乘联会近日公布的最新数据显示，今年1-6月国内乘用车市场出现10.8%的超预期增长， 其中，2025年6月全国乘用车市场零售208.4万辆，同比增长18.1%，环比增长7.6%。今年累计零售1090.1万辆，同比增长10.8%。 乘联会认为，车市降价价格战稍显温和，但年款增配、调整车主权益等隐形优惠措施层出不穷。 | 零售(4) | | | | | | | 批发(9 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 销量 | 轿车 | MPV | SUV | 狭义乘用车 | 微客 | 广义乘用车 | 销量 | 轿车 | МРУ | SUV | 狭义乘用车 | 微量 | 广义乘用车 | | (单位:万辆) | 60 | t | 8 | 合计 | and | 合计 | (单位:万辆) | 600 | C | 1 | 合计 | and | 合计 | | ୧남원 | 04.8 | 9.7 | 104.0 | 208.4 | 2.5 | 211.0 | | 103.9 ...

齐鲁晚报·齐鲁壹点 张雪 近日，一则"花38.88万元即可购买玛莎拉蒂SUV"的消息在网络上掀起波澜。上海浦东玛莎拉蒂门店发布的促销海报显示，旗下SUV车型Grecale限时尊享价 38.88万元起，较官方指导价65.08万-103.88万元大幅下调26.2万元。对此，门店回应称该活动为经销商"买断包销"行为，与玛莎拉蒂品牌官方无关。这一价 格甚至低于部分二手车市场报价，引发公众对豪车品牌现状、市场策略及消费价值的深度讨论。 "活动开始后非常火爆，2天已经卖出了10多辆。"上海浦东玛莎拉蒂门店销售人员对咨询者这样回应。这家经销商近日在社交媒体发布的促销海报显示，原 价65.08万元起的玛莎拉蒂Grecale SUV，限时特惠价仅为38.88万元起，最高降幅近43%。 记者查看某汽车垂直网站，上海地区玛莎拉蒂经销商给出的最低起售报价甚至已降至36.96万元，与最低指导价相比，差价高达28.12万元。销售人员强调， 这是门店专属的经销商买断包销行为，"与玛莎拉蒂品牌无关"。 "腰斩"甩卖 经销商自救行动 上海浦东玛莎拉蒂门店的促销活动从7月初开始，将持续至9月30日。这场降价风暴席卷了豪华车市场，引发广泛关注。 ...

Core Insights - The newly designed logo for the Xiangjie brand is inspired by the concept of "Universal Star," featuring a hexagonal framework that reflects the family lineage of Hongmeng Zhixing [2][3] - The Xiangjie S9 has achieved significant market success, delivering 4,154 units in June, marking a 94.7% increase in sales following the release of the extended-range version in March [2][3] - The brand is set to expand its product line with the launch of a new travel vehicle in the fall, which promises high aesthetics, spaciousness, and excellent handling [3][4] Brand Development - The introduction of the new logo and independent brand activities is solidifying Xiangjie's brand identity within the high-end segment of the Hongmeng Zhixing matrix [3][4] - The Xiangjie brand is positioned as a core part of the Beijing Automotive Group's "three-year leap" initiative, indicating strong support for its growth [4] Market Positioning - The luxury car market has traditionally been dominated by foreign and joint-venture brands, but recent models like the Wanjie M9 and Xiangjie S9 are providing new competitive entries [5][6] - The expansion into the travel vehicle segment is expected to diversify Xiangjie's product offerings and enhance its market share in the high-end automotive sector [4][6]

江淮汽车 20250701 摘要 江淮汽车与华为合作，旨在超豪华车市场（60 万以上）建立国内品牌地 位，该市场虽小但利润率高，盈亏平衡线较低。 尊界 S800 自 2025 年 5 月 30 日上市至 6 月 30 日，大定数量超 6,500 台，超出预期，定价约 100 万元，高端版本占比较高，显示其在高端市 场的潜力。 尊界品牌计划推出高端 MPV 和 SUV，有望填补中国高端 MPV 市场空白， 满足家用和商务需求，预计 2025 年底或 2026 年初推出，将带动销量 和利润增长。 江淮汽车在上海成立研发中心，组建 5,000 人团队，并在飞西建设超级 工厂，与华为深度融合供应链，使用华为系核心零部件，以保证尊界品 牌的高品质。 销售服务方面，江淮汽车对标迈巴赫等超豪华品牌，组建专业团队提供 销售和交付服务，提升品牌形象和服务质量。 江淮汽车通过与大众等企业合作及出口业务实现盈利，预计 2025- 2027 年归母净利润分别为 5.4 亿、8.037 亿和 16.06 亿元，对应 PE 分别为 169、89 和 57 倍。 随着尊界品牌贡献利润，江淮汽车整体估值有望被消化，从而带动公司 整体业绩提升 ...

