Market Overview - The passenger car sector experienced a decline of 0.74% on September 18, with Beiqi Blue Valley leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Individual Stock Performance - The following stocks showed notable performance: - Seres (601127) closed at 143.10, up 1.43% with a trading volume of 516,900 shares and a turnover of 7.459 billion [1] - SAIC Motor (600104) closed at 18.81, down 0.48% with a trading volume of 770,400 shares and a turnover of 1.461 billion [1] - BYD (002594) closed at 109.71, down 1.15% with a trading volume of 934,000 shares and a turnover of 10.362 billion [1] - Beiqi Blue Valley (600733) closed at 8.16, down 4.90% with a trading volume of 2,730,500 shares and a turnover of 2.272 billion [1] Capital Flow Analysis - The passenger car sector saw a net outflow of 631 million from institutional investors and 146 million from retail investors, while retail investors had a net inflow of 777 million [1] - Specific capital flows for key stocks include: - Seres (601127) had a net inflow of 559 million from institutional investors, while retail investors had a net outflow of 266 million [2] - Beiqi Blue Valley (600733) experienced a significant net outflow of 581 million from institutional investors, with a net inflow of 391 million from retail investors [2]

Core Viewpoint - Great Wall Motors' stock price has experienced a decline of 4.02% year-to-date, with a recent drop of 3.01% over the last five trading days, despite a notable increase of 18.97% over the past 60 days [2] Financial Performance - For the first half of 2025, Great Wall Motors achieved a revenue of 92.335 billion yuan, reflecting a year-on-year growth of 0.99%. However, the net profit attributable to shareholders decreased by 10.48% to 6.337 billion yuan [2] - Cumulatively, since its A-share listing, Great Wall Motors has distributed a total of 34.696 billion yuan in dividends, with 8.95 billion yuan distributed over the last three years [3] Stock Market Activity - On September 18, Great Wall Motors' stock price fell by 2.01%, trading at 24.84 yuan per share, with a total transaction volume of 417 million yuan and a turnover rate of 0.27%. The company's total market capitalization stands at 212.578 billion yuan [1] - The net outflow of main funds amounted to 29.3879 million yuan, with large orders showing a buy of 67.6615 million yuan and a sell of 91.1915 million yuan [1] Shareholder Structure - As of June 30, 2025, Great Wall Motors had 178,500 shareholders, an increase of 18.73% from the previous period. The average circulating shares per person remained at 0 [2] - The top three circulating shareholders include China Securities Finance Corporation with 197 million shares, Hong Kong Central Clearing Limited with 85.5192 million shares (a decrease of 1.9369 million shares), and E Fund Consumption Industry Stock with 51.0764 million shares [3]

Group 1 - Chery Automobile launched its IPO on September 17, seeking to raise up to HKD 91.45 billion, with a potential maximum of HKD 105.17 billion if the over-allotment option is fully exercised [1] - The IPO involves a global offering of 297 million H-shares, representing 5.16% of the total shares post-issue, with 90% allocated for international sale and 10% for public offering [1] - Thirteen cornerstone investors have committed to the IPO, collectively subscribing to approximately HKD 45.73 billion worth of shares, including significant investments from state-owned funds and various companies [1] Group 2 - The net proceeds from the IPO will primarily be used for R&D of various passenger car models, enhancing core technology capabilities, expanding overseas markets, upgrading production facilities in Wuhu, Anhui, and general corporate purposes [2] - Chery Automobile is the second largest independent passenger car brand in China and the eleventh largest globally, with a projected growth of over 25% in both electric and fuel vehicle sales in 2024 compared to 2023 [2] - The company has five brands, including Chery, Jetour, Exeed, iCAR, and Zhijie, each catering to different customer needs and preferences [2] Group 3 - Since 2003, Chery has been the top exporter of passenger cars among Chinese independent brands, with over 13 million vehicles sold globally across more than 100 countries and regions by August 2025 [3] - In 2024, Chery is expected to rank first among Chinese independent brands in Europe, South America, and the Middle East and North Africa, and second in North America and Asia (excluding China) [3] - The company's revenue for 2022, 2023, and 2024 is projected to be approximately CNY 92.62 billion, CNY 163.20 billion, and CNY 269.90 billion, respectively, with net profits of CNY 5.81 billion, CNY 10.44 billion, and CNY 14.33 billion [3]

