Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4][6]. Core Views - The automotive industry is expected to benefit from supportive policies for vehicle consumption and an upward trend in new energy vehicle sales [4][16]. - The report highlights a significant increase in the market share of new energy vehicles, reaching approximately 53.2% in November 2025 [2][36]. - The report suggests focusing on companies that lead in smart technology and are aligned with technological and model cycles, such as SAIC Motor, Xpeng Motors, Xiaomi Group, and Leap Motor [4][16]. Summary by Sections Market Review - The automotive sector rose by 2.74% in the week of December 22-26, 2025, ranking 11th among all primary industries [18][21]. - The automotive parts sector saw the highest increase at 3.32%, while motorcycles and others experienced the largest decline at -1.02% [21][22]. Industry Data Tracking 1. **Monthly Sales**: In November 2025, total automotive sales were approximately 3.429 million units, with a month-on-month increase of 3.2% and a year-on-year increase of 3.4% [2][29]. 2. **Weekly Sales**: From December 1-21, 2025, retail sales of passenger cars were about 1.3 million units, showing a year-on-year decline of 19% but a month-on-month increase of 5% [38]. 3. **Material Prices**: As of December 26, 2025, the price of battery-grade lithium carbonate was approximately 111,900 CNY per ton, reflecting a 15% increase from December 19, 2025 [2][45]. Industry Dynamics - The report notes significant industry developments, including the completion of Geely's privatization of Zeekr and the launch of the first mass-produced vehicle featuring the Yuanrong Qihang VLA model [3][49]. - Chery plans to establish Southeast Asia's largest automotive factory in Vietnam by 2026, with an initial production capacity of 30,000 to 60,000 vehicles [3][49]. Company Announcements - Star Source Zhuomai has received a project notification for developing and supplying components for a new energy vehicle's reducer housing, with expected sales of approximately 575 million CNY over four years starting in 2027 [51]. - Zhongding Holdings plans to establish a joint venture for humanoid robot manufacturing and core component supply capabilities [51].

12月26日，根据DataForce最新数据显示，11月欧洲纯电车注册量同比增长38%至24.8万辆，但增量主力已从主要车厂转向更 广泛的产品矩阵。其中，大众ID.3、ID.4、ID.7 三款车型同时跻身纯电销量前十，推动集团销量同比增长30%至23,396辆， 登顶11月销冠。特斯拉排名回升至第二，11月销量同比下降11%至22,355辆。雷诺、宝马11月销量均超过1.8万辆，分别位列 第三和第四。 | | Brand | BEV sales November | % change Nov. 2024 | | --- | --- | --- | --- | | 1 | VW | 23,396 | 30% | | 2 | Tesla | 22,355 | -11% | | 3 | Renault | 18,321 | 89% | | 4 | BMW | 18,056 | 26% | | 5 | Skoda | 17,805 | 75% | | 6 | Audi | 13,967 | 49% | | 7 | Mercedes | 12,472 | 4% | | 8 | BYD | 12,091 | 167% | ...

Group 1 - BYD announced a total production of 474,200 new energy vehicles in November 2025, with sales reaching 480,200 units [1] - Cumulative production for the year stands at 4,117,600 units, reflecting a year-on-year increase of 7.29%, while cumulative sales reached 4,182,000 units, marking an 11.30% year-on-year growth [1] - In November, the company exported 131,900 new energy vehicles [1] Group 2 - The total installed capacity of new energy vehicle power batteries and energy storage batteries in November was approximately 27.669 GWh [1] - Cumulative installed capacity for the year is approximately 258.282 GWh [1]

