Summary of Conference Call Records Industry Overview - The global automotive industry, particularly focusing on the Chinese electric vehicle (EV) sector, is experiencing significant growth, with a notable increase in exports and a shift towards localization in production [1][6]. Key Points on Chinese EV Exports - In the first half of 2025, China's EV exports reached 1 million units, marking a 70% year-on-year increase, primarily driven by BYD's doubling of exports, while other manufacturers remained stable or saw slight declines [1][3]. - The total passenger car exports for 2025 are projected to be around 5.2 million units, reflecting an approximate 11% year-on-year growth, although this is below initial expectations [1][5]. - The decline in the Russian market, with a 25% drop in exports to CIS countries, has impacted overall growth, attributed to increased vehicle scrappage tax and stricter controls on parallel imports [3]. BYD's Performance - BYD's exports in the first half of 2025 approached 500,000 units, representing a 130% increase, with significant growth in the European market [4][10]. - Plug-in hybrid electric vehicles (PHEVs) accounted for about 40% of BYD's sales in Q1 2025, a 30 percentage point increase from 2023 [10]. - BYD is accelerating its overseas production base layout, with expectations to reach an overseas capacity of 1.5 million units by 2027 [4][10]. Leap Motor's International Strategy - Leap Motor, through its joint venture with Stantys, has launched the T03 and C10 models in Europe, maintaining monthly retail sales around 2,000 units [1][7]. - The wholesale monthly export figures are approximately 3,000 units, with a peak of 6,000 units in April 2025 [7]. - The company aims for its export business to break even by 2025, focusing on increasing market share and establishing a robust overseas presence [8]. SAIC's Adaptation to EU Tariffs - SAIC has adjusted its product structure to mitigate the impact of EU tariffs by increasing the share of HEV models, which accounted for 41% of its exports to the EU in the first half of 2025 [11]. - This strategy has allowed SAIC to achieve positive growth despite tariff challenges, with expectations for steady profit improvement [11]. Localization and Production Challenges - Chinese passenger car manufacturers are entering a localization phase similar to Japan's automotive industry development, facing challenges in managing relationships with local unions and governments [6][12]. - The need for patience and time is emphasized as companies navigate these complexities while establishing local production capabilities [6][13]. Other Notable Companies - Besides BYD and Leap Motor, companies like Great Wall, Geely, and Chery are also actively expanding into overseas markets, compensating for declines in the Russian market through diverse energy vehicle offerings and partnerships with multinational firms [12]. Conclusion - The Chinese automotive industry, particularly in the EV segment, is poised for growth with increasing exports and a strategic shift towards localization, although challenges remain in navigating international markets and regulatory environments [1][6][12].

Summary of SAIC Motor Corporation Conference Call Company Overview - **Company**: SAIC Motor Corporation - **Date**: July 20, 2025 Key Points Industry and Market Dynamics - SAIC Motor is actively responding to EU tariff policies by adjusting the energy structure of export models, increasing the proportion of HEV and PHEV models, significantly reducing tariff impacts [2][7] - In the first five months of 2025, HEV models accounted for 41% of exports to the EU, while EV models dropped to 14% [2][3] - The overall market performance for SAIC Motor is stable, with an expected profit of 10 to 12 billion yuan for the main business in 2025 [3][12] Financial Performance - The company has integrated various departments such as Roewe and MG to avoid internal duplication of investments, effectively reducing losses in the independent brand sector and improving operational efficiency [2][9] - The joint venture brands, including Volkswagen and General Motors, are experiencing less pressure, with retail market share rising to 14% in June, an increase of approximately 2 percentage points from last year [2][5] Product Development and Strategy - Volkswagen and General Motors are actively transforming by launching new models tailored to the Chinese market, with Volkswagen focusing on Audi models like A5L and E5 Sportback [2][10] - SAIC's new brand, "Shangjie," has launched its first model H5, which is expected to achieve sales of 300,000 to 500,000 units by 2026 [4][13] Collaboration and Future