Core Viewpoint - Wei Jianjun, a veteran in the automotive industry, emphasizes the importance of integrity and long-term vision in the face of industry challenges and competition, advocating for a return to fundamental values in manufacturing and business practices [1][3][21] Group 1: Industry Insights - The Chinese automotive industry has rapidly evolved, becoming a pillar of the national economy, yet it faces underlying structural issues masked by impressive sales figures [8][9] - The current price wars among new energy vehicle manufacturers are leading to a detrimental cycle that undermines brand value and consumer trust, resulting in severe consequences for the supply chain and overall industry health [9][10] - Wei Jianjun warns that the over-reliance on capital and subsidies in the new energy sector could jeopardize the industry's long-term sustainability and financial health [10][11] Group 2: Commitment to Integrity - Wei Jianjun stresses that maintaining integrity and trust is crucial for the automotive industry, as any breach can have far-reaching negative impacts, similar to past scandals in other sectors [4][7] - He believes that the automotive industry must establish a culture of compliance and technical integrity to compete effectively on the global stage [7][8] Group 3: Globalization Strategy - The approach to globalization should not be limited to mere product exports but should encompass a comprehensive strategy that includes technological integration and localized services [13][14] - Wei Jianjun advocates for a multi-power approach in automotive development, emphasizing the need for diverse energy solutions to meet varying global market demands [14][15] Group 4: Future Vision - The industry must transition from a focus on speed to a focus on quality, ensuring that the growth of the automotive sector is sustainable and responsible [10][20] - Wei Jianjun's philosophy of "seeking truth" reflects a commitment to practical solutions and long-term planning, which is essential for the industry's future success [17][21]

Group 1 - In April, BYD achieved a historic milestone in the European electric vehicle market, selling 11,123 units, surpassing Tesla's 6,253 units, and leading in 14 European countries [1] - In Germany, BYD's sales reached 1,566 units, a year-on-year increase of 120%, while Tesla's sales fell by 45.9% to 885 units, showcasing BYD's successful penetration into the market [1] - In the UK, BYD's sales surged by 654% year-on-year to 2,511 units, while Tesla's sales plummeted by 62%, attributed to BYD's strategic partnership with Pendragon [1] Group 2 - During the Milan Design Week, BYD's luxury brand Tengshi made its European debut, with the flagship model Z9GT receiving over 2,000 pre-orders on the first day, 70% of which came from existing BBA customers [2] - BYD has won the "AUTO BEST" annual electric vehicle award in France for two consecutive years, with its design center collaborating with the Paris Fashion Institute, enhancing brand recognition [2] - In April, BYD sold 2,064 units in France, with 35% of sales coming from administrative users, challenging the stereotype of Chinese cars being low-priced and low-quality [2] Group 3 - BYD's breakthroughs in the European market signal that Chinese automakers are capable of competing with international giants in the most stringent markets, marking a shift in the global automotive landscape [3] - The Chinese automotive industry is evolving from simple product trade to a more complex model of "technology + localization + brand premium," indicating a significant transformation in the global electric vehicle sector [3]

Group 1 - The core focus of Chery's IPO is to raise funds for expanding its product lineup, enhancing core technology capabilities, and executing global strategies [1][3] - Chery submitted its IPO application to the Hong Kong Stock Exchange on February 28, 2023, and is currently in the silent period of the listing process [1][3] - The company aims to utilize the raised funds for research and development of various passenger vehicle models and to improve production facilities [1][3] Group 2 - Chery exported approximately 255,000 vehicles in the first quarter of this year, with total overseas sales reaching 1.1446 million units last year [3] - The Shanghai Auto Show 2025 highlighted Chery's internationalization efforts, with the company inviting a record 5,000 overseas guests and partners [3][4] - Chery showcased multiple brands and new models at the Shanghai Auto Show, including the all-new QQ and the瑞虎9L concept car, indicating a shift towards becoming a global technology mobility enterprise [4]

