1994年，丰田推出了定位于城市休闲的RAV4，一个类似越野车的外壳以及完全轿车化的底盘和动力 系统，满足了市内代步，偶尔去郊外旅行的消费者，开拓了一个新市场。 SUV 的出现是对越野的妥协，当时的汽车公司必须得这样做。因为越野车在大部分时候也得扮演普 通汽车，在城市道路上开去接孩子放学，而不是在野地里狂奔。 硬派越野车日常行驶时舒适性和操控性差，尺寸大停车难。普通 SUV 又在地盘和悬架上妥协太多， 谈不上有什么真正的越野性能。如何让越野车保留极高的机械素质，还拥有好的城市道路表现，且足 够智能和舒适，一直是汽车公司的难题，未被真正解决。 换句话说，传统越野车是"周末5% 的极致快乐，换来95% 的日常折磨"。在城市和越野场景中，出现 了一个夹角空间，这部分的需求一直未被真正满足。 过去几年，华为等公司已经让大部分轿车和 SUV 变得更智能、舒适。现在，他们又把目光放在越野 车上，和东风猛士开创了全新品类"智能越野"，而猛士 M817 是这一新物种的首款产品。 硬派越野，该革新了 硬派越野一直以来的核心痛点在于城市通行。从用户使用场景来看，大多数越野车 90% 的使用场景 是在城区，越野场景只占了不到 10 ...

经典硬派越野车型焕新上市，致敬中国越野60年 人民越野，BJ40燃油来了。2025年7月19日，全新一代专业越野标杆北京越野BJ40燃油全球直播上市，在河北张 家口怀安县天地梁越野基地举行。新车定位"全场景专业越野SUV"，具备14项同级第一或唯一，共3款车型，官方 指导售价14.99-15.99万元，以"专业越野、安全标杆、极致节能、精致舒适"四大产品力属性，再次推高中国硬派 越野产品性能天花板。 2025年，北汽股份以北京越野为战略锚点，聚焦自主业务、聚焦越野品类，全力实现产品突破、市场突破。BJ40 燃油的全新上市，是北汽股份加码硬派越野市场产品布局的最新行动，进一步卡位硬派越野SUV极致性能赛道。 "别人的极限，只是我们的起点。"在中国越野SUV发展史上，如果有一款车可以以此自豪，非硬派越野SUV BJ40 莫属。 北汽集团董事长张建勇在现场致辞中介绍："时光催人奋进。北京越野历经60年风雨蜕变，从来没有懈怠过。从人 民中来，到人民中去，源自人民，服务人民，是北汽越野持续创新进取的原点。北汽集团将一如既往全力支持北 京越野为人民造越野车，将北京越野打造成为北汽集团'三年跃升行动'的关键引擎。" 张建勇 ...

Core Insights - The Chinese off-road vehicle market is experiencing unprecedented expansion, with projections indicating that the market share of hard-core off-road vehicles will exceed 3% by 2025 and potentially surpass 13% by 2030 [1] - The transition from niche products to mainstream markets is expected in the next five years, driven by technological innovations that reshape consumer perceptions of new energy off-road vehicles [1] Industry Trends - The penetration rate of hard-core off-road vehicles in the SUV market reached 2.91% in Q1 2025, with annual market share expected to exceed 3%, corresponding to sales volumes of 350,000 to 400,000 units, a significant increase from less than 2% in 2020 [1] - The Beijing Automotive Group's BJ40 model has achieved impressive sales, with 58,000 units sold in the first half of the year, marking a 29% year-on-year increase [2] - The BJ40 series ranked third in sales among hard-core off-road vehicles, with cumulative sales of 21,768 units from January to June [2] Technological Advancements - The BJ40 model features a range-extended electric version with a pure electric range of 152 km and a total range of 1,200 km, addressing range anxiety while being priced around 150,000 yuan [2] - The integration of advanced intelligent driving systems in new off-road vehicles is becoming a competitive differentiator, with BJ40's system utilizing a combination of sensors to enhance off-road capabilities [2][3] - The collaboration between Huawei and automotive companies is leading to the development of high-end intelligent off-road vehicles, with the Dongfeng M817 model focusing on urban commuting and outdoor leisure [3][4] Consumer Expectations - Consumers are increasingly demanding versatile vehicles that perform well in urban settings while also being capable of handling off-road conditions, with expectations for low operating costs and high adaptability [3][4] - The market is witnessing a shift towards intelligent off-road vehicles that can meet diverse user needs, including comfort, efficiency, and advanced driving assistance systems [4]

