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From joint ventures to joint innovation: Why global autos look to China_我的网站

一 |     　　在城商行板块“对公重回增长主轴”的周期性切换中，重庆银行再度交出亮眼的成绩单。    

    Newly produced vehicles fill a parking lot at a SAIC-GM industrial park in Wuhan, Central China's Hubei Province on July 10, 2022. Photo: VCG
Global automakers are forging deeper and longer-term ties with China, as the country's role evolves beyond a key market into an increasingly important hub for automotive research and development (R&D) and innovation.
SAIC Motor and General Motors (GM) signed an agreement on Wednesday to extend their joint venture partnership by 20 years to 2047. A month earlier, Honda Motor and GAC Group signed a strategic agreement to renew their joint venture (JV) partnership in GAC Honda, extending their cooperation to 2038 while keeping the existing equity structure unchanged.
The renewed commitments to China by global auto giants signal more than confidence in the long-term potential of the Chinese market. It reflects China's evolving role in the global auto industry, from a manufacturing base and sales market to an increasingly important source of innovation and technologies that shapes the future of mobility, Peng Bo, a research fellow at the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce, told the Global Times on Sunday.
Behind this shift is the rapid rise of new-energy vehicles (NEVs) and vehicle intelligence, as global competition increasingly centers on batteries, electric powertrains, intelligent driving, automation, software ecosystems and artificial intelligence (AI), Peng said.
From market to innovation
Chinese automakers have accelerated their expansion into global markets. According to the latest data from the China Association of Automobile Manufacturers, China exported 5.096 million vehicles in the first half of the year, up 65.3 percent year-on-year, including 2.355 million NEVs, up 120 percent. In just a few decades, China's auto industry has evolved from learning from and introducing advanced foreign technologies into a major global force in automobile production, exports and innovation.
Such a picture would have been almost unimaginable several decades ago. At the time, China's auto industry was still in its early stages and lagged considerably behind global leaders.
In the 1980s, China began integrating into the global auto industry through the establishment of joint ventures. In 1984, Beijing Jeep, China's first Sino-foreign joint venture automaker, began operations, while Chinese and German partners signed the agreement for Shanghai Volkswagen. More global automakers from countries such as Germany, the US, Japan and France followed, bringing capital, technology, equipment and management expertise that helped accelerate China's auto industry development.
From annual auto production and sales of just over 1 million units in the mid-1990s, China saw the corresponding figures surpass 30 million units in 2025, ranking first globally for the 17th consecutive year. Auto exports also surged from just several thousand units to a record 7.098 million in 2025. 
These figures illustrate the profound transformation of China's auto industry, which has evolved from a latecomer learning from global peers to a major manufacturing powerhouse and increasingly a source of innovation for the global auto industry, experts said.
Chinese experts attributed China's auto rise to its increasingly strong innovation capabilities. Sun Xiaohong, former secretary-general of the automotive branch of the China Chamber of Commerce for Import and Export of Machinery and Electronic Products, told the Global Times on Sunday that the close integration of R&D, manufacturing and market application has enabled new technologies to move rapidly from laboratories to mass production, while intense market competition has further accelerated innovation and product iteration.
Latest figures tell the story. China has led the world in automobile patent publications over the past decade, far ahead of the US, Japan and European countries. Patent publications in the NEV sector increased from more than 50,000 in 2016 to over 110,000 in 2025, with an annual growth rate of 17.1 percent. Intelligent connected vehicle patent publications rose from 44,000 to 93,000 over the same period, averaging annual growth of 11.6 percent.
In addition to the R&D capabilities, China's complete and highly efficient supply chain strengthens its industrial edge. The International Energy Agency estimates that battery electric car production costs are over 30 percent lower in China than in advanced economies, mainly attributed to lower battery cost and supply chain.
