Core Viewpoint - The hybrid electric vehicle (HEV) sector in China is experiencing significant growth, with production and sales expected to increase substantially in the coming years, driven by consumer demand and supportive government policies [1][7][18]. Production and Sales - In 2024, China's hybrid electric vehicle production is projected to reach 880,100 units, with 879,700 units being passenger vehicles. By 2025, production is expected to rise to 951,400 units, primarily in the passenger vehicle segment [1][7]. - Sales of hybrid electric vehicles in China are anticipated to hit 896,000 units in 2024, with passenger vehicle sales accounting for 895,700 units. The forecast for 2025 indicates sales will reach 931,000 units, again dominated by passenger vehicles [1][7]. Market Size - The market size for hybrid electric vehicles in China is expected to grow to 180.902 billion yuan in 2024, with passenger vehicles contributing 180.841 billion yuan. By 2025, the market size is projected to increase to 182.52 billion yuan [1][9]. Industry Definition and Classification - Hybrid electric vehicles are defined as vehicles that utilize two or more power sources, specifically combining internal combustion engines with electric motors. The main types include plug-in hybrid electric vehicles (PHEV), hybrid electric vehicles (HEV), and range-extended electric vehicles (REEV) [2][4]. Industry Development Status - China's hybrid electric vehicle technology has reached a competitive level globally, with advancements in intelligent energy management and lightweight systems expected to enhance fuel efficiency and reduce emissions [6][18]. Industry Chain - The hybrid electric vehicle industry chain includes upstream components such as batteries, internal combustion engines, and automotive electronics, while downstream activities encompass vehicle sales and after-market services [11]. Policy Environment - The Chinese government has implemented various policies to support the development of the automotive industry, including incentives for new energy vehicles and initiatives to promote technological innovation and market expansion [13][14]. Competitive Landscape - The hybrid electric vehicle market in China is characterized by a competitive landscape with both joint venture and domestic brands. Joint venture brands leverage established technology and brand recognition, while domestic brands focus on cost control and rapid technological advancement [15][16]. Future Trends - The hybrid electric vehicle sector is positioned as a transitional technology towards fully electric vehicles, with increasing market penetration expected as consumer acceptance grows and costs decrease. Emerging markets are likely to see heightened demand for hybrid vehicles due to rising income levels [18].

Core Insights - Huawei and SAIC Motor are collaborating to launch the first model, the Shangjie H5, which will officially start pre-orders on August 25 [1] - The Shangjie H5 will feature the HUAWEI ADS 4 advanced driver assistance system and will be available in both pure electric and range-extended versions, with a market launch scheduled for September [1]

转自：新华财经 8月18日，奥迪与上汽集团联合打造的豪华电动品牌AUDI旗下首款车型——奥迪E5 Sportback量产下线并正式开启预售。现场，推出先锋型、先锋plus型等4 款车型，预售价区间为23.59万元至31.99万元。作为奥迪深化中国电动化布局的重要里程碑，奥迪E5 Sportback不仅是奥迪与上汽集团精诚合作的结晶，象征 着德系制造底蕴与中国智能科技的加速融合，更为豪华纯电市场注入了蓬勃生机与活力。 中德共创，擦亮品牌新名片 近年来，随着电动化、智能化与网联化席卷汽车产业，豪华品牌、新势力纷纷加速布局相关领域。中汽协数据显示，2024年，汽车产销累计分别完成3128.2 万辆和3143.6万辆；其中，新能源汽车产销分别完成1288.8万辆和1286.6万辆，同比分别增长34.4%和35.5%，展现出强劲增长动力。 "内外"兼修，诠释"豪华智能"精髓 作为AUDI全新电车设计语言在中国的"首发之作"，奥迪E5 Sportback高度还原了概念车前瞻设计，并重新诠释了奥迪经典设计元素，通过精雕车身线条，创 新性地采用封闭式格栅设计、集成灯光模组及电子外后视镜和贯穿式扰流板等设计，为用户带来兼具高效 ...

Group 1 - BYD has published a patent for a vehicle drift control method that simplifies and enhances the drift process, making it more controllable and enjoyable for drivers [2] - Seres Automotive has received authorization for a collision unlock patent, which improves the speed of door unlocking during a collision, thereby enhancing the escape capability of occupants and reducing casualties [2] - Audi's first strategic model, the Audi E5 Sportback, has begun pre-sales with a price range of 235,900 to 319,900 yuan, marking the launch of a new independent brand targeting the Chinese market [2] - The 2026 Kia Carnival, a mid-size MPV, is set to launch in China on September 1, with the current 2021 model priced from 289,900 yuan, featuring a 2.0T engine [2][3]

