Core Insights - The 28th Chengdu International Auto Show is set to commence on August 29, featuring nearly 120 automotive brands and over 1,600 vehicles across a 220,000 square meter exhibition area, with a theme of "Leading the Trend, Moving Towards the New" [1] - The event aims to serve as a "barometer" for market vitality and a "tonic" for consumer confidence, acting as an engine to stimulate regional consumption [1][8] Domestic Brands Highlights - The "Luxury Pavilion" for domestic brands will be a major highlight, with Chery Group, BYD, and China Changan showcasing their products in dedicated areas [2] - Chery will present its brands including Chery, Exeed, iCAR, and Jietu, with the debut of the Chery Zongheng luxury electric hybrid off-road series and the return of the Weilin brand [2] - BYD will occupy a significant space, featuring its Dynasty, Ocean, and Tengshi brands, along with interactive experiences and demonstrations of new technologies [2][3] Joint Venture Brands Strategy - Joint venture brands are advancing with a dual focus on "electrification" and "localization" in the Chinese market [4] - Notable launches include the new AMG CLE 53 4MATIC+ convertible from Mercedes-Benz and the debut of the new electric CLA, alongside a range of models from Audi and BMW [4][5] Consumer Engagement and Market Impact - The Chengdu Auto Show is expected to significantly boost automotive consumption in the central and western regions of China, with government subsidies and promotional activities enhancing consumer engagement [6][8] - The event is projected to attract 926,200 visitors and generate 33,600 vehicle orders, with a total transaction value exceeding 5.8 billion yuan, indicating a strong consumer interest [8] Technological Innovations - The integration of AI in the automotive sector will be showcased, with exhibits including AI-powered robots and advanced battery technologies from CATL [7][9] - The introduction of sodium-ion batteries capable of operating in extreme conditions highlights the ongoing innovation in battery technology [7] Economic Ripple Effects - The auto show is anticipated to create a multiplier effect on the local economy, potentially generating over 50 billion yuan in ancillary industry revenue, including sectors like hospitality and logistics [8][9] - The event serves as a critical platform for brands to gauge regional consumer preferences and adjust their strategies accordingly, enhancing their market penetration in the central and western regions [8][9]

Investment Rating - The investment rating for BYD is "Buy" and is maintained [11]. Core Viewpoints - BYD has established a strong matrix of mainstream luxury, personalized, and ultra-luxury brands, with a focus on high-end market penetration supported by robust technological capabilities [6][17]. - The Tengshi brand, underpinned by advanced technology, is positioned as a new luxury brand emphasizing safety and comfort, achieving a monthly average transaction price of 367,000 yuan in 2024, ranking first among brands with monthly sales exceeding 10,000 units [7][25]. - The company is expected to see significant profit growth, with projected net profits of 52 billion, 65.3 billion, and 75.4 billion yuan for the years 2025 to 2027, respectively [9]. Summary by Sections Product Matrix and Brand Strategy - BYD has developed a comprehensive product matrix covering various price ranges from 200,000 to 1 million yuan, including the Tengshi, Fangchengbao, and Yangwang brands, with a focus on high-end electric vehicles [6][17]. - The Tengshi brand has a growing sales contribution, with 80,000 units sold in the first half of 2025, reflecting a 34% year-on-year increase [17]. Tengshi Brand Development - The Tengshi brand is enhancing its product lineup with models like the D9, N9, Z9, and Z9GT, and has established a nationwide presence with 600 stores, 56% of which are in tier-2 cities and above [7][29]. - The brand's technological advancements include a unique electric architecture and a focus on user experience, integrating features like the "Tian Shen Zhi Yan" advanced driving assistance system [35][39]. Technological Advancements - BYD's technological strength is a cornerstone of its high-end market strategy, with innovations in safety, flexibility, and comfort, including features like high-speed tire blowout control and advanced parking systems [32][36]. - The company has a significant R&D workforce, with over 110,000 engineers, enabling rapid advancements in intelligent driving technologies [41]. Marketing and Global Expansion - Tengshi is enhancing its marketing strategies, including increased advertising in key urban areas and participation in international auto shows to boost brand visibility [8][55]. - The brand has begun exporting vehicles, with over 1,500 units shipped in June 2025, and plans to expand its presence in Asia, Europe, and South America [55][56].

