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]

Investment Rating - The report maintains a positive outlook on the traditional automotive industry chain companies, particularly in the areas of robotics and low-altitude economy [4]. Core Viewpoints - In a bullish market, sectors driven by technology, including robotics and low-altitude economy, are expected to follow the lead of TMT [4]. - For the robotics sector, companies related to Tesla are recommended, with expectations of a rebound in the second half of the year [4]. - The low-altitude economy sector is anticipated to gain traction following the establishment of a leadership group by the Civil Aviation Administration [4]. - Attention is also drawn to high-quality blue-chip stocks that remain at the bottom, such as Xingyu and Kebo Da [4]. - The report highlights significant changes brought about by state-owned enterprise reforms, particularly in SAIC and Dongfeng [4]. Industry Situation Update - In the 36th week of 2025, retail sales of passenger cars totaled 361,000 units, down 29.8% month-on-month and 12.38% year-on-year [4]. - Traditional energy vehicle sales were approximately 143,000 units, down 37.6% month-on-month but up 24.34% year-on-year, while new energy vehicle sales reached 218,000 units, down 23.5% month-on-month and 2.29% year-on-year, with a penetration rate of 60.4% [4]. - The price index for traditional and new energy raw materials has increased recently, with traditional vehicle raw material prices up 0.4% week-on-week and down 1.1% month-on-month [4]. Market Situation Update - The total transaction value in the automotive industry for the week was 704.199 billion, down 9.69% week-on-week, while the automotive industry index rose 1.74% [4]. - The automotive industry index outperformed the CSI 300 index, which rose 1.38% [12]. - A total of 185 stocks in the industry rose, while 102 fell, with the largest gainers being Zhongtai Automobile, Haowu Shares, and Zhejiang Rongtai [18]. Investment Analysis Recommendations - The report recommends focusing on domestic leading manufacturers such as NIO, Xiaomi, Xiaopeng, and Li Auto, driven by technology and mid-to-high-end markets [4]. - It emphasizes the trend towards smart technology, suggesting attention to companies like Jianghuai Automobile and Seres, and recommends Li Auto, Kebo Da, and Desay SV [4]. - The report also highlights the importance of state-owned enterprise integration, recommending attention to SAIC Group, Dongfeng Group, and Changan Automobile [4]. - Companies with strong performance growth, robotics layout, or overseas expansion capabilities are recommended, including Fuyao Glass, New Spring, and Silver Wheel [4].

1. 【广汽集团閤先庆：预计2027年实现新一代电芯搭载上车】9月13日，广州汽车集团股份有限公 司副总经理閤先庆在2025泰达汽车论坛上透露，在智能驾驶方面，广汽集团后续将重点研发基于生 成式AI（人工智能）的端到端大模型架构，深化与科技企业合作。据閤先庆介绍，广汽集团的智能驾 驶技术已实现L2到L4场景覆盖、城市领航辅助系统全国落地、获全国首批L3上路试点资质，自研L4 Robotaxi已实现示范运营，并携手滴滴推出首款具备全球化适应能力的前装量产L4车型。（每日经 济） 2. 【因安全带问题，沃尔沃在美召回1355辆汽车】9月13日，据美国国家公路交通安全管理局 4.【长安启源A07发布，纯电/增程双版本售价12.99万元起】长安启源宣布A07超长蓝鲸纯电版与增 程版正式发布，共推出4款车型。纯电版730豪华型与旗舰型售价分别为13.99万元和14.99万元；增 程版310豪华型与旗舰型售价为12.99万元和13.99万元 。新车主打长续航与快充，纯电版CLTC续 航最高达730公里，增程版综合续航超过1570公里，并支持3C快充，30%至80%仅需15分钟。智能 配置方面，全系升级标配行泊一体驾驶辅助 ...

