Core Insights - The launch of the Xiangjie S9T marks a significant collaboration upgrade between BAIC and Huawei, transitioning to a "strategic community" model that emphasizes exclusive teams, R&D resources, manufacturing, supply chain systems, and quality inspection frameworks [2][6][7] - The Xiangjie S9T targets the growing travel car market in China, which has seen a 50% year-on-year sales increase expected in 2025, despite historically low market share [3][4] - The vehicle features advanced technologies and a new design focus, differentiating it from the previous S9 model, with a price range of 309,800 to 369,800 yuan, reflecting a price adjustment [3][4][5] Collaboration and Investment - BAIC and Huawei plan to invest 20 billion yuan over the next three years to enhance their collaboration, focusing on core areas for continuous technological iteration [2][7] - The partnership aims to create a comprehensive value chain integration, moving beyond traditional roles of technology supplier and vehicle manufacturer to a deeper collaboration in product design and service [6][7] Product Features and Market Positioning - The Xiangjie S9T incorporates Huawei's advanced driving technologies and luxury features, aiming to provide a superior user experience and compete effectively in the travel car segment [4][5][8] - The vehicle's launch is supported by a robust pre-order response, with over 40,000 units booked, indicating strong market interest [3][5] Quality Control and Supply Chain - A dual quality inspection system has been established, ensuring each vehicle undergoes rigorous testing by both Huawei and BAIC, enhancing product quality assurance [8] - The collaboration leverages Huawei's digital management systems and BAIC's luxury brand supply chain, aiming for a high standard of quality and performance [7][8]

Core Viewpoint - The 21st China (Liangshan) Special Vehicle Exhibition will be held from September 17 to 19, 2025, aiming to enhance the special vehicle industry in China through brand building, quality improvement, and transformation [1][2] Group 1: Exhibition Overview - The exhibition will cover an area of 100,000 square meters and feature four themed exhibition areas, showcasing over 600 leading enterprises from countries including China, Germany, and the United States [1] - More than 300 vehicles will be displayed, with over 30% being new energy special vehicles and 25% being intelligent special vehicles, reflecting the industry's trends towards greening, intelligence, and high-end development [1] Group 2: Industry Impact - The event will include a supply-demand matching meeting, attracting over 200 buyers from logistics, mining, medical, and firefighting sectors, resulting in 26 cooperation intentions, with over 40% of orders for new energy special vehicles and 30% for intelligent special vehicles [2] - The exhibition serves as a platform for industry exchange, technology cooperation, and supply-demand matching, further solidifying Liangshan's position as the "China Special Vehicle Industry Base" [2] - Liangshan plans to leverage this exhibition to increase support for the new energy and intelligent special vehicle industries, promoting cluster upgrades and leading the high-quality development of China's special vehicle industry [2]

Market Overview - The commercial vehicle sector increased by 0.49% on September 17, with Jianghuai Automobile leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Jianghuai Automobile (600418) closed at 57.76, with a rise of 2.09% and a trading volume of 718,900 shares, amounting to a transaction value of 4.146 billion yuan [1] - Other notable stocks include: - Jiangling Motors (000550) at 21.08, up 0.62% [1] - China National Heavy Duty Truck Group (000951) at 17.11, up 0.59% [1] - Zhongshun Vehicle (301039) at 9.28, up 0.11% [1] - FAW Jiefang (000800) at 7.16, unchanged [1] - Shuguang Co. (600303) at 3.83, unchanged [1] - King Long Motor (600686) at 11.83, unchanged [1] - Dongfeng Motor (600006) at 7.54, down 0.26% [1] - Foton Motor (600166) at 2.92, down 0.34% [1] - Ankai Bus (000868) at 5.88, down 0.68% [1] Capital Flow - The commercial vehicle sector experienced a net outflow of 64.274 million yuan from institutional investors, while retail investors saw a net inflow of 63.9394 million yuan [2] - The capital flow for individual stocks shows: - China National Heavy Duty Truck Group had a net outflow of 27.7444 million yuan from institutional investors [3] - Jianghuai Automobile saw a net inflow of 14.5642 million yuan from institutional investors [3] - Other stocks like Foton Motor and Dongfeng Motor also experienced net outflows from institutional investors [3]

