Group 1: Market Overview - From November 1 to 16, the national retail sales of passenger cars reached 886,000 units, a year-on-year decrease of 14%, and a month-on-month decrease of 6%. Cumulative retail sales for the year reached 20.142 million units, a year-on-year increase of 7% [2][5] - During the same period, wholesale sales of passenger cars by manufacturers totaled 1.021 million units, also down 14% year-on-year but up 14% month-on-month. Cumulative wholesale sales for the year reached 24.795 million units, a year-on-year increase of 11% [2][8] Group 2: New Energy Vehicles (NEVs) - Retail sales of new energy passenger cars from November 1 to 16 reached 554,000 units, a year-on-year increase of 2% and a month-on-month increase of 7%. Cumulative retail sales for the year reached 10.703 million units, a year-on-year increase of 21% [2][3] - Wholesale sales of new energy passenger cars reached 618,000 units, a year-on-year increase of 1% and a month-on-month increase of 17%. Cumulative wholesale sales for the year reached 12.675 million units, a year-on-year increase of 28% [2][3] Group 3: Production and Investment Trends - In October, the production of passenger cars was 3.28 million units, a year-on-year increase of 11%. New energy vehicle production reached 1.71 million units, a year-on-year increase of 19%, with a penetration rate of 52% [10] - For the first ten months of 2025, automotive investment grew by 17.5%, significantly higher than other manufacturing sectors, indicating strong demand and production growth [10][11] Group 4: Market Dynamics and Consumer Behavior - The market is experiencing a cautious sentiment among dealers due to tightened policies on trade-in and scrappage subsidies, leading to a slowdown in retail sales growth [5][11] - The average price of passenger cars in the first ten months of 2025 was 170,000 yuan, a decrease of 0.7 thousand yuan compared to 2024, reflecting a shift in consumer preferences and market dynamics [12][14] Group 5: Future Outlook - The automotive market is expected to see continued growth driven by policies promoting vehicle upgrades and new energy vehicles, although challenges remain in maintaining momentum into 2026 [11][12] - The penetration rate of new energy commercial vehicles reached 27% in the first ten months of 2025, indicating a strong upward trend in this segment [13]

Core Insights - Zeekr Group reported a total vehicle delivery of 140,195 units in Q3 2025, marking a 12.5% year-over-year increase and a 7.1% quarter-over-quarter increase [2][3] - The company's vehicle sales revenue reached RMB 26,527 million (US$ 3,726 million) for Q3 2025, reflecting a 7.3% increase from Q3 2024 and a 15.8% increase from Q2 2025 [5][11] - Net loss for Q3 2025 was RMB 307 million (US$ 43 million), a significant decrease of 84.9% from Q3 2024 [5][16] Delivery Performance - Total vehicle deliveries for Q3 2025 were 140,195 units, with Zeekr brand delivering 52,860 vehicles and Lynk & Co brand delivering 87,335 vehicles, of which 72.4% were NEV models [2][3] - In October 2025, Zeekr Group delivered 61,636 vehicles, a 20.5% increase compared to the previous month [7] Financial Performance - Total revenues for Q3 2025 were RMB 31,562 million (US$ 4,434 million), up 9.1% year-over-year and 15.1% quarter-over-quarter [5][11] - Gross profit for Q3 2025 was RMB 6,046 million (US$ 850 million), representing a 37.1% increase from Q3 2024 [5][16] - Vehicle margin for Q3 2025 was 15.6%, compared to 12.6% in Q3 2024 and 17.3% in Q2 2025 [5][16] Operational Metrics - Research and development expenses were RMB 2,743 million (US$ 385 million) for Q3 2025, down 8.6% from Q3 2024 [16] - Selling, general and administrative expenses increased to RMB 3,783 million (US$ 532 million) for Q3 2025, up 11.3% year-over-year [16] Loss Metrics - Loss from operations was RMB 56 million (US$ 8 million) for Q3 2025, a significant improvement from a loss of RMB 2,076 million in Q3 2024 [5][16] - Non-GAAP net loss for Q3 2025 was RMB 265 million (US$ 37 million), down 86.6% from Q3 2024 [5][16] Cash Position - As of September 30, 2025, cash and cash equivalents and restricted cash totaled RMB 8,763 million (US$ 1,231 million) [18]

Core Viewpoint - Li Auto Inc. will report its unaudited financial results for Q3 2025 on November 26, 2025, before the U.S. market opens, followed by an earnings conference call on the same day [1]. Company Overview - Li Auto Inc. is a leader in China's new energy vehicle market, focusing on designing, developing, manufacturing, and selling premium smart electric vehicles [4]. - The company's mission is to create a mobile home and happiness, emphasizing safety, convenience, and comfort in its products and services [4]. - Li Auto is recognized for successfully commercializing extended-range electric vehicles in China while also developing battery electric vehicle platforms [4]. - The company began volume production in November 2019 and currently offers a range of models, including a flagship family MPV and several extended-range electric SUVs [4]. - Li Auto aims to expand its product lineup to reach a broader user base [4].