2025 年 07 月 22 日 | 日期 | 2025/7/22 | | --- | --- | | 当前股价(元) | 22.32 | | 一年最高最低(元) | 33.34/20.60 | | 总市值(亿元) | 1,910.36 | | 流通市值(亿元) | 1,385.90 | | 总股本(亿股) | 85.59 | | 流通股本(亿股) | 62.09 | | 近 3 个月换手率(%) | 16.19 | 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-07 2024-11 2025-03 2025-07 长城汽车 沪深300 相关研究报告 《Q4 业绩承压，新车周期叠加海外布 局加速发展可期—公司信息更新报 告》-2025.4.28 《Q4 业绩同比增长，海外/坦克/魏牌 有望继续贡献增量—公司信息更新报 告》-2025.4.1 汽车/乘用车 长城汽车（601633.SH） Q2 业绩创历史新高，新车周期强势开启增长可期 投资评级：买入（维持） 《2024 年业绩预计高增，坦克/魏牌有 望带来新增量—公司信息更新报告》 -2025.1.17 赵旭杨（分析师 ...

以下文章来源于和讯商业 ，作者徐帅 和讯商业 . 商业世界的故事、逻辑、认知。由"和讯商业"团队出品。 7月17日晚，中国越野车市迎来一场"三英会"。 搭载全栈华为智能 的硬派越野 SUV 东风猛士 M817 开启预售，长城汽车正式发布 2026 款哈弗大 狗，主 打泛越野新能源的沃尔沃 EX30 Cross Country 也在同一天于中国上市。 无论是实打实的硬核越野，还是主打 "越野风味"的城市 SUV ，都宣告着越野已经从一个小众游戏 蜕变 为热门赛道。 但这样的越野盛世和 广汽菲克 无关了。 上周，长沙中院的一纸破产裁定书，终于 在法律层面 为这个在市场上沉寂已久、名存实亡的合资品 牌， 送去了 那张埋葬许可证。 从兴致勃勃来到中国，到默默退出中国车市，广汽菲克 " 享年 " 15 岁。 像 Jeep 这样的全球性汽车品牌，漫长历史与文化积淀构成的 "品牌滤镜"是它们的护身符，可以在 企业陷入困境时撑起调整所需要的空间和时间。 即便是当下的车市乱纪元，陷入迷茫期的合资品牌并不少，但大多数企业，即使被淘汰，也有一个比 较漫长的衰退过程，可以见到明显的挣扎痕迹。像广汽菲克这种 从年销 22 万辆的巅峰骤 ...

Core Insights - The launch of the Mengshi M817 marks a significant collaboration between Mengshi Technology and Huawei, aiming to penetrate the mainstream consumer market with an innovative product [1][3]. Pricing and Market Positioning - The Mengshi M817 is priced starting at 329,900 yuan, making it more accessible compared to the higher-end Mengshi 917, which was priced over 600,000 yuan [3]. - The vehicle targets the luxury smart off-road SUV segment, which has traditionally been viewed as a niche market dominated by high-end imported models like the Mercedes G-Class and Land Rover Defender [3]. Product Features and Technology - The Mengshi M817 is equipped with Huawei's "full-stack" technology, which enhances its appeal by integrating advanced smart features into the off-road vehicle segment [4]. - It features the Qian Kun Intelligent Driving HUAWEI ADS 4, providing comprehensive parking assistance and advanced driving capabilities for various road scenarios [6]. - The vehicle includes a high-tech interior with a 10.25-inch instrument screen, a 15.6-inch central control screen, and a HarmonyOS cockpit, offering a rich application ecosystem and seamless user interaction [6]. Performance and Capabilities - The Mengshi M817 boasts a robust performance profile with a dual-gear 11-mode PHEV architecture, delivering a system power of 505 kW and a torque of 848 N·m, enabling acceleration from 0 to 100 km/h in approximately 5 seconds [9]. - It features a maximum water wading depth of 900 mm and a minimum turning radius of 5.2 meters, enhancing its versatility for both urban and off-road driving [7][9]. - The vehicle offers a comprehensive range of 1,300 km on a single charge, with a fuel consumption rate of 7.24 L/100 km when running on gasoline [9].