China's technology company Xiaomi only launched its first EV in 2024, but has quickly emerged as a major player in China's NEV market. Its strategy connects cars with smartphones, apps and smart home devices is creating a more integrated ecosystem. At Xiaomi's EV factory on the outskirts of Beijing, a new car rolls off the production line every 76 seconds on average.
Chinese automaker NIO's Hefei factory is known for its highly intelligent and automated manufacturing, using more than 700 robots and achieving an overall automation rate of 97.5 percent.
BYD's EVs can add 20 kilometers of range in just 10 seconds of charging and up to 400 kilometers in five minutes.
"These examples reflect a broader shift in China's auto industry, where strengths in advanced manufacturing, supply chains, software, AI and rapid technology commercialization are increasingly translating into a competitive edge," said Sun.
Cooperation not competition
The rapid transformation of China's auto industry has put growing pressure on some global auto giants. Honda CEO and President Toshihiro Mibe reportedly said after visiting an auto supplier factory in Shanghai, "We have no chance against this," Nikkei Asia reports.
Ola Kallenius, chairman of the board of management of Mercedes-Benz Group AG, told Chinese media that "In the world's most dynamic automotive market, you have to be here, and we're doubling down on China," People's Daily reported.
"Many major global automakers remain constrained by their long-standing reliance on traditional gasoline vehicles... Although they are pushing ahead with electrification, established technology systems, production networks and traditional development models have slowed," Jia Xinguang, an auto industry analyst, told the Global Times.
By contrast, China's auto industry has made a broad shift toward new technologies, building strengths across the industrial chain and establishing a mature and increasingly self-reliant core technology system, Jia said.
Against this backdrop, foreign automakers' approach to cooperation with China is changing. 
Toyota's evolving China strategy provides a telling example. At the 2026 Beijing auto show, Toyota unveiled its "with China, for China" localization strategy, giving Chinese teams a greater role in management, R&D and product development, the Global Times learned from the Japanese company.
Toyota has expanded its China chief engineer team from four to seven, covering gasoline, hybrid and EVs across different segments. It is also empowering local management and deepening co-creation with Chinese partners to make development faster, according to the company.
A similar shift can be seen at Tesla, whose Shanghai Gigafactory is not only a major global production base, but also a key part of its global supply chain and product development. In the first half of 2026, the factory delivered nearly 468,000 vehicles, up 28.4 percent year-on-year. The Model Y L, led by Tesla's China team in design and development and manufactured in China, is also being rolled out in markets including the US, UAE, South Korea, Japan, Singapore and Australia, according to a press release that the company shared with the Global Times on Friday.
Foreign auto parts suppliers are also stepping up innovation in China. Bosch plans to invest more than 2.5 billion euros in AI development by the end of 2027, with much of its automotive-related AI work focused on China and Europe, the Xinhua News Agency reported.
Amid mounting challenges, China-foreign auto joint ventures are taking a long-term approach and actively reshaping their product strategies, R&D models and cooperation frameworks, Xinhua reported, citing Bi Wenquan, an executive vice president of FAW Toyota Motor Co.
These developments point to a broader shift: China's role for global automakers is expanding from "Made in China" to "R&D in China" and "innovation in China," making win-win cooperation increasingly important, said Sun.
For global automakers seeking to stay competitive in the next wave of industry transformation, turning competition into greater opportunities for cooperation with Chinese companies is increasingly becoming an "imperative" rather than an "option," said Sun.
As John Roth, GM senior vice president and president of GM China, said the renewed partnership "reflects the shared confidence of GM and SAIC in SAIC-GM and its long-term growth potential."
"It is not only about continuing what we have built together. More importantly, it is about building a more competitive, resilient, and sustainable business for the future," Roth said.
。　　8月20日，重庆银行（601963.SH；1963.HK）披露2026年半年报显示，该行上半年实现营业收入84.86亿元，同比增长10.79%；归母净利润35.18亿元，同比增长10.29%，不仅营收、净利润双双刷新半年度业绩历史新高，更是在集团与法人口径上同步完成资产破“双万亿”的历史性跨越。　　值得注意的是，从单季度情况来看，重庆银行是目前唯一一家连续4个季度实现营收、净利“双十增长”的A股上市银行。