Core Viewpoint - The A-share market is experiencing a strong upward trend, with major indices closing in the green and the Shanghai Composite Index reaching a 10-year high, indicating a positive outlook for 2026 [1][2]. Market Performance - The Shanghai Composite Index rose by 0.73%, the Shenzhen Component increased by 1.78%, and the ChiNext Index gained 2.55% [1]. - Over 3,900 stocks rose, with 106 stocks hitting the daily limit up [1]. Sector Highlights Lithium Battery Sector - The lithium battery concept saw a significant surge, with stocks like Huasheng Lithium and Ningde Times rising over 7% [1]. - The demand for lithium batteries, driven by energy storage needs, has led to a rise in prices for key materials like electrolyte additives [3]. Photovoltaic Sector - The photovoltaic sector rebounded strongly, with companies like Hesheng Silicon and Dongyue Silicon experiencing substantial gains [5]. - The National Energy Administration's guidance on promoting renewable energy integration has positively impacted the sector [5][6]. Precious Metals - Precious metals, particularly gold, saw a price increase, with COMEX gold futures rising by 2.07% to $4,201.4 per ounce [8]. - The market for precious metals is expected to benefit from ongoing ETF inflows and central bank purchases [8]. Institutional Perspectives - Shenwan Hongyuan believes that the bull market has further depth, with the spring of 2026 potentially marking a phase high but not the peak of the current bull market [10][11]. - Zhongyuan Securities suggests that the Shanghai Composite Index is likely to consolidate around the 4,000-point mark, with a balanced market style expected to continue [12]. - Everbright Securities notes that the market is currently in a policy window period, with strong expectations for December policies, which may support a continued upward trend [13].

Market Overview - From November 1 to 9, the national retail sales of passenger cars reached 415,000 units, a year-on-year decrease of 19% compared to the same period last year, and a month-on-month decrease of 4%. Cumulative retail sales for the year reached 19.671 million units, a year-on-year increase of 7% [1][4] - During the same period, wholesale sales of passenger cars amounted to 468,000 units, a year-on-year decrease of 22%, but a month-on-month increase of 48%. Cumulative wholesale sales for the year reached 24.242 million units, a year-on-year increase of 11% [1][6] New Energy Vehicles (NEVs) - Retail sales of new energy passenger cars from November 1 to 9 totaled 265,000 units, a year-on-year decrease of 5%, but a month-on-month increase of 16%. Cumulative retail sales for the year reached 10.415 million units, a year-on-year increase of 21% [1] - Wholesale sales of new energy passenger cars during the same period reached 306,000 units, a year-on-year decrease of 3%, but a month-on-month increase of 59%. Cumulative wholesale sales for the year reached 1.236 million units, a year-on-year increase of 29% [1] Market Trends and Consumer Behavior - The average daily retail sales in the first week of November were 46,000 units, reflecting a year-on-year decrease of 19% and a month-on-month decrease of 4%. The retail market showed weak performance at the beginning of November, influenced by last year's strong market performance [4][6] - The macroeconomic environment remains stable, but the tightening of trade-in and scrapping subsidies has led to a cautious attitude among dealers, contributing to a decline in retail sales [4] Vehicle Ownership Statistics - By the end of 2024, the total number of vehicles in China reached 346 million, resulting in a per capita ownership of 219 passenger cars per 1,000 people. The number of registered drivers reached 506 million, with an annual increase of approximately 20 million [7] Second-Hand Vehicle Market - In the first nine months of 2025, the second-hand vehicle market saw a transaction volume of 14.73 million units, a year-on-year increase of 3.6%, with a transaction value of 946.2 billion yuan, an increase of 0.7% [9][10] - The second-hand vehicle market is expected to grow significantly, especially with the rise of new energy vehicles, providing consumers with lower-cost options [10] Pricing and Promotions - The promotion and price reduction strategies in the passenger car industry have returned to rationality, with a total of 156 new car models experiencing price reductions from January to October 2025. The average price reduction for new energy vehicles was 21,000 yuan, while for conventional fuel vehicles, it was 14,000 yuan [11][12] - The effectiveness of the trade-in policy has led to increased market sales and a reduction in aggressive price competition, improving the overall market environment [12]

Core Viewpoint - The collaboration between Haima Automobile and XPeng Motors has officially ended as of December 31, 2021, and there are currently no other business associations between the two companies. Haima Automobile is now focusing on the development of its own brand and expanding into the new energy vehicle sector [1]. Group 1 - Haima Automobile's partnership with XPeng Motors expired on December 31, 2021 [1] - The termination of the agreement has led to an automatic cessation of collaboration between the two companies [1] - Haima Automobile's current strategy is centered on developing its own brand and exploring opportunities in the new energy vehicle market [1]

