炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 针对有关媒体报道的特斯拉"剔除中国供应链"消息，11月26日，特斯拉副总裁陶琳发文称："无论是美 国、中国还是欧洲，特斯拉全球各生产基地的供应商选择都采用同样严格、客观的标准，完全基于质 量、总成本、技术能力成熟度以及长期供货连续性。供应商的原产国或地理来源不构成排除性标准。" 同日，特斯拉中国有关负责人对上海证券报记者表示，关于特斯拉"剔除中国供应链"的报道为"不实消 息"。 特斯拉已把60多家中国供应商 引入特斯拉全球采购体系 近日，有媒体报道称，特斯拉要求供应商避免使用中国制造的零部件生产美国汽车。 对此，11月26日，特斯拉副总裁陶琳发文，明确表示"供应商的原产国或地理来源不构成排除性标准"。 陶琳介绍，特斯拉在中国市场的性价比要归功于特斯拉上海超级工厂的"中国智造"，特斯拉很骄傲能和 中国本土的400多家供应链伙伴们一起，追求最好的品质、最高的效率和最优的成本，为中国、亚太和 欧洲市场的数百万用户打造最棒的产品。 "也很荣幸我们已经把其中60多家供应商引入特斯拉的全球采购体系。"她说。 特斯拉在2025进博会的展台 特斯拉在华 ...

聚链成群、集群成势，多地正围绕新能源汽车供应链打造产业集群。安徽省淮南市委副书记、市长张志 强介绍，近年来，淮南把新能源汽车及零部件产业发展摆在制造强市建设的首位，新能源汽车及零部件 产业呈现从链到群的快速发展态势；"十五五"期间，将全力打造千亿级新能源汽车及零部件产业集群。 中国汽车工业协会发布数据显示，今年10月，我国新能源汽车新车销量达到汽车新车总销量的51.6%， 新能源汽车月度渗透率过半。这意味着，我国每售出2辆新车，就有1辆是新能源汽车，新能源汽车已超 越燃油车，成为我国新车市场主流产品和主导力量。 作为推动新一轮科技革命与产业变革的关键变量，新能源汽车在加快重塑产业竞争格局的同时，也在全 面重构供应链体系。如何构建开放共享和韧性可持续的供应链体系，助力新能源汽车产业高质量发展， 成为业界热议的话题。 重构供应链 "中国在全球汽车供应链中的作用将更加突出。"在日前召开的智能新能源汽车供应链创新暨淮南深度融 链发展大会上，车百会理事长张永伟表示，中国企业在技术与产业发展上已建立先行优势，全球整车无 论产自何地，采用中国零部件的比例越来越高，其价值重要性不亚于整车。 中国汽车动力电池产业创新联盟数据显 ...

Core Viewpoint - Lichong Group is intensifying its investment in battery technology by introducing strategic investor Kunlun New Materials to its subsidiary Shandong Lichong New Energy Materials, aiming to enhance technology, market expansion, and cost optimization in liquid and solid-state battery sectors [1][2][3] Group 1: Strategic Investment and Shareholding Changes - The transaction involves Lichong Group transferring 36.72% of its stake in Shandong Lichong to Kunlun New Materials for 22.77 million yuan and acquiring an additional 16.5% stake at zero cost, leading to a total investment obligation of 33 million yuan [2] - Following the capital increase, Shandong Lichong's registered capital will rise from 200 million yuan to approximately 402 million yuan, with Kunlun New Materials subscribing to 120 million yuan of the new capital [2] - After the completion of the transaction, Kunlun New Materials will hold 51% of Shandong Lichong, becoming the controlling shareholder, while Lichong Group's stake will decrease to 45.15% [2][3] Group 2: Business Development and Financial Performance - Lichong Group has shown steady growth over the past five years, with revenue increasing from 18.63 billion yuan in 2021 to 27.25 billion yuan in 2024, and net profit rising from 450 million yuan to 707 million yuan [4] - In the first three quarters of 2025, Lichong Group reported revenue of 22.92 billion yuan and net profit of 625 million yuan, reflecting year-on-year growth of 18.34% and 26.77% respectively [4] - The company has been increasing its R&D investment, with expenses rising from 552 million yuan in 2021 to 934 million yuan in 2024, and 730 million yuan in the first three quarters of 2025 [4] Group 3: Market Position and Future Prospects - Lichong Group is actively expanding its aluminum alloy wheel business, receiving multiple project confirmations from international and domestic automotive manufacturers, with expected sales amounting to approximately 1.87 billion yuan and 16.43 billion yuan from recent projects [5] - The company anticipates significant growth in its aluminum alloy wheel segment, with projected project sales exceeding 24 billion yuan in 2024, surpassing its total revenue of 23.37 billion yuan in 2023 [4][5]

