上汽集团公告，2025年8月整车产量37.69万辆，同比增44.05%；销量36.34万辆，同比增41.04%。其中 新能源汽车产量14.05万辆，同比增60.08%，销量12.98万辆，同比增49.89%；出口及海外基地当月产量 89574辆，同比增13.51%，销量88289辆，同比增10.48%。今年累计整车产量283.46万辆，同比增 22.58%；累计销量275.35万辆，同比增17.87%。 ...

什么才是燃油车的发展方向？又该如何吸引时尚年轻群体的关注？上汽大众给出了自己的答案—— 个性化、运动化。 此外，上汽大众正以开放的改装生态为年轻用户提供多元玩车可能。本届车展上，上汽大众推出全 新凌渡L官方改装款，成为全场焦点，其以宽体轿跑基因贯穿设计，前脸部分，运动造型中网和宽体造 型相得益彰；车身侧面，风刀及轮眉造型贯穿整个车身线条，赋予整车更浓郁的赛道风格。整车涂装则 采用黑白渐变赛道风格，视觉上像赛道上的气流，营造出强烈的速度感，点缀其中的红色条纹致敬GT 文化。同时，上汽大众正式推出全新凌渡L官方改装套件，包含前唇、后唇、侧裙、小尾翼和尾喉，整 体呈现低趴的战斗姿态，彰显赛道基因。 值得一提的是，德系品质、安全严选，以及与时俱进的智能 化提升，更为全新凌渡L带来了十足的竞争力。 新车秉承德系安全品质基因，以75.3%的高强度及以上钢材的使用比例，构筑"赛车级"安全车身； 最高配备10个安全气囊，全方位防护无死角；历经超60万公里极地测试、极限气候考验、高速碰撞及翻 滚测试，特别加入女性假人碰撞测试，解决安全设计性别盲区，让个性出行更安心。 其智能座舱同样懂个性需求，10.25英寸全液晶仪表加上12. ...

Core Insights - SAIC Audi is implementing a dual-brand strategy with a focus on both traditional fuel vehicles and electric vehicles, showcasing its commitment to brand development at the 2025 Chengdu International Auto Show [1][3] Product Launch and Features - The new Audi E5 Sportback, priced starting at 235,900 yuan, has begun pre-sales and is set to officially launch on September 16 [3] - The E5 Sportback features a unique design that combines elements of Audi's classic coupe and wagon styles, with innovative lighting inspired by the sphere concept car [3] - The vehicle is equipped with the new AUDI OS operating system and Qualcomm Snapdragon 8295 chip, enhancing the interactive digital cockpit experience [4] - The E5 Sportback boasts a powerful dual-motor system with a combined output of 787 horsepower and 800 Nm of torque, achieving 0-100 km/h in just 3.4 seconds [5] Traditional Fuel Vehicle Development - The new Audi A5L Sportback was launched on August 1, with a starting price of 255,900 yuan, maintaining the classic design elements of the A5 series [6] - The A5L Sportback incorporates advanced driving assistance capabilities and features the fifth-generation EA888 engine, ensuring a blend of performance and driving pleasure [6] Service and Network Expansion - SAIC Audi is expanding its sales and service network, aiming to exceed 240 sales outlets by 2025, ensuring comprehensive coverage in key cities [7] - The company is focused on providing a one-stop luxury experience for customers, from purchasing to after-sales service, leveraging technology and personalized service [7]

