范峻毅介绍，新款吉利星愿搭载11合1智能电驱，在功能高度集成的同时，还拥有89.2%的电驱效率， 其66L的小体积，将节省的空间以超大后备箱的形式还给用户。在广泛受关注的电池寿命方面，新车的 电池寿命验证标准提升至国标的两倍——国标要求循环验证500次后电池容量不低于90%，而星愿在完 成两倍于国标要求的1000次循环后，容量仍达到90.72%。 "目前吉利银河已收获145万用户，接下来或将成为最快达成年销百万的新能源品牌。"在范峻毅看来， 2026款吉利星愿的上市将进一步强化星愿"现象级爆款"的市场号召力，驱动银河品牌逐渐成为未来出行 生活方式的定义者。 来源：中国青年报客户端 中国青年报客户端讯（中青报·中青网记者 王志远）10月10日，2025吉利汽车用户大会暨2026款吉利星 愿上市发布会在杭州举行，2026款吉利星愿共推出6个版型，上市限时权益价为6.58万至9.58万元。 "吉利星愿自2024年10月上市后销量持续攀升，今年9月月销超5万辆，上市一年累计销量突破40万 辆。"吉利汽车销售公司总经理范峻毅表示，此次全面焕新而来的2026款吉利星愿精准把握A0级纯电用 户的核心需求，将引领新时代经典纯 ...

Core Viewpoint - The semiconductor industry is witnessing a shift where power semiconductors, which do not compete in computing power, are emerging as key players, especially in the context of domestic production in China [2][3][9]. Industry Overview - Power semiconductors are essential for converting and controlling electrical energy, found in various applications from mobile phone chargers to electric vehicles [3][6]. - The global power semiconductor market is diverse, with leading companies like Infineon and ON Semiconductor holding only a 26% market share combined, indicating a lack of monopoly [7][9]. - China's domestic power semiconductor market is growing, with a projected localization rate of 15%-20% by the end of 2024, and nearly 35% in the more advanced IGBT and SiC sectors [10]. Company Performance - Silan Microelectronics has made significant strides, achieving a 3.3% market share in the global power semiconductor market, ranking sixth overall [11]. - In the first half of 2025, Silan Microelectronics reported revenues of 6.336 billion yuan, a year-on-year increase of 20.14%, and a net profit of 265 million yuan, up 1162.42% [11]. Technological Advancements - Silan Microelectronics is investing in both IGBT and SiC technologies, with IGBT being used in mid-range applications and SiC targeting high-end markets [13][14]. - The company has made substantial investments in R&D, increasing its R&D expenses from 429 million yuan in 2020 to 1.034 billion yuan in 2024, maintaining a R&D expense ratio around 10% [17]. Production Capacity - Silan Microelectronics operates under an IDM model, allowing it to control the entire supply chain from design to manufacturing [21]. - The company has achieved full capacity in its 8-inch and 12-inch IGBT chip production lines, with its subsidiary producing 10,000 6-inch SiC-MOSFET chips monthly [21][22]. Future Outlook - Silan Microelectronics plans to enhance its 12-inch IGBT production capacity and expects its 8-inch SiC production line to be operational by Q4 2025 [24]. - The company is positioned to leverage its investments and technological advancements to capture more market share in the growing sectors of electric vehicles and renewable energy [28].

Investment Rating - The report maintains a "Recommendation" rating for the automotive industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [6][70]. Core Insights - In the first eight months of 2025, China's total vehicle exports reached 4.26 million units, representing a year-on-year increase of 13%. This growth rate has slowed compared to previous years, but the export volume now accounts for approximately 20.2% of China's total vehicle wholesale [2][10]. - The export of new energy vehicles (NEVs) accounted for 35% of total vehicle exports, with 1.51 million NEVs exported in the same period, significantly up from 22% in 2024 [2][9]. - Major contributors to the export growth include Chery, BYD, and SAIC, with Chery exporting 800,000 units (19% share) and BYD exporting 630,000 units (15% share), marking a substantial increase from previous years [9][10]. Summary by Sections Overall Export Performance - China's total vehicle exports in the first eight months of 2025 reached 4.26 million units, up 13% year-on-year, with a monthly export volume consistently above 500,000 units since March 2025, peaking over 600,000 units in August [2][10]. - The share of vehicle exports in total vehicle wholesale has increased by approximately 1.6 percentage points compared to 2024 [2]. Breakdown by Structure - In terms of vehicle type, commercial vehicles accounted for 15% of exports, while passenger vehicles made up 85%, showing little change from 2024 [9]. - The NEV export volume reached 1.51 million units, with a notable increase in market penetration, particularly driven by domestic manufacturers like BYD [9][10]. Breakdown by Brand - Chery led the exports with 800,000 units, followed by BYD with 630,000 units, and SAIC with 330,000 units. The rankings reflect a significant rise in BYD's market share from 7% in 2024 to 15% in 2025 [9][10]. Breakdown by Region - Mexico was the largest market for Chinese vehicle exports, receiving 360,000 units, followed by the UAE and Belgium with 320,000 and 290,000 units, respectively [9][10]. - The share of Chinese vehicles in overseas markets has increased from approximately 2% in 2020 to 9.4% in the first eight months of 2025 [9][10]. Export Value - The export value of complete vehicles and auto parts reached $84.29 billion and $64.46 billion, respectively, accounting for 3.4% and 2.6% of China's total exports [9][10].

