Group 1 - Seres Group has officially submitted its application for a Hong Kong IPO as of April 28, 2025 [1] - The core brand, AITO, has rapidly increased its vehicle sales since launch, disrupting the domestic luxury car market [2] - AITO has successfully launched four models: M5, M7, M8, and M9, with M5 achieving the fastest record for new brand single vehicle delivery exceeding 10,000 units in its launch year [2] Group 2 - AITO M7 became the best-selling self-owned brand model in the 300,000 RMB price range in China, with an estimated delivery of 200,000 units in 2024 [2] - AITO M9 is the sales champion in the 500,000 RMB price range in China, with over 150,000 units expected to be delivered in 2024 [2] - The newly launched AITO M8 received significant market interest, surpassing 30,000 pre-orders within 24 hours of its official launch [2] Group 3 - According to a Frost & Sullivan report, AITO ranked first in the electric vehicle reputation ranking with an NPS of 82% in the second half of 2024, achieving a total delivery of 387,100 units for the year, a year-on-year increase of 268% [3] - Seres Group's revenue increased from 35.8 billion RMB in 2023 to 145.1 billion RMB in 2024, representing a year-on-year growth of 305.5% [3] - The gross profit margin improved from 7.2% in 2023 to 23.8% in 2024, an increase of 16.6 percentage points [3] Group 4 - In 2024, Seres Group achieved profitability, becoming the fourth global electric vehicle company to do so, with a net profit of 5.9 billion RMB after a net loss of 2.4 billion RMB in 2023 [3] - The company is advancing its self-developed Magic Cube technology platform, which offers five major intelligent automotive solutions aimed at enhancing user experience [3]

Core Viewpoint - The research on hybrid vehicles in China has shown a declining trend in the number of related academic papers from 2016 to 2024, with a projected total of 272 papers in 2024, indicating a decrease in research interest in this field [3]. Group 1: Definition and Market Trends - Hybrid vehicles are defined as vehicles that utilize two or more power sources, specifically combining traditional internal combustion engines with electric power sources [1]. - The increasing environmental awareness and rising fuel prices have led to a growing consumer preference for hybrid vehicles, which are categorized into three main types: Plug-in Hybrid Electric Vehicles (PHEV), Hybrid Electric Vehicles (HEV), and Range-Extended Electric Vehicles (REEV) [1]. Group 2: Research Output and Institutions - Higher education institutions are the primary contributors to the literature on hybrid vehicles, with Jilin University leading by publishing 410 related papers [5]. - The overall research output in the hybrid vehicle sector has been declining, with a notable drop in the number of papers published in recent years [3]. Group 3: Research Themes and Disciplines - Hybrid technology is identified as a popular research theme within the hybrid vehicle sector, alongside control strategies and HEV-related studies [8]. - The automotive industry is recognized as a key research discipline in the hybrid vehicle field, with significant contributions also coming from industrial economics and electric power industries [9].

