从年初的价格鏖战，到6月的结构性回暖，车市正在悄然转变轨迹：告别"野蛮扩张"，走向"高质量竞争"。销量回升背后，是政策的引导、技术的沉淀、 品牌的积累，以及消费者对于品质的重新审视。 "我们已经看到价格战最激烈的阶段正在过去。"在近日中国汽车流通协会乘用车市场信息联席分会（CPCA，以下简称为乘联会）的分析文章中，乘联会 秘书长崔东树首次明确表达了对当前车市竞争形势的判断。他指出，自2025年4月以来，乘用车降价潮已经明显减弱，无论从参与车型数量，还是实际降 价幅度来看，都释放出"硝烟渐散"的信号。 三年前，以特斯拉为代表的头部车企掀起"以价换量"的行业地震，将价格战推向极致，曾一度让行业陷入内卷泥沼。而今，随着政策稳预期、企业稳节 奏、消费者换购升级需求增长，市场正在从价格驱动，走向价值竞争的轨道。 未来的竞争不止在国内，中国汽车能否真正在海外立足，技术将是这场产业跃迁的终极试金石。而中国的插混，也许是那把打开世界市场大门的钥匙。 价格战退潮：降价车型减、降幅收窄 2025年上半年，虽然仍有部分车企持续通过官方降价或促销拉动销量，但整体力度已明显放缓。乘联会的公众号"乘联分会"发布数据，1月降价车型仅7 款 ...

Core Viewpoint - ZEEKR is positioning itself as a high-end electric vehicle brand, launching the ZEEKR 9X, a flagship model based on the new HaoHan-S hybrid architecture, aiming to redefine hybrid technology and compete in the luxury SUV market [2][8]. Group 1: Product Launch and Technology - The ZEEKR 9X features the world's first luxury hybrid architecture based on a pure electric platform, named HaoHan-S, which enhances the capabilities of the previous SEA architecture [2]. - The ZEEKR 9X is equipped with a three-motor system, achieving a total power output of over 1,030 kW (approximately 1,400 hp), allowing for a 0-100 km/h acceleration time of just 3.1 seconds [2]. - The vehicle includes a 2.0T engine with a peak power of 205 kW, enabling it to charge while driving at 120 km/h [3]. Group 2: Market Strategy and Financials - ZEEKR has invested a total of 22.7 billion yuan in R&D over the past four years, with nearly 10 billion yuan planned for 2024, indicating a commitment to developing high-end electric vehicles despite ongoing losses [8]. - From 2021 to 2024, ZEEKR's annual sales have shown significant growth, with figures of approximately 6,000, 71,900, 118,000, and 222,100 units, respectively, while net losses have accumulated to 26.2 billion yuan [8]. - The company aims to establish itself in the high-end market, with the ZEEKR 9X being a focal point of this strategy, although it faces challenges in proving its profitability and sustainability [9][10]. Group 3: Competitive Landscape - The automotive market is expected to undergo significant changes in the next two to three years, with companies lacking profitability potentially facing elimination [10]. - ZEEKR's recent sales data indicates a decline in core brand deliveries, with a 17% year-on-year drop in June, highlighting the need for improved market performance [11]. - The integration of ZEEKR OS and Flyme Auto into a unified operating system is planned, which may enhance the brand's technological capabilities and operational efficiency [12].

