来源： 中汽协会行业信息部 据中国汽车工业协会整理的海关总署 数据显示 ， 2025 年 7 月 ， 汽车整车进口 5.0 万辆，环比 增长 16.4% ，同比下降 29.3% ；进口金额 25.1 亿美元，环比增长 11.6% ，同比下降 42.1% 。 2025 年 1 - 7 月， 汽车整车进口 27.4 万辆，同比下降 31.8% ；进口金额 141.0 亿美元，同比下 降 38.6% 。 ...

Group 1 - The Finnish government announced on September 1 that it has agreed to acquire a 20.6% stake in Valmet Automotive from CATL, with an injection of approximately €35 million, resulting in the government holding 79% and Pontos 21% of Valmet Automotive [1] - The decision for CATL to exit Valmet Automotive was influenced by lower-than-expected electrification progress and a downturn in the European automotive market, leading to a decline in orders for Valmet in recent years [1] - Valmet Automotive, established in 1968, has produced around 1.8 million vehicles and has collaborated with renowned brands such as Mercedes-Benz, Saab, and Porsche [3] Group 2 - Valmet Automotive operates three main business lines: Vehicle Contract Manufacturing (VCM), Electric Vehicle Systems (EVS), and Roof and Sports Systems (RKS), covering the entire process from concept to product development and mass production [3] - The company recognized the necessity and opportunities in the electric vehicle sector early on, launching its first fully electric vehicle, Think City, in 2009 [3] - In 2017, CATL invested €30 million in Valmet, and by 2019, Valmet began large-scale production of battery systems in Salo, becoming a leading independent battery system manufacturer [2][3]

据一份向美国证券交易委员会（SEC）提交的监管文件显示，通用汽车CEO玛丽·博拉在8月底抛售了37 万股股票，套现约2167万美元，占她所持公司股份的四成。SEC 文件显示，在过去六个月内，通用汽 车内部人士在公开市场进行了十次股票出售。这种内部人出售行为往往被视为对公司未来表现缺乏信心 的信号，引起了投资者的关注。（中国汽车报） ...

9月2日，重庆市商务委员会发布通知，追加安排1.35亿元预算资金用于2025年10月汽车及电动自行车以 旧换新补贴。其中，汽车报废更新3000万元，汽车置换更新1亿元，电动自行车以旧换新500万元。预算 额度实行"总额控制、先报先得、用完即止"的申报原则。（中国汽车报） ...

Group 1 - The core announcement is about the launch of the "Xiaomi Elite Driving License Training" program, which will soon open for registration [1] - The training program is exclusively for Xiaomi car owners, with only 16 spots available, and includes special privileges such as a Xiaomi SU7 track experience course [1] - The registration period is from September 5, 10:00 to September 6, 20:00, and the training will take place from September 12 to September 14 at the Tianjin V1 International Circuit [1] Group 2 - The training program is priced at 12,999 yuan or 129,990 points, indicating a premium offering for participants [1] - The initiative reflects Xiaomi's strategy to enhance customer engagement and brand loyalty among its car owners [1]

Core Viewpoint - The article discusses the performance of the major indices and highlights the significance of free cash flow as a leading indicator for dividend distribution, emphasizing its predictive power for future dividend capabilities of companies [1] Group 1: Market Performance - On September 4, the three major indices continued to decline, with the National Securities Free Cash Flow Index experiencing fluctuations [1] - Among the constituent stocks, Xinhua Department Store, Tongcheng Holdings, Hangzhou Jiebai, and Hongqi Chain led the gains [1] - The largest free cash flow ETF (159201) followed the index's downward trend, with a trading volume exceeding 3.8 billion yuan, indicating active trading and frequent premium transactions [1] Group 2: Investment Insights - According to China Merchants Securities, free cash flow serves as an upstream indicator for dividend distribution and has strong forward-looking capabilities [1] - Companies selected based on historical free cash flow levels demonstrate better future actual dividend capabilities compared to those with historically high dividend payouts [1] - Stocks with high free cash flow and strong dividend intentions tend to perform better, suggesting that incorporating a dividend factor into the free cash flow strategy can enhance overall performance [1] Group 3: ETF Characteristics - The free cash flow ETF (159201) focuses on industry leaders with abundant free cash flow, covering sectors such as home appliances, automotive, non-ferrous metals, power equipment, and oil and petrochemicals, showcasing significant industry diversification [1] - This diversification effectively mitigates risks associated with single industry fluctuations, making it a favorable choice for core asset allocation [1] - The fund management annual fee is 0.15%, and the custody annual fee is 0.05%, both representing the lowest fee levels in the market [1]

业 及 产 业 邵翼 (8621)23297818× shaoyi@swsresearch.com 2025 年 09 月 04 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 重点公司中报总结 看好 ——一周一刻钟，大事快评（W122） 本期投资提示： 投资分析意见：基于科技+国央企改革两条主线，1）推荐国内强α主机厂如比亚迪、吉 利、小鹏；2）智能化趋势：华为鸿蒙高端智能的典型代表：关注江淮汽车、赛力斯 等，推荐理想汽车、科博达、德赛西威、经纬恒润；3）国央企整合推荐关注上汽集 团、东风集团股份、长安汽车；4）具备强业绩增长、机器人布局，或海外拓展能力的 零部件企业：推荐福耀玻璃、新泉股份、福达股份、双环传动、银轮股份、无锡振华 等，关注敏实集团、拓普集团。 ⚫ 核心风险：原材料价格波动风险，地缘政治风险，行业复苏不及预期 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚 ...

