Group 1: Target Price Increases - The companies with the highest target price increases as of September 22 include Gaweida (300465) with a target price increase of 98.76%, SAIC Motor (600104) with 37.72%, and Haitian Flavoring (603288) with 27.18% [2][3] Group 2: Rating Changes - On September 22, the rating for TBEA (600089) was upgraded from "Hold" to "Strong Buy" by China Merchants Securities [5][6] - Conversely, the rating for JMC (000550) was downgraded from "Buy" to "Hold" by Industrial Securities [7][8] Group 3: Initial Coverage - On September 22, nine companies received initial coverage, including JMC (000550) rated "Hold" by Industrial Securities, Ximai Food (002956) rated "Hold" by Shanxi Securities, and Gaweida (300465) rated "Buy" by Dongwu Securities [8]

作者 / 涂彦平 编辑 / 黄大路 设计 / 土 豆 有人说，车企搞发布会，往往会先找大师算一算日子，但不知为什么，2025鸿蒙智行秋季新品发布会还是赶上了据说可能是建国以来登陆珠江口的最 强台风——"桦加沙"。 2025年9月23日，一部分媒体被取消航班，一部分媒体虽然位移到了深圳但也只能窝在酒店观看线上发布会。原本备受期待的尚界H5发布会成了一场 无观众在场的演出。 不过，当尚界H5在长达将近两个小时的发布会中作为压轴产品出现在舞台上时，人们忽然就有了一种新的领悟。 这款中型SUV与17级台风天气如此巧妙契合，同样是呼风唤雨的狠角色，不正是主流车市的"桦加沙"吗？ 上述参数的对比，坦然地写在PPT上，一切解释权归余承东所有。 安全方面，尚界H5不但有全向防碰撞能力，越级支持eAES增强型自动紧急转向辅助，同级唯一后向横穿目标制动，更支持误挂挡踩油门防碰撞。 当然，尚界H5最大的亮点还是"真正的智能来到了这个级别"。 顶着最亲民鸿蒙智行产品的标签，尚界H5甫一登场就显露出了超级吸引力。自8月25日开启小订以来，这款新车小订破16万台，其中顶配Max版占比 超75%。 发布会现场，上汽集团总裁贾健旭走上台，宣 ...

关注 「电动车公社」 和我们一起重新思考汽车 就在刚刚，鸿蒙智行投下了2025年最重磅的核弹。 华为与上汽合作的 "第五界" 尚界 的首款车型， 尚界H5 正式上市了。 15.98万元的起售价 ，不仅比预售价便宜了1万块，也大幅度刷新了鸿蒙智行的购车门槛。 在现场，尚界H5直接打出了 "主流市场破局者" 的口号，杀进了车市最基本盘的核心价位段。而这里，正是丰田大众等合资品牌，以及比亚迪、吉利等自主品 牌的地盘。 自从8月25号尚界H5开启预售以来，1小时就斩获了2.5万订单，不到半个月订单数已经突破10万。 而尚界H5上市 1个小时 ， 大定突破了1万辆 ，可见这款车的火爆程度。 话不多说，咱们今天这篇文章就一起来聊聊，尚界H5这款车到底有哪些亮点？华为为何会与上汽牵手合作，背后又有哪些鲜为人知的故事？ 01. 最亲民的鸿蒙车 纵观整场尚界H5发布会， "远超同级" 几乎成了余承东口中出现最多的词。 尚界H5选定的同级对比竞品，是奔驰GLC和奥迪Q5L这两款典型的B级豪华SUV。 尽管尚界H5车长不到4.8米，轴距不到2.9米，但却挖掘出了 超过1.9米的乘员舱纵深空间， 同时坐垫长度、厚度，头枕高度，二排腿 ...

Core Insights - The article highlights the launch of the new model, the Shangjie H5, by Hongmeng Zhixing, which is positioned as an affordable SUV priced between 159,800 to 199,800 yuan [1][6] - The company also introduced the upgraded Wanjie M7, which has undergone significant enhancements and is priced between 279,800 to 379,800 yuan [3][20] - The demand for the Shangjie H5 is strong, with over 160,000 pre-orders recorded, indicating its potential to become a best-selling model [6][10] Product Launch and Features - The Shangjie H5 is available in six variants, featuring both range-extended and pure electric power options, with a maximum range of 1,360 kilometers for the range-extended version and 655 kilometers for the electric version [8][10] - The Wanjie M7 offers both five-seat and six-seat configurations, with a total of 12 variants, and has seen a significant investment of 4 billion yuan in its development [3][20] - The Wanjie M7 has also been upgraded in terms of design, chassis, and smart driving features, now including a pure electric version with a 100 kWh battery [20] Market Position and Strategy - The Shangjie H5 targets the mainstream passenger car market, which is expected to account for about 20% of total passenger car sales in China in 2024 [11] - The introduction of the Shangjie H5 and the upgraded Wanjie M7 is part of Hongmeng Zhixing's strategy to penetrate more mainstream market segments and increase overall sales [21] - The company aims to leverage its advanced smart technology and strong brand recognition to capture market share in the competitive 150,000 to 200,000 yuan price range [11][21]