证券研究报告 | 2025年07月01日 公司传统业务近年成功把握出海趋势，未来有望全面合作华为。公司商用车 业务营收和产品销量在 2023/2024 年回升，核心产品线包含轻中重卡，其中 以轻卡产品为主；公司通过开拓海外市场，以及发力皮卡、多功能商用车， 逆势实现了商用车业务的增长。公司自主乘用车业务营收在 2024 年下滑， 但单车营收显著提升；自主乘用车积极出海，开辟新的市场，显著提升单车 价值；自主乘用车在国内优化产品结构、出清低效资产，提升运营效率。2025 年 6 月 17 日，公司与华为在合肥签署战略合作协议，深化战略合作伙伴关 系，公司传统业务未来有望全面得到赋能。 超豪华赛道是自主品牌蓝海市场。50 万元以上的乘用车市场，国产车（自主 品牌+合资品牌）和进口车都占据着重要的份额；但其中国产车除了宝马 X5 以外，几乎集中均价在 60 万元以下的豪车市场；价格中枢在 70 万元以上的 进口车有一定销量规模。超豪车赛道目前以进口车为核心，属于自主品牌蓝 海市场。鸿蒙智行凭借问界 M9 在高端豪车市场取得成功，进入超豪华赛道 具备一定优势。公司与华为合作的尊界系列首款车型 S800 于 2025 ...

Group 1 - The Australian Taxation Office (ATO) reported a total tax revenue of AUD 577.4 billion for the fiscal year 2022-23, an increase of AUD 47.3 billion from the previous year [1] - Personal income tax accounted for AUD 298 billion, representing 51.6% of total tax revenue, making it the largest source of tax income [1] - Among high-income earners, 139 individuals out of 24,350 with annual incomes exceeding AUD 1 million managed to avoid paying any personal income tax through various deductions [1] Group 2 - Company tax revenue for the fiscal year was AUD 140 billion, contributing 24.2% to the total tax revenue [2] - Goods and Services Tax (GST) revenue amounted to AUD 81.7 billion, accounting for 14.2% of total tax revenue [2] - Taxpayers claimed AUD 28.3 billion in work-related deductions, with the most common being related to employment expenses [2] Group 3 - Revenue from tobacco, fuel, and alcohol excise taxes contributed AUD 25.4 billion, while superannuation tax revenue added AUD 24 billion [2] - The Petroleum Resource Rent Tax (PRRT), Luxury Car Tax (LCT), and Wine Equalisation Tax (WET) collectively generated only AUD 4.2 billion, less than 1% of total tax revenue [5] - Surgeons remain the highest-paid profession in Australia, with an average annual income of AUD 472,475 [5] - The wealthiest area in Australia is the eastern suburbs of Sydney, specifically postcode 2027, with an average income of AUD 279,712 [5]

Core Insights - The launch of the Huawei-affiliated luxury car, the ZunJie S800, marks a significant milestone for both Huawei and Jianghuai Automobile, with over 5,000 pre-orders already secured [2][3] - The strategic partnership between Jianghuai and Huawei is deepening, focusing on smart automotive solutions and digital transformation, aiming to capture the luxury car market [3][9] - The ZunJie S800 is positioned as a high-end vehicle with a price tag reaching 1 million yuan, emphasizing quality and delivery efficiency as critical factors for success [4][6] Production and Supply Chain - The ZunJie S800 is produced at the ZunJie Super Factory in Hefei, which has an annual capacity of 200,000 vehicles and is currently ramping up production [4][9] - The factory is equipped with 1,500 intelligent robots, and the initial monthly production capacity is estimated at around 1,000 vehicles, indicating a timeline of three to four months to fulfill existing orders [4][5] - Jianghuai has engaged over 200 core suppliers, many of whom are part of Huawei's existing supply chain, ensuring a stable supply of high-quality components [5][6] Market Expectations and Competition - Jianghuai's ambitious sales target for the ZunJie S800 is 50,000 units annually, although suppliers believe that achieving 10,000 units would be a more realistic expectation [3][7] - The ZunJie S800 is competing against established luxury brands, with comparisons drawn to the sales figures of models like the Maybach and BMW's flagship series [7][8] - The luxury MPV market is identified as a potential growth area, with plans for a second model, the ZunJie MPV, to be developed in response to market demand [6][9] Financial Context - Jianghuai's recent financial struggles, including a net profit loss of 2.741 billion yuan in 2024, highlight the importance of the ZunJie brand as a key business focus moving forward [8][9] - The collaboration with Huawei is seen as a strategic move to leverage technological expertise and improve market positioning, especially in the context of Jianghuai's past partnerships and investments [9][10]