Core Insights - Joint ventures in the automotive industry are seeking partnerships to accelerate their smart technology development [2][5] - SAIC-GM's Buick brand has launched the Buick Zhijing L7, which features advanced AI capabilities and a new hybrid power system [4][6] Group 1: Strategic Partnerships - SAIC-GM has signed a strategic cooperation agreement with autonomous driving technology company Momenta to integrate the Momenta R6 Flywheel model into the Buick Zhijing L7 [2][5] - The collaboration goes beyond simple technology procurement, involving joint development at the underlying architecture level [5] Group 2: Product Features - The Buick Zhijing L7 is equipped with Qualcomm's 8775 cockpit chip, which has an AI computing power of 72 TOPS, enhancing its smart cockpit capabilities [4] - The vehicle features a "True Dragon" range-extended hybrid system, offering a pure electric range of 302 kilometers and a total range of 1400 kilometers [4] Group 3: Market Performance - SAIC-GM's sales have significantly declined, with a 56.54% drop in sales to 435,000 units in 2024, leading to a revenue decrease of 52.68% to 68.747 billion yuan [6] - The company reported a net loss of 26.688 billion yuan in 2024, contrasting sharply with a profit of 2.54 billion yuan in 2023 [6] Group 4: Future Plans - SAIC-GM plans to launch 12 new energy models this year, covering pure electric, plug-in hybrid, and range-extended technologies [6]

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the automotive industry [1]. Core Insights - The automotive industry index has increased by 7.46% as of August 18, outperforming the CSI 300 index by 3.44 percentage points, ranking 8th among 30 primary industries [5][12]. - The automotive sector is experiencing a seasonal decline in production and sales due to the traditional off-peak season, but year-on-year growth remains in double digits [8][24]. - The penetration rate of new energy vehicles (NEVs) has reached 48.66%, with production and sales continuing to grow rapidly [55]. Summary by Sections Industry Performance Review - As of August 18, the automotive industry index has risen by 7.46%, outperforming the CSI 300 index [12]. - Nearly 90% of automotive stocks have increased in value, with a median increase of 5.23% [16]. - The industry valuation has slightly decreased, with a PE (TTM) of 32.03 times, ranking 16th among 30 primary industries [20]. Key Industry Data Tracking - In July 2025, automotive production and sales reached 2.5911 million and 2.5934 million units, respectively, with year-on-year increases of 13.33% and 14.66% [24]. - The market share of domestic passenger car brands has increased to 70.14%, reflecting a year-on-year growth of 21.24% [41]. - NEV production and sales in July reached 1.243 million and 1.262 million units, with a year-on-year growth of 26.27% and 27.41% [55]. Investment Recommendations - The report suggests focusing on the ongoing optimization of market competition due to the "anti-involution" policy, the impact of vehicle replacement policies on automotive consumption, and investment opportunities in related component industries driven by the development and commercialization of intelligent driving technology [8].

Core Viewpoint - The overall pickup market is experiencing a downturn in the first half of 2025, with the growth of new energy vehicles being a rare highlight in the market [3][25]. Sales Performance - In July 2025, the domestic pickup market sold a total of 20,248 units, representing a month-on-month decline of 1.59% and a year-on-year decline of 6.61% [6][18]. - Cumulatively, from January to July 2025, the total sales reached 159,178 units, down 4.23% compared to the same period last year [6][18]. Fuel Type Analysis - In July 2025, diesel pickup sales were 13,854 units, down 2.48% month-on-month and down 11.40% year-on-year [8]. - Pure electric pickups sold 1,182 units, with a year-on-year increase of 96.35, despite a month-on-month decline of 14.84% [8]. - Gasoline pickups sold 4,210 units, showing a slight month-on-month increase of 0.31% but a year-on-year decline of 15.33% [8]. - Hybrid pickups saw significant growth, with sales of 849 units, a month-on-month increase of 48.43% and a year-on-year increase of 139.15% [8]. Regional Performance - By July 2025, three regions in China had sales exceeding 10,000 units: Xinjiang (13,699 units), Yunnan (11,399 units), and Sichuan (10,313 units) [10]. - Guangdong showed remarkable growth with a cumulative sales increase of 27.01% year-on-year, reaching 8,600 units [10]. Brand Rankings - The top ten brands in July 2025 were led by Great Wall (9,224 units), followed by JMC (2,888 units) and Zhengzhou Nissan (2,378 units) [12][18]. - The brand Radar experienced the most significant growth, with a year-on-year increase of 153.92% in July [18]. Market Share - In the first seven months of 2025, Great Wall's market share was 46.52%, while JMC's was 14.45% [20]. - Zhengzhou Nissan and Jiangxi Isuzu had market shares of 10.37% and 7.35%, respectively, both better than the previous year [20]. New Energy Vehicle Sales - In July 2025, new energy pickup sales reached 2,031 units, a month-on-month increase of 3.62% and a year-on-year increase of 112.23% [22]. - Cumulatively, from January to July 2025, new energy pickups sold 12,416 units, a year-on-year increase of 114.92% [22]. Future Outlook - The pickup market is expected to continue facing pressure in the second half of 2025, but the transition to new energy and evolving regional demands are injecting new vitality into the market [25][26].

