Core Insights - The 2025 China Mobile Global Partner Conference highlights Huawei's focus on creating a smart ecosystem through its HarmonyOS, emphasizing the integration of various devices for a seamless user experience [1][14] - Huawei's exhibition showcases significant advancements in smart office solutions, health management, and vehicle connectivity, demonstrating the capabilities of its HarmonyOS in enhancing productivity and user interaction [3][14] Smart Office Solutions - The collaboration between HUAWEI Mate XTs and MateBook Fold showcases the seamless connectivity enabled by HarmonyOS, allowing users to transition between devices effortlessly for tasks like document editing and email management [2][5] - The demonstration of multi-device collaboration illustrates a new paradigm in office efficiency, significantly reducing the cost of switching between devices [5] Health Management - The HUAWEI Watch GT 6 series exemplifies the integration of wearable technology with mobile devices, providing real-time health data synchronization and personalized reports through HarmonyOS [6][8] - The health management system creates a closed-loop experience, where data flows securely between devices, enhancing user safety and health monitoring [8] Vehicle Connectivity - The HarmonyOS-powered vehicle systems, such as those in the HUAWEI Enjoy S9T and Zhijie R7, facilitate a comprehensive connection between users, vehicles, and home devices, enhancing the overall user experience [9] - Features like automatic navigation transfer and real-time health monitoring during driving highlight the advanced capabilities of Huawei's ecosystem in ensuring user safety and convenience [9] Ecosystem Development - Huawei's HarmonyOS has achieved compatibility with over 7,700 products, showcasing its rapid growth and integration across various industries, including finance, education, and consumer electronics [11] - The open-source nature of HarmonyOS has led to the development of over 1,300 hardware and software products, indicating a robust and expanding ecosystem [11]

今年9月的车市，热闹得不太寻常。翻开9月的新车日历，各大车企像是约好了一般把最重要的产品都押注在了这个月。刷刷朋友圈，隔三差五就是某个品 牌的新车发布会，翻翻汽车媒体的推送，几乎每周都有"重磅上市"的标题。 9月新车多，原本不是什么新鲜事，但今年确实有点格外疯狂了：方程豹钛7上旬上市，上市5天交付破千台；极狐T1身居纯电小车市场，上市1小时大定 破2.6万；享界S9T以鸿蒙智行首款旅行车上市，后面跟着全新问界M7和被寄予厚望的尚界H5；奥迪E5 Sportback、领克10 EM-P、腾势N9、极氪9X也都 陆续上市。 在Q4到来前，各大车企仿佛听到了同一个发令枪响，把所有筹码都压在了这个起跑线上。这背后有着多方面的原因，即将到期的政策窗口是一方面，年 度KPI的不断催促也不可忽视，所有车企都陷入了一场抢时间的豪赌，中国车市的红火和压力肉眼可见。 倒计时：购置税减免的最后百天 让今年9月与众不同的，首先是一个明确的截止日期：今年年底新能源汽车购置税减免政策就将到期，明年1月1日开始改为"减半征收"，每辆减税额不超 过1.5万元，优惠力度有所退坡。对一台30万的新能源车来说，购置税减免就是近3万的实打实优惠。这 ...

CNMO注意到，全新问界M7增程版本的选购比例远超纯电版。其增程版搭载1.5T增程器，最大功率118 千瓦，提供两驱和四驱两种版本可选，CLTC综合续航达1600km。纯电版车型同样提供两驱版和四驱版 可选，标配100千瓦时电池组，CLTC纯电续航超700km。 除了第40周的销量数据外，鸿蒙智行在国庆假期期间的市场表现同样可圈可点。10月1日至8日，鸿蒙智 行全系车型累计大定订单成功突破4.85万辆，日均订单量超过6000辆，展现出强劲的市场需求。 具体到各车型，全新问界M7成为当之无愧的销量担当，假期期间大定数量突破1.5万辆，占总订单比例 超过31%，充分彰显了消费者对该车型的认可。问界M8也表现出色，获得8934辆大定订单，占比超过 23%。问界M9和享界S9T分别收获3933辆和3810辆订单。 （来源：CNMO科技） 【CNMO科技消息】10月11日，有汽车博主曝光了鸿蒙智行车型在第40周（仅2个工作日）的销量数 据。 从博主发布的数据来看，鸿蒙智行旗下各车型表现各有亮点。全新问界M7在第40周的销量达到1800 辆，问界M8销量为3300辆，问界M9销量为1600辆。在动力类型方面，这三款车型的 ...

