来源：市场投研资讯 （来源：源媒汇） 作者 | 潘卓伦 "奇瑞汽车（9973.HK）处于向新能源与智能化升级转型的过程中，其销量规模、品牌及业绩已经属于 国内民营车企第一梯队，但市值被低估。" "奇瑞的海外优势与燃油车基本盘能提供稳定现金流，若募资能有效投入新能源领域，有望在2025-2027 年实现营收与利润的'二次增长'。" 以上分别是国证国际、中信证券等投资机构在奇瑞登陆港股后的评价，对于这宗港股年内最大车企 IPO，市场普遍看好其发展前景。但也有观点认为，奇瑞汽车在2025年完成IPO是因为业绩进入了快车 道，趁着公司在2024年营收达到约2699亿元人民币高位抓紧机会，不然过了这个村可能就没这个店。 显然，这种观点的目光有点短浅了。 只要翻一翻2025年中期报告和近半年的细分车型销量，就会发现当下只不过是奇瑞汽车刚开始厚积薄发 的时候。 在电车赛道兑现国民油车IP价值 提到奇瑞汽车，不少人对这家车企的印象可能还停留在燃油车时期。 诚然，在奇瑞已经卖出的超过1500万辆整车中，燃油车占大头，承载这些奇瑞燃油车的风云、QQ、瑞 虎等经典IP更是深入人心。但如今到了新能源车时代，这些积累没有白费，尤其是上 ...

曾经"起了大早赶个晚集"的奇瑞，如今正以一场全面的新能源加速运动，改写自己在行业竞争中的角色 定位。 2025年9月25日，奇瑞汽车（股票代码：9973.HK）正式登陆港股，开盘上涨11.22%，市值逼近2000亿 港元。根据招股书数据，2024年奇瑞新能源汽车销量同比增长265+%，新能源业务已成为推动其业绩增 长的关键引擎。 新能源业务成为重要增长引擎 奇瑞的新能源发展之路，是一场典型的长期主义者"厚积爆发"的故事。早在新能源尚未兴起之时，奇瑞 就已经前瞻布局——1999年成立清洁能源汽车专项组，2001年新能源汽车研发项目入选国家863计划， 2003年第一辆新能源汽车走下流水线，2009年依靠新能源技术荣获国家科技进步一等奖，展现出深厚的 技术积累能力。 然而，新能源发展之路并非轻而易举。2023年，董事长尹同跃曾坦言，奇瑞在新能源领域一度是"起个 大早赶个晚集"。同时，他也表示"明年，我们新能源就不会像今年这么客气了。"这一宣言成为奇瑞新 能源发展进程中的重要里程碑。 2024年，奇瑞将其升级为"新能源不客气"的战略目标，通过技术创新和产品矩阵布局，实现销量爆发式 增长。 招股书显示，根据弗若斯特沙 ...

Core Insights - The opening ceremony of Chery's brand dealership in Nanjing marks a significant milestone for both Chery and Fulin Group, emphasizing their commitment to the Yangtze River Delta market and local consumer service [1][2][3] Company Performance - Chery Group has maintained a stable growth trajectory, with projected total sales of 2.6 million units for 2024 and over 1.7 million units sold from January to August this year [2] - The company has successfully entered the Hong Kong stock market, gaining recognition in the capital market and showcasing the strength of Chinese automotive manufacturing [2] Product Strategy - Chery is enhancing its product matrix with several new models, including the flagship model Fengyun A9L, which continues to receive strong orders [2] - Upcoming launches include Fengyun T11, the new Ruihu 8, and Ruihu 9, with plans to introduce over ten new models by 2026 across various segments such as sedans, SUVs, and new energy vehicles [2] Regional Market Focus - Nanjing is identified as a key market for Chery, with the collaboration with Fulin Group aimed at expanding service networks through three newly opened flagship stores [3] - The new stores are designed to provide a comprehensive "one-stop" service experience for consumers, including test drives, consultations, and after-sales support [3] Partnership Dynamics - Fulin Group, as Chery's strategic partner in Nanjing, emphasizes its commitment to professional service and customer-centric operations, aiming to enhance user experience [4] - The partnership is characterized by comprehensive support from Chery, including brand messaging, product matrix, marketing strategies, and service standards [4] Future Outlook - The collaboration between Chery and Fulin Group is expected to deliver a richer selection of vehicles, professional sales consultations, and attentive after-sales services, enhancing the quality of automotive life for consumers in Nanjing [5]

