【文/观察者网 潘昱辰 编辑/高莘】1小时小订突破2.5万份，18小时突破5万份……8月25日，在鸿蒙智行 秋季新品发布会的压轴环节，由上汽与华为联手打造的尚界H5以16.98万元的价格开启预订，并隐隐有 了成为爆款的潜质。 对上汽与华为而言，尚界H5的意义不单是一款新车，更是双方从昔日"灵魂"之争到如今携手合作的见 证。 尚界H5 尚界汽车 而尚界H5所处的价格区间，恰好直击15万—25万元的主流消费带，也是竞争最为白热化的红海市场。 无论对上汽还是华为，实现规模化都是尚界H5的第一使命。 作为昔日中国最大的汽车制造商，上汽集团正面临合资品牌收缩、自主品牌蛰伏的状况，大象转身需要 破局手段，而智能化对年轻消费群体的吸引力，使之成为上汽必须捏在手中的一张王牌。 对华为而言，尚界H5则代表着鸿蒙智行走入"寻常百姓家"。在此之前，华为智选车业务已通过"四界"覆 盖了25万——100万元的市场，却尚未涉及15万—25万元的最主流市场。但是，尚界的落地，第一次让 华为的智能体验飞入寻常百姓家，这对华为智能汽车解决方案的长远发展至关重要。 在合资时代，上汽大众和上汽通用正是依靠这一市场奠定行业领先地位——对主流消费群体 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The report indicates that a turning point has been reached for the company, suggesting that it is well-positioned for a significant transformation [1] - The company has shown strong performance in the first half of 2025, with total revenue of 299.59 billion yuan, a year-on-year increase of 5.2%, and a non-recurring net profit of 5.43 billion yuan, up 432.2% year-on-year [7] - The company is expected to benefit from its three main growth drivers: self-owned brands, new energy vehicles, and international operations, which will facilitate the transition from old to new business models [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 700.95 billion yuan, with a year-on-year growth rate of 11.7% [5] - The net profit attributable to the parent company is projected to be 11.40 billion yuan for 2025, reflecting a significant year-on-year increase of 584.2% [5] - Earnings per share are expected to rise to 0.99 yuan in 2025, with a projected price-to-earnings ratio of 19 [5] - The company’s gross margin is anticipated to improve to 10.0% in 2025, with a return on equity (ROE) of 3.9% [5] Market Performance - The company maintained its position as the leading domestic automaker, with retail sales reaching 2.207 million vehicles, including 1.304 million from self-owned brands, a 21.1% increase year-on-year [7] - The sales of new energy vehicles reached 646,000 units, marking a 40.2% increase year-on-year [7] - The company has successfully navigated challenges in the European market, achieving a 16% year-on-year increase in deliveries for its MG brand [7]

Core Viewpoint - Huawei and SAIC are collaborating to create a competitive force in the mainstream SUV market, aiming to disrupt the existing automotive landscape with the launch of the "Shangjie H5" model at a competitive price point of 169,800 yuan [1][3][5]. Summary by Sections Product Launch and Features - The Shangjie H5, positioned as a mainstream SUV, features advanced technologies such as Huawei's ADS 4 autonomous driving system, a 192-line lidar, and a digital chassis engine, all starting at a pre-sale price of 169,800 yuan [3][7][9]. - The vehicle offers both pure electric and extended-range versions, with a focus on delivering high-tech features at a lower price point than competitors, aiming to redefine the B-class car segment [5][7][9]. Market Strategy and Positioning - The collaboration between Huawei and SAIC is seen as a strong alliance that could reshape the Chinese automotive market, with ambitions to capture a significant share in the rapidly growing 150,000 to 200,000 yuan segment, which accounted for 42.3% of the domestic market in the first half of the year [6][18][24]. - The Shangjie H5 is designed to meet the practical needs of family users, emphasizing spaciousness and safety, with a length of 4.78 meters and a wheelbase of 2.84 meters, providing ample interior space [11][13]. Sales Performance and Market Impact - The pre-sale of the Shangjie H5 saw over 25,000 orders within the first hour and surpassed 50,000 orders in 18 hours, indicating strong market interest and demand [14][18]. - The competitive pricing strategy is expected to challenge existing players in the market, with analysts predicting that the model could become a "bestseller" in its category, potentially reaching 150,000 pre-orders before its official launch [14][21]. Future Outlook - The partnership aims to leverage Huawei's technological expertise and SAIC's manufacturing capabilities to create a product that not only competes on price but also offers superior technology and safety features, setting a new standard in the automotive industry [25][26]. - The Shangjie brand is positioned to become a significant player in the market, with plans for extensive distribution through over 1,500 dealers, focusing on both first- and second-tier cities [21][26].