Core Viewpoint - The article highlights the significant advancements and market positioning of Seres in the high-end electric vehicle sector, showcasing its innovative technologies and strategic initiatives that drive its competitive edge in the industry [2][3][4]. Group 1: Product and Market Performance - At the Shanghai International Auto Show, Seres showcased its entire range of models under the AITO brand, effectively covering the price range of 300,000 to 600,000 yuan [2]. - The flagship model M9 has maintained its position as the best-selling luxury car above 500,000 yuan for 11 consecutive months, achieving a cumulative delivery of 180,000 units [3]. - The newly launched M8 received 50,000 pre-orders in its first week, indicating the success of Seres' high-end strategy [3]. - 85% of M9 owners are repeat buyers, with a Net Promoter Score (NPS) exceeding the industry average by 43 percentage points, reflecting increased brand loyalty and a shift towards electric vehicles replacing traditional luxury cars [3]. Group 2: Technological Innovations - Seres has established a differentiated technological moat, with its intelligent driving system achieving a daily usage rate of 68% and a cumulative driving distance exceeding 2 billion kilometers [3]. - The new generation of range-extending technology offers over 1,500 km of comprehensive range, addressing high-end users' concerns about range anxiety while maintaining a 70% pure electric mileage ratio [3]. - The company reported a significant increase in R&D investment, reaching 7.053 billion yuan in 2024, a 58.9% year-on-year growth, and expanded its R&D team to 6,201 members, a 25.15% increase [5]. Group 3: Safety and Ecosystem Development - Seres launched an innovative intelligent safety system that encompasses a four-dimensional defense matrix, addressing life protection, vehicle body protection, health care, and privacy protection [6]. - The company has developed a comprehensive technical ecosystem that integrates R&D, manufacturing, and service, positioning itself as a leader in the smart and electric vehicle sectors [6]. - The collaboration with Huawei on the HarmonyOS smart cockpit and ADS intelligent driving system has enabled high-level intelligent driving without relying on high-precision maps [6]. Group 4: Industry Impact and Future Outlook - As the penetration rate of electric vehicles surpasses 40%, the automotive industry is undergoing profound changes, with technology innovation becoming the core driver for leading companies [5][7]. - Seres is redefining standards in the industry, moving from following innovation to setting benchmarks, as highlighted by industry experts at the auto show [7]. - The company is positioned to answer the question of what the next generation of vehicles should look like, reflecting a significant shift in the automotive landscape [7].

4月23日，赛力斯智能安全于上海车展重磅发布，以场景定义安全，构建了包括"生命保护""车身防护""健康呵护""隐私守护"四大安全领 域的智能安全体系。全方位保护人、车、物的安全，为用户提供全生命周期的安全保障。 | | | 赛力斯智能安全 | | | --- | --- | --- | --- | | | | 行业首创以场景定义安全 | | | 生命保护 | 车身防护 | 健康呵护 | 隐私守护 | | 被动安全 | 环境感知 | 清新呼吸 | 严控采 | | 720°安全保护构架 | 思劣天气感知 | 有害气体0检出 | 默认不采集 | | 硬核玄武车身结构 | 特殊路面感知 | 杀菌率≥99.99% | 非授权不采集 | | 一体压铸铝/接合金后车体 | 交通信号感知 | 顾粒物净化率≥99.9% | 显著告知 | | 超级电容车门解锁技术 主被动一体化防护技术 | 障碍识别 | 母婴亲肤 | 加密传输 | | | 低燥酱溶识别 | 婴儿可接触级圈料 | 金融级加密方案 | | 动力安全 | 负向沟振识别 | 抑菌率≥99.9% | 端到端加密传输 | | 5重电态防护设计 | 墨空随哪物识别 | 防霉0 ...

金融界4月24日消息，A股三大指数收盘涨跌不一，中证城镇交通指数 (城镇交通，H30140)报2307.55 点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 从指数持仓来看，中证城镇交通指数十大权重分别为：比亚迪（12.97%）、汇川技术（5.32%）、赛力 斯（4.07%）、海康威视（4.05%）、中兴通讯（3.98%）、国电南瑞（3.54%）、中国中车（3.27%）、 上汽集团（2.75%）、长安汽车（2.37%）、江淮汽车（2.33%）。 从中证城镇交通指数持仓的市场板块来看，深圳证券交易所占比60.23%、上海证券交易所占比 39.77%。 从中证城镇交通指数持仓样本的行业来看，工业占比40.14%、可选消费占比28.98%、信息技术占比 16.08%、通信服务占比8.40%、原材料占比6.2 ...

