12月中旬的深圳水贝，初冬的微凉被市场里的烟火气悄悄消融。水贝黄金珠宝交易市场，人流依旧熙攘，金光闪闪的饰件、耳畔萦绕着轻柔的询价声，唯 有柜台上方滚动的金价大屏，默默诉说着一场行业变革的悄然落地——区分"投资金"与"首饰金"的双标价显示，标注着黄金税改"满月"以来，这座中国最 大黄金集散地的理性与成长。 国际珠宝网 11月初，财政部、国家税务总局联合发布的黄金税收新政正式实施，这场被业内称为"黄金史上最严"的税改，以规范行业生态、厘清投资与消费边界为核 心，打破了水贝市场长期以来的经营惯性。一个月过去，实地探访发现，从初期的恐慌观望到如今的主动破局，从"价格战"的内卷到"价值战"的深耕，水 贝没有被变革击垮，反而在阵痛中孕育新生，在合规与温度的平衡中，走出了一条高质量发展的新路径。 税改"立规"：厘清边界，让黄金回归本真价值 税改的核心发力点，是厘清黄金"投资属性"与"消费属性"的边界，倒逼行业告别灰色地带，走向阳光化发展。这一变化，在水贝的金价波动与商户心声 中，显得尤为真切。 商户"破局"：多元突围，在变通中守护烟火生机 税改带来的冲击，最先传导至市场的每一位商户。对于依赖黄金零售、原料交易的中小商户而 ...

Core Insights - Mercedes-Benz is undergoing a significant upgrade of its core models, including the long-wheelbase C-Class, E-Class, S-Class, and various SUVs, reflecting a strategic commitment to local market demands and competitive positioning [1][11] Product Upgrades - The long-wheelbase C-Class now features the M254 2.0T engine, standard 360° intelligent parking, and heated front seats, enhancing overall value by 45,000 yuan [5] - The E-Class family has introduced the E260L classic version, with standard navigation assistance and automatic anti-glare rearview mirrors, reinforcing its position as a luxury sedan [5] - The flagship S-Class has integrated features like navigation assistance and air suspension across all models, with the new S400L special edition offering additional luxury options [7] - The GLB SUV has launched the GLB220 classic edition, enhancing its sporty appeal while maintaining practical features like intelligent navigation assistance [9] - The GLS SUV, built on the MHA platform, balances on-road comfort and off-road performance, with added luxury features in higher trims [9] Market Strategy - The automotive industry is experiencing unprecedented changes, with the luxury car market entering a phase of rational adjustment after explosive growth [11] - Mercedes-Benz's upgrades reflect a shift from "function chasing" to "value weighing," addressing the evolving preferences of consumers [13] - The company emphasizes a strategy of "value upgrades rather than price competition," aiming to expand its user base without compromising luxury attributes [15]

转自：新华财经 9月29日，中国新能源汽车行业再次迎来重磅产品。极氪品牌正式发布全球首款900V混动超豪华SUV——极氪9X，推出Max版、Ultra版、Hyper版以及曜黑 版四款配置，官方指导价区间为46.59万元至59.99万元起，强势切入豪华市场。 新车上市仅13分钟，大定订单已突破万台，市场消息显示，极氪9X目前产能优先满足国内需求，海外版本暂未开启发售，多个海外经销商已开始加价5 万-10万求购国内订单。预售期还吸引卡塔尔、阿曼驻华大使现场下订，迪拜媒体实名赞誉，极氪9X这一系列市场火热反应，传递出一个强烈信号：在新能 源时代，中国品牌正以硬核技术实力，重新定义豪华车的价值标准。 超越"性价比"：以技术领先性确立价值新锚点 长期以来，中国汽车品牌在冲击高端的道路上，常陷入"材料堆砌"与"性价比"的话语体系，难以真正撼动传统豪华品牌以百年积淀构筑的价值壁垒。极氪9X 的破局之道，是从根源上颠覆这一逻辑，以一系列具备代际领先意义的全球首创技术，构建起全新的价值评估体系。 极氪9X并非简单的配置升级，而是带来了混动技术路线的系统性革新：全球首搭全栈900V高压混动架构，一举解决传统400V混动体系"纯电 ...

