CITIC SEC: HarmonyOS Intelligent Mobility ecosystem adjustment, ecosystem resource allocation significantly increased

CITIC SEC released a research report stating that recently, AITO officially switched to a model led by Chongqing Sokon Industry Group Stock with Huawei providing technology empowerment. Chongqing Sokon Industry Group Stock has fully taken over product definition, brand marketing, channels, and after-sales service, relying on equity binding through Yinwang to ensure priority supply of Huawei technology; Huawei, in turn, is concentrating its core resources to deeply cultivate the four major cooperative brandsZunjie, Xiangjie, Zhijie, and Shangjieunder the full-process Smart Selection model, with ecosystem resource allocation significantly increased. After the adjustment of AITO's business model, HarmonyOS Intelligent Mobility held its first new product launch event on September 25, 2026. The Zhijie RX and the refreshed Zhijie R7 were officially launched, and the Xiangjie V8 opened for pre-sale, covering the mainstream family SUV and high-end MPV markets. New products will continue to roll out in the second half of 2026, and 2027 will usher in a major product year for the HarmonyOS ecosystem, with full-category iteration driving high sales growth. The main views of CITIC SEC are as follows: After the adjustment of AITO's business model, HarmonyOS Intelligent Mobility held its first new product launch event on September 25, 2026. The report comments as follows: Ecosystem changes: AITO transformed into a Chongqing Sokon Industry Group Stock-led model, with Huawei focusing on building the other four brands. On September 15, the official WeChat public accounts of AITO, Huawei Qiankun Intelligent Driving, and HarmonyOS Intelligent Mobility issued statements that Chongqing Sokon Industry Group Stock has fully taken over product definition, design, brand marketing, channel retail, and after-sales service, implementing exclusive dedicated independent channels; Huawei continues to provide the full set of technical solutions including HarmonyOS Cockpit and Qiankun Intelligent Driving, and as a 10% shareholder of Yinwang, Chongqing Sokon Industry Group Stock has equity-level guarantees for the priority of technology supply. In addition, Huawei will focus its resources on building the other four brands: Zunjie (JAC), Xiangjie (BAIC BluePark New Energy Technology), Zhijie (Chery), and Shangjie (SAIC) still maintain the Smart Selection model led by Huawei throughout the entire process. New product rhythm: Rich new cars in 26H2, with 2027 as a major product year. On September 25, 2026, HarmonyOS Intelligent Mobility held its first new product launch event, unveiling three vehicles at once: the all-new Zhijie RX officially launched (starting at 259,800 yuan), the refreshed Zhijie R7 launched (starting at 239,800 yuan), and the Xiangjie V8, the first MPV under the Xiangjie brand, opened for pre-sale (starting at 329,800 yuan). The Zhijie RX, as the first X-series SUV under HarmonyOS Intelligent Mobility, is equipped with an L3-level intelligent driving architecture, Huawei Tuling chassis, and an 800V intelligent powertrain platform, making it the core highlight of this launch event; the refreshed Zhijie R7 optimizes the cockpit and perception hardware for the family market; the Xiangjie V8 enters the MPV segment, further enriching the category lineup. The report expects that in 2027, multiple sedans, SUVs, MPVs, and off-road SUVs under the HarmonyOS system will be released, and it continues to be bullish on the sales growth of the HarmonyOS system. Risk factors: Loosening of the cooperative relationship with Huawei; delayed delivery time of new models; new model sales falling short of expectations; chip supply shortages affecting vehicle supply capacity; outbreak of price wars in the terminal market.