Core Viewpoint - Xiaomi Auto's recall of 116,887 SU7 electric vehicles highlights safety concerns related to L2 autonomous driving features, particularly in extreme scenarios, prompting a software update via OTA to enhance system reliability [1][2][11]. Group 1: Recall Details - Xiaomi Auto has initiated a recall for certain SU7 standard version electric vehicles produced between February 6, 2024, and August 30, 2025, totaling 116,887 units [1]. - The recall includes two specific models: 98,462 units of XMA7000MBEVR2 and XMA7000MBEVR5, and 18,425 units of BJ7000MBEVR2 [2]. - The recall is due to insufficient recognition and response capabilities of the L2 highway navigation assistance system in extreme scenarios, which may increase collision risks if the driver does not intervene promptly [2][10]. Group 2: Software Update and Safety Measures - The recall will not require vehicles to return to the factory; instead, it will be addressed through an OTA software update that optimizes speed control strategies and enhances the reliability of the highway navigation assistance feature [2][21]. - The recall is classified under safety defect codes, indicating it is a passive recall influenced by regulatory investigations rather than a proactive software upgrade by the company [2][4]. Group 3: Industry Context and Standards - The recall reflects broader industry challenges regarding the marketing and technical realities of L2 autonomous driving features, emphasizing the gap between consumer expectations and actual system capabilities [11][12]. - New national standards for intelligent connected vehicles are being proposed, which will set comprehensive safety requirements for various driving assistance functions, including those relevant to the recent recall [7][17]. - The recent tragic accident involving a Xiaomi vehicle under autonomous driving conditions has underscored the need for improved safety measures and clearer definitions of driving assistance capabilities [5][15]. Group 4: Future Implications - The recall signifies a shift in the automotive industry towards prioritizing safety alongside technological innovation, with an emphasis on responsible marketing and accurate consumer information [25][26]. - As the industry moves towards stricter regulations and standards, companies must enhance their technical capabilities, including cloud services and software development, to remain competitive [22][24].

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly driven by technology and state-owned enterprise reforms [4]. Core Viewpoints - The automotive sector is expected to benefit from a bull market, with technology-driven segments like robotics and low-altitude economy likely to follow the lead of TMT [4]. - The report highlights the performance of new energy vehicles (NEVs), which saw a retail volume of 268,000 units, a month-on-month increase of 22.94% and a year-on-year increase of 4.69%, resulting in a penetration rate of 59.56% [4]. - The report recommends focusing on domestic leading manufacturers such as NIO, Xiaomi, and Xpeng, as well as component companies with strong growth potential [4]. Industry Situation Update - In the 37th week of 2025, the total retail volume of passenger cars reached 450,000 units, with traditional energy vehicles accounting for 182,000 units and new energy vehicles for 268,000 units [4]. - The report notes a decrease in raw material price indices for both traditional and new energy vehicles over the past week [4]. - The automotive industry recorded a total transaction value of 922.739 billion yuan, with an industry index increase of 2.95% [4][12]. Market Situation Update - The automotive industry index outperformed the CSI 300 index, ranking 4th among primary industries in terms of weekly growth [12]. - A total of 151 stocks in the automotive sector rose, with the largest gainers being Junsheng Electronics, Shanzigao Technology, and Kaiter Co., which saw increases of 44.2%, 39.7%, and 33.8% respectively [18]. - Key events included the release of the national standard for intelligent assisted driving and the launch of NIO's new ES8 model [4][5][7]. Investment Analysis Recommendations - The report suggests focusing on two main lines: technology and state-owned enterprise reforms, recommending strong domestic manufacturers and component companies with robust performance growth [4]. - Specific recommendations include NIO, Ideal Auto, and companies involved in robotics and overseas expansion [4]. - The report emphasizes the importance of monitoring high-quality blue-chip stocks that are still at the bottom of the market [4].

