证券研究报告 2025年08月22日 行业报告： 行业深度研究 比亚迪赛车场—高端化的新引擎 作者： 分析师 孙潇雅 SAC执业证书编号：S1110520080009 分析师 王彬宇 SAC执业证书编号：S1110523070005 行业评级： 上次评级： 强于大市 强于大市 比亚迪赛车场 比亚迪郑州全地形赛车场 比亚迪赛道：比亚迪郑州全地形赛车场建成并对外开放，全球首批自建全地形赛车场，赛道场景包含沙地攀爬，水陆操控，极限坡度等 比亚迪全地形驾控：赛场是技术落地的最佳舞台布局，关键科技露出：易四方、云辇的极限场景应用 赛场连接：比亚迪打造新能源汽车文化阵地，从赛车场建设到技术研究测试，再到赛道开放，比亚迪正让赛车场成为连接技术与用户的桥梁。 赛道驱动品牌的高端化演进 请务必阅读正文之后的信息披露和免责申明 赛道塑牌，从赛道走上的高端化之路，"以赛塑牌"的路径，在全球汽车产业中已有诸多先例。 1 F1赛场是技术的试炼场无论是百年豪门奔驰，还是以赛为生的法拉利，都在 F1 的胜利中锻造了"技术与豪华并举"的品牌形象，并将这种形象输送到 全球市场。 摘要 奔驰实现了从赛道到销量的系统转化，2014年至2020年间 ...

Core Viewpoint - BYD has recently faced two public relations crises that appear to be orchestrated, highlighting the manipulation of public opinion against the company [1][2]. Group 1: Recent Events - On July 10, BYD announced a partnership with the youth training organization "China Football Young Players," planning to invest in youth player development over the next five years, which was misrepresented as "huge sponsorship for the national team" [1]. - Following this, a campaign to "boycott national team sponsors" gained traction on social media, with hundreds of accounts using similar language to confuse "support for youth training" with "sponsoring the senior national team," inciting negative public sentiment towards BYD [1]. - On July 24, a video of a BYD vehicle allegedly "losing control" at Chengdu Tianfu Airport spread widely, labeled as "brake failure," coinciding with the launch event of BYD's Sea Lion 06, suggesting an attempt to divert public attention [1]. Group 2: Black Public Relations Tactics - The incidents reflect a typical "black PR" operation, with regional media amplifying the narrative and using inflammatory language, while marketing accounts collaborated to rapidly escalate the topic's visibility [2]. - The spread of misinformation through short video platforms, where sensational content is favored by algorithms, has made it difficult for the truth to gain traction, as BYD's rebuttals were quickly overshadowed [2]. Group 3: Industry Context - The transformation and upgrading of the Chinese automotive industry rely on companies like BYD that are willing to innovate and take responsibility, impacting not only their growth but also the transition from "Made in China" to "Created in China" [3]. - Supporting BYD is fundamentally about safeguarding the courage of Chinese enterprises to innovate and the hope for industrial upgrades, emphasizing the need for rational participation from netizens and a societal consensus against malicious manipulation of public opinion [3].

Group 1 - BYD has become a "CCTV Science and Technology Strong Country Strategic Partner," joining the "Brand Strong Country Project" to promote brand development and high-quality economic growth through technological innovation, showcasing its strength as a global leader in the electric vehicle sector [1][7] - In 2024, BYD achieved global sales of 4.2721 million units, maintaining its position as the top-selling automotive brand in China and the leading player in the global new energy vehicle market, reflecting its commitment to the principle of "technology as king, innovation as fundamental" [3] - BYD's R&D investment reached 54.2 billion yuan in 2024, a 36% increase year-on-year, with cumulative R&D spending exceeding 180 billion yuan, leveraging disruptive technologies such as blade batteries and DM-i to create a vast "technology pool" [3] Group 2 - BYD's multi-brand strategy includes the Dynasty, Ocean, Fangchengbao, Tengshi, and Yangwang brands, catering to diverse consumer needs from family to luxury vehicles, thereby enhancing the value of Chinese automotive brands [5] - The partnership with CCTV serves as an accelerator for BYD's development and a global expression of China's technological innovation narrative, with its electric vehicles now present in over 110 countries and regions [7] - Through this collaboration, BYD aims to refresh global perceptions of Chinese brands by leveraging innovative technologies and products, contributing Chinese wisdom to the world [9]

