长安汽车（000625）披露2025年9月份产销快报显示：今年前三季度长安汽车产销量双双同比增长，期 间累计汽车销量为206.6075万辆，同比增长8.46%；其中，自主品牌销量175.0414万辆，同比增长 10.47%；新能源汽车销量72.4249万辆，同比增长59.72%。 特别地，9月单月长安新能源车产销量均超10万台，双双同比增长超87%。 行业研报指出：中国新能源汽车产业，正从"政策驱动"全面转向"技术驱动"和"市场驱动"，未来竞争将 不再是单一产品的比拼，而是整个产业链生态、全球化布局与技术创新体系的全面较量。 值得指出的是，长安汽车旗下启源、深蓝、阿维塔三大品牌矩阵协同发力，产品结构持续优化。公司规 划未来三年将陆续推出35款全新智能新能源汽车，产品周期强势，为长期增长奠定坚实基础。 与此同时，公司"海纳百川"计划稳步推进，在德国举办欧洲品牌发布会，泰国罗勇工厂顺利投产，标志 着公司全球化布局进入产业出海新阶段。 国联民生（601456）证券最新研报维持长安汽车"买入"评级。 今年以来，中国新能源汽车销售渗透率不断提高，新能源汽车已成为中国汽车市场的绝对主力。这既印 证了头部厂商"技术红利驱动 ...

Core Viewpoint - China Changan Automobile Group has been established as a state-owned enterprise under the direct management of the State-owned Assets Supervision and Administration Commission, marking a significant strategic deployment for national development and state-owned enterprise reform [1][3]. Group 1: Historical Context and Strategic Goals - Changan Automobile has a rich history of 163 years, evolving from a military factory during wartime to a modern automotive leader, aligning closely with national strategies [1][3]. - The company aims to become a world-class automotive group with global competitiveness and independent core technologies, as emphasized by its leadership [3][6]. Group 2: Challenges and Adaptation - Changan faces three main challenges: adapting a long-standing enterprise to modern demands, navigating fierce market competition, and maintaining long-term growth while ensuring efficiency and market share [3][6]. - The company emphasizes the importance of technological innovation, quality, user responsibility, and passionate leadership to overcome these challenges [3][4]. Group 3: Sales and Production Goals - For 2024, Changan targets total vehicle sales of 3 million units, including 1 million new energy vehicles (NEVs), with a cumulative sales goal of 30 million units since its establishment [7][8]. - The company plans to achieve a production and sales scale of 5 million vehicles by 2030, with NEVs accounting for over 60% of sales and overseas sales exceeding 30% [7][8]. Group 4: Strategic Initiatives - Changan is advancing three major plans: the "Shangri-La" plan for new energy, the "Beidou Tianzhu" plan for intelligence, and the "Haina Baichuan" plan for globalization, aiming to fulfill its vision of becoming a world-class automotive group [8][10]. - The company will invest 200 billion yuan over the next decade to enhance electric and intelligent transformation, focusing on core technologies and establishing a comprehensive innovation system [10][11]. Group 5: Global Expansion and Brand Strategy - Changan is implementing a global "152" strategy, establishing a presence in five major overseas markets and planning 20 overseas factories, with 9 already operational [11][12]. - The company is focusing on brand differentiation and positioning to avoid internal competition and resource wastage, ensuring clarity in brand strategy across its three new energy brands: Avita, Deep Blue, and Changan Qiyuan [13][15].

