Core Insights - The Hong Kong automotive ETF (159210) saw most of its constituent stocks rise, with notable gains from Ganfeng Lithium (over 8%) and XPeng Motors (over 2%) [2] - XPeng Motors' chairman announced that the company ranked first in sales among new energy vehicle brands in 12 countries and regions from January to August, with a 137% year-on-year increase in overseas deliveries [3] - Li Auto signed a five-year strategic cooperation agreement with CATL to enhance battery technology and expand domestic and international business [3] Automotive Market Overview - The automotive market is expected to maintain a positive trend, driven by new model releases and sustained consumer demand, with a focus on low-valuation leading companies in the electric vehicle sector [4] - In September, the retail market for narrow passenger vehicles is projected to reach approximately 2.15 million units, a month-on-month increase of 6.5% and a year-on-year increase of 2.0%, with new energy vehicles accounting for about 1.25 million units and a penetration rate of 58.1% [4] Intelligent Driving Developments - A draft for safety requirements regarding intelligent connected vehicles was released, which is expected to raise the entry barriers for L2 autonomous driving systems, promoting high-quality and safe development in the industry [5] - The new standards will benefit hardware related to driving safety, automotive testing institutions, and leading players in the intelligent driving sector [5] Industry Transition - Chinese automotive companies are transitioning from followers to leaders, supported by robust fundamentals and driven by the dual logic of industrial development and technological growth [6] - The automotive industry is seen as a promising investment opportunity, focusing on the growth of complete vehicles, the wave of intelligentization, and humanoid robotics [6]

Monthly Production and Sales - In August 2025, automobile production and sales reached 2.815 million and 2.857 million units, respectively, with month-on-month increases of 8.7% and 10.1%, and year-on-year increases of 13% and 16.4% [1] - For the week of September 1-7, 2025, retail sales of passenger cars were 304,000 units, a year-on-year decrease of 10% and a month-on-month decrease of 4% [1] - The wholesale of passenger cars during the same week was 307,000 units, down 5% year-on-year but up 9% month-on-month [1] Market Performance - During the week of September 8-12, 2025, the CS Auto index rose by 0.21%, while the CS Passenger Car index fell by 0.37% and the CS Commercial Vehicle index fell by 1.06% [1] - The CS Auto Parts index increased by 0.72%, and the CS Auto Sales and Service index rose by 4.23% [1] - The performance of electric vehicles decreased by 0.08%, while smart vehicles increased by 1.36% [1] - The Shanghai Composite Index rose by 1.66%, indicating that the CS Auto index underperformed the broader market by 1.72 percentage points [1] Cost Tracking and Inventory - As of September 10, 2025, prices for float glass, aluminum ingots, and zinc ingots changed by -9.4%, +7.1%, and -5.2% year-on-year, respectively [2] - The automotive dealer inventory warning index was at 57.0% in August, up 0.8 percentage points year-on-year but down 0.2 percentage points month-on-month [2] Industry News - Horizon and Hello signed a strategic cooperation agreement to accelerate the commercialization of Robotaxi, marking a significant step in L4-level intelligent driving [3] - WeRide announced the launch of its autonomous shuttle bus in Leuven, Belgium, expanding its European market presence [4] - DSXW and NTT DATA signed a strategic agreement to develop a new generation of software-defined vehicle platforms [5] - DSXW launched its low-speed unmanned vehicle brand "Chuanxing Zhiyuan," focusing on the last-mile delivery solution [6] Key Models and Policies - The new AITO Wenjie M7 received over 100,000 orders within one hour of its pre-order launch [7] - The first SUV from the Huawei-SAIC partnership, the Shangjie H5, is set to launch with a starting price of 169,800 yuan [8] - Tesla's CEO Elon Musk purchased $1 billion worth of Tesla stock, marking his first purchase in the open market since February 2020 [10] - The Ministry of Industry and Information Technology and seven other departments jointly issued a plan to stabilize growth in the automotive industry, targeting 32.3 million vehicle sales in 2025 [20]

Core Viewpoint - The release of the draft "Safety Requirements for Combination Driving Assistance Systems of Intelligent Connected Vehicles" by the Ministry of Industry and Information Technology on September 17 indicates a significant advancement in the enforcement of mandatory standards for Level 2 (L2) autonomous driving systems, which will likely increase the entry barriers for L2 autonomous driving technology [1] Group 1 - The new standards impose stricter safety requirements on autonomous driving systems and regulate the Driver Monitoring System (DMS) [1] - The regulatory changes are expected to guide the intelligent vehicle industry towards high-quality and safe development [1] - Companies involved in hardware related to driving safety, automotive testing institutions, and leading players in autonomous driving are likely to benefit from these changes [1]

