Group 1 - The company received a development notification for key metal structural components from a domestic automaker, with a project lifecycle of 5 years and an estimated total sales amount of approximately 280 million yuan, expected to start mass production in Q1 2027 [1] - The key metal structural components will be produced by the company's wholly-owned subsidiary, Guangdong Changhua Automotive Parts Co., Ltd., and the project is not expected to have a significant impact on the company's current year performance [1] - The company has recently secured multiple development projects, including two projects with a total estimated sales amount of approximately 1.9 million yuan and 810 million yuan, both expected to start mass production in Q3 2026 [2] Group 2 - The company has announced a product sales contract for carbon-ceramic brake discs, with an estimated total sales amount exceeding 100 million yuan, aimed at a well-known flying car company [3] - The company recorded revenue of 950 million yuan in the first half of 2025, a year-on-year decrease of 17.77%, with a net profit of 33.36 million yuan, down 46.14% year-on-year [3] - The company is actively expanding its business into humanoid robotics and low-altitude economy sectors, with plans to increase investment in these areas by the end of 2024 [2]

Investment Rating - The automotive industry is rated as "Outperform" [1][4][5] Core Views - The report emphasizes the ongoing transformation in the automotive sector driven by electric and intelligent trends, highlighting opportunities in incremental components and the rise of domestic brands [3][13][24] - The report anticipates a strong new product cycle for companies like Huawei and Xiaomi in the automotive industry, particularly in the context of their entry into the market [3][24] Monthly Production and Sales Data - In August 2025, automotive 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][22] - For the week of September 1-7, 2025, retail sales of passenger cars were 304,000 units, a year-on-year decrease of 10% [2][23] Weekly Market Performance - During the week of September 8-12, 2025, the CS automotive index rose by 0.21%, while the CS passenger vehicle index fell by 0.37% [2][4] - The CS automotive sector has underperformed compared to the CSI 300 index by 1.72 percentage points year-to-date, with a total increase of 23.76% [2][4] Key Companies and Investment Recommendations - Recommended companies include: - Leap Motor, Geely, and JAC Motors for strong new product cycles [4][5] - Companies in the intelligent sector such as Coboda, Huayang Group, and Junsheng Electronics [4][5] - Robotics companies like Top Group and Sanhua Intelligent Control [4][5] - Domestic replacement companies including Xingyu, Fuyao Glass, and Jifeng [4][5] Profit Forecasts and Valuations - Profit forecasts for key companies indicate a positive outlook, with Leap Motor expected to have an EPS of 0.62 in 2025 and a PE ratio of 98 [5][12] - Geely is projected to have an EPS of 1.57 in 2025 with a PE ratio of 12, while JAC Motors is expected to have a significantly higher PE ratio of 495 due to lower earnings [5][12] Industry Trends and Future Outlook - The report highlights the transition of the automotive industry from growth to maturity, with a projected annual compound growth rate of 2% over the next 20 years [14][22] - The penetration rate of new energy vehicles is expected to continue rising, with sales projected to exceed 1.55 million units in 2025, reflecting a year-on-year growth of over 25% [25][29]

9月16日，AUDI首款量产车型奥迪E5 Sportback正式上市，全系推出先锋型、先锋plus型、先锋quattro型 和旗舰quattro型共4款配置车型，官方指导价23.59万—31.99万元，奥迪E5 Sportback在上汽奥迪AUDI智 造基地量产。 去年5月，上汽集团（600104）与奥迪汽车正式签订合作协议。根据协议，奥迪将与上汽集团联合开发 专注中国市场的全新平台——"智能数字平台（Advanced Digitized Platform）"，并基于该平台为上汽奥 迪打造全新一代高端智能网联车型。随后，奥迪发布新品牌"AUDI"的同时亮相奥迪E概念车。 今年上海国际车展期间，奥迪·上汽合作项目CEO宋斐明宣布，AUDI品牌首款量产车定名"AUDI E5 Sportback"，并在车展亮相。 在外界看来，推出AUDI新品牌的背后考量因素，是奥迪方面重新衡量中国市场的需求走向。数据显 示，今年8月豪华车零售21万辆，同比下降5%；豪华品牌零售份额10.5%，同比下降1.1个百分点。传统 自主品牌与造车新势力凭借新能源汽车弯道超车，推出的产品不断上探市场，杀入BBA等传统豪华车 企"腹地"。面对市 ...

