9月26日，中国汽车市场迎来一位重磅选手的登场。长安马自达旗下首款全球战略级新能源SUV——MAZDA EZ-60（以下简称EZ-60）正式宣 布上市。该车以纯电与增程双动力布局、6款配置车型、7种车身颜色，以及11.99万~16.09万元的亲民售价，强势切入竞争白热化的15万级新能源市 场。 作为马自达品牌全面电动化转型的关键落子，EZ-60不仅承载着品牌百年造车的技艺积淀，更以超越同级的智能配置、安全实力与驾控表现，宣告"电动 马自达"时代的真正来临。 发布会上，长安马自达同步官宣华语乐坛"甜蜜天后"王心凌担任EZ-60产品代言人。正如王心凌深入人心的甜美形象与专业实力，EZ-60也将"魂动美 学"与"智能科技"完美融合，共同诠释何为"长在国民审美点上的好产品"。即日起，购车用户即可享有王心凌专属车机壁纸与语音包，并有机会亲临2025长 安马自达粉丝盛典，与代言人零距离互动，为新车上市增添更多情感温度与粉丝粘性。 五大核心价值全面越级，定义"新世代智能SUV" 26.45英寸5K一体式大屏以32:9超宽画幅、极窄边框和低于0.5尼特的灰态亮度，带来沉浸式视觉体验。这块屏幕历经900小时高低温循环冲击、10 ...

Core Viewpoint - Porsche has officially adjusted its product strategy to include new internal combustion engine models, extend the market lifecycle of existing fuel and plug-in hybrid models, and delay the launch of certain electric vehicle models, indicating a shift from aggressive electrification goals to a dual-track approach of fuel and electric vehicles [1][3][5] Strategic Adjustment - The decision clarifies Porsche's future product strategy, with a revised timeline for the electric platform development initially planned for the 2030s, while continuing to update existing electric models [3][5] - New internal combustion engine models will be added to the product matrix, and the lifecycle of current internal combustion models will be extended, with replacement models included in the planning [3][5] - A new SUV series, originally planned to be fully electric, will now launch with internal combustion and plug-in hybrid variants first, while the existing electric lineup will continue to be updated [3][5] Financial Performance - The strategic adjustment aims to enhance financial performance in the upcoming fiscal year, although it will incur significant depreciation and provisions in the short term [3][6] - Porsche's net profit for 2024 is projected at €3.595 billion, a 30.3% decline year-on-year, with a sales return rate of 14.1%, down from 18% in 2023 [6] - In the first half of this year, Porsche's net profit dropped to €718 million, a 66.6% decrease, with the sales return rate falling from 15.7% to 5.5% [6] Sales and Market Dynamics - In the first half of 2025, Porsche's global sales reached 146,000 units, a 6% decline year-on-year, with sales in China dropping 28% to 21,300 units [7] - The high costs and lower profit margins of electric vehicles, coupled with increased tariffs in the U.S., have led Porsche to lower its financial forecasts, with a revised sales return rate expectation of 5% to 7% for 2025 [7] - Other international automakers, including Audi, Mercedes, BMW, and Volvo, are also adjusting their electrification strategies, moving away from strict timelines for phasing out internal combustion engines [8][9]

Core Viewpoint - Ford is restructuring its sales channels in China by establishing a wholly-owned subsidiary, Ford Sales Service Company, to manage marketing, sales, and service for its passenger cars and pickup trucks in the Chinese market, marking a significant shift in its operational strategy [2][5]. Group 1: Company Restructuring - On September 23, Ford China announced the establishment of Ford Sales Service Company, which will officially start operations on October 1 [2]. - Chen Xiaobo has been appointed as the president of Ford Sales Service Company, previously holding key positions in Changan Ford and other marketing roles [2]. - The new company will unify the sales of Changan Ford, Ford imported vehicles, and Jiangling Ford, which includes models like Changan Ford Edge and Explorer, as well as Jiangling Ford's Lingrui and F-150 Raptor [3][4]. Group 2: Financial Performance and Challenges - Jiangling Ford Technology Company has been operating at a loss since its inception, with revenues of 1.24 million, 6.43 million, and 53.23 million from 2022 to 2024, and net losses of 1.06 million, 8.39 million, and 6.77 million respectively, totaling approximately 16.22 million in losses over three years [4]. - As of mid-2023, Jiangling Ford Technology Company reported total assets of about 875 million and a negative net asset of 1.42 billion [4]. Group 3: Strategic Implications - The establishment of Ford Sales Service Company aligns with CEO Jim Farley's strategy to reduce investment in China and focus on high-return businesses, indicating a strategic retreat in the Chinese market [5]. - The integration of sales channels is seen as a necessary step to streamline operations and improve profitability, as the previous fragmented sales structure was no longer suitable for Ford's strategy in China [4][5].

