雷递网 雷建平 8月23日 继蔚来、理想汽车、小鹏汽车、零跑汽车之后，港股将再次迎来一家新能源汽车企业上市。 东风集团股份（0489.HK）昨日发布公告称，旗下子公司岚图汽车将以介绍上市方式登陆港股，东风集团股份将同步完成私有化退市。 根据公告，本次交易采用"股权分派+吸收合并"的组合模式，第一步，东风集团股份将其持有的岚图汽车79.67%股权按持股比例向全体股东分派，岚图汽 车再以介绍上市方式登陆港交所。 第二步，东风汽车在境内全资子公司东风汽车集团（武汉）投资有限公司作为吸并主体，向东风集团股份的控股股东东风汽车支付股权对价，向其他小股 东支付现金对价，实现对东风集团股份的100%控制。 岚图汽车将以介绍上市方式登陆港股 根据建议交易，东风集团股份H股股东将通过分派及介绍上市，就于分派记录日期持有的每股H股获发0.3552608股岚图H股。此外，H股股东（东风公司 直接持有的H股除外）每股H股将以现金方式收取港币6.68元注销价。 根据估值顾问按估值参考汇率估算2025年7月31日岚图H股估值范围中位数每股港币11.735元计算，建议交易中每股H股分派及介绍上市所获0.3552608股岚 图H股的理论价值 ...

Core Insights - Dongfeng Warrior M817 has officially launched as the first luxury off-road vehicle deeply integrated with Huawei's QianKun intelligent automotive solutions, priced between 319,900 to 349,900 yuan [1] Group 1: Product Features - The M817 is equipped with the latest QianKun Intelligent Driving ADS 4, featuring upgraded "car-to-car" functionality to P2P 2.0, enabling autonomous highway ETC passage and zero intervention for intercity commuting [1] - ADS 4 offers comprehensive parking capabilities covering over 160 types of parking spaces, addressing the parking challenges of large off-road vehicles [1] - The vehicle's dimensions of 5.3 meters allow it to fit into standard parking spaces, expanding the usage scenarios for off-road SUVs [1] Group 2: Safety and Technology - QianKun Intelligent Driving ADS 4 is the first in the industry to stop at 130 km/h and still function at 150 km/h with AEB [3] - The vehicle features a 192-thread laser radar that accurately identifies complex obstacles, enhancing safety in challenging road conditions [3] - The M817 includes the HarmonyOS Cockpit 5, which allows for zero-latency transfer of mobile applications and transforms the dashcam into a travel photography tool [3] Group 3: Connectivity and User Experience - The QianKun Vehicle Control System introduces the concept of "software-defined off-road," offering over 1,000 atomic services for personalized user experiences [3] - The Star Flash Key provides 0.5-meter precision for seamless unlocking, while the QianKun Cloud System supports real-time vehicle environment monitoring via mobile [3] - Huawei's Whale Fin Communication T-BOX technology achieves dual-network standby functionality, improving network coverage by 14% and optimizing smoothness by 25% [3]

Core Viewpoint - The establishment of Yipai Technology marks a significant shift in Dongfeng's strategy, focusing on resource integration and collaboration with Huawei to enhance its position in the competitive electric vehicle market [5][10][35]. Group 1: Company Overview and Market Position - Yipai Technology has quickly gained traction, achieving monthly sales exceeding 20,000 units, surpassing competitors like Aion and Extreme Fox [1][2]. - The merger of Yipai, Fengshen, and Nami brands aims to streamline operations and leverage synergies, reflecting a broader trend of consolidation in the automotive industry [6][12]. Group 2: Strategic Initiatives and Collaborations - Yipai Technology's product lineup will feature advanced technologies, including Huawei's ADS 4 and HarmonyOS 5, with the first high-end SUV expected to launch in 2026 [10][45]. - The collaboration with Huawei is comprehensive, integrating their marketing and product development systems to enhance Yipai's market presence and product appeal [49][54]. Group 3: Industry Trends and Challenges - The automotive industry is witnessing a shift towards consolidation and focus, as companies like Dongfeng recognize the inefficiencies of maintaining multiple overlapping brands [13][15]. - Dongfeng's ambitious goals include achieving 100% electrification of its main passenger vehicle brands by 2024 and balancing sales between its own and joint venture brands by 2025 [42][62]. Group 4: Future Outlook - Yipai Technology is positioned as a key player in Dongfeng's strategy to capture the growing electric vehicle market, with plans to introduce ten new models by 2028 [57][64]. - The success of Yipai will depend on its ability to quickly establish a competitive edge and respond to consumer needs effectively [59][65].

