Group 1 - Xiaomi Auto Technology Co., Ltd. has initiated a recall of 116,887 units of the SU7 standard electric vehicle due to insufficient recognition, warning, or handling of extreme scenarios in L2 highway navigation assistance, which may increase collision risks if the driver does not intervene in time [1] - This is the second large-scale recall since the establishment of Xiaomi Auto, with the first recall in January 2025 involving over 30,000 SU7 models due to misjudgment risks in the automatic parking function [1] - The cumulative recall of the SU7 standard version has approached 150,000 units, covering a significant proportion of the total sales since its launch [1] Group 2 - The current recall is characterized by an OTA upgrade to optimize the driving assistance algorithm for free, rather than physical repairs, reflecting a shift in how recalls are perceived in the industry [2] - The use of the term "recall" by Xiaomi Auto indicates a commitment to corporate social responsibility, while also highlighting the regulatory scrutiny faced by new car manufacturers regarding OTA practices [2] - The recall stems from issues related to driving assistance technology, which has seen rapid development, but the maturity of the technology remains a critical concern amid stringent new regulations targeting disorder in the industry [2] Group 3 - The automotive industry is undergoing a correction of chaotic competition, with various measures being implemented to ensure high-quality development, which is seen as a long-term battle [3] - Companies like Tesla and others in the smart driving sector will face compliance challenges as the industry transitions from chaotic growth to a new era focused on safety and responsibility [3] - The development of intelligent connected vehicles is crucial for fostering new productive forces and driving industrial upgrades, emphasizing the importance of safety in this transition [3]

报告导读： 9 月 13 日，工业和信息化部等多部门印发《汽车行业稳增长工作方案（ 2025 — 2026 年）》，明确了行业高质量稳健发展的政策导向，我们维持行业"增持"评 级。 维持行业"增持"评级。 9 月 13 日，工业和信息化部等多部门印发《汽车行业稳增长工作方案（ 2025—2026 年）》。我们认为，《工作方案》进一步明确 了汽车行业应在健康有序的市场环境中实现稳健发展的政策导向，为 2025 至 2026 年产业高质量发展提供重要支撑，我们维持行业"增持"评级。 9 月 13 日，工业和信息化部等多部门印发《汽车行业稳增长工作方案（ 2025—2026 年）》。 《工作方案》从扩大国内消费、提升供给质量、优化发展环 境、深化开放合作等 4 个维度，提出了加快新能源汽车全面市场化拓展、进一步加大力度促进汽车消费、推动智能网联技术产业化应用等 15 条工作举措。 报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称：《汽车行业稳增长工作方案》发布，推动汽车行业高质量发展；报告日期：2025.09.13 报告 作者： 刘一鸣（分析师），登记编号：S0880525040050 张觉尹（ ...

消息面上，近日，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)》。方案提 出主要目标：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。 汽车股涨幅居前，截至发稿，蔚来-SW(09866)涨4.22%，报50.15港元；广汽集团（601238）(02238)涨 3.6%，报3.45港元；比亚迪（002594）股份(01211)涨3.35%，报108港元；零跑汽车(09863)涨2.87%，报 62.7港元。 国泰海通证券发布研报称，该方案在工信部与中汽协提出"反内卷"倡议、六部门联合印发《关于开展汽 车行业网络乱象专项整治行动的通知》等一系列政策基础上，进一步明确了汽车行业应通过优化管理政 策、规范市场竞争秩序，营造健康有序的市场环境的政策导向，为2025–2026年汽车产业实现高质量发 展奠定更加坚实的基础。2025年1-8月中国乘用车市场表现稳健，销量达1835.4万辆，同比增长14%。该 行预计，中国2026年全年乘用车同比增长率有望达5%，存量市场 ...

