02 分析判断 ► 2025上半年销量表现亮眼 自主+出口驱动增长 经营质量提升 受益于自主品牌创新和出口韧性，2025年6月上汽集团批发销量同比+21.6%；上半年批发同比+12.4%，终端交付量220.7万辆，高于批发销量 205.3万辆，稳步去库后当前库存水平较低。结构端，新能源方面，2025上半年累计销售64.6万辆，同比+40.2%，实现大幅增长；自主品牌方 面，销量占比提升至 63.5%，同比+4.6pct，结构优化显著。出口方面，2025上半年，上汽集团海外销量同比+1.3%，在欧盟反补贴等不利影响 下，上汽MG积极克服，在欧洲实现终端交付超15万台，促进出海销量实现稳定增长。 ► 上汽牵手华为成立"尚界"新车将于三季度上市 上汽集团与华为深度合作的智能汽车品牌"尚界"于车展正式亮相，双方采用"智选车模式"，首款SUV车型定位中高端主流市场（售价15 万—25万元），搭载华为ADS3.0无图智驾、鸿蒙OS4.0座舱等黑科技，目前已进入量产准备阶段，将在2025年9月底上市。我们认为， 首款车型定位15-25万元区间，标志着华为从高端市场（问界M9）、中高端市场（智界R7）向大众市场渗透，完善"全 ...

2025年6月30日，MG在天津举行了一场沙滩派对，90后陈萃第一次亮相，代表拥有百年历史的MG 宣布，加速推进All in新能源。 过去与现在在此时变得具象化。陈萃表示，未来2年，MG将投资超100亿元，陆续推出13款新能源 产品，覆盖纯电、插混、增程3种新能源形式，涵盖轿车、SUV、跑车及猎装车4大车身形式。 撰 文 / 温 莎 编 辑 / 张 南 设 计 / 赵昊然 "陈萃是纯粹的美……" 上汽集团乘用车公司常务副总经理俞经民这样介绍年轻的MG品牌事业部总经理陈萃。貌似开玩 笑，却一语道出了大多数人对MG全新掌门的第一印象：帅。 "MG品牌给我的感觉是完全不一样的，海外销量领先，全球影响力就在那里；国内有一台30多万 （元）级的跑车Cyberster，国产其他品牌没有这样的产品高度。"陈萃在发布会后接受媒体采访时 表示，"MG品牌让我看到更多可能性。" 陈萃代表了年轻人在上汽集团的无限可能。曾担任上汽大众华东销售服务中心市场副总、上汽大众 大众品牌市场营销传播策略高级经理、上汽大众汽车有限公司大众品牌ID.营销高级总监等职务， 尚界项目组负责人，陈萃在上汽集团的体制内，一年三次调岗。 从2024年下半年 ...

Core Viewpoint - SAIC Group has shown strong sales performance in the first half of the year, with a focus on deepening reforms and strategic partnerships, particularly with Huawei, to enhance its market position in the competitive automotive industry [1][3][10]. Sales Performance - In June, SAIC Group sold 365,000 vehicles, a year-on-year increase of 21.6%, and for the first half of the year, total sales reached 2.053 million vehicles, up 12.4% [1]. - The company's retail deliveries for the first half of the year amounted to 2.207 million vehicles [1]. - SAIC's self-owned brand sales in June reached 224,000 units, a 17.1% increase, contributing to a total of 1.304 million units in the first half, which is a 21.1% increase [7]. - In the new energy vehicle segment, sales in June were 121,000 units, up 29.2%, with a total of 646,000 units sold in the first half, marking a 40.2% increase [7]. Strategic Partnerships - SAIC Group has partnered with Huawei to create the "Shangjie" brand, targeting the mid-to-high-end market with a focus on smart electric vehicles [4][6]. - The "Shangjie" project has seen significant investment, with over 5,000 dedicated team members and an initial investment of 6 billion yuan [6]. - The first model under the "Shangjie" brand is expected to launch in the third quarter of this year, with high expectations for sales performance [5][6]. International Expansion - SAIC Group has reported overseas sales of 90,000 vehicles in June, a year-on-year increase of 11.5%, with a total of 494,000 units sold in the first half, up 1.3% [8]. - The MG brand has performed particularly well in Europe, achieving over 150,000 deliveries in the first half of the year, despite challenges such as anti-subsidy taxes [8][10]. - The company has launched its "Glocal Strategy" to enhance its overseas market presence, planning to introduce 17 new models in the next three years [10]. Organizational Reforms - SAIC Group is undergoing significant internal reforms to enhance efficiency and focus on core business areas, integrating various divisions to maximize resource utilization [10][11]. - The company aims to adapt its joint venture strategies to better meet changing consumer demands in China, with plans for new product launches starting in the third quarter of 2025 [11].

