Di Yi Cai Jing·2026-01-11 09:04Group 1 - The core point of the article is the launch of BYD's new automotive brand, Linghui, which aims to cater to the B-end market with a focus on high-volume procurement [1][2] - Linghui brand includes four new models, three of which are pure electric sedans (Linghui e5, e7, e9) and one plug-in hybrid MPV (Linghui M9), all derived from existing BYD models [1] - The establishment of the Linghui brand is part of BYD's strategy to differentiate between B-end and C-end market offerings, aiming to enhance its high-end positioning [2] Group 2 - BYD's total sales in 2025 exceeded 4.6 million units, marking a year-on-year increase of 7.73%, with mainstream models contributing approximately 3.45 million units [2] - The competitive landscape in the domestic automotive market is intensifying, with over 100 brands present, prompting companies to focus on resource integration and high-end market penetration [2] - According to CITIC Securities, one of the main trends in the automotive market for 2026 will be the acceleration of high-end positioning among domestic brands, which is expected to yield higher marginal profits for leading companies [3]