Core Insights - Li Auto showcased new models at the Shanghai International Auto Show, including the Li MEGA Home Family Special Edition and upgraded versions of Li MEGA Ultra and Li L6 [1][8] Group 1: Product Launches - The Li MEGA Home Family Special Edition is priced at 559,800 yuan, while the Li MEGA Ultra is priced at 529,800 yuan, both available for order immediately [1] - The Li L6 Smart Upgrade version is priced between 249,800 and 279,800 yuan and is also available for pre-order [1] Group 2: Features and Innovations - The Li MEGA Home features zero-gravity rotating seats in the second row, enhancing family usability with various configurations for easy access and comfort [3] - The vehicle includes a new front-row silent electric door with a damping design and 11 pieces of double-layer laminated glass, improving noise reduction by 3.8 decibels at 40 km/h on concrete roads [3] - Both the Li MEGA Home and Li MEGA Ultra are equipped with the upgraded NVIDIA Thor-U chip, providing 700 TOPS of computing power for enhanced safety and intelligent driving experiences [3] Group 3: Li L6 Smart Upgrade - The Li L6 Smart Upgrade features ATL all-weather laser radar and upgraded AD Pro driving assistance, now compatible with Horizon Journey 6M chip for advanced driving capabilities [5] - The Li L6 Pro Smart Upgrade can stop from 120 km/h in front of an accident vehicle and includes an automatic emergency steering (AES) function for night driving scenarios [5] - New aesthetic options for the Li L6 include a special sky blue pearl paint and dual-tone interior choices, along with redesigned 20-inch and 21-inch wheels [5] Group 4: Software Development - Li Auto's self-developed operating system, "Li Star Ring OS," has begun to open source some modules, marking a step towards ecosystem collaboration [7]

"流量为王"，这是互联网兴起之后的新概念。这个理念认为，流量不仅代表了用户的关注度，还反映了用户的活跃度和忠诚度。一个平台或产品如果能 够持续吸引用户关注，并保持用户的活跃度和忠诚度，那么它就有可能在激烈的市场竞争中脱颖而出。 流量为王的理念进入汽车领域后，对汽车企业的市场宣传同样产生了深远的影响，在以往的北京、上海车展上，流量为王体现的淋漓尽致。 本次车展的一大显著特点是"去流量 重技术"。记者在各个展台参观，虽然也有模特站台，但不像以往那样仰仗模特吸引眼球。 由于工信部要求规范智驾宣传，不得过度宣传。在车展现场，记者也确实没有看到高阶智驾等字眼。在各个企业的发布会上，没有任何一家涉及违规字 眼。 车企在宣传上更加注重产品本身的技术实力，而非依赖流量明星或创始人IP。智能驾驶被重新定义为智能辅助驾驶，车企在宣传时更加严谨，强调 其"辅助"作用，并更加重视安全性的宣传。例如，多家车企发布了AI辅助驾驶安全训练营计划，旨在提升消费者对智能驾驶技术的信任度。这种回归展车本 质的做法，有助于消费者更理性地看待新能源汽车的技术进步。 利用媒体日的2天时间看完上海车展，脚步匆匆。每家各有特色的展台让人感觉愉悦，参展企业 ...

零跑汽车创始人、董事长兼CEO 朱江明 在这个每一天都可能有新车上市的2025，中国汽车行业步入了极限内卷的新常态。 2025上海车展，超千家企业参展、超过百款新车集中亮相，汽车行业的"热闹"似乎远未退潮。 零跑汽车创始人、董事长兼CEO 朱江明在接受媒体群访时透露，今年市场预计将迎来 600 至 700 款车 型上市。若将年度改款车型纳入统计，该数据或达此规模；而严格意义上的全新车型，实际上经统计约 为 120 款。 在朱江明看来，行业已经步入深度红海竞争，绝对是残酷的，价格战必然不可避免。当前汽车行业竞争 格局中，新势力车企、传统中国车企与海外车企构成三大主要竞争阵营，未来三年对每一家车企而言， 其销量表现都至关重要。 可以说，市场格局最终明朗尚还需要经过三年左右的时间。在此关键窗口期内，各大车企开始疯狂向市 场推出新产品，目的只有一个就是为了抢占更多市场份额，让自己活下来。 朱江明坦言，去年对今年市场的一些预估和策略都有调整，但零跑整个B系列车型的定价策略没有变 过。面对激烈的市场竞争，零跑做好了充分的准备，有信心完成今年的销量目标。 走量车型打开新增量，冲刺年销50万辆 零跑在2024年全年销量达到2 ...