Core Insights - Dongfeng Motor has launched Dongfeng Yipai Technology, focusing on integrating resources across the entire value chain including business, R&D, production, supply chain, sales, and service [1][3] - The establishment of Dongfeng Yipai Technology represents a strategic upgrade in Dongfeng's "Leap Action" for passenger vehicle electrification, implementing integrated management across three major brands [3] Company Developments - Dongfeng Yipai Technology has quickly formed a core team covering functions such as product planning, R&D, manufacturing, procurement, and sales [3] - The company has established a user demand-driven reverse development process in product planning, consolidating resources from the three major brands to create unified market insight capabilities [3] - In R&D and production collaboration, the company leverages Dongfeng Group's R&D resources and shares core technologies like Quantum Architecture and Mahe E-Power to shorten the R&D-to-production cycle [3] Technological Collaborations - Dongfeng Yipai Technology is collaborating deeply with Huawei in the field of smart technology, applying the next-generation Qian Kun Intelligent Driving ADS 4 and Hongmeng Cockpit 5 technologies to cooperative products [3] - The company is integrating technologies in the three-electric system, including Mahe E-Power and solid-state batteries, and is collaborating with companies like CATL [3] Market Performance - Within one month of its establishment, the company achieved sales of 26,089 vehicles, representing a month-on-month growth of 48.8% [5] - Cumulatively, 110,703 new vehicles were delivered in the first half of 2025, marking a year-on-year increase of 43.7% [5] - The product lineup includes models such as eπ007 and eπ008, with plans to expand to 10 models by 2028, covering A0 to C-class vehicles [5] Strategic Implications - The reform through full value chain integration aims to explore new development paths for Dongfeng Motor during the critical period of its transition to electrification [5] - As integrated management deepens, the experiences gained may provide valuable references for the automotive industry's transformation and upgrade [5]

Core Viewpoint - Dongfeng Yipai Automotive Technology Company (referred to as "Yipai Technology") has launched a strategic initiative to integrate its brands and leverage deep collaboration with Huawei, aiming to carve out a unique path in the competitive new energy vehicle market [2][12]. Group 1: Strategic Launch and Brand Integration - The strategic launch event showcased the integration of three major brands: Fengshen, Yipai, and Nano, under the Dongfeng system [2]. - Dongfeng Yipai Technology is positioned as the main force in Dongfeng's passenger vehicle sector, emphasizing innovation and user-centric services [2]. Group 2: Product Offerings and Specifications - The newly launched 2026 Yipai eπ008 six-seat version features significant upgrades across four dimensions: comfort, technology, driving control, and safety, with prices starting at 173,600 yuan for the range-extended version and 178,600 yuan for the pure electric version [4]. - The Dongfeng Fengshen L8, as the first new strategic model, offers a pure electric range of 248 kilometers and a comprehensive range of 2,245 kilometers, showcasing strong performance with a fuel consumption of 2.4L per 100 kilometers [6]. Group 3: Technological Advancements - Yipai Technology aims to be a user-centric and technology-driven company, focusing on reliability and comfort in transportation [8]. - The company plans to invest over 50 billion yuan in R&D during the 14th Five-Year Plan, with a dedicated team of 12,000 researchers, and has achieved the highest patent innovation index in the industry for three consecutive years [10]. Group 4: Strategic Partnerships and Future Plans - A strategic partnership with Huawei aims to enhance product development and marketing in the smart vehicle sector, with a focus on high-end intelligent products [12]. - By 2028, Yipai plans to develop a product matrix of 20 models, with annual upgrades for each model, and aims to expand its global market presence significantly [14].

