经济观察网 头部企业新能源销量占比显著提升，上汽集团（600104） 2025 年上半年销售整车 205.3 万 辆，同比增长 12.4%，其中新能源车型销量 64.6 万辆，同比激增 40.2%，渗透率提升至 31.5%。长安汽 车（000625）重组为中国长安汽车集团后，上半年销量 135.5 万辆，新能源销量 45 万辆，同比增长 48.8%，占比达 33.2%。一汽红旗 4 月销量 3.32 万辆，同比增长 20%，新能源销量增幅超 40%，全年目 标 50 万辆中新能源占比将达 50%。 ...

从指数持仓来看，沪深300汽车与零部件指数十大权重分别为：比亚迪（34.57%）、赛力斯 （12.82%）、福耀玻璃（10.86%）、上汽集团（9.9%）、长安汽车（7.81%）、拓普集团（5.09%）、 赛轮轮胎（4.26%）、德赛西威（3.59%）、华域汽车（3.46%）、长城汽车（3.44%）。 从沪深300汽车与零部件指数持仓的市场板块来看，上海证券交易所占比54.03%、深圳证券交易所占比 45.97%。 从沪深300汽车与零部件指数持仓样本的行业来看，乘用车占比70.59%、汽车内饰与外饰占比16.47%、 汽车系统部件占比5.09%、轮胎占比4.26%、汽车电子占比3.59%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当沪深300指数调整样本时，沪深300行业指数样本 随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对沪深300行业指数 样本进行相应调整。当样本退市时，将其从指数样本 ...

Core Viewpoint - The launch of the new MG4 by SAIC MG represents a significant technological innovation in the entry-level electric vehicle market, aiming to reshape consumer perceptions of value in this segment through three key technological breakthroughs [1][11]. Group 1: Technological Innovations - The MG4 features the industry-first OPPO Smart Car Connectivity System, combined with the rare 8155 chip, enhancing user experience by enabling seamless integration with major mobile operating systems [3][5]. - The introduction of aluminum-rare earth alloy materials allows MG4 to overcome the "impossible triangle" of thermal management in electric vehicles, achieving a winter heating efficiency improvement of 30% and a 50% reduction in air conditioning energy consumption [6][8]. - The CTB (Cell-to-Body) technology, previously exclusive to high-end models, is now applied in the MG4, resulting in a vehicle with a space utilization rate of 93.8% and enhanced safety features, including a torsional rigidity of 31,000 N·m/deg [9][11]. Group 2: Performance Metrics - The MG4 achieves a CLTC range of 530 kilometers with a power consumption of only 10.4 kWh per 100 kilometers, and it maintains a 75% range achievement rate in low-temperature conditions, outperforming the industry average by 20% [8]. - The vehicle's design includes a total storage capacity exceeding 471 liters, significantly surpassing competitors like the Dolphin [9][11]. Group 3: Market Impact - The MG4's combination of advanced materials, innovative technology, and user-centric design positions it as a strong competitor in the increasingly rationalized new energy vehicle market, emphasizing that true competitiveness lies in tangible innovations rather than mere specifications [11].

Core Insights - The new MG4 from SAIC MG has officially launched its pre-sale, marking a significant step in the brand's strategy within the electric vehicle market, featuring advanced technologies like OPPO's smart car connectivity system and semi-solid state battery technology [1][9] - The collaboration with OPPO is seen as a key competitive advantage, leveraging the strengths of both companies in software and hardware integration to enhance user experience [3][5] - The design of the MG4 aims to balance international aesthetics with market demands, targeting younger consumers while addressing the challenges of a niche two-door car market [6][8] Group 1: Strategic Positioning - The MG4 is positioned to compete in the A-class hatchback market, with a focus on delivering a spacious interior while maintaining a compact exterior [11] - The brand's commitment to innovation is evident in its collaboration with OPPO, which has been ongoing for five years, emphasizing a sustainable upgrade ecosystem for smart cabins [5][11] - The design philosophy of MG is rooted in creativity and individuality, aiming to attract younger drivers and revitalize interest in two-door vehicles [8] Group 2: Technological Advancements - MG4 differentiates itself in the competitive electric vehicle landscape through advanced technologies such as integrated thermal management and the second-generation semi-solid state battery, which represents a significant innovation in battery materials [9][11] - The integration of new materials and collaborative development between SAIC's innovation center and its battery division has accelerated the commercialization of these technologies [9][11] - The brand's approach is not merely to match competitors' features but to exceed them through genuine technological advancements and strategic pricing [9][11]