上海虹桥国际中央商务区管理委员会党组成员、副主任杨旭波出席活动并表示："我们将主动服务和融 入长三角世界级汽车产业集群，充分发挥大虹桥链接国际国内两个市场、两种资源的战略优势，着力推 动人才、技术、资本、数据等创新要素的跨境高效流动，全力构建'长三角制造+虹桥服务+全球市场'的 开放新模式；我们愿与毕马威深入合作，以本次活动为契机，加快培育富有竞争力的汽车科技产业集 群，为企业立足虹桥创新发展提供先进的产业生态与专业的服务保障，共同支持本土汽车企业出海、开 拓、远航。" 上海市闵行区人民政府党组成员、副区长可晓林出席活动并表示："我们始终将'服务企业'视为区域发 展的重中之重。在虹桥枢纽片区，依托独特的区位优势、出海服务平台优势、高级跨国经营人才和专业 服务业高度集聚优势，充分发挥政策牵引作用，多管齐下招引汽车整车、研发设计、零部件供应、汽车 新能源、智能网联汽车、整车销售企业入驻；在前湾片区，印象城MEGA、前湾公园等配套项目正在加 快建设，全力营造宜居宜业的发展环境。未来，闵行将持续以最高标准、最好水平推动营商环境优化， 通过产业链资源精准对接机制，助力更多'科技50'企业在这里茁壮成长、迈向全球"。 毕 ...

Core Viewpoint - Chery Automobile, with a cumulative global sales of 13 million vehicles and an annual revenue of approximately 270 billion yuan, is set to launch its IPO on the Hong Kong Stock Exchange, aiming to raise between 1.5 billion to 2 billion USD, potentially becoming the largest IPO for a car company in Hong Kong this year [2][5][8] Group 1: Company Background - Founded in 1997 in Wuhu, Anhui, Chery started as a parts manufacturer and gradually expanded into complete vehicle production, covering entry-level to mid-high-end markets over the past 20 years [4] - Chery has become the second-largest domestic independent automotive brand in China by 2024, and ranks as the 11th largest passenger car company globally [5][6] Group 2: Financial Performance - From 2022 to 2024, Chery's revenue is projected to grow from 92.6 billion yuan to 269.9 billion yuan, with a compound annual growth rate (CAGR) of 70.7%, while net profit is expected to rise from 5.8 billion yuan to 14.3 billion yuan, with a CAGR of 57.1% [6][12] - In Q1 of this year, Chery's revenue grew by 24.2% year-on-year to 68.2 billion yuan, and net profit surged by 90.9% to 4.7 billion yuan [6] Group 3: Market Position and Strategy - Chery has maintained a strong presence in the fuel vehicle market, contributing approximately 70% of its revenue, while also experiencing significant growth in its electric vehicle segment [6][12] - The company has exported vehicles to over 100 countries, achieving an overseas sales volume of 1.145 million vehicles in 2024, which accounts for 37.4% of its total revenue [8][12] Group 4: Future Plans and Innovations - Chery plans to utilize IPO proceeds to enhance its electric vehicle lineup, invest in electric technology, expand overseas markets, and upgrade production facilities [15] - The company aims to launch over eight new electric vehicle models by the second half of 2025, targeting annual sales of over 400,000 units [15][16] - Chery is also focusing on developing advanced autonomous driving technologies and plans to recruit over 25,000 R&D personnel to support its innovation efforts [17]

