Core Viewpoint - The article discusses the emergence of a new market structure in the Chinese electric vehicle (EV) sector, highlighting the shift from the previously dominant "Wei Xiaoli" (Weilai, Xiaopeng, Li Auto) to a new group termed "BIG 6+1," which includes Tesla, Li Auto, Hongmeng Zhixing, Xiaomi, Xiaopeng, NIO, and Zero Run. This shift indicates a significant change in market dynamics as these companies collectively approach or surpass the sales of leading brand BYD, marking the beginning of a new competitive phase in the EV market [4][18]. Market Dynamics - By August 2025, the total insurance registrations of the seven new force car companies approached or briefly exceeded that of BYD, indicating a potential shift in market leadership [4][6]. - The "BIG 6+1" collectively accounted for a market share of approximately 15.25% in August 2025, with BYD holding a share of 13.97% [17]. Definition of New Forces - The term "new forces" in the automotive industry lacks a precise definition, but a simple distinction can be made based on whether a company has the qualification to produce fuel vehicles. Companies without this qualification can only produce pure electric or extended-range products [5][6]. Sales Rankings - In the August 2025 sales rankings, the top seven new force companies were Tesla (57,152 units, 2.81%), Zero Run (51,162 units, 2.52%), Hongmeng Zhixing (40,012 units, 1.97%), Xiaomi (36,396 units, 1.79%), Xiaopeng (34,691 units, 1.71%), NIO (16,434 units, 0.81%), and Li Auto (28,529 units, 1.40%) [6][7]. Product Offerings - The "BIG 6+1" companies have a limited number of main models, with most brands offering around seven models. Tesla, while having many variants, primarily sells three main models [9][8]. - The average selling prices of the brands vary, with Tesla at 29.67 million yuan, Li Auto at 34.90 million yuan, and Zero Run at 12.98 million yuan, indicating a diverse pricing strategy among the new forces [13][15]. Distribution Channels - The distribution network of "BIG 6+1" varies, with Zero Run and Hongmeng Zhixing having the most stores (around 942 and approximately 1,000 respectively), while Tesla and Xiaomi have around 300-400 stores [11][12]. Future Outlook - The article predicts that as the "BIG 6+1" solidifies its market position, it will significantly impact the overall EV market, potentially leading to a new phase of competition and market consolidation [18].

Investment Rating - The report maintains a "Buy" rating for companies such as OmniVision Technologies (603501.CH), Q Technology (1478.HK), and NIO Inc. (9866.HK/NIO.US) as key tracking targets in their respective segments [5] - Additionally, it reiterates a "Buy" rating for Leapmotor (9863.HK), Sunny Optical Technology (2382.HK), Horizon Robotics (9660.HK), and Yangjie Technology (300373.CH) as industry leaders [5] - The report also suggests investors pay attention to potential opportunities in companies like InHand Networks (1760.HK), Sijia Technology (580.HK), ZhiXing Technology (1274.HK), Youjia Innovation (2431.HK), Wingtech Technology (600745.CH), and CR Micro (688396.CH) [5] Core Insights - The technology industry is experiencing significant opportunities driven by technological innovation across various sectors, including consumer electronics, new energy vehicles, intelligent driving, and power semiconductors [2][3] - In the consumer electronics sector, there is a notable surge in demand for products like action cameras and panoramic cameras, which is expected to continue into the second half of the year and next year [2] - The new energy vehicle market is in a product explosion phase, with companies like NIO seeing demand growth driven by successful product definitions [2] - Intelligent driving technology is rapidly evolving, with significant opportunities for industry players as technology applications and product implementations progress [3] - The power semiconductor industry is witnessing a stabilization in competition, with some manufacturers experiencing price increases in certain product areas [3][5] Summary by Sections Consumer Electronics - The report highlights a demand explosion in the consumer electronics sector, particularly for action and panoramic cameras, which is expected to provide substantial growth momentum for smartphone supply chain players [2] - Innovations in components such as high-pixel image sensors and periscope camera modules are anticipated to create growth opportunities even in a stable smartphone market [2] New Energy Vehicles - New energy vehicle companies are experiencing a demand surge, particularly with successful product definitions leading to a "supply-demand imbalance" phase, which is expected to enhance fundamentals and valuations [2] Intelligent Driving - The intelligent driving sector is characterized by rapid technological iterations, with significant opportunities for breakthroughs as industry players adopt new technologies [3] - The domestic chip manufacturer Horizon Robotics is seeing large-scale applications of its intelligent driving chips in automotive companies [3] Power Semiconductors - The power semiconductor industry is experiencing a reduction in traditional cyclical fluctuations, with some manufacturers reporting stability and potential price increases in specific product areas [3] - There remains substantial room for domestic substitution in the power semiconductor sector, with a stable competitive landscape [5]