Core Insights - Huawei's HarmonyOS Automotive has expanded into the niche market of station wagons with the launch of the Xiangjie S9T, priced between 309,800 to 369,800 yuan, achieving over 5,000 pre-orders within the first hour of its release [1][2] Group 1: Product Launch and Market Strategy - The Xiangjie S9T is designed to fill a gap in HarmonyOS Automotive's product lineup, targeting a segment that has not yet fully developed in China, with the only popular model being the NIO ET5T [2][3] - The vehicle features two power options: a range-extended version with battery capacities of 37 kWh and 53.4 kWh, offering a maximum range of 1,305 km, and a pure electric version with a 100 kWh battery, achieving a range of 801 km [5][6] - The launch of the Xiangjie S9T coincides with SAIC Audi's introduction of its first station wagon, indicating a competitive landscape in this niche market [2][3] Group 2: Production and Delivery - The production rate at the Beijing Automotive factory has reached one vehicle every two minutes to ensure timely delivery of the Xiangjie S9T [2] - The vehicle's development faced initial hesitations regarding market positioning, but strong leadership from Huawei's Yu Chengdong ultimately led to its approval [6] Group 3: Strategic Partnerships and Investments - Beijing Automotive plans to invest 20 billion yuan over the next three years to support the Xiangjie brand, focusing on design, intelligent driving, smart cockpit, and quality safety [7][8] - A dedicated team has been established for the Xiangjie brand, integrating Huawei's digital systems across the entire product lifecycle from development to sales [7][8] Group 4: Market Challenges and Opportunities - The station wagon segment in China has historically struggled with consumer perception, often being overshadowed by SUVs and facing higher price points due to import status [3][4] - Despite the challenges, the unique user ecosystem of Huawei may provide a competitive advantage in promoting this non-mainstream vehicle [4]

前一日，北汽与华为在北京联合宣布，将双方的合作升级为"车企+华为科技全生态"的战略共同体，在技术产品合作基础上进一步深化到组织体系和商业模 式方面的重组，聚焦团队、研发资源、制造与供应链体系、质检体系、渠道网络五大专属体系赋能。 对北汽集团而言，享界品牌已成为其在极狐品牌之外的重要新能源业务。北汽集团虽长期发展新能源，但当前极狐品牌缺少爆款产品且难以推动品牌向上， 享界品牌就成为北汽冲击中高端市场的希望。 或为了凸显对华为的信任，北汽集团党委书记、董事长张建勇在发布会现场多次夸赞余承东，称"余总是地球最强产品经理""余总出品，必属精品""当享界 S9T卖爆的时刻，就是余总再次封神的时刻"。他透露，未来三年将投入200亿元专项资金打造享界品牌。享界S9T将在9月21日交付，为了交付，享界工厂产 能还将翻一番。 华为鸿蒙智行又一款新车上市了。9月16日，华为与北汽集团联合打造的享界S9T在杭州上市，这是鸿蒙智行首款旅行车，分增程版和纯电版，前者起售价 30.98万元，后者起售价32.98万元。 发布会上，华为常务董事、终端BG董事长余承东称"享界S9T是我坚持要做的，搭载了旗舰9系平台的全部技术！"据其介绍，享界 ...

