Core Insights - The article discusses the transformation of SAIC-GM-Wuling in the era of new energy vehicles, emphasizing the importance of intelligent manufacturing and technological innovation in redefining production relationships and enhancing competitiveness [1][3]. Group 1: Company Overview - SAIC-GM-Wuling was established in 2002, evolving from a local state-owned enterprise to a modern company through strategic investments [3]. - As of August 2023, the cumulative sales of SAIC-GM-Wuling exceeded 1 million vehicles, with a year-on-year growth of 15%, and over 56% of these being new energy vehicles, surpassing the industry average [3][4]. Group 2: Technological Innovation - The company has been investing in new energy vehicles since a decade ago, collaborating with various academicians to achieve significant technological advancements [4]. - The "125" project aims to establish a comprehensive development framework for new energy vehicles, including one laboratory, two product groups of one million units each, and five hundred billion yuan industry clusters [4]. Group 3: Manufacturing Strategy - SAIC-GM-Wuling has pioneered an intelligent island-style manufacturing system, which allows for flexible production lines that can adapt to various vehicle models, significantly reducing costs and improving efficiency [5]. - The company emphasizes a collaborative approach with partners like Huawei, DJI, and CATL, focusing on co-creation rather than traditional buyer-supplier relationships [5][6]. Group 4: Export Strategy - The company ranks seventh among domestic brands in overseas market scale, with a target of exporting 500,000 vehicles annually [7][8]. - SAIC-GM-Wuling has established a manufacturing base in Indonesia, which has become profitable and serves as a key hub for expanding into Southeast Asian markets [8][9]. Group 5: Product Development - The upcoming Starry 730 model will feature a flexible chassis with options for fuel, pure electric, and hybrid power, catering to diverse customer needs [9][10]. - The company is also focusing on series production to balance traditional market demands with the transition to new energy vehicles [10]. Group 6: Corporate Social Responsibility - SAIC-GM-Wuling has initiated the "Benevolence Fund" to improve rural healthcare services, with a cumulative donation of 125.8 million yuan by 2025, benefiting over 10 million people [11]. - The company has engaged in various social initiatives, enhancing its corporate image and societal impact [11].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the 21st week of 2025 (from May 19th to May 25th), the domestic passenger car retail sales reached 394,000 units, a year - on - year increase of 10.6%; new energy passenger car retail sales were 220,000 units, a year - on - year increase of 19.7%. The new energy penetration rate was 55.9%, up 4.3 percentage points from the same period last year and down 0.4 percentage points from the previous week. Since the beginning of this year, cumulative passenger car retail sales were 8.1 million units, a year - on - year increase of 4.8%; cumulative new energy passenger car retail sales were 4.008 million units, a year - on - year increase of 30.4%, with a cumulative new energy penetration rate of 49.5% [1][12]. - The demand in the new energy vehicle market is clearly differentiated. Leading brands have consolidated their leading positions through product advantages and market strategies. New brands like Xiaomi have brought new variables, and traditional automakers such as Chang'an and Chery have achieved remarkable new energy sales [2][22]. 3. Summary by Relevant Catalogs 3.1 Passenger Car Market Weekly Overview - **Overall Sales**: In the 21st week of 2025, domestic passenger car retail sales were 394,000 units (up 10.6% year - on - year), and new energy passenger car retail sales were 220,000 units (up 19.7% year - on - year). The new energy penetration rate was 55.9% [1][12]. - **By Power Type**: In passenger cars, traditional fuel, hybrid, and new energy vehicles sold 157,000, 17,000, and 220,000 units respectively, with year - on - year changes of - 0.8%, 17.7%, and 19.7%, accounting for 39.8%, 4.4%, and 55.9% of passenger cars. In new energy passenger cars, pure - electric, plug - in hybrid, and extended - range vehicles sold 133,000, 59,000, and 28,000 units respectively, with year - on - year changes of 17.1%, 15.6%, and 46.4%, accounting for 60.5%, 27.0%, and 12.5% [17]. - **By Production Attribute**: In passenger cars, domestic and joint - venture brands sold 257,000 and 137,000 units respectively, with year - on - year changes of 20.6% and - 4.4%, accounting for 65.3% and 34.8%. In new energy passenger cars, domestic and joint - venture brands sold 197,000 and 23,000 units respectively, with year - on - year changes of 24.0% and - 8.1%, accounting for 89.6% and 10.4% [17]. 