Core Insights - The auxiliary driving industry in Shanghai is experiencing rapid growth, driven by supportive policies, capital investment, and technological advancements [2][3][4] Policy and Development - Shanghai's government has implemented various policies to support the auxiliary driving industry, including the 2022 plan aiming for a 500 billion yuan industry scale by 2025 and the issuance of road testing licenses for unmanned vehicles [2][3] - By 2027, Shanghai aims to achieve 6 million passenger trips using L4 autonomous driving, establishing itself as a global leader in this sector [2] Industry Strengths - Shanghai has a robust industrial chain, with significant promotion of new energy vehicles, totaling 278,300 units in 2024 and 1.645 million units cumulatively, leading globally [3] - The city has built 913,000 charging stations and 225 battery swap stations, with a vehicle-to-charging station ratio of approximately 1.8:1 [3] Capital Investment - From 2019 to 2024, there were 220 investment events in China's autonomous driving sector, with 52 occurring in Shanghai, indicating strong investor confidence [3] Application Scenarios - Shanghai is rich in application scenarios for auxiliary driving, including smart port heavy trucks, unmanned sanitation vehicles, and sightseeing buses, positioning it as a strong contender for becoming the "Robotaxi capital" [5][6] - The city has already issued operational licenses for Robotaxi services, marking a significant milestone in the industry [5] Commercial Development - The commercial auxiliary driving sector in Shanghai is more mature, with companies like XianTu Intelligent Technology and Youdao Zhitu leading in the development of unmanned sanitation vehicles and logistics trucks [8][9] - The market for unmanned commercial vehicles in China is projected to grow from 108.8 billion yuan in 2023 to 1.4492 trillion yuan by 2028, with a compound annual growth rate of 67.8% [9]

#辅助驾驶国标要来了#【L2级辅助驾驶迎来强制国标：工信部就驾驶辅助系统安全要求征求意见】#工 信部对辅助驾驶国家标准征求意见# 近日，工信部公开征求对《智能网联汽车组合驾驶辅助系统安全要 求》的意见，截止日期为2025年11月15日。此强制性国家标准意义重大，填补了我国在该领域安全基线 的空白，为行业准入等提供技术依据，有力保障人民生命财产安全。如今，新能源汽车L2级组合驾驶 辅助技术搭载率超50%，其事故率也随之上升。因此该标准规定了多类智能网联汽车组合驾驶辅助系统 的安全性技术要求及检验试验方法，明确相关概念，构建多层级评价方法。还对事故数据记录提出要 求，保障事故定责有据可依。针对驾驶员脱离问题，要求系统具备检测能力，出现手部、视线脱离时需 报警甚至退出，并在一定时间禁用。这一标准的出台，将推动智能网联汽车产业在安全轨道上高质量发 展。（央视财经） 来源：@中国经营报微博 ...

Core Viewpoint - Best's subsidiary, Yuhua Precision Machinery, is strategically expanding its presence in the linear motion components sector, targeting high-end equipment, automation, humanoid robotics, and intelligent connected vehicles industries [2] Group 1: Company Overview - Best's subsidiary, Yuhua Precision Machinery, is fully engaged in the linear motion components field [2] - The product range includes high-precision ball screw assemblies, high-precision linear guideways, planetary roller screw assemblies, micro screws, and linear actuators [2] Group 2: Industry Focus - The company aims to aggressively develop markets in mid-to-high-end equipment industries, automation industries, humanoid robotics industries, and intelligent connected vehicle sectors [2]

对个别投资者特殊的投资目标、财务状况或需要，投资者需自行判断本报告中的任何意见或建议是否符合其特定状况，据此投资、责任自负。本报告仅向 特定客户推送，未经国贸期货授权许可，任何引用、转载以及向第三方传播的行为均构成对国贸期货的侵权，我司将视情况追究法律责任。 IC 国贸期货 工程500强投 贸期货有限公司 ·流的衍生品综合服务商 www.itt.com | | 锂云母 | 1105 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | (Li20:1.5%-2.0%) C | | | | | | | | 锂云过 (Li20:2.0%-2.5%) | 1815 | | | 硕麟理汗册仓单(阿 | | | | 磷锂铝有 (Li20:6%-7%) | 6090 | | | | | | | 磷锂铝石 | 7205 | | | | | | | (Li20:7%-8%) | | | | | | | | 正极材料 涨跌 | 平均价 | | | | | | | 磷酸铁锂(动力型) 70 | 33540 | | | | | | | 三元材料811(多晶/动力型) 5 ...