月度产销： 根据乘联会统计，3月全国乘用车市场零售194.0万辆，同比增长14.4%，环比增长40.2%；今年1-3月份累计销量512.7万辆，同比增长6.0%。其中3月新能源乘用车批 发销量达到112.8万辆，同比增长35.5%，环比增长35.9%；1-3月累计批发284.7万辆，同比增长42.8%。根据乘联会数据，4月狭义乘用车零售预计175.0万辆，新能源预计90.0万 辆。 周度数据： 根据上险数据，4.14-4.20国内乘用车上牌38.70万辆，同比+9.4%，环比+12.1%；其中新能源乘用车上牌20.43万辆，同比+28.9%，环比+10.9%。4月累计更新(4.7- 4.20)：4月国内乘用车累计上牌73.22万辆，同比+10.3%；其中新能源乘用车累计上牌38.85万辆，同比+27.7%。 本周行情： 本周（20250421-20250425）CS汽车上涨4.98%，CS乘用车上涨3.77%，CS商用车上涨2.26%，CS汽车零部件上涨6.72%，CS汽车销售与服务上涨3.38%，CS摩托车 及其他上涨4.47%，电动车上涨3.53%，智能车上涨3.25%，同期的沪深300指数上涨0.38% ...

Group 1 - Lynk & Co officially launched its new flagship model, Lynk 900, on April 28, with a price range of 289,900 to 396,900 yuan, offering four configurations: 1.5T Halo, 1.5T Ultra, 2.0T Ultra, and 2.0T Exploration [1] - The company has served over 1.4 million users globally, positioning itself as a high-end brand with a focus on resource integration and technological innovation to expand its product matrix and market reach [1] - Lynk & Co leverages its advanced architecture experience in vehicle manufacturing, utilizing the SPA Evo architecture, which incorporates 864 cutting-edge technologies for safety, performance, and intelligence [1] Group 2 - The Lynk 900 features the LYNK Flyme Auto smart cockpit system, developed in collaboration with Meizu, powered by Qualcomm Snapdragon 8295 chips, enabling a high-performance display system with multiple screens [2] - The vehicle is equipped with the "Thousand Miles Vast" intelligent safety assistance system, standard across all models, featuring laser radar and advanced NVIDIA DRIVE AGX chips for enhanced safety and driving assistance capabilities [2] - The "Thousand Miles Vast" H5 and H7 solutions provide various intelligent driving assistance features, including city and highway navigation assistance, memory parking, and automatic emergency avoidance [3]

Core Viewpoint - The automotive industry is shifting its focus from flashy marketing of advanced driving technologies to prioritizing safety and regulatory compliance in intelligent driving systems [1][6]. Group 1: Industry Trends - The 2025 Shanghai Auto Show showcased a more rational approach from automotive companies, moving away from terms like "high-level intelligent driving" to standardized terminology such as L2-level assistance [1]. - Over 50 companies related to intelligent driving participated in the auto show, including both international giants like Bosch and local stars like Momenta [2]. - The Ministry of Industry and Information Technology emphasized the need for companies to adhere to safety standards and avoid exaggerated claims regarding intelligent driving systems [2]. Group 2: Consumer Education and Experience - J.D. Power's 2024 research highlighted two main issues: the rapid advancement of technology outpacing consumer understanding and the lack of standardized education on intelligent driving features [3]. - Consumers often find advanced intelligent functions difficult to understand and use, relying on various channels for information, which can lead to misinformation [3]. Group 3: Safety Initiatives and Insurance - A safety initiative was launched at the auto show by Huawei and 11 automotive companies, focusing on technology, transparent marketing, user-centric approaches, and standardization [4]. - Xiaopeng Motors introduced a new insurance service for intelligent driving, covering a wide range of scenarios with a maximum payout of 1 million yuan [4]. - Other companies like Hongmeng Zhixing and Avita have also introduced similar insurance products, indicating a trend towards enhancing consumer confidence in intelligent driving technologies [5]. Group 4: Regulatory and Market Adjustments - The tightening of regulations is seen as a necessary step to ensure safety in intelligent driving, with companies now emphasizing the importance of adhering to these guidelines [6][7]. - Industry leaders acknowledge that while technology will continue to advance, safety must remain the top priority, and companies are now more focused on the reliability of their systems [6][7]. - The distinction between different levels of driving assistance (L2, L3, L4) is becoming clearer, with a focus on the responsibilities of drivers versus the vehicle in terms of safety [7].