Core Viewpoint - Chery Automobile officially listed on the Hong Kong Stock Exchange on September 25, marking the largest IPO of a car company in Hong Kong this year, with a final offer price of HKD 30.75 and net proceeds of approximately HKD 88.793 billion [1][2]. Group 1: IPO Details - The IPO raised approximately HKD 84.41 billion, with 35% allocated for R&D of various passenger car models, 25% for next-generation vehicles and advanced technologies, 20% for expanding overseas markets, and 10% for enhancing production facilities in Wuhu, Anhui [2]. - The stock opened with a gain of over 10%, reaching an opening price of HKD 34.2 and a current price of HKD 34.5, reflecting a 12.2% increase and a total market capitalization of HKD 199.3 billion with a P/E ratio of 11.51 [1]. Group 2: Financial Performance - In 2024, Chery's total sales exceeded 2.6 million units, a year-on-year increase of 38.4%, with overseas exports reaching 1.1446 million units, leading the Chinese brand passenger car export rankings [3]. - Revenue grew from CNY 92.618 billion in 2022 to CNY 269.897 billion in 2024, with Q1 2025 revenue at CNY 68.223 billion, maintaining a year-on-year growth of 24.25% [3]. - Net profit surged from CNY 5.806 billion in 2022 to CNY 14.334 billion in 2024, with Q1 2025 net profit reaching CNY 4.726 billion, a year-on-year increase of 90.87% [3]. Group 3: Historical Context - Chery's journey to IPO spanned 21 years, marked by multiple attempts and challenges, including ownership disputes and regulatory hurdles, with the first attempt in 2004 and the successful listing in 2025 [4][5]. - The company faced significant obstacles, including the global financial crisis in 2008 and issues related to shareholder structure, which delayed its IPO plans [4][5]. Group 4: Global Expansion and Strategy - Chery has been a leader in exports, with over 13 million vehicles sold globally and a presence in over 100 countries, achieving significant sales in Europe, South America, and the Middle East [6]. - The company plans to allocate 20% of the IPO proceeds for overseas market expansion and global strategy execution, indicating a focus on increasing its international market share [6]. Group 5: Internal Reorganization and Future Challenges - Chery has undertaken internal restructuring to streamline operations, including the establishment of a unified smart driving brand and the integration of various technology divisions [7]. - Despite strong performance, Chery faces challenges in the electric vehicle sector, with its EV revenue share increasing from 13.2% in 2022 to 29.3% in 2025, still below the industry average of 45% [7].

对于"十五五"期间汽车年销量有望突破4000万台的判断，崔东树从三方面阐述了增长动力。其一，汽车 普及将向中西部地区及小城县乡市场纵深推进。随着这些区域经济发展水平提升、基础设施不断完善， 汽车消费需求持续释放，未来其汽车普及速度有望超过北京、上海等核心大城市，成为拉动销量增长的 重要力量。其二，电动化转型将缩短汽车保有周期。相较于传统发动机车型约18年的使用寿命，新能源 汽车所依赖的芯片和电池有效寿命周期预计在10年左右，这意味着在汽车保有量相对稳定的情况下，新 能源汽车的更新换代需求将显著增加，进而推动整体销量提升。其三，中国汽车在海外市场的份额将逐 步扩大。近年来，中国汽车产业在技术研发、产品质量、品牌建设等方面取得长足进步，新能源汽车更 是凭借先发优势在全球市场崭露头角，未来随着国际化布局不断深化，海外市场对中国汽车销量的贡献 度将进一步提高。 尽管当前部分人士对中国汽车未来年销量达到4000万台的预期持怀疑态度，但崔东树强调，国际市场仍 有巨大潜力待挖掘，同时国内市场在汽车普及增量方面也存在较大空间，随着相关利好因素持续释放， 这一目标具备实现的可能性。（纯钧） 【环球网科技综合报道】9月25日消息 ...