Core Viewpoint - SAIC Motor Corporation acknowledges that while it has not lost in strategy, technology, and strength, there are issues with SAIC Passenger Cars due to a disconnect from user needs [1] Sales Performance - Since the new management team took over in August last year, SAIC Passenger Cars has reversed its declining sales trend, achieving approximately 428,000 units sold in the first seven months of this year, a year-on-year increase of 11.4% [3] - However, the projected sales for 2024 are approximately 707,000 units, reflecting a year-on-year decline of 28.3% [3] Internal Changes - SAIC Group has implemented integrated management for its self-owned passenger car brands to create a more flexible and efficient operational mechanism, enhancing market response speed [3] - The passenger car division has adopted Huawei's Integrated Product Development (IPD) and Integrated Product Marketing System (IPMS) models, focusing on cross-departmental collaboration to optimize product development processes and reduce the development cycle to 18 months [3] New Product Launch - The launch of the new Roewe M7 DMH is seen as a sign of improvement in addressing user needs, with a starting price of 97,800 yuan and a focus on providing a high-quality experience at a competitive price [4][5] - The Roewe M7 DMH features the self-developed DMH 6.0 super hybrid system, offering a pure electric range of 160 km and a comprehensive range exceeding 2,100 km [4] Customer Engagement - The company emphasizes understanding customer needs in product development, marketing, and service environments to enhance user experience [5] - The Roewe M7 DMH is expected to perform well in sales, with management optimistic about achieving sales targets due to anticipated market growth in the second half of the year [8]

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Views - The company has shown continuous improvement in its reforms, with a projected sales volume exceeding 4.5 million units and revenue surpassing 674 billion yuan in 2025 [4]. - The collaboration with Huawei on the "Shangjie" brand is expected to inject new growth momentum into the company [4]. - The company reported a total revenue of 299.59 billion yuan in H1 2025, a year-on-year increase of 5.23%, while the net profit attributable to shareholders was 6.02 billion yuan, a year-on-year decrease of 9.21% [1]. Financial Performance - In Q2 2025, the company achieved a total revenue of 158.73 billion yuan, reflecting a year-on-year increase of 12.08% and a quarter-on-quarter increase of 12.68% [1]. - The net profit for Q2 2025 was 2.99 billion yuan, down 23.50% year-on-year [1]. - The company’s non-recurring net profit for H1 2025 was 5.43 billion yuan, a significant year-on-year increase of 432.21% [1]. Sales and Market Outlook - The company experienced a wholesale sales volume of 1.108 million vehicles in Q2 2025, with a year-on-year increase of 12% [2]. - The sales volume for July 2025 reached 337,500 units, marking a year-on-year increase of 34% and achieving seven consecutive months of year-on-year growth [2]. - The launch of new models from brands such as Roewe, Zhiji, and MG, along with the first model "Shangjie H5" in collaboration with Huawei, is expected to significantly enhance product structure and profitability [2]. Cost Control and Profitability - The company has effectively controlled costs, with a reduction in expense ratios in sales, management, and R&D in Q2 2025 compared to Q1 [3]. - The investment income for Q2 2025 was 1.825 billion yuan, reflecting a decrease from Q1 due to impairment impacts [3]. - The company’s net profit attributable to the parent company for H1 2025 was -1.39 billion yuan, an improvement from -2.63 billion yuan in H1 2024 [3]. Profit Forecast and Valuation - The report forecasts revenues of 717 billion yuan, 778 billion yuan, and 826 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 12.3 billion yuan, 15.1 billion yuan, and 16.8 billion yuan for the same years [5]. - The target price for the company is set at 24.31 yuan, reflecting a 20% premium to the average PE ratio of comparable companies [5].

