（来源：雷达Finance） 雷达财经出品 文|彭程 编|孟帅 来源：市场投研资讯 靠着成功"押宝"奇瑞汽车，潮汕女首富王来春再度上演财富神话。 9月25日，奇瑞汽车在港交所敲锣上市，市值逼近2000亿港元，成为年内港股市场规模最大的车企 IPO。在这场资本"盛宴"中，王来春、王来胜兄妹或成最大赢家。 早在2022年，王来春兄妹二人就已通过立讯有限斥资100.54亿元，收购包括奇瑞汽车在内的三家奇瑞系 公司的部分股权。之后，前者又斥资数亿进一步增持。 同花顺iFinD数据显示，截至9月25日，立讯投资持有奇瑞汽车15.96%的股权。按照10月9日的最新市值 计算，立讯投资持有的奇瑞汽车股权对应的最新价值约298亿港元，约合人民币273亿元。 粗略计算，仅靠所持有的奇瑞汽车的股权，王来春兄妹就已实现超160亿元的浮盈。而股权合作背后的 产业协同效应，更是展现出了王来春欲让公司汽车零部件Tier1业务进入全球前十的"野心"。 不过，奇瑞汽车成功登陆资本市场的背后，也伴有毛利率不断下滑、资产负债率较高等隐忧。 成功"押宝"奇瑞汽车，潮汕兄妹浮盈超160亿 雷达财经梳理发现，王来春、王来胜兄妹对奇瑞汽车的"押宝"之路 ...

【文/观察者网 柳白】"我能感觉到一种趋势，日本车企的竞争力正被一点点削弱，发展势头也在逐渐消 失。"德勤东京分所汽车业务负责人平井学（Manabu Hirai）说。 "中国电动车的崛起，撼动了日本皇冠上的明珠"，英国《金融时报》9月30日发表的文章指出，中国电 动汽车正对日本汽车产业造成严重冲击，其中比亚迪全球销量已超过本田和日产，目标直指领军者丰 田。日本车企在新车型开发速度和高科技电动车上落后于中国，导致竞争力逐渐下降，特别是在中国和 东南亚市场，日本车企份额不断流失。有分析称，日本车企数量过多从而缺乏规模优势，合并整合或许 是寻求出路的重要希望。 在将日本第二、第三大车企甩在身后后，日本汽车行业的"领军者"丰田成为比亚迪的下一个目标。 文章指出，从内燃机到电动机的重大转型，以及中国电动汽车产业的迅猛崛起，给作为日本经济支柱的 汽车产业带来了严峻挑战。日本车企的投资者必须对电动汽车市场的未来走向做出判断。 报道称，去年，中国对日本汽车产业构成的"生存威胁"终于开始显现。根据汽车行业数据提供商 MarkLines的数据，中国电动汽车巨头比亚迪在全球汽车销量排名中跃升至第七位，首次超过本田和日 产。 中国汽 ...

Group 1 - Chery Automobile raised HKD 9.145 billion in its IPO, marking the largest IPO for a car company in Hong Kong this year, reflecting a trend of Chinese car manufacturers embracing the capital market [1] - Other companies like Lantu, Seres, and Avita are also planning to enter the Hong Kong market, indicating a collective movement among Chinese car manufacturers [1] - The capital market is seen as a strategic support for car companies to overcome development bottlenecks, particularly in the context of the global automotive industry's shift towards electrification and intelligence [1] Group 2 - The primary goal of recent capital market activities by car manufacturers is to address funding challenges related to technological transformation, with significant investments required for advancements in solid-state batteries and L4 autonomous driving [1] - Leading car manufacturers are investing over CNY 10 billion annually in R&D, with capital markets providing a stable funding source; for instance, Seres plans to allocate 70% of its IPO proceeds to R&D [1] - The cycle of "IPO financing - technological breakthroughs - market recognition - refinancing" has become a core logic for maintaining technological leadership in the industry [1] Group 3 - Improving corporate governance and market-oriented operational mechanisms is another important reason for car manufacturers seeking to go public, as the IPO process enforces reforms in equity structure and information disclosure [2] - This governance upgrade enhances operational efficiency and strengthens the ability of car manufacturers to withstand market fluctuations [2] Group 4 - From an industry development perspective, the capital market is acting as an "accelerator" for the globalization of Chinese car manufacturers and a "catalyst" for industry consolidation [3] - Capital is essential for local factory establishment, brand acquisitions, and compliance operations in overseas markets, with platforms like the Hong Kong Stock Exchange facilitating cross-border financing [3] - Companies like Geely and Chery are leveraging capital market funding to expand their presence in Europe and Southeast Asia, demonstrating the role of capital markets in global expansion [3] Group 5 - The listing of car manufacturers is expected to drive collaborative upgrades across the supply chain, with companies like CATL and Guoxuan High-Tech also entering the capital market [4] - This clustering effect provides financial support to various segments of the automotive supply chain, promoting technological standardization and cost optimization [4] - As more car manufacturers accelerate technological accumulation, governance upgrades, and global expansion through capital markets, the Chinese automotive industry is poised to dominate the global smart mobility ecosystem [4]

