BYD(SZ:002594) 第一财经·2026-01-11 13:43Group 1 - The core viewpoint of the article is the introduction of BYD's new automotive brand, Linghui, which aims to cater to the B-end market and differentiate its offerings from C-end products [5][6]. - 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 [3][5]. - The establishment of the Linghui brand is part of BYD's strategy to enhance its high-end positioning in the market, as evidenced by its sales figures, with over 4.6 million units sold in 2025, a 7.73% year-on-year increase [5][6]. Group 2 - The competitive landscape in the domestic automotive market is intensifying, with over 100 brands present as of 2025, prompting companies to focus on resource integration and cost reduction while accelerating high-end product development [5][6]. - Other automotive manufacturers, such as GAC Group with its Aion brand, are also adopting strategies to separate B-end and C-end markets, indicating a broader trend in the industry [5][6]. - According to CITIC Securities, one of the main trends in the automotive market for 2026 is the acceleration of high-end positioning among domestic brands, which is expected to yield higher marginal profits for leading companies [6].