards [7][8] Group 3: Industry Trends - The automotive sector is experiencing rapid advancements in AI and autonomous driving technologies, which are seen as key drivers of industry transformation [8] - Aptiv's strategy includes proactive investment in technology capabilities to address industry pain points and seize growth opportunities [8] - The company views competition as a catalyst for industry progress, focusing on delivering advanced technology solutions to enhance consumer experiences [8][9]

Core Viewpoint - The global electric vehicle (EV) industry is experiencing unprecedented growth, but it faces challenges such as geopolitical tensions and trade protectionism. Industry leaders at the 2025 World New Energy Vehicle Conference in Hainan believe that collaborative development in the global EV sector will deepen, with globalization remaining a major trend [1]. Group 1: Global Cooperation and Market Trends - The penetration rate of global electric vehicles is increasing, leading to a shift from one-way exports to a two-way integration of cooperation [1]. - Chinese automakers are evolving their overseas strategies from simple vehicle exports to comprehensive solutions that include "models + supply chains" and localized sales and service systems [1]. - Guangzhou Automobile Group is expanding its overseas terminal sales and has established smart factories in five countries, including Thailand, Malaysia, and Indonesia, while promoting the export of the new energy ecosystem [1]. Group 2: R&D Investments and Strategic Upgrades - Foreign automakers are increasing their R&D investments in China, pushing for a "Made in China for the World" strategy [2]. - Mercedes-Benz is building a "dual-engine" R&D framework in China, leveraging local talent in Beijing and Shanghai to drive technological advancements [2]. - Toyota has introduced the ONE R&D system and Regional-Chief Engineer roles to enhance local R&D capabilities and strengthen partnerships with local suppliers [2]. Group 3: Technological Innovation and Collaboration - The trend of mutual learning and collaboration between Chinese and foreign automakers is emerging, with calls for stable policy environments to encourage broader cooperation in technology R&D and supply chain development [2]. - Technological innovation is identified as the core driver of collaborative development in the global automotive industry, particularly in electrification and intelligence [2]. - The automotive industry is expected to evolve towards an integrated smart mobility ecosystem, with increased collaboration in intelligent technology development between domestic and foreign companies [2]. Group 4: Establishment of International Organizations - The World New Energy Vehicle Development Organization (WNEVDO) has been established to facilitate global automotive governance and multilateral cooperation [3]. - The organization aims to act as a catalyst for technological innovation, a coordinator for global standards, and a facilitator for efficient trade [3]. - The establishment of a stable dialogue framework is essential for discussing diverse technological paths, infrastructure development, safety regulations, and tax incentives in the automotive industry [4].

Core Viewpoint - The article discusses the significant organizational and strategic changes being undertaken by Volkswagen Group in India, led by Skoda, in response to competitive pressures and regulatory challenges in the Indian automotive market [4][5][6]. Group 1: Organizational Changes - Volkswagen Group is conducting a comprehensive review of its operations in India, with Skoda leading the initiative to streamline processes and improve organizational efficiency [4][9]. - The company has hired a third party to provide an independent assessment and innovative ideas for improvement, indicating a commitment to adapt to market changes [9]. - Recent management changes have seen nearly 10 senior executives depart, covering key areas such as finance and quality management, to create a more agile organization [10][11]. Group 2: Market and Regulatory Challenges - The Indian automotive market is experiencing a slowdown, with projected wholesale passenger vehicle sales of approximately 4.3 million units in 2024, reflecting a growth rate decline to 2% for the fiscal year 2025 [15]. - Stricter fuel efficiency and emissions regulations are set to be implemented starting in 2027, prompting automakers to accelerate the introduction of energy-efficient and electric vehicles [15][24]. - Skoda's market share in India is critical as it has significantly reduced its presence in China and exited the Russian market, making India a key market outside Europe [14]. Group 3: Competitive Landscape - Competitors like Kia and Toyota have established a strong foothold in the Indian market, with Kia achieving sales of approximately 255,000 units in 2024, leveraging localized strategies [22]. - Toyota's collaboration with Maruti Suzuki has allowed it to achieve strong performance in the Indian market, highlighting the competitive pressure on Volkswagen and Skoda [22]. - The article emphasizes the need for Volkswagen to adapt its product and compliance strategies in light of competitors' successful local approaches [21][25]. Group 4: Financial Implications - Despite nearly doubling its revenue in India to $2.15 billion over five years, Volkswagen's profits have plummeted from approximately $85 million to $10.6 million, indicating that revenue growth has not translated into profitability [16]. - The company faces a potential tax bill of up to $2.8 billion due to allegations of misclassifying imported components, which could severely impact its operations in India [16][24].