Investment Rating - The report maintains a "Recommended" investment rating for SAIC Motor Corporation [1][8] Core Views - The company achieved a total operating revenue of 299.59 billion yuan in the first half of 2025, representing a year-on-year increase of 5.23%. However, the net profit attributable to shareholders decreased by 9.21% to 6.02 billion yuan, while the net profit excluding non-recurring items surged by 432.21% to 5.43 billion yuan. The net cash flow from operating activities reached 21.04 billion yuan, up 85.89% year-on-year [4][8] - The company’s vehicle sales stabilized and increased, with a total wholesale volume of 2.053 million units in the first half of 2025, a year-on-year growth of 12.4%. The sales of self-owned brands reached 1.304 million units, up 21.1%, increasing their market share to 63.5%. New energy vehicle sales grew by 40.2% to 646,000 units [7][8] - The first model from the collaboration with Huawei, the Shangjie H5, is set to launch soon, with pre-sales starting at 169,800 to 209,800 yuan. The model has shown strong pre-sale demand, indicating potential for significant market impact [7][8] Summary by Sections Financial Performance - In the first half of 2025, the company reported total operating revenue of 299.59 billion yuan, a 5.23% increase year-on-year. The net profit attributable to shareholders was 6.02 billion yuan, down 9.21%, while the net profit excluding non-recurring items was 5.43 billion yuan, up 432.21%. The net cash flow from operating activities was 21.04 billion yuan, an increase of 85.89% [4][8] Sales and Market Position - The company’s total wholesale vehicle sales reached 2.053 million units, a 12.4% increase year-on-year. Self-owned brand sales were 1.304 million units, up 21.1%, with a market share increase to 63.5%. New energy vehicle sales grew by 40.2% to 646,000 units [7][8] Strategic Initiatives - The Shangjie H5, developed in collaboration with Huawei, is expected to launch soon, with strong pre-sale interest indicating its potential as a market leader in the new energy vehicle segment [7][8] Profit Forecast and Investment Recommendations - The profit forecast for 2025-2027 has been adjusted to 10.29 billion yuan, 12.87 billion yuan, and 14.34 billion yuan respectively, reflecting improved performance expectations. The investment rating remains "Recommended" [8]

使用一个月后，车辆发动机报警灯不断亮起。 刘女士称，6月19日，自己正常驾驶时，车辆发动机报警灯突然亮起，紧接着仪表盘弹出"故障：发动机自动启停系统""变速箱处于紧急运行模 式，可以继续行驶"的提示，此后发动机报警灯便一直常亮。次日，她即将车开到华亮4S店检修。经维修后，报警灯恢复正常。她以为问题就此解 决，没想到这只是开始。 刘女士新车的发动机故障提示 苏州市消费者刘女士近日向澎湃公众互动平台"服务湃"投诉称，其今年5月购置的大众朗逸，两个多月里多次出现发动机报警灯故障，历经三次维 修仍未彻底解决。4S店给出的解决方案是"等待汽车系统升级"，然而，并未明确时间。对此，8月31日，涉事4S店相关负责人拒绝接受采访。 今年5月12日，刘女士花费130900元，在上汽大众苏州华亮4S店（苏州华亮汽车销售公司），购买了一辆2024款"大众朗逸1.5L星空五百万版"新 车。 7月25日，发动机报警灯第三次亮起，刘女士再次将车送到4S店。 6月26日，距上次检修仅过去6天，车辆发动机报警灯再次亮起。无奈，刘女士只能再次将车送往4S店，进行第二次检修。 刘女士称，两次检修似乎都未找到发动机报警灯故障的症结。 聊天记录显示 ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [6] Core Insights - The automotive market is experiencing a hot demand driven by brand strength, with significant orders for new models from leading brands [2][3] - The penetration rate of L2 and above intelligent driving features in new energy vehicles reached 82.6% in the first half of 2025, indicating a strong trend towards AI integration in the automotive sector [3][40] - The report highlights the importance of leading car manufacturers enhancing their competitive edge in differentiated markets and the future opportunities arising from the integration of smart vehicles and AI [4] Summary by Sections 1. Weekly Market Review (2025.08.23-08.29) - The automotive sector index rose by 0.35% during the week, underperforming the Shanghai Composite Index which increased by 2.71% [12] - The retail sales of passenger vehicles from August 1-24 reached 1.285 million units, a year-on-year increase of 3% [20] - The wholesale volume for passenger vehicles during the same period was 1.341 million units, reflecting a 12% year-on-year growth [20] 2. Weekly Data Tracking (2025.08.23-08.29) - New energy vehicle retail sales reached 727,000 units from August 1-24, with a penetration rate of 56.6% [20] - Cumulative retail sales of new energy vehicles for the year reached 7.182 million units, a 27% increase year-on-year [20] 3. Industry News (2025.08.23-08.29) - Geely's new SUV, the Galaxy M9, received over 40,000 pre-orders within 24 hours of its announcement [33] - Huawei's collaboration with SAIC on the HarmonyOS vehicle, the Shangjie H5, saw over 25,000 initial orders within the first hour of pre-sale [36] - The report notes the establishment of the SAIC Audi manufacturing base, which will produce 360,000 vehicles annually [38]