Core Viewpoint - The luxury car market is experiencing significant price reductions, with brands like BMW and Mercedes-Benz launching cost-cutting models to remain competitive in a changing market landscape [3][11][30]. Group 1: Price Reductions and Market Dynamics - BMW's new 5 Series has seen a drastic price drop, with the base model now priced at approximately 260,000 yuan, down from 430,000 yuan a year and a half ago [9][12]. - The sales of the BMW 5 Series have increased for four consecutive months, with May sales reaching 11,000 units, surpassing competitors like the Mercedes-Benz E-Class [12][19]. - The luxury car segment is facing intense competition, leading to a reduction in quality standards as brands strive to lower costs [13][29]. Group 2: Cost-Cutting Measures - BMW is actively seeking to reduce costs by renegotiating supplier contracts, indicating a shift in focus from quality to price [20][21]. - Mercedes-Benz is also under pressure to cut costs, with a reported 43% decline in net profit in Q1 2025, prompting a reevaluation of supplier partnerships [25][27]. - The luxury brands are now considering local suppliers to reduce costs, which may impact the quality of components traditionally associated with luxury vehicles [24][28]. Group 3: Market Positioning and Consumer Preferences - The luxury car market is increasingly misaligned with consumer demands, as traditional luxury vehicles are primarily designed for European markets rather than adapting to local preferences in China [31][34]. - The rise of domestic brands has intensified competition, forcing luxury brands to rethink their product definitions and market strategies [39][46]. - Consumers in China are shifting towards more practical and comfortable vehicles, such as multi-functional SUVs, which are increasingly favored over traditional luxury sedans [40][42]. Group 4: Future Challenges for Luxury Brands - Luxury brands must adapt to changing consumer preferences and market dynamics to avoid further declines in sales and profitability [44][47]. - The globalized nature of luxury brands presents challenges in balancing a unified brand image with the need to cater to local market demands [47][48]. - The current generation of luxury vehicles, such as the eighth-generation BMW 5 Series, symbolizes the end of an era for traditional luxury cars, highlighting the need for innovation and adaptation [48].

证 券 研 究 报 告 江淮汽车（600418）重大事项点评 强推（维持） 尊界 S800 大定超预期，尊界品牌空间广阔 目标价：59.24 元 事项： ❖ 2025 年 5 月 30 日，尊界 S800 正式上市，售价 70.8-101.8 万元，上市 19 天累 计大定突破 5000 台，表现超预期。 评论： 此外，如果尊界 S800 竞争力大幅超过 78S 等竞品，则有可能加速增换购节奏， 带来销量超过原销冠，实现市场扩容。 预计公司 2025-2027 年自主业务营收 436 亿、469 亿、492 亿元，尊界业务营 收 38 亿、130 亿、222 亿元。根据公司近况并对公司与华为盈利分配进行调 整，将 2025-2027 年公司总营收预测由 464 亿、538 亿、622 亿元上调为 475 亿、600 亿、715 亿元，同比+13%、+26%、+19%。2025-2027 归母净利预测由 -1.5 亿、16.4 亿、27.9 亿元调整为-0.6 亿、14.8 亿、37.5 亿元。按分部估值， 参考公司历史估值和可比公司对应阶段估值，同时根据公司与华为盈利分配预 估调整 PS 倍数，并依据尊界 S ...

Core Insights - The luxury car market is experiencing significant price reductions, with the latest generation of models, including the BMW 5 Series, being sold at unprecedented low prices, indicating a shift in consumer purchasing behavior and market dynamics [1][3][6] - The current generation of luxury vehicles, developed before 2020, is still perceived as high-quality, but the industry's focus is shifting towards cost-cutting measures due to increased competition and changing consumer preferences [6][20][27] Group 1: Pricing and Sales Trends - The BMW 5 Series is now priced at approximately 260,000 yuan, down from 430,000 yuan a year and a half ago, reflecting a drastic price drop in the luxury segment [3][5] - Sales of the BMW 5 Series have increased for four consecutive months, with May sales reaching 11,000 units, surpassing competitors like the Mercedes-Benz E-Class [7] - Other luxury models, such as the Volvo XC60, have also seen significant price reductions, with current prices around 230,000 yuan, down from 400,000 yuan previously [5] Group 2: Market Dynamics and Consumer Behavior - The luxury car market is facing intense competition, leading to a decline in brand loyalty as consumers increasingly opt for domestic brands that better meet local needs [20][27] - The traditional luxury car designs are primarily tailored for European consumers, which may not align with the preferences of Chinese buyers, who now dominate the market [22][24] - The shift in consumer demand towards larger, more comfortable SUVs and vehicles with advanced technology is evident, as seen with the success of models like the Li Auto L9 [25][27] Group 3: Industry Challenges and Future Outlook - Luxury brands are under pressure to reduce costs and improve profitability, with manufacturers like BMW and Mercedes-Benz actively seeking lower-priced suppliers [12][18] - The reliance on subsidies and incentives to maintain dealer operations is not sustainable, indicating a need for a strategic shift in how luxury brands operate [12][19] - The future of luxury vehicles may hinge on balancing traditional brand values with the evolving demands of the Chinese market, necessitating a reevaluation of product development strategies [28]