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研报掘金丨平安证券:维持长城汽车“推荐”评级,坦克品牌打造越野护城河
Ge Long Hui A P P· 2025-08-18 06:16
格隆汇8月18日|平安证券研报指出,长城汽车全新坦克500智享版开启预售,此次新款坦克500共推出 两个版本,其中Hi4-Z智享版预售价38.88万元,Hi4-T智享版预售价36.00万元,预售24小时订单突破 11000台。公司的坦克品牌所处的细分赛道用户粘性强,坦克品牌目前已经构建起越野领域的护城河, 品牌保值率高,在《2025Q1中国汽车保值率排行榜》中,坦克成为国内唯一3年保值率攀上60%的国产 品牌,而根据坦克SUV公众号披露,坦克300三年保值率64.57%,位居紧凑型SUV保值率第一名。认为 长城汽车的越野技术及品类护城河高,混动技术架构持续丰富+越野及泛越野品类特色持续锐化,通过 Hi4-Z技术及智能化的技术加持,坦克品牌有望从小众走向大众,应用场景的多元化将带来更广阔的想 象空间。根据最新情况,调整公司2025~2027年净利润预测为147亿/159亿/183亿元(此前预测值为154 亿/169亿/182亿元),维持公司"推荐"评级。 ...
直播预告 | 8月14日15:00:2025上半年新能源汽车市场数据复盘:谁在领跑?SUV市场新格局与保值率大揭秘!
QuestMobile· 2025-08-12 02:01
Group 1 - The monthly active volume of new energy vehicles is approaching 34 million, highlighting which brands are leading the market [4][8] - Domestic brands are rising, questioning which can challenge the resale value of international luxury brands [4][8] - New force models like Xiaomi YU7 are reshaping the market landscape for mid-to-large pure electric SUVs [4][8]
二手油车不太好卖,合资车高保值神话被打破
创业邦· 2025-08-11 03:14
Core Viewpoint - The automotive industry is undergoing a significant transformation as traditional fuel vehicles face increasing competition from electric vehicles (EVs), leading to a decline in the market share and resale value of fuel vehicles [4][5][10]. Market Trends - In July, the retail penetration rate of new energy vehicles (NEVs) in China's passenger car market reached 54.0%, a year-on-year increase of 2.7 percentage points. Cumulatively, 6.455 million NEVs were sold in the first seven months of the year, representing a 29.5% year-on-year growth [4][16]. - The second-hand fuel vehicle market is experiencing downward pressure on prices, with average inventory cycles extending to 43 days and 35.6% of businesses facing cycles over 30 days, indicating increased operational pressure [5][21]. Resale Value Decline - The resale value of previously high-value brands like Toyota and Honda is declining, with the three-year resale value for Toyota dropping to 56.6% from 83.24% in 2021, and Honda to 57% from 78.19% [10][13]. - Specific examples include a two-year-old Toyota Camry priced at 12.96 million yuan, reflecting a 65% resale value, down from higher values in previous years [6][8]. Shift to New Energy Vehicles - The second-hand market for NEVs is growing, with penetration rates rising from 8% to 9.9% in recent months, indicating a shift in consumer preference [16][18]. - Some second-hand car dealers are increasingly focusing on selling NEVs to compensate for the declining profits and sales of fuel vehicles [5][20]. Consumer Behavior - Consumers are showing a preference for NEVs, with many second-hand car dealers reporting that the inventory of NEVs is now greater than that of fuel vehicles [18][20]. - Despite the growth of NEVs, fuel vehicles still maintain a significant market presence, with many consumers still willing to purchase them if priced competitively [21].
【保值率】2025年7月中国汽车保值率报告
乘联分会· 2025-08-06 08:44
Core Viewpoint - The article discusses the findings of the "July 2025 China Car Retention Rate Research Report," highlighting the importance of retention rates in assessing brand strength and guiding various automotive business strategies [2][4]. Policy Direction - The recent consumption tax reform targets ultra-luxury vehicles, expanding the tax range to include cars priced over 900,000 yuan, which is a significant reduction from previous thresholds. This reform aims to improve fiscal revenue and stimulate domestic demand [5][6]. Market Trends - The automotive market has seen a price war in the first half of the year, prompting government and industry responses to curb chaotic competition. Although price wars have lessened, a stable market norm has yet to be established [9]. Supply and Demand - There has been a slight decrease in car supply, indicating reduced new car replacements. The second-hand car market benefits from car loans, with a reported loan balance of 78.381 billion yuan, reflecting a year-on-year increase of 26.06% [12]. Valuation Insights - In the second-hand market dominated by fuel vehicles, new car prices significantly influence second-hand prices. Notably, small sedans and mid-to-large SUVs have shown strong performance in retention rates due to limited new car supply [16]. New Energy Vehicle Developments - The construction of high-power charging facilities is gaining support, addressing previous compatibility issues with the power grid. This shift towards organized development is expected to enhance the promotion of new energy vehicles and charging infrastructure [19]. Market Activity - New car replacement transactions are crucial for stimulating the second-hand market. However, with a slight increase in new car prices and the suspension of subsidies, replacement transactions have not seen sustained growth. The second-hand market remains stable, with plug-in hybrid models facing consumer hesitation [22][23].
