格隆汇8月18日｜平安证券研报指出，长城汽车全新坦克500智享版开启预售，此次新款坦克500共推出 两个版本，其中Hi4-Z智享版预售价38.88万元，Hi4-T智享版预售价36.00万元，预售24小时订单突破 11000台。公司的坦克品牌所处的细分赛道用户粘性强，坦克品牌目前已经构建起越野领域的护城河， 品牌保值率高，在《2025Q1中国汽车保值率排行榜》中，坦克成为国内唯一3年保值率攀上60%的国产 品牌，而根据坦克SUV公众号披露，坦克300三年保值率64.57%，位居紧凑型SUV保值率第一名。认为 长城汽车的越野技术及品类护城河高，混动技术架构持续丰富+越野及泛越野品类特色持续锐化，通过 Hi4-Z技术及智能化的技术加持，坦克品牌有望从小众走向大众，应用场景的多元化将带来更广阔的想 象空间。根据最新情况，调整公司2025~2027年净利润预测为147亿/159亿/183亿元（此前预测值为154 亿/169亿/182亿元），维持公司"推荐"评级。 ...

Core Viewpoint - Zeekr has officially entered the hybrid market with the launch of its first plug-in hybrid model, the 9X, based on the new Haohan-S architecture, marking a significant shift from its initial focus on pure electric technology [1][3]. Group 1: Product Launch and Features - The 9X is the first plug-in hybrid model from Zeekr, showcasing the company's new Haohan-S architecture [1]. - The 9X boasts the longest pure electric range (380 km CLTC), fastest charging time (20%-80% in just 9 minutes), and quickest acceleration (0-100 km/h in 3.1 seconds) among global hybrid SUVs [3]. - The vehicle features advanced intelligent driving capabilities, including the highest version of Geely's Qianli Haohan H9 solution, dual NVIDIA Thor-U chips, and five lidar units, targeting L3 autonomous driving [3]. Group 2: Market Strategy and Positioning - Zeekr's entry into the hybrid market aligns with Geely's broader strategy, which includes launching multiple six-seat SUVs, with the 9X positioned alongside the Lynk & Co 900 and Galaxy M9 [4]. - Geely's senior executives emphasize a strategic collaboration among its brands to capture top positions in various SUV market segments [4]. - The company is adjusting its distribution strategy, maintaining a direct sales model in major cities while exploring agency models in smaller markets, with plans to establish around 100 agency channels this year [4].

Core Insights - Zeekr officially announced the "Horizon-S" super electric hybrid technology architecture on July 9, with the first model being the full-size luxury flagship SUV Zeekr 9X [1] - "Horizon-S" is the industry's first luxury electric hybrid architecture built on a pure electric platform and the world's first full-stack 900-volt high-voltage hybrid architecture [1] - The super electric hybrid based on "Horizon-S" enables the Zeekr 9X to achieve a 6C ultra-fast charging capability and features the world's first hybrid megawatt electric drive, with the longest CLTC pure electric range for hybrid SUVs reaching 380 kilometers [1]

Core Viewpoint - The launch of the Great Wall G series hybrid heavy-duty truck marks a significant step in the company's strategy to innovate within the commercial vehicle sector, focusing on cost reduction and efficiency improvements for logistics operations [1][5][9] Group 1: Product Launch and Features - The Great Wall G1050 hybrid heavy-duty truck is officially launched with a starting price of 536,600 yuan, featuring a self-developed "power brain" chip and a dual-motor DHT hybrid transmission, delivering 1,050 horsepower and reducing fuel consumption by 15%-25% [1][6] - The upcoming G970 model is designed to cater to diverse logistics needs, particularly for general cargo and high-efficiency express delivery scenarios [3] Group 2: Market Context and Strategy - The commercial vehicle market in China is experiencing intense competition, with a reported 9% decline in overall sales and a 5% drop in truck sales in 2024, attributed to weak domestic demand and excess capacity [3][5] - Great Wall Motors' chairman, Wei Jianjun, emphasizes that the company's entry into the heavy-duty truck market represents a second entrepreneurial venture, aiming for long-term growth despite current market challenges [3][5] Group 3: Value Proposition and Innovation - Great Wall Motors is redefining the heavy-duty truck concept by focusing on a comprehensive value chain approach, aiming to reduce costs for owners, simplify operations for managers, and ease driving for operators [5][6] - The hybrid technology is positioned as a key differentiator, utilizing advanced features such as a low-drag design and intelligent coasting to lower operational and maintenance costs [5][6] Group 4: Competitive Advantages and Market Positioning - The G series hybrid heavy-duty truck has demonstrated a fuel efficiency improvement of 8.4 liters per 100 kilometers compared to high-end imported trucks, achieving a total fuel savings rate of 19.8% [6] - Great Wall Motors is introducing attractive sales incentives, including a "money-back guarantee" for fuel savings, three years of comprehensive maintenance, and a guarantee that the vehicle's residual value will not fall below 50% after three years [6][9]