Core Viewpoint - Dongfeng Yipai Automotive Technology Company (Yipai Technology) aims to become a model of a user-oriented and technology-driven enterprise, focusing on integrating its brand structure and enhancing its product offerings through strategic partnerships, particularly with Huawei [2][3][8]. Group 1: Company Overview - Yipai Technology was officially launched after the integration of three brands: Dongfeng Fengshen, Dongfeng Yipai, and Dongfeng Nami, into a new strategic framework [3][4]. - The company is led by General Manager Wang Junjun, who emphasizes a user-centric and technology-driven approach to becoming a reliable tech company [3][4]. - The new brand architecture will focus on a "dual brand, multi-series" strategy, consolidating resources to enhance brand competitiveness and operational efficiency [4][5]. Group 2: Strategic Plans - Yipai Technology has introduced the "Future Wings" strategy, which includes four pillars: Technology Wing, Brand Wing, Product Wing, and Overseas Wing, to drive rapid development [2][3]. - The product matrix is expected to expand to 20 models by 2028, with a commitment to annual updates for each model [4][5]. - The company plans to launch a new intelligent premium series in collaboration with Huawei, with the first model being a full-size SUV set to debut in 2026 [8]. Group 3: Market Positioning - The integrated Dongfeng Yipai brand will offer two main product lines: mainstream technology aimed at young consumers and intelligent premium products targeting the mid-to-high-end market [4][5]. - Dongfeng Fengshen will focus on the global energy-efficient vehicle market, enhancing technology and expanding product offerings [4][5]. - The overall sales target for the three brands under Dongfeng is projected to reach 213,000 units in 2024, reflecting an 82.4% year-on-year growth [5]. Group 4: User Engagement and Efficiency - Yipai Technology aims to enhance user engagement by implementing a rapid response system for user inquiries and feedback, with a goal of resolving issues within a day [7]. - The company emphasizes the importance of user feedback in driving technological innovation and product development [7]. - Regular user communication sessions and direct access to executives are part of the strategy to ensure user needs are prioritized [7]. Group 5: Collaboration with Huawei - The partnership with Huawei is set to deepen, focusing on smart vehicle development and enhancing product technology [8][9]. - The collaboration aims to leverage Huawei's advanced technologies, such as the next-generation Qian Kun intelligent driving system and HarmonyOS cockpit, in Yipai Technology's upcoming models [8][9]. - This strategic alliance is part of a broader trend within Dongfeng's brands to enhance their technological capabilities and market positioning [9].

Core Viewpoint - The launch of the Mengshi M817 marks a significant entry into the rugged SUV market, emphasizing high intelligence and advanced technology through collaboration with Huawei, positioning it against competitors like the Land Rover Defender and Tank 700 [3][4]. Group 1: Product Features - The Mengshi M817 is priced between 329,900 and 359,900 yuan, with a robust design featuring dimensions of 5100mm in length, 1998mm in width, and 1899mm in height, along with a wheelbase of 3005mm [4]. - It is equipped with Huawei's HarmonyOS 5 and features a 10.25-inch instrument screen, a 15.6-inch central control screen, and a W-HUD head-up display, enhancing the user experience with a rich application ecosystem [6]. - The vehicle boasts a hybrid power system with a total power output of 505kW and a torque of 848N·m, achieving a comprehensive range of 1300km and a fuel consumption of 7.24L/100km [9]. Group 2: Advanced Technology - The Mengshi M817 incorporates VMC intelligent chassis control technology, allowing for coordinated control across multiple dimensions, and features adjustable air suspension and a maximum wading depth of 900mm [9][11]. - It offers nine driving modes and is equipped with advanced features such as the intelligent off-road all-terrain system, smart E-lock, and 6D IMU body posture perception technology [11]. - The vehicle's intelligent driving capabilities include Huawei ADS 4, which supports parking assistance across 500,000 parking lots and advanced navigation for various road scenarios [11].