Group 1: Market Performance - From September 1 to 14, the national passenger car market retail reached 732,000 units, a year-on-year decrease of 4%, but a month-on-month increase of 6%. Cumulative retail for the year reached 15.497 million units, a year-on-year increase of 9% [1][5] - During the same period, wholesale of national passenger car manufacturers was 774,000 units, a year-on-year decrease of 3%, but a month-on-month increase of 18%. Cumulative wholesale for the year reached 18.816 million units, a year-on-year increase of 12% [1][9] Group 2: New Energy Vehicles - In the new energy sector, retail sales from September 1 to 14 reached 438,000 units, a year-on-year increase of 6% and a month-on-month increase of 10%. The penetration rate for new energy vehicles in the passenger car market was 59.8%, with cumulative retail for the year at 8.008 million units, a year-on-year increase of 25% [1][5] - Wholesale of new energy vehicles from manufacturers during the same period was 447,000 units, a year-on-year increase of 10% and a month-on-month increase of 21%. The cumulative wholesale for the year reached 9.39 million units, a year-on-year increase of 32% [1][9] Group 3: Market Trends and Challenges - The market is experiencing a mixed performance, with the "Golden September and Silver October" traditional peak season approaching, alongside the implementation of national and local purchase subsidies. However, the focus on high-priced models in local subsidy policies may hinder the growth of the mainstream market [5] - The introduction of new models at the Chengdu Auto Show has generated significant interest, but the lack of popular entry-level models has limited their contribution to overall sales [5][9]

Group 1 - The passenger car sector increased by 1.27% on September 17, with BYD leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] - Major stocks in the passenger car sector showed varied performance, with BYD closing at 110.99, up 2.96%, and Changan Automobile slightly down by 0.08% [1] Group 2 - The net inflow of main funds in the passenger car sector was 670 million yuan, while retail funds saw a net outflow of 88.19 million yuan [1] - BYD had a significant net inflow of main funds amounting to 1.332 billion yuan, while retail funds experienced a net outflow of 55.81 million yuan [1] - GAC Group faced the highest net outflow of main funds at 62.47 million yuan, with a retail net inflow of 57.29 million yuan [1]

Group 1 - The core viewpoint of the article indicates a decline in retail sales of passenger cars in China during the first half of September compared to the same period last year, while showing an increase compared to the previous month [1] - From September 1 to 14, the national retail sales of passenger cars reached 732,000 units, representing a year-on-year decrease of 4%, but a month-on-month increase of 6% [1] - Cumulatively, retail sales for the year have reached 15.497 million units, reflecting a year-on-year growth of 9% [1] Group 2 - During the same period, wholesale sales of passenger cars amounted to 774,000 units, which is a year-on-year decrease of 3% but an increase of 18% compared to the previous month [1] - Year-to-date wholesale sales have totaled 18.816 million units, showing a year-on-year increase of 12% [1]

Key Points - The core viewpoint of the article emphasizes the current state and future outlook of the automotive industry, highlighting the need for strategic adjustments in investment focus towards electric and intelligent vehicles as the market evolves [5][7]. Group 1: Weekly Review - In the first week of September, the compulsory insurance for vehicles reached 360,000 units, showing a decrease of 30.0% week-on-week and 3.9% month-on-month [11][51]. - The performance of sub-sectors this week ranked as follows: SW commercial trucks (+4.2%), SW automotive parts (+3.4%), SW motorcycles and others (+0.8%), SW passenger cars (-1.8%), and SW commercial passenger vehicles (-2.1%) [11][12]. - The top five stocks covered this week included Luxshare Precision, Joyson Electronics, New Spring Co., Hengshuai Co., and Chuanfeng Power, all showing significant gains [11][12]. Group 2: Industry Changes - Key developments in the industry include the announcement of the Xpeng G7 extended range version, Great Wall's Ora Cat, and Leapmotor's Lafa5 in the Ministry of Industry and Information Technology [4][11]. - Horizon Robotics has formed a strategic partnership with Hello to accelerate the commercialization of Robotaxi [4]. - Baolong Technology's automotive sensors have been selected for projects by leading domestic joint venture car manufacturers [4]. - WeRide's autonomous minibus, Robobus, has launched in Leuven, Belgium, marking its entry into the eleventh global market [4]. Group 3: Market Focus - The automotive A-H shares performed generally poorly this week, with commercial trucks being the best-performing sub-sector [6][12]. - The eight ministries jointly issued the "Automotive Industry Stabilization and Growth Work Plan for 2025-2026," emphasizing a stable and improving trend by 2026, focusing on both scale and quality [6][12]. - New vehicle announcements include the Xpeng G7 extended range version, Great Wall's Ora Cat, and Leapmotor's Lafa5 [6][12]. Group 4: Investment Strategy - The automotive industry is perceived to be at a crossroads, with the electric vehicle boom nearing its end and intelligent vehicle development entering a critical phase [7][12]. - The recommendation is to increase the allocation towards "dividend style" investments in the automotive sector for the second half of 2025 [7][12]. - Key investment themes include passenger vehicles (Yutong Bus), heavy trucks (China National Heavy Duty Truck Group A-H, Weichai Power), two-wheelers (Chuanfeng Power, Longxin General), and automotive parts (Fuyao Glass, Xingyu Co., New Spring Co., Jifeng Co.) [7][12].