关注 「电动车公社」 和我们一起重新思考汽车 《今日新闻》将会每天给大家带来几条当日重磅新闻，并附上社长的简单评论。关注「电动车公社」，新能源圈大事小事 看我们就够啦～ 今日新闻要点： 1、 近日，工信部等六部门联合印发《关于开展汽车行业网络乱象专项整治行动的通知》（以下简称《通知》），决定在全国范围内开展为期3个月的汽车行业网 络乱象专项整治行动。本次专项整治行动将集中整治非法牟利、夸大和虚假宣传、恶意诋毁攻击等网络乱象，提升涉汽车企业网络乱象处置质效，督促企业规 范营销宣传行为，营造良好舆论环境，护航汽车产业高质量发展。 工信部等六部委开展汽车行业网络乱象整治行动 工信部等六部委开展汽车行业网络乱象整治行动 ； 新款 长安启源A07上市，限时权益价12.9 9-14.99万元 ； 新款智己LS6上市，上市权益价19.79-26.99 万元； 魏牌高山7开启预售，预售价28.98万元； 作为年度改款，长安启源A07 基本延续了现款车型的设计风格， 线条流畅富有科技感。新车 长宽高分别为4905/1910/1480mm，轴距为2900mm。 这些年汽车行业竞争越来越激烈，整个车圈的戾气也变得重了起来。这个过程 ...

Group 1 - Changan Qiyuan has officially become the chief partner and jersey sponsor of Chongqing Tongliang Long Football Club, marking a significant collaboration between the local automotive brand and the football team [2] - The partnership aims to leverage technological innovation and social responsibility, with Changan Qiyuan providing support to the team as they compete in the league [4] - The collaboration is seen as a cross-industry linkage between automotive and sports, enhancing the cultural vibrancy of the city [4] Group 2 - Changan Qiyuan's flagship models, A07 and Q07, are designated as the official vehicles for Chongqing Tongliang Long Football Club, highlighting their performance and intelligent features [6] - In May, the Q07 model sold over 12,300 units, becoming the best-selling mid-size SUV under 250,000 yuan in the new energy category for three consecutive weeks [6] - The A07 model has surpassed 100,000 units in cumulative sales, establishing itself as a leader among Changan's new energy vehicles [8] Group 3 - Changan Qiyuan's sales in May reached 36,600 units, positioning the brand among the top in the state-owned enterprise new energy sector [8] - The upcoming launch of the A06 model is anticipated to deliver luxury driving experiences and advanced safety features, adhering to high manufacturing standards [8]

Summary of Changan Automobile Conference Call Industry and Company Overview - **Company**: Changan Automobile - **Industry**: Automotive, focusing on electric vehicles and smart technology Key Points and Arguments 1. **Multi-Brand Strategy**: Changan's multi-brand strategy effectively covers niche markets, driving sales growth. The Changan Qiyuan A07, as a transformation model, is expected to achieve sales of 55,000 units in 2024, accounting for 37% of brand sales [2][3] 2. **Global Expansion**: By the end of 2024, Changan has established 34 production bases globally, with overseas sales projected to reach 540,000 units in 2024, a 50% year-on-year increase. The goal is to sell 5 million vehicles by 2030, with 3.5 million being electric vehicles and 30% of sales from overseas markets [2][5][21] 3. **Revenue and Profit Growth**: Revenue is expected to grow from 187 billion yuan in 2025 to 229.7 billion yuan in 2027, with year-on-year growth rates of 17%, 12%, and 10%. Net profit is projected to increase from 9 billion yuan to 12.3 billion yuan during the same period, with a low current valuation [2][6][24] 4. **Product Portfolio**: Changan's self-owned brands include Changan, Deep Blue, and Avita, offering a diversified product lineup across fuel, hybrid, and pure electric vehicles. In 2024, total sales are expected to reach 2.68 million units, with 740,000 units being electric vehicles, a 53% increase year-on-year [2][9][10] 5. **Intelligent Driving and Technology**: Changan is accelerating its smart transformation with the Beidou Tianzhu 2.0 plan, aiming for L3 autonomous driving by 2026 and L4 by 2028. From 2025, no non-digital new products will be launched, with plans to introduce 35 smart new models in three years [3][18] 6. **Deep Blue Brand Performance**: The Deep Blue brand has achieved significant milestones since its launch in 2022, with a focus on electric and range-extended vehicles. It aims to deliver 240,000 units in 2024, with strong sales from models like the S07 and S09 [12][17] 7. **Collaboration with Huawei**: Changan collaborates with Huawei to enhance its smart driving and digital technology capabilities, including the integration of advanced driving assistance systems and smart cockpit solutions [20][19] 8. **Market Positioning**: Changan's self-owned brands are increasingly dominating the market, with a rise in the proportion of self-owned brand sales from 80% to 83% in recent years [9] Additional Important Information 1. **Sales Performance**: In 2024, Changan's total sales are projected to grow by 5%, with a significant contribution from electric vehicles [2][9] 2. **Future Product Launches**: Changan plans to launch several new models, including the Avita 06 and Deep Blue S09, to enhance its market presence and technological capabilities [10][19] 3. **Cost and Margin Improvements**: Changan's gross margin is expected to improve from 14.94% in 2024 to 16.99% by 2027, driven by sales growth and supply chain optimization [25] 4. **Valuation Perspective**: Currently, Changan's PE ratio is around 4 times, significantly lower than the average of 25.8 times for comparable companies, indicating a potential investment opportunity [26]