目前，按中证行业分类，A股25家汽车上市公司已悉数披露2024年年度业绩。在行业深度变革与市场集 中度提升的双重作用下，汽车类上市公司业绩分化呈现加剧态势：14家公司实现净利润正增长，5家深 陷亏损泥潭，头部与尾部公司的业绩差距持续拉大。 张翔认为，当前中国汽车市场已处于竞争白热化阶段，通过市场化竞争机制实现的优胜劣汰，实质上是 行业资源优化配置的自然过程。这不仅有助于提升产业集中度、形成更具竞争力的市场格局，更将推动 中国汽车产业向高质量、可持续方向转型升级，为行业长远发展注入新动能。 业绩分化明显 对于上市车企而言，销量情况是业绩最直观的表现。比亚迪（002594）以427.21万辆的年销量超越上汽 集团（600104），登顶行业销量冠军，同比增幅达41.26%。比亚迪董事长王传福表示，比亚迪通过多 品牌策略，夯实大众市场领导地位，方程豹、腾势、仰望等品牌均取得亮眼成绩。同时，比亚迪加速全 球化布局，产品进入全球100多个国家和地区，海外销量强劲增长。 从营业收入来看，2024年，比亚迪以7771.02亿元的营业收入独占鳌头。上汽集团2024年营业收入为 6140.74亿元，同比减少15.44%。长城汽车 ...

Core Insights - The 2025 Shanghai International Automobile Industry Exhibition serves as a platform for showcasing new vehicles and highlights the intense competition in the smart electric vehicle era [3][4] - The penetration rate of L2-level assisted driving new cars in China reached 65% in the first quarter of 2025, pushing all players to turn their PPT technologies into tangible user experiences [3] - The exhibition reflects the automotive industry's survival rules, where electrification is the entry ticket and intelligence is the lifeline, with Chinese consumers becoming the ultimate judges of global technology routes [3] Industry Trends - Domestic brands prominently featured intelligent electric technology as their core competitive advantage at the exhibition, with various new electric products launched [5] - SAIC Group emphasized that all new technologies will first be implemented in its IM car brand, showcasing innovations like the "steer-by-wire digital chassis technology" [5] - Dongfeng Motor introduced its "Tianyuan Intelligent" technology brand, offering a range of solutions from NOA assisted driving to L4 and L5 level autonomous driving [6] Product Launches - NIO's second model under the brand "Ladao," the L90, was unveiled and is set for delivery in Q3 2025, while Li Auto launched the Li MEGA and Li L6 models [8] - SAIC Group announced plans to introduce 17 new overseas models over the next three years, indicating a strong focus on international markets [8] - Volkswagen showcased over 50 models, including 7 global debuts, emphasizing its commitment to smart connected vehicles [9] Localization Strategies - Foreign brands are increasingly focusing on localization, with Porsche announcing a strategic upgrade of its China R&D center and Nissan unveiling its first globally designed and produced plug-in hybrid pickup truck [10] - Ford introduced the new F-150 Raptor and Lincoln's new Navigator, indicating a continued investment in both electric and traditional fuel vehicles [10] Supply Chain Developments - Bosch plans to launch an "end-to-end" model for assisted driving solutions by the end of the year, reflecting the growing demand in the Chinese market [11] - Chip manufacturer Chipsea Technology introduced an AI cockpit SoC chip, with plans for mass production in 2026 [11] - CATL showcased new battery technologies, including the "Xiao Yao Dual-Core Battery" and "Sodium New Battery," highlighting advancements in the power battery sector [12] Historical Context - The 2025 Shanghai Auto Show marks the 40th anniversary of the event, symbolizing the evolution of China's automotive industry from a technology follower to a leader in electrification and intelligence [12]

