" 业内人士直言，昊铂一致承载着广汽的高端梦，如今成了"弃子" ，未来启境 才是广汽的"新欢" 从具体车型来看，希望树立超高端品牌形象的百万超跑昊铂SSR ，多个垂类网站数据显示，其今年有多个月份的月销量显示为0。今年10月30日 刚刚上市的昊铂GT 全新LITE版，不到两个月就有经销商给出了降价2.5万元的优惠，几乎打了八折。 "未来3年投入不设上限，昊铂必将成为中国头部高端品牌。 今年上半年，广汽集团高管放出豪言，给昊铂车主们吃了个"定心丸" 。但仅仅数月后，广汽又让昊铂与埃安合并到同一个BU之中，这也意味着昊 铂冲高之路戛然而止。 作为从广汽埃安独立出来的高端子品牌，昊铂确实有些不争气。第三方数据显示，其2024年的累计销量仅为1.73万辆，5万辆的销量目标完成度仅 34%。今年以来，其月销量也仅在千余辆左右徘徊。 日前，广汽集团宣布组建昊铂埃安BU，将两大品牌纳入同一事业部统筹运营。根据规划，两品牌渠道融合将分阶段推进，最终在2026年3月31日 前，昊铂与埃安品牌将完成渠道全面融合。 昊铂是广汽埃安于2022年发布的高端子品牌，今年1月，昊铂从广汽埃安正式独立，与埃安、传祺并列为广汽三大自主品牌。在 ...

编辑 | 田梦 方程豹的崛起，给深耕越野车领域多年的长城坦克、北京越野等品牌带来不小压力。然而，从当前的销 量结构来看，其增长主要依赖中端价位车型的放量，高端化之路仍任重道远。 01 方程豹跻身新势力TOP 4 诞生两年后，一度被市场质疑"打蔫"的方程豹，终于露出"獠牙"。 作为比亚迪旗下的个性化品牌，方程豹在2025年11月交出了一份亮眼的成绩单：单月销量达37405台， 创下历史新高，环比增长20.5%，同比激增339%。其销量超过"蔚小理"，跃居新势力品牌销量Top 4， 被行业称为"现象级黑马"。 目前，方程豹在售4款车型，涵盖两大产品序列：豹系列包括中型SUV豹5与中大型SUV豹8，钛系列则 由紧凑型SUV钛3和中大型SUV钛7组成。 文 | 财天COVER 杨十二 易车App显示，钛3拿下11月纯电方盒子销量冠军，豹5登顶11月新能源硬派越野零售销量冠军，压了坦 克300一头。不仅如此，在今年前11个月的累计销量中，豹5在硬派越野车里也摘得头筹。 定位中大型SUV、有着"方盒子"造型的钛7（指导价17.98万～21.98万元）表现更加突出。自今年9月上 市以来，钛7仅用80天便累计交付超5万台，并 ...

中国汽车市场销量已达近八年高位，但未来销量难回 2,100 万辆以下， 预计在 2,200 万至 2,300 万辆间波动，政策支持力度加大是关键因素。 换购需求已成汽车销量核心驱动力，新能源车换购周期缩短至四五年， 远低于燃油车，加速整体销量提升。 中低价格带车型竞争激烈，但新规禁止亏损卖车，有望遏制恶性竞争， 促使企业注重成本控制和盈利能力。 高端化市场的核心在于构建综合性产品力壁垒，不仅是三电和智能驾驶， 还包括设计、内饰和驾驶体验的全方位提升。 四五十万以上价格带电动车市场竞争压力小于三十万左右价位，消费者 更注重产品体验而非品牌象征，市场潜力巨大。 未来高端电动车市场前景广阔，更多 40 万元以上新款车型将问世，国 产电动车口碑提升将加速市场扩容。 中高端汽车市场的壁垒体现在综合产品力上，包括技术、设计、内饰和 智能化配置，优秀车型需具备多方面优势。 Q&A 如何看待当前汽车行业的整体销量趋势？ 展望汽车行业的"总量"和"内卷"20251221 摘要 高端化市场中的核心问题在于汽车企业的壁垒。尽管一些人认为三电系统和智 能驾驶技术构成了主要壁垒，但实际上，汽车是一种综合性产品，其产品力涉 及多个方面， ...