Core Viewpoint - Chery Automobile officially listed on the Hong Kong Stock Exchange on September 25, 2023, marking the largest IPO of a car company in Hong Kong this year, with a final offering price of HKD 30.75 and net proceeds of HKD 88.793 billion [1][2] Fundraising and Utilization - The net proceeds from the IPO are approximately HKD 84.41 billion, with planned allocations: 35% for R&D of various passenger car models, 25% for next-generation vehicles and advanced technology, 20% for expanding overseas markets, 10% for enhancing production facilities in Wuhu, and 10% for working capital and general corporate purposes [2] - The IPO received strong market response, with cornerstone investors subscribing a total of USD 587 million (approximately HKD 45.73 billion) [2] Financial Performance - In 2024, Chery's total sales exceeded 2.6 million units, a year-on-year increase of 38.4%, with overseas exports reaching 1.1446 million units, leading the Chinese brand passenger car export rankings [3] - Revenue grew from CNY 92.618 billion in 2022 to CNY 269.897 billion in 2024, with Q1 2025 revenue at CNY 68.223 billion, maintaining a year-on-year growth of 24.25% [3] - Net profit rose from CNY 5.806 billion in 2022 to CNY 14.334 billion in 2024, with Q1 2025 net profit reaching CNY 4.726 billion, a year-on-year increase of 90.87% [3] Historical Context - Chery's journey to IPO has been lengthy, spanning 21 years with multiple attempts hindered by various challenges, including complex equity relationships and macroeconomic changes [4][5] - The company faced numerous setbacks in its IPO attempts, including the 2008 global financial crisis and regulatory issues, which delayed its market entry [5] Global Expansion and Strategy - Chery has been a leader in exports, with over 13 million vehicles sold globally and a presence in over 100 countries [6] - The company plans to allocate about 20% of the IPO proceeds for overseas market expansion and global strategy execution, indicating a focus on increasing its global market share [6] Organizational Changes - Chery has undertaken significant internal restructuring to streamline its operations, including the establishment of a unified smart driving brand and the formation of a centralized intelligent technology center [7] - Despite strong performance, Chery faces challenges in the electric vehicle sector, with its EV revenue share increasing from 13.2% in 2022 to 29.3% in the first eight months of 2025, still below the industry average of 45% [7] Conclusion - The successful IPO marks a significant milestone for Chery, positioning the company for a more standardized and internationalized development path, enhancing its competitiveness in the global automotive industry [8]

Core Viewpoint - The article emphasizes the historic opportunity for the Chinese automotive industry to grow stronger through the electric and intelligent transformation, suggesting that Chinese automakers can achieve a leapfrog development compared to their Western and Japanese counterparts in the traditional fuel vehicle era [2][13]. Group 1: Overview of Global Automotive Parts Giants - German automotive parts giants are primarily technology-driven, having developed early mass production capabilities in the 1920s-1930s, with companies like Volkswagen and Mercedes-Benz originating from Germany [5]. - Japanese and Korean suppliers were supported by their respective automakers, emerging in the 1960s and gradually enhancing their R&D capabilities while expanding overseas [5]. - The competition among American automotive parts suppliers is relatively weak, with only a few making it to the top ranks globally, while Canadian company Magna serves as a significant supplier in North America [5][13]. - Tire manufacturers have a unique branding advantage, having established a monopolistic competition structure globally, allowing room for latecomers to grow despite limited scale effects among leading firms [5]. Group 2: Changes in Chinese Automotive Parts Suppliers - Chinese automotive parts suppliers are undergoing significant changes, with the rise of new energy vehicles (NEVs) since 2020, led by companies like Tesla and local startups, reshaping the relationship between automakers and parts suppliers [10][17]. - The emergence of cost-effective and responsive Chinese parts suppliers has been facilitated by the rise of domestic automakers, with notable examples including Top Group and Desay SV [10][17]. - Since 2022, there has been a marked acceleration in the globalization of Chinese suppliers, with companies like Top Group and New Spring actively expanding their overseas production capacities [10][17]. Group 3: Case Study of BorgWarner - BorgWarner has evolved from a mechanical transmission company to a global leader in both traditional and electric powertrain components through continuous mergers and technological innovation since its founding in 1880 [6][19]. - The company has made significant acquisitions, such as the purchase of Delphi Technologies in 2020 to enhance its electric powertrain capabilities and the acquisition of AKASOL in 2021 to expand its battery system business [6][19]. - BorgWarner's focus on technological breakthroughs in turbocharging and electric drive systems positions it as a pioneer in the electric transformation of the automotive industry [7][19]. Group 4: Key Success Factors for Global Parts Giants - The growth of overseas parts giants is driven by high-quality market segments and strong customer relationships, with powertrains, automotive electronics, and chassis systems being preferred areas for development during the fuel vehicle era [17]. - The transition from 1 to 10 in growth for these giants involves internal growth and mergers, with a focus on diversifying business and application areas [17]. - Successful companies often adopt a technology-driven approach, leveraging advanced technologies to drive industry changes, or rely on partnerships with major automakers to achieve mutual growth [17].