Group 1 - The core point of the news is the launch of two new models by Hongmeng Zhixing, namely the Shangjie H5 and the new Aito M7, with a focus on affordability and advanced technology [1][2] - The Shangjie H5 is positioned as the most affordable model equipped with Huawei's ADS4 intelligent driving assistance system, starting at 159,800 yuan, making it the first model in the Hongmeng Zhixing lineup to be priced under 200,000 yuan [1][3] - The new Aito M7 has been updated in terms of design, space, performance, and safety, with prices starting at 279,800 yuan for the range-extended version and 319,800 yuan for the pure electric version [2] Group 2 - The Shangjie H5 has received significant pre-orders, exceeding 160,000 units since its small order launch on August 25, with over 75% of orders for the top configuration [3] - The Shangjie H5 features advanced technology, including Huawei's ADS4, with a maximum electric range of 655 km for the pure electric version and a combined range of 1,360 km for the range-extended version [5] - The vehicle is designed to offer a spacious interior comparable to a C-class car while maintaining the dimensions of a B-class vehicle, emphasizing luxury and performance [5]

鸿蒙智行最便宜的车型来了。 9月23日晚间，鸿蒙智行正式举办秋季新品发布会，推出两大品牌全新车型——尚界H5与全新问界 M7。 作为鸿蒙智行"第五界"品牌的首款车型，尚界H5正式发布，售价15.98万元起，这成为目前搭载华为 ADS4智能驾驶辅助系统最便宜的车型，是鸿蒙智行体系内首款下探至20万元以内的车型。 鸿蒙智行"五界"齐发 9月23日，华为常务董事、终端BG董事长余承东在鸿蒙智行秋季新品发布会上表示，华为以HarmonyOS 为中心，构建鸿蒙办公、鸿蒙智家、鸿蒙智行、运动健康、影音娱乐五大智慧场景，通过鸿蒙智行深度 赋能中国智能电动汽车产业升级。 截至目前，问界、智界、享界、尊界、尚界"五界聚势"，携手赛力斯、奇瑞、北汽、江淮、上汽等。 值得一提的是，在发布会上，余承东还介绍了全新问界M7，该款车型在外观设计、空间座舱、性能驾 控与安全能力等维度进行了更新。新车增程版27.98万元起售，纯电版31.98万元起售。 尚界首款车型正式发布 在此次发布会上，最受关注的当属华为鸿蒙智行与上汽联合打造的首款车型尚界H5。 在发布会上，上汽集团总裁贾健旭宣布尚界H5正式发布，"尚界H5拥有GL8的舒适、桑塔纳的素 ...

Core Insights - The launch of the Shangjie H5 marks the introduction of a new automotive brand developed through the collaboration between Huawei and SAIC Motor, utilizing the Hongmeng Intelligent Driving model [2] - The Shangjie H5 is priced starting at 159,800 yuan and is equipped with the Huawei ADS 4 advanced driver assistance system, making it the first model under 200,000 yuan to feature this technology [2] - Analysts from Huachuang Securities and Dongfang Securities express optimism regarding the market potential and sales outlook for the Shangjie brand, highlighting its competitive advantages and strong market positioning [2] Company Collaboration - The partnership between SAIC Motor and Huawei combines SAIC's extensive experience in manufacturing and supply chain management with Huawei's expertise in smart technology and product definition [2] - This collaboration is expected to create a complementary advantage, enhancing the overall competitiveness of the Shangjie brand in the automotive market [2] Market Potential - The Shangjie brand is positioned as the first entry into the economy car segment within the Hongmeng Intelligent Driving framework, indicating a significant market opportunity and high sales ceiling [2] - The Shangjie H5 is anticipated to attract considerable market attention due to its competitive pricing and advanced features, contributing to a positive sales forecast [2]

