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].

Investment Rating - The report maintains a positive outlook on the automotive sector, suggesting an increase in allocation towards automotive dividend style configurations in the second half of 2025 [4]. Core Insights - The automotive industry is at a crossroads, with the end of the electric vehicle (EV) dividend phase and the dawn of automotive intelligence. The report suggests that structural opportunities may arise similar to previous transitions in 2011 and 2018 [4]. - The report emphasizes the importance of domestic consumption expansion and quality improvement in the automotive sector, as outlined in the "Automotive Industry Stabilization and Growth Work Plan (2025-2026)" issued by eight government departments [51]. - The report forecasts a total vehicle sales target of approximately 32.3 million units for 2025, with a year-on-year growth of about 3%, and expects new energy vehicle sales to reach around 15.5 million units, growing by approximately 20% [51][52]. Summary by Sections Weekly Review - In the first week of September, the total number of compulsory insurance for passenger vehicles was 360,000 units, reflecting a week-on-week decrease of 30.0% [50]. - The report highlights the performance of various segments, with commercial trucks showing the best performance at +4.2%, while passenger vehicles declined by -1.8% [3]. Market Performance - The automotive sector ranked 15th in A-shares and 21st in Hong Kong stocks for the week, indicating a relatively average performance compared to other sectors [8][10]. - The report notes that the overall price-to-earnings (P/E) ratio for the automotive sector has decreased, with specific segments like passenger vehicles trading at 0.94 times the P/E of parts [36][43]. Industry Trends - The report identifies key changes in the industry, including new model announcements and strategic partnerships aimed at accelerating the commercialization of autonomous vehicles [3]. - The report anticipates a significant increase in the penetration of L3 and L2+ intelligent driving technologies by 2025, driven by major players like Tesla and Huawei [55][56]. Investment Recommendations - The report recommends focusing on dividend and quality configurations in segments such as buses, heavy trucks, and two-wheelers, as well as selecting stocks in the AI and robotics sectors [4]. - Specific stocks highlighted for potential investment include Yutong Bus, China National Heavy Duty Truck, and various parts manufacturers [4].

Core Viewpoint - The article highlights the recent developments in the electric vehicle (EV) market, focusing on new model launches, technological advancements, and government initiatives aimed at stabilizing and promoting growth in the automotive industry. New Car Launches - The new Zhiji LS6 was launched with a price range of 197,900 to 269,900 yuan, offering both pure electric and range-extended versions with a total of 9 models [3][5] - The Yangwang U8L Ding Shi version was launched at a starting price of 1.28 million yuan, featuring a 6-seat full-size SUV design [22][23] - The Extreme Fox T1 was launched with a price range of 62,800 to 87,800 yuan, positioning it as a pure electric compact car [38][40] - The new Changan Qiyuan A07 was launched with a limited-time price of 129,900 to 149,900 yuan, offering both pure electric and range-extended versions [62][69] - The Wei brand Gaoshan 7 has started pre-sales with a starting price of 289,800 yuan, designed as a mid-to-large 7-seat MPV [72][73] - The Rui Blue Blue Balloon was launched at a limited-time price of 42,900 yuan, targeting the microcar segment [88][89] Technological Advancements - The new Zhiji LS6 features a 27.1-inch 5K MiniLED central dual-screen and a 15.6-inch 3K MiniLED co-driver entertainment screen, along with advanced AIOS 1.0 interaction system [9][19] - The Yangwang U8L Ding Shi version includes a 2.0T range extender with a total power output of 1,200 horsepower, achieving 0-100 km/h in 3.5 seconds [34][37] - The Extreme Fox T1 offers a maximum power of 70/95 kW with a battery capacity of 33.4/42.3 kWh, providing a CLTC range of 320/425 km [47][49] - The new Changan Qiyuan A07 features a 190 kW electric motor with a CLTC range of 730 km for the pure electric version [69][71] - The Wei brand Gaoshan 7 utilizes Hi4 intelligent four-wheel drive technology, with a combined power of 337 kW and a WLTC range of 945 km [85] Industry Developments - The Ministry of Industry and Information Technology and other departments have initiated a three-month campaign to address online irregularities in the automotive industry, aiming to improve the marketing environment [136] - The same ministries have released a "Stabilization Growth Work Plan for the Automotive Industry (2025-2026)," targeting a total vehicle sales volume of approximately 32.3 million units in 2025, with a focus on electric vehicle sales reaching around 15.5 million units [138][140]

导读：长久以来专精纯电领域的小鹏汽车，将从明年开始发力"大电池增程"方案。 （文 / 观察者网 周盛明 编辑 / 高莘） 2025年9月12日，观察者网获悉，长久以来专精纯电领域的小鹏汽车，将从明年开始发力"大电池增 程"方案。 根据工信部最新发布的车辆新产品公示清单，小鹏汽车申报了小鹏X9增程版、小鹏G7增程版两款车 型。 在外观部分，小鹏G7增程版车长相较于纯电车型增加26mm，日间行车灯由分体式变更为贯穿式。 | 产品购标: 小熊腰 | | 产品型号: | NHQ6490SHEVMA 产品名称: | 插电式增程混合动力多用速乘用车 | ■ 企业申报车型公示详情 | | --- | --- | --- | --- | --- | --- | | 变变名称: | 健庆小肌新能源投资有限公司 | 注册地址: | | 广东省管实高新区北江大道18号富民大厦十五楼1507房自编48号 | | | 目景序号: 140 | | 生产地址: | 广东省广州市黄靖区中新广州知识城鹏行环街1号 | | | | 道看原图 | | | 宣看原图 | 道看原图 | | | | | | | 8000 100 1 | | | | | ...

Core Viewpoint - The article highlights the significant achievement of Mercedes-Benz in successfully testing a solid-state battery vehicle, the EQS, which completed a range of 1342 kilometers, setting a new record for electric vehicle range [1][4]. Group 1: Mercedes-Benz Solid-State Battery - The Mercedes-Benz EQS equipped with a solid-state battery has completed a range test, traveling 1205 kilometers from Germany to Sweden, with a remaining range of 137 kilometers, totaling 1342 kilometers [1][4]. - This achievement marks a major breakthrough for solid-state batteries in real-world driving conditions, indicating progress towards mass production [4]. - Mercedes-Benz aims to mass-produce this solid-state battery technology within five years, prompting domestic competitors to accelerate their efforts in this area [4]. Group 2: New Vehicle Registrations - Several new models, including the XPeng G7 extended range version, Lantu Taisan, and Leap Lafa5, have been registered with the Ministry of Industry and Information Technology [3][5]. - The XPeng G7 extended range version features dimensions of 4918/1925/1655 mm and a wheelbase of 2890 mm, with a weight of 2245/2255 kg, showing a length increase of 26 mm compared to the pure electric version [7]. - The Lantu Taisan has dimensions of 5230/2025/1817 mm and a wheelbase of 3120 mm, equipped with a 1.5T hybrid powertrain and a battery from CATL or Honeycomb Energy [11]. - The Leap Lafa5 is powered by a single motor with a maximum power of 160 kW and a top speed of 170 km/h, with battery supply from multiple vendors [14]. - The iCar V27 features a 1.5T range extender engine with a power output of 115 kW, paired with lithium iron phosphate batteries from suppliers like Guoxuan High-Tech or CATL [18]. - The Geely Galaxy Starship 7 electric version has dimensions of 4750/1905/1680 mm and a weight of 1712/1750 kg, with design adjustments including a closed grille and an EV badge [21][22].