业 及 产 业 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 邵翼 (8621)23297818× shaoyi@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 09 月 22 日 科技外溢，智驾与华为有望承接热 情 看好 ——2025/9/15-2025/9/19 汽车周报 本期投资提示： 1. 本周事件 1.1 智能辅助驾驶国家标准征求意见稿发布 工信部发布组合驾驶辅助系统强制性国家标准征求意见稿。9 月 17 日，工信部 就《智能网联汽车 组合驾驶辅助系统安全要求》公开征求意见，截止日期为 2025 年 11 月 15 日。该标准参考 UN R171 等国际规范，并结合中国复杂道路场景，明确将 系统分为基础单车道、基础多车道和领航组合三类，泊车组合暂不纳入。 标准构建了系统安全运行的三重保障体系。文件从能力表现、安全保障和使用方 式三方面提出要求，严格限定运行条件 ...

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, highlighting key companies such as Geely, Xpeng, Li Auto, BYD, and Xiaomi Group as potential investment opportunities [5]. Core Insights - The automotive sector is experiencing a shift towards smart and electric vehicles, with significant growth expected in the intelligent driving and global expansion of quality domestic brands [11][12]. - The robot sector is poised for a major catalyst in Q4 2025, with Tesla's Optimus V3 expected to drive production and market interest [9][14]. - The report emphasizes the importance of the T-chain in the robotics industry, indicating a strong focus on hardware advancements and the ongoing process of domestic robot manufacturers moving towards IPOs [9][14]. Summary by Sections Weekly Overview - The automotive sector outperformed the market, with the A-share automotive sector rising by 3.9% from September 8 to September 12, 2025, surpassing the Shanghai Composite Index's increase of 2.9% [30]. Weekly Data - In the first week of September 2025, passenger car sales reached 368,000 units, a year-on-year decrease of 9.5% and a month-on-month decrease of 29.8%. New energy vehicle sales were 221,000 units, showing a year-on-year increase of 3.1% [3][41]. Key News - Chery Automobile has passed the Hong Kong Stock Exchange listing hearing, potentially marking the largest IPO of a car company in Hong Kong this year [10]. - NIO announced plans to issue 181.8 million Class A ordinary shares to fund research in core technologies for smart electric vehicles [10]. Investment Recommendations - For passenger vehicles, the report recommends focusing on quality domestic brands that are accelerating in smart technology and global markets, specifically naming Geely, Xpeng, Li Auto, BYD, and Xiaomi Group [11]. - In the parts sector, it suggests investing in companies involved in intelligent driving and smart cockpits, as well as those in the new energy vehicle supply chain [12][13]. Robotics Sector - The report highlights the upcoming release of Tesla's Optimus V3, which is expected to significantly increase production capacity and market presence [9][14]. - It also notes the importance of hardware advancements in the robotics sector, particularly in areas such as dexterous hands and lightweight materials [9][14]. Motorcycle Sector - The report indicates a rapid expansion in the large-displacement motorcycle market, with sales in July 2025 showing a year-on-year increase of 21.7% [21][22]. - It recommends focusing on leading companies in this segment, such as Chunfeng Power and Longxin General [22]. Heavy Truck Sector - The heavy truck market is expected to benefit from expanded subsidies for replacing old vehicles, with July 2025 sales showing a year-on-year increase of 45.6% [24][25]. - The report suggests focusing on leading companies like China National Heavy Duty Truck Group and Weichai Power [25]. Tire Sector - The tire industry is experiencing growth driven by high demand and low valuations, with a focus on companies that are expanding their global presence [26][27]. - The report recommends companies like Sailun Tire and Senkiren for investment [27].