Core Viewpoint - Chinese automotive brands are redefining market standards by offering high configurations at competitive prices, challenging traditional pricing and technology barriers in the automotive industry [2][3][4]. Group 1: Product Logic Innovation - Chinese brands are adopting a new product logic where base configurations are equivalent to high configurations, making advanced features standard in entry-level models [3][4]. - For example, the 2025 IM L6 starts at 204,900 yuan, including features like an 800V high-voltage platform and Huawei ADS 3.0 driving system, which would typically cost an additional 200,000 yuan in traditional luxury brands [3]. - The coverage of intelligent configurations in Chinese brands is 2.3 times that of joint venture brands, enhancing user experience and pushing competitors to accelerate technological upgrades [3][5]. Group 2: Value Standard Reconstruction - The traditional vehicle classification system is being disrupted, with models like Chery Fengyun A9L offering C-class space standards at a 200,000 yuan price point, equipped with high-end technologies [4][5]. - The Aito M9, priced at 469,800 yuan, surpasses the value standards of luxury brands like the Mercedes-Benz GLS, showcasing a shift in high-end vehicle pricing and features [4][6]. Group 3: Cost Control and Pricing Strategy - Chinese brands achieve competitive pricing through cost control strategies, including supply chain integration and independent software development, resulting in a 30% reduction in battery costs [6][7]. - The implementation of transparent pricing strategies, such as nationwide uniform pricing, enhances competitiveness by returning consumer power to users [7][8]. - The transformation in pricing strategies is leading to a redefinition of market dynamics, as evidenced by a 7.3% year-on-year increase in China's automotive exports in Q1 2025 [7][8]. Group 4: Future Outlook - The ongoing transformation in the automotive industry is expected to continue, with Chinese brands needing to focus on technological innovation and global expansion to maintain their competitive edge [8]. - The ultimate goal for the Chinese automotive industry is to redefine global automotive value standards, transitioning from a "big automotive country" to a "strong automotive country" in the era of smart electric vehicles [8].

Group 1 - Xiaomi officially launched its first SUV model, YU7, on May 22, positioning it as a "luxury high-performance SUV" with plans for a July release [1][5] - The YU7 features a design language derived from the SU7 coupe, with a closed front face and a sleek silhouette, measuring 4.99 meters in length and a wheelbase of 3.00 meters [1][3] - The vehicle is equipped with advanced technology, including a laser radar, 11 high-definition cameras, and a 4D millimeter-wave radar, supporting combined assisted driving functions [3] Group 2 - Dongfeng Motor launched the 2025 model of its eπ007 sedan on May 21, with a price range of 115,900 to 149,900 yuan, featuring enhancements in range and technology [8][10] - The new eπ007 maintains its sleek coupe design while optimizing its battery performance, increasing the maximum range from 620 kilometers to 650 kilometers [10][13] - The vehicle offers both pure electric and range-extended versions, with power outputs ranging from 218 to 544 horsepower [10][13] Group 3 - Deep Blue Automotive introduced the S09, a six-seat range-extended SUV, on May 22, with a price range of 239,900 to 309,900 yuan, and a post-subsidy price as low as 204,900 yuan [15][16] - The S09 features a length of 5.21 meters and a wheelbase of 3.11 meters, equipped with a 1.5T range extender and dual-motor all-wheel drive options [16][20] - The vehicle's interior includes advanced technology such as dual 15.6-inch floating screens and a 43-inch AR-HUD, emphasizing a minimalist design [16][18] Group 4 - The HEDMOS brand from Shenlong Automotive launched its first model, the 06, on May 20, with a starting price of 125,800 yuan, discounted to 108,800 yuan [22][23] - The 06 is a compact electric SUV with a length of 4.67 meters and a CLTC range of 520 kilometers, targeting the competitive market segment of electric SUVs [23][25] - The vehicle features a simplified interior design with a floating central control screen and a focus on user-friendly technology [25] Group 5 - Geely Galaxy unveiled the M9, a large SUV, on May 21, with an expected length exceeding 5.00 meters and a planned launch within the year [28][30] - The M9 is based on the Galaxy Starship prototype and will feature a plug-in hybrid system, with advanced driver assistance capabilities [28][30] - The vehicle aims to compete in the mid-to-high-end market segment, directly challenging established brands with similar offerings [30]