【文/观察者网 王一】在全球汽车产业格局经历"洗牌"的当下，中国制造正瞄准海外市场，积极"走出 去"。 "我们已经看到海外市场的快速发展。"不过，三一集团重卡事业部董事长梁林河也补充说，在海外市场 推广电动卡车首先要克服的最大挑战是，许多国家电力基础设施落后于中国。 三一集团2021年才正式进军电动卡车领域，却已迅速在国内拿下16%的市场份额。2025年，预计电动卡 车全年销量可以达到3万辆，其中大部分在中国销售。 电动卡车在中国已越来越普及。中国第一商用车网数据显示，今年前8个月，中国柴油卡车销量占比已 跌至51%，2023年同期这一比例为75%。与此同时，电动卡车的渗透率已从两年前的4%飙升至24%。 英国《金融时报》9月24日报道称，中国最大电动卡车制造商三一集团表示，将大幅扩展海外市场版 图，力争到2030年实现一半销售额来自海外市场，向海外传统重卡产业发起挑战。此外，比亚迪和北汽 福田等中国车企也早已将卡车运往意大利、波兰、西班牙和墨西哥等国销售，并积极寻求在海外建设组 装工厂。 《金融时报》分析指出，电池成本的急剧下降、续航能力的提升，加上中国政府为卡车车队提供的换车 补贴，都助推中国电动卡车制造 ...

中创智领（601717）(00564)涨超7%，高见25.86港元再创历史新高。截至发稿，涨7.13%，报25.86港 元，成交额2.42亿港元。 消息面上，近日，中创智领宣布，拟通过亚新科投资人民币2.7亿元设立亚新科热管理技术(仪征)有限公 司(暂定名，以市场监管部门核准登记为准)。新公司将整合集团内部资源，专注热管理技术的研发与产 业化，致力于打造行业领先的热管理系统解决方案。公司指出，此次投资设立热管理技术公司，是中创 智领近期继整合工业智能板块、发布八大智能矿山创新技术之后向智能化、电动化转型的又一重要战略 举措，展现了新战略背景下深耕智能电动赛道的决心。 此外，公司拟参与投资私募基金河南泓楷股权投资基金合伙企业(有限合伙)，作为有限合伙人对泓楷基 金认缴出资2.02亿元，认缴出资金额占泓楷基金总认缴出资额约25.09%。该集团指，泓楷基金认缴出资 金额约8.05亿元，泓楷基金拟以股权收购等形式定向投资超聚变数字技术，并以未来投资有关股权增值 实现投资收益。超聚变数字技术是一家云计算与IT基础设施提供商，覆盖运营商、金融、互联网及政企 等行业。 ...

智通财经APP获悉，中创智领(00564)涨超7%，高见25.86港元再创历史新高。截至发稿，涨7.13%，报 25.86港元，成交额2.42亿港元。 消息面上，近日，中创智领宣布，拟通过亚新科投资人民币2.7亿元设立亚新科热管理技术(仪征)有限公 司(暂定名，以市场监管部门核准登记为准)。新公司将整合集团内部资源，专注热管理技术的研发与产 业化，致力于打造行业领先的热管理系统解决方案。公司指出，此次投资设立热管理技术公司，是中创 智领近期继整合工业智能板块、发布八大智能矿山创新技术之后向智能化、电动化转型的又一重要战略 举措，展现了新战略背景下深耕智能电动赛道的决心。 此外，公司拟参与投资私募基金河南泓楷股权投资基金合伙企业（有限合伙），作为有限合伙人对泓楷 基金认缴出资2.02亿元，认缴出资金额占泓楷基金总认缴出资额约25.09%。该集团指，泓楷基金认缴出 资金额约8.05亿元，泓楷基金拟以股权收购等形式定向投资超聚变数字技术，并以未来投资有关股权增 值实现投资收益。超聚变数字技术是一家云计算与IT基础设施提供商，覆盖运营商、金融、互联网及政 企等行业。 ...