8月21日，《华夏时报》记者从成都国际车展新闻发布会上获悉，由成都市人民政府和中国国际贸易促 进委员会汽车行业分会联合主办，成都世纪衡越会议展览有限公司、汉诺威米兰展览（上海）有限公司 和中国国际贸易促进委员会四川省委员会共同承办的第二十八届成都国际汽车展览会，将于8月29日至9 月7日在中国西部国际博览城举办。 米兰汉诺威展览会（中国）有限公司董事总经理刘国良表示，作为下半年首场A级车展，成都国际车展 立足车市"金九银十"前的黄金档期，不仅是全国年中车市的核心舞台，更是中西部地区链接全球汽车产 业链、推动区域消费升级的关键平台。 据米兰汉诺威展览会（上海）有限公司副总经理吴文真介绍，本届成都国际车展将以"领潮而立·向新而 行"为主题，预计将汇聚近120个汽车品牌，涵盖整车、改装车、人形机器人、三电系统等产业热点，展 会规模达22万平方米，展出车辆逾1600辆，全面展示汽车工业的新技术、新产品、新动向。 自主品牌"专馆集结"成亮点。奇瑞携旗下五大品牌"承包"5号馆，长安以10号馆为主秀场，携长安、长 安马自达、长安启源、阿维塔、深蓝家族五大品牌亮相。比亚迪集团依旧"霸馆"9号馆，同时新增"天神 之眼"系统动态 ...

不同于 传统 赛车场的单一赛道设计，比亚迪将全国特色地形 "搬进" 赛车场，打造浮水航行、 沙漠冲坡 等 特色 地形 ，让用户无需长途跋涉，就能一站式打卡 极致 场景。 来源：e公司 其中，视频中的 浮水航行池为仰望 U8专属打造， 在 70米长的水池中，透过透明亚克力窗，能直观看到 车辆凭易四方技术实现水中直行、转向，重新定义极端环境安全标准。 汽车在浮水区像船一样行驶， 沙坡区 一举打破世界纪录 …… 这就是记者在 比亚迪全地形赛车场 体 验到的画面。 8月14日，比亚迪郑州全地形赛车场正式开业。 这是 国内首 批 新能源汽车专属全地形赛车场， 全地形 场景首创 成为重要特色。 现场工作人员对记者介绍， 从直线加速的激情到越野攀爬的挑战，赛车场实现了全场景驾控体验的覆 盖，满足不同用户的多样化需求。 其中， 1758米赛道含9个弯道，最长直线加速道达550米，最高时速 突破220km 。 赛车场是新能源汽车安全技术的绝佳展示平台。据了解，赛车场 的 模拟冰道 原理是 以湿抛光水泥面模 拟冰雪路面，通过可移动抽板模拟被动失控场景， 可以 在复现的危险场景中学会失控救车， 让北欧驾照 必考的安全技能成为全民可 ...

Core Viewpoint - The article emphasizes the strategic initiatives of BYD in enhancing its high-end automotive brand image through technological advancements and experiential marketing, particularly with the launch of a professional all-terrain racetrack in Zhengzhou and the introduction of high-performance models [2][4][22]. Group 1: Investment and Experience Initiatives - The company has invested 5 billion yuan to create the world's first professional all-terrain racetrack, which will serve as a hub for user interaction and brand showcasing [2][8]. - The racetrack features various testing environments where high-end models like Tengshi N9, Tengshi Z9GT, and Yangwang U8 demonstrated their capabilities, enhancing consumer perception of technological value [3][22]. Group 2: Brand Management and Leadership Changes - A management reshuffle was announced for the Tengshi brand, with a focus on strengthening brand system construction and overcoming high-end market challenges [4][25]. - The new leadership aims to enhance service upgrades and user experience, addressing the brand's shortcomings in high-end service ecosystems [4][25]. Group 3: Technological Empowerment and Market Strategy - The company is leveraging advanced technologies such as Yun Nian, Yi Si Fang, and DM-O platforms to drive high-end brand development, aiming to build brand premium through technological empowerment [5][32]. - The article outlines a three-pronged approach to high-end branding with Tengshi, Fangchengbao, and Yangwang, focusing on technological innovation and marketing strategies to enhance brand recognition and market penetration [5][32]. Group 4: Financial Projections - Revenue projections for 2025-2027 are estimated at 99.08 billion yuan, 118.90 billion yuan, and 139.70 billion yuan, respectively, with net profits expected to reach 5.52 billion yuan, 6.58 billion yuan, and 7.53 billion yuan [6][7]. - The earnings per share (EPS) are projected to be 6.05 yuan, 7.22 yuan, and 8.26 yuan for the respective years, indicating a positive growth trajectory [6][7].