点 击 蓝 字 关 注 我 们 | | 目录 | | | | | | --- | --- | --- | --- | --- | --- | | 序号 | 生产厂商 | 子车型 | 上市时间 | 细分市场及车身结构 | 工程更改规模 | | 1 | 长城汽车 | 欧拉 好猫 | 2025 / 06 / 27 | AO HB | MCE3 | | 2 | 长城汽车 | 欧拉 好猫GT | 2025 / 06 / 27 | AO HB | MCE3 | | 3 | 奇瑞汽车 | 瑞虎8 L | 2025 / 06 / 28 | B SUV | NM | | ব | 奇瑞汽车 | 瑞虎8 PLUS | 2025 / 06 / 28 | B SUV | NM | | 5 | 上汽乘用车 | 名爵 MG 5 | 2025 / 06 / 30 | A NB | MCE1 | | 6 | 上汽乘用车 | 名爵 Cyberster | 2025 / 06 / 30 | Coupe | MCE1 | | 7 | 比亚迪汽车 | 比亚迪 海鸥 | 2025 / 06 / 30 | AO HB | NM | | 8 | 起亚汽车 ...

Market Overview - The solid-state battery concept sector declined by 2.26%, ranking among the top declines in concept sectors as of July 4 [1] - Notable declines within the sector included companies such as Xinyu Ren, Jinhai Galaxy, and Huasheng Lithium Battery, while 24 stocks within the sector saw price increases, with Limin Co., Wanxiang Qianchao, and Binglun Environment leading with gains of 5.83%, 5.44%, and 5.40% respectively [1] Capital Flow - The solid-state battery concept sector experienced a net outflow of 3.77 billion yuan, with 165 stocks seeing net outflows, and 9 stocks having outflows exceeding 100 million yuan [1] - Guoxuan High-Tech led the net outflow with 239 million yuan, followed by Daoshi Technology, Dadongnan, and Huayou Cobalt with outflows of 217 million yuan, 196 million yuan, and 186 million yuan respectively [1][2] - Conversely, the stocks with the highest net inflows included Ningde Times, Weilan Lithium, and SAIC Group, with net inflows of 232 million yuan, 183 million yuan, and 133 million yuan respectively [1] Stock Performance - The top decliners in the solid-state battery sector included Guoxuan High-Tech (-1.73%), Daoshi Technology (-6.13%), and Huayou Cobalt (-2.00%) [2] - Other notable declines were seen in companies such as Star Source Material (-3.97%), Yiwai Lithium Energy (-4.72%), and Xiangtan Electrochemical (-4.63%) [2][3] - The overall trading activity indicated a significant turnover rate, with some stocks like Dada Technology reaching a turnover rate of 12.61% [2]

陈萃：我认为燃油车是现在，新能源车是未来。总体来看，我国新能源汽车渗透率已经超过50%，一个品牌如果只做燃油车，不做新能源车，或许该品牌对 未来市场也没有雄心。 上汽MG（名爵）品牌6月30日晚召开MG Holiday暨夏日新车发布会，新任MG品牌事业部总经理陈萃首次亮相。这位90后高管几乎以全程脱稿的形式完成了 两款新车上市以及MG品牌未来规划的发布。 接下来，MG品牌将投资100亿元，在两年内推出13款新能源车。同时，企业还将品牌口号从Always YOUNG（总是年轻）改为YOUNG FOREVER（永远年 轻）。从销量方面看，MG在全球市场累计出口已接近300万辆，但在国内的表现仍有提升空间。 新京报贝壳财经记者近日对陈萃进行了专访。他表示："MG在国际市场已经有一个标准，我们踏踏实实把产品做好，让产品具有竞争力，具备技术底座和 技术亮点，有行业首发的技术优势，相信会赢得市场认可。"另外，不排除未来将具有一定竞争优势的燃油车调整为油电混动车，"燃油是现在，电动化是未 来，我们的产品会跟着用户的需求走。" MG品牌事业部总经理陈萃。受访者供图 燃油车与新能源车并行 新京报贝壳财经：MG计划All in新 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company has shown impressive sales performance in the first half of 2025, driven by domestic and export growth, with a total wholesale sales of 2.053 million vehicles, representing a year-on-year increase of 12.4% [1]. - The company is benefiting from state-owned enterprise reforms, which are expected to lead to a bottom reversal in performance, with projected revenues of 687.76 billion, 722.06 billion, and 776.21 billion yuan for 2025, 2026, and 2027 respectively [3][4]. - The partnership with Huawei to launch the new smart car brand "Shangjie" is anticipated to enhance sales, with the first SUV model set to be priced between 150,000 and 250,000 yuan [2]. Summary by Sections Sales Performance - In June 2024, the company sold 365,000 vehicles, with a total of 2.053 million vehicles sold in the first half of 2025, marking a 12.4% increase year-on-year. Notably, the sales of SAIC's new energy vehicles reached 646,000 units, up 40.2% year-on-year [1]. Financial Projections - The company forecasts revenues of 687.76 billion yuan in 2025, with net profits expected to reach 12.27 billion yuan, translating to an EPS of 1.06 yuan. The PE ratios are projected at 15, 13, and 11 for the years 2025, 2026, and 2027 respectively [3][4]. Strategic Developments - The management restructuring aligns with state-owned enterprise reforms, focusing on domestic market and new energy vehicle development. The new leadership emphasizes resource integration and collaboration to accelerate the company's transformation [2].