Group 1 - The theme of the forum emphasizes the responsibility of media in promoting mutual understanding and respect, particularly in the context of the 50th anniversary of diplomatic relations between Thailand and China [3][4] - The "Belt and Road" initiative is highlighted as a significant opportunity for trade, cultural exchange, and connectivity, enhancing Thailand's role as a regional hub [3][4] - The 10+3 cooperation mechanism, linking ASEAN with China, Japan, and South Korea, is recognized as a cornerstone for regional stability and development [3] Group 2 - China Changan Automobile Group is transitioning towards a smart low-carbon travel technology company, focusing on new energy and intelligent vehicles [4][6] - Changan has established a global team of approximately 2,000 international employees and conducts technical training in five major global markets [6] - The company aims to expand its international presence, with products sold in over 100 countries and regions, and recently showcased new models at the Munich Auto Show [6] Group 3 - China Communications Construction Group is actively involved in the "Belt and Road" initiative, collaborating with 158 countries and regions to enhance infrastructure connectivity [8][9] - The company has constructed over 1.6 million kilometers of roads and more than 200 bridges, contributing to local social development [9] - CCCC emphasizes social responsibility and has employed over 100,000 local employees globally, supporting education and green development initiatives [9] Group 4 - Kweichow Moutai has seen its export value exceed 5 billion yuan in 2024, with products reaching 66 countries and regions [11][12] - The company focuses on quality control and sustainability, implementing measures for green packaging and carbon footprint management [11] - Moutai aims to promote Chinese culture globally through various cultural events and partnerships with international enterprises [12] Group 5 - Wuliangye has established a marketing network across 62 countries and regions, promoting its products through innovative consumption scenarios [15] - The company engages in cultural exchanges and has set up marketing centers in key international markets [15] - Wuliangye seeks to connect with global consumers by integrating cultural elements into its branding and marketing strategies [15]

Core Viewpoint - Chongqing aims to establish a world-class intelligent connected new energy vehicle (NEV) industry cluster by 2030, targeting a trillion-level industry and achieving six upward leaps in various aspects of the industry [1][2][3] Group 1: Industry Capability - The industry capability is continuously improving, with leading enterprises and technology companies merging, and component manufacturers transitioning to new energy, resulting in a comprehensive vehicle system led by Chang'an and Seres [1] - NEV production in Chongqing is projected to increase from 43,000 units in 2020 to 953,000 units by 2024, while total vehicle production is expected to rise from 1.58 million units in 2020 to 2.54 million units in 2024, ranking third in the country [1] Group 2: Brand Development - Leading enterprises are enhancing their brand value, with China Chang'an Automobile Group expected to generate over 350 billion yuan in annual revenue, and Seres surpassing 145 billion yuan in annual revenue, becoming the fourth profitable NEV company globally [1][2] Group 3: Product Advancement - Chongqing's vehicles are becoming higher-end, smarter, safer, and more popular, with models like the AITO M8 and M9 leading in the luxury segment, and the average value of mainstream NEVs rising to 236,000 yuan [2] Group 4: Industry Chain Growth - The city has nurtured and attracted 624 intelligent connected NEV component companies, 220 automotive software companies, and 27 automotive-grade chip companies, establishing a strong presence in various advanced technology sectors [2] Group 5: Ecosystem Enhancement - Chongqing has built 422,000 charging piles, achieving a ratio of one charging pile for every two NEVs, and has established 1,556 supercharging stations, leading to comprehensive coverage of fast-charging facilities in towns and streets [2] Group 6: Technological Innovation - The city supports enterprises in enhancing innovation capabilities, with R&D investment intensity in the automotive sector exceeding the national average by 69%, and 90% of the production being from independent brands [3] - Chang'an has established a global R&D system, ranking first in the national enterprise technology center evaluation, while Bosch's hydrogen fuel cell technology is at the forefront domestically [3]

齐鲁晚报·齐鲁壹点 吴海云 在共建"一带一路"倡议持续推进、全球绿色低碳转型加速的背景下，中国新能源汽车产业正以创新为驱动、以标准为 引领，加快"走出去"步伐。长安汽车始终秉持开放合作、互利共赢的理念，积极融入全球发展大局。9月17日，长安 汽车荣幸协办"一带一路"国家新能源汽车领域标准化官员研修班，近40名来自共建"一带一路"国家的司处级官员到访 交流，共商新能源汽车技术创新与标准化合作。 此次研修班由商务部主办，国家市场监督管理总局（国家标准化管理委员会）指导，重庆市质量和标准化研究院、成 都市标准化研究院、国际标准化人才培训交流平台（成都）联合相关机构承办，旨在分享中国式现代化发展经验，推 动中国标准、技术、产品与服务在"一带一路"国家落地生根。长安汽车在新能源汽车领域积累了丰富的技术经验，并 持续推进全球化布局，因此成为本次国际交流的重要参访单位。 重庆市市场监督管理局副局长戴鹏强调，此次研修班为中外标准化官员和技术专家搭建了高质量交流平台，有助于增 进相互理解、凝聚合作共识。他希望以长安汽车为代表的一批龙头企业继续发挥技术引领作用，深化与"一带一路"国 家在标准制定、检测认证、人才培训等方面的务实合 ...