Core Viewpoint - Audi has decided to abandon its plan to stop producing internal combustion engine vehicles by 2033, influenced by the strong rise of the Chinese automotive industry [4][8]. Group 1: Industry Trends - Major automotive companies, including Mercedes-Benz and Volvo, are also reconsidering their electric vehicle (EV) strategies, delaying their transition away from internal combustion engines [6][8]. - The initial push towards electrification by traditional luxury car manufacturers occurred in 2021, coinciding with the EU's stringent environmental regulations and China's burgeoning EV market [6][7]. Group 2: Market Performance - Despite the rapid growth of EVs, traditional automakers are facing challenges in the Chinese market, where their EV sales have not met expectations [8][10]. - In 2023, the sales figures for pure electric vehicles were relatively low: Mercedes sold 185,000 units (10% of total sales), Audi sold 164,000 units (10%), and BMW sold 427,000 units (17%) [10][11]. Group 3: Strategic Adjustments - The automotive giants are reassessing their timelines for phasing out internal combustion engines due to disappointing EV sales and profitability challenges [11][12]. - Companies like Audi and Mercedes are extending the production cycles of their internal combustion engine models while also planning to introduce new hybrid models [12][15]. Group 4: Hybrid Technology Focus - The shift towards hybrid vehicles is seen as a strategic response to market conditions, with companies planning to offer a mix of internal combustion, hybrid, and electric vehicles [15][17]. - The market share for hybrids is projected to grow significantly, with estimates suggesting that by 2025, hybrid vehicles could capture around 40% of the market [17][18]. Group 5: Future Outlook - Experts predict a future automotive market divided among pure electric, hybrid, and internal combustion vehicles, with a potential balance of 30% each for electric and hybrid, and 40% for combustion by 2030 [18].

Group 1 - Chery launched the new fuel vehicle Aiyreze 8 PRO, emphasizing its capability as a family car that can also perform on the racetrack. The Aiyreze 8 series has achieved global sales of over 400,000 units in 33 months since its launch [7] - Leap Motor announced that its cumulative delivery volume has surpassed 800,000 units, with the 2026 model of the C16 officially launched and deliveries commencing nationwide. In May, Leap Motor delivered 45,067 vehicles, a year-on-year increase of over 148%, setting a record for monthly deliveries [1][5] - Geely introduced the industry's first AI-powered intelligent power domain system, Starry AI Cloud Power 2.0, which enhances the efficiency of its hybrid engine from 46.5% to 47.26%. The hybrid vehicle market in China has seen a tenfold increase in sales from 2020 to 2023 [2][5] - Zotye Auto announced a warning regarding potential delisting risks due to a lack of operational funds, with no vehicle production this year and only 14 units shipped to Algeria. The company faces financial risks and operational crises if it cannot resume production by 2025 [3][5] Group 2 - Buick has introduced a 1:1 compensation policy for its new electric vehicle E5, promising to replace the vehicle if it catches fire due to battery quality issues within one year of delivery. The starting price for the new Buick E5 is 149,900 yuan [4][5] - Safety concerns regarding electric vehicles are significant for consumers, with a reported 32% increase in self-ignition rates for new energy vehicles in the first quarter of 2023, averaging eight incidents per day [6]

Core Insights - The core viewpoint of the articles is that domestic brands in China, particularly Geely, are making significant advancements in hybrid technology, exemplified by the launch of the Raytheon AI Electric Hybrid 2.0, which integrates AI to enhance fuel efficiency and performance [1][2]. Group 1: Technological Advancements - Geely's Raytheon AI Electric Hybrid 2.0 features multiple technological pathways, including Raytheon EM-i AI hybrid and Raytheon EM-P AI hybrid, showcasing rapid iteration in hybrid technology [1]. - The AI integration allows the system to predict road conditions, make intelligent judgments, and actively optimize fuel consumption, achieving a fuel consumption of 2.49L per 100km, which is over 30% lower than traditional hybrid systems [1][2]. Group 2: Market Growth and Competition - The hybrid vehicle market in China has seen a tenfold increase in sales from 2020 to 2023, with projections indicating that hybrid vehicle sales will reach 7.252 million units in 2024, capturing 40% of the new energy vehicle market [3]. - Domestic automakers, including Great Wall, BYD, and Chery, are intensifying their focus on hybrid technology, contributing to a competitive landscape as new entrants like Avita and Xiaopeng also explore hybrid offerings [3]. Group 3: Global Market Dynamics - Chinese brands have made significant inroads in the European market, with a 78% year-on-year increase in registrations, reaching a record 150,000 units, while plug-in hybrid sales surged by 368% [4]. - Despite advancements, Chinese automakers face challenges in the global hybrid market, particularly from Japanese brands like Toyota and Lexus, which still dominate with 80% market share [6].

