SAIC MOTOR(SH:600104) 经济观察报·2025-10-25 05:56Core Viewpoint - The article discusses the recent shift in the Chinese automotive market, highlighting SAIC Motor's return to the top of the sales rankings, surpassing BYD in September 2023, with SAIC selling 439,700 vehicles, a year-on-year increase of 40.39%, while BYD sold 396,200 vehicles [3][4]. Group 1: Sales Performance - SAIC Motor's sales recovery is attributed to the strong performance of its joint ventures, particularly SAIC-GM, which saw a 124.38% year-on-year increase in September sales, totaling 49,400 vehicles [6]. - SAIC Volkswagen also showed signs of recovery, with September sales reaching 94,000 vehicles, a slight increase of 0.09% year-on-year, driven by the resurgence of its main fuel vehicle series [6]. - The overall sales growth of SAIC's self-owned passenger vehicle segment is significant, with MG and Roewe brands achieving a combined sales of 93,700 vehicles in September, marking a 72.36% year-on-year increase [9][10]. Group 2: Strategic Shifts - SAIC's self-owned brands are shifting towards a "downward" development strategy, targeting entry-level electric vehicles to capture a broader market segment [10]. - MG's new model, MG4, has been positioned in the entry-level electric vehicle market, achieving over 45,000 pre-orders within 24 days of its announcement, with a first-month sales figure of 11,700 vehicles [10]. - Roewe's new energy sedan, Roewe M7DMH, launched in September, has seen a retail sales increase of over 37% year-on-year, indicating a successful entry into the B-segment market [10]. Group 3: New Brand Developments - The new smart electric brand, "Shangjie," developed in collaboration with Huawei, has launched its first model, Shangjie H5, with a pre-sale price starting at 159,800 yuan, aiming to leverage Huawei's technology [12][13]. - Shangjie H5 has already received over 160,000 pre-orders, indicating strong market interest, but faces challenges in differentiating itself in a competitive market [13]. - The new generation of Zhiji cars, particularly the Zhiji LS6, has been launched with a focus on both pure electric and extended-range models, but its market performance remains to be seen [14].