新车"起步即高配"，全系标配宁德时代电芯、11合1智能电驱、后置后驱、多连杆独立悬架、70L超大前备箱及银河Flyme Auto智能座舱系 统。外观新增"香颂紫"与"可可米"两款潮流车色，满足用户多元审美。同时，针对用户对长续航需求，全新推出的410KM自在版，有效缓 解里程焦虑。 此外，基于GEA架构打造的吉利星愿，在创造颠覆性的小车空间革命的同时，2026款新车又对收纳体验进行了体系化升级：升级"前备箱百 宝袋"并新增"副驾抽屉收纳盒"、"车载眼镜盒"等一系列配件，让琐碎物品各得其所。 发布会现场，电影《星愿》女主角张柏芝还以吉利星愿全球代言人的身份亲临现场，同时任贤齐也惊喜亮相，实现两人26年来的"世纪同 框"，共同为吉利星愿STAR限定版揭幕。 中国汽车市场上目前月销量最高的车型宣告焕新。 吉利星愿STAR限定 10月10日，2025吉利汽车用户大会暨2026款吉利星愿上市发布会在杭州举行。 据悉，2026款吉利星愿共推出6个版型，上市限时权益价为6.58万–9.58万元，还有八重限时购车权益进一步降低拥车门槛。 吉利星愿STAR限定版为满足年轻用户追求运动感与个性化的需求，暗影灰、流光银两种配色搭配 ...

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 - The Chinese automotive market is highly competitive, with no permanent winners, as evidenced by the rapid shift in sales leadership from Tesla's Model Y to Geely's Xingyuan in the A0 electric vehicle segment [3][4]. Summary by Sections New Model Launch - Geely's Xingyuan has launched its 2026 model, maintaining a price range of 68,800 to 98,800 yuan, with a promotional price of 65,800 to 95,800 yuan. The new model features two versions with ranges of 310 km and 410 km, and includes standard configurations such as CATL battery cells and an intelligent cockpit system [3][4]. Market Trends - The A0 electric vehicle segment is experiencing rapid growth, with the penetration rate of new energy vehicles in the A0 market rising from 68.5% last year to 71.5% in the first eight months of this year, and exceeding 74% in August [3][4]. Sales Performance - Since its launch in October last year, Geely's Xingyuan has seen a significant increase in sales, with over 46,000 units sold in August alone and nearly 240,000 units sold in the past six months, making it the best-selling vehicle across all categories [4][5]. Competitive Landscape - The influx of competitors into the A0 electric vehicle market is intensifying, with new models such as Wuling's Bingguo S and MG's MG4 entering the market, both offering competitive pricing and superior range compared to Geely's Xingyuan [4][5]. Market Dynamics - In the A0 electric vehicle segment, the key competitive factors are product cost-effectiveness rather than brand loyalty or emotional value, indicating that the market competition is far from reaching a conclusion [5].

Core Insights - The retail sales of passenger cars in China for September 2025 reached 2.239 million units, representing a year-on-year increase of 6% and a month-on-month increase of 11% [1][5] - The wholesale volume for passenger cars in September 2025 was 2.770 million units, showing a year-on-year growth of 11% and a month-on-month growth of 12% [1][10] - The retail sales of new energy vehicles (NEVs) in September 2025 totaled 1.307 million units, marking a year-on-year increase of 16% and a month-on-month increase of 17% [1][10] - The penetration rate of NEVs in the passenger car market reached 58.5% in September 2025, with cumulative retail sales of 8.878 million units for the year, up 24% year-on-year [1][10] Retail Market Performance - The average daily retail sales for the first week of September 2025 were 43,885 units, down 10% year-on-year and down 4% month-on-month [4] - The second week saw an increase to 61,000 units, up 1% year-on-year and up 15% month-on-month [5] - The third week recorded 65,000 units, up 9% year-on-year and up 10% month-on-month [5] - The fourth week had a daily average of 98,000 units, down 2% year-on-year but up 19% month-on-month [5] - The fifth week experienced a significant increase to 155,000 units, up 43% year-on-year and up 48% month-on-month [5] Wholesale Market Performance - The average daily wholesale volume for the first week of September 2025 was 44,000 units, down 5% year-on-year but up 9% month-on-month [9] - The second week saw a slight decline to 67,000 units, down 1% year-on-year but up 26% month-on-month [10] - The third week recorded 76,000 units, up 6% year-on-year and up 13% month-on-month [10] - The fourth week had a daily average of 132,000 units, up 2% year-on-year and up 13% month-on-month [10] - The fifth week experienced a substantial increase to 222,000 units, up 57% year-on-year and up 37% month-on-month [10] Industry Trends - The automotive industry in China is benefiting from government policies such as trade-in subsidies, which have stimulated demand [6] - The market is entering a traditional peak season, with local subsidies encouraging consumer purchases, particularly for high-priced models [6] - The overall profit margin for the automotive industry was reported at 4.5% for the first eight months of 2025, indicating a slight decline compared to previous years [12] - China's share of the global automotive market reached 34% in the first eight months of 2025, with a notable increase in the share of new energy vehicles [13][15]