Core Viewpoint - The article discusses the challenges and strategies of Great Wall Motors, particularly focusing on the brand Wei and its new models, emphasizing the need for industry transparency and innovation in response to market competition [2][9]. Sales Performance - In May, Great Wall Motors sold 102,231 vehicles, marking an 11.78% year-on-year increase. The main brands, Haval and Tank, sold 57,693 and 20,900 units respectively, with significant growth in the WEY brand at 115.27% [3][4]. - The cumulative sales for the year reached 459,099 units, showing a slight decline of 0.54% compared to the previous year [3]. Wei Brand Development - The Wei brand achieved a remarkable 115% year-on-year increase in sales, totaling 24,000 units in the first five months of the year, largely due to the launch of new models [4][8]. - The new models, the Gao Shan 8 and Gao Shan 9, are positioned in the family MPV segment, with prices set at 309,800 and 353,800 yuan respectively [6][7]. Product Features and Market Positioning - The Gao Shan series aims to meet user demands by offering spacious designs and advanced features, such as a flat floor and flexible seating arrangements [6][7]. - The interior materials are selected to enhance comfort and reduce harmful emissions, with a focus on family usability rather than purely luxury [7]. Technological Advancements - Both the Gao Shan SUV and MPV series are equipped with Hi4 hybrid technology and Coffee Pilot Ultra intelligent driving systems, enhancing their market competitiveness [9][10]. - Great Wall Motors has significantly increased its R&D spending from 2.572 billion yuan in 2014 to 9.284 billion yuan in 2024, supporting its commitment to innovation [10]. Channel Strategy - Great Wall Motors is transitioning to a direct sales model for the Wei brand, aiming to build trust with customers through enhanced service rather than traditional sales tactics [11]. - The company plans to expand its user centers from 430 to 600, covering over 200 cities, to strengthen its market presence [10][11].

Core Viewpoint - The article highlights the successful testing of the Maher electric hybrid vehicle in extreme cold conditions, showcasing advancements in technology that enhance performance and efficiency in low temperatures [1][3][4]. Group 1: Vehicle Performance - The Maher electric hybrid vehicle demonstrated excellent endurance and stable power output even at temperatures as low as -40℃, successfully starting within 0.6 seconds after being stationary for 12 hours in extreme cold [1]. - The hybrid engine features a thermal efficiency that exceeds 45%, with a cold start time that is 30% faster than international competitors [3]. Group 2: Technological Innovations - Maher Power has introduced four groundbreaking technologies that set new industry standards, including variable cross-section turbocharging, low-pressure cooled EGR, high-pressure four-injection technology, and ultra-lightweight pistons [3]. - The company has developed unique solutions to enhance battery insulation and performance in cold environments, including the use of new insulation materials and AI energy distribution strategies [4]. Group 3: Recognition and Achievements - Maher Power has received multiple domestic and international awards, including the "Top Ten Engines of China" and "World's Top Ten Electric Drives," reflecting its innovative capabilities [7]. - The company has filed 650 patent applications, indicating a rapid innovation pace with a new invention every three days [7].

Core Insights - The 21st Shanghai Auto Show showcased FAW Toyota's commitment to innovation and strategic development, highlighting its impressive market performance with a 9.6% year-on-year increase in new car sales in Q1 2025, totaling 172,461 units [1] - FAW Toyota's electric vehicle sales reached 87,476 units in Q1, accounting for 51% of total sales, reflecting a growth of over 27% year-on-year [3] - The new Prado model, launched in February, aims to reshape the rugged SUV market and enhance brand positioning, featuring advanced hybrid technology and a robust design [4][6] Sales Performance - In March 2025, FAW Toyota sold 71,025 new vehicles, marking a significant year-on-year growth of 22.3%, making it one of the few joint ventures to maintain positive growth [1] - High-end models based on the TNGA-K platform saw sales of 101,466 units, representing 59% of total sales and a remarkable 39% increase year-on-year [3] Product Innovation - The new Prado features a 2.4T hybrid system with a combined power output of 243 kW and peak torque of 630 N·m, improving low-speed off-road capabilities by 37% compared to the gasoline version [7] - The Prado's fuel consumption is reduced to 10L per 100 km, a 30% decrease from previous models, balancing strong performance with fuel efficiency [7] Market Strategy - The introduction of the "Time Renewal Plan" offers users a vehicle age appreciation subsidy, potentially providing up to 30,000 yuan in trade-in benefits, thus lowering replacement costs by 30% [9] - FAW Toyota's innovative marketing approach transforms vehicle ownership into an asset-building experience, enhancing market competitiveness [11] Diverse Product Lineup - FAW Toyota's presence at the auto show included a wide range of vehicles across sedans, SUVs, MPVs, and electric models, showcasing its comprehensive strategic vision [12] - The bZ5 electric vehicle emphasizes safety and intelligent features, with a price range of 130,000 to 160,000 yuan, highlighting FAW Toyota's commitment to the electric vehicle market [13][15] Future Outlook - FAW Toyota's advancements in hybrid technology, intelligent systems, and diverse product offerings position it well for future industry challenges, with the new Prado set to lead in the rugged SUV segment [16]