Core Insights - Ruisheng Automotive has announced its independent operation focusing on MPV products, becoming the first brand in the Chinese automotive market to specialize in MPVs, which is seen as both brave and risky given the current market dynamics [2] - The MPV market faces significant challenges, including a scale bottleneck that leads to high R&D costs, a conflict between space practicality and driving experience, and difficulties in transitioning to new energy vehicles [3][4] - The consumer perception of space value versus driving experience creates a second layer of challenges for the MPV market, as consumers still prefer SUVs despite the inherent advantages of MPVs [6][7] - The rise of new energy vehicles is reshaping the MPV product landscape, with models like the Tengshi D9 demonstrating that strong product capabilities can lead to market acceptance [7] - MPV brands need to explore differentiated survival strategies, focusing on high quality and cost-effectiveness, while also addressing deep-rooted consumer perceptions and market dynamics [9][10] Market Dynamics - The MPV market is characterized by a high concentration, with the top ten companies holding 77.9% of the market share, making it difficult for new entrants to gain traction [3] - The annual sales threshold of 50,000 units is necessary for MPVs to cover R&D costs, yet few products currently meet this benchmark [3] - The transition to new energy MPVs incurs over 30% higher R&D costs compared to traditional fuel vehicles, complicating the market landscape [4] Consumer Behavior - Consumers have not yet formed a habit of purchasing MPVs, leading to a preference for SUVs, which are perceived as more stylish and versatile [6] - The traditional fuel MPVs have inherent flaws, such as poor handling and compromised performance, which deter potential buyers [6] - The demand for MPVs is shifting towards mid-to-high-end business and family markets, indicating a potential change in consumer recognition of MPVs [7] Strategic Recommendations - MPV brands should leverage technological advancements to differentiate themselves and break the stereotype of being "ordinary" [9] - New product strategies should focus on adapting to specific consumer scenarios, such as camping or business needs, to enhance market appeal [9][10] - A reevaluation of pricing strategies is necessary, with a focus on space efficiency, energy consumption, and adaptability to different scenarios becoming core evaluation metrics [10]

供需两侧同时着手，促进汽车产业稳增长。 9月13日，工业和信息化部等八部门印发《汽车行业稳增长工作方案（2025—2026年）》（下称"工作方 案"）。 第一财经注意到，"工作方案"既看到了中国汽车产业尤其是新能源汽车连续增长的良好基础，也清醒认 识到当前面临的海外竞争加剧、国内有效需求不足、行业存在无序竞争等严峻复杂的内外部环境。"力 争实现全年汽车销量3230万辆左右""督促重点车企落实好支付账期承诺""开展汽车行业网络乱象专项整 治""有条件批准L3级车型生产准入"等成为行业关注重点。 方案中提出，2025年，力争实现全年汽车销量3230万辆左右，同比增长约3%，其中新能源汽车销量 1550万辆左右，同比增长约20%；汽车出口保持稳定增长；汽车制造业增加值同比增长6%左右。 2023年，我国汽车销量首次突破3000万辆大关，2024年进一步增至3144万辆。 记者注意到，今年我国汽车3230万辆的销量目标若能完成，将连续第三年创下历史新高。 根据最新发布的数据，今年1~8月，我国汽车销量为2112.8万辆，按照3230万辆左右的销量目标，9~12 月还要完成1117.2万辆，对比去年同期完成的1267万 ...

Core Viewpoint - The global automotive industry is undergoing significant transformation, with a strong emphasis on collaboration between Chinese and European car manufacturers to navigate challenges and seize opportunities in the market [1][2] Group 1: Chinese Automotive Industry in Europe - Chinese electric vehicle (EV) manufacturers, such as BYD, NIO, and SAIC, are gaining traction in the European market, with BYD surpassing Tesla in sales in July [1] - Several Chinese companies are investing in manufacturing plants or joint ventures in Europe, while others like Xiaomi and Li Auto are establishing R&D centers to prepare for future market expansion [1] - Chinese car manufacturers benefit from a complete industry chain integration, leading to cost competitiveness and high efficiency in battery development and vehicle manufacturing [1] Group 2: Innovation and Market Appeal - The innovation speed of Chinese car manufacturers is significantly faster than that of their European, American, and Japanese counterparts, with quicker new model launches and advancements in battery technology [1] - Chinese EVs not only offer price advantages but also possess appealing technology and design, particularly attracting younger consumers in Europe [1] Group 3: Impact of U.S. Trade Policies - The new U.S.-EU trade agreement imposes a 15% tariff on U.S. exports of cars and parts to the EU, a significant increase from the previous 2.5% [2] - This tariff policy poses a serious threat to the European automotive industry, which is a crucial pillar of the economy, affecting millions of jobs across countries like Germany, France, and Italy [2] - European car manufacturers may face pressure to absorb higher costs or pass them onto consumers, risking market share and impacting the entire automotive supply chain, including parts suppliers and distributors [2] Group 4: Call for Collaboration - The European automotive industry is in a challenging transition towards electrification, automation, and decarbonization, requiring substantial investment for R&D and production [2] - There is a call for strengthened collaboration between Chinese and European car manufacturers across various sectors, including manufacturing, battery technology, charging networks, and sustainable materials [2]

