Core Viewpoint - The smart vehicle ETF, TaiKang (159720), is experiencing a significant upward trend driven by policy, technology, and global market conditions, indicating a shift from "electrification" to "intelligentization" in the automotive sector [1][5]. Short-term Driving Logic - Policy expectations have been fulfilled with clear guidelines on L3 access trials and energy storage targets, reducing market uncertainty and enhancing sector valuations [2]. - Accelerated technological iterations, such as breakthroughs in solid-state batteries and AI models for vehicles, validate industry growth potential and open long-term opportunities [3]. - Global benchmarks, including Tesla's Robotaxi progress and large orders from Hesai, confirm the commercial viability of smart vehicles and strengthen the global supply chain position [4]. Medium to Long-term Trends - The competitive focus is shifting from battery range to intelligent driving experiences, with software-defined vehicles becoming a core barrier to entry [5]. - The deepening of domestic substitution in critical areas like semiconductors and lidar, along with accelerated overseas expansion (e.g., localized production in Europe), is building global competitiveness [5]. Profit Model Reconstruction - Automotive companies are transitioning from "hardware sales" to "software services" (e.g., subscription-based intelligent driving), with future gross margins expected to continue rising [6]. Related Products - The smart vehicle ETF, TaiKang (159720), employs a full replication investment strategy closely tracking the CSI Smart Electric Vehicle Index, achieving a recent scale of 59.69 million yuan, a six-month high [1][7]. - The ETF's top ten holdings include leading companies in electric and smart vehicle sectors, with a combined weight of 55.33%, indicating strong alignment with the electrification and intelligentization trends [7][8]. - The ETF is positioned to benefit from the positive cycle of "technological breakthroughs - commercial implementation - scale expansion," particularly as Robotaxi operations grow and intelligent driving hardware costs decrease [7][8]. - The CSI Smart Electric Vehicle Index reflects the overall performance of listed companies in the smart electric vehicle industry, with key players like CATL and BYD establishing competitive advantages in battery technology and smart cockpit areas [9].

原东风本田汽车有限公司董事、执行副总经理潘建新现调任东风本田汽车有限公司党委书记、工会主席 候选人。 （原标题：曹东杰，回归东风本田） 9月15日，东风本田汽车有限公司（以下简称东风本田）召开干部大会。 潘建新在任期间，面对竞争激烈的外部市场环境，积极推动东风本田的产品布局、数字化转型和产销体 系变革，在企业本土化战略深化、新能源领域拓展、稳定经营发展基盘等方面起到了重要作用。在其在 任期间，东风本田保持了稳健的经营态势。 曹东杰曾在东风本田担任制造、品质、技术、采购等领域管理工作，后又在东风乘用车、东风猛士等板 块担任重要职务，具备丰富的汽车行业经验和卓越的经营管理能力。他在东风猛士任职期间，成功推动 豪华电动越野品牌的建设与市场化突破，展现出较强的战略执行力和创新视野。 东风本田表示，此次人事变动将进一步依托双方股东的资源优势，增强跨业务协同效应，持续推动电动 化、智能化转型。并继续为用户提供高品质产品与服务，助力中国汽车产业高质量发展。 此外东风本田强调，此次人事调整不会影响企业既定战略进程，将继续推进企业的高质量发展和新能源 转型。 原东风猛士科技CEO曹东杰任东风本田汽车有限公司董事，推荐任东风本田 ...

声明表示，汽车产业的技术进步与可持续发展，尤其需要开放、公平、非歧视的国际市场环境。中 国汽车工业协会呼吁国内外企业继续加强技术创新与产业链协同，深化在电动化、智能化等领域的开放 合作，共同推动全球汽车产业绿色、安全、高质量发展。 声明表示，中国汽车工业协会将积极支持和配合调查机关的调查，坚定维护公平贸易和产业合法权 益。 新华社北京9月16日电 记者16日获悉，中国汽车工业协会发布声明，呼吁国内外企业继续加强技术 创新与产业链协同。 声明称，2025年9月13日，中国商务部发布公告，对自美国进口的相关模拟芯片发起反倾销调查， 就美国对华集成电路领域相关措施发起反歧视立案调查。中国汽车工业协会对此高度关注，坚决支持商 务部依法采取必要措施。 【纠错】 【责任编辑:焦鹏】 ...

