比亚迪早已卷赢了全世界，它背后站着的是中国最擅长用土办法改命的男人，今天我们来聊聊比亚迪 的"电池帝国"。 ...

Core Viewpoint - The automotive market in October is highlighted by the release of the 400th batch of new vehicle applications by the Ministry of Industry and Information Technology, showcasing a competitive landscape between new and traditional players, with diverse technological approaches emerging [1] Group 1: New Energy Vehicle Developments - Xpeng Motors is aggressively expanding its product lineup with the P7+ and G6 range-extended versions, marking a dual strategy of "pure electric + range extension" [2][16] - The P7+ and G6 models feature a 1.5T range extender with peak power of 110kW, and motor power of 180kW and 218kW respectively, indicating a strong push towards practical solutions for consumer range anxiety [2][16] - Tesla's Model Y long-range version is set to offer an expected range of over 800km, filling a gap in the market between existing models and reinforcing its dominance in the 250,000 to 300,000 yuan pure electric SUV segment [6][16] Group 2: Traditional Automakers' Responses - Audi's new A6L model, built on the PPC platform, aims to capture the younger market with a length of 5142mm and a 200kW 2.0T engine, indicating a shift towards electrification and smart technology [8][16] - Volkswagen's ID.7 targets the 200,000 yuan pure electric market with a single motor power of 170kW, showing a strategic response to previous market challenges [10][16] Group 3: Market Trends and Strategic Shifts - The new vehicle application directory reveals a trend where most plug-in hybrid and range-extended models now exceed 100km in pure electric range, a significant shift from previous lower standards [25][31] - The recent policy changes from the Ministry of Finance and the State Taxation Administration mandate that from 2026, plug-in hybrids and range-extended vehicles must have a pure electric range of at least 100km to qualify for tax exemptions, pushing manufacturers to enhance their offerings [26][31] - The competitive landscape is shifting from price wars to value wars, with companies needing to balance performance, intelligence, cost, and consumer experience to remain competitive [31][32]

Core Viewpoint - BYD's aggressive price cuts are losing effectiveness as competition intensifies, leading to a decline in sales and potential brand value erosion [3][14][25] Price Strategy - BYD has reduced the price of its Qin model by 10,000 yuan, bringing the starting price to 69,800 yuan, marking the first time a hybrid A-class car is priced below 70,000 yuan [2][5] - The price cuts have not yielded the expected results, with BYD's total sales in September dropping by 5.5% year-on-year to 396,300 units [3][14] - The price war has led to a vicious cycle, compressing profit margins and creating consumer hesitation regarding future price drops [4][25] Market Trends - The market is witnessing a shift towards pure electric vehicles, with sales of pure electric cars reaching 607,000 units in July, a 24.5% year-on-year increase, while plug-in hybrid sales fell by 0.2% [8] - BYD's reliance on plug-in hybrid models is evident, with plug-in hybrid sales in August 2024 being approximately 1.5 times that of pure electric models [9] Competitive Landscape - Competitors like Geely and Changan are also engaging in price wars, with Geely's sales in September reaching 273,000 units, a 35% increase year-on-year [11][19] - Geely's strategy of offering higher specifications at lower prices is undermining BYD's price-cutting efforts, leading to increased competition [20][21] Brand Perception - Frequent price cuts are damaging BYD's brand image, particularly for high-end models like the Han, which saw a 49.38% year-on-year decline in sales in August [22][25] - The cycle of price cuts leading to brand devaluation and declining sales of premium models is becoming evident [25] Technological Focus - As price competition intensifies, the industry is shifting focus towards smart driving technologies, an area where BYD has been relatively conservative [26][27] - Competitors like Huawei are launching advanced driving systems, posing a direct challenge to BYD's market position [29][31] - BYD's strategy of offering basic smart driving features at lower price points may not be sufficient to compete with higher-end offerings from rivals [31]

海狮06的售价区间与宋PLUS非常接近。今年2月，宋PLUS智驾版正式上市，亦全系标配天神之眼C-智 能驾驶辅助三目版（DiPilot100），售价区间为13.58万元至17.58万元。 数据显示，今年9月，比亚迪海洋网销量约为18.94万辆。其中，海狮车系销量约为5.41万辆，宋PLUS销 量约为1.81万辆。 （文章来源：上海证券报） 10月11日，"宋PLUS被曝将停产"的话题登上微博热搜。对此，比亚迪方面向上海证券报记者表示，海 狮06就是宋PLUS的换代车型，属于正常产品切换。 宋PLUS为比亚迪旗下的明星SUV产品，于2021年上市。尽管以王朝系列的"宋"字命名，但宋PLUS一直 被放在海洋网销售，并在上市后很快成为海洋网的SUV车型销冠。据公开报道，宋PLUS自推出以来累 计销量超150万辆。 今年7月，比亚迪海狮06正式上市。作为海洋网全新中型SUV，海狮06全系标配天神之眼C-智能驾驶辅 助三目版（DiPilot100）以及云辇-C智能阻尼车身控制系统，售价区间为13.98万至16.38万元。 ...