（来源：研报虎） 拟发布智能辅助驾驶国标，预计华为智驾合作车型销量市场份额将继续提升。9月17日，工信部正式就 《智能网联汽车组合驾驶辅助系统安全要求》强制性国家标准公开征求意见，拟于2027年1月1日实施， 主要起草单位包括中国汽车技术研究中心、华为等。此次强制性国标对L2级辅助驾驶的功能边界、能 力阈值、产品设计等方面提出安全要求，将为L2级辅助驾驶设立更为严厉的准入门槛。我们认为华为 智驾能力在国内处于第一梯队，领先的智驾能力是尊界、问界等高端品牌能够抢占传统高端车型市场份 额的重要因素之一，预计搭载华为辅助驾驶系统的车型将大概率能够满足强制性国标要求，未来华为智 驾合作车企销量市场份额将继续提升。 投资建议与投资标的 随着多款新车陆续上市、智能辅助驾驶国标落地在即，预计鸿蒙智行车型销量及市占份额将有望进一步 提升，建议关注鸿蒙智行整车及产业链相关公司。鸿蒙智行整车相关标的：上汽集团(600104，买入)、 江淮汽车(600418，未评级)、赛力斯(601127，未评级)；零部件相关标的：银轮股份(002126，买入)、新 泉股份(603179，买入)、博俊科技(300926，买入)、精锻科技(3002 ...

长沙晚报掌上长沙10月6日讯（全媒体记者 曹开阳）长达8天的国庆、中秋双节不仅为广大市民提供了大把休闲时 光，也让很多平时忙于工作的消费者终于有充足的时间来挑选自己的爱车。10月6日，双节即将进入尾声，长沙车 市也奠定了金秋十月丰收的基调。 "目前来看，我们在双节期间整体销售及集客情况均高于9月份的日均，能明显感觉到销售还是有一定热度的。"湖 南华洋汽车集团销售运营负责人蔡金香告诉记者，华洋集团经营的各个品牌均在双节期间推出了非常有力度的政 策，比如一汽奥迪推出了3000万用户感恩礼，一汽奥迪私家车主、到店用户免费抽取新车至高365天使用权的活 动，全新A5L、Q6L e-tron 车型连送30+台；一汽大众也推出了购新车可有机会抽取免购置税及送新车1年免费使 用权的活动。"集团所有各品牌4S店都做了双节同庆，购车有礼活动，从进店、订车、金融、置换各个层面都有极 具吸引力的优惠政策。" 时有外地消费者来长选购新车 "双节期间蔚来在长沙乃至湖南全省的销售情况很好，在全新ES8加持下，实际销售和订单相比上月月初和去年同 期都有了明显提升。"蔚来汽车湖南区销售负责人陈达告诉记者，新车效应功不可没，卖得最好的当然就是 ...

Industry Insights - The global storage chip prices have been continuously rising over the past six months, with a significant increase in the last month, leading to many manufacturers' stock prices reaching historical highs. Morgan Stanley predicts a "super cycle" for the storage chip industry driven by the AI boom [3] - The number of music festivals remains high, with over 60 events held in the first three days of the National Day holiday, generating ticket sales exceeding 220 million yuan. However, ticket prices are declining, with a 20% year-on-year decrease in the proportion of festivals priced between 501-800 yuan [3] Real Estate Dynamics - In September, real estate companies accelerated their sales strategies, resulting in a significant increase in new housing supply in Beijing, with over 4,600 units approved for sale, marking a monthly high for the past year. Despite a rise in transaction volume, the market is still characterized by a "price for volume" strategy [6] - In Shenzhen, the total number of new and second-hand residential transactions in September reached 7,633 units, a month-on-month increase of 20.7% and a year-on-year increase of 38.3%. The first-hand residential transactions accounted for 3,087 units, with a month-on-month increase of 43.5% [6] Stock Market Overview - The A-share market saw a strong performance in September and the third quarter, with the ChiNext index rising over 50% in the third quarter. The total trading volume in September reached approximately 3.3 trillion shares, marking the second-highest monthly volume in history [7] - The total scale of domestic ETFs has reached about 5.5 trillion yuan, surpassing Japan and making it the largest ETF market in Asia, with over 760 products available [7] Wealth Focus - Since October 1, gold prices have been rising, but jewelers are cautious about stockpiling gold due to the risk of price drops. They are adopting a strategy of buying back gold only as they sell it [8] - Financial institutions are launching special interest subsidy channels for large consumer loans, such as for automobiles, to stimulate holiday consumption [8] Company News - Hongmeng Zhixing reported a total of 18,500 pre-orders for its vehicles during the first three days of the National Day holiday, with the Aito M7 model accounting for 5,800 pre-orders [11] - Fujitsu is expanding its strategic partnership with NVIDIA to develop an integrated AI infrastructure, focusing on industry-specific AI platforms for healthcare, manufacturing, and robotics [11]

