Automotive Dealer Strategy - SKU Streamlining: The number of configurations for single models has been reduced from 4-5 to 2-3 (e.g., Qin Lev/Seagull 06EV has only 3 versions) to optimize the supply chain, reduce inventory complexity, and enhance product competitiveness [4] - Inventory Break Mechanism: Immediate cessation of shipments when inventory exceeds warning levels to alleviate financial pressure on dealers and enhance operational flexibility [4] - Accelerated Rebate Payments: Shortening the rebate cycle and expediting fund allocation (personally supervised by Wang Chuanfu) to stabilize the pricing system and ensure dealer profitability [4] - Terminal Price Control: Managing discount levels and optimizing promotional policies to prevent vicious competition and ensure sustainable profits [4] International Market Dynamics - Indonesia Market: The first dealer conference was held, signing long-term service commitments, and traditional dance performances were used to strengthen brand cohesion [4] - Americas Market: 170 dealers experienced the Tengshi Z9GT/Yangwang U8, with a focus on expanding into European, North American, and South American markets, alongside tea ceremony activities to promote Chinese culture [4] Other Business Lines - Forklift Business: Targeting an annual sales revenue of 5 billion yuan, with strategies focused on electric forklift technology upgrades and intelligent logistics solutions, aiming to expand into high-end markets in Europe, the United States, and Japan [4]

Investment Rating - Investment recommendation: Outperform the market (maintained) [7] Core Viewpoints - The report provides an in-depth analysis of the domestic ultra-luxury automobile market, highlighting the resilience of imported brands and the potential breakthrough of domestic brands. The market share of domestic brands is expected to grow from 0.8% in 2023 to 4.8% in 2024 [4][9][25]. - The ultra-luxury SUV market is highly competitive, with Porsche Cayenne leading, while domestic brand Yangwang U8 is starting to gain recognition. Imported brands dominate the ultra-luxury sedan market, but new high-end models from domestic brands like Yangwang U9 are entering the market [4][10][40]. - The ultra-luxury MPV market is led by Toyota Alphard, with domestic brand Zeekr 009 gradually making inroads [4][10]. Summary by Sections 1. Resilience of Imported Ultra-Luxury Cars and Structural Breakthrough of Domestic Brands - The overall sales of ultra-luxury cars remain resilient, with annual sales maintaining above 200,000 units. In 2024, the expected sales volume is approximately 200,000 units, a decrease of 15.2% year-on-year [9][21]. - Imported brands continue to dominate the market, but domestic brands are gradually increasing their market share, projected to rise from 0.8% in 2023 to 4.8% in 2024 [25][28]. 2. Intense Competition in Various Sub-Markets and Differentiation of Domestic Brands - The ultra-luxury SUV market is stable, with sales expected to reach 112,000 units in 2024, down 13.2% year-on-year. The top five models include Porsche Cayenne, Land Rover Range Rover, and Yangwang U8, with respective sales of 21,000, 19,000, and 7,000 units [30][32]. - The ultra-luxury sedan market is primarily dominated by imported brands, with 2024 sales expected to drop to 66,000 units, a 22.4% decrease year-on-year. However, domestic brands like Yangwang U9 and NIO ET9 are beginning to penetrate this market [40][42]. - The ultra-luxury MPV market is led by Toyota Alphard, with Zeekr 009 starting to gain traction, achieving over 2,000 units in sales in 2024 [51]. 3. Investment Recommendations: Focus on "New Luxury" Domestic Brands with Leading Smart Electric Technology - Domestic brands are expected to leverage advancements in electric and smart technologies to penetrate the ultra-luxury market. In 2024, China's new energy vehicle sales are projected to reach 12.87 million units, a 35.5% increase year-on-year [54][55]. - The report recommends focusing on brands like Yangwang from BYD and the joint venture brand Zunji from Jianghuai Automobile and Huawei, which are positioned to lead the high-end market [54][55].

小米、比亚迪大战 ChinaJoy 今年 ChinaJoy，比亚迪和网易、动视暴雪同一展区设置了一个超大展台，台上展示了几辆贴上装饰 图案的 "痛车"，和一辆售价 109.8 万起的仰望 U8，主持人卖力解说大屏上用比亚迪车机操作的王者 荣耀比赛，但台下观众寥寥、非常冷清。 小米、比亚迪大战 ChinaJoy 消费者放弃金饰，改买金条 本田日产三菱拟联盟，应对销量下滑挑战 关注《晚点财经》并设为星标，第一时间获取每日商业精华。 依旧待在手机展区的小米几乎搬了家品牌体验店过来，没做什么二次元相关活动，仅凭两辆 SU7 的 实车吸引一些年轻人驻足。广汽本田做的功课最足，不仅爆改的 "痛车" 更加二次元，还设置了多个 游戏体验环节，在参展三家车企里人气最旺。 在这个依然以游戏为主题、但越来越泛娱乐化的展会，不光车企，许多消费、互联网公司都想借机贴 近一部分年轻消费者。老凤祥在万代展区展出了跟高达联名的 999 足金、全球限量 10 件、售价 88 万 黄金是今年收益表现最佳的大类资产之一，国际金价在 3 月、5 月和 7 月连续创新高。世界黄金协会 在 7 月的一份报告里说，金价主要受益于央行连续增持、亚洲投资者的 ...