Core Viewpoint - The appointment of Liu Jiaming signifies the substantial operational phase of the high-end smart electric vehicle brand "Qijing," jointly developed by GAC Group and Huawei [2][5]. Group 1: Liu Jiaming's Background and Experience - Liu Jiaming has over 25 years of experience in the automotive industry, having worked extensively within the Toyota system and GAC Group [2]. - He has held various significant positions, including roles in planning, marketing, and sales for key models such as Highlander and Camry [2]. - His previous roles include Director of Planning at GAC Toyota, Deputy Minister of Planning and Development at GAC Group, and Vice President of GAC Passenger Vehicles [2]. Group 2: Qijing Brand Development - Liu Jiaming's recent social media update indicates that Qijing's first vehicle has successfully completed summer testing in Xinjiang, passing extreme high-temperature tests [5]. - His cross-disciplinary experience and ability to integrate resources in cross-cultural environments are seen as essential for the Qijing brand [5]. - Liu Jiaming's leadership is expected to accelerate the final stages of product launch and the establishment of the Qijing high-level team, highlighting the strategic importance of the brand for both GAC and Huawei [5].

Core Viewpoint - Audi E5 Sportback has emerged as a highly competitive electric vehicle in the market, offering an attractive price point and advanced features, which has led to significant consumer interest and rapid order fulfillment [1][3][5]. Group 1: Product Overview - The Audi E5 Sportback is priced at 235,900 yuan, making it one of the most value-for-money offerings from Audi [1]. - The vehicle received 10,153 orders within just 30 minutes of its launch, indicating strong market demand [3]. - The delivery period has already extended to 3-5 weeks, reflecting its popularity [5]. Group 2: Collaboration and Development - Audi partnered with SAIC Motor to develop the E5 Sportback, leveraging SAIC's existing technology and supply chain to expedite the vehicle's development [10][14]. - The vehicle is built on the Advanced Digitized Platform, which allows for rapid development and cost efficiency [14][20]. - Key components such as the electric motor and battery are sourced from SAIC's subsidiaries, contributing to a lower price point [24][25]. Group 3: Design and Features - The E5 Sportback features a design that diverges from traditional Audi aesthetics, emphasizing a sporty and muscular appearance [28][29]. - The interior incorporates advanced technology with a minimalist design, including a large central display and a unique control interface [32][39]. - Comfort features such as heated and ventilated seats, high-quality sound systems, and advanced driver assistance systems are included, enhancing the overall user experience [51][60]. Group 4: Brand Identity and Market Positioning - The absence of the traditional four-ring logo on the E5 Sportback signifies a shift towards innovation and a response to consumer preferences for more tech-oriented vehicles [67][72]. - Audi aims to balance luxury with cost control, appealing to a broader audience while maintaining brand integrity [73][80]. - The E5 Sportback is positioned as a potential turning point for Audi in the Chinese market, reflecting a strategic shift in response to evolving consumer demands [82].

Core Viewpoint - Chasing Technology has announced plans to produce a super luxury electric vehicle aimed at competing with Bugatti Veyron, with a prototype set to debut at CES in January 2024 [1][2]. Group 1: Company Developments - Chasing Technology's CEO, Yu Hao, shared renderings of the vehicle on social media, indicating a strong commitment to the project [1]. - The company has selected a site in Germany for its automotive factory, in collaboration with BNP Paribas, strategically located near Tesla's Berlin Gigafactory [2]. - The choice of Germany for the factory is attributed to its strong automotive industry and talent pool, which aligns with the company's global market ambitions [2]. Group 2: Market Positioning - The vehicle is positioned to target the high-end electric vehicle market, which is currently underserved, with the aim of leveraging technological advantages to reshape its brand image [5]. - Chasing Technology's existing expertise in high-speed digital motors and AI algorithms is expected to be applicable to the automotive sector, enhancing its competitive edge [5]. Group 3: Recruitment and Operations - The company has been actively hiring for various automotive-related positions, indicating a serious commitment to its automotive venture despite a lack of transparency regarding its domestic operations [5][6]. - Job postings include roles such as overseas sales managers and design engineers, with salaries ranging from 15,000 to 60,000 yuan per month, reflecting the company's ambition to build a skilled workforce [6].

Core Viewpoint - The company, Chasing Technology, officially announced its entry into the automotive industry with plans to launch its first ultra-luxury electric vehicle by 2027, targeting the high-end electric vehicle market and leveraging its technological expertise in smart hardware [1][2]. Group 1: Strategic Move - Chasing Technology has formed a nearly 1,000-person team dedicated to vehicle manufacturing and is continuously expanding its efforts in the automotive sector [1]. - The strategic move signifies a transition from a smart hardware company to an automotive manufacturer, aiming to establish itself as a new player in the high-end smart electric vehicle market [1][2]. Group 2: Technological Advantages - The company has significant expertise in high-speed digital motors, with self-developed motors exceeding 200,000 RPM, which are applicable to high-performance electric drive systems [1]. - Chasing Technology has also excelled in intelligent perception and AI algorithms, with technologies like visual recognition and autonomous path planning already commercialized in service robots, which can be adapted for advanced driver-assistance systems (ADAS) [2]. Group 3: Supply Chain and Manufacturing - The company is establishing a systematic layout for supply chain and manufacturing, collaborating with leading suppliers in critical areas such as battery systems, electronic control units, and intelligent driving chips [2]. - Chasing Technology has recruited several executives from the automotive manufacturing sector to enhance its capabilities in research and development, mass production, and quality control [2]. Group 4: Market Positioning - The company's strategy focuses on achieving brand elevation through product strength, avoiding the low-end market's price wars, and targeting the more profitable ultra-luxury segment [2]. - Chasing Technology has established a global presence with over 6,000 offline channels across more than 100 countries and a user base of 30 million, which will support brand promotion and after-sales service for its high-end vehicles [2]. Group 5: Future Potential - If Chasing Technology successfully leverages its technology, supply chain, and global operational experience in vehicle manufacturing while addressing challenges related to safety and brand positioning, it could emerge as a significant player in the global electric supercar market [3].