Core Insights - Audi has launched its first electric model, the E5 Sportback, as a significant step in its electrification strategy in China [1][4] - The E5 Sportback is priced between 235,900 to 319,900 RMB, with an introductory offer that brings the effective price down to 220,000 RMB [1] - The vehicle has received over 10,153 orders within 30 minutes of its launch [1] Product Features - The E5 Sportback features a CTP battery from CATL, offering a maximum range of 773 km and the ability to charge 370 km in just 10 minutes [6] - It is equipped with a dual-motor quattro all-wheel-drive system, enhancing performance and driving control [6] - The vehicle incorporates advanced driver assistance systems developed in collaboration with Momenta and features the new AUDI OS operating system [6] Market Strategy - Audi plans to expand its sales channels for the E5 Sportback, aiming to increase the number of dealerships to 240 by the end of the year, covering over 100 key cities [6] - The collaboration between Audi and SAIC has led to a new development model that has reduced product update cycles by 30% [7] - Over the next three years, Audi intends to launch more electric models to enhance its product lineup in the Chinese market [7]

每经记者｜黄辛旭 每经编辑｜余婷婷 作为奥迪深化中国电动化布局的重要里程碑，AUDI首款车型E5 Sportback终于迎来上市。 从产品力来看，奥迪E5 Sportback的新车亮点是搭载集成宁德时代CTP无模组电池，续航最高773km，配合800伏高压平台架构，能够实现10分钟快速补能 370公里。在性能与驾控方面，奥迪E5 Sportback搭载了双电机quattro智能四驱系统。 在智能化方面，AUDI联手Momenta，打造基于Momenta飞轮大模型的辅助驾驶方案。同时搭载了全新AUDI OS操作系统，融合高通骁龙8295数字座舱芯 片，构建数智座舱。上汽奥迪营销事业总经理施鹏泽宣布："下定奥迪E5 Sportback的用户，可以享受全系车型奥迪全景辅助驾驶系统终身免费福利。" 施鹏泽还透露，目前上汽奥迪销售渠道已为奥迪E5 Sportback新车型做好准备，计划年底前将代理商门店拓展至240家，覆盖超100个核心城市。 合作项目成立的16个月之后，AUDI实现了快速交付。宋斐明认为，AUDI一直在以中国速度前行。据记者了解，奥迪E5 Sportback是由奥迪与上汽联合开发 的全新智能数字平台打 ...

Core Viewpoint - Deep Blue Automotive is accelerating its development as a new independent central enterprise under Changan Automobile Group, focusing on becoming a world-class electric vehicle brand through product innovation, technology advancement, and global expansion [1][2]. Group 1: Leadership and Product Launches - On September 8, Deep Blue Automotive announced Jiang Hairong as the new CEO, with Chairman Deng Chenghao emphasizing collaboration to enhance the brand's global standing [1]. - The company has had a busy product launch schedule, debuting the new Deep Blue S07 and the refreshed Deep Blue S05 520 electric version at the Chengdu International Auto Show in late August [1]. - At the autumn global product launch on September 8, Deep Blue unveiled five new products, including the pre-sale of the Deep Blue S07 and the launch of the Deep Blue S09 with Huawei's advanced ADS4 intelligent driving system [1]. Group 2: Technological Innovations - In the context of increasing competition in the global automotive industry, Deep Blue Automotive is focusing on mastering core technologies through independent innovation and deep collaboration [2]. - The company has developed proprietary technologies such as the "Micro-core High-frequency Pulse Heating Technology" to alleviate low-temperature concerns for northern users and the "Super Range Extender" technology to provide economical and convenient solutions in areas with limited charging infrastructure [2]. - Deep Blue is collaborating with Huawei to integrate the Huawei Dry Kun ADS SE intelligent driving system into mainstream SUVs and sedans, with an upgraded version in the higher-end Deep Blue S09 [2]. Group 3: Global Expansion Strategy - Deep Blue Automotive is transitioning from a "product export" model to a "system output" approach in its globalization strategy, emphasizing localized operations across various markets [2][3]. - The company has localized production of the S05 model at its Rayong factory in Thailand and made over a hundred adaptive modifications to meet local regulations and user preferences [3]. - Deep Blue has achieved market coverage in over 70 countries and regions within a year and a half, with plans to expand to 150 countries and regions in the future [3]. - The company aims to launch 30 new models over the next five years, reinforcing its commitment to technological self-reliance and enhancing its competitiveness in the global new energy vehicle market [3].

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 ...