Group 1: Intelligent Driving and Safety - GAC Group emphasizes safety as a fundamental baseline, stating that safety is not an option but a necessity in intelligent driving [1] - The company launched several new models with intelligent driving assistance features at the 2025 Shanghai Auto Show, including the GAC Trumpchi S9 SUV equipped with Huawei's ADS4 system, set to be released in Q3 of this year [1] - The competitive landscape in the Chinese automotive market is intensifying, with a trend towards equipping more mid-range and even entry-level models with intelligent driving assistance systems [1] Group 2: Autonomous Driving Regulations and Developments - GAC Group supports the new regulations from the Ministry of Industry and Information Technology aimed at standardizing advertising language to avoid misleading consumers, committing to include the term "assistance" in their promotions [2] - The company is also advancing in high-level autonomous driving, collaborating with Didi to launch a globally adaptable L4 autonomous vehicle, expected to begin production by the end of this year [2] - GAC Group differentiates between L2, L3, and L4 autonomous driving levels, emphasizing the need for clear communication to consumers regarding these distinctions [2] Group 3: Organizational Reforms and Strategic Goals - GAC Group initiated a three-year "Panyu Action" plan to achieve 60% of total sales from its own brands by 2027, targeting a sales volume of 2 million units for its self-owned brands [3] - The company is transitioning from strategic management to operational management to better align with the development of its self-owned brands [3] - GAC Group is implementing integrated operations for its self-owned brands, aiming to streamline research, production, supply, and sales processes to enhance responsiveness to market changes [3] - The company has restructured its product development process by introducing Integrated Product Development (IPD) and establishing dedicated research institutes for design, vehicle development, and platform technology [3]

Investment Rating - The automotive industry is rated as "Outperform the Market" [1][4][5] Core Views - The report emphasizes the rise of domestic brands and the opportunities in incremental components driven by electric and intelligent trends [3][12][24] - The automotive industry is transitioning into a technological era, with significant advancements in electrification, intelligence, and connectivity [12][13] - The report forecasts a compound annual growth rate of 2% for the domestic automotive market over the next 20 years, with a strong focus on electric vehicles [13][21] Monthly Production and Sales Data - In March, the retail sales of passenger vehicles in China reached 1.94 million units, a year-on-year increase of 14.4% and a month-on-month increase of 40.2% [1] - Cumulative sales from January to March totaled 5.127 million units, reflecting a year-on-year growth of 6.0% [1] - The wholesale sales of new energy passenger vehicles in March reached 1.128 million units, up 35.5% year-on-year and 35.9% month-on-month [1] Weekly Data - From April 14 to April 20, the number of new passenger vehicle registrations in China was 387,000, a year-on-year increase of 9.4% and a month-on-month increase of 12.1% [2] - Cumulative registrations for April (up to April 20) reached 732,200 units, a year-on-year increase of 10.3% [2] Market Performance - The CS automotive index increased by 4.98% during the week of April 21 to April 25, outperforming the CSI 300 index by 4.6 percentage points [2] - The year-to-date increase for the CS automotive index is 6.99% [2] Key Company Profit Forecasts and Investment Ratings - Leap Motor (9863.HK) is rated "Outperform the Market" with an estimated EPS of -0.05 for 2025 and a PE ratio of -988 [4] - Geely (0175.HK) is rated "Outperform the Market" with an estimated EPS of 1.36 for 2025 and a PE ratio of 12 [4] - Xpeng Motors (9868.HK) is rated "Outperform the Market" with an estimated EPS of -0.84 for 2025 and a PE ratio of -93 [4] Investment Recommendations - The report recommends focusing on domestic brands and the opportunities in incremental components, particularly in the context of electric and intelligent vehicles [3][12][24] - Specific recommendations include Leap Motor, Xpeng Motors, Geely, and Yutong Bus for complete vehicles, and companies like Coboda, Huayang Group, and Junsheng Electronics for intelligent components [3][12][24]