核心观点 月度产销： 根据中汽协数据，2025年7月，汽车产销分别完成259.1万辆和259.3万辆，环比分别下降7.3%和10.7%，同 比分别增长13.3%和14.7%。 本周行情： 本周（20250825-20250831）CS汽车上涨0.28%，CS乘用车上涨0.71%，CS商用车下跌2%，CS汽车零部件 上涨0.7%，CS汽车销售与服务下跌3.53%，CS摩托车及其他下跌1.93%，电动车上涨5.59%，智能车上涨0.96%，同期 的沪深300指数上涨2.71%，上证综合指数上涨0.84%，CS汽车弱于沪深300指数2.44pct，弱于上证综合指数0.56pct。 成本跟踪和库存： 截至2025年8月30日，浮法平板玻璃、铝锭类、锌锭类价格分别同比去年同期-7.3%/+4.6%/-6.5%， 分别环比上月同期+0.4%/-0.9%/-1.7%。7月汽车经销商库存预警指数为57.2%，同比下降2.2个百分点，环比上升0.6个 百分点。 市场关注： 1）智驾：地平线HSD升级，首搭奇瑞星途星纪元E05；小鹏P7/G7即将上线全场景VLA功能；2）机器 人：英伟达发售新一代人形机器人计算平台Jetson ...

作者丨彭鑫 编辑丨安安 8月29日，在2025成都车展上，名爵全新MG4正式上市。作为MG品牌All in新能源的首款战略车型，全新MG4共推出5款车型，售价区间为6.88万元-10.28万 元，限时补贴价为6.58万元—9.98万元，起售价相比此前预售价便宜了8000元。 图源：名爵官方 外观方面，新车将会延续家族式的设计语言。发光LOGO设计、流畅动感的车身线条、贯穿式尾灯设计以及黑色车窗边框配合花瓣状轮圈，运动感十足。同 时，提供东来紫、清波翠、月光白、珊瑚红、星野灰和海岛蓝等六种车身颜色以及2种内饰颜色可选，满足不同消费者的个性化审美需求。 全新MG4继续采用两厢车身和掀背式尾门，但车身尺寸全面升级。新车的长宽高分别为4395/1842/1551 mm，轴距达到2750mm。后备箱容积达471L，后排 座椅放倒之后可以扩展至1362L。不仅如此，全车共有30处储物空间及20万内独有的360°全面防晒设计。 内饰方面，采用了简约的设计风格，环抱式的座舱设计，整体风格年轻化。根据配置不同，中控屏有三种尺寸可选。分别为10.25英寸（720P分辨率）、 12.8英寸（1080P分辨率）和15.6英寸（2.5 ...

► 大众市场自主存量竞争，中高端市场决定未来增量。 2024-2025年，自主车企份额提升的主要来源为5-15万元级的A级车市场。在电动化、智能化、全球化发展初期阶段完 成后，未来高增速车企重点需观察15万元以上的中高端市场表现，而中高端市场核心竞争将围绕品牌塑造展开。本篇报告重点讨论中高端市场竞争格局，海外中高端品牌如何 形成和自主品牌应该如何构建品牌壁垒 。 ► 中高端市场空间大盈利强，品牌壁垒维护份额稳定。 从15万元以上价格带开始，品牌效应逐渐显现，消费者初步呈现出品牌忠诚度，使得进入该价格带存在一定门槛，因 此车企竞争不会仅围绕价格领域展开。中高端市场品牌壁垒高，盈利能力强。据我们用2024年销量规模测算，5-15万元市场年销量约为1,100-1,200万辆，整体市场年收入体量 约为1.1-1.2万亿元，整体市场年净利润约为500-600亿元；15-25万元市场年销量约为550-600万辆，年收入为1.1-1.2万亿，该价格带的市场净利润体量约为550-600亿元，在总销 量仅有5-15万元市场一半的情况下盈利能力并不弱于5-15万元市场；25万元+的豪华市场，年销量约为400万辆，按照当前2万元单 ...

转自：北京日报客户端 "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。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 "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。 致力于实现"长续航平权"，荣威M7 DMH搭载大容量电池，采用高能量密度电芯和先进电池热管理技 术，CLTC工况下纯电续航达160公里，综合续航更是突破2140公里，百公里综合油耗可低至2.57升。超 长续航与超低能耗的实现，还得益于全栈自研的DMH 6.0超级混动系统，以及上汽全栈自研的核心软件 及算法。 作为前劳斯莱斯设计师约瑟夫·卡班加盟上汽后打造的首款量产车型，荣威M7 DMH沿袭"自信·优雅"的 豪华美学理念，以大气稳固的车身比例、直瀑式威仪前脸，展现出原创设计魅力。全新灯组设计与荣耀 迎宾光毯，进一步提升了整车的仪式感与辨识度。 来源：北京日报客户端 新车拥有近5米行政级车身与2820毫米超长轴距，打造出宽适空间。座椅内部采用高慢回弹海绵，带来 更强包覆感和支撑性，即便在快速过弯 ...

