Core Viewpoint - Haima Automobile is currently focused on vehicle manufacturing, sales, and related after-sales services, and has not yet engaged in bonded maintenance services. The company is closely monitoring the tax policy details of the free trade port and is actively researching how to effectively utilize these policies to enhance its competitiveness [1] Group 1 - The main business of the company includes vehicle manufacturing, sales, and after-sales services [1] - The company has not yet started bonded maintenance services [1] - The company is paying close attention to the tax policy details of the free trade port [1] Group 2 - The company is actively researching ways to leverage free trade port policies to improve its competitiveness [1]

Group 1: Company Overview and Activities - Shenzhen Kexin New Materials Co., Ltd. (stock code: 300731) participated in the 2025 Annual Shenzhen Listed Companies Investor Online Reception Day on November 20, 2025 [1][2] - The event involved communication with a wide range of investors, addressing their concerns and questions [2] Group 2: Business Development and Strategies - The company is focusing on the data center cooling business through its wholly-owned subsidiary, Shenzhen Chuangyuan Zhihuo Technology Co., Ltd., with products including siphon-type special cooling modules and liquid cooling plates [3] - Plans to enhance its business layout in the polymer materials industry and expand applications in cooling products to cultivate new revenue and profit growth points [4] Group 3: Financial Performance - For the first three quarters of 2025, the company's net profit attributable to shareholders was CNY 2,703.33 million, a 153.29% increase compared to the same period last year [5] - The company's revenue for the same period was CNY 839 million, reflecting a 41.45% growth year-on-year, driven by the rapid development of the new energy and automotive sealing strip businesses [5][6] Group 4: Acquisition Plans - The company is in the process of acquiring Dongguan Zhaoke Electronic Materials Technology Co., Ltd., with ongoing strong cooperation intentions among all parties involved [4][6] - A supplementary agreement was signed on November 4, 2025, to extend the exclusivity period and adjust the acquisition structure [4][6] Group 5: Future Outlook and Risk Management - The company aims to continue focusing on the new energy automotive industry and artificial intelligence sector for thermal management solutions, leveraging its industry resource advantages [6] - Emphasis on risk management and compliance with legal regulations during the acquisition process and overall business operations [6]

Group 1 - The new general manager of GAC Group, He Xianqing, emphasizes the challenges and pressures faced by the company in the current competitive automotive market [1][2] - He Xianqing outlines the vision for "New GAC," focusing on developing products that truly meet customer needs and enhancing market insight [2] - GAC's Aion brand, previously among the top three electric vehicle manufacturers in China, is shifting from a B2B to a B2C model to address recent performance declines [2][3] Group 2 - GAC Group is collaborating with CATL in the battery swapping sector, signing a ten-year strategic agreement to advance smart chassis and battery swap technology [3] - By mid-2026, GAC plans to establish 600 brand stores in third to fifth-tier cities, allowing customers to access all GAC models [3] - GAC Group's chairman, Feng Xingya, notes that the automotive industry is undergoing significant changes, with aggressive competitors entering the market, intensifying competition [3]

转自：中国质量报 一汽-大众汽车有限公司将委托一汽-大众授权经销商，为召回范围内的车辆免费更换改进后的副驾驶安 全气囊，以消除安全隐患，并将通过挂号信等方式通知相关车主召回事宜。 （本报记者徐建华整理） 本报讯 日前，一汽-大众汽车有限公司向市场监管总局备案了召回计划。自即日起，召回2023年12月13 日至2024年2月6日期间生产的部分ID.7 VIZZION汽车，共计187辆。 本次召回范围内的部分车辆，因副驾驶安全气囊气体发生器的过滤网尺寸偏差，如果车辆发生事故触发 副驾驶安全气囊，可能导致过滤网破损，气囊无法按正常形态展开，无法起到预期的保护作用，增加乘 员受伤的风险，存在安全隐患。 ...

Core Insights - Company Saisir has successfully listed on the Hong Kong stock market since November 5, attracting positive attention from multiple institutions such as Changjiang Securities and CITIC Construction Investment Securities due to its steady performance and growth potential [1] Funding Allocation - Approximately 70% of the funds raised from the IPO will be allocated to research and development to enhance core technology and innovation capabilities [1] - 20% of the funds will be used for the development of new vehicle models to further enrich the product matrix [1] - 10% of the funds will be dedicated to adapting overseas models as part of the global business expansion strategy [1] Technological Advancements - The company is actively engaging in cutting-edge technology fields, partnering with Volcano Engine to enter the "AI+" sector, creating a new model that integrates technology and scenarios [1] - 5% of the IPO financing amount will be utilized for this technological initiative [1] Performance and Market Position - Saisir is currently on an upward trajectory of high-quality development, with strong product cycles from the Aion brand driving continuous sales growth [1] - The company achieved significant revenue in the first three quarters of the year, reflecting its strong market position [1] - Multiple institutions, including Changjiang Securities, have expressed optimism about Saisir's leading position in the high-end market and its long-term growth potential [1] Capital Strategy - With the support of the "A+H" dual-platform capital strategy, Saisir is positioned for a cycle of technology investment, product iteration, global expansion, and profit generation [1]