在2025年中国车市激战正酣的上半场，上汽交出了一份"三驾马车"齐头并进的答卷：上半年自主品牌强势崛起占比超六成，新能源持续高歌猛进，海外市场 稳步回升向好势头明显。 这份成绩单背后，一场更深层的变革正在上演——上汽正以"刀刃向内"的勇气推动全面深化改革，凭借"自主崛起定义技术高度"与"合资阵营重构产品逻 辑"的双轮驱动模式加速奔跑。 更值得关注的是，上汽联手华为打造的"尚界"项目，正以20万级标配高阶智能辅助驾驶的颠覆性姿态，直击行业"不可能三角"，将城市NOA能力拉入主流消 费区间，上汽不仅在逆势上行，更在智能电动车普及战中引领破局。 "三驾马车"齐头并进 新能源领域同样高歌猛进。上半年，上汽新能源车销量达到64.6万辆，同比大涨40.2%。仅6月份，新能源车销量就达12.1万辆，同比增长29.2%。细分品牌 中，智己汽车6月终端交付量突破6000辆，其"双6系"产品持续热销；上汽乘用车新能源销售1.6万辆，同比增长44.1%；上汽通用五菱新能源更是以7万辆的 单月成绩，实现36%的同比增长。 海外市场在逆风中展现韧性。尽管面临反补贴税，上汽上半年海外市场累计销售仍达49.4万辆，同比增长1.3%，稳步回 ...

Group 1 - The Shanghai Intelligent Transportation Index (H50035) rose by 0.66% to 1722.24 points, with a trading volume of 7.249 billion yuan [1] - Over the past month, the index has increased by 0.09%, decreased by 2.10% over the last three months, and has risen by 2.03% year-to-date [1] - The index series reflects the performance of listed companies influenced by changes in economic and consumption structures during the urbanization process, focusing on themes such as intensive, intelligent, and green low-carbon development [1] Group 2 - The top ten holdings of the Shanghai Intelligent Transportation Index include SAIC Motor (10.32%), Huayu Automotive (9.49%), Aerospace Electronics (9.01%), Hongfa Technology (8.87%), and others [1] - The index is composed entirely of stocks listed on the Shanghai Stock Exchange, with industrial (30.40%), consumer discretionary (30.09%), information technology (27.24%), and communication services (12.27%) sectors represented [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]

Core Insights - BYD leads the new energy vehicle market with a total sales of 2.146 million units in the first half of the year, significantly outpacing competitors [1][2] - The competition among major automakers is intensifying, with a focus on achieving over one million units in sales to remain competitive [1][3] Group 1: Sales Performance - BYD achieved a remarkable sales figure of 2.146 million units, marking a year-on-year growth of 208.64% [2] - SAIC Motor reported sales of 2.053 million units, a year-on-year increase of 12.35% [2] - Geely's sales reached 1.409 million units, with a significant year-on-year growth of 47% [3] - Changan Automobile and Chery both surpassed one million units, with sales of 1.355 million and 1.26 million units respectively [3] Group 2: Market Strategies - Automakers are intensifying their product offerings to compete with BYD, particularly in the 60,000 to 300,000 yuan price range [4] - Changan's Avita brand launched the Avita 06 model targeting the same market segment as BYD's popular Han model [4] - Geely introduced the Galaxy Star 8 at a starting price of 115,800 yuan, expanding its offerings in the competitive market [4] Group 3: Technological Advancements - The competition is also focused on technological enhancements, with BYD launching the "Heavenly Eye" system for advanced driving assistance [5][6] - Chery and Geely are also developing their own intelligent driving solutions, indicating a trend towards increased technological investment among automakers [6] Group 4: International Expansion - BYD's overseas sales reached over 470,000 units in the first half of the year, with a significant growth of 229.8% in June alone [7] - SAIC Motor's overseas sales amounted to 494,000 units, reflecting a year-on-year growth of 1.27% [8] - Chery's exports exceeded 550,000 units, contributing 44% to its total sales, highlighting the importance of international markets for growth [8]