Core Viewpoint - Chery Automobile is undergoing significant organizational restructuring to enhance strategic focus, resource integration, and brand positioning, particularly in response to the growing trends in new energy and smart technology [2][3][4] Group 1: Brand Integration and Market Positioning - Chery has established a domestic business group for its brand, which includes four major divisions: Xingtu, Aihuo, Fengyun, and QQ, while iCAR, Zhijie, and Jietu will operate independently [1][3] - The restructuring aims to clarify the brand matrix and address internal challenges such as low user recognition and overlapping product definitions among its various brands [3][4] - The new division structure is designed to manage different technology paths (pure electric, hybrid, and fuel) and target specific market segments, with QQ focusing on the A0/A00 market to compete directly with BYD and Geely [3][4][5] Group 2: Strategic Focus on Fuel and New Energy Vehicles - The Aihuo division will focus on the fuel and hybrid vehicle market, targeting a price range of 100,000 to 150,000 yuan, which is considered the company's core market [4][5] - Chery's best-selling models, the瑞虎8 and艾瑞泽8, achieved sales of 202,100 units and 145,800 units respectively over the past year [4] - The Fengyun division will concentrate on the mainstream hybrid market, while the QQ division aims to capture the A0/A00 pure electric market, with a new QQ model set to be a key offering [4][5] Group 3: Smart Technology Integration - Chery has established a Smart Technology Center to streamline its smart vehicle initiatives, focusing on efficient collaboration and product delivery rather than solely on technological leadership [8][9] - The integration of various smart technology units aims to create a comprehensive ecosystem that supports product development and market readiness [8][9] - The restructuring of the smart technology division reflects a shift in industry logic, prioritizing mass production and delivery over extensive self-research and development [8][9] Group 4: IPO Preparation and Future Goals - The organizational changes are seen as a preparatory step for Chery's potential IPO in Hong Kong, aiming to overcome previous setbacks in the listing process [2][9] - Chery's leadership has set ambitious sales targets for its new energy vehicles, with a goal of reaching 600,000 units by the end of 2024, positioning itself as a strong competitor in the industry [5][6][9]

Group 1 - The Chinese automotive market in 2025 is experiencing intense competition, with domestic brands capturing 65% market share in 2024, and monthly market share nearing 70% [2] - The automotive industry is facing a historical low profit margin of 4.5%, significantly below the average of 6.1% for downstream industrial enterprises [2] - New entrants like Jin Yu Automobile and Chu Neng New Energy are struggling with insufficient initial investments, which are below 5 billion yuan, in a sector where R&D investments often exceed 10 billion yuan [3] Group 2 - The automotive industry is undergoing unprecedented consolidation, with major players like Geely and BYD dominating the market, as the top 15 companies hold 82% of the market share [3] - The average capacity utilization rate in the new energy vehicle sector is only 65%, indicating a significant overcapacity issue [4] - The competition has evolved from merely electrification to a dual challenge of "electrification + intelligence," raising the technical barriers for new entrants [7] Group 3 - There are theoretical opportunities for new players who can innovate and have sufficient resources, particularly in niche markets where targeted strategies can yield growth [9] - Technological breakthroughs in areas like solid-state batteries and autonomous driving chips could disrupt the current competitive landscape [9] - Expansion into overseas markets is seen as a potential growth area, with a projected 10% increase in Chinese passenger car exports in 2025 [10] Group 4 - The automotive industry has entered a phase characterized by high barriers to entry, high investment, and high risk, moving from a fragmented market to a more concentrated one [11] - The future of the Chinese automotive market will focus on technological innovation and the evolution of business models rather than merely increasing the number of companies [12]

转自：中国质量报 传统车企方面，比亚迪依旧是销冠，其和上汽集团在上半年销量均超过200万辆。具体来看，比亚迪6月 新能源车销量为38.26万辆，去年同期为34.17万辆。上半年，比亚迪累计销量为214.6万辆，去年累计为 161.3万辆，同比增加33.04%。上汽集团在今年呈现出稳步回升的趋势。6月份销售整车36.5万辆，同比 增长21.6%，今年以来单月销量实现同比"六连涨"。上半年，上汽集团整车批售205.3万辆，同比增长 12.4%。 海外销量也是车企销售总量的重要支撑。但增速方面，除了近期扩张势头较足的比亚迪，其他车企均有 所放缓。数据显示，比亚迪上半年出口汽车47万辆，同比增长229.8%。长安集团上半年海外销量突破 30万辆，同比增长49%。上汽集团海外实现销售49.4万辆，同比增长1.3%。海外市场依旧贡献了奇瑞集 团销量的近半壁江山。今年上半年奇瑞汽车出海销量达55.03万辆，同比增长3.3%。吉利汽车和长城汽 车海外销量同比下降。 新势力队伍中，头部三强变化明显，从去年同期的"理想、赛力斯汽车（问界）、蔚来"演变为"零跑、 理想、小鹏"。 □ 本报记者 岳 倩 零跑是该队伍中最大的"黑马"， ...