Core Insights - The global electrification trend is prompting multinational automotive companies to enhance their localization efforts in the Chinese market [1] - Porsche has debuted at the World New Energy Vehicle Conference, showcasing a China-exclusive in-car infotainment system developed by a local team [1] - The collaboration with local partner PATEO is aimed at leveraging local innovation to improve user experience and adapt to market demands [1] Group 1 - Porsche's new infotainment system is set to enter testing by the end of 2024 and is expected to be mass-produced by 2026, marking a rapid development cycle uncommon among luxury brands [1] - The partnership with PATEO, a supplier experienced in the automotive sector, is crucial for shortening iteration cycles and aligning with Chinese consumer preferences [1][2] - The new system incorporates advanced features such as AI voice assistants, 3D vehicle displays, and smart navigation, specifically designed to address the needs of Chinese users [2] Group 2 - The introduction of the China-exclusive Macan 4 electric version highlights Porsche's commitment to customization in its product offerings for the Chinese market [2] - The collaboration signifies a deep integration between a multinational luxury brand and a local supplier, showcasing Porsche's strategy to remain competitive in the intelligent automotive sector [3] - For PATEO, being selected by Porsche could open doors to the global luxury brand supply chain, enhancing its market position and business opportunities [3]

Investment Rating - The report gives a "Buy" rating for the company with a target price of 52.1 CNY, indicating a potential upside of 16.6% from the current price of 44.72 CNY [2][7][10]. Core Insights - The company is a leader in the electric forklift industry, focusing on product innovation and smart logistics solutions, which are expected to drive future growth [7][8][9]. - The demand for forklifts is expected to remain strong due to the ongoing electrification and automation trends in the industry, with lithium battery technology playing a crucial role [7][8][9]. - The company has established a solid presence in overseas markets through localized operations and strategic partnerships, enhancing its competitive advantage [7][8][9]. Financial Performance - The company’s total revenue is projected to grow from 6,552 million CNY in 2024 to 9,472 million CNY in 2027, with a compound annual growth rate (CAGR) of 14.5% [3][10]. - Net profit attributable to shareholders is expected to increase from 840 million CNY in 2024 to 1,248 million CNY in 2027, reflecting a CAGR of 19.4% [3][10]. - Earnings per share (EPS) are forecasted to rise from 2.09 CNY in 2024 to 3.11 CNY in 2027 [3][10]. Market Position and Strategy - The company has maintained its position as the top seller of electric forklifts in China for over a decade, with a market share exceeding 35% in 2021 [14][15]. - The introduction of innovative products like the "Little King Kong" series has significantly contributed to the company's growth and market recognition [7][15]. - The company is actively expanding its smart logistics product offerings, which are expected to become a significant growth driver alongside traditional forklift sales [7][9][10]. Industry Trends - The global forklift market is experiencing a steady increase in demand, with electric forklifts gaining a larger market share due to their environmental benefits and operational efficiency [38][39]. - The transition to electric forklifts is being accelerated by advancements in lithium battery technology, which enhances performance and reduces operational costs [51][54]. - The company is well-positioned to benefit from the growing trend of automation and smart logistics in various industries, including e-commerce and manufacturing [7][8][9].

Investment Rating - The industry investment rating is maintained at "Overweight" [1][6][20] Core Views - The launch of the Tengshi N8L, a large six-seat luxury SUV, positions it as a strong competitor against models like Li Auto L8 and Aito M8, with a price range expected between 300,000 to 400,000 CNY [3][4] - The market outlook for the Tengshi N8L is optimistic due to the growing consumer demand for high-end SUVs, supported by Tengshi's advantages in new energy technology and luxury features [4][5] - The automotive industry is experiencing a significant transformation driven by the acceleration of intelligent technology and the increasing penetration of new energy vehicles, creating substantial market opportunities [6][19] Market Performance - Over the past 12 months, the automotive industry has shown a relative return of 20.0% compared to the CSI 300 index, with an absolute return of 53.8% [2][8] - As of September 26, 2025, the automotive industry PE (TTM) stands at 31.11 times, and PB (LF) at 2.84 times, indicating strong valuation metrics [8][13] Product Highlights - The Tengshi N8L features a spacious interior designed for family and business use, with dimensions of 5200mm in length, 1999mm in width, and 1820mm in height, along with a wheelbase of 3075mm [4] - The vehicle is powered by a hybrid system that includes a 2.0T engine with a maximum power output of 207 horsepower and a combined power of 762 horsepower from three electric motors [4] Competitive Analysis - The Tengshi N8L is expected to face intense competition from both traditional luxury brands and emerging new energy brands, necessitating continuous improvement in product quality, brand marketing, and service experience [4][5] - The automotive sector is witnessing a rapid increase in the penetration of intelligent components, which is expected to benefit related companies significantly [6][19] Investment Recommendations - Investors are advised to closely monitor the pre-sale and delivery of the Tengshi N8L, as positive market performance could lead to further stock price appreciation [5] - The report suggests focusing on high-quality companies in the automotive and component sectors, particularly those involved in intelligent driving and electric vehicle technologies [6][19]

——汽车行业周报（09.22~09.26） 相关研究： 1.《20250417湘财证券-汽车行业 -特朗普或将豁免进口汽车零部 件关税，看好汽车零部件板块》 2025.04.17 2.《20250526湘财证券-汽车行业 周 报 - 小米发布首款 SUV 车 型 YU7对比特斯拉ModelY科技含 量更足》2025.05.26 行业评级：增持（维持） 证券研究报告 2025 年 09 月 27 日 湘财证券研究所 行业研究 汽车行业周报 腾势 N8L 携"大六座"入局，理想 L8、问界 M8 迎来强劲对手 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 1.2 0.2 20.0 绝对收益 3.0 15.1 53.8 -20% 0% 20% 40% 24/10 24/12 25/02 25/04 25/06 25/08 汽车(申万) 沪深300 注：相对收益与沪深 300 相比 分析师：汪炜 证书编号：S0500525070001 Tel：(8621)50299604 Email：ww07001@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： 腾势 N8 ...