作为上海工业的"压舱石"，汽车产业今年出现持续回暖并强劲发力的态势。7月份最新统计数据显 示，上海汽车产业表现亮眼，单月产值同比增速实现六连涨，前7个月汽车制造业产值同比增长近 10.6%。消费端同样火热，上海7月汽车消费市场呈现出"淡季不淡"的态势，汽车类零售总额达到158.50 亿元，同比增长5.0%，今年以来首次实现正增长。 记者 吴丹璐 张驰 上海汽车产业的回暖得益于近年来汽车产业优化布局和车企加快转型升级。上海车市的产销两旺不 仅是数据重回巅峰，更是产业形态和内涵的焕新升级。 汽车产值重回历史高位 根据上海市统计局数据，今年前7个月上海汽车制造业产值达到3911.2亿元，与历史同期最高的 3977亿元基本处于同一水平。 前7个月上海汽车工业产值占到了上海整体工业产值的18%，在各类制造业中体量最大，汽车制造 业是上海最重要的增长引擎，其表现对上海经济有着举足轻重的影响。 据悉，今年上海汽车制造业产值快速增长有多方面原因，最重要的因素是上汽产能的回升。今年7 月，上汽整车销售达33.8万辆，同比增长34.2%，实现了单月销量同比"七连涨"；前7个月，上汽累计销 量突破239万辆，同比涨幅达15%。 上 ...

Core Insights - The 28th Chengdu International Auto Show, themed "Leading the Trend, Moving Forward," showcases nearly 120 automotive brands and over 1,600 vehicles, with a total exhibition area of 220,000 square meters, highlighting key industry trends such as electric vehicles and humanoid robots [1] - The exhibition area for new energy brands has expanded by 40% compared to last year, marking a historical high, with significant participation from companies like Xiaomi, BYD, and Changan [1] Industry Trends - Domestic brands have emerged as the main attraction at the Chengdu Auto Show, with a notable increase in retail sales of passenger vehicles in July 2025, reaching 1.826 million units, a year-on-year growth of 6.3% [2] - The cumulative retail sales of new energy passenger vehicles from January to July 2025 reached 6.455 million units, reflecting a 29.5% year-on-year increase and a penetration rate of 50.7% [2] Company Highlights - Various brands, including Hongmeng Zhixing and NIO, have expanded their exhibition spaces, with Hongmeng Zhixing showcasing its full range of products in a 3,000 square meter area [2] - New models from brands like BAIC Group, SAIC, and Great Wall Motors were highlighted, with BAIC showcasing popular models and SAIC introducing the new MG4, marking a shift towards electric vehicles [3] - New entrants like Lantu and Avita are also making their presence felt, with Lantu's new model featuring Huawei's latest driving technology [3] Product Launches - The show featured numerous global and China premieres, emphasizing the trends of electrification and smart technology, with brands like XPeng showcasing new models and AI advancements [4] - Foreign and joint venture brands are focusing on "electrification" and "localization," with Volvo and Mercedes-Benz unveiling new models that cater to the Chinese market [6] Market Outlook - The Chengdu Auto Show is seen as a critical platform for stimulating consumer demand in the automotive market, especially ahead of the peak sales months of September and October [6][7] - Industry experts predict a 6% growth in domestic passenger vehicle retail sales and a 27% increase in new energy vehicle wholesale in 2025, indicating a positive outlook for the automotive sector [7]