卢放表示，在燃油MPV时代，外资品牌推动了MPV品类的快速崛起，满足了商务用户的出行需求。但 随着电动化和智能化的发展，中国自主高端品牌迅速崛起，高端的价值已经被重新定义，要不断创造新 的用车场景，满足用户的体验需求，持续技术创新。他表示，MPV应该因时代的改变而重新定义，希 望MPV能够成为凝聚科技成果的最高杰作。 新京报贝壳财经讯（记者王琳琳）9月15日，岚图汽车首席执行官卢放在2026款岚图梦想家上市发布会 上表示，在企业内部，岚图汽车把技术摆在第一位，坚持核心技术引领创新；在市场上，岚图汽车把用 户放在第一位，一切为了给用户更好的用车体验。 作为岚图汽车旗舰MPV，卢放介绍称岚图梦想家2022年上市至今，进行了三次产品进化，岚图梦想家 单车均价超39万元。据悉，2026款岚图梦想家共有五款车型，官方指导价格为32.99万元-43.99万元；新 车搭载800V、5C超快充、华为ADS 4、鸿蒙座舱5及智能后轮转向等配置。 ...

Core Viewpoint - The automotive industry in China is undergoing structural adjustments, with electric and intelligent technologies reshaping consumer preferences and decision-making. Buick aims to enhance brand value through smart technology, launching the new high-end electric sub-brand "Zhijing" to compete in the market [1][27]. Group 1: Product Launch and Features - Buick's Zhijing L7 is the first mass-produced sedan built on the "Xiaoyao" architecture, developed with an investment of 10 billion yuan, combining luxury and intelligent experiences [3][7]. - The L7 features the "Zhenlong" range extender system, offering a pure electric range of 302 km and a total range exceeding 1400 km, addressing range anxiety for users [9][11]. - The vehicle boasts a 5.9 seconds acceleration from 0 to 100 km/h and a fuel consumption of 0.5 L per 100 km, with advanced noise reduction technologies for a smooth driving experience [9][11]. Group 2: Technological Innovations - The "Xiaoyao" architecture is fully developed by a Chinese team, representing a significant advancement in local research and development capabilities, integrating four key technology domains: power, chassis, assisted driving, and intelligent cabin [7]. - The L7 incorporates the "Xiaoyao Zhixing" assisted driving system, developed in collaboration with Momenta, featuring advanced capabilities such as "no interruption" city navigation and industry-leading parking assistance [14][27]. - The vehicle is equipped with Qualcomm's latest SA8775P automotive-grade chip, providing high computational power for intelligent cabin features and ensuring stable performance under extreme conditions [16][27]. Group 3: Design and Comfort - The exterior design of the L7 draws inspiration from the ELECTRA-L concept, featuring a luxurious front grille and streamlined body lines that enhance its aesthetic appeal [19]. - The interior utilizes a modern color scheme and innovative design elements, creating a spacious and comfortable environment with advanced seating options and high-quality materials [23][24]. - The L7 includes a premium sound system with 27 speakers and soundproofing features, achieving a quiet cabin experience comparable to a library [26]. Group 4: Market Positioning - The launch of the Zhijing L7 is positioned to redefine the competitive landscape for joint venture brands in the new energy vehicle market, targeting the 200,000 to 300,000 yuan segment [27]. - The vehicle aims to fill gaps in intelligent features and enhance Buick's presence in the electric vehicle sector, leveraging its brand heritage and technological advancements [27].

Group 1: Market Overview - In August 2025, the pickup market sold 40,000 units, a year-on-year decrease of 0.3% and a month-on-month decrease of 3.0%, remaining at a mid-high level compared to the past five years [1] - From January to August 2025, the pickup market sold 387,000 units, showing a year-on-year growth of 12.7% [1] - The main demand for pickups is concentrated in the Southwest and Northwest regions, accounting for 45% of total demand in August 2025 [1] Group 2: Company Performance - Great Wall Motors continues to lead the pickup market, with stable performance both domestically and internationally [1] - In the August 2025 pickup sales ranking, Great Wall Motors sold 13,322 units, a decrease of 2.9% year-on-year, while Changan and Zhengzhou Nissan saw significant increases of 53.5% and 56.3% respectively [4] - From January to August 2025, Great Wall Motors sold 123,322 units, a year-on-year increase of 4.8% [5] Group 3: Export and New Energy Pickup Trends - In 2024, China exported a total of 244,000 pickups, with an impressive growth rate of 85% [2] - In August 2025, the pickup export volume was 21,000 units, a year-on-year increase of 3% [2] - The sales of new energy pickups reached 2,120 units in 2024, a year-on-year increase of 170%, with a cumulative sales of 49,000 units from January to August 2025, reflecting a growth of 536% [2] Group 4: Competitive Landscape - In the new energy pickup segment for August 2025, Geely Radar sold 1,221 units, BYD sold 861 units, and Changan sold 710 units, indicating a growing market for new energy pickups [3] - The competitive landscape shows that the "one strong, three weak" pattern in the domestic pickup market continues, with Great Wall Motors, Jiangling Motors, and Zhengzhou Nissan performing well [1]