今年港股市场规模最大的车企 IPO 来了。 9 月 25 日，奇瑞汽车股份有限公司（简称"奇瑞"）在港交所正式挂牌上市，以 30.75 港元/股的招股价上限定价，募资规模达 91.4 亿港元，为年内港股车企 IPO 划下浓重一笔。 截至当日收盘，奇瑞股价报 31.92 港元/股，涨幅为 3.8%，市值高达1841亿港元，在港股相较于小鹏汽车略高（1648亿港元），略低于吉利汽车（1866亿港 元）、理想汽车（2059亿港元）。 | 球發售項下發售股份數目 : 297,397,000股H股(視乎超額配股權 | | --- | | 行使與合而定) | | 香港發售股份數目 : 29,739,700股H股 | | 國際發售股份數目 : 267,657,300股H股(視乎超額配股權行 | | 使與合而定) | | 最終發售價 : 每股H股30.75港元,另加1.0%經紀佣 | | 金、0.0027%證監會交易徵費、 | | 0.00015%會財局交易徵費及 | | 0.00565%香港聯交所交易費 | | (須於申請時以港元繳足, | | 多繳股款可予退還) | | 面值 : 每股H股人民幣1.00元 股份代號 : ...

Group 1: Event Overview - The 2025 World Manufacturing Conference was held in Hefei, Anhui from September 20 to 23, focusing on the theme "Intelligent Manufacturing for a Better World" with representatives from over 40 countries and regions [1] - The conference featured four major events, six project matchmaking activities, and 23 specialized activities to discuss the future development paths of the manufacturing industry [1] Group 2: Intelligent Robotics - The newly established intelligent robotics exhibition showcased 40 companies and demonstrated various applications of robots in industrial and daily life scenarios [2] - Notable products included a humanoid robot named "Xiao Ling" that served drinks and an AI-powered self-service food vending machine that operates without human intervention [2][3] - The intelligent robotics industry in Anhui has seen significant growth, with the number of companies increasing from over 10 in 2013 to 520 today, and annual output value rising from less than 1 billion to 60 billion [3] Group 3: High-Tech Innovations - The conference featured the launch of 10 new technologies and products, including advancements in deep space exploration and aerospace [4] - A notable highlight was the "Lunar In-Situ Resource Additive Manufacturing System," which can melt lunar soil to create various shapes, providing critical support for future lunar research stations [4] - The ultra-lightweight reusable rocket thermal shield developed by Anhui DreamKex Aerospace Technology Co., Ltd. was designed for extreme high-temperature environments [5] Group 4: Automotive Industry Developments - The intelligent connected new energy vehicle exhibition gathered 31 key enterprises, showcasing advancements in electric vehicles and smart technologies [7] - Noteworthy models included Chery's first C-class luxury flagship and NIO's ET9, highlighting breakthroughs in high-end and intelligent vehicle manufacturing [7] - The exhibition also featured various battery technologies, including solid-state and sodium-ion batteries, aimed at enhancing the performance and safety of new energy vehicles [8] Group 5: Internationally Leading Products - Several innovative products gained attention, such as an interactive air imaging teleprompter and CR450 high-speed train wheels, showcasing China's advancements in technology [10][11] - The teleprompter utilizes medium-free air suspension imaging technology, while the high-speed train wheels represent a significant achievement in high-speed rail manufacturing [10][11] - The conference served as a platform for deep dialogue and cooperation between Chinese manufacturing and global industries, emphasizing China's technological strength and open industrial ecosystem [11]

Group 1 - The 2025 World Manufacturing Conference commenced in Hefei, featuring key guests from various sectors to discuss trends in technological revolution and industrial transformation [1] - The conference highlighted the increasing threshold for the top 500 Chinese manufacturing enterprises, rising from 11.09 billion to 17.36 billion, with total revenue growing from 4.024 trillion to 5.168 trillion, an increase of 1.144 trillion [1] - The total assets of the top 500 manufacturing enterprises increased from 4.433 trillion to 5.331 trillion, a growth of 898 billion [1] Group 2 - The conference included 10 comprehensive exhibition areas showcasing achievements in national and Anhui manufacturing, with participation from leading local companies such as Sunpower, iFlytek, and BYD [2] - The automotive industry, as Anhui's leading sector, showcased over 30 key enterprises, including flagship models from JAC, Chery, and NIO, along with various battery technologies [2] - An interactive exhibition area demonstrated advancements in unmanned systems, allowing attendees to experience the capabilities of drones and autonomous vehicles [2] Group 3 - The conference, running from September 20 to 23, includes 4 major events, 6 project matchmaking activities, and 23 specialized events, resulting in 735 signed projects with a total investment of 380.2 billion [3] - Anhui's industrial economy has shown positive trends, with an average annual growth of 7.9% in industrial added value since the 14th Five-Year Plan, surpassing the national average by 2 percentage points [3] - The province has established strong industrial clusters in automotive, photovoltaic, electronics, home appliances, and equipment manufacturing, contributing significantly to national production in various sectors [3]