Group 1 - The new SAIC Audi A5L Sportback has been officially launched with a starting price of 259,900 yuan and offers six configuration options, along with promotional benefits for purchases made within 90 days [1] - The A5L Sportback features a classic Sportback silhouette and frameless door design, with an optimized golden axle ratio of 0.59, enhancing both space and elegance [3] - The vehicle is equipped with a five-screen interactive digital system, adjustable PDLC panoramic sunroof, and BANG & OLUFSEN audio system, providing an immersive luxury experience [3] Group 2 - The A5L Sportback is powered by Huawei's Qian Kun technology and is built on Audi's new PPC platform, featuring distributed domain control for efficient collaboration among five domain controllers [5] - It includes 32 high-performance sensors, with a body made of 22.2% hot-formed steel and 81% high-strength steel, achieving a five-star safety rating after 71 crash tests [7] - The vehicle is equipped with the fifth-generation EA888 engine, achieving 0-100 km/h acceleration in 5.6 seconds, and features quattro all-wheel drive and a five-link suspension system for enhanced driving dynamics [7]

Core Insights - The automotive industry is returning to rationality after a period of "involution," with average price reductions for new energy vehicles and fuel vehicles at 17,000 yuan and 13,000 yuan respectively, representing decreases of 11.1% and 10.4% [1] - Sales data for July indicates a mixed performance among major manufacturers, with several experiencing year-on-year declines in sales [1] - The total retail market for narrow passenger vehicles in July is estimated at around 1.85 million units, showing a year-on-year increase of 7.6% but a month-on-month decrease of 11.2% [1] Group 1: Major Players in the Market - BYD remains the leader in sales among the "self-owned five strong," with over 340,000 units sold in July, maintaining a stable monthly sales figure of around 380,000 units for five consecutive months [2][4] - Geely and Chery follow closely, with Geely's sales at 237,700 units, supported by a 120% year-on-year increase in its new energy segment [4] - Chery's sales reached 224,400 units, bolstered by strong export performance, while SAIC's sales were 214,000 units, with a balanced contribution from new energy and overseas markets [4] Group 2: New Energy Vehicle Segment - Leap Motor leads the new energy vehicle segment with over 50,000 units sold in July, marking a year-on-year increase of over 126% [5] - Xiaopeng and Xiaomi also performed well, with Xiaopeng delivering 36,700 units (up 229% year-on-year) and Xiaomi exceeding 30,000 units for the first time since its launch [7] - Ideal and NIO showed fluctuations in sales, with Ideal delivering 30,700 units and NIO 21,000 units [7] Group 3: Joint Venture Brands - Joint venture brands are experiencing a resurgence, with FAW-Volkswagen selling 113,000 units in July, and both Toyota brands achieving sales of 60,000 units each [9] - SAIC-GM saw significant growth, with sales increasing by 181.68% year-on-year to 42,300 units, driven by strong performance from the Buick brand [9] - Several joint venture new energy models are gaining traction, with GAC Toyota's pure electric SUV and Dongfeng Nissan's N7 showing promising sales figures [9] Group 4: Market Outlook - Despite seasonal challenges, the overall automotive market is expected to maintain steady growth, particularly in the new energy vehicle sector, which is injecting new vitality into the market [10]

汽车行业分城市零售跟踪 2Q25 低线城市占比同比持续提升 证 券 研 究 报 告 中国汽车终端零售量近年在波动中增长，并在一二三四线城市中出现分化，我 们持续跟踪季度分车系分城市零售数据，以便投资者更好理解销量状态。 2Q25 零售情况： 同比角度： 绝对增量上看，自主品牌同比贡献最多，其中自主豪华增长主要来自新一线、 二线城市，自主普通在所有线级城市均有所增长，其中四线增长最多；合资豪 华在各级城市均有所下降。 环比角度： 绝对增量上看，自主和合资普通环比贡献最多，其中自主普通增长主要来自新 一线、二线城市，合资普通增长主要来自新一线、二线城市。 市占率角度： 环比变动：合资豪华≈合资普通-0.5PP<特斯拉-0.4PP<自主+0.5PP<自主 豪华+0.9PP。 自主不断蚕食合资市场，受季节性影响低线城市占比有所下滑。 详细内容可参考正文图表。 行业研究 汽车 2025 年 08 月 07 日 推荐（维持） 华创证券研究所 证券分析师：李昊岚 邮箱：lihaolan@hcyjs.com 执业编号：S0360524010003 联系人：张睿希 邮箱：zhangruixi@hcyjs.com 行业基本数据 ...