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]

非一号位话事人、非关键技术带头人，这样一位车企高管的离职消息，竟然热搜了？ 关海涛，原极氪品牌统管市场营销的CMO，现极氪科技集团CBO，离职了： 车圈中高层人员流动几乎每天都在发生，尤其是在大变革浪潮中，车企和人才都在不断尝试找合适的定位。 为啥一个车企下属子品牌管市场营销的负责人离职，引起这么大的关注？ 服务极氪2年，关海涛离职 实际2个月前，坊间就已经流传开了关海涛要离职的传闻。 也不是空穴来风，首先因为关海涛个人微博的名称，去掉了"极氪"二字，但认证仍然保留极氪科技集团CBO。 其次就是这个"极氪科技集团"了，吉利"台州宣言"正式启动内部架构大调，研发、渠道、品牌等等分散力量重新集中。 极氪在这一波调整中直接选择退市，回归吉利子品牌并和领克合并，从属于吉利汽车集团，向CEO淦家阅汇报。之前一直领导极氪的安聪慧，则升任整个 吉利控股的CEO。 外界有一种猜测认为，成立的极氪科技集团可能是一种临时性过渡安排，极氪之前单独建立的研发、渠道、市场等等部门都面临分流或"毕业"。 但过去几个月，各个平台大部分转载关海涛离职的帖子或文章，都遭投诉下架，理由是涉嫌发布不实信息，侵犯名誉权： 极氪之前，关海涛最广为人知 ...

Market Overview - In September 2025, the retail sales of passenger cars in China reached 2.239 million units, a year-on-year increase of 6% and a month-on-month increase of 11%. Cumulatively, retail sales for the year reached 17.004 million units, up 9% year-on-year [1][4] - The wholesale volume of passenger cars in September 2025 was 2.770 million units, representing an 11% increase year-on-year and a 12% increase month-on-month. Year-to-date wholesale volume reached 20.812 million units, up 13% year-on-year [1][9] New Energy Vehicle (NEV) Market - Retail sales of new energy vehicles in September 2025 were 1.307 million units, a 16% increase year-on-year and a 17% increase month-on-month, with a penetration rate of 58.5%. Year-to-date retail sales reached 8.878 million units, up 24% year-on-year [1][4] - Wholesale volume of new energy vehicles was 1.489 million units in September 2025, a 21% increase year-on-year and a 15% increase month-on-month, with a penetration rate of 53.8%. Year-to-date wholesale volume reached 10.433 million units, up 32% year-on-year [1][9] Weekly Sales Trends - The average daily retail sales for the first week of September 2025 were 43,885 units, down 10% year-on-year and down 4% month-on-month [3] - The average daily retail sales for the fifth week of September 2025 surged to 155,000 units, a 43% increase year-on-year and a 48% increase month-on-month [4] Manufacturer Wholesale Trends - The average daily wholesale volume for manufacturers in the first week of September 2025 was 44,000 units, down 5% year-on-year but up 9% month-on-month [8] - The average daily wholesale volume for the fifth week of September 2025 reached 222,360 units, a 57% increase year-on-year and a 37% increase month-on-month [9] Industry Profitability - From January to August 2025, the automotive industry reported a profit margin of 4.5%, with total revenue of 680.49 billion yuan, an 8% year-on-year increase. However, profits decreased by 0.3% year-on-year to 30.35 billion yuan [12] - In August 2025, the automotive industry revenue was 88.56 billion yuan, a 7.5% increase year-on-year, but profits fell by 10% year-on-year to 2.98 billion yuan, indicating a decline in profitability [12] Global Market Share - In the first eight months of 2025, China accounted for 34% of the global automotive market, with 21.1 million units sold, a 12% increase year-on-year [13] - China held a dominant 68% share of the global new energy vehicle market in the same period, with significant growth in both pure electric and plug-in hybrid vehicles [14][16]