Core Viewpoint - Zeekr Technology has reported strong financial performance in Q2, with total revenue reaching 27.431 billion yuan and a record gross margin of 20.6%, driven by the strategic integration with Lynk & Co [1][2]. Financial Performance - Total revenue for Zeekr Technology in the first half of the year was 49.450 billion yuan, with a year-on-year growth of 14.5% in vehicle deliveries, totaling 244,900 units [2]. - The operating profit for Q2 was 285 million yuan, marking the first positive operating profit for the company [1]. - The gross margin for complete vehicles reached a historic high of 17.3%, an increase of 5.8 percentage points year-on-year [1]. Strategic Integration - The strategic integration of Zeekr and Lynk & Co has led to significant cost reductions and improved financial performance, with management expecting further benefits from scale effects [2]. - The integration has resulted in a decrease in R&D expenses, with Q1 at 2.9 billion yuan and Q2 at 2.15 billion yuan [1][2]. Market Positioning - Zeekr is positioned as a luxury technology brand, achieving a sales volume of 91,000 units in the first half of the year, a 3% increase year-on-year [2]. - The average price of Zeekr vehicles is nearly 300,000 yuan, indicating a focus on high-value offerings [5]. Product Development - Zeekr is set to launch the Zeekr 9X, a flagship luxury SUV, in August, which will feature advanced technology and assistive driving capabilities [6][7]. - The company aims to enhance its product matrix in the second half of the year, focusing on both brand elevation and user satisfaction [7]. Competitive Landscape - Zeekr has achieved a record of producing its 500,000th vehicle in just 44 months, the fastest in the global luxury electric vehicle segment [3]. - The company is competing effectively in the high-end luxury market, with its Zeekr 009 series leading in sales among MPVs priced above 400,000 yuan [5].

Core Insights - The latest data from the Ministry of Commerce indicates that as of May 11, 2025, the number of applications for the vehicle trade-in subsidy reached 3.225 million, with 1.035 million for scrapping and 2.19 million for replacement [2] - The domestic passenger car market maintained a growth rate of over 10% in April, driven by various promotional policies and incentives from local governments, automakers, and dealers [2] - In April, retail sales of new energy passenger vehicles reached 905,000 units, a year-on-year increase of 33.9%, accounting for 51.5% of the passenger car market, up 7 percentage points from the same period last year [2] Market Dynamics - The competition between traditional and new energy vehicles is intensifying, with A00 and A0 class electric vehicles showing higher cost-effectiveness under subsidies, while B-class vehicles saw only a 20% growth and a 7 percentage point decline in market share [3] - Major automakers like BYD and Geely are launching low-priced models to capture the sinking market, while mid-to-high-end brands face intense competition from models like Model Y and Xiaomi SU7 [3] - Analysts suggest that balancing scale expansion with profitability will be crucial for automakers in the second half of the year [3] Price War Trends - The price war in the automotive market is showing signs of cooling, with only 14 models seeing price reductions in April, a significant drop from 41 in April last year [4] - The promotional discount for traditional fuel vehicles was 22.2%, a slight increase from the previous month, remaining stable for 10 consecutive months [4] - The shift from "price for volume" to "value upgrade" is noted as a long-term competitive strategy among automakers, supported by government policies and market recovery [5] Sales and Inventory - In April, wholesale sales of domestic passenger vehicles increased by 10.7% year-on-year to 2.19 million units, marking the first time in history that monthly sales exceeded 2 million units [5] - The cumulative wholesale volume for the first four months reached 8.468 million units, a year-on-year increase of 11.1% [5] - Automakers are now focusing on "implicit discounts" and enhancing customer experience through improved features and services [5] Brand Performance - The market share gap between brands is widening, with mainstream joint venture brands experiencing a 3% decline in retail share, while domestic brands saw an 8% increase, reaching 65.5% [6] - In the new energy vehicle segment, domestic brands dominate with a penetration rate of 72.8%, compared to only 6.8% for mainstream joint venture brands [6] - The proportion of replacement buyers in the trade-in market has risen to 70%, while first-time buyers have decreased to 31%, indicating a shift in consumer behavior [6] Future Outlook - The automotive market is expected to see a significant increase in sales in May due to policy incentives, new car launches, and promotional events [7] - The competition among automakers is anticipated to intensify in the second half of the year, with a focus on diverse strategies to enhance product competitiveness [7] - There is a possibility of a renewed price war in the second half of the year, driven by favorable market conditions and decreasing lithium carbonate costs [7]