Core Insights - The Munich Auto Show has seen a significant increase in Chinese car manufacturers, with over 100 companies participating, marking a nearly 50% rise compared to the previous event, turning the event into a battleground between Chinese and German automakers [1][2] - Chinese brands have nearly doubled their market share in Europe to 5.1%, closely trailing behind Mercedes-Benz at 5.2%, indicating a shift in consumer preferences [2] - The German automotive giants, particularly the BBA (Benz, BMW, Audi), are facing unprecedented challenges as they struggle to keep pace with the rapid advancements of Chinese electric vehicle manufacturers [6][7] Group 1: Market Dynamics - Chinese car registrations have surged by 91% since the beginning of the year, reflecting a robust demand for domestic brands [2] - The BBA's sales in China have plummeted, with Mercedes-Benz down 14% to 290,000 units and Audi down 10.2%, collectively losing nearly 300,000 units in sales [7] - The profit margins of these traditional automakers are under pressure, with Mercedes-Benz's net profit halving by 55.8% and Volkswagen's operating profit declining by 32.8% to €6.7 billion [7] Group 2: Competitive Landscape - The BBA is criticized for outdated designs, with Mercedes-Benz's design chief publicly mocking competitors for their lack of innovation [5] - The shift in strategy for BBA has moved from aggressive electrification to a more pragmatic approach of hybrid models, indicating a response to the competitive landscape [11][12] - New electric models from BBA, such as the Mercedes-Benz GLC EV and BMW's iX3, are being introduced to counter the competitive threat from Chinese brands [14] Group 3: Consumer Preferences - Chinese consumers are increasingly favoring local brands due to their competitive pricing and advanced technology, with models like BYD Han and NIO ET5 offering high performance at lower prices compared to BBA vehicles [9] - The demographic shift towards younger consumers, with over 64% of BYD's users being from the post-90s and post-00s generations, is influencing market trends [9] - The penetration rate of new energy vehicles in China is projected to exceed 55.3% by 2025, further solidifying the dominance of local brands [8]

Group 1: Event Overview - The 2025 International Motor Show in Munich, themed "'Moving' Everything," attracted around 750 exhibitors from over 30 countries, with 116 exhibitors from China, marking a historical high in participation [1] - The event showcased a shift towards electric, intelligent, and low-carbon mobility, reflecting the global automotive industry's transformation [1][2] Group 2: Electric Vehicle Trends - The International Energy Agency's report indicates that global electric vehicle sales surpassed 4 million units in Q1 2023, with an expected annual total exceeding 20 million units, a 25% increase year-on-year, representing 25% of global new car sales [2] - By 2030, the number of public charging stations is projected to increase nearly eightfold to approximately 40 million [2] Group 3: Innovations from Major Automakers - Major automakers like BMW, Mercedes, and Volkswagen are focusing on electric and intelligent development, with BMW's new iX3 model capable of over 900 km range and rapid charging [2][3] - Volkswagen introduced the ID Polo electric vehicle priced at €25,000, while Mercedes launched the GLC electric model with smart driving assistance [2] Group 4: Chinese Brands and Technologies - Chinese exhibitors showcased innovations in vehicle manufacturing, battery production, and intelligent driving software, with BYD presenting models like the Seal 06DM-i and the Z9GT, along with rapid charging technology [4][6] - GAC Group debuted its global strategic models AION V and AION UT, along with a mass-produced autonomous flying car [5] Group 5: Battery Technology Advancements - EVE Energy displayed high-density eVTOL batteries with a discharge rate of 14C and a density of 288 Wh/kg, while CATL introduced the NP3.0 technology platform for lithium iron phosphate batteries [6] - The Chinese automotive industry is experiencing significant growth in exports, with 3.083 million vehicles exported in the first half of 2025, a 10.4% increase, and 1.06 million of those being new energy vehicles, up 75.2% [6] Group 6: International Collaboration - The automotive industry is highly globalized, with German automakers relying on international supply chains and partnerships, as highlighted by the collaboration between Chinese and European companies [7][8] - Companies like Bosch and ZF are leveraging their presence in China to support local manufacturers in expanding their global reach [8]