8月5日，全新MG4开启预售，这是上汽集团旗下MG品牌首款纯电汽车。全新MG4在技术领域实现多项 创新，并大胆承诺电池自燃就赔车。这也释放了上汽集团正在加快向新能源转型的信号。今年上半年， 我国新能源汽车市场渗透率已达44.3%。在行业全新竞争格局下，上汽集团也面临多重挑战。去年，上 汽集团新管理团队成型，把自主品牌和智电技术定为主攻方向，由此拉开了转型的大幕。 中国汽车行业的竞争日趋激烈。根据中国汽车工业协会数据，2024年我国汽车产销累计分别完成3128.2 万辆和3143.6万辆，同比分别增长3.7%和4.5%。其中，新能源乘用车的新车渗透率已连续多月超过 50%。 销量攀升的同时，行业利润空间持续承压。中国汽车流通协会统计数据显示，2024年全国乘用车市 场"价格战"持续激烈，2024年1—12月，新能源车新车降价车型的降价力度平均达到1.8万元，降幅达到 9.2%；常规燃油车新车降价车型的降价力度平均达到1.3万元，降幅达到6.8%。2024年汽车行业利润率 仅为4.3%，低于整个下游工业利润率及2023年的水平。 在价格战的竞争中，上汽集团也面临深刻变革。2024年，集团在销量等方面挑战显著。20 ...

Group 1 - The new MG4 from SAIC MG has been launched for pre-sale with three versions priced at 73,800 yuan, 90,800 yuan, and 105,800 yuan respectively, while the price for the semi-solid battery version will be announced in September with mass delivery expected within the year [1] - The MG4 features voice control capabilities, including mobile voice preparation, proactive reminders, mobile keyless entry, and mobile network sharing, compatible with multiple smartphone brands such as Apple, Huawei, Xiaomi, Honor, OPPO, and vivo [4] - The vehicle is equipped with Qualcomm Snapdragon 8155 chip and boasts a 15.6-inch 2.5K resolution display, supporting seamless navigation across different modes including car, walking, and parking [6] Group 2 - The MG4 offers 360° comprehensive UV protection, with a 99.9% UV blockage rate for the front windshield and side windows, and features unique privacy glass in the rear with a visible light blockage rate of 78% [6]

Core Viewpoint - The launch of the new MG4 marks SAIC Group's commitment to accelerating its transition to electric vehicles, highlighting innovations in technology and safety measures, while facing challenges in a competitive market [1][6]. Group 1: Product Innovations - The MG4 features significant technological advancements, including a heat management system with over 500 million yuan invested, utilizing aluminum rare earth alloy materials that withstand temperatures up to 630°C and improve winter heating efficiency by 30% [3]. - The vehicle offers a lifetime warranty on its three electric systems and a unique promise to replace any car that experiences battery combustion, showcasing a strong commitment to safety [3][4]. - The MG4 employs a CTB (cell-to-body) battery integration technology, enhancing interior space utilization and safety, with a torsional rigidity of 31,000 N·m/deg and a high protection rating exceeding national and European standards [3]. Group 2: Market Dynamics - The penetration rate of new energy vehicles in China reached 44.3% in the first half of the year, indicating a growing market for electric vehicles [1]. - The automotive industry is experiencing intense competition, shifting from price wars to a focus on research and development, with average price reductions for new energy vehicles reaching 18,000 yuan, a 9.2% decrease [6]. - In 2024, SAIC Group's net profit is projected to decline by 88.2% to 1.667 billion yuan, although signs of recovery are evident in early 2025 with a 13.3% year-on-year increase in vehicle sales [6]. Group 3: Strategic Direction - A new management team was established in June 2024, focusing on self-owned brands and intelligent electric technology as the primary development direction [7]. - SAIC Group has extended its joint venture agreement with Volkswagen until 2040, emphasizing its commitment to electric vehicle transformation and planning to launch 15 new models by 2030 [7]. - The automotive industry is evolving towards a model that prioritizes full lifecycle operations over one-time sales, necessitating a shift in focus for companies like MG to enhance their competitive edge [8][9].