Market Performance - The National Securities Large Cap Value Index decreased by 0.70% as of September 4, 2025, with mixed performance among constituent stocks [2] - The Hang Seng High Dividend Yield Index fell by 1.08%, showing a similar trend of mixed stock performance [7] - The CSI Dividend Low Volatility 100 Index declined by 0.21%, reflecting a downward trend in the market [5] ETF Performance - The Large Cap Value ETF (159391) dropped by 0.45%, with a recent price of 1.1 yuan, but has seen a 4.25% increase over the past three months [2] - The Dividend Low Volatility 100 ETF (159307) decreased by 0.37%, currently priced at 1.08 yuan, with a 3.92% increase over the last three months [5] - The Hong Kong Dividend ETF (513690) fell by 0.84%, priced at 1.07 yuan, but has increased by 1.23% over the past month [7] Trading Volume and Liquidity - The Large Cap Value ETF had a turnover of 0.06% with a transaction volume of 290,100 yuan, averaging 4.4 million yuan daily over the past year [2] - The Dividend Low Volatility 100 ETF recorded a turnover of 1.27% with a transaction volume of 16.02 million yuan, averaging 22.9 million yuan daily over the past week [5] - The Hong Kong Dividend ETF had a turnover of 2.1% with a transaction volume of 102 million yuan, averaging 218 million yuan daily over the past month [7] Market Sentiment and Analysis - The recent market decline is attributed to investors' profit-taking ahead of the "93 Military Parade," reflecting a consensus expectation of market performance [8] - The core logic driving the market's previous rise is not solely linked to the parade, suggesting that the current adjustment is a healthy trading behavior [8] - Future focus should be on low-valued sectors with potential for rebound, particularly those with policy support or improving fundamentals [8] Sector Insights - The Large Cap Value ETF tracks the National Securities Large Cap Value Index, which includes major financial sector stocks with high dividend yields [9] - The Dividend Low Volatility 100 ETF focuses on companies with high dividend yields and low volatility, with the banking sector being the largest contributor [9] - The Hong Kong Dividend ETF tracks high dividend stocks available through the Hong Kong Stock Connect, with real estate and banking being significant sectors [11]

Group 1 - The China Central Enterprises Innovation-Driven Index decreased by 1.64% as of September 4, 2025, with mixed performance among constituent stocks [3] - Nanjing South Network Technology led the gains with an increase of 3.18%, while Changfei Optical Fiber experienced the largest decline at 10.00% [3] - The Central Enterprises Innovation-Driven ETF (515900) fell by 1.42%, with the latest price at 1.52 yuan, but showed a 2.18% increase over the past month [3] Group 2 - The Central Enterprises Innovation-Driven ETF saw a significant scale increase of 42.68 million yuan over the past month, ranking in the top quarter among comparable funds [4] - The index tracks 100 representative listed companies from state-owned enterprises, reflecting the overall performance of innovative and profitable central enterprises [4] - As of August 29, 2025, the top ten weighted stocks in the index accounted for 33.39% of the total, including Hikvision, Guodian NARI, and Chang'an Automobile [4] Group 3 - Guodian NARI reported a revenue of 24.243 billion yuan for the first half of 2025, marking a year-on-year growth of 19.54%, with significant contributions from its smart grid and low-carbon energy segments [3] - The company's overseas revenue surged by 139.18% to 1.987 billion yuan, indicating strong international performance [3] - Guotai Junan Securities highlighted the company's strengthening position in the industry and robust growth potential driven by the construction of new power systems and energy frameworks [3]

Core Viewpoint - Tesla's Master Plan Part IV (MP4) emphasizes the integration of AI into physical products and services to create a safer, cleaner, and more enjoyable world, aiming for sustainable prosperity [2][3][4]. Summary by Sections Mission and Principles - Tesla's new mission is to leverage AI to enhance human life and promote sustainability [2]. - Five guiding principles are outlined: 1. Growth is infinite, and resource scarcity can be addressed through technological innovation [2]. 2. Innovation removes limitations, exemplified by Tesla's battery technology transitioning the transport sector to renewable energy [3]. 3. Technology addresses real-world problems, including solar power, energy storage, and autonomous vehicles [3]. 4. Autonomous technology must benefit all humanity, focusing on improving quality of life and safety [4]. 5. Accessibility drives growth, aiming to enhance social equity and quality of life through affordable products and services [5]. Development Path - Tesla's approach involves gradual development from high-end products to more affordable options, creating a sustainable ecosystem encompassing transportation, energy generation, storage, and robotics [7]. Vision and Reception - MP4 presents a grand vision that appears more abstract compared to previous plans, focusing on the integration of hardware and software to accelerate the transition to sustainable prosperity [7][15]. - The reception on social media is mixed, with some users seeking more concrete details and others expressing skepticism about the vagueness of the plan [17][19]. Company Positioning - Tesla is redefining its identity, positioning itself not only as an automotive company but also as an AI and robotics company, with significant emphasis on its robotics initiative, Optimus [17][18]. - Despite the ambitious vision, the majority of Tesla's revenue still comes from electric vehicle sales, highlighting a potential gap between vision and current business reality [18]. Future Outlook - The release of MP4 suggests a need for Tesla to redefine its future goals, indicating challenges in achieving previously set objectives [18].