Group 1: Economic Indicators - The Purchasing Managers' Index (PMI) for September will be released on September 30, with August's manufacturing PMI at 49.4%, showing a slight increase of 0.1 percentage points from the previous month, indicating an improvement in manufacturing sentiment [1] - The non-manufacturing business activity index for August was 50.3%, up by 0.2 percentage points from the previous month, remaining above the critical point and indicating continued expansion in the non-manufacturing sector [1] Group 2: Market Operations - The Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange will be closed from October 1 to October 8 for the National Day and Mid-Autumn Festival, resuming normal operations on October 9 [2] Group 3: Regulatory Changes - Several new regulations will take effect on October 1, including the "Permanent Basic Farmland Protection Red Line Management Measures," which outlines specific provisions for the designation, control, protection, and quality construction of permanent basic farmland [3] - The "Financial Infrastructure Supervision Management Measures" will also come into effect, focusing on the regulation of financial infrastructure operations, risk management, and corporate governance [3] Group 4: Industry Events - The Hefei International New Energy Vehicle Conference will take place from September 29 to October 5, featuring a series of events focused on smart connectivity, AI technology, chips, and supply chains in the new energy vehicle sector [5] Group 5: Market Developments - Over 400 billion yuan worth of restricted shares will be unlocked in the upcoming week, with 36 companies set to release a total of 4.882 billion shares, amounting to approximately 400.81 billion yuan based on the latest closing prices [7] - The top three companies by market value of unlocked shares are Ningbo Port (13.202 billion yuan), Wankai New Materials (4.665 billion yuan), and Jiao Cheng Ultrasonic (4.374 billion yuan) [8] Group 6: New Stock Opportunities - One new stock, Daoshengtianhe, will be available for subscription starting September 29, with a subscription price of 5.98 yuan per share [11]

Core Viewpoint - The company is enhancing its collaboration with major automotive manufacturers such as Geely, Renault, and Volkswagen, while maintaining confidentiality regarding specific customer information and future orders [1] Group 1: Partnerships and Orders - The company has been asked about the proportion of new battery orders from top automotive manufacturers in the first half of 2025 [1] - There is interest in whether the company has made progress in entering the supply chains of leading new energy vehicle manufacturers like Tesla and BYD [1] - The company has previously announced that it will begin bulk shipments to overseas clients such as Volkswagen and Volvo next year, indicating a potential increase in order growth [1] Group 2: Market Dynamics - The company did not disclose specific information about the growth rate of orders from overseas automotive manufacturers compared to the domestic market due to confidentiality agreements [1] - The management expressed confidence in the company's future operations and commitment to creating value for customers and shareholders [1]

Core Viewpoint - The development of the new energy vehicle (NEV) industry in China is experiencing fluctuations due to technological upgrades and changes in overseas market demand, but the long-term trend towards electrification remains unchanged [2][3]. Group 1: Industry Trends - The upcoming China International Supply Chain Promotion Expo (Chain Expo) is expected to be a significant platform for promoting the development of the NEV supply chain, attracting over 650 companies from 75 countries, with more than 65% being global top 500 companies [1]. - The NEV market is influenced by short-term factors such as the temporary recovery of fuel vehicles in some regions of Europe and the U.S., driven by policy adjustments and energy price fluctuations [2][3]. - Emerging markets in Southeast Asia, Latin America, and Africa are identified as new growth engines for the NEV sector, with low penetration rates and improving infrastructure [3]. Group 2: Supply Chain Dynamics - China's NEV supply chain plays a dual role as a "stabilizer" and "accelerator," ensuring stable growth trends through domestic production and innovation [3][4]. - The supply chain includes upstream resource allocation for materials like lithium, cobalt, and nickel, and midstream production of key components such as batteries and electric drive systems, with major players like CATL and BYD leading the market [4]. - The supply chain's high responsiveness and flexible manufacturing capabilities allow it to adapt quickly to evolving demands for range, safety, and intelligence in vehicles [4]. Group 3: Future Development and Challenges - The NEV industry needs to shift from "scale expansion" to "quality improvement," focusing on sustainable growth through policy guidance and market mechanisms [5]. - The transition to solid-state batteries is anticipated to revolutionize the industry, with significant advantages in energy density, safety, and charging speed, although mass production is not expected until 2028 [6][7]. - Companies are encouraged to optimize existing liquid battery technologies while preparing for solid-state battery development, balancing short-term competitiveness with long-term technological reserves [7].