Group 1 - GAC Group's Aion has invested 600 million yuan in Huawang Automotive, resulting in GAC holding 100% of Huawang's equity after the investment [6][7] - The investment aims to enhance collaboration among GAC's brands and improve resource utilization efficiency, positioning Huawang as a key player in GAC's high-end smart electric vehicle strategy [6][7] - Aion's role in the investment reflects its independent operational capabilities and potential for future valuation growth, leveraging Huawei's technology for competitive advantage [7] Group 2 - Huawang Automotive has launched a city recruitment plan covering 40 cities, including major urban centers like Guangzhou, Beijing, and Shanghai, with a focus on innovative sales channel models [3][4] - The recruitment targets top 100 and regionally recognized dealers, emphasizing qualifications and experience in luxury or new energy vehicle operations [3][5] - The sales model employs a "1+N" agency system, aiming to reduce costs associated with traditional dealership models and enhance market coverage [3][4] Group 3 - Changan Automobile's chairman visited Huawei's CEO to discuss industry competition and future strategies, indicating a strategic alignment between the two companies [8][10] - Changan aims to produce 5 million vehicles by 2030, with 60% being new energy vehicles and 30% from overseas markets, highlighting the importance of collaboration with Huawei [11] - The partnership with Huawei is expected to facilitate technological integration and global expansion for Changan's Avita brand, with plans to launch 17 new models by 2030 [12][14]

Core Viewpoint - The collaboration between GAC Group and Huawei through the Huawang Automotive project is accelerating, with recent developments including a city recruitment plan and a significant capital increase from GAC Aion to Huawang Automotive [1][5][9]. Group 1: Huawang Automotive's City Recruitment Plan - Huawang Automotive has officially launched a city recruitment plan covering 40 cities across five major regions, including key cities like Guangzhou, Shenzhen, Beijing, and Shanghai [1][3]. - Each city aims to recruit 1-2 partners, with further batches to follow after the initial recruitment is completed [1]. Group 2: Sales Channel Innovation - Huawang Automotive has introduced an innovative sales channel model called "1+N" agency system, focusing on user-centered core automotive city business circles and decentralized experience centers in high-traffic areas [3][4]. - The recruitment criteria for partners are stringent, targeting top 100 national and regional dealers with experience in luxury brands or new energy operations, and requiring specific qualifications to ensure after-sales capabilities [3]. Group 3: Capital Increase from GAC Aion - GAC Aion has agreed to increase its investment in Huawang Automotive by 600 million RMB, resulting in GAC Group holding 100% of Huawang's equity [5][8]. - This capital increase is aimed at enhancing the synergy of GAC's self-owned brands and improving resource utilization efficiency [8]. Group 4: Strategic Implications of the Investment - The investment signals a strong endorsement of the collaboration between Huawei and GAC, positioning Huawang as a key player in GAC's strategy for high-end smart electric vehicles [9][10]. - GAC Aion's role in this investment reflects an optimization of internal resources and a strategic focus on high-end intelligent exploration, with potential for future valuation benefits if the Huawang project succeeds [10].

Core Viewpoint - North Benz Blue Valley is actively expanding its sales network for the high-end smart electric vehicle market, closely linked to Huawei's channel adjustments, demonstrating its determination and ambition in this sector [1][4]. Group 1: Sales Network Development - North Benz Blue Valley is pushing forward the construction of the Xiangjie sales network, which has attracted significant industry attention [1]. - The sales network of Hongmeng Zhixing is characterized by two main types of outlets: experience centers and user centers, with experience centers primarily sourced from Huawei's 3C channel [3]. - The user centers integrate sales, new car delivery, and after-sales services, resembling traditional 4S store models, with various classifications based on the number of brands sold [3]. Group 2: Huawei's Channel Adjustments - Huawei is undergoing significant adjustments in its channel strategy, including the establishment of independent sales channels for the Zhijie and Shangjie brands in collaboration with SAIC [4]. - A recruitment conference for the Xiangjie specialized network was successfully held, attracting 126 dealers from 66 cities, with over 90% from first to third-tier cities [6]. - The conference provided a platform for communication between dealers and Xiangjie, focusing on product advantages, network planning, and collaborative models, aiming to enhance the sales service network by the end of the year [6].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company is expected to achieve revenues of CNY 210.4 billion, CNY 376.6 billion, and CNY 591.6 billion for the years 2025 to 2027, respectively, with a projected net profit of CNY -38.0 million, CNY -20.5 million, and CNY 2.7 million [4]. - The company has established a multi-tiered product matrix that drives sales growth, with a 2024 sales volume of 113,900 units, representing a year-on-year increase of 23.5% [1][2]. - The partnership with Huawei has significantly enhanced the company's position in the high-end smart electric vehicle market, with the flagship model, the Xiangjie S9, leading sales in its category for seven consecutive months [3]. Financial Summary - In 2024, the company is projected to generate revenue of CNY 145.12 billion, a year-on-year increase of 1.35%, while the net profit attributable to the parent company is expected to be CNY -6.948 billion, a decrease of 28.67% [1][5]. - For Q1 2025, the company achieved revenue of CNY 37.73 billion, a remarkable year-on-year growth of 150.75%, with a net profit of CNY -9.53 billion, reflecting a 6.15% increase compared to the previous year [1][4]. - The company’s R&D investments have translated into high-end product premiums and positive user reputation, showcasing strong commercialization capabilities [2].