零跑汽车7月交付达50129台 同比增长超126%
Zhi Tong Cai Jing· 2025-08-01 02:25
Group 1 - The core viewpoint of the articles highlights the significant growth and achievements of Leap Motor, with July 2023 marking a record high in vehicle deliveries, reaching 50,129 units, a year-on-year increase of over 126% [1] - Leap Motor has entered the Fortune China 500 list for the first time, showcasing its strong development momentum [1] - The company exported 20,375 vehicles to overseas markets in the first half of the year, with notable performance in Germany, where it received recognition as the best new brand in the "2025 Dealer Satisfaction Report" [1] Group 2 - Leap Motor launched the new C11 model on July 10, starting at 149,800 yuan, featuring upgrades in design, cabin, range, driving assistance, and safety [1] - The B01 model was officially launched on July 23, starting at 89,800 yuan, targeting young consumers with features like laser radar and a long range of 650 km [1] - The "2023 China Automotive Resale Value Research Report" listed several Leap Motor models, including C16, C10, T03, and C01, indicating strong market performance [1] Group 3 - Leap Motor has established over 600 overseas stores, expanding into more than 30 international markets, including Europe, the Middle East, Africa, and Asia-Pacific [2] - In mainland China, Leap Motor operates 951 stores, including 319 Leap Centers, 491 Experience Centers, and 141 Service Centers [2] - The first S-level Leap Center in China, located in Chongqing, opened in July, integrating sales, delivery, and service [2]
小米SU7比特斯拉更保值?雷军被网友喷惨了
商业洞察· 2025-07-30 09:24
Core Viewpoint - The article discusses the high resale value of the Xiaomi SU7, which is reported to be 88.91%, and contrasts it with Tesla's resale values, raising questions about the validity of the data and the marketing strategies employed by Xiaomi [2][6][23]. Group 1: Resale Value Analysis - The Xiaomi SU7's reported one-year resale value of 88.91% is the highest among all models in a recent report, which has sparked significant discussion and skepticism [2][6]. - Critics argue that the report lacks detailed statistical methods and does not differentiate between the various models of the SU7, leading to potential misinterpretation of the data [6][10]. - A detailed analysis of second-hand prices from various platforms shows significant discrepancies in resale values among different SU7 models, with the SU7 Max having a much lower resale rate of 80.7% [15][20]. Group 2: Market Dynamics - The high resale value of the Xiaomi SU7 is attributed to supply shortages rather than consumer perception of quality, contrasting with Tesla's resale values, which are based on established market reputation [26][30]. - Xiaomi's production capacity is currently unable to meet demand, resulting in long wait times for new orders, which contributes to the perceived high value of the SU7 [30][34]. - In contrast, the SU7 Ultra has seen a significant drop in resale value due to oversupply in the second-hand market, highlighting the impact of supply-demand dynamics on vehicle valuation [19][34]. Group 3: Comparison with Tesla - The article emphasizes that comparing Xiaomi SU7's resale value with Tesla's is misleading, as Tesla's high resale values are supported by consumer trust in product quality and performance over time [40]. - Tesla vehicles have demonstrated consistent performance and reliability, contributing to their strong resale values, while the Xiaomi SU7 has not yet undergone long-term market evaluation [35][40]. - The article concludes that Xiaomi's marketing strategy may be overly optimistic and not reflective of the actual market conditions for the SU7 [23][40].
【保值率】2025年6月中国汽车保值率报告
乘联分会· 2025-07-03 08:42
点 击 蓝 字 关 注 我 们 本文全文共 1196 字,阅读全文约需 4 分钟 2025年7月1日,中国汽车流通协会和精真估联合发布了《2025年6月中国汽车保值率研究报告》。通 过保值率研究旨在反映品牌的产品力、认知度、美誉度等综合实力,对未来开展回购、置换、租赁、金 融、新车定价参考等相关业务提供重要数据参考,从而降低业务风险,提升经营效率 。 通过保值率数据来关注过去市场环境、行业动向、企业发展和保值率之间的关系,同时在微观层面也 能反映该品牌的产品力、认知度、美誉度等综合实力。本榜单保值率价格数据采用良好车况下的二手车销 售价(B2C)进行计算 。 政策方向 辅助驾驶将迎新国标 根据已知数据,2023年新能源乘用车中L2级及以上辅助驾驶系统的渗透率达55.3%;2024年达到 57.3%;2025年1至4月,在新能源乘用车上的渗透率高达77.8%。与此同时,辅助驾驶安全问题一直受到 各方关注,新国标的编制必然提高辅助驾驶的安全水平。此前监管部门对辅助驾驶的要求主要是避免"虚 假宣传",而此次新国标将会提出建设性的方案,甚至可能重新定义车辆产品功能 。 线上车源量变化 车源量小幅下降 通常季度末和半年 ...