Group 1 - The core viewpoint is that domestic sales have gradually surpassed the previous high point of 2017, and the resilience of continued growth needs to be observed, with expectations of stable domestic demand if there are still certain levels of central and local subsidies [1] - In the new energy sector, technological innovation and model iteration on the supply side are driving an increase in penetration rates, while facing a phase of pre-purchase tax policy withdrawal by the end of 2025, with expectations of double-digit growth in domestic new energy vehicle sales [1] Group 2 - For commercial vehicles, the growth space is opened up by overseas markets, with a focus on the trend of electric intelligence; the heavy truck scrapping and updating policy may continue in 2026, with domestic demand still supported, and export growth driven by strong demand in Asia, Africa, and Latin America, with an industry total expected to increase by 5% year-on-year to 1.05-1.1 million units [1] - The penetration rate of new energy heavy trucks in domestic sales is expected to reach about 30% by 2026, with L2+ level assisted driving heavy trucks achieving a breakthrough from 0 to 1, with a penetration rate expected to reach single digits by 2026 [1] Group 3 - The auto parts industry may shift growth potential from domestic to overseas markets, with a focus on trends in obtaining orders for new energy vehicle components from European automakers by 2026 [2] - The humanoid robot sector is gradually entering the mass production stage, with leading and core assets emerging, while software iteration is a key focus for future development [3] - With the improvement of regulations in the intelligent driving industry, 2026 may mark the year of mass production for L3 vehicles, which is expected to drive continuous improvement in the penetration rate of the intelligent driving industry chain [3]

Market Overview - In October 2023, the retail sales of passenger cars in China reached 2.387 million units, a year-on-year increase of 6% and a month-on-month increase of 7%. Cumulatively, retail sales for the year reached 19.395 million units, up 9% year-on-year [1][5] - Wholesale sales of passenger cars in October 2023 totaled 2.922 million units, representing a 7% year-on-year increase and a 4% month-on-month increase. Year-to-date wholesale sales reached 23.769 million units, up 12% year-on-year [1][9] New Energy Vehicle (NEV) Market - Retail sales of new energy vehicles in October 2023 reached 1.4 million units, a year-on-year increase of 17% and a month-on-month increase of 8%. Year-to-date retail sales of NEVs reached 10.27 million units, up 23% year-on-year [1][2] - The penetration rate of new energy vehicles in the retail market was 58.7%, while the wholesale penetration rate was 55.2% in October 2023 [2] Production Trends - In October 2023, the production of pure fuel light vehicles was 839,000 units, a year-on-year increase of 6% but a month-on-month decrease of 7%. The production of hybrid and plug-in hybrid vehicles totaled 526,000 units, down 6% year-on-year but up 13% month-on-month [2] Weekly Sales Performance - The average daily retail sales of passenger cars varied throughout October, with the first week seeing a decline of 18% year-on-year, while the fifth week experienced a significant increase of 47% year-on-year [4][5] Market Dynamics - The traditional peak season of "Golden September and Silver October" was affected by the Mid-Autumn Festival, leading to fluctuations in monthly sales. The tightening of subsidies in some regions also contributed to weaker retail performance in October [6] - The upcoming expiration of the vehicle purchase tax exemption policy is expected to maintain high consumer enthusiasm for car purchases [6] Global Market Share - In September 2025, global vehicle sales reached 8.55 million units, with China accounting for 38% of the market share, reflecting a 2 percentage point increase from the previous year [10] - From January to September 2025, China's vehicle sales reached 24.32 million units, a 13% increase year-on-year, solidifying its position as the most dynamic market globally [10] New Energy Vehicle Global Share - In the first nine months of 2025, China accounted for 68% of the global increase in new energy vehicles, highlighting its dominance in the sector [11]

Core Insights - BYD achieved a record high in sales for October, with a total of 441,706 vehicles sold, marking the highest monthly sales figure for the year [1] - Cumulatively, from January to October 2025, BYD has sold 3,701,852 vehicles, with over 14.2 million of these being new energy vehicles [1] Summary by Categories - **Sales Performance** - October sales reached 441,706 vehicles, setting a new annual record [1] - Total sales from January to October 2025 stand at 3,701,852 vehicles [1] - **New Energy Vehicles** - Cumulative sales of new energy vehicles exceed 14.2 million [1]

Core Insights - Xiaopeng Motors reported a record high monthly delivery of 42,013 vehicles in October 2025, marking a year-on-year increase of 76% and a month-on-month increase of 1% [1] - Cumulatively, Xiaopeng Motors delivered 355,209 vehicles from January to October 2025, representing a significant year-on-year growth of 190% [1] Delivery Performance - October 2025 deliveries reached 42,013 units, the highest monthly figure in the company's history [1] - The company has achieved over 40,000 deliveries for two consecutive months [1] Year-to-Date Performance - From January to October 2025, total deliveries amounted to 355,209 units [1] - This figure reflects a substantial increase of 190% compared to the same period last year [1]