Core Points - The core issue revolves around the delayed OTA (Over-The-Air) updates for the Changan Qiyuan A07 model, which has led to customer dissatisfaction and unresolved vehicle issues [1][4][8] Group 1: Customer Feedback - A customer, Mr. Jiang, reported that he has not received OTA updates for his Changan Qiyuan A07 since an initial update in early 2024, despite experiencing multiple small issues with the vehicle [3][8] - The customer was informed by the official customer service that OTA updates are pushed in batches based on the VIN code system, making it impossible to provide a specific timeline for updates [1][6] Group 2: Company Response - A representative from Changan Qiyuan stated that the last OTA updates for the A07 base and "Zhenxiang" versions were in January and March 2024, respectively, and that there have been no new updates since then [2][9] - The company emphasized the need for the vehicle's VIN to better investigate the reasons for the delay in OTA updates and committed to addressing user feedback [9] Group 3: Legal and Consumer Rights - Legal experts highlighted that consumers have the right to know the specific plans, timelines, and reasons for delays in OTA updates, and that delays could be seen as a breach of contract if OTA updates are part of the purchase agreement [9][10] - Consumers are advised to retain communication evidence and may escalate their complaints through consumer protection platforms if necessary [10]

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [14][27]. Core Views - The company achieved record-high revenue of 159.73 billion yuan in 2024, marking a year-on-year increase of 5.58%, despite a decline in net profit by 35.37% to 7.32 billion yuan [3][4]. - The company is accelerating its transformation towards new energy vehicles (NEVs) and expanding its global market presence, with significant growth in both domestic and international sales [4][9]. - The company is focusing on enhancing its product matrix in the NEV sector, with a notable increase in sales and improvements in profitability [5][10]. Summary by Sections Financial Performance - In 2024, the company reported a net profit of 7.32 billion yuan, down 35.37% year-on-year, while the first quarter of 2025 saw a net profit increase of 16.81% to 1.35 billion yuan [3][12]. - The operating cash flow for 2024 was 4.85 billion yuan, a significant decrease of 75.58% compared to the previous year [3][12]. Sales and Market Expansion - The company sold 2.684 million vehicles in 2024, achieving a 5.1% year-on-year increase, with exports reaching a record high of 536,200 units, up 49.59% [4][9]. - NEV sales reached 734,600 units, representing a 52.80% increase year-on-year, with the company launching several new models to strengthen its market position [5][13]. Strategic Initiatives - The company is implementing a global expansion strategy, establishing subsidiaries in Mexico, Germany, and the Netherlands to enhance local operations and market penetration [9][10]. - Collaborations with key partners like CATL and Huawei are aimed at advancing battery technology and smart vehicle development, further solidifying the company's position in the NEV market [10][11]. Future Outlook - The company aims to produce and sell over 2.8 million vehicles in 2025, with a long-term goal of achieving 5 million sales by 2030 [13]. - Projected net profits for 2025, 2026, and 2027 are estimated at 7.79 billion yuan, 9.76 billion yuan, and 10.87 billion yuan, respectively, indicating a positive growth trajectory [14][15].