Investment Rating - Maintain "Buy" rating for the financial products industry [1] Core Insights - The Hang Seng Technology Index experienced a cumulative increase of 4.06% in August, characterized by a "spiral upward" trend, with significant fluctuations driven by macroeconomic data and corporate earnings reports [7][12] - As of August 29, 2025, the Hang Seng Technology Index's PE-TTM was 21.23 times, indicating a relatively low historical valuation and suggesting higher safety margins and potential for value appreciation [18] - The index's risk level adjusted to 82.31, indicating support from below and a gradual upward trend, although short-term volatility is expected [21] Market Performance Review - **Trend Review**: The Hang Seng Technology Index rose 4.06% from August 1 to August 29, with a trading volume of approximately 15,932 billion [12] - **Valuation Analysis**: The PE-TTM of the index was 21.23, at the 17.70% historical percentile, indicating a low relative valuation [18] - **Technical Analysis**: The risk level of the index was adjusted to 82.31, with support from below and some upward pressure from above [21] Event-Driven Review - **Macroeconomic Factors**: Weak U.S. employment data triggered recession and interest rate cut expectations, positively impacting the valuation of the Hang Seng Technology Index [23] - **Policy Factors**: The July FOMC meeting maintained interest rates, but hawkish signals from the Fed impacted liquidity in the Hong Kong market [32] - **Industry Factors**: Ongoing price wars in the food delivery sector and AI model iterations have affected profitability and market sentiment [37] Index Outlook - **Key Event Forecast**: Future performance of the Hang Seng Technology Index will be influenced by macroeconomic data and policy developments [48] - **Index Performance Outlook**: High probability of interest rate cuts in September, with expectations of foreign capital inflows, suggesting potential upward movement for the index [55] - **Related ETF Products**: The Huaxia Hang Seng Technology ETF (513180) closely tracks the Hang Seng Technology Index, with a total market value of 38.258 billion as of August 29, 2025 [56]

Core Viewpoint - NIO's new models, the ES8 and L90, are experiencing strong sales, contributing to the company's market capitalization returning to over 100 billion RMB [1][6]. Group 1: Company Performance - NIO's market capitalization reached 111 billion HKD, approximately 101.69 billion RMB, as of the report date [1]. - The L90 SUV was officially launched on July 31, with a starting purchase price of 265,800 RMB and a rental option starting at 179,800 RMB [5]. - The new ES8 was officially released on August 21, with a pre-sale starting price of 416,800 RMB and a rental option starting at 308,800 RMB, and it is set to be delivered in late September [6]. Group 2: Market Strategy - NIO's user operations head emphasized the importance of customer engagement and professionalism among staff, especially with increased customer traffic [3]. - The company is encouraged to promote its products positively and avoid negative comparisons with competitors, as several new products from rival brands are entering the market [3]. - NIO's founder and CEO highlighted the strategic importance of the L90 model, indicating that it is expected to support stable operations and profitability in Q4 [6].