合资品牌11月主力车型销售增长显著。 日前，广汽集团发布2025年11月产销公告。数据显示，广汽集团11月汽车销量为17.97万辆，环比增长5.2%。1— 11月，广汽自主品牌累计海外销量同比增长39%。 上月，广汽集团公布了备受外界关注的职业经理人选聘结果，总经理閤先庆等广汽新一届职业管理人团队已就 位，将全面负责产品管理、研发技术、制造供应、品牌营销、国际化、战略发展及人力资源等核心领域。作为新 一届职业经理人团队引入的外部人才，在汽车出海方面有着丰富实战经验的陈家才将负责广汽海外业务，为广汽 在国际化转型与"ONE GAC 2.0"出海战略的本地化行动布局中注入新的战略思维、先进理念与管理能力，激活团 队创新潜能，为再造"新广汽"战略落地提供强有力的经验支撑。 今年11月，广汽集团继续深化智能化、高端化布局，多个主力车型销量回升，带动旗下五大整车品牌表现逐步向 好。自主品牌在汽车智能化、高端化方面有多项市场进展。截至今年11月，广汽传祺新能源车型销量已突破15万 辆，MPV家族累计销量超83万辆，领跑中国豪华MPV市场，其中E8系列连续16个月获得新能源中型MPV销冠。 广汽埃安首款双动力车型埃安i60 ...

广汽集团坚守"市场化选聘、契约化管理、差异化薪酬、市场化退出"的用人机制，以海纳百川 （301667）的开放格局，面向全球引入外部创新人才。"番禺行动"启动以来，广汽职业经理人选聘受到 外界广泛关注。 作为新一届职业经理人团队引入的外部人才，在汽车出海方面有着丰富实战经验的陈家才将负责广汽海 外业务，为广汽在国际化转型与"ONE GAC2.0"出海战略的本地化行动布局中注入新的战略思维、先进 理念与管理能力，激活团队创新潜能，为再造"新广汽"战略落地提供强有力的经验支撑。 今年11月，广汽集团继续深化智能化、高端化布局，多个主力车型销量回升，带动旗下五大整车品牌表 现逐步向好。自主品牌在汽车智能化、高端化方面有多项市场进展。广汽传祺截至今年11月新能源车型 销量已突破15万辆，MPV家族累计销量超83万辆，领跑中国豪华MPV市场，其中E8系列连续16个月获 得新能源中型MPV销冠。广汽埃安首款双动力车型埃安i60已于广州车展前夕推出，上市两周订单突破1 万辆。由京东、广汽集团与宁德时代（300750）联合推出的埃安UT super已于11月份开启规模化交付。 广汽昊铂在智能化方面取得重要进展，昊铂A800获得 ...

Core Insights - The AITO M9 has established itself as a benchmark in the Chinese luxury car market, surpassing traditional luxury brands like Mercedes-Benz and BMW, and is now a reference point for both established and new automotive players [2][3][5] - The market performance of the AITO M9 signifies a historic leap for Chinese brands in the high-end automotive sector, reflected in brand recognition, user demographics, and market positioning [3][5] Market Performance - The AITO M9 has achieved a delivery milestone of over 260,000 units, setting a new record for vehicles priced above 500,000 yuan in China, and has outperformed traditional German luxury brands [5][6] - The user demographic for AITO has shifted significantly, with 27.3% of its users belonging to the high-net-worth "powerful and resilient" group, surpassing the average of 9.9% in the new energy vehicle market and closely rivaling BMW and Audi [3][5] Brand Positioning - AITO M9's success is attributed to its unique market positioning that combines luxury, technology, and spaciousness, targeting mature consumers who value both social recognition and family travel quality [6][10] - The brand has effectively built a strong brand identity, with 57% of AITO M9 owners considering brand factors in their purchase decisions, and a brand reference index of 1.6, significantly above the industry average [3][5] Innovation and Technology - The AITO M9 integrates advanced technologies, such as Huawei's leading driver assistance systems and HarmonyOS, redefining luxury through smart experiences and avoiding direct competition in saturated markets [8][10] - The introduction of the SIRIUS Magic Cube Technology Platform 2.0 represents a comprehensive upgrade in AITO's technological strategy, enhancing vehicle performance and safety through AI and advanced chassis systems [16] Strategic Branding - AITO has implemented a systematic approach to brand building, collaborating with high-profile cultural and sports events to enhance its premium image, including appearances at the CCTV Spring Festival and partnerships with major film and sports events [12][16] - The brand's recognition at the national level, including endorsements from state media, reinforces its status as a representative of China's automotive strength [12][16] Conclusion - The AITO M9's remarkable performance signals a transformative shift in China's high-end manufacturing landscape, moving from a focus on cost-effectiveness to a new phase of value competition driven by cutting-edge technology and genuine user needs [16][17]