Core Viewpoint - The article highlights the significant growth in the sales of new energy vehicles (NEVs) in September 2025, with various brands achieving record sales figures, indicating a robust market trend in the NEV sector in China [4][5]. Group 1: Market Overview - The traditional sales peak season, "Golden September and Silver October," is approaching, leading to increased sales efforts from automotive manufacturers [5]. - GGII's tracking of 13 automotive brands shows positive month-on-month growth in NEV sales for September 2025 [5]. Group 2: Sales Data Summary - BYD sold 396,270 vehicles in September 2025, with a month-on-month increase of 6.1% but a year-on-year decrease of 5.5%. Cumulative sales from January to September reached approximately 3.26 million, up 18.6% year-on-year [6]. - Leap Motor achieved a record monthly sales of 66,657 vehicles in September, marking a year-on-year increase of over 97% and a cumulative sales of 395,516 vehicles for the first nine months, up 128.8% [8]. - Hongmeng Zhixing sold 52,916 vehicles in September, with an 18.7% month-on-month increase and a 32.5% year-on-year increase [10]. - XPeng Motors delivered 41,581 vehicles in September, a 95% year-on-year increase, with cumulative sales of 313,196 vehicles for the first nine months, up 218% [12]. - Xiaomi's vehicle deliveries exceeded 40,000 in September, showing over 300% year-on-year growth and over 30% month-on-month growth, with cumulative sales surpassing 250,000 [14]. - NIO delivered 34,749 vehicles in September, a 64% year-on-year increase, with cumulative deliveries reaching 872,785 [16]. - Li Auto delivered 33,951 vehicles in September, a 36.8% year-on-year decrease but a 19% month-on-month increase, with a total of 1,431,021 cumulative deliveries [20]. - Deep Blue sold 33,626 vehicles in September, with a 48.1% year-on-year increase and a cumulative sales of 232,266 for the first nine months, up 61.9% [22]. - GAC Aion sold 29,113 vehicles in September, a year-on-year decrease of 18.6% but a month-on-month increase of 7.7%, with cumulative sales of 234,978, down 17.2% [26]. - Zeekr delivered 18,257 vehicles in September, a 14.4% year-on-year decrease but a 3.6% month-on-month increase, with cumulative deliveries of 143,600, up 0.5% [28]. - Lantu delivered 15,224 vehicles in September, a 52% year-on-year increase, with cumulative sales of 96,992, up 85% [33]. - Zhiji delivered 11,107 vehicles in September, with a year-on-year increase of 145.9% and a cumulative total of 90,739, down 40.1% [35]. - Avita sold 11,028 vehicles in September, a 143.1% year-on-year increase, with cumulative sales of 90,739, up 121.8% [37].

在当前竞争白热化的国内新能源车市，多数品牌深陷价格与份额的博弈困境。在此背景下，鸿蒙智行凭 借销量与产品定价的双重领先，实现"量价齐升"的良性发展态势，表现尤为突出。 根据官方数据披露，2025年第38周，鸿蒙智行周销量13446台，位列新势力品牌Top1；同时，在年度累 计销量层面，同样位列新势力品牌榜首。 昨日，华为常务董事余承东在秋季新品发布会上宣布："截至2025年9月24日，鸿蒙智行累计交付突破93 万辆，10月底将冲击百万辆大关！" ...

Investment Rating - The report maintains a "Buy" recommendation for the automotive industry [2] Core Insights - Global light vehicle sales in June reached approximately 7.39 million units, a year-on-year increase of 2.1%, while overseas sales totaled about 4.67 million units, reflecting a year-on-year decline of 3.5% [2] - The report anticipates that overseas light vehicle sales will be approximately 54.98 million units in 2025, representing a year-on-year decrease of 0.2% [5] - The report highlights a significant decline in overseas vehicle sales, particularly in North America and Europe, while China shows a positive growth trend [5] Summary by Sections 1. Industry: Sales, Exchange Rates, Freight - Global light vehicle sales in June were approximately 7.39 million units, with overseas sales at about 4.67 million units, down 3.5% year-on-year [2] - In June, North America sold 1.55 million units (down 4.5% year-on-year), Europe sold about 1.57 million units (down 7.7% year-on-year), and China sold 2.72 million units (up 13% year-on-year) [5] - The report projects that overseas light vehicle sales will decline by 0.2% in 2025, with North America expected to see a 1.5% decrease and Europe a 2.3% decrease [5] 2. Market Competition - The report discusses the competitive landscape, noting that major automakers are facing challenges due to geopolitical tensions and economic uncertainties [5] - It highlights the performance of leading companies in the global market, with a focus on their sales shares and competitive strategies [5] 3. Automotive and Parts Company Export Situation - The report provides insights into the export performance of domestic automotive manufacturers, indicating a growing trend in exports [5] - It lists companies with significant overseas revenue contributions, emphasizing their market positions and growth potential [5]