Core Viewpoint - The Fengyun T9, a new luxury mid-size hybrid SUV, is redefining family travel experiences with its superior capabilities and features, making it an ideal choice for autumn outings [1][12]. Group 1: Performance and Efficiency - The Fengyun T9 is equipped with the Kunpeng Super Energy Hybrid CDM 5.0 system, featuring a 1.5T hybrid engine with a thermal efficiency of 44.5% and a mechanical efficiency of 98.5%, resulting in a combined fuel consumption as low as 1.35L per 100 kilometers and a total range exceeding 1400 kilometers [3][5]. - In a recent rigorous test by Yiche, the Fengyun T9 achieved a comprehensive range of 1078.5 kilometers, ranking first in the 10-15 million hybrid SUV category among 65 popular new energy vehicles [5]. Group 2: Space and Comfort - The Fengyun T9 boasts a class-leading width of 1930mm and a wheelbase of 2770mm, providing ample space for passengers and cargo, with a maximum luggage capacity of 2065L, accommodating up to 30 suitcases [7][9]. - The vehicle features a flexible 5+2 seating arrangement, allowing the second and third rows to fold down easily, transforming the interior into a spacious area suitable for relaxation during trips [7][9]. Group 3: Technology and Features - The Fengyun T9 includes a 15.6-inch 2.5K high-definition display powered by an 8155 high-performance chip, supporting mainstream mobile connectivity for navigation and entertainment [10]. - Recent OTA updates have introduced features such as parking power preservation, a "one-click bed" mode, and three memory settings for the driver's seat, enhancing the overall travel experience [10]. Group 4: Promotional Offers - The company is offering various promotional benefits for the purchase of the Fengyun T9, including a 20,000 yuan trade-in bonus, lifetime free roadside assistance, and lifetime vehicle FOTA upgrades [12][13]. - Additional financial incentives include options for zero down payment or low monthly payments, along with a comprehensive warranty package valued at 10,000 yuan for the vehicle and 6,000 yuan for the battery system [13].

Core Viewpoint - The launch of the new model, the Xiangjie S9T, marks a significant step for Hongmeng Zhixing in the luxury electric vehicle market, with a focus on user experience and advanced technology integration [1][2]. Group 1: Product Launch and Features - The Xiangjie S9T is positioned as a mid-to-large luxury travel car, available in both range-extended and pure electric versions, with a price range of 309,800 to 369,800 yuan, and deliveries starting on September 21 [1]. - The vehicle features a new "Universal Aesthetics" design with a drag coefficient of 0.23Cd, a spacious interior layout, and a maximum trunk capacity of 1,677 liters [2][3]. - It is equipped with the Hongmeng intelligent cockpit, including multiple screens and advanced audio-visual capabilities, and supports various interactive functions such as voice control and smart parking [2]. Group 2: Technical Specifications - The S9T is built on the "Tuling Platform," featuring air suspension and variable damping shock absorbers, achieving a moose test score of 83.3 km/h [3]. - The pure electric version boasts a maximum CLTC range of 801 kilometers, with rapid charging capabilities, while the range-extended version offers a CLTC range of 1,305 kilometers and a WLTC fuel consumption of 6.15L/100km [3]. Group 3: Safety and Market Position - The vehicle includes a comprehensive collision avoidance system and has passed rigorous safety certifications, featuring a robust body structure and multiple airbags [3]. - The launch of the S9T fills a gap in the travel car market for Hongmeng Zhixing, targeting family and long-distance travel users, although the overall market share for travel cars in China remains low [3].