近日，中国新能源汽车领军企业比亚迪在资本市场再创新高。5月21日，比亚迪（002594.SZ）A股突破 并收于"400元/股"大关，其盘中最高触及404.0元/股，这也是比亚迪时隔一个月后再次突破历史新高。 此外，同股同权的港股比亚迪股份（01211.HK）股价近日亦不断刷新历史新高，截至5月21日收盘，日 内涨幅高达4.05%，报462.6港元/股。 值得关注的是，比亚迪在资本市场"大获全胜"的同时，也迎来了其发展史上的又一关键里程碑。2025年 5月16日，港股比亚迪股份正式被纳入恒生科技指数，不仅标志着其获得资本市场对"科技企业"身份的 权威认可，更预示着比亚迪在估值逻辑、资本关注度、国际品牌认知等多个层面的深刻重构。 这种由深度自研驱动的科技力，不仅为比亚迪赢得产品差异化竞争优势，也逐步改变了其在资本市场的 估值模型。 据测算，目前跟踪恒生科技指数的ETF总规模超过1700亿港元，按最高8%的权重测算，预计将有逾150 亿港元的被动资金流入比亚迪。这不仅将在短期内推升股价表现，更将引发长期投资者对其科技成长性 的重估。 此次入列恒生科技指数，将极大提升比亚迪在全球资本市场与消费者层面的品牌科技形象。其 ...

以下文章来源于远川汽车评论 ，作者熊宇翔 彭苏平 去年6月，比亚迪董事长王传福在股东大会上陈述了自己的高端观： "我们不可能过度营销，也不可能通过巨大流量来谋求一时的发展，真正创造高端品牌还得靠产品力，产品 力的核心还是在于技术和创新。[1]" 近一年时间，比亚迪新技术易四方、易三方、云辇等齐出，创下一个个新的工业奇迹，将高端品牌仰望、 腾势、方程豹的新车型产品力武装到牙齿。 远川汽车评论 . 不止是汽车 不过，肉眼观测上技术含量爆表的比亚迪，过去一年时间在高端市场的表现，全然不如在20万以下市场那 般风卷残云： 仰望高开低走，百万级越野豪车U8上市四个月突破5000辆后销量迅速放缓，如今终端优惠已悄悄突破10万 元； 图源：懂车帝 腾势在MPV车型D9爆火之后一直苦苦寻觅第二增长点，看似量大管饱的N7、N8都未能担此大任，N7不得 不在改款时怒降8万改走性价比路线，而用上全新技术平台、斥巨资打造的Z9/Z9GT也没能一炮而红，眼下 寄望于刚刚上市的旗舰SUV N9。 方程豹首款车型豹5摸到了30万元的门板，去年不堪压力降了5万才保住销量，而最新发布的钛3更是向现实 低头，售价不到14万，重新回到了比亚迪的舒 ...

等待了快十天后，一位仰望 U8 准车主向仰望团队寄出了第三封信——那是 2022 年底，仰望 U8 还没公布任何具体信息，他不知道这台车到底长什 么样、卖多少钱，但决心要购买。为表诚意，每封信的最后，他都郑重签上名字、盖上公司印章。 有人不解，一个年轻的高端品牌，第一次做百万级别的汽车，为什么值得买？他明白自己出于对比亚迪集团的信任，但没有多解释。 直到一年后，仰望 U8 交付。越来越多的人真正看见、了解这款车的不同之处，"原地掉头""应急浮水" 成了汽车行业最 "破圈" 的功能。人们开始从 质疑转为好奇，这款车如何在外资主导的高端市场立住脚，这也是中国汽车品牌的突围之路。 仰望 U8 上市已一周年，有了超过 8000 名车主。U8 的身影既出现在大江南北的越野圣地，也在东京、日内瓦车展等国际展会。 仰望也初步形成了自己的产品矩阵，除了百万级别的硬派越野车仰望 U8，性能超跑仰望 U9 、旗舰轿车仰望 U7 也陆续亮相。仰望团队的任务不只 是做好一辆车，更是如何经营一个高端汽车品牌——这是中国汽车品牌尚未成功过的无人地带。 为什么是仰望？ 仰望车主们很快发现，彼此有许多相似：聚在车友群或线上社区，除了聊车，话 ...