除半固态电池外，全新MG4搭载的一体式热管理系统采用行业首创铝稀土合金材料，使整车工作温度 低至零下35摄氏度，冬季制热效率提升30%，相关技术还带来了高车身扭转刚度。 半固态电池是全新MG4的技术标签。据上汽集团乘用车分公司常务副总经理俞经民介绍，该电池历经 三年测试验证，拥有完备的量产生产线。其核心优势体现在安全与低温性能上：通过半固态电解质材料 实现电池包三向、10针穿刺实验无冒烟现象，从根源上阻隔自燃风险；在零下7摄氏度低温环境下，续 航达成率仍能保持75%，较行业平均水平高出20%。 预售数据显示，全新MG4的订单结果远超预期：两个最高配版本占比超50%，入门款仅占10%。这一数 据印证了消费者对其"高配不高价"的认可。作为10万元级以内纯电动车，新车搭载了诸多越级配置，包 括高通8155芯片、CTB电池车身一体化技术、一体式热管理系统，360度全面防晒玻璃和后排隐私玻 璃。 空间与续航表现同样亮眼；全新MG4实现93.8%的空间得房率，471升后备箱空间宽敞实用；续航方 面，百公里10.4千瓦时的能耗表现，让530公里版本可满足一周通勤需求，20分钟快充更可让电量从 30%充至80%。 转自：北京 ...

作者 |周智宇 张翀 上汽集团创新研发总院总设计师邵景峰在全新MG4预售会上的这句发言，精准刺破了MG作为全球品牌 的核心困境：如何平衡东西方迥异的审美？ 在海外，第一代MG的"小钢炮"形象深入人心，消费者偏爱硬朗、动感十足的设计风格 。然而在中国， 市场的偏好却大相径庭。邵景峰坦言："如果设计得过于硬朗，中国人可能不喜欢；如果设计得过于柔 和，外国人又可能不接受 。" MG作为一个产品销往世界各地的全球品牌，这给中国设计团队构成了巨 大的挑战 。 全新MG4，正是在这种"拧巴"与"平衡"中诞生的一个特殊样本。它所承载的，远不止是一款A级两厢车 的复兴野望，更是在"内卷"的焦土之上，上汽名爵拒绝"抄作业" ，并试图同时打出技术与文化两张王 牌的战略宣言。 "我的做法很简单，我以那些表现出色的产品为标杆，向他们看齐，并且力求超越他们。但并不是简单 地将配置对齐，然后降低价格。"上汽乘用车MG品牌事业部总经理陈萃的发言，概括了MG4的竞争策 略——"超越，而非抄袭"。 在A级两厢车这个已有销量优异先行者的市场，简单的致敬或对标无异于陷入永无止境的消耗战。MG 深知，作为新能源领域的"后来者"，必须拿出人无我有的" ...

Investment Rating - The report maintains a positive investment recommendation for the mid-to-high-end automotive market, particularly for domestic brands [6]. Core Insights - The domestic automotive market is experiencing a shift from a focus on cost-effectiveness to brand building, especially in the mid-to-high-end segments [1][2]. - The high-end market (above 150,000 RMB) is expected to see significant growth, with domestic brands poised to capture a larger share due to their increasing brand loyalty and product capabilities [2][5]. - The competitive landscape is evolving, with traditional luxury brands facing challenges from emerging domestic players leveraging technology and innovation [3][4]. Summary by Sections 1. Mid-to-High-End Market Profitability - The mid-to-high-end market is characterized by strong profitability and significant growth potential, with domestic brands currently holding less than 50% market share in segments priced above 150,000 RMB [2][5]. - The 5-15 million RMB market is dominated by domestic brands, achieving a market share of 70.6% as of Q2 2025, but is entering a phase of stock competition with limited growth potential [12][16]. - The 15-25 million RMB market shows a growing share for domestic brands, currently at 48.0%, indicating room for further expansion [18][19]. 2. Lessons from Overseas Brands - Traditional luxury brands have established strong brand identities through historical positioning and consistent messaging, which domestic brands can learn from [2][3]. - The ultra-luxury segment emphasizes performance and exclusivity, while traditional luxury brands focus on luxury experiences and brand prestige [3]. 3. Building Brand Barriers for Domestic Brands - Domestic brands are increasingly focusing on building brand barriers through product differentiation and technological advancements, particularly in the luxury segment [4][5]. - The competitive landscape in the 25 million RMB and above market is stabilizing, with leading domestic brands like Li Auto and Huawei establishing a strong presence [4][24]. 4. Challenges and Opportunities in the Luxury Market - The luxury market is witnessing a clear leadership structure, with domestic brands like Li Auto and Xiaomi emerging as strong competitors against traditional luxury brands [4][24]. - The report suggests that the 15-25 million RMB market is fragmented and presents opportunities for traditional and emerging players to establish leadership [15][19]. 5. Investment Recommendations - The report recommends focusing on domestic brands in the mid-to-high-end market, particularly those with strong brand potential and innovative capabilities [5]. - Suggested companies for investment include emerging players like Xiaomi, Li Auto, and traditional brands with high-end sub-brands such as Geely and BYD [5].