Core Insights - The launch of the new MG4 electric vehicle by SAIC's MG brand positions it as a strong competitor in the market, targeting popular models like BYD Dolphin and Geely Xingyuan with competitive pricing and advanced features [1][4] - The MG4 has received over 45,000 orders within just 24 days of its pre-sale, indicating strong market demand and appeal [1] - The vehicle offers multiple versions with a focus on cost-effectiveness, including a 437 km range model priced at 65,800 yuan and a 530 km range model in the 90,000 yuan range, making it a leader in the 400 km electric range category [1] Product Features - The MG4 features a body size of 4395×1842×1551 mm and a wheelbase of 2750 mm, with a high space utilization rate of 93.8% and a trunk capacity of 471 liters [1] - It boasts a low energy consumption of 10.4 kWh per 100 km and supports fast charging from 30% to 80% in just 20 minutes [1] - The vehicle is equipped with a 120 kW motor, achieving 0-50 km/h acceleration in just 3 seconds [1] Technology and Safety - The MG4 is equipped with the Qualcomm 8155 chip and supports multi-brand smartphone connectivity, enhancing user experience with a 15.6-inch 2.5K display and various advanced features [2] - It incorporates CTB battery body integration technology, achieving a torsional rigidity of 31,000 N.m/deg, and includes 14 active safety features for comprehensive travel protection [2] Comfort and Design - The MG4 emphasizes comfort and user-friendly design, particularly catering to female users with features like 360° sunshade glass, privacy glass in the rear, and heated steering wheels [3] - It integrates advanced technologies such as a one-piece thermal management system and the aforementioned semi-solid-state battery, challenging the perception of low-cost electric vehicles [3] Market Strategy - MG's dealer network is set to expand rapidly, with expectations to exceed 400 dealers by the end of the year, alongside the establishment of 200 pop-up stores in collaboration with OPPO [4] - The launch of the MG4 signifies a significant acceleration in MG's new energy strategy, aiming to redefine the value benchmark for electric vehicles priced under 100,000 yuan in a competitive market [4]

Group 1 - The new generation of Zhiji LS6 has received significant attention since its pre-sale began on August 15, with over 48,000 pre-orders reported [3] - The vehicle features "Star" super extended range technology, offering a pure electric range of 450 kilometers and a comprehensive range of 1502 kilometers, which is double that of traditional fuel vehicles [5] - The LS6 has successfully passed extreme cold testing, addressing concerns about charging in winter conditions, ensuring reliable battery performance [5] Group 2 - The LS6's configuration includes advanced features such as a new generation Lingxi digital chassis, smart four-wheel steering system, and ultra-fast 800V charging platform [7] - The vehicle's luxurious interior has attracted over 75% of users, with high-end features like a dual-door refrigerator and electric sunshade [7] - The upcoming flagship model, Zhiji LS9, will showcase high-performance "Star" super extended range technology and luxury features like 4D mechanical massage seats, set to launch in Q4 of this year [8]

本报讯 （记者刘钊）8月29日，第二十八届成都车展正式开幕。上汽大众携出众阵容登陆中国西部国际 博览城2号馆。高颜值德系A+级轿跑全新凌渡L正式上市，上汽大众333车队新赛车与全新凌渡L官方改 装套件首度亮相，给用户带来"凌"感全开的个性化选择。 现场更有Pro家族、威然、途岳家族、朗逸家族、ID.家族等热门车型同台助阵，以"油电同进"之势加速 品牌进阶。 CTCC新战车前来"助阵" 全新凌渡L"凌"感全开 作为凌渡车系上市十周年、累计销量超百万之际的重磅力作，全新凌渡L自亮相以来就备受关注，被誉 为"高颜值德系A+级轿跑"。本次车展全新凌渡L官宣售价11.99万元起，成为追求运动、性能、个性年轻 人的不二之选，让渴望"油车个性化"的用户找到深度价值共鸣。 值得一提的是，深受性能控喜爱的GTS车型本次也燃擎回归，13.99万元起即可上车。全新凌渡L GTS搭 载高尔夫GTI同款EA888 2.0T高功率发动机，峰值扭矩350N·m、百公里加速6.98秒，带来专属燃油车的 驾驶体验。 借由全新凌渡L上市，车展现场同步官宣幸运车主福利活动。上汽大众诚邀凌渡新老车主分享玩车、改 车、赛车故事，只要故事足够动人，即可 ...