Investment Rating - The report maintains a "Recommended" rating for BYD, with a target price of 103.93 CNY per share, corresponding to a PE ratio of 17 for 2025 [3][6]. Core Insights - BYD is investing 5 billion CNY to build the world's first all-terrain professional racetrack, enhancing brand experience and consumer engagement through test-driving events [1][10]. - The company emphasizes high-end models' performance, showcasing the capabilities of models like Tengshi N9, Tengshi Z9GT, and Yangwang U8 in various challenging environments [2][19]. - A management reshuffle in the Tengshi brand aims to strengthen brand system construction and enhance service quality, focusing on high-end market penetration [3][22]. - The report reiterates the strategy of leveraging technology to drive high-end branding across Tengshi, Fangchengbao, and Yangwang, aiming to build brand premium through advanced technologies [3][20]. Financial Projections - Revenue projections for 2025-2027 are 990.81 billion CNY, 1,188.97 billion CNY, and 1,397.04 billion CNY, respectively, with net profits of 55.20 billion CNY, 65.81 billion CNY, and 75.33 billion CNY [3][5]. - The expected EPS for the same period is 6.05 CNY, 7.22 CNY, and 8.26 CNY, with corresponding PE ratios decreasing from 17 to 13 [3][5]. Brand Strategy - Tengshi positions itself as a leader in "smart luxury" within the 300,000 to 500,000 CNY market, focusing on technology and user experience [22][26]. - Yangwang aims to establish itself as a high-end brand with cutting-edge technology, targeting luxury SUV segments and competing with brands like Mercedes and Land Rover [26][33]. - Fangchengbao focuses on professional and personalized vehicles, filling a gap in the high-end market with its DMO super hybrid platform [33][34].

Investment Rating - The investment rating for BYD is "Buy" (maintained) [3][24]. Core Views - The report emphasizes that BYD is investing 5 billion yuan to build the world's first all-terrain professional racetrack, which is expected to enhance the brand's high-end image and product capabilities [4][8]. - The sales data for July shows strong performance for high-end brands, with Tengshi selling 11,375 units, Fangchengbao 14,180 units, and Yangwang 339 units, indicating a positive growth trend [4]. - The report highlights the technical capabilities of BYD's high-end models, showcasing their performance in various driving conditions during test drives at the racetrack [5][9]. Financial Forecasts - Revenue projections for BYD are as follows: 602,315 million yuan in 2023, 777,102 million yuan in 2024, and expected to reach 905,668 million yuan in 2025, with a year-on-year growth rate of 42%, 29%, and 17% respectively [3]. - The net profit attributable to the parent company is forecasted to be 30,041 million yuan in 2023, 40,254 million yuan in 2024, and 52,233 million yuan in 2025, reflecting growth rates of 81%, 34%, and 30% respectively [3]. - Earnings per share are projected to increase from 3.29 yuan in 2023 to 5.73 yuan in 2025 [3]. Product Performance - The Tengshi N9 demonstrated superior maneuverability and stability during the slalom test, with a minimum turning radius of only 4.65 meters, outperforming many competitors [5][9]. - The Tengshi Z9 GT showcased impressive braking performance, achieving a maximum braking distance of 32.6 meters from 100 km/h, indicating strong safety features [9][16]. - The Yangwang U8 exhibited advanced off-road capabilities, including a unique water-sealing design that allows it to operate effectively in deep water conditions [13][16]. Strategic Insights - The report discusses the importance of high-end branding for BYD, drawing parallels with Toyota's Lexus strategy, emphasizing the need for high performance, comfort, and competitive pricing to succeed in the premium market [5][9]. - The ongoing development of new models like the Titanium 7 and N8L is expected to further enhance the sales of BYD's high-end brands [4][5].