Outlook - The collaboration with Huawei is generating high market expectations, with potential long-term brand value estimated between 100 billion to 200 billion yuan for Huawei's business and 150 billion to 200 billion yuan for SAIC's non-Huawei business [2][6] - Overall market capitalization is expected to have strong support at 300 billion yuan, potentially reaching 400 billion yuan [6] Challenges and Adjustments - The company anticipates a decline in exports from 700,000 units in 2023 to 550,000 units in 2024 due to EU tariff adjustments [3][12] - The independent brand sector is expected to see significant reductions in losses due to export growth and internal restructuring [4][12] Future Product Plans - In 2026, Volkswagen plans to launch over 10 new and updated models in China, including at least two B-class SUVs and one A-class PHEV [11] - General Motors is expected to introduce around four new models, with a focus on meeting local customer demands [11] Overall Outlook - The overall outlook for SAIC Motor is positive, with expectations of stable profits and a significant increase in new product launches in the coming years [14][15]

Core Viewpoint - Great Wall Motors emphasizes its Hi4 hybrid technology as a more efficient alternative to Range-Extended Electric Vehicles (REEV), highlighting its advantages in energy management and performance under various driving conditions [1][5]. Group 1: REEV Pain Points - REEVs typically use a series structure where the engine only generates electricity, leading to issues with power consistency, especially at low battery states [2]. - A specific REEV model shows a significant drop in total driving power when the battery is low, resulting in reduced acceleration and potential safety risks [2]. - Energy loss in REEVs is inherent due to the lack of mechanical direct connection, with an estimated loss of about 10% [2]. Group 2: Hi4 Hybrid Technology - Great Wall's Hi4 hybrid technology, introduced in 2023, is designed for "all-condition travel," optimizing efficiency through dynamic switching and intelligent energy management [5]. - Hi4 technology is divided into two types: Hi4-T, which uses a mechanical drive, and Hi4-Z, which relies on electric motors for improved energy efficiency in urban settings [7]. - Hi4-Z features a power-splitting hybrid system with a longitudinal engine, multi-speed transmission, and two electric motors, allowing for versatile driving modes [9][11]. Group 3: Hi4-Z Performance and Efficiency - The Hi4-Z system can operate in various driving modes, including pure electric front-wheel drive and four-wheel drive, depending on the conditions [13]. - The maximum power output of the Hi4-Z system reaches 863 horsepower with a torque of 1195 Nm, while achieving a fuel consumption of 8.6L/100km under WLTC conditions [14]. - The system's complexity, including multiple components and power-splitting mechanisms, poses challenges for reliability and tuning, which may affect driving quality [14].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - In 2025, the supply growth rate of platinum is -0.4%, and the demand growth rate is 10.8%, resulting in a supply-demand gap of 41.2 tons. The supply growth rate of palladium is -1.7%, and the demand growth rate is -8.6%, with a supply surplus of 6 tons. Platinum prices are expected to strengthen oscillatingly, while palladium may continue to face pressure [3][53]. - In the automotive sector, the mid - term demand for platinum - group metals is mainly supported by PHEV. Platinum is expected to increase by 3 - 5% in the automotive sector in 2025, while palladium demand is expected to decline by less than 1%. [3][52][53] Summary According to the Table of Contents 1. 2025 H1 Platinum and Palladium Price Trends Review - As of June 16, 2025, Nymex platinum prices rose 36.25%, and palladium rose 15.01%. In Q1, prices oscillated weakly due to uncertain US tariff policies and heavy rainfall in South African mines. In Q2, prices recovered after hitting bottom, affected by trade frictions, tariff alleviation, and gold - platinum ratio changes [6]. 2. 