Group 1 - The passenger car sector increased by 1.98% on August 29, with BYD leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] - Key stocks in the passenger car sector showed varied performance, with BYD closing at 114.06, up 4.34%, and GAC Group closing at 7.85, down 0.38% [1] Group 2 - The net inflow of main funds in the passenger car sector was 620 million yuan, while retail funds saw a net inflow of 289 million yuan [1] - Major stocks like Seres and BYD experienced significant net inflows from main funds, with Seres at 922 million yuan and BYD at 900 million yuan [1] - Retail investors showed a preference for stocks like Great Wall Motors and North Benz Blue Valley, with net inflows of 8016.77 million yuan and 7196.18 million yuan respectively [1]

上汽集团（600104.SH）系列点评十三 扣非利润改善明显 尚界 H5 催化可期 2025 年 08 月 29 日 ➢ 事件概述：公司发布 2025 年半年度报告：2025H1 总营收为 2,995.9 亿 元，同比+5.2%；归母净利润 60.2 亿元，同比-9.2%；扣非归母净利润 54.3 亿 元，同比+431.9%。2025Q2总营收为 1,587.3 亿元，同比+12.1%，环比+12.7%； 归母净利润 29.9 亿元，同比-23.5%，环比+1.0%；扣非归母净利润 25.8 亿元， 同比+334.6%，环比+9.4%。 ➢ 2025Q2 营收、ASP 环比改善明显。收入端，2025Q2 营收同比+12.1%， 环比+12.7%，2025Q2 集团销量 110.8 万辆，同比+11.6%，环比+17.2%，销 量同环比提升驱动营收同环比改善。ASP：2025Q2 单车 ASP 为 9.7 万元，同比 分别+0.4%，环比-3.9%，ASP 下降主要受 2025Q2 整体终端折扣下滑所致。展 望下半年，上汽乘用车荣威 M7 DMH、全新 MG4，智己全新一代 LS6、LS9 增 程新车，尚界 H ...

| 437 随心版 零霸 6.88万元 标८ 6.58元 | | --- | | 437 从容版 > ¥ 7.68元 ¥ 7.38元 | | 437 自由版 零薪 8.38万元 湖 8.08万元 | | 等价 9.68万元 补贴 9.38万元 530 智趣版 | | 半固态安芯版 零薪 10.28元 裸 9.98元元 | | 注:限时补贴价含3000元无门槛增换购补贴 | 8月29日，上汽名爵汽车宣布新MG4正式上市，售价6.88万元起。其中，半固态安芯版车型售价10.28万 元。 ...

8月29日，"长续航中大型豪华轿车"荣威M7 DMH在成都车展正式开启预售。新车共推出3款车型，官方预售价9.78万 元起，入门即享长续航。预售期间，用户可享1000元订金抵3000元购车款、价值至高5000元辅助驾驶功能的科技礼， 以及行业领先的"零自燃保障"与"三电终身质保"双重权益，并拥有优先提车权，全方位消除购车与用车顾虑。 齐鲁晚报·齐鲁壹点 吴海云 超长续航与超低能耗的实现，得益于全栈自研的DMH 6.0超级混动系统，上汽全栈自研混动动力总成的核心硬件、软 件及算法，带来效率、节能和平顺的极致表现。 硬件方面，全新一代自研DMH高效混动发动机，具备48.1%行业最高指示热效率，兼顾燃油经济性和平顺性。软件层 面，突破外资技术壁垒，行业唯一实现发动机自主控制，带来行业首创21合1混动管理系统PICU。依托One-Chip中央 大脑统一管理，高度集成显著提升运算速度，动力响应速度更快，并且实现行业唯一油电统管。AI能量管理系统还可 根据路况，智能分配油电资源，提升出行经济性。 整个系统更具坚实的可靠性——DMH技术上汽研发十余年，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4 ...