Domestic News - The Ministry of Industry and Information Technology is soliciting public opinions on the mandatory national standard for "Intelligent Connected Vehicles Combination Driving Assistance System Safety Requirements," aiming to enhance safety in the intelligent connected vehicle industry [6] - The Ministry of Commerce has announced the establishment of five industry standardization technical committees, including those for the automotive circulation and resource recovery industries [7] - The Horgos Port in Xinjiang has achieved a record high in automobile exports, with 258,000 vehicles exported from January to August 2025, marking an 8.5% year-on-year increase, including 102,000 electric vehicles, which saw a 45.2% increase [8] - Dongfeng Group has formed a new joint venture with local state-owned assets in Xiangyang, with a registered capital of 8.47 billion RMB, focusing on the development and sales of intelligent vehicles [9] - Leap Motor has announced the restart of its automobile manufacturing plans in Europe, with plans to launch two new models to meet market demand starting in 2026 [10] - GAC International has launched the AION UT in Indonesia, with prices ranging from 32.5 to 36.3 million Indonesian Rupiah (approximately 140,600 to 157,000 RMB) [11] - Hello Robotaxi has received strategic investment from Alibaba, indicating a deepening collaboration in the fields of intelligent driving models and commercializing Robotaxi services [12] - CATL's sodium-ion battery can provide over 500 kilometers of pure electric range, with a density of 175Wh/kg, meeting over 40% of the domestic passenger vehicle market demand [13] International News - South Korea's electric vehicle sales from January to August 2025 reached 142,456 units, a 48.4% increase from 95,998 units in the same period last year, with electric vehicles accounting for 12.7% of new registrations [15] - Japan's exports to the U.S. have declined for five consecutive months, with an August drop of 13.8% due to decreased exports of automobiles and machinery [16] - BMW will begin production of the iX3 model in Hungary next month, with the first mass-produced vehicle expected to roll off the line by the end of 2025 [17] - Waymo has received permission to test its autonomous taxi service at San Francisco International Airport, with plans to gradually roll out commercial services [18] Commercial Vehicles - FAW Jiefang has been nominated for the fifth China Quality Award for its "12347-E2E Excellent Operation Quality Management Model," highlighting advancements in quality management within the commercial vehicle sector [20] - JD Automotive and ZF have signed a memorandum to deepen their strategic cooperation in the commercial vehicle aftermarket, aiming to create an efficient and intelligent service ecosystem [21] - China National Heavy Duty Truck Group showcased nine core products at the Liangshan Special Vehicle Exhibition, emphasizing its leadership in the transition to new energy and intelligent vehicles [22] - Qingling Group has had three products selected as major industrial technology innovation products in Chongqing, showcasing advancements in hydrogen fuel cell and specialized vehicle technology [23][24]

Group 1 - The company Best (300580.SZ) has confirmed through its subsidiary Yuhua Precision Machinery that it is actively involved in the linear motion components sector, which includes products such as high-precision ball screw assemblies, high-precision linear guideways, planetary roller screws, micro screws, and linear actuators [2] - The company is targeting high-end equipment manufacturing, automation, humanoid robotics, and intelligent connected vehicles as key growth areas for its product offerings [2]

每经记者｜段思瑶 每经编辑｜余婷婷 与此同时，部分企业在宣传中滥用"高阶智驾""零接管"等概念，刻意模糊"驾驶辅助"与"自动驾驶"界限，淡化系统局限，致使个别驾驶员放松警觉，出现长 时间脱手、分心等危险行为，酿成伤亡事故。 | | | L3级智能驾驶车即将"入市"，监管部门对已规模化量产搭载的组合驾驶辅助（即L2级智能驾驶）再次划定安全基线。 9月17日，工业和信息化部对《智能网联汽车组合驾驶辅助系统安全要求》强制性国家标准公开征求意见（以下简称《标准》），主要内容涉及提升产品能 力表现、强化安全保障要求、规范系统使用方式三个维度。 《标准》填补了我国组合驾驶辅助系统产品安全基线空白，为行业准入、质量监督和事后追溯提供关键技术依据。公开数据显示，今年1至7月，我国具备组 合驾驶辅助系统的乘用车新车销量为775.99万辆，同比增长21.31%，渗透率为62.58%，较上一年增加了6.5个百分点。 "组合驾驶辅助系统虽规模化应用，但仍存在产品性能缺乏统一基线、营销与使用环节风险外溢的问题。"《标准》中提到，受感知方案、控制策略及交互逻 辑差异影响，不同车企产品组合驾驶辅助系统在混合交通、占道施工等复杂场景下的可靠 ...