2025 年 7 月 10 日 | 沈嘉婕 | | | --- | --- | | H70455@capital.com.tw | | | 目标价(港币) | 22 | 公司基本资讯 | 产业别 | | 汽车 | | --- | --- | --- | | H 股价(2025/07/9) | | 17.00 | | 恒生指数(2025/07/9) | | 23,892.3 | | 股价 12 个月高/低 | | 19.97/7.33 | | 总发行股数(百万) | | 10,084.17 | | H 股数(百万) | | 10,084.17 | | H 市值(亿元) | | 1,352.41 | | | | Proper Glory | | 主要股东 | | Holding | | | | Inc.(25.24%) | | 每股净值(元) | | 8.71 | | 股价/账面净值 | | 1.95 | | 一个月 | 三个月 一年 | | | 股价涨跌(%) -1.11% | 29.11% 97.11% | | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2 ...

在汽车产业竞争持续加剧的大背景下，跨国车企裁员潮仍不可避免。近日，沃尔沃全球裁员的公开 消息广受关注，波及到中国区的裁员也刚刚结束。中国经济网记者独家从沃尔沃中国区拿到数据，共涉 及283名员工，占沃尔沃在华员工数量的3.5%，远低于此前裁员50%的传闻。 自2010年吉利收购沃尔沃以来，沃尔沃汽车全球销量从2009年的33.5万辆，增长到2024年突破70万 辆，从收购前亏损6.53亿美元到2024年核心营业利润26亿美元。2021年沃尔沃在斯德哥尔摩上市时市值 达180亿美元，截止2024年，吉利持有的股权价值翻了9倍，单笔收益约1150亿人民币。十五年的时间， 印证了这是一场汽车史上经典蛇吞象的成功并购案。 当时，吉利还是一家创立不久的自主车企，在国际上尚无声望。为了说服工会，让收购更加 顺利，李书福在沃尔沃工厂说出了那句征服西方工会的："I LOVE YOU。"事实证明，李书福做 到了当年的承诺，给沃尔沃带来了更好的发展和全新的气象。 但是，全球汽车市场的激烈竞争无法避免，所有车企都面临巨大的压力，一轮又一轮的降本 增效和裁员潮谁也不能独善其身。2025年4月1日，沃尔沃请回哈坎·塞缪尔森重新重新担任 ...

Core Viewpoint - The Ministry of Industry and Information Technology has released a public notice regarding the audit of subsidy funds for the promotion and application of new energy vehicles from 2016 to 2020, indicating a dynamic adjustment of subsidies to prevent companies from becoming overly reliant on them [1][6]. Summary by Sections Subsidy Adjustments and Company Performance - Many car manufacturers received less subsidy than applied for between 2016 and 2020 due to non-compliance with application requirements or failure to upload operational data [1]. - BYD received an average annual subsidy of 3.76 million yuan, with a total reduction of approximately 142 million yuan due to nearly 5,000 fewer vehicles being subsidized than applied for [4]. - Changan Automobile averaged 148,400 yuan in annual subsidies, with a reduction of about 13.27 million yuan due to 438 fewer vehicles being subsidized [4]. - Beijing New Energy Automobile Company received an average of 12.42 million yuan annually, with a total reduction of about 9.7 million yuan due to 2,776 fewer vehicles [4]. Overall Subsidy Trends - From 2017 to 2020, several companies, including GAC Group, FAW Group, Geely, and Dongfeng, received annual subsidies ranging from 910,000 to 13.05 million yuan, with Dongfeng receiving the highest average [5]. - The total subsidy reductions for companies like Dongfeng exceeded 37 million yuan, while BYD and Chery faced reductions of over 140 million yuan [5]. Policy Dynamics - The subsidy policy for new energy vehicles has undergone dynamic adjustments since 2016, influenced by technological advancements and market conditions, to avoid creating dependency among manufacturers [7][8]. - The policy adjustments include raising the entry threshold for subsidies based on vehicle energy consumption, range, and battery performance, as well as cracking down on fraudulent subsidy claims [8]. - By 2024, the penetration rate of new energy passenger vehicles has exceeded 50%, indicating a shift towards market-driven competition beyond subsidies [9].