Core Viewpoint - 吉利汽车 reported strong performance in Q3 2025, with revenue reaching 89.2 billion yuan, a year-on-year increase of 27% and a quarter-on-quarter increase of 15% [1] Group 1: Financial Performance - In Q3 2025, 吉利汽车 achieved a net profit attributable to shareholders of 3.82 billion yuan, an increase of 1.4 billion yuan year-on-year and 0.2 billion yuan quarter-on-quarter [1] - The company sold 760,000 vehicles in Q3 2025, representing a year-on-year increase of 43% and a quarter-on-quarter increase of 7.9% [1] - The gross profit margin for Q3 2025 was 16.6%, up 1.2 percentage points year-on-year but down 0.5 percentage points quarter-on-quarter [1] Group 2: Cost Management - Sales expense ratio in Q3 2025 was 6.0%, up 1.2 percentage points year-on-year and down 0.1 percentage points quarter-on-quarter [1] - Management expense ratio was 1.5%, down 0.6 percentage points year-on-year and down 0.4 percentage points quarter-on-quarter [1] - R&D expense ratio was 4.9%, up 0.3 percentage points year-on-year and down 0.2 percentage points quarter-on-quarter [1] Group 3: Product Strategy and Market Outlook - 吉利汽车 is launching a new product cycle with competitive models such as 银河A7 and 银河星耀8, which have achieved monthly sales of over 13,000 and 10,000 units respectively [2] - The company expects to maintain strong sales momentum, with projected total sales of 3.04 million, 3.73 million, and 4.02 million vehicles for 2025-2027, representing year-on-year increases of 40%, 23%, and 8% respectively [2] - The introduction of high-end models is expected to significantly enhance the company's product structure and profitability [2] Group 4: Profitability Forecast - Projected net profit margins for 2025-2027 are 5.2%, 6.0%, and 6.4%, with attributable net profits of 17.8 billion, 24 billion, and 27.2 billion yuan respectively [3] - The core net profit estimates for the same period are 14.3 billion, 23 billion, and 26.2 billion yuan [3] - The company is considered a top pick for the upcoming recovery in the automotive sector due to its low valuation and strong growth potential [3] Group 5: Investment Recommendation - Based on the strong new product cycle and improved product structure, the profit forecasts for 2025-2027 have been revised upwards [3] - The target price for 吉利汽车 is set at 26.00 HKD, representing a potential upside of 51% based on a 10x PE ratio for 2026 [3]