Group 1: Event Overview - The "2025 World Manufacturing Conference" is being held in Hefei, showcasing smart cars and robots as the main attractions [1][2] - The event features a robot band performing live, creating an engaging atmosphere for attendees [1][3] Group 2: Automotive Industry Highlights - Jianghuai Automobile (江淮汽车) unveiled the luxury model S800, developed in collaboration with Huawei, marking a significant entry into the high-end electric vehicle market [2][8] - The automotive production in Anhui reached 1.4995 million units in the first half of the year, ranking first in the country, with new energy vehicle production at 730,900 units, also the highest nationally [8][9] Group 3: Robotics and Technology Innovations - The conference features over 40 companies showcasing innovations in robotics, including humanoid robots capable of performing various tasks [3][4] - Wulun Technology (无论科技) presented a humanoid robot head module with 34 degrees of freedom for emotional interaction, targeting high-interaction service scenarios [4][5] Group 4: Industry Growth and Future Prospects - The Anhui intelligent robotics industry has grown from over 10 companies and less than 1 billion yuan in revenue in 2013 to 520 companies and over 60 billion yuan in revenue today, ranking fifth nationally [6] - The conference highlights the diverse layout of the Anhui automotive industry, with multiple flagship models from various manufacturers on display [9][10]

Group 1: Event Overview - The "2025 World Manufacturing Conference" is being held in Hefei, showcasing smart cars and robots as the main attractions [1][2] - The event features a robot band performing live, creating an engaging atmosphere for attendees [1][5] Group 2: Smart Automotive Industry - Anhui's automotive industry is undergoing significant transformation, with the launch of high-end models like the Jianghuai Automobile's luxury model, the Zun Jie S800, priced between 708,000 to 1,018,000 yuan [10] - In the first half of the year, Anhui's automotive production reached 1.4995 million units, ranking first in the country, with new energy vehicle production at 730,900 units, also the highest nationally [10] Group 3: Robotics Industry - The intelligent robotics sector in Anhui has grown from over 10 companies and less than 1 billion yuan in revenue in 2013 to 520 companies and over 60 billion yuan in revenue today, ranking fifth nationally [7] - The conference features over 40 companies showcasing innovations in robotics, including humanoid robots capable of performing various tasks [3][4] Group 4: Technological Innovations - Key components supporting the automotive industry include advanced battery technologies and intelligent driving systems, with companies like Guoxuan High-Tech and Chery showcasing their latest innovations [11] - Chery's Robotaxi service is set to expand in Hefei by 2025, initially deploying L3 and L4 autonomous vehicles [11]

Group 1: Event Overview - The "2025 World Manufacturing Conference" is being held in Hefei, showcasing smart cars and robots as the main attractions [1][2] - The event is open to the public, with a significant turnout and various interactive displays [1] Group 2: Robotics and Technology - The conference features a dedicated smart robot exhibition area with over 40 companies showcasing innovations, including humanoid robots and their components [2][5] - The robot band from Hefei Panshi Intelligent Technology Co., Ltd. is the first of its kind in China, combining cultural performance with commercial viability, charging approximately 200,000 yuan per performance [5][6] Group 3: Automotive Industry Highlights - Anhui's automotive industry is experiencing significant growth, with a record production of 1.4995 million vehicles in the first half of the year, leading the nation [7][8] - The launch of the luxury electric vehicle, the Zun Jie S800, developed by Jianghuai Automobile in collaboration with Huawei, marks a significant milestone for Anhui's automotive sector [7][8] Group 4: Future Developments - The introduction of autonomous driving technology is underway, with Chery Group's Macar Mobility testing Robotaxi services in Wuhu, aiming for commercial operation by 2025 [10]

Group 1 - The 2025 World Manufacturing Conference will open on September 20 in Hefei, Anhui, focusing on "Strengthening Innovation Leadership and Building a Strong Province for Intelligent Vehicles" [1] - The intelligent connected new energy vehicle exhibition will feature 31 key enterprises showcasing the entire industry chain and demonstrating the hard power of Anhui's automotive manufacturing in the transition to new energy and intelligence [3] - Major automotive companies such as Chery, JAC, NIO, and BYD will present their latest models, highlighting the new momentum of "Anhui manufacturing" [3] Group 2 - Various power systems will be showcased, including Chery's DHT hybrid transmission, JAC's DHE-145 hybrid engine, and multiple other powertrain technologies covering fuel, hybrid, alcohol-hydrogen, and gas [5] - The exhibition will also feature seven companies in the power battery sector, demonstrating the diversity and innovation in battery technology [5] - The event will present a "vehicle-road-cloud integration" application ecosystem aimed at promoting advanced autonomous driving and enhancing urban traffic management efficiency [5] Group 3 - Since the 14th Five-Year Plan, Anhui's annual automobile production has doubled, and new energy vehicle production has increased fifteenfold, with the province leading the nation in automobile production, new energy vehicle production, and exports [5] - Currently, approximately 10% of the country's automobiles and 11% of new energy vehicles are produced in Anhui [5]