Group 1 - Company Saisir (09927) saw a stock increase of over 3%, reaching 113.9 HKD with a trading volume of 168 million HKD [1] - On December 16, it was reported that Hongmeng Zhixing has partnered with the Shenzhen Transportation Bureau to initiate L3 conditional autonomous driving testing in Shenzhen, covering 1000 kilometers of high-speed roads [1] - The testing aims to validate the safety and maturity of the L3 system through real road and user data, providing practical evidence for the implementation of national L3 policies [1] Group 2 - Saisir is a core partner of Hongmeng Zhixing and a benchmark for the "Smart Selection Car Model," jointly creating the AITO brand, which is the first brand co-developed by both parties [2] - In November 2025, Saisir reported a total automobile production of 58,900 units, a year-on-year increase of 30.36%, and total sales of 58,100 units, a year-on-year increase of 36.34% [2] - From January to November 2025, the total automobile production reached 460,400 units, a year-on-year increase of 0.73%, while total sales were 453,100 units, a year-on-year decrease of 0.52% [2]

Core Viewpoint - Company is undergoing a listing hearing on the Hong Kong Stock Exchange, with CICC and China Galaxy International serving as joint sponsors [1] Company Overview - Company focuses on research, manufacturing, sales, and service of new energy vehicles and core battery products [1] - Company fully transitioned to the new energy vehicle sector in 2016 and launched the "Wenjie" brand in 2021 [1] Product Performance - The Wenjie series includes models M5, M7, M8, and M9, with several achieving excellent sales performance in the Chinese market [1] - The net promoter score (NPS) for the Wenjie brand reached 82% in the second half of 2024, ranking first in the new energy vehicle reputation list [1] - Total annual deliveries for the year reached 387,100 units, representing a year-on-year growth of 268% [1]

Core Insights - Huawei's smart driving system, QianKun, has surpassed 1 million vehicles equipped with it, covering 22 cooperative models across different price ranges [1] - Multiple mainstream automakers are actively seeking collaboration with Huawei, indicating a trend towards deeper partnerships in the automotive industry [3][5][7] Group 1: Collaborations and Partnerships - Chery Automobile and Huawei have launched the "Intelligent World 2.0" initiative, investing over 10 billion yuan and expanding the R&D team to 5,000 people [3] - FAW Group has partnered with Huawei to launch the Audi A5L and Q6L e-tron family, marking Audi as the first international luxury brand to collaborate deeply with Huawei [3] - Changan Automobile's leadership has engaged with Huawei's founder, suggesting potential future collaborations, although specific projects have not been disclosed [5] Group 2: Market Strategy and Positioning - GAC Group emphasizes the synergy of "GAC Manufacturing + Huawei Intelligence" to penetrate the high-end smart electric vehicle market [7] - Jiangling Motors has positioned its "Zun Jie" brand as a core driver for its strategic transformation towards a technology-oriented enterprise [7] - Great Wall Motors has established a close cooperation network with Huawei, covering marketing, smart cockpit, and vehicle solutions [8] Group 3: Competitive Landscape - The automotive industry is experiencing intensified competition, where companies must compete not only on price but also on technology, products, and services [9] - The success of Seres, which saw its market value soar from under 15 billion yuan to approximately 210 billion yuan after partnering with Huawei, exemplifies the potential benefits of such collaborations [9] - Huawei's significant influence in partnerships, such as with Chery's "Intelligent World," indicates a trend where Huawei leads brand strategy and management while partners support operational efforts [11] Group 4: Strategic Integration - The collaboration between automakers and Huawei is characterized by a deep integration of strengths, combining automakers' manufacturing and market experience with Huawei's technological leadership [11] - The establishment of "Yin Wang," a joint venture with Huawei holding 80% and other stakeholders like Avita Technology and Seres, reflects a strategic capital partnership model [11]