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [7] Core Insights - The penetration rate of new energy vehicles is approaching 60%, indicating a deceleration in growth acceleration [2] - The L3 autonomous driving technology is set to enter compliance road testing, with conditional approval for L3 vehicle production [3] - A strategic partnership between BAIC and Huawei aims to invest 20 billion RMB over three years to enhance technology in design, intelligent driving, and safety [4] - The report emphasizes the importance of technological and policy support in driving investment opportunities in the automotive sector [5] Summary by Sections Weekly Market Review - The automotive sector index increased by 2.95% during the week, outperforming the CSI 300 index by 3.39 percentage points [13] - The automotive parts sector saw the highest increase of 5.48% [16] Data Tracking - From September 1-14, 2025, retail sales of passenger vehicles reached 732,000 units, a 4% decrease year-on-year but a 6% increase month-on-month [21] - New energy vehicle retail sales during the same period were 438,000 units, a 6% increase year-on-year, with a penetration rate of 59.8% [21] Industry News - The Ministry of Industry and Information Technology (MIIT) and other departments issued a plan to stabilize growth in the automotive industry, targeting a total vehicle sales volume of approximately 32.3 million units in 2025 [36] - A joint venture between Dongfeng Group and local government aims to develop and sell smart vehicles with a registered capital of 8.47 billion RMB [49] - NIO completed a $1.16 billion equity issuance to fund core technology development for smart electric vehicles [45]

Core Viewpoint - The article discusses the public consultation for the mandatory national standard on "Safety Requirements for Integrated Driving Assistance Systems in Intelligent Connected Vehicles," initiated by the Ministry of Industry and Information Technology, aiming to enhance safety and standardization in the automotive industry [3][4]. Group 1: Standard Overview - The draft standard includes twelve chapters covering scope, normative references, terminology, safety requirements for various driving assistance systems, testing methods, user notifications, and implementation dates [4]. - Six appendices provide detailed safety requirements, simulation testing credibility assessments, functional safety requirements, and data recording requirements [4]. Group 2: Industry Context - The penetration rate of Level 2 driving assistance systems in new energy vehicles exceeds 50%, with expectations for continued growth, improving driving experience but also raising safety concerns due to system limitations and user errors [5][6]. - Existing national standards related to driving assistance systems include GB/T 44461.1-2024 and GB/T 44461.2-2024, focusing on single-lane and multi-lane driving control, respectively [7]. Group 3: Implementation Timeline - The proposed implementation date for the new standard is January 1, 2027, with specific compliance timelines for new and existing vehicle models [9][10][11].

Automotive Industry - In August, automobile production reached 2.75 million units, a year-on-year increase of 11%, with new energy vehicle production at 1.33 million units, up 23%, achieving a penetration rate of 48% [1] - The Ministry of Industry and Information Technology is soliciting opinions on standards for intelligent connected vehicles, establishing comprehensive safety technical requirements [1] - Cumulative sales of new energy vehicles in China have surpassed 40 million, maintaining the global lead for ten consecutive years [1] Investment Strategy - The current market is characterized by frequent micro and macro signals, with A-shares showing significant "incremental market" features [1] - Increased ETF inflows are enhancing the importance of leading stocks, leading to a concentration of profits within certain sectors [1] - Future investment strategies may focus more on sector selection rather than individual stock selection due to the widening performance gap among industries [1] Building Materials - The building materials industry is driven by policies and demand, with a focus on high-performance new materials [2] - The output value of China's new materials industry exceeded 6.8 trillion yuan in 2022, expected to reach 10 trillion yuan by 2025 [2] - The building materials index outperformed the CSI 300 index by 0.88 percentage points this week, with a year-on-year increase of 43% compared to the CSI 300's 34.31% [2] Coal Mining - As of September 19, the price of thermal coal rose to 704 yuan/ton, a 3.53% increase from the previous period [3] - Coking coal prices have rebounded significantly, with a 71.3% increase from the low of 719 yuan in June to the current price of 1232 yuan [3] REITs - The CSI REITs index rose by 6.42% year-on-year, while the CSI 300 index increased by 31.21% during the same period [4] - Various REITs, including those focused on housing, environmental protection, and logistics, showed mixed performance in the past week [4] Low-altitude Economy - A procurement agreement for over 260 drones was signed between Yitong UAV and an Indonesian company [4] - The establishment of a low-altitude financial service research organization marks a significant development in the low-altitude economy sector [4] Solid-state Batteries - The solid-state battery index decreased by 2.1% this week, while the cumulative increase for 2025 stands at 48.5% [5] - Experts predict that solid-state batteries will reach a critical milestone for demonstration vehicles by 2027, but face challenges in materials and production [5] Chemical Industry - The domestic market for calcium carbide has seen price increases, with an average price of approximately 2760 yuan/ton as of September 19, reflecting a 5% rise [6] - The overall operating rate in the calcium carbide industry is about 68.73%, showing a decline compared to the previous week [6]

