智驾再升级，新周期的阿尔法机会——整车行业 2025 年 度中期投资策略 20250710 摘要 新能源汽车上半年保持 30%增长，但渗透率受价格战影响低于预期，徘 徊在 50%-52%。政策和监管干预有望缓解价格战压力，利好具备强产 品力的新能源车企。 整车领域看好理想、吉利、小米和比亚迪，受益于新车周期和海外扩张。 小鹏在智驾领域的发展及其芯片应用带来新机遇，值得关注。 上半年汽车销量良好，6 月批发量同比增长 25%，新能源汽车增长 30%。库存经历上升后于 5 月下旬至 7 月开始下降，目前处于相对低位。 政策补贴预计全年保持 4%的上牌增速，下半年增速或因高基数放缓。 类似于 2017 年，抢装效应和强新车周期企业有望推动创新高行情。 高阶智驾城市 OA 渗透率快速提升，从 2024 年的 9%增至 2025 年 5 月 的 15%以上，预计 2026 年将翻倍至 30%以上，受益于技术优化和用 户体验提升。 中国新能源汽车出口占比已达海外总量约 30%，纯电动车占比 33%， 插混车型占比 13%。欧洲市场需求回升，预计渗透率将从 20%提升至 32%，为中国车企提供机遇。 比亚迪、上汽、吉利和领 ...

坐标再校准，方向再聚焦，把"我有什么""我要什么"谋实做实，丹东市"外部招引"与"内部挖潜"双向发 力、"招大育强"与"招小育优"多管齐下。市委、市政府主要领导带领各县（市、区）、各部门奔赴川 渝、长三角、珠三角等经济热点区域，密集开展招商对接，学先进、找差距、补短板、促合作，推动了 吉利新能源商用车、亨通海缆等一批优质项目签约落地，加速构建"珠三角、长三角研发+丹东转化""深 圳、上海总部+丹东基地""国际订单+丹东制造"的立体合作网络，不断拓展全方位、高水平、宽领域的 双向开放格局。 在传统招商方式的基础上，丹东市还充分发挥"链主企业"作用，全面加强"链主型""上下游"企业招引， 探索出"商协会搭桥"等新模式，成功搭建起政企合作新平台。 数据显示，今年上半年，丹东市引进内资项目610个，到资亿元以上大项目79个，其中，工业类项目占 比同比增长4.3%；全市新签约2000万元以上项目329个，同比增长147.4%，总投资额406亿元，272个项 目已实现落地开工，落地率达83%。目前，丹东市已掀起项目招引"夏季攻势"，全力推动项目快签约、 快落地、快开工。 责编：徐 硕 审核：刘立纲 丹东靶向发力打好招商引 ...

Core Viewpoint - The article discusses the clearance sales of older car models, highlighting their cost-effectiveness and the significant discounts available for various models [1][29]. Group 1: BYD Models - The BYD Qin L DMI non-intelligent driving model has a clearance discount of 28,000, with the full price after subsidies ranging from 80,000 to 90,000 [2]. - The BYD Sea Leopard 06 DMI non-intelligent driving model has a guide price of 119,800, with a clearance price of 91,800 after a discount of 28,000 [5]. - The BYD Song L DMI non-intelligent driving model offers a clearance discount of 35,000, with final prices ranging from 90,000 to 100,000 [8]. - The BYD Han DMI non-intelligent driving model has a guide price of 175,800, with a clearance price of 141,800 after a discount of 34,000 [11]. - The BYD Tang DMI non-intelligent driving model has a clearance discount of 36,000, with final prices around 130,000 [14]. Group 2: Other Models - The Equation Leopard 5 non-intelligent driving model has a guide price of 239,800, with a clearance price of 217,800 after a discount of 22,000 [17]. - The Galaxy E8 old model has a clearance discount of approximately 48,000, with final prices ranging from 120,000 to 130,000 [20]. - The Wind Cloud T9 old model offers a guide price of 146,900, with a clearance price of 118,900 after a discount of 28,000 [23]. - The Wind Cloud A8L new model has a guide price of 129,900, with a clearance price of 101,900 after a discount of 28,000 [27]. Group 3: Market Dynamics - The article notes that the clearance models are primarily from the second half of 2024, with limited color availability and fast inventory turnover [29]. - It emphasizes that these clearance vehicles are a good purchase option, as they offer significant savings compared to new models, making them attractive for budget-conscious consumers [29].