10月10日，比亚迪举行电话会议，接受了包括麦格里在内的45家机构调研。公司高管吴越、常恩铭出席 会议，就公司9月销量、欧洲乘用车市场布局、商用车进展、仰望U9赛道版技术以及马来西亚工厂规划 等投资者关心的问题进行了解答。 关于仰望U9赛道版能达到472.41 km/h最高时速的原因，比亚迪称，其强悍性能源于技术积淀。该车与 现款仰望U9同源，搭载以易四方、云辇 - X为核心的创新技术架构，应用全球首个量产全域1200V超高 压平台，搭配针对极限工况优化的整车热管理方案。其易四方系统是全球首个基于30000转高性能电机 的四电机平台，每个电机峰值功率高达555kW，系统为整车提供超3000Ps综合马力，推重比高达 1217Ps/t，处于全球顶尖水平。 此外，比亚迪透露在马来西亚当地建设组装工厂（CKD），预计2026年正式投产。该工厂建设开启了 比亚迪在马来西亚发展新篇章，彰显深耕本地市场信心。未来，比亚迪将全面投入马来西亚电动生态， 携手当地合作伙伴迈向绿色、智能交通未来。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、 ...

2021年，宋PLUS为填补成立初期的产品阵容而被纳入海洋网旗下。截至今年5月，海洋网累计销量已达 485万辆，其中，宋PLUS全球销量超过157万辆。 北京商报讯(记者蔺雨葳)10月11日，针对"宋PLUS即将停产"的市场传闻，比亚迪（002594）品牌方向北 京商报记者回应称，"海狮06是宋PLUS的换代，属于正常切换。" ...

Sales Performance - In September 2025, BYD sold 396,270 vehicles, bringing the total sales from January to September to 3,260,146 vehicles, with over 13.8 million new energy vehicles sold cumulatively [1] European Market Strategy - Europe is a core market for BYD's global strategy, with plans to establish over 2,000 stores by the end of 2026, including 120 stores in Germany by the end of this year [2] - BYD has entered the European passenger car market in September 2022, covering 32 countries and regions with a product matrix of 13 models [2] Commercial Vehicle Developments - BYD delivered the first batch of 50 electric buses in Azerbaijan on September 24, 2025, marking a new phase in collaboration with local partners [3] Performance of the U9 Track Version - The U9 track version achieved a top speed of 472.41 km/h, utilizing a 1200V high-voltage platform and a four-motor system with a peak power of 555 kW per motor, providing over 3,000 Ps of total power [4] Malaysian Factory Plans - BYD is set to establish a CKD assembly plant in Malaysia, expected to commence production in 2026, demonstrating commitment to the local market and electric mobility ecosystem [5]

10月11日，针对"宋PLUS即将停产"的市场传闻，比亚迪相关人士向21财经·南财快讯记者回应："海狮06 就是宋PLUS的换代车型，（停产宋PLUS）属于正常产品切换。"这意味着，曾经创下157万辆销售纪录 的"国民SUV"将在国内逐步淡出，比亚迪海洋网"海洋生物+数字"命名体系或将完成最后一块拼图。 （文章来源：21世纪经济报道） ...

近日，市场消息称，比亚迪将停产旗下海洋网爆款车型宋PLUS。就该传言，比亚迪在10月11日接受媒体采访时称，海狮06即为宋PLUS的换代车型，停产 宋PLUS为正常产品切换。 需指出的是，根据车型明明，宋系列应归于比亚迪王朝网，根据比亚迪海洋网4S店销售人员披露，海洋网于2021年底成立之初，旗下没有一款能够撑起销 量的SUV车型坐镇，宋PLUS由此被划入海洋网。 2025年7月24日，比亚迪海洋网全新中型SUV——海狮06正式上市，该车系价格与宋PLUS基本相当，凭借其纯电（EV）和插混（DM-i）双动力布局、高 性价比的配置，以及比亚迪在三电技术上的积累，成为15万级中型SUV市场中的有力竞争者。其在外观设计、内饰质感、动力性能和智能配置等方面都表 现出色，能够满足不同用户的多样化需求。 而且，相比宋PLUS，海狮06在多个方面进行了升级和改进，如宋PLUS定位为A+级SUV，而海狮06整体步入了B级中型SUV的级别；外观设计上，宋 PLUS相对老派，海狮06则采用全新的设计语言，整体造型更加成熟、和谐；海狮06内饰采用汉L、唐L相似的布局风格，线条简化，用料和做工提升明 显，而宋PLUS内饰设计相对复杂 ...

华创证券日前研报指出，比亚迪9月销量环比温和上涨，出口节奏环比放缓。9月新能源销量39.6万辆， 同比-6%、环比+6%，主要受市场竞争、政策波动影响。9月出口7.1万辆，较此前环比增长态势有所放 缓。公司综合竞争力强劲，看好中期全球份额扩张。短期，市场担心的竞争格局恶化问题当前有所缓 和，认为公司作为行业龙头产品力有望维持领先水平，在插混、纯电市场中持续推进产品迭代以强化竞 争力。中期，有望凭借智能化、海外市场进行成长突围。规模优势、高度垂直产业链和销售结构优化也 将支撑公司盈利的改善。该行考虑估值切换，给予2026年1.1 倍PS，维持目标市值1.19万亿元，维持A 股目标价130.6元。考虑A/H溢价1.0倍，维持港股目标价142.7港元。维持"强推"评级。 ...