Investment Rating - The report maintains a "Positive" outlook on the automotive industry, particularly focusing on the mid-to-high-end market innovations and state-owned enterprise breakthroughs [1]. Core Insights - The automotive market is experiencing a new wave of innovation, driven by product, technology, and business model advancements, enhancing the competitiveness of Chinese smart electric vehicles globally. Companies like NIO, Xiaopeng, and Great Wall are expected to outperform in sales during the upcoming peak sales season [3][1]. - Retail sales of passenger cars reached 429,000 units in the 33rd week of 2025, with a month-on-month increase of 14.4% and a year-on-year increase of 6.24%. New energy vehicles accounted for 56.88% of total sales [3][1]. - The automotive industry index rose by 4.70% this week, outperforming the Shanghai Composite Index, which increased by 4.18% [15][3]. Industry Updates - Traditional energy vehicle sales were approximately 185,000 units, showing a month-on-month increase of 16.35% but a year-on-year decrease of 2.12%. New energy vehicle sales were 244,000 units, with a month-on-month increase of 12.96% and a year-on-year increase of 13.59% [3][1]. - The report highlights significant events, including the launch of Tesla's Model Y L targeting the high-end electric SUV market and the unveiling of NIO's new ES8 with a starting price of 308,800 yuan [10][3][12]. Market Conditions - The total transaction value in the automotive sector reached 780.43 billion yuan this week, reflecting a month-on-month increase of 28.73% [3][1]. - The report notes that 235 automotive stocks rose while 56 fell, with the largest gainers being Chengfei Integration and Southern Precision, which increased by 35.5% and 28.4%, respectively [19][3]. Investment Recommendations - The report recommends focusing on domestic leading manufacturers with strong alpha, such as NIO, Xiaomi, Xiaopeng, and Li Auto, as well as companies involved in intelligent trends like Jianghuai Automobile and Seres [3][1]. - It also suggests monitoring state-owned enterprises undergoing reforms, such as SAIC Motor and Dongfeng Motor, and component manufacturers with strong growth potential [3][1].

Group 1: Automotive Industry Insights - NIO's new ES8 and Geely's Galaxy M9 have launched pre-sales, marking significant new entries in the mid-to-large smart SUV market [3][4] - The A-share automotive sector outperformed the Shanghai Composite Index during the week of August 18-22, 2025, with the automotive index rising by 4.7% [3] - The new NIO ES8 features significant upgrades in size, comfort, technology, and performance, with a starting price of 416,800 CNY and a peak power of 520 kW [3] - Geely's Galaxy M9, priced between 193,800 CNY and 258,800 CNY, boasts advanced features including a 30-inch 6K screen and a high-performance Qualcomm 8295P chip [4] - The automotive sector is expected to benefit from the continuation of the vehicle trade-in policy, supporting upward consumer spending [7] Group 2: PCB Tool Industry Insights - Ding Tai High-Tech reported a 26.9% year-on-year revenue increase to 904 million CNY in H1 2025, with a net profit growth of 79.8% [9][10] - The company is experiencing a significant increase in high-end PCB demand, driven by hardware upgrades in AI servers and high-speed switches [13] - Ding Tai's gross margin improved to 39.24% in H1 2025, reflecting enhanced cost control and operational efficiency [11][12] - The company is expanding its production capacity, with monthly output of micro-drills exceeding 100 million units [13] Group 3: Power Industry Insights - Guodian Power's revenue decreased by 9.5% year-on-year to 77.65 billion CNY in H1 2025, with a net profit decline of 45.1% [15][17] - The company plans to increase its cash dividend payout ratio to at least 60% of net profit from 2025 to 2027 [15][16] - Despite the revenue decline, the adjusted net profit for Q2 2025 showed a significant increase of 302.5% year-on-year, primarily due to investment gains [17][18] - The company is expected to see revenue growth driven by new water and wind power installations planned for 2026 [18] Group 4: Medical Device Industry Insights - Antu Bio reported a revenue of 2.06 billion CNY in H1 2025, a decrease of 6.65% year-on-year, with a net profit of 571 million CNY [20][21] - The company is increasing its R&D investment, which accounted for 16.99% of revenue in H1 2025, focusing on new product development [22] - Antu Bio's Q2 2025 net profit margin improved to 28.65%, reflecting operational efficiency despite a slight decline in gross margin [21][22] Group 5: Macro Economic Insights on US Debt - The US federal debt has reached 37 trillion USD as of August 11, 2025, with a significant increase in interest burden, projected to reach 1.13 trillion USD in FY 2024 [24][28][31] - The rapid growth of US debt has raised concerns about sustainability, with projections indicating a potential increase in the debt-to-GDP ratio to over 130% by 2032 [28][29] - The demand for US debt is under pressure due to the Federal Reserve's balance sheet reduction and declining foreign investment in US treasuries [30]