Core Viewpoint - Tianhai Automotive Electronics Group Co., Ltd. (Tianhai Electronics) has applied for a listing on the Shenzhen Stock Exchange, with a fundraising target of 2.46042 billion yuan, focusing on automotive transmission systems, connection systems, and intelligent control solutions [1] Company Overview - Tianhai Electronics specializes in the research, production, and sales of automotive components, including automotive wiring harnesses, connectors, and electronic products, primarily serving both new energy vehicles and traditional fuel vehicles [1] - The main revenue source is automotive wiring harnesses, contributing over 80% from 2022 to 2024, followed by automotive connectors at approximately 10% [1] Market Position - The global automotive wiring harness and connector market is dominated by Europe, the United States, and Japan, while the domestic market in China has a low concentration of local manufacturers, indicating significant growth potential [2] - In 2024, the market size for automotive wiring harnesses in China is projected to be 119.6 billion yuan, with Tianhai Electronics holding an 8.45% market share [2] - The company is recognized as a leading domestic brand in automotive wiring harnesses and connectors, ranking first in revenue among A-share listed companies in the wiring harness sector and among the top three in the connector sector [2] Fundraising and Investment Plans - The funds raised will be allocated to several projects, including: - Connector technology upgrade and expansion project: 836.16 million yuan (33.98%) - Wiring harness production base project: 525.79 million yuan (21.37%) - Automotive electronics production base: 338.99 million yuan (13.78%) - Smart transformation and information construction: 251.58 million yuan (10.23%) - Tianhai Intelligent Connected Vehicle Industry Research Institute and supporting projects: 507.89 million yuan (20.64%) [3] Financial Performance - The projected operating revenues for Tianhai Electronics are approximately 8.215 billion yuan, 11.549 billion yuan, and 12.523 billion yuan for the years 2022, 2023, and 2024, respectively [3] - The net profits for the same years are estimated to be around 410 million yuan, 684 million yuan, and 616 million yuan [3] - Key financial metrics as of December 31 for 2024, 2023, and 2022 include: - Total assets: 116.47 billion yuan, 115.63 billion yuan, and 79.36 billion yuan - Net profit: 615.58 million yuan, 683.81 million yuan, and 410.28 million yuan - Basic earnings per share: 1.38 yuan, 1.63 yuan, and 1.00 yuan [4]

以下文章来源于36氪汽车 ，作者樊舒琪、徐蔡钰 36氪汽车 . 看懂汽车产业新百年。36氪旗下智能电动车产业报道公号。 油车是基本盘， 智能化也要补课。 文 ｜ 樊舒琪 徐蔡钰 编辑 ｜ 李勤 杨轩 来源｜ 36氪汽车（ID:EV36kr） 封面来源 ｜ IC Photo 传统豪华品牌奔驰，正设法补齐智能化的短板。 36氪汽车从多位知情人士了解到，奔驰已和亿咖通、星纪魅族达成合作，Flyme Auto即将进入奔驰中国车型序列。最先搭载Flyme Auto的奔驰车型是长轴 距版E-Class。 一位消息人士透露，合作车型预计会在2027年推出。36氪获悉，长轴距版E-Class确将在2027年推出改款。 36氪就以上消息向奔驰求证，截至发稿，未获回应。 亿咖通是吉利旗下专注打造全栈式汽车平台的子公司。 这家企业成立于2016年。彼时沈子瑜还是博泰车联网的CEO，而吉利集团正筹划布局智能化业务，于是李书福邀沈子瑜一同创立了亿咖通科技，双方各自 持股70%与30%。2022年，亿咖通在美股上市。 目前，亿咖通除了智能座舱业务，还涉足智能驾驶、底层零部件等领域。 而魅族是吉利2022年收购的手机公司，也是吉利在"车手 ...

Group 1: Industry Overview - In the first half of 2025, China's automobile production and sales both exceeded 15 million units, with production at 15.62 million and sales at 15.65 million, representing year-on-year growth of 12.5% and 11.4% respectively [1] - The domestic market for new energy passenger vehicles has surpassed that of fuel vehicles, with sales of new energy vehicles reaching 5.52 million units, a year-on-year increase of 34.3%, while traditional fuel vehicle sales fell by 1.8% to 5.43 million units [1] - New energy vehicles accounted for 44.3% of total industry sales, indicating a significant shift towards electrification [1] Group 2: Profitability and Competition - Despite increased production and sales, the automotive industry's profits have declined, with profits for January to May 2025 at 178.1 billion, down 11.9% year-on-year, and a profit margin of 4.3% [1][2] - Intense price competition among companies is a primary reason for low profit margins, prompting industry associations to advocate against harmful competition and for improved product quality [2] - The Central Financial Committee has emphasized the need to regulate low-price competition and promote the exit of outdated production capacity [2] Group 3: Market Dynamics - Domestic brands are increasing their market share, with Chinese brand passenger vehicle sales reaching 68.5%, a rise of 6.6 percentage points year-on-year, while foreign brands continue to decline [3] - The top fifteen car manufacturers account for over 90% of the market share, with sales of 14.43 million units, a year-on-year increase of 9.8% [3] - BYD, SAIC, and Geely are leading the sales rankings, collectively holding a market share of 36.9%, with BYD achieving sales of 2.1 million units, a 33% increase [4] Group 4: Export Trends - China has become the world's largest automobile exporter, with passenger car exports reaching 2.581 million units in the first half of 2025, a year-on-year increase of 10.3% [6] - New energy vehicle exports surged by over 70% to 1.06 million units, while fuel vehicle exports declined by 7.5% [6] - Chery remains the top exporter, with 550,300 units exported, accounting for 17.8% of total industry exports [7] Group 5: Future Outlook - The automotive industry is expected to continue its transformation towards electrification and smart technology, with companies focusing on local market penetration and brand building [6] - The competition in the market is anticipated to intensify as companies strive to meet their annual sales targets, with BYD, SAIC, and Geely setting ambitious goals for 2025 [5][6] - The growth in exports is driven by the increasing demand for plug-in hybrid and mixed-power vehicles, particularly in markets like Australia and Southeast Asia [8]