Core Viewpoint - The Munich Auto Show has become a battleground between Chinese automakers and traditional German giants, with over 100 Chinese companies participating, marking a nearly 50% increase from the last event [1] Group 1: Market Dynamics - Chinese automotive registrations surged by 91% since the beginning of the year, with Chinese brands capturing nearly double their market share in Europe to 5.1%, just behind Mercedes' 5.2% [1] - The German automotive industry is facing a critical moment, with warnings from the media that without innovation, companies like Volkswagen may face extinction [1] - The shift in consumer preference towards Chinese electric vehicles is evident, as traditional German brands experience significant sales declines in China, with Mercedes down 14% and Audi down 10.2% in the first half of the year [5] Group 2: Competitive Landscape - Chinese automakers, once seen as imitators, are now leading the charge in electric vehicle innovation, with companies like BYD planning to establish over 1,000 stores across 32 European countries by the end of 2025 [1] - The global automotive landscape is changing, with BYD and Geely showing remarkable growth rates of 33% and 29% respectively, surpassing Honda and Nissan [7] - The BBA (Benz, BMW, Audi) group is adjusting its electric vehicle strategies, moving from aggressive full electrification to a more pragmatic approach that includes hybrid models [9] Group 3: Product Innovations - Mercedes-Benz showcased its new electric GLC model, featuring a 39.1-inch Hyperscreen, which received significant attention at the show [10] - Volkswagen introduced the ID.CROSS concept car, with plans for production models to be released starting in 2026, indicating a push into the entry-level electric vehicle market [11] - Audi is shifting its focus back to driving experience, while BMW is betting on high-tech features to attract consumers [11] Group 4: Economic Pressures - The BBA is facing profit declines due to falling sales, with Mercedes' net profit halving by 55.8% and Volkswagen's operating profit dropping by 32.8% to €6.7 billion [5] - The competitive pricing strategies of Chinese brands are putting pressure on traditional automakers, leading to concerns about profit erosion in the industry [3][10]

Group 1: Event Overview - The 2025 Munich International Motor Show, themed "'Moving' Everything," took place from September 9 to 14, attracting around 750 exhibitors from over 30 countries, with 116 Chinese exhibitors, marking a historical high in participation [2][3] - The event showcased the global shift towards electric, intelligent, and low-carbon mobility, with significant attention on new products and technologies from Chinese companies [2][5] Group 2: Industry Trends - The International Energy Agency's report indicates that global electric vehicle sales surpassed 4 million units in Q1 2025, with an expected annual total exceeding 20 million units, representing a 25% year-on-year increase and accounting for 25% of global new car sales [2] - By 2030, the number of public charging stations worldwide is projected to increase nearly eightfold to approximately 40 million [2] Group 3: Innovations and Technologies - Major automotive manufacturers like BMW, Mercedes, and Volkswagen are focusing on electric and intelligent development, with BMW showcasing the new iX3 model capable of over 900 km range and rapid charging [3][4] - Bosch and ZF presented advanced driver assistance systems and software-defined vehicle solutions, highlighting the integration of cutting-edge technology in automotive design [4][8] Group 4: Chinese Brands and Contributions - Chinese exhibitors, including BYD and GAC Group, showcased innovative models and technologies, such as BYD's ultra-fast charging technology and GAC's first mass-produced flying car [5][6] - BYD announced plans to establish a factory in Hungary by 2025, emphasizing its commitment to the European market and localizing production and services [5][6] Group 5: International Collaboration - The automotive industry is characterized by high globalization, with German companies relying on global supply chains and partnerships with Chinese firms for technological innovation and product development [7][8] - Companies like CATL and EVE Energy are focusing on localizing production in Europe, with CATL investing in a testing center in Germany to support green transformation efforts [7][8]