智电新时代,奔驰长轴距E级车让选择依旧简单
Zhong Guo Jing Ji Wang· 2025-06-27 08:58
Group 1 - The automotive industry is undergoing significant changes, with consumers facing tough choices between traditional fuel vehicles and electric vehicles, as well as considerations of safety and intelligence in luxury cars [1] - The essence of luxury is defined not by price but by consensus within a community, as demonstrated by the enduring success of the Mercedes-Benz E-Class, which has sold over 16 million units globally since its inception in 1947 [2] - The long-wheelbase E-Class features a dual body design that combines dynamism and elegance, with an increased wheelbase of 133 mm, providing over 10 exclusive luxury configurations for the rear seat, catering to business and family needs [2] Group 2 - The long-wheelbase E-Class offers a luxurious experience with features such as "Brilliant Starry Sky" digital headlights and a 360° surround ambient lighting system, enhancing the visual and auditory experience [3] - Safety is a top priority for Mercedes-Benz, with the long-wheelbase E-Class undergoing extensive crash simulations and real-world tests, including over 150 tests specifically for Chinese road conditions [4] - The vehicle is equipped with 13 safety airbags and utilizes advanced technologies like high-speed X-ray for crash testing, ensuring comprehensive safety measures [4] Group 3 - The long-wheelbase E-Class provides a versatile driving experience with options for both fuel and electric power, making it a comprehensive choice for comfort, economy, and performance [5] - It features a 48V ISG smart electric motor system and plug-in hybrid options, achieving a fuel consumption as low as 4.2L/100km, with a pure electric range of 106 km [6] - The vehicle is equipped with advanced technology, including the Qualcomm 8295 smart cockpit chip and 5G communication, enhancing the user experience with a fully upgraded voice assistant [6] Group 4 - The long-wheelbase E-Class maintains reliability and stability even after 10 years of use, simplifying the decision-making process for consumers [7]
不想被电车背刺的人,都去抢小米YU7了
3 6 Ke· 2025-06-27 01:18
Core Insights - Xiaomi's first SUV, the YU7, has been officially launched with a starting price of 253,500 yuan, leading to significant demand and pressure on the company's app servers [1] - The production capacity for the YU7 is planned to be between 120,000 to 150,000 units for this year, which is the maximum capacity for the first and second phases of the Beijing factory [1] - The YU7 is expected to have a larger market demand compared to the previous model, the SU7, due to its focus on family usage [7] Production and Sales - The YU7's production capacity is limited to 120,000-150,000 units for the year, while the first phase of the factory is designed for 150,000 units annually and the second phase for 300,000 units, expected to start production in the second half of the year [1] - The SU7 has been experiencing a supply shortage, with monthly production not exceeding 10,000 units, leading to a thriving secondary market where used SU7s are sold at prices 10,000-20,000 yuan above the official price [4][5] - Xiaomi's sales target for 2025 is set at 350,000 units, requiring an average monthly delivery of approximately 29,000 units, but the company has lagged behind this target in the first five months of the year [8] Market Dynamics - The secondary market for the SU7 has shown strong performance, with used models retaining high value, indicating a robust resale market [6][7] - The introduction of anti-speculation measures for the YU7 aims to deter scalpers, which could stabilize the market and ensure fair access for genuine buyers [7] - Despite challenges, Xiaomi's weekly new orders have remained stable, with figures around 5,000-7,000 per week, indicating ongoing demand [12] Competitive Landscape - The YU7 faces competition from models like the Tesla Model Y, XPeng G7, Li Auto i8, and NIO L9, which are expected to launch soon [14] - The market's response to the YU7 will be crucial for Xiaomi to regain momentum after recent setbacks, including issues with the SU7 Ultra model [10][12]
乘联分会:五月六月的新车价格战仍在继续,降价可能会抑制二手车市场的活跃
news flash· 2025-06-06 09:01
Core Insights - The report indicates a decline in the supply of used cars, prompting the industry to readjust growth expectations [1] - The impact of replacement subsidies on the used car market remains uncertain, with the duration of the current used car trend difficult to predict [1] - Ongoing price wars for new cars in May and June may suppress the activity in the used car market [1] - The introduction of new models is not leading to a quick influx of older models into the used car market, with actual transactions primarily involving older vehicles [1]