研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 177 期 观点精粹: 最新报告摘要 双十一开启，关注宠物板块行情--行业周报 汽车 9 月批发同比增 14.9%，零跑 D19 亮相魏牌高山 7 上市 --行业周报 美丽田园收购思妍丽，夯实美容市场龙头地位--美丽田园医疗健康/美容护理(02373/2177) 点评报告（港股美 股） 2025 年 10 月 21 日 晨会纪要 证券研究报告 1、最新报告摘要 1.1、双十一开启，关注宠物板块行情--行业周报 分析师：程一胜 S0350521070001 分析师：熊子兴 S0350522100002 分析师：王思言 S0350524010001 投资要点: 生猪：生猪调控持续深化，看好板块价值重估机会 投资建议：生猪行业进入调控期以来，相关部门召开会议强化调控措施，通过减少产能手段调控猪价，短期看 由于下半年生猪出栏量或有增加以及大猪库存或有消化，猪价依然面临下行压力，我们持续认为，调控猪价是 抗通缩的最有效方式之一，相关单位进行政策调控，最终是希望猪价恢复 ...

汽车 行业研究/行业周报 2025 年 9 月新能源汽车市占率约 49.7% ——汽车行业周报（2025/10/13~2025/10/17） ◼ 行情回顾 过去一周(2025/10/13~2025/10/17），申万汽车行业下跌 2.53%，表现 弱于同花顺全 A，所有一级行业中涨跌幅排名第 27。细分板块涨跌 幅：过去一周(2025/10/13~2025/10/17），摩托车及其他涨幅最大，汽 车零部件跌幅最大。摩托车及其他上涨 0.58%，商用车下跌 0.15%， 乘用车下跌 0.28%，汽车服务下跌 2.40%，汽车零部件下跌 4.04%。 ◼ 核心数据 数据跟踪： 1）行业总量：据中汽协数据，2025 年 9 月汽车销量约 322.6 万辆， 环比约+12.9%，同比约+14.9%。2025 年 9 月新能源汽车市占率约 49.7%。 2）车企端：据乘联分会数据，2025 年 9 月，比亚迪、吉利和一汽大 众零售销量位列前三，分别约 34.7 万辆、23.2 万辆和 13.9 万辆，份 额分别约为 15.5%、10.4%和 6.2%。其中吉利汽车、长城汽车、长安 汽车分别同比约+42.8%、+37.3 ...

Group 1: NIO and GIC Lawsuit - Singapore's Government Investment Corporation (GIC) has filed a lawsuit against NIO, accusing the company of inflating revenue and profits through a partnership with Wuhan Weinan Battery Asset Co., misleading investors and causing financial losses to GIC [1] - NIO responded that the lawsuit is based on unfounded allegations from a short-seller report by Grizzly Research in June 2022, which the company claims contains numerous errors and misleading conclusions [1] - Following the short-seller report, major financial institutions like Deutsche Bank, Morgan Stanley, and JP Morgan released reports that did not support Grizzly's conclusions, indicating a misunderstanding of NIO's Battery as a Service (BaaS) model [1] Group 2: Fuyao Glass Leadership Change - Fuyao Glass announced that its chairman, Cao Dewang, has resigned to optimize the company's governance structure and pursue retirement, although he will remain a board member and hold other positions [2][3] - Cao Dewang expressed that stepping down would benefit Fuyao by allowing a new generation to take over [3] - The company has elected Cao Hui as the new chairman, and Cao Dewang has been appointed as the honorary chairman for life [2] Group 3: Tesla Shareholder Returns - Tesla reported a total shareholder return of 39,140% since its IPO, significantly outperforming the S&P 500 index and other peers [6][7] - This return indicates that an initial investment of $10,000 at the time of Tesla's IPO would now be worth approximately $3.914 million [7] - Tesla emphasized that strong corporate governance is essential for achieving sustainable long-term shareholder returns [8] Group 4: Meituan's AI Investment - Meituan's core local business CEO, Wang Puzhong, revealed that the company has invested hundreds of millions of RMB in AI technology, which is expected to benefit the restaurant industry [10][11] - Meituan has developed and open-sourced the LongCat large language model, which is noted for its speed and accuracy, and is the only model trained using domestically produced chips [11] - The company aims to integrate AI into decision-making processes in the restaurant sector through tools like "Kangaroo Advisor" [12] Group 5: Apple Watch Research Initiative - Apple announced a collaboration with Beijing Anzhen Hospital and the American Heart Association to explore the use of Apple Watch in monitoring heart failure patients with atrial fibrillation [14][17] - The study will involve over 200 discharged patients and will track their conditions for 90 days to assess the effectiveness of Apple Watch in managing heart failure [17] - Apple aims to leverage advanced machine learning capabilities in the watch for early detection of health deterioration [17] Group 6: Volcanic Engine AI Model Updates - Volcanic Engine unveiled updates to its Doubao series models, reporting a daily token usage exceeding 30 trillion, reflecting an 80% increase since May [18] - The company holds a 49.2% market share in China's public cloud large model service sector as of the first half of 2025 [18] Group 7: OPPO Find X9 Series Launch - OPPO launched its flagship Find X9 series, featuring a new design and advanced camera capabilities, including the world's first full-focus Hasselblad 8K photo function [20][21] - The series is equipped with a Dimensity 9500 flagship chip and supports various high-end features, including IP68 water and dust resistance [20] Group 8: Leap Motor D19 SUV Introduction - Leap Motor introduced its flagship D19 SUV, available in both pure electric and range-extended versions, with the pure electric variant offering a range of 720 km [21][23] - The D19 features a 115 kWh battery and supports 800V fast charging, with a 0-100 km/h acceleration time of around 3 seconds for the pure electric version [23][24]