Group 1 - The company is currently focused on the intelligent connected vehicles and autonomous driving testing fields [1] - The company's intelligent connected vehicle testing facility in the Yangtze River Delta (Yancheng) has been completed, meeting all scenario requirements for testing intelligent connected vehicles and autonomous driving capabilities [1] - The facility can directly support the closed-field verification needs of automotive companies in their L3 development [1] Group 2 - The company serves as a national technology standard innovation base for intelligent connected vehicle testing scenario standard verification [1] - The company is supporting multiple national standards verification work related to intelligent connected vehicles through its testing facility [1] - Currently, the company does not have plans or feasibility studies for automotive robotics testing or chip computing service centers [1] Group 3 - The company will closely monitor opportunities arising from the iteration of intelligent driving technology [1] - The company aims to continuously evaluate and explore new business areas and development directions to achieve sustainable growth and breakthroughs [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - Affected by CATL's meeting related to the resumption of production at the Jianxiawo lithium mine, the market sentiment is negative, and there is a renewed discussion about whether eight major mines will shut down simultaneously on September 30. Fundamentally, if they shut down, the impact on the total supply will be limited as other sources can provide supplements. Emotionally, if they shut down, 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] Group 3: Summary by Relevant Catalogs Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 72,450, down 400; the average price of SMM industrial - grade lithium carbonate is 70,200, down 400 [1] Lithium Ore - The price of lithium spodumene concentrate (CIF China) is 842, down 2; the price of lithium mica (Li20:1.5% - 2.0%) is 1075; the price of lithium mica (Li20:2.0% - 2.5%) is 1775; the price of amblygonite (Li20:6% - 7%) is 5770; the price of amblygonite (Li20:7% - 8%) is 6845 [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 33,375, down 95; the average price of ternary material 811 (polycrystalline/power type) is 146,300, up 400; the average price of ternary material 523 (single - crystal/power type) is 119,350, up 600; the average price of ternary material 613 (single - crystal/power type) is 123,800, up 250 [2] Price Spreads - The spread between battery - grade and industrial - grade lithium carbonate is 2250; the spread between battery - grade lithium carbonate and the main contract is 1290, down 560; the spread between the near - month and the first - continuous contract is - 140, unchanged; the spread between the near - month and the second - continuous contract is - 340, up 100 [2] Inventory - The total inventory (weekly, tons) is 138,512, down 1580; the inventory of smelters (weekly, tons) is 36,213, down 3262; the inventory of downstream (weekly, tons) is 58,279, up 3072; the inventory of others (weekly, tons) is 44,020, down 1390; the registered warehouse receipts (daily, tons) is 38,625, up 234 [2] Production Profits - The cash cost of purchasing lithium spodumene concentrate externally is 73,410, and the profit is - 2019; the cash cost of purchasing lithium mica concentrate externally is 76,792, and the profit is - 7378 [2]

Core Viewpoint - The news highlights the positive impact of multiple policies on the new energy sector, particularly in the electric vehicle (EV) market, leading to significant stock price increases for key players in the industry [1][3]. Industry Overview - The electric vehicle ETF (516380) saw a price increase of over 4.6% during the day, closing up 2.93%, reaching its highest point since August 2022 [1]. - Key stocks in the battery sector, such as Tianci Materials and Hunan Youneng, experienced substantial gains, with Hunan Youneng rising by 10.77% and Tianci Materials by 9.99% [3]. - The automotive sector is witnessing a shift towards smart technology, with major companies like Junsen Electronics and Top Group also seeing significant stock price increases [3]. Policy and Market Drivers - The Ministry of Industry and Information Technology, along with seven other departments, recently issued a plan aiming for approximately 32.3 million vehicle sales in 2025, including 15.5 million new energy vehicles [3]. - The upcoming World Energy Storage Conference in Ningde, Fujian, from September 16-18, is expected to further promote advancements in energy storage technologies [4]. - The solid-state battery industry is accelerating its development, with major companies like CATL and Guoxuan High-Tech announcing mass production plans, aiming for GWh-level capacity by 2026 [4]. Investment Opportunities - The automotive parts sector is expected to benefit from the integration of smart technologies, with projections for significant valuation increases across the automotive industry [5]. - The smart electric vehicle ETF (516380) focuses on leading companies in both electrification and smart technology, presenting long-term investment opportunities for those interested in the electric vehicle sector [7].