Core Viewpoint - The Chinese automotive market experienced record sales in June 2025, driven by government subsidies and aggressive pricing strategies from manufacturers, leading to significant shifts in market dynamics among domestic, joint venture, and luxury brands [2][3][4][11]. Group 1: Market Performance - In June 2025, retail sales of passenger vehicles reached 2.084 million units, a year-on-year increase of 18.1% and a month-on-month increase of 7.6% [3]. - The first half of 2025 saw cumulative retail sales of 10.901 million units, reflecting a year-on-year growth of 10.8% [3]. - Domestic brands achieved a retail volume of 1.34 million units in June, marking a year-on-year increase of 30% and a market share of 64.2% [8]. Group 2: Factors Driving Growth - The "two new" policy subsidies significantly reduced consumer costs, with 70% of private car buyers benefiting from the vehicle trade-in program [4][5]. - A surge in sales was also attributed to manufacturers lowering prices to boost sales as they approached mid-year targets, with over ten brands participating in price cuts [6][7]. Group 3: Competitive Landscape - The competitive landscape has shifted, with domestic brands gaining pricing power but facing challenges from aggressive price wars, leading to a breakdown of traditional pricing structures [11][12]. - Joint venture brands showed signs of recovery, with notable sales increases for major players like FAW-Volkswagen and SAIC-GM, indicating a stabilization of their market positions [22][23][25]. Group 4: Luxury Market Decline - The luxury vehicle segment is experiencing a downturn, with traditional luxury brands losing market share to both domestic and joint venture brands, marking a significant shift in consumer preferences [31][39]. - Despite the overall decline, Audi managed to achieve a year-on-year sales increase of 15.7% in the first half of 2025, highlighting potential opportunities for luxury brands that adapt to local market conditions [41][43].

Core Insights - The European automotive market is experiencing a significant shift towards hybrid vehicles, with plug-in hybrid electric vehicles (PHEVs) leading the growth, marking 2025 as a pivotal year for the industry [1][2][3] Group 1: Market Trends - In May 2025, the market share of hybrid vehicles (including HEVs and PHEVs) reached 43.3%, surpassing traditional fuel vehicles for the first time [1] - PHEV sales saw a robust year-on-year growth of 46.9%, nearly double the growth rate of battery electric vehicles (BEVs) at 25% [1] - The market share of pure electric vehicles is slowly increasing to around 15%, indicating a preference for hybrid solutions among European consumers [1] Group 2: Chinese Automakers' Performance - Chinese automotive brands achieved total sales exceeding 60,000 units in Europe in May 2025, marking an 85% year-on-year increase and a market share rise to 5.4%-5.9% from 2.9% [2][3] - BYD's registrations in the EU and UK surged by 397% in May, leveraging a strategy that combines pure electric and hybrid models to navigate impending tariffs on pure electric vehicles [2] - The export volume of Chinese PHEVs grew by 240% year-on-year in May 2025, significantly outpacing pure electric vehicle exports [3] Group 3: Strategic Shifts - Leading Chinese automakers are shifting focus from product exports to local production and ecosystem development in Europe [4] - BYD announced the establishment of its European headquarters in Hungary, with plans for manufacturing facilities to be operational by 2026-2027 [4] - A collaborative ecosystem for lithium battery production is emerging in Hungary, with major players like CATL and others establishing operations [4] Group 4: Competitive Landscape - European automakers are responding to the rise of hybrids by launching new generations of hybrid models, intensifying competition in the hybrid technology market [3] - Local manufacturers are introducing affordable pure electric models, with new entries priced between €15,000 and €30,000, which could stimulate consumer demand [6] - The market is transitioning into a post-subsidy era, presenting challenges in balancing production costs, supply chain resilience, and stringent carbon emission regulations [6]

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].