每经记者｜黄辛旭 每经编辑｜裴健如 从合作项目成立的15个月之后，AUDI终于交出了自己的首款量产车型。 8月18日，奥迪E5 Sportback量产下线并正式开启预售。"这是我们的里程碑事件，也标志着（奥迪）新时代的开始。"奥迪·上汽合作项目CEO宋斐明表示。 具体来看，新车全系推出先锋型、先锋plus型、先锋quattro型和旗舰quattro型共4款配置车型，限时23.59万元起售。 作为AUDI的首款车型，奥迪E5 Sportback由奥迪与上汽联合开发的全新平台——智能数字平台打造，并搭载集成宁德时代CTP无模组电池，续航最高 773km，配合800伏高压平台架构，能够实现10分钟快速补能370公里。尽管新车启用了字母标，AUDI一直强调其产品具有纯粹的奥迪品牌基因。在性能与 驾控方面，奥迪E5 Sportback搭载了双电机quattro智能四驱系统。 自成立之初，AUDI项目就强调其产品主要面向中国更加年轻的客户群体，因此车辆在数字化、智能化、人机交互方面具有较大优势。奥迪E5 Sportback搭载 了全新AUDI OS操作系统，融合高通骁龙8295数字座舱芯片，构建数智座舱。在智能化方面，A ...

Core Viewpoint - The automotive industry is eagerly awaiting solid-state batteries, with mass production timelines being pushed from 2025 to 2027, while semi-solid batteries are being introduced as a precursor to full solid-state technology [4][6][11]. Group 1: Semi-Solid Battery Developments - SAIC's MG4 model is set to feature a semi-solid battery version, with pricing to be announced in September and deliveries expected within the year [4]. - The semi-solid batteries for both MG4 and the delayed IM L6 Max are developed in collaboration between SAIC and Qingtao Energy, indicating a competitive landscape for early adoption [6]. - Hive Energy plans to supply semi-solid batteries for BMW's next-generation MINI models, with large-scale production expected by the end of 2026, marking a significant milestone in the industry [6]. Group 2: Technological Innovations - The first generation of semi-solid batteries from SAIC Qingtao utilizes traditional lithium iron phosphate and ternary materials, achieving a range of 1000 kilometers [8]. - The second generation of semi-solid batteries aims to improve safety, energy density, and lifecycle, with a reduction in liquid electrolyte content from 10% to 5% [8][10]. - Innovations in core materials and collaborative efforts between vehicle manufacturers and component suppliers are crucial for the successful commercialization of new battery technologies [10]. Group 3: Full Solid-State Battery Production Plans - The industry consensus suggests that full solid-state battery mass production is likely to commence around 2027, with various companies providing timelines that align closely with this date [11][12]. - Companies like Aulton and Guoxuan High-Tech are actively working on solid-state battery production lines, with Guoxuan achieving a 90% yield rate on its pilot line [11][12]. - SAIC Qingtao aims to achieve full solid-state battery production by 2026, with energy density targets exceeding 400Wh/kg [11][14]. Group 4: Alternative Applications for Solid-State Batteries - The demand for solid-state batteries is not limited to the automotive sector; applications in eVTOL and humanoid robots are emerging as significant opportunities [15][18]. - Companies like Hive Energy and Funeng Technology are already engaging with clients in these new fields, indicating a broader market potential for solid-state technology beyond traditional vehicles [15][18]. - The introduction of solid-state batteries in two-wheeled vehicles is also gaining traction, with companies like Tianneng launching new products that significantly enhance performance metrics compared to traditional lithium batteries [18].

Group 1 - The new generation of Zhiji LS6 has a starting pre-sale price of 209,900 yuan and achieved over 10,000 orders within 30 minutes, setting a record for mid-to-high-end SUV pre-sales [1] - Zhiji Automotive confirmed that this model is the fastest to reach 10,000 orders since the brand's inception, indicating strong consumer response to its "technology for all" pricing strategy [1][3] - The pre-sale success reflects a shift in the new energy vehicle market towards a high-value integration phase centered on "long pure electric and range extension" technology [1][3] Group 2 - The LS6's range extension version sets a new industry standard with a pure electric range of 450 kilometers, covering 99% of users' weekly commuting needs at a cost of only 0.05 yuan per kilometer [1][2] - The vehicle features a comprehensive range of 1,500 kilometers and a low fuel consumption of 5.32 liters per 100 kilometers when the battery is depleted, outperforming competitors in the same segment [2] - The integration of multiple energy routes and the "Hengxing" super range extension platform allows the LS6 to maintain its pure electric DNA while offering the convenience of fuel vehicles [2][3] Group 3 - The technological innovation of the super range extension system is seen as a breakthrough that reshapes industry competition rules, addressing the current bottleneck of pure electric range and lagging range extension technology [3] - Zhiji has requested core component suppliers to increase production capacity to meet the delivery pressure from the unexpected pre-sale success [3] - The pre-sale success is viewed as a vote of confidence in the market for "high-value technology integration," with the real challenge being the conversion of orders into sustained delivery volumes [3]