2025 H2 Platinum and Palladium Fundamental Market Analysis 2.1 Supply Side - **2.1.1 South African Extreme Weather Hit Global Platinum and Palladium Supply, Oligopoly Couldn't Hide Short - term Vulnerability** - Global primary platinum and palladium production is highly concentrated. South Africa, Zimbabwe, Russia, and the US account for 96% of global production. The top four mining companies' market share exceeds 70% for platinum and over 80% for palladium [12]. - In Q1 2025, platinum mine supply dropped 13% year - on - year to 34 tons. South African heavy rainfall, low smelting capacity utilization in Zimbabwe, and North American mine restructuring led to the decline. Although production in South Africa recovered in Q2, long - term challenges may limit output. The annual platinum supply is expected to be 3.869 million ounces, down 6.38% year - on - year [17][19]. - **2.1.2 Recycled Supply Kept Growing, with Scrap Auto Catalysts Contributing the Main Increment** - Recycling accounts for 20 - 25% of the total platinum and palladium supply. Scrap auto catalysts contribute 70 - 75% of the recycled supply. The "scrap - for - new" policy and high platinum content in old cars are expected to accelerate scrap recycling in H2 2025, but some dismantlers' hoarding may suppress supply [24][26]. - In H1 2025, platinum jewelry consumption recovered, which may drive the recycling market. However, due to low inventory, the annual recycling volume may still decline [31]. 2.2 Demand Side - **2.2.1 Automotive Sector Platinum and Palladium Demand Grew Moderately** - **2.2.1.1 In terms of total volume, the global automotive production's platinum and palladium demand was revised down, affected by demand overdraft and tariff shocks** - In 2025, global automobile production is expected to be about 92 million units, a slight decline of less than 1% year - on - year. In the Chinese market, demand overdraft and inventory pressure may affect production and platinum - palladium demand. In overseas markets, tariffs and weak macro - economy may also impact demand [36]. - **2.2.1.2 Structurally, mid - term demand is mainly supported by PHEV** - The mid - term demand for platinum - group metals in the automotive sector is mainly supported by PHEV. In H1 2025, the PHEV market share reached 15.89%, up about 3 percentage points from the previous year. As other manufacturers follow up on PHEV technology, the market share may further increase. Platinum is expected to increase by 3 - 5% in the automotive sector in 2025, while palladium demand is expected to decline by less than 1% [43][44]. - **2.2.2 Jewelry Sector Platinum and Palladium Demand Grew Rapidly, with Gold - Platinum Substitution Driving Up Expectations** - In 2025, global platinum jewelry demand is expected to grow about 15%. The high gold price has made platinum jewelry more attractive. In the Chinese market, new platinum showrooms and counters have emerged. In the Japanese market, demand is expected to grow steadily, while in India, growth may slow due to US tariff policies [49].

Core Viewpoint - The article discusses the recent controversies surrounding BYD's "atmospheric pressure fuel tank" and "car circle Evergrande," highlighting BYD's response and the broader implications for the automotive industry, including overcapacity concerns expressed by Geely's chairman Li Shufu [1][2][5]. Group 1: BYD's Response - BYD's General Manager of Brand and Public Relations, Li Yunfei, stated that the atmospheric pressure fuel tank scheme complies with regulations and that the company has switched entirely to high-pressure fuel tanks [2]. - Li Yunfei emphasized that the PHEV technology and standards in China are leading globally, and the atmospheric pressure fuel tank was used from 2021 to 2023, meeting emission compliance requirements [2]. - He also mentioned that a certain leading car company in Zhejiang had used the atmospheric pressure fuel tank scheme from 2018 to 2023, suggesting that they also have their solutions that comply with environmental regulations [2]. Group 2: Allegations and Industry Dynamics - Li Yunfei accused a certain Hebei car company of maliciously reporting BYD and stirring public opinion against it, asserting that investigations confirmed BYD's compliance with regulations [2]. - The article highlights Li Shufu's remarks at the 2025 China Automotive Chongqing Forum, where he pointed out the severe overcapacity in the automotive industry and announced that Geely would not build new factories or expand existing ones [5][6]. - Li Shufu advocated for utilizing global excess capacity and emphasized the importance of cooperation and resource reorganization to enhance efficiency and competitiveness in the global market [6][7].

近期，我们在个别同行的推波助澜下，深陷舆论风波，现就"常压油箱"和"车圈恒大"两个话题说明如 下： 关于"常压油箱"：中国PHEV技术及标准走在世界前列，这与早期多家中国汽车品牌研发持续投入，多 种动力技术路线和排放合规路线的探索与实践密不可分。我们2021-2023年采用的常压油箱方案，符合 法规要求。对于PHEV车型长期纯电行驶的车辆，每隔一周左右，通过启动发动机运转3～5分钟，燃烧 碳罐内吸附的燃油蒸汽，以达到排放合规要求。后来有部分客户反馈，因发动机定期启动体验不好，后 续我们全部切换为高压油箱方案。 据了解，浙江某头部车企2018-2023年，多款PHEV车型也采用常压油箱方案。我们相信，他们应该也有 自己的解决方案，也是符合环保及法规要求的。 6月8日，比亚迪集团品牌及公关处总经理 李云飞发文回应"常压油箱"和"车圈恒大"争议，称常压油箱 方案符合法规要求，并已全部切换为高压油箱方案 。同时，比亚迪表示 河北某车企恶意举报，经调查 确认没有问题 。 新闻多一点 6月6日，2025中国重庆汽车论坛上，比亚迪集团品牌及公关处总经理李云飞称，该公司将用科技创新 来"反内卷"。 关于"车圈恒大"：我在5月 ...