开源证券：问界系列持续领跑细分市场 看好赛力斯2026年增长空间

Core Viewpoint - The sales data for major automotive companies in 2025 highlights the resilience of Seres, with significant growth in electric vehicle sales and a strong market position in both domestic and international markets [1][2] Group 1: Sales Performance - In December, Seres sold 60,981 electric vehicles, marking a year-on-year increase of 63.40%, and surpassing the 60,000 mark for the first time, maintaining sales above 50,000 for three consecutive months [1] - The total sales for the year exceeded 470,000 units, setting a new historical record for the company [1] - The AITO series, particularly the AITO M9, has achieved cumulative deliveries of over 260,000 units, leading the luxury SUV market priced above 500,000 yuan for 20 months [1] Group 2: Product Development - The AITO M8 has also seen strong sales, with cumulative deliveries surpassing 150,000 units, quickly capturing the high-end SUV market priced around 400,000 yuan [1] - The newly launched AITO M7 achieved over 100,000 pre-orders within 72 days, becoming a phenomenon in the 300,000 yuan SUV segment [1] - Analysts believe that the continued strong performance of the AITO series will contribute significantly to sales growth in 2026 [1] Group 3: Global Expansion - Seres is advancing its global strategy, focusing on resource integration and the establishment of overseas sales networks and service systems [1] - The company is also working on localizing its products for various international markets, having already exported to Europe, the Middle East, and Southeast Asia [1] - These initiatives are expected to lay a solid foundation for entering overseas markets and tapping into global growth opportunities [1] Group 4: Technological Innovation - Seres is actively investing in the field of embodied intelligence, aiming to integrate AI technology into its products [2] - The company is focused on creating "AI + embodied intelligence" mobile smart entities and life partners, which could enhance its technological moat and brand barriers [2] - Through innovation, Seres aims to accelerate product iteration and drive long-term high-quality development [2]