Market Overview - The A-share market showed mixed performance, with the Shanghai Composite Index declining by 0.26% to 3860.5 points, while the Shenzhen Component Index rose by 0.63% to 13005.77 points, and the ChiNext Index increased by 1.52% to 3066.18 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 23034 billion yuan, a decrease of 2452 billion yuan compared to the previous day [1] Automotive Sector - The automotive industry chain stocks experienced a strong rally, with Haon Electric rising approximately 12% and hitting a daily limit, while Wanxiang Qianchao and Zhejiang Shibao also reached their daily limit [2][3] - The Ministry of Industry and Information Technology and other departments released a plan to promote the industrial application of intelligent connected vehicles, which includes pilot projects for L3-level vehicle production approval [4][5] Semiconductor Sector - The semiconductor sector was active, with Shengbang Co. hitting a daily limit of 20%, and Naxin Micro rising over 10% [9][10] - The U.S. Department of Commerce added 23 Chinese entities to its entity list, including 13 semiconductor companies, which may create a more favorable market environment for domestic manufacturers [11] Energy Storage Sector - The energy storage concept surged, with Tengya Precision and Ningde Times both reaching new highs, with Ningde Times rising over 9% [6][7] - The National Development and Reform Commission and the National Energy Administration announced a plan for new energy storage, aiming for over 100 million kilowatts of new installed capacity by 2027, which could lead to direct investment of about 250 billion yuan [8] Biotechnology Sector - Yaokai Ankang's stock price surged over 110% in a single day, with a cumulative increase of nearly 500% over four trading days [12] - The company received clinical approval for its core product, Tinengotinib, for treating specific types of breast cancer, indicating potential breakthroughs in treatment [12]

Market Overview - A-shares showed mixed performance today, with the Shanghai Composite Index declining by 0.26% to 3860.5 points, while the Shenzhen Component Index rose by 0.63% to 13005.77 points, and the ChiNext Index increased by 1.52% to 3066.18 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 23034 billion, a decrease of 2452 billion from the previous day [1] Automotive Sector - The automotive industry chain stocks experienced a strong rally, with companies like Haoen Automotive and Wanxiang Qianchao hitting the daily limit, and Zhejiang Shibao also reaching the limit [4][5] - The Ministry of Industry and Information Technology, along with seven other departments, released a plan to promote the industrial application of intelligent connected vehicles, which is expected to reshape competition in the automotive industry towards value-based competition [6] Semiconductor Sector - The semiconductor sector was active, with stocks like Shengbang Co. and Shanghai Beiling hitting the daily limit, and Naxinwei rising over 10% [10][11] - Recent U.S. trade measures have led to increased domestic substitution intentions among customers, which may benefit local semiconductor manufacturers [13] Energy Storage Sector - The National Development and Reform Commission and the National Energy Administration announced a plan for new energy storage, aiming for over 100 million kilowatts of new installed capacity by 2027, which could drive direct investment of about 250 billion [8] - The storage battery supply chain is experiencing strong demand, with a 106% year-on-year increase in global storage battery shipments in the first half of the year [9] Biotechnology Sector - The stock of Yaojie Ankang surged over 110% in a single day, with a cumulative increase of nearly 500% over the past four trading days [15][16] - The company focuses on innovative therapies for cancer and metabolic diseases and recently received clinical approval for its core product, Tinengotinib, for treating specific breast cancer patients [17]