Core Viewpoint - Zeekr's flagship SUV, the Zeekr 9X, is positioned as a key product for the company over the next three years, aiming to elevate the brand and the broader Geely Group in the luxury electric vehicle market [2][6]. Group 1: Product Features and Technology - The Zeekr 9X is marketed as a "flagship SUV of the new energy era," featuring advanced technologies such as the Haohan-S hybrid architecture, which supports a 900V high-voltage system, 6C ultra-fast charging, and a maximum power output exceeding 1000 kW [2][3]. - The vehicle boasts the longest pure electric range for hybrid SUVs, achieving a CLTC range of 380 kilometers, enhancing the hybrid experience across performance, range, and charging [2][3]. - The 9X incorporates a self-developed AI digital chassis designed to provide both stability and comfort akin to luxury brands like Rolls-Royce and off-road capabilities similar to Land Rover [3][4]. Group 2: Market Positioning and Strategy - Zeekr aims to challenge the traditional luxury SUV market, which has been dominated by imported brands, by offering a competitive alternative in the high-end segment [6][8]. - The company has set an ambitious annual sales target of 790,000 units, with Zeekr responsible for 320,000 units, although it has only achieved 90,000 units in the first half of the year, falling short of expectations [7][8]. - The introduction of the 9X is seen as a critical move to demonstrate Zeekr's capabilities and attract attention in the competitive luxury SUV market [8][26]. Group 3: Consumer Engagement and Marketing - Zeekr emphasizes the importance of consumer interaction and feedback in its marketing strategy, moving away from traditional one-way communication to a more engaging approach [11][12]. - The company plans to leverage the advanced technologies of the 9X to enhance the overall driving experience for consumers, with the potential for these technologies to be integrated into more affordable models in the future [6][10][22]. Group 4: Future Outlook and Development - The Zeekr 9X is positioned as a pivotal model that will not only elevate the brand's image but also serve as a precursor for future models, showcasing the company's commitment to innovation and luxury [6][24]. - The company is focused on long-term growth in the luxury market, aiming to establish itself as a top player in the segment while balancing product features to meet diverse consumer needs [24][26].

Core Insights - The Chinese automotive industry is experiencing growth in both production and sales, with June figures showing a year-on-year increase of 11.4% in production and 13.8% in sales [1][3] - The first half of 2023 saw cumulative production and sales of 15.62 million and 15.65 million vehicles, respectively, reflecting a year-on-year growth of 12.5% and 11.4% [1][3] Passenger and Commercial Vehicle Market - Both passenger and commercial vehicle markets are showing positive growth in the first half of the year, with passenger vehicle production and sales reaching 13.52 million and 13.53 million, marking increases of 13.8% and 13% year-on-year [3][4] - Commercial vehicle production and sales totaled 2.10 million and 2.12 million, with year-on-year growth of 4.7% and 2.6% [3][4] New Energy Vehicles (NEVs) - The majority of NEV sales are concentrated in the price range of 150,000 to 200,000 yuan, with cumulative sales of 1.51 million units, representing a year-on-year increase of 16.8% [6] - Chinese brand passenger vehicles accounted for 67.3% of the market share in June, up 2.7 percentage points from the previous year, with a cumulative sales figure of 9.27 million units in the first half of the year [4][6] Commercial Vehicle Exports - The commercial vehicle market saw a significant increase in exports, with June exports reaching 90,000 units, a year-on-year growth of 10.6% [9][12] - Cumulative exports for the first half of the year reached 501,000 units, also reflecting a growth of 10.5% [9][12] Market Concentration - The top fifteen automotive groups accounted for 92.2% of total sales in the first half of the year, with a combined sales figure of 14.43 million units, showing a year-on-year increase of 9.8% [10] - In the NEV sector, the top fifteen groups sold 6.60 million units, representing a 43% year-on-year growth and capturing 95.1% of the total NEV sales [10] Future Outlook - The industry anticipates the need for stable policy expectations and regulatory measures to ensure healthy and stable operations in the automotive sector [12]