预计此次全球发售将募集约84.41亿港元净额，主要用于研发（40%）、拓展海外市场（20%）、提升生 产设施（10%）及营运资金（10%）。 （文章来源：证券时报网） 公司是中国第二大自主品牌乘用车公司和全球第十一大乘用车公司，主要设计、开发、制造和销售乘用 车，包括燃油车和新能源汽车。 公司与基石投资者JSC International Investment Fund SPC、HHLRA、上海景林及 CICC Financial Trading Limited、香港景林、黄山建投、晶汇瑞盈、Horizon Together、大家人寿、Martis Fund、国轩香港、合 肥建汇、中邮理财、及星宇香港订立基石投资协议，基石投资者已同意在遵守若干条件的前提下，按发 售价认购或促使其指定实体按发售价认购可购入的若干数目发售股份，总金额约为5.87亿美元。 奇瑞汽车将于2025年9月17日至9月22日招股，全球发售2.97亿股，其中香港发售占10%，国际发售占 90%，另有15%的超额配股权。 每股发售价区间为27.75至30.75港元，预计H股将于2025年9月25日在联交所上市。 ...

Core Viewpoint - Chery Automobile plans to globally offer approximately 297 million H-shares, with a pricing range of HKD 27.75 to HKD 30.75 per share, aiming to raise around HKD 8.4412 billion in net proceeds from the offering [1][4] Company Overview - Chery Automobile is headquartered in Wuhu, China, and specializes in designing, developing, manufacturing, and selling a diverse range of passenger vehicles, including both fuel and new energy vehicles [1] - The company is the second largest domestic brand passenger car company in China and the eleventh largest globally based on projected sales in 2024 [1][2] Sales Performance - In 2024, Chery is the only company among the top twenty global passenger car manufacturers to achieve over 25% growth in sales across new energy vehicles, fuel vehicles, and both domestic and overseas markets compared to 2023 [2] - The company's passenger vehicle sales are expected to grow by 49.4% in 2024, leading the growth among the top twenty global manufacturers [2] - Chery has eight models with average monthly sales exceeding 10,000 units in 2024, indicating strong market demand [2] Brand Portfolio - Chery's five major brands—Chery, Jetour, Exeed, iCAR, and Zhijie—cater to different customer needs and preferences, covering various high-growth market segments [2] - Revenue contributions from these brands for the years 2022, 2023, and 2024, as well as for the first three months of 2025, were 89.1%, 92.7%, 91.5%, and 90.3% respectively [2] Investment Agreements - Chery has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling approximately USD 587 million (or about HKD 4.5725 billion) [3] - The cornerstone investors include various financial and investment entities, indicating strong institutional interest in the offering [3] Use of Proceeds - Assuming a mid-point offering price of HKD 29.25 per share, the estimated net proceeds of approximately HKD 8.4412 billion will be allocated as follows: 35% for R&D of different vehicle models, 25% for next-generation automotive technologies, 20% for expanding overseas markets, 10% for enhancing production facilities in Wuhu, and 10% for working capital and general corporate purposes [4]

Core Viewpoint - Chery Automobile plans to conduct a global offering of 297 million shares from September 17 to September 22, 2025, with a share price range of HKD 27.75 to HKD 30.75, aiming to raise approximately HKD 8.441 billion [1][3] Financial Performance - Revenue increased from RMB 92.618 billion in 2022 to RMB 163.205 billion in 2023, and is projected to reach RMB 269.899 billion in 2024 [2] - Profit for the year rose from RMB 5.806 billion in 2022 to RMB 10.444 billion in 2023, with a further increase to RMB 14.334 billion in 2024 [2] - For the three months ending March 31, 2024, revenue was RMB 54.91 billion, increasing to RMB 68.223 billion for the same period in 2025 [2] Use of Proceeds - Approximately 35% of the net proceeds from the global offering will be allocated to R&D for various vehicle models over the next one to three years [3] - About 25% will be used for R&D of next-generation vehicles and advanced technologies to enhance core technical capabilities [3] - 20% is earmarked for expanding overseas markets and executing globalization strategies over the next one to four years [3] - 10% will be invested in upgrading production facilities in Wuhu, Anhui, and another 10% for working capital and general corporate purposes [3] Strategic Partnerships - The company has entered cornerstone investment agreements with several investors, including JSC International Investment Fund SPC and CICC Financial Trading Limited, committing to subscribe for shares totaling approximately USD 587 million [2]