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, highlighting strong performance and growth potential in the sector [5]. Core Views - The automotive industry is experiencing a significant transformation driven by the rise of intelligent and electric vehicles, with a focus on high-quality domestic brands such as Geely, Xiaopeng, Li Auto, BYD, and Xiaomi [10][13]. - The report emphasizes the robust performance of passenger car companies in Q2 2025, with notable improvements in gross margins and reduced operating losses for new energy vehicle manufacturers [2][11]. - The collaboration between NVIDIA and Foxconn in the robotics sector is expected to catalyze growth in the artificial intelligence and robotics market, with significant production targets set for humanoid robots [3][12]. Summary by Sections 1. Weekly Insights - Passenger car sales for the third week of August 2025 reached 437,000 units, representing a year-on-year increase of 8.2% and a month-on-month increase of 14.2% [42]. - The automotive sector outperformed the market, with the A-share automotive sector rising by 7.2% during the week of August 18-22, 2025, ranking sixth among sub-industries [29]. 1.1 Passenger Cars - The report highlights the acceleration of high-end domestic vehicle production, with new models set to launch in late August and September 2025, which is expected to boost sales [11][13]. 1.2 Intelligent Electric Vehicles - The report notes the long-term growth potential in the intelligent electric vehicle segment, with a focus on the increasing market share of domestic brands and the expansion of overseas markets [14]. 1.3 Robotics - The report discusses the entry of leading companies into the robotics market, with a focus on the production of humanoid robots and the expected commercialization of embodied intelligence [3][12]. 1.4 Motorcycles - The motorcycle market is experiencing rapid expansion, particularly in the mid-to-large displacement segment, with significant year-on-year sales growth [20][22]. 1.5 Heavy Trucks - The heavy truck market is expected to recover due to expanded subsidies for replacing old vehicles, which will stimulate demand [23][24]. 1.6 Tires - The tire industry is benefiting from high demand and low valuations, with a focus on global expansion and the development of high-end products [25][28]. 2. Weekly Data - The report provides detailed sales data for passenger cars, highlighting the impact of new consumption stimulus policies on demand [42][43].

Investment Rating - The report maintains a "Recommendation" rating for the automotive industry, indicating a positive outlook for the sector in the upcoming months [1]. Core Insights - The automotive industry is expected to gradually enter a seasonal peak as new car launches begin in the second half of the year, with price resilience observed against a backdrop of reduced competition [1]. - The market has absorbed much of the anticipated policy effects for next year, leading to significant gains in automotive stocks, suggesting a shift towards focusing on alpha stocks rather than beta stocks [2]. Data Tracking - In July, new energy vehicle deliveries showed significant growth for companies like Xiaopeng, which saw a year-on-year increase of 229.4%, while BYD's deliveries were 344,296 units, up 0.6% year-on-year but down 10% month-on-month [4][14]. - Traditional automakers also reported strong sales, with Geely's sales reaching 238,000 units, a 57.6% increase year-on-year [4][20]. - The average discount rate in early August was 10.1%, reflecting a slight increase from the previous period, with an average discount amount of 22,542 yuan [4]. Industry News - The report highlights several key developments, including the launch of the Mengshi M817, which features advanced driving technologies and a starting price of 319,900 yuan [27]. - A survey by the China Automobile Dealers Association indicated that 52.6% of automotive dealers reported losses in the first half of 2025, with independent new energy vehicle brands performing better than traditional fuel brands [27]. - The report also notes that NIO has invested over 18 billion yuan in charging and battery swap infrastructure over the past decade, with more than 8,100 stations built nationwide [28]. Market Performance - The automotive sector saw a weekly increase of 4.94%, ranking 6th among 29 sectors, with significant gains in both the parts and passenger vehicle segments [7].