Core Insights - The 2025 Shanghai Auto Show has shifted focus from traffic and celebrity presence to technology and product innovation, marking a return to its essence [1][3][4] - The event has seen a significant increase in international participation, highlighting its global importance in the automotive industry [8][9][12] Industry Trends - The emphasis on rational marketing and safety has become prominent, with companies like BYD and Huawei modifying their product descriptions to prioritize safety over advanced driving features [3][5][7] - The auto show has become a platform for new entrants and established brands to showcase their innovations, with many companies participating for the first time [3][8][14] Technological Developments - The focus on intelligent driving technology remains strong, with companies like GAC Group and NIO discussing the importance of clear communication regarding different levels of driving assistance [5][8] - New advancements in autonomous driving technology were showcased, including L4 level vehicles from GAC Aion and partnerships for advanced systems [7][9][12] Global Engagement - The Shanghai Auto Show has attracted significant international attention, with brands like Chery and Zero Run actively engaging with overseas markets and partners [9][12][16] - The event has facilitated cross-border negotiations and supply chain connections, reinforcing China's position as a major player in the global automotive market [13][16][18] Market Dynamics - The show has highlighted the growing trend of Chinese automotive brands expanding into international markets, with significant participation from overseas dealers and media [12][16][17] - The establishment of a dedicated automotive technology and supply chain exhibition area indicates a rising interest in the supply chain aspect of the automotive industry [13][14]

智通财经记者 | 周姝祺 这种数字变化背后意味着中国已经成为全球汽车产业的中心。数据显示，中国已经连续16年位居全球汽车产销第一，连续10年位居新能源汽车产销第一。在 三电技术、互联网技术以及智能化上和电动汽车产业链上，中国自主品牌成为了新能源和智能化的引领者。 在两年前的上海车展，中国自主品牌应对外国媒体和经销商展现的参展热情还稍显局促，而今年他们已经做足准备，要主动将这场行业盛会转变为品牌全球 化拓展的重要窗口。 多位接受智通财经采访的业内人士指出，上海车展的国际影响力正在日益增强，成为了各国汽车从业人员产品技术交流，以及全球经销商采购和贸易的大舞 台。 小鹏汽车CEO何小鹏近期在百忙之中还加了一项外语课程，为今天举办的全球经销商大会做准备。这家成立10年的造车新势力计划借助本届上海车展，邀请 来自全球40多个国家及地区的经销商，推动更多产品出口海外。 长安汽车在上海车展开展前夕，与来自全球60多个国家和地区的500余家合作伙伴，分享了最新的全球化战略。在车展开幕当天的展台发布会上，可以轻易 发觉参会的海外面孔多达一半以上。长安汽车还为此准备了双语PPT和同传耳麦。 今年上海车展上最直观的感受是，在关税阴 ...

证券分析师 曾朵红 [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：原材料价格波动，销量不及预期。 2025 年 04 月 09 日 证券研究报告·公司点评报告·乘用车 比亚迪（002594） 2025 年一季报预告点评：大超市场预期，全 球化和智能化强化优势 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 602,315 | 777,102 | 983,284 | 1,157,132 | 1,316,140 | | 同比（%） | 42.04 | 29.02 | 26.53 | 17.68 | 13.74 | | 归母净利润（百万元） | 30,041 | 40,254 | 55,021 | 68,294 | 82,111 | | 同比（%） | 80.72 | 34.00 | 36.68 | 24.12 | 20.23 | | EPS-最新摊薄（元/股） | 9.88 | 13 ...

这位香港富商的转型决定背后，趋势已然明了。 香港不相信造车 "鸡汤"。 文丨王笑渔 1983 年，香港出行工具开始逐渐丰富。麦庆德抓住这个时机，做起来了汽车零部件及二手车生意。 不屈不挠、自强不息的狮子山精神，是那一代香港人最宝贵的精神财富。经过四十多年的打拼，卖零件的 麦庆德，如今成了豪华汽车代理集团锦龙汽车的 "掌门人"。麦庆德的手里，除了拥有宾利、兰博基尼的代 理权之外，超跑品牌布加迪在中国唯一的代理也在他的手中。在业余时间，他甚至还是一位亚洲保时捷卡 雷拉杯的车手。 就是这样一个爱车玩车、卖遍传统豪车的麦庆德，在 2023 年为锦龙做了一个具有转折意义的决定——成 为 "中国汽车品牌" 极氪，在香港及澳门市场的进口商。很快，位于湾仔的香港首家极氪陈列馆在去年底 开业。今年 7 月 22 日，位于太古湾道 12 号的极氪香港第二家门店正式开业，右舵版的极氪 X 和全新极 氪 009 也同步开售。 2023 年，在 "一换一" 计划（油车换电车）的加持下，香港的电动车渗透率（约 60%）已经超过了内地 （约 30%）。根据运输署的数据显示，2023 年 1-12 月，香港新登记私家车总数达 4.4 万辆， ...