二 | 在同业息差普遍收窄的背景下，重庆银行净息差逆势上升7个基点至1.46%。　　规模盈利实现“双跃升”，区域深耕驱动高质量扩表　　2026年上半年，重庆银行资产规模在高基数上延续稳健增长——报告期末，集团资产总额为1.11万亿元，该行资产总额为1.04万亿元，分别较2025年末增长7.27%、6.86%。

三 | 这是重庆银行自2025年资产规模突破万亿后，在2026年上半年实现集团、法人总资产“双万亿”的历史性跨越。同期，贷款总额5824.59亿元，较上年末增长9.63%；存款总额6272.02亿元，较上年末增长10.87%，存款增速高于贷款增速，为后续信贷投放储存了充裕的低成本资金。　　盈利端的“双十增长”更具含金量。上半年该行不仅营收、归母净利双双刷新半年度业绩历史新高，更难得的是盈利质量的持续改善，如年化加权平均ROE达12.03%，同比提升0.51个百分点。在已披露2026年半年报的A股上市银行中，重庆银行与宁波银行是唯二的营收、归母净利润增速超10%的城商行，其中，重庆银行连续4个季度实现“双十增长”，更突出其盈利韧性。　　规模与盈利增长的背后，是重庆银行对区域经济的持续深耕和对实体经济的积极服务。　　根据定期报告，重庆银行聚焦重大战略和重点领域，加大成渝地区双城经济圈、西部陆海新通道、西部金融中心建设等领域信贷支持，上半年向双城经济圈提供信贷支持超1400亿元；服务西部陆海新通道建设融资余额超600亿元。　　零售方面，该行上半年个人定期存款上涨15.32%，零售贷款同比收缩8.43%。对于收缩的原因，该行相关负责人在8月25日的业绩说明会上表示，零售贷款下降的主要原因是市场需求不足，零售信贷进入“需求弱周期”，进而导致了零售贷款规模承压。

四 | 　　“接下来，我行将聚焦客群经营、结构优化两大主线深化转型，推进零售业务高质量发展。一是精耕客户服务，增强数字化经营优势，引入智能化运营工具，构建‘智慧经营’体系，提升零售客户经营质效。

五 | 二是深耕主业市场，推动业务提质增量，坚持量稳质优提升负债规模，优化负债结构，聚焦财富管理转型，提升综合效益。”该行相关负责人表示。　　息差企稳回升资产质量夯实，负债成本管控释放利润空间　　如果说规模与盈利的“双跃升”是重庆银行半年报的“面子”，那么息差逆势走阔与资产质量持续优化，则是这份成绩单的“里子”。　　从行业来看，我国银行业净息差企稳迹象明显。金融监管总局披露的数据显示，商业银行今年二季度净息差为1.41%，较一季度的1.40%回升1个基点，这也是2022年一季度以来首次实现单季环比回升。

六 | 其中，城商行净息差1.40%，与一季度相比回升2个基点，引领商业银行。　　虽然净息差有所企稳，但目前已经披露业绩的上市银行中，仍有部分银行息差收窄，重庆银行的净息差在上半年同比上升7个基点至1.46%。　　快速修复的背后，是负债端成本压降幅度大于资产端。　　定期报告显示，2026年上半年，该行生息资产平均余额为1.02万亿元，同比增长19.73%；生息资产平均收益率较上年同期下降36个基点至3.28%。2026年上半年，该行计息负债平均余额为9876.15亿元，同比增长17.81%；计息负债平均成本率较上年同期下降41个基点至1.88%。　　根据Wind数据，在已披露中报的上市银行中，多数银行计息负债成本率普遍较去年同期下降30bp左右，而重庆银行则以41bp的负债成本压降幅度领先其他银行。对于未来净息差展望，重庆银行相关负责人在业绩说明会上表示，下半年，该行将继续坚持加大贷款投放，优化资负结构，压降负债成本，预计全年净息差延续同比回升趋势。　　资产规模快速扩大，息差逆势企稳回升，使得重庆银行上半年净利息收入同比增长26.04%，其中一季度净利息收入同比增长12.8%，二季度增速为41.3%，较一季度有大幅提升，这也彰显出重庆银行对资产负债管理的精细化成效。在行业普遍面临息差收窄挑战的背景下，其优秀的成本管控能力将成为核心竞争优势，有望在未来竞争中保持较强的盈利韧性。　　值得注意的是，重庆银行上半年手续费及佣金净收入整体同比减少11.81%，其中代理理财业务收入同比减少30.66%，对此，重庆银行表示主要是由于当期理财产品管理费及超额报酬较上年同期减少。但从单季表现来看，该行Q2手续费及佣金净收入为1.71亿元，同比增长17.79%，环比增长13.66%，增速均由负转正。这是重庆银行“利息净收入单核驱动”格局开始松动的早期信号，若中收修复趋势能在下半年延续，将有利于收入提升。　　业绩表现向好，重庆银行股价也给投资者带来正向收益。截至8月25日，重庆银行A股股价报收11.20元/股，H股股价报收8.410港元/股，年内涨幅分别超8%、10%，跑赢上证指数（年内跌幅2.4%）和恒生指数（年内跌幅3.43%）。　　从营利“双十”到资产“双万亿”，重庆银行做对了周期切换中的对公压舱；而从资产“双万亿”到ROE与估值“双提高”，考验的是其综合化经营能力的真功夫。随着成渝地区双城经济圈建设进入加速期，重庆银行作为“一市三省”布局最完整的城商行，区域战略红利有望在未来持续释放，为规模与盈利的“双十”增长提供长期动能。责任编辑：孙同怀。

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