Economic Overview - Hangzhou's economy showed a stable and progressive trend from January to October 2025, driven by continuous policy incentives and significant improvements in new productive forces [1][6] Industrial Growth - The industrial economy in Hangzhou performed well, with a total industrial added value of 378.7 billion yuan, representing a year-on-year growth of 6.2% [2] - Key industries such as automobile manufacturing, computer communication, and electrical machinery saw substantial growth rates of 34.7%, 13.3%, and 5.2% respectively [2] - Emerging industries played a leading role, with high-tech industries, strategic emerging industries, and equipment manufacturing all growing by 7.3%, 9.1%, and 9.1% respectively, outpacing the overall industrial growth [2] - The digital economy's core manufacturing sector experienced a remarkable growth of 10.5% [2] - Production of industrial robots, 3D printing equipment, and new energy vehicles surged by 26.0%, 28.9%, and 293.4% respectively [2] Service Sector Performance - The service sector continued to recover, becoming the main engine of economic growth, with total revenue reaching 1,672.4 billion yuan, a year-on-year increase of 9.4% [3] - Key sectors such as information transmission, software, and IT services saw revenue growth of 14.2%, while scientific research and technical services grew by 7.9% [3] - Emerging service industries, including digital economy core services and high-tech services, reported revenue growth of 13.8% and 13.3%, respectively, indicating strong momentum for high-quality development [3] Consumer Market Trends - The retail sales of consumer goods reached 773.7 billion yuan, with a year-on-year growth of 4.8%, reflecting a significant upgrade in consumption structure [4] - Retail sales of household appliances and audio-visual equipment surged by 50.8%, while communication equipment sales increased by 37.1% [4] - New energy vehicle sales grew by 11.2%, and basic living consumption, including grain and food, also saw an increase of 11.2% [4] - Smart consumer products like smartphones and wearable devices experienced rapid growth, with sales increasing by 44.5% and 91.2% respectively [4] Investment and Trade - Fixed asset investment structure continued to optimize, with industrial investment growing by 7.3%, particularly in automobile manufacturing and general equipment manufacturing, which saw increases of 39.5% and 21.2% respectively [5] - Infrastructure investment also showed significant growth of 16.2% [5] - Total import and export value reached 743.6 billion yuan, with a year-on-year increase of 5.7%, highlighting resilience in foreign trade [5] - Exports of mechanical and electrical products and high-tech products were strong, amounting to 254.9 billion yuan and 81.7 billion yuan respectively [5] - Exports to countries involved in the Belt and Road Initiative reached 261.4 billion yuan, growing by 14.2%, which is higher than the overall export growth rate [5]

Core Viewpoint - The appointment of Wang Xiaoling as the new executive vice president of Changan Mazda signifies a critical turning point for the brand, which is struggling with declining sales and falling behind in electrification efforts [1][7]. Group 1: Sales Performance - Changan Mazda's sales have plummeted from 132,400 units in 2021 to 75,700 units in 2024, nearly halving [2]. - The downward trend continued into early 2025, with a year-on-year decline of 20.97% in January and February [2]. - In October 2023, Mazda's sales in China reached 11,376 units, a month-on-month increase of 52%, largely driven by the low price of the EZ-60 model [11][12]. Group 2: Market Challenges - The brand has failed to keep pace with the rapid advancement of electric vehicles in China, with competitors like BYD and new entrants dominating the market [5]. - Changan Mazda's product lineup remains heavily focused on traditional fuel vehicles, leading to a disconnect with current consumer preferences for electric and intelligent vehicles [5][6]. - Quality issues have also plagued the brand, with over 270 complaints reported in the past six months, affecting its reputation [6]. Group 3: Leadership and Strategy - Wang Xiaoling's appointment comes at a crucial time, as she is expected to lead the brand's transition towards electrification and differentiate its offerings in the Chinese market [7][10]. - Her background in product planning within the Changan system positions her well to align Mazda's global technology with local market needs [8]. - The brand aims to establish itself as a key player in the electric vehicle segment, with plans to accelerate the development and launch of new energy products [10].