Group 1 - Renault Group's board announced the appointment of François Provost as the new CEO, effective July 31, 2025, succeeding Luca de Meo [1] - Provost has 23 years of experience within the Renault Group and has held various significant positions, including Chief Executive Officer of Renault Samsung Motors and President of Dongfeng Renault [3][4] - Under Provost's leadership, Renault aims to continue its strategic development and enhance international cooperation, addressing challenges in the automotive industry's transformation [4][6] Group 2 - Renault reported a revenue of €27.64 billion for the first half of 2025, a 2.5% increase year-on-year, with automotive business revenue at €24.49 billion, growing by 0.5% [6] - The company anticipates an operating profit margin of approximately 6.5% for 2025, despite facing challenges such as slowing revenue growth and cash flow impacts [6] - The chairman emphasized Provost's decision-making ability and sense of responsibility as valuable assets for leading the team and executing the current strategic plan [7] Group 3 - Renault is expected to unveil its next mid-term strategic plan this autumn, focusing on product line updates and strengthening global partnerships [9] - Provost's international experience and strategic vision are seen as critical for fostering important collaborations with global partners like Nissan, Geely, and Saudi Aramco [9]

Group 1 - Renault Group has appointed François Provost as the new CEO of Renault S.A. and Chairman of Renault s.a.s, effective immediately with a four-year term [1][3] - Provost has extensive experience in the automotive industry, having joined Renault in 2002 and previously served as Chief Procurement, Partnerships, and Public Affairs Officer [3] - The Chairman of Renault Group, Jean-Dominique Senard, expressed confidence in Provost's ability to lead the company through a challenging industry environment, emphasizing the need for execution, strategic vision, and innovation [3] Group 2 - Provost highlighted the strong foundation of Renault Group, including a dedicated team, excellent product lineup, strong brand influence, and innovative organizational model, which will be crucial for accelerating transformation in a challenging industry [3] - The leadership transition aims to ensure the successful implementation of current strategic plans and the development of the next phase of the company's blueprint [3]

Core Viewpoint - The article discusses the decline of Mitsubishi Motors in the Chinese automotive market, highlighting its decision to terminate its joint venture in engine manufacturing, which signifies a complete withdrawal from the Chinese automotive production landscape [1][2][6]. Group 1: Historical Context - Mitsubishi's initial investments in China during the late 1990s, including the establishment of joint ventures for engine manufacturing, were seen as strategic moves to tap into the potential of the Chinese market [2][4]. - The engines produced by Mitsubishi became essential for many Chinese automakers, as they lacked advanced engine technology at that time [4][6]. - By 2017, Mitsubishi's engine business in China reached a significant milestone with the production of the 500,000th engine, marking a peak in its operations [4]. Group 2: Market Changes - The shift towards electric vehicles and the decline of weaker Chinese car manufacturers have reduced the demand for Mitsubishi's engines, leading to a decrease in their relevance in the market [6][9]. - As Chinese automakers developed their own engine technologies, the reliance on Mitsubishi's engines diminished, resulting in a loss of market share for Mitsubishi [6][11]. Group 3: Current Developments - Mitsubishi's decision to exit the joint venture with Shenyang Aerospace Mitsubishi is viewed as a culmination of its declining profitability and inability to adapt to the changing market dynamics [13]. - The joint venture has since been rebranded, indicating a complete transition away from Mitsubishi's involvement in the Chinese automotive sector [13]. - East Power, a former partner, has seen significant growth and success in the market, further emphasizing Mitsubishi's failure to capitalize on its initial investments [13].

Group 1: BYD and International Partnerships - BYD officially announced a three-year strategic partnership with Inter Milan, becoming the club's global automotive partner and providing approximately 70 electric vehicles [1] Group 2: Financial Performance of Automotive Companies - Jiangling Motors reported a total revenue of 18.092 billion yuan for the first half of 2025, a year-on-year increase of 0.96%, while net profit attributable to shareholders decreased by 18.17% to 733 million yuan [1] - General Motors' Q2 2025 revenue was 47.122 billion USD, a decline of 1.8%, with net profit attributable to shareholders dropping 35.4% to 1.895 billion USD [4] - Stellantis faced a loss of 2.3 billion euros (approximately 19.3 billion yuan) in the first half of the year, with a 25% year-on-year decline in North American market sales [4] - Hyundai and Kia's electric vehicle exports to the U.S. fell by 88% in the first five months of the year, with Hyundai exporting 3,906 units and Kia 3,250 units [5] Group 3: Market Trends and Changes - Tesla's vehicle registrations in California dropped to 41,138 units in Q2, marking a 21.1% year-on-year decline and the seventh consecutive quarter of decline [3] - Mitsubishi Motors announced the termination of its joint venture with Aerospace Mitsubishi due to the rapid transformation of the Chinese automotive industry [6] Group 4: New Product Launches - Wuling officially launched the 2026 model of the Wuling Xingchi, with two configurations priced at 52,800 yuan and 66,800 yuan, respectively, and cumulative sales exceeding 80,000 units since launch [2]