据数据显示，在车企销量中，燃油车占比仍超过50%，全球市场占比更高达85%，凭借其庞大的市场基础，燃油车在智能化转型方面具有巨大潜力，然而， 燃油车与智能辅助驾驶系统之间存在从机械结构到电子系统、从硬件适配到软件兼容等诸多挑战，奥迪和华为乾崑的合作，正是针对行业现实难题展开了探 索。以跨平台技术兼容为例，"华为乾崑智驾"技术可对奥迪 PPE 豪华纯电平台与 PPC 豪华燃油平台共享的E³1.2电子电气架构进行很好适配，成功实现了"油 电同智"。 "不论是油车还是电车都需要智能化，在奥迪深厚的豪华造车底蕴之上，我们将融入智能化技术，让消费者畅享新时代豪华出行体验，双方合作也将坚持守 正创新，在巩固安全与既有优势的基础上，持续探索智能汽车发展新路径"，华为智能汽车解决方案BU CEO靳玉志表示。 【环球网科技报道 记者 张阳】当今，已有百年历史的汽车工业持续迈入新的发展阶段，一边是"电动化"重塑动力系统，另一边是"智能化"颠覆驾驶体验。 从智能制造，到智能座舱、智能辅助驾驶，经过多年积累，中国汽车产业已然完成了从"以市场换技术"到"以技术赋能产业"的跨越。尤其是已进入下半场的 智能辅助驾驶技术，作为汽车智能化的核 ...

投资评级 看好 汽车行业跟踪（2025.4.21-2025.4.25）：华为发布乾崑智驾 ADS 4 行业首发高速 L3 商用解决方案 [Table_Industry] 汽车行业 [Table_ReportDate] 2025 年 4 月 27 日 2 证券研究报告 行业研究 [行业周报 Table_ReportType] [Table_StockAndRank] 汽车 上次评级 看好 邓健全 汽车行业首席分析师 执业编号：S1500525010002 联系电话：13613012393 邮箱：dengjianquan@cindasc.com 赵悦媛 汽车行业联席首席分析师 执业编号：S1500525030001 联系电话：13120151000 邮箱：zhaoyueyuan@cindasc.com 赵启政 汽车行业高级分析师 执业编号：S1500525030004 邮箱：zhaoqizheng@cindasc.com 丁泓婧 汽车行业分析师 执业编号：S1500524100004 联系电话：13062621910 邮箱：dinghongjing@cindasc.com 徐国铨 汽车行业研究助理 邮箱：xugu ...

点 击 蓝 字 关 注 我 们 本文全文共 4801 字，阅读全文约需 16 分钟 国内新闻 1.一季度我国装备制造业增加值同比增长10.9% 2.吉林省:报废更新购买新能源、燃油乘用车给予2万元和1.5万元补贴 3.丰田汽车与上海市政府签署战略合作 4.上海徐汇区、临港集团与奇瑞汽车达成战略合作 5.北京现代推纯电平台SUV ELEXIO 开启新征程 6.长安启源加入超充联盟 加快高质量补能体系建设 目录 7.蔚来将在今年第三季度在欧洲推出FIREFLY电动汽车 8.华为发布乾崑智驾ADS 4 行业首发高速L3商用解决方案 国外新闻 1.美国拟敦促英国将汽车关税从10%降至2.5% 2.现代汽车集团推出下一代混合动力系统 3.雷诺欲在2030年将印度市场的销量提高至50万辆 4.起亚发布2026款EV6 将在美国本土生产 商用车 1. 联合东风商用车、北汽福田等企业 华为发布超充联盟2.0 2. 潍柴全新一代H/T-2.0高热效率发动机产品重磅发布 时间:2025.4.22 来源: 工信微报 数据显示，今年一季度，我国装备制造业增加值同比增长10.9%，拉动整体工业生产增长3.5个百分点，装 备工业近七成重 ...