尚界品牌未来可期，海外持续开拓市场 上汽集团(600104) 证券研究报告 乘用车 / 公司点评 / 2025.09.02 | 基本数据 | 2025-09-02 | | --- | --- | | 收盘价(元) | 18.95 | | 流通股本(亿股) | 114.95 | | 每股净资产(元) | 25.51 | | 总股本(亿股) | 114.95 | 最近 12 月市场表现 -5% 11% 26% 42% 57% 73% 上汽集团 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《全面深化改革，发力海外市场》 2025-04-30 2. 《新能源车销量稳步攀升，海外销量稳健 增长》 2024-10-12 3. 《强化技术 赋能， 发力 海外市场》 2024-09-10 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | ...

| 汽车大集团 | 销量(万辆) | 同比 | | --- | --- | --- | | 比亚迪 | 37.36 | 基本持平 | | 上汽集团 | 36. 30 | 41.00% | | 中国一汽 | 27.78 | 3. 70% | | 吉利汽车 | 25.02 | 38.00% | | 奇瑞集团 | 24. 27 | 14.60% | | 长安汽车 | 23. 30 | | | 北汽集团 | 13. 50 | 3. 30% | | 长城汽车 | 11.56 | 22. 33% | | 东风汽车 | | | | 奕派科技 | 2. 91 | 62. 39% | | 岚图汽车 | 1. 35 | 119% | | 广汽集团 | | | | 广汽埃安 | 2. 70 | | 比亚迪： 海外销量同比大增146.4% 8月，比亚迪汽车销量为37.36万辆，与去年同期的37.31万辆基本持平。 本月，比亚迪乘用车销售37.15万辆。其中，王朝|海洋销售34.28万辆；方程豹销售1.63万辆；腾势销售1.20万辆；仰望销售405辆。 随着8月海鸥进入萨尔瓦多市场、全面升级芬兰销售与服务网络布局等举措落地，比亚迪海外 ...

Market Overview - The passenger car sector increased by 0.36% on September 2, with Sailyis leading the gains [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Individual Stock Performance - Sailyis (601127) closed at 146.94, up 2.12% with a trading volume of 586,800 shares and a transaction value of 859.6 million [1] - Great Wall Motors (601633) closed at 26.28, up 0.77% with a trading volume of 330,300 shares and a transaction value of 874 million [1] - BYD (002594) closed at 110.02, up 0.29% with a trading volume of 773,200 shares and a transaction value of 849.5 million [1] - GAC Group (601238) remained unchanged at 7.73 with a trading volume of 325,000 shares and a transaction value of 252 million [1] - Changan Automobile (000625) closed at 12.43, down 0.24% with a trading volume of 1,059,800 shares and a transaction value of 1.317 billion [1] - SAIC Motor (600104) closed at 18.95, down 0.47% with a trading volume of 739,400 shares and a transaction value of 1.407 billion [1] - Haima Automobile (000572) closed at 4.83, down 1.43% with a trading volume of 844,200 shares and a transaction value of 410 million [1] - BAIC Blue Valley (600733) closed at 6.59, down 2.83% with a trading volume of 1,382,700 shares and a transaction value of 1.198 billion [1] Fund Flow Analysis - The passenger car sector experienced a net outflow of 2.956 million from institutional investors and a net outflow of 232 million from speculative funds, while retail investors saw a net inflow of 235 million [1] - Sailyis had a net inflow of 49.7 million from institutional investors, while speculative funds saw a net outflow of 24.7 million [2] - BYD had a net inflow of 31.958 million from institutional investors, with a net outflow of 10.5 million from speculative funds and a net inflow of 73.159 million from retail investors [2] - Great Wall Motors had a net outflow of 83.706 million from institutional investors, with a net inflow of 30.448 million from speculative funds and a net inflow of 53.257 million from retail investors [2] - Changan Automobile had a net outflow of 130 million from institutional investors, with a net inflow of 12.374 million from speculative funds and a net inflow of 117 million from retail investors [2] - BAIC Blue Valley had a net outflow of 190 million from institutional investors, with a net inflow of 33.740 million from speculative funds and a net inflow of 15.67 million from retail investors [2]