Sales Performance Summary - BYD achieved sales of 441,700 units in October, representing a year-on-year increase of 5.31% and a month-on-month increase of 11%. Cumulative sales for 2025 reached 3.7019 million units, with a year-on-year growth of 20.93% [1] - Geely Automobile reported sales of 307,100 units in October, showing a year-on-year increase of 35.49% and a month-on-month increase of 12%. Cumulative sales for 2025 reached 2.4773 million units, with a year-on-year growth of 44.33% [1] - Great Wall Motors sold 143,100 units in October, marking a year-on-year increase of 22.50% and a month-on-month increase of 7%. Cumulative sales for 2025 reached 1.0664 million units, with a year-on-year growth of 9.87% [1] - Xpeng Motors recorded sales of 42,000 units in October, a significant year-on-year increase of 76% and a month-on-month increase of 1%. Cumulative sales for 2025 reached 355,200 units, with a year-on-year growth of 190.02% [1] - Li Auto's sales were 31,800 units in October, reflecting a year-on-year decline of 38.25% and a month-on-month decline of 6%. Cumulative sales for 2025 reached 328,900 units, with a year-on-year decrease of 16.36% [1] - NIO sold 40,400 units in October, achieving a year-on-year increase of 92.59% and a month-on-month increase of 16%. Cumulative sales for 2025 reached 241,600 units, with a year-on-year growth of 41.91% [1] - Leap Motor reported sales of 70,300 units in October, with a year-on-year increase of 94.78% and a month-on-month increase of 5%. Cumulative sales for 2025 reached 465,800 units, with a year-on-year growth of 126.93% [1] - Zeekr's sales were 21,400 units in October, showing a year-on-year decline of 14.48% but a month-on-month increase of 17%. Cumulative sales for 2025 reached 165,000 units, with a year-on-year decrease of 1.73% [1] - Deep Blue sold 36,800 units in October, marking a year-on-year increase of 69.33% and a month-on-month increase of 9%. Cumulative sales for 2025 reached 262,400 units, with a year-on-year growth of 80.66% [1] - Lantu reported sales of 17,200 units in October, achieving a year-on-year increase of 69.52% and a month-on-month increase of 13%. Cumulative sales for 2025 reached 114,200 units, with a year-on-year growth of 82.14% [1]

Group 1: Corporate Appointments - The State-owned Assets Supervision and Administration Commission (SASAC) appointed four external directors to China Changan Automobile Group, including Shao Lin, Li Shulei, Fan Bing, and Gao Hesheng [1] Group 2: Automotive Sales Performance - In September 2025, China's automotive market share reached 38%, with total global sales of 8.55 million units, a year-on-year increase of 10% [2] - SAIC Motor sold 454,000 vehicles in October 2025, a 13% year-on-year increase, with cumulative sales of 3.647 million units from January to October, up 19.5% [2] - BYD achieved record sales of 441,706 vehicles in October 2025, with cumulative sales of 3.701 million units from January to October [3] - Geely Automobile reported passenger car sales of 307,133 units in October 2025, a 35% increase, with new energy vehicle sales reaching 177,882 units, up 64% [4] - Chery Group sold 281,161 vehicles in October 2025, a 3.3% increase, with new energy vehicle sales of 110,346 units, up 54.7% [5] - Changan Automobile's total sales in October 2025 were 278,000 units, an 11% increase, with new energy vehicle sales of 119,000 units, up 36% [6] - Great Wall Motors sold 143,078 new vehicles in October 2025, a 22.5% increase, with significant growth in various models [7] - BAIC Group's total vehicle sales exceeded 160,000 units in October 2025, an 11% increase, with the Arcfox brand achieving a 110% increase in sales [8] Group 3: Recalls and Quality Issues - Toyota announced a recall of 99,178 vehicles in Canada due to software issues affecting the rearview camera display, impacting over 30 models including Lexus [9]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Chery Automobile Co., Ltd. 奇瑞汽車股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 未經審核之二零二五年十月銷量 奇瑞汽車股份有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事會欣然 宣佈，本公司於二零二五年十月的五大品牌總銷量為263,466輛汽車，較去年同期 增長約2%。詳細如下： | | 本月 | 去年同期 | 同比變動 | 今年累計 | 去年同期 | 同比變動 | | --- | --- | --- | --- | --- | --- | --- | | 品牌 | （輛） | （輛） | (%) | （輛） | 累計（輛） | (%) | | 奇瑞 | 169,696 | 165,289 | 3% | 1,377,558 | 1,278,830 | 8% | | 星途 | 9,494 | 16,594 | -43% | 97,445 | 112,540 ...