Core Viewpoint - In August 2025, the heavy truck market experienced a significant year-on-year sales increase of 47%, indicating a "not-so-dull" off-season. The traction vehicle market also saw growth, but its year-on-year increase of 42% lagged behind the overall heavy truck market growth [1][25]. Market Performance - In August 2025, the heavy truck market sold a total of 91,600 units, with a month-on-month increase of 8% and a year-on-year increase of 47%. The traction vehicle market sold 48,900 units, marking a month-on-month increase of 14% and a year-on-year increase of 42%, achieving four consecutive months of year-on-year growth [2][5]. - The traction vehicle market's year-on-year growth of 42% in August was an increase of 13 percentage points compared to July's 29% [9]. Historical Context - Over the past five years, the August sales trend for the traction vehicle market has fluctuated, with a pattern of decline and growth. The August 2025 sales of 48,900 units were the highest in five years, representing a net increase of approximately 14,500 units compared to August 2024 [4][7]. Cumulative Sales - From January to August 2025, the cumulative sales of the traction vehicle market reached 361,900 units, ranking second in the past five years. This represents a 9% increase compared to the same period last year, with a net increase of approximately 28,500 units [7][15]. - The cumulative sales growth rate expanded by 4 percentage points compared to the previous month [7]. Market Share - In August 2025, the top ten companies in the traction vehicle market accounted for 98.77% of total sales, with the top five companies exceeding 90% market share. China National Heavy Duty Truck Corporation (重汽) led with a market share of 28.92% [14]. - The cumulative market share of the top ten companies reached 99.00%, with the top two companies, 重汽 and 一汽解放, each exceeding 20% market share [20]. Competitive Landscape - In August, two companies in the traction vehicle market achieved sales exceeding 10,000 units, with 重汽 and 一汽解放 selling 14,100 and 10,500 units, respectively. 福田 and 徐工 saw significant year-on-year increases of 141% and 100% [9][11]. - The rankings of the top ten companies remained consistent from July to August, with minor shifts in positions among the lower-ranked companies [14][22].

9月16日晚，鸿蒙智行最美旅行车享界S9T在杭州正式上市。作为鸿蒙智行首款旅行车，享界S9T兼顾轿车的优雅舒适与SUV的豪华大空间，并首批搭载华 为乾崑智驾ADS4、全新华为途灵平台、智慧电动门、华为百万像素智慧投影大灯、全维防碰撞4.0、鸿蒙ALPS健康座舱、华为悦彰音响卓越系列等旗舰9 系领先科技配置，是一款全面全能型的豪华旅行车，有望重塑旅行车市场格局。 发布会上，华为常务董事、终端BG董事长余承东强调，享界S9T是他力主打造，搭载旗舰9系平台全部技术。其外观惊艳、空间实用、操控稳定、长途轻 松、智能便捷，能让用户享受极致体验，鼓励人们追求自由、享受生活。 顶级配置，引领智能化转型 北汽集团党委书记、董事长张建勇则表示，华为与北汽升级战略共同体，从团队到渠道网络五大专属体系赋能，精心打磨产品与服务，享界工厂高效生 产，不辜负用户期待。 巅峰美学，颜值空间兼备 享界S9T演绎寰宇美学，"仙踪绿""流光银"等全新车色深邃优雅，与多种颜色组成寰宇色系。星云尾灯与星河大灯呼应，黑曜套件尽显不羁。智能电子外 后视镜兼顾颜值与性能，整车0.23Cd极低风阻，提升续航与静谧性。 内饰有4种豪华色彩，配备Nappa真皮 ...

" 享界S9T，是北汽与华为的销量一赌。 " 作者丨田哲 编辑丨林觉民 作为享界品牌的第二款旗舰车型，北汽与华为对享界S9T寄予厚望。 "余总是地表最强的产品经理，尤其是打造旗舰产品，余总出品，必属精品。"在享界S9T上市发布会，北 汽集团党委书记、董事长张建勇这番意外金句，引发全场阵阵欢呼；而华为终端常务董事、终端BG董事长 余承东则称，享界S9T的体验，是"神一般的存在"。 大胆发言的背后，实际是双方各自的赌局。 余承东提到，他坚持要打造一款旅行车，原因是其曾担任华为欧洲区业务总裁时，旅行车空间大、易操控 给他留下了深刻印象。而北汽研发团队认为，国内的旅行车市场规模较小，更倾向于研发空间更大，更受 市场欢迎的SUV，劝说张建勇放弃开发旅行车。最后，张建勇的一句"余总是地表最强产品经理，必须相 信余总"，让团队让步配合。 为了让众多媒体、供应商、全国销售以及直播观众相信双方的投入决心，张建勇仿佛立下军令状般，喊 出：""支持享界S9T，就是支持余总。享界S9T卖爆的时刻，就是余总再次封神的时刻！" 9月16日，享界S9T正式上市，其基于旗舰9系平台打造，首发采用享界新车标"寰宇之星"。 | | 车型 | | ...