智通财经APP获悉，11月16日，乘联分会秘书长崔东树发布2025年10月乘用车细分市场车型走势。反内卷浪潮正推动车市向"降价减少、促销平缓"的方向 转变，车市运行日益平稳。根据车企官宣降价或新车价格实质性突破近两年最低指导价的规则统计的数量减少，但新车的低价直接入市的增量效果明显。 2025年10月乘用车零售降1%，大幅低于批发8%的增长。由于高息高返受限和补贴暂停带来7-10月零售回落，10月A级轿车零售与MPV零售均较低，A0级 轿车和C级SUV成为10月零售主力，SUV的高端表现较强，轿车中主要是A0级轿车销量回升，A00级轿车销量表现较好。 10月乘用车主力厂商总体批发格局持续变化，部分中段企业有逐步崛起迹象，如吉利汽车、小鹏汽车、小米汽车、零跑汽车等车企的环比表现较强。国有 大集团自主品牌发力强增长，上汽、东风、长安、奇瑞、北汽等五大国有大集团的自主品牌10月同比合计增17%，其中深蓝、岚图、极狐、大集团的自主 创二代强势增长。 | 总体乘用车 | | 25.10批 | 同比 | 环比9月 | 25年累批 | 同比 | 25.10零 | 同比 | 环比9月 | 25年累零 | | 同比 | | - ...

Investment Rating - The report maintains a positive investment recommendation for the automotive sector, anticipating a recovery in the market next year [1]. Core Insights - The automotive market is currently experiencing a downturn, with Q4 expectations falling short due to the impact of trade-in quotas. However, there is optimism for an upward revision in Q1 2026, suggesting that the sector may hit bottom sooner than expected. Despite the current sluggish trading environment, selective investment opportunities for next year are encouraged [1]. Data Tracking - In early November, the discount rate for vehicles increased to 10.0%, up by 0.4 percentage points month-on-month and 1.5 percentage points year-on-year. The average discount amount rose by 23,103 yuan, with significant fluctuations noted among major brands [3]. - In October, new energy vehicle deliveries saw significant growth, with BYD delivering 442,000 units (down 12.1% year-on-year but up 11.5% month-on-month), while other brands like Leap Motor and Xpeng reported substantial year-on-year increases [3][21]. - Traditional automakers also showed strong sales, with Geely's sales increasing by 35.0% year-on-year to 307,000 units in October [3][24]. Recommendations - For complete vehicles, the report recommends investing in Geely and BYD, highlighting Geely's upcoming product cycle and potential for significant profit increases in the next 6-9 months. The report also suggests considering Jianghuai Automobile due to its strong product cycle and recent stock price corrections [5]. - In the automotive parts sector, the report identifies AI and intelligent driving as key areas for growth, recommending companies like Horizon Robotics and Sensetime Technology. It also highlights opportunities in liquid cooling and robotics, suggesting investments in companies like Minth Group and Top Group [5]. - The heavy truck segment is noted for its strong performance in recent months, with recommendations for companies like China National Heavy Duty Truck Group and Weichai Power [5]. Industry News - In October, new energy vehicles accounted for over 50% of total new car sales for the first time, with production and sales figures for the year showing over 10% growth [8][31]. - The report mentions the launch of new models, including the IM LS9, which features advanced technology and significant performance metrics [31]. - The Ministry of Industry and Information Technology has set new requirements for new energy vehicle credit ratios for 2026 and 2027, indicating a regulatory push towards electric vehicles [31].

Core Viewpoint - The article emphasizes the growing popularity and market potential of new energy light trucks, driven by low costs, strong performance, and favorable road rights, particularly in the context of China's "dual carbon" goals. Major brands are actively developing electric light trucks to capture market opportunities by 2025 [1]. Group 1: Key Models and Features - Dongfeng Liuzhou's Chenglong L2EV is highlighted as a benchmark model in the electric light truck sector, featuring a powerful configuration with CATL lithium iron phosphate batteries and a peak power of 115 kW [3]. - Foton's Oumake Zhilian ES1 is designed to address urban transport needs with a range of 64-165 kWh battery options and fast charging capabilities, significantly reducing charging time [6]. - The Remote Star Wisdom H9E boasts impressive loading capacity and advanced battery technology, offering a 10-year or 800,000 km warranty, enhancing user confidence [7][10]. - Jianghuai's JAC Shailing ES6 is recognized for its high-end features, including a 100.46 kWh battery and a range exceeding 350 km, along with smart management capabilities [12][14]. - SAIC's Danna T1 Tianxing version is noted for its innovative design and operational efficiency, with a maximum range of 500 km and rapid charging capabilities [15][17]. - Dongfeng's eStar EV350 offers various battery options and supports ultra-fast charging, enhancing operational efficiency [19][21]. - BYD's T5 light truck leverages its advanced "three electric" technology, achieving rapid charging and high energy density, making it suitable for diverse delivery scenarios [22][25]. - Zero Mi's light truck addresses industry pain points with a high-capacity battery and efficient energy utilization, promoting cost-effective logistics solutions [26][28]. Group 2: Market Trends and Demand - The penetration rate of new energy light trucks is steadily increasing, with diverse transportation scenarios leading to varied demand [4]. - The article suggests that the market for electric light trucks is becoming increasingly competitive, with multiple brands vying for market share through innovative product offerings [1][4].