Core Viewpoint - The automotive industry is on the brink of a revolution driven by smart technology, with 2025 expected to be a pivotal year for the adoption of Level 3 (L3) automation, particularly in urban environments [1][2]. Group 1: Automotive Smart Technology - L3 automation is anticipated to significantly influence consumer purchasing decisions, becoming one of the top three considerations when buying a car [1]. - The penetration rate of L3 automation is projected to increase from 10% in 2025 to over 80% by 2027, indicating a rapid adoption phase [1]. - The future automotive landscape is expected to be categorized into three types of companies: B-end Robotaxi operators, C-end personalized brands, and high-end vehicle manufacturers [2]. Group 2: Market Trends and Developments - In August, the penetration rate of urban NOA (Navigation on Autopilot) reached 23.2%, reflecting a month-on-month increase of 0.9 percentage points [3]. - Companies like Li Auto and XPeng are leading in smart technology adoption, with XPeng's smart technology penetration exceeding 70% and Li Auto's at 59.4%, despite a slight decline [3]. - The introduction of next-generation driving architectures, such as VLA, is being implemented in new models, enhancing the capabilities of smart driving systems [3]. Group 3: Investment Recommendations - The report suggests a focus on smart vehicles and related components, highlighting companies in both Hong Kong and A-share markets, such as XPeng Motors, Li Auto, BYD, and SAIC Motor [4]. - Investment opportunities are identified in AI chips, domain controllers, and electronic components, with specific companies recommended for each category [4].

根据上海市统计局数据，今年前7个月上海汽车制造业产值达到3911.2亿元，与历史同期最高的3977亿 元基本处于同一水平。 前7个月上海汽车工业产值占到了上海整体工业产值的18%，在各类制造业中体量最大，汽车制造业是 上海最重要的增长引擎，其表现对上海经济有着举足轻重的影响。 据悉，今年上海汽车制造业产值快速增长有多方面原因，最重要的因素是上汽产能的回升。今年7月， 上汽整车销售达33.8万辆，同比增长34.2%，实现了单月销量同比"七连涨"；前7个月，上汽累计销量突 破239万辆，同比涨幅达15%。 上海汽车产业产值回到历史高点，比数字更值得关注的，是数字背后的内涵，新能源汽车和智能化高附 加值产品正成为重要引擎。以上汽为例，自去年下半年开始，上汽启动了全面深化改革，对内聚焦主 业，集中优势资源加快发展；对外敞开胸怀，积极推进高水平开发跨界联动，围绕客户需求加快创新转 型。在今年6月底的股东大会上，上汽集团董事长王晓秋对外明确，上汽到2027年要实现全球整车销量 重回行业领先，国内市场占比不低于70%，自主品牌与智能电动产品销量均突破60%的大关。 在龙头整车厂的带动下，上海汽车零部件及配件制造业也稳步增长 ...

Group 1 - The Chinese Ministry of Commerce's international trade representative Li Chenggang held talks with U.S. officials to discuss U.S.-China economic relations and the implementation of agreements reached by the two countries' leaders [3] - The Ministry of Commerce expressed opposition to the U.S. decision to revoke the "validated end user" status of three semiconductor companies, emphasizing the negative impact on the global semiconductor supply chain [4] - The Ministry of Education issued a warning for students planning to study in the Philippines due to rising security concerns and incidents targeting Chinese citizens [4] Group 2 - The Chinese government is promoting urban planning innovation to achieve high-quality urban development, focusing on reforming existing planning policies to better suit current needs [5] - Major banks in Shanghai have adjusted their housing loan interest rate mechanisms, no longer differentiating between first and second homes, which may impact the housing market [6] - Central Huijin has significantly increased its investment in ETFs, spending over 210 billion yuan on 12 ETF products, indicating strong market confidence [10] Group 3 - The six major state-owned banks in China announced a total cash dividend of approximately 204.66 billion yuan for the first half of 2025, reflecting their strong financial position [11] - Huawei's partnership with SAIC Motor is characterized by mutual trust and commitment, with Huawei investing in core technologies despite resource constraints [12] - Huawei's rotating chairman Xu Zhijun stated that the HarmonyOS ecosystem is still in the introduction phase, urging developers to enhance applications and encouraging broader participation in the ecosystem [14] Group 4 - Ping An Life has increased its stake in Agricultural Bank of China for the third time this year, indicating confidence in the bank's future [15] - JD.com's founder Liu Qiangdong was seen attending a local football match, highlighting his engagement with community activities [16] - The appointment of Huang Deliang as the new chairman of Xingyin Fund may bring new strategic directions for the company [16] Group 5 - Elon Musk announced that Grok Code Fast 1 has outperformed Claude Sonnet, which may attract investor attention to the performance of related products [17]

