西南证券近日发布汽车行业周报：9月1-27日乘用车零售177.6万辆，同比持平，环比增 长12%；今年以来累计零售1654万辆，同比增长8%。9月1-27日，新能源乘用车零售103.9万 辆，同比增长9%，环比增长17%，渗透率58.5%；累计零售860.9万辆，同比增长24%。 以下为研究报告摘要： 投资要点 新能源汽车：9月1-27日，新能源乘用车零售103.9万辆，同比增长9%，环比增长17%， 渗透率58.5%；累计零售860.9万辆，同比增长24%。相关标的：比亚迪（002594）、吉利汽 车（0175.HK）、新泉股份（603179）、星宇股份（601799）、多利科技（001311）、川环 科技（300547）、无锡振华（605319）。 智能汽车：智能汽车方面，9月29日迎来多项关键进展，技术层面，九识智能全球首发 L4.5级自动驾驶技术，实现无高精地图全域通行、动态调整路径等三大突破，标志行业迈入 规模化商用元年；头部企业方面，华为同步披露乾崑智驾系统已搭载超100万辆车，累计辅 助驾驶里程破50亿公里，并明确2027年L3规模放量的发展路线图；场景落地层面，自贡市 当日开放879公里无人车 ...

Core Viewpoint - The recent appointment of Jiang Hairong, former CMO of Honor, as CEO of Deep Blue Automotive under Changan Automobile highlights a strategic move to enhance marketing capabilities within the company, which has faced challenges in effectively communicating its product advantages [2][11][17]. Group 1: Jiang Hairong's Background and Experience - Jiang Hairong has a long history in the tech industry, having joined Huawei in 2005 and later becoming a key figure in Honor's marketing strategy, significantly boosting the brand's presence in international markets [5][11]. - Under his leadership, Honor achieved remarkable sales milestones, including breaking sales records for the Honor X50 smartphone, which sold over 10 million units by May 2024 [8][11]. Group 2: Deep Blue Automotive's Current Situation - Deep Blue Automotive, a subsidiary of Changan Automobile, has launched six models priced between 150,000 to 350,000 yuan, targeting young consumers [12]. - The brand has seen a significant year-on-year sales increase of 64.6%, with a total of 198,640 vehicles sold this year, although it has only achieved 39% of its 2025 sales target of 500,000 units [12][13]. Group 3: Marketing Challenges - Deep Blue Automotive has struggled with marketing, as highlighted by former CEO Deng Chenghao, who noted that the team is heavily focused on R&D, with marketing efforts only being systematically developed since 2022 [13]. - The company has faced public relations issues, including two apologies in May for controversial marketing practices, indicating a need for improved customer engagement strategies [14]. Group 4: Future Implications - Jiang Hairong's expertise in brand positioning and storytelling is expected to address the current marketing deficiencies at Deep Blue Automotive, potentially leading to more effective communication of product advantages [17].

Core Viewpoint - Huawei's automotive business is rapidly maturing, having established partnerships with all eight major state-owned car manufacturers in China, as well as several luxury brands, indicating a significant shift in the automotive landscape towards smart technology integration [4][10][11]. Huawei's Automotive Business Development - Huawei's automotive division originated from its vehicle communication sector and officially entered the automotive field in May 2019 with the establishment of the Intelligent Automotive Solutions Business Unit [5]. - The company has developed three main collaboration models with car manufacturers: component supply model, Hi (full-stack intelligent automotive solutions) model, and Hongmeng Zhixing (originally "Smart Choice Car") model [6]. - Huawei's automotive structure has solidified over six years, with its automotive business divided into two parts: the component supply model and the Hi model, both under Shenzhen Yingwang Intelligent Technology Co., Ltd. [6][9]. Recent Collaborations and Product Launches - The recent partnership between FAW Hongqi and Huawei marks a new phase for Huawei's automotive business, with plans to develop a flagship model named "Hongqi 9 Series," expected to launch in 2026 [10][11]. - Huawei's Hongmeng Zhixing model has achieved significant milestones, with cumulative deliveries surpassing 900,000 vehicles, indicating a successful transition from exploration to commercial expansion [11][12]. Competitive Landscape in the Automotive Industry - The automotive industry is evolving into a competitive landscape featuring traditional automakers, BYD, new energy vehicle startups, and technology companies like Huawei, highlighting a trend of accelerated transformation and cross-industry penetration [14]. - Huawei's growing influence and technology integration are expected to reshape the competitive dynamics, with potential challenges from other players like BYD and Tesla [14][15]. Future Prospects and Challenges - Huawei aims to become a core technology provider in China's smart automotive sector, leveraging its strengths in communication, chips, and intelligent driving solutions to enhance domestic brands' competitiveness [15]. - Despite rapid growth, Huawei faces challenges such as differentiation among its vehicle models and the need for rigorous testing of its technologies to ensure safety and compliance with regulations [16][17].