Core Viewpoint - Xiaopeng Motors has taken the lead in fulfilling its commitment to shorten payment terms to suppliers to within 60 days, responding to industry demands for high-quality development and stability in the supply chain [2][4][6]. Group 1: Commitment to Suppliers - On July 11, Xiaopeng Motors notified multiple suppliers via email about the implementation of a payment term of no more than 60 days [2][5]. - This commitment aligns with a broader initiative by 17 major automotive companies, including FAW, Dongfeng, and GAC Group, to ensure payment terms do not exceed 60 days [3][6]. - Xiaopeng Motors' CEO, He Xiaopeng, emphasized the importance of quick action in fulfilling this commitment, indicating a shift towards more orderly competition in the automotive industry [6]. Group 2: Industry Response and Developments - Other major automotive companies have varied in their progress towards fulfilling similar commitments, with some companies stating they do not need to change their payment terms as they already comply [8]. - GAC Group, for instance, has consistently maintained a payment term of no more than 60 days, highlighting the importance of supplier viability for product quality and service [8]. - The Ministry of Industry and Information Technology has opened an online platform for reporting issues related to the fulfillment of payment term commitments by major automotive companies, aiming to promote a healthier and sustainable automotive industry [8].

Core Viewpoint - GAC Group has committed to ensuring the fulfillment of dealer rebates within two months, aiming to build a trustworthy and mutually beneficial cooperation ecosystem with dealers and enhance consumer service and experience, thereby promoting high-quality development in the automotive industry [1]. Group 1 - On June 14, GAC Group announced a commitment to complete dealer rebate payments within two months [1]. - GAC Group's brands, including GAC Haobo, GAC Trumpchi, GAC Aion, GAC Honda, and GAC Toyota, are involved in this commitment [1]. - This initiative is part of a broader effort to foster high-quality development in the automotive industry [1]. Group 2 - On June 10, GAC Group also announced a commitment to maintain supplier payment terms not exceeding 60 days to ensure efficient capital turnover in the supply chain [4]. - This aligns with the revised "Regulations on Payment for Small and Medium Enterprises" that took effect on June 1, prompting several domestic automakers, including China FAW, BYD, Dongfeng Motor, and others, to make similar commitments [8]. - According to a report from CITIC Securities, these actions are responses to policy changes and are expected to drive positive transformations in the automotive industry [9].

Core Viewpoint - GAC Group is committed to ensuring the timely payment of dealer rebates within two months, aiming to build a trustworthy and mutually beneficial cooperation ecosystem with dealers and enhance consumer service and experience, thereby promoting high-quality development in the automotive industry [1]. Group 1 - GAC Group announced on June 14 that it will ensure the completion of dealer rebate payments within two months, emphasizing integrity and action [1]. - On June 10, GAC Group also committed to maintaining a supplier payment term of no more than 60 days to ensure efficient capital turnover in the supply chain [4]. - Several domestic automakers, including China FAW, BYD, Dongfeng Motor, and others, have made public commitments to limit supplier payment terms to no more than 60 days in response to the revised "Regulations on Payment for Small and Medium-sized Enterprises" effective from June 1 [8].

Group 1: Securities Industry Mergers and Acquisitions - A new wave of mergers and acquisitions in the securities industry is anticipated, with the financial technology sector being particularly promising [3][5] - Central Huijin Investment has become the actual controller of several securities firms, which is expected to drive market consolidation [4][6] - Regulatory encouragement for industry integration suggests that mergers and acquisitions will enhance overall competitiveness and resource allocation in the securities sector [5][6] Group 2: Automotive Industry Developments - Multiple automotive companies, including BYD and China FAW, have committed to a payment term not exceeding 60 days, marking a shift towards high-quality development in the industry [10] - The implementation of the revised "Regulations on Payment of Small and Medium-sized Enterprises" is expected to standardize payment practices and improve cash flow for upstream suppliers [11] - This change in payment terms is likely to reduce financial costs for parts suppliers and may lead to a recovery in profitability for the automotive sector starting in the third quarter [11]