Core Viewpoint - The 2025 Global New Energy Vehicle Cooperation Development Forum highlighted the need for innovative cooperation models in the automotive industry, particularly in the context of globalization challenges and the complexities of the new energy vehicle supply chain [1][3][4]. Group 1: Global Cooperation and Industry Trends - Traditional globalization cooperation models are facing bottlenecks, with increasing barriers in vehicle sales and a complex supply chain influenced by geopolitical factors [3]. - The forum emphasized the importance of collaborative innovation and open cooperation as essential themes for industry development [4]. - Key topics discussed included new models of industry cooperation, deep links in the supply chain, and the need for comprehensive services for companies going global [3][4]. Group 2: New Paths for Globalization - Zhang Yongwei proposed four actionable paths for global cooperation: linking Chinese models and supply chains to the global automotive industry, connecting Chinese auto parts and service systems to the world market, integrating overseas SMEs into the Chinese automotive supply chain, and promoting localization of multinational enterprises [4]. - Chinese companies are transitioning from "OEM manufacturing" to "rule-making" in the global market, leveraging core technologies in batteries, intelligent driving, and electronic control [7]. Group 3: International Strategies of Chinese Automakers - Xiaopeng Motors has explored various market models in Europe, focusing on high-tech, mid-to-high-end products, and localization [6]. - Lantu Motors aims to enter 60 countries and establish over 500 stores by 2030, emphasizing local supply chains and ecological systems [6]. - Guoxuan High-Tech highlighted the importance of battery localization and the need for companies to adapt to new policies in various regions [6]. Group 4: Multinational Enterprises in China - A survey indicated that nearly 70% of multinational companies plan to increase investments in China by 2025, with over 78% focusing on R&D [10]. - Mercedes-Benz has invested over 10.5 billion RMB in R&D in China over the past five years and plans to invest an additional 14 billion RMB to enhance local product offerings [10]. - General Motors aims to deepen its strategic engagement in China, transitioning from a "for China" to a "for global" strategy [11]. Group 5: Collaborative Initiatives - The forum initiated a partnership action to promote high-quality development among multinational automotive enterprises in China, fostering collaboration and innovation [13].

Core Viewpoint - The announcement by Songyuan Safety regarding the new project with a well-known domestic automaker signifies a substantial opportunity for revenue growth and deeper integration into the electric vehicle supply chain [2][3]. Group 1: Project Details - Songyuan Safety has received a project designation from a prominent domestic automaker to supply seatbelt products for certain models on the D platform, with a total production volume of approximately 1.9 million to 2 million units over a 5-year lifecycle, translating to an estimated sales revenue of about 440 million RMB [2]. - This is not the first collaboration between the two parties; previously, Songyuan Safety secured an order for 400,000 to 500,000 units of seatbelt products for another project with the same automaker, with a sales value of around 36 million RMB [2]. Group 2: Strategic Implications - The renewed partnership indicates a deepening relationship, with ongoing discussions for additional projects across other vehicle platforms, potentially leading to more orders and an optimized customer structure [3]. - Collaborating with leading automakers is expected to enhance Songyuan Safety's brand value and market presence, allowing the company to strengthen its position in the automotive safety sector [3]. Group 3: Industry Context - The domestic automotive parts industry is experiencing structural opportunities, driven by cost-reduction demands from manufacturers and technological advancements from local companies, accelerating the trend of domestic substitution in passive safety systems [3]. - Songyuan Safety has successfully achieved autonomous production of automotive safety systems, securing a foothold in both domestic and joint venture brand supply chains [3]. Group 4: Financial Performance - In 2024, Songyuan Safety reported a revenue of 1.971 billion RMB, marking a year-on-year increase of 53.94%, with a net profit of 260 million RMB, up 31.65% [4]. - The positive growth trend continued into 2025, with Q1 revenue reaching 536 million RMB, a 45.34% increase year-on-year, and a net profit of approximately 73.51 million RMB, reflecting a 20.47% growth [4]. Group 5: Future Outlook - Songyuan Safety has successfully partnered with various new energy vehicle brands, including Wuling, Great Wall, Geely, Chery, Li Auto, Leap Motor, NIO, Xiaopeng, and BYD [5]. - The company aims to provide cost-effective safety system solutions tailored to the new energy vehicle industry, exploring innovative product possibilities in line with electrification and intelligence trends [5].