Investment Rating - The report gives an initial rating of "Buy" for the company with a target price of 167.70 RMB, compared to the current price of 129.39 RMB [7]. Core Insights - The company achieved significant revenue growth in 2024, with total revenue reaching 145.18 billion RMB, a year-on-year increase of 305.04%, and a net profit of 5.95 billion RMB, marking four consecutive quarters of profitability [1][18]. - The sales volume of the company's new energy vehicles reached 427,000 units in 2024, representing a year-on-year increase of 182.8% [1][18]. - The partnership with Huawei has strengthened the company's core advantages in smart technology, enhancing both product and channel capabilities [2][32]. Summary by Sections Brand Transformation and Performance Improvement - The company has undergone a significant transformation, focusing on smart technology and new energy vehicles, leading to a substantial turnaround in performance [15]. - The collaboration with Huawei has been pivotal, with the launch of the AITO brand and models like the M5, M7, and M9 driving sales growth [15][18]. Deep Cooperation with Huawei - Huawei has empowered the product side with its ADS 3.0 technology, enhancing the smart driving experience and enabling features like "nationwide driving" [2][39]. - The channel side has also been transformed, with the establishment of a unified sales and service team to improve customer experience and operational efficiency [43]. High-End Positioning of AITO - The AITO brand is strategically positioned in the high-end market, capitalizing on the growing demand for luxury electric vehicles in China [50][53]. - The introduction of new models and upgrades, such as the M7 and M9, has contributed to the brand's upward trajectory in the market [55][59]. Growth Opportunities from Marginal Changes - The upcoming launch of the M8 model in the 350,000 to 450,000 RMB price range is expected to enhance the product matrix and drive sales growth [4]. - The company is expanding its international presence with the establishment of an overseas electric vehicle company, aiming to tap into global markets [4][22]. Financial Forecast and Valuation Analysis - The company is projected to achieve net profits of 10.96 billion RMB, 13.90 billion RMB, and 16.86 billion RMB for the years 2025 to 2027, respectively [4]. - Based on a 25X PE ratio for 2025, the target market value is estimated at 273.92 billion RMB, indicating a potential upside of 29.6% [4].

Investment Rating - The report gives an initial rating of "Buy" for the company [7] Core Viewpoints - The company achieved significant revenue growth in 2024, with total revenue reaching 145.18 billion yuan, a year-on-year increase of 305.04%, and a net profit of 5.95 billion yuan, marking four consecutive quarters of profitability [1][18] - The collaboration with Huawei has strengthened the company's core advantages in smart technology, enhancing both product and channel capabilities [2][32] - The high-end positioning of the AITO brand is expected to drive brand elevation and market penetration in the premium segment [3][50] Summary by Sections Brand Transformation and Performance Improvement - The company has undergone a transformation, focusing on smart technology and electric vehicles, leading to a significant turnaround in performance [15] - In 2024, the company sold 427,000 new energy vehicles, a year-on-year increase of 182.8%, with subsidiary sales reaching 389,000 units, up 265% [1][18] Deep Cooperation with Huawei - Huawei's support has enabled the company to enhance its product offerings and sales channels, leading to a more integrated user experience [2][43] - The Huawei ADS system has evolved to provide comprehensive smart driving capabilities, significantly improving the driving experience [33][39] High-End Positioning of AITO - The high-end market for passenger vehicles in China is expanding, with a notable increase in the penetration of new energy vehicles priced above 300,000 yuan [3][50] - The AITO brand has successfully entered the mid-to-high-end automotive market, with models like the M7 and M9 contributing to brand growth [3][55] New Growth Drivers - The upcoming launch of the M8 model in the 350,000 to 450,000 yuan price range is expected to enhance the product matrix and drive sales growth [4] - The establishment of an overseas electric vehicle company indicates a strategic move towards global market integration [4][46] Financial Forecast and Valuation Analysis - The company is projected to achieve net profits of 10.96 billion, 13.90 billion, and 16.86 billion yuan for the years 2025 to 2027, respectively [4][6] - The target market capitalization for 2025 is estimated at 273.92 billion yuan, with a target price of 167.70 yuan per share, reflecting a potential upside of 29.6% [4][6]