Group 1: Roewe M7 DMH Launch - Roewe M7 DMH has officially started pre-sales at the Chengdu Auto Show, with a starting price of 97,800 yuan, positioning itself in the mid-to-large hybrid market [1] - The vehicle features a pure electric range of 160 km, the lowest energy consumption in its class, and comprehensive lifecycle guarantees, setting a new standard for hybrid sedans priced around 100,000 yuan [1][3] - It boasts a nearly 5-meter long body and a 2820 mm wheelbase, equipped with unique latex-like pressure-relief seats and a 527L trunk, enhancing comfort and storage [3] Group 2: MG4 Launch - The new MG4 has been launched, directly competing with popular models like BYD Dolphin and Geely Xingyuan, with over 45,000 orders received within 24 days of pre-sales [4][6] - It offers 39 leading configurations, 21 optimal configurations, and 6 superior configurations, with a space utilization rate of 93.8% and a maximum range of 530 km [4][6] - The MG4 features a unique integrated thermal management system and a comprehensive safety suite, including 14 active safety features, enhancing user confidence [6] Group 3: IM LS6 Pre-sales Performance - The new generation IM LS6 has received over 48,000 pre-orders since its launch, with a price range of 209,900 to 279,900 yuan, showcasing strong market interest [7][9] - It features the "Star" super-range technology with a pure electric range of 450 km and a total range of 1502 km, addressing range anxiety for traditional fuel vehicle users [9] - The LS6 is equipped with advanced technologies such as a digital chassis and a four-wheel steering system, significantly improving driving stability and safety [9]

Core Insights - The event "Heart Towards the Wilderness, Together We Drive" showcased the performance and appeal of the SAIC Volkswagen Teramont Pro alongside DJI's technological innovations [1][14] Group 1: Product Performance - The Teramont Pro features the globally launched fifth-generation EA888 engine, delivering a maximum power of 200 kW and a peak torque of 400 N·m, achieving 0-100 km/h in 7.6 seconds [3] - The vehicle boasts a low fuel consumption of 8.35 L/100 km under WLTC conditions, combining strong power with low emissions through advanced technologies like variable geometry turbocharging (VTG) [3] Group 2: Driving Capabilities - Equipped with the new DCC adaptive suspension and 4MOTION intelligent four-wheel drive system, the Teramont Pro is designed to handle diverse terrains effectively [5] - The DCC system allows for 15 customizable settings for suspension stiffness, enhancing comfort during city driving and precision during mountain driving [5] Group 3: Space and Comfort - The Teramont Pro is a seven-seater SUV with a length of 5158 mm and a wheelbase of 2980 mm, providing spacious seating across all three rows [7] - Features include luxury configurations such as a "queen passenger seat," heated second-row seats, and a flexible third-row that can switch between five and seven seats [7] Group 4: Intelligent Features - The collaboration with DJI introduces the IQ.Pilot Level 2 driver assistance system, optimized for Chinese road conditions, enhancing safety and convenience [9] - The vehicle's digital cockpit supports six-screen interaction and includes features like remote control, smart navigation, and voice recognition, offering an experience comparable to electric vehicles [9] Group 5: Purchase Policies - The Teramont Pro is priced starting at 269,900 yuan, with a transparent pricing strategy and no hidden fees [12] - First-time owners benefit from a lifetime warranty on the vehicle, ensuring peace of mind throughout the ownership cycle [12] Group 6: Market Positioning - The collaboration between SAIC Volkswagen and DJI not only highlights the product's capabilities but also positions the Teramont Pro as a versatile contender in the mid-to-large SUV market, promising enhanced travel experiences for consumers [14]