"都知道今年卷，没想到这么卷。" 此刻，用这样一句话，来形容中国车市，无疑显得颇为恰当。随着所谓"金九银十"的正式袭来，以及新能源车购置税政策的退坡在即，刚刚过去的一周， 各家主机厂可以说都在疯狂出牌。 粗略统计，包含改款在内，短短七天整个大盘涌现出了十几位新选手。从自主品牌，到合资品牌，纷纷不停地"下饺子"，试图用更为密集的筹码，博得一 个留在牌桌上的机会。 但即便剧情如此精彩，我心中的"主菜"却不是它们。 相比之下，工业和信息化部装备工业一司发布的"公开征求《智能网联汽车组合驾驶辅助系统安全要求》强制性国家标准的意见"，才真正让人感觉重磅。 众所周知，2025本来被认为是辅助驾驶普及元年，可因为一些突然袭来的"黑天鹅"事件，整个板块却被狠狠泼了一盆凉水，不得不渐渐把发展的速度放 缓。 望向更深处，乱象百出的背后，其实还是长期缺乏明确的法规与制度，进行限制与约束，才会造成辅助驾驶的夸张营销与野蛮生长。 千呼万唤始出来，终于迎来了"紧箍咒"。 | 政务公开 | | --- | | 新闻发布 | | 组织机构 | | 首页 | | 政务服务 互动交流 工信数据 | 譬如，组合驾驶辅助系统（2级驾驶自动化系统） ...

Core Viewpoint - The article discusses the strategic decisions of companies like Xiaomi and Huawei regarding car manufacturing, emphasizing the importance of focusing on core competencies and collaboration in the automotive industry. Group 1: Xiaomi's Strategy - Xiaomi's decision to enter the automotive market is driven by the desire for control over the supply chain and profit margins, similar to its approach with private label products [1] - Xiaomi's brand strength and the personal branding of its founder, Lei Jun, enhance its marketing effectiveness in the automotive sector [1] - The company is committed to a holistic ecosystem involving vehicles, homes, and technology, positioning itself firmly in the automotive market [1] Group 2: Huawei's Strategic Choice - Huawei has chosen not to manufacture cars but to assist existing car manufacturers, focusing on its strengths in ICT infrastructure and smart terminal technology [2][3] - The decision was made after internal debates, leading to a clear strategy of not entering the car manufacturing space, which Huawei's management believes is essential for maintaining focus on its core mission [3] - Huawei's strategy has proven effective, as evidenced by the growing number of partnerships with various automotive companies [5] Group 3: Collaboration and Ecosystem - The shift in perception among automotive companies from skepticism to eagerness to collaborate with Huawei is attributed to its clear strategic direction and the success of its products like the AITO series [7] - Huawei's three collaboration models with car manufacturers include component supply, the Huawei Inside (HI) model, and the innovative HarmonyOS-based smart vehicle model, which has gained traction among several automakers [8] - The company's approach of not competing directly with car manufacturers but rather supporting them has fostered a cooperative environment, allowing for mutual growth [10] Group 4: Industry Impact - Huawei's focus on becoming a supplier of incremental components for smart connected vehicles has created significant value in the automotive industry, igniting advancements in intelligent driving technology [10] - The article suggests that the scale of smart connected vehicles in the AI era could surpass that of smartphones, indicating a transformative shift in the automotive landscape [10]