Investment Rating - The report maintains a "Strong Buy" rating for Geely Automobile (00175.HK) with a target price of HKD 26.00, indicating a potential upside of 51% from the current price [1][7]. Core Insights - Geely Automobile's Q3 2025 performance shows significant growth, with revenue reaching HKD 89.2 billion, a year-on-year increase of 27% and a quarter-on-quarter increase of 15%. The net profit attributable to shareholders was HKD 3.82 billion, up by HKD 1.4 billion year-on-year and HKD 0.2 billion quarter-on-quarter [1][7]. - The company is entering a new product cycle with several competitive new models launched, including the Galaxy A7 and Galaxy M9, which are expected to drive sales growth. The sales volume in October reached 307,000 units, a year-on-year increase of 35% and a quarter-on-quarter increase of 12% [7][8]. - The report highlights the company's improved cost control, with a sales expense ratio of 6.0%, a management expense ratio of 1.5%, and a research and development expense ratio of 4.9% [7]. Financial Projections - Revenue projections for Geely Automobile are as follows: - 2024A: HKD 241.1 billion - 2025E: HKD 344.8 billion - 2026E: HKD 446.3 billion - 2027E: HKD 493.4 billion - The net profit projections are: - 2024A: HKD 16.6 billion - 2025E: HKD 17.8 billion - 2026E: HKD 24.0 billion - 2027E: HKD 27.2 billion [3][9]. Market Position and Valuation - Geely's valuation is considered low compared to its growth potential, with a projected PE ratio of 9x for 2025 and 7x for 2026. The report suggests that the current market pessimism presents a good investment opportunity [7][8]. - The report anticipates that the company will benefit from a recovery in the automotive market and an increase in overseas sales, with total sales expected to reach 3.04 million, 3.73 million, and 4.02 million units from 2025 to 2027, respectively [7][9].

Group 1 - The core viewpoint is that the Jiangsu automotive consumption promotion activity will significantly increase subsidy standards, which is expected to boost domestic demand and positively impact the automotive industry's production and sales in 2024 and beyond [1] - Subsidy increases for new vehicles are substantial, with amounts raised from 1,000 to 3,000 yuan for vehicles priced under 100,000 yuan, and up to 10,000 yuan for vehicles priced above 400,000 yuan [1] - The automotive industry is anticipated to face continued pressure on profit margins due to pricing challenges in the economy segment, despite optimistic sales forecasts driven by policy support and a shift towards high-end and new energy vehicles [1] Group 2 - The 2024 vehicle replacement policy is expected to catalyze passenger car sales, with continued support for automotive consumption into 2025 [2] - The automotive sector is undergoing a transformation towards high-end and intelligent upgrades, presenting investment opportunities, particularly for companies offering quality vehicles priced above 300,000 yuan [2] - The commercial vehicle market, particularly heavy trucks, is projected to recover in 2025 after three years of low demand, while the bus sector is expected to see continued growth in both domestic and export markets [2]

Investment Rating - The report maintains a "Recommended" rating for the automotive sector [1] Core Views - The automotive industry has shown a mixed performance in Q3 2025, with significant growth in bus and parts sectors, while passenger vehicle profits continue to decline due to intensified competition [1][4] - The overall automotive wholesale sales reached 8.71 million units in Q3 2025, reflecting a year-on-year increase of 15.8% [4][28] - The report highlights the impact of policies such as vehicle trade-in and subsidies, which are expected to support passenger vehicle sales in 2024 and 2025 [4][41] Summary by Sections Recent Trends - The automotive sector outperformed the Shanghai and Shenzhen 300 index with a 23.8% increase from January to October 2025, while the index rose by 17.9% [10] - The parts sector has shown remarkable performance, with significant stock price increases among component companies [22] Revenue and Profit - In Q3 2025, the automotive industry generated revenue of CNY 1,058.55 billion, up 10.1% year-on-year, with a net profit of CNY 40.41 billion, reflecting a 9.1% increase [38][41] - The passenger vehicle segment reported revenue of CNY 544.06 billion, a 7.7% increase, but net profit fell by 18.6% [39][41] - The bus segment saw a revenue increase of 30.1% year-on-year, with net profit soaring by 95.4% [40][41] - The parts sector achieved revenue of CNY 395.66 billion, up 11.0%, with net profit increasing by 26.3% [41] Key Companies and Forecasts - The report identifies key companies benefiting from the current market dynamics, including Li Auto, BYD, and Great Wall Motors, among others [4][5] - It emphasizes the potential for high-end and intelligent vehicle segments to drive future growth, recommending investments in companies positioned for these trends [4][5] Market Dynamics - The report anticipates that the industry will continue to evolve around "new energy expansion and price competition," with further profit differentiation expected [42]