3.2 Key New Energy Automakers' Sales Analysis 3.2.1 BYD - **Weekly Sales**: 59,000 units, with BYD brand selling 53,000 units, Denza and Fangchengbao about 3,000 units each, and Yangwang 37 units [23]. - **Business Strategy**: Stopped producing fuel vehicles in March 2022. Since March this year, it released the super e - platform and launched new models. On May 23rd, it announced price cuts of up to 53,000 yuan for 22 models. The 2025 sales target is 5.5 million units. The sales of pure - electric and plug - in hybrid (including extended - range) models are evenly split [23]. 3.2.2 Geely Auto - **Weekly Sales**: 39,000 units, with 25,000 new energy vehicles (4,000 units from Zeekr). The electrification rate is about 64% [26]. - **Business Strategy**: In 2024, it released the "Taizhou Declaration". In 2025, it announced the acquisition of Zeekr. The 2025 sales target is 2.71 million units, with 2 million for Geely, 320,000 for Zeekr, and 390,000 for Lynk & Co. The new energy vehicle sales target is 1.5 million units [26]. 3.2.3 SAIC - GM - Wuling - **Weekly Sales**: 14,000 units, with 12,000 new energy vehicles. The electrification rate is about 87% [34]. - **Business Strategy**: This year, Wuling Hongguang launched an extended - range model, and Baojun launched the "Baojun Xiangjing" with plug - in hybrid and pure - electric options, but pure - electric models dominate sales [34]. 3.2.4 Chang'an Auto - **Weekly Sales**: 20,000 units, with 12,000 new energy vehicles. The electrification rate is about 58%. Its new energy brands Shenlan and Qiyuan each sold about 4,000 units, and Avatr sold over 2,000 units [39]. 3.2.5 Chery Auto - **Weekly Sales**: 20,000 units, with 7,000 new energy vehicles. The electrification rate is about 37%. Its new energy brands iCAR, Chery New Energy, and Zhijie each sold over 1,000 units [47]. 3.2.6 Tesla - **Weekly Sales**: 11,000 units in China, with Model 3 and Model Y selling over 3,000 and over 7,000 units respectively. Sales have strong seasonal fluctuations, with a significant week - on - week increase but little year - on - year growth [53]. - **Business Strategy**: This year, Tesla launched multiple promotions, including a "record - breaking discount package" for Model 3 after the Spring Festival and new offers in April [53]. 3.2.7 New - Force Automakers - **Sales**: Li Auto sold about 10,000 units, Wenjie 9,000 units, Leapmotor, Xiaomi, and NIO 7,000 units each, XPeng 6,000 units, and Aion 5,000 units. Most of Li Auto's sales are from the L series. Wenjie's sales have increased significantly, with the M8 launched and delivered recently [57].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the 18th week of 2025 (April 28 - May 4), the retail sales of passenger cars reached 420,000, a year - on - year increase of 17.6%. The retail sales of new energy passenger cars were 203,000, a year - on - year increase of 38.4%. The new energy penetration rate was 48.4%, up 7.2 percentage points from the same period last year and down 4.6 percentage points from the previous week. Since the beginning of this year, the cumulative retail sales of passenger cars have been 6.874 million, a year - on - year increase of 4.0%, and the cumulative retail sales of new energy passenger cars have been 3.347 million, a year - on - year increase of 32.5%. The cumulative new energy penetration rate is 48.7% [2][13]. - The demand in the new energy vehicle market is clearly differentiated. Leading brands have consolidated their leading positions, but the market pattern is not fixed. New brands have brought new variables, and traditional car companies are achieving excellent performance in new energy sales [3][23]. 3. Summary According to the Catalog 3.1 Passenger Car Market Weekly Overview - **Overall Sales and Penetration Rate**: In the 18th week of 2025, the retail sales of passenger cars were 420,000, a year - on - year increase of 17.6%. The retail sales of new energy passenger cars were 203,000, a year - on - year increase of 38.4%. The new energy penetration rate was 48.4%, up 7.2 percentage points from the same period last year and down 4.6 percentage points from the previous week. Since the beginning of this year, the cumulative retail sales of passenger cars have been 6.874 million, a year - on - year increase of 4.0%, and the cumulative retail sales of new energy passenger cars have been 3.347 million, a year - on - year increase of 32.5%. The cumulative new energy penetration rate is 48.7% [2][13]. - **Sales by Power Type**: Among passenger cars, traditional fuel, hybrid, and new energy vehicles sold 196,000, 20,000, and 203,000 respectively, with year - on - year growth rates of 0.6%, 34.5%, and 38.4% respectively, accounting for 46.8%, 4.8%, and 48.4% of passenger cars. Among new energy passenger cars, pure - electric, plug - in hybrid, and extended - range vehicles sold 115,000, 64,000, and 25,000 respectively, with year - on - year growth rates of 34.0%, 31.7%, and 92.5% respectively, accounting for 56.5%, 31.3%, and 12.2% of new energy passenger cars [18]. - **Sales by Production Attribute**: Among passenger cars, self - owned and joint - venture brands sold 264,000 and 156,000 respectively, with year - on - year growth rates of 31.6% and - 0.4% respectively, accounting for 62.9% and 37.1% of passenger cars. Among new energy passenger cars, self - owned and joint - venture brands sold 187,000 and 17,000 respectively, with year - on - year growth rates of 47.3% and - 18.0% respectively, accounting for 91.9% and 8.1% of new energy passenger cars [18]. 