毛利率结构优化、费用管控卓越见效、单车利润呈现上行趋势。①毛利率持续优化：25Q2 公司综合毛 利率为8.5%，同比/环比进一步提升+0.3pct/+0.3pct，主要系结构优化与出海及自主结构改善（自主品牌 ASP为14.57 万元，同比+4.5%，出海占比24.8%，环比进一步提升1.6pct）；②费用率改善卓著：25Q2 公司合计费用率为7.7%，同/环比-2.7/-1.1pct，尤其是大乘用车板块"一体化"全面打通整车开发全链路， 组织调整和资源协调效率提升，预计公司改革/规模效应同步优化，费用率改善趋势有望持续；③单车 利润触底上行：扣除合资品牌利润后，自主品牌Q2 单车利润0.17 万元，同比扭亏改善（24Q2 为-0.29 万元）、环比+22.6%，触底改善迹象已现。 下半年本部改善+华为增量促进盈利预期上调。展望后续，我们预计本部上行通道持续，车型周期、产 能利用率、费用改善同步修复共振。此外，尚界有望带来全系列增量：H5 已于8 月25 日启动预售，增 程预售价16.98/18.98 万元，纯电预售价17.58-20.98 万元，18 小时内订单突破5万辆；多因素共振将进一 步加速大乘用车整 ...

Core Viewpoint - SAIC Group is aggressively implementing a pricing strategy to accelerate the commercialization of its semi-solid-state battery technology, supported by a recent equity structure adjustment in its battery joint venture [2][3]. Group 1: Pricing Strategy and Market Position - SAIC Group announced the pricing for its new MG4 model at the Chengdu Auto Show, with the semi-solid-state battery version priced at 99,800 RMB after limited-time subsidies, significantly lower than market expectations for similar new technologies [2]. - The battery supplier for this model is SAIC Qingtao, a joint venture between SAIC and solid-state battery technology company Qingtai Energy [3]. Group 2: Equity Structure Adjustment - Two days before the price announcement, SAIC's subsidiary Huayu Automotive announced it would acquire 49% of SAIC Qingtao from its parent company for 206 million RMB, changing the shareholder identity from a vehicle manufacturer to a parts supplier [3]. - This change is seen as a key step in SAIC's strategy to neutralize its battery supply chain, allowing SAIC Qingtao to better position itself when expanding its customer base [4]. Group 3: Technological Advancements and Market Expansion - Qingtai Energy has been expanding its customer base, supplying semi-solid-state batteries to companies like Nanjing Iveco and Beiqi Foton for commercial vehicles [5]. - SAIC Group has invested over 2.9 billion RMB in Qingtai Energy, holding approximately 15.29% of its shares, making it the largest industrial investor [5]. - Qingtai Energy plans to establish its first full solid-state battery production line by the end of 2025, with an initial capacity of 0.5 GWh, indicating a steady transition from semi-solid to full solid-state technology [5]. - The company is also enhancing collaborations with equipment manufacturers to shorten the development cycle from technology research to market application [5]. - Qingtai Energy is extending its reach into upstream raw materials and downstream energy storage markets, with a recent large-scale energy storage project contract worth 440 million RMB, showcasing its competitiveness in the storage market [5].