Market Overview - The market showed a mixed performance with the Shanghai Composite Index experiencing narrow fluctuations while the ChiNext Index saw a pullback after reaching highs. The total trading volume in the Shanghai and Shenzhen markets was 2.28 trillion, a decrease of 245.8 billion from the previous trading day. Over 3,300 stocks declined across the market [1][8]. Sector Performance - The gaming sector led the gains, with stocks like Xinghui Entertainment and Perfect World hitting the daily limit. The automotive supply chain also saw increases, with stocks such as Zhejiang Shibao reaching their daily limit. Energy storage concept stocks were active, with CATL and Sungrow both reaching historical highs. Conversely, the cultural media sector faced significant declines, with Guomai Culture dropping over 10% [1][2]. Gaming Sector Insights - The gaming sector's growth is attributed to overseas expansion and artificial intelligence, which are seen as key drivers for companies to reduce costs and enhance profitability. Public funds have increasingly concentrated their investments in the gaming sector, particularly in the second quarter. Companies like Giant Network and 37 Interactive Entertainment have seen their stock prices double this year, indicating a potential upward trend in the sector [2][7]. Battery and Energy Storage Sector - The battery and energy storage sectors showed strength, with stocks like Zhongyi Technology and Tianqi Materials hitting the daily limit. The National Development and Reform Commission and the National Energy Administration recently announced a plan to increase the new energy storage capacity to 180 million kilowatts by 2027, which is expected to drive direct investments of 250 billion [2][3]. Intelligent Driving Sector - The intelligent driving concept also gained traction, with stocks such as Suoling Co. and Zhejiang Shibao reaching their daily limit. The Ministry of Industry and Information Technology, along with other departments, issued a plan to promote the approval and road testing of intelligent connected vehicles, which is expected to catalyze further investment in this sector [4][7]. Individual Stock Movements - High-profile stocks in the AI computing hardware sector faced collective adjustments, while semiconductor stocks also experienced increased divergence. However, core technology stocks remain within a correction phase without significant price-volume loss, indicating potential for recovery. Low-priced stocks have become increasingly attractive to short-term investors, with stocks like Shoukai Co. and Suning Universal seeing notable gains [6][8].

Market Overview - The A-share market saw adjustments in the previously hot computing power sector, while the new energy sector performed strongly, with companies like CATL (300750) and Sungrow Power (300274) reaching historical highs [1] - The automotive parts sector experienced significant gains, with nearly 10 stocks, including Zhejiang Shibao (002703), hitting the daily limit [3][4] - The film and gaming sectors also showed strong performance, with China Film (600977) hitting the daily limit and achieving "4 boards in 7 days," with a transaction volume of 3.427 billion yuan [1] Automotive Parts Sector - The automotive parts sector surged, driven by two main catalysts: 1. The China Automotive Industry Association's initiative on payment norms for suppliers, which aims to standardize key aspects of procurement contracts [5][6] 2. The Ministry of Industry and Information Technology's "Automotive Industry Stabilization Growth Work Plan (2025-2026)," targeting a vehicle sales goal of approximately 32.3 million units in 2025, with a focus on new energy vehicles [6] - Key stocks in the automotive parts sector included: - Kaiter Holdings (832978) +13.56% over the last five days - Haon Automotive (301488) +11.96% over the last five days [4] Film and Entertainment Sector - The film sector saw renewed activity, with China Film and Happiness Blue Sea (300528) both experiencing significant gains [8] - Upcoming film releases around the National Day holiday are expected to boost box office performance, with pre-sale figures for the film "731" exceeding 64 million yuan and over 4.4 million people expressing interest [12] - The film industry has seen positive trends, with total box office revenue surpassing 40 billion yuan by September 13, 2025, indicating a faster recovery compared to the previous year [12]

Domestic News - Eight departments have issued a plan to further promote automobile consumption, focusing on policies such as trade-in programs and supporting the transition to new energy vehicles [2] - As of September 10, 2025, the number of applications for automobile trade-in has reached 8.3 million, with ongoing efforts to reform automobile circulation and consumption [3] - Guangzhou is launching a 300 million yuan automobile consumption subsidy program, offering up to 5,000 yuan for eligible purchases during the promotional period [4] - Anhui has opened six highway test sections for intelligent connected vehicles, with over 80,000 kilometers of testing completed [5] - Dongfeng Motor is developing a fully self-researched solid-state battery expected to achieve 1,000 kilometers of range by 2026 [6] - Xiaopeng Motors has initiated its first localized production project in Europe, aiming to enhance its market presence with more product offerings [7] - Chery's new engine has achieved a thermal efficiency of 48%, marking a significant advancement in fuel engine technology [8] - The first comprehensive innovation base for intelligent connected vehicles in China has been established in Tianjin, with an investment of nearly 2 billion yuan [9] International News - The International Energy Agency predicts strong growth for low-emission hydrogen projects despite facing multiple challenges, with global hydrogen demand expected to reach nearly 100 million tons in 2024 [11] - The European Commission has expedited the review of the 2035 zero-emission vehicle targets in response to automotive manufacturers' concerns about the feasibility of a full transition to electric vehicles [12] - Tesla plans to increase production at its German factory due to strong sales performance [13] - Mercedes-Benz has confirmed a gradual phase-out of the EQ brand for its electric vehicles, transitioning to the use of "Electric" as the brand name [14] Commercial Vehicles - Wuhu has introduced a subsidy of up to 100,000 yuan per year for hydrogen fuel heavy trucks, along with financial support for new hydrogen energy projects [17] - Beiben Truck is expanding its market presence in Africa, focusing on cooperation in road equipment [18] - SAIC Maxus has launched a 15 million yuan "Star Plan" to support farmers through live-streaming sales of agricultural products [19] - The remote X-VAN has been launched in South China, offering innovative multi-functional travel options [20]