Core Viewpoint - The Chinese electric vehicle industry is accelerating its global expansion driven by innovation and standards, with Changan Automobile playing a key role in promoting cooperation and sharing experiences in the context of the Belt and Road Initiative [1][5][31]. Group 1: Event Overview - Changan Automobile co-hosted a training program for officials from Belt and Road countries focused on standardization in the electric vehicle sector, attended by nearly 40 officials [1][5]. - The training program was organized by the Ministry of Commerce and aimed to share China's modernization experiences while promoting the implementation of Chinese standards and technologies in Belt and Road countries [5][19]. Group 2: Technological and Standardization Efforts - During the visit, foreign officials observed Changan's highly automated and digitalized production processes, showcasing the company's efficiency and quality in manufacturing [11]. - Changan's Vice General Manager emphasized the importance of unified technical standards to break trade barriers and facilitate efficient circulation of products and services in the rapidly developing electric vehicle industry [15][23]. Group 3: Future Cooperation and Development - Changan Automobile is committed to the Belt and Road Initiative, focusing on not only exporting quality products but also on technology sharing, standard co-construction, and talent cultivation [31]. - The company aims to deepen standardization cooperation with partner countries to promote sustainable development in the electric vehicle industry, contributing to a shared future for humanity [31].

Core Insights - The 2025 World Intelligent Industry Expo will be held from September 5 to 8 in Chongqing, focusing on artificial intelligence and smart connected vehicles as its main themes [1] - The event aims to create a platform for showcasing innovative achievements in the intelligent industry and fostering international cooperation in the digital economy [1][2] Group 1: Event Highlights - The expo will feature over 550 domestic and international companies showcasing more than 3,000 innovative products across five major sectors: smart connected vehicles, digital cities, intelligent robots, smart home, and low-altitude economy [3] - Keynote speeches will be delivered by 10 leaders from major companies and renowned experts, discussing topics such as AI-driven advancements in the automotive industry and the foundation of industrial AI [2] - The event will include over 10 ecological conferences, gathering more than 200 representatives from leading enterprises, universities, and government think tanks to discuss industry development and collaboration [2] Group 2: Sector Focus - The smart connected vehicles sector will highlight the latest products and technologies in electric vehicles, hydrogen fuel cells, and intelligent driving systems, featuring 21 well-known automotive companies and 108 component suppliers [7] - The digital city sector will showcase the achievements of digital governance in Chongqing, including integrated public data platforms and typical applications of smart governance [8] - The intelligent robots sector will focus on innovative applications in emergency rescue and high-risk environments, demonstrating the complete industrial chain from R&D to application [9] - The smart home sector will present immersive experiences of future living, including health monitoring and smart cooking, emphasizing technology's integration into daily life [10] - The low-altitude economy sector will display new products and technologies related to low-altitude flight, featuring 72 companies and showcasing solutions for low-altitude transportation [11] Group 3: Collaboration and Networking - The expo will facilitate networking through dedicated areas for technology product promotion and potential collaboration, enhancing the breadth and depth of partnerships [4] - Specialized matching activities will be organized, involving over 80 representative companies in the AI field and 40 investment institutions to foster supply-demand connections [4] - The event will also include industry-specific matchmaking activities focusing on AI-enabled biomedicine and smart manufacturing in the Beijing-Tianjin-Hebei and Chengdu-Chongqing regions [4] Group 4: Engaging the Youth - The expo aims to attract younger participants by offering interactive experiences, such as virtual reality and robotics demonstrations, to enhance engagement and vitality [5][6]