（原标题：安全成为竞争新锚点，赛力斯如何重构豪华定义） 安全正在成为智能汽车的新溢价点，传统豪华品牌的安全配置往往与车型价格强绑定，但赛力斯采 取'技术普惠'策略，通过一体化压铸工艺降低制造成本，使720°安全架构得以覆盖从问界M5到M9的全 系车型。 赛力斯还希望通过研发与制造环节的标准化，将安全能力沉淀为可复用的体系。赛力斯公布了一组数 据：超1100万公里测试里程、1300多个仿真场景验证，以及万吨级压铸工艺与100%自动化焊接。这与 特斯拉的超级工厂有异曲同工之处，前者以一体化压铸提升效率，后者则以模块化降低边际成本。 消费者对"安全即豪华"理念已经认同。杰兰路2024年研究显示，问界品牌发展信心指数与净推荐值 （NPS）双双登顶，问界M9更以88.4分位列新能源SUV车型NPS榜首。而在NEV-CACSI测评中，问界 M7、M5分别拿下混动中大型SUV用户满意度第一与纯电动中型SUV感知质量冠军。 不过，业内也有新的疑问，"全系标配安全"的策略虽能快速占领市场，也可能导致高端车型的差异化价 值被稀释，如何平衡技术普惠与品牌溢价，将是赛力斯下一阶段的关键课题。此外，智能化安全的复杂 性远超机械时代，涉 ...

张兴海说："问界M8/M9双旗舰车型，正在重构中国豪华汽车市场格局。问界能取得今天的成绩，要感谢市场的认可和用户的喜爱。" 北京商报讯(记者刘洋)4月23日，在2025上海车展上，赛力斯（601127）集团董事长(创始人)张兴海与华为常务董事、终端BG董事长董事长余承东在直播间 畅聊，共话问界"智慧重塑豪华"之路。 "三天前问界M8开始全国交付，我也跟很多用户在交付现场做了交流，他们都提到了问界M8安全、智能、舒适、有大空间。"张兴海说，"我们争取做到， 用户买了一台问界M8，收到一个放心，感到一份自豪。" 2021年，赛力斯和华为跨界合作，开创行业先河，联合打造问界品牌。目前，问界用户数已经突破60万。其中，问界M9累计交付量突破18万辆，连续11个 月蝉联中国市场50万级豪华车月度销冠，持续引领科技豪华新格局；问界M8上市4天，"大定"突破5万辆。 "我坚持先于用户测试、驾驶每一款新车，就是要确保用户放心购车、放心用车。"张兴海在直播中分享，不久前试驾问界M8从重庆前往冈仁波齐，用了55 小时，行驶超过3500公里，安全性、体验感很好。 "从用户中来，到研发中去。"张兴海表示，与问界的用户面对面交流，许多 ...

赛力斯智能安全构建了包括"生命保护"、"车身防护"、"健康呵护"、"隐私守护"四大安全领域在内的智 能安全体系。全方位保护人、车、物的安全，为用户提供全生命周期的安全保障。 4月23日，赛力斯（601127）智能安全于上海车展重磅发布，首创以场景定义安全，构建了包括"生命保 护"、"车身防护"、"健康呵护"、"隐私守护"四大安全领域的智能安全体系。 发布会上，赛力斯汽车总裁何利扬同时公布了最新问界大数据，截至4月20日，问界用户智能增程电动 行驶总里程超过124亿公里，纯电行驶里程占比超过70%，智能辅助驾驶总里程已超过20亿公里，智能 辅助驾驶激活用户占比超过74%。 随着智能化、网联化、电动化、共享化的发展，整车安全正经历着从"被动安全"到"被动安全+主动安 全"，再到"全维安全"的跃迁。基于复杂多样化的全场景出行，整车安全正迎来智能安全的新时代。 在生命保护方面，赛力斯研发了行业首创的720°安全保护架构，打造出了量产的，全球最大铝合金一体 化压铸后车体，并实际运用到了问界M9上，同时率先研发出面向量产的全球最大一体化压铸镁合金后 车体。 未来，问界全系产品都将采用一体化压铸。此外，赛力斯还构建了行业领 ...