Core Viewpoint - Daiwa has raised the target price for Great Wall Motors (601633)(02333) from HKD 19 to HKD 22, maintaining a "Buy" rating [1] Financial Performance - In Q3, Great Wall Motors reported revenue of RMB 61.2 billion, representing a year-on-year increase of 20.5% and a quarter-on-quarter increase of 17% [1] - Net profit for Q3 was RMB 2.3 billion, showing a year-on-year decline of 31% and a quarter-on-quarter decline of 50% [1] - For the first three quarters, total revenue reached RMB 153.6 billion, an 8% year-on-year growth, while net profit was RMB 8.6 billion, down 17% year-on-year [1] Cost and Investment Analysis - The increase in sales and R&D expenses by 55.5% and 7% respectively is attributed to the accelerated development of direct-to-consumer (DTC) channels and new model launches [1] - Increased spending on brand promotion and advertising has also compressed overall gross margins [1] Future Projections - Due to profit pressures in Q3, the revenue forecast for 2025 has been reduced by 11%, and the net profit forecast has been lowered by 7% [1] - However, projections for net profit in 2026 have been increased by 5% due to anticipated growth from new models and overseas expansion [1] - Expected sales volume from 2025 to 2027 is projected to reach between 1.36 million and 1.64 million units, reflecting a growth rate of 9% to 11% [1] - Anticipated revenue growth during this period is expected to be driven by increased production capacity in Brazil and the new model cycle [1]

Core Insights - Chengdu's industrial added value increased by 7.5% year-on-year from January to September this year [1] Industry Performance - Out of 37 major industrial sectors in Chengdu, 24 sectors achieved positive growth, with 11 sectors maintaining double-digit growth [1] - The top ten industries contributed 5.8 percentage points to the overall industrial growth [1] - The three fastest-growing sectors were general equipment manufacturing (28.5%), automobile manufacturing (20.2%), and computer communication and other electronic equipment manufacturing (14.1%) [1] High-tech Manufacturing - High-tech manufacturing in Chengdu saw an added value growth of 11.2% year-on-year [1] - The electronic and communication equipment manufacturing sector grew by 29.8%, while the aerospace equipment manufacturing sector grew by 29.2% [1] Advanced Manufacturing - The five major advanced manufacturing sectors experienced an added value growth of 8.9% year-on-year [1] - The equipment manufacturing industry and electronic information industry grew by 17.0% and 12.9%, respectively [1] Emerging Products - Emerging products showed significant growth, with solar cells increasing by 247.1%, new energy vehicles by 238.0%, smartwatches by 54.4%, and industrial robots by 39.0% [1]

Core Viewpoint - The strategic cooperation between Geely and Renault Group is accelerating, with the establishment of the Renault-Geely Brazil company aimed at enhancing global collaboration and expanding into the Latin American market [2][4]. Investment and Market Expansion - The Renault-Geely Brazil company will invest 3.8 billion Brazilian Reais (approximately 5.1 billion RMB) to promote the implementation of new energy technology platforms and models in Brazil, significantly improving the industrial park's capacity utilization [4]. - Geely's acquisition of 26.4% of Renault Brazil's shares allows it to share production capacity and market networks, facilitating faster expansion in the Latin American automotive market [5]. Market Potential and Challenges - Brazil is the largest and most promising automotive market in Latin America, with total sales expected to reach approximately 2.486 million vehicles in 2024, a year-on-year increase of 14% [7]. - The Brazilian automotive market faces structural challenges such as high taxes and income-to-price ratios, with the government planning to gradually restore electric vehicle import taxes to 35% by 2026 [7]. Local Production and Technological Development - Geely and Renault plan to localize the production of two new models based on Geely's GEA new energy architecture, with a launch scheduled for the second half of 2026 [8]. - The GEA platform is a core component of the cooperation, aimed at enhancing Brazil's capabilities in new energy and intelligent manufacturing [8]. Employment and Economic Contribution - The partnership is expected to create more manufacturing, engineering, service, and operational jobs in Brazil, contributing to local talent development and skills enhancement [13]. - Geely aims to increase the localization rate to 45%, promoting supply chain expansion and industrial ecosystem development in Brazil [13]. Global Business Strategy - Geely's global strategy emphasizes local empowerment and sustainable cooperation, with a focus on building a new paradigm for the Brazilian new energy industry [12][14]. - The collaboration with Renault is seen as a significant milestone in Geely's systematic advancement of its global business layout [12].