3.2 Key New Energy Vehicle Manufacturers' Sales Analysis 3.2.1 BYD - Weekly sales were 65,000, with BYD brand selling 62,000, and Denza, Fangchengbao, and Yangwang brands selling 3,000, 2,000, and 19 respectively. Since March 2022, BYD has stopped the production of fuel vehicles and focused on new energy vehicles. Since March this year, it has released the super e - platform and launched new cars such as Denza N9, Yangwang U7, and Fangchengbao Titanium 3 [24]. 3.2.2 Geely Automobile - Weekly sales were 40,000, with 22,000 being new energy vehicles (3,000 from the ZEEKR brand), and the electrification rate reached about 55%. In 2024, the company released the "Taizhou Declaration". The Geometry brand was incorporated into the Galaxy brand. Recently, Geely acquired ZEEKR. The 2025 sales target is 2.71 million, with Geely, ZEEKR, and Lynk & Co brands targeting 2 million, 320,000, and 390,000 respectively, and the new energy vehicle sales target is 1.5 million [27]. 3.2.3 SAIC - GM - Wuling - The overall weekly sales of passenger cars were 14,000, with 12,000 being new energy vehicles, and the electrification rate was about 86%. Recently, Wuling Hongguang launched an extended - range version, and Baojun launched the "Baojun Xiangjing" with plug - in hybrid and pure - electric options, but pure - electric models still dominate in sales [35]. 3.2.4 Changan Automobile - The overall weekly sales of passenger cars were 24,000, with 11,000 being new energy vehicles, and the electrification rate was about 47%. Its new energy brands Shenlan and Qiyuan sold more than 4,000 and 3,000 respectively. In addition, Avita, a joint venture with Huawei and CATL, sold about 2,000 [40]. 3.2.5 Chery Automobile - The overall weekly sales of passenger cars were 24,000, with 7,000 being new energy vehicles, and the electrification rate was about 30%. Its new energy brands iCAR, Chery New Energy, and Zhijie (a brand under Hongmeng Zhixing) each sold about 1,000 [48]. 3.2.6 Tesla - The sales of Tesla (China) in that week were 7,324. Model 3 sold 1,987 and Model Y sold 5,337. This year, Tesla has launched multiple promotions, such as the "biggest discount package ever" for Model 3 after the Spring Festival and new promotions in April [54]. 3.2.7 New - Force Car Manufacturers - Li Auto sold 11,000, mostly L - series models. Wenjie sold about 7,000, with a significant month - on - month increase. The new car M8 was launched on April 16 and started delivery on April 20. Leapmotor, Xiaomi, and XPeng each sold about 6,000, NIO sold about 5,000, and Aion sold about 4,000 [56][57].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [19]. Core Insights - The report highlights the launch of new electric vehicle models, including the Xiaopeng X9 and the Denza N9, which are positioned to enhance market competition in the electric vehicle sector [6]. - The report emphasizes the importance of power batteries in electric vehicles, suggesting a focus on companies involved in battery production and related materials [6]. - The report provides detailed specifications of new vehicle models, including pricing, power output, and range, showcasing advancements in technology and design [6]. Industry Overview - The industry consists of 299 listed companies with a total market capitalization of approximately 46,881.73 billion and a circulating market value of about 41,202.87 billion [2]. - The absolute performance of the industry over the past 12 months shows a growth of 3.9%, while the relative performance indicates a decline of 3.0% compared to the benchmark index [3]. Recent Developments - The Ministry of Industry and Information Technology announced the public disclosure of new energy vehicle models, with 218 enterprises submitting 578 models for approval, including 498 pure electric models [6]. - Xiaopeng X9 is priced between 359,800 to 419,800 yuan, featuring a maximum range of 740 kilometers with a 105 kWh battery [6]. - Denza N9 offers a comprehensive range of 1302 kilometers and includes advanced driving assistance features [6]. - Wuling Hongguang has introduced a range-extended version, providing options for fuel, range-extended, and pure electric powertrains [6].