Core Viewpoint - The automotive intelligence industry is evolving around data flow, focusing on the acquisition, storage, transmission, computation, and application of data to achieve intelligent driving and human interaction through various sensory modalities [4]. Industry News - Waymo has received the first autonomous vehicle testing permit in New York City [17]. - The Shangjie H5 SUV, co-developed by Huawei and SAIC, is set to launch with the HUAWEI ADS 4 driver assistance system [13]. - Horizon's HSD system has been upgraded and will first be featured in the Chery Xingtu E05 model [18]. - Xiaoma Zhixing has officially launched autonomous driving services in Shanghai's Pudong area [21]. - WeRide has introduced a one-stage end-to-end driver assistance solution, expected to be mass-produced by 2025 [20]. - Hesai Technology has secured a laser radar production contract with a Toyota subsidiary, set to begin mass production in 2026 [23]. High-Frequency Core Data Updates - As of June 2025, the penetration rate of 800万像素 cameras in passenger vehicles reached 39.7%, up 22 percentage points year-on-year [5]. - NVIDIA's driving chip penetration in passenger vehicles is 31%, with a year-on-year increase of 25.4% for Horizon and a decrease for others [5]. - The penetration rate of laser radar in passenger vehicles is 10%, with Huawei holding a 47% market share [5]. - The penetration rate of L2 and above functions in passenger vehicles reached 29.7% in June 2025, a year-on-year increase of 13 percentage points [7]. - The penetration rates for various sensors in June 2025 were 67.6% for front-view cameras, 57.4% for forward millimeter-wave radars, and 9.7% for laser radars [7]. - The penetration rate of automatic driving domain controllers in passenger vehicles reached 30.9%, a year-on-year increase of 13.1 percentage points [7]. Smart Connectivity - The penetration rates for OTA and T-BOX in June 2025 were 76.8% and 69.0%, respectively [7]. Investment Suggestions - The automotive intelligence sector is witnessing significant advancements in technology and market penetration, indicating potential investment opportunities [10].

荣威M7 DMH拥有160km的CLTC纯电续航，2L级超低能耗以及全生命周期的保障，同时，预售起 价却不足10万元，在性价比上诚意满满。 值得注意的是，整个系统更具坚实的可靠性。上汽研发十余年的DMH技术，累计完成超1000万公 里整车耐久测试，发动机、变速箱及三电系统均通过400万公里整车耐久验证，品质历经充分考核。 设计上，荣威M7 DMH也极具看点。作为前劳斯莱斯设计师约瑟夫·卡班加盟上汽后打造的首款量 产车型，荣威M7 DMH沿袭"自信·优雅"的豪华美学理念，以大气稳固的车身比例、直瀑式威仪前脸， 展现出原创设计魅力。全新灯组设计与同级唯一的荣耀迎宾光毯，进一步提升了整车的仪式感与辨识 度。 具体来看，荣威M7 DMH为实现"长续航平权"，搭载了大容量电池，CLTC纯电续航达160km，轻 松覆盖通勤需求。经过专业媒体实测验证：日常工况下，荣威M7 DMH纯电续航达166.5km，周通勤成 本低至7元。满电满油下，综合续航更是突破2143km，百公里综合油耗低至2.57L。 "大电池"更要有稳妥的安全保障，对此，荣威M7 DMH提供了"零自燃保障"与"三电终身质保"，以 全方位的技术承诺和售后保障， ...

据证券之星公开数据整理，近期上汽集团（600104）发布2025年中报。截至本报告期末，公司营业总收 入2995.88亿元，同比上升5.23%，归母净利润60.18亿元，同比下降9.21%。按单季度数据看，第二季度 营业总收入1587.27亿元，同比上升12.08%，第二季度归母净利润29.94亿元，同比下降23.5%。本报告 期上汽集团公司应收账款体量较大，当期应收账款占最新年报归母净利润比达4519.66%。 本次财报公布的各项数据指标表现一般。其中，毛利率8.31%，同比增4.95%，净利率2.83%，同比增 5.29%，销售费用、管理费用、财务费用总计163.1亿元，三费占营收比5.44%，同比减23.96%，每股净 资产25.51元，同比增3.05%，每股经营性现金流1.82元，同比增85.89%，每股收益0.53元，同比减9.01% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 2846.86 Z | 2995.88 Z | 5.23% | | 归母净利润(元) | 66.28亿 | 60.18 Z ...