Group 1 - The 2025 World Intelligent Industry Expo will feature a series of activities including an opening ceremony, ecological conference, professional exhibitions, competitions, and results releases, showcasing new characteristics and hotspots of industry development empowered by artificial intelligence [1] - The expo will focus on five major sectors: intelligent connected new energy vehicles, digital cities, intelligent robots, low-altitude economy, and smart home, with over 550 domestic and international companies displaying more than 3,000 innovative products [1][2] - Notable automotive companies such as Changan Automobile, Geely, BYD, and Tesla will participate in the intelligent connected new energy vehicles sector, showcasing innovations in smart driving and smart cockpit technologies [1][2] Group 2 - Changan Automobile will create a dedicated ecological pavilion featuring its five major brand products and a "black technology laboratory" to demonstrate advanced technologies such as high-level intelligent driving and comprehensive security [2] - The low-altitude economy sector will include 68 companies like Aerospace Science and Technology and DJI, presenting new products and solutions for low-altitude transportation [2] - The expo will also launch over 100 new industry standards, products, and technologies, including the global debut of seven products under Changan's "Tianshu Intelligent" brand [2][3] Group 3 - Six exciting competitions will take place, including the 2025 Asia-Pacific Robot World Cup and the second Chongqing Drone Racing Competition, featuring top teams and professional athletes [3] - The series of activities will reflect the theme of "sharing results and showcasing new momentum" for the 2025 expo [4]

Core Viewpoint - The company reported a decline in revenue and net profit for H1 2025, but showed growth in non-GAAP net profit and sales volume for its three main self-owned brands [1][2]. Financial Performance - H1 2025 revenue was 72.69 billion yuan, down 5.3% year-on-year, with Q2 revenue at 38.53 billion yuan, reflecting a decrease of 2.9% year-on-year but an increase of 12.8% quarter-on-quarter [1]. - H1 2025 net profit attributable to shareholders was 2.29 billion yuan, down 19.1% year-on-year, with Q2 net profit at 939 million yuan, showing a significant decline of 43.9% year-on-year and 30.6% quarter-on-quarter [1]. - H1 2025 non-GAAP net profit was 1.48 billion yuan, up 26.4% year-on-year, with Q2 non-GAAP net profit at 693 million yuan, down 34.4% year-on-year and 11.5% quarter-on-quarter [1]. Sales Performance - Total sales volume in Q2 2025 reached 650,000 units, a slight increase of 1.3% year-on-year but a decrease of 7.8% quarter-on-quarter [1]. - The three self-owned brands, Deep Blue, Qiyuan, and Avita, showed strong performance in Q2 2025, with sales of 68,000, 50,000, and 32,000 units respectively, representing year-on-year growth of 75.8%, 13.2%, and 216.2% [1]. Profitability and Cost Structure - Q2 2025 gross margin was 15.2%, an increase of 2.0 percentage points year-on-year and 1.3 percentage points quarter-on-quarter, driven by improved profitability from self-owned new energy brands [2]. - The sales expense ratio increased to 7.0% in Q2 2025, primarily due to the promotion of new models like S09 [2]. Strategic Developments - The establishment of China Changan Automobile Group Co., Ltd. as a state-owned enterprise is expected to accelerate the company's internationalization and resource integration [2]. - Upcoming new models, including Qiyuan A06, Qiyuan Q05, and Deep Blue L06, are anticipated to contribute to sales growth [2]. Earnings Forecast - The company is projected to achieve revenues of 186.9 billion yuan, 211.0 billion yuan, and 232.3 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 7.91 billion yuan, 10.02 billion yuan, and 12.14 billion yuan [3].

Core Viewpoint - Changan Automobile announced a share buyback plan by its executives and major shareholders to enhance investor confidence and demonstrate long-term investment value [1] Group 1: Share Buyback Plan - The buyback plan involves executives and directors of Changan Automobile and its major shareholder, China Changan Automobile Group, with a minimum investment of RMB 30 million per person, totaling at least RMB 570 million [1] - The buyback will not have a set price range and will be executed based on stock price fluctuations and overall market trends [1] Group 2: Company Performance and Market Response - As of August 12, Changan Automobile's stock rose by 1% to RMB 13.08 per share, with a total market capitalization of RMB 112.683 billion [2] Group 3: Strategic Goals and Future Plans - The newly established Changan Group aims to achieve a production and sales scale of 5 million vehicles by 2030, with over 60% of sales coming from new energy vehicles and 30% from international markets [6] - The company plans to invest RMB 200 billion over the next decade in the new energy sector and expand its technology innovation team by 10,000 personnel [6] - Changan aims to launch over 50 new energy products globally in the next five years, including major models with sales targets of 300,000 units [6][7] Group 4: Operational Focus - The company will focus on four key areas: maximizing existing product value, launching new products, expanding internationally, and driving innovation [7][8] - The separation from the military equipment group is expected to enhance Changan's global competitiveness and resource integration, allowing it to navigate market challenges more effectively [9]