Core Viewpoint - Huawei's automotive business is rapidly maturing, having established partnerships with all eight major state-owned car manufacturers in China, as well as several luxury brands, indicating a significant shift in the automotive landscape towards smart technology integration [1][3][6]. Group 1: Huawei's Automotive Strategy - Huawei's automotive division evolved from its vehicle communication segment, officially entering the automotive sector in May 2019 with the establishment of the Intelligent Automotive Solutions Business Unit [2]. - The company has developed three main collaboration models with car manufacturers: component supply, Hi (full-stack intelligent automotive solutions), and Hongmeng Zhixing (originally "Smart Choice Car") [2]. - Huawei's automotive structure has solidified over six years, with its automotive business divided into two main parts: the component supply and Hi models under Shenzhen Yingwang Intelligent Technology Co., and the Hongmeng Zhixing model under Huawei's terminal BG [2][5]. Group 2: Recent Developments and Collaborations - The recent partnership between FAW Hongqi and Huawei marks a significant milestone, with plans to develop a new flagship model, the "Hongqi 9 Series," expected to launch in 2026 [3]. - Huawei's automotive technology has gained recognition from all major state-owned car manufacturers, with additional collaborations with BYD and several German luxury brands [3][6]. - The cumulative delivery of Hongmeng Zhixing vehicles has surpassed 900,000 units, indicating a successful transition from exploration to commercial expansion [5][6]. Group 3: Competitive Landscape - The automotive industry is witnessing a shift in competition, with traditional manufacturers, BYD, and new entrants like NIO and Xpeng emerging alongside Huawei [7][8]. - Huawei's technology is expected to accelerate the smart transformation of the Chinese automotive industry, helping domestic brands compete more effectively against international luxury brands [8][9]. - The Hongmeng Zhixing model is becoming a benchmark in the high-end automotive market, potentially positioning Huawei as a leading platform provider in the global automotive smart technology sector [9].

Group 1 - The automotive industry is facing challenges in monetizing software subscription models, with many companies unable to provide a clear timeline for profitability through this approach [1][2][3] - The emergence of a "free alliance" among domestic automakers, offering advanced driver assistance systems (ADAS) as standard features, has raised concerns about the sustainability of the software subscription model [1][8] - Bosch's call for not promoting high-level intelligent driving systems for free highlights the potential risks to the future profitability of the automotive sector [1][7] Group 2 - Global automakers initially viewed software subscriptions as a key revenue model, but the trend towards free offerings in China has led to a reevaluation of this strategy [2][5] - Companies like Tesla and Huawei remain committed to charging for software, with Tesla's Full Self-Driving (FSD) priced at 64,000 yuan, indicating a willingness to pay for advanced technology [2][13] - The competitive landscape has shifted, with many Chinese automakers adopting a model of embedding hardware and offering software for free, aiming to increase usage and data collection [9][10] Group 3 - The feasibility of subscription models is questioned due to consumer expectations for free access to intelligent driving features, making it difficult for companies to charge for software [3][12] - The hardware subscription model has seen limited success, with luxury brands experimenting but facing backlash from consumers who feel they should not pay extra for features already included in the vehicle [4][5] - The potential for a successful subscription model may depend on the development of higher-level autonomous driving technologies, which could change consumer willingness to pay [12][13] Group 4 - The automotive industry is experiencing a shift towards standardizing high-level intelligent driving systems, with many new models offering these features at no additional cost [8][9] - Companies are exploring various pricing strategies, including limited-time free access and one-time buyouts, to encourage adoption of intelligent driving technologies [9][10] - The long-term viability of subscription models remains uncertain, with industry experts suggesting that only a few companies may successfully implement them due to ongoing price competition [12][14]

Group 1 - The core viewpoint of the articles highlights the concern that free promotion of advanced driving assistance systems (ADAS) could undermine the profitability of the automotive industry, as emphasized by Bosch's president in China, Wu Yongqiao [2][7] - The trend of "free high-level intelligent driving" is gaining traction among domestic automakers, with companies like Chery, Leap Motor, BYD, and Xpeng announcing that their entire model ranges will be equipped with advanced ADAS, leading to over a hundred models being offered [2][8] - The expectation of profitability through software subscription models has become uncertain, with industry insiders stating that discussions on software subscription profitability are currently not feasible [2][5] Group 2 - International automakers are prioritizing "sustainable revenue" and have begun charging subscription fees for embedded hardware features, although this approach has faced backlash from domestic consumers [3][5] - Tesla and Huawei are strong proponents of software charging, with Tesla's Full Self-Driving (FSD) priced at 64,000 yuan, while Huawei has increased the price of its Qian Kun intelligent driving system by 2,000 yuan [3][12] - The consensus among industry experts is that the realization of a paid subscription model is more challenging than anticipated due to intense price competition and consumer expectations for free features [3][11] Group 3 - The feasibility of hardware subscription models has diminished significantly, with luxury brands still experimenting with them despite low consumer uptake [4][5] - BMW and Mercedes-Benz have faced criticism for charging fees for features that are standard in many domestic vehicles, leading to adjustments in their subscription strategies [4][5] - The trend of free high-level intelligent driving features is seen as a way to build consumer habits and dependencies, but there is skepticism about the potential for high subscription rates post-free periods [9][10] Group 4 - The articles suggest that the subscription model for software may be collapsing, with experts indicating that a successful implementation would require overcoming fierce competition and establishing significant technological barriers [11][12] - The potential for consumers to pay for advanced driving technologies may increase with the advent of Level 3 autonomous driving, but achieving a consensus among automakers on subscription models remains challenging [11][12] - The automotive industry is experiencing a shift where hardware upgrades are seen as the foundation for profitability, with companies like Horizon predicting a profitability turning point by 2027 [12][13]