Core Insights - The competition in the new energy vehicle market is intensifying, particularly in the plug-in hybrid segment, attracting more entrants [2] - In August, the wholesale penetration rate of new energy vehicle manufacturers reached 52.2%, an increase of 3.3 percentage points compared to August 2024 [2] - The sales of narrow-sense plug-in hybrids in August reached 368,000 units, representing a year-on-year growth of 5.0% and a month-on-month increase of 8.9% [2] Company Developments - Leading automakers like Geely and BYD have launched star products to strengthen their position in the plug-in hybrid market, achieving significant sales breakthroughs [2] - The launch of the Roewe M7 DMH, positioned as a "long-range mid-to-large luxury sedan," has garnered industry attention due to its competitive pricing of 85,800 yuan [2] - Roewe M7 DMH aims to penetrate the mid-to-large hybrid sedan market, emphasizing "super long range, ultra-low energy consumption, and full life cycle guarantee" as key consumer demands [2][4] Technical Features - The Roewe M7 DMH is equipped with the advanced DMH 6.0 super hybrid system, achieving a CLTC pure electric range of 160 km, surpassing the mainstream range of 100-150 km [3] - The vehicle offers a comprehensive range of 2050 km with full fuel and battery, and its fuel consumption is as low as 2L, costing less than 0.2 yuan per kilometer [3] - Unlike many competitors, Roewe M7 DMH provides a lifetime warranty on five major components, including the engine and battery pack, without mileage limits for the first non-commercial owner [3][4] Innovation and Market Strategy - The Roewe M7 DMH features the world's first "deep thinking AI model" and AI-assisted driving system, enhancing user interaction with advanced semantic understanding capabilities [4] - The company aims to offer a premium experience at a competitive price point, positioning the M7 DMH as a vehicle that provides a 200,000 yuan experience for a price of 100,000 yuan [4] - The emphasis on scaling production is seen as crucial for the brand's survival and growth in the competitive market [4]

Core Viewpoint - The launch of the Shangjie H5 marks a significant step for Huawei and SAIC, as it introduces the Huawei QianKun Intelligent Driving ADS 4 in a vehicle priced below 200,000 yuan, expanding the accessibility of advanced smart automotive technology [3][4]. Group 1: Product Launch and Features - The Shangjie H5 is the first model resulting from the deep collaboration between SAIC and Huawei, aiming to make flagship smart vehicles more accessible to the general public [4][5]. - The vehicle features the Huawei QianKun Intelligent Driving ADS 4, equipped with three 4D millimeter-wave radars and the only model in its class with a 192-line laser radar, providing comprehensive sensing capabilities [4]. - The Shangjie H5 offers an electric version with a maximum range of 655 km and a low energy consumption of 13.4 kWh per 100 km, while the range-extended version has a total range of 1,360 km with a fuel consumption of only 4.44 L per 100 km [4]. Group 2: Market Response and Sales - Since the start of pre-orders on August 25, the Shangjie H5 has received over 160,000 reservations, with more than 75% for the top configuration, indicating strong consumer confidence in the Huawei technology [6]. - The overall delivery of the Hongmeng Intelligent Driving series has surpassed 930,000 units, with several models performing exceptionally well in sales [8]. - The Wanjie M8 has maintained its position as the sales champion in the 400,000 yuan and above segment for four consecutive months, with cumulative deliveries reaching 94,000 units [8].

Group 1 - SAIC Motor Corporation announced the official launch of the Shangjie H5, which combines comfort, quality, and intelligence, with over 160,000 pre-orders since August 25, and a price range of 159,800 to 199,800 yuan [1] - Huawei's AITO brand introduced the new color "Silver Realm Purple" for the Wenjie M9, featuring over 50 upgraded functions and a starting price of 559,800 yuan [1] - The AITO brand's Xiangjie S9T achieved over 13,000 pre-orders within a week of its launch, priced from 309,800 yuan, and the first batch of deliveries began on September 21 [1] - The Wenjie M7 has accumulated over 230,000 pre-orders, with updated design and performance features, starting at 279,800 yuan for the range-extended version and 319,800 yuan for the pure electric version [1] Group 2 - The Wenjie M7 features a 16.1-inch 3K floating screen, 68-inch AR-HUD, and integrates Huawei's ADS for comprehensive perception and control [2] - The vehicle includes a full collision avoidance system 4.0, providing all-direction, all-target, all-weather, all-speed, and all-scenario active safety capabilities [2] - The M7 is equipped with a triple safety unlocking redundancy design, ensuring access under various emergency conditions [2]