Core Viewpoint - Li Auto's stock experienced a decline following a fire incident involving one of its vehicles, raising concerns about safety and impacting investor sentiment [1] Group 1: Incident Report - A Li Auto Mega vehicle caught fire while driving in Shanghai's Xuhui District on October 23, resulting in the vehicle being completely burned [1] - Li Auto confirmed that all passengers safely exited the vehicle and stated that they are cooperating with the fire department's investigation [1] Group 2: Delivery Data - In September, Li Auto delivered 33,951 vehicles, marking a year-on-year decrease of 36.8%, continuing a trend of four consecutive months of declining deliveries [1] Group 3: Analyst Ratings and Forecasts - HSBC Research maintained a "Buy" rating for Li Auto, citing strong performance of the newly launched Li Auto i6 electric SUV, which is expected to significantly boost sales in Q4 [1] - However, HSBC adjusted its sales forecasts for 2025 to 2027 down by 22% to 31%, and subsequently lowered its profit forecasts by 55%, 42%, and 31% for the same period [1]

Core Insights - The top ten MPV manufacturers in China sold 681,000 units from January to September, accounting for 77.5% of total MPV sales [1] Group 1: Sales Performance - Among the top ten manufacturers, GAC Trumpchi experienced a decline in sales compared to the same period last year, while other companies showed varying degrees of growth [1]

Core Insights - NIO's stock price increased by 1.46% to $6.94 in pre-market trading, reflecting positive market sentiment following recent delivery updates [1][2] - The company achieved over 10,000 vehicle deliveries in the week of October 13-19, with significant contributions from its sub-brands, marking a notable production capacity increase of 50% compared to the previous month [1] Delivery Performance - NIO delivered over 4,000 vehicles, while its sub-brands, Ladao and Firefly, contributed over 5,000 and 1,500 deliveries respectively [1] - The L90 model achieved a record weekly delivery of over 3,500 units, indicating strong demand and operational efficiency [1] Financial Metrics - As of October 22, NIO's closing price was $6.84, with a pre-market price of $6.94 [2] - The stock experienced a trading volume of approximately 52.45 million shares, with a market capitalization of $16.918 billion [2] - The stock's 52-week high and low were $8.02 and $3.02 respectively, indicating significant volatility in its trading history [2]

Core Insights - The top ten automotive companies in China sold a total of 20.431 million vehicles from January to September 2025, accounting for 83.9% of the total automotive sales [1] Group 1: Company Performance - Dongfeng Motor Corporation and GAC Group experienced a decline in sales compared to the same period last year [1] - Other companies in the top ten list showed varying degrees of sales growth [1]

Core Insights - The China Automobile Industry Association reported that in the first three quarters of this year, automobile production and sales reached 24.33 million and 24.36 million units, representing year-on-year growth of 13.3% and 12.9% respectively [1] - In September, automobile production and sales were 3.276 million and 3.226 million units, showing month-on-month growth of 16.4% and 12.9%, and year-on-year growth of 17.1% and 14.9% respectively [1] Production and Sales Data - Total automobile production for the first three quarters was 24.33 million units, with a year-on-year increase of 13.3% [1] - Total automobile sales for the first three quarters reached 24.36 million units, reflecting a year-on-year growth of 12.9% [1] - In September, production was 3.276 million units, marking a month-on-month increase of 16.4% [1] - September sales were 3.226 million units, with a month-on-month growth of 12.9% [1] - Year-on-year production growth in September was 17.1% and sales growth was 14.9% [1]

Core Viewpoint - Changan Automobile reported a total sales volume of 2,066,075 vehicles for the period from January to September 2025, with overseas sales accounting for 465,305 vehicles [1] Summary by Category Sales Performance - Total vehicle sales for Changan Automobile reached 2,066,075 units from January to September 2025 [1] - Overseas sales contributed 465,305 units to the total sales figure [1]

Core Viewpoint - The domestic futures market for rubber has experienced a significant decline, with the main contract for No. 20 rubber futures closing at 12,100.00 yuan/ton, down 2.18% [1] Market Data Summary - As of September 30, the Shanghai Futures Exchange reported 42,034 tons of No. 20 rubber futures warehouse receipts, a decrease of 403 tons from the previous trading day [2] - The Osaka Exchange indicated that as of September 20, 2025, the rubber (RSS) inventory in designated warehouses was 3,015 tons, down 202 tons from 3,217 tons as of September 10 [2] - LMC Automotive's latest report shows that the seasonally adjusted annualized sales of global light vehicles in August 2025 were slightly above 94 million units, remaining stable compared to the previous month [2] - The European Automobile Manufacturers Association reported a 5.3% increase in EU passenger car market sales in August 2025, totaling 677,786 units [2] Institutional Perspectives - Ningzheng Futures anticipates strong expectations for future production increases, while downstream tire manufacturers have completed pre-holiday inventory replenishment, leading to weak market trading. The overall situation indicates low inventory and weak demand for rubber [3] - Hualian Futures notes that expectations for increased volume during peak season and weak oil prices are pressuring the market, alongside increasing macro trade frictions. The impact of typhoons was less than expected, leading to a depletion of positive effects. The current price level has not significantly affected rubber tapping enthusiasm, and the premium of rubber glue over cup rubber is at a very low level, indicating no major supply issues [3] - From January to August this year, imports of natural and synthetic rubber increased by approximately 19%, but the growth rate slowed to 7.8% in August. Qingdao dry rubber inventory continues to show a slight decline, while the difficulty of inventory reduction remains high. The inventory of styrene-butadiene traders is recovering significantly, while factory inventory has decreased substantially [3] - On the demand side, the domestic real estate sector continues to drag down rubber demand, with July data remaining weak. However, the commencement of large-scale infrastructure projects is expected to benefit heavy truck demand in the long term, with heavy truck sales improving by approximately 35% year-on-year in August [3] - The operating rate of all-steel tires remained stable week-on-week, while the inventory is balanced and below levels of previous years. The operating rate of semi-steel tires rebounded after a decline, with inventory at high levels [3] - The current recommendation is to remain cautious and observe market conditions [3]