Core Insights - In July, several new energy vehicle companies reported record delivery numbers, with Leap Motor, Xiaomi, and Xpeng achieving significant growth, while Li Auto experienced a substantial decline in deliveries [1][4]. Group 1: Market Performance - The retail market for narrow passenger cars in July reached approximately 1.85 million units, representing a year-on-year increase of 7.6% but a month-on-month decrease of 11.2% [1]. - The new energy vehicle market showed strong performance, with a retail penetration rate rising to 54.6% and sales reaching 1.01 million units [1]. Group 2: Company Deliveries - Leap Motor led the July sales with 50,100 units, marking a month-on-month increase of 4.4% and a year-on-year increase of 126.9%, achieving a cumulative sales of 271,800 units in the first seven months, which is 54.4% of its annual target of 500,000 units [2][3]. - Xpeng's July deliveries reached 36,700 units, a month-on-month increase of 6.1%, with a cumulative total of 233,900 units in the first seven months, leading the new energy vehicle sector with a completion rate of 66.8% [3]. - Li Auto's deliveries fell to 30,700 units in July, a month-on-month decline of 15.3% and a year-on-year decline of 39.7%, with a cumulative total of 235,000 units, reflecting a completion rate of only 36.7% of its revised annual target of 640,000 units [4][5]. Group 3: Product Developments - Leap Motor's COO indicated that the new B01 model has received over 10,000 orders, and the factory is operating at full capacity to meet the growing demand [1]. - Xiaomi's delivery exceeded 30,000 units for the first time, with a cumulative total of over 180,000 units in the first seven months, achieving a completion rate of 51.4% of its revised annual target of 350,000 units [5]. - NIO's new model, the L90, has received positive market feedback, raising expectations for future sales [7].

Core Insights - In July, several new energy vehicle companies reported record delivery numbers, with Leap Motor, Xiaomi, and Xpeng achieving significant growth, while Li Auto experienced a substantial decline in deliveries [1][3]. Market Performance - The retail market for narrow passenger cars in July reached approximately 1.85 million units, marking a year-on-year increase of 7.6% but a month-on-month decrease of 11.2% [1]. - The new energy vehicle market showed strong performance, with a retail penetration rate rising to 54.6% and sales reaching 1.01 million units [1]. Company-Specific Performance - Leap Motor led the July sales with 50,100 units, reflecting a month-on-month growth of 4.4% and a year-on-year increase of 126.9%. Cumulatively, Leap Motor's sales for the first seven months reached 271,800 units, achieving 54.4% of its annual target of 500,000 units [2][3]. - Xiaopeng Motors reported a record delivery of 36,700 units in July, a month-on-month increase of 6.1% and a year-on-year increase of 229.4%. Cumulative sales for the first seven months reached 233,900 units, with a completion rate of 66.8% towards its annual target [3][4]. - Li Auto's deliveries fell to 30,700 units in July, down 15.3% month-on-month and 39.7% year-on-year, with cumulative sales for the first seven months at 235,000 units, reflecting a year-on-year decline of 2.2% [3][4]. - Xiaomi's deliveries exceeded 30,000 units for the first time in July, with cumulative sales surpassing 180,000 units in the first seven months, achieving 51.4% of its revised annual target of 350,000 units [4][5]. - NIO delivered 21,000 units in July, a month-on-month decline of 15.7%, with cumulative sales of 135,200 units for the first seven months [4][5]. - Zeekr and Lynk & Co combined sales reached 44,200 units in July, with Zeekr selling 17,000 units and Lynk & Co selling 27,000 units [5].

Group 1 - The core viewpoint is that the launch of the Leap B01 electric sedan is expected to drive sales growth for the company, with a strong initial order performance of 10,132 units within 72 hours of its release [1][3] - The company maintains a "Buy" rating, projecting revenues of 648 billion, 935 billion, and 1,130 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 9 million, 31 million, and 64 million yuan [1] - The company uses a price-to-sales (PS) method for valuation, assigning a target price of 79.85 HKD for 2025 based on a PS ratio of 1.5 times [1] Group 2 - The Leap B01 is launched with six configurations priced between 89,800 and 119,800 yuan, showcasing a competitive edge in the A-class sedan market [2] - The B01 features advanced technology, including a 650km range version powered by CATL batteries and a laser radar version equipped with Qualcomm chips [2] - The vehicle's dimensions are 4770mm in length, 1880mm in width, and 1490mm in height, with a wheelbase of 2735mm and a high space utilization rate of 86% [2] Group 3 - The company achieved a record delivery of 48,000 vehicles in June, marking a year-on-year increase of 138% and a quarter-on-quarter increase of 7% [3] - The total delivery for the first half of 2025 reached 222,000 vehicles, representing a 156% year-on-year growth, making it the top-selling brand among new forces in the automotive industry [3] - The strong demand for the 650km range version, which accounted for 70% of the initial orders, indicates a positive market reception for the B01 [3]