Core Insights - The launch of the IM LS9 marks a significant entry into the competitive large six-seat SUV market, with over 5,000 pre-orders within 25 minutes of its announcement [1] - The large six-seat SUV segment is expected to see sales exceed one million units for the first time in 2025, growing from 200,000 units in 2021 to 600,000 units in 2024 [1] - The market is facing challenges of homogenization, with many competitors offering similar features, making consumer choice increasingly difficult [1] Product Differentiation - IM LS9 targets consumers who desire spaciousness without sacrificing driving quality and technological experience, particularly those transitioning from performance or off-road vehicles [3] - The LS9 features advanced technology such as a dual-direction 24° rear wheel steering and a digital chassis system, enhancing maneuverability and stability [3][4] - The vehicle's energy consumption is rated at 2.81L/100km, which is 10-15% lower than similar hybrid models, ensuring performance even in low battery conditions [4] Pricing Strategy - The LS9 is priced between 322,800 to 352,800 yuan, which is approximately 70,000 yuan lower than the Li Auto L9 and 130,000 yuan lower than the AITO M9, aiming to penetrate the market through competitive pricing [4] - The company plans to expand its distribution network to cover 150 cities by the end of the year, with over 500 outlets, ensuring extensive market reach [4] Brand Positioning and Challenges - IM faces challenges in brand recognition and market competition, as its previous models were primarily in the 200,000-300,000 yuan range, and the LS9's higher price point may test its brand premium capabilities [5] - The company emphasizes long-term investment in core technologies rather than superficial features, aiming to establish itself as a serious player in the high-end market [5] - The success of the LS9 will depend not only on product quality but also on brand strength, ecosystem, and service capabilities in a highly competitive environment [5]

Core Viewpoint - In October 2025, China's bus market experienced a year-on-year growth of 15%, with total sales reaching 49,600 units. The light commercial vehicle (LCV) segment, which is the largest in the bus market, continued its growth trend, marking its seventh consecutive month of increase [1][2]. Summary by Sections Market Performance - In October 2025, the LCV market sold 38,700 units, reflecting a year-on-year increase of 19% but a month-on-month decline of 11%. The growth rate compared to the previous month decreased by 18 percentage points [2][4]. - The LCV's market share in the overall bus market was 77.99%, slightly down from 78.17% in the previous month. For the year-to-date period from January to October, the LCV's market share reached 79.48%, an increase from 77.18% in the entire year of 2024 [2][4]. Historical Trends - An analysis of the LCV sales trends over the past five years shows a pattern of decline and growth, with October 2025 achieving the highest sales volume of 38,700 units, surpassing the lowest point in October 2022 by 12,700 units and exceeding last year's sales by over 6,000 units [5][20]. - Cumulatively, from January to October 2025, the total sales reached 363,200 units, marking the highest figure in five years and an increase of over 35,000 units compared to the same period last year [5][20]. Company Performance - In October 2025, the top ten companies in the LCV market accounted for 95.90% of total sales, with the top three companies—Changan, Jiangling, and Maxus—each holding over 20% market share, totaling 73.98% [11][12]. - Among the top ten companies, five experienced sales growth while five saw declines. Notably, Changan, Maxus, Foton, and Yutong achieved significant growth rates of 50%, 46%, 27%, and 32% respectively, while one company faced a drastic decline of 48% [12][16]. Market Share Dynamics - From January to October 2025, Changan, Jiangling, and Maxus captured 29.20%, 21.85%, and 20.75% of the LCV market share, respectively. Foton's market share was close to 10%, at 9.21% [18][20]. - Compared to the same period last year, Changan, Jiangling, and Maxus saw their market shares increase by 4.67, 0.99, and 2.73 percentage points, respectively, indicating a positive shift in market dynamics [18][20].