Group 1: Industry Overview - The domestic new energy vehicle market experienced significant growth in September, with most brands achieving both year-on-year and month-on-month increases in delivery volumes [1][2][3] - The "Golden September and Silver October" period is traditionally a peak season for the automotive market, supported by government policies for vehicle scrappage and trade-in incentives [1][5] - The implementation of more targeted and precise scrappage policies is expected to positively impact market expectations [1][5] Group 2: Company Performance - Leap Motor achieved a record delivery of 66,657 vehicles in September, a 97% year-on-year increase, with a total of 395,500 vehicles delivered in the first nine months of the year [2] - Hongmeng Zhixing delivered 52,916 vehicles in September, becoming the second-largest seller, with strong performance from models like the AITO Wenjie [2] - Xiaopeng Motors delivered 41,581 vehicles in September, a 95% increase year-on-year, with plans to expand into the range-extended electric vehicle market [3] - NIO delivered 34,749 vehicles in September, a 64% year-on-year increase, with cumulative sales reaching 201,200 vehicles in the first nine months [3] - Ideal Auto reported a September delivery of 33,951 vehicles, a 36.8% year-on-year decline, but showed signs of recovery month-on-month [3] - Xiaomi Auto's delivery exceeded 40,000 vehicles in September, marking a historical high, with a backlog of orders indicating strong demand [4] Group 3: Policy Impact - As of September 10, 8.3 million applications for the vehicle trade-in program were submitted, indicating strong consumer interest [5] - The adjustment of trade-in policies reflects a shift from broad subsidies to more targeted support for specific groups, enhancing the efficiency of subsidy funds [5][6] - The retail market for narrow passenger vehicles in September is expected to reach approximately 2.15 million units, with a 6.5% month-on-month increase and a 2.0% year-on-year increase [6]

Core Viewpoint - The article discusses the potential resurgence of station wagons in the Chinese automotive market, particularly with the launch of the Enjoy S9T, which is positioned as a "beautiful travel car" and supported by industry leaders, indicating a possible structural shift in consumer preferences towards this vehicle type [4][19]. Group 1: Historical Context of Station Wagons in China - Station wagons, known as "Wagon" in China, have struggled to gain popularity, often labeled as niche vehicles despite their practical design that combines sedan handling with SUV space [6][10]. - Early models like the Peugeot 505 SW8 and the Santana wagon introduced the concept of station wagons to Chinese consumers, but they were often viewed as utilitarian rather than lifestyle vehicles [8][10]. - The rise of SUVs in the 2000s overshadowed station wagons, as consumers preferred the rugged appeal and higher seating position of SUVs, leading to a decline in the popularity of wagons [13][17]. Group 2: Current Market Dynamics and Consumer Preferences - The Enjoy S9T has seen significant pre-order success, with over 15,000 units reserved shortly after its launch, suggesting a growing acceptance of station wagons in the current market [19][28]. - Changing consumer lifestyles in China, including a desire for versatile vehicles for weekend trips and outdoor activities, align well with the attributes of station wagons, which offer a balance of comfort and cargo space [21][24]. - The shift in purchasing demographics towards younger consumers, who prioritize individuality over traditional sedan designs, may further enhance the appeal of station wagons [21][30]. Group 3: Technological Advancements and Competitive Strategies - The advent of electric and hybrid platforms provides station wagons with design flexibility and space advantages that were previously unattainable, allowing for more appealing aesthetics and functionality [22][24]. - Domestic manufacturers are leveraging advanced technologies and competitive pricing strategies to position new electric station wagons favorably against traditional SUVs, which may help to redefine consumer perceptions [24][28]. - The success of models like the NIO ET5T, which has outsold its sedan counterpart, indicates a potential market shift where station wagons could capture a more significant share of consumer interest [28][30]. Group 4: Future Outlook - The article suggests that while station wagons may not dominate the market like SUVs, they are likely to establish a stable niche with dedicated consumers, especially as the automotive landscape evolves [31][30]. - The combination of changing consumer preferences, technological advancements, and strategic marketing could lead to a resurgence of station wagons in the Chinese market, marking a significant shift from their historical status as niche vehicles [30][31].