Investment Rating - The industry rating is "Outperform the Market" [7] Core Insights - The release of the draft national standard for intelligent connected vehicles establishes a clear safety baseline for products in this sector [2][12] - The "Qijing" brand, a collaboration between GAC Group and Huawei, aims to integrate advanced intelligent technologies into high-end smart electric vehicles, enhancing competitiveness in the market [3][13] Market Performance - From September 15 to September 19, 2025, the automotive sector increased by 3%, outperforming the CSI 300 index by 3.4 percentage points [14] - Year-to-date, the automotive sector has risen by 26.3%, ranking 8th among 31 sectors [14] Sales Data - From September 1 to 14, 2025, retail sales of passenger vehicles reached 732,000 units, a year-on-year decrease of 4% but a month-on-month increase of 6% [5][35] - New energy passenger vehicle retail sales during the same period were 438,000 units, showing a year-on-year increase of 6% and a month-on-month increase of 10% [5][35] Key Data - In August 2025, total automotive sales were 2.857 million units, with a year-on-year increase of 16.4% [41] - The inventory level of automotive dealers was at a reasonable range, with a comprehensive inventory coefficient of 1.31 [38] Industry News - The China Automobile Association is promoting a "60-day payment term" for suppliers, with major automakers responding positively [63] - Zeekr Technology's shareholders approved a merger agreement with Geely Automobile, which will make Zeekr a wholly-owned subsidiary of Geely [66]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The overall fundamentals of the lithium carbonate market have changed little, with both supply and demand increasing, and social inventories continuing to decline. Affected by the meeting held by CATL regarding the resumption of production of a key mine, market sentiment is negative, and there is a discussion about whether eight major mines will stop production simultaneously on September 30th. Fundamentally, if the mines stop production, the impact on the total supply will be limited as other sources can make up for it; sentimentally, it will stimulate the bullish sentiment in the market. In the short term, the futures price is expected to fluctuate, and attention should be paid to the end - of - month time node [2] 3. Summary by Related Content Lithium Compound Prices - The average price of SMM battery - grade lithium carbonate is 73,450, with a change of 300; the average price of SMM industrial - grade lithium carbonate is 71,200, with a change of 300 [1] Futures Contract Prices and Changes - The closing price of lithium carbonate 2510 is 72,620, with a decline of 0.9%; lithium carbonate 2511 is 72,880, with a decline of 0.74%; lithium carbonate 2512 is 72,980, with a decline of 0.79%; lithium carbonate 2601 is 72,940, with a decline of 0.84%; lithium carbonate 2602 is 72,820, with a decline of 0.84% [1] Lithium Ore Prices - The price of spodumene concentrate (CIF China) is 858 (1120 · 5 5% - 6%); lithium mica (Li20:1.5% - 2.0%) is 1105; lithium mica (Li20:2.0% - 2.5%) is 1815; phospho - lithium - aluminum stone (Li20:6% - 7%) is 6025; phospho - lithium - aluminum stone (Li20:7% - 8%) is 7125 [1][2] Cathode Material Prices - The average price of lithium iron phosphate (power type) is 33,620, with an increase of 80; the average price of ternary material 811 (polycrystalline/power type) is 146,850, with an increase of 150; the average price of ternary material 523 (single - crystal/power type) is 119,850, with an increase of 150; the average price of ternary material 613 (single - crystal/power type) is 124,450, with an increase of 200 [2] Price Differences - The difference between battery - grade and industrial - grade lithium carbonate is 2250; the difference between battery - grade lithium carbonate and the main contract is 570; the difference between the near - month and the first - continuous contract is - 260, with a change of - 120; the difference between the near - month and the second - continuous contract is - 360 [2] Inventory - The total inventory (weekly, tons) is 137,531, with a decrease of 981 - 1757; the inventory of smelters (weekly, tons) is 34,456; the inventory of downstream (weekly, tons) is 59,495, with an increase of 1216; the inventory of others (weekly, tons) is 43,580, with a decrease of 440; the registered warehouse receipts (daily, tons) is 39,354, with an increase of 120 [2] Production Profit - The cash cost of purchasing spodumene concentrate externally is 75,430, and the profit is - 3049; the cash cost of purchasing lithium mica concentrate externally is 77,345, and the profit is - 6951 [2] Industry Policy - The eight departments including the Ministry of Industry and Information Technology issued the "Automobile Industry Steady Growth Work Plan (2025 - 2026)", which aims to promote the industrialization of intelligent and connected vehicle technology, further standardize the competition order of the automobile industry, and promote diversified value - chain cultivation [2]

Core Viewpoint - The implementation of the "L2 New Strong Standard" for intelligent connected vehicles will positively impact the business development of the company, enhancing both testing and R&D activities in the automotive sector [1] Group 1 - The company has observed an increase in the volume of its testing business due to the new strong standard [1] - Automotive manufacturers are expected to increase their R&D investments, which will further boost the company's testing business [1]