Core Viewpoint - The domestic internal combustion engine sales in August 2025 reached 4.4476 million units, showing a month-on-month increase of 1.94% and a year-on-year increase of 17.63%, indicating a positive trend in the automotive market driven by macro policies and industry adjustments [1] Summary by Sections Internal Combustion Engine Sales - In August 2025, internal combustion engine sales were 4.4476 million units, with a cumulative sales of 34.6006 million units from January to August, reflecting a year-on-year growth of 14.97% [1] - The commercial vehicle market, particularly multi-cylinder diesel engines, also showed strong performance with sales of 152,000 units in August, marking a month-on-month increase of 9.04% and a year-on-year increase of 11.79% [13] Diesel Engine Sales - Diesel engine sales in August 2025 totaled 372,500 units, with a month-on-month increase of 1.42% and a year-on-year increase of 5.56%. Cumulative sales from January to August reached 3.4046 million units, reflecting a year-on-year growth of 4.57% [2] Multi-Cylinder Diesel Engine Performance - Multi-cylinder diesel engine sales in August reached 306,700 units, with a month-on-month increase of 6.08% and a year-on-year increase of 7.15%. Cumulative sales from January to August were 2.7508 million units, showing a year-on-year growth of 4.47% [4] - The top ten companies in cumulative sales accounted for 77.95% of the total multi-cylinder diesel engine sales, slightly up from 77.85% in the previous month [4] Company Rankings and Performance - Weichai maintained its leading position with sales of 70,000 units in August, achieving a month-on-month growth of 29.88%. Yuchai and Yunnei followed with sales of 41,000 and 22,300 units, respectively [6] - Cumulative sales data for the first eight months showed Weichai at 500,400 units, Yuchai at 393,600 units, and Yunnei at 235,500 units, with respective market shares of 18.19%, 14.31%, and 8.56% [9][11] Commercial Vehicle Multi-Cylinder Diesel Engine Sales - In August, commercial vehicle multi-cylinder diesel engine sales reached 151,000 units, with cumulative sales from January to August at 1.3141 million units, reflecting a year-on-year growth of 4.44% [12] - Weichai led the commercial vehicle multi-cylinder diesel engine market with cumulative sales of 278,100 units, holding a market share of 21.16% [16] Market Outlook - Despite being a traditional off-season, the performance of multi-cylinder diesel engines in August was commendable, with expectations for a strong demand in the upcoming peak season [20]

Core Viewpoint - The stock of Nexperia (01316) has increased by over 6%, currently trading at 7.24 HKD with a transaction volume of 1.52 billion HKD, following the announcement of a new government plan to boost the automotive industry [1] Group 1: Government Policy Impact - On September 13, the Ministry of Industry and Information Technology and seven other departments issued the "Automotive Industry Stabilization Growth Work Plan (2025-2026)", which aims to promote the industrial application of intelligent connected technology [1] - The plan includes advancing the approval and road testing of L3-level vehicles and improving legal regulations related to road traffic safety and insurance [1] Group 2: Industry Trends - Steer-by-wire (SBW) technology is closely related to advanced autonomous driving and can significantly enhance driving safety and comfort [1] - According to Tianfeng Securities, as the penetration rate of L3-level and above autonomous driving increases, the penetration rate of SBW systems is expected to rise correspondingly [1] Group 3: Competitive Landscape - The competitive landscape for SBW technology is currently favorable, with only Nexperia, Bosch, and ZF achieving mass production of steer-by-wire systems [1] - Nexperia holds over 50% of the global market share for steer-by-wire systems [1]