智界R7依托华为途灵平台，以1673km超长续航与星闪技术加持的设备互联能力，重新定义纯电动轿跑智能化地位； 据介绍，鸿蒙智行青岛黑龙江路坐落于城阳区黑龙江中路核心商圈，紧邻汽车贸易产业聚集带，地理位置优越且交通便捷。门店总建筑面积达1.8万平方 米，是江北地区最大的鸿蒙智行授权用户中心，真正实现"购车—交付—售后—补能"一站式闭环服务。 开业现场，鸿蒙智行"四界"品牌矩阵中的明星车型悉数亮相，引发嘉宾与市民的热烈关注。其中，尚界品牌首款车型尚界H5现已上市。重新定义B级SUV 新标准。新车定位"智慧精品SUV"，以华为乾崑智驾ADS4、鸿蒙座舱、1360km超长续航[]三大核心优势，打造远超同级的全能产品力，为年轻家庭提供 一步到位的智能出行解决方案。 享界S9T是鸿蒙智行旗下首款智能豪华旅行车，提供增程/纯电双动力版本，搭载华为ADS4智能驾驶系统，综合续航最高达1305公里。配合800V高压平台 与鸿蒙智能座舱，大五座布局，亮阔的膝部和腿部空间，打造兼顾效率与舒适的移动生活空间； 齐鲁晚报.齐鲁壹点李自强 10月1日，正值国庆佳节之际，鸿蒙智行授权用户中心.青岛黑龙江路在青岛市城阳区盛大开业。据了解，该 ...

Investment Rating - The report rates the automotive industry as "Positive" [4] Core Insights - The adjustment of the vehicle replacement policy will slightly weaken demand, but the reduction in vehicle purchase tax will promote early purchases, leading to a competitive demand scenario in Q4. As of September 10, 2025, the number of applications for vehicle replacement reached 8.3 million, indicating a significant policy-driven effect. Despite the adjustments in the replacement policy, the pressure from the tax reduction is expected to encourage consumers to purchase new energy vehicles earlier. The report forecasts that China's new energy vehicle sales will reach 16.25 million units in 2025, representing a year-on-year growth of approximately 26% [2][18]. Monthly Focus - The adjustment of the vehicle replacement policy has increased application difficulty. Since June, applications for vehicle replacement have been suspended due to the exhaustion of funds, but recent funding has led to adjustments in the policy across various regions. The adjustments mainly include changes in application methods and subsidy standards, with some regions reducing the subsidy amount per vehicle [14][15]. - There is a significant funding gap for Q4, as the distribution of funds does not account for seasonal consumption patterns. The central government will allocate 69 billion yuan for Q4, which is the same as Q3, but the demand for vehicle consumption is typically stronger in the second half of the year, leading to an amplified funding gap for Q4 [16][17]. Key Data Tracking - In August, the sales of new energy vehicles in China reached 1.4 million units, a year-on-year increase of 27%. The penetration rate for new energy vehicles was 49%, remaining stable compared to the previous month. However, the sales of plug-in hybrid vehicles (PHEVs) experienced a decline for two consecutive months, primarily due to pressure on sales from major manufacturers [20][28]. - The report highlights that commercial vehicles and exports continue to maintain high growth rates, with new energy commercial vehicle sales in August reaching 70,000 units, a year-on-year increase of 52% [34][35]. - The report also notes that the export of new energy vehicles has been robust, with August exports reaching 224,000 units, a year-on-year increase of 104% [46][48]. Industry and Company Changes - The report indicates progress in the overseas production capacity of automotive companies, with several manufacturers establishing production bases in regions like Brazil and Austria. Additionally, companies like Chery and HeSai have listed on the Hong Kong stock exchange, while Dongfeng Group plans to privatize and spin off its Lantu brand to maintain its listing status [3][45].