Core Insights - BMW has partnered with Momenta to develop a dedicated intelligent driving assistance solution for the Chinese market, marking its entry into the smart driving sector among the German luxury carmakers [1][2] - The collaboration aims to address the growing demand for intelligent driving in China, which is seen as a critical market for BMW's future growth [1][5] Group 1: Market Position and Strategy - BMW's electric vehicle deliveries reached 220,500 units globally in the first half of the year, a 15.7% increase year-on-year, accounting for 18.3% of total deliveries [2] - Despite strong global performance, BMW's sales in China fell by 15.5% in the same period, highlighting the need for a strategic shift to regain market share [3][5] - The partnership with Momenta is a response to the competitive landscape in China, where local brands are gaining traction [5][10] Group 2: Technological Development - BMW's decision to collaborate with Momenta follows a thorough evaluation of multiple intelligent driving solution providers, indicating a cautious yet strategic approach to technology adoption [2][7] - The new intelligent driving solution will be integrated into several upcoming models, including the new generation vehicles set to launch next year [1][8] - BMW's focus on safety and proven technology is evident in its choice of Momenta, which has prior experience with mass production in partnerships with other automotive brands [7][9] Group 3: Competitive Landscape - The collaboration reflects a broader trend among German automakers (BBA) to prioritize practical and localized solutions in response to the unique demands of the Chinese market [10][11] - BMW faces competition not only from its German counterparts but also from local Chinese brands like Li Auto and WM Motor, which are rapidly advancing in the electric and intelligent driving sectors [5][10] - The shift towards a more pragmatic approach in intelligent driving development is essential for BMW to maintain its competitive edge in the evolving automotive landscape [10][11]

Core Insights - Avita reported impressive sales figures, achieving 12,767 units sold in May, representing a year-on-year increase of 179%, marking a historical high and surpassing 10,000 units for three consecutive months [2] - The sustained sales growth is attributed to Avita's "four-car linkage" product strategy, with a cumulative sales figure of nearly 50,000 units from January to May and over 150,000 units since the brand's inception [3] Group 1: Sales Performance - In May, Avita's sales reached 12,767 units, a 179% increase year-on-year, and has maintained over 10,000 units sold for three consecutive months [2] - Cumulatively, Avita sold nearly 50,000 units from January to May, with total deliveries exceeding 150,000 units [3] Group 2: Product Strategy - Avita plans to launch the upgraded Avita 12, Avita 06, and Avita 07 by 2025, creating a complete product matrix covering the price range of 200,000 to 400,000 yuan [3] - The Avita 06 is positioned as "the first luxury car for young people," while the Avita 12 aims to meet high-end market demands with its attractive design and advanced technology [3] Group 3: Global Expansion - Avita has accelerated its global strategy, having made successful entries into ASEAN and Middle Eastern markets, with plans to cover 50 countries by 2025 and enter the European market by 2026 [3] - The brand's recent launch in Hong Kong and the limited edition Avita 012 showcase its commitment to establishing a presence in the international luxury market [3] Group 4: Technological Advancements - Avita integrates top-tier technology from partners like Huawei and CATL, achieving a 100% satisfaction rating in consumer surveys for its intelligent systems [4] - The brand's electric models utilize advanced battery technology, enhancing performance and charging speed, while the "Taihang Intelligent Control Chassis" improves ride comfort [4] Group 5: Marketing and Brand Awareness - Avita has engaged in innovative marketing strategies, such as collaborating with CATL and Mango TV to create a program that merges technology and culture, increasing brand visibility [4] - The brand's presence at the 2025 Guangdong-Hong Kong-Macao Greater Bay Area Auto Show attracted significant attention, reinforcing its status as a leading new energy brand [4] Group 6: Future Plans - Avita aims to launch 17 new models, including SUVs, sports cars, and MPVs, by 2030, focusing on high aesthetics, intelligence, and value [6] - The company is positioned to become a benchmark brand in the high-end intelligent electric vehicle market, supported by its comprehensive capabilities in technology, channel development, and global strategy [6]