Core Viewpoint - Yangwang Automotive has announced the launch of OTA upgrades for its U8 luxury version, off-road player version, and U9 models, introducing numerous new features and optimizations to enhance driving experience and vehicle functionality [1]. Group 1: New Features and Optimizations - The U8 luxury version has added 26 new features and optimized 19 existing features, while the U8 off-road player version has introduced 7 new features and optimized 15 features, and the U9 has added 16 new features and optimized 20 features [1][3]. - Key new features for the U8 luxury version include advanced driving assistance models, cloud road surface preview, and enhanced navigation assistance capabilities [3][10][11]. - The U8 off-road player version includes features such as cloud road surface preview and support for multi-lane U-turns in urban navigation [69][70]. Group 2: Safety and Comfort Enhancements - New safety features include low-speed emergency braking, acceleration pedal misstep prevention, and a washing protection function to safeguard vehicle components during car washes [32][33][34]. - Comfort features such as the cloud road surface preview allow the vehicle to adapt to road conditions, improving stability and comfort during travel [8][70]. Group 3: Connectivity and User Experience - The U8 model now supports OTA 2.0 parallel upgrades, significantly reducing upgrade time by up to two-thirds [38][91]. - New connectivity features include support for various smartphone integrations, enhancing user interaction with the vehicle [73][79]. - The introduction of AI personalized playlists and multi-language voice recognition enhances the in-car entertainment experience [46][47][80].

Core Insights - BYD's high-end sub-brand Yangwang has officially launched the pre-sale of its new model, the Yangwang U8L Ding Shi version, which is positioned as a "full-size luxury SUV" with a starting price of 1.3 million yuan (approximately 130,000,000 CNY) [1] Group 1: Product Features - The Yangwang U8L is based on the U8 series and incorporates two core technologies: Yisifang and Yun Nian-P [1] - The design of the U8L is inspired by traditional Chinese culture, featuring a front face design inspired by the concept of "Ding" and a 24K gold material oracle bone script logo [1] - The vehicle has undergone design modifications to align with urban luxury travel, including a simplified blackened treatment for details like the front bumper and D-pillar energy tower [1] Group 2: Pricing and Market Position - The U8L is priced higher than the U8, which offers two versions: the off-road player version and the luxury version, both starting at 1.098 million yuan (approximately 109,800,000 CNY) [1] - The U8L's pre-sale began on July 31, following its debut at the Shanghai Auto Show in April, indicating strong market interest [1]

Core Viewpoint - The recent adjustment of the luxury car consumption tax in China has led to significant changes in the pricing and sales strategies of luxury car brands, particularly affecting high-end imported brands like Porsche and Land Rover, while also providing opportunities for domestic luxury brands to gain market share [1][2][3]. Group 1: Impact of Tax Policy - The luxury car tax threshold has been lowered from 1.3 million yuan to 900,000 yuan, primarily affecting models priced between 1.02 million and 1.45 million yuan, which constitute about 0.1% of the overall car market [2][3]. - Major luxury brands such as Porsche and Land Rover are implementing "full tax subsidy" policies to stimulate sales, with Porsche reporting an increase in orders due to these incentives [1][2]. Group 2: Sales Performance and Market Trends - Porsche's global deliveries fell by 6% in the first half of the year, with a 28.4% decline in the Chinese market from January to May 2023 [4][5]. - Other luxury brands, including Maserati and Mercedes-Benz, also experienced significant sales declines, with Maserati's domestic sales dropping by 43.6% [4][5]. Group 3: Competitive Landscape - Domestic luxury brands are increasingly entering the high-end market, with models like the Hongqi "Guo" series and the Zeekr 009 positioned to avoid the new tax impact due to their pricing strategies [8][9]. - Analysts suggest that the new tax policy may benefit domestic luxury brands more than traditional imported brands, as domestic brands have greater flexibility in pricing and configuration adjustments [8][9]. Group 4: Future Outlook - The luxury car market is undergoing a transformation, with domestic brands like BYD's Yangwang planning to enter the European market, indicating a potential reshaping of the global luxury automotive landscape [9][10].