| 投资要点 | | --- | 公告要点： 公司发布2025H1业绩快报，业绩符合我们预期。2025H1，公司实现营业收入923.67亿元，同比 +1.03%，实现归母净利润63.37亿元，同比-10.22%。2025H1公司开启新的产品周期，实现销量 和营业收入的同比增长，同时加速构建直连用户的新渠道模式，以及加大新车型、新技术的上 市宣传及品牌提升，投入增加导致净利润波动。分季度来看，2025Q2公司实现营业收入523.48 亿元，同环比+7.8%/+30.8%，实现归母净利润45.86亿元，同环比+19.1%/+161.9%，实现扣非 归母净利润21.13亿元，同环比-41.7%/+43.8%。 产品结构转型，魏品牌销量高增。 销量结构上，长城汽车Q2批发销量31.3万辆，同环比分别+10.07%/+21.87%。分品牌来看，哈 弗 / 魏 牌 / 坦 克 / 欧 拉 / 皮 卡 销 量 分 别 为 17.7/2.1/4.6/0.7/6.2 万 辆 ， 同 比 +24.7%/+106.4%/-4.5%/-57.9%/-7.6%，魏品牌持续实现高增长。公司Q2新能源销量9.8万辆，同 环比分别+33.7 ...

7月19日，在张家口天地梁的壮阔天地，北京越野以一场融合硬派越野与摇滚精神的发布会，正式推出BJ40燃油。 这款定位"全场景专业越野SUV"的新车，以最低12.69万元的焕新价震撼上市，不仅刷新了专业越野车的价格认知，更标志着"越野平权"时代的到来。 在中国越野60年与中国摇滚40年的历史交汇点上，BJ40燃油以超强的产品力和亲民的价格，向世人宣告：专业越野不再是少数人的特权，而是每个普通消 费者都能拥有的生活方式。 颠覆价格体系，重塑越野市场格局 BJ40燃油以极具冲击力的价格入市：汽油标准版、汽油进阶版、柴油版3款主力车型官方指导价14.99万-15.99万元，叠加国补和厂端置换政策后，焕新 价最低仅需12.69万元起。这样的定价策略，直接将专业级越野车的门槛拉低至主流城市SUV区间，实现了"12万价格，50万专业性能"的市场突破。 为纪念中国越野60年和中国摇滚40年，北京越野特别推出两款限量版车型：越野60年纪念版和摇滚40年纪念版，各限量60辆和40辆，统一售价16.6566 万元。发布会现场，这两款承载特殊意义的车型仅3分钟就宣告售罄，创造了专业越野车市场的新纪录。 安全是最大的豪华，在越野车上更 ...

Core Viewpoint - The launch of the BJ40 fuel version by BAIC marks a significant advancement in the professional off-road SUV market, offering a balance of performance, safety, fuel efficiency, and comfort at a competitive price range of 149,900 to 159,900 yuan [2][3]. Group 1: Product Features - The BJ40 fuel version is equipped with a 2.5T towing capacity, making it suitable for outdoor adventures and emergency rescues [2]. - The vehicle features a minimum ground clearance of 230 mm and a wading depth of 800 mm, enhancing its off-road capabilities [2]. - The BJ40 fuel version includes over 30 active and passive safety features, such as adaptive cruise control (ACC), blind spot detection (BSD), and active emergency braking (AEB) [2]. Group 2: Fuel Efficiency - The BJ40 fuel version achieves an engine thermal efficiency of 41%, with a fuel consumption of 9.97 liters per 100 kilometers, which can be as low as 8 liters in actual driving conditions [3]. - The vehicle offers a range of up to 1,000 kilometers on a single tank, alleviating concerns about long-distance travel [3]. Group 3: Market Impact - The introduction of the BJ40 fuel version aims to make professional off-roading more accessible to a broader audience, promoting the idea of "off-roading whenever you want" [3]. - The vehicle is expected to inject new vitality into the professional off-road market, aligning with the vision of popularizing off-road experiences in China [3].

| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 173,212 | 202,195 | 219,515 | 237,623 | 253,828 | | 同比（%） | 26.12 | 16.73 | 8.57 | 8.25 | 6.82 | | 归母净利润（百万元） | 7,022 | 12,692 | 12,270 | 13,854 | 14,366 | | 同比（%） | (15.06) | 80.76 | (3.33) | 12.91 | 3.70 | | EPS-最新摊薄（元/股） | 0.82 | 1.48 | 1.43 | 1.62 | 1.68 | | P/E（现价&最新摊薄） | 26.73 | 14.79 | 15.30 | 13.55 | 13.07 | [Table_Tag] [Table_Summary] 投资要点 ◼ 盈利预测与投资评级：我们维持公司 2025/ 2026/ 2027 年营业收入预期 ...