Core Viewpoint - SAIC Motor has established a new passenger vehicle marketing company, marking its first independent sales entity, aimed at enhancing the market presence of its self-owned brands and responding to market changes with a focus on "high-quality operation" [1][2]. Group 1: Company Strategy - The new marketing company will integrate the production and sales systems in an "end-to-end" manner, breaking down departmental barriers to improve marketing efficiency and responsiveness to market demands [2][6]. - The company plans to shift its marketing focus from B2B to B2C, emphasizing direct engagement with end-users to better understand their needs and enhance the customer experience [2][3]. - There will be a greater emphasis on profitability over sheer sales volume, with a more pragmatic approach to sales targets for 2026, reflecting the industry's overall profitability challenges [4][5]. Group 2: Industry Context - The automotive industry is facing significant profitability pressures, with a reported profit margin of only 4.5% in the first nine months of 2025, which is below the average of approximately 6% for downstream industrial enterprises [4][5]. - Despite a strong performance with a nearly 24% year-on-year sales increase from January to October 2023, SAIC is proactively restructuring to address deeper challenges in the market [5][6]. - The transition from a focus on sales volume to profitability is seen as a necessary response to the evolving competitive landscape, where future success will depend on brand strength, industry ecosystem development, and social responsibility [5][6].

Core Points - SAIC Group's high-end electric brand, IM Motors, has officially launched its flagship six-seat SUV, the IM LS9, with pricing starting at 322,800 yuan for the 52 Ultra version and 352,800 yuan for the 66 Ultra version equipped with a 66 kWh battery [1] Group 1: Product Features - The IM LS9 features the Lingxi Digital Chassis 3.0 and a bi-directional 24-degree smart four-wheel steering system, achieving a turning radius of 4.95 meters, comparable to that of compact cars [3] - The vehicle is equipped with an 800V architecture and a dual-motor vector all-wheel drive system, enabling a 0-100 km/h acceleration in the 4-second range, with a CLTC pure electric range of 402 kilometers and a comprehensive range of 1,508 kilometers, while maintaining a low energy consumption of 2.81 liters per 100 kilometers [3] Group 2: Intelligent Technology - The IM LS9 is equipped with 520-line ultra-vision lidar and NVIDIA Thor chips, supporting L3-level perception capabilities for L2-level assisted driving, capable of recognizing traffic gesture commands, and includes advanced safety features such as super-sensitive AEB and AES lateral emergency avoidance [5] - The vehicle introduces an AI Agent service assistant for various scenarios, including parking payment and food ordering, along with features like "Rainy Night Mode 2.0" and a one-button privacy function to enhance safety and privacy [5] Group 3: Interior Comfort - The IM LS9 boasts an 86% high "usable area" design, featuring three zero-gravity seats that can switch between a boudoir chair and a super-sized bed mode [7] - It includes a Danish B&O sound system, 4D mechanical massage seats, and a smart heating system for exceptional audio-visual and comfort experiences, complemented by a fresh air system and outdoor luxury package to enhance outdoor living comfort [7]

Core Viewpoint - The automotive industry is experiencing a divergence in performance, driven by scale effects and a shift towards high-end products, impacting profitability across different segments [2][4][5]. Passenger Vehicles - In Q3 2025, wholesale sales of passenger vehicles reached 7.686 million units, a year-on-year increase of 14.7% and a quarter-on-quarter increase of 8.1% [2]. - Wholesale sales of new energy passenger vehicles were 4.024 million units, up 24.2% year-on-year and 10.9% quarter-on-quarter, with a penetration rate of 52.4% [30][49]. - Revenue for six major domestic companies, including SAIC and BYD, totaled 537.8 billion yuan, reflecting a year-on-year growth of 7.8% [2]. - The gross margin for passenger vehicle companies was 15.1%, down 2.5 percentage points year-on-year but up 2.2 percentage points quarter-on-quarter [2]. - Net profit attributable to parent companies in Q3 2025 was 13.57 billion yuan, a decline of 20.2% year-on-year and 11.1% quarter-on-quarter [2]. Auto Parts - The auto parts sector saw revenue of 279.8 billion yuan in Q3 2025, a year-on-year increase of 17.9% and a quarter-on-quarter increase of 5.0% [3]. - The gross margin for the auto parts sector was 18.3%, up 0.6 percentage points year-on-year [3]. - The net profit growth rate for the auto parts sector was 13.8% year-on-year, with a net profit margin of 5.8% [3]. Commercial Vehicles - Heavy truck wholesale sales reached 282,000 units in Q3 2025, a year-on-year increase of 58.1% [4]. - Revenue from key heavy truck companies was 108 billion yuan, up 26.9% year-on-year [4]. - The gross margin for key bus companies was 19.3%, an increase of 7.4 percentage points year-on-year [4]. Motorcycles - The wholesale sales of mid-to-large displacement motorcycles reached 259,000 units in Q3 2025, a year-on-year increase of 19.2% [5]. - Revenue for the motorcycle sector was 15.41 billion yuan, reflecting a year-on-year increase of 25.4% [5]. - The overall gross margin for key motorcycle companies was 23.2%, up 0.4 percentage points year-on-year [5]. Investment Recommendations - For passenger vehicles, companies such as Geely, Xpeng, and BYD are recommended due to their focus on smart and global expansion [5]. - In the auto parts sector, companies involved in smart driving and lightweight components are highlighted for investment [5][6].

