江淮汽车 20250612 摘要 尊界 S800 上市后市场反馈积极，大定数量超过预期，上市两周后，月 销量预估从最初的 1,000 辆上调至 1,500-2000 辆，反映市场对其高端 定位和科技配置的认可。 豪华车市场中，60 万以上车型年销量约为 27-28 万辆，轿车占约 9 万 辆。尊界 S800 定位为商务兼顾家用的高端车型，目标用户为追求稀缺 性、高端驾乘体验和先进科技配置的消费者。 豪华车市场可细分为城市家庭类、商务类、硬派类和驾控类。商务类豪 华车如奔驰 S 级和迈巴赫 S 级月销量在 1,000-1,500 辆之间，是评估尊 界 S800 早期销售的重要参考。 豪华车品牌稀缺性与销量表现密切相关，品牌通常只能在少数品类做到 优秀。尊界 S800 的用户群体主要来自奔驰 S 级、迈巴赫 S 级等车型的 升级换购用户，以及 M9 增换购客户。 江淮汽车与华为合作的鸿蒙智行模式中，华为负责产品定义、渠道和广 宣，江淮主导供应链管理和生产制造，双方共同承担研发责任，整车开 发费用巨大，价值创造不仅体现在代工费用，还包括供应链管理和整车 开发等环节的投入。 Q&A 尊界 S800 上市后的市场表现如 ...

反观，自主品牌冲击高端车市场遭遇挫折的案例也不少，最近的一个就是产品定价30万～80万元的高合 汽车。高合早早就定位为高端品牌，曾经对标保时捷，但一度走到了破产边缘。如今，高合汽车迎来新 的注资，据说工厂正在准备复工，能否顺利回到"牌桌"还有待观察。再早之前，无论民企还是国企，在 冲击豪华车的路上都曾折戟，原因很简单——没有消费者为之埋单。 所以，造出成本高昂、定价在豪华车价位区间的产品容易，使其真正被市场接受却十分不易。不被市场 接受时，人们说它"堆料"、"抄袭"；一旦被市场接受，各种问题也会变成优点，甚至被无限放大——市 场现实就是这么残酷。 5月30日，尊界S800正式上市，售价70.8万～101.8万元。根据鸿蒙智行公布的数据，该款车上市72 小时订单就达2600辆，其中顶配车型占比颇高，而端午假期全系车型的订单已超1万辆。可以说，尊界 S800再次点燃了"自主品牌定义中国豪华车"这个话题的热度。 当然，必须认识到，如今中国本土豪华车接连推出所处的行业发展阶段与市场需求特征，与传统燃油车 时代截然不同。中国车企凭借此前在技术研发、设计制造等领域的积累，通过电动化、智能化的"换 道"，获得了与传统豪华车 ...

Investment Rating - The industry rating is "Outperform the Market" [8][16] Core Viewpoints - The automotive sector is focusing on luxury vehicles and unmanned logistics, with a recommendation to pay attention to leading companies such as BYD, Geely, and Xiaomi for overall vehicle production, and to Seres and Li Auto for luxury vehicles [3][4] - The robotaxi segment has experienced significant adjustments, primarily influenced by trading factors rather than fundamental issues, with a focus on the upcoming operational effects of Tesla's robotaxi on June 12 [4][5] - The low-altitude economy is highlighted, particularly the unmanned aerial vehicle (UAV) sector, which is expected to shift from being part of unmanned logistics to an independent market leader if relevant policies are implemented in June [6] Summary by Sections Automotive Sector - The report emphasizes the ongoing pressure in the domestic market and the increasing competition, suggesting a focus on leading automotive companies and luxury vehicle manufacturers [4][3] - Key companies to watch include BYD, Geely, Xiaomi, Seres, and Li Auto [4] Robotaxi and Robotics - The report notes a significant adjustment in the robotaxi market, with a focus on the upcoming Tesla robotaxi operations and the potential for new market trends [4][5] - Recommendations include focusing on large-cap stocks related to Tesla and companies with strong industrial logic and future potential [5] Low-altitude Economy - The report suggests that the UAV sector is poised for growth, particularly if low-altitude policies are enacted, with a focus on companies like Zongheng and Green Energy Hui充 [6]