Core Insights - The launch of the LS9 marks a significant milestone for the company, entering the competitive high-end six-seat SUV market with a starting price of 326,900 yuan, achieving over 5,000 pre-orders within 25 minutes of its release [1][2] - The LS9 is positioned as a flagship model, showcasing the company's five years of development and the deep integration of resources from SAIC Group, enhancing its competitiveness in the high-end electric vehicle market [2][3] Company Strategy - The LS9's launch is part of SAIC Group's strategic focus on the high-growth segment of six-seat electric SUVs, leveraging decades of technological accumulation and cross-industry resource integration [2][4] - The company emphasizes its priority access to top-tier technologies, such as the Lingxi digital chassis and the Super Xiaoyao battery developed in collaboration with CATL, which enhance the vehicle's performance and efficiency [2][4] Market Positioning - The LS9 targets consumers at a life advancement stage, addressing the need for a vehicle that balances family comfort and personal driving enjoyment, thus solving the pain points of traditional models [3][5] - A recent survey indicates that 75% of six-seat SUV users seek both comfort for family travel and driving pleasure, highlighting the importance of user-centric design in the LS9 [3][4] Technological Innovation - The LS9 adopts a super range-extender technology, which is projected to capture a 28% market penetration in the high-end SUV segment by 2025, surpassing plug-in hybrid models [4][5] - The vehicle offers a 1,500 km electric driving experience with minimal performance degradation, even in high-altitude conditions, and achieves a 10% to 15% lower energy consumption compared to similar plug-in hybrid models [4][5] Brand Development - The successful launch of the LS9, following the L6 and LS6 models, signifies the brand's transition into a phase of significant achievements after five years of foundational work [5][6] - The company has chosen a path focused on core technological advancements rather than superficial feature competition, positioning itself as a strong contender in the electric vehicle market [6]

● 龚梦泽 熊永红 11月12日，智己的年度压轴旗舰车型LS9正式上市。这款承载"上汽旗舰"定位的大六座SUV，以32.69万 元的起步价"闯入"被理想和问界牢牢把控的大六座SUV市场，上市25分钟大定即突破5000辆。在上市媒 体沟通会上，智己汽车联席CEO刘涛、CMO李微萌、CTO项娇共同解码这款里程碑之作的市场逻辑与 技术内核，背后既彰显智己五年厚积薄发的实力，更凸显上汽集团全体系协同的深层赋能，为高端新能 源汽车市场竞争注入新范式。 李微萌表示，LS9的目标人群锁定在人生进阶阶段的消费者，他们需要的是兼顾家庭与自我的产品。基 于这一洞察，智己摒弃表面配置内卷，依托上汽底盘技术积累，将核心技术转化为用户可感知的体验 ——让全尺寸SUV拥有小型车的灵活操控，彻底解决城市停车、狭窄路段行驶等痛点。 同时，4D机械按摩等配置精准匹配家庭出行与商务场景的核心需求。这种技术落地用户场景的思路， 恰好契合当前高端新能源汽车市场从配置堆砌到体验升级的转型趋势。 技术选择匹配用户核心需求 在新能源汽车技术路线纷争的当下，智己LS9选择超级增程路线，背后是对行业发展趋势与消费者需求 的双重考量。数据显示，2025年，增程 ...