Core Viewpoint - The significant price reductions of Porsche vehicles, particularly the Cayenne and Panamera, reflect a broader transformation in the luxury car market under the pressure of electric vehicles, challenging the long-standing price stability of traditional luxury brands [1][4]. Group 1: Price Adjustments - Porsche has implemented substantial price cuts across various models, with discounts reaching as low as 35% in regions like Shenzhen, where the 2025 Cayenne can be purchased for approximately 75 million yuan after financing [2][3]. - Other luxury brands such as Mercedes-Benz, BMW, and Audi are also adjusting their prices, with notable discounts on models like the Mercedes GLB and BMW i3, indicating a widespread trend in the luxury car market [5][6]. Group 2: Sales Performance - Porsche's sales in China have been declining since peaking at 95,700 units in 2021, dropping to 79,300 units in 2023, and projected to fall to 56,900 units in 2024, with a staggering 42% year-on-year decline in Q1 2025 [5][6]. - Other luxury brands are experiencing similar downturns, with Mercedes-Benz's sales down 10% in China and both BMW and Audi also reporting declines [6]. Group 3: Consumer Reactions - Consumer responses to Porsche's price cuts are mixed, with some viewing it as an opportunity to purchase luxury vehicles at lower prices, while others express concerns about potential impacts on brand image and product quality [3][4]. - The price adjustments may create a temporary surge in sales, but analysts suggest that this is not a sustainable long-term strategy for luxury brands [4][6]. Group 4: Market Dynamics - The luxury car market is undergoing a value system reconstruction as traditional luxury brands face competition from domestic electric vehicles that offer advanced technology and performance [4][6]. - Analysts emphasize the need for luxury brands to accelerate their electric vehicle offerings and enhance technological features to remain competitive in an evolving market landscape [6].

Core Viewpoint - The claim of "50% off on seven Mercedes models" is misleading, as various models are offered with significant discounts, but not to the extent of half-price sales [1][2]. Group 1: Discounts and Promotions - Multiple Mercedes models currently have varying degrees of discounts, with cash discounts and additional subsidies available, leading to substantial overall savings [1][2]. - For example, the GLA model has a cash discount of 120,000 yuan, and when combined with trade-in or scrapping subsidies, the total discount can exceed 150,000 yuan [2][3]. - Other models like the GLB and CLA also have significant discounts, with the CLA 200 series offering around 120,000 yuan in discounts, plus additional subsidies [2][3]. Group 2: Market Trends - The trend of increasing discounts is not limited to Mercedes; other luxury brands like BMW and Audi are also offering substantial promotions, with discounts reaching up to 180,000 yuan on certain models [4][5]. - The luxury car market is experiencing pressure on sales, with Mercedes' delivery volume down 7% year-on-year in Q1, and similar declines observed for BMW and Audi [5]. - The rise of new energy vehicles is contributing to the increased promotional efforts for traditional luxury fuel vehicles, as they face competition from emerging luxury brands [6].

Core Insights - The rise of domestic luxury car brands is evident at the 2025 Shanghai Auto Show, with significant models like BYD's Yangwang U8 and Zeekr 009 showcasing their capabilities in the luxury segment [2][3][4] - Domestic brands are leveraging technological advantages to penetrate the traditional luxury car market, with a focus on electric and intelligent features [5][6][9] Group 1: Market Performance - Yangwang's U8 has achieved sales of 10,000 units, generating approximately 6 billion yuan in revenue based on an average price of 600,000 yuan per vehicle [3] - The market share of domestic brands in the luxury car segment has increased to 21% as of 2024, with models like the Wuling M9 leading sales in the 500,000 yuan and above category [9][10] - The Zeekr 009 has been recognized as the sales champion in the luxury MPV category priced above 400,000 yuan [3][9] Group 2: Technological Innovations - The Yangwang U8L features advanced technologies such as the Yisifang four-motor drive system, delivering a combined power of 880 kW and peak torque of 1280 N·m [5][6] - The Zeekr 009 is equipped with a smart suspension system that can adjust to road conditions, significantly reducing body roll by 45% compared to traditional MPVs [6] - The Reshaping S800 incorporates a comprehensive safety system with over 30 high-precision sensors, enabling L3-level autonomous driving capabilities [7] Group 3: Brand Positioning and Strategy - The emergence of luxury models from domestic brands reflects a strategic shift towards high-end markets, which are less susceptible to economic fluctuations [8][9] - Domestic brands are focusing on high-end product development to enhance profitability and brand image, with a growing emphasis on technological innovation [8][10] - The transition of the automotive supply chain to a network structure has supported the rise of domestic luxury brands, enabling better collaboration and innovation [9][10]